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
2020 Q3	–	Sell	-400,000	Closed	-$123M	–	125
2020 Q2	$123M	Buy	+400,000	New	+$117M	3.72%	5
2019 Q3	–	Sell	-300,000	Closed	-$87.9M	–	95
2019 Q2	$87.9M	Buy	+300,000	New	+$86.4M	2.71%	12
2019 Q1	–	Sell	-250,000	Closed	-$62.5M	–	104
2018 Q4	$62.5M	Buy	+250,000	New	+$67.4M	1.92%	13
2018 Q3	–	Sell	-350,000	Closed	-$94.9M	–	98
2018 Q2	$94.9M	Hold	350,000	–	–	3.84%	6
2018 Q1	$92.1M	Sell	350,000 -50,000	-13%	-$13.6M	4.15%	4
2017 Q4	$107M	Sell	400,000 -300,000	-43%	-$78M	4.74%	5
2017 Q3	$176M	Buy	700,000 +400,000	+133%	+$98.6M	8.62%	2
2017 Q2	$72.5M	Hold	300,000	–	–	5.75%	3
2017 Q1	$70.7M	Buy	+300,000	New	+$69.7M	7.88%	2
2015 Q3	–	Sell	-75,000	Closed	-$15.4M	–	69
2015 Q2	$15.4M	Sell	75,000 -185,000	-71%	-$38.9M	2.27%	8
2015 Q1	$53.7M	Sell	260,000 -45,000	-15%	-$9.29M	8.93%	2
2014 Q4	$62.7M	Sell	305,000 -110,000	-27%	-$22.1M	8.8%	2
2014 Q3	$81.8M	Buy	415,000 +156,000	+60%	+$30.8M	10.04%	1
2014 Q2	$50.7M	Sell	259,000 -141,000	-35%	-$26.8M	7.46%	1
2014 Q1	$74.8M	Buy	400,000 +210,000	+111%	+$38.5M	12.01%	1
2013 Q4	$35.1M	Buy	190,000 +140,000	+280%	+$24.8M	5.69%	3
2013 Q3	$8.4M	Sell	50,000 -208,700	-81%	-$35M	1.88%	19
2013 Q2	$41.5M	Buy	+258,700	New	+$41.7M	9.61%	1