# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0001387131-25-000171
**Filing Date:** 2025-7
**Character Count:** 171319
**Document Hash:** cc68f068e533c0be1a6274ce9b3db34e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-25-000171.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001387131-25-000171

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**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:** 251108334

**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

### Genter Capital Taxable Quality Intermediate ETF (Series ID: S000084932)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000249689 | Genter Capital Taxable Quality Intermediate ETF | GENT            |

### Genter Capital Municipal Quality Intermediate ETF (Series ID: S000084933)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000249690 | Genter Capital Municipal Quality Intermediate ETF | GENM            |

### Genter Capital Dividend Income ETF (Series ID: S000089486)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000256067 | Genter Capital Dividend Income ETF | GEND            |

### Genter Capital International Dividend ETF (Series ID: S000089487)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000256068 | Genter Capital International Dividend ETF | GENW            |

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

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 <u>811-22398</u>

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: <u>252-972-9922</u>

Date of fiscal year end: <u>April 30</u>

Date of reporting period: <u>April 30, 2025</u>

**Item 1.** **Report to Stockholders.**

(a) **Genter Capital Dividend Income ETF Tailored Shareholder Report**

#### Genter Capital Dividend Income ETF
Ticker: GEND

Exchange: NYSE Arca

**annual Shareholder Report April 30, 2025** 

*This annual shareholder report contains important information about Genter Capital Dividend Income ETF for the period January 13, 2025 (commencement of operations) to April 30, 2025. You can find additional information about the Fund at https://genterfunds.com/GEND/. You can also request this information by contacting us at (800) 773-3863.*

#### What were the Fund costs for the past year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GEND | $1¹ | 0.38% |

---

¹ Based on operations for the period from January 13, 2025 to April 30, 2025. Expenses for the full fiscal year would be higher.

#### How did the Fund perform last year and what affected its performance?
For the period January 13, 2025 to April 30, 2025, the Fund returned 0.88%. The Fund outperformed the S&P 500 Index and the Russell 1000 Value Index, which returned -4.07% and -0.21%, respectively, for the same period.

#### What factors influenced performance?
During the period, changes in US tariff policy and a fear of increased global tariffs materially increased equity volatility.Cooling domestic inflation along with healthy employment numbers have also been a tailwind to the equity markets.

The Fund focuses on companies that pay higher dividend yields and is underweight in large cap growth companies that historically pay little or no dividends.The Fund's underweight positions in the Technology and Consumer Discretionary sectors along with the strong performance of the security selections in the Communications and Healthcare sectors led to the Fund's outperformance.

The main contributors to performance include:

&nbsp;&nbsp;&nbsp;&nbsp;• CVS Health Corp[: The company provided 2025 guidance that suggests a rebound is starting. Management set achievable guidance with opportunities for upside.](#)

&nbsp;&nbsp;&nbsp;&nbsp;[•](#)AT&T[: Q4 2024 was another quarter of solid results.](#) The company had strong service revenue and wireless margins showed improvement year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;• Gilead Sciences: Earnings guidance range was above current consensus with another year of margin expansion. HIV revenue grew 16% while oncology revenue grew 10%.

The main detractors to performance include:

&nbsp;&nbsp;&nbsp;&nbsp;• United Parcel Service: The company effectively pulled full year guidance due to uncertainty around trade.Q2 guidance was below expectations.

&nbsp;&nbsp;&nbsp;&nbsp;• Dow Inc.: While the company has seen volumes grow, pricing has remained challenging.All three segments of the company experienced declining pricing.

&nbsp;&nbsp;&nbsp;&nbsp;• Northern Trust: While Net Interest Margins were strong, fees were below expectations.Operating expenses are elevated as the company is finishing its accelerated investment in modernization.

#### 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 January 13, 2025 through April 30, 2025

Initial Investment of $10,000![](v7vzmg1mc92yhky.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **3 Month**<br>| **Since**<br>**Inception**<br>|
| **GEND**<br>| -3.86%<br>| 0.89%<br>|
| **S&P 500 Index**<br>| -7.50%<br>| -4.07%<br>|
| **Russell 1000 Value Index**<br>| -5.36%<br>| -0.21%<br>|

---

**Genter Capital Dividend Income ETF Tailored Shareholder Report**

#### Key Fund Statistics
*(as of* April 30, 2025*)*

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $601651 |
| **Number of Holdings** | 34 |
| **Advisory Fee Paid** | $355 |
| **Portfolio Turnover** | 10.12% |

---

#### What did the Fund invest in?
(as of April 30, 2025)

#### Sector Breakdown (% of net assets)
![](hrm61mbz5g4pr.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **Enbridge Inc** | 4.7% |
| **Altria Group Inc** | 4.4% |
| **AT&T Inc** | 4.1% |
| **Cisco Systems Inc** | 3.9% |
| **M&T Bank Corp** | 3.9% |
| **CVS Health Corp** | 3.8% |
| **JPMorgan Chase & Co** | 3.7% |
| **Blackrock Inc** | 3.6% |
| **Chevron Corp** | 3.5% |
| **Evergy Inc** | 3.3% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://genterfunds.com/GEND/.
**Genter Capital International Dividend ETF Tailored Shareholder Report**

#### Genter Capital International Dividend ETF
Ticker: GENW

Exchange: NYSE Arca

**annual Shareholder Report April 30, 2025** 

*This annual shareholder report contains important information about Genter Capital International Dividend ETF for the period January 13, 2025 (commencement of operations) to April 30, 2025. You can find additional information about the Fund at https://genterfunds.com/GENW/. You can also request this information by contacting us at (800) 773-3863.*

#### What were the Fund costs for the past year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GENW | $1¹ | 0.38% |

---

¹ Based on operations for the period from January 13, 2025 to April 30, 2025. Expenses for the full fiscal year would be higher.

#### How did the Fund perform last year and what affected its performance?
For the period January 13, 2025 to April 30, 2025, the Fund returned 13.41%. The Fund outperformed the S&P 500 Index, which returned -4.07%, but underperformed the MSCI EAFE Value Index, which returned 17.84%, for the same period.

#### What factors influenced performance?
The Fund focuses on stocks that pay higher dividend yields and is underweight in large cap growth companies that historically pay little or no dividends.The Fund's underweight positions in the Technology sector along with the strong performance of the security selections in the Financials, Industrials and Communication Services sectors led to the Fund's outperformance.

The main contributors to performance include:

• BAE Systems: Large beneficiary of the positive inflection in European/Asian defense spending because of pressure from the US Administration, new UK govt increasing their defense budget and the prospect for a next generation UK-Italian-Japanese fighter jet.

• Orange: Ended a shaky FY24 on a high note with strong Q4 2024 results and bullish 2025 guide.French consolidation and Spanish optionality provide further catalysts.

• AXA: Restructured XL unit along with a strong capital position sets up the company to deliver strong earnings growth and one of the most attractive capital return profiles among peers.

The main detractors to performance include:

• Nomura Holdings: Destabilization of the Japanese equity market due to US tariffs and recent announced acquisitions in US/Europe asset management have acted as overhangs on the stock.Q4 2024 earnings were viewed as stable, however the announced ¥60 billion share buyback was likely viewed as disappointing.

• BP Plc: Lower crude oil prices driven by higher-than-expected production quotas set by OPEC+ as well as the prospect of a global economic slowdown exacerbated by US tariffs.Q1 2025 results also missed expectations as the company attempts to return to the old playbook of conventional oil and gas.

• Schneider Electric: Lower than expected Q1 2025 organic sales growth driven by Western Europe and ROW regions.Although 2025 guidance was reiterated, updated exchange rate assumptions imply downside to consensus earnings.

#### 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 January 13, 2025 through April 30, 2025

Initial Investment of $10,000![](v7vzmg1mc937ely.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **3 Month**<br>| **Since**<br>**Inception**<br>|
| **GENW**<br>| 9.13%<br>| 13.41%<br>|
| **S&P 500 Index**<br>| -7.50%<br>| -4.07%<br>|
| **MSCI EAFE Value index**<br>| 10.80%<br>| 17.84%<br>|

---

**Genter Capital International Dividend ETF Tailored Shareholder Report**

#### Key Fund Statistics
*(as of* April 30, 2025*)*

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $677735 |
| **Number of Holdings** | 33 |
| **Advisory Fee Paid** | $325 |
| **Portfolio Turnover** | 8.81% |

---

#### What did the Fund invest in?
(as of April 30, 2025)

#### Sector Breakdown (% of net assets)
![](hrm61mbz5fnh4.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **BAE Systems PLC** | 6.0% |
| **Mitsubishi UFJ Financial Group Inc** | 4.2% |
| **Sumitomo Mitsui Financial**<br>**Group Inc** | 4.1% |
| **Barclays PLC** | 4.1% |
| **Goldman Sachs Financial Square Government Fund** | 4.0% |
| **Enbridge Inc** | 3.8% |
| **Allianz SE** | 3.6% |
| **Enel SpA** | 3.5% |
| **AXA SA** | 3.4% |
| **BNP Paribas SA** | 3.4% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://genterfunds.com/GENW/.
**Genter Capital Taxable Quality Intermediate ETF Tailored Shareholder Report**

#### Genter Capital Taxable Quality Intermediate ETF
Ticker: GENT

Exchange: NYSE Arca

**annual Shareholder Report April 30, 2025** 

*This annual shareholder report contains important information about Genter Capital Taxable Quality Intermediate ETF for the period May 21, 2024 (commencement of operations) to April 30, 2025. You can find additional information about the Fund at https://genterfunds.com/GENT/. You can also request this information by contacting us at (800) 773-3863.*

#### What were the Fund costs for the past year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GENT | $4¹ | 0.38% |

---

¹ Based on operations for the period from May 21, 2024 to April 30, 2025. Expenses for the full fiscal year would be higher.

#### How did the Fund perform last year and what affected its performance?
For the period May 21, 2024 to April 30, 2025, the Fund returned 6.68%. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 5.86%, and performed the same as the Bloomberg Intermediate US Gov/Credit Index, which returned 6.68%, for the same period.

#### What factors influenced performance?
The Fund's outperformance of its benchmark was largely driven by an underweight allocation to the securitized debt sector.Additionally, the fund outperformed due to taking less interest rate risk than the benchmark index as interest rates increased across the curve.

The main contributors to performance include:

&nbsp;&nbsp;&nbsp;&nbsp;• M & T Bank 7.413% 10/30/29

&nbsp;&nbsp;&nbsp;&nbsp;• Cheniere Energy 4.625% 10/15/28

&nbsp;&nbsp;&nbsp;&nbsp;• Tri Point Homes 5.70% 6/15/28

The main detractors to performance include:

&nbsp;&nbsp;&nbsp;&nbsp;• HF Sinclair 5.75% 1/15/31

&nbsp;&nbsp;&nbsp;&nbsp;• Citigroup FRN 10/30/24

&nbsp;&nbsp;&nbsp;&nbsp;• Morgan Stanley 4.679% 7/17/26

#### 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 May 21, 2024 through April 30, 2025

Initial Investment of $10,000![](hrm61mbzir9m8.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **3 Month**<br>| **6 Month**<br>| **Since**<br>**Inception**<br>|
| **GENT**<br>| 2.53%<br>| 3.09%<br>| 6.68%<br>|
| **Bloomberg U.S. Aggregate**<br>**Bond Index**<br>| 2.64%<br>| 2.57%<br>| 5.86%<br>|
| **Bloomberg Intermediate**<br>**US Gov/Credit Index**<br>| 2.79%<br>| 3.37%<br>| 6.68%<br>|

---

**Genter Capital Taxable Quality Intermediate ETF Tailored Shareholder Report**

#### Key Fund Statistics
*(as of* April 30, 2025*)*

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $38393279 |
| **Number of Holdings** | 44 |
| **Advisory Fee Paid** | $51599 |
| **Portfolio Turnover** | 56.87% |

---

#### What did the Fund invest in?
(as of April 30, 2025)

#### Sector Breakdown (% of net assets)
![](hrm61mbz5gnm3.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **United States Treasury Note,**<br>**3.875% 9/30/29** | 12.4% |
| **United States Treasury Note,**<br>**2.875% 5/15/32** | 9.8% |
| **United States Treasury Note,**<br>**4% 1/31/31** | 7.4% |
| **United States Treasury Note,**<br>**4.625% 2/15/35** | 7.1% |
| **United States Treasury Note,**<br>**3.5% 2/15/33** | 5.0% |
| **United States Treasury Note,**<br>**1.25% 3/31/28** | 5.0% |
| **United States Treasury Note,**<br>**4.625% 11/15/26** | 4.7% |
| **Goldman Sachs Group Inc/The,**<br>**5.727% 4/25/30** | 3.2% |
| **Utah Acquisition Sub Inc,**<br>**3.95% 6/15/26** | 2.6% |
| **Transcanada Trust, 5.875% 8/15/76** | 1.9% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://genterfunds.com/GENT/.
**Genter Capital Municipal Quality Intermediate ETF Tailored Shareholder Report**

#### Genter Capital Municipal Quality Intermediate ETF
**Genter Capital Municipal Quality Intermediate ETF**

Ticker: GENM

Exchange: NYSE Arca

**annual Shareholder Report April 30, 2025** 

*This annual shareholder report contains important information about Genter Capital Municipal Quality Intermediate ETF for the period May 21, 2024 (commencement of operations) to April 30, 2025. You can find additional information about the Fund at https://genterfunds.com/GENM/. You can also request this information by contacting us at (800) 773-3863.*

#### What were the Fund costs for the past year?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GENM | $4¹ | 0.38% |

---

¹ Based on operations for the period from May 21, 2024 to April 30, 2025. Expenses for the full fiscal year would be higher.

#### How did the Fund perform last year and what affected its performance?
For the period May 21, 2024 to April 30, 2025, the Fund returned 3.42%. The Fund outperformed the Bloomberg Municipal Bond Index and the Bloomberg Municipal Bond 5 Year Index, which returned 1.02% and 2.67%, respectively, for the same period.

#### What factors influenced performance?
The Fund's out performance of its benchmark was largely driven by its participation in the primary market and the capture of spread compression on select new issues.The new issue market remains a key source for performance.Longer-duration holdings created a headwind for overall performance as the tax-exempt yield curve steepened during the period.

The main contributors to performance include:

&nbsp;&nbsp;&nbsp;&nbsp;• Aurora IN Sch Dist GO 5.00% 2038 (AA1)

&nbsp;&nbsp;&nbsp;&nbsp;• Arizona Student Housing RV 5.00% 2030 (AA)

&nbsp;&nbsp;&nbsp;&nbsp;• Richmond VA Housing Auth RV 4.50% 2040 (AAA)

The main detractors to performance include:

&nbsp;&nbsp;&nbsp;&nbsp;• Bradley IL GO 5.00% 2035 (AA)

&nbsp;&nbsp;&nbsp;&nbsp;• Joplin MO IDA 5.00% 2039 (A+)

&nbsp;&nbsp;&nbsp;&nbsp;• Grand County CO 5.00% 2036 (AA-)

#### 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 May 21, 2024 through April 30, 2025

Initial Investment of $10,000![](hrm61mbzilbvt.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **3 Month**<br>| **6 Month**<br>| **Since**<br>**Inception**<br>|
| **GENM**<br>| 0.09%<br>| 1.10%<br>| 3.42%<br>|
| **Bloomberg Municipal Bond Index**<br>| -1.52%<br>| -0.78%<br>| 1.02%<br>|
| **Bloomberg Municipal Bond**<br>**5 Year Index**<br>| -0.24%<br>| 0.40%<br>| 2.67%<br>|

---

**Genter Capital Municipal Quality Intermediate ETF Tailored Shareholder Report**

#### Key Fund Statistics
*(as of* April 30, 2025*)*

---

| | |
|:---|:---|
|  |  |
| **Fund Net Assets** | $4513177 |
| **Number of Holdings** | 61 |
| **Advisory Fee Paid** | $3109 |
| **Portfolio Turnover** | 51.62% |

---

#### What did the Fund invest in?
(as of April 30, 2025)

#### State Breakdown (% of net assets)
![](hrm61mbz5h6xa.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **Fidelity Government Portfolio** | 9.8% |
| **PEFA Inc** | 4.2% |
| **City of Hope AR Sales &**<br>**Use Tax Revenue** | 4.1% |
| **Missouri Development**<br>**Finance Board** | 4.1% |
| **Alaska Municipal Bond**<br>**Bank Authority** | 4.0% |
| **Arlington Higher Education Finance Corp** | 4.0% |
| **City of Chicago IL** | 3.8% |
| **Pennsylvania Economic Development Financing Authority** | 3.5% |
| **Central Plains Energy Project** | 3.4% |
| **Columbus County**<br>**Housing Authority** | 3.4% |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://genterfunds.com/GENM/.
(b)&nbsp;&nbsp;&nbsp;&nbsp; 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 <u>[Exhibit 19(a)(1)](ex99-coe.htm)</u>.

**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 Genter Capital Dividend Income ETF, Genter Capital International Dividend ETF, Genter Capital Municipal Quality Intermediate ETF, and Genter Capital Taxable Quality Intermediate ETF (the "Funds") for the initial fiscal year are reflected in the table below. For the initial fiscal year ended April 30, 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;**April 30, 2025** |
| &nbsp;&nbsp;Genter Capital Dividend Income ETF | &nbsp;&nbsp;$12000 |
| &nbsp;&nbsp;Genter Capital International Dividend ETF | &nbsp;&nbsp;$12000 |
| &nbsp;&nbsp;Genter Capital Municipal Quality Intermediate ETF | &nbsp;&nbsp;$12000 |
| &nbsp;&nbsp;Genter Capital Taxable Quality Intermediate ETF | &nbsp;&nbsp;$12000 |

---

(b) Audit-Related Fees

These amounts represent fees billed in the Funds' initial fiscal year ended April 30, 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;**April 30, 2025** |
| &nbsp;&nbsp;Genter Capital Dividend Income ETF | &nbsp;&nbsp;$5500 |
| &nbsp;&nbsp;Genter Capital International Dividend ETF | &nbsp;&nbsp;$5500 |
| &nbsp;&nbsp;Genter Capital Municipal Quality Intermediate ETF | &nbsp;&nbsp;$5500 |
| &nbsp;&nbsp;Genter Capital Taxable Quality Intermediate ETF | &nbsp;&nbsp;$5000 |

---

(c) Tax Fees

These amounts represent the aggregate fees billed in the Funds' initial fiscal year ended April 30, 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;**April 30, 2025** |
| &nbsp;&nbsp;Genter Capital Dividend Income ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;Genter Capital International Dividend ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;Genter Capital Municipal Quality Intermediate ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;Genter Capital Taxable Quality Intermediate ETF | &nbsp;&nbsp;$3000 |

---

(d) All Other Fees

There were no other fees billed in the Funds' initial fiscal year ended April 30, 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 April 30, 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 April 30, 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 April 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**April 30, 2025** |
| &nbsp;&nbsp;Genter Capital Dividend Income ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;Genter Capital International Dividend ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;Genter Capital Municipal Quality Intermediate ETF | &nbsp;&nbsp;$3000 |
| &nbsp;&nbsp;Genter Capital Taxable Quality Intermediate ETF | &nbsp;&nbsp;$3000 |

---

(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.**

**ANNUAL FINANCIAL STATEMENTS**

As of April 30, 2025

![](capital001.jpg)

The financial statements and other information contained herein are submitted for the general information of the shareholders of the Genter Capital Dividend Income ETF, Genter Capital International Dividend ETF, Genter Capital Municipal Quality Intermediate ETF, and the Genter Capital Taxable Quality Intermediate ETF (each a "Fund" and collectively, the "Funds" or the "Genter ETFs"). The Genter ETFs' shares are not deposits or obligations of, or guaranteed by, any depository institution. The Genter ETFs' 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;[Schedule of Investments (N-CSR Item 6)](#capitala001) | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Financial Statements (N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#capitala002) | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#capitala003) | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#capitala004) | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#capitala005) | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;[Notes to Financial Statements](#capitala006) | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#capitala007) | &nbsp;&nbsp;31 |
| &nbsp;&nbsp;[Tax Information](#capitala008) | &nbsp;&nbsp;32 |
| &nbsp;&nbsp;[Changes In and Disagreements with Accountants (N-CSR Item 8)](#capitala009) | &nbsp;&nbsp;32 |
| &nbsp;&nbsp;[Matters Submitted for Shareholder Vote (N-CSR Item 9)](#capitala010) | &nbsp;&nbsp;32 |
| &nbsp;&nbsp;[Renumeration Paid to Directors, Officers and Others (N-CSR Item 10)](#capitala011) | &nbsp;&nbsp;32 |
| &nbsp;&nbsp;[Approval of Investment Advisory Agreement (N-CSR Item 11)](#capitala012) | &nbsp;&nbsp;32 |

---

**Genter Capital Municipal Quality Intermediate ETF**

**Schedule of Investments**

*As of April 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal** | **Interest Rate** | **Maturity Date** | **Value** |
| **Asset-Backed Securities - 0.86%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Richmond Redevelopment & Housing Authority (Cost $40,154) | $39763 | 4.500% | 5/1/2040 | $38849 |
| **Municipal Bonds - 96.68%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Municipal Bond Bank Authority | 175000 | 5.000% | 12/1/2027 | 180756 |
| &nbsp;&nbsp;&nbsp;Apache County Unified School District No 8 Window Rock | 20000 | 5.000% | 7/1/2033 | 21060 |
| &nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority | 40000 | 5.000% | 6/1/2030 | 41611 |
| &nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp | 175000 | 5.000% | 8/15/2026 | 179503 |
| &nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp | 20000 | 4.000% | 12/1/2026 | 20233 |
| &nbsp;&nbsp;&nbsp;Benton Washington Regional Public Water Authority | 40000 | 4.000% | 10/1/2034 | 39800 |
| &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District | 50000 | 4.000% | 12/1/2049 | 50015 |
| &nbsp;&nbsp;&nbsp;Black Belt Energy Gas District | 65000 | 4.000% | 10/1/2052 | 65027 |
| &nbsp;&nbsp;&nbsp;Central Florida Tourism Oversight District | 45000 | 5.000% | 6/1/2025 | 45033 |
| &nbsp;&nbsp;&nbsp;Central Plains Energy Project | 60000 | 4.000% | 12/1/2049 | 59964 |
| &nbsp;&nbsp;&nbsp;Central Plains Energy Project | 150000 | 5.000% | 5/1/2053 | 154677 |
| &nbsp;&nbsp;&nbsp;Chandler Industrial Development Authority | 40000 | 5.000% | 9/1/2052 | 40352 |
| &nbsp;&nbsp;&nbsp;City & County of Honolulu HI | 50000 | 5.000% | 6/1/2027 | 50808 |
| &nbsp;&nbsp;&nbsp;City of Chicago IL | 170000 | 3.200% | 10/1/2028 | 169374 |
| &nbsp;&nbsp;&nbsp;City of Excelsior Springs MO | 35000 | 4.000% | 3/1/2031 | 35499 |
| &nbsp;&nbsp;&nbsp;City of Hope AR Sales & Use Tax Revenue | 175000 | 5.000% | 6/1/2033 | 185104 |
| &nbsp;&nbsp;&nbsp;City of Shreveport LA | 75000 | 5.000% | 3/1/2029 | 79402 |
| &nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority | 40000 | 5.000% | 1/15/2034 | 42972 |
| &nbsp;&nbsp;&nbsp;Columbus County Housing Authority | 150000 | 5.000% | 4/1/2028 | 154011 |
| &nbsp;&nbsp;&nbsp;Copperleaf Metropolitan District No 4 | 100000 | 5.000% | 12/1/2040 | 103819 |
| &nbsp;&nbsp;&nbsp;County of Florence SC | 70000 | 5.000% | 12/1/2031 | 75149 |
| &nbsp;&nbsp;&nbsp;County of Grand CO | 100000 | 5.000% | 12/1/2036 | 109065 |
| &nbsp;&nbsp;&nbsp;County of Pennington SD | 100000 | 4.000% | 6/1/2032 | 100054 |
| &nbsp;&nbsp;&nbsp;Crockett County Consolidated Common School District No 1 | 100000 | 5.000% | 8/15/2030 | 106961 |
| &nbsp;&nbsp;&nbsp;Cumberland County Industrial Facilities & Pollution Control Financing Authority | 85000 | 3.750% | 12/1/2027 | 84790 |
| &nbsp;&nbsp;&nbsp;Grand Traverse County Hospital Finance Authority | 55000 | 5.000% | 7/1/2033 | 57983 |
| &nbsp;&nbsp;&nbsp;Horizon Regional Municipal Utility District | 40000 | 4.000% | 2/1/2035 | 38979 |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority | 20000 | 5.000% | 3/1/2026 | 20155 |
| &nbsp;&nbsp;&nbsp;Jenison Public Schools | 25000 | 5.000% | 5/1/2038 | 26426 |
| &nbsp;&nbsp;&nbsp;Joplin Industrial Development Authority | 50000 | 5.000% | 2/15/2039 | 52161 |
| &nbsp;&nbsp;&nbsp;Kaufman County Municipal Utility District No 3 | 50000 | 6.500% | 3/1/2032 | 56288 |
| &nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority | 135000 | 5.250% | 6/1/2055 | 141768 |
| &nbsp;&nbsp;&nbsp;Madison-Macoupin Etc Counties Community College District No 536/IL | 20000 | 4.000% | 11/1/2025 | 20035 |
| &nbsp;&nbsp;&nbsp;Maine Health & Higher Educational Facilities Authority | 10000 | 5.000% | 7/1/2029 | 10446 |
| &nbsp;&nbsp;&nbsp;Memphis-Shelby County Airport Authority | 20000 | 5.000% | 7/1/2025 | 20034 |
| &nbsp;&nbsp;&nbsp;Meridian Village Metropolitan District No 1 | 75000 | 5.000% | 12/1/2034 | 82015 |
| &nbsp;&nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | 100000 | 5.000% | 10/1/2028 | 103451 |
| &nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority Aviation Revenue | 45000 | 5.000% | 10/1/2026 | 45869 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County Housing Finance Authority | 40000 | 5.000% | 10/1/2026 | 40190 |
| &nbsp;&nbsp;&nbsp;Missouri Development Finance Board | 175000 | 5.000% | 12/1/2029 | 184669 |
| &nbsp;&nbsp;&nbsp;Monarch-Chesterfield Levee District | 20000 | 5.000% | 3/1/2031 | 21317 |
| &nbsp;&nbsp;&nbsp;New Hope Higher Education Finance Corp | 15000 | 4.000% | 8/15/2027 | 15107 |
| &nbsp;&nbsp;&nbsp;New Mexico Municipal Energy Acquisition Authority | 100000 | 5.000% | 6/1/2054 | 104147 |
| &nbsp;&nbsp;&nbsp;Oklahoma County Finance Authority | 45000 | 5.000% | 9/1/2026 | 46010 |
| &nbsp;&nbsp;&nbsp;Park Creek Metropolitan District | 40000 | 5.000% | 12/1/2036 | 42301 |
| &nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency | 20000 | 5.250% | 10/1/2054 | 21072 |

---

*See Notes to Financial Statements*

**Genter Capital Municipal Quality Intermediate ETF**

**Schedule of Investments** (continued)

*As of April 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Interest Rate** | **Maturity Date** | **Value** |
| **Municipal Bonds (continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PEFA Inc | $185000 | 5.000% | 9/1/2049 | $187677 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority | 150000 | 5.000% | 3/15/2060 | 157863 |
| &nbsp;&nbsp;&nbsp;Port of Corpus Christi Authority of Nueces County | 35000 | 5.000% | 12/1/2025 | 35313 |
| &nbsp;&nbsp;&nbsp;Port of Portland OR Airport Revenue | 85000 | 5.000% | 7/1/2038 | 86071 |
| &nbsp;&nbsp;&nbsp;Port of Seattle WA | 150000 | 5.000% | 5/1/2034 | 152795 |
| &nbsp;&nbsp;&nbsp;Public Finance Authority | 75000 | 5.000% | 11/15/2025 | 75464 |
| &nbsp;&nbsp;&nbsp;Southeast Alabama Gas Supply District/The | 60000 | 5.000% | 8/1/2054 | 62854 |
| &nbsp;&nbsp;&nbsp;St Peter Independent School District No 508 | 35000 | 5.000% | 2/1/2039 | 36665 |
| &nbsp;&nbsp;&nbsp;United Local School District | 20000 | 4.000% | 12/1/2032 | 20429 |
| &nbsp;&nbsp;&nbsp;Village of Bradley IL | 35000 | 5.000% | 12/15/2035 | 37351 |
| &nbsp;&nbsp;&nbsp;Viridian Municipal Management District | 50000 | 6.250% | 12/1/2027 | 53205 |
| &nbsp;&nbsp;&nbsp;Waterbury Housing Authority | 60000 | 4.250% | 7/1/2039 | 59499 |
| &nbsp;&nbsp;&nbsp;Whatcom County Public Utility District No 1 | 50000 | 5.000% | 12/1/2030 | 52834 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (Cost $4,395,131)** |  |  |  | 4363482 |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investment - 9.78%** | **Shares** | |
| &nbsp;&nbsp;&nbsp;Fidelity Government Portfolio, 4.19% (a) (Cost $441,189) | 441189 | 441189 |
| **Investments, at Value (Cost $4,876,474) - 107.32%** |  | 4843520 |
| **Liabilities in Excess of Other Assets - (7.32)%** |  | (330343) |
| **Net Assets - 100.00%** |  | $4513177 |

---

(a) Represents 7-day effective SEC yield as of April 30, 2025.

*See Notes to Financial Statements*

**Genter Capital Taxable Quality Intermediate ETF**

**Schedule of Investments**

*As of April 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Interest Rate** | **Maturity Date** | **Value** |
| **Corporate Bonds - 47.26%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Communications - 2.91%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC | $560000 | 4.908% | 7/23/2025 | $559222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital Corp | 525000 | 6.875% | 11/15/2028 | 559781 |
|  |  |  |  | 1119003 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 1.66%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co | 100000 | 7.450% | 7/16/2031 | 105305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International Inc/MD | 250000 | 5.100% | 4/15/2032 | 248734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Pointe Homes Inc | 285000 | 5.700% | 6/15/2028 | 284288 |
|  |  |  |  | 638327 |
| &nbsp;&nbsp;&nbsp;**Energy - 7.77%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy Inc | 650000 | 4.625% | 10/15/2028 | 642779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 610000 | 4.000% | 3/1/2031 | 569189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge Inc | 425000 | 6.000% | 1/15/2077 | 416500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp | 620000 | 5.750% | 1/15/2031 | 613569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcanada Trust | 750000 | 5.875% | 8/15/2076 | 740625 |
|  |  |  |  | 2982662 |
| &nbsp;&nbsp;&nbsp;**Financials - 22.59%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aircastle Ltd | 580000 | 4.250% | 6/15/2026 | 573494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial Inc | 100000 | 8.000% | 11/1/2031 | 110420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital Corp | 620000 | 3.875% | 1/15/2026 | 614205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp | 555000 | 4.827% | 7/22/2026 | 555606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp | 650000 | 1.658% | 3/11/2027 | 633821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Inc | 300000 | 3.887% | 1/10/2028 | 296615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Inc | 300000 | 5.174% | 2/13/2030 | 304111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust LP | 400000 | 3.600% | 7/1/2029 | 384732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc/The | 1200000 | 5.727% | 4/25/2030 | 1241613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain Inc | 500000 | 6.250% | 1/15/2033 | 498125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 375000 | 5.103% | 4/22/2031 | 381097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp | 200000 | 9.250% | 9/1/2025 | 211500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp | 600000 | 7.413% | 10/30/2029 | 643526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 625000 | 5.230% | 1/15/2031 | 634370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safehold GL Holdings LLC | 496000 | 2.850% | 1/15/2032 | 421048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | 600000 | 3.950% | 12/1/2027 | 581810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co | 570000 | 5.574% | 7/25/2029 | 585143 |
|  |  |  |  | 8671236 |
| &nbsp;&nbsp;&nbsp;**Health Care - 3.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV | 300000 | 3.150% | 10/1/2026 | 289500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Acquisition Sub Inc | 1000000 | 3.950% | 6/15/2026 | 982972 |
|  |  |  |  | 1272472 |
| &nbsp;&nbsp;&nbsp;**Industrials - 1.59%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corp | 600000 | 5.750% | 11/8/2026 | 611213 |
| &nbsp;&nbsp;&nbsp;**Technology - 2.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems Inc | 400000 | 4.550% | 2/24/2028 | 405932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMware LLC | 500000 | 3.900% | 8/21/2027 | 492196 |
|  |  |  |  | 898128 |
| &nbsp;&nbsp;&nbsp;**Utilities - 5.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp | 300000 | 2.650% | 9/1/2026 | 292930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp | 500000 | 4.300% | 3/15/2028 | 498413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc | 550000 | 5.749% | 9/1/2025 | 551895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings Inc | 600000 | 5.050% | 3/15/2030 | 609382 |
|  |  |  |  | 1952620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $18,037,934)** |  |  |  | 18145661 |

---

*See Notes to Financial Statements*

**Genter Capital Taxable Quality Intermediate ETF**

**Schedule of Investments** (continued)

*As of April 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Interest Rate** | **Maturity Date** | **Value** |
| **United States Treasury Notes - 51.43%** |  |  |  |  |
|  | $1800000 | 4.625% | 11/15/2026 | $1823484 |
|  | 2035000 | 1.250% | 3/31/2028 | 1902407 |
|  | 4720000 | 3.875% | 9/30/2029 | 4748394 |
|  | 2820000 | 4.000% | 1/31/2031 | 2841260 |
|  | 4050000 | 2.875% | 5/15/2032 | 3776941 |
|  | 1980000 | 3.500% | 2/15/2033 | 1909540 |
|  | 2650000 | 4.625% | 2/15/2035 | 2744924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total United States Treasury Notes (Cost $19,409,253)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total United States Treasury Notes (Cost $19,409,253)** |  |  | 19746950 |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investment - 0.27%** | **Shares** | |
| &nbsp;&nbsp;&nbsp;Fidelity Government Portfolio, 4.19% (a) (Cost $101,428) | 101428 | 101428 |
| **Investments, at Value (Cost $37,548,615) - 98.96%** |  | 37994039 |
| **Other Assets Less Liabilities - 1.04%** |  | 399240 |
| **Net Assets - 100.00%** |  | $38393279 |

---

(a) Represents 7-day effective SEC yield as of April 30, 2025.

*See Notes to Financial Statements*

**Genter Capital Dividend Income ETF**

**Schedule of Investments**

*As of April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common Stock - 96.84%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communications - 6.69%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T Inc | 882 | $24431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp | 462 | 15800 |
|  |  | 40231 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 4.10%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot Inc/The | 42 | 15141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp | 250 | 9553 |
|  |  | 24694 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 9.97%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group Inc | 450 | 26618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue Inc | 684 | 16142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo Inc | 127 | 17219 |
|  |  | 59979 |
| &nbsp;&nbsp;&nbsp;**Energy - 10.47%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp | 156 | 21225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge Inc | 600 | 28014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 | 132 | 13736 |
|  |  | 62975 |
| &nbsp;&nbsp;&nbsp;**Financials - 16.73%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock Inc | 24 | 21942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 96 | 17305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 90 | 22016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp | 138 | 23427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp | 170 | 15977 |
|  |  | 100667 |
| &nbsp;&nbsp;&nbsp;**Health Care - 19.53%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie Inc | 90 | 17559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co | 300 | 15060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp | 342 | 22815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences Inc | 180 | 19177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 108 | 16881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 156 | 13223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co Inc | 150 | 12780 |
|  |  | 117495 |
| &nbsp;&nbsp;&nbsp;**Industrials - 8.18%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co | 174 | 18289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp | 36 | 17199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service Inc | 144 | 13723 |
|  |  | 49211 |
| &nbsp;&nbsp;&nbsp;**Materials - 7.27%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products and Chemicals Inc | 72 | 19518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | 144 | 13740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Inc | 342 | 10462 |
|  |  | 43720 |
| &nbsp;&nbsp;&nbsp;**Technology - 7.73%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems Inc | 408 | 23554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning Inc | 300 | 13314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology Inc | 210 | 9677 |
|  |  | 46545 |

---

*See Notes to Financial Statements*

**Genter Capital Dividend Income ETF**

**Schedule of Investments** (continued)

*As of April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common Stock (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;**Utilities - 6.17%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy Inc | 288 | 19901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra | 232 | 17231 |
|  |  | 37132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock (Cost $597,536)** |  | 582649 |
| **Short-Term Investment - 3.03%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 4.23% (a) (Cost $18,215) | 18215 | $18215 |
| **Investments, at Value (Cost $615,751) - 99.87%** |  | 600864 |
| **Other Assets Less Liabilities - 0.13%** |  | 787 |
| **Net Assets - 100.00%** |  | $601651 |

---

(a) Represents 7-day effective SEC yield as of April 30, 2025.

*See Notes to Financial Statements*

**Genter Capital International Dividend ETF**

**Schedule of Investments**

*As of April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common Stock - 95.85%** |  |  |
| &nbsp;&nbsp;&nbsp;**Canada - 8.86%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge Inc | 553 | $25820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manulife Financial Corp | 541 | 16565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corp | 463 | 17687 |
|  |  | 60072 |
| &nbsp;&nbsp;&nbsp;**France - 14.75%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AXA SA | 487 | 23118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA | 547 | 23083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 1555 | 22485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanofi SA | 301 | 16540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE | 319 | 14760 |
|  |  | 99986 |
| &nbsp;&nbsp;&nbsp;**Germany - 5.59%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | 595 | 24579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 895 | 13291 |
|  |  | 37870 |
| &nbsp;&nbsp;&nbsp;**Hong Kong - 1.76%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd | 2125 | 11921 |
| &nbsp;&nbsp;&nbsp;**Italy - 3.53%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enel SpA | 2759 | 23921 |
| &nbsp;&nbsp;&nbsp;**Japan - 16.59%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honda Motor Co Ltd | 523 | 15957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Komatsu Ltd | 385 | 11123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group Inc | 2275 | 28756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Holdings Inc | 2879 | 15978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORIX Corp | 635 | 12738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group Inc | 1963 | 27875 |
|  |  | 112427 |
| &nbsp;&nbsp;&nbsp;**Netherlands - 3.38%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | 559 | 22930 |
| &nbsp;&nbsp;&nbsp;**Spain - 3.40%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 1679 | 23002 |
| &nbsp;&nbsp;&nbsp;**Sweden - 3.28%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson | 2695 | 22207 |
| &nbsp;&nbsp;&nbsp;**Switzerland - 2.83%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 169 | 19180 |

---

*See Notes to Financial Statements*

**Genter Capital International Dividend ETF**

**Schedule of Investments** (continued)

*As of April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**United Kingdom - 28.66%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 301 | $21609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 433 | 40369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | 1735 | 27864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP PLC | 517 | 14197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 439 | 19118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Brands PLC | 451 | 18477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Grid PLC | 265 | 19345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto PLC | 241 | 14315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC | 1939 | 18925 |
|  |  | 194219 |
| &nbsp;&nbsp;&nbsp;**United States - 3.22%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd | 415 | 21833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock (Cost $591,628)** |  | 649568 |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investment - 3.99%** | **Shares** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 4.23% (a) (Cost $27,072) | 27072 | 27072 |
| **Investments, at Value (Cost $618,700) - 99.84%** |  | 676640 |
| **Other Assets Less Liabilities - 0.16%** |  | 1095 |
| **Net Assets - 100.00%** |  | $677735 |

---

(a) Represents 7-day effective SEC yield as of April 30, 2025.

*See Notes to Financial Statements*

**Genter ETFs**

**Statement of Assets and Liabilities**

*As of April 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Municipal Quality <br> Intermediate ETF | Taxable Quality <br> Intermediate ETF | Dividend<br> Income ETF | International <br> Dividend ETF |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $4843520 | $37994039 | $600864 | $676640 |
| &nbsp;&nbsp;&nbsp;Cash |  | 22239 |  |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends |  |  | 935 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 43464 | 388348 | 36 | 89 |
| Total assets | 4886984 | 38404626 | 601835 | 677920 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments purchased | 372545 |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 664 | 5972 | 97 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 598 | 5375 | 87 | 80 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 373807 | 11347 | 184 | 185 |
| Total Net Assets | $4513177 | $38393279 | $601651 | $677735 |
| Net Assets Consist of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $4543082 | $37943086 | $612726 | $620570 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | (29905) | 450193 | (11075) | 57165 |
| Total Net Assets | $4513177 | $38393279 | $601651 | $677735 |
| ETF Shares Outstanding, no par value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(unlimited authorized shares) | 450000 | 3740000 | 60000 | 60000 |
| Net Asset Value, Per Share | $10.03 | $10.27 | $10.03 | $11.30 |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $4876474 | $37548615 | $615751 | $618700 |

---

*See Notes to Financial Statements*

**Genter ETFs**

**Statement of Operations**

*For the period ended April 30, 2025 (a)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Municipal Quality <br> Intermediate ETF | Taxable Quality <br> Intermediate ETF | Dividend <br> Income ETF | International <br> Dividend ETF |
| Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of withholding tax of $0, $0, $0, and $364) | $— | $— | $5555 | $5194 |
| &nbsp;&nbsp;&nbsp;Interest | 60151 | 1243161 | 257 | 409 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 60151 | 1243161 | 5812 | 5603 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 3109 | 51599 | 355 | 325 |
| &nbsp;&nbsp;&nbsp;Administration fees | 2797 | 46438 | 319 | 293 |
| &nbsp;&nbsp;&nbsp;Net Expenses | 5906 | 98037 | 674 | 618 |
| Net Investment Income | 54245 | 1145124 | 5138 | 4985 |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investment transactions: | 2353 | 12355 | 2454 | (3060) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investment transactions: | (32954) | 445424 | (14887) | 57940 |
| Net Realized and Unrealized Gain (Loss) on Investments | (30601) | 457779 | (12433) | 54880 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $23644 | $1602903 | $(7295) | $59865 |

---

(a) Commenced operations on May 21, 2024 for Municipal Quality Intermediate ETF and Taxable Quality Intermediate ETF and January 13, 2025 for Dividend Income ETF and International Dividend ETF.

*See Notes to Financial Statements*

**Genter ETFs**

**Statements of Changes in Net Assets**

*For the period ended April 30, 2025 (a)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Municipal Quality Intermediate ETF | Taxable Quality <br> Intermediate | Dividend <br> Income ETF | International <br> Dividend ETF |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $54245 | $1145124 | $5138 | $4985 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investment transactions | 2353 | 12355 | 2454 | (3060) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (32954) | 445424 | (14887) | 57940 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 23644 | 1602903 | (7295) | 59865 |
| Distributions to Shareholders From: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable Earnings | (53549) | (1152710) | (3780) | (2700) |
| Net Decrease in Net Assets Resulting from Distributions | (53549) | (1152710) | (3780) | (2700) |
| Capital Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4543082 | 37943086 | 612726 | 620570 |
| &nbsp;&nbsp;&nbsp;Shares repurchased |  |  |  |  |
| Net Increase in Net Assets Resulting from Capital Share Transactions | 4543082 | 37943086 | 612726 | 620570 |
| Net Increase in Net Assets | 4513177 | 38393279 | 601651 | 677735 |
| Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |  |  |  |
| &nbsp;&nbsp;&nbsp;End of Period | $4513177 | $38393279 | $601651 | $677735 |
| Share Information: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 450000 | 3740000 | 60000 | 60000 |
| &nbsp;&nbsp;&nbsp;Shares repurchased |  |  |  |  |
| Net Increase in Capital Shares | 450000 | 3740000 | 60000 | 60000 |

---

(a) Commenced operations on May 21, 2024 for Municipal Quality Intermediate ETF and Taxable Quality Intermediate ETF and January 13, 2025 for Dividend Income ETF and International Dividend ETF.

*See Notes to Financial Statements*

**Municipal Quality Intermediate ETF**

**Financial Highlights**

---

| | |
|:---|:---|
|  | *April 30,* |
| *For a share outstanding during period ended* | *2025(a)* |
| Net Asset Value, Beginning of Period | $10.00 |
| Income from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (b) | 0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain from investment transactions | (0.06) |
| Total from Investment Operations | 0.27 |
| Less Distributions From: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31) |
| Total Distributions | (0.31) |
| ETF Transaction Fee | 0.07 |
| Net Asset Value, End of Period | $10.03 |
| Total Return | 3.42 %<sup>(d)</sup> |
| Net Assets, End of Period (in thousands) | $4513 |
| Ratios of: |  |
| Net Expenses to Average Net Assets | 0.38 %<sup>(c)</sup> |
| Net Investment Income | 3.46 %<sup>(c)</sup> |
| Portfolio turnover rate | 51.62 %<sup>(d)</sup> |

---

(a) The fund commenced operations on May 21, 2024.

(b) Calculated using the average shares method.

(c) Annualized

(d) Not annualized

*See Notes to Financial Statements*

**Taxable Quality Intermediate ETF**

**Financial Highlights**

---

| | |
|:---|:---|
|  | *April 30,* |
| *For a share outstanding during period ended* | *2025(a)* |
| Net Asset Value, Beginning of Period | $10.00 |
| Income from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (b) | 0.43 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain from investment transactions | 0.20 |
| Total from Investment Operations | 0.63 |
| Less Distributions From: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.38) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.01) |
| Total Distributions | (0.39) |
| ETF Transaction Fee | 0.03 |
| Net Asset Value, End of Period | $10.27 |
| Total Return | 6.68 %<sup>(d)</sup> |
| Net Assets, End of Period (in thousands) | $38393 |
| Ratios of: |  |
| Net Expenses to Average Net Assets | 0.38 %<sup>(c)</sup> |
| Net Investment Income | 4.42 %<sup>(c)</sup> |
| Portfolio turnover rate | 56.87 %<sup>(d)</sup> |

---

(a) The fund commenced operations on May 21, 2024.

(b) Calculated using the average shares method.

(c) Annualized

(d) Not annualized

*See Notes to Financial Statements*

**Dividend Income ETF**

**Financial Highlights**

---

| | |
|:---|:---|
|  | *April 30,* |
| *For a share outstanding during period ended* | *2025(a)* |
| Net Asset Value, Beginning of Period | $10.00 |
| Income from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (b) | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain from investment transactions |  |
| Total from Investment Operations | 0.09 |
| Less Distributions From: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) |
| Total Distributions | (0.06) |
| Net Asset Value, End of Period | $10.03 |
| Total Return | 0.89 %<sup>(d)</sup> |
| Net Assets, End of Period (in thousands) | $602 |
| Ratios of: |  |
| Net Expenses to Average Net Assets | 0.38 %<sup>(c)</sup> |
| Net Investment Income | 2.87 %<sup>(c)</sup> |
| Portfolio turnover rate | 10.12 %<sup>(d)</sup> |

---

(a) The fund commenced operations on January 13, 2025.

(b) Calculated using the average shares method.

(c) Annualized

(d) Not annualized

*See Notes to Financial Statements* 

**International Dividend ETF**

**Financial Highlights**

---

| | |
|:---|:---|
|  | *April 30,* |
| *For a share outstanding during period ended* | <br> *2025(a)* |
| Net Asset Value, Beginning of Period | $10.00 |
| Income from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (b) | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain from investment transactions | 1.25 |
| Total from Investment Operations | 1.35 |
| Less Distributions From: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) |
| Total Distributions | (0.05) |
| Net Asset Value, End of Period | $11.30 |
| Total Return | 13.41 %<sup>(d)</sup> |
| Net Assets, End of Period (in thousands) | $678 |
| Ratios of: |  |
| Net Expenses to Average Net Assets | 0.38 %<sup>(c)</sup> |
| Net Investment Income | 3.03 %<sup>(c)</sup> |
| Portfolio turnover rate | 8.81 %<sup>(d)</sup> |

---

(a) The fund commenced operations on January 13, 2025.

(b) Calculated using the average shares method.

(c) Annualized

(d) Not annualized

*See Notes to Financial Statements* 

Genter ETFs

Notes to Financial Statements

*As of April 30, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Organization and Significant Accounting Policies** 

The Genter ETFs, 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 Genter Capital Municipal Quality Intermediate ETF and the Genter Capital Taxable Quality Intermediate ETF commenced operations on May 21, 2024. The Genter Capital Dividend Income ETF and the Genter Capital International Dividend ETF commenced operations on January 13, 2025.

The investment objective of the Genter Capital Dividend Income ETF is to seek current income and long-term capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in domestic equity securities that have a record of paying dividends.

The investment objective of the Genter Capital International Dividend ETF is to seek current income and long-term capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in foreign equity securities that have records of paying dividends.

The investment objective of the Genter Capital Municipal Quality Intermediate ETF is to seek current income free from federal income tax with a secondar objective of capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of municipal obligations, the interest on which is exempt from regular federal income tax.

The investment objective of the Genter Capital Taxable Quality Intermediate ETF is to seek current income with limited risk to principal with a secondary objective of capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in investment grade, intermediate term securities.

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 Genter ETFs. 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 Genter ETFs may only be purchased and sold in secondary market transactions through brokers. Shares of the Genter Capital Dividend Income ETF, Genter Capital International Dividend ETF, Genter Capital Municipal Quality Intermediate ETF, and Genter Capital Taxable Quality Intermediate ETF are listed for trading on NYSE Arca under the trading symbols GEND, GENW, GENM, and GENT, respectively, and because shares will trade at market prices rather than NAV, shares of the Genter ETFs may trade at a price greater than or less than NAV.

*Creation Transaction Fees*

A fixed creation transaction fee for Genter Capital Municipal Quality Intermediate ETF and Genter Capital Taxable Quality Intermediate ETF of $500 per transaction and $250 per transaction for Genter Capital Dividend Income ETF and the Genter Capital International Dividend ETF (the "Creation Transaction Fee") is applicable to each transaction regardless of the number of Creation units purchased in the transactions. An additional variable charge for cash creations or partial cash creations may also be imposed to compensate the Genter ETFs for the costs associated with buying the applicable securities. The price for each Creation Unit will equal the Genter ETF's daily NAV per share times the number of Shares in a Creation Unit plus the Creation Transaction Fees, and, if applicable, any transfer taxes.

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

*Investment Valuation*

The Genter ETFs' investments in securities are carried at fair value. Securities listed on 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. An ETF's 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 an ETF's 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 an ETF's debt securities to determine the market price. For example, the prices of securities with characteristics similar to those held by an ETF 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 an ETF'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.

Genter ETFs

Notes to Financial Statements

*As of April 30, 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 an ETF's net asset value is not calculated and on which an ETF's does not effect sales, redemptions and exchanges of its Shares.

*Fair Value Measurement*

The Genter ETFs 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 Genter ETFs' investments. These inputs are summarized in the three broad levels listed below:

Level 1: Unadjusted quoted prices in active markets for identical securities assets or liabilities that the Genter ETFs have the ability to access.

---

| | |
|:---|:---|
| 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. |

---

---

| | |
|:---|:---|
| 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 Genter ETFs' 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 April 30, 2025, for the Genter ETFs' assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Genter Capital Municipal Quality Intermediate ETF (a)** | | | | |
|  | *Total* | *Level 1* | *Level 2* | *Level 3* |
| *Assets* |  |  |  |  |
| Asset-Backed Securities | $38849 | $— | $38849 | $— |
| Municipal Bonds | 4363482 |  | 4363482 |  |
| Short-Term Investment | 441189 | 441189 |  |  |
| *Total Assets* | $4843520 | $441189 | $4402331 | $— |

---

Genter ETFs

Notes to Financial Statements

*As of April 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Genter Capital Taxable Quality Intermediate ETF (a)** | | | | |
|  | *Total* | *Level 1* | *Level 2* | *Level 3* |
| *Assets* |  |  |  |  |
| Corporate Bonds\* | $18145661 | $— | $18145661 | $— |
| United States Treasury Notes | 19746950 |  | 19746950 |  |
| Short-Term Investment | 101428 | 101428 |  |  |
| *Total Assets* | $37994039 | $101428 | $37892611 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Genter Capital Dividend Income ETF (a)** | | | | |
| *Assets* | *Total* | *Level 1* | *Level 2* | *Level 3* |
| Common Stock\* | $582649 | $582649 | $— | $— |
| Short-Term Investment | 18215 | 18215 |  |  |
| *Total Assets* | $600864 | $600864 | $— | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Genter Capital International Dividend ETF (a)** | | | | |
|  | *Total* | *Level 1* | *Level 2* | *Level 3* |
| *Assets* |  |  |  |  |
| Common Stock\* | $649568 | $649568 | $— | $— |
| Short-Term Investment | 27072 | 27072 |  |  |
| *Total Assets* | $676640 | $676640 | $— | $— |

---

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

(a) The ETF held no Level 3 securities during the period ended April 30, 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 Genter ETFs 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 Genter ETFs may declare and distribute dividends from net investment income, if any, quarterly. The Genter ETFs generally declare and distribute 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 Genter ETFs 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.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Risk Considerations** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Genter Capital**<br> **Dividend** <br> **Income ETF** | &nbsp;&nbsp; **Genter Capital**<br> **International**<br> **Dividend ETF** | &nbsp;&nbsp; **Genter Capital**<br> **Municipal Quality <br> Intermediate ETF** | &nbsp;&nbsp; **Genter Capital**<br> **Taxable Quality <br> Intermediate ETF** |
| &nbsp;&nbsp;**Alternative Minimum Tax Risk** |  |  | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;**Authorized Participant Risk** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |

---

Genter ETFs

Notes to Financial Statements

*As of April 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Genter Capital**<br> **Dividend** <br> **Income ETF** | &nbsp;&nbsp; **Genter Capital**<br> **International**<br> **Dividend ETF** | &nbsp;&nbsp; **Genter Capital**<br> **Municipal Quality<br> Intermediate ETF** | &nbsp;&nbsp; **Genter Capital**<br> **Taxable Quality<br> Intermediate ETF** |
| &nbsp;&nbsp;**Call/Prepayment Risk** |  |  | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Credit/Default Risk** |  |  | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Cybersecurity Risk** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Dividend Payment Risk** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;**Early Close/Trading Halt Risk** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Equity Securities Risk** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |  |  |
| &nbsp;&nbsp;**ETF Structure Risk** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Fixed Income Risk** |  |  | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Foreign Risk** |  | &nbsp;&nbsp;**X** |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Inflation Protected Securities Risk** |  |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Interest Rate Risk** |  |  | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Investment Risk** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Limited History of Operations Risk** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Management Risk** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Market Risk** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Mortgage- and Asset-Back Securities Risk** |  |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Municipal Securities Risk** |  |  | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;**Preferred Securities Risk** |  |  |  | &nbsp;&nbsp;**X** |
| &nbsp;&nbsp;**Risks from Selling or Writing Call Options** | &nbsp;&nbsp;**X** |  |  |  |
| &nbsp;&nbsp;**Small- and Mid-Cap Securities Risk** | &nbsp;&nbsp;**X** |  |  |  |
| &nbsp;&nbsp;**Tax Risk** |  |  | &nbsp;&nbsp;**X** |  |
| &nbsp;&nbsp;**U.S. Government Securities Risk** |  |  | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**X** |

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***Alternative Minimum Tax risk.*** Although the fund seeks to distribute tax-exempt income, a portion of the fund's otherwise tax-exempt dividends may be taxable to those shareholders subject to the federal alternative minimum tax.

***Authorized Participant risk.*** Only an authorized participant 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, such as the Fund, which invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.

***Call/Prepayment risk*.** During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the Fund reinvesting proceeds at lower interest rates, resulting in a decline in the Fund's income.

***Credit/Default risk*.** Credit risk is the risk that issuers or guarantors of debt instruments 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.

Genter ETFs

Notes to Financial Statements

*As of April 30, 2025*

 ****

***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. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, the Fund or its advisor, custodians, fund accountant, fund administrator, transfer agent, pricing vendors and/or other third-party service providers may adversely impact the Fund and its shareholders. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. The Fund also may incur substantial costs for cybersecurity risk management in order to guard against any cyber incidents in the future. The Fund and its shareholders could be negatively impacted as a result.

***Dividend Payment Risk***. While the Fund may hold securities of companies that have historically paid a dividend, those companies may reduce or discontinue their dividends, thus reducing the yield of the Fund. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may be worse than the market return of other investment strategies or the overall stock market.

***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.

***Equity Securities Risk***. ***Equity Securities Risk***. Investments in equity securities may fluctuate in value response to many factors, including general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. During temporary or extended bear markets, the value of equity securities will decline, which could also result in losses for the Fund.

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

*●* *Not individually redeemable*. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units" which are only available to APs. Retail investors may only purchase or sell shares on the Exchange. You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

*●* *Trading issues*. 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 continue 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.

*●* *Cash purchases*. To the extent Creation Units are purchased 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.

*●* *Market price variance risk*. 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. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.

&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 Fund's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ To the extent Authorized Participants exit the business or are unable to process creations or redemptions and no other Authorized Participant can step in to do so, there may be a significantly reduced trading market in the Fund's shares, which can lead to differences between the market value of Fund shares and the Fund's net asset value.

Genter ETFs

Notes to Financial Statements

*As of April 30, 2025*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Fund's 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 the Fund's shares and the Fund's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ In stressed market conditions, the market for the Fund's shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and the Fund's net asset value.

***Fixed Income risk***. Fixed income risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early or later than expected, potentially reducing the amount of interest payments or extending time to principal repayment). These risks could affect the value of a particular investment, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments. When the Fund invests in fixed income securities the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. If the U.S. Federal Reserve's Federal Open Market Committee ("FOMC") raises the federal funds interest rate target, interest rates across the U.S. financial system may rise. However, the magnitude of rate changes across maturities and borrower sectors is uncertain. Rising rates may decrease liquidity and increase volatility, which may make portfolio management more difficult and costly to the Fund and its shareholders. Default risk increases if issuers must borrow at higher rates. Generally, these changing market conditions may cause the Fund's share price to fluctuate or decline more than other types of equity investments.

***Foreign Securities risk.*** Investments in securities of non-U.S. issuers are subject to risks not usually associated with owning securities of U.S. issuers. There is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations or currency exchange rates, expropriation or confiscatory taxation, limitation on the removal of cash or other assets of the Fund from foreign markets, political or financial instability, or diplomatic and other developments which could affect such investments. Economies of particular countries or areas of the world may differ favorably or unfavorably from the economy of the United States. Foreign securities often trade with less frequency and volume than domestic securities and therefore may exhibit greater price volatility. Investments in foreign markets also involve currency risk, which is the risk that the values of the Fund's investments denominated in foreign currencies will decrease due to adverse changes in the value of the U.S. dollar relative to the value of foreign currencies.

***Inflation-Protected Securities risk***. Inflation-protected debt securities tend to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

***Interest Rate risk*.** As interest rates rise, the value of fixed income securities held by a Fund are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations. Interest rates in the United States are near historic lows, which may increase a Fund's exposure to risks associated with rising rates. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy (including the Federal Reserve ending its "quantitative easing" policy of purchasing large quantities of securities issued or guaranteed by the U.S. government), rising inflation, and changes in general economic conditions. Interest rate changes can be sudden and unpredictable. Rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for a Fund to value or sell some or all of its bond investments at any given time. Changes in interest rates may also affect a Fund's share price; a sharp rise in interest rates could cause a Fund's share price to fall.

The average duration of a Fund's portfolio of fixed income securities will vary based on the Subadvisor's assessment of economic and market conditions, as well as current and anticipated changes in interest rates. The Subadvisor intends to manage the Genter Capital Taxable Quality Intermediate ETF portfolio so that it has an average duration of between 2.5 and 6 years under normal circumstances. Duration measures the price sensitivity of a security to interest rate changes and is typically expressed as a period of time. Duration differs from maturity, which is the time until a fixed income security's issuer is obligated to pay the principal due on such security; however, a fixed income security's duration increases as its maturity increases and decreases as its maturity decreases, meaning longer-maturity securities have higher durations than those with shorter maturity. The longer the duration of the securities held in a Fund's portfolio, the more sensitive a Fund's portfolio will be to a change in interest rates. As the value of a security changes over time, so will its duration, which in turn will affect the Fund's duration. A 1% change in interest rates is typically estimated to change the price of a fixed income security by 1% for each year of the security's duration. For example, if a fixed income security has a duration of three years, a 1% rise in interest rates would typically be expected to reduce the price of the security by approximately 3%. Similar estimates would typically apply to a portfolio of fixed income securities, such as the Genter Capital Taxable Quality Intermediate ETF, based on the portfolio's average duration. Accordingly, 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.

Genter ETFs

Notes to Financial Statements

*As of April 30, 2025*

***Investment risk***. The value of the Fund's investments, like other market investments, may move up or down, sometimes rapidly and unpredictably. 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.

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 many 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. 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, make share repurchases 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.

***Limited History of Operations risk.*** The Fund has a limited history of operations. 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.

***Management risk.*** The Fund is subject to management risk because it does not seek to replicate the performance of a specified index. The portfolio managers will utilize proprietary investment processes, techniques, and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. Legislative, regulatory, or tax developments may affect the investment techniques available to the portfolio managers in connection with managing the Fund and may also adversely affect the ability of the Fund to achieve its investment objective.

Genter ETFs

Notes to Financial Statements

*As of April 30, 2025*

***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 performance per share will change daily in response to such factors.

***Mortgage and Asset Backed Securities risks.*** MBS (residential and commercial) and asset-backed securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. The characteristics of these MBS and asset-backed securities differ from traditional fixed income securities. Like traditional fixed income securities, the value of MBS or asset-backed securities typically increases when interest rates fall and decreases when interest rates rise. However, a main difference is that the principal on MBS or asset-backed securities may normally be prepaid at any time, which will reduce the yield and market value of these securities. Therefore, MBS and asset-backed backed securities are subject to "prepayment risk" and "extension risk." Because of prepayment risk and extension risk, mortgage-backed securities react differently to changes in interest rates than other fixed income securities.

Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and a Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets which were prepaid. Prepayment reduces the yield to maturity and the average life of the MBS or asset-backed securities. The maturity of certain securities, such as MBS and ABS, is calculated using the security's weighted-average life. Estimated prepayment rates for these securities are used in this calculation. If actual prepayment rates differ from the estimates used in calculating the weighted-average life, each Fund's yield and/or share price could be negatively affected.

Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated causing the value of these securities to fall. Rising interest rates tend to extend the duration of MBS and asset-backed securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter term securities. As a result, in a period of rising interest rates, MBS and asset-backed securities may exhibit additional volatility and may lose value.

Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain MBS. Because prepayment rates of individual mortgage pools vary widely, the maturity of a particular pool cannot be predicted precisely. A Fund's investments in asset-backed securities are subject to risks similar to those associated with MBS, as well as additional risks associated with the nature of the assets and the servicing of those assets. These securities also are subject to the risk of default on the underlying mortgage or assets, particularly during periods of economic downturn.

Ongoing developments in the residential mortgage market may have additional consequences to the market for mortgage-backed securities. In past years, delinquencies and losses generally increased with respect to securitizations involving residential mortgage loans and potentially could begin increasing again as a result of a weakening housing market and the seasoning of securitized pools of mortgage loans. Many so-called sub-prime mortgage pools are currently distressed and may be trading at significant discounts to their face value.

Mortgage lenders have adjusted their loan programs and underwriting standards, which has reduced the availability of mortgage credit to prospective mortgagors. This has resulted in reduced availability of financing alternatives for mortgagors seeking to refinance their mortgage loans. The reduced availability of refinancing options for mortgagors has resulted in higher rates of delinquencies, defaults, and losses on mortgage loans, particularly in the case of, but not limited to, mortgagors with adjustable rate mortgage loans or interest-only mortgage loans that experience significant increases in their monthly payments following the adjustment date or the end of the interest-only period. These events, alone or in combination with each other and with deteriorating economic conditions in the general economy, may continue to contribute to higher delinquency and default rates on mortgage loans. The tighter underwriting guidelines for residential mortgage loans, together with lower levels of home sales and reduced refinance activity, also may have contributed to a reduction in the prepayment rate for mortgage loans generally and this may continue. The values of mortgage-backed securities may be substantially dependent on the servicing of the underlying mortgage pools, and therefore are subject to risks associated with the negligence or malfeasance by their servicers and to the credit risk of their servicers. In certain circumstances, the mishandling of related documentation also may affect the rights of security holders in and to the underlying collateral.

Genter ETFs

Notes to Financial Statements

*As of April 30, 2025*

The U.S. Government conservatorship of Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal National Mortgage Corporation ("Fannie Mae") in September 2008 and its ultimate resolution may adversely affect the real estate market, the value of real estate-related assets generally, and markets generally. There may be proposals from the U.S. Congress or other branches of the U.S. Government regarding the conservatorship, including regarding reforming Fannie Mae and Freddie Mac or winding down their operations, which may or may not come to fruition. There can be no assurance that such proposals, even those that are not adopted, will not adversely affect the values of the Fund's assets.

The Federal Housing Finance Agent ("FHFA"), as conservator or receiver of Fannie Mae and Freddie Mac, has the power to repudiate any contract entered into by Fannie Mae or Freddie Mac prior to its appointment if it determines that performance of the contract is burdensome, and repudiation of the contract promotes the orderly administration of Fannie Mae's or Freddie Mac's affairs. In the event the guaranty obligations of Fannie Mae or Freddie Mac are repudiated, the payments of interest to holders of Fannie Mae or Freddie Mac mortgage-backed securities would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such mortgage-backed securities are not made by the borrowers or advanced by the servicer. Any actual direct compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such mortgage-backed security holders.

In its capacity as conservator or receiver, FHFA has the right to transfer or sell any asset or liability of Fannie Mae or Freddie Mac without any approval, assignment or consent. If FHFA were to transfer any such guaranty obligation to another party, holders of Fannie Mae or Freddie Mac mortgage-backed securities would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party.

***Municipal Securities risk***. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades or the bankruptcy of an issuer could have a significant effect on the issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. In addition, there is a risk that, as a result of the recent economic crisis, the ability of any issuer to pay, when due, the principal or interest on its municipal bonds may be materially affected. Certain municipalities may have difficulty meeting their obligations due to, among other reasons, changes in underlying demographics. These actions present heightened risks to debt instruments, and such risks could be even further heightened if these actions are unexpectedly or suddenly reversed or are ineffective in achieving their desired outcomes. Municipal instruments may be susceptible to periods of economic stress, which could affect the market values and marketability of municipal obligations of issuers in a state, U.S. territory, or possession. For example, the COVID-19 pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer's ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the Fund. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market 54 related to taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. Municipal securities include general obligation bonds, which are backed by the "full faith and credit" of the issuer, which has the power to tax residents to pay bondholders. Timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. General obligation bonds generally are not backed by revenues from a specific project or source. Municipal securities also include revenue bonds, which are generally backed by revenue from a specific project or tax. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. Municipal securities also include special tax bonds, which are usually backed and payable through a single tax, or series of special taxes such as incremental property taxes. The failure of the tax levy to generate adequate revenue to pay the debt service on the bonds may cause the value of the bonds to decline. Municipal securities backed by current or anticipated revenues from a specific project or specific assets or a specific tax can be negatively affected by the discontinuance of that taxation or the inability to collect revenues for the project or from the assets or tax. If the Internal Revenue Service determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value. The bond markets may experience reduced liquidity due to events such as limited trading activity, reductions in bond inventory, market volatility, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund's ability to sell a holding at a suitable price. The market for municipal bonds may be less liquid than for taxable bonds. There may also be less information available on the financial condition of issuers of municipal securities than for public corporations. The reorganization of a municipality's debts may include extending debt maturities, reducing the amount of principal or interest, refinancing the debt or taking other measures, which may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund's investments. The taxing power of any governmental entity may be limited and an entity's credit may depend on factors which are beyond the entity's control.

Genter ETFs

Notes to Financial Statements

*As of April 30, 2025*

***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.

***Risks from Selling or Writing Call Options*.** Writing option contracts can result in losses that exceed the Fund's initial investment and may lead to additional turnover and higher tax liability. The risk involved in writing a call option is that there could be an increase in the market value of the security. If this occurred, the option could be exercised and the underlying security would then be sold by the Fund at a lower price than its current market value or in the of cash settled options, the Fund would be required to purchase the option at a price that is higher than the original sales price for such option. Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the Fund to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option.

***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.

***Tax risk***. There is no guarantee that the Fund's income will be exempt from U.S. federal or state or local income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund's acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal, state or local changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.

***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.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Transactions with Related Parties and Service Providers** 

 

*Advisor*

The ETFs pay a monthly fee to OBP Capital, LLC (the "Advisor") calculated at the annual rates shown below of the ETFs' average daily net assets.

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Management <br> Fee</u>** |
| &nbsp;&nbsp;Genter Capital Municipal Quality Intermediate ETF | &nbsp;&nbsp;0.20% |
| &nbsp;&nbsp;Genter Capital Taxable Quality Intermediate ETF | &nbsp;&nbsp;0.20% |
| &nbsp;&nbsp;Genter Capital Dividend Income ETF | &nbsp;&nbsp;0.20% |
| &nbsp;&nbsp;Genter Capital International Dividend ETF | &nbsp;&nbsp;0.20% |

---

Genter ETFs

Notes to Financial Statements

*As of April 30, 2025*

The Advisor has engaged Genter Fund Management, LLC as the sub-advisor of the ETFs (the "Sub-Advisor") to provide day to day portfolio management of the ETFs. The Advisor pays a monthly fee to the Sub-Advisor calculated at the annual rates shown below of the ETFs' average daily net assets. The Sub-Advisor is paid directly by the Advisor out of the advisory ees disclosed above.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Sub-Advisory<br> Fee</u>** |
| &nbsp;&nbsp;Genter Capital Municipal Quality Intermediate ETF | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Genter Capital Taxable Quality Intermediate ETF | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Genter Capital Dividend Income ETF | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Genter Capital International Dividend ETF | &nbsp;&nbsp;0.15% |

---

For the fiscal year ended April 30, 2025, the Advisor earned the following in net advisory fees after payment of the Sub-Advisor fee:

---

| | |
|:---|:---|
| **Fund** | **Net Advisory Fee** |
| Genter Capital Municipal Quality Intermediate ETF | $&nbsp;&nbsp;&nbsp;&nbsp; 777 |
| Genter Capital Taxable Quality Intermediate ETF | 12900 |
| Genter Capital Dividend Income ETF | 89 |
| Genter Capital International Dividend ETF | 81 |

---

For the fiscal year ended April 30, 2025, the Sub-Advisor earned the following in sub-advisory fees:

---

| | |
|:---|:---|
| **Fund** | **Sub-Advisory Fee** |
| Genter Capital Municipal Quality Intermediate ETF | $&nbsp;&nbsp;&nbsp;&nbsp;2332 |
| Genter Capital Taxable Quality Intermediate ETF | 38699 |
| Genter Capital Dividend Income ETF | 266 |
| Genter Capital International Dividend ETF | 244 |

---

*Administrator and Fund Accountant*

The Nottingham Company (the "Administrator) serves as the administrator and fund accountant for the Genter ETFs. For its services, the Administrator is entitled to receive compensation from the Genter ETFs pursuant to the Fund Accounting and Administration Service Agreement with the Genter ETFs. The Administrator receives a unitary administration services fee of 0.18%, which is designed to pay the Funds' expenses and to compensate the Administrator for providing service for the Funds. Out of the unitary administration services fee, the Administrator pays substantially all expenses of the Funds, including the costs of fund accounting and net asset value calculation, transfer agency, custody, fund administration, support for the Funds' relationships with market makers and Authorized Participants, legal, audit, printing, filing fees and registration expenses, insurance, exchange fees and other services, and Independent Trustees' fees, but excluding (i) investment advisory and subadvisory fee payment under the Trust's agreements with the Advisor and Subadvisor; (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 or subadvisor). The Administrator and not Fund shareholders will benefit from any reduction in fees paid for third-party services, including reductions based on increases in assets.

The Genter ETFs incurred the following in administration fees for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Administration Fees** |
| &nbsp;&nbsp;Genter Capital Municipal Quality Intermediate ETF | $&nbsp;&nbsp; 2797 |
| &nbsp;&nbsp;Genter Capital Taxable Quality Intermediate ETF | &nbsp;&nbsp;46.438 |
| &nbsp;&nbsp;Genter Capital Dividend Income ETF | &nbsp;&nbsp;319 |
| &nbsp;&nbsp;Genter Capital International Dividend ETF | &nbsp;&nbsp;293 |

---

 

Genter ETFs

Notes to Financial Statements

*As of April 30, 2025*

 

*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 is entitled to receive customary fees from the Genter ETFs for its services pursuant to the Compliance Services Agreement with the Genter ETFs.

*Transfer Agent*

Nottingham Shareholder Services (the "Transfer Agent") serves as transfer, dividend paying, and shareholder servicing agent for the Genter ETFs. For its services, the Transfer Agent is entitled to receive compensation from the Genter ETFs pursuant to the Transfer Agent's fee arrangements with the Genter ETFs. Broadridge Solutions, Inc., also serves as the Sub-Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Trustees and Officers** 

The Board is responsible for the management and supervision of the Genter ETFs. The Trustees approve all significant agreements between the Trust, on behalf of the Genter ETFs, and those companies that furnish services to the Genter ETFs; review performance of the Advisor and the Genter ETFs; and oversee activities of the Genter ETFs. 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 the 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 Genter ETFs. Certain officers of the Trust may also be officers of the Advisor or the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Purchases and Sales of Investment Securities** 

For the fiscal year ended April 30, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Purchases<br> of Securities | Proceeds from<br> Sales of<br> Securities | Purchases of<br> U.S.<br> Government<br> Securities | Proceeds from<br> Sales of U.S. <br> Government<br> Securities | In-Kind<br> Purchases | In-Kind<br> Sales |
| Municipal Quality Intermediate ETF | $5232727 | $&nbsp;&nbsp;&nbsp;&nbsp; 788678 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $— |
| Taxable Quality Intermediate ETF | 24251187 | 13428995 | 26420351 |  |  |  |
| Dividend Income ETF | 142703 | 49335 |  |  | 501714 |  |
| International Dividend ETF | 146275 | 40243 |  |  | 488655 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**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. During the fiscal year, the Genter ETFs paid the following income capital distributions.

---

| | |
|:---|:---|
| Municipal Quality Intermediate ETF | $&nbsp;&nbsp;&nbsp;&nbsp; 53549 |
| Taxable Quality Intermediate ETF | &nbsp;&nbsp;&nbsp;&nbsp;1152710 |
| Dividend Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3780 |
| International Dividend ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700 |

---

At April 30, 2025, the tax-basis cost of investments and components of accumulated deficit were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Municipal<br> Quality<br> Intermediate<br> ETF | Taxable<br> Quality<br> Intermediate<br> ETF | Dividend<br> Income ETF | International<br> Dividend ETF |
| Cost of Investments | $4876474 | $37548615 | $615751 | $618700 |
| Gross Unrealized Appreciation | 6887 | 470805 | 25964 | 67768 |
| Gross Unrealized Depreciation | (39841) | (25381) | (40851) | (9828) |
| Net Unrealized Appreciation (Depreciation) | (32954) | 445424 | (14887) | 57940 |
| Undistributed Net Investment Income | 696 | 23767 | 1358 | 2285 |
| Undistributed Capital Gains | 2353 |  | 2454 |  |
| Short Term Capital Loss Carryforward |  |  |  | (3060) |
| Post October Loss |  | (18998) |  |  |
| Distributable Earnings (Accumulated Deficit) | 29905) | $450193 | 11075) | $57165 |

---

 

Genter ETFs

Notes to Financial Statements

*As of April 30, 2025*

 

*Capital Loss Carryforwards*

Accumulated capital losses noted above represent net capital loss carryovers as of April 30, 2025, that are available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. The capital loss carryforwards have no expiration date.

&nbsp;&nbsp;&nbsp;&nbsp;**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 Genter ETFs. In addition, in the normal course of business, the Trust enters into contracts with its service providers, on behalf of the Genter ETFs, and others that provide for general indemnifications. The Genter ETFs' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Genter ETFs. The Genter ETFs expect risk of loss to be remote.

**8.** **Subsequent Events** 

In accordance with GAAP, management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of the financial statements. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

**and the Shareholders of Spinnaker ETFs**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Genter Capital Dividend Income ETF, Genter Capital International Dividend ETF, Genter Capital Municipal Quality Intermediate ETF, and Genter Capital Taxable Quality Intermediate ETF (the "Funds"), each a series of Spinnaker ETF Series (the "Trust"), including the schedules of investments as of April 30, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, 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 April 30, 2025, the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds**<br> **constituting**<br> **Spinnaker ETFs** | **Statements of**<br> **operations** | **Statements of**<br> **changes in net assets** | **Financial highlights** |
| Genter Capital Dividend Income ETF, Genter Capital International Dividend ETF | For the period January 13, 2025 (commencement of operations) through April 30, 2025 | For the period January 13, 2025 (commencement of operations) through April 30, 2025 | For the period January 13, 2025 (commencement of operations) through April 30, 2025 |
| Genter Capital Municipal Quality Intermediate ETF, Genter Capital Taxable Quality Intermediate ETF | For the period May 21, 2024 (commencement of operations) through<br> April 30, 2025 | For the period May 21, 2024 (commencement of operations) through<br> April 30, 2025 | For the period May 21, 2024 (commencement of operations) through<br> April 30, 2025 |

---

**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 auditor of one or more of the funds in the Trust since 2024.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits 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 the Funds' 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 April 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**June 24, 2025**

Genter ETFs

Additional Information (Unaudited)

*As of April 30, 2025*

**Tax Information**

We are required to advise you within 60 days of the Genter ETFs' fiscal year-end regarding federal tax status of certain distributions received by shareholders during each fiscal year. The following information is provided for the Genter ETF's fiscal year ended April 30, 2025.

During the fiscal year, the Genter ETFs paid the following income capital distributions.

---

| | |
|:---|:---|
| Municipal Quality Intermediate ETF | $&nbsp;&nbsp;&nbsp;&nbsp; 53549 |
| Taxable Quality Intermediate ETF | &nbsp;&nbsp;&nbsp;&nbsp;1152710 |
| Dividend Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3780 |
| International Dividend ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700 |

---

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 2025, to determine the calendar year amounts to be included in their 2024 tax returns. Shareholders should consult a tax advisor regarding the tax consequences of investments in the Genter ETFs.**

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

There were no changes in or disagreements with the accountant 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 Genter ETFs, to the Trustees for the period of this report was $12,196. For the period of this report, no special compensation was paid to the Trustees, no compensation was paid to any officer of the Genter ETFs, and no compensation was paid to any person of whom any officer or director of the Genter ETFs is an affiliated person.

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

**<u>Approval of Investment Advisory Agreement</u>**

In connection with an organizational Board meeting held on December 12, 2024, the Board, including a majority of the Independent Trustees, discussed the approval of a management agreement between the Trust and the Advisor, with respect to the Genter Capital Dividend Income ETF and Genter Capital International Dividend ETF (the "Funds") (the "Investment Advisory Agreement").

The Trustees were assisted by legal counsel throughout the process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Investment Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Investment Advisory Agreement. In connection with their deliberations regarding approval of the Investment Advisory Agreement, the Trustees reviewed materials prepared by the Advisor.

Genter ETFs

Additional Information (Unaudited)

*As of April 30, 2025*

In deciding on whether to approve the proposed Investment Advisory Agreement, the Trustees considered numerous factors, including:

(i) <u>Nature, Extent, and Quality of Services.</u> The Trustees considered the responsibilities of the Advisor under the proposed Investment Advisory Agreement. The Trustees reviewed the services to be provided by the Advisor to the Funds including, without limitation, the quality of its investment advisory services; assuring compliance with the Fund' investment objectives, policies, and limitations; and its coordination of services for the Funds among the Funds' service providers. The Trustees evaluated: the Advisor's staffing, personnel, and methods of operating; the education and experience of the Advisor's personnel; compliance program; and financial condition.

After reviewing the foregoing information and further information in the memorandum from the Advisor (e.g., descriptions of OBP's business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by the Advisor were satisfactory and adequate for the Funds.

(ii) <u>Performance .</u> The Board noted that the Funds had not yet launched, and, therefore, had no performance to review. It was also noted that the Advisor had provided performance data for another series of the Trust where the Advisor oversees a sub-advisor for comparison. It was noted that the ETF had underperformed its benchmark for the one-year and since-inception periods. It was noted that the sub-advisor was responsible for the Funds' performance and the ETF had liquidated in June 2023. The Board discussed projections and estimated size of the Funds over time. After further discussion, the Trustees considered the experience of the personnel of the Advisor and determined that the performance was satisfactory.

(iii) <u>Fees and Expenses.</u> The Trustees compared the proposed advisory fee of the Funds to other comparable funds. The Board noted that, for the Genter Capital Dividend Income ETF, the management fee was above the peer group average and was lower than the category average. The Board noted that, for the Genter Capital International Dividend ETF, the management fee was lower than that of the peer group average and the category average. Upon further consideration and discussion of the foregoing, the Board determined that the fee to be paid to the Advisor was fair and reasonable in relation to the nature and quality of the services to be provided by the Advisor and that it reflected charges that were within a range of what could have been negotiated at arm's length.

(iv) <u>Profitability</u>. The Board reviewed the Advisor's profitability analysis in connection with its management of the Funds. It was noted that the Advisor's contribution to the payment of Fund expenses by the Administrator was included in the profitability analysis for the first year and that the Advisor did not expect to be profitable with respect to each Fund over the first 12 months of managing the Funds but did expect to be profitable with respect to each Fund over the second 12 months of managing the Funds.

(v) <u>Economies of Scale.</u> The Trustees noted that the Funds would not immediately realize economies of scale upon launch. The Trustees reviewed the Funds' fee arrangements for breakpoints or other provisions that would allow the Funds' shareholders to benefit from economies of scale in the future as the Funds grew. The Trustees determined that the maximum management fee would remain the same regardless of the Funds' asset levels. It was pointed out that breakpoints in the advisory fee could be reconsidered in the future as the Funds grew.

<u>Conclusion</u>. Having reviewed and discussed in depth such information from the Advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the Investment Advisory Agreement and as assisted by the advice of legal counsel, the Trustees concluded that approval of the Investment Advisory Agreement was in the best interest of the shareholders of the Funds.

**<u>Approval of Investment Sub-Advisory Agreement</u>**

In connection with an organizational Board meeting held on December 12, 2024, the Board, including a majority of the Independent Trustees, discussed the approval of a management agreement between the Advisor and Sub-Advisor, with respect to the Genter Capital Dividend Income ETF and Genter Capital International Dividend ETF (the "Funds") (the "Investment Sub-Advisory Agreement").

The Trustees were assisted by legal counsel throughout the process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Investment Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Investment Sub-Advisory Agreement. In connection with their deliberations regarding approval of the Investment Sub-Advisory Agreement, the Trustees reviewed materials prepared by the Sub-Advisor.

Genter ETFs

Additional Information (Unaudited)

*As of April 30, 2025*

In deciding on whether to approve the proposed Investment Sub-Advisory Agreement, the Trustees considered numerous factors, including:

(i) <u>Nature, Extent, and Quality of Services.</u> The Trustees considered the responsibilities of the Sub-Advisor under the proposed Investment Sub-Advisory Agreement. The Trustees reviewed the services to be provided by the Sub-Advisor to the Funds including, without limitation, the quality of its investment sub-advisory services; assuring compliance with the Funds' investment objectives, policies, and limitations; and its coordination of services for the Funds among the Funds' service providers. The Trustees evaluated: the Sub-Advisor's staffing, personnel, and methods of operating; the education and experience of the Sub-Advisor's personnel; compliance program; and financial condition.

After reviewing the foregoing information and further information in the memorandum from the Sub-Advisor (e.g., descriptions of Genter Capital's business and compliance program), the Board concluded that the nature, extent, and quality of the services to be provided by the Sub-Advisor were satisfactory and adequate for the Funds.

(ii) Performance. The Board noted that the Funds had not yet launched, and, therefore, had no performance to review. It was also noted that the Sub-Advisor had SMAs that were similar to each respective Fund, which had been presented for comparison. It was noted that the SMA similar to the Genter Capital Dividend Income ETF had underperformed its respective benchmark index for the 1-year period but outperformed for the 5-year, 10-year and since inception periods. The Sub-Advisor indicated that the 1-year underperformance was mainly due to the strategy's security selection within the industrials sector as the higher yielding subset underperformed the faster growing, lower yielding subset of industrial companies held in the index. It was also noted that the SMA similar to the Genter Capital International Dividend ETF had outperformed its benchmark for all periods. The Board discussed projections and estimated size of the Funds over time. After further discussion, the Trustees considered the experience of the personnel of the Advisor and determined that the performance was satisfactory.

(iii) <u>Fees and Expenses.</u> The Trustees compared the proposed sub-advisory fee of the Funds to that of SMAs managed by the Sub-Advisor. The Board noted that the sub-advisory fee was lower than the range provided for the SMAs similar to each Fund. Upon further consideration and discussion of the foregoing, the Board determined that the fee to be paid to the Sub-Advisor was fair and reasonable in relation to the nature and quality of the services to be provided by the Sub-Advisor and that it reflected charges that were within a range of what could have been negotiated at arm's length.

(iv) <u>Profitability</u>. The Board reviewed the Sub-Advisor's profitability analysis in connection with its management of the Funds. It was noted that the Sub-Advisor did expect to be profitable with respect to each Fund over the first 12 months and second 12 months of managing the Funds.

(v) <u>Economies of Scale.</u> The Trustees noted that the Funds would not immediately realize economies of scale upon launch. The Trustees reviewed the Funds' fee arrangements for breakpoints or other provisions that would allow the Funds' shareholders to benefit from economies of scale in the future as the Funds grew. The Trustees determined that the maximum management fee would remain the same regardless of the Funds' asset levels. It was pointed out that breakpoints in the advisory fee could be reconsidered in the future as the Funds grew.

<u>Conclusion.</u> Having reviewed and discussed in depth such information from the Sub-Advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the Investment Sub-Advisory Agreement and as assisted by the advice of legal counsel, the Trustees concluded that approval of the Investment Sub-Advisory Agreement was in the best interest of the shareholders of the Funds.

**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.

[<u>Filed herewith</u>.](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:&nbsp;&nbsp;&nbsp;&nbsp; July 7, 2025 | 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:&nbsp;&nbsp;&nbsp;&nbsp; July 7, 2025 | Katherine M. Honey <br> President and Principal Executive Officer  |
|  | /s/ Peter McCabe |
| <br>Date:&nbsp;&nbsp;&nbsp;&nbsp; July 7, 2025 | Peter McCabe<br> Treasurer, Principal Accounting Officer, and Principal Financial Officer |

---

## Ex-99.Code

**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;

&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; and

&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; and

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

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

**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 Genter Capital Dividend Income ETF, Genter
 Capital International Dividend ETF, Genter Capital Municipal Quality Intermediate ETF,
 and Genter Capital Taxable Quality Intermediate 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: July 7, 2025 |  | Katherine M. Honey<br> President and Principal Executive Officer |

---

**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, Peter McCabe, certify that:

1. I
 have reviewed this report on Form N-CSR of the Genter Capital Dividend Income ETF, Genter
 Capital International Dividend ETF, Genter Capital Municipal Quality Intermediate ETF,
 and Genter Capital Taxable Quality Intermediate 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: July 7, 2025 |  | Peter McCabe<br> Treasurer, Principal Accounting Officer, and Principal Financial Officer |

---

## Exhibit 99.906

**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 Genter Capital Dividend Income ETF, Genter Capital International Dividend ETF, Genter Capital Municipal Quality Intermediate ETF, and Genter Capital Taxable Quality Intermediate ETF (the "Genter ETFs"), each a series of the Spinnaker ETF Series, on Form N-CSR for the period ended April 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Katherine M. Honey, President and Principal Executive Officer of the Genter ETFs, 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 Genter ETFs.

---

| | | |
|:---|:---|:---|
|  | By: | /s/ Katherine M. Honey |
| Date: July 7, 2025 |  | 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.

**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 Genter Capital Dividend Income ETF, Genter Capital International Dividend ETF, Genter Capital Municipal Quality Intermediate ETF, and Genter Capital Taxable Quality Intermediate ETF (the "Genter ETFs'), each a series of the Spinnaker ETF Series, on Form N-CSR for the period ended April 30, 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 Genter ETFs, 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 Genter ETFs.

---

| | | |
|:---|:---|:---|
|  | By: | /s/ Peter McCabe |
| Date: July 7, 2025 |  | Peter McCabe<br> Treasurer, Principal Accounting Officer, and 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.