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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 Q2 2025 · Filed August 11, 2025 · Accession 0000717538-25-000082

Total Value
$949.7M
Positions
286
Other Managers
1
Confidential Omitted
No
View on SEC.gov

Holdings (286)

#IssuerTicker / CUSIPSharesValue% of Filing
1VANGUARD S&P 500 ETF922908363213,747$121.4M12.78%
2INVESCO QQQ TRUST SERIES 1IVZ157,862$87.1M9.17%
3ISHARES CORE S&P MID-CAP ETF464287507868,980$53.9M5.67%
4ARROW FINANCIAL CORPORATION0427441021,876,629$49.6M5.22%
5SPDR PORTFOLIO S&P 500 VALUE ETF78464A508797,938$41.8M4.40%
6ISHARES CORE S&P SMALL-CAP ETF464287804377,763$41.3M4.35%
7ISHARES CORE MSCI DEV MKTS ETF46435G326498,806$37.9M3.99%
8VANGUARD MID-CAP ETF92290862993,194$26.1M2.75%
9ISHARES IBONDS 2025 H/Y INC ETF46435U168829,263$19.3M2.03%
10ISHARES IBONDS 2026 TERM HIGH YIELD AND INC46436E528723,621$16.8M1.77%
11MICROSOFT CORPMSFT30,882$15.4M1.62%
12NVIDIA CORPNVDA93,731$14.8M1.56%
13ISHARES IBONDS DEC 2032 TC ETF46436E312578,703$14.6M1.54%
14ISHARES IBONDS DEC 2033 CORP46436E130553,389$14.3M1.51%
15ISHARES IBONDS DEC 2031 TERM CORP46436E486677,098$14.2M1.50%
16ISHARES IBONDS DEC 2030 TERM CORP46436E726645,097$14.2M1.49%
17ISHARES IBONDS DEC 2029 TERM CORP46436E205604,630$14.1M1.49%
18ISHARES IBONDS DEC 2028 TERM CORP46435U515550,759$14.0M1.47%
19ISHARES IBONDS DEC 2026 TERM CORP46435GAA0566,029$13.7M1.45%
20ISHARES IBONDS DEC 2027 TERM CORP46435UAA9561,815$13.6M1.44%
21APPLE INCAAPL65,174$13.4M1.41%
22ISHARES IBONDS DEC 2025 TERM CORP46434VBD1465,959$11.7M1.24%
23VANGUARD SMALL-CAP ETF92290875145,276$10.7M1.13%
24REAL ESTATE SELECT SECTOR SPDR FUND81369Y860232,323$9.6M1.01%
25ALPHABET INC CL AGOOG52,157$9.2M0.97%
26AMAZON.COM INCAMZN37,258$8.2M0.86%
27ISHARES CORE U.S. AGGREGATE46428722665,301$6.5M0.68%
28ISHARES IBONDS DEC 2034 TM CORP46438G653237,897$6.2M0.65%
29ORACLE CORPORATIONORCL-PD27,797$6.1M0.64%
30JP MORGAN CHASE & COVYLD20,296$5.9M0.62%
31META PLATFORMS INC CL AMETA7,371$5.4M0.57%
32ISHARES 10-20 YEAR TREASURY BOND ETF46428865351,842$5.3M0.55%
33VANGUARD SHORT TERM CORP BOND ETF92206C40963,933$5.1M0.54%
34HOME DEPOT INCHD12,807$4.7M0.49%
35VISA INC CL AV12,770$4.5M0.48%
36SPDR S&P 500 ETF TRUSTSPY7,315$4.5M0.48%
37ISHARES NEW YORK MUNI BOND ETF46428832386,275$4.5M0.47%
38AMPHENOL CORP CL A03209510143,113$4.3M0.45%
39NETFLIX INCNFLX3,152$4.2M0.44%
40SALESFORCE INCCRM15,024$4.1M0.43%
41BERKSHIRE HATHAWAY INC-CL BBRK-A8,360$4.1M0.43%
42BLACKROCK INCBLK3,414$3.6M0.38%
43COSTCO WHOLESALE CORP22160K1053,531$3.5M0.37%
44INTERCONTINENTAL EXCHANGE GROUP, INC45866F10419,048$3.5M0.37%
45CISCO SYSTEMS INCCSCO49,110$3.4M0.36%
46WALMART INCWMT31,611$3.1M0.33%
47BANK OF AMERICA CORP06050510463,794$3.0M0.32%
48STRYKER CORPORATIONSYK7,597$3.0M0.32%
49LILLY ELI & COLLY3,830$3.0M0.31%
50DISNEY WALT CO NEW25468710623,048$2.9M0.30%
51VANGUARD MID-CAP ETF92290862910,054$2.8M0.30%
52AMGEN INCAMGN9,688$2.7M0.28%
53MCDONALDS CORPMCD8,971$2.6M0.28%
54PROCTER & GAMBLE CO74271810916,195$2.6M0.27%
55TJX COS INC87254010920,859$2.6M0.27%
56EXXON MOBIL CORPXOM23,706$2.6M0.27%
57ADOBE INCADBE6,574$2.5M0.27%
58CATERPILLAR INCCAT6,400$2.5M0.26%
59T-MOBILE US INCTMUSZ10,401$2.5M0.26%
60ABBOTT LABSABLZF17,623$2.4M0.25%
61MICROSOFT CORPMSFT4,801$2.4M0.25%
62TRAVELERS COMPANIES INCTRV8,765$2.3M0.25%
63HONEYWELL INTERNATIONAL INC4385161069,942$2.3M0.24%
64JOHNSON & JOHNSONJNJ15,111$2.3M0.24%
65WILLIAMS COS INC96945710036,671$2.3M0.24%
66COCA COLA COKO32,042$2.3M0.24%
67MORGAN STANLEYMS-PQ15,262$2.1M0.23%
68PALO ALTO NETWORKS INCPANW10,078$2.1M0.22%
69MASTERCARD INC CL AMA3,622$2.0M0.21%
70THERMO FISHER SCIENTIFIC INCTMO4,899$2.0M0.21%
71GENERAL DYNAMICS CORPGD6,798$2.0M0.21%
72ALPHABET INC CL CGOOG10,427$1.8M0.19%
73UNION PAC CORPUNP8,019$1.8M0.19%
74JP MORGAN CHASE & COVYLD6,025$1.7M0.18%
75DANAHER CORP2358511028,314$1.6M0.17%
76MARVELL TECHNOLOGY INCMRVL20,697$1.6M0.17%
77QUANTA SERVICES INC74762E1024,218$1.6M0.17%
78VANGUARD TOTAL BOND MARKET ETF92193783521,614$1.6M0.17%
79NVIDIA CORPNVDA9,720$1.5M0.16%
80CUMMINS INCCMI4,630$1.5M0.16%
81MASCO CORPMAS23,471$1.5M0.16%
82UNITEDHEALTH GROUP INCUNH4,750$1.5M0.16%
83YUM BRANDS INCYUM9,377$1.4M0.15%
84APPLE INCAAPL6,636$1.4M0.14%
85TECHNOLOGY SELECT SECTOR SPDR FUND81369Y8035,284$1.3M0.14%
86TESLA INCTSLA4,203$1.3M0.14%
87PIMCO ENHANCED SHORT MATURITY ETF72201R83313,091$1.3M0.14%
88ISHARES NATIONAL MUNI BOND ETF46428841412,378$1.3M0.14%
89CONOCOPHILLIPSCOP14,404$1.3M0.14%
90VERTEX PHARMACEUTICALS INCVRTX2,866$1.3M0.13%
91INGERSOLL-RAND INCIR15,245$1.3M0.13%
92MATERIALS SELECT SECTOR SPDR FUND81369Y10013,542$1.2M0.13%
93LILLY ELI & COLLY1,414$1.1M0.12%
94VANGUARD S&P 500 ETF9229083631,939$1.1M0.12%
95INTL. BUSINESS MACHINES CORPINTR3,723$1.1M0.12%
96ORACLE CORPORATIONORCL-PD4,945$1.1M0.11%
97AMERICAN WATER WORKS CO INC0304201037,218$1.0M0.11%
98LOWES COS INC5486611074,495$997,3060.11%
99PEPSICO INCPEP7,212$952,2720.10%
100ALPHABET INC CL AGOOG5,389$949,7030.10%
101TECHNOLOGY SELECT SECTOR SPDR FUND81369Y8033,672$929,8610.10%
102SYSCO CORPSYY12,106$916,9080.10%
103ISHARES IBONDS 2025 H/Y INC ETF46435U16839,413$916,5490.10%
104VANGUARD SMALL-CAP ETF9229087513,853$913,0840.10%
105CHEVRON CORPORATIONCVX6,049$866,1560.09%
106UTILITIES SELECT SECTOR SPDR FUND81369Y88610,305$841,5060.09%
107EXXON MOBIL CORPXOM7,696$829,6290.09%
108ABBVIE INCABBV4,451$826,1950.09%
109ISHARES CORE S&P 500 ETF4642872001,325$822,6930.09%
110BROADCOM INCAVGO2,980$821,4370.09%
111GE AEROSPACE3696043013,119$802,7990.08%
112JOHNSON & JOHNSONJNJ5,099$778,8720.08%
113DOMINION ENERGY INCD13,671$772,6850.08%
114TERADYNE INCTER8,492$763,6010.08%
115TEXAS INSTRUMENTS INC8825081043,659$759,6820.08%
116RTX CORPORATIONRTX5,195$758,5740.08%
117ISHARES CORE S&P SMALL-CAP ETF4642878046,714$733,7690.08%
118ISHARES CORE MSCI DEV MKTS ETF46435G3269,576$728,1590.08%
119AUTOMATIC DATA PROCESSING INCADP2,361$728,1320.08%
120EASTMAN CHEMICAL COEMN9,451$705,6120.07%
121FINANCIAL SELECT SECTOR SPDR FUND81369Y60512,606$660,1760.07%
122SNOWFLAKE INC CL ASNOW2,905$650,0520.07%
123ISHARES ESG AWARE 1-5 YEAR USD ETF46435G24324,545$617,7980.07%
124FINANCIAL SELECT SECTOR SPDR FUND81369Y60511,457$600,0030.06%
125INTUIT INCINTU750$590,7230.06%
126AMERICAN ELEC PWR INC0255371015,393$559,5780.06%
127MERCK & CO INCMRK7,062$559,0280.06%
128VANGUARD REAL ESTATE ETF9229085536,064$540,0600.06%
129LYONDELLBASELL INDUSTRIES NVLYB9,301$538,1560.06%
130SPDR GOLD TRUSTGLD1,757$535,5860.06%
131AMERICAN EXPRESS COAXP1,634$521,2130.05%
132PROCTER & GAMBLE CO7427181093,153$502,3360.05%
133COLGATE PALMOLIVE COCL5,515$501,3140.05%
134ECOLAB INCECL1,813$488,4950.05%
135VANGUARD SHORT TERM CORP BOND ETF92206C4096,127$487,0970.05%
136HOME DEPOT INCHD1,328$486,8980.05%
137INDUSTRIAL SELECT SECTOR SPDR FUND81369Y7043,250$479,4400.05%
138NEXTERA ENERGY INCNEE-PW6,870$476,9150.05%
139AMAZON.COM INCAMZN2,160$473,8820.05%
140LENNAR CORP CL ALEN-B4,216$466,3320.05%
141STRYKER CORPORATIONSYK1,173$464,0740.05%
142SPDR PORTFOLIO S&P 500 GROWTH ETF78464A4094,842$461,5390.05%
143BERKSHIRE HATHAWAY INC-CL BBRK-A945$459,0530.05%
144CONS DISC SELECT SECTOR SPDR FUND81369Y4072,095$455,3060.05%
145HEALTH CARE SELECT SECTOR SPDR FUND81369Y2093,356$452,3550.05%
1463M COMMM2,950$449,1080.05%
147VISA INC CL AV1,260$447,3630.05%
148VERIZON COMMUNICATIONSVZ10,322$446,6330.05%
149HEALTH CARE SELECT SECTOR SPDR FUND81369Y2093,169$427,1500.04%
150GE VERNOVA LLCGEV802$424,3780.04%
151VANGUARD TOTAL STOCK MARKET ETF9229087691,378$418,8160.04%
152SOUTHERN COMPANYSOMN4,548$417,6430.04%
153COMM. SERV. SELECT SECTOR SPDR FUND81369Y8523,746$406,5530.04%
154CATERPILLAR INCCAT1,029$399,4680.04%
155WELLS FARGO & CO9497461014,862$389,5430.04%
156FISERV INCFISV2,250$387,9230.04%
157PEPSICO INCPEP2,851$376,4460.04%
158ISHARES RUSSELL MIDCAP ETF4642874994,076$374,8700.04%
159EMERSON ELEC COEMR2,620$349,3250.04%
160INDUSTRIAL SELECT SECTOR SPDR FUND81369Y7042,357$347,7050.04%
161CARRIER GLOBAL CORPCARR4,700$343,9930.04%
162ISHARES IBONDS DEC 2031 TERM CORP46436E48616,113$339,0180.04%
163ISHARES IBONDS DEC 2032 TC ETF46436E31213,296$336,1890.04%
164ISHARES IBONDS DEC 2033 CORP46436E13012,963$335,8070.04%
165META PLATFORMS INC CL AMETA454$335,0930.04%
166PAYCHEX INCPAYX2,198$319,7210.03%
167AMERICAN EXPRESS COAXP1,000$318,9800.03%
168ISHARES 10-20 YEAR TREASURY BOND ETF4642886533,104$315,3660.03%
169ARROW FINANCIAL CORPORATION04274410211,691$308,8760.03%
170APPLIED MATERIALS INC0382221051,685$308,4730.03%
171RTX CORPORATIONRTX2,078$303,4300.03%
172CHESAPEAKE UTILITIES CORP1653031082,480$298,1460.03%
173ISHARES CORE S&P MID-CAP ETF4642875074,672$289,7570.03%
174ISHARES IBONDS DEC 2030 TERM CORP46436E72613,018$286,1360.03%
175ISHARES IBONDS DEC 2029 TERM CORP46436E20512,217$285,0230.03%
176INVESCO QQQ TRUST SERIES 1IVZ514$283,5430.03%
177DOLLAR TREE INCDLTR2,840$281,2740.03%
178NETFLIX INCNFLX210$281,2170.03%
179CHEVRON CORPORATIONCVX1,949$279,0770.03%
180INTL. BUSINESS MACHINES CORPINTR944$278,2720.03%
181ISHARES 1-5Y INV GRADE CORP ETF4642886465,125$270,3950.03%
1823M COMMM1,670$254,2410.03%
183AT&T INCT-PC8,658$250,5630.03%
184MERCK & CO INCMRK3,155$249,7500.03%
185LOCKHEED MARTIN CORPLMT525$243,1490.03%
186STARBUCKS CORPSBUX2,653$243,0940.03%
187ISHARES IBONDS DEC 2026 MUNI ETF46435U2599,451$242,1630.03%
188ABBVIE INCABBV1,300$241,3060.03%
189ISHARES IBONDS DEC 2027 MUNI ETF46435U2839,517$241,2560.03%
190ISHARES IBONDS DEC 2025 MUNI ETF46435U4329,006$241,0320.03%
191NATIONAL GRID PLC SPONS ADRNMPWP3,233$240,5680.03%
192TJX COS INC8725401091,945$240,1880.03%
193ISHARES IBONDS DEC 2028 TERM MUNI46435U3259,448$240,0740.03%
194MORGAN STANLEYMS-PQ1,700$239,4620.03%
195BRISTOL MYERS SQUIBB COCELG-RI5,084$235,3380.02%
196GOLDMAN SACHS GROUP INCGSCE332$234,9730.02%
197SPDR S&P DIVIDEND ETF78464A7631,719$233,3200.02%
198UBER TECHNOLOGIES INCUBER2,500$233,2500.02%
199ISHARES IBONDS DEC 2027 TERM CORP46435UAA99,492$230,3710.02%
200ECOLAB INCECL850$229,0240.02%
201CONS STAPLES SELECT SECT SPDR FUND81369Y3082,827$228,9020.02%
202PFIZER INCPFE9,400$227,8560.02%
203PAYPAL HOLDINGS INCPYPL3,026$224,8920.02%
204CONS DISC SELECT SECTOR SPDR FUND81369Y4071,010$219,5030.02%
205SALESFORCE INCCRM802$218,6970.02%
206NUVEEN ESG SMALL-CAP ETFNU5,150$209,8110.02%
207BLACKROCK INCBLK199$208,8010.02%
208OTIS WORLDWIDE CORPOTIS2,075$205,4670.02%
209COLGATE PALMOLIVE COCL2,209$200,7980.02%
210ALPHABET INC CL CGOOG1,095$194,2420.02%
211VERTEX PHARMACEUTICALS INCVRTX436$194,1070.02%
212ENERGY SELECT SECTOR SPDR FUND81369Y5062,257$191,4160.02%
213BANK OF AMERICA CORP0605051044,030$190,7000.02%
214EMERSON ELEC COEMR1,357$180,9290.02%
215ISHARES IBONDS DEC 2026 TERM CORP46435GAA07,345$178,1160.02%
216ISHARES IBONDS DEC 2025 TERM CORP46434VBD17,065$177,8970.02%
217ISHARES IBONDS DEC 2028 TERM CORP46435U5156,992$177,7370.02%
218WALMART INCWMT1,775$173,5600.02%
219EATON CORP PLCETN475$169,5700.02%
220STARBUCKS CORPSBUX1,815$166,3080.02%
221AUTOMATIC DATA PROCESSING INCADP517$159,4430.02%
222DISNEY WALT CO NEW2546871061,219$151,1680.02%
223MATERIALS SELECT SECTOR SPDR FUND81369Y1001,708$149,9600.02%
224ISHARES BARCLAYS 1-3 YEAR TR ETF4642874571,726$143,0160.02%
225NEXTERA ENERGY INCNEE-PW2,054$142,5890.02%
226T ROWE PRICE GROUP INCTROW1,453$140,2150.01%
227VANGUARD REAL ESTATE ETF9229085531,500$133,5900.01%
228ENERGY SELECT SECTOR SPDR FUND81369Y5061,560$132,3040.01%
229INTERCONTINENTAL EXCHANGE GROUP, INC45866F104714$130,9980.01%
230LOWES COS INC548661107575$127,5750.01%
231ISHARES BARCLAYS 1-3 YEAR TR ETF4642874571,500$124,2900.01%
232COCA COLA COKO1,716$121,4070.01%
233PALO ALTO NETWORKS INCPANW564$115,4170.01%
234FORD MOTOR CO DEL34537086010,500$113,9250.01%
235AMPHENOL CORP CL A0320951011,148$113,3650.01%
236HONEYWELL INTERNATIONAL INC438516106464$108,0560.01%
237UTILITIES SELECT SECTOR SPDR FUND81369Y8861,305$106,5660.01%
238REAL ESTATE SELECT SECTOR SPDR FUND81369Y8602,464$102,0590.01%
239CONOCOPHILLIPSCOP1,131$101,4960.01%
240COMM. SERV. SELECT SECTOR SPDR FUND81369Y852920$99,8480.01%
241PIMCO ENHANCED SHORT MATURITY ETF72201R833985$99,0270.01%
242UNION PAC CORPUNP427$98,2440.01%
243MARVELL TECHNOLOGY INCMRVL1,255$97,1370.01%
244THERMO FISHER SCIENTIFIC INCTMO230$93,2560.01%
245UNITEDHEALTH GROUP INCUNH298$92,9670.01%
246AMGEN INCAMGN321$89,6260.01%
247COSTCO WHOLESALE CORP22160K10590$89,0950.01%
248CISCO SYSTEMS INCCSCO1,265$87,7660.01%
249PAYCHEX INCPAYX595$86,5490.01%
250VERIZON COMMUNICATIONSVZ1,976$85,5020.01%
251SPDR PORTFOLIO S&P 500 VALUE ETF78464A5081,626$85,1050.01%
252T ROWE PRICE GROUP INCTROW875$84,4380.01%
253WILLIAMS COS INC9694571001,268$79,6430.01%
254ISHARES 1-5Y INV GRADE CORP ETF4642886461,500$79,1400.01%
255WELLS FARGO & CO949746101925$74,1110.01%
256ADOBE INCADBE191$73,8940.01%
257BRISTOL MYERS SQUIBB COCELG-RI1,535$71,0550.01%
258TESLA INCTSLA218$69,2500.01%
259CONS STAPLES SELECT SECT SPDR FUND81369Y308841$68,0960.01%
260PFIZER INCPFE2,806$68,0170.01%
261T-MOBILE US INCTMUSZ249$59,3270.01%
262ISHARES IBONDS DEC 2034 TM CORP46438G6532,258$59,0020.01%
263ABBOTT LABSABLZF426$57,9400.01%
264INGERSOLL-RAND INCIR670$55,7310.01%
265QUANTA SERVICES INC74762E102144$54,4440.01%
266MCDONALDS CORPMCD175$51,1300.01%
267CUMMINS INCCMI146$47,8150.01%
268EATON CORP PLCETN130$46,4090.00%
269TERADYNE INCTER497$44,6900.00%
270AT&T INCT-PC1,273$36,8410.00%
271CARRIER GLOBAL CORPCARR486$35,5700.00%
272AMERICAN WATER WORKS CO INC030420103254$35,3340.00%
273SNOWFLAKE INC CL ASNOW152$34,0130.00%
274MASTERCARD INC CL AMA60$33,7160.00%
275GENERAL DYNAMICS CORPGD100$29,1660.00%
276SOUTHERN COMPANYSOMN300$27,5490.00%
277TRAVELERS COMPANIES INCTRV93$24,8810.00%
278DOMINION ENERGY INCD418$23,6250.00%
279DANAHER CORP235851102109$21,5320.00%
280SYSCO CORPSYY260$19,6920.00%
281GOLDMAN SACHS GROUP INCGSCE25$17,6940.00%
282MASCO CORPMAS266$17,1200.00%
283ISHARES IBONDS 2026 TERM HIGH YIELD AND INC46436E528640$14,8670.00%
284LENNAR CORP CL ALEN-B115$12,7200.00%
285YUM BRANDS INCYUM72$10,6690.00%
286LYONDELLBASELL INDUSTRIES NVLYB103$5,9600.00%