ISHARES INC

Ticker: EWC CUSIP: 464286509 Class: MSCI CDA ETF

Arrow Investment Advisors, LLC's Holding History (CIK: 0001378410)

Note: Option positions (PUT/CALL) are excluded.

Q3 2016

Shares 148,504 Value ($000) $3,815 Avg Close — Range —

Q4 2014

Shares 274,079 Value ($000) $7,910 Avg Close — Range —

Q3 2014

Shares 381,000 Value ($000) $11,697 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2016	148,504	$3,815	—	—
Q4 2014	274,079	$7,910	—	—
Q3 2014	381,000	$11,697	—	—