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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 Q3 2025 · Filed October 21, 2025 · Accession 0000717538-25-000086

Total Value
$978.0M
Positions
288
Other Managers
1
Confidential Omitted
No
View on SEC.gov

Holdings (288)

#IssuerTicker / CUSIPSharesValue% of Filing
1VANGUARD S&P 500 ETF922908363210,471$128.9M13.18%
2INVESCO QQQ TRUST SERIES 1IVZ151,926$91.2M9.33%
3ISHARES CORE S&P MID-CAP ETF464287507861,099$56.2M5.75%
4ARROW FINANCIAL CORPORATION0427441021,845,641$52.2M5.34%
5ISHARES CORE S&P SMALL-CAP ETF464287804370,982$44.1M4.51%
6SPDR PORTFOLIO S&P 500 VALUE ETF78464A508783,087$43.3M4.43%
7ISHARES CORE MSCI DEV MKTS ETF46435G326492,764$39.5M4.04%
8VANGUARD MID-CAP ETF92290862989,983$26.4M2.70%
9ISHARES IBONDS 2026 TERM HIGH YIELD AND INC46436E528886,356$20.7M2.12%
10NVIDIA CORPNVDA91,855$17.1M1.75%
11APPLE INCAAPL65,351$16.6M1.70%
12MICROSOFT CORPMSFT30,859$16.0M1.63%
13ISHARES IBONDS 2025 H/Y INC ETF46435U168644,309$15.0M1.53%
14ISHARES IBONDS DEC 2032 TC ETF46436E312563,487$14.4M1.48%
15ISHARES IBONDS DEC 2033 CORP46436E130538,180$14.1M1.44%
16ISHARES IBONDS DEC 2031 TERM CORP46436E486659,428$14.0M1.43%
17ISHARES IBONDS DEC 2030 TERM CORP46436E726630,874$14.0M1.43%
18ISHARES IBONDS DEC 2029 TERM CORP46436E205589,919$13.8M1.42%
19ISHARES IBONDS DEC 2028 TERM CORP46435U515537,327$13.7M1.40%
20ISHARES IBONDS DEC 2026 TERM CORP46435GAA0551,656$13.4M1.37%
21ISHARES IBONDS DEC 2027 TERM CORP46435UAA9547,294$13.3M1.36%
22ALPHABET INC CL AGOOG51,513$12.5M1.28%
23VANGUARD SMALL-CAP ETF92290875143,509$11.1M1.13%
24REAL ESTATE SELECT SECTOR SPDR FUND81369Y860244,655$10.3M1.05%
25AMAZON.COM INCAMZN37,114$8.1M0.83%
26ORACLE CORPORATIONORCL-PD26,586$7.5M0.76%
27ISHARES IBONDS DEC 2034 TM CORP46438G653279,219$7.4M0.76%
28ISHARES CORE U.S. AGGREGATE46428722664,926$6.5M0.67%
29JP MORGAN CHASE & COVYLD20,000$6.3M0.65%
30META PLATFORMS INC CL AMETA7,340$5.4M0.55%
31HOME DEPOT INCHD12,975$5.3M0.54%
32AMPHENOL CORP CL A03209510141,143$5.1M0.52%
33SPDR S&P 500 ETF TRUSTSPY7,398$4.9M0.50%
34VANGUARD SHORT TERM CORP BOND ETF92206C40960,802$4.9M0.50%
35ISHARES 10-20 YEAR TREASURY BOND ETF46428865344,644$4.6M0.47%
36ISHARES NEW YORK MUNI BOND ETF46428832386,075$4.6M0.47%
37VISA INC CL AV12,604$4.3M0.44%
38BERKSHIRE HATHAWAY INC-CL BBRK-A8,252$4.1M0.42%
39BLACKROCK INCBLK3,354$3.9M0.40%
40NETFLIX INCNFLX3,048$3.7M0.37%
41SALESFORCE INCCRM14,899$3.5M0.36%
42COSTCO WHOLESALE CORP22160K1053,589$3.3M0.34%
43CISCO SYSTEMS INCCSCO47,652$3.3M0.33%
44BANK OF AMERICA CORP06050510462,767$3.2M0.33%
45WALMART INCWMT31,078$3.2M0.33%
46INTERCONTINENTAL EXCHANGE GROUP, INC45866F10418,751$3.2M0.32%
47CATERPILLAR INCCAT6,432$3.1M0.31%
48VANGUARD MID-CAP ETF9229086299,985$2.9M0.30%
49LILLY ELI & COLLY3,820$2.9M0.30%
50TJX COS INC87254010920,052$2.9M0.30%
51JOHNSON & JOHNSONJNJ15,030$2.8M0.28%
52MCDONALDS CORPMCD8,993$2.7M0.28%
53STRYKER CORPORATIONSYK7,255$2.7M0.27%
54DISNEY WALT CO NEW25468710623,358$2.7M0.27%
55AMGEN INCAMGN9,460$2.7M0.27%
56EXXON MOBIL CORPXOM22,778$2.6M0.26%
57ALPHABET INC CL CGOOG10,422$2.5M0.26%
58THERMO FISHER SCIENTIFIC INCTMO5,156$2.5M0.26%
59T-MOBILE US INCTMUSZ10,440$2.5M0.26%
60PROCTER & GAMBLE CO74271810916,190$2.5M0.25%
61MICROSOFT CORPMSFT4,801$2.5M0.25%
62MORGAN STANLEYMS-PQ15,132$2.4M0.25%
63TRAVELERS COMPANIES INCTRV8,545$2.4M0.24%
64ADOBE INCADBE6,507$2.3M0.23%
65GENERAL DYNAMICS CORPGD6,708$2.3M0.23%
66ABBOTT LABSABLZF17,073$2.3M0.23%
67PALO ALTO NETWORKS INCPANW10,983$2.2M0.23%
68WILLIAMS COS INC96945710035,198$2.2M0.23%
69COCA COLA COKO32,988$2.2M0.22%
70HONEYWELL INTERNATIONAL INC4385161069,993$2.1M0.22%
71MARVELL TECHNOLOGY INCMRVL23,475$2.0M0.20%
72MASTERCARD INC CL AMA3,435$2.0M0.20%
73CUMMINS INCCMI4,507$1.9M0.19%
74JP MORGAN CHASE & COVYLD6,025$1.9M0.19%
75TESLA INCTSLA4,205$1.9M0.19%
76UNION PAC CORPUNP7,698$1.8M0.19%
77NVIDIA CORPNVDA9,720$1.8M0.19%
78QUANTA SERVICES INC74762E1024,304$1.8M0.18%
79APPLE INCAAPL6,631$1.7M0.17%
80MASCO CORPMAS23,390$1.6M0.17%
81DANAHER CORP2358511028,297$1.6M0.17%
82YUM BRANDS INCYUM9,561$1.5M0.15%
83ORACLE CORPORATIONORCL-PD4,945$1.4M0.14%
84VANGUARD TOTAL BOND MARKET ETF92193783518,082$1.3M0.14%
85TECHNOLOGY SELECT SECTOR SPDR FUND81369Y8034,766$1.3M0.14%
86CONOCOPHILLIPSCOP14,162$1.3M0.14%
87ALPHABET INC CL AGOOG5,384$1.3M0.13%
88BROADCOM INCAVGO3,967$1.3M0.13%
89UNITEDHEALTH GROUP INCUNH3,738$1.3M0.13%
90INGERSOLL-RAND INCIR15,449$1.3M0.13%
91MATERIALS SELECT SECTOR SPDR FUND81369Y10013,753$1.2M0.13%
92VANGUARD S&P 500 ETF9229083631,874$1.1M0.12%
93LOWES COS INC5486611074,377$1.1M0.11%
94VERTEX PHARMACEUTICALS INCVRTX2,801$1.1M0.11%
95AMERICAN WATER WORKS CO INC0304201037,870$1.1M0.11%
96ISHARES NATIONAL MUNI BOND ETF46428841410,163$1.1M0.11%
97LILLY ELI & COLLY1,414$1.1M0.11%
98PEPSICO INCPEP7,629$1.1M0.11%
99INTL. BUSINESS MACHINES CORPINTR3,723$1.1M0.11%
100TECHNOLOGY SELECT SECTOR SPDR FUND81369Y8033,672$1.0M0.11%
101ABBVIE INCABBV4,424$1.0M0.10%
102VANGUARD SMALL-CAP ETF9229087513,853$979,7410.10%
103SYSCO CORPSYY11,626$957,2850.10%
104GE AEROSPACE3696043013,179$956,3070.10%
105CHEVRON CORPORATIONCVX6,119$950,2200.10%
106JOHNSON & JOHNSONJNJ5,099$945,4570.10%
107TERADYNE INCTER6,761$930,5840.10%
108PIMCO ENHANCED SHORT MATURITY ETF72201R8339,088$915,0710.09%
109ISHARES CORE S&P 500 ETF4642872001,325$886,8230.09%
110RTX CORPORATIONRTX5,195$869,2790.09%
111EXXON MOBIL CORPXOM7,696$867,7240.09%
112DOMINION ENERGY INCD13,590$831,3000.09%
113ISHARES CORE S&P SMALL-CAP ETF4642878046,894$819,2100.08%
114AMERICAN ELEC PWR INC0255371017,169$806,5130.08%
115ISHARES CORE MSCI DEV MKTS ETF46435G3269,919$795,2060.08%
116UTILITIES SELECT SECTOR SPDR FUND81369Y8868,708$759,4250.08%
117AUTOMATIC DATA PROCESSING INCADP2,361$692,9540.07%
118FINANCIAL SELECT SECTOR SPDR FUND81369Y60512,606$679,0850.07%
119AMERICAN EXPRESS COAXP2,009$667,3090.07%
120SNOWFLAKE INC CL ASNOW2,825$637,1790.07%
121TEXAS INSTRUMENTS INC8825081043,441$632,2150.06%
122ISHARES ESG AWARE 1-5 YEAR USD ETF46435G24324,545$621,2340.06%
123SPDR GOLD TRUSTGLD1,722$612,1190.06%
124ISHARES IBONDS 2025 H/Y INC ETF46435U16825,225$585,7250.06%
125VANGUARD REAL ESTATE ETF9229085536,064$554,3710.06%
126FINANCIAL SELECT SECTOR SPDR FUND81369Y60510,226$550,8750.06%
127HOME DEPOT INCHD1,318$534,0400.05%
128SOUTHERN COMPANYSOMN5,442$515,7380.05%
129INTUIT INCINTU750$512,1830.05%
130SPDR PORTFOLIO S&P 500 GROWTH ETF78464A4094,842$506,0370.05%
131GE VERNOVA LLCGEV816$501,7580.05%
132INDUSTRIAL SELECT SECTOR SPDR FUND81369Y7043,250$501,2480.05%
133ECOLAB INCECL1,793$491,0310.05%
134CATERPILLAR INCCAT1,029$490,9870.05%
135EASTMAN CHEMICAL COEMN7,783$490,7180.05%
136VANGUARD SHORT TERM CORP BOND ETF92206C4096,127$489,7310.05%
137PROCTER & GAMBLE CO7427181093,153$484,4580.05%
138NEXTERA ENERGY INCNEE-PW6,270$473,3220.05%
139AMAZON.COM INCAMZN2,155$473,1730.05%
140BERKSHIRE HATHAWAY INC-CL BBRK-A940$472,5760.05%
141HEALTH CARE SELECT SECTOR SPDR FUND81369Y2093,356$467,0550.05%
1423M COMMM2,950$457,7810.05%
143VANGUARD TOTAL STOCK MARKET ETF9229087691,378$452,2180.05%
144COLGATE PALMOLIVE COCL5,515$440,8690.05%
145CONS DISC SELECT SECTOR SPDR FUND81369Y4071,811$433,9880.04%
146STRYKER CORPORATIONSYK1,173$433,6230.04%
147LENNAR CORP CL ALEN-B3,403$428,9140.04%
148VISA INC CL AV1,255$428,4320.04%
149WELLS FARGO & CO9497461014,789$401,4140.04%
150PEPSICO INCPEP2,851$400,3940.04%
151ISHARES RUSSELL MIDCAP ETF4642874994,076$393,5380.04%
152COMM. SERV. SELECT SECTOR SPDR FUND81369Y8523,255$385,2940.04%
153VERIZON COMMUNICATIONSVZ8,176$359,3350.04%
154RTX CORPORATIONRTX2,139$357,9190.04%
155AUTOMATIC DATA PROCESSING INCADP1,217$357,1900.04%
156ISHARES IBONDS 2026 TERM HIGH YIELD AND INC46436E52815,205$355,6450.04%
157HEALTH CARE SELECT SECTOR SPDR FUND81369Y2092,531$352,2390.04%
158ISHARES IBONDS DEC 2032 TC ETF46436E31213,489$345,5880.04%
159ISHARES IBONDS DEC 2033 CORP46436E13013,172$345,5020.04%
160ISHARES IBONDS DEC 2031 TERM CORP46436E48616,274$345,3340.04%
161APPLIED MATERIALS INC0382221051,685$344,9870.04%
162EMERSON ELEC COEMR2,620$343,6920.04%
163META PLATFORMS INC CL AMETA454$333,4090.03%
164AMERICAN EXPRESS COAXP1,000$332,1600.03%
165LYONDELLBASELL INDUSTRIES NVLYB6,758$331,4120.03%
166ARROW FINANCIAL CORPORATION04274410211,691$330,8550.03%
167INDUSTRIAL SELECT SECTOR SPDR FUND81369Y7042,119$326,8130.03%
168INTL. BUSINESS MACHINES CORPINTR1,144$322,7910.03%
169MERCK & CO INCMRK3,830$321,4520.03%
170ISHARES 10-20 YEAR TREASURY BOND ETF4642886533,104$319,6810.03%
171ISHARES CORE S&P MID-CAP ETF4642875074,672$304,8940.03%
172CHEVRON CORPORATIONCVX1,949$302,6600.03%
173INVESCO QQQ TRUST SERIES 1IVZ502$301,3860.03%
174ABBVIE INCABBV1,300$301,0020.03%
175ISHARES IBONDS DEC 2030 TERM CORP46436E72613,153$291,3390.03%
176ISHARES IBONDS DEC 2029 TERM CORP46436E20512,354$289,9480.03%
177TJX COS INC8725401091,945$281,1300.03%
178CARRIER GLOBAL CORPCARR4,700$280,5900.03%
179FISERV INCFISV2,169$279,6490.03%
180MORGAN STANLEYMS-PQ1,700$270,2320.03%
181ALPHABET INC CL CGOOG1,095$266,6870.03%
182DOLLAR TREE INCDLTR2,815$265,6520.03%
183MERCK & CO INCMRK3,155$264,7990.03%
184GOLDMAN SACHS GROUP INCGSCE332$264,3880.03%
185UBER TECHNOLOGIES INCUBER2,669$261,4820.03%
186NETFLIX INCNFLX210$251,7730.03%
1873M COMMM1,565$242,8570.02%
188ISHARES IBONDS DEC 2026 MUNI ETF46435U2599,451$242,5130.02%
189ISHARES IBONDS DEC 2027 MUNI ETF46435U2839,517$242,4460.02%
190ISHARES IBONDS DEC 2028 TERM MUNI46435U3259,448$242,2470.02%
191CONS DISC SELECT SECTOR SPDR FUND81369Y4071,010$242,0360.02%
192ISHARES IBONDS DEC 2025 MUNI ETF46435U4329,006$241,2710.02%
193PFIZER INCPFE9,400$239,5120.02%
194ISHARES IBONDS DEC 2027 TERM CORP46435UAA99,639$234,6130.02%
195ECOLAB INCECL850$232,7810.02%
196BLACKROCK INCBLK199$232,0080.02%
197SPDR S&P DIVIDEND ETF78464A7631,642$229,9620.02%
198NORFOLK SOUTHERN CORP655844108757$227,4100.02%
199NUVEEN ESG SMALL-CAP ETFNU5,150$227,1150.02%
200PAYCHEX INCPAYX1,783$226,0130.02%
201ISHARES IBONDS DEC 2034 TM CORP46438G6538,413$222,6920.02%
202STARBUCKS CORPSBUX2,553$215,9840.02%
203BANK OF AMERICA CORP0605051044,030$207,9080.02%
204SHERWIN WILLIAMS COSHW597$206,7170.02%
205GENERAL MLS INC3703341044,049$204,1510.02%
206LOCKHEED MARTIN CORPLMT408$203,6780.02%
207INTEL CORPINTC6,065$203,4810.02%
208ENERGY SELECT SECTOR SPDR FUND81369Y5062,242$200,3000.02%
209AT&T INCT-PC6,993$197,4820.02%
210CONS STAPLES SELECT SECT SPDR FUND81369Y3082,486$194,8280.02%
211SALESFORCE INCCRM802$190,0740.02%
212WALMART INCWMT1,775$182,9320.02%
213ISHARES IBONDS DEC 2028 TERM CORP46435U5157,144$182,3150.02%
214ISHARES IBONDS DEC 2026 TERM CORP46435GAA07,492$182,0560.02%
215BRISTOL MYERS SQUIBB COCELG-RI4,010$180,8510.02%
216EATON CORP PLCETN475$177,7690.02%
217COLGATE PALMOLIVE COCL2,209$176,5870.02%
218EMERSON ELEC COEMR1,320$173,1580.02%
219VERTEX PHARMACEUTICALS INCVRTX436$170,7550.02%
220TORONTO DOMINION BANKTORO2,084$166,6160.02%
221REAL ESTATE SELECT SECTOR SPDR FUND81369Y8603,877$163,3380.02%
222NEXTERA ENERGY INCNEE-PW2,054$155,0560.02%
223STARBUCKS CORPSBUX1,815$153,5490.02%
224T ROWE PRICE GROUP INCTROW1,428$146,5700.01%
225LOWES COS INC548661107575$144,5030.01%
226MATERIALS SELECT SECTOR SPDR FUND81369Y1001,598$143,1940.01%
227ISHARES BARCLAYS 1-3 YEAR TR ETF4642874571,726$143,1890.01%
228AMPHENOL CORP CL A0320951011,148$142,0650.01%
229DISNEY WALT CO NEW2546871061,219$139,5760.01%
230VANGUARD REAL ESTATE ETF9229085531,500$137,1300.01%
231FORD MOTOR CO DEL34537086010,779$128,9170.01%
232NORFOLK SOUTHERN CORP655844108425$127,6740.01%
233UTILITIES SELECT SECTOR SPDR FUND81369Y8861,454$126,8030.01%
234ISHARES BARCLAYS 1-3 YEAR TR ETF4642874571,500$124,4400.01%
235INTERCONTINENTAL EXCHANGE GROUP, INC45866F104714$120,2950.01%
236PALO ALTO NETWORKS INCPANW564$114,8420.01%
237COCA COLA COKO1,716$113,8050.01%
238THERMO FISHER SCIENTIFIC INCTMO230$111,5550.01%
239COMM. SERV. SELECT SECTOR SPDR FUND81369Y852920$108,9000.01%
240CONOCOPHILLIPSCOP1,131$106,9810.01%
241MARVELL TECHNOLOGY INCMRVL1,255$105,5080.01%
242ENERGY SELECT SECTOR SPDR FUND81369Y5061,180$105,4210.01%
243UNITEDHEALTH GROUP INCUNH298$102,8990.01%
244UNION PAC CORPUNP427$100,9300.01%
245PIMCO ENHANCED SHORT MATURITY ETF72201R833985$99,1800.01%
246HONEYWELL INTERNATIONAL INC438516106464$97,6720.01%
247TESLA INCTSLA218$96,9490.01%
248AMGEN INCAMGN321$90,5860.01%
249T ROWE PRICE GROUP INCTROW875$89,8100.01%
250SPDR PORTFOLIO S&P 500 VALUE ETF78464A5081,597$88,3620.01%
251VERIZON COMMUNICATIONSVZ1,976$86,8450.01%
252INTEL CORPINTC2,540$85,2170.01%
253CISCO SYSTEMS INCCSCO1,245$85,1830.01%
254COSTCO WHOLESALE CORP22160K10590$83,3070.01%
255WILLIAMS COS INC9694571001,268$80,3280.01%
256WELLS FARGO & CO949746101925$77,5340.01%
257PAYCHEX INCPAYX595$75,4220.01%
258EATON CORP PLCETN186$69,6110.01%
259BRISTOL MYERS SQUIBB COCELG-RI1,535$69,2290.01%
260TERADYNE INCTER497$68,4070.01%
261ADOBE INCADBE191$67,3750.01%
262PFIZER INCPFE2,593$66,0700.01%
263CONS STAPLES SELECT SECT SPDR FUND81369Y308841$65,9090.01%
264CUMMINS INCCMI146$61,6660.01%
265QUANTA SERVICES INC74762E102144$59,6760.01%
266T-MOBILE US INCTMUSZ249$59,6060.01%
267ABBOTT LABSABLZF426$57,0580.01%
268INGERSOLL-RAND INCIR670$55,3550.01%
269MCDONALDS CORPMCD175$53,1810.01%
270TORONTO DOMINION BANKTORO584$46,6910.00%
271OPKO HEALTH INC COMOPK25,000$38,7500.00%
272AT&T INCT-PC1,273$35,9500.00%
273AMERICAN WATER WORKS CO INC030420103254$35,3540.00%
274SNOWFLAKE INC CL ASNOW152$34,2840.00%
275MASTERCARD INC CL AMA60$34,1290.00%
276GENERAL DYNAMICS CORPGD100$34,1000.00%
277SOUTHERN COMPANYSOMN300$28,4310.00%
278TRAVELERS COMPANIES INCTRV93$25,9670.00%
279DOMINION ENERGY INCD418$25,5690.00%
280DANAHER CORP235851102109$21,6100.00%
281SYSCO CORPSYY260$21,4080.00%
282GOLDMAN SACHS GROUP INCGSCE25$19,9090.00%
283MASCO CORPMAS266$18,7240.00%
284CARRIER GLOBAL CORPCARR275$16,4180.00%
285LENNAR CORP CL ALEN-B115$14,4950.00%
286INTUIT INCINTU18$12,2920.00%
287YUM BRANDS INCYUM72$10,9440.00%
288LYONDELLBASELL INDUSTRIES NVLYB103$5,0510.00%