Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ARCM	ARROW INVTS TR	409,003	$41.08M	38.2%	$100.43	$100.11	+0.1%	RESV CAP ETF	042765719
—	ARROW INVTS TR	168,966	$5.246M	4.9%	$31.05	$29.12	—	DWA TACT INTL	042765685
QUAL	ISHARES TR	29,011	$5.202M	4.8%	$179.30	$127.20	+40.0%	MSCI USA QLT FCT	46432F339
IVW	ISHARES TR	54,072	$5.177M	4.8%	$95.75 *	$66.11	+53.6%	S&P 500 GRWT ETF	464287309
RPV	INVESCO EXCHANGE TRADED FD T	55,651	$4.948M	4.6%	$88.92	$81.17	+11.1%	S&P500 PUR VAL	46137V258
XLI	SELECT SECTOR SPDR TR	36,464	$4.939M	4.6%	$135.44 *	$100.58	+31.0%	INDL	81369Y704
XLK	SELECT SECTOR SPDR TR	21,239	$4.795M	4.5%	$225.76 *	$78.82	+47.5%	TECHNOLOGY	81369Y803
MTUM	ISHARES TR	19,550	$3.964M	3.7%	$202.76 *	$146.77	+41.0%	MSCI USA MMENTM	46432F396
PFM	INVESCO EXCHANGE TRADED FD T	82,446	$3.838M	3.6%	$46.55	$44.63	+2.8%	DIVID ACHIEVEV	46137V506
XLF	SELECT SECTOR SPDR TR	82,015	$3.717M	3.5%	$45.32 *	$41.15	+17.4%	FINANCIAL	81369Y605
TLT	ISHARES TR	32,014	$3.141M	2.9%	$98.10 *	$96.43	-9.4%	20 YR TR BD ETF	464287432
ICF	ISHARES TR	28,108	$1.853M	1.7%	$65.91 *	$62.47	-3.5%	COHEN STEER REIT	464287564
EMB	ISHARES TR	14,695	$1.375M	1.3%	$93.58 *	$85.36	+4.3%	JPMORGAN USD EMG	464288281
LQD	ISHARES TR	11,860	$1.34M	1.2%	$112.98 *	$110.63	-3.4%	IBOXX INV CP ETF	464287242
HYG	ISHARES TR	16,580	$1.331M	1.2%	$80.30 *	$74.63	+5.4%	IBOXX HI YD ETF	464288513
VUG	VANGUARD INDEX FDS	3,398	$1.305M	1.2%	$383.93 *	$43.84	+56.0%	GROWTH ETF	922908736
VTV	VANGUARD INDEX FDS	5,803	$1.013M	0.9%	$174.57 *	$167.43	+1.1%	VALUE ETF	922908744
CWB	SPDR SER TR	12,416	$951K	0.9%	$76.59	$73.46	+6.0%	BBG CONV SEC ETF	78464A359
EWP	ISHARES INC	24,148	$852K	0.8%	$35.29 *	$29.64	+4.8%	MSCI SPAIN ETF	464286764
EWD	ISHARES INC	18,880	$820K	0.8%	$43.41 *	$40.73	-8.3%	MSCI SWEDEN ETF	464286756
EWI	ISHARES INC	20,945	$816K	0.8%	$38.96 *	$35.10	+2.5%	MSCI ITALY ETF	46434G830
INDA	ISHARES TR	13,727	$803K	0.7%	$58.53 *	$50.49	+4.3%	MSCI INDIA ETF	46429B598
EWQ	ISHARES INC	19,802	$800K	0.7%	$40.40 *	$38.57	-7.0%	MSCI FRANCE ETF	464286707
EWN	ISHARES INC	15,103	$768K	0.7%	$50.86 *	$43.63	+2.0%	MSCI NETHERL ETF	464286814
EWT	ISHARES INC	14,139	$762K	0.7%	$53.87 *	$50.09	+3.3%	MSCI TAIWAN ETF	46434G772
EDEN	ISHARES TR	5,987	$760K	0.7%	$127.02 *	$127.47	-16.6%	MSCI DENMARK ETF	46429B523
EPOL	ISHARES TR	31,284	$758K	0.7%	$24.24 *	$21.21	-1.6%	MSCI POLAND ETF	46429B606
TUR	ISHARES INC	18,448	$671K	0.6%	$36.38	$35.31	+1.6%	MSCI TURKEY ETF	464286715
FCX	FREEPORT-MCMORAN INC	7,698	$384K	0.4%	$49.92 *	$48.44	-22.6%	CL B	35671D857
PWR	QUANTA SVCS INC	1,250	$373K	0.3%	$298.15 *	$220.68	+43.0%	COM	74762E102
MHK	MOHAWK INDS INC	2,100	$337K	0.3%	$160.68 *	$143.92	-17.2%	COM	608190104
GRMN	GARMIN LTD	1,856	$327K	0.3%	$176.03 *	$153.18	+32.5%	SHS	H2906T109
NWS	NEWS CORP NEW	11,465	$320K	0.3%	$27.95 *	$26.09	+15.9%	CL B	65249B208
PHYS	SPROTT PHYSICAL GOLD TR	14,820	$302K	0.3%	$20.38	$20.38	—	UNIT	85207H104
PSLV	SPROTT PHYSICAL SILVER TR	28,549	$298K	0.3%	$10.45	$9.93	—	TR UNIT	85207K107
VST	VISTRA CORP	2,026	$240K	0.2%	$118.54 *	$84.10	+63.0%	COM	92840M102
MPT	MEDICAL PPTYS TRUST INC	33,790	$198K	0.2%	$5.85	$7.48	—	COM	58463J304
—	GLOBAL MED REIT INC	17,031	$169K	0.2%	$9.91	$9.12	—	COM NEW	37954A204
BDN	BRANDYWINE RLTY TR	30,928	$168K	0.2%	$5.44	$7.81	—	SH BEN INT NEW	105368203
PDM	PIEDMONT OFFICE REALTY TR IN	16,126	$163K	0.2%	$10.10	$7.23	—	COM CL A	720190206
—	ENLINK MIDSTREAM LLC	11,168	$162K	0.2%	$14.51	$2.99	—	COM UNIT REP LTD	29336T100
—	EASTERLY GOVT PPTYS INC	11,862	$161K	0.1%	$13.58	$12.37	—	COM	27616P103
GNL	GLOBAL NET LEASE INC	19,027	$160K	0.1%	$8.42	$11.84	—	COM NEW	379378201
ONL	ORION OFFICE REIT INC	39,323	$157K	0.1%	$4.00	$3.83	—	COM	68629Y103
AM	ANTERO MIDSTREAM CORP	10,180	$153K	0.1%	$15.05 *	$3.92	+260.7%	COM	03676B102
GEL	GENESIS ENERGY L P	11,305	$151K	0.1%	$13.37	$8.67	—	UNIT LTD PARTN	371927104
SVC	SERVICE PPTYS TR	32,226	$147K	0.1%	$4.56	$4.93	—	COM SH BEN INT	81761L102