The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADVANCE AUTO PARTS INC COM 00751Y106 BBG001SD2SB2 200,414 1,648 SH   SOLE   1,648 0 0
AES CORP COM 00130H105 BBG001S6B1L5 448,875 18,641 SH   SOLE   18,641 0 0
ANTERO MIDSTREAM CORP COM 03676B102 BBG00GBNZ4N9 191,075 18,215 SH   SOLE   18,215 0 0
ARROW INVTS TR DWA TACT INTL 042765685 BBG00JM9PV26 5,929,105 213,966 SH   SOLE   213,966 0 0
ARROW INVTS TR RESV CAP ETF 042765719 BBG00GBV8PC6 40,650,671 407,403 SH   SOLE   407,403 0 0
ARROW INVTS TR RVRSE CAP500 ETF 042765677 BBG00J3PQ5F3 10,151,441 480,940 SH   SOLE   480,940 0 0
ASSURANT INC COM 04621X108 BBG001SD9DW5 286,968 2,390 SH   SOLE   2,390 0 0
BATH & BODY WORKS INC COM 070830104 BBG001S5SWL1 227,966 6,232 SH   SOLE   6,232 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 BBG008B5CF38 186,648 11,896 SH   SOLE   11,896 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 BBG001S6YGF4 144,989 30,653 SH   SOLE   30,653 0 0
CARMAX INC COM 143130102 BBG001SD9561 203,125 3,160 SH   SOLE   3,160 0 0
CINTAS CORP COM 172908105 BBG001S7CRG1 235,504 509 SH   SOLE   509 0 0
COPART INC COM 217204106 BBG001S7MTB1 246,237 3,274 SH   SOLE   3,274 0 0
DEERE & CO COM 244199105 BBG001S5QFF7 398,429 965 SH   SOLE   965 0 0
DISH NETWORK CORPORATION CL A 25470M109 BBG001S7TPQ6 275,319 29,509 SH   SOLE   29,509 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100 BBG001SDHNW4 203,885 16,350 SH   SOLE   16,350 0 0
ENLINK MIDSTREAM LLC COM UNIT REP LTD 29336T100 BBG001SGNNQ7 181,841 16,775 SH   SOLE   16,775 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 BBG001S9P0Z1 204,014 7,877 SH   SOLE   7,877 0 0
EVEREST RE GROUP LTD COM G3223R108 BBG001S7QT63 445,019 1,243 SH   SOLE   1,243 0 0
FAIR ISAAC CORP COM 303250104 BBG001S8ZT61 337,994 481 SH   SOLE   481 0 0
FRANKLIN STR PPTYS CORP COM 35471R106 BBG001SK1MS2 108,281 68,969 SH   SOLE   68,969 0 0
GENESIS ENERGY L P UNIT LTD PARTN 371927104 BBG001S9CQC3 234,343 20,812 SH   SOLE   20,812 0 0
GLOBAL NET LEASE INC COM NEW 379378201 BBG004HXD0H7 183,769 14,290 SH   SOLE   14,290 0 0
HOLLY ENERGY PARTNERS L P COM UT LTD PTN 435763107 BBG001SF0XN5 186,623 10,744 SH   SOLE   10,744 0 0
HUNT J B TRANS SVCS INC COM 445658107 BBG001S5SFY4 255,821 1,458 SH   SOLE   1,458 0 0
INTERPUBLIC GROUP COS INC COM 460690100 BBG001S6RLK5 286,785 7,701 SH   SOLE   7,701 0 0
INVESCO EXCHANGE TRADED FD T S&P500 PUR VAL 46137V258 BBG00KJR2X19 6,826,901 89,946 SH   SOLE   89,946 0 0
ISHARES INC MSCI EURZONE ETF 464286608 BBG001SFQPM5 7,505,775 166,499 SH   SOLE   166,499 0 0
ISHARES INC MSCI TURKEY ETF 464286715 BBG001STW0V3 909,054 27,868 SH   SOLE   27,868 0 0
ISHARES SILVER TR ISHARES 46428Q109 BBG001SQLN69 314,480 14,217 SH   SOLE   14,217 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 BBG001SKXPR1 3,226,259 39,268 SH   SOLE   39,268 0 0
ISHARES TR 20 YR TR BD ETF 464287432 BBG001S8MLN3 4,547,956 42,756 SH   SOLE   42,756 0 0
ISHARES TR EUROPE ETF 464287861 BBG001SFGXD9 6,647,508 132,897 SH   SOLE   132,897 0 0
ISHARES TR IBOXX INV CP ETF 464287242 BBG001S60QR6 1,768,338 16,133 SH   SOLE   16,133 0 0
ISHARES TR MSCI INDIA ETF 46429B598 BBG002DMN4B6 700,569 17,799 SH   SOLE   17,799 0 0
ISHARES TR SELECT DIVID ETF 464287168 BBG001SDJVG2 5,680,300 48,475 SH   SOLE   48,475 0 0
JPMORGAN CHASE & CO ALERIAN ML ETN 46625H365 BBG001SLBY94 1,791,310 80,726 SH   SOLE   80,726 0 0
KIMBELL RTY PARTNERS LP UNIT 49435R102 BBG00FQH6N85 181,176 11,896 SH   SOLE   11,896 0 0
KNOT OFFSHORE PARTNERS LP COM UNITS Y48125101 BBG0046HZ561 113,101 21,101 SH   SOLE   21,101 0 0
LINCOLN NATL CORP IND COM 534187109 BBG001S5STV7 257,079 11,441 SH   SOLE   11,441 0 0
LKQ CORP COM 501889208 BBG001SCCPJ1 210,806 3,714 SH   SOLE   3,714 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 BBG001S731Q7 214,761 3,958 SH   SOLE   3,958 0 0
NEWELL BRANDS INC COM 651229106 BBG001S5TSW7 180,728 14,528 SH   SOLE   14,528 0 0
NEWS CORP NEW CL B 65249B208 BBG0035M2ZC6 312,764 17,944 SH   SOLE   17,944 0 0
NORWEGIAN CRUISE LINE HLDG L SHS G66721104 BBG001SCKPS2 157,782 11,731 SH   SOLE   11,731 0 0
NUCOR CORP COM 670346105 BBG001S5TRV0 211,778 1,371 SH   SOLE   1,371 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 BBG001SFS805 198,894 12,717 SH   SOLE   12,717 0 0
OFFICE PPTYS INCOME TR COM SHS BEN INT 67623C109 BBG001S6PKJ1 165,275 13,437 SH   SOLE   13,437 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100 BBG001S6WQT9 239,610 703 SH   SOLE   703 0 0
OMNICOM GROUP INC COM 681919106 BBG001S5VR10 280,945 2,978 SH   SOLE   2,978 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 BBG001S985K5 212,127 17,011 SH   SOLE   17,011 0 0
PLAINS GP HLDGS L P LTD PARTNR INT A 72651A207 BBG001SZV282 210,747 16,063 SH   SOLE   16,063 0 0
QUANTA SVCS INC COM 74762E102 BBG001S5VH85 453,427 2,721 SH   SOLE   2,721 0 0
RALPH LAUREN CORP CL A 751212101 BBG001S9TL45 201,372 1,726 SH   SOLE   1,726 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 BBG001S7T1S7 8,417,930 101,629 SH   SOLE   101,629 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 BBG001S7T232 7,267,051 71,823 SH   SOLE   71,823 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 BBG001S7R733 6,432,312 79,746 SH   SOLE   79,746 0 0
STAR BULK CARRIERS CORP. SHS PAR Y8162K204 BBG001SPYW58 211,348 10,007 SH   SOLE   10,007 0 0
STEEL DYNAMICS INC COM 858119100 BBG001S98JK5 239,687 2,120 SH   SOLE   2,120 0 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 BBG001S6DDV6 186,812 12,194 SH   SOLE   12,194 0 0
SUNOCO LP/SUNOCO FIN CORP COM UT REP LP 86765K109 BBG00358K8T9 201,280 4,586 SH   SOLE   4,586 0 0
THE NECESSITY RETAIL REIT IN COM CLASS A 02607T109 BBG004Z1PW39 188,086 29,950 SH   SOLE   29,950 0 0
USA COMPRESSION PARTNERS LP COMUNIT LTDPAR 90290N109 BBG001V1S8F6 209,779 9,928 SH   SOLE   9,928 0 0
WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT 958669103 BBG003M3V2V9 206,398 7,827 SH   SOLE   7,827 0 0
WISDOMTREE TR ITL HIGH DIV FD 97717W802 BBG001SHLHN3 7,088,516 188,274 SH   SOLE   188,274 0 0