BOOTHBAY FUND MANAGEMENT, LLC

Boothbay Fund Management's March 2026 13F is readable as three portfolios pasted on top of each other: an 18 percent anchor in AT&T shares that dwarfs every other position, a $1.4 billion ETF core built around the SPY and IWM broad-market index funds, and a dense 2,000-plus-name sleeve of individual U.S. equities that by itself would read as a large-cap growth mandagemerged with healthcare and biotech thematic names. The fund grew from $6.7 billion to $7.7 billion quarter-over-quarter, which on the surface looks like market appreciation rather than new deployment — but the 75 item-level changes inside that envelope reveal active management of the ETF layer.