RYDEX ETF TRUST

CUSIP: 78355W502 Class: S\&P.* PV

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

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

Q1 2017
Shares 175,622 Value ($000) $10,950 Avg Close — Range —
Q4 2016
Shares 217,808 Value ($000) $13,443 Avg Close — Range —