ISHARES TR

Ticker: VLUE CUSIP: 46432F388 Class: ETF-EQUITY

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

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

Q1 2018
Shares 226,099 Value ($000) $18,545 Avg Close — Range —
Q4 2017
Shares 231,932 Value ($000) $19,394 Avg Close — Range —