Arrow Investment Advisors, LLC Buys SPDR Select Sector Fund - Consumer Discretionary, iShares TIPS Bond, iShares J.P. Morgan USD Emerging Markets Bond ETF, Sells SPDR Select Sector Fund - Utilities, iShares 20+ Year Treasury Bond ETF, iShares 1-3 Year Tre

• New Purchases: XLY, TIP, EMB, LQD, CWB, HYG, SCHP, SPIP, FCX, CAPL, DKL, ETRN, USAC, NS, KIM, KRP, KRG, SITC,
• Reduced Positions: TLT, SHY, XLK, XLV, VIG, IEF, MTUM, IVW, APLE, CTL, HMLP, IRT, KNOP, SUN, CPLP, SPH, MBT,
• Sold Out: XLU, ICF, VUG, VOT,

For the details of Arrow Investment Advisors, LLC's stock buys and sells, go to https://www.gurufocus.com/guru/arrow+investment+advisors%2C+llc/current-portfolio/portfolio

1. SPDR Select Sector Fund - Technology (XLK) - 117,131 shares, 13.34% of the total portfolio. Shares reduced by 8.96%
2. SPDR Select Sector Fund - Health Care (XLV) - 92,947 shares, 10.14% of the total portfolio. Shares reduced by 8.96%
3. Vanguard Div Appreciation (VIG) - 76,478 shares, 9.77% of the total portfolio. Shares reduced by 8.96%
4. iShares S&P 500 Growth (IVW) - 41,810 shares, 9.45% of the total portfolio. Shares reduced by 8.96%
5. iShares Edge MSCI USA Momentum Factor (MTUM) - 64,384 shares, 9.19% of the total portfolio. Shares reduced by 8.96%

Arrow Investment Advisors, LLC initiated holding in SPDR Select Sector Fund - Consumer Discretionary. The purchase prices were between $92.41 and $133.25, with an estimated average price of $117.49. The stock is now traded at around $137.36. The impact to a portfolio due to this purchase was 7.78%. The holding were 55,911 shares as of .

Arrow Investment Advisors, LLC initiated holding in iShares TIPS Bond. The purchase prices were between $117.92 and $123.2, with an estimated average price of $121.52. The stock is now traded at around $124.81. The impact to a portfolio due to this purchase was 3.18%. The holding were 23,698 shares as of .

Arrow Investment Advisors, LLC initiated holding in iShares J.P. Morgan USD Emerging Markets Bond ETF. The purchase prices were between $92.92 and $108.9, with an estimated average price of $102.72. The stock is now traded at around $112.36. The impact to a portfolio due to this purchase was 2.75%. The holding were 23,091 shares as of .

Arrow Investment Advisors, LLC initiated holding in iShares iBoxx $ Investment Grade Corporate Bond. The purchase prices were between $121.1 and $134.5, with an estimated average price of $129.98. The stock is now traded at around $138.33. The impact to a portfolio due to this purchase was 2.64%. The holding were 18,013 shares as of .

Arrow Investment Advisors, LLC initiated holding in SPDR Bloomberg Barclays Convertible Securities. The purchase prices were between $45.03 and $60.4, with an estimated average price of $54.51. The stock is now traded at around $64.65. The impact to a portfolio due to this purchase was 2.31%. The holding were 35,031 shares as of .

Arrow Investment Advisors, LLC initiated holding in iShares iBoxx $ High Yield Corporate Bond. The purchase prices were between $72.62 and $84.2, with an estimated average price of $79.87. The stock is now traded at around $84.58. The impact to a portfolio due to this purchase was 2.13%. The holding were 23,996 shares as of .

Arrow Investment Advisors, LLC sold out a holding in SPDR Select Sector Fund - Utilities. The sale prices were between $51.79 and $62.83, with an estimated average price of $57.66.

Arrow Investment Advisors, LLC sold out a holding in iShares Cohen & Steers REIT. The sale prices were between $85.11 and $110.12, with an estimated average price of $97.91.

Arrow Investment Advisors, LLC sold out a holding in Vanguard Growth. The sale prices were between $149.64 and $204.01, with an estimated average price of $183.93.

Arrow Investment Advisors, LLC sold out a holding in Vanguard Mid-Cap Growth. The sale prices were between $120.77 and $169.89, with an estimated average price of $150.7.