Arrow Financial Corp
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Arrow Financial Corp reported 160 stock positions worth $949.7 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 12.9% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 9.2%) and iShares Core S&P Midcap ETF (IJH, 5.7%). Compared with Q1 2025, it opened 8 new positions, sold out of 3, added to 48 and reduced 75. The biggest buy was Invesco QQQ Trust Series 1 (QQQ, shares +0%) and the biggest sale iShares Ibonds 2025 H/Y (IBHE, shares −31%).
- Most Recent 13F
- Q2 2026
- Location
- Glens Falls, NY
- CIK
- 0000717538
- Portfolio Value
- $949.7M (Q2 2025)
- SEC Filing
- 0000717538-25-000082 ↗ filed Aug 11, 2025
Holdings Value
Holdings 160 stocks · $949.7M
| VOO Vanguard S&P 500 ETF | 12.90% | 215,686 | $122.5M | Reduce -0.7% |
| QQQ Invesco QQQ Trust Series 1 | 9.20% | 158,376 | $87.4M | Add +0.1% |
| IJH iShares Core S&P Midcap ETF | 5.71% | 873,652 | $54.2M | Add +0.8% |
| AROW Arrow Financial Corp. | 5.25% | 1,888,320 | $49.9M | Add +0.1% |
| IJR iShares Core S&P Small-Cap E | 4.42% | 384,477 | $42.0M | Add +0.1% |
| SPYV SS SPDR P S&P 500 Value ETF | 4.41% | 799,564 | $41.8M | Add +0.5% |
| IDEV iShares Core MSCI Dev MKTS | 4.07% | 508,382 | $38.7M | Add +12.2% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 3.04% | 103,248 | $28.9M | Reduce -5.1% |
| IBHE iShares Ibonds 2025 H/Y Inc. | 2.13% | 868,676 | $20.2M | Reduce -30.6% |
| MSFT Microsoft Corp. | 1.87% | 35,683 | $17.7M | Reduce -4.3% |
| IBHF iShares Ibond 2026 HY & Inc. | 1.77% | 724,261 | $16.8M | Add +116.3% |
| NVDA Nvidia Corp. | 1.72% | 103,451 | $16.3M | Add +0.1% |
| IBDX iShares Ibonds Dec 2032 TC | 1.58% | 591,999 | $15.0M | Reduce -0.9% |
| AAPL Apple Inc. | 1.55% | 71,810 | $14.7M | Reduce -1.1% |
| IBDY iShares Ibonds Dec 2033 Corp. | 1.54% | 566,352 | $14.7M | Reduce -0.8% |
| IBDW iShares Ibonds Dec 2031 Corp. | 1.54% | 693,211 | $14.6M | Reduce -0.9% |
| IBDV iShares Ibonds Dec 2030 Corp. | 1.52% | 658,115 | $14.5M | Reduce -0.9% |
| IBDU iShares Ibonds Dec 2029 Term | 1.52% | 616,847 | $14.4M | Reduce -0.9% |
| IBDT iShares Ibonds Dec 2028 ETF | 1.49% | 557,751 | $14.2M | Reduce -1.5% |
| IBDR iShares Ibonds Dec 2026 Term | 1.46% | 573,374 | $13.9M | Reduce -1.3% |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | 1.46% | 571,307 | $13.9M | Reduce -1.3% |
| IBDQ iShares Ibonds Dec 2025 Term | 1.25% | 473,024 | $11.9M | Reduce -12.7% |
| VB Vanguard Most SM-Cap ETF-Usd | 1.23% | 49,129 | $11.6M | Reduce -3.2% |
| GOOGL Alphabet Inc. Class A | 1.07% | 57,546 | $10.1M | Reduce -0.7% |
| XLRE SS Real Estate Select Sector | 1.02% | 234,787 | $9.7M | Add +82.6% |
| AMZN Amazon.com Inc. | 0.91% | 39,418 | $8.6M | Reduce -0.0% |
| JPM JPMorgan Chase & Co. | 0.80% | 26,321 | $7.6M | Reduce -2.2% |
| ORCL Oracle Corp. | 0.75% | 32,742 | $7.2M | Reduce -8.5% |
| AGG iShares Core U.S. Aggregate | 0.68% | 65,301 | $6.5M | Reduce -2.9% |
| IBDZ ISHARESIBONDSDEC2034TMCORP | 0.66% | 240,155 | $6.3M | Add +61.8% |
| META Meta Platforms Inc. Class A | 0.61% | 7,825 | $5.8M | Reduce -0.8% |
| TLH iShares 10-20 Year Treasury | 0.59% | 54,946 | $5.6M | Reduce -23.8% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.59% | 70,060 | $5.6M | Reduce -5.3% |
| HD Home Depot Inc. | 0.55% | 14,135 | $5.2M | Add +4.8% |
| V Visa Inc. Class A | 0.52% | 14,030 | $5.0M | Add +2.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.48% | 9,305 | $4.5M | Add +0.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.48% | 7,315 | $4.5M | Reduce -0.1% |
| NFLX Netflix Inc. | 0.47% | 3,362 | $4.5M | Reduce -4.2% |
| NYF iShares New York Muni Bond E | 0.47% | 86,275 | $4.5M | Reduce -2.7% |
| APH Amphenol Corp. Class A | 0.46% | 44,261 | $4.4M | Reduce -9.0% |
| CRM Salesforce Inc. | 0.45% | 15,826 | $4.3M | Reduce -2.5% |
| LLY Eli Lilly & Co. | 0.43% | 5,244 | $4.1M | Add +2.0% |
| BLK BlackRock Inc. | 0.40% | 3,613 | $3.8M | Add +1.4% |
| ICE Intercontinental Exchange Inc. | 0.38% | 19,762 | $3.6M | Add +1.2% |
| COST Costco Wholesale Corp. | 0.38% | 3,621 | $3.6M | Reduce -2.1% |
| CSCO Cisco Systems Inc. | 0.37% | 50,375 | $3.5M | Reduce -6.5% |
| SYK Stryker Corp. | 0.37% | 8,770 | $3.5M | Reduce -3.2% |
| XOM Exxon Mobil Corp. | 0.36% | 31,402 | $3.4M | Reduce -4.0% |
| WMT Walmart Inc. | 0.34% | 33,386 | $3.3M | Add +1.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.34% | 67,824 | $3.2M | Add +2.5% |
| JNJ Johnson & Johnson | 0.33% | 20,210 | $3.1M | Reduce -1.9% |
| PG The Procter & Gamble Co. | 0.32% | 19,348 | $3.1M | Add +0.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.32% | 24,267 | $3.0M | Add +0.2% |
| CAT Caterpillar Inc. | 0.30% | 7,429 | $2.9M | Add +1.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.30% | 22,804 | $2.8M | Reduce -0.9% |
| AMGN Amgen Inc. | 0.29% | 10,009 | $2.8M | Reduce -7.5% |
| MCD McDonald's Corp. | 0.28% | 9,146 | $2.7M | Add +2.8% |
| ADBE Adobe Inc. | 0.28% | 6,765 | $2.6M | Add +8.1% |
| TMUS T-Mobile US Inc. | 0.27% | 10,650 | $2.5M | Reduce -6.5% |
| ABT Abbott Laboratories | 0.26% | 18,049 | $2.5M | Reduce -7.4% |
| HON Honeywell International Inc. | 0.26% | 10,406 | $2.4M | Add +0.8% |
| MS Morgan Stanley | 0.25% | 16,962 | $2.4M | Reduce -1.7% |
| KO The Coca-Cola Co. | 0.25% | 33,758 | $2.4M | Add +4.6% |
| WMB Williams Cos Inc. | 0.25% | 37,939 | $2.4M | Reduce -9.3% |
| TRV The Travelers Cos Inc. | 0.25% | 8,858 | $2.4M | Reduce -2.8% |
| XLK SS Technology Select Sector | 0.24% | 8,956 | $2.3M | No change |
| PANW Palo Alto Networks Inc. | 0.23% | 10,642 | $2.2M | Add +6.3% |
| TMO Thermo Fisher Scientific Inc. | 0.22% | 5,129 | $2.1M | Add +5.3% |
| MA Mastercard Inc. Class A | 0.22% | 3,682 | $2.1M | Reduce -2.4% |
| GOOG Alphabet Inc. Class C | 0.22% | 11,522 | $2.0M | Reduce -4.3% |
| GD General Dynamics Corp. | 0.21% | 6,898 | $2.0M | Add +5.8% |
| UNP Union Pacific Corp. | 0.20% | 8,446 | $1.9M | Reduce -3.1% |
| MRVL Marvell Technology Inc. | 0.18% | 21,952 | $1.7M | Add +21.7% |
| DHR Danaher Corp. | 0.18% | 8,423 | $1.7M | Add +5.1% |
| PWR Quanta Services Inc. | 0.17% | 4,362 | $1.6M | Add +4.7% |
| BND Vanguard Total Bond Market | 0.17% | 21,614 | $1.6M | Reduce -7.6% |
| UNH Unitedhealth Group Inc. | 0.17% | 5,048 | $1.6M | Add +16.7% |
| CMI Cummins Inc. | 0.16% | 4,776 | $1.6M | Reduce -0.4% |
| MAS Masco Corp. | 0.16% | 23,737 | $1.5M | Add +5.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.15% | 3,302 | $1.5M | Reduce -2.5% |
| MINT PIMCO Enhanced Short Maturit | 0.15% | 14,076 | $1.4M | Reduce -23.4% |
| TSLA Tesla Inc. | 0.15% | 4,421 | $1.4M | Reduce -1.8% |
| YUM Yum! Brands Inc. | 0.15% | 9,449 | $1.4M | Reduce -0.5% |
| COP Conocophillips | 0.15% | 15,535 | $1.4M | Add +0.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.14% | 4,667 | $1.4M | Reduce -11.1% |
| XLB SS Materials Select Sector | 0.14% | 15,250 | $1.3M | Add +5.9% |
| PEP Pepsico Inc. | 0.14% | 10,063 | $1.3M | Reduce -2.6% |
| IR Ingersoll-Rand Inc. | 0.14% | 15,915 | $1.3M | Reduce -12.7% |
| MUB iShares National Muni Bond E | 0.14% | 12,378 | $1.3M | No change |
| XLF SS Financial Select Sector | 0.13% | 24,063 | $1.3M | Add +7.8% |
| CVX Chevron Corp. | 0.12% | 7,998 | $1.1M | Reduce -3.4% |
| LOW Lowe's Cos Inc. | 0.12% | 5,070 | $1.1M | Add +4.2% |
| ABBV Abbvie Inc. | 0.11% | 5,751 | $1.1M | Reduce -3.4% |
| RTX RTX Corp. | 0.11% | 7,273 | $1.1M | Reduce -2.8% |
| AWK American Water Works Co. Inc. | 0.11% | 7,472 | $1.0M | Add +9.2% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.10% | 11,610 | $948K | Reduce -25.6% |
| SYY Sysco Corp. | 0.10% | 12,366 | $937K | Add +0.5% |
| ADP Automatic Data Processing | 0.09% | 2,878 | $888K | No change |
| XLV SS Health Care Select Sector | 0.09% | 6,525 | $880K | No change |
| AXP American Express Co. | 0.09% | 2,634 | $840K | Reduce -1.8% |
Portfolio Sells Q1 2025 → Q2 2025
| IBHE iShares Ibonds 2025 H/Y Inc. | Reduce -30.6% | 2.13% | −1.12 |
| XHB SS SPDR S&P Homebldrs ETF | Sold out | 0.00% | −0.86 |
| IBDQ iShares Ibonds Dec 2025 Term | Reduce -12.7% | 1.25% | −0.27 |
| AAPL Apple Inc. | Reduce -1.1% | 1.55% | −0.25 |
| TLH iShares 10-20 Year Treasury | Reduce -23.8% | 0.59% | −0.25 |
| IBDR iShares Ibonds Dec 2026 Term | Reduce -1.3% | 1.46% | −0.11 |
| IBDT iShares Ibonds Dec 2028 ETF | Reduce -1.5% | 1.49% | −0.11 |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | Reduce -1.3% | 1.46% | −0.10 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -5.1% | 3.04% | −0.10 |
| IBDU iShares Ibonds Dec 2029 Term | Reduce -0.9% | 1.52% | −0.09 |
| IBDX iShares Ibonds Dec 2032 TC | Reduce -0.9% | 1.58% | −0.09 |
| IBDV iShares Ibonds Dec 2030 Corp. | Reduce -0.9% | 1.52% | −0.09 |
| IBDW iShares Ibonds Dec 2031 Corp. | Reduce -0.9% | 1.54% | −0.09 |
| IBDY iShares Ibonds Dec 2033 Corp. | Reduce -0.8% | 1.54% | −0.09 |
| AMGN Amgen Inc. | Reduce -7.5% | 0.29% | −0.08 |
| XOM Exxon Mobil Corp. | Reduce -4.0% | 0.36% | −0.08 |
| TMUS T-Mobile US Inc. | Reduce -6.5% | 0.27% | −0.07 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -5.3% | 0.59% | −0.07 |
| AGG iShares Core U.S. Aggregate | Reduce -2.9% | 0.68% | −0.06 |
| MINT PIMCO Enhanced Short Maturit | Reduce -23.4% | 0.15% | −0.06 |
| PM Philip Morris International | Sold out | 0.00% | −0.06 |
| JNJ Johnson & Johnson | Reduce -1.9% | 0.33% | −0.06 |
| LEN Lennar Corp. Class A | Reduce -46.6% | 0.05% | −0.05 |
| NYF iShares New York Muni Bond E | Reduce -2.7% | 0.47% | −0.05 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -25.6% | 0.10% | −0.04 |
| CVX Chevron Corp. | Reduce -3.4% | 0.12% | −0.03 |
| MO Altria Group Inc. | Sold out | 0.00% | −0.03 |
| PEP Pepsico Inc. | Reduce -2.6% | 0.14% | −0.03 |
| CRM Salesforce Inc. | Reduce -2.5% | 0.45% | −0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -3.2% | 1.23% | −0.03 |
| ABT Abbott Laboratories | Reduce -7.4% | 0.26% | −0.03 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -2.5% | 0.15% | −0.03 |
| WMB Williams Cos Inc. | Reduce -9.3% | 0.25% | −0.03 |
| ABBV Abbvie Inc. | Reduce -3.4% | 0.11% | −0.03 |
| UNP Union Pacific Corp. | Reduce -3.1% | 0.20% | −0.03 |
| BND Vanguard Total Bond Market | Reduce -7.6% | 0.17% | −0.02 |
| TER Teradyne Inc. | Reduce -24.2% | 0.09% | −0.02 |
| IR Ingersoll-Rand Inc. | Reduce -12.7% | 0.14% | −0.02 |
| TRV The Travelers Cos Inc. | Reduce -2.8% | 0.25% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Reduce -13.4% | 0.03% | −0.02 |
| YUM Yum! Brands Inc. | Reduce -0.5% | 0.15% | −0.02 |
| TJX TJX Companies Inc. | Reduce -0.9% | 0.30% | −0.02 |
| COST Costco Wholesale Corp. | Reduce -2.1% | 0.38% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -2.4% | 0.22% | −0.01 |
| SYK Stryker Corp. | Reduce -3.2% | 0.37% | −0.01 |
| D Dominion Energy Inc. | Reduce -7.4% | 0.08% | −0.01 |
| CL Colgate-Palmolive Co. | Reduce -0.4% | 0.07% | −0.01 |
| SBUX Starbucks Corp. | Reduce -2.8% | 0.04% | −0.01 |
| PAYX Paychex Inc. | Reduce -0.9% | 0.04% | −0.01 |
| ECL Ecolab Inc. | Reduce -7.0% | 0.08% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| QQQ Invesco QQQ Trust Series 1 | Add +0.1% | 9.20% | +0.91 |
| IBHF iShares Ibond 2026 HY & Inc. | Add +116.3% | 1.77% | +0.90 |
| IDEV iShares Core MSCI Dev MKTS | Add +12.2% | 4.07% | +0.58 |
| NVDA Nvidia Corp. | Add +0.1% | 1.72% | +0.47 |
| XLRE SS Real Estate Select Sector | Add +82.6% | 1.02% | +0.42 |
| IBDZ ISHARESIBONDSDEC2034TMCORP | Add +61.8% | 0.66% | +0.23 |
| AVGO Broadcom Inc. | New | 0.09% | +0.09 |
| AEP American Electric Power | New | 0.06% | +0.06 |
| PWR Quanta Services Inc. | Add +4.7% | 0.17% | +0.06 |
| MRVL Marvell Technology Inc. | Add +21.7% | 0.18% | +0.05 |
| IJH iShares Core S&P Midcap ETF | Add +0.8% | 5.71% | +0.05 |
| DIS The Walt Disney Co. | Add +0.2% | 0.32% | +0.05 |
| SO The Southern Co. | New | 0.05% | +0.05 |
| PANW Palo Alto Networks Inc. | Add +6.3% | 0.23% | +0.04 |
| CAT Caterpillar Inc. | Add +1.3% | 0.30% | +0.03 |
| BAC Bank of America Corp. | Add +2.5% | 0.34% | +0.03 |
| LMT Lockheed Martin Corp. | New | 0.03% | +0.03 |
| UBER Uber Technologies Inc. | New | 0.02% | +0.02 |
| PYPL PayPal Holdings Inc. | New | 0.02% | +0.02 |
| ETN Eaton Corp. PLC | New | 0.02% | +0.02 |
| BLK BlackRock Inc. | Add +1.4% | 0.40% | +0.02 |
| NUSC Nuveen ESG Small-Cap ETF | New | 0.02% | +0.02 |
| WMT Walmart Inc. | Add +1.5% | 0.34% | +0.02 |
| GD General Dynamics Corp. | Add +5.8% | 0.21% | +0.01 |
| HON Honeywell International Inc. | Add +0.8% | 0.26% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +9.5% | 0.09% | +0.01 |
| XLF SS Financial Select Sector | Add +7.8% | 0.13% | +0.01 |
| ADBE Adobe Inc. | Add +8.1% | 0.28% | +0.01 |
| ICE Intercontinental Exchange Inc. | Add +1.2% | 0.38% | +0.01 |
| XLB SS Materials Select Sector | Add +5.9% | 0.14% | +0.00 |
| T AT&T Inc. | Add +5.3% | 0.03% | +0.00 |
| SDY SS SPDR S&P Dividend ETF | Add +4.7% | 0.02% | −0.00 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +0.3% | 0.04% | −0.00 |
| AWK American Water Works Co. Inc. | Add +9.2% | 0.11% | −0.00 |
| PFE Pfizer Inc. | Add +0.1% | 0.03% | −0.00 |
| VZ Verizon Communications Inc. | Add +5.0% | 0.06% | −0.00 |
| SYY Sysco Corp. | Add +0.5% | 0.10% | −0.00 |
| KO The Coca-Cola Co. | Add +4.6% | 0.25% | −0.01 |
| HD Home Depot Inc. | Add +4.8% | 0.55% | −0.01 |
| EMN Eastman Chemical Co. | Add +14.2% | 0.07% | −0.01 |
| DHR Danaher Corp. | Add +5.1% | 0.18% | −0.01 |
| LOW Lowe's Cos Inc. | Add +4.2% | 0.12% | −0.01 |
| LYB Lyondellbasell Indu Class A | Add +5.7% | 0.06% | −0.01 |
| V Visa Inc. Class A | Add +2.1% | 0.52% | −0.01 |
| MRK Merck & Co. Inc. | Add +3.5% | 0.09% | −0.01 |
| MAS Masco Corp. | Add +5.3% | 0.16% | −0.01 |
| MCD McDonald's Corp. | Add +2.8% | 0.28% | −0.03 |
| COP Conocophillips | Add +0.7% | 0.15% | −0.03 |
| PG The Procter & Gamble Co. | Add +0.5% | 0.32% | −0.04 |
| LLY Eli Lilly & Co. | Add +2.0% | 0.43% | −0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 162 | $1.1B | VOO, QQQ, AROW, IJH, IJR |
| Q1 2026 | 157 | $994.0M | VOO, QQQ, AROW, IJH, IJR |
| Q4 2025 | 159 | $1.0B | VOO, QQQ, AROW, IJH, IDEV |
| Q3 2025 | 160 | $978.0M | VOO, QQQ, IJH, AROW, IJR |
| Q2 2025 | 160 | $949.7M | VOO, QQQ, IJH, AROW, IJR |
| Q1 2025 | 155 | $894.5M | VOO, QQQ, IJH, AROW, SPYV |
| Q4 2024 | 167 | $1.1B | VOO, QQQ, AROW, IJH, IJR |
| Q3 2024 | 340 | $1.1B | VOO, QQQ, AROW, IJH, IJR |
| Q2 2024 | 336 | $1.0B | VOO, QQQ, IJH, AROW, IJR |
| Q1 2024 | 333 | $1.0B | VOO, IJR, IJH, SPYV, AROW |