# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-25-004384
**Filing Date:** 2025-11
**Character Count:** 49013
**Document Hash:** 83afde64728e5bdf249ed06c8e4283a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004384.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002000324-25-004384

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spinnaker ETF Series
- **CENTRAL INDEX KEY:** 0001484018

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22398
- **FILM NUMBER:** 251510017

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

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| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | XTR_GROUP | XTR_GROUP1 | XTR_GROUP2 | XTR_CATGRY | XTR_CATDSC | XTR_SECTOR | XTR_SECTR1 | XTR_SECTR2 | XTR_CONTRY | XTR_CONDSC | XTR_STATE | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | XTR_PRISRC | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | ISBASCURR | POS_INCOM | CLASS | LONGSHORT | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI | PRICE_ID | PRICINGMETHOD |
| 441 | North Shore Equity Rotation ETF | KTB | KONTOOR BRANDS INC |  |  | 50050N103 | 1009 | Apparel |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 1/0/1900 |  |  | 79.77 |  |  |  |  |  | KONTOOR BRANDS INC |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28975.84 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 14936.00 | 1055734.17 | 1055734.17 | 1191444.72 | 1191444.72 | 135710.55 | 135710.55 | 2.43 | False | 0.00 | N/A | 2.30 | 2.28 | 2.28 | 0.00 |  |  | KTB<br> N | MP |
| 441 | North Shore Equity Rotation ETF | BAC | Bank of America Corp |  |  | 060505104 | 1015 | Banks |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 1/0/1900 |  |  | 51.59 |  |  |  |  |  | Bank of America Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19072.52 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 20731.00 | 952070.21 | 952070.21 | 1069512.29 | 1069512.29 | 117442.08 | 117442.08 | 1.78 | False | 0.00 | N/A | 2.07 | 2.05 | 2.05 | 0.00 |  |  | BAC<br> N | MP |
| 441 | North Shore Equity Rotation ETF | COF | Capital One Financia | l Corp |  | 14040H105 | 1015 | Banks |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | VA | VIRGINIA | USD | US DOLLAR | 1/0/1900 |  |  | 212.58 |  |  |  |  |  | Capital One Financia | l Corp |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9571.20 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 3988.00 | 781848.48 | 781848.48 | 847769.04 | 847769.04 | 65920.56 | 65920.56 | 1.13 | False | 0.00 | N/A | 1.64 | 1.62 | 1.62 | 0.00 |  |  | COF<br> N | MP |
| 441 | North Shore Equity Rotation ETF | ALNY | Alnylam Pharm Inc. |  |  | 02043Q107 | 1017 | Biotech |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 456.00 |  |  |  |  |  | Alnylam Pharm Inc. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 2481.00 | 674165.29 | 674165.29 | 1131336.00 | 1131336.00 | 457170.71 | 457170.71 | 0.00 | False | 0.00 | N/A | 2.19 | 2.16 | 2.17 | 0.00 |  |  | ALNY<br> N | MP |
| 441 | North Shore Equity Rotation ETF | PWR | Quanta Services Inc |  |  | 74762E102 | 1025 | Commercial Services |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 414.42 |  |  |  |  |  | Quanta Services Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1620.63 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 4911.00 | 1400704.17 | 1400704.17 | 2035216.62 | 2035216.62 | 634512.45 | 634512.45 | 0.08 | False | 0.00 | N/A | 3.93 | 3.89 | 3.90 | 0.00 |  |  | PWR<br> N | MP |
| 441 | North Shore Equity Rotation ETF | AAPL | Apple Inc |  |  | 037833100 | 1027 | IT Services |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 254.63 |  |  |  |  |  | Apple Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7133.55 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 7509.00 | 1402579.12 | 1402579.12 | 1912016.67 | 1912016.67 | 509437.55 | 509437.55 | 0.37 | False | 0.00 | N/A | 3.69 | 3.66 | 3.66 | 0.00 |  |  | AAPL<br> N | MP |
| 441 | North Shore Equity Rotation ETF | HLI | Houlihan Lokey Inc |  |  | 441593100 | 1033 | Diversified Finan Se | rv | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 205.32 |  |  |  |  |  | Houlihan Lokey Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11976.92 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 5494.00 | 928156.55 | 928156.55 | 1128028.08 | 1128028.08 | 199871.53 | 199871.53 | 1.06 | False | 0.00 | N/A | 2.18 | 2.16 | 2.16 | 0.00 |  |  | HLI<br> N | MP |
| 441 | North Shore Equity Rotation ETF | RJF | Raymond James Financ | ial Inc |  | 754730109 | 1033 | Diversified Finan Se | rv | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 1/0/1900 |  |  | 172.60 |  |  |  |  |  | Raymond James Financ | ial Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9825.66 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 5746.00 | 938282.55 | 938282.55 | 991759.60 | 991759.60 | 53477.05 | 53477.05 | 0.99 | False | 0.00 | N/A | 1.92 | 1.90 | 1.90 | 0.00 |  |  | RJF<br> N | MP |
| 441 | North Shore Equity Rotation ETF | DUK | Duke Energy Corp |  |  | 26441C204 | 1034 | Electric |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 1/0/1900 |  |  | 123.75 |  |  |  |  |  | Duke Energy Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25074.56 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 6176.00 | 736040.98 | 736040.98 | 764280.00 | 764280.00 | 28239.02 | 28239.02 | 3.28 | False | 0.00 | N/A | 1.48 | 1.46 | 1.46 | 0.00 |  |  | DUK<br> N | MP |
| 441 | North Shore Equity Rotation ETF | NEE | NextEra Energy Inc |  |  | 65339F101 | 1034 | Electric |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 1/0/1900 |  |  | 75.49 |  |  |  |  |  | NextEra Energy Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 22746.68 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 12164.00 | 856770.89 | 856770.89 | 918260.36 | 918260.36 | 61489.47 | 61489.47 | 2.48 | False | 0.00 | N/A | 1.77 | 1.76 | 1.76 | 0.00 |  |  | NEE<br> N | MP |
| 441 | North Shore Equity Rotation ETF | OLED | Universal Display Co | rp |  | 91347P105 | 1035 | Electrical Compo&Equ | ip | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 1/0/1900 |  |  | 143.63 |  |  |  |  |  | Universal Display Co | rp |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12031.60 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 8594.00 | 1265156.61 | 1265156.61 | 1234356.22 | 1234356.22 | -30800.39 | -30800.39 | 0.97 | False | 0.00 | N/A | 2.38 | 2.36 | 2.37 | 0.00 |  |  | OLED<br> N | MP |
| 441 | North Shore Equity Rotation ETF | AON | AON PLC |  |  | G0403H108 | 1062 | Insurance |  | COMMSTCK | COMMON STOCK |  |  |  | UKS | UNITED KINGDOM |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 356.58 |  |  |  |  |  | AON PLC |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8109.66 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 3372.00 | 1190920.76 | 1190920.76 | 1202387.76 | 1202387.76 | 11467.00 | 11467.00 | 0.67 | False | 0.00 | N/A | 2.32 | 2.30 | 2.30 | 0.00 |  |  | AON | MP |
| 441 | North Shore Equity Rotation ETF | BRK/B | Berkshire Hathaway I | nc |  | 084670702 | 1062 | Insurance |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NE | NEBRASKA | USD | US DOLLAR | 1/0/1900 |  |  | 502.74 |  |  |  |  |  | Berkshire Hathaway I | nc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 2403.00 | 1176020.42 | 1176020.42 | 1208084.22 | 1208084.22 | 32063.80 | 32063.80 | 0.00 | False | 0.00 | N/A | 2.33 | 2.31 | 2.32 | 0.00 |  |  | BRK/B<br> N | MP |
| 441 | North Shore Equity Rotation ETF | GOOGL | Alphabet Inc |  |  | 02079K305 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 243.10 |  |  |  |  |  | Alphabet Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 4619.00 | 752954.16 | 752954.16 | 1122878.90 | 1122878.90 | 369924.74 | 369924.74 | 0.00 | False | 0.00 | N/A | 2.17 | 2.15 | 2.15 | 0.00 |  |  | GOOGL<br> N | MP |
| 441 | North Shore Equity Rotation ETF | AMZN | Amazon.com Inc |  |  | 023135106 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | WA | WASHINGTON | USD | US DOLLAR | 1/0/1900 |  |  | 219.57 |  |  |  |  |  | Amazon.com Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 8468.00 | 1575754.15 | 1575754.15 | 1859318.76 | 1859318.76 | 283564.61 | 283564.61 | 0.00 | False | 0.00 | N/A | 3.59 | 3.56 | 3.56 | 0.00 |  |  | AMZN | MP |
| 441 | North Shore Equity Rotation ETF | META | META PLATFORMS INC. |  |  | 30303M102 | 1063 | Internet |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 734.38 |  |  |  |  |  | META PLATFORMS INC. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 1481.00 | 854046.39 | 854046.39 | 1087616.78 | 1087616.78 | 233570.39 | 233570.39 | 0.00 | False | 0.00 | N/A | 2.10 | 2.08 | 2.08 | 0.00 |  |  | META<br> N | MP |
| 441 | North Shore Equity Rotation ETF | GEV | GE Vernova Inc |  |  | 36828A101 | 1070 | Machinery-Constr&Min |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 614.90 |  |  |  |  |  | GE Vernova Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 2730.00 | 935004.06 | 935004.06 | 1678677.00 | 1678677.00 | 743672.94 | 743672.94 | 0.00 | False | 0.00 | N/A | 3.24 | 3.21 | 3.22 | 0.00 |  | 254900DP080RU6OK2553 | GEV<br> N | MP |
| 441 | North Shore Equity Rotation ETF | PINS | PINTEREST |  |  | 72352L106 | 1073 | MEDIA |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 32.17 |  |  |  |  |  | PINTEREST |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 40544.00 | 1302098.22 | 1302098.22 | 1304300.48 | 1304300.48 | 2202.26 | 2202.26 | 0.00 | False | 0.00 | N/A | 2.52 | 2.50 | 2.50 | 0.00 |  |  | PINS<br> N | MP |
| 441 | North Shore Equity Rotation ETF | CCJ | Cameco Corp |  |  | 13321L108 | 1075 | Mining |  | COMMSTCK | COMMON STOCK |  |  |  | CAD | CANADA |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 83.86 |  |  |  |  |  | Cameco Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2812.56 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 23438.00 | 1311930.46 | 1311930.46 | 1965510.68 | 1965510.68 | 653580.22 | 653580.22 | 0.14 | False | 0.00 | N/A | 3.80 | 3.76 | 3.77 | 0.00 |  |  | CCJ<br> N | MP |
| 441 | North Shore Equity Rotation ETF | EQT | EQT Corp |  |  | 26884L109 | 1083 | Exploration and Prod | uction | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 1/0/1900 |  |  | 54.43 |  |  |  |  |  | EQT Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6627.20 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 10900.00 | 578781.28 | 578781.28 | 593287.00 | 593287.00 | 14505.72 | 14505.72 | 1.12 | False | 0.00 | N/A | 1.15 | 1.14 | 1.14 | 0.00 |  |  | EQT<br> N | MP |
| 441 | North Shore Equity Rotation ETF | VLO | Valero Energy Corp |  |  | 91913Y100 | 1083 | Exploration and Prod | uction | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 170.26 |  |  |  |  |  | Valero Energy Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20212.32 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 4954.00 | 769025.86 | 769025.86 | 843468.04 | 843468.04 | 74442.18 | 74442.18 | 2.40 | False | 0.00 | N/A | 1.63 | 1.61 | 1.62 | 0.00 |  |  | VLO<br> N | MP |
| 441 | North Shore Equity Rotation ETF | JNJ | Johnson & Johnson |  |  | 478160104 | 1088 | Private Equity |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 1/0/1900 |  |  | 185.42 |  |  |  |  |  | Johnson & Johnson |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26526.80 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 5644.00 | 884819.34 | 884819.34 | 1046510.48 | 1046510.48 | 161691.14 | 161691.14 | 2.53 | False | 0.00 | N/A | 2.02 | 2.00 | 2.01 | 0.00 |  |  | JNJ<br> N | MP |
| 441 | North Shore Equity Rotation ETF | KMI | Kinder Morgan Inc/DE |  |  | 49456B101 | 1089 | Pipelines |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 28.31 |  |  |  |  |  | Kinder Morgan Inc/DE |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 49950.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 44400.00 | 1217600.03 | 1217600.03 | 1256964.00 | 1256964.00 | 39363.97 | 39363.97 | 3.97 | False | 0.00 | N/A | 2.43 | 2.41 | 2.41 | 0.00 |  |  | KMI<br> N | MP |
| 441 | North Shore Equity Rotation ETF | MCD | McDonald's Corp |  |  | 580135101 | 1095 | Retail |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/0/1900 |  |  | 303.89 |  |  |  |  |  | McDonald's Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21661.71 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 3477.00 | 1058934.15 | 1058934.15 | 1056625.53 | 1056625.53 | -2308.62 | -2308.62 | 2.05 | False | 0.00 | N/A | 2.04 | 2.02 | 2.03 | 0.00 |  |  | MCD<br> N | MP |
| 441 | North Shore Equity Rotation ETF | WMT | Walmart Inc |  |  | 931142103 | 1095 | Retail |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | AR | ARKANSAS | USD | US DOLLAR | 1/0/1900 |  |  | 103.06 |  |  |  |  |  | Walmart Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23299.32 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 10219.00 | 995690.22 | 995690.22 | 1053170.14 | 1053170.14 | 57479.92 | 57479.92 | 2.21 | False | 0.00 | N/A | 2.03 | 2.02 | 2.02 | 0.00 |  |  | WMT<br> N | MP |
| 441 | North Shore Equity Rotation ETF | NVDA | NVIDIA Corp |  |  | 67066G104 | 1097 | Semiconductor Device |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 186.58 |  |  |  |  |  | NVIDIA Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2456.48 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 15353.00 | 1549661.08 | 1558179.71 | 2864562.74 | 2864562.74 | 1306383.03 | 1306383.03 | 0.09 | False | 0.00 | N/A | 5.53 | 5.48 | 5.49 | 0.00 |  |  | NVDA<br> N | MP |
| 441 | North Shore Equity Rotation ETF | HII | Huntington Ingalls I | ndustries Inc |  | 446413106 | 1098 | UNKNOWN - AUTOLOADED |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | VA | VIRGINIA | USD | US DOLLAR | 1/0/1900 |  |  | 287.91 |  |  |  |  |  | Huntington Ingalls I | ndustries Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13896.40 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 2836.00 | 725606.98 | 725606.98 | 816512.76 | 816512.76 | 90905.78 | 90905.78 | 1.70 | False | 0.00 | N/A | 1.58 | 1.56 | 1.57 | 0.00 |  |  | HII<br> N | MP |
| 441 | North Shore Equity Rotation ETF | CDNS | Cadence Design Syste | ms Inc |  | 127387108 | 1099 | Application Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 351.26 |  |  |  |  |  | Cadence Design Syste | ms Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 2472.00 | 860478.02 | 860478.02 | 868314.72 | 868314.72 | 7836.70 | 7836.70 | 0.00 | False | 0.00 | N/A | 1.68 | 1.66 | 1.66 | 0.00 |  |  | CDNS<br> N | MP |
| 441 | North Shore Equity Rotation ETF | T | AT&T Inc |  |  | 00206R102 | 1104 | Telecommunications |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 28.24 |  |  |  |  |  | AT&T Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 38670.18 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 34838.00 | 944593.87 | 944593.87 | 983825.12 | 983825.12 | 39231.25 | 39231.25 | 3.93 | False | 0.00 | N/A | 1.90 | 1.88 | 1.89 | 0.00 |  |  | T<br> N | MP |
| 441 | North Shore Equity Rotation ETF | UBER | UBER TECH. |  |  | 90353T100 | 1107 | Transportation |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 97.97 |  |  |  |  |  | UBER TECH. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 17828.00 | 1260096.64 | 1260096.64 | 1746609.16 | 1746609.16 | 486512.52 | 486512.52 | 0.00 | False | 0.00 | N/A | 3.37 | 3.34 | 3.35 | 0.00 |  |  | UBER<br> N | MP |
| 441 | North Shore Equity Rotation ETF | MSFT | Microsoft Corp |  |  | 594918104 | D50D | Software |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | WA | WASHINGTON | USD | US DOLLAR | 1/0/1900 |  |  | 517.95 |  |  |  |  |  | Microsoft Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12239.73 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 4387.00 | 1885795.66 | 1885795.66 | 2272246.65 | 2272246.65 | 386450.99 | 386450.99 | 0.54 | False | 0.00 | N/A | 4.39 | 4.35 | 4.36 | 0.00 |  |  | MSFT<br> N | MP |
| 441 | North Shore Equity Rotation ETF | JAAA | Janus Henderson AAA | CLO ETF |  | 47103U845 | 1015 | Banks |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 1/0/1900 |  |  | 50.78 |  |  |  |  |  | Janus Henderson AAA | CLO ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 18950.00 | 959000.23 | 959000.23 | 962281.00 | 962281.00 | 3280.77 | 3280.77 | 0.00 | False | 0.00 | N/A | 1.86 | 1.84 | 1.84 | 0.00 |  | 549300N7UZ9PO4OVKA94 | JAAA<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLP | Consumer Staples Sel | ect Sector SPDR Fund |  | 81369Y308 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 78.37 |  |  |  |  |  | Consumer Staples Sel | ect Sector SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 15338.00 | 1245053.95 | 1245053.95 | 1202039.06 | 1202039.06 | -43014.89 | -43014.89 | 0.00 | False | 0.00 | N/A | 2.32 | 2.30 | 2.30 | 0.00 |  |  | XLP<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLV | Health Care Select S | ector SPDR Fund |  | 81369Y209 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 139.17 |  |  |  |  |  | Health Care Select S | ector SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27341.93 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 14381.00 | 2012533.50 | 2012533.50 | 2001403.77 | 2001403.77 | -11129.73 | -11129.73 | 1.37 | False | 0.00 | N/A | 3.87 | 3.83 | 3.84 | 0.00 |  |  | XLV<br> N | MP |
| 441 | North Shore Equity Rotation ETF | IVV | iShares Core S&P 500 | ETF |  | 464287200 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 1/0/1900 |  |  | 669.30 |  |  |  |  |  | iShares Core S&P 500 | ETF |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35184.90 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 5100.00 | 3366053.04 | 3366053.04 | 3413430.00 | 3413430.00 | 47376.96 | 47376.96 | 1.03 | False | 0.00 | N/A | 6.59 | 6.53 | 6.54 | 0.00 |  |  | IVV<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLB | Materials Select Sec | tor SPDR Fund |  | 81369Y100 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 89.62 |  |  |  |  |  | Materials Select Sec | tor SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 3541.00 | 317637.95 | 317637.95 | 317344.42 | 317344.42 | -293.53 | -293.53 | 0.00 | False | 0.00 | N/A | 0.61 | 0.61 | 0.61 | 0.00 |  |  | XLB<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLRE | Real Estate Select S | ector SPDR Fund |  | 81369Y860 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 42.13 |  |  |  |  |  | Real Estate Select S | ector SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25581.54 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 20627.00 | 888706.47 | 888706.47 | 869015.51 | 869015.51 | -19690.96 | -19690.96 | 2.94 | False | 0.00 | N/A | 1.68 | 1.66 | 1.67 | 0.00 |  |  | XLRE<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLK | Technology Select Se | ctor SPDR Fund |  | 81369Y803 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 281.86 |  |  |  |  |  | Technology Select Se | ctor SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9910.99 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 6793.00 | 1445451.32 | 1445451.32 | 1914674.98 | 1914674.98 | 469223.66 | 469223.66 | 0.52 | False | 0.00 | N/A | 3.70 | 3.66 | 3.67 | 0.00 |  |  | XLK<br> N | MP |
| 441 | North Shore Equity Rotation ETF | XLU | Utilities Select Sec | tor SPDR Fund |  | 81369Y886 | 1041 | Equity Fund |  | ETF | EXCHANGE TRADED FUND | EXCHANGE TRADED FUND |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/0/1900 |  |  | 87.21 |  |  |  |  |  | Utilities Select Sec | tor SPDR Fund |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | 12035.00 | 942178.32 | 942178.32 | 1049572.35 | 1049572.35 | 107394.03 | 107394.03 | 0.00 | False | 0.00 | N/A | 2.03 | 2.01 | 2.01 | 0.00 |  |  | XLU<br> N | MP |
| 441 | North Shore Equity Rotation ETF | FF8F5459 | CCJ 251010C0008900 |  | CCJ 251010C00089000 | CCJ251010C89.00 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/11/2025 |  |  | 1.07 |  |  |  |  |  | CCJ 251010C0008900 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -29.00 | -3885.32 | -3885.32 | -3103.00 | -3103.00 | 782.32 | 782.32 | 0.00 | False | 0.00 | N/A | -0.01 | -0.01 | -0.01 | 0.00 |  |  | FF8F5459<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 14896758 | DUK 251017P0011500 |  | DUK 251017P00115000 | DUK251017P115.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/18/2025 |  |  | 0.18 |  |  |  |  |  | DUK 251017P0011500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -11.00 | -962.79 | -962.79 | -192.50 | -192.50 | 770.29 | 770.29 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 14896758<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 56697059 | EQT 251017P0005000 |  | EQT 251017P00050000 | EQT251017P50.00 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/18/2025 |  |  | 0.31 |  |  |  |  |  | EQT 251017P0005000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -104.00 | -7173.27 | -7173.27 | -3224.00 | -3224.00 | 3949.27 | 3949.27 | 0.00 | False | 0.00 | N/A | -0.01 | -0.01 | -0.01 | 0.00 |  |  | 56697059<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 4FBZ945B | GOOGL 251010C0027500 |  | GOOGL 251010C00275000 | GOOG251010C275. | GOOG251010C275. | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/11/2025 |  |  | 0.11 |  |  |  |  |  | GOOGL 251010C0027500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -10.00 | -1549.77 | -1549.77 | -110.00 | -110.00 | 1439.77 | 1439.77 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 4FBZ945B<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 8D79725B | HII 251017P0025000 |  | HII 251017P00250000 | HII251017P250.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/18/2025 |  |  | 0.43 |  |  |  |  |  | HII 251017P0025000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -10.00 | -2539.77 | -2539.77 | -425.00 | -425.00 | 2114.77 | 2114.77 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 8D79725B<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 75785059 | KTB 251017C0008500 |  | KTB 251017C00085000 | KTB251017C85.00 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/18/2025 |  |  | 1.20 |  |  |  |  |  | KTB 251017C0008500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -14.00 | -2175.69 | -2175.69 | -1680.00 | -1680.00 | 495.69 | 495.69 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 75785059<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 71485759 | KTB 251017C0009000 |  | KTB 251017C00090000 | KTB251017C90.00 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/18/2025 |  |  | 0.63 |  |  |  |  |  | KTB 251017C0009000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -12.00 | -1427.72 | -1427.72 | -750.00 | -750.00 | 677.72 | 677.72 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 71485759<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 036Z645B | MCD 251010P0029500 |  | MCD 251010P00295000 | MCD251010P295.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/11/2025 |  |  | 0.80 |  |  |  |  |  | MCD 251010P0029500 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -10.00 | -2489.77 | -2489.77 | -795.00 | -795.00 | 1694.77 | 1694.77 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 036Z645B<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 886D6058 | OLED 251017P0012000 |  | OLED 251017P00120000 | OLED251017P120. |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/18/2025 |  |  | 0.15 |  |  |  |  |  | OLED 251017P0012000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -17.00 | -2192.60 | -2192.60 | -255.00 | -255.00 | 1937.60 | 1937.60 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 886D6058<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 74BC5458 | PINS 251010C0003800 |  | PINS 251010C00038000 | PINS251010C38.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/11/2025 |  |  | 0.04 |  |  |  |  |  | PINS 251010C0003800 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -35.00 | -1854.18 | -1854.18 | -122.50 | -122.50 | 1731.68 | 1731.68 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 74BC5458<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 0CBC5458 | PINS 251010C0004000 |  | PINS 251010C00040000 | PINS251010C40.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/11/2025 |  |  | 0.03 |  |  |  |  |  | PINS 251010C0004000 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -30.00 | -569.30 | -569.30 | -75.00 | -75.00 | 494.30 | 494.30 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 0CBC5458<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 932C5158 | UBER 251010P0008400 |  | UBER 251010P00084000 | UBER251010P84.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/11/2025 |  |  | 0.10 |  |  |  |  |  | UBER 251010P0008400 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -15.00 | -944.65 | -944.65 | -142.50 | -142.50 | 802.15 | 802.15 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 932C5158<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 9F2C5158 | UBER 251010P0008800 |  | UBER 251010P00088000 | UBER251010P88.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/11/2025 |  |  | 0.14 |  |  |  |  |  | UBER 251010P0008800 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -15.00 | -2054.65 | -2054.65 | -202.50 | -202.50 | 1852.15 | 1852.15 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 9F2C5158<br> N | MP |
| 441 | North Shore Equity Rotation ETF | 6F9D6659 | VLO 251003P0014600 |  | VLO 251003P00146000 | VLO251003P146.0 |  | UNGROUPED SECURITIES |  | OPTION | OPTION |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/4/2025 |  |  | 0.29 |  |  |  |  |  | VLO 251003P0014600 |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 9/30/2025<br> C |  | 441;USD | USD | -18.00 | -2501.58 | -2501.58 | -522.00 | -522.00 | 1979.58 | 1979.58 | 0.00 | False | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 |  |  | 6F9D6659<br> N | MP |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SPINNAKER ETF SERIES

- **b. Investment Company Act file number:** 811-22398

- **c. CIK number of Registrant:** 0001484018

- **d. LEI of Registrant:** 54930056GHDI2JOI6X90

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 116 SOUTH FRANKLIN STREET

  - **City:** ROCKY MOUNT

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 27804-5707

  - **Telephone number:** 252-972-9922

**Item A.2. Information about the Series.**

- **a. Name of Series:** North Shore Equity Rotation ETF

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $52257933.33

**Total Liabilities:** $84636.19

**Net Assets:** $52173297.14

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248645 | 2.49%                | 2.24%                | 2.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $526525.19               | $690793.80                                 |
| Month 2  | $-66438.38               | $1193965.40                                |
| Month 3  | $2356519.14              | $-927671.26                                |

**Designated Index Information**

- **Index Name:** n/a

- **Index Identifier:** n/a

### Schedule of Portfolio Investments

| Name                 | Title    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Apple Inc            | COMMSTCK | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      7509 | NS      | $1912016.67   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharm Inc.   | COMMSTCK | CUSIP: 02043Q107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2481 | NS      | $1131336.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc       | COMMSTCK | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      8468 | NS      | $1859318.76   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AON PLC              | COMMSTCK | CUSIP: G0403H108<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      3372 | NS      | $1202387.76   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp | COMMSTCK | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     20731 | NS      | $1069512.29   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway I | COMMSTCK | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2403 | NS      | $1208084.22   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp          | COMMSTCK | CUSIP: 13321L108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     23438 | NS      | $1965510.68   | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Syste | COMMSTCK | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      2472 | NS      | $868314.72    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financia | COMMSTCK | CUSIP: 14040H105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3988 | NS      | $847769.04    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp     | COMMSTCK | CUSIP: 26441C204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6176 | NS      | $764280.00    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp             | COMMSTCK | CUSIP: 26884L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10900 | NS      | $593287.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc       | COMMSTCK | CUSIP: 36828A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2730 | NS      | $1678677.00   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc         | COMMSTCK | CUSIP: 02079K305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4619 | NS      | $1122878.90   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls I | COMMSTCK | CUSIP: 446413106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2836 | NS      | $816512.76    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc   | COMMSTCK | CUSIP: 441593100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5494 | NS      | $1128028.08   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson    | COMMSTCK | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      5644 | NS      | $1046510.48   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc/DE | COMMSTCK | CUSIP: 49456B101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44400 | NS      | $1256964.00   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| KONTOOR BRANDS INC   | COMMSTCK | CUSIP: 50050N103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14936 | NS      | $1191444.72   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp      | COMMSTCK | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      3477 | NS      | $1056625.53   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC.  | COMMSTCK | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1481 | NS      | $1087616.78   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp       | COMMSTCK | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      4387 | NS      | $2272246.65   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc   | COMMSTCK | CUSIP: 65339F101<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EC               | CORP              | US        |     12164 | NS      | $918260.36    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp          | COMMSTCK | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     15353 | NS      | $2864562.74   | 5.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Co | COMMSTCK | CUSIP: 91347P105<br>LEI: 549300T6TLJ8HFKD0H54 | Long             | EC               | CORP              | US        |      8594 | NS      | $1234356.22   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PINTEREST            | COMMSTCK | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40544 | NS      | $1304300.48   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc  | COMMSTCK | CUSIP: 74762E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4911 | NS      | $2035216.62   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financ | COMMSTCK | CUSIP: 754730109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5746 | NS      | $991759.60    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc             | COMMSTCK | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     34838 | NS      | $983825.12    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECH.           | COMMSTCK | CUSIP: 90353T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17828 | NS      | $1746609.16   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp   | COMMSTCK | CUSIP: 91913Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4954 | NS      | $843468.04    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc          | COMMSTCK | CUSIP: 931142103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10219 | NS      | $1053170.14   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P 500 | ETF      | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | CORP              | US        |      5100 | NS      | $3413430.00   | 6.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson AAA  | ETF      | CUSIP: 47103U845<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18950 | NS      | $962281.00    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Materials Select Sec | ETF      | CUSIP: 81369Y100<br>LEI: 549300N81BAQ1XPGBT65 | Long             | EC               | CORP              | US        |      3541 | NS      | $317344.42    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Technology Select Se | ETF      | CUSIP: 81369Y803<br>LEI: 549300BR5T0JNM2MW070 | Long             | EC               | CORP              | US        |      6793 | NS      | $1914674.98   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Consumer Staples Sel | ETF      | CUSIP: 81369Y308<br>LEI: 549300Z52QUV3UXHLA68 | Long             | EC               | CORP              | US        |     15338 | NS      | $1202039.06   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Real Estate Select S | ETF      | CUSIP: 81369Y860<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20627 | NS      | $869015.51    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Utilities Select Sec | ETF      | CUSIP: 81369Y886<br>LEI: 549300ERQDM80PRYUH21 | Long             | EC               | CORP              | US        |     12035 | NS      | $1049572.35   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Health Care Select S | ETF      | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | CORP              | US        |     14381 | NS      | $2001403.77   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp      | OPTION   | CUSIP: 580135101<br>LEI: N/A                  | Short            | DE               |  | US        |       -10 | NC      | $-795.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PINTEREST            | OPTION   | CUSIP: 72352L106<br>LEI: N/A                  | Short            | DE               |  | US        |       -30 | NC      | $-75.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Corp     | OPTION   | CUSIP: 26441C204<br>LEI: N/A                  | Short            | DE               |  | US        |       -11 | NC      | $-192.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc         | OPTION   | CUSIP: 02079K107<br>LEI: N/A                  | Short            | DE               |  | US        |       -10 | NC      | $-110.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT Corp             | OPTION   | CUSIP: 26884L109<br>LEI: N/A                  | Short            | DE               |  | US        |      -104 | NC      | $-3224.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Valero Energy Corp   | OPTION   | CUSIP: 91913Y100<br>LEI: N/A                  | Short            | DE               |  | US        |       -18 | NC      | $-522.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KONTOOR BRANDS INC   | OPTION   | CUSIP: 50050N103<br>LEI: N/A                  | Short            | DE               |  | US        |       -12 | NC      | $-750.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PINTEREST            | OPTION   | CUSIP: 72352L106<br>LEI: N/A                  | Short            | DE               |  | US        |       -35 | NC      | $-122.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KONTOOR BRANDS INC   | OPTION   | CUSIP: 50050N103<br>LEI: N/A                  | Short            | DE               |  | US        |       -14 | NC      | $-1680.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Display Co | OPTION   | CUSIP: 91347P105<br>LEI: N/A                  | Short            | DE               |  | US        |       -17 | NC      | $-255.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Huntington Ingalls I | OPTION   | CUSIP: 446413106<br>LEI: N/A                  | Short            | DE               |  | US        |       -10 | NC      | $-425.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBER TECH.           | OPTION   | CUSIP: 90353T100<br>LEI: N/A                  | Short            | DE               |  | US        |       -15 | NC      | $-142.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBER TECH.           | OPTION   | CUSIP: 90353T100<br>LEI: N/A                  | Short            | DE               |  | US        |       -15 | NC      | $-202.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cameco Corp          | OPTION   | CUSIP: 13321L108<br>LEI: N/A                  | Short            | DE               |  | US        |       -29 | NC      | $-3103.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-13

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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