ISHARES

CUSIP: 464286855 Class: MSCI ITALCPD ETF

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

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

Q4 2015
Shares 477,992 Value ($000) $6,568 Avg Close — Range —
Q3 2015
Shares 513,625 Value ($000) $7,355 Avg Close — Range —