Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ARCM	ARROW INVTS TR	409,003	$40.94M	45.5%	$100.10	$100.11	-0.0%	RESV CAP ETF	042765719
XLI	SELECT SECTOR SPDR TR	28,975	$4.495M	5.0%	$155.12	$100.58	+54.2%	STATE STREET IND	81369Y704
EZU	ISHARES INC	67,282	$4.313M	4.8%	$64.10	$56.61	+13.2%	MSCI EURZONE ETF	464286608
IVW	ISHARES TR	34,325	$4.231M	4.7%	$123.26	$115.02	+7.2%	S&P 500 GRWT ETF	464287309
GYLD	ARROW ETF TR	307,217	$4.144M	4.6%	$13.49	$12.78	+5.6%	ARROW DJ GLB YLD	04273H104
IEV	ISHARES TR	59,801	$4.102M	4.6%	$68.60	$60.74	+12.9%	EUROPE ETF	464287861
MTUM	ISHARES TR	15,523	$3.886M	4.3%	$250.31	$146.77	+70.5%	MSCI USA MMENTM	46432F396
XLF	SELECT SECTOR SPDR TR	65,122	$3.567M	4.0%	$54.77	$41.15	+33.1%	STATE STREET FIN	81369Y605
ORO	ARROW INVTS TR	155,000	$2.8M	3.1%	$18.06	$18.39	-1.8%	VALTORO ETF	042765651
TIP	ISHARES TR	11,631	$1.278M	1.4%	$109.91	$108.63	+1.2%	TIPS BD ETF	464287176
TLT	ISHARES TR	14,474	$1.262M	1.4%	$87.16	$87.47	-0.3%	20 YR TR BD ETF	464287432
LQD	ISHARES TR	10,860	$1.197M	1.3%	$110.19	$110.63	-0.4%	IBOXX INV CP ETF	464287242
CWB	SPDR SERIES TRUST	12,123	$1.081M	1.2%	$89.20	$86.01	+3.7%	STATE STREET SPD	78464A359
HYG	ISHARES TR	13,130	$1.059M	1.2%	$80.63	$80.57	+0.1%	IBOXX HI YD ETF	464288513
EMB	ISHARES TR	10,302	$992K	1.1%	$96.28	$93.63	+2.8%	JPMORGAN USD EMG	464288281
XRN	GLOBAL MED REIT INC	28,028	$946K	1.1%	$33.74	$33.73	—	COM NEW	37954A303
VUG	VANGUARD INDEX FDS	1,555	$759K	0.8%	$487.86 *	$43.84	+85.5%	GROWTH ETF	922908736
VBK	VANGUARD INDEX FDS	2,257	$682K	0.8%	$302.11	$301.69	+0.1%	SML CP GRW ETF	922908595
EIS	ISHARES INC	4,205	$463K	0.5%	$110.03	$79.29	+38.8%	MSCI ISRAEL ETF	464286632
COLO	GLOBAL X FDS	12,931	$461K	0.5%	$35.64	$35.76	-0.3%	GLBX MSCI COLUM	37954Y327
EWP	ISHARES INC	7,650	$412K	0.5%	$53.91	$29.64	+81.9%	MSCI SPAIN ETF	464286764
EPU	ISHARES TR	5,598	$405K	0.5%	$72.35	$64.69	+11.8%	MSCI PERU AND GL	464289842
EPOL	ISHARES TR	11,464	$403K	0.4%	$35.19	$29.55	+19.1%	MSCI POLAND ETF	46429B606
EZA	ISHARES INC	5,856	$403K	0.4%	$68.80	$45.15	+52.4%	MSCI STH AFR ETF	464286780
EWI	ISHARES INC	7,269	$395K	0.4%	$54.33	$35.10	+54.8%	MSCI ITALY ETF	46434G830
GREK	GLOBAL X FDS	5,857	$386K	0.4%	$65.91	$65.10	+1.2%	MSCI GREECE ETF	37954Y319
EWS	ISHARES INC	13,928	$383K	0.4%	$27.51	$24.67	+11.5%	MSCI SINGPOR ETF	46434G780
EWY	ISHARES INC	3,848	$374K	0.4%	$97.22	$91.40	+6.4%	MSCI STH KOR ETF	464286772
TX	TERNIUM SA	7,058	$270K	0.3%	$38.19	$28.65	+33.3%	SPONSORED ADS	880890108
NEM	NEWMONT CORP	2,617	$261K	0.3%	$99.85	$52.90	+88.7%	COM	651639106
GNL	GLOBAL NET LEASE INC	27,969	$241K	0.3%	$8.60	$10.64	—	COM NEW	379378201
HAS	HASBRO INC	2,874	$236K	0.3%	$82.00	$76.49	+7.2%	COM	418056107
APTV	APTIV PLC	3,061	$233K	0.3%	$76.09	$80.28	-5.2%	COM SHS	G3265R107
OHI	OMEGA HEALTHCARE INVS INC	5,181	$230K	0.3%	$44.34	$42.22	—	COM	681936100
BCE	BCE INC	9,332	$222K	0.2%	$23.82	$23.52	+1.3%	COM NEW	05534B760
CHCT	COMMUNITY HEALTHCARE TR INC	13,486	$221K	0.2%	$16.42	$16.44	—	COM	20369C106
BNL	BROADSTONE NET LEASE INC	12,160	$211K	0.2%	$17.37	$16.26	—	COM	11135E203
HR	HEALTHCARE RLTY TR	12,082	$205K	0.2%	$16.95	$15.94	—	CL A COM	42226K105
IIPR	INNOVATIVE INDL PPTYS INC	4,314	$204K	0.2%	$47.36	$47.36	—	COM	45781V101
PK	PARK HOTELS & RESORTS INC	19,461	$204K	0.2%	$10.46	$10.31	—	COM	700517105
UHT	UNIVERSAL HEALTH RLTY INCOME	5,185	$203K	0.2%	$39.21	$39.21	—	SH BEN INT	91359E105
SPH	SUBURBAN PROPANE PARTNERS L	10,175	$189K	0.2%	$18.54	$18.54	—	UNIT LTD PARTN	864482104
BSM	BLACK STONE MINERALS L P	13,986	$186K	0.2%	$13.29	$13.09	—	COM UNIT	09225M101
GEL	GENESIS ENERGY L P	10,200	$159K	0.2%	$15.60	$10.00	—	UNIT LTD PARTN	371927104
BDN	BRANDYWINE RLTY TR	51,107	$149K	0.2%	$2.92	$6.05	—	SH BEN INT NEW	105368203
KRP	KIMBELL RTY PARTNERS LP	12,595	$148K	0.2%	$11.76	$13.93	—	UNIT	49435R102
IEP	ICAHN ENTERPRISES LP	18,799	$142K	0.2%	$7.55	$8.81	—	DEPOSITARY UNIT	451100101
MNR	MACH NATURAL RESOURCES LP	11,749	$130K	0.1%	$11.04	$14.30	—	COM UNIT LTD PAR	55445L100
TXO	TXO PARTNERS LP	11,528	$123K	0.1%	$10.67	$14.05	—	COM UNIT	87313P103