SeaBridge Investment Advisors’s ProShares Trust Short MSCI Emerging Markets EUM Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2016 Q3	–	Sell	-115	Closed	-$6K	–	261
2016 Q2	$6K	Hold	115	–	–	﹤0.01%	247
2016 Q1	$6K	Sell	115 -72,771	-100%	-$3.8M	﹤0.01%	219
2015 Q4	$4.29M	Sell	72,886 -32,347	-31%	-$1.91M	0.95%	47
2015 Q3	$6.29M	Buy	+105,233	New	+$6.29M	1.46%	20