# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0001999371-26-000199
**Filing Date:** 2026-1
**Character Count:** 149250
**Document Hash:** 05111a76adccd8669b10438882a49aaf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-000199.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001999371-26-000199

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260106

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22398
- **FILM NUMBER:** 26508696

**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

### Indexperts Gorilla Aggressive Growth ETF (Series ID: S000088672)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000255012 | Indexperts Gorilla Aggressive Growth ETF | RILA            |

### Indexperts Quality Earnings Focused ETF (Series ID: S000088673)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000255013 | Indexperts Quality Earnings Focused ETF | QIDX            |

### Indexperts Yield Focused Fixed Income ETF (Series ID: S000088674)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000255014 | Indexperts Yield Focused Fixed Income ETF | YFFI            |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **811-22398**

**Spinnaker ETF Series**

(Exact name of registrant as specified in charter)

**116 South Franklin Street, Rocky Mount, North Carolina 27804**

(Address of principal executive offices) (Zip code)

**Paracorp Inc.** 

**2140 South Dupont Hwy, Camden, DE 19934**

(Name and address of agent for service)

Registrant's telephone number, including area code: **252-972-9922**

Date of fiscal year end: **October 31**

Date of reporting period: **October 31, 2025**

**Item 1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report to Stockholders.**

(a) ---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**Indexperts Gorilla Aggressive Growth ETF** |
| &nbsp;&nbsp;&nbsp;TICKER: RILA |
| &nbsp;&nbsp;&nbsp;EXCHANGE: NYSE Arca |
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT OCTOBER 31, 2025** |
| &nbsp;&nbsp;&nbsp;*This annual shareholder report contains important information about Indexperts Gorilla Aggressive Growth ETF for the period December 31, 2024 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://etfpages.com/RILA. You can also request this information by contacting us at (800) 773-3863.* |

---

**What were the Fund costs for the period?** 

*(based on a hypothetical $10,000 investment)*

---

| |
|:---|
| **Fund Name** |
| RILA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46<sup>1</sup>0.50%<sup>2</sup> |

---

<sup>1</sup> Based on operations for the period December 31, 2024 to October 31, 2025. Expenses for the full fiscal year would be higher.

<sup>2</sup> Annualized.

**How did the Fund perform during the period?**

For the period December 31, 2024 (commencement of operations) to October 31, 2025, the Fund returned 19.45%.The Fund outperformed its benchmark, the S&P 500 Index, which returned 17.52% for the same period. The Fund also outperformed the S&P 500 Pure Growth TR Index, which returned 15.84% for the same period.

**What Factors Influenced Performance**

The Fund's performance was impacted by a number of factors including size, sector and style.

**Size**

Top 2 Deciles contributed 15.2%, while bottom 8 detracted 0.48%

**Sector**

Technology contributed over 70% of the portfolio's return Consumer Cyclicals detracted 1.34% from overall performance

**Style**

Top quintile growth stocks contributed over 70% of the portfolio's return The bottom 2 quintiles combined to contribute only 0.20%

The Fund's performance was also influenced by strong exposure to fast-growing AI and technology buildout. Strong performance of the size factor played well into the Fund's portfolio weighting schema, which is heavily geared to large-cap and tilted by cap weight.

**Top Contributors**

PLTR Palantir Technologies

AVGO Broadcom Inc

NVDA NVIDIA Corporation

UBER Uber Technologies

MSFT Microsoft Corporation

**Top Detractors**

DECK Decker's Outdoor Corporation

LULU lululemon athletica inc.

NOW ServiceNow, Inc.

CMG Chipotle Mexican Grill, Inc.

GPN Global Payments Inc.

**How did the Fund perform since inception?**

*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not refect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.*

**Cumulative Performance**

From December 31, 2024 (commencement of operations)

through October 31, 2025

Initial Investment of $10,000

![](indexpertsncsrs001.jpg)

**Average Annual Total Returns**

---

| | | | |
|:---|:---|:---|:---|
| | **3 Month** | **6 Month** | **Since Inception** |
| **RILA** | 6.30% | 20.31% | 19.45% |
| **S&P 500 Index** | 8.23% | 23.60% | 17.52% |
| **S&P 500 Pure Growth TR Index** | 1.66% | 21.65% | 15.84% |

---

Visit https://etfpages.com/RILA for more recent performance information.

**Indexperts Gorilla Aggressive Growth ETF** Tailored Shareholder Report

**Key Fund Statistics**

*(as of October 31, 2025)*

---

| | |
|:---|:---|
| **Net Assets** | $41630407 |
| **Number of Holdings** | 172 |
| **Net Advisory Fee** | $117505 |
| **Portfolio Turnover Rate** | 24.72% |

---

**What did the Fund invest in?**

*(as of October 31, 2025)*

**Sector Breakdown** *(% of net assets)*

![](indexpertsncsrs002.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of total net assets)** |
| **Broadcom Inc** | 4.9% |
| **NVIDIA Corp** | 4.8% |
| **Tesla Inc** | 4.2% |
| **Oracle Corp** | 3.9% |
| **Palantir Technologies Inc** | 3.5% |
| **Amazon.com Inc** | 3.5% |
| **Netflix Inc** | 3.4% |
| **Amphenol Corp** | 3.2% |
| **Eli Lilly & Co** | 3.2% |
| **Meta Platforms Inc** | 3.0% |

---

**For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, visit https://etfpages.com/RILA.**

**Indexperts Gorilla Aggressive Growth ETF** Tailored Shareholder Report

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**Indexperts Quality Earnings Focused ETF** |
| &nbsp;&nbsp;&nbsp;TICKER: QIDX |
| &nbsp;&nbsp;&nbsp;EXCHANGE: NYSE Arca |
| &nbsp;&nbsp;&nbsp;**ANNUAL SHAREHOLDER REPORT OCTOBER 31, 2025** |
| &nbsp;&nbsp;&nbsp;*This annual shareholder report contains important information about Indexperts Quality Earnings Focused ETF for the period December 31, 2024 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://etfpages.com/QIDX. You can also request this information by contacting us at (800) 773-3863.* |

---

**What were the Fund costs for the period?** 

*(based on a hypothetical $10,000 investment)*

---

| |
|:---|
| **Fund Name** |
| QIDX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43<sup>1</sup>0.50%<sup>2</sup> |

---

<sup>1</sup> Based on operations for the period December 31, 2024 to October 31, 2025. Expenses for the full fiscal year would be higher.

<sup>2</sup> Annualized.

**How did the Fund perform during the period?**

For the period December 31, 2024 (commencement of operations) to October 31, 2025, the Fund returned 7.86%. The Fund underperformed its benchmark, the S&P 500 Index, which returned 17.52% for the same period.

**What Factors Influenced Performance**

The Fund's performance was impacted by a number of factors including size, sector and style.

**Size**

Top quintile contributed over 60% of portfolio's overall performance Quintile 4 was the biggest detractor, but it was still accretive, adding 0.60%

**Sector**

Technology contributed over 55% of the portfolio's return Business Services detracted 1.04% (about 20%) from overall performance

**Style**

The top 2 quintiles of growth stocks contributed 6.29% (roughly 60% of the portfolio's return)

The bottom 2 quintiles combined to contribute positively, but only 1.66% (about 16% of overall performance)

The dominance of the size factor, market appetite for high beta stocks (stocks with higher-than-average volatility as compared to the market),and limited market breadth also influenced the Fund's performance.

**Top Contributors**

KLAC KLA Corporation

ANET Arista Networks

GOOGL Alphabet Inc., Class A

CAT Caterpillar Inc.

COR Cencora, Inc.

**Top Detractors**

DECK Decker's Outdoor Corporation

HRL Hormel Foods Corporation

ADBE Adobe Inc.

LULU lululemon athletica inc.

PMTS CPI Card Group, Inc.

**How did the Fund perform since inception?**

*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.*

**Cumulative Performance**

From December 31, 2024 (commencement of operations)

through October 31, 2025

Initial Investment of $10,000

![](indexpertsncsrs003.jpg)

**Average Annual Total Returns**

---

| | | | |
|:---|:---|:---|:---|
| | **3 Month** | **6 Month** | **Since Inception** |
| **QIDX** | 2.20% | 7.90% | 7.86% |
| **S&P 500 Index** | 8.23% | 23.60% | 17.52% |

---

Visit https://etfpages.com/QIDX for more recent performance information.

**Indexperts Quality Earnings Focused ETF** Tailored Shareholder Report

**Key Fund Statistics**

*(as of October 31, 2025)*

---

| | |
|:---|:---|
| **Net Assets** | $34705727 |
| **Number of Holdings** | 134 |
| **Net Advisory Fee** | $107718 |
| **Portfolio Turnover Rate** | 22.21% |

---

**What did the Fund invest in?**

*(as of October 31, 2025)*

**Sector Breakdown** *(% of net assets)*

![](indexpertsncsrs004.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of total net assets)** |
| **Arista Networks Inc** | 3.7% |
| **Thermo Fisher Scientific Inc** | 3.0% |
| **Alphabet Inc** | 2.8% |
| **HEICO Corp** | 2.6% |
| **NRG Energy Inc** | 2.2% |
| **Apple Inc** | 2.1% |
| **AECOM** | 2.0% |
| **Cisco Systems Inc** | 1.9% |
| **T-Mobile US Inc** | 1.9% |
| **Cencora Inc** | 1.8% |

---

**For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, visit https://etfpages.com/QIDX.**

**Indexperts Quality Earnings Focused ETF** Tailored Shareholder Report

&nbsp;&nbsp;&nbsp;&nbsp;**Indexperts Yield Focused Fixed Income ETF**<br>TICKER: YFFI <br> EXCHANGE: NYSE Arca<br>**ANNUAL SHAREHOLDER REPORT OCTOBER 31, 2025**<br>*This annual shareholder report contains important information about Indexperts Yield Focused Fixed Income ETF for the period December 31, 2024 (commencement of operations) to October 31, 2025. You can find additional information about the Fund at https://etfpages.com/YFFI. You can also request this information by contacting us at (800) 773-3863.*<br>

**What were the Fund costs for the period?**

*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000**<br> **investment** | **Costs paid as a**<br> **percentage of a $10,000**<br> **investment** |
| YFFI | $43¹ | 0.50%² |

---

¹ Based on operations for the period December 31, 2024 to October 31, 2025. Expenses for the full fiscal year would be higher.

² Annualized.

**How did the Fund perform during the period?**

For the period December 31, 2024 (commencement of operations) to October 31, 2025, the Fund returned 5.65%.The Fund underperformed its benchmark, the Bloomberg US Aggregate Bond Index, which returned 6.80% for the same period.The Fund also underperformed the Bloomberg BAA US Corporate Index, which returned 7.35% for the same period.

**What Factors Influenced Performance**

**Key Factors**

Intermediate-term bond yields fell at a steeper pace than long-term bond yields over the course of 2025, given market expectations of further Federal Reserve policy rate cuts.

Performance of individual holdings were unique to each specific issue, with top contributor Goldman Sachs falling under the "long-term" category. Conversely, 4 of the 5 top detractors by price return were short to intermediate-term maturities.

**Securities**

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| 38143YAC7 | Goldman Sachs |
| 773903AE9 | Rockwell Intl |
| 404119AJ8 | HCA Inc |
| 377372AE7 | Glaxosmithkline |
| 053332BH4 | Autozone Inc |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| 743862AA2 | Provident Companies |
| 149123BR1 | Caterpillar Inc |
| 744573AS5 | Public Service Ente |
| 961548AV6 | Westvaco Corp |
| 92857TAH0 | Vodaphone Group Plc |

---

**How did the Fund perform since inception?**

*The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

**Cumulative Performance**

From December 31, 2024 (commencement of operations)

through October 31, 2025

Initial Investment of $10,000

![](indexpertsncsrs005.jpg)

**Average Annual Total Returns**

---

| | | | |
|:---|:---|:---|:---|
| | **3 Month** | **6 Month** | **Since Inception** |
| **YFFI** | 2.94% | 5.01% | 5.65% |
| **Bloomberg US Aggregate Bond Index** | 2.94% | 3.50% | 6.80% |
| **Bloomberg BAA US Corporate Index** | 2.90% | 5.26% | 7.35% |

---

Visit https://etfpages.com/YFFI for more recent performance information.

**Indexperts Yield Focused Fixed Income ETF** Tailored Shareholder Report

**Key Fund Statistics**

*(as of October 31, 2025)*

---

| | |
|:---|:---|
| **Net Assets** | $21108536 |
| **Number of Holdings** | 79 |
| **Net Advisory Fee** | $69498 |
| **Portfolio Turnover Rate** | 3.87% |

---

**What did the Fund invest in?**

*(as of October 31, 2025)*

**Sector Breakdown** *(% of net assets)*

![](indexpertsncsrs006.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of total net assets)** |
| **American Express Co** | 2.4% |
| **Prudential Financial Inc** | 2.3% |
| **Boston Scientific Corp** | 2.3% |
| **General Electric Co** | 2.2% |
| **Goldman Sachs Group Inc/The** | 2.2% |
| **Owens Corning** | 2.2% |
| **Halliburton Co** | 2.0% |
| **Walt Disney Co/The** | 2.0% |
| **Morgan Stanley** | 2.0% |
| **Consolidated Edison Co of New York Inc** | 2.0% |

---

**For additional information about the Fund; including its prospectus, financial information, holdings and proxy voting information, visit https://etfpages.com/YFFI.**

**Indexperts Yield Focused Fixed Income ETF** Tailored Shareholder Report

(b) Not
applicable.

**Item 2.** **Code of Ethics.**

(a) The
 registrant, as of the end of the period covered by this report, has adopted a code of
 ethics that applies to the registrant's principal executive officer, principal
 financial officer, and principal accounting officer or controller, or persons performing
 similar functions, regardless of whether these individuals are employed by the registrant
 or a third party (the "Code of Ethics").

(c) During
 the period covered by this report, there have been no substantive amendments to the provisions
 of the Code of Ethics.

(d) During
 the period covered by this report, the registrant did not grant any waivers to the provisions
 of the Code of Ethics.

(e) Not
 applicable.

(f)(1) A copy of the Code of Ethics is filed with this Form N-CSR as [Exhibit 19(a)(1)](ex99-coe.htm).

---

| | |
|:---|:---|
| **Item 3.**  | **Audit Committee Financial Expert.** |

---

The registrant does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the collective knowledge and experience provided by the members of the audit committee together offer the registrant adequate oversight for the registrant's level of financial complexity.

**Item 4.** **Principal Accountant Fees and Services.**

(a) Audit
 Fees

Audit fees billed for the Indexperts Gorilla Aggressive Growth ETF, Indexperts Quality Earnings Focused ETF, and Indexperts Yield Focused ETF (the "Funds") for the initial fiscal year are reflected in the table below. For the initial fiscal year ended October 31, 2025, these amounts represent aggregate fees billed for professional services rendered by the Funds' independent accountant, Tait, Weller & Baker, LLP ("Accountant"), in connection with the audit of the Funds' annual financial statements and for services that are normally provided by the Accountant in connection with the Funds' statutory and regulatory filings for that fiscal year.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**October 31, 2025** |
| &nbsp;&nbsp;Indexperts Gorilla Aggressive Growth ETF | &nbsp;&nbsp;$12000 |
| &nbsp;&nbsp;Indexperts Quality Earnings Focused ETF | &nbsp;&nbsp;$12000 |
| &nbsp;&nbsp;Indexperts Yield Focused Fixed Income ETF | &nbsp;&nbsp;$12000 |

---

(b) Audit-Related
 Fees

These amounts represent fees billed in the Funds' initial fiscal year ended October 31, 2025, for professional services rendered by the Accountant in connection with two semi-annual examinations and a surprise examination of the 17f-1 security counts.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**October 31, 2025** |
| &nbsp;&nbsp;Indexperts Gorilla Aggressive Growth ETF | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Indexperts Quality Earnings Focused ETF | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Indexperts Yield Focused Fixed Income ETF | &nbsp;&nbsp;$0 |

---

(c) Tax
 Fees

These amounts represent the aggregate fees billed in the Funds' initial fiscal year ended October 31, 2025, for professional services rendered by the Accountant for tax compliance, tax advice, and tax planning are reflected in the table below. These services were for the completion of the Funds' federal and state income tax returns, excise tax returns, and assistance with distribution calculations.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**October 31, 2025** |
| &nbsp;&nbsp;Indexperts Gorilla Aggressive Growth ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;Indexperts Quality Earnings Focused ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;Indexperts Yield Focused Fixed Income ETF | &nbsp;&nbsp;$3000 |

---

(d) All
 Other Fees

There were no other fees billed in the Funds' initial fiscal year ended October 31, 2025, for products and services provided by the Accountant, other than the services reported in paragraphs (a) through (c) of this item.

---

| | |
|:---|:---|
| (e)(1) | The Funds' Board of Trustees pre-approved the engagement of the Accountant for the Funds' initial fiscal year ended October 31, 2025, at an audit committee meeting of the Board of Trustees called for such purpose; and will pre-approve the Accountant for each fiscal year thereafter at an audit committee meeting called for such purpose. The charter of the audit committee states that the audit committee should pre-approve any audit services and, when appropriate, evaluate and pre-approve any non-audit services provided by the Accountant to the Funds and to pre-approve, when appropriate, any non-audit services provided by the Accountant to the Funds' investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Funds if the engagement relates directly to the operations and financial reporting of the Funds. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(2) There
 were no services as described in each of paragraph (b) through (d) of this Item that
 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01
 of Regulation S-X.

(f) Not
 applicable.

(g) Aggregate
 non-audit fees billed by the Accountant to the Funds for services rendered for the initial
 fiscal year ended October 31, 2025, are reflected in the table below. There were no fees
 billed by the Accountant for non-audit services rendered to the Funds' investment
 advisor, or any other entity controlling, controlled by, or under common control with
 the Funds' investment advisor for the Funds' initial fiscal year ended October
 31, 2025.

(h) Not
 applicable.

(i) Not
 applicable.

(j) Not
 applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

(a) The
 Funds are listed issuers as defined in Rule 10A-3 under the Exchange Act of 1934 and
 have a separately designated standing audit committee established in accordance with
 Section 3(a)(58)(A) of the Exchange Act of 1934. The Funds' audit committee members
 are Thomas R. Galloway and Jesse S. Eberdt, III.

**(b)** Not
 applicable.

**Item 6.** **Investments.**

(a) A
 copy of Schedule I - Investments in securities of unaffiliated issuers as of the close
 of the reporting period is included in the financial statements filed under Item 7 of
 this Form.

(b) Not
applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](indexpertsncsrs007.jpg)

**ANNUAL FINANCIAL STATEMENTS**

As of October 31, 2025

The financial statements and other information contained herein are submitted for the general information of the shareholders of the Indexperts Gorilla Aggressive Growth ETF, Indexperts Quality Earnings Focused ETF, and the Indexperts Yield Focused Fixed Income ETF (the "Funds"). The Funds' shares are not deposits or obligations of, or guaranteed by, any depository institution. The Funds' shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

The Funds are distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, NC 27609. There is no affiliation between the Funds, including their principals, and Capital Investment Group, Inc.

---

| | |
|:---|:---|
| &nbsp;&nbsp;[Schedule of Investments (N-CSR Item 6)](#indexpertsncsrsa001) | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Financial Statements (N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#indexpertsncsrsa002) | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#indexpertsncsrsa003) | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#indexpertsncsrsa004) | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#indexpertsncsrsa005) | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;[Notes to Financial Statements](#indexpertsncsrsa006) | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#indexpertsncsrsa007) | &nbsp;&nbsp;29 |
| &nbsp;&nbsp;[Tax Information](#indexpertsncsrsa008) | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;[Changes In and Disagreements with Accountants (N-CSR Item 8)](#indexpertsncsrsa009) | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;[Matters Submitted for Shareholder Vote (N-CSR Item 9)](#indexpertsncsrsa010) | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;[Renumeration Paid to Directors, Officers and Others (N-CSR Item 10)](#indexpertsncsrsa011) | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;[Approval of Investment Advisory Agreement (N-CSR Item 11)](#indexpertsncsrsa012) | &nbsp;&nbsp;30 |

---

**Indexperts Gorilla Aggressive Growth ETF**

**Schedule of Investments**

*As of October 31, 2025* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stock - 97.89%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communications - 10.91%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp (a) | 1177 | $750137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iridium Communications Inc | 824 | 15780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc | 1902 | 1233162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix Inc (a) | 1264 | 1414239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Times Co/The | 475 | 27070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roku Inc (a) | 426 | 45211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA (a) | 910 | 596341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US Inc | 1775 | 372839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk Inc/The (a) | 815 | 40978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Music Group Corp | 835 | 26687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yelp Inc (a) | 535 | 17644 |
|  |  | 4540088 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 15.18%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc (a) | 5947 | 1452376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries Inc | 153 | 29136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International Inc (a) | 165 | 17929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores Inc (a) | 101 | 27633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Co (a) | 190 | 58243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chewy Inc (a) | 620 | 20906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc (a) | 2643 | 83757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp (a) | 450 | 36675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings Inc (a) | 1549 | 47384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros Inc (a) | 425 | 23605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings Inc (a) | 358 | 22368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc | 1744 | 448138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos Inc | 1924 | 458162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica Inc (a) | 1508 | 257174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Holding AG (a) | 510 | 18947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc (a) | 4713 | 445096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Red Rock Resorts Inc | 499 | 26602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd | 1820 | 522031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shake Shack Inc (a) | 180 | 17372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sportradar Group AG (a) | 1190 | 30476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempur Sealy International Inc | 453 | 35941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla Inc (a) | 3849 | 1757299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos Inc/The | 3309 | 463723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute Inc (a) | 636 | 18902 |
|  |  | 6319875 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 2.54%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings Inc (a) | 729 | 43908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp | 941 | 857674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health Inc (a) | 488 | 22184 |

---

 

*See Notes to Financial Statements* 

**Indexperts Gorilla Aggressive Growth ETF**

**Schedule of Investments (continued)**

*As of October 31, 2025* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 2.54% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp (a) | 1463 | $97772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market Inc (a) | 140 | 11054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vita Coco Co Inc/The (a) | 615 | 25326 |
|  |  | 1057918 |
| &nbsp;&nbsp;&nbsp;**Energy - 0.13%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp | 358 | 55146 |
| &nbsp;&nbsp;&nbsp;**Financials - 5.15%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Holdings Inc (a) | 539 | 38743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co | 1487 | 536406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax Inc | 178 | 37576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Inc | 744 | 410681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp/The | 1487 | 306322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan Specialty Holdings Inc | 393 | 21536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments Inc (a) | 285 | 19694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toast Inc (a) | 1404 | 50741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos Inc/The | 1546 | 415287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trupanion Inc (a) | 479 | 19155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics Inc | 1318 | 288326 |
|  |  | 2144467 |
| &nbsp;&nbsp;&nbsp;**Health Care - 11.39%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corp (a) | 6785 | 239985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corp | 41 | 17683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group/The | 1236 | 302091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom Inc (a) | 5584 | 325100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 1532 | 1321902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories Inc (a) | 101 | 63581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems Inc (a) | 129 | 9298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical Inc (a) | 1309 | 699373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular Inc | 243 | 21046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings Inc (a) | 76 | 44453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems Inc (a) | 248 | 21710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra Inc (a) | 76 | 17280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privia Health Group Inc (a) | 863 | 20971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progyny Inc (a) | 1062 | 19870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RadNet Inc (a) | 394 | 29940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc | 810 | 527958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corp (a) | 190 | 28321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc (a) | 1048 | 594625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UFP Technologies Inc (a) | 83 | 15989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc (a) | 987 | 420038 |
|  |  | 4741214 |

---

*See Notes to Financial Statements*

**Indexperts Gorilla Aggressive Growth ETF**

**Schedule of Investments (continued)**

*As of October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Industrials - 10.89%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alarm.com Holdings Inc (a) | 393 | $19343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp | 9560 | 1332090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argan Inc | 110 | 33683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI Inc (a) | 373 | 36916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing Inc | 1835 | 477651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise Inc (a) | 71 | 51988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badger Meter Inc | 98 | 17684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrett Business Services Inc | 517 | 20923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp (a) | 1236 | 163350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies Inc | 209 | 44644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp | 1202 | 220291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognex Corp | 877 | 36299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA Inc | 52 | 50210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Inc (a) | 220 | 25157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies Inc | 107 | 23483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co | 1449 | 59626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hackett Group Inc/The | 906 | 16408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corp | 1844 | 585968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace Inc | 739 | 152197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron Inc (a) | 208 | 20869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo DRS Inc | 624 | 22813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasTec Inc (a) | 161 | 32870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Co (a) | 239 | 36617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR Inc | 4692 | 461693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symbotic Inc (a) | 927 | 75041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | 786 | 352639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corp (a) | 888 | 20610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co | 579 | 111666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodward Inc | 125 | 32764 |
|  |  | 4535493 |
| &nbsp;&nbsp;&nbsp;**Materials - 2.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp | 106 | 33485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab Inc | 551 | 141276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 898 | 375633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corp | 208 | 19612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co/The | 812 | 280091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tecnoglass Inc | 255 | 15206 |
|  |  | 865303 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 0.59%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group Inc (a) | 756 | 52020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix Inc | 231 | 195428 |
|  |  | 247448 |

---

*See Notes to Financial Statements*

**Indexperts Gorilla Aggressive Growth ETF**

**Schedule of Investments (continued)**

*As of October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Technology - 39.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACV Auctions Inc (a) | 1459 | $13233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambarella Inc (a) | 420 | 35797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks Inc (a) | 5471 | 862722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corp (a) | 231 | 39136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk Inc (a) | 357 | 107578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems Inc | 565 | 28719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp | 193 | 16822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Braze Inc (a) | 653 | 18715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 5463 | 2019289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems Inc (a) | 2050 | 694315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cellebrite DI Ltd (a) | 1408 | 24020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Inc (a) | 1175 | 21632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare Inc (a) | 418 | 105879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc (a) | 1059 | 575048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd (a) | 133 | 69264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Inc (a) | 184 | 29957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoubleVerify Holdings Inc (a) | 1635 | 18606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doximity Inc (a) | 437 | 28842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duolingo Inc (a) | 96 | 25981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elastic NV (a) | 274 | 24446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings Inc (a) | 548 | 21427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fabrinet (a) | 114 | 50225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet Inc (a) | 1749 | 151166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freshworks Inc (a) | 1521 | 16883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global-e Online Ltd (a) | 713 | 25975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software Inc (a) | 238 | 55606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot Inc (a) | 79 | 38862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intapp Inc (a) | 405 | 15544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital Inc | 118 | 42711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp | 1653 | 508149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit Inc | 971 | 648191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JFrog Ltd (a) | 535 | 25402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp | 562 | 679312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings Inc (a) | 201 | 29774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology Inc | 974 | 91303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 922 | 477421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc | 80 | 80400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 9833 | 1991084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation Inc (a) | 236 | 31851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp | 6152 | 1615577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies Inc (a) | 7352 | 1473855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks Inc (a) | 4995 | 1100099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paycom Software Inc | 95 | 17774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corp (a) | 116 | 16387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procore Technologies Inc (a) | 401 | 29602 |

---

*See Notes to Financial Statements*

**Indexperts Gorilla Aggressive Growth ETF**

**Schedule of Investments (continued)**

*As of October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Technology - 39.03% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC Inc (a) | 352 | $69886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage Inc (a) | 545 | 53792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid7 Inc (a) | 860 | 15919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsara Inc (a) | 573 | 23017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow Inc (a) | 1201 | 1104055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Inc (a) | 431 | 118473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprinklr Inc (a) | 2802 | 21631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprout Social Inc (a) | 897 | 9212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce Inc (a) | 171 | 14063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys Inc (a) | 1251 | 567729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies Inc (a) | 85 | 40482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Inc (a) | 210 | 61152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Inc (a) | 578 | 13236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VTEX (a) | 3741 | 16797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday Inc (a) | 218 | 52303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zscaler Inc (a) | 214 | 70864 |
|  |  | 16247192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock (Cost $35,593,786)** |  | 40754144 |
| **Short-Term Investment - 2.13%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 3.96% (b) (Cost $885,109) | 885109 | 885109 |
| **Investments, at Value (Cost $36,478,895) - 100.02%** |  | 41639253 |
| **Liabilities in Excess of Other Assets - (0.02)%** |  | (8846) |
| **Net Assets - 100.00%** |  | $41630407 |

---

 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents 7-day effective SEC yield as of October 31, 2025.

 *See Notes to Financial Statements*

**Indexperts Quality Earnings Focused ETF**

**Schedule of Investments**

*As of October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stock - 98.44%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communications - 8.88%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc | 3484 | $979666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Inc (a) | 1335 | 312176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp | 3246 | 209854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix Inc (a) | 172 | 192444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shutterstock Inc | 5264 | 131758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA Inc | 5713 | 112375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US Inc | 3099 | 650945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Inc | 12359 | 491146 |
|  |  | 3080364 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 11.41%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autoliv Inc | 1658 | 193654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone Inc (a) | 133 | 488699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corp | 2290 | 178322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Services Inc | 2353 | 105179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorman Products Inc (a) | 2072 | 277917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethan Allen Interiors Inc | 3736 | 90299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings Inc | 1201 | 190359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentherm Inc (a) | 3699 | 136123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graham Holdings Co | 245 | 247972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc | 878 | 225611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La-Z-Boy Inc | 2329 | 73829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp | 4076 | 130269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos Inc | 975 | 232177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica Inc (a) | 771 | 131486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Vision Holdings Inc (a) | 5754 | 148166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc (a) | 2365 | 223351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp | 661 | 211295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd | 907 | 260155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp International/US | 2117 | 176791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos Inc/The | 1704 | 238799 |
|  |  | 3960453 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 9.20%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group Inc | 9075 | 511649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc (a) | 1424 | 125682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 357 | 183209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp | 515 | 469397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hormel Foods Corp | 18466 | 398681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingles Markets Inc | 1566 | 108211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co/The | 7496 | 476970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage Inc | 1676 | 53783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PriceSmart Inc | 916 | 105285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands Inc | 1338 | 120286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart Inc | 5566 | 563168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weis Markets Inc | 1180 | 74741 |
|  |  | 3191062 |

---

*See Notes to Financial Statements*

**Indexperts Quality Earnings Focused ETF**

**Schedule of Investments (continued)**

*As of October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Energy - 3.57%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp | 5000 | $571800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy USA Inc | 362 | 129668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos Inc/The | 9309 | 538712 |
|  |  | 1240180 |
| &nbsp;&nbsp;&nbsp;**Financials - 9.05%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadian Asset Management Inc | 3329 | 160125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co | 748 | 269826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Financial Group Inc/OH | 1332 | 175398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital Corp | 7699 | 156675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc (a) | 1037 | 495209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp (a) | 71 | 117827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv Inc (a) | 2928 | 195268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc/The | 978 | 167121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey Inc | 904 | 161888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Inc | 378 | 208652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp/The | 758 | 156148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global Inc | 1048 | 510596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos Inc/The | 795 | 213553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics Inc | 694 | 151819 |
|  |  | 3140105 |
| &nbsp;&nbsp;&nbsp;**Health Care - 13.75%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 4022 | 497200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astrana Health Inc (a) | 3298 | 102931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals Inc (a) | 11159 | 237352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora Inc | 1880 | 635083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corp (a) | 3428 | 121248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group/The | 650 | 158867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CorVel Corp (a) | 852 | 63005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom Inc (a) | 2526 | 147064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular Inc | 1184 | 102546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens & Minor Inc (a) | 14009 | 55616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc | 406 | 264631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed Inc | 2181 | 538445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Medical Holdings Corp | 6664 | 92163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp | 1397 | 497667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc | 1851 | 1050239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc (a) | 492 | 209380 |
|  |  | 4773437 |
| &nbsp;&nbsp;&nbsp;**Industrials - 17.61%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Inc | 611 | 223046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM | 5107 | 686125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albany International Corp | 1487 | 84134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc | 1647 | 135960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp | 2701 | 376357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc | 438 | 112605 |

---

*See Notes to Financial Statements*

**Indexperts Quality Earnings Focused ETF**

**Schedule of Investments (continued)**

*As of October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Industrials - 17.61% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ArcBest Corp | 1558 | $115791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argan Inc | 560 | 171478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore Inc | 1422 | 98474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AZZ Inc | 1084 | 108237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA Inc | 203 | 196013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRA International Inc | 513 | 97721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp | 413 | 246036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd | 7239 | 123353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hackett Group Inc/The | 3956 | 71643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corp | 2840 | 902467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ichor Holdings Ltd (a) | 5741 | 130206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insteel Industries Inc | 2725 | 85129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant Inc | 327 | 90468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc | 3851 | 173757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matson Inc | 1014 | 102363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Napco Security Technologies In | 3702 | 163443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR Inc | 2377 | 233897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex Inc | 3569 | 417680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Technologies Inc (a) | 5025 | 215070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System Inc | 679 | 114907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teekay Tankers Ltd | 2160 | 131760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Co/The | 2360 | 185284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcat Inc (a) | 1243 | 90304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TriNet Group Inc | 1984 | 119040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watts Water Technologies Inc | 404 | 110130 |
|  |  | 6112878 |
| &nbsp;&nbsp;&nbsp;**Materials - 2.48%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avient Corp | 2659 | 85274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawkins Inc | 802 | 113764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 463 | 193673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp of America | 871 | 170507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Corp (a) | 1459 | 127721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corp | 1028 | 96930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tecnoglass Inc | 1191 | 71019 |
|  |  | 858888 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 2.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle Inc (a) | 700 | 213563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties Inc | 16916 | 507311 |
|  |  | 720874 |
| &nbsp;&nbsp;&nbsp;**Technology - 17.18%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 2697 | 729188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks Inc (a) | 8116 | 1279812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International Inc (a) | 339 | 190603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems Inc (a) | 709 | 240131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems Inc | 8980 | 656528 |

---

*See Notes to Financial Statements*

**Indexperts Quality Earnings Focused ETF**

**Schedule of Investments (continued)**

*As of October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Technology - 17.18%(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp | 6811 | $496386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane NXT Co | 3062 | 193671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings Inc (a) | 2163 | 84573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F5 Inc (a) | 1989 | 503316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp | 843 | 259147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp | 281 | 339656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 481 | 249067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks Inc (a) | 1137 | 250413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plexus Corp (a) | 771 | 107863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow Inc (a) | 200 | 183856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys Inc (a) | 437 | 198319 |
|  |  | 5962529 |
| &nbsp;&nbsp;&nbsp;**Utilities - 3.23%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp | 755 | 96096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Co | 2000 | 157820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy Inc | 4471 | 768386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otter Tail Corp | 1295 | 100000 |
|  |  | 1122302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock (Cost $32,699,910)** |  | 34163072 |
| **Short-Term Investment - 1.54%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 3.96% (b) (Cost $535,714) | 535714 | 535714 |
| **Investments, at Value (Cost $33,235,624) - 99.98%** |  | 34698786 |
| **Other Assets Less Liabilities - 0.02%** |  | 6941 |
| **Net Assets - 100.00%** |  | $34705727 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents 7-day effective SEC yield as of October 31, 2025.

*See Notes to Financial Statements*

**Indexperts Yield Focused Fixed Income ETF**

**Schedule of Investments**

*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal** | **Interest Rate** | **Maturity Date** | **Value** |
| **Corporate Bonds - 97.66%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Communications - 4.83%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications Inc | $113000 | 8.750% | 5/1/2032 | $133891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Inc | 375000 | 6.550% | 9/15/2043 | 416563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC | 36000 | 7.875% | 2/15/2030 | 41075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co/The | 330000 | 7.750% | 12/1/2045 | 427326 |
|  |  |  |  | 1018855 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 5.89%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone Inc | 330000 | 6.550% | 11/1/2033 | 366860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co | 370000 | 6.875% | 11/1/2033 | 410962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos Inc | 350000 | 6.650% | 9/15/2037 | 396323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corp | 62000 | 7.750% | 8/1/2029 | 68551 |
|  |  |  |  | 1242696 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 7.50%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands Inc | 271000 | 8.250% | 9/15/2030 | 311682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corp | 350000 | 6.625% | 8/1/2037 | 406851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co | 327000 | 6.875% | 1/26/2039 | 364863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co/The | 113000 | 7.700% | 6/1/2029 | 125328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart Inc | 325000 | 6.500% | 8/15/2037 | 375342 |
|  |  |  |  | 1584066 |
| &nbsp;&nbsp;&nbsp;**Energy - 21.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 350000 | 6.500% | 2/1/2039 | 392409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCP Midstream Operating LP | 152000 | 8.125% | 8/16/2030 | 174938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp | 300000 | 7.950% | 4/15/2032 | 346328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Paso Natural Gas Co LLC | 300000 | 8.375% | 6/15/2032 | 359198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge Energy Partners LP | 36000 | 7.500% | 4/15/2038 | 42225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP | 277000 | 8.250% | 11/15/2029 | 312247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 325000 | 6.650% | 10/15/2034 | 368806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 70000 | 6.450% | 9/1/2040 | 77299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co | 361000 | 7.450% | 9/15/2039 | 429764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Corp | 230000 | 7.875% | 10/1/2029 | 260279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP | 300000 | 7.400% | 3/15/2031 | 341033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains All American Pipeline LP / PAA Finance Corp | 250000 | 6.650% | 1/15/2037 | 270759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline Co LLC | 154000 | 7.000% | 10/15/2028 | 165541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Eastern Transmission LP | 198000 | 7.000% | 7/15/2032 | 222552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp | 275000 | 7.500% | 4/15/2032 | 316604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos Inc/The | 300000 | 8.750% | 3/15/2032 | 360650 |
|  |  |  |  | 4440632 |
| &nbsp;&nbsp;&nbsp;**Financials - 19.61%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co | 400000 | 8.150% | 3/19/2038 | 500281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AXA SA | 200000 | 8.600% | 12/15/2030 | 236107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Inc | 300000 | 8.125% | 7/15/2039 | 383645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse USA LLC | 37000 | 7.125% | 7/15/2032 | 42284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 340000 | 8.250% | 3/1/2038 | 417893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc/The | 425000 | 6.450% | 5/1/2036 | 467909 |

---

*See Notes to Financial Statements*

**Indexperts Yield Focused Fixed Income ETF**

**Schedule of Investments (continued)**

*As of October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal** | **Interest Rate** | **Maturity Date** | **Value** |
| &nbsp;&nbsp;&nbsp;**Financials - 19.61%(continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | $117000 | 7.625% | 5/17/2032 | $133425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc | 41000 | 6.450% | 6/8/2027 | 42086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 245000 | 8.750% | 9/1/2030 | 290313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Inc | 234000 | 6.375% | 6/15/2034 | 260648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 375000 | 6.375% | 7/24/2042 | 420687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial Inc | 425000 | 6.625% | 12/1/2037 | 484642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos Inc/The | 375000 | 6.250% | 6/15/2037 | 417606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unum Group | 39000 | 7.250% | 3/15/2028 | 41167 |
|  |  |  |  | 4138693 |
| &nbsp;&nbsp;&nbsp;**Health Care - 7.79%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp | 400000 | 7.375% | 1/15/2040 | 484174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GlaxoSmithKline Capital Inc | 340000 | 6.375% | 5/15/2038 | 382409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Inc | 355000 | 7.500% | 11/6/2033 | 411148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co Inc | 325000 | 6.500% | 12/1/2033 | 367497 |
|  |  |  |  | 1645228 |
| &nbsp;&nbsp;&nbsp;**Industrials - 4.96%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 70000 | 7.290% | 6/1/2036 | 84421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Inc | 30000 | 8.250% | 12/15/2038 | 38277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co | 400000 | 6.875% | 1/10/2039 | 474012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation Inc | 360000 | 6.250% | 12/1/2037 | 408595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corp | 38000 | 7.500% | 9/15/2029 | 42434 |
|  |  |  |  | 1047739 |
| &nbsp;&nbsp;&nbsp;**Materials - 4.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Chemical Co/The | 375000 | 6.300% | 3/15/2033 | 402912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 400000 | 7.000% | 12/1/2036 | 458869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestRock MWV LLC | 36000 | 8.200% | 1/15/2030 | 41050 |
|  |  |  |  | 902831 |
| &nbsp;&nbsp;&nbsp;**Utilities - 21.76%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Texas Inc | 155000 | 6.650% | 2/15/2033 | 169163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Capital Corp | 325000 | 6.593% | 10/15/2037 | 368336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appalachian Power Co | 195000 | 7.000% | 4/1/2038 | 220958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Public Service Co | 80000 | 6.350% | 12/15/2032 | 87361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baltimore Gas and Electric Co | 259000 | 6.350% | 10/1/2036 | 290173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp | 120000 | 6.250% | 2/1/2037 | 129857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison Co of New York Inc | 365000 | 6.750% | 4/1/2038 | 420053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy Inc | 155000 | 6.300% | 3/15/2033 | 168421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Electric Co | 67000 | 6.625% | 6/1/2036 | 75828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Florida LLC | 250000 | 6.350% | 9/15/2037 | 280273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International | 79000 | 6.950% | 11/15/2029 | 83718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp | 187000 | 7.600% | 4/1/2032 | 215311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Edison Co | 225000 | 8.250% | 10/15/2038 | 288058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Power Co | 199000 | 6.600% | 3/1/2033 | 218942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PacifiCorp | 100000 | 7.700% | 11/15/2031 | 116103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potomac Electric Power Co | 134000 | 7.900% | 12/15/2038 | 171446 |

---

*See Notes to Financial Statements*

**Indexperts Yield Focused Fixed Income ETF**

**Schedule of Investments (continued)**

*As of October 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Principal** | **Principal** | **Interest Rate** | **Maturity Date** | **Value** |
| &nbsp;&nbsp;&nbsp;**Utilities – 21.76% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Energy Inc | $| 151000 | 7.750% | 3/1/2031 | $173485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Co of Colorado |  | 165000 | 6.250% | 9/1/2037 | 181794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc |  | 36000 | 8.625% | 4/15/2031 | 41630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Electric Power Co |  | 140000 | 6.200% | 3/15/2040 | 149183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toledo Edison Co/The |  | 200000 | 6.150% | 5/15/2037 | 218560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Electric Co |  | 145000 | 8.450% | 3/15/2039 | 187896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Electric and Power Co |  | 250000 | 8.875% | 11/15/2038 | 337362 |
|  |  |  |  |  | 4593911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $20,042,070)** |  |  |  |  | 20614651 |
| **Short-Term Investment - 0.81%** |  |  |  | **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 3.96% (b) (Cost $170,815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 3.96% (b) (Cost $170,815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 3.96% (b) (Cost $170,815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 3.96% (b) (Cost $170,815) | 170815 | 170815 |
| **Investments, at Value (Cost $20,212,885) - 98.47%** |  |  |  |  | 20785466 |
| **Other Assets Less Liabilities - 1.53%** |  |  |  |  | 323070 |
| **Net Assets - 100.00%** |  |  |  |  | $21108536 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents 7-day effective SEC yield as of October 31, 2025.

*See Notes to Financial Statements*

**Indexperts ETFs**

**Statement of Assets and Liabilities**

*As of October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | Gorilla Aggressive <br> Growth ETF | Quality Earnings <br> Focused ETF | Yield Focused Fixed <br> Income ETF |
| Assets: | Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $41639253 | $34698786 | $20785466 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 5648 | 20062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 2865 | 1703 | 332102 |
| &nbsp;&nbsp;&nbsp;Total assets | 41647766 | 34720551 | 21117568 |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 17359 | 14824 | 9032 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 17359 | 14824 | 9032 |
| Total Net Assets | $41630407 | $34705727 | $21108536 |
| Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $37319983 | $33884534 | $20555633 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 4310424 | 821193 | 552903 |
| Total Net Assets | $41630407 | $34705727 | $21108536 |
| ETF Shares Outstanding, no par value <br> (unlimited authorized shares) | 3487018 | 3236932 | 2073337 |
| Net Asset Value, Per Share | $11.94 | $10.72 | $10.18 |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $36478895 | $33235624 | $20212885 |

---

 

*See Notes to Financial Statements* 

**Indexperts ETFs**

**Statement of Operations**

*For the period ended October 31, 2025 (a)*

---

| | | | |
|:---|:---|:---|:---|
|  | Gorilla <br> Aggressive <br> Growth ETF | Quality <br> Earnings <br> Focused ETF | Yield Focused <br> Fixed Income <br> ETF |
| Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $113353 | $293546 | $0 |
| &nbsp;&nbsp;&nbsp;Interest | 13500 | 9828 | 736343 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 126853 | 303374 | 736343 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 117505 | 107718 | 69498 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 117505 | 107718 | 69498 |
| Net Investment Income | 9348 | 195656 | 666845 |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions | (849934) | (661079) | (21570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind transactions | 857842 | 502941 |  |
| &nbsp;&nbsp;&nbsp;Total realized gain (loss) | 7908 | (158138) | (21570) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investment transactions | 5160358 | 1463162 | 572581 |
| &nbsp;&nbsp;&nbsp;Total change in unrealized appreciation | 5160358 | 1463162 | 572581 |
| Net Realized and Unrealized Gain (Loss) on Investments | 5168266 | 1305024 | 551011 |
| Net Increase in Net Assets Resulting from Operations | $5177614 | $1500680 | $1217856 |

---

(a) Commenced operations on December 31, 2024

*See Notes to Financial Statements*

**Indexperts ETFs**

**Statements of Changes in Net Assets**

*For the period ended October 31, 2025 (a)*

---

| | | | |
|:---|:---|:---|:---|
|  | Gorilla <br> Aggressive <br> Growth | Quality <br> Earnings <br> Focused ETF | Yield Focused <br> Fixed Income <br> ETF |
| Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $9348 | $195656 | $666845 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investment transactions | 7908 | (158138) | (21570) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 5160358 | 1463162 | 572581 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 5177614 | 1500680 | 1217856 |
| Distributions to Shareholders from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable Earnings | (13265) | (176546) | (664953) |
| Net Decrease in Net Assets Resulting from Distributions | (13265) | (176546) | (664953) |
| Capital Share Transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 48542485 | 40265593 | 21959050 |
| &nbsp;&nbsp;&nbsp;Shares repurchased | (12076427) | (6884000) | (1403417) |
| Net Increase in Net Assets Resulting from Capital Share Transactions | 36466058 | 33381593 | 20555633 |
| Net Increase in Net Assets | 41630407 | 34705727 | 21108536 |
| Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |  |  |
| &nbsp;&nbsp;&nbsp;End of Period | $41630407 | $34705727 | $21108536 |
| Share Information: |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4707018 | 3926932 | 2213337 |
| &nbsp;&nbsp;&nbsp;Shares repurchased | (1220000) | (690000) | (140000) |
| Net Increase in Capital Shares | 3487018 | 3236932 | 2073337 |

---

(a) Commenced operations on December 31, 2024

*See Notes to Financial Statements*

**Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
| *For a share outstanding during period ended October 31, 2025 (a)* | Gorilla <br> Aggressive <br> Growth ETF | Quality <br> Earnings <br> Focused <br> ETF | Yield <br> Focused <br> Fixed <br> Income ETF |
| Net Asset Value, Beginning of Period | $10.00 | $10.00 | $10.00 |
| Income (Loss) from Investment Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (b) | — (e) | 0.08 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss from investment transactions | 1.95 | 0.70 | 0.15 |
| Total from Investment Operations | 1.95 | 0.78 | 0.55 |
| Less Distributions From: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.06) | (0.37) |
| Total Distributions | (0.01) | (0.06) | (0.37) |
| Net Asset Value, End of Period | $11.94 | $10.72 | $10.18 |
| Total Return (d) | 19.45% | 7.86% | 5.65% |
| Net Assets, End of Period (in thousands) | $41630 | $34706 | $21109 |
| Ratios of: |  |  |  |
| Net Expenses to Average Net Assets (c) | 0.50 %(c) | 0.50 %(c) | 0.50 %(c) |
| Net Investment Income (c) | 0.04 %(c) | 0.90 %(c) | 4.78 %(c) |
| Portfolio turnover rate (d) | 24.72 %(d) | 22.21 %(d) | 3.87 %(d) |

---

(a) The fund commenced operations on December 31, 2024.

(b) Calculated using the average shares method.

(c) Annualized

(d) Not annualized

(e) Less than $.005

*See Notes to Financial Statements*

Notes to Financial Statements

*As of October 31, 2025*

**1. Organization and Significant Accounting Policies** 

The Funds, actively managed exchange-traded funds, are each, a diversified series of the Spinnaker ETF Series (the "Trust"). The Trust was established as a Delaware statutory trust under an Agreement and Declaration of Trust on December 21, 2016, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act").The Funds commenced operations on December 31, 2024.

The investment objective of the Indexperts Gorilla Aggressive Growth ETF is to seek long-term capital appreciation. The Fund seeks to achieve its investment objective by investing at least 80% of the Fund's net assets (plus borrowings for investment purposes) in common stocks of companies that the Advisor believes have the potential for growth. These securities may be of any market capitalization.

The investment objective of the Indexperts Quality Earnings Focused ETF is to seek total return. The Fund seeks to achieve its investment objective by investing at least 80% of the Fund's net assets (plus borrowings for investment purposes) in common stocks of companies that the Advisor believes have a consistent history of earnings stability or growth, and strong prospects for continued earnings stability and growth based on the Advisor's research and analysis. These securities may be of any market capitalization.

The investment objective of the Indexperts Yield Focused Fixed Income ETF is to seek current income. The Fund seeks to achieve is investment objective by investing at least 80% of its net assets (plus the amount of borrowings for investment purposes) in fixed-income securities. These fixed-income securities will include corporate bonds, Treasury notes, bills and bonds, asset backed securities and preferred stocks.

The Trust will issue and redeem shares at Net Asset Value ("NAV") only in a large specified number of shares called a "Creation Unit" or multiples thereof. A Creation Unit consists of 10,000 shares. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of in-kind securities and/or cash. As a practical matter, only authorized participants may purchase or redeem these Creation Units. Except when aggregated in Creation Units, the shares are not redeemable securities of the Funds. The prices at which creations and redemptions occur are based on the next calculation of NAV after an order is received in proper form by Capital Investment Group, Inc. (the "Distributor"). Individual shares of the Funds may only be purchased and sold in secondary market transactions through brokers. Shares of the Indexperts Gorilla Aggressive Growth ETF, Indexperts Quality Earnings Focused ETFs, and Indexperts Yield Focused Income ETF are listed for trading on NYSE Arca under the trading symbols RILA, QIDX, and YFFI, respectively, and because shares will trade at market prices rather than NAV, shares of the Funds may trade at a price greater than or less than NAV.

The following is a summary of significant accounting policies consistently followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds follow the accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification 946 "Financial Services – Investment Companies."*

The Funds operate as a single operating segment. The Funds' income, expenses, assets and performance are regularly monitored for the oversight functions of the Funds. This information is presented in the financial statements and the financial highlights.

*Investment Valuation* 

The Funds' debt securities are valued at market value. Market value generally means a valuation (i) obtained from an exchange, a pricing service or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker (or dealer), or (iii) based on amortized cost. The Funds' debt securities are thus valued by reference to a combination of transactions and quotations for the same or other securities believed to be comparable in quality, coupon, maturity, type of issue, call provisions, trading characteristics and other features deemed to be relevant. To the extent the Funds' debt securities are valued based on price quotations or other equivalent indications of value provided by a third-party pricing service, any such third-party pricing service may use a variety of methodologies to value some or all of a Fund's debt securities to determine the market price. For example, the prices of securities with characteristics similar to those held by the Funds may be used to assist with the pricing process. In addition, the pricing service may use proprietary pricing models. Equity securities are valued at the last reported sale price on the principal exchange on which such securities are traded, as of the close of regular trading on the NYSE Arca on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Equity securities that are traded in over-the-counter markets are valued at the NASDAQ Official Closing Price as of the close of regular trading on the NYSE Arca on the day the securities are valued or, if there are no sales, at the mean of the most recent bid and asked prices. Securities for which market quotations (or other market valuations such as those obtained from a pricing service) are not readily available, including restricted securities, are valued by a method that the Board of Trustees ("Trustees") believe accurately reflects fair value. Securities will be valued at fair value when market quotations (or other market valuations such as those obtained from a pricing service) are not readily available or are deemed unreliable, such as when a security's value or meaningful portion of a Fund's portfolio is believed to have been materially affected by a significant event. Such events may include a natural disaster, an economic event like a bankruptcy filing, a trading halt in a security, an unscheduled early market close or a substantial fluctuation in domestic and foreign markets that has occurred between the close of the principal exchange and the NYSE Arca. In such a case, the value for a security is likely to be different from the last quoted market price. In addition, due to the subjective and variable nature of fair market value pricing, it is possible that the value determined for a particular asset may be materially different from the value realized upon such asset's sale.

Notes to Financial Statements

*As of October 31, 2025*

Trading in securities on many foreign securities exchanges and over-the-counter markets is normally completed before the close of business on each U.S. business day. In addition, securities trading in a particular country or countries may not take place on all U.S. business days or may take place on days that are not U.S. business days. Changes in valuations on certain securities may occur at times or on days on which a Fund's net asset value is not calculated and on which a Fund does not effect sales, redemptions and exchanges of its Shares.

*Fair Value Measurement* 

The Funds have adopted ASC Topic 820, *Fair Value Measurements*. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value measurements.

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the three broad levels listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1: | Unadjusted quoted prices in active markets for identical securities assets or liabilities that the Funds have the ability to access. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2: | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, credit spreads, yield curves, and market-collaborated input. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3: | Unobservable inputs for the asset or liability to the extent that observable inputs are not available, representing the assumptions that a market participant would use in valuing the asset or liability at the measurement date; they would be based on the best information available, which may include the Funds' own data. |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs as of October 31, 2025, for the Funds' assets measured at fair value:

**Indexperts Gorilla Aggressive Growth ETF (a)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Assets* | *Total* | *Level 1* | *Level 2* | *Level 3* |
| Common Stock \* | $40754144 | $40754144 | $— | $— |
| Short-Term Investment | 885109 | 885109 |  |  |
| *Total Assets* | $41639253 | $41639253 | $— | $— |

---

**Indexperts Quality Earnings Focused ETF (a)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Total* | *Level 1* | *Level 2* | *Level 3* |
| *Assets* |  |  |  |  |
| Common Stock \* | $34163072 | $34163072 | $— | $— |
| Short-Term Investment | 535714 | 535714 |  |  |
| *Total Assets* | $34698786 | $34698786 | $— | $— |

---

Notes to Financial Statements

*As of October 31, 2025*

**Indexperts Yield Focused Fixed Income ETF (a)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Total* | *Level 1* | *Level 2* | *Level 3* |
| *Assets* |  |  |  |  |
| Corporate Bonds\* | $20614651 | $— | $20614651 | $— |
| Short-Term Investment | 170815 | 170815 |  |  |
| *Total Assets* | $20785466 | $170815 | $20614651 | $— |

---

\* Refer to the Schedules of Investments for a breakdown by sector.

(a) The ETF held no Level 3 securities during the period ended October 31, 2025.

*Investment Transactions and Investment Income*

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income and expenses are recorded on the ex-dividend date. Interest income is recorded on the accrual basis and includes accretion/amortization of discounts and premiums using the effective interest method. Gains and losses are determined on the identified cost basis, which is the same basis used for Federal income tax purposes.

*Expenses* 

The Funds bear expenses incurred specifically on their behalf as well as a portion of general expenses, which are allocated according to methods reviewed annually by the Trustees.

*Distributions*

The Funds may declare and distribute dividends from net investment income, if any, monthly. The Funds generally declare and distributes capital gains, if any, annually. Dividends and distributions to shareholders are recorded on ex-date.

*Estimates* 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

*Federal Income Taxes*

No provision for income taxes is included in the accompanying financial statements, as the Funds intend to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

**2. Risk Considerations**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Indexperts Gorilla <br> Aggressive Growth <br> ETF** | &nbsp;&nbsp; **Indexperts Quality <br> Earnings Focused <br> ETF** | &nbsp;&nbsp; **Indexperts Yield <br> Focused Fixed <br> Income ETF** |
| &nbsp;&nbsp;**Authorized Participant Risk** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Common Stock/Equity Security Risk** | **X** | **X** |  |
| &nbsp;&nbsp;**Credit/Default Risk** |  |  | **X** |
| &nbsp;&nbsp;**Cybersecurity Risk** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Early Close/Trading Halt Risk** | **X** | **X** | **X** |
| &nbsp;&nbsp;**ETF Structure Risk** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Financial Institution Failure Risk** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Fixed Income Risk** |  |  | **X** |
| &nbsp;&nbsp;**Growth Stock Risk** | **X** | **X** |  |
| &nbsp;&nbsp;**Interest Rate Risk** |  |  | **X** |
| &nbsp;&nbsp;**Investing Risk** | **X** | **X** | **X** |

---

Notes to Financial Statements

*As of October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Indexperts Gorilla <br> Aggressive Growth <br> ETF** | &nbsp;&nbsp; **Indexperts Quality <br> Earnings Focused <br> ETF** | &nbsp;&nbsp; **Indexperts Yield <br> Focused Fixed <br> Income ETF** |
| &nbsp;&nbsp;**Large-Capitalization Risk** | **X** | **X** |  |
| &nbsp;&nbsp;**Management Risk** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Market Risk** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Models and Data Risk** |  |  | **X** |
| &nbsp;&nbsp;**New Advisor Risk** | **X** | **X** | **X** |
| &nbsp;&nbsp;**New Fund Risk** | **X** | **X** | **X** |
| &nbsp;&nbsp;**Preferred Securities Risk** |  |  | **X** |
| &nbsp;&nbsp;**Small and Mid-Cap Securities Risk** | **X** | **X** |  |
| &nbsp;&nbsp;**U.S. Government Securities Risk** |  |  | **X** |
| &nbsp;&nbsp;**Value Investing Risk** |  | **X** |  |

---

***Authorized Participant Risk.*** Only an authorized participant ("Authorized Participant" or "APs") may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.*, on behalf of other market participants). Authorized Participant concentration risk may be heightened for ETFs that invest in securities or instruments that have lower trading volumes, such as the Fund.

***Common Stock/Equity Security Risk.*** Common stock holds the lowest priority in a company's capital structure, and therefore takes the largest share of the company's risk and its accompanying volatility. Investments in shares of common stock may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. During temporary or extended markets downturns, the value of common stocks will decline, which could also result in losses for the Fund*.* The NAV of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political, or market conditions.

***Credit/Default Risk*.** Credit risk is the risk that issuers or guarantors of debt instruments or the counterparty to a derivatives contract, repurchase agreement, or loan of portfolio securities is unable or unwilling to make timely interest and/or principal payments or otherwise honor its obligations. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social, or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security's or other instrument's credit quality or value and an issuer's or counterparty's ability to pay interest and principal when due. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Securities issued by the U.S. government have limited credit risk. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund's income and Share price.

***Cybersecurity Risk.*** As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines and penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.

***Early Close/Trading Halt Risk.*** An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

Notes to Financial Statements

*As of October 31, 2025*

***ETF Structure Risks.*** The Fund is structured as an ETF and as a result is subject to the special risks, including:

○ <u>Not Individually Redeemable</u>. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

○ <u>Trading Issues</u>. An active trading market for the Fund's shares may not be developed or maintained. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will <u>continue</u> to meet the listing requirements of the Exchange. If the Fund's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's shares. Any absence of an active trading market, in turn, leads to a heightened risk of a difference between the market price of the Fund's shares and the value of the shares, which would be reflected in a wider bid-ask spread.

○ <u>Cash Transactions</u>. To the extent Creation Units are purchased [or redeemed] by APs in cash instead of in-kind, the Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the Fund and impact the Fund's NAV if not fully offset by transaction fees paid by the APs.

○ <u>Cash Transaction Risk</u>. (Only applicable to Quality Fixed Income ETF). Most ETFs generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, the Fund currently intends to effect redemptions for cash, rather than in-kind, because of the nature of the Fund's investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process, and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.

○ <u>Market Price Variance Risk</u>. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. A bid-ask spread is the difference between the price quoted in the market for an immediate sale (bid) and an immediate purchase (ask) of the ETF's shares. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV and the bid-ask spread could widen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ In
 times of market stress, market makers may step away from their role market making in
 shares of ETFs and in executing trades, which can lead to differences between the market
 value of Fund shares and the NAV, and the bid-ask spread could widen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ To
 the extent APs exit the business or are unable to process creations or redemptions and
 no other AP can step in to do so, there may be a significantly reduced trading market
 in the Shares, which can lead to differences between the market value of Shares and the
 NAV, and the bid-ask spread could widen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The
 market price for Shares may deviate from the NAV, particularly during times of market
 stress, with the result that investors may pay significantly more or receive significantly
 less for Shares than the NAV, which is reflected in the bid and ask price for Shares
 or in the closing price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ When
 all or a portion of an ETF's underlying securities trade in a market that is closed
 when the market for Shares is open, there may be changes from the last quote of the closed
 market and the quote from the Fund's domestic trading day, which could lead to
 differences between the market value of Shares and the NAV, and the bid-ask spread could
 widen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ In
 stressed market conditions, the market for Shares may become less liquid in response
 to the deteriorating liquidity of the Fund's portfolio. This adverse effect on
 the liquidity of the Shares may, in turn, lead to differences between the market value
 of the Shares and the NAV, and the bid-ask spread could widen.

***Financial Institution Failure Risk.*** The failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Fund and/or its portfolio companies have a commercial relationship could adversely affect, among other things, the Fund and its portfolio companies' ability to pursue key strategic initiatives, including by affecting our ability to borrow from financial institutions on favorable terms. In the event a portfolio company, or potential portfolio company, has a commercial relationship with a bank that has failed or is otherwise distressed, such portfolio company may experience delays or other issues in meeting certain obligations or consummating transactions.

Notes to Financial Statements

*As of October 31, 2025*

***Fixed Income Risk*.** The Fund's investments in fixed income securities will be subject to various risks including interest rate risk, credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

***Growth Stock Risk*.** Growth stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. The stocks of such companies can therefore be subject to more abrupt or erratic market movements than stocks of larger, more established companies or the stock market in general.

***Interest Rate Risk*.** As interest rates rise, the value of fixed income securities are likely to decrease. Conversely, as interest rates fall, the value of fixed income securities are likely to increase. A wide variety of market factors can cause interest rates to fluctuate, including central bank monetary policy, rising inflation, and changes in general economic conditions. Interest rate changes can be sudden and unpredictable. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Fund to value or sell some or all of its bond investments at any given time. Changes in interest rates may also affect the Fund's share price; for example, a sharp rise in interest rates could cause the Fund's share price to fall.

Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations. Duration is an estimate of a security's sensitivity to changes in prevailing interest rates that is based on certain factors that may prove to be incorrect. It is therefore not an exact measurement and may not be able to reliably predict a particular security's price sensitivity to changes in interest rates.

***Investing Risk.*** An investment in shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The value of your shares at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of distributions. The Fund may also use leverage, which would magnify the Fund's investment, market and certain other risks.

All investments involve risks, including the risk that the entire amount invested may be lost. No guarantee or representation is made that the Fund's investment objectives will be achieved. The Fund may utilize investment techniques, such as leverage, which can in certain circumstances increase the adverse impact to which the Fund's investment portfolio may be subject.

Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. These volatile and often difficult global market conditions have episodically adversely affected the market values of real estate, and other securities and this volatility may continue and conditions could even deteriorate further. Some of the largest banks and companies across many sectors of the economy in the United States and Europe have declared bankruptcy, entered into insolvency, administration or similar proceedings, been nationalized by government authorities, and/or agreed to merge with or be acquired by other banks or companies that had been considered their peers. The long-term impact of these events is uncertain, but could continue to have a material effect on general economic conditions, consumer and business confidence and market liquidity.

Major public health issues, such as COVID-19, have at times, and may in the future impact the Fund. The COVID-19 pandemic caused substantial market volatility and global business disruption and impacted the global economy in significant and unforeseen ways. Any public health emergency, including the COVID-19 pandemic or any outbreak of other existing or new epidemic diseases or the threat thereof, and the resulting financial and economic market uncertainty, could have a material adverse impact on the Fund or its investments. Moreover, changes in interest rates, travel advisories, quarantines and restrictions, disrupted supply chains and industries, impact on labor markets, reduced liquidity or a slowdown in U.S. or global economic conditions resulting from a future public health crisis may also adversely affect the Fund or its investments. COVID-19, or any other health crisis and the current or any resulting financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to the Fund's NAV, performance, financial condition, results of operations, ability to pay distributions, and portfolio liquidity, among other factors.

Economic problems in a single country are increasingly affecting other markets and economies, and a continuation of this trend could adversely affect global economic conditions and world markets. Uncertainty and volatility in the financial markets and political systems of the U.S. or any other country, including volatility as a result of the ongoing conflicts between Russia and Ukraine and Israel and Hamas and the rapidly evolving measures in response, may have adverse spill-over effects into the global financial markets generally.

Notes to Financial Statements

*As of October 31, 2025*

***Large Capitalization Risk*.** Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.

***Management Risk.*** The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund's portfolio securities, the Advisor will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

***Market Risk*.** Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions. The Fund's NAV will also change daily in response to such factors.

***New Advisor Risk.*** The Advisor has only recently begun serving as an investment advisor to ETFs. As a result, investors do not have a long-term track record of managing an ETF from which to judge the Advisor, and the Advisor may not achieve the intended result in managing the Fund.

***New Fund Risk.*** The Fund is newly formed and has no history of operations as of the date of this Prospectus. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation. and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to the Fund's performance, portfolio liquidity, ability to pay distributions and make share repurchases.

***Preferred Securities Risk.*** Investing in preferred stock involves the following risks: (i) certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer's call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer's capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities.

***Small and Mid-Cap Securities Risk.*** The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.

***U.S. Government Securities Risk*.** Debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities. To the extent that a security is guaranteed by the U.S. Government or an U.S. government agency, such securities are only guaranteed with respect to the timely payment of interest and principal. The U.S. government, its agencies, authorities and instrumentalities do not guarantee the market value of such obligation and, in fact, the market values of such obligations may fluctuate.

***Value Investing Risk*.** A company may be undervalued due to market or economic conditions, temporary earnings declines, unfavorable developments affecting the company and other factors, or because it is associated with a market sector that generally is out of favor with investors. Undervalued stocks tend to be inexpensive relative to their earnings or assets compared to other types of stock. However, these stocks can continue to be inexpensive for long periods of time and may not realize their full economic value. Securities purchased by the Fund that do not realize their full economic value may reduce the Fund's return.

Notes to Financial Statements

*As of October 31, 2025*

**3. Transactions with Related Parties and Service Providers**

*Advisor*

Pursuant to the Advisory Agreement, each Fund pays the Advisor a monthly unitary management fee equal to 0.50% of each Funds' average daily net assets. The Advisor's unitary management fee is designed to pay the Fund's expenses and to compensate the Advisor for providing service for the Fund. Out of the unitary management fee, the Advisor pays substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit, and other services, and Independent Trustees' fees, but excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the advisor). The Advisor, and not Fund shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in assets.

*Administrator*

The Funds pays customary fees to The Nottingham Company (the "Administrator") for its services as Fund Administrator and Fund Accountant. Certain officers of the Administrator are also officers of the Trust.

*Compliance Services*

The Nottingham Company, Inc. serves as the Trust's compliance services provider including services as the Trust's Chief Compliance Officer. The Nottingham Company, Inc. is entitled to receive customary fees from the Funds for its services pursuant to the Compliance Services Agreement with the Funds.

*Transfer Agent*

Nottingham Shareholder Services, LLC ("Transfer Agent"), an affiliate of the Administrator, serves as transfer, dividend paying, and shareholder servicing agent for the Funds. For its services, the Transfer Agent is entitled to receive compensation from the Funds pursuant to the Transfer Agent's fee arrangements with the Funds.

*Distributor*

Capital Investment Group, Inc. (the "Distributor") serves as the Funds' principal underwriter and distributor. For its services, the Distributor is entitled to receive compensation from the Funds pursuant to the Funds' fee arrangements with the Distributor.

**4. Trustees and Officers**

The Board is responsible for the management and supervision of the Funds. The Trustees approve all significant agreements between the Trust, on behalf of the Funds, and those companies that furnish services to the Funds; review performance of the Advisor and the Funds; and oversee activities of the Funds. Officers of the Trust and Trustees who are interested persons of the Trust or the Advisor will receive no salary or fees from the Trust. Effective January 1, 2025, the Independent Trustees receive a flat rate of $7,500 plus an additional $2,500 per Fund each year but may receive up to an additional $1,500 per special meeting in the event that special meetings are held. This amount may be paid pro rata in the event that a fund closes during the year. The Trust reimburses each Trustee and officers of the Trust for his or her travel and other expenses relating to attendance at such meetings. Prior to January 1, 2025, the Independent Trustees received a flat rate of $5,000 plus an additional $2,000 per Fund each year but may receive up to an additional $2,250 per special meeting in the event that special meetings are held.

Each of the Trustees serves as a Trustee to all series of the Trust, including the Funds. Certain officers of the Trust may also be officers of the Advisor or the Administrator.

**5. Purchases and Sales of Investment Securities**

For the fiscal period ended October 31, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Purchases of<br> Securities** | **Proceeds from <br> Sales of <br> Securities** | **Purchases <br> of U.S. <br> Government <br> Securities** | **Proceeds <br> from Sales <br> of U.S. <br> Government <br> Securities** | **In-Kind <br> Purchases** | **In-Kind Sales** |
| Gorilla Aggressive Growth ETF | $14608775 | $7382815 | $— | $— | $39720153 | $11360236 |
| Quality Earnings Focused ETF | 13861836 | 6048987 |  |  | 31601694 | 6556495 |
| Yield Focused Fixed Income ETF | 20839171 | 653360 |  |  |  |  |

---

Notes to Financial Statements

*As of October 31, 2025*

**6. Federal Income Tax**

Distributions are determined in accordance with Federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. The general ledger is adjusted for permanent book/tax differences to reflect tax character but is not adjusted for temporary differences.

Management had reviewed the Funds' tax positions to be taken on the federal income tax returns for the fiscal year ended October 31, 2025 and determined that the Funds do not have a liability for uncertain tax positions. The Funds recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended October 31, 2025, the Funds did not incur any interest or penalties.

Distributions during the fiscal year ended October 31, 2025 were characterized for tax purposes as follows:

---

| | |
|:---|:---|
|  | **Ordinary Income** |
| Indexperts Gorilla Aggressive Growth ETF | $13265 |
| Indexperts Quality Earnings Focused ETF | $176546 |
| Indexperts Yield Focused Fixed Income ETF | $664953 |

---

Reclassifications relate primarily to differing book/tax treatment for redemptions in kind adjustments and have no impact on the net assets of the Funds. For the fiscal year ended October 31, 2025, the following reclassifications were necessary:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings** | **Paid in Capital** |
| Indexperts Gorilla Aggressive Growth ETF | $(853925) | $853925 |
| Indexperts Quality Earnings Focused ETF | $(502940) | $502940 |

---

At October 31, 2025, the tax-basis cost of investments and components of accumulated deficit were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Indexperts Gorilla<br> Aggressive**<br> **Growth ETF** | **Indexperts Quality<br> Earnings**<br> **Focused ETF** | **Indexperts Yield <br> Focused Fixed**<br> **Income ETF** |
| Cost of Investments | $36494968 | $33242011 | $20212885 |
| Gross Unrealized Appreciation | 7016098 | 3794570 | 577763 |
| Gross Unrealized Depreciation | (1871813) | (2337795) | (5182) |
| Net Unrealized Appreciation | 5144285 | 1456775 | 572581 |
| Undistributed Net Investment Income |  | 19110 | 1892 |
| Capital Loss Carryover - Short Term | (833861) | (654692) | (21570) |
| Accumulated Earnings | 4310424 | 821193 | 552903 |

---

*Capital Loss Carryforwards*

Accumulated capital losses noted above represent net capital loss carryovers as of October 31, 2025, that are available to offset future realized capital gains, if any, and thereby reduce future taxable capital gain distributions. The capital loss carryforwards have no expiration date.

**7. Commitments and Contingencies**

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust enters into contracts with its service providers, on behalf of the Funds, and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. The Funds expect risk of loss to be remote.

**8. New Accounting Pronouncement**

The following disclosure is applicable to the Funds: In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Funds' Management is evaluating the impacts of these changes on the Funds' financial statements.

Notes to Financial Statements

*As of October 31, 2025*

**9. Subsequent Events**

The Indexpert Yield Focused Fixed Income ETF declared the payment of a distribution to be paid on November 28, 2025 to all shareholders of record on November 26, 2025 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Record date** | **Ex-Date** | **Payable Date** | **Ordinary Income** |
| Yield Focused Fixed Income ETF | 11/26/25 | 11/26/25 | 11/28/25 | $0.039 |

---

In accordance with GAAP, management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements. Management has concluded there are no additional matters, other than those noted above, requiring recognition or disclosure.

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

**To the Shareholders and**

**The Board of Trustees of Spinnaker ETF Series**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Indexpert Gorilla Aggressive Growth ETF, Indexpert Quality Earnings Focused ETF, and Indexpert Yield Focused Fixed Income ETF (the "Funds"), each a series of Spinnaker ETF Series, including the schedules of investments, as of October 31, 2025, the related statements of operations, the statements of changes in net assets and financial highlights for the period of December 31, 2024 (commencement of operations) to October 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2025, the results of their operations, the changes in their net assets and their financial highlights for the period of December 31, 2024 (commencement of operations) to October 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Funds' auditors of one or more of funds in the Series since 2024.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian. We believe that our audits provides a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**December 22, 2025**

Additional Information (unaudited)

*As of October 31, 2025*

**Tax Information**

We are required to advise you within 60 days of the Funds' fiscal year-end regarding federal tax status of certain distributions received by shareholders during each fiscal year. The following information is provided for the Funds' fiscal year ended October 31, 2025.

Distributions during the fiscal year ended October 31, 2025, were characterized for tax purposes as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gorilla Aggressive**<br> **Growth ETF** | **Quality Earnings**<br> **Focused ETF** | **Yield Focused**<br> **Fixed Income**<br> **ETF** |
| Ordinary Income | $13265 | $176546 | $664953 |

---

Dividend and distributions received by retirement plans such as IRAs, Keogh-type plans, and 403(b) plans need not be reported as taxable income. However, many retirement plans may need this information for their annual information meeting.

**Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in early 2026, to determine the calendar year amounts to be included in their 2025 tax returns. Shareholders should consult a tax advisor regarding the tax consequences of investments in the Funds.**

**Changes In and Disagreements with Accountants** (Form N-CSR Item 8)

There were no changes in or disagreements with the accountants during the period.

**Matters Submitted for Shareholder Vote** (Form N-CSR Item 9)

Not applicable.

**Remuneration Paid to Directors, Officers and Others** (Form N-CSR Item 10)

The aggregate compensation paid, on behalf of the Funds, to the Trustees for the period of this report was $13,723. For the period of this report, no special compensation was paid to the Trustees, no compensation was paid to any office of the Funds, and no compensation was paid to any person of whom any officer or director of the Funds is an affiliated person.

**Approval of Investment Advisory Agreement** (Form N-CSR Item 11)

Not applicable during the period.

**Indexperts ETFs** 

P.O. Box 4365

Rocky Mount, NC 27803-0365

***An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. The prospectus and summary prospectus, which contain this and other information, are available at the websites listed below or by calling 800-773-3863. The prospectus should be read carefully before investing.***

Indexperts Gorilla Aggressive Growth ETF https://etfpages.com/RILA <br> Indexperts Quality Earnings Focused ETF https://etfpages.com/QIDX <br> Indexperts Yield Focused Fixed Income ETF https://etfpages.com/YFFI

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

No changes during the period.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7 of this Form.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7 of this Form.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

None.

**Item 16.** **Controls and Procedures.**

(a) The
 President and Principal Executive Officer and the Treasurer, Principal Accounting Officer,
 and Principal Financial Officer have concluded that the registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940) are effective based on their evaluation of the disclosure controls and procedures
 required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b)
 or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of
 the filing of this report.

(b) There
 were no changes in the registrant's internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during
 the period covered by this report that have materially affected, or are reasonably likely
 to materially affect, the Funds' internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not
 applicable.

(b) Not
 applicable.

**Item 19.** **Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. |

---

[Filed herewith.](ex99-coe.htm)

---

| | |
|:---|:---|
| (a)(2) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. |

---

Not applicable.

(a)(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act.

[Filed herewith.](ex99-cert.htm)

---

| | |
|:---|:---|
| (a)(4) | Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report or on behalf of the registrant to 10 or more persons. |

---

Not applicable.

(a)(5) Change in the registrant's independent public accountant.

Not applicable.

(b) Certifications
 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

[Filed herewith.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | Spinnaker ETF Series<br>/s/ Katherine M. Honey |
| <br> Date: | January 5, 2026 | Katherine M. Honey<br> President and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| | | /s/ Katherine M. Honey |
| <br> Date: | January 5, 2026 | Katherine M. Honey <br> President and Principal Executive Officer<br>|
| | | /s/ Peter McCabe |
| <br>Date: | January 5, 2026 | Peter McCabe<br> Treasurer, Principal Accounting Officer, and<br> Principal Financial Officer<br>|

---

## Ex-99.Code

**[Spinnaker ETF Series N-CSR](indexperts-ncsr_103125.htm)**

**E** **xhibit 19(a)(1)**

**Code of Ethics for Principal Officers**

1. <u>Covered Officers/Purpose of the Supplemental Code</u> 

This Code of Ethics applies to the Trust's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer(s). Such persons are referred to in this Code of Ethics as the "Covered Officers." The purpose of this Code of Ethics is to promote the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Full,
 fair, accurate, timely and understandable disclosure in reports and documents that registrant
 files with, or submits to, the SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 prompt internal reporting of violations of this Code of Ethics to an appropriate person
 or persons identified in the Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Accountability
 for adherence to this Code of Ethics.

2. <u>Ethical Handling of Conflicts of Interest</u> 

A "conflict of interest" occurs when a Covered Officer's private interest in any material respect interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property, other than shares of beneficial interest of the Trust) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's, Advisor's, and Sub-Advisor's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code of Ethics.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment advisor or administrator, of which the Covered Officers are also officers or employees. As a result, this Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the advisor or administrator, as appropriate, or for both), be involved in establishing policies and implementing decisions that may have different effects on the advisor and administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the advisor or administrator, as appropriate, and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code of Ethics, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under this Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

In order to ethically handle both actual and apparent conflicts of interest, each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Not
 use his personal influence or personal relationships improperly to influence Investment
 decisions or financial reporting by the Trust whereby the Covered Officer would benefit
 personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Not
 cause the Trust to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Not
 use material non-public knowledge of portfolio transactions made or contemplated for
 the Trust to trade personally or cause others to trade personally in contemplation of
 the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Report
 at least annually any affiliations or other relationships related to conflicts of interest
 that the Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the Audit Committee of the Trust if such situations might have a material adverse effect on the Trust. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Service
 as a trustee on the board of any public company; The receipt of non-nominal gifts (currently
 gifts in excess of $200);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 receipt of entertainment from any company with which the Trust has current or prospective
 business dealings, including investments in such companies, unless such entertainment
 is business-related, reasonable in cost, appropriate as to time and place, and not so
 frequent as to raise any questions of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any
 ownership interest in, or any consulting or employment relationship with, any of the
 Service Providers, other than its Advisor, principal underwriter, Administrator or any
 affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A
 direct or indirect financial interest in commissions, transaction charges or spreads
 paid by the Trust for effecting portfolio transactions or for selling or redeeming shares
 other than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

3. <u>Disclosure and Compliance</u> 

Each Covered Officer must act in accordance with the following provisions related to disclosure and compliance requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each
 Covered Officer should familiarize himself with the disclosure requirements generally
 applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the Trust to others, whether within or outside the Trust, including to the Trustees
 and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Each
 Covered Officer should, to the extent appropriate within his area of responsibility,
 consult with other officers and employees of the Trust and the advisor or administrator,
 as appropriate, with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the Trust files with, or submits to, the SEC
 and in other public communications made by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. It
 is the responsibility of each Covered Officer to promote compliance with the standards
 and restrictions imposed by applicable laws, rules and regulations.

4. <u>Reporting and Accountability</u> 

Each Covered Officer must act in accordance with the following provisions related to reporting and accountability under this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Upon
 adoption of this Code of Ethics (or thereafter as applicable, upon becoming a Covered
 Officer), affirm in writing to the Board that he has received, read, and understands
 the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Annually
 thereafter affirm to the Board that he has complied with the requirements of this Code
 of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Not
 retaliate against any other Covered Officer or any employee of the Trust or their affiliated
 persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Promptly
 notify the Audit Committee if he knows of any material violation of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 compliance officer of the Advisor (or such other Trust officer or other investigator
 as the Audit Committee may from time to time designate) (referred in this Code of Ethics
 as the "Investigator") shall take appropriate action to investigate any potential
 violations that are reported:

The Audit Committee is responsible for applying this Code of Ethics to specific situations in which questions are presented under it and has the authority to interpret this Code of Ethics in any particular situation. In addition, the Audit Committee will consider any approvals or waivers sought by a Covered Officer.

The Trust will follow these procedures in investigating and enforcing this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 compliance officer of the Advisor (or such other Trust officer or other investigator
 as the Audit Committee may from time to time designate (referred to in this Code of Ethics
 as the "Investigator") shall take appropriate action to investigate any potential
 violations that are reported:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If,
 after such investigation, the Investigator believes that no violation has occurred, the
 Investigator is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any
 matter that the Investigator believes is a violation will be reported to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If
 the Audit Committee concurs that a violation has occurred, it will inform and make a
 recommendation to the Board, which will consider appropriate action, which may include
 review of, and appropriate modifications to, applicable policies and procedures; notification
 to appropriate personnel of the investment advisor, administrator, or their boards; or
 a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 Board will be responsible for granting waivers, as appropriate; and

Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed as provided by rules of the SEC.

Any potential violation of this Code of Ethics by the Investigator shall be reported to the Audit Committee and the Audit Committee shall appoint an alternative Trust officer or other investigator to investigate the matter.

5. <u>Other Policies and Procedures</u> 

This Code of Ethics shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Advisor, Principal Underwriter, or other service providers govern, or purport to govern, the behavior or activities of the Covered Officers who are subject to this Code of Ethics, they are superseded by this Code of Ethics to the extent that they overlap or conflict with the provisions of this Code of Ethics. The Trust's, Advisor's, Sub-Advisor's, and Principal Underwriter's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others and are not part of this Code of Ethics.

6. <u>Amendments</u> 

Any amendments to this Code of Ethics must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

7. <u>Confidentiality</u> 

All reports and records prepared or maintained pursuant to this Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or regulation or this Code of Ethics, such matters shall not be disclosed to anyone other than the Board and the Audit Committee.

8. <u>Internal Use</u> 

The Code of Ethics is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

## Ex-99.Cert

**[Spinnaker ETF Series N-CSR](indexperts-ncsr_103125.htm)**

**Exhibit 19(a)(3)**

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND<br> SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Katherine M. Honey, certify that:

1. I
 have reviewed this report on Form N-CSR of the Indexperts Gorilla Aggressive Growth ETF,
 Indexperts Quality Earnings Focused ETF, Indexperts Yield Focused Fixed Income ETF, each
 a series of the Spinnaker ETF Series;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal controls over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| | | By: | /s/ Katherine M. Honey |
| Date: | January 5, 2026 |  | Katherine M. Honey<br> President and Principal Executive Officer |

---

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND<br> SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Peter McCabe, certify that:

1. I
 have reviewed this report on Form N-CSR of the Indexperts Gorilla Aggressive Growth ETF,
 Indexperts Quality Earnings Focused ETF, Indexperts Yield Focused Fixed Income ETF, each
 a series of the Spinnaker ETF Series;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| | | By: | /s/ Peter McCabe |
| Date: | January 5, 2026 |  | Peter McCabe<br> Treasurer, Principal Accounting Officer, and Principal Financial Officer |

---

## Exhibit 99.906

**[Spinnaker ETF Series N-CSR](indexperts-ncsr_103125.htm)**

**Exhibit 19(b)**

**CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE INVESTMENT COMPANY**

**ACT OF 1940 AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the annual report of the Indexperts Gorilla Aggressive Growth ETF, Indexperts Quality Earnings Focused ETF, Indexperts Yield Focused Fixed Income ETF (the "Funds"), each a series of the Spinnaker ETF Series, on Form N-CSR for the period December 31, 2024 (commencement of operations) through October 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Katherine M. Honey, President and Principal Executive Officer of the Funds, does hereby certify, to her knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Funds.

---

| | | |
|:---|:---|:---|
|  | By: | /s/ Katherine M. Honey |
| &nbsp;&nbsp;Date: January 5, 2026 |  | Katherine M. Honey<br> President and Principal Executive Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Spinnaker ETF Series and will be retained by the Spinnaker ETF Series and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.

**CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE INVESTMENT COMPANY**

**ACT OF 1940 AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the annual report of the Indexperts Gorilla Aggressive Growth ETF, Indexperts Quality Earnings Focused ETF, Indexperts Yield Focused Fixed Income ETF (the "Funds"), each a series of the Spinnaker ETF Series, on Form N-CSR for the period December 31, 2024 (commencement of operations) through October 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Peter McCabe, Treasurer, Principal Accounting Officer, and Principal Financial Officer of the Funds, does hereby certify, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Funds.

---

| | | |
|:---|:---|:---|
|  | By: | /s/ Peter McCabe |
| &nbsp;&nbsp;Date: January 5, 2026 |  | Peter McCabe<br> Treasurer, Principal Accounting Officer, and <br> Principal Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Spinnaker ETF Series and will be retained by the Spinnaker ETF Series and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.