Annual Report by Investment Company (Form N-CSR)

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:	1/31/26

Item 1. Reports to Stockholders.

(a)

(b) Not applicable

Item 2. Code of Ethics.

(a)	The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b)	N/A
(c)	During the period covered by this report, there were no amendments to any provision of the code of ethics.
(d)	During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.
(e)	N/A
(f)	See Item 19(a)(1)

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant’s board of trustees has determined that Robert S. Andrialis is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Andrialis is independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) Not applicable.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant’s principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

2026 - $ 15,825

2025 - $ 15,825

(b)

Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this item.

(c)

Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

2026 - $ 3,000

2025 - $ 3,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d)

All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended January 31, 2025, and 2026 respectively.

(e)(1)

The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2)

There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Not applicable. The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was zero percent (0%).

(g)

All non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for the fiscal years ended January 31, 2025, and 2026 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant’s principal accountant for the registrant’s adviser.

(h)

Not applicable.

(i)

Not applicable.

(j)

Not applicable.

Item 5. Audit Committee of Listed Companies. The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant’s audit committee members are Robert S. Andrialis, Paul Montgomery and Thomas T. Sarkany.

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

Annual Financial Statements

and Additional Information

January 31, 2026

1-877-277-6933

1-877-ARROW-FD

www.ArrowFunds.com

ARROW DOW JONES GLOBAL YIELD ETF

SCHEDULE OF INVESTMENTS

January 31, 2026

Shares						Fair Value
				COMMON STOCKS - 45.0%
				ASSET MANAGEMENT - 0.9%
	10,429			XTB S.A. (a)		$	248,918
				BANKING - 3.5%
	85,247			Banco del Bajio S.A. (a)			249,451
	3,634			Bank Polska Kasa Opieki S.A.			221,749
	977,548			Bank Rakyat Indonesia Persero Tbk P.T.			221,813
	3,706			Komercni banka as			224,708
							917,721
				CHEMICALS - 0.7%
	15,739			Chemtrade Logistics Income Fund			182,631
				ELECTRIC UTILITIES - 0.0%(b)
	114,622,657			Federal Grid Company Unified Energy System PJSC(c) (d) (e)			-
				GAS & WATER UTILITIES - 1.7%
	13,437			Enagas S.A.			221,267
	1,842,843			Perusahaan Gas Negara Tbk P.T.			232,674
							453,941
				HEALTH CARE FACILITIES & SERVICES - 0.6%
	11,448			Chartwell Retirement Residences			170,001
				HEALTH CARE REIT - 4.4%
	11,703			Community Healthcare Trust, Inc.			202,228
	5,563			Global Medical REIT, Inc.			192,146
	11,693			Healthcare Realty Trust, Inc.			196,325
	4,435			Omega Healthcare Investors, Inc.			194,608
	144,824			Primary Health Properties plc			205,303
	4,774			Universal Health Realty Income Trust			189,671
							1,180,281
				HOTEL REIT - 1.4%
	208,467			CapitaLand Ascott Trust			160,586
	18,582			Park Hotels & Resorts, Inc.			203,101
							363,687

See accompanying notes to financial statements.

ARROW DOW JONES GLOBAL YIELD ETF

SCHEDULE OF INVESTMENTS (Continued)

January 31, 2026

Shares						Fair Value
				COMMON STOCKS - 45.0% (Continued)
				INDUSTRIAL REIT - 1.5%
	254,951			Frasers Logistics & Commercial Trust		$	202,406
	3,902			Innovative Industrial Properties, Inc.			188,545
							390,951
				INSURANCE - 0.8%
	21,863			Phoenix Group Holdings PLC			221,230
				MACHINERY - 0.9%
	17,018			Turk Traktor ve Ziraat Makineleri A/S			231,837
				METALS & MINING - 6.6%
	1,791,310			Adaro Energy Tbk P.T.			235,769
	17,489			African Rainbow Minerals Ltd.			259,744
	1,491,196			Bukit Asam Tbk P.T.			220,247
	19,046			Exxaro Resources Ltd.			217,397
	166,779			Indo Tambangraya Megah Tbk P.T.			218,022
	9,609			Kumba Iron Ore Ltd.			214,137
	34,472			Thungela Resources Ltd.			213,413
	113,497			United Tractors Tbk P.T.			176,082
							1,754,811
				MULTI ASSET CLASS REIT - 5.4%
	10,979			Broadstone Net Lease, Inc.			203,221
	74,920			Charter Hall Long Wale REIT			203,488
	2,038			Cofinimmo S.A.			211,728
	3,067			Covivio			195,507
	137,019			Fibra Uno Administracion S.A. de CV			213,139
	22,651			Global Net Lease, Inc.			214,277
	180,610			Growthpoint Properties Ltd.			197,891
							1,439,251
				OFFICE REIT - 2.2%
	65,159			Brandywine Realty Trust			184,400
	9,112			Easterly Government Properties, Inc.			213,130
	7,590			Highwoods Properties, Inc.			196,202
							593,732

See accompanying notes to financial statements.

ARROW DOW JONES GLOBAL YIELD ETF

SCHEDULE OF INVESTMENTS (Continued)

January 31, 2026

Shares						Fair Value
				COMMON STOCKS - 45.0% (Continued)
				OIL & GAS PRODUCERS - 4.6%
	10,168			Antero Midstream Corporation		$	191,362
	5,245			Hess Midstream, L.P., Class A			186,040
	15,120			Kimbell Royalty Partners, L.P.			203,062
	5,113			Kinetik Holdings, Inc.			209,173
	3,613			Landbridge Company, LLC			207,603
	7,731			Polski Koncern Naftowy ORLEN S.A.			234,917
							1,232,157
				REAL ESTATE OWNERS & DEVELOPERS - 0.8%
	22,619			NEPI Rockcastle N.V.			206,695
				RETAIL - DISCRETIONARY - 1.6%
	517,043			Astra International Tbk P.T.			195,535
	45,009			Dogus Otomotiv Servis ve Ticaret A/S			237,295
							432,830
				RETAIL REIT - 3.1%
	74,769			Charter Hall Retail REIT			204,640
	23,257			Land Securities Group plc			207,012
	10,573			SmartCentres Real Estate Investment Trust			207,247
	179,557			Supermarket Income Reit plc			204,665
							823,564
				SPECIALTY REIT - 0.8%
	3,844			EPR Properties			208,499
				STEEL - 0.8%
	14,212			Severstal PAO(c) (d) (e)			-
	5,256			Ternium S.A. - ADR			219,911
							219,911
				TELECOMMUNICATIONS - 1.8%
	9,316			BCE, Inc.			240,912
	35,608			Mobile TeleSystems Public Joint Stock Company - ADR(c) (d) (e)			-
	164,781			Spark New Zealand Ltd.			224,313
							465,225

See accompanying notes to financial statements.

ARROW DOW JONES GLOBAL YIELD ETF

SCHEDULE OF INVESTMENTS (Continued)

January 31, 2026

Shares						Fair Value
				COMMON STOCKS - 45.0% (Continued)
				TOBACCO & CANNABIS - 0.9%
	4,068			British American Tobacco plc		$	243,587
				TRANSPORTATION & LOGISTICS - 0.0%(b)
	36,615			Globaltrans Investment plc(c) (d) (e)			-
				TOTAL COMMON STOCKS (Cost $10,817,334)			11,981,460
				MASTER LIMITED PARTNERSHIPS - 16.0%
				ASSET MANAGEMENT - 0.6%
	21,195			Icahn Enterprises, L.P.			164,897
				CHEMICALS - 0.6%
	1,607			CVR Partners, L.P.			166,437
				ELECTRIC UTILITIES - 1.4%
	5,136			Brookfield Infrastructure Partners, L.P.			185,919
	6,340			Brookfield Renewable Partners, L.P.			189,135
							375,054
				GAS & WATER UTILITIES - 0.7%
	9,591			Suburban Propane Partners, L.P.			193,450
				METALS & MINING - 1.4%
	7,315			Alliance Resource Partners, L.P.			174,243
	1,653			Natural Resource Partners, L.P.			187,615
							361,858
				OIL & GAS PRODUCERS - 10.6%
	12,793			Black Stone Minerals, L.P.			188,953
	3,262			Cheniere Energy Partners, L.P.			183,944
	3,788			Delek Logistics Partners, L.P.			188,226
	7,655			Dorchester Minerals, L.P.			194,514
	10,361			Energy Transfer, L.P.			191,160
	5,534			Enterprise Products Partners, L.P.			183,673

See accompanying notes to financial statements.

ARROW DOW JONES GLOBAL YIELD ETF

SCHEDULE OF INVESTMENTS (Continued)

January 31, 2026

Shares												Fair Value
				MASTER LIMITED PARTNERSHIPS - 16.0% (Continued)
				OIL & GAS PRODUCERS - 10.6% (Continued)
	11,304			Genesis Energy, L.P.								$	187,759
	4,250			Global Partners, L.P.									200,686
	15,890			Mach Natural Resources, L.P.									185,754
	3,290			MPLX, L.P.									183,911
	9,607			Plains All American Pipeline, L.P.									184,839
	9,001			Plains GP Holdings, L.P., Class A									184,340
	3,205			Sunoco, L.P.									184,544
	17,202			TXO Partners, L.P.									207,629
	4,374			Western Midstream Partners, L.P.									181,346
													2,831,278
				OIL & GAS SERVICES & EQUIPMENT - 0.7%
	7,292			USA Compression Partners, L.P.									188,571
				TOTAL MASTER LIMITED PARTNERSHIPS (Cost $1,951,622)									4,281,545
Principal								Coupon Rate
Amount ($)						Spread		(%)		Maturity		Fair Value
				CORPORATE BONDS - 19.5%
				ASSET MANAGEMENT - 0.7%
	177,000			Icahn Enterprises, L.P. / Icahn Enterprises				9.0000		06/15/30			172,858
				BIOTECH & PHARMA - 0.8%
	228,000			Organon & Company / Organon Foreign Debt Co-Issuer				7.8750		05/15/34			215,317
				CABLE & SATELLITE - 0.6%
	161,000			Directv Financing, LLC / Directv Financing				10.0000		02/15/31			166,434
				CHEMICALS - 1.9%
	169,000			Chemours Company (The)				8.0000		01/15/33			169,772
	214,000			FMC Corporation(f)		H15T5Y + 4.366%		8.4500		11/01/55			171,779
	190,000			INEOS Finance plc				7.5000		04/15/29			159,981
													501,532
				FORESTRY, PAPER & WOOD PRODUCTS - 0.6%
	198,000			Domtar Corporation				6.7500		10/01/28			164,522

See accompanying notes to financial statements.

ARROW DOW JONES GLOBAL YIELD ETF

SCHEDULE OF INVESTMENTS (Continued)

January 31, 2026

Principal								Coupon Rate
Amount ($)						Spread		(%)		Maturity		Fair Value
				CORPORATE BONDS - 19.5% (Continued)
				INTERNET MEDIA & SERVICES - 0.6%
	186,000			Getty Images, Inc.				11.2500		02/21/30		$	166,636
				LEISURE FACILITIES & SERVICES - 0.7%
	189,000			Resorts World Las Vegas, LLC / RWLV Capital, Inc.				4.6250		04/16/29			172,473
				MEDICAL EQUIPMENT & DEVICES - 0.7%
	175,000			DENTSPLY SIRONA, Inc.(f)		H15T5Y + 4.379%		8.3750		09/12/55			173,413
				OIL & GAS PRODUCERS - 5.8%
	201,000			AI Candelaria Spain S.A.				5.7500		06/15/33			179,796
	189,000			Crescent Energy Finance, LLC				7.8750		04/15/32			188,103
	183,000			Crescent Energy Finance, LLC				8.3750		01/15/34			184,861
	176,000			Hilcorp Energy I, L.P. / Hilcorp Finance Company				7.2500		02/15/35			170,394
	169,000			Kraken Oil & Gas Partners, LLC				7.6250		08/15/29			169,022
	173,000			Northern Oil & Gas, Inc.				7.8750		10/15/33			174,691
	171,000			PBF Holding Company, LLC / PBF Finance Corporation				7.8750		09/15/30			171,420
	146,000			Saturn Oil & Gas, Inc.				9.6250		06/15/29			149,462
	160,000			Venture Global LNG, Inc.				9.8750		02/01/32			169,274
													1,557,023
				OIL & GAS SERVICES & EQUIPMENT - 1.3%
	171,000			Nabors Industries, Inc.				7.6250		11/15/32			174,293
	172,000			SESI, LLC				7.8750		09/30/30			173,538
													347,831
				RETAIL - DISCRETIONARY - 0.6%
	160,000			Hertz Corporation (The)				12.6250		07/15/29			161,185
				SOFTWARE - 0.7%
	198,000			CoreWeave, Inc.				9.2500		06/01/30			195,021
				SPECIALTY FINANCE - 1.9%
	192,000			Arbor Realty SR, Inc.				7.8750		07/15/30			176,244
	173,000			Burford Capital Global Finance, LLC				7.5000		07/15/33			167,374
	174,000			goeasy Ltd.				7.6250		07/01/29			172,422
													516,040

See accompanying notes to financial statements.

ARROW DOW JONES GLOBAL YIELD ETF

SCHEDULE OF INVESTMENTS (Continued)

January 31, 2026

Principal						Coupon Rate
Amount ($)						(%)		Maturity		Fair Value
				CORPORATE BONDS - 19.5% (Continued)
				TELECOMMUNICATIONS - 1.3%
	170,000			APLD ComputeCo, LLC		9.2500		12/15/30		$	176,793
	160,000			C&W Senior Finance Ltd.		9.0000		01/15/33			166,369
											343,162
				TRANSPORTATION & LOGISTICS - 1.3%
	169,000			JetBlue Airways Corp / JetBlue Loyalty, L.P.		9.8750		09/20/31			170,067
	177,000			Star Leasing Company, LLC		7.6250		02/15/30			169,468
											339,535
				TOTAL CORPORATE BONDS (Cost $5,186,143)							5,192,982
				NON U.S. GOVERNMENT & AGENCIES - 19.6%
				SOVEREIGN - 19.6%
	184,000			Brazilian Government International Bond		3.7500		09/12/31			170,848
	168,000			Brazilian Government International Bond		6.1250		03/15/34			170,352
	164,000			Brazilian Government International Bond		6.6250		03/15/35			168,797
	186,000			Brazilian Government International Bond		5.6250		01/07/41			173,352
	200,000			Chile Government International Bond		5.3300		01/05/54			193,985
	192,000			Colombia Government International Bond		3.0000		01/30/30			172,262
	160,000			Colombia Government International Bond		7.5000		02/02/34			167,656
	160,000			Colombia Government International Bond		8.0000		11/14/35			171,440
	156,000			Colombia Government International Bond		8.7500		11/14/53			171,545
	200,000			Hungary Government International Bond		5.5000		06/16/34			202,206
	200,000			Hungary Government International Bond		5.5000		03/26/36			199,072
	200,000			Hungary Government International Bond		6.7500		09/25/52			213,298
	140,000			Mexico Government International Bond		3.5000		02/12/34			121,030
	165,000			Mexico Government International Bond		6.3500		02/09/35			172,004
	232,000			Mexico Government International Bond		4.6000		02/10/48			179,139
	208,000			Panama Government International Bond		3.3620		06/30/31			190,031
	150,000			Panama Government International Bond		3.2980		01/19/33			131,678
	174,000			Panama Government International Bond		6.4000		02/14/35			182,430
	175,000			Panama Government International Bond		6.8530		03/28/54			180,749
	170,000			Perusahaan Penerbit SBSN Indonesia III		5.6500		11/25/54			168,938
	164,000			Peruvian Government International Bond		5.5000		03/30/36			166,870
	270,000			Peruvian Government International Bond		3.6000		01/15/72			170,903

See accompanying notes to financial statements.

ARROW DOW JONES GLOBAL YIELD ETF

SCHEDULE OF INVESTMENTS (Continued)

January 31, 2026

Principal						Coupon Rate
Amount ($)						(%)		Maturity		Fair Value
				NON U.S. GOVERNMENT & AGENCIES - 19.6% (Continued)
				SOVEREIGN - 19.6% (Continued)
	182,000			Republic of Poland Government International Bond		5.5000		03/18/54		$	173,476
	166,000			Republic of South Africa Government International		5.8750		06/22/30			171,110
	172,000			Republic of South Africa Government International		5.8750		04/20/32			176,570
	181,000			Republic of South Africa Government International		7.3000		04/20/52			178,939
	148,000			Turkey Government International Bond		9.1250		07/13/30			167,925
	141,000			Turkey Government International Bond		9.3750		01/19/33			163,937
	175,000			Turkey Government International Bond		6.5000		01/03/35			173,708
	180,000			Turkey Government International Bond		6.6250		02/17/45			164,132
				TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $5,025,219)							5,208,382
				TOTAL INVESTMENTS - 100.1% (Cost $22,980,318)						$	26,664,369
				LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%							(27,582	)
				NET ASSETS - 100.0%						$	26,636,787

ADR	- American Depositary Receipt
A/S	- Anonim Sirketi
LLC	- Limited Liability Company
L.P.	- Limited Partnership
LTD	- Limited Company
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 January 31, 2026 the total market value of 144A securities is $498,369 or 1.9% 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 January 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 January 31, 2026.

See accompanying notes to financial statements.

Arrow Dow Jones Global Yield ETF

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2026

ASSETS
Investment securities:
At cost		$	22,980,318
At value		$	26,664,369
Dividends and interest receivable			288,314
TOTAL ASSETS			26,952,683
LIABILITIES
Due to custodian			275,679
Foreign cash (cost $99,334)			15,509
Investment advisory fees payable			24,708
TOTAL LIABILITIES			315,896
NET ASSETS		$	26,636,787
Net Assets Consist Of:
Paid in capital		$	104,462,682
Accumulated deficit			(77,825,895	)
NET ASSETS		$	26,636,787
Net Asset Value Per Share:
Net Assets		$	26,636,787
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)			1,950,000
Net asset value, offering and redemption price per share (Net Assets ÷ Shares Outstanding)		$	13.66	(a)

(a)

The NAV shown above differs from the traded NAV on January 31, 2026 due to financial statement rounding and/or financial statement adjustments.

See accompanying notes to financial statements.

Arrow Dow Jones Global Yield ETF

STATEMENT OF OPERATIONS

For the year ended January 31, 2026

INVESTMENT INCOME
Dividends (net of foreign withholding tax of $100,309)		$	826,806
Interest			806,145
TOTAL INVESTMENT INCOME			1,632,951
EXPENSES
Investment advisory fees			185,236
TOTAL EXPENSES			185,236
NET INVESTMENT INCOME			1,447,715
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments			(77,072	)
Foreign currency transactions			(18,009	)
			(95,081	)
Net change in unrealized appreciation (depreciation) on:
Investments			2,414,172
Foreign currency translations			(10,856	)
			2,403,316
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY			2,308,235
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	3,755,950

See accompanying notes to financial statements.

Arrow Dow Jones Global Yield ETF

STATEMENTS OF CHANGES IN NET ASSETS

		For the Year				For the Year
		Ended				Ended
		January 31, 2026				January 31, 2025
FROM OPERATIONS
Net investment income		$	1,447,715			$	1,272,940
Net realized gain (loss) on investments and foreign currency transactions			(95,081	)			314,761
Net change in unrealized appreciation on investments and foreign currency translations			2,403,316				231,055
Net increase in net assets resulting from operations			3,755,950				1,818,756
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid			(2,031,300	)			(2,705,752	)
Net decrease in net assets resulting from distributions to shareholders			(2,031,300	)			(2,705,752	)
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold			8,786,061				-
Cost of shares redeemed			(3,972,445	)			(1,019,430	)
Net increase (decrease) in net assets resulting from shares of beneficial interest			4,813,616				(1,019,430	)
TOTAL INCREASE (DECREASE) IN NET ASSETS			6,538,266				(1,906,426	)
NET ASSETS
Beginning of Year			20,098,521				22,004,947
End of Year		$	26,636,787			$	20,098,521
SHARE ACTIVITY
Shares sold			675,000				-
Shares redeemed			(300,000	)			(75,000	)
Net increase (decrease) in shares of beneficial interest outstanding			375,000				(75,000	)

See accompanying notes to financial statements.

Arrow Dow Jones Global Yield ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

		For the Year				For the Year				For the Year				For the Year				For the Year
		Ended				Ended				Ended				Ended				Ended
		January 31, 2026				January 31, 2025				January 31, 2024				January 31, 2023				January 31, 2022
Net asset value, beginning of year		$	12.76			$	13.34			$	13.70			$	14.73			$	13.57
Activity from investment operations:
Net investment income (1)			0.77				0.79				0.69				0.53				0.89
Net realized and unrealized gain (loss) on investments and foreign currency			1.20				0.30				(0.12	)			(0.94	)			1.08
Total from investment operations			1.97				1.09				0.57				(0.41	)			1.97
Less distributions from:
Net investment income			(1.07	)			(1.67	)			(0.93	)			(0.62	)			(0.81	)
Total distributions			(1.07	)			(1.67	)			(0.93	)			(0.62	)			(0.81	)
Net asset value, end of year		$	13.66			$	12.76			$	13.34			$	13.70			$	14.73
Total return (3)			16.22	% (4)			8.56	% (4)			4.72	% (4)			(2.63	)% (4)			14.60	% (4)
Net assets, at end of year (000s)		$	26,637			$	20,099			$	22,005			$	27,738			$	36,468
Ratio of net expenses to average net assets			0.75	%			0.75	%			0.75	%			0.75	%			0.75	%
Ratio of net investment income to average net assets			5.86	%			5.94	%			5.33	%			3.96	%			5.98	%
Portfolio Turnover Rate (2)			91	%			95	%			78	%			59	%			66	%

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(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.

See accompanying notes to financial statements.

Arrow Dow Jones Global Yield ETF

NOTES TO FINANCIAL STATEMENTS

January 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 Fund’s 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”, including FASB Accounting Standards Update (“ASU”) 2013-08.

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 entity’s 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 Fund’s CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund’s 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”, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund’s adoption of ASU 2023-09 did not have a material impact on the Fund’s 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

Arrow Dow Jones Global Yield ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 31, 2026

securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust’s 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 Trust’s Portfolio Securities Valuation Procedures (the “Procedures”). The Procedures consider, among others, the following factors to determine a security’s 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 Fund’s 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.

Arrow Dow Jones Global Yield ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 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 January 31, 2026 for the Fund’s assets measured at fair value:

Assets *		Level 1				Level 2				Level 3				Total
Common Stocks +		$	11,981,460			$	-			$	-			$	11,981,460
Corporate Bonds			-				5,192,982				-				5,192,982
Master Limited Partnerships			4,281,545				-				-				4,281,545
Non U.S. Government & Agencies			-				5,208,382				-				5,208,382
Total		$	16,263,005			$	10,401,364			$	-			$	26,664,369

*

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, 2025

Gain/(Loss)

appreciation

Conversion

Net Purchases

Net Sales

Level 3

January 31, 2026

Federal Grid Company Unified Energy System PJSC

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Globaltrans Investment plc

-

-

-

-

-

-

-

-

Mobile TeleSystems Public Joint Stock Company

-

-

-

-

-

-

-

-

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%
Mobile TeleSystems Public Joint Stock Company		$	-			Expected Recovery		Discount for Lack of Marketability		100%
Severstal PAO		$	-			Expected Recovery		Discount for Lack of Marketability		100%

In accordance with the Fund’s 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 year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year.

Arrow Dow Jones Global Yield ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 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 partnership’s 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 Fund’s 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.

Arrow Dow Jones Global Yield ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 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 Fund’s understanding of the applicable country’s 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 Fund’s 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, 2023, to January 31, 2025, or expected to be taken in the Fund’s January 31, 2026 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 year ended January 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.

Arrow Dow Jones Global Yield ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 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 Fund’s 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 year ended January 31, 2026, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to $27,521,902 and $22,329,499, respectively.

For the year ended January 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 Fund’s 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 Fund’s 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 Fund’s average daily net assets. For the year ended January 31, 2026, the Fund incurred $185,236 in advisory fees.

The Advisor’s unitary management fee is designed to pay the Fund’s 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 Fund’s 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 Fund’s shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.

Arrow Dow Jones Global Yield ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 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.

Arrow Dow Jones Global Yield ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 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

Arrow Dow Jones Global Yield ETF

NOTES TO FINANCIAL STATEMENTS (Continued)

January 31, 2026

7.

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION - TAX BASIS

				Gross Unrealized				Gross Unrealized				Tax Net Unrealized
Tax Cost				Appreciation				Depreciation				Depreciation
$	27,314,665			$	5,403,476			$	(6,053,772	)		$	(650,296	)

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 January 31, 2026:

Distribution Per Share		Record Date		Payable Date
$0.0836		2/17/2026		2/23/2026
$0.0660		3/16/2026		3/23/2026

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Arrow Dow Jones Global Yield ETF
and Board of Trustees of Arrow ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Arrow ETF Trust comprising Arrow Dow Jones Global Yield ETF (the “Fund”) as of January 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund’s financial highlights for the year ended January 31, 2022 were audited by other auditors whose report dated March 31, 2022 expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund’s auditor since 2023.

COHEN & COMPANY, LTD.
Cleveland, Ohio
April 1, 2026

COHEN & COMPANY, LTD.

Registered with the Public Company Accounting Oversight Board

800.229.1099 I 866.818.4538 fax I cohenco.com

ARROW DOW JONES GLOBAL YIELD ETF

Tax Information (Unaudited)

January 31, 2026

FOREIGN TAX CREDIT

Arrow Dow Jones Global Yield ETF intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share as of fiscal years ended January 31, 2026, and January 31, 2025, were as follows:

For fiscal year ended		Foreign Taxes Paid				Foreign Source Income
1/31/2026		$	0.04			$	0.35
For fiscal year ended		Foreign Taxes Paid				Foreign Source Income
1/31/2025		$	0.05			$	0.35

Arrow Dow Jones Global Yield ETF

Additional Information (Unaudited)

January 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

At a meeting held September 26, 2025 (the “Meeting”), the Board of Trustees (the “Board”) including the Trustees who are not “interested persons”, as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered the renewal of the investment advisory agreement (the “Advisory Agreement”) between the Arrow ETF Trust (the “Trust”), and Arrow Investment Advisors, LLC (the “Adviser”) with respect to the Arrow Dow Jones Global Yield ETF (the “Fund”).

The Board, including the Independent Trustees, unanimously approved continuance of the Advisory Agreement based upon its review of the written materials provided at the Meeting, the reports provided at each quarterly meeting of the Board and the Board’s discussions with key personnel of the Adviser. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and individual Trustees may have attributed different weights to the various factors. Below is a summary of the Board’s conclusions regarding various factors relevant to approval of continuance of the Advisory Agreement:

Nature, Extent and Quality of Services. In considering the renewal of the Advisory Agreement with the Adviser, the Board considered the nature, extent and quality of services that the Adviser provided to the Fund, including the Adviser’s personnel and resources. The Board reviewed the backgrounds of the personnel providing services to the Fund, including portfolio managers. They also reviewed information provided regarding risk management and compliance and regulatory matters. The Board acknowledged the Adviser’s efforts and resources with respect to various regulatory initiatives, including with respect to derivatives and valuation. The Board also considered the Adviser’s financial position and the entrepreneurial risk that Arrow was undertaking to maintain its financial commitment to the Fund.

Performance. The Board reviewed performance information that the Adviser provided for the Fund compared to the Fund’s benchmark index (the “Benchmark Index”), other relevant indexes, and the funds in a peer universe (the “Peer Group”) for the year to date, one-, three-, five-, ten-year and since inception periods ended August 30, 2025, as applicable. The Board also received information on the construction of the Fund’s Peer Group.

Arrow Dow Jones Global Yield ETF

Additional Information (Unaudited)(Continued)

January 31, 2026

The Board reviewed the Fund’s total returns compared to the total returns of its Peer Group and its Benchmark Index (Dow Jones Global Composite Yield Index). The Board considered the performance of the Fund against its Peer Group and its Benchmark Index for the year to date, one-, three-, five-, ten-year and since inception periods. The Board noted that the Fund had underperformed the Peer Group averages for the ten- year and since inception periods. The Board also noted that the Fund outperformed the Peer Group averages for the one-, three- and five-year periods. The Board concluded that the performance of the Fund was satisfactory.

Fees and Expenses. The Board reviewed the contractual advisory fee and expense ratio for the Fund taking into account the Fund’s net asset size, and reviewed information comparing the advisory fee and expense ratio to those of the Fund’s Peer Group. The Board discussed the level of work involved in the Adviser’s management and oversight of the Fund, and the other services that the Adviser provided to the Fund.

The Board noted that the advisory fee of 0.75% was below the peer group average of 0.89% but higher than the Morningstar category average of 0.16%. They further noted that the Fund’s net expense ratio of 0.75% was below both the peer group average of 1.85% and the Morningstar category average of 1.02%. The Board concluded that the fees were not unreasonable.

Profitability. The Board reviewed the profitability of the Adviser with respect to the Fund. The Board considered the methodology for calculating profitability. Using such methodology, the Board noted that the Adviser experienced a loss from the Fund, without considering marketing related costs. The Board concluded that the profitability of the Adviser in connection with the management of the Fund was not excessive given the nature, extent and quality of the services provided.

Economies of Scale. The Board considered whether the Adviser realized economies of scale with respect to its management of the Fund. The Board noted the Fund had yet reached an asset level where the Adviser could likely realize meaningful economies of scale. The Board noted that the Adviser had indicated its willingness to discuss the matter of breakpoints with the Board as the Fund increased its assets. The Board agreed that in light of the Adviser’s willingness to consider breakpoints as the Fund reached higher asset levels, the absence of breakpoints was acceptable.

Fall-out Benefits. Because of its relationship with the Fund, the Adviser and their affiliates may derive ancillary benefits from Fund operations, including those derived from the allocation of Fund brokerage and the use of commission dollars to pay for research and other similar services (as applicable). The Board reviewed information provided by the Adviser as to any such benefits.

Conclusion. Based on all of the information considered and the conclusions reached, the Board determined that that the continuance of the Advisory Agreement be approved.

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 Commission’s (“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 SEC’s 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) Code of Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE

(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

4/10/26

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

4/10/26

By (Signature and Title)

/s/ Sam Singh

Sam Singh, Principal Financial Officer/Treasurer

Date

4/10/26