Ursa Fund Management, LLC

Portfolio Overview

Ursa Fund Management, LLC disclosed 29 positions worth $182.4M in its Form 13F-HR for Q1 2026 — $32.7M in common stock plus $149.7M of put/call option positions (reported at underlying notional value, not premium at risk), led by $SPY (SPDR S&P 500 ETF TRUST) puts, followed by $SPY and $PEN. During the quarter the fund opened 15 new positions and exited 39 — including a new stake in $SPY and a full exit from $MSFT. The portfolio is most concentrated in Financials (38.9% of disclosed assets). All figures are sourced directly from Ursa Fund Management, LLC’s Form 13F-HR filing with the SEC under CIK 1693838.

• 

  SPDR S&P 500 ETF TRUST

  $SPY PUT

  —

  Quality

  $32.5M50,000 sh
• 

  SPDR S&P 500 ETF TRUST

  $SPY PUT

  —

  Quality

  $32.5M50,000 sh
• 

  Penumbra Inc

  $PEN PUT

  69.7#352

  Quality

  $16.4M49,800 sh
• 

  Penumbra Inc

  $PEN PUT

  69.7

  Quality

  $16.4M49,800 sh
• 

  Penumbra Inc

  $PEN

  69.7

  Quality

  $11.5M35,000 sh
• 

  Columbia Financial, Inc.

  $CLBK

  —

  Quality

  $8.8M500,000 sh

• ISHARES TR PUT

  —

  Quality

  $7.4M30,000 sh

• ISHARES TR - RUSSELL 2000 ETF PUT

  —

  Quality

  $7.4M30,000 sh

• SPDR SERIES TRUST PUT

  —

  Quality

  $6.5M100,000 sh

• SPDR SERIES TRUST - STATE STREET SPD CALL

  —

  Quality

  $6.5M100,000 sh

Company	Quality	Value	Shares
SPDR S&P 500 ETF TRUST$SPYPUT	—	$32.5M	50,000
SPDR S&P 500 ETF TRUST$SPYPUT	—	$32.5M	50,000
Penumbra Inc$PENPUT	69.7#352	$16.4M	49,800
Penumbra Inc$PENPUT	69.7	$16.4M	49,800
Penumbra Inc$PEN	69.7	$11.5M	35,000
Columbia Financial, Inc.$CLBK	—	$8.8M	500,000
ISHARES TR PUT	—	$7.4M	30,000
ISHARES TR - RUSSELL 2000 ETF PUT	—	$7.4M	30,000
SPDR SERIES TRUST PUT	—	$6.5M	100,000
SPDR SERIES TRUST - STATE STREET SPD CALL	—	$6.5M	100,000

Showing top 10 of 29 holdings.

Full Holdings — Ursa Fund Management, LLC (Q1 2026)

All 29 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$SPYPUT	SPDR S&P 500 ETF TRUST	$32.5M	—	NEW	—
2	$SPYPUT	SPDR S&P 500 ETF TRUST	$32.5M	—	NEW	—
3	$PENPUT	Penumbra Inc	$16.4M	—	NEW	69.7
4	$PENPUT	Penumbra Inc	$16.4M	—	NEW	69.7
5	$PEN	Penumbra Inc	$11.5M	35.2%	NEW	69.7
6	$CLBK	Columbia Financial, Inc.	$8.8M	26.8%	NEW	—
7	—	ISHARES TR	$7.4M	—	-40%	—
8	—	ISHARES TR - RUSSELL 2000 ETF	$7.4M	—	-40%	—
9	—	SPDR SERIES TRUST	$6.5M	—	NEW	—
10	—	SPDR SERIES TRUST - STATE STREET SPD	$6.5M	—	NEW	—
11	—	SPDR SERIES TRUST - STATE STREET SPD	$6.5M	—	NEW	—
12	—	SPDR SERIES TRUST	$6.5M	—	NEW	—
13	$IBIT	iShares Bitcoin Trust ETF	$2.6M	8.0%	+19%	—
14	$GAB	GABELLI EQUITY TRUST INC	$2.1M	6.3%	NEW	—
15	$WIXPUT	Wix.com Ltd.	$1.8M	—	NEW	—
16	$WIXPUT	Wix.com Ltd.	$1.8M	—	NEW	—
17	$CAFPUT	Morgan Stanley China A Share Fund, Inc.	$1.8M	—	NEW	—
18	$CAFPUT	Morgan Stanley China A Share Fund, Inc.	$1.8M	—	NEW	—
19	$WOLFCALL	WOLFSPEED, INC.	$1.6M	—	NEW	28.4
20	$WOLFCALL	WOLFSPEED, INC.	$1.6M	—	NEW	28.4
21	—	ISHARES TR	$1.5M	4.6%	NEW	—
22	$NFBK	Northfield Bancorp, Inc.	$1.4M	4.1%	NEW	60
23	$WIX	Wix.com Ltd.	$1.4M	4.1%	NEW	—
24	$CAF	Morgan Stanley China A Share Fund, Inc.	$1.2M	3.8%	NEW	—
25	—	WHEELER REAL ESTATE INVT TR	$1.1M	3.4%	+8%	—
26	—	IAC INC	$1.0M	3.1%	-67%	—
27	—	LENDINGCLUB ISSUANCE TR SER	$286,400	—	+0%	—
28	—	LENDINGCLUB ISSUANCE TR SER - COM NEW	$286,400	—	+0%	—
29	—	GABELLI EQUITY TR INC	$209,940	0.6%	NEW	—