Arrow Investment Advisors, LLC Buys iShares Edge MSCI USA Momentum Factor ETF, SPDR Barclays Convertible Securities ETF, Macerich Co, Sells iShares Cohen & Steers REIT ETF, SPDR S&P Dividend ETF, SPDR Dow Jones REIT ETF

• New Purchases: MTUM, CWB, MAC, COTY,
• Added Positions: ARLP, CBL, MMLP, AHT, CPLP, SNH, ENLC, WPG, SMLP, CAPL, DCP, KRP, HMLP, GMLP, DKL, GEL, GLOP, NS, ENBL, GLP, KNOP, PBFX, CEQP, SUN, CTL, NGL, SVC,
• Reduced Positions: ICF, HYG, XLY, XLK, XLU, IVW, SPLV, IYR, TLT, EMB, VUG, VOT, LQD, MBT, IRT, BPL, RPT, PEI, KIM, INDA, SITC, RLJ, KRG, SPH, USAC, CLDT, APLE,
• Sold Out: SDY, RWR, SHY, ANGL, CBRE, APU, ANDX,

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. iShares Cohen & Steers REIT ETF (ICF) - 24,348 shares, 11.31% of the total portfolio. Shares reduced by 82.68%
2. Utilities Select Sector SPDR Fund (XLU) - 211,119 shares, 9.40% of the total portfolio. Shares reduced by 5.67%
3. Consumer Discretionary Select Sector SPDR Fund (XLY) - 103,342 shares, 8.58% of the total portfolio. Shares reduced by 6.72%
4. Technology Select Sector SPDR Fund (XLK) - 154,660 shares, 8.57% of the total portfolio. Shares reduced by 6.73%
5. Invesco S&P 500 Low Volatility ETF (SPLV) - 213,525 shares, 8.50% of the total portfolio. Shares reduced by 5.48%

Arrow Investment Advisors, LLC initiated holding in iShares Edge MSCI USA Momentum Factor ETF. The purchase prices were between $115.63 and $123.04, with an estimated average price of $120.56. The stock is now traded at around $119.06. The impact to a portfolio due to this purchase was 8.16%. The holding were 99,542 shares as of .

Arrow Investment Advisors, LLC initiated holding in SPDR Barclays Convertible Securities ETF. The purchase prices were between $51.6 and $53.83, with an estimated average price of $52.74. The stock is now traded at around $53.56. The impact to a portfolio due to this purchase was 1.62%. The holding were 44,917 shares as of .

Arrow Investment Advisors, LLC initiated holding in Macerich Co. The purchase prices were between $27.67 and $33.99, with an estimated average price of $31.53. The stock is now traded at around $29.00. The impact to a portfolio due to this purchase was 0.24%. The holding were 11,163 shares as of .

Arrow Investment Advisors, LLC initiated holding in Coty Inc. The purchase prices were between $8.68 and $11.7, with an estimated average price of $10.37. The stock is now traded at around $11.46. The impact to a portfolio due to this purchase was 0.19%. The holding were 25,689 shares as of .

Arrow Investment Advisors, LLC added to a holding in Alliance Resource Partners LP by 57.58%. The purchase prices were between $14.49 and $18, with an estimated average price of $16.34. The stock is now traded at around $12.72. The impact to a portfolio due to this purchase was 0.12%. The holding were 30,863 shares as of .

Arrow Investment Advisors, LLC added to a holding in CBL & Associates Properties Inc by 42.39%. The purchase prices were between $0.8 and $1.69, with an estimated average price of $1.04. The stock is now traded at around $1.68. The impact to a portfolio due to this purchase was 0.1%. The holding were 395,861 shares as of .

Arrow Investment Advisors, LLC added to a holding in Martin Midstream Partners LP by 103.31%. The purchase prices were between $3.42 and $7.2, with an estimated average price of $5.15. The stock is now traded at around $5.40. The impact to a portfolio due to this purchase was 0.1%. The holding were 65,061 shares as of .

Arrow Investment Advisors, LLC added to a holding in Ashford Hospitality Trust Inc by 50.93%. The purchase prices were between $2.31 and $3.42, with an estimated average price of $2.79. The stock is now traded at around $3.02. The impact to a portfolio due to this purchase was 0.09%. The holding were 121,820 shares as of .

Arrow Investment Advisors, LLC added to a holding in Capital Product Partners LP by 44.93%. The purchase prices were between $10.06 and $11.69, with an estimated average price of $10.77. The stock is now traded at around $11.79. The impact to a portfolio due to this purchase was 0.09%. The holding were 40,889 shares as of .

Arrow Investment Advisors, LLC added to a holding in Senior Housing Properties Trust by 35.80%. The purchase prices were between $7.96 and $9.33, with an estimated average price of $8.62. The stock is now traded at around $9.84. The impact to a portfolio due to this purchase was 0.08%. The holding were 46,150 shares as of .

Arrow Investment Advisors, LLC sold out a holding in SPDR S&P Dividend ETF. The sale prices were between $96.69 and $103.8, with an estimated average price of $100.83.

Arrow Investment Advisors, LLC sold out a holding in SPDR Dow Jones REIT ETF. The sale prices were between $98.37 and $104.74, with an estimated average price of $101.92.

Arrow Investment Advisors, LLC sold out a holding in iShares 1-3 Year Treasury Bond ETF. The sale prices were between $84.4 and $85.1, with an estimated average price of $84.75.

Arrow Investment Advisors, LLC sold out a holding in VanEck Vectors Fallen Angel High Yield Bond ETF. The sale prices were between $28.24 and $29.31, with an estimated average price of $28.84.

Arrow Investment Advisors, LLC sold out a holding in CBRE Group Inc. The sale prices were between $49.26 and $55.73, with an estimated average price of $52.59.

Arrow Investment Advisors, LLC sold out a holding in AmeriGas Partners LP. The sale prices were between $30.97 and $35.3, with an estimated average price of $33.48.