# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-25-003105
**Filing Date:** 2025-8
**Character Count:** 43758
**Document Hash:** 1ac2490b6ae8bc6a02d619ea74f88fd8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003105.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0002000324-25-003105

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20260331

**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:** 251250673

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

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

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

## Series and Classes Contracts Data

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

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

## 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 | LONGSHORT | 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 |
| 441 | North Shore Equity Rotation ETF | BAC | Bank of America Corp |  |  | 060505104 | 1015 | Banks |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 1/0/1900 |  |  | 47.32 |  |  |  |  |  | Bank of America Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19624.52 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 21331.00 | 958194.53 | 958194.53 | 1009382.92 | 1009382.92 | 51188.39 | 51188.39 | 1.94 | False | 0.00 | N/A | 2.02 | 2.02 | 2.03 | 0.00 |  |  | BAC<br> N | MP |
| 441 | North Shore Equity Rotation ETF | COF | Capital One Financia | l Corp |  | 14040H105 | 1015 | Banks |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | VA | VIRGINIA | USD | US DOLLAR | 1/0/1900 |  |  | 212.76 |  |  |  |  |  | Capital One Financia | l Corp |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8640.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 3600.00 | 682281.65 | 682281.65 | 765936.00 | 765936.00 | 83654.35 | 83654.35 | 1.13 | False | 0.00 | N/A | 1.54 | 1.54 | 1.54 | 0.00 |  |  | COF<br> N | MP |
| 441 | North Shore Equity Rotation ETF | ALNY | Alnylam Pharm Inc. |  |  | 02043Q107 | 1017 | Biotech |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 326.09 |  |  |  |  |  | Alnylam Pharm Inc. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 3887.00 | 1015495.86 | 1015495.86 | 1267511.83 | 1267511.83 | 252015.97 | 252015.97 | 0.00 | False | 0.00 | N/A | 2.54 | 2.54 | 2.54 | 0.00 |  |  | ALNY<br> N | MP |
| 441 | North Shore Equity Rotation ETF | AL | AIR LEASE CORP |  |  | 00912X302 | 1025 | Commercial Services |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 58.49 |  |  |  |  |  | AIR LEASE CORP |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 20178.00 | 1004023.53 | 1004023.53 | 1180211.22 | 1180211.22 | 176187.69 | 176187.69 | 0.00 | False | 0.00 | N/A | 2.37 | 2.37 | 2.37 | 0.00 |  |  | AL<br> N | MP |
| 441 | North Shore Equity Rotation ETF | PWR | Quanta Services Inc |  |  | 74762E102 | 1025 | Commercial Services |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 378.08 |  |  |  |  |  | Quanta Services Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1664.19 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 5043.00 | 1373801.45 | 1373801.45 | 1906657.44 | 1906657.44 | 532855.99 | 532855.99 | 0.09 | False | 0.00 | N/A | 3.83 | 3.82 | 3.83 | 0.00 |  |  | PWR<br> N | MP |
| 441 | North Shore Equity Rotation ETF | AAPL | Apple Inc |  |  | 037833100 | 1027 | IT Services |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 205.17 |  |  |  |  |  | Apple Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7338.75 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 7725.00 | 1380432.26 | 1380432.26 | 1584938.25 | 1584938.25 | 204505.99 | 204505.99 | 0.46 | False | 0.00 | N/A | 3.18 | 3.18 | 3.18 | 0.00 |  |  | AAPL<br> N | MP |
| 441 | North Shore Equity Rotation ETF | HLI | Houlihan Lokey Inc |  |  | 441593100 | 1033 | Diversified Finan Se | rv | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 179.95 |  |  |  |  |  | Houlihan Lokey Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12317.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 5650.00 | 933255.14 | 933255.14 | 1016717.50 | 1016717.50 | 83462.36 | 83462.36 | 1.21 | False | 0.00 | N/A | 2.04 | 2.04 | 2.04 | 0.00 |  |  | HLI<br> N | MP |
| 441 | North Shore Equity Rotation ETF | RJF | Raymond James Financ | ial Inc |  | 754730109 | 1033 | Diversified Finan Se | rv | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 1/0/1900 |  |  | 153.37 |  |  |  |  |  | Raymond James Financ | ial Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10092.42 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 5902.00 | 947173.77 | 947173.77 | 905189.74 | 905189.74 | -41984.03 | -41984.03 | 1.11 | False | 0.00 | N/A | 1.82 | 1.82 | 1.82 | 0.00 |  |  | RJF<br> N | MP |
| 441 | North Shore Equity Rotation ETF | NEE | NextEra Energy Inc |  |  | 65339F101 | 1034 | Electric |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 1/0/1900 |  |  | 69.42 |  |  |  |  |  | NextEra Energy Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23397.44 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 12512.00 | 875243.02 | 875243.02 | 868583.04 | 868583.04 | -6659.98 | -6659.98 | 2.69 | False | 0.00 | N/A | 1.74 | 1.74 | 1.74 | 0.00 |  |  | NEE<br> N | MP |
| 441 | North Shore Equity Rotation ETF | OLED | Universal Display Co | rp |  | 91347P105 | 1035 | Electrical Compo&Equ | ip | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 1/0/1900 |  |  | 154.46 |  |  |  |  |  | Universal Display Co | rp |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8820.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 6300.00 | 936482.70 | 936482.70 | 973098.00 | 973098.00 | 36615.30 | 36615.30 | 0.91 | False | 0.00 | N/A | 1.95 | 1.95 | 1.95 | 0.00 |  |  | OLED<br> N | MP |
| 441 | North Shore Equity Rotation ETF | BAX | Baxter International | Inc |  | 071813109 | 1054 | Healthcare-Products |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 30.28 |  |  |  |  |  | Baxter International | Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30189.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 26025.00 | 905639.09 | 905639.09 | 788037.00 | 788037.00 | -117602.09 | -117602.09 | 3.83 | False | 0.00 | N/A | 1.58 | 1.58 | 1.58 | 0.00 |  |  | BAX<br> N | MP |
| 441 | North Shore Equity Rotation ETF | BRK/B | Berkshire Hathaway I | nc |  | 084670702 | 1062 | Insurance |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NE | NEBRASKA | USD | US DOLLAR | 1/0/1900 |  |  | 485.77 |  |  |  |  |  | Berkshire Hathaway I | nc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 2463.00 | 1195068.58 | 1195068.58 | 1196451.51 | 1196451.51 | 1382.93 | 1382.93 | 0.00 | False | 0.00 | N/A | 2.40 | 2.40 | 2.40 | 0.00 |  |  | BRK/B<br> N | MP |
| 441 | North Shore Equity Rotation ETF | GOOGL | Alphabet Inc |  |  | 02079K305 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 176.23 |  |  |  |  |  | Alphabet Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 4751.00 | 734822.01 | 734822.01 | 837268.73 | 837268.73 | 102446.72 | 102446.72 | 0.00 | False | 0.00 | N/A | 1.68 | 1.68 | 1.68 | 0.00 |  |  | GOOGL<br> N | MP |
| 441 | North Shore Equity Rotation ETF | AMZN | Amazon.com Inc |  |  | 023135106 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | WA | WASHINGTON | USD | US DOLLAR | 1/0/1900 |  |  | 219.39 |  |  |  |  |  | Amazon.com Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 8708.00 | 1562136.20 | 1562136.20 | 1910448.12 | 1910448.12 | 348311.92 | 348311.92 | 0.00 | False | 0.00 | N/A | 3.83 | 3.83 | 3.84 | 0.00 |  |  | AMZN | MP |
| 441 | North Shore Equity Rotation ETF | META | META PLATFORMS INC. |  |  | 30303M102 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 738.09 |  |  |  |  |  | META PLATFORMS INC. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 1517.00 | 846810.07 | 846810.07 | 1119682.53 | 1119682.53 | 272872.46 | 272872.46 | 0.00 | False | 0.00 | N/A | 2.25 | 2.25 | 2.25 | 0.00 |  |  | META<br> N | MP |
| 441 | North Shore Equity Rotation ETF | GEV | GE Vernova Inc |  |  | 36828A101 | 1070 | Machinery-Constr&Min |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 529.15 |  |  |  |  |  | GE Vernova Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 2802.00 | 880404.21 | 880404.21 | 1482678.30 | 1482678.30 | 602274.09 | 602274.09 | 0.00 | False | 0.00 | N/A | 2.97 | 2.97 | 2.98 | 0.00 |  | 254900DP080RU6OK2553 | GEV<br> N | MP |
| 441 | North Shore Equity Rotation ETF | DE | Deere & Co |  |  | 244199105 | 1071 | Machinery-Diversifie |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 508.49 |  |  |  |  |  | Deere & Co |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10421.88 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 1959.00 | 921901.30 | 921901.30 | 996131.91 | 996131.91 | 74230.61 | 74230.61 | 1.05 | False | 0.00 | N/A | 2.00 | 2.00 | 2.00 | 0.00 |  |  | DE<br> N | MP |
| 441 | North Shore Equity Rotation ETF | PINS | PINTEREST |  |  | 72352L106 | 1073 | MEDIA |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 35.86 |  |  |  |  |  | PINTEREST |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 41720.00 | 1306743.61 | 1306743.61 | 1496079.20 | 1496079.20 | 189335.59 | 189335.59 | 0.00 | False | 0.00 | N/A | 3.00 | 3.00 | 3.00 | 0.00 |  |  | PINS<br> N | MP |
| 441 | North Shore Equity Rotation ETF | CCJ | Cameco Corp |  |  | 13321L108 | 1075 | Mining |  | COMMSTCK | COMMON STOCK |  |  |  | CAD | CANADA |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 74.23 |  |  |  |  |  | Cameco Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2893.20 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 24110.00 | 1253867.07 | 1253867.07 | 1789685.30 | 1789685.30 | 535818.23 | 535818.23 | 0.16 | False | 0.00 | N/A | 3.59 | 3.59 | 3.59 | 0.00 |  |  | CCJ<br> N | MP |
| 441 | North Shore Equity Rotation ETF | VNOM | Viper Energy Partner | s LP |  | 927959106 | 1083 | Exploration and Prod | uction | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 38.13 |  |  |  |  |  | Viper Energy Partner | s LP |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 30301.00 | 1397718.63 | 1397718.63 | 1155377.13 | 1155377.13 | -242341.50 | -242341.50 | 0.00 | False | 0.00 | N/A | 2.32 | 2.32 | 2.32 | 0.00 |  |  | VNOM<br> N | MP |
| 441 | North Shore Equity Rotation ETF | JNJ | Johnson & Johnson |  |  | 478160104 | 1088 | Private Equity |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 1/0/1900 |  |  | 152.75 |  |  |  |  |  | Johnson & Johnson |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27260.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 5800.00 | 899178.64 | 899178.64 | 885950.00 | 885950.00 | -13228.64 | -13228.64 | 3.08 | False | 0.00 | N/A | 1.78 | 1.78 | 1.78 | 0.00 |  |  | JNJ<br> N | MP |
| 441 | North Shore Equity Rotation ETF | KMI | Kinder Morgan Inc/DE |  |  | 49456B101 | 1089 | Pipelines |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 29.40 |  |  |  |  |  | Kinder Morgan Inc/DE |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35662.50 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 31700.00 | 862620.00 | 862620.00 | 931980.00 | 931980.00 | 69360.00 | 69360.00 | 3.83 | False | 0.00 | N/A | 1.87 | 1.87 | 1.87 | 0.00 |  |  | KMI<br> N | MP |
| 441 | North Shore Equity Rotation ETF | MAA | Mid-America Apartmen | t Communities Inc |  | 59522J103 | 1090 | UNKNOWN - AUTOLOADED |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TN | TENNESSEE | USD | US DOLLAR | 1/0/1900 |  |  | 148.01 |  |  |  |  |  | Mid-America Apartmen | t Communities Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34720.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 6200.00 | 952343.82 | 952343.82 | 917662.00 | 917662.00 | -34681.82 | -34681.82 | 3.78 | False | 0.00 | N/A | 1.84 | 1.84 | 1.84 | 0.00 |  |  | MAA<br> N | MP |
| 441 | North Shore Equity Rotation ETF | WMT | Walmart Inc |  |  | 931142103 | 1095 | Retail |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | AR | ARKANSAS | USD | US DOLLAR | 1/0/1900 |  |  | 97.78 |  |  |  |  |  | Walmart Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11514.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 5050.00 | 485277.59 | 485277.59 | 493789.00 | 493789.00 | 8511.41 | 8511.41 | 2.33 | False | 0.00 | N/A | 0.99 | 0.99 | 0.99 | 0.00 |  |  | WMT<br> N | MP |
| 441 | North Shore Equity Rotation ETF | NVDA | NVIDIA Corp |  |  | 67066G104 | 1097 | Semiconductor Device |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 157.99 |  |  |  |  |  | NVIDIA Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2527.52 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 15797.00 | 1442575.02 | 1451093.65 | 2495768.03 | 2495768.03 | 1044674.38 | 1044674.38 | 0.10 | False | 0.00 | N/A | 5.01 | 5.01 | 5.01 | 0.00 |  |  | NVDA<br> N | MP |
| 441 | North Shore Equity Rotation ETF | T | AT&T Inc |  |  | 00206R102 | 1104 | Telecommunications |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 28.94 |  |  |  |  |  | AT&T Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34596.48 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 31168.00 | 830195.12 | 830195.12 | 902001.92 | 902001.92 | 71806.80 | 71806.80 | 3.84 | False | 0.00 | N/A | 1.81 | 1.81 | 1.81 | 0.00 |  |  | T<br> N | MP |
| 441 | North Shore Equity Rotation ETF | UBER | UBER TECH. |  |  | 90353T100 | 1107 | Transportation |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 93.30 |  |  |  |  |  | UBER TECH. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 18344.00 | 1231138.72 | 1231138.72 | 1711495.20 | 1711495.20 | 480356.48 | 480356.48 | 0.00 | False | 0.00 | N/A | 3.43 | 3.43 | 3.44 | 0.00 |  |  | UBER<br> N | MP |
| 441 | North Shore Equity Rotation ETF | NET | CLOUDFLARE INC | CLASS A |  | 18915M107 | D50D | Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 195.83 |  |  |  |  |  | CLOUDFLARE INC | CLASS A |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 5889.00 | 668953.24 | 668953.24 | 1153242.87 | 1153242.87 | 484289.63 | 484289.63 | 0.00 | False | 0.00 | N/A | 2.31 | 2.31 | 2.32 | 0.00 |  |  | NET<br> N | MP |
| 441 | North Shore Equity Rotation ETF | MSFT | Microsoft Corp |  |  | 594918104 | D50D | Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | WA | WASHINGTON | USD | US DOLLAR | 1/0/1900 |  |  | 497.41 |  |  |  |  |  | Microsoft Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12574.53 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 4507.00 | 1886917.06 | 1886917.06 | 2241826.87 | 2241826.87 | 354909.81 | 354909.81 | 0.56 | False | 0.00 | N/A | 4.50 | 4.50 | 4.50 | 0.00 |  |  | MSFT<br> N | MP |
| 441 | North Shore Equity Rotation ETF | JAAA | Janus Henderson AAA | CLO ETF |  | 47103U845 | 1015 | Banks |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 1/0/1900 |  |  | 50.75 |  |  |  |  |  | Janus Henderson AAA | CLO ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 25600.00 | 1294008.96 | 1294008.96 | 1299200.00 | 1299200.00 | 5191.04 | 5191.04 | 0.00 | False | 0.00 | N/A | 2.61 | 2.61 | 2.61 | 0.00 |  | 549300N7UZ9PO4OVKA94 | JAAA<br> N | MP |
| 441 | North Shore Equity Rotation ETF | RWJ | Invesco S&P Smallcap | 600 Revenue ETF |  | 46138G664 | 1025 | Commercial Services |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | GA | GEORGIA | USD | US DOLLAR | 1/0/1900 |  |  | 43.29 |  |  |  |  |  | Invesco S&P Smallcap | 600 Revenue ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 15750.00 | 703947.41 | 703947.41 | 681817.50 | 681817.50 | -22129.91 | -22129.91 | 0.00 | False | 0.00 | N/A | 1.37 | 1.37 | 1.37 | 0.00 |  | 5493007MWNMX3MSZVQ50 | RWJ<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLC | Communication Servic | es Select Sector SPD |  | 81369Y852 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 108.53 |  |  |  |  |  | Communication Servic | es Select Sector SPD |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4382.39 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 7353.00 | 606252.58 | 606252.58 | 798021.09 | 798021.09 | 191768.51 | 191768.51 | 0.55 | False | 0.00 | N/A | 1.60 | 1.60 | 1.60 | 0.00 |  |  | XLC<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLY | Consumer Discretiona | ry Select Sector SPD |  | 81369Y407 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 217.33 |  |  |  |  |  | Consumer Discretiona | ry Select Sector SPD |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5993.86 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 4174.00 | 780389.85 | 780389.85 | 907135.42 | 907135.42 | 126745.57 | 126745.57 | 0.66 | False | 0.00 | N/A | 1.82 | 1.82 | 1.82 | 0.00 |  |  | XLY<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLP | Consumer Staples Sel | ect Sector SPDR Fund |  | 81369Y308 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 80.97 |  |  |  |  |  | Consumer Staples Sel | ect Sector SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 15782.00 | 1276690.45 | 1276690.45 | 1277868.54 | 1277868.54 | 1178.09 | 1178.09 | 0.00 | False | 0.00 | N/A | 2.56 | 2.56 | 2.57 | 0.00 |  |  | XLP<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLF | Financial Select Sec | tor SPDR Fund |  | 81369Y605 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 52.37 |  |  |  |  |  | Financial Select Sec | tor SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27582.87 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 43031.00 | 1739925.00 | 1739925.00 | 2253533.47 | 2253533.47 | 513608.47 | 513608.47 | 1.22 | False | 0.00 | N/A | 4.52 | 4.52 | 4.52 | 0.00 |  |  | XLF<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLV | Health Care Select S | ector SPDR Fund |  | 81369Y209 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 134.79 |  |  |  |  |  | Health Care Select S | ector SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28117.65 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 14789.00 | 2068854.74 | 2068854.74 | 1993409.31 | 1993409.31 | -75445.43 | -75445.43 | 1.41 | False | 0.00 | N/A | 4.00 | 4.00 | 4.00 | 0.00 |  |  | XLV<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLI | Industrial Select Se | ctor SPDR Fund |  | 81369Y704 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 147.52 |  |  |  |  |  | Industrial Select Se | ctor SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8595.14 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 4631.00 | 568698.85 | 568698.85 | 683165.12 | 683165.12 | 114466.27 | 114466.27 | 1.26 | False | 0.00 | N/A | 1.37 | 1.37 | 1.37 | 0.00 |  |  | XLI<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLB | Materials Select Sec | tor SPDR Fund |  | 81369Y100 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 87.81 |  |  |  |  |  | Materials Select Sec | tor SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 3637.00 | 324033.91 | 324033.91 | 319364.97 | 319364.97 | -4668.94 | -4668.94 | 0.00 | False | 0.00 | N/A | 0.64 | 0.64 | 0.64 | 0.00 |  |  | XLB<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLRE | Real Estate Select S | ector SPDR Fund |  | 81369Y860 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 41.42 |  |  |  |  |  | Real Estate Select S | ector SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26325.66 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 21227.00 | 898875.18 | 898875.18 | 879222.34 | 879222.34 | -19652.84 | -19652.84 | 2.99 | False | 0.00 | N/A | 1.76 | 1.76 | 1.77 | 0.00 |  |  | XLRE<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLK | Technology Select Se | ctor SPDR Fund |  | 81369Y803 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 253.23 |  |  |  |  |  | Technology Select Se | ctor SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10191.12 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 6985.00 | 1437288.60 | 1437288.60 | 1768811.55 | 1768811.55 | 331522.95 | 331522.95 | 0.58 | False | 0.00 | N/A | 3.55 | 3.55 | 3.55 | 0.00 |  |  | XLK<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLU | Utilities Select Sec | tor SPDR Fund |  | 81369Y886 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 81.66 |  |  |  |  |  | Utilities Select Sec | tor SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | 12383.00 | 957279.11 | 957279.11 | 1011195.78 | 1011195.78 | 53916.67 | 53916.67 | 0.00 | False | 0.00 | N/A | 2.03 | 2.03 | 2.03 | 0.00 |  |  | XLU<br> N | MP |
| 441 | North Shore Equity Rotation ETF | Z83D7C46 | COF 250703P0018500 |  | COF 250703P00185000 | COF250703P185.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 7/4/2025 |  |  | 0.03 |  |  |  |  |  | COF 250703P0018500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | -7.00 | -1917.79 | -1917.79 | -17.50 | -17.50 | 1900.29 | 1900.29 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | Z83D7C46<br> N | MP |
| 441 | North Shore Equity Rotation ETF | A0675Z42 | GEV 250718C0058500 |  | GEV 250718C00585000 | GEV250718C585.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 7/19/2025 |  |  | 2.45 |  |  |  |  |  | GEV 250718C0058500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | -4.00 | -1511.88 | -1511.88 | -980.00 | -980.00 | 531.88 | 531.88 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | A0675Z42<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 60F45A46 | PINS 250718C0003850 |  | PINS 250718C00038500 | PINS250718C38.5 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 7/19/2025 |  |  | 0.27 |  |  |  |  |  | PINS 250718C0003850 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | -65.00 | -1428.09 | -1428.09 | -1722.50 | -1722.50 | -294.41 | -294.41 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 60F45A46<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 03155A47 | UBER 250718C0010000 |  | UBER 250718C00100000 | UBER250718C100. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 7/19/2025 |  |  | 0.73 |  |  |  |  |  | UBER 250718C0010000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | -25.00 | -2474.26 | -2474.26 | -1825.00 | -1825.00 | 649.26 | 649.26 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 03155A47<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 7ADA4C46 | VNOM 250718C0004600 |  | VNOM 250718C00046000 | VNOM250718C46.0 | VNOM250718C46.0 | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 7/19/2025 |  |  | 1.10 |  |  |  |  |  | VNOM 250718C0004600 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 6/30/2025<br> C |  | 441;USD | USD | -52.00 | -3066.47 | -3066.47 | -5720.00 | -5720.00 | -2653.53 | -2653.53 | 0.00 | False | 0.00 | N/A | -0.01 | -0.01 | -0.01 | 0.00 |  |  | 7ADA4C46<br> N | MP |

---

## 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:** North Shore Equity Rotation ETF

- **b. EDGAR series identifier (if any):** S000084308

- **c. LEI of Series:** 529900LHZMBPDF9FLG21

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $49861742.72

**Total Liabilities:** $48588.71

**Net Assets:** $49813154.01

**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 C000248645 | -0.66%               | 8.75%                | 5.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-296681.88              | $58412.76                                  |
| Month 2  | $-129053.34              | $3904511.87                                |
| Month 3  | $-82897.82               | $2770936.09                                |

**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        |      7725 | NS      | $1584938.25   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR LEASE CORP       | COMMSTCK | CUSIP: 00912X302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20178 | NS      | $1180211.22   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharm Inc.   | COMMSTCK | CUSIP: 02043Q107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3887 | NS      | $1267511.83   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc       | COMMSTCK | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      8708 | NS      | $1910448.12   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp | COMMSTCK | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     21331 | NS      | $1009382.92   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International | COMMSTCK | CUSIP: 071813109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26025 | NS      | $788037.00    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway I | COMMSTCK | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2463 | NS      | $1196451.51   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp          | COMMSTCK | CUSIP: 13321L108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     24110 | NS      | $1789685.30   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financia | COMMSTCK | CUSIP: 14040H105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3600 | NS      | $765936.00    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co           | COMMSTCK | CUSIP: 244199105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1959 | NS      | $996131.91    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc       | COMMSTCK | CUSIP: 36828A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2802 | NS      | $1482678.30   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc         | COMMSTCK | CUSIP: 02079K305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4751 | NS      | $837268.73    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc   | COMMSTCK | CUSIP: 441593100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5650 | NS      | $1016717.50   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson    | COMMSTCK | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      5800 | NS      | $885950.00    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc/DE | COMMSTCK | CUSIP: 49456B101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31700 | NS      | $931980.00    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartmen | COMMSTCK | CUSIP: 59522J103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6200 | NS      | $917662.00    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC.  | COMMSTCK | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1517 | NS      | $1119682.53   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp       | COMMSTCK | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      4507 | NS      | $2241826.87   | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc   | COMMSTCK | CUSIP: 65339F101<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EC               | CORP              | US        |     12512 | NS      | $868583.04    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUDFLARE INC       | COMMSTCK | CUSIP: 18915M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5889 | NS      | $1153242.87   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp          | COMMSTCK | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     15797 | NS      | $2495768.03   | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Co | COMMSTCK | CUSIP: 91347P105<br>LEI: 549300T6TLJ8HFKD0H54 | Long             | EC               | CORP              | US        |      6300 | NS      | $973098.00    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PINTEREST            | COMMSTCK | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41720 | NS      | $1496079.20   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc  | COMMSTCK | CUSIP: 74762E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5043 | NS      | $1906657.44   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financ | COMMSTCK | CUSIP: 754730109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5902 | NS      | $905189.74    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc             | COMMSTCK | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     31168 | NS      | $902001.92    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECH.           | COMMSTCK | CUSIP: 90353T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18344 | NS      | $1711495.20   | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Partner | COMMSTCK | CUSIP: 927959106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30301 | NS      | $1155377.13   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc          | COMMSTCK | CUSIP: 931142103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5050 | NS      | $493789.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson AAA  | ETF      | CUSIP: 47103U845<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25600 | NS      | $1299200.00   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco S&P Smallcap | ETF      | CUSIP: 46138G664<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15750 | NS      | $681817.50    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Materials Select Sec | ETF      | CUSIP: 81369Y100<br>LEI: 549300N81BAQ1XPGBT65 | Long             | EC               | CORP              | US        |      3637 | NS      | $319364.97    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Communication Servic | ETF      | CUSIP: 81369Y852<br>LEI: 549300RPODKQJE2HDW24 | Long             | EC               | CORP              | US        |      7353 | NS      | $798021.09    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Financial Select Sec | ETF      | CUSIP: 81369Y605<br>LEI: 549300Y12KQ6ZG08NY28 | Long             | EC               | CORP              | US        |     43031 | NS      | $2253533.47   | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial Select Se | ETF      | CUSIP: 81369Y704<br>LEI: 549300HQI51T8KP6U325 | Long             | EC               | CORP              | US        |      4631 | NS      | $683165.12    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Technology Select Se | ETF      | CUSIP: 81369Y803<br>LEI: 549300BR5T0JNM2MW070 | Long             | EC               | CORP              | US        |      6985 | NS      | $1768811.55   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Consumer Staples Sel | ETF      | CUSIP: 81369Y308<br>LEI: 549300Z52QUV3UXHLA68 | Long             | EC               | CORP              | US        |     15782 | NS      | $1277868.54   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Real Estate Select S | ETF      | CUSIP: 81369Y860<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21227 | NS      | $879222.34    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Utilities Select Sec | ETF      | CUSIP: 81369Y886<br>LEI: 549300ERQDM80PRYUH21 | Long             | EC               | CORP              | US        |     12383 | NS      | $1011195.78   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Health Care Select S | ETF      | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | CORP              | US        |     14789 | NS      | $1993409.31   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Consumer Discretiona | ETF      | CUSIP: 81369Y407<br>LEI: 549300CD2I087Y919K79 | Long             | EC               | CORP              | US        |      4174 | NS      | $907135.42    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECH.           | OPTION   | CUSIP: 90353T100<br>LEI: N/A                  | Short            | DE               |  | US        |       -25 | NC      | $-1825.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PINTEREST            | OPTION   | CUSIP: 72352L106<br>LEI: N/A                  | Short            | DE               |  | US        |       -65 | NC      | $-1722.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Viper Energy Partner | OPTION   | CUSIP: 927959106<br>LEI: N/A                  | Short            | DE               |  | US        |       -52 | NC      | $-5720.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GE Vernova Inc       | OPTION   | CUSIP: 36828A101<br>LEI: N/A                  | Short            | DE               |  | US        |        -4 | NC      | $-980.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital One Financia | OPTION   | CUSIP: 14040H105<br>LEI: N/A                  | Short            | DE               |  | US        |        -7 | NC      | $-17.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-13

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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