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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

ARROW FINANCIAL CORP

Quarter ended Q1 2025 · Filed May 5, 2025 · Accession 0000717538-25-000052

Total Value
$894.5M
Positions
310
Other Managers
1
Confidential Omitted
No
View on SEC.gov

Holdings (310)

#IssuerTicker / CUSIPSharesValue% of Filing
1VANGUARD S&P 500 ETF922908363215,243$110.6M12.37%
2INVESCO QQQ TRUST SERIES 1IVZ157,637$73.9M8.26%
3ISHARES CORE S&P MID-CAP ETF464287507861,575$50.3M5.62%
4ARROW FINANCIAL CORPORATION0427441021,875,559$49.3M5.51%
5SPDR PORTFOLIO S&P 500 VALUE ETF78464A508794,221$40.6M4.53%
6ISHARES CORE S&P SMALL-CAP ETF464287804377,207$39.4M4.41%
7ISHARES CORE MSCI DEV MKTS ETF46435G326443,886$30.6M3.42%
8ISHARES IBONDS 2025 H/Y INC ETF46435U1681,210,697$28.1M3.15%
9VANGUARD MID-CAP ETF92290862998,696$25.5M2.85%
10APPLE INCAAPL65,963$14.7M1.64%
11ISHARES IBONDS DEC 2032 TC ETF46436E312583,895$14.6M1.63%
12ISHARES IBONDS DEC 2033 CORP46436E130557,902$14.3M1.59%
13ISHARES IBONDS DEC 2031 TERM CORP46436E486683,403$14.2M1.59%
14ISHARES IBONDS DEC 2030 TERM CORP46436E726651,206$14.1M1.58%
15ISHARES IBONDS DEC 2028 TERM CORP46435U515559,475$14.1M1.58%
16ISHARES IBONDS DEC 2029 TERM CORP46436E205610,485$14.1M1.58%
17ISHARES IBONDS DEC 2026 TERM CORP46435GAA0573,591$13.9M1.55%
18ISHARES IBONDS DEC 2027 TERM CORP46435UAA9569,039$13.8M1.54%
19ISHARES IBONDS DEC 2025 TERM CORP46434VBD1535,009$13.5M1.50%
20MICROSOFT CORPMSFT32,471$12.2M1.36%
21VANGUARD SMALL-CAP ETF92290875146,892$10.4M1.16%
22NVIDIA CORPNVDA93,658$10.2M1.13%
23ALPHABET INC CL AGOOG52,535$8.1M0.91%
24ISHARES IBONDS 2026 TERM HIGH YIELD AND INC46436E528334,879$7.8M0.87%
25SPDR S&P HOMEBUILDERS ETF78464A88878,022$7.6M0.85%
26ISHARES 10-20 YEAR TREASURY BOND ETF46428865368,969$7.2M0.80%
27AMAZON.COM INCAMZN37,261$7.1M0.79%
28ISHARES CORE U.S. AGGREGATE46428722667,236$6.7M0.74%
29VANGUARD SHORT TERM CORP BOND ETF92206C40967,889$5.4M0.60%
30REAL ESTATE SELECT SECTOR SPDR FUND81369Y860126,641$5.3M0.59%
31JP MORGAN CHASE & COVYLD20,890$5.1M0.57%
32ISHARES NEW YORK MUNI BOND ETF46428832388,704$4.7M0.52%
33HOME DEPOT INCHD12,158$4.5M0.50%
34BERKSHIRE HATHAWAY INC-CL BBRK-A8,357$4.5M0.50%
35VISA INC CL AV12,478$4.4M0.49%
36ORACLE CORPORATIONORCL-PD30,831$4.3M0.48%
37META PLATFORMS INC CL AMETA7,436$4.3M0.48%
38SALESFORCE INCCRM15,428$4.1M0.46%
39SPDR S&P 500 ETF TRUSTSPY7,326$4.1M0.46%
40ISHARES IBONDS DEC 2034 TM CORP46438G653146,142$3.8M0.42%
41COSTCO WHOLESALE CORP22160K1053,610$3.4M0.38%
42AMGEN INCAMGN10,501$3.3M0.37%
43CISCO SYSTEMS INCCSCO52,597$3.2M0.36%
44INTERCONTINENTAL EXCHANGE GROUP, INC45866F10418,805$3.2M0.36%
45BLACKROCK INCBLK3,363$3.2M0.36%
46AMPHENOL CORP CL A03209510147,500$3.1M0.35%
47NETFLIX INCNFLX3,301$3.1M0.34%
48LILLY ELI & COLLY3,727$3.1M0.34%
49EXXON MOBIL CORPXOM25,009$3.0M0.33%
50T-MOBILE US INCTMUSZ11,142$3.0M0.33%
51STRYKER CORPORATIONSYK7,890$2.9M0.33%
52PROCTER & GAMBLE CO74271810916,108$2.7M0.31%
53WALMART INCWMT31,113$2.7M0.31%
54MCDONALDS CORPMCD8,719$2.7M0.30%
55VANGUARD MID-CAP ETF92290862910,069$2.6M0.29%
56BANK OF AMERICA CORP06050510462,114$2.6M0.29%
57JOHNSON & JOHNSONJNJ15,509$2.6M0.29%
58TJX COS INC87254010921,070$2.6M0.29%
59ABBOTT LABSABLZF19,056$2.5M0.28%
60WILLIAMS COS INC96945710040,575$2.4M0.27%
61TRAVELERS COMPANIES INCTRV9,024$2.4M0.27%
62ADOBE INCADBE6,065$2.3M0.26%
63THERMO FISHER SCIENTIFIC INCTMO4,639$2.3M0.26%
64DISNEY WALT CO NEW25468710622,995$2.3M0.25%
65COCA COLA COKO30,557$2.2M0.24%
66UNITEDHEALTH GROUP INCUNH4,028$2.1M0.24%
67HONEYWELL INTERNATIONAL INC4385161069,861$2.1M0.23%
68CATERPILLAR INCCAT6,308$2.1M0.23%
69MASTERCARD INC CL AMA3,712$2.0M0.23%
70UNION PAC CORPUNP8,294$2.0M0.22%
71MORGAN STANLEYMS-PQ15,558$1.8M0.20%
72MICROSOFT CORPMSFT4,801$1.8M0.20%
73PIMCO ENHANCED SHORT MATURITY ETF72201R83317,394$1.8M0.20%
74GENERAL DYNAMICS CORPGD6,417$1.7M0.20%
75VANGUARD TOTAL BOND MARKET ETF92193783523,393$1.7M0.19%
76ALPHABET INC CL CGOOG10,947$1.7M0.19%
77DANAHER CORP2358511027,903$1.6M0.18%
78PALO ALTO NETWORKS INCPANW9,446$1.6M0.18%
79MASCO CORPMAS22,285$1.5M0.17%
80CONOCOPHILLIPSCOP14,296$1.5M0.17%
81YUM BRANDS INCYUM9,427$1.5M0.17%
82JP MORGAN CHASE & COVYLD6,025$1.5M0.17%
83APPLE INCAAPL6,636$1.5M0.16%
84CUMMINS INCCMI4,650$1.5M0.16%
85VERTEX PHARMACEUTICALS INCVRTX2,949$1.4M0.16%
86INGERSOLL-RAND INCIR17,560$1.4M0.16%
87ISHARES NATIONAL MUNI BOND ETF46428841412,378$1.3M0.15%
88LILLY ELI & COLLY1,414$1.2M0.13%
89UTILITIES SELECT SECTOR SPDR FUND81369Y88614,294$1.1M0.13%
90PEPSICO INCPEP7,481$1.1M0.13%
91TESLA INCTSLA4,283$1.1M0.12%
92TECHNOLOGY SELECT SECTOR SPDR FUND81369Y8035,284$1.1M0.12%
93MATERIALS SELECT SECTOR SPDR FUND81369Y10012,689$1.1M0.12%
94CHEVRON CORPORATIONCVX6,328$1.1M0.12%
95NVIDIA CORPNVDA9,720$1.1M0.12%
96MARVELL TECHNOLOGY INCMRVL16,786$1.0M0.12%
97QUANTA SERVICES INC74762E1024,024$1.0M0.11%
98VANGUARD S&P 500 ETF9229083631,954$1.0M0.11%
99LOWES COS INC5486611074,289$1.0M0.11%
100ABBVIE INCABBV4,656$975,5250.11%
101AMERICAN WATER WORKS CO INC0304201036,587$971,6430.11%
102TERADYNE INCTER11,357$938,0880.10%
103ISHARES IBONDS 2025 H/Y INC ETF46435U16840,078$931,4130.10%
104INTL. BUSINESS MACHINES CORPINTR3,723$925,7610.10%
105LENNAR CORP CL ALEN-B7,997$917,8960.10%
106EXXON MOBIL CORPXOM7,696$915,2850.10%
107SYSCO CORPSYY12,042$903,6320.10%
108VANGUARD SMALL-CAP ETF9229087513,853$854,4030.10%
109JOHNSON & JOHNSONJNJ5,099$845,6180.09%
110ALPHABET INC CL AGOOG5,389$833,3550.09%
111DOMINION ENERGY INCD14,801$829,8920.09%
112TECHNOLOGY SELECT SECTOR SPDR FUND81369Y8033,672$758,1950.08%
113EASTMAN CHEMICAL COEMN8,274$729,0220.08%
114AUTOMATIC DATA PROCESSING INCADP2,361$721,3560.08%
115ISHARES CORE S&P SMALL-CAP ETF4642878046,731$703,8560.08%
116ORACLE CORPORATIONORCL-PD4,945$691,3510.08%
117RTX CORPORATIONRTX5,195$688,1300.08%
118ISHARES CORE S&P 500 ETF4642872001,210$679,8990.08%
119TEXAS INSTRUMENTS INC8825081043,668$659,1400.07%
120ISHARES CORE MSCI DEV MKTS ETF46435G3269,280$639,2990.07%
121GE AEROSPACE3696043013,119$624,2680.07%
122LYONDELLBASELL INDUSTRIES NVLYB8,798$619,3790.07%
123ISHARES ESG AWARE 1-5 YEAR USD ETF46435G24324,545$613,3800.07%
124MERCK & CO INCMRK6,721$603,2770.07%
125FINANCIAL SELECT SECTOR SPDR FUND81369Y60511,457$570,6730.06%
126VANGUARD REAL ESTATE ETF9229085536,064$549,0350.06%
127FINANCIAL SELECT SECTOR SPDR FUND81369Y60510,871$541,4850.06%
128PROCTER & GAMBLE CO7427181093,153$537,3200.06%
129SPDR GOLD TRUSTGLD1,802$519,2280.06%
130COLGATE PALMOLIVE COCL5,515$516,7560.06%
131PHILIP MORRIS INTERNATIONAL7181721093,230$512,6980.06%
132ECOLAB INCECL2,013$510,3360.06%
133BERKSHIRE HATHAWAY INC-CL BBRK-A945$503,2880.06%
134FISERV INCFISV2,250$496,8680.06%
135HEALTH CARE SELECT SECTOR SPDR FUND81369Y2093,356$490,0100.05%
136NEXTERA ENERGY INCNEE-PW6,870$487,0140.05%
137HOME DEPOT INCHD1,328$486,6990.05%
138VANGUARD SHORT TERM CORP BOND ETF92206C4096,127$483,6650.05%
139SNOWFLAKE INC CL ASNOW3,297$481,8900.05%
140HEALTH CARE SELECT SECTOR SPDR FUND81369Y2093,169$462,7060.05%
141INTUIT INCINTU750$460,4930.05%
142AMERICAN EXPRESS COAXP1,683$452,8110.05%
143VERIZON COMMUNICATIONSVZ9,739$441,7610.05%
144VISA INC CL AV1,260$441,5640.05%
145STRYKER CORPORATIONSYK1,173$436,6490.05%
1463M COMMM2,950$433,2370.05%
147PEPSICO INCPEP2,851$427,4790.05%
148INDUSTRIAL SELECT SECTOR SPDR FUND81369Y7043,250$425,9780.05%
149CONS DISC SELECT SECTOR SPDR FUND81369Y4072,095$413,6790.05%
150AMAZON.COM INCAMZN2,160$410,9620.05%
151SPDR PORTFOLIO S&P 500 GROWTH ETF78464A4094,842$389,1520.04%
152INTL. BUSINESS MACHINES CORPINTR1,526$379,4550.04%
153VANGUARD TOTAL STOCK MARKET ETF9229087691,378$378,7300.04%
154BRISTOL MYERS SQUIBB COCELG-RI6,109$372,5880.04%
155COMM. SERV. SELECT SECTOR SPDR FUND81369Y8523,746$361,3020.04%
156WELLS FARGO & CO9497461014,974$357,0830.04%
157ISHARES RUSSELL MIDCAP ETF4642874994,076$346,7450.04%
158PAYCHEX INCPAYX2,223$342,9640.04%
159CATERPILLAR INCCAT1,029$339,3640.04%
160ISHARES IBONDS DEC 2031 TERM CORP46436E48616,113$334,3450.04%
161ISHARES IBONDS DEC 2032 TC ETF46436E31213,296$332,2670.04%
162ISHARES IBONDS DEC 2033 CORP46436E13012,963$331,3340.04%
163CHEVRON CORPORATIONCVX1,949$326,0480.04%
164ISHARES 10-20 YEAR TREASURY BOND ETF4642886533,104$322,0400.04%
165CHESAPEAKE UTILITIES CORP1653031082,480$318,5060.04%
166INDUSTRIAL SELECT SECTOR SPDR FUND81369Y7042,357$308,9320.03%
167ARROW FINANCIAL CORPORATION04274410211,691$307,3560.03%
168RTX CORPORATIONRTX2,287$302,9360.03%
169ALTRIA GROUP INCMO4,995$299,8000.03%
170CARRIER GLOBAL CORPCARR4,700$297,9800.03%
171EMERSON ELEC COEMR2,620$287,2570.03%
172MERCK & CO INCMRK3,155$283,1930.03%
173ISHARES IBONDS DEC 2030 TERM CORP46436E72613,018$282,7510.03%
174ISHARES IBONDS DEC 2029 TERM CORP46436E20512,217$282,5790.03%
175STARBUCKS CORPSBUX2,780$272,6900.03%
176ISHARES CORE S&P MID-CAP ETF4642875074,672$272,6110.03%
177ABBVIE INCABBV1,300$272,3760.03%
178AMERICAN EXPRESS COAXP1,000$269,0500.03%
179ISHARES 1-5Y INV GRADE CORP ETF4642886465,107$267,4540.03%
180META PLATFORMS INC CL AMETA454$261,6670.03%
1813M COMMM1,720$252,5990.03%
182GE VERNOVA LLCGEV802$244,8350.03%
183APPLIED MATERIALS INC0382221051,685$244,5270.03%
184ISHARES IBONDS DEC 2026 MUNI ETF46435U2599,451$241,5680.03%
185INVESCO QQQ TRUST SERIES 1IVZ514$241,0250.03%
186ISHARES IBONDS DEC 2025 MUNI ETF46435U4329,006$240,9110.03%
187ISHARES IBONDS DEC 2027 MUNI ETF46435U2839,517$240,5900.03%
188ISHARES IBONDS DEC 2028 TERM MUNI46435U3259,448$238,9400.03%
189PFIZER INCPFE9,400$238,1960.03%
190TJX COS INC8725401091,945$236,9010.03%
191CONS STAPLES SELECT SECT SPDR FUND81369Y3082,827$230,8810.03%
192AT&T INCT-PC8,158$230,7080.03%
193ISHARES IBONDS DEC 2027 TERM CORP46435UAA99,492$229,5170.03%
194SPDR S&P DIVIDEND ETF78464A7631,642$222,7870.02%
195DOLLAR TREE INCDLTR2,896$217,4030.02%
196ECOLAB INCECL850$215,4920.02%
197SALESFORCE INCCRM802$215,2180.02%
198GOLDMAN SACHS GROUP INCGSCE392$214,1460.02%
199OTIS WORLDWIDE CORPOTIS2,075$214,1400.02%
200NATIONAL GRID PLC SPONS ADRNMPWP3,233$212,1170.02%
201VERTEX PHARMACEUTICALS INCVRTX436$211,3820.02%
202ENERGY SELECT SECTOR SPDR FUND81369Y5062,257$210,9170.02%
203COLGATE PALMOLIVE COCL2,242$210,0750.02%
204CONS DISC SELECT SECTOR SPDR FUND81369Y4071,010$199,4350.02%
205MORGAN STANLEYMS-PQ1,700$198,3390.02%
206NETFLIX INCNFLX210$195,8310.02%
207BLACKROCK INCBLK199$188,3230.02%
208STARBUCKS CORPSBUX1,815$178,0330.02%
209ISHARES IBONDS DEC 2026 TERM CORP46435GAA07,345$177,8220.02%
210ISHARES IBONDS DEC 2025 TERM CORP46434VBD17,065$177,6850.02%
211ISHARES IBONDS DEC 2028 TERM CORP46435U5156,992$176,6180.02%
212ALPHABET INC CL CGOOG1,095$171,0720.02%
213BANK OF AMERICA CORP0605051044,030$168,1720.02%
214AUTOMATIC DATA PROCESSING INCADP517$157,9590.02%
215UNITEDHEALTH GROUP INCUNH298$156,0780.02%
216WALMART INCWMT1,775$155,8270.02%
217EMERSON ELEC COEMR1,366$149,7680.02%
218MATERIALS SELECT SECTOR SPDR FUND81369Y1001,708$146,8280.02%
219ENERGY SELECT SECTOR SPDR FUND81369Y5061,560$145,7820.02%
220NEXTERA ENERGY INCNEE-PW2,054$145,6080.02%
221T ROWE PRICE GROUP INCTROW1,580$145,1550.02%
222ISHARES BARCLAYS 1-3 YEAR TR ETF4642874571,726$142,7920.02%
223VANGUARD REAL ESTATE ETF9229085531,500$135,8100.02%
224LOWES COS INC548661107575$134,1070.01%
225SPDR S&P HOMEBUILDERS ETF78464A8881,354$131,2020.01%
226ISHARES BARCLAYS 1-3 YEAR TR ETF4642874571,500$124,0950.01%
227INTERCONTINENTAL EXCHANGE GROUP, INC45866F104714$123,1620.01%
228COCA COLA COKO1,716$122,8980.01%
229DISNEY WALT CO NEW2546871061,219$120,3130.01%
230CONOCOPHILLIPSCOP1,131$118,7780.01%
231THERMO FISHER SCIENTIFIC INCTMO230$114,4360.01%
232FORD MOTOR CO DEL34537086010,500$105,3150.01%
233UTILITIES SELECT SECTOR SPDR FUND81369Y8861,305$102,8990.01%
234UNION PAC CORPUNP427$100,8690.01%
235AMGEN INCAMGN321$100,0080.01%
236PIMCO ENHANCED SHORT MATURITY ETF72201R833985$99,1110.01%
237HONEYWELL INTERNATIONAL INC438516106464$98,2470.01%
238PALO ALTO NETWORKS INCPANW564$96,2410.01%
239BRISTOL MYERS SQUIBB COCELG-RI1,535$93,6200.01%
240PAYCHEX INCPAYX595$91,7970.01%
241VERIZON COMMUNICATIONSVZ1,976$89,6310.01%
242COMM. SERV. SELECT SECTOR SPDR FUND81369Y852920$88,7340.01%
243COSTCO WHOLESALE CORP22160K10590$85,1090.01%
244SPDR PORTFOLIO S&P 500 VALUE ETF78464A5081,626$83,0400.01%
245T ROWE PRICE GROUP INCTROW875$80,3860.01%
246REAL ESTATE SELECT SECTOR SPDR FUND81369Y8601,917$80,2260.01%
247ISHARES 1-5Y INV GRADE CORP ETF4642886461,500$78,5550.01%
248CISCO SYSTEMS INCCSCO1,265$78,0620.01%
249MARVELL TECHNOLOGY INCMRVL1,255$77,2700.01%
250WILLIAMS COS INC9694571001,268$75,7750.01%
251AMPHENOL CORP CL A0320951011,148$75,2970.01%
252ADOBE INCADBE191$73,2480.01%
253PFIZER INCPFE2,790$70,6990.01%
254CONS STAPLES SELECT SECT SPDR FUND81369Y308841$68,6840.01%
255T-MOBILE US INCTMUSZ249$66,4110.01%
256WELLS FARGO & CO949746101925$66,4060.01%
257ISHARES IBONDS DEC 2034 TM CORP46438G6532,258$58,2230.01%
258ABBOTT LABSABLZF426$56,5090.01%
259TESLA INCTSLA218$56,4970.01%
260MCDONALDS CORPMCD175$54,6650.01%
261INGERSOLL-RAND INCIR670$53,6200.01%
262CUMMINS INCCMI146$45,7570.01%
263CARRIER GLOBAL CORPCARR675$42,7950.00%
264TERADYNE INCTER497$41,0520.00%
265AMERICAN WATER WORKS CO INC030420103254$37,4670.00%
266QUANTA SERVICES INC74762E102144$36,6020.00%
267AT&T INCT-PC1,273$36,0000.00%
268MASTERCARD INC CL AMA60$32,8870.00%
269GENERAL DYNAMICS CORPGD100$27,2560.00%
270TRAVELERS COMPANIES INCTRV93$24,5950.00%
271DOMINION ENERGY INCD418$23,4370.00%
272DANAHER CORP235851102109$22,3440.00%
273SNOWFLAKE INC CL ASNOW152$22,2160.00%
274SYSCO CORPSYY260$19,5100.00%
275MASCO CORPMAS266$18,4980.00%
276GOLDMAN SACHS GROUP INCGSCE25$13,6570.00%
277LENNAR CORP CL ALEN-B115$13,2000.00%
278YUM BRANDS INCYUM72$11,3300.00%
279LYONDELLBASELL INDUSTRIES NVLYB103$7,2510.00%
280SPDR GOLD TRUSTGLD0$00.00%
281SPDR S&P 500 ETF TRUSTSPY0$00.00%
282ISHARES CORE S&P 500 ETF4642872000$00.00%
283ISHARES CORE U.S. AGGREGATE4642872260$00.00%
284ISHARES RUSSELL MIDCAP ETF4642874990$00.00%
285PHILIP MORRIS INTERNATIONAL7181721090$00.00%
286NATIONAL GRID PLC SPONS ADRNMPWP0$00.00%
287ISHARES NEW YORK MUNI BOND ETF4642883230$00.00%
288ISHARES NATIONAL MUNI BOND ETF4642884140$00.00%
289ISHARES ESG AWARE 1-5 YEAR USD ETF46435G2430$00.00%
290ISHARES IBONDS 2026 TERM HIGH YIELD AND INC46436E5280$00.00%
291ISHARES IBONDS DEC 2025 MUNI ETF46435U4320$00.00%
292ISHARES IBONDS DEC 2028 TERM MUNI46435U3250$00.00%
293APPLIED MATERIALS INC0382221050$00.00%
294ISHARES IBONDS DEC 2026 MUNI ETF46435U2590$00.00%
295CHESAPEAKE UTILITIES CORP1653031080$00.00%
296ALTRIA GROUP INCMO0$00.00%
297OTIS WORLDWIDE CORPOTIS0$00.00%
298INTUIT INCINTU0$00.00%
299ISHARES IBONDS DEC 2027 MUNI ETF46435U2830$00.00%
300DOLLAR TREE INCDLTR0$00.00%
301EASTMAN CHEMICAL COEMN0$00.00%
302VANGUARD TOTAL STOCK MARKET ETF9229087690$00.00%
303VANGUARD TOTAL BOND MARKET ETF9219378350$00.00%
304TEXAS INSTRUMENTS INC8825081040$00.00%
305FISERV INCFISV0$00.00%
306FORD MOTOR CO DEL3453708600$00.00%
307GE VERNOVA LLCGEV0$00.00%
308GE AEROSPACE3696043010$00.00%
309SPDR S&P DIVIDEND ETF78464A7630$00.00%
310SPDR PORTFOLIO S&P 500 GROWTH ETF78464A4090$00.00%