# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0001484018-25-000044
**Filing Date:** 2025-6
**Character Count:** 50102
**Document Hash:** 3d6c3c221b1ac4578ee2ac25988c16d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001484018-25-000044.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001484018-25-000044

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**EFFECTIVENESS DATE**: 20250613

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spinnaker ETF Series
- **CENTRAL INDEX KEY:** 0001484018

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22398
- **FILM NUMBER:** 251046692

**BUSINESS ADDRESS:**
- **STREET 1:** 116 SOUTH FRANKLIN STREET
- **STREET 2:** POST OFFICE BOX 69
- **CITY:** ROCKY MOUNT
- **STATE:** NC
- **ZIP:** 27802-0069
- **BUSINESS PHONE:** 252-972-9922

**MAIL ADDRESS:**
- **STREET 1:** 116 SOUTH FRANKLIN STREET
- **STREET 2:** POST OFFICE BOX 69
- **CITY:** ROCKY MOUNT
- **STATE:** NC
- **ZIP:** 27802-0069

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Spinnaker ETF Trust
- **DATE OF NAME CHANGE:** 20100212

## Series and Classes Contracts Data

### North Shore Equity Rotation ETF (Series ID: S000084308)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000248645 | North Shore Equity Rotation ETF | KOOL            |

### Obra Opportunistic Structured Products ETF (Series ID: S000084449)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000248832 | Obra Opportunistic Structured Products ETF | OOSP            |

### Obra High Grade Structured Products ETF (Series ID: S000084450)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000248833 | Obra High Grade Structured Products ETF | OGSP            |

## Internal

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### Shareholders and Board of Trustees

#### Spinnaker ETF Series
In planning and performing our audits of the financial statements of North Shore Equity Rotation ETF, Obra High Grade Structured Products ETF, and Obra Opportunistic Structured Products ETF, each a series of Spinnaker ETF Series (the "Series"), as of and for the year ended March 31, 2025 in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered their internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Series' internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Series is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Series' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Series' internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of March 31, 2025.

This report is intended solely for the information and use of management, Shareholders and the Board of Trustees of Spinnaker ETF Series and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

#### TAIT, WELLER & BAKER LLP

#### Philadelphia, Pennsylvania

#### May 22, 2025

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001484018

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000084308

**Series ID Record:2**
- **Series ID:** S000084450

**Series ID Record:3**
- **Series ID:** S000084449

**Class ID Record:1**
- **Class ID:** C000248645

**Class ID Record:2**
- **Class ID:** C000248833

**Class ID Record:3**
- **Class ID:** C000248832

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-03-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** Yes

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Spinnaker ETF Series

- **Item B.1.b - Investment Company Act file number:** 811-22398

- **Item B.1.c - CIK:** 0001484018

- **Item B.1.d - LEI:** 54930056GHDI2JOI6X90

- **Item B.2.a - Street 1:** 116 S. Franklin Street

- **Item B.2.b - City:** Rocky Mount

- **Item B.2.c - State:** NC

- **Item B.2.e - Zip Code:** 27804

- **Item B.2.f - Telephone:** 252-972-9922

- **Item B.2.g - Public Website:** www.ncfunds.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** The Nottingham Company

- **b. Street 1:** 116 S. Franklin Street

- **c. City:** Rocky Mount

- **d. State, if applicable:** NC

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 27804

- **g. Telephone number:** 252-972-9922

- **h. Briefly describe the books and records kept at this location:** Records relating to services as Administrator and Fund Accountant

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Nottingham Shareholder Services, LLC

- **b. Street 1:** 116 S. Franklin Street

- **c. City:** Rocky Mount

- **d. State, if applicable:** NC

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 27804

- **g. Telephone number:** 252-984-3816

- **h. Briefly describe the books and records kept at this location:** Records relating to services as Transfer Agent

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** UMB Bank, n.a.

- **b. Street 1:** 1010 Grand Blvd.

- **c. City:** Kansas City

- **d. State, if applicable:** MO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 64106

- **g. Telephone number:** 516-860-7780

- **h. Briefly describe the books and records kept at this location:** Records relating to services as Custodian

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Clear Street LLC

- **b. Street 1:** 4 World Trade Center

- **Street 2:** 150 Greenwich Street, 45th Floor

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10007

- **g. Telephone number:** 646-558-6192

- **h. Briefly describe the books and records kept at this location:** Records relating to services as Custodian and Broker

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** Split Rock Private Trading and Wealth Management LLC

- **b. Street 1:** 105 Arch Street

- **c. City:** Cloquet

- **d. State, if applicable:** MN

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 55720

- **g. Telephone number:** 218-879-3262

- **h. Briefly describe the books and records kept at this location:** Records relating to services as Advisor to the North Shore Equity Rotation ETF

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Obra Fund Management, LLC

- **b. Street 1:** 437 Madison Avenue

- **Street 2:** 26th Floor

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10022

- **g. Telephone number:** 917-831-1000

- **h. Briefly describe the books and records kept at this location:** Records relating to services as Advisor to Obra High Grade Structured Products ETF and Obra Opportunistic Structured Products ETF

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 15

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Jesse S. Eberdt III | No                      | 811-23005                               |
| Thomas R. Galloway  | No                      | 811-22507, 811-23664, 811-23005         |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Andrea Knoth

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 116 S. Franklin Street

- **d. City:** Rocky Mount

- **e. State, if applicable:** NC

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 27804

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-32601

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Capital Investment Group, Inc.

- **ii. SEC file number:** 008-31225

- **iii. CRD number:** 000014752

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Tait, Weller & Baker, LLP

- **b. PCAOB Number:** 445

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - North Shore Equity Rotation ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** North Shore Equity Rotation ETF

- **b. Series identification number, if any:** S000084308

- **c. LEI:** 529900LHZMBPDF9FLG21

- **d. Is this the first filing on this form by the Fund?:** Yes

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class           | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | North Shore Equity Rotation ETF | C000248645                                | KOOL                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Clear Street LLC

- **ii. LEI, if any:** 549300KNQS43Y7TO3X67

- **iii. Is the securities lending agent an affiliated person...?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Split Rock Private Trading and Wealth Management LLC

- **ii. SEC file number:** 801-119587

- **iii. CRD number:** 000152003

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Nottingham Shareholder Services, LLC

- **ii. SEC file number:** 084-05687

- **iii. LEI, if any:** 5493004B2XJ9BX8S5061

- **iv. State, if applicable:** NC

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** Broadridge Financial Solutions, Inc.

- **ii. SEC file number:** 084-13554

- **iii. LEI, if any:** 549300KZDJZQ2YIHRC28

- **iv. State, if applicable:** NY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg Data Professional

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Refinitiv Financial Solutions

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB Bank, n.a.

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Clear Street LLC

- **ii. LEI, if any:** 549300KNQS43Y7TO3X67

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Member national securities exchange - rule 17f-1 (17 CFR 270.17f-1)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Nottingham Shareholder Services, LLC

- **ii. LEI, if any:** 5493004B2XJ9BX8S5061

- **iii. State, if applicable:** NC

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** The Nottingham Company

- **ii. LEI, if any, or other identifying number:** 549300WSNC1UD33Z2P26

- **iii. State, if applicable:** NC

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Clear Street LLC

- **ii. SEC file number:** 008-69972

- **iii. CRD number:** 000288933

- **iv. LEI, if any:** 549300KNQS43Y7TO3X67

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,317.44

**Brokers Record: 2**

- **i. Full name of broker:** GTS Securities, LLC

- **ii. SEC file number:** 008-68126

- **iii. CRD number:** 000149224

- **iv. LEI, if any:** 5493005RMIRIL1NTB654

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,941.61

**Aggregate Commission:** $14,259.05

**Item C.17.a. Principal transaction counterparties.**

| Name                                      | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Merrill Lynch Professional Clearing Corp. | 008-33359         |    000016139 | 549300PMHS66E71I2D34 | NY      | US        | $8,513,544.00             |
| Goldman Sachs & Co. LLC                   | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $41,475,952.00            |
| Virtu Americas LLC                        | 008-68193         |    000149823 | 549300RA02N3BNSWBV74 | NY      | US        | $5,937,413.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $55,926,909.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $39,001,998.86

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 2 - Obra High Grade Structured Products ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Obra High Grade Structured Products ETF

- **b. Series identification number, if any:** S000084450

- **c. LEI:** 529900WVYVURI5R9YD54

- **d. Is this the first filing on this form by the Fund?:** Yes

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Obra High Grade Structured Products ETF | C000248833                                | OGSP                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Clear Street LLC

- **ii. LEI, if any:** 549300KNQS43Y7TO3X67

- **iii. Is the securities lending agent an affiliated person...?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Obra Fund Management, LLC

- **ii. SEC file number:** 801-129207

- **iii. CRD number:** 000328207

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Nottingham Shareholder Services, LLC

- **ii. SEC file number:** 084-05687

- **iii. LEI, if any:** 5493004B2XJ9BX8S5061

- **iv. State, if applicable:** NC

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** Broadridge Financial Solutions, Inc.

- **ii. SEC file number:** 084-13554

- **iii. LEI, if any:** 549300KZDJZQ2YIHRC28

- **iv. State, if applicable:** NY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg Data Professional

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Refinitiv Financial Solutions

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB Bank, n.a.

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Clear Street LLC

- **ii. LEI, if any:** 549300KNQS43Y7TO3X67

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Member national securities exchange - rule 17f-1 (17 CFR 270.17f-1)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Nottingham Shareholder Services, LLC

- **ii. LEI, if any:** 5493004B2XJ9BX8S5061

- **iii. State, if applicable:** NC

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** The Nottingham Company

- **ii. LEI, if any, or other identifying number:** 549300WSNC1UD33Z2P26

- **iii. State, if applicable:** NC

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                              | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| UMB Bank, n.a.                    | N/A               | N/A          | VNOO6EITDJ2YUEBMSZ83 | MO      | US        | $54,338,515.00            |
| BNY Mellon Securities Corporation | 008-13801         | 000000231    | 2549009A52JAL1RI9176 | NY      | US        | $4,743,420.00             |
| J.P. Morgan Securities LLC        | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $2,499,053.00             |
| Wells Fargo Securities, LLC       | 008-65876         | 000126292    | VYVVCKR63DVZZN70PB21 | NC      | US        | $1,612,188.00             |
| Goldman Sachs & Co. LLC           | 008-00129         | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $1,415,642.00             |
| Citigroup Global Markets Inc.     | 008-08177         | 000007059    | MBNUM2BPBDO7JBLYG310 | NC      | US        | $1,098,500.00             |
| Pershing LLC                      | 008-17574         | 000007560    | ZI8Q1A8EI8LQFJNM0D94 | NJ      | US        | $950,021.00               |
| BofA Securities, Inc.             | 008-69787         | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $941,925.00               |
| Mizuho Securities USA LLC         | 008-37710         | 000019647    | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $902,653.00               |
| Deutsche Bank Securities Inc.     | 008-17822         | 000002525    | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $1,052,591.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $69,554,508.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $26,152,044.50

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 3 - Obra Opportunistic Structured Products ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Obra Opportunistic Structured Products ETF

- **b. Series identification number, if any:** S000084449

- **c. LEI:** 5299009MTQMPRL4QJD89

- **d. Is this the first filing on this form by the Fund?:** Yes

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                      | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Obra Opportunistic Structured Products ETF | C000248832                                | OOSP                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Clear Street LLC

- **ii. LEI, if any:** 549300KNQS43Y7TO3X67

- **iii. Is the securities lending agent an affiliated person...?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** N/A

- **ii. LEI, if any:** N/A

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Obra Fund Management, LLC

- **ii. SEC file number:** 801-129207

- **iii. CRD number:** 000328207

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Nottingham Shareholder Services, LLC

- **ii. SEC file number:** 084-05687

- **iii. LEI, if any:** 5493004B2XJ9BX8S5061

- **iv. State, if applicable:** NC

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** Broadridge Financial Solutions, Inc.

- **ii. SEC file number:** 084-13554

- **iii. LEI, if any:** 549300KZDJZQ2YIHRC28

- **iv. State, if applicable:** NY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg Data Professional

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Refinitiv Financial Solutions

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB Bank, n.a.

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Clear Street LLC

- **ii. LEI, if any:** 549300KNQS43Y7TO3X67

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Member national securities exchange - rule 17f-1 (17 CFR 270.17f-1)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Nottingham Shareholder Services, LLC

- **ii. LEI, if any:** 5493004B2XJ9BX8S5061

- **iii. State, if applicable:** NC

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** The Nottingham Company

- **ii. LEI, if any, or other identifying number:** 549300WSNC1UD33Z2P26

- **iii. State, if applicable:** NC

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                              | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| UMB Bank, n.a.                    | N/A               | N/A          | VNOO6EITDJ2YUEBMSZ83 | MO      | US        | $59,463,182.00            |
| J.P. Morgan Securities LLC        | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $5,197,717.00             |
| BNY Mellon Securities Corporation | 008-13801         | 000000231    | 2549009A52JAL1RI9176 | NY      | US        | $5,142,330.00             |
| BofA Securities, Inc.             | 008-69787         | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $4,292,775.00             |
| Deutsche Bank Securities Inc.     | 008-17822         | 000002525    | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $3,254,393.00             |
| Citigroup Global Markets Inc.     | 008-08177         | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $2,544,875.00             |
| Scotia Capital (USA) Inc.         | 008-03716         | 000002739    | 549300BLWPABP1VNME36 | NY      | US        | $2,392,359.00             |
| Morgan Stanley & Co. LLC          | 008-15869         | 000735211    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $2,012,346.00             |
| BNP Paribas Securities Corp.      | 008-32682         | 000015794    | RCNB6OTYUAMMP879YW96 | NY      | US        | $1,924,894.00             |
| Wells Fargo Securities, LLC       | 008-65876         | 000126292    | VYVVCKR63DVZZN70PB21 | NC      | US        | $1,350,469.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $87,575,339.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $18,787,221.37

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

## Part E: Additional Questions for ETFs and ETMFs

### North Shore Equity Rotation ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** KOOL

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| Clear Street LLC                          | $3,214,146.00    | $3,267,169.00  |
| Merrill Lynch Professional Clearing Corp. | $7,242,715.00    | $1,593,741.00  |
| Goldman Sachs & Co. LLC                   | $38,636,139.00   | $6,874,306.00  |
| Virtu Americas LLC                        | $3,630,829.00    | $664,059.00    |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 10,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 3.78%

- **c.i. Average percentage of value composed of cash (redeemed):** 3.48%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $500.00

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

### Obra High Grade Structured Products ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** OGSP

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| Merrill Lynch Professional Clearing Corp. | $1,102,954.00    | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 10,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 100.00%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.00%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $500.00

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

### Obra Opportunistic Structured Products ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** OOSP

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| Merrill Lynch Professional Clearing Corp. | $799,939.00      | $0.00          |
| Goldman Sachs & Co. LLC                   | $203,500.00      | $0.00          |
| Virtu Americas LLC                        | $402,770.00      | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 10,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 100.00%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.00%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $500.00

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Spinnaker ETF Series

**Date:** 2025-06-13

**Signature:** Peter McCabe

**Title:** Treasurer, Principal Financial Officer, and Principal Accounting Officer