ISHARES TR

Ticker: IYW CUSIP: 464287721 Class: U.S. TECH ETF

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

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

Q1 2015

Shares 168,240 Value ($000) $17,658 Avg Close — Range —

Q4 2014

Shares 179,624 Value ($000) $18,753 Avg Close — Range —

Q3 2014

Shares 171,300 Value ($000) $17,260 Avg Close — Range —

Q2 2014

Shares 178,200 Value ($000) $17,264 Avg Close — Range —

Q1 2014

Shares 150,000 Value ($000) $13,659 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	168,240	$17,658	—	—
Q4 2014	179,624	$18,753	—	—
Q3 2014	171,300	$17,260	—	—
Q2 2014	178,200	$17,264	—	—
Q1 2014	150,000	$13,659	—	—