Arrow Financial Corp

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Arrow Financial Corp reported 160 stock positions worth $978.0 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 13.3% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 9.4%) and iShares Core S&P Midcap ETF (IJH, 5.8%). Compared with Q2 2025, it opened 6 new positions, sold out of 6, added to 37 and reduced 102. The biggest buy was iShares Ibond 2026 HY & (IBHF, shares +24%) and the biggest sale an exit from iShares Ibonds Dec 2025 Term (IBDQ).

Most Recent 13F
Q2 2026
Location
Glens Falls, NY
CIK
0000717538
Portfolio Value
$978.0M (Q3 2025)
SEC Filing
0000717538-25-000086 ↗ filed Oct 21, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.0B Q1 2024 Q2 2024: $1.0B Q2 2024 Q3 2024: $1.1B Q3 2024 Q4 2024: $1.1B Q4 2024 Q1 2025: $894.5M Q1 2025 Q2 2025: $949.7M Q2 2025 Q3 2025: $978.0M $978.0M Q3 2025 Q4 2025: $1.0B Q4 2025 Q1 2026: $994.0M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 160 stocks · $978.0M

VOO Vanguard S&P 500 ETF 13.30% 212,345 $130.0M Reduce -1.6%
QQQ Invesco QQQ Trust Series 1 9.36% 152,428 $91.5M Reduce -3.8%
IJH iShares Core S&P Midcap ETF 5.78% 865,771 $56.5M Reduce -0.9%
AROW Arrow Financial Corp. 5.37% 1,857,332 $52.6M Reduce -1.6%
IJR iShares Core S&P Small-Cap E 4.59% 377,876 $44.9M Reduce -1.7%
SPYV SS SPDR P S&P 500 Value ETF 4.44% 784,684 $43.4M Reduce -1.9%
IDEV iShares Core MSCI Dev MKTS 4.12% 502,683 $40.3M Reduce -1.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd 3.00% 99,968 $29.4M Reduce -3.2%
IBHF iShares Ibond 2026 HY & Inc. 2.16% 901,561 $21.1M Add +24.5%
NVDA Nvidia Corp. 1.94% 101,575 $19.0M Reduce -1.8%
MSFT Microsoft Corp. 1.89% 35,660 $18.5M Reduce -0.1%
AAPL Apple Inc. 1.87% 71,982 $18.3M Add +0.2%
IBHE iShares Ibonds 2025 H/Y Inc. 1.59% 669,534 $15.5M Reduce -22.9%
IBDX iShares Ibonds Dec 2032 TC 1.51% 576,976 $14.8M Reduce -2.5%
IBDY iShares Ibonds Dec 2033 Corp. 1.48% 551,352 $14.5M Reduce -2.6%
IBDW iShares Ibonds Dec 2031 Corp. 1.47% 675,702 $14.3M Reduce -2.5%
IBDV iShares Ibonds Dec 2030 Corp. 1.46% 644,027 $14.3M Reduce -2.1%
IBDU iShares Ibonds Dec 2029 Term 1.45% 602,273 $14.1M Reduce -2.4%
IBDT iShares Ibonds Dec 2028 ETF 1.42% 544,471 $13.9M Reduce -2.4%
GOOGL Alphabet Inc. Class A 1.41% 56,897 $13.8M Reduce -1.1%
IBDR iShares Ibonds Dec 2026 Term 1.39% 559,148 $13.6M Reduce -2.5%
IBDS Ishrs Ibnds Dec 27 Corp. ETF 1.39% 556,933 $13.6M Reduce -2.5%
VB Vanguard Most SM-Cap ETF-Usd 1.23% 47,362 $12.0M Reduce -3.6%
XLRE SS Real Estate Select Sector 1.07% 248,532 $10.5M Add +5.8%
ORCL Oracle Corp. 0.91% 31,531 $8.9M Reduce -3.7%
AMZN Amazon.com Inc. 0.88% 39,269 $8.6M Reduce -0.4%
JPM JPMorgan Chase & Co. 0.84% 26,025 $8.2M Reduce -1.1%
IBDZ ISHARESIBONDSDEC2034TMCORP 0.78% 287,632 $7.6M Add +19.8%
AGG iShares Core U.S. Aggregate 0.67% 64,926 $6.5M Reduce -0.6%
HD Home Depot Inc. 0.59% 14,293 $5.8M Add +1.1%
META Meta Platforms Inc. Class A 0.59% 7,794 $5.7M Reduce -0.4%
VCSH Vanguard S/T Corp. Bond ETF 0.55% 66,929 $5.3M Reduce -4.5%
APH Amphenol Corp. Class A 0.54% 42,291 $5.2M Reduce -4.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.50% 7,398 $4.9M Add +1.1%
TLH iShares 10-20 Year Treasury 0.50% 47,748 $4.9M Reduce -13.1%
V Visa Inc. Class A 0.48% 13,859 $4.7M Reduce -1.2%
BRK.B Berkshire Hathaway Inc. Class B 0.47% 9,192 $4.6M Reduce -1.2%
NYF iShares New York Muni Bond E 0.47% 86,075 $4.6M Reduce -0.2%
BLK BlackRock Inc. 0.42% 3,553 $4.1M Reduce -1.7%
LLY Eli Lilly & Co. 0.41% 5,234 $4.0M Reduce -0.2%
NFLX Netflix Inc. 0.40% 3,258 $3.9M Reduce -3.1%
JNJ Johnson & Johnson 0.38% 20,129 $3.7M Reduce -0.4%
CRM Salesforce Inc. 0.38% 15,701 $3.7M Reduce -0.8%
CAT Caterpillar Inc. 0.36% 7,461 $3.6M Add +0.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.35% 66,797 $3.4M Reduce -1.5%
XOM Exxon Mobil Corp. 0.35% 30,474 $3.4M Reduce -3.0%
COST Costco Wholesale Corp. 0.35% 3,679 $3.4M Add +1.6%
WMT Walmart Inc. 0.35% 32,853 $3.4M Reduce -1.6%
CSCO Cisco Systems Inc. 0.34% 48,897 $3.3M Reduce -2.9%
ICE Intercontinental Exchange Inc. 0.34% 19,465 $3.3M Reduce -1.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.33% 21,997 $3.2M Reduce -3.5%
SYK Stryker Corp. 0.32% 8,428 $3.1M Reduce -3.9%
PG The Procter & Gamble Co. 0.30% 19,343 $3.0M Reduce -0.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.29% 24,577 $2.8M Add +1.3%
GOOG Alphabet Inc. Class C 0.29% 11,517 $2.8M Reduce -0.0%
MCD McDonald's Corp. 0.28% 9,168 $2.8M Add +0.2%
AMGN Amgen Inc. 0.28% 9,781 $2.8M Reduce -2.3%
MS Morgan Stanley 0.27% 16,832 $2.7M Reduce -0.8%
TMO Thermo Fisher Scientific Inc. 0.27% 5,386 $2.6M Add +5.0%
TMUS T-Mobile US Inc. 0.26% 10,689 $2.6M Add +0.4%
TRV The Travelers Cos Inc. 0.25% 8,638 $2.4M Reduce -2.5%
XLK SS Technology Select Sector 0.24% 8,438 $2.4M Reduce -5.8%
ADBE Adobe Inc. 0.24% 6,698 $2.4M Reduce -1.0%
PANW Palo Alto Networks Inc. 0.24% 11,547 $2.4M Add +8.5%
ABT Abbott Laboratories 0.24% 17,499 $2.3M Reduce -3.0%
GD General Dynamics Corp. 0.24% 6,808 $2.3M Reduce -1.3%
WMB Williams Cos Inc. 0.24% 36,466 $2.3M Reduce -3.9%
KO The Coca-Cola Co. 0.24% 34,704 $2.3M Add +2.8%
HON Honeywell International Inc. 0.23% 10,457 $2.2M Add +0.5%
MRVL Marvell Technology Inc. 0.21% 24,730 $2.1M Add +12.7%
MA Mastercard Inc. Class A 0.20% 3,495 $2.0M Reduce -5.1%
TSLA Tesla Inc. 0.20% 4,423 $2.0M Add +0.1%
CMI Cummins Inc. 0.20% 4,653 $2.0M Reduce -2.6%
UNP Union Pacific Corp. 0.20% 8,125 $1.9M Reduce -3.8%
PWR Quanta Services Inc. 0.19% 4,448 $1.8M Add +2.0%
DHR Danaher Corp. 0.17% 8,406 $1.7M Reduce -0.2%
MAS Masco Corp. 0.17% 23,656 $1.7M Reduce -0.3%
PEP Pepsico Inc. 0.15% 10,480 $1.5M Add +4.1%
YUM Yum! Brands Inc. 0.15% 9,633 $1.5M Add +1.9%
COP Conocophillips 0.15% 15,293 $1.4M Reduce -1.6%
UNH Unitedhealth Group Inc. 0.14% 4,036 $1.4M Reduce -20.1%
XLB SS Materials Select Sector 0.14% 15,351 $1.4M Add +0.7%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.14% 4,867 $1.4M Add +4.3%
BND Vanguard Total Bond Market 0.14% 18,082 $1.3M Reduce -16.3%
IR Ingersoll-Rand Inc. 0.14% 16,119 $1.3M Add +1.3%
ABBV Abbvie Inc. 0.14% 5,724 $1.3M Reduce -0.5%
AVGO Broadcom Inc. 0.13% 3,967 $1.3M Add +33.1%
VRTX Vertex Pharmaceuticals Inc. 0.13% 3,237 $1.3M Reduce -2.0%
CVX Chevron Corp. 0.13% 8,068 $1.3M Add +0.9%
LOW Lowe's Cos Inc. 0.13% 4,952 $1.2M Reduce -2.3%
XLF SS Financial Select Sector 0.13% 22,832 $1.2M Reduce -5.1%
RTX RTX Corp. 0.13% 7,334 $1.2M Add +0.8%
AWK American Water Works Co. Inc. 0.12% 8,124 $1.1M Add +8.7%
MUB iShares National Muni Bond E 0.11% 10,163 $1.1M Reduce -17.9%
ADP Automatic Data Processing 0.11% 3,578 $1.1M Add +24.3%
MINT PIMCO Enhanced Short Maturit 0.10% 10,073 $1.0M Reduce -28.4%
AXP American Express Co. 0.10% 3,009 $999K Add +14.2%
TER Teradyne Inc. 0.10% 7,258 $999K Reduce -19.3%
SYY Sysco Corp. 0.10% 11,886 $979K Reduce -3.9%
GE General Electric filed as GE AEROSPACE 0.10% 3,179 $956K Add +1.9%
IVV iShares Core S&P 500 ETF 0.09% 1,325 $887K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.09% 10,162 $886K Reduce -12.5%
D Dominion Energy Inc. 0.09% 14,008 $857K Reduce -0.6%
XLI SS Industrial Select Sector 0.08% 5,369 $828K Reduce -4.2%
XLV SS Health Care Select Sector 0.08% 5,887 $819K Reduce -9.8%
AEP American Electric Power 0.08% 7,169 $807K Add +32.9%
ECL Ecolab Inc. 0.07% 2,643 $724K Reduce -0.8%
MMM 3M Co. 0.07% 4,515 $701K Reduce -2.3%
VNQ Vanguard Real Estate ETF 0.07% 7,564 $692K No change
XLY SS Consumer Disc Select Sect 0.07% 2,821 $676K Reduce -9.2%
SNOW Snowflake Inc. 0.07% 2,977 $671K Reduce -2.6%
TXN Texas Instruments Inc. 0.06% 3,441 $632K Reduce -6.0%
NEE Nextera Energy Inc. 0.06% 8,324 $628K Reduce -6.7%
SUSB iShares ESG Aware 1-5 Year U 0.06% 24,545 $621K No change
CL Colgate-Palmolive Co. 0.06% 7,724 $617K No change
GLD SPDR Gold Shares 0.06% 1,722 $612K Reduce -2.0%
MRK Merck & Co. Inc. 0.06% 6,985 $586K Reduce -31.6%
SO The Southern Co. 0.06% 5,742 $544K Add +18.4%
INTU Intuit Inc. 0.05% 768 $524K Add +2.4%
EMR Emerson Electric Co. 0.05% 3,940 $517K Reduce -0.9%
SPYG SS SPDR P S&P 500 Growth ETF 0.05% 4,842 $506K No change
GEV GE Vernova Inc. 0.05% 816 $502K Add +1.8%
XLC SS Comm Select Sector SPDR 0.05% 4,175 $494K Reduce -10.5%
EMN Eastman Chemical Co. 0.05% 7,783 $491K Reduce -17.6%
WFC Wells Fargo & Co. 0.05% 5,714 $479K Reduce -1.3%
VTI VG Morningstar TS MKT ETF-US 0.05% 1,378 $452K No change
VZ Verizon Communications Inc. 0.05% 10,152 $446K Reduce -17.4%
LEN Lennar Corp. Class A 0.05% 3,518 $443K Reduce -18.8%
IWR iShares Russell Mid-Cap ETF 0.04% 4,076 $394K No change
SBUX Starbucks Corp. 0.04% 4,368 $370K Reduce -2.2%
NSC Norfolk Southern Corp. 0.04% 1,182 $355K New
AMAT Applied Materials Inc. 0.04% 1,685 $345K No change
LYB Lyondellbasell Indu Class A 0.03% 6,861 $336K Reduce -27.0%
XLE SS Energy Select Sector 0.03% 3,422 $306K Reduce -10.3%
PFE Pfizer Inc. 0.03% 11,993 $306K Reduce -1.8%
PAYX Paychex Inc. 0.03% 2,378 $301K Reduce -14.9%
CARR Carrier Global Corp. 0.03% 4,975 $297K Reduce -4.1%
INTC Intel Corp. 0.03% 8,605 $289K New
GS Goldman Sachs Group Inc. 0.03% 357 $284K No change
FISV Fiserv Inc. 0.03% 2,169 $280K Reduce -3.6%
SHY iShares 1-3 Year Treasury Bo 0.03% 3,226 $268K No change
DLTR Dollar Tree Inc. 0.03% 2,815 $266K Reduce -0.9%
UBER Uber Technologies Inc. 0.03% 2,669 $261K Add +6.8%
XLP SS Consumer Staples Sel Sect 0.03% 3,327 $261K Reduce -9.3%
BMY Bristol-Myers Squibb Co. 0.03% 5,545 $250K Reduce -16.2%
ETN Eaton Corp. PLC 0.03% 661 $247K Add +9.3%
IBMO iShares Ibonds Dec 2026 Term 0.02% 9,451 $243K No change
IBMP iShares Ibonds Dec 2027 Term 0.02% 9,517 $242K No change
IBMQ iShares Ibonds Dec 2028 Muni 0.02% 9,448 $242K No change
IBMN iShares Ibonds Dec 2025 Term 0.02% 9,006 $241K No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.02% 2,303 $236K Reduce -1.1%
T AT&T Inc. 0.02% 8,266 $233K Reduce -16.8%
SDY SS SPDR S&P Dividend ETF 0.02% 1,642 $230K Reduce -4.5%
NUSC Nuveen ESG Small-Cap ETF 0.02% 5,150 $227K No change
TD Toronto-Dominion Bank 0.02% 2,668 $213K New
SHW The Sherwin-Williams Co. 0.02% 597 $207K New
GIS General Mills Inc. 0.02% 4,049 $204K New
LMT Lockheed Martin Corp. 0.02% 408 $204K Reduce -22.3%
F Ford Motor Co. filed as FORD MTR CO 0.01% 10,779 $129K Add +2.7%
OPK Opko Health Inc. 0.00% 25,000 $39K New

Portfolio Sells Q2 2025 → Q3 2025

IBDQ iShares Ibonds Dec 2025 Term Sold out 0.00% −1.25
IBHE iShares Ibonds 2025 H/Y Inc. Reduce -22.9% 1.59% −0.54
TLH iShares 10-20 Year Treasury Reduce -13.1% 0.50% −0.09
IBDR iShares Ibonds Dec 2026 Term Reduce -2.5% 1.39% −0.07
NFLX Netflix Inc. Reduce -3.1% 0.40% −0.07
IBDS Ishrs Ibnds Dec 27 Corp. ETF Reduce -2.5% 1.39% −0.07
CRM Salesforce Inc. Reduce -0.8% 0.38% −0.07
IBDT iShares Ibonds Dec 2028 ETF Reduce -2.4% 1.42% −0.07
IBDU iShares Ibonds Dec 2029 Term Reduce -2.4% 1.45% −0.07
IBDW iShares Ibonds Dec 2031 Corp. Reduce -2.5% 1.47% −0.07
IBDY iShares Ibonds Dec 2033 Corp. Reduce -2.6% 1.48% −0.07
IBDX iShares Ibonds Dec 2032 TC Reduce -2.5% 1.51% −0.06
IBDV iShares Ibonds Dec 2030 Corp. Reduce -2.1% 1.46% −0.06
SYK Stryker Corp. Reduce -3.9% 0.32% −0.05
ICE Intercontinental Exchange Inc. Reduce -1.5% 0.34% −0.05
MINT PIMCO Enhanced Short Maturit Reduce -28.4% 0.10% −0.05
V Visa Inc. Class A Reduce -1.2% 0.48% −0.04
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -3.2% 3.00% −0.04
VCSH Vanguard S/T Corp. Bond ETF Reduce -4.5% 0.55% −0.04
IGSB iShares 1-5Y Inv Grade Corp. Sold out 0.00% −0.04
ADBE Adobe Inc. Reduce -1.0% 0.24% −0.03
CPK Chesapeake Utilities Corp. Sold out 0.00% −0.03
BND Vanguard Total Bond Market Reduce -16.3% 0.14% −0.03
AMZN Amazon.com Inc. Reduce -0.4% 0.88% −0.03
CSCO Cisco Systems Inc. Reduce -2.9% 0.34% −0.03
MUB iShares National Muni Bond E Reduce -17.9% 0.11% −0.03
NGG National Grid PLC-SP ADR Sold out 0.00% −0.03
MRK Merck & Co. Inc. Reduce -31.6% 0.06% −0.03
VRTX Vertex Pharmaceuticals Inc. Reduce -2.0% 0.13% −0.03
EMN Eastman Chemical Co. Reduce -17.6% 0.05% −0.02
PYPL PayPal Holdings Inc. Sold out 0.00% −0.02
UNH Unitedhealth Group Inc. Reduce -20.1% 0.14% −0.02
META Meta Platforms Inc. Class A Reduce -0.4% 0.59% −0.02
LYB Lyondellbasell Indu Class A Reduce -27.0% 0.03% −0.02
LLY Eli Lilly & Co. Reduce -0.2% 0.41% −0.02
OTIS Otis Worldwide Corp. Sold out 0.00% −0.02
PG The Procter & Gamble Co. Reduce -0.0% 0.30% −0.02
ABT Abbott Laboratories Reduce -3.0% 0.24% −0.02
AGG iShares Core U.S. Aggregate Reduce -0.6% 0.67% −0.02
TXN Texas Instruments Inc. Reduce -6.0% 0.06% −0.02
WMB Williams Cos Inc. Reduce -3.9% 0.24% −0.01
MA Mastercard Inc. Class A Reduce -5.1% 0.20% −0.01
FISV Fiserv Inc. Reduce -3.6% 0.03% −0.01
AMGN Amgen Inc. Reduce -2.3% 0.28% −0.01
PAYX Paychex Inc. Reduce -14.9% 0.03% −0.01
VZ Verizon Communications Inc. Reduce -17.4% 0.05% −0.01
CARR Carrier Global Corp. Reduce -4.1% 0.03% −0.01
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -12.5% 0.09% −0.01
XLV SS Health Care Select Sector Reduce -9.8% 0.08% −0.01
UNP Union Pacific Corp. Reduce -3.8% 0.20% −0.01

Portfolio Buys Q2 2025 → Q3 2025

IBHF iShares Ibond 2026 HY & Inc. Add +24.5% 2.16% +0.38
AAPL Apple Inc. Add +0.2% 1.87% +0.32
IBDZ ISHARESIBONDSDEC2034TMCORP Add +19.8% 0.78% +0.12
CAT Caterpillar Inc. Add +0.4% 0.36% +0.06
TSLA Tesla Inc. Add +0.1% 0.20% +0.05
TMO Thermo Fisher Scientific Inc. Add +5.0% 0.27% +0.05
AVGO Broadcom Inc. Add +33.1% 0.13% +0.05
XLRE SS Real Estate Select Sector Add +5.8% 1.07% +0.05
HD Home Depot Inc. Add +1.1% 0.59% +0.05
NSC Norfolk Southern Corp. New 0.04% +0.04
MRVL Marvell Technology Inc. Add +12.7% 0.21% +0.03
INTC Intel Corp. New 0.03% +0.03
SPY SS SPDR S&P 500 ETF Trust-US Add +1.1% 0.50% +0.03
AEP American Electric Power Add +32.9% 0.08% +0.02
TD Toronto-Dominion Bank New 0.02% +0.02
SHW The Sherwin-Williams Co. New 0.02% +0.02
GIS General Mills Inc. New 0.02% +0.02
PWR Quanta Services Inc. Add +2.0% 0.19% +0.01
ADP Automatic Data Processing Add +24.3% 0.11% +0.01
AXP American Express Co. Add +14.2% 0.10% +0.01
RTX RTX Corp. Add +0.8% 0.13% +0.01
GE General Electric Add +1.9% 0.10% +0.01
PANW Palo Alto Networks Inc. Add +8.5% 0.24% +0.01
PEP Pepsico Inc. Add +4.1% 0.15% +0.01
SO The Southern Co. Add +18.4% 0.06% +0.01
CVX Chevron Corp. Add +0.9% 0.13% +0.01
GEV GE Vernova Inc. Add +1.8% 0.05% +0.01
AWK American Water Works Co. Inc. Add +8.7% 0.12% +0.01
OPK Opko Health Inc. New 0.00% +0.00
MCD McDonald's Corp. Add +0.2% 0.28% +0.00
ETN Eaton Corp. PLC Add +9.3% 0.03% +0.00
YUM Yum! Brands Inc. Add +1.9% 0.15% +0.00
UBER Uber Technologies Inc. Add +6.8% 0.03% +0.00
F Ford Motor Co. Add +2.7% 0.01% +0.00
XLB SS Materials Select Sector Add +0.7% 0.14% −0.00
IR Ingersoll-Rand Inc. Add +1.3% 0.14% −0.00
IBM Intl Business Machines Corp. Add +4.3% 0.14% −0.00
TMUS T-Mobile US Inc. Add +0.4% 0.26% −0.01
INTU Intuit Inc. Add +2.4% 0.05% −0.01
KO The Coca-Cola Co. Add +2.8% 0.24% −0.02
DIS The Walt Disney Co. Add +1.3% 0.29% −0.03
COST Costco Wholesale Corp. Add +1.6% 0.35% −0.03
HON Honeywell International Inc. Add +0.5% 0.23% −0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 162$1.1BVOO, QQQ, AROW, IJH, IJR
Q1 2026 157$994.0MVOO, QQQ, AROW, IJH, IJR
Q4 2025 159$1.0BVOO, QQQ, AROW, IJH, IDEV
Q3 2025 160$978.0MVOO, QQQ, IJH, AROW, IJR
Q2 2025 160$949.7MVOO, QQQ, IJH, AROW, IJR
Q1 2025 155$894.5MVOO, QQQ, IJH, AROW, SPYV
Q4 2024 167$1.1BVOO, QQQ, AROW, IJH, IJR
Q3 2024 340$1.1BVOO, QQQ, AROW, IJH, IJR
Q2 2024 336$1.0BVOO, QQQ, IJH, AROW, IJR
Q1 2024 333$1.0BVOO, IJR, IJH, SPYV, AROW