Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	409,003	$40.98M	39.0%	$99.97	—	RESV CAP ETF	042765719
—	ARROW INVTS TR	143,966	$4.876M	4.6%	$29.12	—	DWA TACT INTL	042765685
XLI	SELECT SECTOR SPDR TR	31,551	$4.654M	4.4%	$101.18	—	INDL	81369Y704
IEV	ISHARES TR	67,083	$4.243M	4.0%	$63.25	—	EUROPE ETF	464287861
MTUM	ISHARES TR	16,903	$4.062M	3.9%	$156.89	—	MSCI USA MMENTM	46432F396
GYLD	ARROW ETF TR	307,217	$4.034M	3.8%	$13.13	—	ARROW DJ GLB YLD	04273H104
EZU	ISHARES INC	67,636	$4.021M	3.8%	$59.45	—	MSCI EURZONE ETF	464286608
SHY	ISHARES TR	47,902	$3.969M	3.8%	$82.82	—	1 3 YR TREAS BD	464287457
SPLV	INVESCO EXCH TRADED FD TR II	51,863	$3.777M	3.6%	$72.82	—	S&P500 LOW VOL	46138E354
XLF	SELECT SECTOR SPDR TR	70,912	$3.714M	3.5%	$41.11	—	FINANCIAL	81369Y605
NFLX	NETFLIX INC	7,304	$2.206M	2.1%	$113.07	0.0%	COM	64110L106
AMZN	AMAZON COM INC	23,687	$1.99M	1.9%	$197.89	0.0%	COM	023135106
GOOG	ALPHABET INC	18,479	$1.64M	1.6%	$164.85	0.0%	CAP STK CL C	02079K107
AAPL	APPLE INC	12,524	$1.627M	1.5%	$201.41	0.0%	COM	037833100
NFLX	NETFLIX INC	5,000	$1.474M	1.4%	$113.07	0.0%	Put	64110L106
ICF	ISHARES TR	22,663	$1.386M	1.3%	$65.91	—	SELECT US REIT	464287564
LQD	ISHARES TR	11,860	$1.3M	1.2%	$112.98	—	IBOXX INV CP ETF	464287242
TIP	ISHARES TR	11,631	$1.28M	1.2%	$111.09	—	TIPS BD ETF	464287176
VUG	VANGUARD INDEX FDS	2,740	$1.201M	1.1%	$285.85	—	GROWTH ETF	922908736
RFG	INVESCO EXCHANGE TRADED FD T	17,680	$862K	0.8%	$43.83	—	S&P MDCP400 PR	46137V217
EPOL	ISHARES TR	21,751	$702K	0.7%	$32.26	—	MSCI POLAND ETF	46429B606
EIS	ISHARES INC	7,212	$684K	0.7%	$74.36	—	MSCI ISRAEL ETF	464286632
EWP	ISHARES INC	15,431	$679K	0.6%	$31.66	—	MSCI SPAIN ETF	464286764
EWI	ISHARES INC	14,096	$679K	0.6%	$37.77	—	MSCI ITALY ETF	46434G830
EZA	ISHARES INC	12,572	$676K	0.6%	$48.13	—	MSCI STH AFR ETF	464286780
EWG	ISHARES INC	15,957	$675K	0.6%	$42.31	—	MSCI GERMANY ETF	464286806
ENOR	ISHARES TR	24,065	$671K	0.6%	$27.87	—	MSCI NORWAY ETF	46429B499
EWS	ISHARES INC	25,762	$669K	0.6%	$25.98	—	MSCI SINGPOR ETF	46434G780
ECH	ISHARES INC	21,216	$667K	0.6%	$31.45	—	MSCI CHILE ETF	464286640
MCHI	ISHARES TR	11,974	$660K	0.6%	$54.42	—	MSCI CHINA ETF	46429B671
TMUS	T-MOBILE US INC	1,240	$295K	0.3%	$242.94	-0.6%	COM	872590104
GRMN	GARMIN LTD	1,412	$295K	0.3%	$154.67	+26.8%	SHS	H2906T109
—	WALGREENS BOOTS ALLIANCE INC	25,422	$292K	0.3%	$11.17	—	COM	931427108
NEM	NEWMONT CORP	4,933	$287K	0.3%	$52.90	0.0%	COM	651639106
BRK/B	BERKSHIRE HATHAWAY INC DEL	589	$286K	0.3%	$507.86	0.0%	CL B NEW	084670702
KR	KROGER CO	3,966	$284K	0.3%	$68.18	0.0%	COM	501044101
SBLK	STAR BULK CARRIERS CORP.	13,209	$228K	0.2%	$15.55	0.0%	SHS PAR	Y8162K204
TX	TERNIUM SA	7,345	$221K	0.2%	$30.10	—	SPONSORED ADS	880890108
EPR	EPR PPTYS	3,523	$205K	0.2%	$58.26	—	COM SH BEN INT	26884U109
HR	HEALTHCARE RLTY TR	12,477	$198K	0.2%	$15.86	—	CL A COM	42226K105
GEL	GENESIS ENERGY L P	10,678	$184K	0.2%	$9.89	—	UNIT LTD PARTN	371927104
PK	PARK HOTELS & RESORTS INC	17,581	$180K	0.2%	$10.23	—	COM	700517105
BDN	BRANDYWINE RLTY TR	40,557	$174K	0.2%	$6.68	—	SH BEN INT NEW	105368203
GNL	GLOBAL NET LEASE INC	22,957	$173K	0.2%	$11.15	—	COM NEW	379378201
PDM	PIEDMONT REALTY TRUST INC	23,772	$173K	0.2%	$7.25	—	COM CL A	720190206
BNL	BROADSTONE NET LEASE INC	10,741	$172K	0.2%	$16.05	—	COM	11135E203
CHCT	COMMUNITY HEALTHCARE TR INC	10,123	$168K	0.2%	$16.63	—	COM	20369C106
KRP	KIMBELL RTY PARTNERS LP	11,798	$165K	0.2%	$13.96	—	UNIT	49435R102
MNR	MACH NATURAL RESOURCES LP	10,816	$156K	0.1%	$14.44	—	COM UNIT LTD PAR	55445L100
—	GLOBAL MED REIT INC	22,232	$154K	0.1%	$8.86	—	COM NEW	37954A204
IEP	ICAHN ENTERPRISES LP	17,815	$143K	0.1%	$8.91	—	DEPOSITARY UNIT	451100101
BSM	BLACK STONE MINERALS L P	10,943	$143K	0.1%	$13.08	—	COM UNIT	09225M101
AES	AES CORP	13,236	$139K	0.1%	$10.37	0.0%	COM	00130H105
GOOG	ALPHABET INC	1,000	$88,730	0.1%	$164.85	0.0%	Call	02079K107
AMZN	AMAZON COM INC	1,000	$84,000	0.1%	$197.89	0.0%	Call	023135106
GOOG	ALPHABET INC	500	$44,365	0.0%	$164.85	0.0%	Put	02079K107