# EDGAR Filing Document

**Accession Number:** 0001532206
**File Stem:** 0001752724-25-158271
**Filing Date:** 2025-6
**Character Count:** 80082
**Document Hash:** 95f24737b7d3fd193c82ab4c09d0ee6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-158271.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-158271

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arrow ETF Trust
- **CENTRAL INDEX KEY:** 0001532206

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22624
- **FILM NUMBER:** 251077523

**BUSINESS ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Northern Lights ETF Trust
- **DATE OF NAME CHANGE:** 20111007

## Series and Classes Contracts Data

### Arrow Dow Jones Global Yield ETF (Series ID: S000035751)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000109586 | Arrow Dow Jones Global Yield ETF | GYLD            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 43.4%** |  |
|  | **ASSET MANAGEMENT - 1.0%** |  |
| 9232 | XTB S.A. 144A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $200319 |
|  | **BANKING - 3.4%** |  |
| 73234 | Banco del Bajio S.A. 144A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 175745 |
| 3460 | Bank Polska Kasa Opieki S.A. | &nbsp;&nbsp;&nbsp; 172446 |
| 674414 | Bank Rakyat Indonesia Persero Tbk P.T. | &nbsp;&nbsp;&nbsp; 156415 |
| 3336 | Komercni banka as | &nbsp;&nbsp;&nbsp; 161298 |
|  |  | &nbsp;&nbsp; 665904 |
|  | **CHEMICALS - 0.7%** |  |
| 19925 | Chemtrade Logistics Income Fund | &nbsp;&nbsp;&nbsp; 138044 |
|  | **ELECTRIC UTILITIES - 0.0%<sup>(c)</sup>** |  |
| 114622657 | Federal Grid Company Unified Energy System PJSC <sup>(b)(d)(e)</sup> | &nbsp;&nbsp;&nbsp; – |
|  | **GAS & WATER UTILITIES - 1.8%** |  |
| 11525 | Enagas S.A. | &nbsp;&nbsp;&nbsp; 179931 |
| 1740424 | Perusahaan Gas Negara Tbk P.T. | &nbsp;&nbsp;&nbsp; 176664 |
|  |  | &nbsp;&nbsp; 356595 |
|  | **HEALTH CARE FACILITIES & SERVICES - 0.7%** |  |
| 11639 | Chartwell Retirement Residences | &nbsp;&nbsp;&nbsp; 146160 |
|  | **HEALTH CARE REIT - 5.1%** |  |
| 243777 | Assura plc | &nbsp;&nbsp;&nbsp; 157776 |
| 8062 | Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp; 137699 |
| 16718 | Global Medical REIT, Inc. | &nbsp;&nbsp;&nbsp; 129397 |
| 8912 | Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp; 138403 |
| 4005 | Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp; 156395 |
| 120882 | Primary Health Properties plc | &nbsp;&nbsp;&nbsp; 164981 |
| 3616 | Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp; 138167 |
|  |  | &nbsp;&nbsp; 1022818 |
|  | **HOTEL REIT - 1.2%** |  |
| 166036 | CapitaLand Ascott Trust | &nbsp;&nbsp;&nbsp; 108699 |
| 13030 | Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp; 129518 |
|  |  | &nbsp;&nbsp; 238217 |

---

---

| | | |
|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 43.4% (Continued)** |  |
|  | **INDUSTRIAL REIT - 1.3%** |  |
| 211710 | Frasers Logistics & Commercial Trust | &nbsp;&nbsp;&nbsp; $145085 |
| 2244 | Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp; 121872 |
|  |  | &nbsp;&nbsp; 266957 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.8%** |  |
| 114550 | United Tractors Tbk P.T. | &nbsp;&nbsp;&nbsp; 156643 |
|  | **INSURANCE - 0.9%** |  |
| 21975 | Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp; 175000 |
|  | **MACHINERY - 0.6%** |  |
| 7434 | Turk Traktor ve Ziraat Makineleri A/S | &nbsp;&nbsp;&nbsp; 117319 |
|  | **METALS & MINING - 5.0%** |  |
| 1462145 | Adaro Energy Tbk P.T. | &nbsp;&nbsp;&nbsp; 167354 |
| 20126 | African Rainbow Minerals Ltd. | &nbsp;&nbsp;&nbsp; 167856 |
| 1070499 | Bukit Asam Tbk P.T. | &nbsp;&nbsp;&nbsp; 177986 |
| 19400 | Exxaro Resources Ltd. | &nbsp;&nbsp;&nbsp; 158538 |
| 117545 | Indo Tambangraya Megah Tbk P.T. | &nbsp;&nbsp;&nbsp; 155783 |
| 9008 | Kumba Iron Ore Ltd. | &nbsp;&nbsp;&nbsp; 156651 |
| 278 | Thungela Resources Ltd. | &nbsp;&nbsp;&nbsp; 1379 |
|  |  | &nbsp;&nbsp; 985547 |
|  | **MULTI ASSET CLASS REIT - 5.3%** |  |
| 8521 | Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp; 137870 |
| 60305 | Charter Hall Long Wale REIT | &nbsp;&nbsp;&nbsp; 148338 |
| 2230 | Cofinimmo S.A. | &nbsp;&nbsp;&nbsp; 178249 |
| 2647 | Covivio | &nbsp;&nbsp;&nbsp; 147956 |
| 121489 | Fibra Uno Administracion S.A. de CV | &nbsp;&nbsp;&nbsp; 157235 |
| 18229 | Global Net Lease, Inc. | &nbsp;&nbsp;&nbsp; 137629 |
| 203454 | Growthpoint Properties Ltd. | &nbsp;&nbsp;&nbsp; 142946 |
|  |  | &nbsp;&nbsp; 1050223 |
|  | **OFFICE REIT - 2.5%** |  |
| 32213 | Brandywine Realty Trust | &nbsp;&nbsp;&nbsp; 127563 |
| 5419 | Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp; 109297 |
| 4914 | Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp; 139754 |

---

---

| | | |
|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 43.4% (Continued)** |  |
|  | **OFFICE REIT - 2.5% (Continued)** |  |
| 19713 | Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp; $116504 |
|  |  | &nbsp;&nbsp; 493118 |
|  | **OIL & GAS PRODUCERS - 3.8%** |  |
| 7571 | Antero Midstream Corporation | &nbsp;&nbsp;&nbsp; 125300 |
| 3200 | Hess Midstream, L.P., Class A | &nbsp;&nbsp;&nbsp; 118944 |
| 9516 | Kimbell Royalty Partners, L.P. | &nbsp;&nbsp;&nbsp; 114192 |
| 2633 | Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp; 108848 |
| 1778 | Landbridge Company, LLC | &nbsp;&nbsp;&nbsp; 128816 |
| 9076 | Polski Koncern Naftowy ORLEN S.A. | &nbsp;&nbsp;&nbsp; 163864 |
|  |  | &nbsp;&nbsp; 759964 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.8%** |  |
| 20229 | NEPI Rockcastle N.V. | &nbsp;&nbsp;&nbsp; 155080 |
|  | **RETAIL - DISCRETIONARY - 1.5%** |  |
| 548304 | Astra International Tbk P.T. | &nbsp;&nbsp;&nbsp; 158545 |
| 27244 | Dogus Otomotiv Servis ve Ticaret A/S | &nbsp;&nbsp;&nbsp; 138362 |
|  |  | &nbsp;&nbsp; 296907 |
|  | **RETAIL REIT - 2.3%** |  |
| 65430 | Charter Hall Retail REIT | &nbsp;&nbsp;&nbsp; 156754 |
| 208 | Land Securities Group plc | &nbsp;&nbsp;&nbsp; 1643 |
| 8224 | SmartCentres Real Estate Investment Trust | &nbsp;&nbsp;&nbsp; 152079 |
| 150097 | Supermarket Income Reit plc | &nbsp;&nbsp;&nbsp; 155240 |
|  |  | &nbsp;&nbsp; 465716 |
|  | **SPECIALTY REIT - 0.7%** |  |
| 2833 | EPR Properties | &nbsp;&nbsp;&nbsp; 140205 |
|  | **STEEL - 0.7%** |  |
| 14212 | Severstal PAO <sup>(b)(d)(e)</sup> | &nbsp;&nbsp;&nbsp; – |
| 5123 | Ternium S.A. - ADR | &nbsp;&nbsp;&nbsp; 147850 |
|  |  | &nbsp;&nbsp; 147850 |
|  | **TELECOMMUNICATIONS - 1.6%** |  |
| 7026 | BCE, Inc. | &nbsp;&nbsp;&nbsp; 156329 |
| 35608 | Mobile TeleSystems Public Joint Stock Company – ADR <sup>(b)(d)(e)</sup> | &nbsp;&nbsp;&nbsp; – |
| 137270 | Spark New Zealand Ltd. | &nbsp;&nbsp;&nbsp; 169761 |
|  |  | &nbsp;&nbsp; 326090 |

---

---

| | | |
|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| **Shares** | | **Fair Value** |
|  | **COMMON STOCKS — 43.4% (Continued)** |  |
|  | **TOBACCO & CANNABIS - 0.9%** |  |
| 4066 | British American Tobacco plc | &nbsp;&nbsp;&nbsp; $176017 |
|  | **TRANSPORTATION & LOGISTICS - 0.8%** |  |
| 36615 | Globaltrans Investment plc - GDR <sup>(b)(d)(e)</sup> | &nbsp;&nbsp;&nbsp; – |
| 10227 | Star Bulk Carriers Corporation | &nbsp;&nbsp;&nbsp; 150746 |
|  |  | &nbsp;&nbsp; 150746 |
|  | **TOTAL COMMON STOCKS (Cost $9,248,423)** | &nbsp;&nbsp; 8631439 |
|  | **MASTER LIMITED PARTNERSHIPS — 14.6%** |  |
|  | **ASSET MANAGEMENT - 0.6%** |  |
| 14580 | Icahn Enterprises, L.P. | &nbsp;&nbsp;&nbsp; 126117 |
|  | **CHEMICALS - 0.7%** |  |
| 1797 | CVR Partners, L.P. | &nbsp;&nbsp;&nbsp; 143401 |
|  | **ELECTRIC UTILITIES - 1.4%** |  |
| 4472 | Brookfield Infrastructure Partners, L.P. | &nbsp;&nbsp;&nbsp; 133729 |
| 5944 | Brookfield Renewable Partners, L.P. | &nbsp;&nbsp;&nbsp; 136652 |
|  |  | &nbsp;&nbsp; 270381 |
|  | **GAS & WATER UTILITIES - 0.6%** |  |
| 6390 | Suburban Propane Partners, L.P. | &nbsp;&nbsp;&nbsp; 127608 |
|  | **METALS & MINING - 1.4%** |  |
| 5204 | Alliance Resource Partners, L.P. | &nbsp;&nbsp;&nbsp; 137645 |
| 1280 | Natural Resource Partners, L.P. | &nbsp;&nbsp;&nbsp; 130701 |
|  |  | &nbsp;&nbsp; 268346 |
|  | **OIL & GAS PRODUCERS - 9.3%** |  |
| 8868 | Black Stone Minerals, L.P. | &nbsp;&nbsp;&nbsp; 125127 |
| 2129 | Cheniere Energy Partners, L.P. | &nbsp;&nbsp;&nbsp; 125143 |
| 3093 | Delek Logistics Partners, L.P. | &nbsp;&nbsp;&nbsp; 121400 |
| 4494 | Dorchester Minerals, L.P. | &nbsp;&nbsp;&nbsp; 128798 |
| 7032 | Energy Transfer, L.P. | &nbsp;&nbsp;&nbsp; 116309 |
| 3994 | Enterprise Products Partners, L.P. | &nbsp;&nbsp;&nbsp; 119421 |
| 8604 | Genesis Energy, L.P. | &nbsp;&nbsp;&nbsp; 118219 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **MASTER LIMITED PARTNERSHIPS — 14.6% (Continued)** | **MASTER LIMITED PARTNERSHIPS — 14.6% (Continued)** |  |  |  |
|  | **OIL & GAS PRODUCERS - 9.3% (Continued)** | **OIL & GAS PRODUCERS - 9.3% (Continued)** |  |  |  |
| 2507 | Global Partners, L.P. |  |  |  | &nbsp;&nbsp;&nbsp; $128559 |
| 8839 | Mach Natural Resources, L.P. |  |  |  | &nbsp;&nbsp;&nbsp; 118708 |
| 2526 | MPLX, L.P. |  |  |  | &nbsp;&nbsp;&nbsp; 128649 |
| 6749 | Plains All American Pipeline, L.P. |  |  |  | &nbsp;&nbsp;&nbsp; 117838 |
| 6319 | Plains GP Holdings, L.P., Class A |  |  |  | &nbsp;&nbsp;&nbsp; 117786 |
| 2314 | Sunoco, L.P. |  |  |  | &nbsp;&nbsp;&nbsp; 134559 |
| 7026 | TXO Partners, L.P. |  |  |  | &nbsp;&nbsp;&nbsp; 116632 |
| 3303 | Western Midstream Partners, L.P. |  |  |  | &nbsp;&nbsp;&nbsp; 124193 |
|  |  |  |  |  | &nbsp;&nbsp; 1841341 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.6%** | **OIL & GAS SERVICES & EQUIPMENT - 0.6%** |  |  |  |
| 5017 | USA Compression Partners, L.P. |  |  |  | &nbsp;&nbsp;&nbsp; 122415 |
|  | **TOTAL MASTER LIMITED PARTNERSHIPS (Cost $2,114,204)** | **TOTAL MASTER LIMITED PARTNERSHIPS (Cost $2,114,204)** |  |  | &nbsp;&nbsp; 2899609 |
| **Principal Amount ($)** |  | **Spread** | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **CORPORATE BONDS — 21.2%** | **CORPORATE BONDS — 21.2%** |  |  |  |
|  | **ASSET MANAGEMENT** — **0.7%** | **ASSET MANAGEMENT** — **0.7%** |  |  |  |
| 155000 | Icahn Enterprises, L.P. / Icahn Enterprises |  | 9.0000 | &nbsp;&nbsp;&nbsp;06/15/30 | 146606 |
|  | **CABLE & SATELLITE** — **0.7%** | **CABLE & SATELLITE** — **0.7%** |  |  |  |
| 140000 | Directv Financing, LLC / Directv Financing |  | 10.0000 | &nbsp;&nbsp;&nbsp;02/15/31 | 132986 |
|  | **COMMERCIAL SUPPORT SERVICES** — **1.8%** | **COMMERCIAL SUPPORT SERVICES** — **1.8%** |  |  |  |
| 100000 | Ambipar Lux Sarl |  | 9.8750 | &nbsp;&nbsp;&nbsp;02/06/31 | 96289 |
| 200000 | OT Midco, Inc. |  | 10.0000 | &nbsp;&nbsp;&nbsp;02/15/30 | 163738 |
| 100000 | RR Donnelley & Sons Company |  | 9.5000 | &nbsp;&nbsp;&nbsp;08/01/29 | 95656 |
|  |  |  |  |  | 355683 |
|  | **ELECTRIC UTILITIES** — **2.6%** | **ELECTRIC UTILITIES** — **2.6%** |  |  |  |
| 135000 | Edison International<sup>(f)</sup> | H15T5Y + 3.864% | 8.1250 | &nbsp;&nbsp;&nbsp;06/15/53 | 129147 |
| 200000 | GDZ Elektrik Dagitim A/S |  | 9.0000 | &nbsp;&nbsp;&nbsp;10/15/29 | 186500 |
| 200000 | Limak Yenilenebilir Enerji A/S |  | 9.6250 | &nbsp;&nbsp;&nbsp;08/12/30 | 193000 |
|  |  |  |  |  | 508647 |
|  | **FOOD** — **0.7%** | **FOOD** — **0.7%** |  |  |  |
| 122000 | HLF Financing Sarl, LLC / Herbalife International, |  | 12.2500 | &nbsp;&nbsp;&nbsp;04/15/29 | 130123 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 21.2% (Continued)** |  |  |  |
|  | **FORESTRY, PAPER & WOOD PRODUCTS** — **0.6%** |  |  |  |
| 140000 | Domtar Corporation | 6.7500 | &nbsp;&nbsp;&nbsp;10/01/28 | $118594 |
|  | **HEALTH CARE FACILITIES & SERVICES** — **0.6%** |  |  |  |
| 150000 | Owens & Minor, Inc. | 6.6250 | &nbsp;&nbsp;&nbsp;04/01/30 | 127875 |
|  | **METALS & MINING** — **0.6%** |  |  |  |
| 134000 | Mineral Resources Ltd. | 9.2500 | &nbsp;&nbsp;&nbsp;10/01/28 | 127295 |
|  | **OIL & GAS PRODUCERS** — **2.6%** |  |  |  |
| 184129 | MC Brazil Downstream Trading S.A.RL | 7.2500 | &nbsp;&nbsp;&nbsp;06/30/31 | 142460 |
| 140000 | PBF Holding Company, LLC / PBF Finance Corporation | 9.8750 | &nbsp;&nbsp;&nbsp;03/15/30 | 123938 |
| 166000 | Petroleos Mexicanos | 7.6900 | &nbsp;&nbsp;&nbsp;01/23/50 | 121830 |
| 129000 | Saturn Oil & Gas, Inc. | 9.6250 | &nbsp;&nbsp;&nbsp;06/15/29 | 117631 |
|  |  |  |  | 505859 |
|  | **REAL ESTATE INVESTMENT TRUSTS** — **0.6%** |  |  |  |
| 172000 | Hudson Pacific Properties, L.P. | 4.6500 | &nbsp;&nbsp;&nbsp;04/01/29 | 123429 |
|  | **REAL ESTATE OWNERS & DEVELOPERS** — **1.9%** |  |  |  |
| 200000 | Arabian Centres Sukuk III Ltd. | 9.5000 | &nbsp;&nbsp;&nbsp;03/06/29 | 199686 |
| 200000 | Longfor Group Holdings Ltd. | 4.5000 | &nbsp;&nbsp;&nbsp;01/16/28 | 177017 |
|  |  |  |  | 376703 |
|  | **REAL ESTATE SERVICES** — **0.6%** |  |  |  |
| 136000 | Anywhere Real Estate Group, LLC / Anywhere | 7.0000 | &nbsp;&nbsp;&nbsp;04/15/30 | 120383 |
|  | **RETAIL - DISCRETIONARY** — **2.3%** |  |  |  |
| 135000 | Avis Budget Car Rental, LLC / Avis Budget Finance, | 8.2500 | &nbsp;&nbsp;&nbsp;01/15/30 | 134932 |
| 130000 | Hertz Corporation (The) | 12.6250 | &nbsp;&nbsp;&nbsp;07/15/29 | 126612 |
| 165000 | Kohl's Corporation | 4.6250 | &nbsp;&nbsp;&nbsp;05/01/31 | 103858 |
| 100000 | Movida Europe S.A. | 7.8500 | &nbsp;&nbsp;&nbsp;04/11/29 | 88169 |
|  |  |  |  | 453571 |
|  | **STEEL** — **0.6%** |  |  |  |
| 160000 | CSN Resources S.A. | 5.8750 | &nbsp;&nbsp;&nbsp;04/08/32 | 127509 |
|  | **TECHNOLOGY SERVICES** — **0.6%** |  |  |  |
| 138000 | Neptune Bidco US, Inc. | 9.2900 | &nbsp;&nbsp;&nbsp;04/15/29 | 122989 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
| | **CORPORATE BONDS — 21.2% (Continued)** |  |  |  |
|  | **TELECOMMUNICATIONS** — **1.5%** |  |  |  |
| 200000 | C&W Senior Finance Ltd. | 9.0000 | &nbsp;&nbsp;&nbsp;01/15/33 | $200600 |
| 100000 | Connect Finco S.A.RL / Connect US Finco, LLC | 9.0000 | &nbsp;&nbsp;&nbsp;09/15/29 | 93655 |
|  |  |  |  | 294255 |
|  | **TRANSPORTATION & LOGISTICS** — **2.2%** |  |  |  |
| 200000 | Grupo Aeromexico S.A.B. de C.V. | 8.6250 | &nbsp;&nbsp;&nbsp;11/15/31 | 185500 |
| 130000 | JetBlue Airways Corp / JetBlue Loyalty, L.P. | 9.8750 | &nbsp;&nbsp;&nbsp;09/20/31 | 119854 |
| 170000 | Simpar Europe S.A. | 5.2000 | &nbsp;&nbsp;&nbsp;01/26/31 | 131963 |
|  |  |  |  | 437317 |
|  | **TOTAL CORPORATE BONDS (Cost $4,392,755)** |  |  | 4209824 |
|  | **NON U.S. GOVERNMENT & AGENCIES — 20.9%** |  |  |  |
|  | **SOVEREIGN** — **20.9%** |  |  |  |
| 137000 | Brazilian Government International Bond | 6.1250 | &nbsp;&nbsp;&nbsp;01/22/32 | 139526 |
| 140000 | Brazilian Government International Bond | 6.1250 | &nbsp;&nbsp;&nbsp;03/15/34 | 137509 |
| 150000 | Brazilian Government International Bond | 5.6250 | &nbsp;&nbsp;&nbsp;01/07/41 | 133991 |
| 200000 | Chile Government International Bond | 5.3300 | &nbsp;&nbsp;&nbsp;01/05/54 | 185765 |
| 200000 | Colombia Government International Bond | 4.5000 | &nbsp;&nbsp;&nbsp;03/15/29 | 188418 |
| 155000 | Colombia Government International Bond | 3.0000 | &nbsp;&nbsp;&nbsp;01/30/30 | 131348 |
| 169000 | Colombia Government International Bond | 3.2500 | &nbsp;&nbsp;&nbsp;04/22/32 | 130756 |
| 127000 | Colombia Government International Bond | 7.5000 | &nbsp;&nbsp;&nbsp;02/02/34 | 124011 |
| 127000 | Colombia Government International Bond | 8.7500 | &nbsp;&nbsp;&nbsp;11/14/53 | 121862 |
| 200000 | Hungary Government International Bond | 5.5000 | &nbsp;&nbsp;&nbsp;06/16/34 | 192980 |
| 200000 | Hungary Government International Bond | 6.7500 | &nbsp;&nbsp;&nbsp;09/25/52 | 200833 |
| 105000 | Mexico Government International Bond | 8.3000 | &nbsp;&nbsp;&nbsp;08/15/31 | 122866 |
| 130000 | Mexico Government International Bond | 6.3500 | &nbsp;&nbsp;&nbsp;02/09/35 | 129508 |
| 175000 | Mexico Government International Bond | 4.6000 | &nbsp;&nbsp;&nbsp;02/10/48 | 124994 |
| 150000 | Panama Government International Bond | 3.1600 | &nbsp;&nbsp;&nbsp;01/23/30 | 131675 |
| 170000 | Panama Government International Bond | 3.3620 | &nbsp;&nbsp;&nbsp;06/30/31 | 135692 |
| 139000 | Panama Government International Bond | 6.4000 | &nbsp;&nbsp;&nbsp;02/14/35 | 131712 |
| 149000 | Panama Government International Bond | 6.8530 | &nbsp;&nbsp;&nbsp;03/28/54 | 128564 |
| 200000 | Perusahaan Penerbit SBSN Indonesia III | 5.6500 | &nbsp;&nbsp;&nbsp;11/25/54 | 193825 |
| 200000 | Peruvian Government International Bond | 3.6000 | &nbsp;&nbsp;&nbsp;01/15/72 | 122525 |
| 145000 | Republic of Poland Government International Bond | 5.5000 | &nbsp;&nbsp;&nbsp;03/18/54 | 135602 |
| 140000 | Republic of South Africa Government International | 4.3000 | &nbsp;&nbsp;&nbsp;10/12/28 | 132587 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** | **ARROW DOW JONES GLOBAL YIELD ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| **Principal Amount ($)** |  | **Coupon Rate (%)** | **Maturity** | **Fair Value** |
|  | **NON U.S. GOVERNMENT & AGENCIES — 20.9% (Continued)** |  |  |  |
|  | **SOVEREIGN** — **20.9% (Continued)** |  |  |  |
| 140000 | Republic of South Africa Government International | 5.8750 | &nbsp;&nbsp;&nbsp;06/22/30 | $135970 |
| 137000 | Republic of South Africa Government International | 5.8750 | &nbsp;&nbsp;&nbsp;04/20/32 | 129330 |
| 140000 | Republic of South Africa Government International | 7.3000 | &nbsp;&nbsp;&nbsp;04/20/52 | 120099 |
| 130000 | Turkey Government International Bond | 6.1250 | &nbsp;&nbsp;&nbsp;10/24/28 | 128304 |
| 100000 | Turkey Government International Bond | 9.1250 | &nbsp;&nbsp;&nbsp;07/13/30 | 108534 |
| 100000 | Turkey Government International Bond | 9.3750 | &nbsp;&nbsp;&nbsp;01/19/33 | 109962 |
| 140000 | Turkey Government International Bond | 6.5000 | &nbsp;&nbsp;&nbsp;01/03/35 | 128400 |
| 150000 | Turkey Government International Bond | 6.6250 | &nbsp;&nbsp;&nbsp;02/17/45 | 122740 |
|  | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $4,230,229)** | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $4,230,229)** | **TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $4,230,229)** | 4159888 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $19,985,611)** |  |  | &nbsp;&nbsp;&nbsp; $19900760 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** |  |  | &nbsp;&nbsp; (16264) |
|  | **NET ASSETS - 100.0%** |  |  | &nbsp;&nbsp; $19884496 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| GDR | - Global Depositary Receipt |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| PT | - Perseroan Terbatas |
| REIT | - Real Estate Investment Trust |
| S/A | - Société Anonyme |
| SA de CV | - Sociedad Anonima de Capital Variable |
| H15T5Y | US Treasury Yield Curve Rate T Note Constant Maturity 5 Year |
| <sup>(a)</sup> | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2025 the total market value of 144A securities is $376,064 or 1.9% of net assets. |
| <sup>(b)</sup> | The fair value of this investment is determined using significant unobservable inputs. |
| <sup>(c)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(d)</sup> | Non-income producing security. |
| <sup>(e)</sup> | Illiquid security. The total fair value of these securities as of April 30, 2025 was $0, representing 0.0% of net assets. |
| <sup>(f)</sup> | Variable rate security; the rate shown represents the rate on April 30, 2025. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Arrow ETF Trust

- **b. Investment Company Act file number:** 811-22624

- **c. CIK number of Registrant:** 0001532206

- **d. LEI of Registrant:** 5493008WO2LCDD28WG98

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 6100 CHEVY CHASE DR

  - **City:** LAUREL

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 68130

  - **Telephone number:** 301-260-1001

**Item A.2. Information about the Series.**

- **a. Name of Series:** Arrow Dow Jones Global Yield ETF

- **b. EDGAR series identifier (if any):** S000035751

- **c. LEI of Series:** 549300KJZRUKTBTGG770

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $20145674.57

**Total Liabilities:** $261179.03

**Net Assets:** $19884495.54

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 41.95401200 | **5-Year:** 369.23083900 | **10-Year:** 550.49650300 | **30-Year:** 1402.26810000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 212.44808900 | **5-Year:** 1468.44439500 | **10-Year:** 552.88382700 | **30-Year:** 278.53027500

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000109586 | 1.37%                | 0.69%                | -1.26%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $29171.74                | $120528.29                                 |
| Month 2  | $0.00                    | $9165.48                                   |
| Month 3  | $-24054.33               | $-392071.69                                |

### Schedule of Portfolio Investments

| Name                                                               | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alliance Resource Partners, L.P.                                   | ALLIANCE RESOURC          | CUSIP: 01877R108<br>LEI: 529900T4Q5UPWOUFG783 | Long             | EC               | CORP              | US        |      5204 | NS      | $137645.80    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinetik Holdings Inc                                               | KINETIK HOLDINGS          | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2633 | NS      | $108848.22    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC                                       | BRIT AMER TOBACC          | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |      4066 | NS      | $176016.85    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corporation                                       | ANTERO MIDSTREAM          | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7571 | NS      | $125300.05    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BCE Inc.                                                           | BCE INC                   | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | CA        |      7026 | NS      | $156328.50    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Stone Minerals LP                                            | BLACK STONE MINE          | CUSIP: 09225M101<br>LEI: 0C0OFK66613BCRQJ7F34 | Long             | EC               | CORP              | US        |      8868 | NS      | $125127.48    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                                            | BRANDYWINE RLTY           | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |     32213 | NS      | $127563.48    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Brazil (Federative Republic)                                       | BRAZIL 5 5/8 01/07/41     | CUSIP: 105756BR0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    150000 | PA      | $133990.51    | 0.67%             | 2041-01-07      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                       | BRAZIL 6 1/8 03/15/34     | CUSIP: 105756CH1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    140000 | PA      | $137508.53    | 0.69%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                       | BRAZIL 6 1/8 01/22/32     | CUSIP: 105756CK4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    137000 | PA      | $139526.10    | 0.70%             | 2032-01-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Broadstone Net Lease Inc                                           | BROADSTONE NET            | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |      8521 | NS      | $137869.78    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Partners, LP and CVR Nitrogen Finance Corporation              | CVR PARTNERS LP           | CUSIP: 126633205<br>LEI: 529900LE0OS06MYQRP11 | Long             | EC               | CORP              | US        |      1797 | NS      | $143400.60    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Partners Lp                                        | CHENIERE ENERGY           | CUSIP: 16411Q101<br>LEI: 5493005UEC8AZ34LDV29 | Long             | EC               | CORP              | US        |      2129 | NS      | $125142.62    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Chile (Republic Of)                                                | CHILE 5.33 01/05/54       | CUSIP: 168863EA2<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $185765.00    | 0.93%             | 2054-01-05      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                             | COLOM 4 1/2 03/15/29      | CUSIP: 195325DP7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $188418.25    | 0.95%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                             | COLOM 3 01/30/30          | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    155000 | PA      | $131347.96    | 0.66%             | 2030-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                             | COLOM 3 1/4 04/22/32      | CUSIP: 195325DZ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    169000 | PA      | $130755.83    | 0.66%             | 2032-04-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                             | COLOM 7 1/2 02/02/34      | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    127000 | PA      | $124010.83    | 0.62%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                             | COLOM 8 3/4 11/14/53      | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    127000 | PA      | $121861.84    | 0.61%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Community Healthcare Trust Inc.                                    | COMMUNITY HEALTH          | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |      8062 | NS      | $137698.96    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek Logistics Partners Lp                                        | DELEK LOGISTICS           | CUSIP: 24664T103<br>LEI: 549300UVYITDIU51P724 | Long             | EC               | CORP              | US        |      3093 | NS      | $121400.25    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorchester Minerals L.P.                                           | DORCHESTER MINER          | CUSIP: 25820R105<br>LEI: 529900J537JTEZOMXG05 | Long             | EC               | CORP              | US        |      4494 | NS      | $128798.04    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                                     | EPR PROPERTIES            | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |      2833 | NS      | $140205.17    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc                                 | EASTERLY GOVERNM          | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |      5419 | NS      | $109297.20    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemtrade Logistics Income Fund                                    | CHEMTRADE LOG IN          | CUSIP: 16387P103<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     19925 | NS      | $138043.83    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                                               | EIX 8 1/8 06/15/53        | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    135000 | PA      | $129147.15    | 0.65%             | 2053-06-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                 | ENERGY TRANSFER           | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |      7032 | NS      | $116309.28    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L.P.                                  | ENTERPRISE PRODU          | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |      3994 | NS      | $119420.60    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Genesis Energy L.P.                                                | GENESIS ENERGY            | CUSIP: 371927104<br>LEI: 549300VJ5D6MDK138782 | Long             | EC               | CORP              | US        |      8604 | NS      | $118218.96    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                                               | GLOBAL NET LEASE          | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |     18229 | NS      | $137628.95    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Partners LP                                                 | GLOBAL PARTNERS           | CUSIP: 37946R109<br>LEI: 549300PCHWTW9P4DU444 | Long             | EC               | CORP              | US        |      2507 | NS      | $128558.96    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc.                                           | GLOBAL MEDICAL R          | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |     16718 | NS      | $129397.32    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cofinimmo S.A./N.V.                                                | Cofinimmo SA              | CUSIP: B25654136<br>LEI: 549300TM914CSF6KI389 | Long             | EC               | CORP              | BE        |      2230 | NS      | $178248.30    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| HRTI LLC                                                           | HEALTHCARE REALT          | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Long             | EC               | CORP              | US        |      8912 | NS      | $138403.36    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Midstream LP                                                  | HESS MIDSTREAM-A          | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3200 | NS      | $118944.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                                         | HIGHWOODS PROP            | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |      4914 | NS      | $139754.16    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties LP                                       | HPP 4.65 04/01/29         | CUSIP: 44409MAB2<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |    172000 | PA      | $123428.99    | 0.62%             | 2029-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises LP                                               | ICAHN ENTERPRISE          | CUSIP: 451100101<br>LEI: 549300T0G4GS0SINS786 | Long             | EC               | CORP              | US        |     14580 | NS      | $126117.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation    | IEP 9 06/15/30            | CUSIP: 451102CJ4<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    155000 | PA      | $146605.88    | 0.74%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Komercni Banka AS                                                  | KOMERCNI BANKA            | CUSIP: X45471111<br>LEI: IYKCAVNFR8QGF00HV840 | Long             | EC               | CORP              | CZ        |      3336 | NS      | $161297.70    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Propertes Inc                                | INNOVATIVE INDUS          | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |      2244 | NS      | $121871.64    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimbell Royalty Partners Lp                                        | KIMBELL ROYALTY           | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |      9516 | NS      | $114192.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp.                                                       | KSS 3 3/8 05/01/31        | CUSIP: 500255AX2<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |    165000 | PA      | $103857.92    | 0.52%             | 2031-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LandBridge Company LLC                                             | LANDBRIDGE CO LL          | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1778 | NS      | $128816.10    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Polska Kasa Opieki SA                                         | PEKAO                     | CUSIP: X0R77T117<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |      3460 | NS      | $172446.09    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                                            | MPLX LP                   | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |      2526 | NS      | $128649.18    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Mach Natural Resources LP                                          | MACH NATURAL RES          | CUSIP: 55445L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8839 | NS      | $118707.77    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Orlen SA                                                           | ORLEN SA                  | CUSIP: X6922W204<br>LEI: 259400VVMM70CQREJT74 | Long             | EC               | CORP              | PL        |      9076 | NS      | $163863.22    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| African Rainbow Minerals Ltd                                       | AFRICAN RAINBOW           | CUSIP: S01680107<br>LEI: 529900L3TPSCK8ZVZ589 | Long             | EC               | CORP              | ZA        |     20126 | NS      | $167857.31    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile Telesystems Pjsc                                            | MOBILE TELES PJS          | CUSIP: 607409109<br>LEI: 2534008FX8EXH1FMJA74 | Long             | EC               | CORP              | RU        |     35608 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Retail Reit                                           | CHARTER HALL RET          | CUSIP: Q2308D108<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     65430 | NS      | $156753.70    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| UTD Tractors                                                       | UNITED TRACTORS           | CUSIP: Y7146Y140<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    114550 | NS      | $156643.67    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Resource Partners L.P.                                     | NATURAL RESOURCE          | CUSIP: 63900P608<br>LEI: 529900EECJ7CSX1S1S58 | Long             | EC               | CORP              | US        |      1280 | NS      | $130700.80    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxaro Resources Ltd.                                              | EXXARO RESOURCES          | CUSIP: S26949107<br>LEI: 378900BC3D9BFF4E4A37 | Long             | EC               | CORP              | ZA        |     19400 | NS      | $158538.04    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Bukit Asam Tbk                                                     | BUKIT ASAM TBK P          | CUSIP: Y8520P101<br>LEI: 529900XX13TXG5L4CN33 | Long             | EC               | CORP              | ID        |   1070499 | NS      | $177986.58    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia (Persero) Tbk                                | BANK RAKYAT INDO          | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |    674414 | NS      | $156415.30    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Perusahaan Gas Negara Tbk                                          | Perusahaan Gas Negara Per | CUSIP: Y7136Y118<br>LEI: 549300OX1VFDX7ZPN240 | Long             | EC               | CORP              | ID        |   1740424 | NS      | $176663.52    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors, Inc.                                   | OMEGA HEALTHCARE          | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |      4005 | NS      | $156395.25    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Spark New Zealand Ltd.                                             | Spark New Zealand Ltd     | CUSIP: Q8619N107<br>LEI: 529900HUN51H3Y7QBB66 | Long             | EC               | CORP              | NZ        |    137270 | NS      | $169761.34    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Panama (Republic of)                                               | PANAMA 3.16 01/23/30      | CUSIP: 698299BK9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    150000 | PA      | $131674.94    | 0.66%             | 2030-01-23      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                               | PANAMA 6.4 02/14/35       | CUSIP: 698299BT0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    139000 | PA      | $131711.66    | 0.66%             | 2035-02-14      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                               | PANAMA 6.853 03/28/54     | CUSIP: 698299BV5<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    149000 | PA      | $128564.23    | 0.65%             | 2054-03-28      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Park Hotels & Resorts Inc.                                         | PARK H&R INC              | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |     13030 | NS      | $129518.20    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Peru (Republic Of)                                                 | PERU 3.6 01/15/2072       | CUSIP: 715638DW9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    200000 | PA      | $122524.94    | 0.62%             | 2072-01-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                | PEMEX 7.69 01/23/50       | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    166000 | PA      | $121829.62    | 0.61%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Piedmont Office Realty Trust, Inc.                                 | PIEDMONT OFFIC-A          | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19713 | NS      | $116503.83    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains All American Pipeline L.P.                                  | PLAINS ALL AMER           | CUSIP: 726503105<br>LEI: 5521FA2ITF25TVH63740 | Long             | EC               | CORP              | US        |      6749 | NS      | $117837.54    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP                                              | PLAINS GP HOLD-A          | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |      6319 | NS      | $117786.16    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Poland (Republic of)                                               | POLAND 5 1/2 03/18/54     | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    145000 | PA      | $135602.44    | 0.68%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Enagas SA                                                          | Enagas SA                 | CUSIP: E41759106<br>LEI: 213800OU3FQKGM4M2U23 | Long             | EC               | CORP              | ES        |     11525 | NS      | $179931.12    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Covivio SA                                                         | COVIVIO                   | CUSIP: F2R22T119<br>LEI: 969500P8M3W2XX376054 | Long             | EC               | CORP              | FR        |      2647 | NS      | $147955.90    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| South Africa (Republic of)                                         | SOAF 4.3 10/12/28         | CUSIP: 836205AU8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    140000 | PA      | $132587.00    | 0.67%             | 2028-10-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                         | SOAF 5 7/8 06/22/30       | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    140000 | PA      | $135969.58    | 0.68%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                         | SOAF 5 7/8 04/20/32       | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    137000 | PA      | $129329.54    | 0.65%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                         | SOAF 7.3 04/20/52         | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    140000 | PA      | $120099.00    | 0.60%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Suburban Propane Partners LP / Suburban Energy Finance Corporation | SUBURBAN PROPANE          | CUSIP: 864482104<br>LEI: JJAX4X60DE65EYFOTY73 | Long             | EC               | CORP              | US        |      6390 | NS      | $127608.30    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunoco LP                                                          | SUNOCO LP                 | CUSIP: 86765K109<br>LEI: 54930001NJU8E40NQ561 | Long             | EC               | CORP              | US        |      2314 | NS      | $134559.10    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TXO Partners  LP                                                   | TXO PARTNERS LP           | CUSIP: 87313P103<br>LEI: KWQMGYEOMKX7BT2PZF05 | Long             | EC               | CORP              | US        |      7026 | NS      | $116631.60    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ternium SA                                                         | TERNIUM SA-ADR            | CUSIP: 880890108<br>LEI: 529900QG4KU23TEI2E46 | Long             | EC               | CORP              | LU        |      5123 | NS      | $147849.78    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkey (Republic of)                                               | TURKEY 6 5/8 02/17/45     | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    150000 | PA      | $122739.75    | 0.62%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                               | TURKEY 6 1/8 10/24/28     | CUSIP: 900123CQ1<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    130000 | PA      | $128303.83    | 0.65%             | 2028-10-24      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                               | TURKEY 9 3/8 01/19/33     | CUSIP: 900123DG2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    100000 | PA      | $109962.20    | 0.55%             | 2033-01-19      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                               | TURKEY 9 1/8 07/13/30     | CUSIP: 900123DJ6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    100000 | PA      | $108534.00    | 0.55%             | 2030-07-13      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                               | TURKEY 6 1/2 01/03/35     | CUSIP: 900123DN7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    140000 | PA      | $128400.26    | 0.65%             | 2035-01-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| USA Compression Partners Lp                                        | USA COMPRESSION           | CUSIP: 90290N109<br>LEI: 5493000B1PEOKXRZEO65 | Long             | EC               | CORP              | US        |      5017 | NS      | $122414.80    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                                     | MEX 8.3 08/15/31          | CUSIP: 91086QAG3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    105000 | PA      | $122865.75    | 0.62%             | 2031-08-15      | Fixed         | 8.30%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                     | MEX 4.6 02/10/48          | CUSIP: 91087BAD2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    175000 | PA      | $124994.01    | 0.63%             | 2048-02-10      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                     | MEX 6.35 02/09/35         | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    130000 | PA      | $129508.38    | 0.65%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Universal Health Realty Income Trust                               | UNIVERSAL HEALTH          | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               | CORP              | US        |      3616 | NS      | $138167.36    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP                                      | WESTERN MIDSTREA          | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3303 | NS      | $124192.80    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Dogus Otomotiv Servis Ve Ticaret As                                | DOGUS OTOMOTIV S          | CUSIP: M28191100<br>LEI: 789000PVDP82LTUNS694 | Long             | EC               | CORP              | TR        |     27244 | NS      | $138361.60    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Turk Traktor ve Ziraat Makineleri AS                               | Turk Traktor ve Ziraat Ma | CUSIP: M9044T101<br>LEI: 7890002G98SY237S0Y70 | Long             | EC               | CORP              | TR        |      7434 | NS      | $117318.57    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kumba Iron Ore Ltd                                                 | KUMBA IRON ORE L          | CUSIP: S4341C103<br>LEI: 3789006C753402643048 | Long             | EC               | CORP              | ZA        |      9008 | NS      | $156651.18    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Indo Tambangraya Megah Tbk                                         | INDO TAMBANGRAYA          | CUSIP: Y71244100<br>LEI: 52990056ZNHB217ZKL92 | Long             | EC               | CORP              | ID        |    117545 | NS      | $155782.53    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Partners LP                              | BROOKFIELD INFRA          | CUSIP: G16252101<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EC               | CORP              | BM        |      4472 | NS      | $133728.84    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Globaltrans Investment PLC                                         | GLOBALTRANS-GDR           | CUSIP: 37949E204<br>LEI: 213800D6EVVEJJW3MD09 | Long             | EC               | CORP              | CY        |     36615 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| PT Alamtri Resources Indonesia Tbk                                 | ALAMTRI RESOURCE          | CUSIP: Y7087B109<br>LEI: 529900P2WAH7XA87OI24 | Long             | EC               | CORP              | ID        |   1462145 | NS      | $167353.95    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Grid Co - Rosseti PJSC                                     | FGC ROSSETI               | CUSIP: X2393G109<br>LEI: 253400FZQ7Z49QZNSG30 | Long             | EC               | CORP              | RU        | 114622657 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Severstal Public Joint Stock Company                               | SEVERSTAL                 | CUSIP: X7803S106<br>LEI: 213800OKDPTV6K4ONO53 | Long             | EC               | CORP              | RU        |     14212 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Actinver SA                                                  | TRUST FIBRA UNO           | CUSIP: P3515D163<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    121489 | NS      | $157234.83    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Partners L P                                  | BROOKFIELD RENEWABLE PART | CUSIP: G16258108<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | EC               | CORP              | BM        |      5944 | NS      | $136652.10    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT                                         | Astra International Tbk P | CUSIP: Y7117N172<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |    548304 | NS      | $158545.73    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Chartwell Retirement Residences                                    | CHARTWELL RETIRE          | CUSIP: 16141A103<br>LEI: 549300M7UBEIZBWP4069 | Long             | EC               | CORP              | CA        |     11639 | NS      | $146159.83    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Ltd                                         | GROWTHPOINT PROP          | CUSIP: S3373C239<br>LEI: 37890019DD1E46632291 | Long             | EC               | CORP              | ZA        |    203454 | NS      | $142946.27    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Long WALE REIT                                        | CHARTER HLW REIT          | CUSIP: Q2308E106<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     60305 | NS      | $148338.48    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Supermarket Income Reit Public Limited Company                     | SUPERMARKET INCO          | CUSIP: G8586X105<br>LEI: 2138007FOINJKAM7L537 | Long             | EC               | CORP              | GB        |    150097 | NS      | $155240.33    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Longfor Group Holdings Ltd.                                        | LNGFOR 4 1/2 01/16/28     | CUSIP: G5635PAF6<br>LEI: 254900UJX27B2F1JYR13 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $177016.54    | 0.89%             | 2028-01-16      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Capitaland Ascott Trust                                            | CAPITALAND ASCOT          | CUSIP: Y0261Y177<br>LEI: 549300W6RTG7Y32IWY65 | Long             | EC               | CORP              | SG        |    166036 | NS      | $108698.91    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Phoenix Group Holdings PLC                                         | PHOENIX GROUP HO          | CUSIP: G7S8MZ109<br>LEI: 2138001P49OLAEU33T68 | Long             | EC               | CORP              | GB        |     21975 | NS      | $174999.84    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Nepi Rockcastle NV                                                 | NEPI ROCKCASTLE           | CUSIP: N6S06Q108<br>LEI: 549300FMWM53K9ULYT15 | Long             | EC               | CORP              | NL        |     20229 | NS      | $155079.87    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Thungela Resources Limited                                         | THUNGELA RESOURC          | CUSIP: S84485101<br>LEI: 213800EGYK3BN3SRIF27 | Long             | EC               | CORP              | ZA        |       278 | NS      | $1378.61      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpar Europe                                                      | SIMHBZ 5.2 01/26/31       | CUSIP: L8449RAA7<br>LEI: 54930068BSUST41D5C30 | Long             | DBT              | CORP              | LU        |    170000 | PA      | $131962.50    | 0.66%             | 2031-01-26      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| CSN Resources S.A.                                                 | CSNABZ 5 7/8 04/08/32     | CUSIP: L21779AK6<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |    160000 | PA      | $127510.06    | 0.64%             | 2032-04-08      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Hungary (Republic Of)                                              | REPHUN 6 3/4 09/25/52     | CUSIP: X93622GL0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $200834.00    | 1.01%             | 2052-09-25      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Arabian Centres Sukuk III Ltd.                                     | ARACEN 9 1/2 03/06/29     | CUSIP: G05122AA7<br>LEI: 254900BZVZFBSA5NA163 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $199686.10    | 1.00%             | 2029-03-06      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor Inc                                                  | OMI 6 5/8 04/01/30        | CUSIP: U68336AC7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    150000 | PA      | $127875.00    | 0.64%             | 2030-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Assura PLC                                                         | ASSURA PLC                | CUSIP: G2386T109<br>LEI: 21380026T19N2Y52XF72 | Long             | EC               | CORP              | GB        |    243777 | NS      | $157776.47    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Primary Health Properties PLC                                      | PRIMARY HEALTH            | CUSIP: G7240B186<br>LEI: 213800Y5CJHXOATK7X11 | Long             | EC               | CORP              | GB        |    120882 | NS      | $164980.43    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Del Bajio, S.A., Institucion De Banca                        | BANCO DEL BAJIO SA        | CUSIP: P1R2ZN117<br>LEI: 4469000001BD95FFLY16 | Long             | EC               | CORP              | MX        |     73234 | NS      | $175745.77    | 0.88%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Land Securities Group PLC                                          | LAND SECURITIES           | CUSIP: G5375M142<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               | CORP              | GB        |       208 | NS      | $1642.56      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Frasers Logistics & Commercial Trust                               | FRASERS LOGISTICS & INDUS | CUSIP: Y26465107<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    211710 | NS      | $145084.57    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Xtb SA                                                             | X-TRADE BROKERS           | CUSIP: X98169117<br>LEI: 259400AVUPSABLEXNT19 | Long             | EC               | CORP              | PL        |      9232 | NS      | $200318.59    | 1.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| SmartCentres Real Estate Investment Trust                          | SMARTCENTRES REA          | CUSIP: 83179X108<br>LEI: 549300HKEP2IYWZ14H97 | Long             | EC               | CORP              | CA        |      8224 | NS      | $152078.64    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Saturn Oil & Gas Inc                                               | SOILCN 9 5/8 06/15/29     | CUSIP: C8185KAA0<br>LEI: 549300G6BWJ7K6PIIY73 | Long             | DBT              | CORP              | CA        |    129000 | PA      | $117631.29    | 0.59%             | 2029-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Ambipar Luxembourg  S.a.r.l.                                       | AMBIBZ 9 7/8 02/06/31     | CUSIP: L0183EAA3<br>LEI: 9845008C0E14F9BDEK55 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $96288.75     | 0.48%             | 2031-02-06      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Connect Finco SARL/Connect US Finco LLC                            | ISATLN 9 09/15/29         | CUSIP: L2000XAB6<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $93655.01     | 0.47%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Mc Brazil Downstream Trading Sarl                                  | MCBRAC 7 1/4 06/30/31     | CUSIP: L626A6AA2<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |    184129 | PA      | $142460.77    | 0.72%             | 2031-06-30      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Movida Europe S.A                                                  | MOVIBZ 7.85 04/11/29      | CUSIP: L65266AC9<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $88168.55     | 0.44%             | 2029-04-11      | Fixed         | 7.85%                 | Yes           |                  2 | On Loan: No      |
| Panama (Republic of)                                               | PANAMA 3.362 06/30/31     | CUSIP: P90603AP9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    170000 | PA      | $135692.30    | 0.68%             | 2031-06-30      | Fixed         | 3.36%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp. / JetBlue Loyalty LP                         | JBLU 9 7/8 09/20/31       | CUSIP: U04553AA8<br>LEI: 54930070J9H97ZO93T57 | Long             | DBT              | CORP              | US        |    130000 | PA      | $119853.93    | 0.60%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| R.R. Donnelley & Sons Co.                                          | RRD 9 1/2 08/01/29        | CUSIP: U25783AJ7<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95655.50     | 0.48%             | 2029-08-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp.                                                        | HTZ 12 5/8 07/15/29       | CUSIP: U42804AY7<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    130000 | PA      | $126612.05    | 0.64%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: No      |
| HLF Financing SaRL LLC and Herbalife International Inc.            | HLF 12 1/4 04/15/29       | CUSIP: U4R90AAC2<br>LEI: 549300VKVJUV5OGV2R51 | Long             | DBT              | CORP              | US        |    122000 | PA      | $130123.49    | 0.65%             | 2029-04-15      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                              | NLSN 9.29 04/15/29        | CUSIP: U64059AA3<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    138000 | PA      | $122989.05    | 0.62%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| Domtar Corp.                                                       | UFS 6 3/4 10/01/28        | CUSIP: U7051JAA6<br>LEI: XYSIJOU3HNVROZWNA008 | Long             | DBT              | CORP              | US        |    140000 | PA      | $118593.66    | 0.60%             | 2028-10-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Realogy Group LLC/Realogy Co-Issuer Corp                           | HOUS 7 04/15/30           | CUSIP: U75355AK0<br>LEI: LF6PBYTYG3BDVEF4FI12 | Long             | DBT              | CORP              | US        |    136000 | PA      | $120383.45    | 0.61%             | 2030-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Hungary (Republic Of)                                              | REPHUN 5 1/2 06/16/34     | CUSIP: X93622GG1<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    200000 | PA      | $192980.20    | 0.97%             | 2034-06-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Star Bulk Carriers Corp.                                           | STAR BULK CARRIE          | CUSIP: Y8162K204<br>LEI: 549300SO3FMK7H6DDY54 | Long             | EC               | CORP              | MH        |     10227 | NS      | $150745.98    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp.                      | PBFENE 9 7/8 03/15/30     | CUSIP: U70453AH5<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |    140000 | PA      | $123937.80    | 0.62%             | 2030-03-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Limak Yenilenebilir Enerji AS                                      | LIMYEN 9 5/8 08/12/30     | CUSIP: M6772QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | TR        |    200000 | PA      | $193000.00    | 0.97%             | 2030-08-12      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.            | DTV 10 02/15/31           | CUSIP: U2541MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $132986.00    | 0.67%             | 2031-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| OT Midco Inc.                                                      | OB 10 02/15/30            | CUSIP: U6837AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $163738.00    | 0.82%             | 2030-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| C&W Senior Finance Ltd.                                            | CWCFIN 9 01/15/33         | CUSIP: G3169MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    200000 | PA      | $200600.00    | 1.01%             | 2033-01-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Perusahaan Penerbit Surat Berharga Syariah Indonesia III           | INDOIS 5.65 11/25/54      | CUSIP: Y68613AF8<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $193825.00    | 0.97%             | 2054-11-25      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Gdz Elektrik Dagitim AS                                            | GDZELE 9 10/15/29         | CUSIP: M4R45KAA9<br>LEI: 984500B63B5766038A64 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $186500.00    | 0.94%             | 2029-10-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Grupo Aeromexico S. A. B. De C. V.                                 | AEROMX 8 5/8 11/15/31     | CUSIP: P4955JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    200000 | PA      | $185500.00    | 0.93%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC/Avis Budget Finance Inc.                | CAR 8 1/4 01/15/30        | CUSIP: U05375AW7<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | DBT              | CORP              | US        |    135000 | PA      | $134932.50    | 0.68%             | 2030-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                             | MINAU 9 1/4 10/01/28      | CUSIP: Q60976AD1<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    134000 | PA      | $127294.64    | 0.64%             | 2028-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-28

**Name of Applicant:** Arrow ETF Trust

**Signature:** Sam Singh

**Name of Signer:** Sam Singh

**Title:** Treasurer