Sandler Capital Management’s Invesco Aerospace & Defense ETF PPA Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2016 Q1	–	Sell	-370,300	Closed	-$13.2M	–	130
2015 Q4	$13.2M	Buy	+370,300	New	+$13.2M	1.26%	14