Masters Capital Management’s State Street SPDR S&P Biotech ETF XBI Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-500,000	Closed	-$50.1M	–	97
2025 Q3	$50.1M	Buy	+500,000	New	+$45M	1.82%	14
2024 Q4	–	Sell	-500,000	Closed	-$49.4M	–	87
2024 Q3	$49.4M	Buy	+500,000	New	+$49.1M	2.41%	8
2023 Q4	–	Sell	-500,000	Closed	-$36.5M	–	78
2023 Q3	$36.5M	Buy	+500,000	New	+$39.9M	2.03%	15
2022 Q3	–	Sell	-3,000,000	Closed	-$223M	–	58
2022 Q2	$223M	Buy	3,000,000 +2,000,000	+200%	+$150M	10.42%	3
2022 Q1	$89.9M	Buy	+1,000,000	New	+$92.3M	3.62%	7
2020 Q2	–	Sell	-1,500,000	Closed	-$116M	–	65
2020 Q1	$116M	Buy	+1,500,000	New	+$133M	13.49%	2
2016 Q2	–	Sell	-1,000,000	Closed	-$51.7M	–	80
2016 Q1	$51.7M	Buy	+1,000,000	New	+$51.9M	1.08%	20