# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-26-001163
**Filing Date:** 2026-3
**Character Count:** 23481
**Document Hash:** a2e42ec2ba404b7434e7866027201c2f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-001163.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0002000324-26-001163

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260325

**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:** 26793969

**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

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | RACE | Ferrari NV |  |  | N3167Y103 | 1012 | Auto Manufacturers |  | COMMSTCK | COMMON STOCK |  |  |  | ITL | ITALY |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 333.17 |  |  |  |  |  | Ferrari NV |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16509.01 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 9121.00 | 3541856.26 | 3541856.26 | 3038843.57 | 3038843.57 | -503012.69 | -503012.69 | 0.54 | False | 0.00 | N/A | 5.01 | 5.00 | 5.01 | 0.00 |  |  | RACE<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | JPM | JPMorgan Chase & Co |  |  | 46625H100 | 1015 | Banks |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 305.89 |  |  |  |  |  | JPMorgan Chase & Co |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13377.15 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 3303.00 | 1022142.55 | 1022142.55 | 1010354.67 | 1010354.67 | -11787.88 | -11787.88 | 1.32 | False | 0.00 | N/A | 1.67 | 1.66 | 1.67 | 0.00 |  |  | JPM<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | MCO | Moody's Corp |  |  | 615369105 | 1025 | Commercial Services |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 515.56 |  |  |  |  |  | Moody's Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5359.20 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 1740.00 | 919158.60 | 919158.60 | 897074.40 | 897074.40 | -22084.20 | -22084.20 | 0.60 | False | 0.00 | N/A | 1.48 | 1.48 | 1.48 | 0.00 |  |  | MCO<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 |  |  | 259.48 |  |  |  |  |  | Apple Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7980.95 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 8401.00 | 1964800.80 | 1964800.80 | 2179891.48 | 2179891.48 | 215090.68 | 215090.68 | 0.37 | False | 0.00 | N/A | 3.59 | 3.59 | 3.59 | 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 |  |  | 1118.94 |  |  |  |  |  | BlackRock Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 60560.00 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 3028.00 | 3336273.01 | 3336273.01 | 3388150.32 | 3388150.32 | 51877.31 | 51877.31 | 1.79 | False | 0.00 | N/A | 5.59 | 5.58 | 5.58 | 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 |  |  | 173.78 |  |  |  |  |  | Intercontinental Exc | hange Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21772.80 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 12960.00 | 2085462.85 | 2085462.85 | 2252188.80 | 2252188.80 | 166725.95 | 166725.95 | 0.97 | False | 0.00 | N/A | 3.71 | 3.71 | 3.71 | 0.00 |  |  | ICE<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 |  |  | 722500.00 |  |  |  |  |  | Berkshire Hathaway I | nc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 4.00 | 3003967.56 | 3003967.56 | 2890000.00 | 2890000.00 | -113967.56 | -113967.56 | 0.00 | False | 0.00 | N/A | 4.76 | 4.76 | 4.76 | 0.00 |  | 5493000C01ZX7D35SD85 | BRK/A<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 |  |  | 239.30 |  |  |  |  |  | Amazon.com Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 16731.00 | 3820012.19 | 3820012.19 | 4003728.30 | 4003728.30 | 183716.11 | 183716.11 | 0.00 | False | 0.00 | N/A | 6.60 | 6.59 | 6.60 | 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 |  |  | 5001.84 |  |  |  |  |  | Booking Holdings Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 500.00 | 2655382.23 | 2655382.23 | 2500920.00 | 2500920.00 | -154462.23 | -154462.23 | 0.00 | False | 0.00 | N/A | 4.12 | 4.12 | 4.12 | 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 |  |  | 716.50 |  |  |  |  |  | META PLATFORMS INC. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 7237.00 | 4842504.29 | 4842504.29 | 5185310.50 | 5185310.50 | 342806.21 | 342806.21 | 0.00 | False | 0.00 | N/A | 8.55 | 8.54 | 8.55 | 0.00 |  |  | META<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | OKTA | Okta Inc |  |  | 679295105 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 84.48 |  |  |  |  |  | Okta Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 24904.00 | 2275644.45 | 2275644.45 | 2103889.92 | 2103889.92 | -171754.53 | -171754.53 | 0.00 | False | 0.00 | N/A | 3.47 | 3.46 | 3.47 | 0.00 |  |  | OKTA<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 |  |  | 129.37 |  |  |  |  |  | Airbnb, Inc. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 17436.00 | 2241117.41 | 2241117.41 | 2255695.32 | 2255695.32 | 14577.91 | 14577.91 | 0.00 | False | 0.00 | N/A | 3.72 | 3.71 | 3.72 | 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 |  |  | 351.42 |  |  |  |  |  | Eaton Corp PLC |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 45194.72 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 13138.00 | 4685596.60 | 4685596.60 | 4616955.96 | 4616955.96 | -68640.64 | -68640.64 | 0.98 | False | 0.00 | N/A | 7.61 | 7.60 | 7.61 | 0.00 |  |  | ETN | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | NVO | Novo Nordisk A/S |  |  | 670100205 | 1088 | Private Equity |  | COMMSTCK | COMMON STOCK |  |  |  | DKK | DENMARK |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 59.43 |  |  |  |  |  | Novo Nordisk A/S |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 38319.73 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 37276.00 | 2230197.70 | 2230197.70 | 2215312.68 | 2215312.68 | -14885.02 | -14885.02 | 1.73 | False | 0.00 | N/A | 3.65 | 3.65 | 3.65 | 0.00 |  | 529900UTAHSVRYZL0380 | NVO<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 |  |  | 331.30 |  |  |  |  |  | Broadcom Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 247802.40 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 13008.00 | 4553691.96 | 4553691.96 | 4309550.40 | 4309550.40 | -244141.56 | -244141.56 | 5.75 | False | 0.00 | N/A | 7.10 | 7.10 | 7.10 | 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 |  |  | 498.92 |  |  |  |  |  | Intuit Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15905.16 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 4909.00 | 3159161.28 | 3159161.28 | 2449198.28 | 2449198.28 | -709963.00 | -709963.00 | 0.65 | False | 0.00 | N/A | 4.04 | 4.03 | 4.04 | 0.00 |  |  | INTU<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | NOW | ServiceNow Inc |  |  | 81762P102 | 1099 | Application Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 117.01 |  |  |  |  |  | ServiceNow Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 14272.00 | 2293227.50 | 2293227.50 | 1669966.72 | 1669966.72 | -623260.78 | -623260.78 | 0.00 | False | 0.00 | N/A | 2.75 | 2.75 | 2.75 | 0.00 |  |  | NOW<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 |  |  | 441.41 |  |  |  |  |  | CROWDSTRIKE HOLDINGS | CLASS A |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 6007.00 | 2890756.05 | 2890756.05 | 2651519.84 | 2651519.84 | -239236.22 | -239236.22 | 0.00 | False | 0.00 | N/A | 4.37 | 4.37 | 4.37 | 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 |  |  | 430.29 |  |  |  |  |  | Microsoft Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21477.42 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 7698.00 | 3799003.56 | 3799003.56 | 3312372.42 | 3312372.42 | -486631.14 | -486631.14 | 0.65 | False | 0.00 | N/A | 5.46 | 5.45 | 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 |  |  | 212.29 |  |  |  |  |  | salesforce.com Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 13239.00 | 3222726.63 | 3222726.63 | 2810507.31 | 2810507.31 | -412219.32 | -412219.32 | 0.00 | False | 0.00 | N/A | 4.63 | 4.63 | 4.63 | 0.00 |  |  | CRM<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | PFE | Pfizer Inc |  |  | 717081103 | G20G | Health Care Services |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 26.44 |  |  |  |  |  | Pfizer Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 231689.36 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 141274.00 | 3547828.56 | 3547828.56 | 3735284.56 | 3735284.56 | 187456.00 | 187456.00 | 6.20 | False | 0.00 | N/A | 6.16 | 6.15 | 6.16 | 0.00 |  |  | PFE<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 | 1/31/2026 |  |  | 100.00 |  |  |  |  |  | UMB MONEY MARKET | SPECIAL II |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 41357.29 | L<br> N |  |  | 1/30/2026<br> C |  | 456;USD | USD | 1188433.82 | 1188433.82 | 1188433.82 | 1188433.82 | 1188433.82 | 0.00 | 0.00 | 3.48 | False | 3.47 |  | 1.96 | 1.96 | 1.96 | 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:** 2026-01-31

**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:** $60725528.30

**Total Liabilities:** $44792.29

**Net Assets:** $60680736.01

**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 | -0.63%               | -0.33%               | -2.97%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $176829.78               | $-521130.81                                |
| Month 2  | $-335746.15              | $141157.58                                 |
| Month 3  | $1281879.55              | $-2937726.59                               |

**Designated Index Information**

- **Index Name:** funds securities port.

- **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        |      8401 | NS      | $2179891.48   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc.          | COMMSTCK | CUSIP: 009066101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17436 | NS      | $2255695.32   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc       | COMMSTCK | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     16731 | NS      | $4003728.30   | 6.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc         | COMMSTCK | CUSIP: 11135F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13008 | NS      | $4309550.40   | 7.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc | COMMSTCK | CUSIP: 09857L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       500 | NS      | $2500920.00   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Inc        | COMMSTCK | CUSIP: 09290D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3028 | NS      | $3388150.32   | 5.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway I | COMMSTCK | CUSIP: 084670108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         4 | NS      | $2890000.00   | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| salesforce.com Inc   | COMMSTCK | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     13239 | NS      | $2810507.31   | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS | COMMSTCK | CUSIP: 22788C105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6007 | NS      | $2651519.84   | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC       | COMMSTCK | CUSIP: G29183103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13138 | NS      | $4616955.96   | 7.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exc | COMMSTCK | CUSIP: 45866F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12960 | NS      | $2252188.80   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc           | COMMSTCK | CUSIP: 461202103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9818 | NS      | $4898396.56   | 8.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co  | COMMSTCK | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3303 | NS      | $1010354.67   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp         | COMMSTCK | CUSIP: 615369105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1740 | NS      | $897074.40    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC.  | COMMSTCK | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      7237 | NS      | $5185310.50   | 8.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp       | COMMSTCK | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      7698 | NS      | $3312372.42   | 5.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc       | COMMSTCK | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     14272 | NS      | $1669966.72   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S     | COMMSTCK | CUSIP: 670100205<br>LEI: N/A                  | Long             | EC               | CORP              | DK        |     37276 | NS      | $2215312.68   | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc             | COMMSTCK | CUSIP: 679295105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24904 | NS      | $2103889.92   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc           | COMMSTCK | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    141274 | NS      | $3735284.56   | 6.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV           | COMMSTCK | CUSIP: N3167Y103<br>LEI: N/A                  | Long             | EC               | CORP              | IT        |      9121 | NS      | $3038843.57   | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB MONEY MARKET     | MONEYMKT | CUSIP: SF8888628<br>LEI: N/A                  | Long             | STIV             |  | US        |   1188434 | NS      | $1188433.82   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-16

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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