AIA

Arrow Investment Advisors Portfolio holdings

AUM $103M

This Quarter Return

+0.3%

1 Year Return

+7.95%

3 Year Return

+29.88%

5 Year Return

+75.23%

10 Year Return

+187.51%

AUM

$94.5M

AUM Growth

-$12.9M (-12%)

Cap. Flow

-$11.2M

Cap. Flow % of AUM

-11.81%

Top 10 Holdings %Top 10 Hldgs %

79.59%

Holding

New

Increased

Reduced

Closed

Top Buys

1	iShares TIPS Bond ETF TIP	$1.29M
2	iShares 1-3 Year Treasury Bond ETF SHY	$1.25M
3	Invesco S&P MidCap 400 Pure Growth ETF RFG	$776K
4	iShares MSCI China ETF MCHI	$635K
5	iShares MSCI South Africa ETF EZA	$626K

Top Sells

1	Invesco S&P 500 Pure Value ETF RPV	$4.95M
2	iShares 20+ Year Treasury Bond ETF TLT	$1.63M
3	Vanguard Value ETF VTV	$1.01M
4	SPDR Bloomberg Convertible Securities ETF CWB	$951K
5	iShares MSCI Netherlands ETF EWN	$768K

Sector Composition

1	Real Estate	1.13%
2	Consumer Staples	0.74%
3	Energy	0.6%
4	Healthcare	0.34%
5	Communication Services	0.33%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	1 Arrow Reserve Capital Management ETF ARCM $46.2M	$41M	43.39%	409,003	–	–
2	2 iShares S&P 500 Growth ETF IVW $61.8B	$4.63M	4.89%	49,823 -4,249	-8%	-$394K
3	3 iShares MSCI USA Quality Factor ETF QUAL $53.2B	$4.56M	4.83%	26,705 -2,306	-8%	-$394K
4	4 Industrial Select Sector SPDR Fund XLI $22.5B	$4.4M	4.66%	33,587 -2,877	-8%	-$377K
5	5 Arrow DWA Country Rotation ETF DWCR $6.76M	$4.2M	4.44%	143,966 -25,000	-15%	-$729K
6	6 Technology Select Sector SPDR Fund XLK $82.5B	$4.04M	4.28%	19,578 -1,661	-8%	-$343K
7	7 Financial Select Sector SPDR Fund XLF $51.1B	$3.76M	3.98%	75,518 -6,497	-8%	-$324K
8	8 iShares MSCI USA Momentum Factor ETF MTUM $17.8B	$3.64M	3.86%	18,029 -1,521	-8%	-$307K
9	9 Invesco Dividend Achievers ETF PFM $711M	$3.48M	3.68%	76,005 -6,441	-8%	-$295K
10	10 iShares Select U.S. REIT ETF ICF $1.93B	$1.49M	1.58%	24,260 -3,848	-14%	-$237K
11	11 iShares JPMorgan USD Emerging Markets Bond ETF EMB $13.7B	$1.33M	1.41%	14,695	–	–
12	12 iShares iBoxx $ High Yield Corporate Bond ETF HYG $17.2B	$1.31M	1.38%	16,580	–	–
13	13 iShares TIPS Bond ETF TIP $13.8B	$1.29M	1.37%	+11,631	New	+$1.29M
14	14 iShares iBoxx $ Investment Grade Corporate Bond ETF LQD $29.2B	$1.29M	1.36%	11,860	–	–
15	15 iShares 20+ Year Treasury Bond ETF TLT $46.7B	$1.29M	1.36%	14,152 -17,862	-56%	-$1.63M
16	16 iShares 1-3 Year Treasury Bond ETF SHY $23.6B	$1.25M	1.33%	+15,141	New	+$1.25M
17	17 Vanguard Growth ETF VUG $179B	$1.1M	1.17%	2,976 -422	-12%	-$156K
18	18 Invesco S&P MidCap 400 Pure Growth ETF RFG $296M	$776K	0.82%	+17,701	New	+$776K
19	19 iShares MSCI Spain ETF EWP $1.32B	$672K	0.71%	17,666 -6,482	-27%	-$247K
20	20 iShares MSCI Italy ETF EWI $548M	$645K	0.68%	15,241 -5,704	-27%	-$241K
21	21 iShares MSCI China ETF MCHI $6.61B	$635K	0.67%	+11,680	New	+$635K
22	22 iShares MSCI South Africa ETF EZA $412M	$626K	0.66%	+13,010	New	+$626K
23	23 iShares MSCI Sweden ETF EWD $371M	$617K	0.65%	14,658 -4,222	-22%	-$178K
24	24 iShares MSCI France ETF EWQ $413M	$609K	0.65%	15,313 -4,489	-23%	-$179K
25	25 iShares MSCI Israel ETF EIS $356M	$537K	0.57%	+7,215	New	+$537K