Nantahala 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
2018 Q4	–	Sell	-150,000	Closed	-$43.6M	–	105
2018 Q3	$43.6M	Buy	150,000 +50,000	+50%	+$14.2M	1.17%	24
2018 Q2	$27.1M	Sell	100,000 -300,000	-75%	-$81M	1.1%	27
2018 Q1	$105M	Hold	400,000	–	–	4.74%	3
2017 Q4	$107M	Sell	400,000 -200,000	-33%	-$52M	4.74%	4
2017 Q3	$151M	Buy	600,000 +400,000	+200%	+$98.6M	7.39%	3
2017 Q2	$48.4M	Buy	200,000 +50,000	+33%	+$12M	3.84%	7
2017 Q1	$35.4M	Buy	+150,000	New	+$34.9M	3.94%	10
2015 Q4	–	Sell	-100,000	Closed	-$19.2M	–	69
2015 Q3	$19.2M	Buy	+100,000	New	+$20.3M	2.6%	9
2015 Q2	–	Sell	-30,000	Closed	-$6.19M	–	76
2015 Q1	$6.19M	Sell	30,000 -130,000	-81%	-$26.8M	1.03%	31
2014 Q4	$32.9M	Buy	+160,000	New	+$32.2M	4.62%	4