The diminished arpeggio consists of the chord tones root (1), minor third (b3) and diminished fifth (b5) which correspond to the notes A, C and Eb. The symmetrical structure of two minor thirds layered on top of each other (from A to C and from C to E flat) results in an unstable sound that strives for resolution and is not suitable as the final chord of a piece.
Not only diminished chords like B0 and Bm7b5 contain the diminished arpeggio, but also dominant 7th chords starting with the second chord note, the third. Thus the diminished arpeggio (A, C, Eb) perfectly reproduces the tension-charged intervals (3, 5, b7) of the F7 chord, which is why it is often used when soloing over seventh chords.
The diminished arpeggio exercise is included in the Guitar Lovers Studies PDF or as play along track in the Jamtracks PDF which feature high graphic resolution for printing and integrated sound.