# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0001484018-23-000002
**Filing Date:** 2023-1
**Character Count:** 13792
**Document Hash:** 316f480e87b85bd9b70aab710e885874
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001484018-23-000002.hdr.sgml**: 20230104

**ACCESSION NUMBER**: 0001484018-23-000002

**CONFORMED SUBMISSION TYPE**: 40-17F1

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230104

**DATE AS OF CHANGE**: 20230104

**EFFECTIVENESS DATE**: 20230104

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spinnaker ETF Series
- **CENTRAL INDEX KEY:** 0001484018
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 40-17F1
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22398
- **FILM NUMBER:** 23504997

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spinnaker ETF Series
- **CENTRAL INDEX KEY:** 0001484018
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 40-17F1

**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

---

| | | |
|:---|:---|:---|
| **UNITED STATES** |  |  |
| **SECURITIES AND EXCHANGE COMMISSION** |  |  |
| **Washington, D.C. 20549** |  |  |
| **FORM N-17f-1** |  |  |
|  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMB APPROVAL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**  | **<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMB APPROVAL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**  |
| Certificate of Accounting of Securities and Similar  | **OMB Number:**  | **<br>3235-0359**  |
| Investments of a Management Investment Company | **Expires:**  | **<br>May 31, 2021**  |
| in the Custody of Members of | **Estimated average burden** | **Estimated average burden** |
| National Securities Exchanges | **hours per response**  | **1.5**  |
| Pursuant to Rule 17f-1 [17 CFR 270.17f-1] |  |  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1. Investment Company Act File Number:<br>**811-22398** | 1. Investment Company Act File Number:<br>**811-22398** | 1. Investment Company Act File Number:<br>**811-22398** | 1. Investment Company Act File Number:<br>**811-22398** | &nbsp;&nbsp; Date examination completed:<br>**March 31, 2022** | &nbsp;&nbsp; Date examination completed:<br>**March 31, 2022** |
| 2. State identification Number: | 2. State identification Number: | 2. State identification Number: | 2. State identification Number: |  |  |
| &nbsp;&nbsp; AL | AK | &nbsp;&nbsp;&nbsp; AZ | &nbsp;&nbsp;&nbsp; AR | &nbsp;&nbsp;&nbsp;&nbsp; CA | &nbsp;&nbsp;&nbsp; CO |
| &nbsp;&nbsp; CT | DE | &nbsp;&nbsp;&nbsp; DC | &nbsp;&nbsp;&nbsp; FL | &nbsp;&nbsp;&nbsp;&nbsp; GA | &nbsp;&nbsp;&nbsp; HI |
| &nbsp;&nbsp; ID | IL | &nbsp;&nbsp;&nbsp; IN | &nbsp;&nbsp;&nbsp; IA | &nbsp;&nbsp;&nbsp;&nbsp; KS | &nbsp;&nbsp;&nbsp; KY |
| &nbsp;&nbsp; LA | ME | &nbsp;&nbsp;&nbsp; MD | &nbsp;&nbsp;&nbsp; MA | &nbsp;&nbsp;&nbsp;&nbsp; MI | &nbsp;&nbsp;&nbsp; MN |
| &nbsp;&nbsp; MS | MO | &nbsp;&nbsp;&nbsp; MT | &nbsp;&nbsp;&nbsp; NE | &nbsp;&nbsp;&nbsp;&nbsp; NV | &nbsp;&nbsp;&nbsp; NH |
| &nbsp;&nbsp; NJ | NM | &nbsp;&nbsp;&nbsp; NY | &nbsp;&nbsp;&nbsp; NC | &nbsp;&nbsp;&nbsp;&nbsp; ND | &nbsp;&nbsp;&nbsp; OH |
| &nbsp;&nbsp; OK | OR | &nbsp;&nbsp;&nbsp; PA | &nbsp;&nbsp;&nbsp; RI | &nbsp;&nbsp;&nbsp;&nbsp; SC | &nbsp;&nbsp;&nbsp; SD |
| &nbsp;&nbsp; TN | TX | &nbsp;&nbsp;&nbsp; UT | &nbsp;&nbsp;&nbsp; VT | &nbsp;&nbsp;&nbsp;&nbsp; VA | &nbsp;&nbsp;&nbsp; WA |
| &nbsp;&nbsp; WV | WI | &nbsp;&nbsp;&nbsp; WY | &nbsp;&nbsp;&nbsp; PUERTO RICO | &nbsp;&nbsp;&nbsp; PUERTO RICO | &nbsp;&nbsp;&nbsp; PUERTO RICO |
| &nbsp;&nbsp; Other (specify): | &nbsp;&nbsp; Other (specify): | &nbsp;&nbsp; Other (specify): | &nbsp;&nbsp; Other (specify): | &nbsp;&nbsp; Other (specify): | &nbsp;&nbsp; Other (specify): |
| 3. Exact name of investment company as specified in registration statement: **Trajan Wealth Income Opportunities ETF** | 3. Exact name of investment company as specified in registration statement: **Trajan Wealth Income Opportunities ETF** | 3. Exact name of investment company as specified in registration statement: **Trajan Wealth Income Opportunities ETF** | 3. Exact name of investment company as specified in registration statement: **Trajan Wealth Income Opportunities ETF** | 3. Exact name of investment company as specified in registration statement: **Trajan Wealth Income Opportunities ETF** | 3. Exact name of investment company as specified in registration statement: **Trajan Wealth Income Opportunities ETF** |
| <br> 4. Address of principal executive office (number, street, city, state, zip code): **116 South Franklin Street, Rocky Mount, NC 27804** | <br> 4. Address of principal executive office (number, street, city, state, zip code): **116 South Franklin Street, Rocky Mount, NC 27804** | <br> 4. Address of principal executive office (number, street, city, state, zip code): **116 South Franklin Street, Rocky Mount, NC 27804** | <br> 4. Address of principal executive office (number, street, city, state, zip code): **116 South Franklin Street, Rocky Mount, NC 27804** | <br> 4. Address of principal executive office (number, street, city, state, zip code): **116 South Franklin Street, Rocky Mount, NC 27804** | <br> 4. Address of principal executive office (number, street, city, state, zip code): **116 South Franklin Street, Rocky Mount, NC 27804** |

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#### I NSTRUCTIONS
This Form must be completed by investment companies that place or maintain securities or similar investments in the custody of a company that is a

member of a national securities exchange.

#### Investment Company

#### <br>
<br> 1. All items must be completed by the investment company.

<br> 2. Give this Form to the independent public accountant who, in compliance with Rule 17f-1 under the Act and applicable state law, examines securities and similar investments in the custody of a company that is a member of a national securities exchange.

#### Accountant
3. Submit this Form to the Securities and Exchange Commission and appropriate state securities administrators when filing the certificate of accounting required by Rule 17f-1 under the Act and applicable state law. File the original and one copy with the Securities and Exchange Commission's principal office in Washington, D.C., one copy with the regional office for the region in which the investment company's principal business operations are conducted, and one copy with the appropriate state administrator(s), if applicable.

#### THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2205 (11-03)

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#### SEC's Collection of Information
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. Filing of Form N-17f-1 is mandatory for an investment company that maintains securities or similar investments in the custody of a member of a National Securities Exchange. Rule 17f-1 under section 17(f) of the Investment Company Act of 1940 requires the investment company to retain an independent public accountant to verify the company's securities and similar investments by actual examination three times during each fiscal year. The accountant must prepare a certificate stating that the examination has occurred and describing the examination, and must transmit the certificate to the Commission with Form N-17f-1 as a cover sheet. The Commission uses the Form to ensure that the certificate is properly attributed to the investment company. The Commission estimates that the burden of completing Form N-17f-1 is approximately 0.16 hours per filing. Any member of the public may direct to the Commission any comments concerning the accuracy of the burden estimate of this Form, and any suggestions for reducing the burden of the Form. This collection of information has been reviewed by the Office of Management and Budget in accordance with the clearance requirements of 44 U.S.C. § 3507. Responses to this collection of information will not be kept confidential.

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#### MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH CERTAIN PROVISIONS OF

#### THE INVESTMENT COMPANY ACT OF 1940
January 3, 2023

We, as members of management of Trajan Wealth Income Opportunities ETF (the "Fund"), a series of shares of beneficial interest in Spinnaker ETF Series, are responsible for complying with the requirements of subsections (b)(1) and (b)(6) of Rule 17f-1, "Custody of Securities with Members of National Securities Exchanges," of the Investment Company Act of 1940. We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed an evaluation of the Fund's compliance with the requirements of subsections (b)(1) and (b)(6) of Rule 17f-1 as of March 31, 2022 and from September 30, 2021 (date of last examination), through March 31, 2022.

Based on this evaluation, we assert that the Fund was in compliance with the requirements of subsections (b)(1) and (b)(6) of Rule 17f-1 of the Investment Company Act of 1940 as of March 31, 2022, and from September 30, 2021 through March 31, 2022, with respect to securities reflected in the investment account of the Fund.

<u>/s/ Katherine M. Honey</u>

Katherine M. Honey, President and Principal Executive Officer, Spinnaker ETF Series

<u>/s/ Ashley H. Lanham</u>

Ashley H. Lanham, Treasurer and Principal Financial Officer, Spinnaker ETF Series

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![](image0.jpg)

#### REPORT OF INDEPENDENT PUBLIC ACCOUNTANT

#### To the Board of Trustees of Spinnaker ETF Series

#### and the Shareholders of Trajan Wealth Income Opportunities ETF
We have examined management's assertion, included in the accompanying Management Statement Regarding Compliance With Certain Provisions of the Investment Company Act of 1940, that Trajan Wealth Income Opportunities ETF (the ***"Fund"***), a series of shares of beneficial interest in Spinnaker ETF Series, complied with the requirements of subsections (b)(1) and (b)(6) of Rule 17f-1 under the Investment Company Act of 1940 (the Act) as of March 31, 2022. Management is responsible for its assertion about compliance with the requirements of subsections (b)(1) and (b)(6) of Rule 17f-1 of the Act (the "**specified requirements**"). Our responsibility is to express an opinion on management's assertion about the Fund's compliance with the specified requirements based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about whether management's assertion is fairly stated in all material respects. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management's assertion, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

Included among our procedures were the following tests performed as of March 31, 2022, and with respect to agreement of security purchase and sales, for the period from September 30, 2021 (date of last examination), through March 31, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Confirmation of securities held by a member of a national securities exchange (Clear Street) in the Fund's name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reconciliation of securities confirmed by the member of the national securities exchange (Clear Street) to books and records of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Test a sample of transactions since our last report from the books and records of the Fund to monthly Clear Street bank statements

We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Fund's compliance with specified requirements.

In our opinion, management's assertion that Trajan Wealth Income Opportunities ETF complied with the requirements of subsections (b)(1) and (b)(6) of Rule 17f-1 of the Investment Company Act of 1940 as of March 31, 2022, with respect to securities reflected in the investment account of the Fund is fairly stated, in all material respects.

This report is intended solely for the information and use of management 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.

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|:---|
| ![](image1.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BBD, LLP** |

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#### Philadelphia, Pennsylvania

#### January 3, 2023