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Disclosery

Ursa Fund Management, LLC

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13F filer, CIK 1693838, Danville, CA

Ursa Fund Management, LLC reported $107,532,150 across 20 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-15. Its ten largest share positions make up 99.36% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001693838-26-000003

Period
2026-03-31
Reported value
$108M
Holdings
20
Top 10 weight
99.36%
New
15
Sold out
39

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PENnew+35,000$11.5M
CLBKnew+500,000$8.76M
GABnew+367,924$2.06M
SGOVnew+15,000$1.51M
NFBKnew+100,000$1.35M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
MSFTexited-1,337,400-$647M
AAPLexited-500,000-$136M
JPMexited-370,000-$119M
NVDAexited-580,900-$108M
AMZNexited-233,500-$53.9M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2026

Share positions as resolved from 13F-HR 0001693838-26-000003, largest first. % of portfolio is the value over $32,685,275, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
PENPENUMBRA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 35,000 shares 35,000$11.5M35.16%newTimeline
CLBKCOLUMBIA FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 500,000 shares 500,000$8.76M26.79%newTimeline
IBITISHARES BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 35,500 shares; 2025Q2: 37,600 shares; 2025Q3: 55,000 shares; 2025Q4: 57,200 shares; 2026Q1: 68,000 shares 68,000$2.61M7.99%+10,800Timeline
GABGABELLI EQUITY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 367,924 shares 367,924$2.06M6.3%newTimeline
SGOVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 177,300 shares; 2024Q4: not reported; 2025Q1: 6,000 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 15,000 shares 15,000$1.51M4.62%newTimeline
NFBKNORTHFIELD BANCORP INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 100,000 shares 100,000$1.35M4.14%newTimeline
WIXWIX COM LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 15,000 shares 15,000$1.35M4.13%newTimeline
XCAFXMORGAN STANLEY CHINA A SH FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 70,100 shares 70,100$1.23M3.75%newTimeline
WHEELER REAL ESTATE INVT TRWHEELER REAL ESTATE INVT TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 200,000 shares; 2025Q1: not reported; 2025Q2: 125,300 shares; 2025Q3: 197,292 shares; 2025Q4: 148,592 shares; 2026Q1: 160,000 shares 160,000$1.11M3.4%+11,408
PPLIPEOPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 15,000 shares; 2025Q1: 24,000 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 75,000 shares; 2026Q1: 25,000 shares 25,000$1M3.06%-50,000Timeline
GABELLI EQUITY TR INCGABELLI EQUITY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 29,991,406 shares 29,991,406$210K0.64%new

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
SPYSTATE STR SPDR S&P 500 ETF T SHSput50,000$32.5Mnew
PENPENUMBRA INC Stockput49,800$16.4Mnew
IWMISHARES TR SHSput30,000$7.44M-20,000
KRESPDR SERIES TRUST ST STR SP REGBNKput100,000$6.51Mnew
KRESPDR SERIES TRUST ST STR SP REGBNKcall100,000$6.51Mnew
WIXWIX COM LTD Stockput20,000$1.8Mnew
XCAFXMORGAN STANLEY CHINA A SH FD COMput60,100$1.78Mnew
WOLFWOLFSPEED INC COMMON STOCKcall100,300$1.64Mnew
HAPNHAPPEN INC Stockcall20,000$286K0

Sold out in Q1 2026

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
MSFTMICROSOFT CORP1,359,400$657Mput
MSFTMICROSOFT CORP1,337,400$647Mshares
AAPLAPPLE INC500,000$136Mshares
AAPLAPPLE INC500,000$136Mput
JPMJPMORGAN CHASE & CO370,000$119Mshares
JPMJPMORGAN CHASE & CO370,000$119Mput
NVDANVIDIA CORPORATION580,900$108Mshares
NVDANVIDIA CORPORATION580,900$108Mput
AMZNAMAZON COM INC233,500$53.9Mshares
AMZNAMAZON COM INC233,500$53.9Mput
GOOGLALPHABET INC150,000$47Mshares
GOOGLALPHABET INC150,000$47Mput
METAMETA PLATFORMS INC60,000$39.6Mput
METAMETA PLATFORMS INC55,000$36.3Mcall
TSLATESLA INC50,900$22.9Mshares
TSLATESLA INC50,900$22.8Mput
MSFTMICROSOFT CORP22,000$10.6Mcall
KWEBKRANESHARES TRUST300,000$10.2Mput
KWEBKRANESHARES TRUST300,000$10.2Mcall
NFLXNETFLIX INC.57,000$5.34Mshares
NFLXNETFLIX INC.57,000$5.34Mput
URAGLOBAL X FDS85,700$3.66Mshares
METAMETA PLATFORMS INC5,000$3.3Mshares
URAGLOBAL X FDS75,000$3.2Mput
AIVAPARTMENT INVT & MGMT CO423,600$2.52Mshares
SILJAMPLIFY ETF TR81,500$2.26Mshares
GLIBALIBERTY CAP CORP55,700$2.07Mcall
FBTCFIDELITY WISE ORIGIN BITCOIN20,000$1.52Mshares
SILGLOBAL X FDS16,900$1.41Mshares
SILGLOBAL X FDS16,900$1.41Mput
RIOTRIOT PLATFORMS INC50,000$634Kcall
SRGSERITAGE GROWTH PPTYS170,000$552Kshares
HAPNHAPPEN INC10,000$189Kshares
COPXGLOBAL X FDS2,400$172Kput
SLVRSPROTT FDS TR1,900$159Kput
COPXGLOBAL X FDS1,900$136Kshares
STRIVE INCSTRIVE INC150,000$111Kcall
SLVRSPROTT FDS TR1,900$106Kshares
STRIVE INCSTRIVE INC44,500$32.8Kshares

How Q1 2026 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001693838-26-000003 base2026-05-15acceptance time not in the bulk data set