Sphera Management Technology Funds Ltd Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ON SEMICONDUCTOR CORP	4,000,000	$4,770	1.6%	$1.19	—	NOTE 5/0	682189AS4
TSM	TAIWAN SEMICONDUCTOR MFG LTD	13,000	$3,951	1.3%	$303.89	—	SPONSORED ADS	874039100
MDB	MONGODB INC	5,600	$2,350	0.8%	$363.83	0.0%	CL A	60937P106
—	VARONIS SYS INC	2,500,000	$2,335	0.8%	$0.93	—	NOTE 1.000% 9/1	922280AD4
NOK	NOKIA CORP	320,000	$2,070	0.7%	$6.47	—	SPONSORED ADR	654902204
KLAC	KLA CORP	1,635	$1,987	0.7%	$1171.91	0.0%	COM NEW	482480100
RBRK	RUBRIK INC.	22,800	$1,744	0.6%	$76.71	0.0%	CL A	781154109
SNOW	SNOWFLAKE INC	7,100	$1,557	0.5%	$244.09	0.0%	COM SHS	833445109
COHR	COHERENT CORP	8,000	$1,477	0.5%	$149.58	0.0%	COM	19247G107
NOW	SERVICENOW INC	9,200	$1,409	0.5%	$171.54	0.0%	COM	81762P102
SANM	SANMINA CORPORATION	8,000	$1,201	0.4%	$147.61	0.0%	COM	801056102
—	BILL HOLDINGS INC	1,250,000	$1,150	0.4%	$0.92	—	NOTE 4/0	090043AF7
RTAC	RENATUS TACTICAL ACQUIS	100,000	$1,067	0.4%	$10.91	0.0%	SHS CL A	G7490F101
SERV	SERVE ROBOTICS INC	80,000	$830	0.3%	$12.01	0.0%	COM	81758H106

Increased Positions (20)

NVDA NVIDIA CORPORATION 3.1%

Value ($000) $9,008 (+50.5%) Shares 48,300 (+50.6%) Est. Cost $149.30 Unrealized +24.7%

AMAT APPLIED MATLS INC 1.5%

Value ($000) $4,407 (+80.1%) Shares 17,150 (+43.5%) Est. Cost $186.84 Unrealized +28.2%

GOOG ALPHABET INC 1.7%

Value ($000) $5,027 (+60.4%) Shares 16,020 (+24.5%) Est. Cost $224.95 Unrealized +27.3%

CRM SALESFORCE INC 1.1%

Value ($000) $3,179 (+121.3%) Shares 12,000 (+98.0%) Est. Cost $279.27 Unrealized -11.1%

TWLO TWILIO INC 1.2%

Value ($000) $3,556 (+77.6%) Shares 25,000 (+25.0%) Est. Cost $114.84 Unrealized +7.9%

ENPH ENPHASE ENERGY INC 1.0%

Value ($000) $2,885 (+103.8%) Shares 90,000 (+125.0%) Est. Cost $34.51 Unrealized -6.1%

NICE NICE LTD 1.4%

Value ($000) $3,956 (+36.6%) Shares 35,000 (+75.0%) Est. Cost $148.86 Unrealized —

TSLA TESLA INC 3.1%

Value ($000) $9,053 (+12.9%) Shares 20,130 (+11.6%) Est. Cost $349.06 Unrealized +27.0%

META META PLATFORMS INC 4.7%

Value ($000) $13,862 (-6.4%) Shares 21,000 (+4.1%) Est. Cost $591.15 Unrealized +12.9%

SMWB SIMILARWEB LTD 1.2%

Value ($000) $3,595 (-16.5%) Shares 480,000 (+3.7%) Est. Cost $10.25 Unrealized -21.3%

MSFT MICROSOFT CORP 4.1%

Value ($000) $12,091 (+6.1%) Shares 25,000 (+13.6%) Est. Cost $434.19 Unrealized +15.3%

ADI ANALOG DEVICES INC 0.9%

Value ($000) $2,495 (+31.9%) Shares 9,200 (+19.5%) Est. Cost $213.31 Unrealized +17.5%

VRNS VARONIS SYS INC 0.4%

Value ($000) $1,148 (-33.4%) Shares 35,000 (+16.7%) Est. Cost $53.55 Unrealized -21.6%

TTMI TTM TECHNOLOGIES INC 0.4%

Value ($000) $1,283 (+48.5%) Shares 18,600 (+24.0%) Est. Cost $50.11 Unrealized +30.2%

PANW PALO ALTO NETWORKS INC 1.3%

Value ($000) $3,758 (+8.6%) Shares 20,400 (+20.0%) Est. Cost $193.14 Unrealized +4.5%

WIX WIX COM LTD 0.9%

Value ($000) $2,597 (+12.5%) Shares 25,000 (+92.3%) Est. Cost $141.79 Unrealized -14.7%

ZETA ZETA GLOBAL HOLDINGS CORP 0.4%

Value ($000) $1,221 (+22.9%) Shares 60,000 (+20.0%) Est. Cost $18.08 Unrealized +3.3%

TXN TEXAS INSTRS INC 1.0%

Value ($000) $2,949 (+7.0%) Shares 17,000 (+13.3%) Est. Cost $181.69 Unrealized -6.0%

SPWR SUNPOWER INC 0.2%

Value ($000) $681 (+12.5%) Shares 433,500 (+26.1%) Est. Cost $1.69 Unrealized +1.7%

PAYO PAYONEER GLOBAL INC 0.3%

Value ($000) $1,012 (-1.6%) Shares 180,000 (+5.9%) Est. Cost $6.72 Unrealized -14.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	48,300 (+50.6%)	$9,008 (+50.5%)	3.1%	$149.30	+24.7%	COM	67066G104
AMAT	APPLIED MATLS INC	17,150 (+43.5%)	$4,407 (+80.1%)	1.5%	$186.84	+28.2%	COM	038222105
GOOG	ALPHABET INC	16,020 (+24.5%)	$5,027 (+60.4%)	1.7%	$224.95	+27.3%	CAP STK CL C	02079K107
CRM	SALESFORCE INC	12,000 (+98.0%)	$3,179 (+121.3%)	1.1%	$279.27	-11.1%	COM	79466L302
TWLO	TWILIO INC	25,000 (+25.0%)	$3,556 (+77.6%)	1.2%	$114.84	+7.9%	CL A	90138F102
ENPH	ENPHASE ENERGY INC	90,000 (+125.0%)	$2,885 (+103.8%)	1.0%	$34.51	-6.1%	COM	29355A107
NICE	NICE LTD	35,000 (+75.0%)	$3,956 (+36.6%)	1.4%	$148.86	—	CALL	653656108
TSLA	TESLA INC	20,130 (+11.6%)	$9,053 (+12.9%)	3.1%	$349.06	+27.0%	COM	88160R101
META	META PLATFORMS INC	21,000 (+4.1%)	$13,862 (-6.4%)	4.7%	$591.15	+12.9%	CL A	30303M102
SMWB	SIMILARWEB LTD	480,000 (+3.7%)	$3,595 (-16.5%)	1.2%	$10.25	-21.3%	SHS	M84137104
MSFT	MICROSOFT CORP	25,000 (+13.6%)	$12,091 (+6.1%)	4.1%	$434.19	+15.3%	COM	594918104
ADI	ANALOG DEVICES INC	9,200 (+19.5%)	$2,495 (+31.9%)	0.9%	$213.31	+17.5%	COM	032654105
VRNS	VARONIS SYS INC	35,000 (+16.7%)	$1,148 (-33.4%)	0.4%	$53.55	-21.6%	COM	922280102
TTMI	TTM TECHNOLOGIES INC	18,600 (+24.0%)	$1,283 (+48.5%)	0.4%	$50.11	+30.2%	COM	87305R109
PANW	PALO ALTO NETWORKS INC	20,400 (+20.0%)	$3,758 (+8.6%)	1.3%	$193.14	+4.5%	COM	697435105
WIX	WIX COM LTD	25,000 (+92.3%)	$2,597 (+12.5%)	0.9%	$141.79	-14.7%	SHS	M98068105
ZETA	ZETA GLOBAL HOLDINGS CORP	60,000 (+20.0%)	$1,221 (+22.9%)	0.4%	$18.08	+3.3%	CL A	98956A105
TXN	TEXAS INSTRS INC	17,000 (+13.3%)	$2,949 (+7.0%)	1.0%	$181.69	-6.0%	COM	882508104
SPWR	SUNPOWER INC	433,500 (+26.1%)	$681 (+12.5%)	0.2%	$1.69	+1.7%	COM	20460L104
PAYO	PAYONEER GLOBAL INC	180,000 (+5.9%)	$1,012 (-1.6%)	0.3%	$6.72	-14.0%	COM	70451X104

Exited Positions (19)

— ON SEMICONDUCTOR CORP 1.2%

Value ($000) $3,523 Shares 3,800,000 Est. Cost $0.92 Unrealized —

CHKP CHECK POINT SOFTWARE TECH LT 1.1%

Value ($000) $3,104 Shares 15,000 Est. Cost $201.52 Unrealized -4.1%

NFLX NETFLIX INC 1.0%

Value ($000) $2,997 Shares 2,500 Est. Cost $91.85 Unrealized +17.4%

IBM INTERNATIONAL BUSINESS MACHS 0.8%

Value ($000) $2,257 Shares 8,000 Est. Cost $259.55 Unrealized +15.1%

— AKAMAI TECHNOLOGIES INC 0.6%

Value ($000) $1,884 Shares 2,000,000 Est. Cost $0.97 Unrealized —

HUT HUT 8 CORP 0.5%

Value ($000) $1,566 Shares 45,000 Est. Cost $25.41 Unrealized +73.4%

— SUNRUN INC 0.5%

Value ($000) $1,491 Shares 1,100,000 Est. Cost $1.07 Unrealized —

IREN IREN LIMITED 0.5%

Value ($000) $1,408 Shares 30,000 Est. Cost $8.12 Unrealized +535.1%

NET CLOUDFLARE INC 0.4%

Value ($000) $1,288 Shares 6,000 Est. Cost $104.48 Unrealized +102.5%

AVAV AEROVIRONMENT INC 0.4%

Value ($000) $1,228 Shares 3,900 Est. Cost $258.71 Unrealized +21.5%

HPE HEWLETT PACKARD ENTERPRISE C 0.4%

Value ($000) $1,228 Shares 50,000 Est. Cost $21.88 Unrealized +7.1%

CEVA CEVA INC 0.4%

Value ($000) $1,136 Shares 43,000 Est. Cost $32.13 Unrealized -23.6%

— PENGUIN SOLUTIONS INC 0.3%

Value ($000) $1,016 Shares 850,000 Est. Cost $1.19 Unrealized —

ETOR ETORO GROUP LTD 0.3%

Value ($000) $825 Shares 20,000 Est. Cost $64.04 Unrealized -39.7%

PERI PERION NETWORK LTD 0.3%

Value ($000) $768 Shares 80,000 Est. Cost $8.65 Unrealized +12.3%

NNDM NANO DIMENSION LTD 0.2%

Value ($000) $678 Shares 431,947 Est. Cost $2.48 Unrealized —

KRNT KORNIT DIGITAL LTD 0.2%

Value ($000) $642 Shares 47,520 Est. Cost $25.16 Unrealized -45.5%

FOUR SHIFT4 PMTS INC 0.2%

Value ($000) $619 Shares 8,000 Est. Cost $99.28 Unrealized -28.8%

VLN VALENS SEMICONDUCTOR LTD 0.2%

Value ($000) $600 Shares 335,339 Est. Cost $2.01 Unrealized -17.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ON SEMICONDUCTOR CORP	3,800,000	$3,523	1.2%	$0.92	—	—	682189AU9
CHKP	CHECK POINT SOFTWARE TECH LT	15,000	$3,104	1.1%	$201.52	-4.1%	—	M22465104
NFLX	NETFLIX INC	2,500	$2,997	1.0%	$91.85	+17.4%	—	64110L106
IBM	INTERNATIONAL BUSINESS MACHS	8,000	$2,257	0.8%	$259.55	+15.1%	—	459200101
—	AKAMAI TECHNOLOGIES INC	2,000,000	$1,884	0.6%	$0.97	—	—	00971TAN1
HUT	HUT 8 CORP	45,000	$1,566	0.5%	$25.41	+73.4%	—	44812J104
—	SUNRUN INC	1,100,000	$1,491	0.5%	$1.07	—	—	86771WAD7
IREN	IREN LIMITED	30,000	$1,408	0.5%	$8.12	+535.1%	—	Q4982L109
NET	CLOUDFLARE INC	6,000	$1,288	0.4%	$104.48	+102.5%	—	18915M107
AVAV	AEROVIRONMENT INC	3,900	$1,228	0.4%	$258.71	+21.5%	—	008073108
HPE	HEWLETT PACKARD ENTERPRISE C	50,000	$1,228	0.4%	$21.88	+7.1%	—	42824C109
CEVA	CEVA INC	43,000	$1,136	0.4%	$32.13	-23.6%	—	157210105
—	PENGUIN SOLUTIONS INC	850,000	$1,016	0.3%	$1.19	—	—	83205YAE4
ETOR	ETORO GROUP LTD	20,000	$825	0.3%	$64.04	-39.7%	—	G32089107
PERI	PERION NETWORK LTD	80,000	$768	0.3%	$8.65	+12.3%	—	M78673114
NNDM	NANO DIMENSION LTD	431,947	$678	0.2%	$2.48	—	—	63008G203
KRNT	KORNIT DIGITAL LTD	47,520	$642	0.2%	$25.16	-45.5%	—	M6372Q113
FOUR	SHIFT4 PMTS INC	8,000	$619	0.2%	$99.28	-28.8%	—	82452J109
VLN	VALENS SEMICONDUCTOR LTD	335,339	$600	0.2%	$2.01	-17.9%	—	M9607U115

Decreased Positions (18)

QQQ INVESCO QQQ TR 32.5%

Value ($000) $95,218 (-16.5%) Shares 155,000 (-18.4%) Est. Cost — Unrealized —

MRVL MARVELL TECHNOLOGY INC 0.8%

Value ($000) $2,447 (-53.0%) Shares 28,800 (-53.5%) Est. Cost $78.16 Unrealized +11.9%

— SNOWFLAKE INC 0.5%

Value ($000) $1,547 (-57.1%) Shares 1,000,000 (-56.5%) Est. Cost $1.57 Unrealized —

ORCL ORACLE CORP 1.0%

Value ($000) $2,924 (-38.8%) Shares 15,000 (-11.8%) Est. Cost $254.17 Unrealized -6.3%

CLBT CELLEBRITE DI LTD 0.5%

Value ($000) $1,442 (-54.2%) Shares 80,000 (-52.9%) Est. Cost $16.58 Unrealized +8.3%

CIEN CIENA CORP 0.4%

Value ($000) $1,169 (-57.8%) Shares 5,000 (-73.7%) Est. Cost $82.84 Unrealized +134.2%

AMZN AMAZON COM INC 4.7%

Value ($000) $13,849 (-7.9%) Shares 60,000 (-12.4%) Est. Cost $207.15 Unrealized +10.4%

NICE NICE LTD 0.8%

Value ($000) $2,261 (-32.1%) Shares 20,000 (-13.0%) Est. Cost $148.86 Unrealized —

CAMT CAMTEK LTD 0.9%

Value ($000) $2,659 (-27.7%) Shares 25,000 (-28.6%) Est. Cost $73.92 Unrealized +52.0%

SEDG SOLAREDGE TECHNOLOGIES INC 0.3%

Value ($000) $866 (-53.2%) Shares 30,000 (-40.0%) Est. Cost $15.48 Unrealized +125.2%

LSCC LATTICE SEMICONDUCTOR CORP 0.5%

Value ($000) $1,472 (-33.1%) Shares 20,000 (-33.3%) Est. Cost $53.48 Unrealized —

AMD ADVANCED MICRO DEVICES INC 2.9%

Value ($000) $8,566 (-7.1%) Shares 40,000 (-29.8%) Est. Cost $117.80 Unrealized +90.7%

WDAY WORKDAY INC 0.4%

Value ($000) $1,138 (-32.4%) Shares 5,300 (-24.3%) Est. Cost $255.47 Unrealized -11.1%

INTC INTEL CORP 2.0%

Value ($000) $5,904 (-6.4%) Shares 160,000 (-14.9%) Est. Cost $22.08 Unrealized +71.0%

AVGO BROADCOM INC 3.2%

Value ($000) $9,310 (+3.6%) Shares 26,900 (-1.3%) Est. Cost $218.02 Unrealized +63.7%

SEI SOLARIS ENERGY INFRAS INC 0.3%

Value ($000) $919 (-23.3%) Shares 20,000 (-33.3%) Est. Cost $31.12 Unrealized +55.2%

FROG JFROG LTD 0.7%

Value ($000) $2,017 (-5.3%) Shares 32,300 (-28.2%) Est. Cost $30.35 Unrealized +87.4%

U UNITY SOFTWARE INC 1.5%

Value ($000) $4,417 (+0.3%) Shares 100,000 (-9.1%) Est. Cost $30.33 Unrealized +34.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	155,000 (-18.4%)	$95,218 (-16.5%)	32.5%	—	—	PUT	46090E103
MRVL	MARVELL TECHNOLOGY INC	28,800 (-53.5%)	$2,447 (-53.0%)	0.8%	$78.16	+11.9%	COM	573874104
—	SNOWFLAKE INC	1,000,000 (-56.5%)	$1,547 (-57.1%)	0.5%	$1.57	—	NOTE 10/0	833445AD1
ORCL	ORACLE CORP	15,000 (-11.8%)	$2,924 (-38.8%)	1.0%	$254.17	-6.3%	COM	68389X105
CLBT	CELLEBRITE DI LTD	80,000 (-52.9%)	$1,442 (-54.2%)	0.5%	$16.58	+8.3%	ORDINARY SHARES	M2197Q107
CIEN	CIENA CORP	5,000 (-73.7%)	$1,169 (-57.8%)	0.4%	$82.84	+134.2%	COM NEW	171779309
AMZN	AMAZON COM INC	60,000 (-12.4%)	$13,849 (-7.9%)	4.7%	$207.15	+10.4%	COM	023135106
NICE	NICE LTD	20,000 (-13.0%)	$2,261 (-32.1%)	0.8%	$148.86	—	SPONSORED ADR	653656108
CAMT	CAMTEK LTD	25,000 (-28.6%)	$2,659 (-27.7%)	0.9%	$73.92	+52.0%	ORD	M20791105
SEDG	SOLAREDGE TECHNOLOGIES INC	30,000 (-40.0%)	$866 (-53.2%)	0.3%	$15.48	+125.2%	COM	83417M104
LSCC	LATTICE SEMICONDUCTOR CORP	20,000 (-33.3%)	$1,472 (-33.1%)	0.5%	$53.48	—	COM	518415104
AMD	ADVANCED MICRO DEVICES INC	40,000 (-29.8%)	$8,566 (-7.1%)	2.9%	$117.80	+90.7%	COM	007903107
WDAY	WORKDAY INC	5,300 (-24.3%)	$1,138 (-32.4%)	0.4%	$255.47	-11.1%	CL A	98138H101
INTC	INTEL CORP	160,000 (-14.9%)	$5,904 (-6.4%)	2.0%	$22.08	+71.0%	COM	458140100
AVGO	BROADCOM INC	26,900 (-1.3%)	$9,310 (+3.6%)	3.2%	$218.02	+63.7%	COM	11135F101
SEI	SOLARIS ENERGY INFRAS INC	20,000 (-33.3%)	$919 (-23.3%)	0.3%	$31.12	+55.2%	COM CL A	83418M103
FROG	JFROG LTD	32,300 (-28.2%)	$2,017 (-5.3%)	0.7%	$30.35	+87.4%	ORD SHS	M6191J100
U	UNITY SOFTWARE INC	100,000 (-9.1%)	$4,417 (+0.3%)	1.5%	$30.33	+34.3%	COM	91332U101

Unchanged Positions (10)

ODD ODDITY TECH LTD 0.5%

Value ($000) $1,406 Shares 35,000 Est. Cost $45.57 Unrealized -0.8%

— SOLAREDGE TECHNOLOGIES INC 1.9%

Value ($000) $5,522 Shares 4,700,000 Est. Cost $1.33 Unrealized —

COIN COINBASE GLOBAL INC 0.4%

Value ($000) $1,131 Shares 5,000 Est. Cost $243.61 Unrealized +22.3%

UBER UBER TECHNOLOGIES INC 0.8%

Value ($000) $2,451 Shares 30,000 Est. Cost $71.41 Unrealized +26.1%

S SENTINELONE INC 0.9%

Value ($000) $2,700 Shares 180,000 Est. Cost — Unrealized —

OSCR OSCAR HEALTH INC 0.3%

Value ($000) $862 Shares 60,000 Est. Cost $14.87 Unrealized +16.4%

COMP COMPASS INC 0.4%

Value ($000) $1,057 Shares 100,000 Est. Cost $6.33 Unrealized +44.0%

FSLR FIRST SOLAR INC 0.4%

Value ($000) $1,045 Shares 4,000 Est. Cost $147.64 Unrealized +70.8%

ALGM ALLEGRO MICROSYSTEMS INC 0.4%

Value ($000) $1,055 Shares 40,000 Est. Cost $32.34 Unrealized -14.9%

— BOX INC 0.7%

Value ($000) $1,959 Shares 2,000,000 Est. Cost $1.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ODD	ODDITY TECH LTD	35,000	$1,406	0.5%	$45.57	-0.8%	SHS CL A	M7518J104
—	SOLAREDGE TECHNOLOGIES INC	4,700,000	$5,522	1.9%	$1.33	—	NOTE 2.250% 7/0	83417MAE4
COIN	COINBASE GLOBAL INC	5,000	$1,131	0.4%	$243.61	+22.3%	COM CL A	19260Q107
UBER	UBER TECHNOLOGIES INC	30,000	$2,451	0.8%	$71.41	+26.1%	COM	90353T100
S	SENTINELONE INC	180,000	$2,700	0.9%	—	—	CALL	81730H109
OSCR	OSCAR HEALTH INC	60,000	$862	0.3%	$14.87	+16.4%	CL A	687793109
COMP	COMPASS INC	100,000	$1,057	0.4%	$6.33	+44.0%	CL A	20464U100
FSLR	FIRST SOLAR INC	4,000	$1,045	0.4%	$147.64	+70.8%	COM	336433107
ALGM	ALLEGRO MICROSYSTEMS INC	40,000	$1,055	0.4%	$32.34	-14.9%	COM	01749D105
—	BOX INC	2,000,000	$1,959	0.7%	$1.01	—	NOTE 1.500% 9/1	10316TAD6