# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-26-002810
**Filing Date:** 2026-6
**Character Count:** 29152
**Document Hash:** 5420e70fd91d4a08b4a4010b45a1d429
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-002810.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0002000324-26-002810

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**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:** 261124477

**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 | AVAV | Aerovironment Inc |  |  | 008073108 | 1002 | Defense |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 195.02 |  |  |  |  |  | Aerovironment Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 10140.00 | 2054821.55 | 2054821.55 | 1977502.80 | 1977502.80 | -77318.75 | -77318.75 | 0.00 | False | 0.00 | N/A | 3.24 | 3.24 | 3.30 | 0.00 |  |  | AVAV<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | TDG | TransDigm Group Inc |  |  | 893641100 | 1002 | Defense |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 1/0/1900 |  |  | 1159.98 |  |  |  |  |  | TransDigm Group Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26670.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 762.00 | 902342.39 | 902342.39 | 883904.76 | 883904.76 | -18437.63 | -18437.63 | 3.02 | False | 0.00 | N/A | 1.45 | 1.45 | 1.48 | 0.00 |  |  | TDG<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | TSLA | Tesla Inc |  |  | 88160R101 | 1012 | Auto Manufacturers |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 381.63 |  |  |  |  |  | Tesla Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 7120.00 | 2648466.80 | 2648466.80 | 2717205.60 | 2717205.60 | 68738.80 | 68738.80 | 0.00 | False | 0.00 | N/A | 4.46 | 4.45 | 4.54 | 0.00 |  |  | TSLA<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | SOFI | SoFi Technologies, | Inc |  | 83406F102 | 1015 | Banks |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 16.10 |  |  |  |  |  | SoFi Technologies, | Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 93556.00 | 1822302.46 | 1822302.46 | 1506251.60 | 1506251.60 | -316050.86 | -316050.86 | 0.00 | False | 0.00 | N/A | 2.47 | 2.47 | 2.52 | 0.00 |  |  | SOFI<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | KO | Coca-Cola Co/The |  |  | 191216100 | 1016 | Beverages |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | GA | GEORGIA | USD | US DOLLAR | 1/0/1900 |  |  | 78.76 |  |  |  |  |  | Coca-Cola Co/The |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 42320.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 23000.00 | 1766167.70 | 1766167.70 | 1811480.00 | 1811480.00 | 45312.30 | 45312.30 | 2.34 | False | 0.00 | N/A | 2.97 | 2.97 | 3.03 | 0.00 |  |  | KO<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 |  |  | 271.35 |  |  |  |  |  | Apple Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7315.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 7700.00 | 2020667.11 | 2020667.11 | 2089395.00 | 2089395.00 | 68727.89 | 68727.89 | 0.35 | False | 0.00 | N/A | 3.43 | 3.42 | 3.49 | 0.00 |  |  | AAPL<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | MA | Mastercard Inc |  |  | 57636Q104 | 1033 | Diversified Finan Se | rv | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 502.92 |  |  |  |  |  | Mastercard Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9284.16 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 4072.00 | 2072105.84 | 2072105.84 | 2047890.24 | 2047890.24 | -24215.60 | -24215.60 | 0.45 | False | 0.00 | N/A | 3.36 | 3.36 | 3.42 | 0.00 |  |  | MA<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | NDAQ | Nasdaq Inc |  |  | 631103108 | 1033 | Diversified Finan Se | rv | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 91.91 |  |  |  |  |  | Nasdaq Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20210.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 23500.00 | 2109804.45 | 2109804.45 | 2159885.00 | 2159885.00 | 50080.55 | 50080.55 | 0.94 | False | 0.00 | N/A | 3.54 | 3.54 | 3.61 | 0.00 |  |  | NDAQ<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | NEE | NextEra Energy Inc |  |  | 65339F101 | 1034 | Electric |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 1/0/1900 |  |  | 97.88 |  |  |  |  |  | NextEra Energy Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28798.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 15400.00 | 1486640.54 | 1486640.54 | 1507352.00 | 1507352.00 | 20711.46 | 20711.46 | 1.91 | False | 0.00 | N/A | 2.47 | 2.47 | 2.52 | 0.00 |  |  | NEE<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | FSLR | First Solar Inc |  |  | 336433107 | 1037 | UNKNOWN - AUTOLOADED |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | AZ | ARIZONA | USD | US DOLLAR | 1/0/1900 |  |  | 201.89 |  |  |  |  |  | First Solar Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 11192.00 | 2240672.12 | 2240672.12 | 2259552.88 | 2259552.88 | 18880.76 | 18880.76 | 0.00 | False | 0.00 | N/A | 3.71 | 3.70 | 3.78 | 0.00 |  |  | FSLR<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 |  |  | 457.61 |  |  |  |  |  | Intuitive Surgical I | nc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 2500.00 | 1194850.00 | 1194850.00 | 1144025.00 | 1144025.00 | -50825.00 | -50825.00 | 0.00 | False | 0.00 | N/A | 1.88 | 1.87 | 1.91 | 0.00 |  |  | ISRG<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 |  |  | 384.80 |  |  |  |  |  | Alphabet Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 5621.00 | 1767370.91 | 1767370.91 | 2162960.80 | 2162960.80 | 395589.89 | 395589.89 | 0.00 | False | 0.00 | N/A | 3.55 | 3.54 | 3.61 | 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 |  |  | 265.06 |  |  |  |  |  | Amazon.com Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 7632.00 | 1629837.07 | 1629837.07 | 2022937.92 | 2022937.92 | 393100.85 | 393100.85 | 0.00 | False | 0.00 | N/A | 3.32 | 3.32 | 3.38 | 0.00 |  |  | AMZN | 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 |  |  | 611.91 |  |  |  |  |  | META PLATFORMS INC. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 3000.00 | 1773637.20 | 1773637.20 | 1835730.00 | 1835730.00 | 62092.80 | 62092.80 | 0.00 | False | 0.00 | N/A | 3.01 | 3.01 | 3.07 | 0.00 |  |  | META<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | NFLX | Netflix Inc |  |  | 64110L106 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 93.61 |  |  |  |  |  | Netflix Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 30273.00 | 3013692.64 | 3013692.64 | 2833855.53 | 2833855.53 | -179837.11 | -179837.11 | 0.00 | False | 0.00 | N/A | 4.65 | 4.64 | 4.74 | 0.00 |  |  | NFLX<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | SPOT | SPOTIFY TECH SA |  |  | L8681T102 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | LUX | LUXEMBOURG |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 446.55 |  |  |  |  |  | SPOTIFY TECH SA |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 2500.00 | 1120112.00 | 1120112.00 | 1116375.00 | 1116375.00 | -3737.00 | -3737.00 | 0.00 | False | 0.00 | N/A | 1.83 | 1.83 | 1.87 | 0.00 |  |  | SPOT<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | GE | General Electric Co |  |  | 369604301 | 1076 | Miscellaneous Manufa |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 289.93 |  |  |  |  |  | General Electric Co |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1931.52 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 6036.00 | 1744697.95 | 1744697.95 | 1750017.48 | 1750017.48 | 5319.53 | 5319.53 | 0.11 | False | 0.00 | N/A | 2.87 | 2.87 | 2.92 | 0.00 |  |  | GE<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | AMT | American Tower Corp |  |  | 03027X100 | 1090 | UNKNOWN - AUTOLOADED |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 182.71 |  |  |  |  |  | American Tower Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 45924.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 7120.00 | 1250373.90 | 1250373.90 | 1300895.20 | 1300895.20 | 50521.30 | 50521.30 | 3.53 | False | 0.00 | N/A | 2.13 | 2.13 | 2.17 | 0.00 |  |  | AMT<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | COST | Costco Wholesale Cor | p |  | 22160K105 | 1095 | Retail |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | WA | WASHINGTON | USD | US DOLLAR | 1/0/1900 |  |  | 1014.53 |  |  |  |  |  | Costco Wholesale Cor | p |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 57790.08 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 3048.00 | 3037813.28 | 3037813.28 | 3092287.44 | 3092287.44 | 54474.16 | 54474.16 | 1.87 | False | 0.00 | N/A | 5.07 | 5.07 | 5.17 | 0.00 |  |  | COST<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | TSM | Taiwan Semiconductor | Manufacturing Co Lt | Manufacturing Co Lt | 874039100 | 1097 | Semiconductor Device |  | COMMSTCK | COMMON STOCK |  |  |  | TWD | TAIWAN |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 396.06 |  |  |  |  |  | Taiwan Semiconductor | Manufacturing Co Lt |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12992.06 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 7084.00 | 2559350.82 | 2559350.82 | 2805689.04 | 2805689.04 | 246338.22 | 246338.22 | 0.46 | False | 0.00 | N/A | 4.60 | 4.60 | 4.69 | 0.00 |  |  | TSM<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | ADBE | Adobe Systems Inc |  |  | 00724F101 | 1099 | Application Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 246.10 |  |  |  |  |  | Adobe Systems Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 3520.00 | 890968.80 | 890968.80 | 866272.00 | 866272.00 | -24696.80 | -24696.80 | 0.00 | False | 0.00 | N/A | 1.42 | 1.42 | 1.45 | 0.00 |  |  | ADBE<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 |  |  | 439.03 |  |  |  |  |  | Motorola Solutions I | nc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14740.64 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 4072.00 | 1822764.12 | 1822764.12 | 1787730.16 | 1787730.16 | -35033.96 | -35033.96 | 0.82 | False | 0.00 | N/A | 2.93 | 2.93 | 2.99 | 0.00 |  |  | MSI<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | UBER | UBER TECH. |  |  | 90353T100 | 1107 | Transportation |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 74.61 |  |  |  |  |  | UBER TECH. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 25259.00 | 1944273.66 | 1944273.66 | 1884573.99 | 1884573.99 | -59699.67 | -59699.67 | 0.00 | False | 0.00 | N/A | 3.09 | 3.09 | 3.15 | 0.00 |  |  | UBER<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | FANG | DIAMONDBACK ENERGAY |  |  | 25278X109 | A60A | Oil&Gas |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 205.63 |  |  |  |  |  | DIAMONDBACK ENERGAY |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 79900.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 10000.00 | 1960130.65 | 1960130.65 | 2056300.00 | 2056300.00 | 96169.35 | 96169.35 | 3.89 | False | 0.00 | N/A | 3.37 | 3.37 | 3.44 | 0.00 |  |  | FANG<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | LIN | LINDE PUBLIC LIMITED | COMPANY |  | G54950103 | B10B | Chemicals |  | COMMSTCK | COMMON STOCK |  |  |  | IEP | IRELAND |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 501.14 |  |  |  |  |  | LINDE PUBLIC LIMITED | COMPANY |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12750.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 2500.00 | 1283904.00 | 1283904.00 | 1252850.00 | 1252850.00 | -31054.00 | -31054.00 | 1.02 | False | 0.00 | N/A | 2.06 | 2.05 | 2.09 | 0.00 |  |  | LIN | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | STRL | STERLING CONSTRUCT |  |  | 859241101 | C20C | Construction |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 515.62 |  |  |  |  |  | STERLING CONSTRUCT |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 4072.00 | 1834102.28 | 1834102.28 | 2099604.64 | 2099604.64 | 265502.36 | 265502.36 | 0.00 | False | 0.00 | N/A | 3.45 | 3.44 | 3.51 | 0.00 |  |  | STRL<br> N | MP |
| 456 | WARCAP UNCONSTRAINED EQUITY ETF | VRT | VERTIV HOLDINGS |  |  | 92537N108 | C30C | Elect. Plant/Equip. |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 1/0/1900 |  |  | 328.49 |  |  |  |  |  | VERTIV HOLDINGS |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 6500.00 | 2019238.80 | 2019238.80 | 2135185.00 | 2135185.00 | 115946.20 | 115946.20 | 0.00 | False | 0.00 | N/A | 3.50 | 3.50 | 3.57 | 0.00 |  |  | VRT<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 |  |  | 445.75 |  |  |  |  |  | CROWDSTRIKE HOLDINGS | CLASS A |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 2650.00 | 1207386.38 | 1207386.38 | 1181237.50 | 1181237.50 | -26148.88 | -26148.88 | 0.00 | False | 0.00 | N/A | 1.94 | 1.94 | 1.97 | 0.00 |  |  | CRWD<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 | 5/1/2026 |  |  | 100.00 |  |  |  |  |  | UMB MONEY MARKET | SPECIAL II |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 301227.39 | L<br> N |  |  | 4/30/2026<br> C |  | 456;USD | USD | 8656001.91 | 8656001.91 | 8656001.91 | 8656001.91 | 8656001.91 | 0.00 | 0.00 | 3.48 | False | 3.47 |  | 14.20 | 14.19 | 14.46 | 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:** 2026-04-30

**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:** $61016594.13

**Total Liabilities:** $1169641.31

**Net Assets:** $59846952.82

**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 | -5.54%               | -4.37%               | 3.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-42475.43               | $-3311651.42                               |
| Month 2  | $-8805726.60             | $6199318.21                                |
| Month 3  | $1193100.02              | $836580.96                                 |

**Designated Index Information**

- **Index Name:** fund's securities

- **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        |      7700 | NS      | $2089395.00   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Systems Inc    | COMMSTCK | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      3520 | NS      | $866272.00    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp  | COMMSTCK | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      7120 | NS      | $1300895.20   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc       | COMMSTCK | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      7632 | NS      | $2022937.92   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Aerovironment Inc    | COMMSTCK | CUSIP: 008073108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10140 | NS      | $1977502.80   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Cor | COMMSTCK | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      3048 | NS      | $3092287.44   | 5.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS | COMMSTCK | CUSIP: 22788C105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2650 | NS      | $1181237.50   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGAY  | COMMSTCK | CUSIP: 25278X109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $2056300.00   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc      | COMMSTCK | CUSIP: 336433107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11192 | NS      | $2259552.88   | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co  | COMMSTCK | CUSIP: 369604301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6036 | NS      | $1750017.48   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc         | COMMSTCK | CUSIP: 02079K305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5621 | NS      | $2162960.80   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical I | COMMSTCK | CUSIP: 46120E602<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $1144025.00   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The     | COMMSTCK | CUSIP: 191216100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23000 | NS      | $1811480.00   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PUBLIC LIMITED | COMMSTCK | CUSIP: G54950103<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      2500 | NS      | $1252850.00   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc       | COMMSTCK | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      4072 | NS      | $2047890.24   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC.  | COMMSTCK | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3000 | NS      | $1835730.00   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions I | COMMSTCK | CUSIP: 620076307<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4072 | NS      | $1787730.16   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc           | COMMSTCK | CUSIP: 631103108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23500 | NS      | $2159885.00   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc   | COMMSTCK | CUSIP: 65339F101<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EC               | CORP              | US        |     15400 | NS      | $1507352.00   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc          | COMMSTCK | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     30273 | NS      | $2833855.53   | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies    | COMMSTCK | CUSIP: 83406F102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93556 | NS      | $1506251.60   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECH SA      | COMMSTCK | CUSIP: L8681T102<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |      2500 | NS      | $1116375.00   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| STERLING CONSTRUCT   | COMMSTCK | CUSIP: 859241101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4072 | NS      | $2099604.64   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc  | COMMSTCK | CUSIP: 893641100<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | EC               | CORP              | US        |       762 | NS      | $883904.76    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc            | COMMSTCK | CUSIP: 88160R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7120 | NS      | $2717205.60   | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor | COMMSTCK | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      7084 | NS      | $2805689.04   | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECH.           | COMMSTCK | CUSIP: 90353T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25259 | NS      | $1884573.99   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTIV HOLDINGS      | COMMSTCK | CUSIP: 92537N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6500 | NS      | $2135185.00   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB MONEY MARKET     | MONEYMKT | CUSIP: SF8888628<br>LEI: N/A                  | Long             | STIV             |  | US        |   8656002 | NS      | $8656001.91   | 14.46%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-15

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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