Arrow Investment Advisors, LLC Closed Holding Positions

Arrow Investment Advisors, LLC

Stock	Closed Quarter	Shares Sold	Price Range
VLUE Ishares Msci Usa Value Factor ETFs	Q2 2018 Filed on Aug 03, 2018	226,099	$80.17 - $86.75 $18.1M - $19.6M
EFNL Ishares Tr Msci Finland ETF ETFs	Q2 2018 Filed on Aug 03, 2018	15,168	$40.18 - $44.3 $609K - $672K
Alliance Holdings Gp LP	Q2 2018 Filed on Aug 03, 2018	25,522	N/A
HRB H&R Block Inc Consumer Cyclical	Q4 2017 Filed on Feb 12, 2018	37,206	$23.86 - $28.99 $888K - $1.08M
DEM Wisdomtree Tr Emerging Mkts Hi ETFs	Q4 2017 Filed on Feb 12, 2018	416,822	N/A
Arrow Invts Tr	Q4 2017 Filed on Feb 12, 2018	1,215,935	N/A

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