Spruce Investment Advisors’s iShares MSCI Germany ETF EWG Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q3	–	Sell	-655,419	Closed	-$20.5M	–	28
2014 Q2	$20.5M	Sell	655,419 -10,548	-2%	-$330K	6.23%	6
2014 Q1	$20.9M	Sell	665,967 -6,019	-0.9%	-$189K	8.08%	5
2013 Q4	$21.3M	Buy	671,986 +117,927	+21%	+$3.75M	9.77%	4
2013 Q3	$15.4M	Buy	+554,059	New	+$15.4M	11.09%	3