Arrow ETF Trust
10/08/2026 | Press release | Distributed by Public on 10/08/2026 10:16
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
| Investment Company Act file number | 811-22624 |
| Arrow ETF Trust |
| (Exact name of registrant as specified in charter) |
| 6100 Chevy Chase Drive Suite 100, Laurel MD | 20707 |
| (Address of principal executive offices) | (Zip code) |
| Corporation Service Company |
| 251 Little Falls Drive |
| Wilmington, Delaware 19808 |
| (Name and address of agent for service) |
| Registrant's telephone number, including area code: | 301-260-0162 |
| Date of fiscal year end: | 1/31 |
| Date of reporting period: | 7/31/26 |
Item 1. Reports to Stockholders.
(a) Tailored Shareholder Report
Arrow Dow Jones Global Yield ETF
(GYLD) NYSE
Semi-Annual Shareholder Report - July 31, 2026
Fund Overview
This semi-annual shareholder report contains important information about Arrow Dow Jones Global Yield ETF for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at https://arrowfunds.com/default.aspx?menuitemid=521. You can also request this information by contacting us at 1-877-277-6933.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Arrow Dow Jones Global Yield ETF
|
$39
|
0.75%Footnote Reference*
|
| Footnote | Description |
|
Footnote*
|
Annualized |
What did the Fund invest in?
Sector Weighting (% of net assets)
Table Summary
|
Value
|
Value
|
|
Other Assets in Excess of Liabilities
|
4.0%
|
|
Consumer Staples
|
0.9%
|
|
Health Care
|
1.2%
|
|
Industrials
|
2.2%
|
|
Utilities
|
2.9%
|
|
Technology
|
3.5%
|
|
Consumer Discretionary
|
5.3%
|
|
Communications
|
6.9%
|
|
Materials
|
9.1%
|
|
Financials
|
12.1%
|
|
Energy
|
14.1%
|
|
Sovereign
|
18.6%
|
|
Real Estate
|
19.2%
|
Fund Statistics
- Net Assets$37,252,156
- Number of Portfolio Holdings146
- Advisory Fee $115,541
- Portfolio Turnover71%
Asset Weighting (% of total investments)
Table Summary
|
Value
|
Value
|
|
Common Stocks
|
45.7%
|
|
Corporate Bonds
|
18.8%
|
|
Master Limited Partnerships
|
2.9%
|
|
Non U.S. Government & Agencies
|
19.4%
|
|
Partnership Shares
|
13.2%
|
Country Weighting (% of net assets)
Table Summary
|
Value
|
Value
|
|
Other Assets in Excess of Liabilities
|
4.0%
|
|
Other Countries
|
9.4%
|
|
Brazil
|
2.5%
|
|
Panama
|
2.5%
|
|
Colombia
|
3.1%
|
|
Canada
|
3.3%
|
|
Turkey
|
4.0%
|
|
United Kingdom
|
4.1%
|
|
South Africa
|
4.4%
|
|
Mexico
|
4.9%
|
|
Indonesia
|
8.2%
|
|
United States
|
49.6%
|
Top 10 Holdings (% of net assets)
Table Summary
|
Holding Name
|
% of Net Assets
|
|
Teleperformance
|
1.1%
|
|
Surya Citra Media Tbk P.T.
|
1.0%
|
|
Robert Half International, Inc.
|
0.9%
|
|
Ternium S.A.
|
0.9%
|
|
Phoenix Group Holdings PLC
|
0.9%
|
|
Adaro Energy Tbk P.T.
|
0.9%
|
|
Komercni banka as
|
0.9%
|
|
Cal-Maine Foods, Inc.
|
0.9%
|
|
Bank Rakyat Indonesia Persero Tbk P.T.
|
0.9%
|
|
Banco del Bajio S.A.
|
0.9%
|
Material Fund Changes
No material changes occurred during the period ended July 31, 2026.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://arrowfunds.com/default.aspx?menuitemid=521), including its:
-
Prospectus
-
Financial information
-
Holdings
-
Proxy voting information
Arrow Dow Jones Global Yield ETF
Semi-Annual Shareholder Report - July 31, 2026
TSR-SAR 073126-GYLD
(b) Not applicable
Item 2. Code of Ethics. Not applicable.
Item 3. Audit Committee Financial Expert. Not applicable.
Item 4. Principal Accountant Fees and Services. Not applicable.
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 6. Schedule of Investments. The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) Long Form Financial Statements
| Arrow Dow Jones Global Yield ETF |
| GYLD |
| Semi-Annual Financial Statements |
| and Additional Information |
| July 31, 2026 |
| 1-877-277-6933 |
| 1-877-ARROW-FD |
| www.ArrowFunds.com |
| ARROW DOW JONES GLOBAL YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| July 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS - 43.8% | ||||||||
| ASSET MANAGEMENT - 0.6% | ||||||||
| 13,242 | Alaris Equity Partners Income | $ | 232,670 | |||||
| BANKING - 5.2% | ||||||||
| 98,982 | Banco del Bajio S.A. 144A(a) | 328,849 | ||||||
| 1,306,241 | Bank Mandiri Persero Tbk P.T. | 303,625 | ||||||
| 4,739 | Bank Polska Kasa Opieki S.A. | 311,417 | ||||||
| 1,959,304 | Bank Rakyat Indonesia Persero Tbk P.T. | 330,427 | ||||||
| 28,478 | Grupo Financiero Banorte SAB de CV | 328,210 | ||||||
| 6,702 | Komercni banka as | 335,058 | ||||||
| 1,937,586 | ||||||||
| CHEMICALS - 0.7% | ||||||||
| 21,358 | Chemtrade Logistics Income Fund | 249,268 | ||||||
| COMMERCIAL SUPPORT SERVICES - 0.9% | ||||||||
| 9,289 | Robert Half International, Inc. | 351,124 | ||||||
| ELECTRIC UTILITIES - 0.0%(b) | ||||||||
| 114,622,657 | Federal Grid Company Unified Energy System PJSC(c) (d) (e) | - | ||||||
| FOOD - 0.9% | ||||||||
| 3,795 | Cal-Maine Foods, Inc. | 333,125 | ||||||
| GAS & WATER UTILITIES - 0.9% | ||||||||
| 3,928,105 | Perusahaan Gas Negara Tbk P.T. | 326,870 | ||||||
| HEALTH CARE FACILITIES & SERVICES - 0.6% | ||||||||
| 14,650 | Chartwell Retirement Residences | 236,090 | ||||||
| HEALTH CARE REIT - 2.7% | ||||||||
| 6,846 | Chiron Real Estate, Inc. | 243,033 | ||||||
| 14,024 | Community Healthcare Trust, Inc. | 256,779 | ||||||
| 200,110 | Primary Health Properties plc | 254,722 | ||||||
| 6,082 | Universal Health Realty Income Trust | 264,081 | ||||||
| 1,018,615 | ||||||||
See accompanying notes to financial statements.
1
| ARROW DOW JONES GLOBAL YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS - 43.8% (Continued) | ||||||||
| HOTEL REIT - 2.5% | ||||||||
| 14,773 | Apple Hospitality REIT, Inc. | $ | 243,902 | |||||
| 268,731 | CapitaLand Ascott Trust | 189,649 | ||||||
| 16,668 | Park Hotels & Resorts, Inc. | 251,020 | ||||||
| 21,099 | RLJ Lodging Trust | 258,463 | ||||||
| 943,034 | ||||||||
| INDUSTRIAL REIT - 1.3% | ||||||||
| 319,094 | Frasers Logistics & Commercial Trust | 246,341 | ||||||
| 3,915 | Innovative Industrial Properties, Inc. | 230,241 | ||||||
| 476,582 | ||||||||
| INSURANCE - 0.9% | ||||||||
| 27,455 | Phoenix Group Holdings PLC | 341,522 | ||||||
| METALS & MINING - 4.3% | ||||||||
| 2,484,928 | Adaro Energy Tbk P.T. | 339,117 | ||||||
| 25,171 | Exxaro Resources Ltd. | 310,438 | ||||||
| 237,780 | Indo Tambangraya Megah Tbk P.T. | 324,168 | ||||||
| 19,983 | Kumba Iron Ore Ltd. | 317,472 | ||||||
| 229,321 | United Tractors Tbk P.T. | 304,684 | ||||||
| 1,595,879 | ||||||||
| MULTI ASSET CLASS REIT - 4.6% | ||||||||
| 11,454 | Broadstone Net Lease, Inc. | 245,230 | ||||||
| 95,626 | Charter Hall Long Wale REIT | 256,556 | ||||||
| 3,991 | Covivio | 243,539 | ||||||
| 139,050 | Fibra Uno Administracion S.A. de CV | 250,530 | ||||||
| 19,618 | Gladstone Commercial Corporation | 245,225 | ||||||
| 26,687 | Global Net Lease, Inc. | 232,711 | ||||||
| 240,845 | Growthpoint Properties Ltd. | 257,761 | ||||||
| 1,731,552 | ||||||||
| OFFICE REIT - 3.3% | ||||||||
| 79,735 | Brandywine Realty Trust | 242,394 | ||||||
| 19,977 | Douglas Emmett, Inc. | 236,128 | ||||||
| 10,166 | Easterly Government Properties, Inc. | 247,644 | ||||||
| 7,469 | Highwoods Properties, Inc. | 247,448 | ||||||
| 4,912 | SL Green Realty Corporation | 259,992 | ||||||
| 1,233,606 | ||||||||
See accompanying notes to financial statements.
2
| ARROW DOW JONES GLOBAL YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS - 43.8% (Continued) | ||||||||
| OIL & GAS PRODUCERS - 2.6% | ||||||||
| 10,625 | Antero Midstream Corporation | $ | 233,431 | |||||
| 6,024 | Hess Midstream, L.P., Class A | 245,960 | ||||||
| 15,759 | Kimbell Royalty Partners, L.P. | 235,912 | ||||||
| 5,040 | Kinetik Holdings, Inc. | 254,873 | ||||||
| 970,176 | ||||||||
| PUBLISHING & BROADCASTING - 1.0% | ||||||||
| 30,852,680 | Surya Citra Media Tbk P.T. | 356,005 | ||||||
| REAL ESTATE OWNERS & DEVELOPERS - 0.7% | ||||||||
| 26,863 | NEPI Rockcastle N.V. | 246,194 | ||||||
| RESIDENTIAL REIT - 0.7% | ||||||||
| 9,765 | NexPoint Residential Trust, Inc. | 254,964 | ||||||
| RETAIL - DISCRETIONARY - 2.5% | ||||||||
| 1,094,150 | Astra International Tbk P.T. | 309,562 | ||||||
| 76,943 | Dogus Otomotiv Servis ve Ticaret A/S | 308,301 | ||||||
| 100,599 | Truworths International Ltd. | 323,603 | ||||||
| 941,466 | ||||||||
| RETAIL REIT - 2.7% | ||||||||
| 28,537 | Land Securities Group plc | 271,333 | ||||||
| 566,457 | Lendlease Global Commercial REIT | 260,617 | ||||||
| 10,918 | SmartCentres Real Estate Investment Trust | 230,157 | ||||||
| 208,501 | Supermarket Income Reit plc | 241,518 | ||||||
| 1,003,625 | ||||||||
| SPECIALTY REIT - 0.7% | ||||||||
| 4,062 | EPR Properties | 252,128 | ||||||
| STEEL - 0.9% | ||||||||
| 14,212 | Severstal PAO(c) (d) (e) | - | ||||||
| 7,083 | Ternium S.A. - ADR | 348,767 | ||||||
| 348,767 | ||||||||
| TECHNOLOGY SERVICES - 1.8% | ||||||||
| 5,140 | Teleperformance | 409,113 | ||||||
See accompanying notes to financial statements.
3
| ARROW DOW JONES GLOBAL YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2026 |
| Shares | Fair Value | |||||||
| COMMON STOCKS - 43.8% (Continued) | ||||||||
| TECHNOLOGY SERVICES - 1.8% (Continued) | ||||||||
| 40,660 | Western Union Company (The) | $ | 258,598 | |||||
| 667,711 | ||||||||
| TELECOMMUNICATIONS - 0.8% | ||||||||
| 29,526 | TELUS Corporation | 282,269 | ||||||
| TRANSPORTATION & LOGISTICS - 0.0%(b) | ||||||||
| 36,615 | Globaltrans Investment plc - GDR (c) (d) (e) | - | ||||||
| TOTAL COMMON STOCKS (Cost $14,940,531) | 16,330,828 | |||||||
| MASTER LIMITED PARTNERSHIPS - 15.5% | ||||||||
| ASSET MANAGEMENT - 0.6% | ||||||||
| 30,578 | Icahn Enterprises, L.P. | 238,203 | ||||||
| CHEMICALS - 1.3% | ||||||||
| 1,915 | CVR Partners, L.P. | 247,016 | ||||||
| 10,639 | Westlake Chemical Partners, L.P. | 230,228 | ||||||
| 477,244 | ||||||||
| ELECTRIC UTILITIES - 1.3% | ||||||||
| 6,270 | Brookfield Infrastructure Partners, L.P. | 262,203 | ||||||
| 7,218 | Brookfield Renewable Partners, L.P. | 236,554 | ||||||
| 498,757 | ||||||||
| GAS & WATER UTILITIES - 0.7% | ||||||||
| 13,392 | Suburban Propane Partners, L.P. | 249,895 | ||||||
| METALS & MINING - 0.7% | ||||||||
| 9,912 | Alliance Resource Partners, L.P. | 257,216 | ||||||
| OIL & GAS PRODUCERS - 10.2% | ||||||||
| 17,184 | Black Stone Minerals, L.P. | 256,901 | ||||||
| 4,028 | Cheniere Energy Partners, L.P. | 265,445 | ||||||
| 4,624 | Delek Logistics Partners, L.P. | 278,872 | ||||||
| 8,988 | Dorchester Minerals, L.P. | 248,159 | ||||||
| 11,765 | Energy Transfer, L.P. | 239,535 | ||||||
| 6,218 | Enterprise Products Partners, L.P. | 236,595 | ||||||
See accompanying notes to financial statements.
4
| ARROW DOW JONES GLOBAL YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2026 |
| Shares | Fair Value | |||||||
| MASTER LIMITED PARTNERSHIPS - 15.5% (Continued) | ||||||||
| OIL & GAS PRODUCERS - 10.2% (Continued) | ||||||||
| 15,134 | Genesis Energy, L.P. | $ | 231,702 | |||||
| 5,465 | Global Partners, L.P. | 270,353 | ||||||
| 18,331 | Mach Natural Resources, L.P. | 250,035 | ||||||
| 4,067 | MPLX, L.P. | 237,716 | ||||||
| 10,363 | Plains All American Pipeline, L.P. | 254,619 | ||||||
| 9,599 | Plains GP Holdings, L.P., Class A | 252,742 | ||||||
| 3,660 | Sunoco, L.P. | 280,686 | ||||||
| 17,873 | TXO Partners, L.P. | 240,034 | ||||||
| 5,418 | Western Midstream Partners, L.P. | 252,316 | ||||||
| 3,795,710 | ||||||||
| OIL & GAS SERVICES & EQUIPMENT - 0.7% | ||||||||
| 9,337 | USA Compression Partners, L.P. | 244,256 | ||||||
| TOTAL MASTER LIMITED PARTNERSHIPS (Cost $2,968,779) | 5,761,281 | |||||||
| Principal | ||||||||||||||
| Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| CORPORATE BONDS - 18.1% | ||||||||||||||
| ASSET MANAGEMENT - 0.6% | ||||||||||||||
| 230,000 | Icahn Enterprises, L.P. / Icahn Enterprises | 9.0000 | 06/15/30 | 219,107 | ||||||||||
| AUTOMOTIVE - 0.6% | ||||||||||||||
| 220,000 | Goodyear Tire & Rubber Company (The) | 8.8750 | 07/15/32 | 225,996 | ||||||||||
| CABLE & SATELLITE - 1.2% | ||||||||||||||
| 213,000 | Directv Financing, LLC / Directv Financing | 10.0000 | 02/15/31 | 223,383 | ||||||||||
| 231,000 | VZ Secured Financing BV | 7.5000 | 01/15/33 | 207,752 | ||||||||||
| 431,135 | ||||||||||||||
| CHEMICALS - 1.2% | ||||||||||||||
| 298,000 | FMC Corporation(f) | H15T5Y + 4.366% | 8.4500 | 11/01/55 | 224,041 | |||||||||
| 228,000 | INEOS Finance plc | 7.5000 | 04/15/29 | 224,401 | ||||||||||
| 448,442 | ||||||||||||||
| COMMERCIAL SUPPORT SERVICES - 0.6% | ||||||||||||||
| 221,000 | GEO Group, Inc. (The) B | 10.2500 | 04/15/31 | 238,448 | ||||||||||
See accompanying notes to financial statements.
5
| ARROW DOW JONES GLOBAL YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2026 |
| Principal | ||||||||||||||
| Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||||
| CORPORATE BONDS - 18.1% (Continued) | ||||||||||||||
| ENTERTAINMENT CONTENT - 1.2% | ||||||||||||||
| 232,000 | AMC Global Media, Inc. | 10.5000 | 07/15/32 | $ | 238,770 | |||||||||
| 287,000 | Paramount Global | 5.8500 | 09/01/43 | 203,123 | ||||||||||
| 441,893 | ||||||||||||||
| HOME & OFFICE PRODUCTS - 0.6% | ||||||||||||||
| 255,000 | Whirlpool Corporation | 6.5000 | 06/15/33 | 216,375 | ||||||||||
| INSURANCE - 0.7% | ||||||||||||||
| 250,000 | APH Somerset Investor 2, LLC / APH2 Somerset | 7.8750 | 11/01/29 | 253,391 | ||||||||||
| LEISURE FACILITIES & SERVICES - 0.6% | ||||||||||||||
| 253,000 | Resorts World Las Vegas, LLC / RWLV Capital, Inc. | 4.6250 | 04/16/29 | 227,814 | ||||||||||
| MEDICAL EQUIPMENT & DEVICES - 0.6% | ||||||||||||||
| 222,000 | DENTSPLY SIRONA, Inc.(f) | H15T5Y + 4.379% | 8.3750 | 09/12/55 | 221,659 | |||||||||
| OIL & GAS PRODUCERS - 0.6% | ||||||||||||||
| 223,000 | Northern Oil & Gas, Inc. | 7.8750 | 10/15/33 | 223,344 | ||||||||||
| RETAIL - DISCRETIONARY - 1.0% | ||||||||||||||
| 231,000 | Hertz Corporation (The) | 12.6250 | 07/15/29 | 151,702 | ||||||||||
| 313,000 | Nordstrom, Inc. | 5.0000 | 01/15/44 | 225,593 | ||||||||||
| 377,295 | ||||||||||||||
| SOFTWARE - 1.1% | ||||||||||||||
| 230,000 | Cloud Software Group, Inc. | 8.2500 | 06/30/32 | 217,752 | ||||||||||
| 224,000 | CoreWeave, Inc. | 9.6250 | 07/15/32 | 200,051 | ||||||||||
| 417,803 | ||||||||||||||
| SPECIALTY FINANCE - 3.4% | ||||||||||||||
| 229,000 | Arbor Realty SR, Inc. | 7.8750 | 07/15/30 | 208,393 | ||||||||||
| 250,000 | Burford Capital Global Finance, LLC | 8.5000 | 01/15/34 | 216,424 | ||||||||||
| 192,000 | Freedom Mortgage Holdings, LLC | 7.8750 | 04/01/33 | 185,358 | ||||||||||
| 222,000 | Navient Corporation | 9.3750 | 10/15/31 | 222,064 | ||||||||||
| 238,000 | United Wholesale Mortgage, LLC | 5.5000 | 04/15/29 | 222,504 | ||||||||||
| 248,000 | UWM Holdings, LLC | 6.2500 | 03/15/31 | 221,534 | ||||||||||
| 1,276,277 | ||||||||||||||
See accompanying notes to financial statements.
6
| ARROW DOW JONES GLOBAL YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2026 |
| Principal | ||||||||||||
| Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
| CORPORATE BONDS - 18.1% (Continued) | ||||||||||||
| TECHNOLOGY SERVICES - 0.6% | ||||||||||||
| 240,000 | Everforth, Inc. | 4.6250 | 05/15/28 | $ | 229,357 | |||||||
| TELECOMMUNICATIONS - 2.9% | ||||||||||||
| 218,000 | C&W Senior Finance Ltd. | 9.0000 | 01/15/33 | 221,755 | ||||||||
| 246,000 | Cogent Communications Group, LLC / Cogent Finance, | 6.5000 | 07/01/32 | 219,243 | ||||||||
| 227,000 | Edged Compute, LLC | 7.5000 | 04/30/31 | 215,399 | ||||||||
| 215,000 | SE Cosmos, LLC | 8.8750 | 05/01/31 | 212,150 | ||||||||
| 251,000 | Vmed O2 UK Financing I plc | 6.7500 | 01/15/33 | 201,133 | ||||||||
| 1,069,680 | ||||||||||||
| TRANSPORTATION & LOGISTICS - 0.6% | ||||||||||||
| 217,000 | Star Leasing Company, LLC | 7.6250 | 02/15/30 | 211,376 | ||||||||
| TOTAL CORPORATE BONDS (Cost $6,886,464) | 6,729,392 | |||||||||||
| NON U.S. GOVERNMENT & AGENCIES - 18.6% | ||||||||||||
| SOVEREIGN - 18.6% | ||||||||||||
| 230,000 | Brazilian Government International Bond | 6.1250 | 01/22/32 | 232,703 | ||||||||
| 235,000 | Brazilian Government International Bond | 6.1250 | 03/15/34 | 233,355 | ||||||||
| 230,000 | Brazilian Government International Bond | 6.6250 | 03/15/35 | 232,128 | ||||||||
| 261,000 | Brazilian Government International Bond | 5.6250 | 01/07/41 | 235,814 | ||||||||
| 252,000 | Chile Government International Bond | 5.3300 | 01/05/54 | 229,730 | ||||||||
| 260,000 | Colombia Government International Bond | 3.0000 | 01/30/30 | 236,925 | ||||||||
| 251,000 | Colombia Government International Bond | 3.1250 | 04/15/31 | 221,106 | ||||||||
| 222,000 | Colombia Government International Bond | 7.5000 | 02/02/34 | 233,322 | ||||||||
| 216,000 | Colombia Government International Bond | 8.0000 | 11/14/35 | 233,928 | ||||||||
| 206,000 | Colombia Government International Bond | 8.7500 | 11/14/53 | 235,201 | ||||||||
| 200,000 | Hungary Government International Bond | 6.7500 | 09/25/52 | 207,967 | ||||||||
| 216,000 | Indonesia Government International Bond | 6.6250 | 02/17/37 | 228,199 | ||||||||
| 252,000 | Mexico Government International Bond | 4.7500 | 04/27/32 | 239,368 | ||||||||
| 280,000 | Mexico Government International Bond | 3.5000 | 02/12/34 | 234,640 | ||||||||
| 230,000 | Mexico Government International Bond | 6.3500 | 02/09/35 | 231,265 | ||||||||
| 312,000 | Mexico Government International Bond | 4.6000 | 02/10/48 | 225,888 | ||||||||
| 263,000 | Panama Government International Bond | 3.3620 | 06/30/31 | 236,860 | ||||||||
| 274,000 | Panama Government International Bond | 3.2980 | 01/19/33 | 238,489 | ||||||||
| 222,000 | Panama Government International Bond | 6.4000 | 02/14/35 | 229,659 | ||||||||
See accompanying notes to financial statements.
7
| ARROW DOW JONES GLOBAL YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| July 31, 2026 |
| Principal | ||||||||||||
| Amount ($) | Coupon Rate (%) | Maturity | Fair Value | |||||||||
| NON U.S. GOVERNMENT & AGENCIES - 18.6% (Continued) | ||||||||||||
| SOVEREIGN - 18.6% (Continued) | ||||||||||||
| 225,000 | Panama Government International Bond | 6.8530 | 03/28/54 | $ | 232,988 | |||||||
| 245,000 | Perusahaan Penerbit SBSN Indonesia III | 5.6500 | 11/25/54 | 228,463 | ||||||||
| 392,000 | Peruvian Government International Bond | 3.6000 | 01/15/72 | 238,483 | ||||||||
| 251,000 | Republic of Poland Government International Bond | 5.5000 | 03/18/54 | 224,514 | ||||||||
| 200,000 | Republic of South Africa Government International | 7.1000 | 11/19/36 | 209,426 | ||||||||
| 243,000 | Republic of South Africa Government International | 7.3000 | 04/20/52 | 236,210 | ||||||||
| 218,000 | Turkey Government International Bond | 9.1250 | 07/13/30 | 236,783 | ||||||||
| 216,000 | Turkey Government International Bond | 9.3750 | 01/19/33 | 241,157 | ||||||||
| 240,000 | Turkey Government International Bond | 5.2500 | 03/13/30 | 230,608 | ||||||||
| 246,000 | Turkey Government International Bond | 6.5000 | 01/03/35 | 235,279 | ||||||||
| 267,000 | Turkey Government International Bond | 6.6250 | 02/17/45 | 234,773 | ||||||||
| TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $6,965,832) | 6,945,231 | |||||||||||
| TOTAL INVESTMENTS - 96.0% (Cost $31,761,606) | $ | 35,766,732 | ||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 4.0% | 1,485,424 | |||||||||||
| NET ASSETS - 100.0% | $ | 37,252,156 | ||||||||||
| ADR | - American Depositary Receipt |
| A/S | - Anonim Sirketi |
| GDR | - Global Depositary Receipt |
| LLC | - Limited Liability Company |
| L.P. | - Limited Partnership |
| LTD | - Limited Company |
| NV | - Naamioze Vennootschap |
| PJSC | - Public Joint-Stock Company |
| PLC | - Public Limited Company |
| P.T. | - 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 |
| (a) | 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 July 31, 2026 the total market value of 144A securities is $328,849 or 0.9% of net assets. |
| (b) | Percentage rounds to less than 0.1%. |
| (c) | Non-income producing security. |
| (d) | Illiquid security. The total fair value of these securities as of July 31, 2026 was $0, representing 0.0% of net assets. |
| (e) | The fair value of this investment is determined using significant unobservable inputs. |
| (f) | Variable rate security; the rate shown represents the rate on July 31, 2026. |
See accompanying notes to financial statements.
8
| Arrow Dow Jones Global Yield ETF |
| STATEMENT OF ASSETS AND LIABILITIES (Unaudited) |
| July 31, 2026 |
| ASSETS | ||||
| Investment securities: | ||||
| At cost | $ | 31,761,606 | ||
| At value | $ | 35,766,732 | ||
| Cash | 1,202,176 | |||
| Foreign cash (cost $56,747) | 57,303 | |||
| Dividends and interest receivable | 337,016 | |||
| TOTAL ASSETS | 37,363,227 | |||
| LIABILITIES | ||||
| Payable for investments purchased | 75,345 | |||
| Investment advisory fees payable | 35,726 | |||
| TOTAL LIABILITIES | 111,071 | |||
| NET ASSETS | $ | 37,252,156 | ||
| Net Assets Consist Of: | ||||
| Paid in capital | $ | 113,989,015 | ||
| Accumulated deficit | (76,736,859 | ) | ||
| NET ASSETS | $ | 37,252,156 | ||
| Net Asset Value Per Share: | ||||
| Net Assets | $ | 37,252,156 | ||
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 2,625,000 | |||
| Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding) | $ | 14.19 |
See accompanying notes to financial statements.
9
| Arrow Dow Jones Global Yield ETF |
| STATEMENT OF OPERATIONS (Unaudited) |
| For the Six Months Ended July 31, 2026 |
| INVESTMENT INCOME | ||||
| Dividends (net of foreign withholding tax of $68,583) | $ | 703,775 | ||
| Interest | 465,784 | |||
| TOTAL INVESTMENT INCOME | 1,169,559 | |||
| EXPENSES | ||||
| Investment advisory fees | 115,541 | |||
| TOTAL EXPENSES | 115,541 | |||
| NET INVESTMENT INCOME | 1,054,018 | |||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY | ||||
| Net realized gain (loss) on: | ||||
| Investments | 865,779 | |||
| Foreign currency transactions | (107,621 | ) | ||
| 758,158 | ||||
| Net change in unrealized appreciation on: | ||||
| Investments | 321,075 | |||
| Foreign currency translations | 112,915 | |||
| 433,990 | ||||
| NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY | 1,192,148 | |||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,246,166 |
See accompanying notes to financial statements.
10
| Arrow Dow Jones Global Yield ETF |
| STATEMENTS OF CHANGES IN NET ASSETS |
| For The | ||||||||
| Six Months Ended | For the Year | |||||||
| July 31, 2026 | Ended | |||||||
| (Unaudited) | January 31, 2026 | |||||||
| FROM OPERATIONS | ||||||||
| Net investment income | $ | 1,054,018 | $ | 1,447,715 | ||||
| Net realized gain (loss) on investments and foreign currency transactions | 758,158 | (95,081 | ) | |||||
| Net change in unrealized appreciation on investments and foreign currency translations | 433,990 | 2,403,316 | ||||||
| Net increase in net assets resulting from operations | 2,246,166 | 3,755,950 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
| Total distributions paid | (1,157,130 | ) | (2,031,300 | ) | ||||
| Net decrease in net assets resulting from distributions to shareholders | (1,157,130 | ) | (2,031,300 | ) | ||||
| FROM SHARES OF BENEFICIAL INTEREST | ||||||||
| Proceeds from shares sold | 9,526,333 | 8,786,061 | ||||||
| Cost of shares redeemed | - | (3,972,445 | ) | |||||
| Net increase in net assets resulting from shares of beneficial interest | 9,526,333 | 4,813,616 | ||||||
| TOTAL INCREASE IN NET ASSETS | 10,615,369 | 6,538,266 | ||||||
| NET ASSETS | ||||||||
| Beginning of Period | 26,636,787 | 20,098,521 | ||||||
| End of Period | $ | 37,252,156 | $ | 26,636,787 | ||||
| SHARE ACTIVITY | ||||||||
| Shares sold | 675,000 | 675,000 | ||||||
| Shares redeemed | - | (300,000 | ) | |||||
| Net increase in shares of beneficial interest outstanding | 675,000 | 375,000 | ||||||
See accompanying notes to financial statements.
11
| Arrow Dow Jones Global Yield ETF |
| FINANCIAL HIGHLIGHTS |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |
| For the Six Months Ended | For the Year | For the Year | For the Year | For the Year | For the Year | |||||||||||||||||||
| July 31, 2026 | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
| (Unaudited) | January 31, 2026 | January 31, 2025 | January 31, 2024 | January 31, 2023 | January 31, 2022 | |||||||||||||||||||
| Net asset value, beginning of period | $ | 13.66 | $ | 12.76 | $ | 13.34 | $ | 13.70 | $ | 14.73 | $ | 13.57 | ||||||||||||
| Activity from investment operations: | ||||||||||||||||||||||||
| Net investment income (1) | 0.48 | 0.77 | 0.79 | 0.69 | 0.53 | 0.89 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments and foreign currency | 0.56 | 1.20 | 0.30 | (0.12 | ) | (0.94 | ) | 1.08 | ||||||||||||||||
| Total from investment operations | 1.04 | 1.97 | 1.09 | 0.57 | (0.41 | ) | 1.97 | |||||||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net investment income | (0.51 | ) | (1.07 | ) | (1.67 | ) | (0.93 | ) | (0.62 | ) | (0.81 | ) | ||||||||||||
| Total distributions | (0.51 | ) | (1.07 | ) | (1.67 | ) | (0.93 | ) | (0.62 | ) | (0.81 | ) | ||||||||||||
| Net asset value, end of period | $ | 14.19 | $ | 13.66 | $ | 12.76 | $ | 13.34 | $ | 13.70 | $ | 14.73 | ||||||||||||
| Total return (3) | 7.70 | % (4)(6) | 16.22 | % (4) | 8.56 | % (4) | 4.72 | % (4) | (2.63 | )% (4) | 14.60 | % (4) | ||||||||||||
| Net assets, at end of period (000s) | $ | 37,252 | $ | 26,637 | $ | 20,099 | $ | 22,005 | $ | 27,738 | $ | 36,468 | ||||||||||||
| Ratio of net expenses to average net assets | 0.75 | % (5) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||
| Ratio of net investment income to average net assets | 6.83 | % (5) | 5.86 | % | 5.94 | % | 5.33 | % | 3.96 | % | 5.98 | % | ||||||||||||
| Portfolio Turnover Rate (2) | 71 | % (6) | 91 | % | 95 | % | 78 | % | 59 | % | 66 | % | ||||||||||||
| (1) | Per share amounts calculated using the average shares method. |
| (2) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
| (3) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. |
| (4) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (5) | Annualized for periods less than one year. |
| (6) | Not annualized for periods less than one year. |
See accompanying notes to financial statements.
12
| Arrow Dow Jones Global Yield ETF |
| NOTES TO FINANCIAL STATEMENTS (Unaudited) |
| July 31, 2026 |
| 1. | ORGANIZATION |
The Arrow Dow Jones Global Yield ETF (the Fund) is a diversified series of shares of beneficial interest of Arrow ETF Trust (the Trust), a statutory trust organized under the laws of the State of Delaware on August 29, 2011 and registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Funds investment objective is to seek investment results that generally correspond (before fees and expenses) to the price and yield performance of the Dow Jones Global Yield Index (the Index). The investment objective is non-fundamental. The Fund commenced operations on May 2, 2012.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (GAAP). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
Operating Segments - An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entitys chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Funds income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.
Accounting Pronouncement - The Fund adopted the FASB ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures (ASU 2023-09), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. ASU 2023-09 is intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds adoption of ASU 2023-09 did not have a material impact on the Funds financial statements.
Securities Valuation - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (NOCP). In the absence of a sale, such securities shall be valued at the last bid price on the day of valuation. Debt
13
| Arrow Dow Jones Global Yield ETF |
| NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| July 31, 2026 |
securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trusts Board of Trustees (the Board) using methods that include consideration of current market quotations from a major market maker in the securities and consideration of yields or prices of securities of comparable quality, coupon, maturity and type. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. If market quotations are not readily available or if Arrow Investment Advisors, LLC (the Advisor) believes the market quotations are not reflective of market value, securities will be valued at their fair value as determined in good faith by the Advisor, as the Board designated Valuation Designee, and in accordance with the Trusts Portfolio Securities Valuation Procedures (the Procedures). The Procedures consider, among others, the following factors to determine a securitys fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Fair value may also be used by the Valuation Designee if extraordinary events occur after the close of the relevant world market but prior to the NYSE close. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.
The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
Level 1 - Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
14
| Arrow Dow Jones Global Yield ETF |
| NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| July 31, 2026 |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of July 31, 2026 for the Funds assets measured at fair value:
| Assets * | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks + | $ | 16,330,828 | $ | - | $ | - | $ | 16,330,828 | ||||||||
| Corporate Bonds | - | 6,729,392 | - | 6,729,392 | ||||||||||||
| Master Limited Partnerships | 5,761,281 | - | - | 5,761,281 | ||||||||||||
| Non U.S. Government & Agencies | - | 6,945,231 | - | 6,945,231 | ||||||||||||
| Total | $ | 22,092,109 | $ | 13,674,623 | $ | - | $ | 35,766,732 | ||||||||
| * | See Schedule of Investments for industry classification. |
| + | Includes Level 3 securities valued at $0. |
The following is a reconciliation for the Fund for which Level 3 inputs were used in determining value:
| Change in | Net transfers | |||||||||||||||||||||||||||||||
| Beginning balance | Total Realized | unrealized | in/(out) of | Ending balance | ||||||||||||||||||||||||||||
| January 31, 2026 | Gain/(Loss) | appreciation | Conversion | Net Purchases | Net Sales | Level 3 | July 31, 2026 | |||||||||||||||||||||||||
| Federal Grid Company Unified Energy System PJSC | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
| Globaltrans Investment plc | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
| Severstal PAO | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Quantitative disclosures of unobservable inputs and assumptions used by the Fund are below:
| Single Input or | ||||||||||
| Common Stock | Fair Value | Valuation Techniques | Unobservable Input | Range of Inputs | ||||||
| Federal Grid Company Unified Energy System PJSC | $ | - | Expected Recovery | Discount for Lack of Marketability | 100% | |||||
| Globaltrans Investment plc | $ | - | Expected Recovery | Discount for Lack of Marketability | 100% | |||||
| Severstal PAO | $ | - | Expected Recovery | Discount for Lack of Marketability | 100% | |||||
In accordance with the Funds investment objectives, the Fund may have increased or decreased exposure to one or more of the following risk factors defined below:
Real Estate Investment Trust Risk (REIT) - Investments in securities of real estate companies involve risks including, among others, adverse changes in national, state or local real estate conditions; obsolescence of properties; changes in the availability, cost and terms of mortgage funds; and the impact of changes in environmental laws. The value of a REIT can depend on the structure of and cash flow generated by the REIT. In addition, like mutual funds, externally managed REITs have expenses, including advisory and administration fees, which are paid by their shareholders. Further, the failure of a company to qualify as a REIT or comply with applicable federal tax requirements could have adverse consequences for the Fund, including significantly reducing return to the Fund on its investment. REITs determine the characterization of their income annually and may characterize a portion of their distributions as a return of capital or capital gain. The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be estimated based on available information which may include the previous years allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year.
15
| Arrow Dow Jones Global Yield ETF |
| NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| July 31, 2026 |
Master Limited Partnerships - The Fund invests in master limited partnerships (MLPs) which are publicly traded partnerships engaged in, among other things, the transportation, storage and processing of minerals and natural resources, and are treated as partnerships for U.S. federal income tax purposes. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. To qualify as an MLP and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code). These qualifying sources include natural resource based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnerships operations and management.
MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (minimum quarterly distributions or MQD). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. MLPs determine the characterization of their income annually and may characterize a portion of their distributions as a return of capital or capital gain.
Market Risk - The net asset value of the Fund will fluctuate based on changes in the value of the individual securities and ETFs in which the Fund invests. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Funds portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change or climate related events, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.
16
| Arrow Dow Jones Global Yield ETF |
| NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| July 31, 2026 |
Dividends and Distributions to Shareholders - Dividends from net investment income, if any, are declared and paid monthly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These book/tax differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Monthly distributions in excess of ordinary taxable income are treated as returns of capital. Dividends and distributions to shareholders are recorded on the ex-dividend date.
Security Transactions and Related Income - Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts and premiums on debt securities are amortized over their respective lives using the effective interest method, except certain callable debt securities that are held at premium and will be amortized to the earliest call date. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends have been provided for in accordance with the Funds understanding of the applicable countrys tax rules and rates.
Federal Income Taxes - The Fund intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is more likely than not to be sustained assuming examination by tax authorities. Management has analyzed the Funds tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended January 31, 2024, to January 31, 2026, or expected to be taken in the Funds January 31, 2027 year-end tax returns. The Fund identifies its major tax jurisdictions as U.S. federal, and foreign jurisdictions where the Fund makes significant investments. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statement of Operations. For the six months ended July 31, 2026, the Fund did not incur any interest or penalties. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
Foreign Currency - The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions, gains and losses on the purchase and sale of foreign currencies and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities. Unrealized gains and losses resulting from changes in foreign exchange rates on investments are not isolated from changes in the valuation of securities held.
17
| Arrow Dow Jones Global Yield ETF |
| NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| July 31, 2026 |
Indemnification - The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.
| 3. | INVESTMENT TRANSACTIONS |
For the six months ended July 31, 2026, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to $21,184,678 and $34,508,106, respectively.
For the six months ended July 31, 2026, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions amounted to $0 and $0, respectively.
| 4. | INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES |
The business activities of the Fund are overseen by the Board, which is responsible for the overall management of the Fund. The Advisor serves as the Funds investment advisor pursuant to an investment advisory agreement with the Trust on behalf of the Fund (the Advisory Agreement). The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an ETF Distribution Agreement (the Distribution Agreement) with Archer Distributors, LLC (the Distributor) to serve as the distributor for the Fund. The Distributor is an affiliate of the Advisor. The Distributor provides marketing services to the Fund, including responsibility for all the Funds marketing and advertising materials. The Distributor does not receive any compensation from the Advisor for providing services.
Pursuant to the Advisory Agreement, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a unitary management fee, computed and accrued daily and paid monthly, at an annual rate of 0.75% of the Funds average daily net assets. For the six months ended July 31, 2026, the Fund incurred $115,541 in advisory fees.
The Advisors unitary management fee is designed to pay the Funds expenses and to compensate the Advisor for providing services for the Fund. Out of the unitary management fee, the Advisor pays substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services and Independent Trustees fees, except for payment of advisory fees, acquired fund fees and expenses, payments under the Funds 12b-1 plan, brokerage expenses, taxes, interest (including borrowing costs and dividend expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto). The Advisor, and not the Funds shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.
18
| Arrow Dow Jones Global Yield ETF |
| NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| July 31, 2026 |
The Trust, with respect to the Fund, has adopted a distribution and service plan (the Plan) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund is authorized to pay distribution fees to the Distributor and other firms that provide distribution and shareholder services (Service Providers). If a Service Provider provides these services, the Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. No distribution or service fees are currently paid by the Fund and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Fund.
Ultimus Fund Solutions, LLC (UFS) - UFS provides administration and fund accounting services to the Fund. Pursuant to a separate servicing agreement with UFS, the Advisor, on behalf of the Fund, pays UFS customary fees for providing administration and fund accounting services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Trust for serving in such capacities.
Blu Giant, LLC (Blu Giant) - Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Advisor, on behalf of the Fund.
| 5. | CAPITAL SHARE TRANSACTIONS |
Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as Creation Units. Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 75,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (Fixed Fee). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (Variable Charge, and together with the Fixed Fee, the Transaction Fees). Transaction Fees may be used to cover the custodial and other costs incurred by the Fund.
The Transaction Fees for the Fund are listed in the table below:
| Fixed Fee | Variable Charge |
| $3,170 | 2.00%* |
| * | The maximum Transaction Fee may be up to 2.00% of the amount invested. |
19
| Arrow Dow Jones Global Yield ETF |
| NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| July 31, 2026 |
| 6. | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
Dividends received by the Fund are allocated between investment income, capital gains and return of capital based on estimates. Such estimates are based on information provided by each portfolio company and other industry sources. These estimates may subsequently be revised based on actual allocations received from the portfolio companies after final tax reporting information is received. The return of capital portion of the dividends is a reduction to investment income that results in an equivalent reduction in the cost basis of the associated investments.
The tax character of distributions paid during the following years was as follows:
| Fiscal Year Ended | Fiscal Year Ended | |||||||
| January 31, 2026 | January 31, 2025 | |||||||
| Ordinary Income | $ | 2,031,300 | $ | 2,705,752 | ||||
| Long-Term Capital Gain | - | - | ||||||
| Return of Capital | - | - | ||||||
| $ | 2,031,300 | $ | 2,705,752 | |||||
As of January 31, 2026, the components of accumulated earnings/(deficit) on a tax basis were as follows:
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total | ||||||||||||||||||||
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ | ||||||||||||||||||||
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) | ||||||||||||||||||||
| $ | 267,018 | $ | - | $ | (47,008 | ) | $ | (77,284,547 | ) | $ | - | $ | (761,358 | ) | $ | (77,825,895 | ) | |||||||||
The difference between book basis and tax basis unrealized appreciation, accumulated net investment income (loss) and accumulated net realized loss from investments and foreign currency transactions is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, and tax adjustments for partnerships and C-Corporation return of capital distributions. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency losses of $(111,062).
Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such capital losses of $47,008.
At January 31, 2026, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized, as follows:
| Non- expiring | ||||||||||||||
| Short-Term | Long-Term | Total | CLCF Utilized | |||||||||||
| $ | 22,309,368 | $ | 54,975,179 | $ | 77,284,547 | $ | 155,808 | |||||||
20
| Arrow Dow Jones Global Yield ETF |
| NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) |
| July 31, 2026 |
| 7. | AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS |
| Gross Unrealized | Gross Unrealized | Tax Net Unrealized | ||||||||||||
| Tax Cost | Appreciation | Depreciation | Depreciation | |||||||||||
| $ | 36,095,953 | $ | 4,333,285 | $ | (4,662,506 | ) | $ | (329,221 | ) | |||||
| 8. | SUBSEQUENT EVENTS |
Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued.
Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements, other than the following:
Distributions: The Board declared the following distributions after July 31, 2026:
| Distribution Per Share | Record Date | Payable Date | ||
| $0.0913 | 8/17/2026 | 8/24/2026 | ||
| $0.0906 | 9/16/2026 | 9/21/2026 |
21
| Arrow Dow Jones Global Yield ETF |
| Additional Information (Unaudited) |
| July 31, 2026 |
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the period covered by this report.
Proxy Disclosures
Not applicable.
Remuneration Paid to Directors, Officers and Others
Refer to the financial statements included herein.
Statement Regarding Basis for Approval of Investment Advisory Agreement
Not applicable.
22
PROXY VOTING POLICY
Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-877-277-6933 or by referring to the Securities and Exchange Commissions (SEC) website at http://www.sec.gov.
PORTFOLIO HOLDINGS
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SECs website at www.sec.gov.
| INVESTMENT ADVISOR |
| Arrow Investment Advisors, LLC |
| 6100 Chevy Chase Drive, Suite 100 |
| Laurel, MD 20707 |
| ADMINISTRATOR |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. Not applicable
Item 9. Proxy Disclosures for Open-End Management Investment Companies. Not applicable
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. Included under Item 7 of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under Item 7 of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
None
Item 16. Controls and Procedures.
(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits.
(a)(1) Not applicable.
(a)(2) Not applicable.
(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99. CERT
(a)(4) Not applicable.
(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Arrow ETF Trust
By (Signature and Title)
| /s/ Joseph Barrato | |
| Joseph Barrato, Principal Executive Officer/President | |
| Date | 10/8/2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)
| /s/ Joseph Barrato | |
| Joseph Barrato, Principal Executive Officer/President | |
| Date | 10/8/2026 |
By (Signature and Title)
| /s/ Sam Singh | |
| Sam Singh, Principal Financial Officer/Treasurer | |
| Date | 10/8/2026 |
Arrow ETF Trust published this content on October 08, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 08, 2026 at 16:17 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]