# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-25-004759
**Filing Date:** 2025-12
**Character Count:** 25799
**Document Hash:** c9fad9a59e4f36716fe4fc2c95092168
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004759.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0002000324-25-004759

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**PERIOD START**: 20260731

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22398
- **FILM NUMBER:** 251593283

**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

### WarCap Unconstrained Equity ETF (Series ID: S000094339)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000262841 | WarCap Unconstrained Equity ETF | WCAP            |

## Nport-Ex

---

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| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | XTR_GROUP | XTR_GROUP1 | XTR_GROUP2 | XTR_CATGRY | XTR_CATDSC | XTR_SECTOR | XTR_SECTR1 | XTR_SECTR2 | XTR_CONTRY | XTR_CONDSC | XTR_STATE | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | XTR_PRISRC | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | ISBASCURR | POS_INCOM | CLASS | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI | PRICE_ID | PRICINGMETHOD |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | NKE | NIKE Inc |  |  | 654106103 | 1009 | Apparel |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | OR | OREGON | USD | US DOLLAR | 1/0/1900 |  |  | 64.59 |  |  |  |  |  | NIKE Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12320.96 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 8864.00 | 619372.86 | 619372.86 | 572525.76 | 572525.76 | -46847.10 | -46847.10 | 2.15 | False | 0.00 | N/A | 1.17 | 1.16 | 1.17 | 0.00 |  |  | NKE<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | RACE | Ferrari NV |  |  | N3167Y103 | 1012 | Auto Manufacturers |  | COMMSTCK | COMMON STOCK |  |  |  | ITL | ITALY |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 403.95 |  |  |  |  |  | Ferrari NV |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11033.76 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 6096.00 | 2460932.76 | 2460932.76 | 2462479.20 | 2462479.20 | 1546.44 | 1546.44 | 0.45 | False | 0.00 | N/A | 5.05 | 5.01 | 5.04 | 0.00 |  |  | RACE<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | BK | Bank of New York Mel | lon Corp/The |  | 064058100 | 1015 | Banks |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 107.93 |  |  |  |  |  | Bank of New York Mel | lon Corp/The |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 22120.00 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 14000.00 | 1455580.00 | 1455580.00 | 1511020.00 | 1511020.00 | 55440.00 | 55440.00 | 1.46 | False | 0.00 | N/A | 3.10 | 3.07 | 3.09 | 0.00 |  |  | BK<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | GS | Goldman Sachs Group | Inc/The |  | 38141G104 | 1015 | Banks |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 789.37 |  |  |  |  |  | Goldman Sachs Group | Inc/The |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16212.00 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 1544.00 | 1183164.85 | 1183164.85 | 1218787.28 | 1218787.28 | 35622.43 | 35622.43 | 1.33 | False | 0.00 | N/A | 2.50 | 2.48 | 2.49 | 0.00 |  |  | GS<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | UBS | UBS Group AG |  |  | H42097107 | 1015 | Banks |  | COMMSTCK | COMMON STOCK |  |  |  | CHF | SWITZERLAND |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 38.36 |  |  |  |  |  | UBS Group AG |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8065.20 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 29328.00 | 1157859.81 | 1157859.81 | 1125022.08 | 1125022.08 | -32837.73 | -32837.73 | 0.72 | False | 0.00 | N/A | 2.31 | 2.29 | 2.30 | 0.00 |  |  | UBS<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | AAPL | Apple Inc |  |  | 037833100 | 1027 | IT Services |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 270.37 |  |  |  |  |  | Apple Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11473.15 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 12077.00 | 2885759.00 | 2885759.00 | 3265258.49 | 3265258.49 | 379499.49 | 379499.49 | 0.35 | False | 0.00 | N/A | 6.69 | 6.64 | 6.68 | 0.00 |  |  | AAPL<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | BLK | BlackRock Inc |  |  | 09290D101 | 1033 | Diversified Finan Se | rv | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 1082.81 |  |  |  |  |  | BlackRock Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20860.00 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 1043.00 | 1158874.40 | 1158874.40 | 1129370.83 | 1129370.83 | -29503.57 | -29503.57 | 1.85 | False | 0.00 | N/A | 2.32 | 2.30 | 2.31 | 0.00 |  |  | BLK<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | ICE | Intercontinental Exc | hange Inc |  | 45866F104 | 1033 | Diversified Finan Se | rv | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | GA | GEORGIA | USD | US DOLLAR | 1/0/1900 |  |  | 146.29 |  |  |  |  |  | Intercontinental Exc | hange Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16934.40 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 10080.00 | 1603569.60 | 1603569.60 | 1474603.20 | 1474603.20 | -128966.40 | -128966.40 | 1.15 | False | 0.00 | N/A | 3.02 | 3.00 | 3.02 | 0.00 |  |  | ICE<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | ISRG | Intuitive Surgical I | nc |  | 46120E602 | 1054 | Healthcare-Products |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 534.28 |  |  |  |  |  | Intuitive Surgical I | nc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 2635.00 | 1189819.48 | 1189819.48 | 1407827.80 | 1407827.80 | 218008.32 | 218008.32 | 0.00 | False | 0.00 | N/A | 2.89 | 2.86 | 2.88 | 0.00 |  |  | ISRG<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | BRK/A | Berkshire Hathaway I | nc |  | 084670108 | 1062 | Insurance |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NE | NEBRASKA | USD | US DOLLAR | 1/0/1900 |  |  | 715740.00 |  |  |  |  |  | Berkshire Hathaway I | nc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 2.00 | 1510827.57 | 1510827.57 | 1431480.00 | 1431480.00 | -79347.57 | -79347.57 | 0.00 | False | 0.00 | N/A | 2.93 | 2.91 | 2.93 | 0.00 |  | 5493000C01ZX7D35SD85 | BRK/A<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | GOOGL | Alphabet Inc |  |  | 02079K305 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 281.19 |  |  |  |  |  | Alphabet Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 13123.00 | 3190548.21 | 3190548.21 | 3690056.37 | 3690056.37 | 499508.16 | 499508.16 | 0.00 | False | 0.00 | N/A | 7.57 | 7.50 | 7.55 | 0.00 |  |  | GOOGL<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | AMZN | Amazon.com Inc |  |  | 023135106 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | WA | WASHINGTON | USD | US DOLLAR | 1/0/1900 |  |  | 244.22 |  |  |  |  |  | Amazon.com Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 11977.00 | 2697891.71 | 2697891.71 | 2925022.94 | 2925022.94 | 227131.23 | 227131.23 | 0.00 | False | 0.00 | N/A | 6.00 | 5.95 | 5.99 | 0.00 |  |  | AMZN | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | BKNG | Booking Holdings Inc |  |  | 09857L108 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 1/0/1900 |  |  | 5077.74 |  |  |  |  |  | Booking Holdings Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 260.00 | 1423450.60 | 1423450.60 | 1320212.40 | 1320212.40 | -103238.20 | -103238.20 | 0.00 | False | 0.00 | N/A | 2.71 | 2.68 | 2.70 | 0.00 |  |  | BKNG<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | META | META PLATFORMS INC. |  |  | 30303M102 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 648.35 |  |  |  |  |  | META PLATFORMS INC. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 2511.00 | 1855089.08 | 1855089.08 | 1628006.85 | 1628006.85 | -227082.23 | -227082.23 | 0.00 | False | 0.00 | N/A | 3.34 | 3.31 | 3.33 | 0.00 |  |  | META<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | BX | Blackstone Inc. |  |  | 09260D107 | 1064 | Investment Companies |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 146.64 |  |  |  |  |  | Blackstone Inc. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 22170.96 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 6678.00 | 1144407.02 | 1144407.02 | 979261.92 | 979261.92 | -165145.10 | -165145.10 | 2.26 | False | 0.00 | N/A | 2.01 | 1.99 | 2.00 | 0.00 |  |  | BX<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | ABNB | Airbnb, Inc. |  |  | 009066101 | 1067 | Lodging |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 126.54 |  |  |  |  |  | Airbnb, Inc. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 11624.00 | 1465709.45 | 1465709.45 | 1470900.96 | 1470900.96 | 5191.51 | 5191.51 | 0.00 | False | 0.00 | N/A | 3.02 | 2.99 | 3.01 | 0.00 |  |  | ABNB<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | ETN | Eaton Corp PLC |  |  | G29183103 | 1076 | Miscellaneous Manufa |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 1/0/1900 |  |  | 381.56 |  |  |  |  |  | Eaton Corp PLC |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23127.12 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 6723.00 | 2535451.94 | 2535451.94 | 2565227.88 | 2565227.88 | 29775.94 | 29775.94 | 0.90 | False | 0.00 | N/A | 5.26 | 5.21 | 5.25 | 0.00 |  |  | ETN | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | WRBY | Warby Parker Inc |  |  | 93403J106 | 1095 | Retail |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 19.59 |  |  |  |  |  | Warby Parker Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 19616.00 | 465547.30 | 465547.30 | 384277.44 | 384277.44 | -81269.86 | -81269.86 | 0.00 | False | 0.00 | N/A | 0.79 | 0.78 | 0.79 | 0.00 |  |  | WRBY<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | AVGO | Broadcom Inc |  |  | 11135F101 | 1097 | Semiconductor Device |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 369.63 |  |  |  |  |  | Broadcom Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 116433.60 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 6112.00 | 2225009.52 | 2225009.52 | 2259178.56 | 2259178.56 | 34169.04 | 34169.04 | 5.15 | False | 0.00 | N/A | 4.63 | 4.59 | 4.62 | 0.00 |  |  | AVGO<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | INTU | Intuit Inc |  |  | 461202103 | 1099 | Application Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 667.55 |  |  |  |  |  | Intuit Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11482.56 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 3544.00 | 2376389.25 | 2376389.25 | 2365797.20 | 2365797.20 | -10592.05 | -10592.05 | 0.49 | False | 0.00 | N/A | 4.85 | 4.81 | 4.84 | 0.00 |  |  | INTU<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | MSI | Motorola Solutions I | nc |  | 620076307 | 1104 | Telecommunications |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 406.71 |  |  |  |  |  | Motorola Solutions I | nc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17010.38 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 4699.00 | 2197842.29 | 2197842.29 | 1911130.29 | 1911130.29 | -286712.00 | -286712.00 | 0.89 | False | 0.00 | N/A | 3.92 | 3.88 | 3.91 | 0.00 |  |  | MSI<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | CRWD | CROWDSTRIKE HOLDINGS | CLASS A |  | 22788C105 | D50D | Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 543.01 |  |  |  |  |  | CROWDSTRIKE HOLDINGS | CLASS A |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 4066.00 | 1987181.64 | 1987181.64 | 2207878.66 | 2207878.66 | 220697.02 | 220697.02 | 0.00 | False | 0.00 | N/A | 4.53 | 4.49 | 4.52 | 0.00 |  |  | CRWD<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | MSFT | Microsoft Corp |  |  | 594918104 | D50D | Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | WA | WASHINGTON | USD | US DOLLAR | 1/0/1900 |  |  | 517.81 |  |  |  |  |  | Microsoft Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14365.71 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 5149.00 | 2611294.33 | 2611294.33 | 2666203.69 | 2666203.69 | 54909.36 | 54909.36 | 0.54 | False | 0.00 | N/A | 5.47 | 5.42 | 5.46 | 0.00 |  |  | MSFT<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | CRM | salesforce.com Inc |  |  | 79466L302 | D50D | Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 260.41 |  |  |  |  |  | salesforce.com Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 9497.00 | 2339167.68 | 2339167.68 | 2473113.77 | 2473113.77 | 133946.09 | 133946.09 | 0.00 | False | 0.00 | N/A | 5.07 | 5.03 | 5.06 | 0.00 |  |  | CRM<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | AMBXX | UMB MONEY MARKET | SPECIAL II |  | SF8888628 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 11/1/2025 |  |  | 100.00 |  |  |  |  |  | UMB MONEY MARKET | SPECIAL II |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 184116.25 | L<br> N |  |  | 10/31/2025<br> C |  | 456;USD | USD | 4332160.31 | 4332160.31 | 4332160.31 | 4332160.31 | 4332160.31 | 0.00 | 0.00 | 4.85 | False | 4.83 |  | 8.88 | 8.81 | 8.87 | 0.00 |  |  | AMBXX<br> N | AC |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SPINNAKER ETF SERIES

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

- **c. CIK number of Registrant:** 0001484018

- **d. LEI of Registrant:** 54930056GHDI2JOI6X90

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 116 SOUTH FRANKLIN STREET

  - **City:** ROCKY MOUNT

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 27804-5707

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

**Item A.2. Information about the Series.**

- **a. Name of Series:** WarCap Unconstrained Equity ETF

- **b. EDGAR series identifier (if any):** S000094339

- **c. LEI of Series:** 52990001KH0ERLDMKQ83

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $49195768.09

**Total Liabilities:** $334306.68

**Net Assets:** $48861461.41

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000262841 |  |  | 0.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  |  |  |
| Month 2  | $23834.30                | $-268158.10                                |
| Month 3  | $-712813.44              | $972061.32                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                 | Title    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Apple Inc            | COMMSTCK | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     12077 | NS      | $3265258.49   | 6.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc.          | COMMSTCK | CUSIP: 009066101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11624 | NS      | $1470900.96   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc       | COMMSTCK | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     11977 | NS      | $2925022.94   | 5.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc         | COMMSTCK | CUSIP: 11135F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6112 | NS      | $2259178.56   | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mel | COMMSTCK | CUSIP: 064058100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14000 | NS      | $1511020.00   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc | COMMSTCK | CUSIP: 09857L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       260 | NS      | $1320212.40   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Inc        | COMMSTCK | CUSIP: 09290D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1043 | NS      | $1129370.83   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway I | COMMSTCK | CUSIP: 084670108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         2 | NS      | $1431480.00   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc.      | COMMSTCK | CUSIP: 09260D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6678 | NS      | $979261.92    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| salesforce.com Inc   | COMMSTCK | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      9497 | NS      | $2473113.77   | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS | COMMSTCK | CUSIP: 22788C105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4066 | NS      | $2207878.66   | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC       | COMMSTCK | CUSIP: G29183103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6723 | NS      | $2565227.88   | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc         | COMMSTCK | CUSIP: 02079K305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13123 | NS      | $3690056.37   | 7.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group  | COMMSTCK | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1544 | NS      | $1218787.28   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exc | COMMSTCK | CUSIP: 45866F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10080 | NS      | $1474603.20   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc           | COMMSTCK | CUSIP: 461202103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7088 | NS      | $4731594.40   | 9.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical I | COMMSTCK | CUSIP: 46120E602<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2635 | NS      | $1407827.80   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC.  | COMMSTCK | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2511 | NS      | $1628006.85   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp       | COMMSTCK | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5149 | NS      | $2666203.69   | 5.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions I | COMMSTCK | CUSIP: 620076307<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4699 | NS      | $1911130.29   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc             | COMMSTCK | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      8864 | NS      | $572525.76    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV           | COMMSTCK | CUSIP: N3167Y103<br>LEI: N/A                  | Long             | EC               | CORP              | IT        |      6096 | NS      | $2462479.20   | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG         | COMMSTCK | CUSIP: H42097107<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     29328 | NS      | $1125022.08   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Warby Parker Inc     | COMMSTCK | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19616 | NS      | $384277.44    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB MONEY MARKET     | MONEYMKT | CUSIP: SF8888628<br>LEI: N/A                  | Long             | STIV             |  | US        |   4332160 | NS      | $4332160.31   | 8.87%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-12

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

**Title:** Principal Accounting Officer/Principal Financial Officer