Masters Capital Management’s State Street SPDR S&P 500 ETF Trust SPY Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-1,000,000	Closed	-$666M	–	93
2025 Q3	$666M	Hold	1,000,000	–	–	24.14%	1
2025 Q2	$618M	Buy	+1,000,000	New	+$572M	24.07%	1
2025 Q1	–	Sell	-500,000	Closed	-$293M	–	91
2024 Q4	$293M	Sell	500,000 -500,000	-50%	-$295M	10.82%	1
2024 Q3	$574M	Buy	+1,000,000	New	+$553M	27.98%	1
2024 Q2	–	Sell	-1,000,000	Closed	-$523M	–	79
2024 Q1	$523M	Hold	1,000,000	–	–	18.77%	1
2023 Q4	$475M	Buy	+1,000,000	New	+$445M	19.46%	1
2023 Q3	–	Sell	-1,000,000	Closed	-$443M	–	75
2023 Q2	$443M	Buy	+1,000,000	New	+$420M	17.75%	1
2021 Q3	–	Sell	-2,000,000	Closed	-$856M	–	79
2021 Q2	$856M	Hold	2,000,000	–	–	25.26%	1
2021 Q1	$793M	Buy	+2,000,000	New	+$771M	26.44%	1
2020 Q1	–	Sell	-1,906,000	Closed	-$613M	–	72
2019 Q4	$613M	Buy	+1,906,000	New	+$587M	34.85%	1
2019 Q3	–	Sell	-1,000,000	Closed	-$293M	–	72
2019 Q2	$293M	Buy	+1,000,000	New	+$288M	14.29%	1
2018 Q4	–	Sell	-1,000,000	Closed	-$291M	–	83
2018 Q3	$291M	Sell	1,000,000 -940,000	-48%	-$268M	7.19%	1
2018 Q2	$526M	Buy	+1,940,000	New	+$524M	14.82%	1
2017 Q4	–	Sell	-2,000,000	Closed	-$502M	–	78
2017 Q3	$502M	Buy	+2,000,000	New	+$493M	11.71%	1
2016 Q4	–	Sell	-2,000,000	Closed	-$433M	–	77
2016 Q3	$433M	Buy	+2,000,000	New	+$432M	8.69%	2
2016 Q2	–	Sell	-2,000,000	Closed	-$411M	–	76
2016 Q1	$411M	Buy	+2,000,000	New	+$390M	8.58%	3