# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0001387131-25-000173
**Filing Date:** 2025-7
**Character Count:** 118801
**Document Hash:** 6cf1e7a4171f03cb1b110a213d02364c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-25-000173.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001387131-25-000173

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22398
- **FILM NUMBER:** 251108355

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

<u>**116 South Franklin Street, Rocky Mount, North Carolina 27804**</u>

(Address of principal executive offices) (Zip code)

**Paracorp Inc.** 

<u>**2140 South Dupont Hwy, Camden, DE 19934**</u> 

(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>October</u>

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

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

(a) **Indexperts Gorilla Aggressive Growth ETF Tailored Shareholder Report**

**Indexperts Gorilla Aggressive Growth ETF**

****

Ticker: RILA

Exchange: NYSE Arca

**Semi-Annual Shareholder Report April 30, 2025** 

This semi-annual shareholder report contains important information about Indexperts Gorilla Aggressive Growth ETF for the period December 31, 2024 to April 30, 2025.You can find additional information about the Fund at https://etfpages.com/RILA. You can also request this information by contacting us at (800) 773-3863.

**What were the Fund costs for the past fiscal period? *(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** |
| RILA | $2¹ | 0.50% |

---

¹ Based on operations for the period December 31, 2024 to April 30, 2025. Expenses for the full fiscal period would be higher.

**What did the Fund invest in?**

(as of April 30, 2025)

**Sector Breakdown *(% of net assets)***![](d7qy1jqmbs4bbzh.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **Microsoft Corp** | 4.8% |
| **Mastercard Inc** | 4.4% |
| **ServiceNow Inc** | 4.0% |
| **NVIDIA Corp** | 4.0% |
| **Eli Lilly & Co** | 3.7% |
| **Vertex Pharmaceuticals Inc** | 3.6% |
| **Broadcom Inc** | 3.3% |
| **Amazon.com Inc** | 3.2% |
| **Costco Wholesale Corp** | 3.0% |
| **Uber Technologies Inc** | 2.9% |

---

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

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $25577792 |
| **Number of Holdings** | 175 |
| **Net Advisory Fee** | $28606 |
| **Portfolio Turnover** | 0.32% |

---

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

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

**Indexperts Quality Earnings Focused ETF**

**Indexperts Quality Earnings Focused ETF**

Ticker: QIDX

Exchange: NYSE Arca

**Semi-Annual Shareholder Report April 30, 2025** 

This semi-annual shareholder report contains important information about Indexperts Quality Earnings Focused ETF for the period December 31, 2024 to April 30, 2025. You can find additional information about the Fund at https://etfpages.com/QIDX. You can also request this information by contacting us at (800) 773-3863.

**What were the Fund costs for the past fiscal period? *(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** |
| QIDX | $2¹ | 0.50% |

---

¹ Based on operations for the period December 31, 2024 to April 30, 2025. Expenses for the full fiscal period would be higher.

**What did the Fund invest in?**

(as of April 30, 2025)

**Sector Breakdown *(% of net assets)***![](d7qy1jqmbs4aud8.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **T-Mobile US Inc** | 3.2% |
| **American Express Co** | 2.5% |
| **Walmart Inc** | 2.4% |
| **Williams Cos Inc/The** | 2.4% |
| **Arista Networks Inc** | 2.3% |
| **KLA Corp** | 2.2% |
| **Costco Wholesale Corp** | 2.1% |
| **Kroger Co/The** | 2.1% |
| **Berkshire Hathaway Inc** | 1.9% |
| **Eli Lilly & Co** | 1.8% |

---

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

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $24814452 |
| **Number of Holdings** | 131 |
| **Net Advisory Fee** | $28388 |
| **Portfolio Turnover** | 0.40% |

---

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

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

**Indexperts Yield Focused Fixed Income ETF**

**Indexperts Yield Focused Fixed Income ETF**

Ticker: YFFI

Exchange: NYSE Arca

**Semi-Annual Shareholder Report April 30, 2025** 

This semi-annual shareholder report contains important information about Indexperts Yield Focused Fixed Income ETF for the period December 31, 2024 to April 30, 2025. You can find additional information about the Fund at https://etfpages.com/YFFI. You can also request this information by contacting us at (800) 773-3863.

**What were the Fund costs for the past fiscal period? *(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** |
| YFFI | $2¹ | 0.50% |

---

¹ Based on operations for the period December 31, 2024 to April 30, 2025. Expenses for the full fiscal period would be higher.

**What did the Fund invest in?**

(as of April 30, 2025)

**Sector Breakdown *(% of net assets)***![](d7qy1jqmbs4a2gk.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **Goldman Sachs Financial Square**<br>**Government Fund** | 3.8% |
| **Travelers Cos Inc/The** | 2.0% |
| **Genuine Parts Co** | 2.0% |
| **Rockwell Automation Inc** | 2.0% |
| **Walmart Inc** | 2.0% |
| **American Express Co** | 2.0% |
| **General Electric Co** | 2.0% |
| **HCA Inc** | 2.0% |
| **Boston Scientific Corp** | 2.0% |
| **Walt Disney Co/The** | 1.9% |

---

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

---

| | |
|:---|:---|
|  |  |
| **Net Assets** | $15611950 |
| **Number of Holdings** | 79 |
| **Net Advisory Fee** | $18808 |
| **Portfolio Turnover** | 6.58% |

---

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

(b) Not applicable.

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

Not applicable.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable.

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

Not applicable.

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

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.**

![](indexperts001.jpg)

**Semi-Annual Financial Statements**

For the semi-annual period ended April 30, 2025

The financial statements and other information contained herein are submitted for the general information of the shareholders of the Indexperts Gorilla Aggressive Growth ETF, Indexperts Quality Earnings Focused ETF, and Indexperts Yield Focused Income ETF (the "Funds"). The Funds' shares are not deposits or obligations of, or guaranteed by, any depository institution. The Funds' shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested. Neither the Funds nor the Funds' distributor is a bank.

---

| | |
|:---|:---|
| &nbsp;&nbsp;[Schedule of Investments (N-CSR Item 6)](#indexpertsa001) | 3 |
| &nbsp;&nbsp;Financial Statements (N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#indexpertsa002) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#indexpertsa003) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#indexpertsa004) | 16 |
| &nbsp;&nbsp;[Notes to Financial Statements](#indexpertsa005) | 18 |
| &nbsp;&nbsp;[Tax Information](#indexpertsa006) | 27 |
| &nbsp;&nbsp;[Changes In and Disagreements with Accountants (N-CSR Item 8)](#indexpertsa007) | 27 |
| &nbsp;&nbsp;[Matters Submitted for Shareholder Vote (N-CSR Item 9)](#indexpertsa008) | 27 |
| &nbsp;&nbsp;[Renumeration Paid to Directors, Officers and Others (N-CSR Item 10)](#indexpertsa009) | 27 |
| &nbsp;&nbsp;[Approval of Investment Advisory Agreement (N-CSR Item 11)](#indexpertsa010) | 27 |

---

**Indexperts Gorilla Aggressive Growth ETF**

**Schedule of Investments (unaudited)**

*As of April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stock - 99.76%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communications - 10.35%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb Inc | 1079 | $131552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp | 374 | 100722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash Inc | 843 | 162606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iridium Communications Inc | 792 | 19111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix Inc | 541 | 612261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA | 545 | 334619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US Inc | 1610 | 397590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk Inc/The | 2267 | 121579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies Inc | 9024 | 731034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Music Group Corp | 573 | 17448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yelp Inc | 527 | 18487 |
|  |  | 2647009 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 11.93%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 4387 | 809051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries Inc | 115 | 16677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chewy Inc | 523 | 19613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill Inc | 4480 | 226330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs Inc | 141 | 12748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp | 1814 | 201046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings Inc | 1040 | 34622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros Inc | 293 | 17504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings Inc | 261 | 18646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment PLC | 323 | 77840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freshpet Inc | 188 | 13826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc | 1299 | 292899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp | 616 | 14987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos Inc | 1202 | 268719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | 601 | 162733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On Holding AG | 793 | 38151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | 258 | 365122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality Inc | 498 | 14586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shake Shack Inc | 229 | 20092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse Inc | 268 | 44477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos Inc/The | 2837 | 365065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute Inc | 568 | 15938 |
|  |  | 3050672 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 3.41%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings Inc | 940 | 32862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp | 776 | 771732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;elf Beauty Inc | 358 | 22149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health Inc | 837 | 27705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vita Coco Co Inc/The | 548 | 18111 |
|  |  | 872559 |
| &nbsp;&nbsp;&nbsp;**Energy - 0.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluence Energy Inc | 5034 | 20589 |

---

*See Notes to Financial Statements* 3

**Indexperts Gorilla Aggressive Growth ETF**

**Schedule of Investments (unaudited)** (continued)

*As of April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Financials - 12.35%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co | 1310 | $348997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax Inc | 186 | 48384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flywire Corp | 1557 | 14651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments Inc | 2075 | 158343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goosehead Insurance Inc | 115 | 11179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Inc | 2067 | 1132840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp | 562 | 254653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paymentus Holdings Inc | 560 | 18178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp/The | 1373 | 386829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remitly Global Inc | 815 | 16479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan Specialty Holdings Inc | 282 | 18474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments Inc | 212 | 17342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toast Inc | 1085 | 38604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Inc | 340 | 15793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos Inc | 1297 | 342577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trupanion Inc | 474 | 17348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics Inc | 1078 | 319552 |
|  |  | 3160223 |
| &nbsp;&nbsp;&nbsp;**Health Care - 14.90%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anika Therapeutics Inc | 1134 | 16477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals Inc | 988 | 18979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astrana Health Inc | 560 | 17455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corp | 3608 | 215939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group/The | 781 | 265571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom Inc | 2870 | 204861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 1044 | 938504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences Corp | 803 | 36649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InfuSystem Holdings Inc | 2790 | 13169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems Inc | 98 | 15521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp | 125 | 31536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical Inc | 1082 | 558096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular Inc | 163 | 14791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings Inc | 57 | 17578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra Inc | 58 | 16985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phibro Animal Health Corp | 775 | 14423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progyny, Inc | 1047 | 23913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RadNet Inc | 331 | 17338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc | 296 | 177233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Pennant Group Inc | 728 | 18651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc | 551 | 236379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UFP Technologies Inc | 69 | 14389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc | 1818 | 926271 |
|  |  | 3810708 |
| &nbsp;&nbsp;&nbsp;**Industrials - 7.07%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAON Inc | 271 | 24734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise Inc | 61 | 37411 |

---

*See Notes to Financial Statements* 4

**Indexperts Gorilla Aggressive Growth ETF**

**Schedule of Investments (unaudited)** (continued)

*As of April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Industrials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badger Meter Inc | 78 | $17224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems Inc | 137 | 16091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CECO Environmental Corp | 623 | 14821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp | 1804 | 381871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA Inc | 111 | 44128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners Inc | 266 | 21849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRA International Inc | 78 | 12652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Industrial Co | 650 | 16692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graham Corp | 451 | 13746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corp | 161 | 40372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell Inc | 101 | 36681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron Inc | 162 | 18029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus International Group Inc | 2325 | 15996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies Inc | 1294 | 284706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International Inc | 64 | 34992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings Inc | 90 | 15858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Co | 197 | 16083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR Inc | 2346 | 211633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins Inc | 805 | 45990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | 964 | 369511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcat Inc | 201 | 15945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corp | 779 | 16982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co | 979 | 83587 |
|  |  | 1807584 |
| &nbsp;&nbsp;&nbsp;**Materials - 3.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings Inc | 3368 | 263950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab Inc | 839 | 210950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 625 | 283269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold Inc | 104 | 19002 |
|  |  | 777171 |
| &nbsp;&nbsp;&nbsp;**Technology - 36.63%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACV Auctions Inc | 1228 | 18039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aehr Test Systems | 1998 | 17043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkami Technology Inc | 642 | 17135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks Inc | 5124 | 421552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corp | 170 | 38813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk Inc | 616 | 168938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvePoint Inc | 1117 | 18263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvidXchange Holdings Inc | 2392 | 19447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems Inc | 908 | 39035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom Inc | 4339 | 835127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems Inc | 907 | 270050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calix Inc | 497 | 20332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cellebrite DI Ltd | 938 | 18563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Inc | 867 | 19716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare Inc | 299 | 36113 |

---

*See Notes to Financial Statements* 5

**Indexperts Gorilla Aggressive Growth ETF**

**Schedule of Investments (unaudited)** (continued)

*As of April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Technology** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confluent Inc | 782 | $18619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc | 542 | 232448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd | 95 | 33455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog Inc | 551 | 56290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doximity Inc | 308 | 17519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace Inc | 1035 | 48614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elastic NV | 260 | 22412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris Inc | 523 | 41380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everspin Technologies Inc | 2936 | 15561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings Inc | 350 | 16968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | 92 | 18866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five9 Inc | 527 | 13249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freshworks Inc | 1031 | 15228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global-e Online Ltd | 464 | 16662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globant SA | 154 | 18106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot Inc | 62 | 37913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp | 1947 | 13765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp | 1392 | 336613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit Inc | 1056 | 662608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamf Holding Corp | 1087 | 12577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp | 523 | 367507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings Inc | 176 | 18260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 3099 | 1224911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monday.com Ltd | 142 | 39901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MongoDB Inc | 196 | 33745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems Inc | 82 | 48634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nCino Inc | 833 | 19326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp | 9282 | 1010995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PagerDuty Inc | 843 | 13075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies Inc | 5965 | 706495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks Inc | 2399 | 448445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corp | 87 | 16713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDF Solutions Inc | 797 | 14625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privia Health Group Inc | 782 | 18361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC Inc | 267 | 41377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage Inc | 829 | 37603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow Inc | 1072 | 1023771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simulations Plus Inc | 541 | 18583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyWater Technology Inc | 1863 | 13209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake Inc | 370 | 59011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprout Social Inc | 785 | 16414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce Inc | 136 | 19517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys Inc | 550 | 252456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenable Holdings Inc | 556 | 16997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UiPath Inc | 1548 | 18483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems Inc | 263 | 61460 |

---

*See Notes to Financial Statements* 6

**Indexperts Gorilla Aggressive Growth ETF**

**Schedule of Investments (unaudited)** (continued)

*As of April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Technology** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Inc | 522 | $20896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vicor Corp | 323 | 12889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday Inc | 375 | 91875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp | 1356 | 17709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zscaler Inc | 266 | 60161 |
|  |  | 9370423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock (Cost $26,633,159)** |  | 25516938 |
| **Short-Term Investment - 0.25%** | **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 4.23% (a) (Cost $64,344) | 64344 | 64344 |
| **Investments, at Value (Cost $26,697,503) - 100.01%** |  | 25581282 |
| **Liabilities in Excess of Other Assets - (0.01)%** |  | (3490) |
| **Net Assets - 100.00%** |  | $25577792 |
| (a) Represents 7-day effective SEC yield as of April 30, 2025. |  |  |

---

*See Notes to Financial Statements* 7

**Indexperts Quality Earnings Focused ETF**

**Schedule of Investments (unaudited)** 

*As of April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stock - 99.70%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communications - 8.52%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc | 2568 | $407798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMC Networks Inc | 6172 | 39501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media Inc | 13989 | 46863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix Inc | 261 | 295379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shutterstock Inc | 1605 | 25616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA Inc | 5701 | 92527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US Inc | 3239 | 799871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Inc | 9202 | 405440 |
|  |  | 2112995 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 9.43%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autoliv Inc | 980 | 91365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone Inc | 119 | 447749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corp | 1670 | 115464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Services Inc | 3129 | 125035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp | 1131 | 125349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethan Allen Interiors Inc | 2389 | 67919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings Inc | 993 | 133022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentherm Inc | 1372 | 35686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings Inc | 762 | 171816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp | 2187 | 83565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos Inc | 649 | 145090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | 333 | 90166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Vision Holdings Inc | 3371 | 41632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | 145 | 205204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp | 611 | 137444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp International/US | 1525 | 121848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos Inc/The | 1575 | 202671 |
|  |  | 2341025 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 11.29%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings Inc | 1529 | 179749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores Inc | 373 | 172546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp | 526 | 523107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hormel Foods Corp | 10222 | 305638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingles Markets Inc | 1028 | 63417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co/The | 7236 | 522512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage Inc | 4758 | 238661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands Inc | 3109 | 190830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart Inc | 6225 | 605381 |
|  |  | 2801841 |
| &nbsp;&nbsp;&nbsp;**Energy - 4.43%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp | 3486 | 368226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy USA Inc | 267 | 133118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos Inc/The | 10201 | 597473 |
|  |  | 1098817 |
| &nbsp;&nbsp;&nbsp;**Financials - 17.23%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadian Asset Management Inc | 3661 | 98627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co | 2354 | 627129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Financial Group Inc/OH | 881 | 111587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital Corp | 5566 | 114994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc | 888 | 473526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc | 1768 | 428563 |

---

*See Notes to Financial Statements* 8

**Indexperts Quality Earnings Focused ETF**

**Schedule of Investments (unaudited)** (continued)

*As of April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Financials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPI Card Group Inc | 4248 | $111043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp | 89 | 177082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial Corp | 1900 | 115539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments Inc | 1185 | 90427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc/The | 881 | 146334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey Inc | 864 | 140037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Inc | 328 | 179764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp | 957 | 433636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp/The | 854 | 240606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global Inc | 822 | 411041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos Inc | 696 | 183834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics Inc | 646 | 191494 |
|  |  | 4275263 |
| &nbsp;&nbsp;&nbsp;**Health Care - 12.55%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 3067 | 401010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astrana Health Inc | 1795 | 55950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora Inc | 1528 | 447200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corp | 2047 | 122513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group/The | 516 | 175461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CorVel Corp | 1000 | 108760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom Inc | 1361 | 97148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co | 506 | 454869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular Inc | 1115 | 101175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens & Minor Inc | 4014 | 28339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals Inc | 164 | 98197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Medical Holdings Corp | 2933 | 53498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp | 1051 | 392990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc | 910 | 390390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc | 367 | 186987 |
|  |  | 3114487 |
| &nbsp;&nbsp;&nbsp;**Industrials - 14.28%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Inc | 506 | 123267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albany International Corp | 830 | 54581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc | 1495 | 137899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc | 418 | 101691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ArcBest Corp | 546 | 31952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore Inc | 503 | 32127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AZZ Inc | 1125 | 97605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Inc | 1059 | 327517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA Inc | 260 | 103363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRA International Inc | 594 | 96347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp | 516 | 177963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd | 3872 | 50181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hackett Group Inc/The | 3231 | 82520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ichor Holdings Ltd | 1858 | 36751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insteel Industries Inc | 2148 | 72839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant Inc | 252 | 74340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimball Electronics Inc | 3494 | 50104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings Inc | 2019 | 79084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies Inc | 789 | 173596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ManpowerGroup Inc | 1553 | 66888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matson Inc | 719 | 78436 |

---

*See Notes to Financial Statements* 9

**Indexperts Quality Earnings Focused ETF**

**Schedule of Investments (unaudited)** (continued)

*As of April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Industrials** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Napco Security Technologies Inc | 2011 | $45951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR Inc | 1400 | 126294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex Inc | 2986 | 439300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Technologies Inc | 3537 | 59351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System Inc | 697 | 95956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teekay Tankers Ltd | 1418 | 60364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Co/The | 1327 | 85260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcat Inc | 780 | 61877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TriNet Group Inc | 888 | 69557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watts Water Technologies Inc | 391 | 81230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WW Grainger Inc | 361 | 369776 |
|  |  | 3543967 |
| &nbsp;&nbsp;&nbsp;**Materials - 4.59%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor PLC | 14478 | 133200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avient Corp | 1927 | 64188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings Inc | 1990 | 155956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawkins Inc | 1109 | 135054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 346 | 156818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp of America | 627 | 116378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance Inc | 354 | 102033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Corp | 712 | 44009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corp | 1160 | 108982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tecnoglass Inc | 1708 | 121729 |
|  |  | 1138347 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 2.11%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle Inc | 580 | 131898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties Inc | 12201 | 390676 |
|  |  | 522574 |
| &nbsp;&nbsp;&nbsp;**Technology - 13.87%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe Inc | 625 | 234363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials Inc | 1785 | 269017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks Inc | 7080 | 582472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems Inc | 520 | 154825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems Inc | 7614 | 439556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp | 4578 | 336803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane NXT Co | 1900 | 89148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings Inc | 2530 | 122654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp | 852 | 206031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp | 769 | 540369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 374 | 147827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow Inc | 202 | 192912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys Inc | 275 | 126228 |
|  |  | 3442205 |
| &nbsp;&nbsp;&nbsp;**Utilities - 1.40%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp | 781 | 102834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Co | 2304 | 176901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otter Tail Corp | 859 | 68188 |
|  |  | 347923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock (Cost $25,582,369)** |  | 24739444 |

---

*See Notes to Financial Statements* 10

**Indexperts Quality Earnings Focused ETF**

**Schedule of Investments (unaudited)** (continued)

*As of April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment - 0.27%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 4.23% (a) (Cost $67,775) | 67775 | $67775 |
| **Investments, at Value (Cost $25,650,144) - 99.97%** |  | 24807219 |
| **Other Assets Less Liabilities - 0.03%** |  | 7233 |
| **Net Assets - 100.00%** |  | $24814452 |
| (a) Represents 7-day effective SEC yield as of April 30, 2025. |  |  |

---

*See Notes to Financial Statements* 11

**Indexperts Yield Focused Fixed Income ETF**

**Schedule of Investments (unaudited)**

*As of April 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal** | **Interest Rate** | **Maturity Date** | **Value** |
| **Corporate Bonds - 94.65%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Communications - 4.59%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications Inc | $113000 | 8.750% | 5/1/2032 | $131961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications Inc | 220000 | 6.550% | 9/15/2043 | 240280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC | 36000 | 7.875% | 2/15/2030 | 41332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co/The | 245000 | 7.750% | 12/1/2045 | 303531 |
|  |  |  |  | 717104 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 4.97%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone Inc | 230000 | 6.550% | 11/1/2033 | 249014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co | 283000 | 6.875% | 11/1/2033 | 311136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos Inc | 138000 | 6.650% | 9/15/2037 | 148532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corp | 62000 | 7.750% | 8/1/2029 | 66871 |
|  |  |  |  | 775553 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 7.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands Inc | 221000 | 8.250% | 9/15/2030 | 253242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corp | 225000 | 6.625% | 8/1/2037 | 256548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co | 227000 | 6.875% | 1/26/2039 | 250543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co/The | 63000 | 7.700% | 6/1/2029 | 69648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart Inc | 270000 | 6.500% | 8/15/2037 | 307491 |
|  |  |  |  | 1137472 |
| &nbsp;&nbsp;&nbsp;**Energy - 19.49%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 230000 | 6.500% | 2/1/2039 | 255000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DCP Midstream Operating LP | 152000 | 8.125% | 8/16/2030 | 173279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp | 250000 | 7.950% | 4/15/2032 | 275971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Paso Natural Gas Co LLC | 245000 | 8.375% | 6/15/2032 | 282826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge Energy Partners LP | 36000 | 7.500% | 4/15/2038 | 41026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP | 227000 | 8.250% | 11/15/2029 | 255328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 138000 | 6.650% | 10/15/2034 | 151721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | 70000 | 6.450% | 9/1/2040 | 75735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co | 186000 | 7.450% | 9/15/2039 | 211845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Corp | 153000 | 7.875% | 10/1/2029 | 172274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP | 188000 | 7.400% | 3/15/2031 | 208652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains All American Pipeline LP / PAA Finance Corp | 104000 | 6.650% | 1/15/2037 | 109138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Gas Pipeline Co LLC | 154000 | 7.000% | 10/15/2028 | 164372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Eastern Transmission LP | 198000 | 7.000% | 7/15/2032 | 217240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp | 177000 | 7.500% | 4/15/2032 | 198045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos Inc/The | 210000 | 8.750% | 3/15/2032 | 250244 |
|  |  |  |  | 3042696 |
| &nbsp;&nbsp;&nbsp;**Financials - 18.93%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co | 250000 | 8.150% | 3/19/2038 | 306745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AXA SA | 200000 | 8.600% | 12/15/2030 | 234496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Inc | 203000 | 8.125% | 7/15/2039 | 249827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse USA LLC | 37000 | 7.125% | 7/15/2032 | 41399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 235000 | 8.250% | 3/1/2038 | 276419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc/The | 235000 | 6.450% | 5/1/2036 | 246754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 117000 | 7.625% | 5/17/2032 | 132724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc | 41000 | 6.450% | 6/8/2027 | 42335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 245000 | 8.750% | 9/1/2030 | 287726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife Inc | 234000 | 6.375% | 6/15/2034 | 253700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 235000 | 6.375% | 7/24/2042 | 251117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial Inc | 250000 | 6.625% | 12/1/2037 | 275523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos Inc/The | 288000 | 6.250% | 6/15/2037 | 315027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unum Group | 39000 | 7.250% | 3/15/2028 | 41927 |
|  |  |  |  | 2955719 |

---

*See Notes to Financial Statements* 12

**Indexperts Yield Focused Fixed Income ETF**

**Schedule of Investments (unaudited)** (continued)

*As of April 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal** | **Interest Rate** | **Maturity Date** | **Value** |
| &nbsp;&nbsp;&nbsp;**Health Care – 6.77%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp | $261000 | 7.375% | 1/15/2040 | $306663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GlaxoSmithKline Capital Inc | 195000 | 6.375% | 5/15/2038 | 213392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Inc | 275000 | 7.500% | 11/6/2033 | 306721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co Inc | 210000 | 6.500% | 12/1/2033 | 230505 |
|  |  |  |  | 1057281 |
| &nbsp;&nbsp;&nbsp;**Industrials - 4.98%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC | 70000 | 7.290% | 6/1/2036 | 81995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Inc | 30000 | 8.250% | 12/15/2038 | 38087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co | 266000 | 6.875% | 1/10/2039 | 306742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation Inc | 285000 | 6.250% | 12/1/2037 | 309071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corp | 38000 | 7.500% | 9/15/2029 | 42237 |
|  |  |  |  | 778132 |
| &nbsp;&nbsp;&nbsp;**Materials - 3.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Chemical Co/The | 200000 | 6.300% | 3/15/2033 | 211189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 220000 | 7.000% | 12/1/2036 | 245817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestRock MWV LLC | 36000 | 8.200% | 1/15/2030 | 41142 |
|  |  |  |  | 498148 |
| &nbsp;&nbsp;&nbsp;**Utilities - 24.44%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AEP Texas Inc | 155000 | 6.650% | 2/15/2033 | 164642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Capital Corp | 175000 | 6.593% | 10/15/2037 | 191856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appalachian Power Co | 195000 | 7.000% | 4/1/2038 | 217659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Public Service Co | 80000 | 6.350% | 12/15/2032 | 85272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baltimore Gas and Electric Co | 159000 | 6.350% | 10/1/2036 | 172801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp | 120000 | 6.250% | 2/1/2037 | 124470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison Co of New York Inc | 203000 | 6.750% | 4/1/2038 | 229302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy Inc | 155000 | 6.300% | 3/15/2033 | 163977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Electric Co | 67000 | 6.625% | 6/1/2036 | 73879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Florida LLC | 180000 | 6.350% | 9/15/2037 | 197681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International | 79000 | 6.950% | 11/15/2029 | 82510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp | 187000 | 7.600% | 4/1/2032 | 212197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Edison Co | 225000 | 8.250% | 10/15/2038 | 282173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Power Co | 199000 | 6.600% | 3/1/2033 | 215724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PacifiCorp | 37000 | 7.700% | 11/15/2031 | 42709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potomac Electric Power Co | 134000 | 7.900% | 12/15/2038 | 166831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progress Energy Inc | 151000 | 7.750% | 3/1/2031 | 172237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Co of Colorado | 165000 | 6.250% | 9/1/2037 | 176312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group Inc | 36000 | 8.625% | 4/15/2031 | 41805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Electric Power Co | 140000 | 6.200% | 3/15/2040 | 148113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toledo Edison Co/The | 200000 | 6.150% | 5/15/2037 | 215690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Electric Co | 145000 | 8.450% | 3/15/2039 | 185179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Electric and Power Co | 192000 | 8.875% | 11/15/2038 | 251772 |
|  |  |  |  | 3814791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds (Cost $14,794,086)** |  |  |  | 14776896 |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investment - 3.81%** | **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, 4.19% (a) (Cost $594,203) | 594203 | 594203 |
| **Investments, at Value (Cost $15,388,290) - 98.46%** |  | 15371099 |
| **Other Assets Less Liabilities - 1.54%** |  | 240851 |
| **Net Assets - 100.00%** |  | $15611950 |

---

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

*See Notes to Financial Statements* 13

**Indexperts ETFs**

**Statement of Assets and Liabilities (unaudited)**

*As of April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | Gorilla<br> Aggressive<br> Growth ETF | Quality<br> Earnings<br> Focused ETF | Yield Focused<br> Fixed Income<br> ETF |
| Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $25581282 | $24807219 | $15371099 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | 4072 | 15308 |  |
| &nbsp;&nbsp;&nbsp;Interest | 1927 | 1511 | 247159 |
| &nbsp;&nbsp;&nbsp;Total assets | 25587281 | 24824038 | 15618258 |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 9489 | 9586 | 6308 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 9489 | 9586 | 6308 |
| Total Net Assets | $25577792 | $24814452 | $15611950 |
| Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $26467085 | $25482486 | $15644596 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (889293) | (668034) | (32646) |
| Total Net Assets | $25577792 | $24814452 | $15611950 |
| ETF Shares Outstanding, no par value |  |  |  |
| &nbsp;&nbsp;&nbsp;(unlimited authorized shares) | 2577018 | 2486932 | 1573337 |
| Net Asset Value, Per Share | $9.93 | $9.98 | $9.92 |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $26697503 | $25650144 | $15388290 |

---

*See Notes to Financial Statements* 14

**Indexperts ETFs**

**Statement of Operations (unaudited)** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | Gorilla<br> Aggressive<br> Growth ETF | Quality<br> Earnings<br> Focused ETF | Yield Focused<br> Fixed Income<br> ETF |
| Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $29136 | $80037 | $— |
| &nbsp;&nbsp;&nbsp;Interest | 4800 | 4444 | 207706 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 33936 | 84481 | 207706 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 28606 | 28388 | 18808 |
| &nbsp;&nbsp;&nbsp;Net Expenses | 28606 | 28388 | 18808 |
| Net Investment Income | 5330 | 56093 | 188898 |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions | (15038) | (3378) | (21570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind transactions | 243767 | 163341 |  |
| &nbsp;&nbsp;&nbsp;Total realized gain (loss) | 228729 | 159963 | (21570) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investment transactions: | (1116221) | (842925) | (17191) |
| Net Realized and Unrealized Gain (Loss) on Investments | (887492) | (682962) | (38761) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $(882162) | $(626869) | $150137 |

---

(a) Commenced operations on December 31, 2024

*See Notes to Financial Statements* 15

**Indexperts ETFs**

**Statements of Changes in Net Assets**

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

---

| | | | |
|:---|:---|:---|:---|
|  | Gorilla<br> Aggressive<br> Growth | Quality<br> Earnings<br> Focused ETF | Yield Focused<br> Fixed Income<br> ETF |
| Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5330 | $56093 | $188898 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from investment transactions | (15038) | (3378) | (21570) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1116221) | (842925) | (17191) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (882162) | (626869) | 150137 |
| Distributions to Shareholders From: |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable Earnings | (7131) | (41165) | (182783) |
| Net Decrease in Net Assets Resulting from Distributions | (7131) | (41165) | (182783) |
| Capital Share Transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 32460651 | 28377309 | 16539222 |
| &nbsp;&nbsp;&nbsp;Shares repurchased | (5993566) | (2894823) | (894626) |
| Net Increase in Net Assets Resulting from Capital Share Transactions | 26467085 | 25482486 | 15644596 |
| Net Increase in Net Assets | 25577792 | 24814452 | 15611950 |
| Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |  |  |
| &nbsp;&nbsp;&nbsp;End of Period | $25577792 | $24814452 | $15611950 |
| Share Information: |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3217018 | 2786932 | 1663337 |
| &nbsp;&nbsp;&nbsp;Shares repurchased | (640000) | (300000) | (90000) |
| Net Increase in Capital Shares | 2577018 | 2486932 | 1573337 |

---

(a) Commenced operations on December 31, 2024

*See Notes to Financial Statements* 16

---

| | | | |
|:---|:---|:---|:---|
| **Financial Highlights** |  |  |  |
| *For a share outstanding during period ended April 30, 2025 (a)* | Gorilla<br> Aggressive<br> Growth ETF | Quality<br> Earnings<br> Focused ETF | Yield Focused<br> Fixed Income<br> ETF |
| Net Asset Value, Beginning of Period | $10.00 | $10.00 | $10.00 |
| Income (Loss) from Investment Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (b) |  | 0.03 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss from investment transactions | (0.07) | (0.03) | (0.10) |
| Total from Investment Operations | (0.07) |  | 0.06 |
| Less Distributions From: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.02) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |
| Total Distributions |  | (0.02) | (0.14) |
| Net Asset Value, End of Period | $9.93 | $9.98 | $9.92 |
| Total Return | (0.71)% | (0.04)% | 0.60% |
| Net Assets, End of Period (in thousands) | $25578 | $24814 | $15612 |
| Ratios of: |  |  |  |
| Net Expenses to Average Net Assets (c) | 0.50% | 0.50% | 0.50% |
| Net Investment Income (c) | 0.09% | 0.98% | 4.97% |
| Portfolio turnover rate (d) | 0.32% | 0.40% | 6.58% |

---

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

(b) Calculated using the average shares method.

(c) Annualized

(d) Not annualized

*See Notes to Financial Statements* 17

**Indexperts ETFs**

**Note to Financial Statements (unaudited)**

*As of April 30, 2025*

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

The Indexperts 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 Indexperts ETFs commenced operations on December 31, 2024.

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

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

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

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

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

*Investment Valuation*

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

**Indexperts ETFs**

**Note to Financial Statements (unaudited)**

*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 a Fund's net asset value is not calculated and on which a Fund does not effect sales, redemptions and exchanges of its Shares.

*Fair Value Measurement*

The Funds have adopted ASC Topic 820, *Fair Value Measurements*. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the three broad levels listed below:

Level 1: Unadjusted quoted prices in active markets for identical securities assets or liabilities that the funds 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 funds' own data. |

---

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs as of April 30, 2025, for the Funds' assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Indexperts Gorilla Aggressive Growth ETF (a)** | | | | |
| *Assets* | *Total* | *Level 1* | *Level 2* | *Level 3* |
| Common Stock (b) | $25516938 | $25516938 | $— | $— |
| Short-Term Investment | 64344 | 64344 |  |  |
| *Total Assets* | $25581282 | $25581282 | $— | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Indexperts Quality Earnings Focused ETF (a)** | | | | |
|  | *Total* | *Level 1* | *Level 2* | *Level 3* |
| *Assets* |  |  |  |  |
| Common Stock (b) | $24739444 | $24739444 | $— | $— |
| Short-Term Investment | 67775 | 67775 |  |  |
| *Total Assets* | $24807219 | $24807219 | $— | $— |

---

**Indexperts ETFs**

**Note to Financial Statements (unaudited)**

*As of April 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Indexperts Yield Focused Fixed Income ETF (a)** | | | | |
|  | *Total* | *Level 1* | *Level 2* | *Level 3* |
| *Assets* |  |  |  |  |
| Corporate Bonds\* | $14776896 | $— | $14776896 | $— |
| Short-Term Investment | 594203 | 594203 |  |  |
| *Total Assets* | $15371099 | $594203 | $14776896 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Fund had no Level 3 holdings during the fiscal period ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Refer
 to Schedule of Investments for breakdown by industry.

*Investment Transactions and Investment Income*

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

*Expenses*

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

*Distributions*

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

*Estimates*

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

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

---

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

---

**Indexperts ETFs**

**Note to Financial Statements (unaudited)** 

*As of April 30, 2025*

---

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

---

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

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

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

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

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

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

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

**Indexperts ETFs**

**Note to Financial Statements (unaudited)** 

*As of April 30, 2025*

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

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

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

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

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

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

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

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

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

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

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

**Indexperts ETFs**

**Note to Financial Statements (unaudited)**

*As of April 30, 2025*

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

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

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

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

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

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

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

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

**Indexperts ETFs**

**Note to Financial Statements (unaudited)** 

*As of April 30, 2025*

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

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

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

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

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

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

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

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

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

**Indexperts ETFs**

**Note to Financial Statements (unaudited)**

*As of April 30, 2025*

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

*Advisor*

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

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

The Board is responsible for the management and supervision of the Funds. The Trustees approve all significant agreements between the Trust, on behalf of the Funds, and those companies that furnish services to the Funds; review performance of the Advisor and the Funds; and oversee activities of the Funds. Officers of the Trust and Trustees who are interested persons of the Trust or the Advisor will receive no salary or fees from the Trust. Effective January 1, 2025, the Independent Trustees receive a flat rate of $7,500 plus an additional $2,500 per Fund each year but may receive up to an additional $1,500 per special meeting in the event that special meetings are held. This amount may be paid pro rata in the event that 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 Fund. 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 period ended April 30, 2025, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Purchases of<br> Securities | Proceeds<br> from 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 |
| Gorilla Aggressive Growth ETF | $17630035 | $11995832 | $– $| &nbsp;&nbsp;&nbsp;&nbsp;— | $26348393 | $5513822 |
| Quality Earnings Focused ETF | 16733931 | 10691446 | – |  | 21990897 | 2543202 |
| Yield Focused Fixed Income ETF | 32142894 | 16699156 | – |  |  |  |

---

&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. Distributions during the period ended April 30, 2025 were characterized for tax purposes as follows:

---

| | |
|:---|:---|
|  | Ordinary Income |
| Gorilla Aggressive Growth ETF | $7131 |
| Quality Earnings Focused ETF | 41165 |
| Yield Focused Fixed Income ETF | 182783 |

---

**Indexperts ETFs**

**Note to Financial Statements (unaudited)**

*As of April 30, 2025*

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

---

| | | | |
|:---|:---|:---|:---|
|  | Gorilla<br> Aggressive<br> Growth ETF | Quality<br> Earnings<br> Focused ETF | Yield Focused<br> Fixed Income<br> ETF |
| Cost of Investments | $26697503 | $25650144 | $15388290 |
| Gross Unrealized Appreciation | 763069 | 742188 | 68805 |
| Gross Unrealized Depreciation | (1879290) | (1585114) | (85995) |
| Net Unrealized Appreciation (Depreciation) | $(1116221) | $(842925) | $(17191) |

---

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

**8.** **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.

**Indexperts ETFs**

Additional Information (unaudited)

*As of April 30, 2025*

**Tax Information** 

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

During the period ended April 30, 2025, the Funds paid distributions as follows:

---

| | |
|:---|:---|
|  | Ordinary Income |
| Gorilla Aggressive Growth ETF | $7131 |
| Quality Earnings Focused ETF | 41165 |
| Yield Focused Fixed Income ETF | 182783 |

---

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 Funds.**

**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 Funds, to the Trustees for the period of this report was $9,169. For the period of this report, no special compensation was paid to the Trustees, no compensation was paid to any officer of the ETF, and no compensation was paid to any person of whom any officer or director of the ETF is an affiliated person.

**Approval of Investment Advisory Agreements**

In connection with an organizational Board meeting held on September 14, 2023, the Board, including a majority of the Independent Trustees, discussed the approval of a management agreement between the Trust and the Advisory, with respect to 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.

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 Funds' 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.

**Indexperts ETFs**

Additional Information (unaudited)

*As of April 30, 2025*

After reviewing the foregoing information and further information in the memorandum from the Advisor (e.g., descriptions of the Advisor'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, as the Funds had not yet launched, and therefore, had no performance to review. It was also noted
 that the Advisor had indices and an SMA that were similar to each respective Fund, which had been presented for comparison. It was noted
 that each index and SMA outperformed their respective benchmark for the periods shown. 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 and expense ratio of the Funds to other comparable funds. The Board noted that the management fee and expense ratio were higher than the peer group and category averages for
 the Indexperts Gorilla Aggressive ETF and Indexperts Quality Earnings Focused ETF, but that the Indexperts Quality Fixed Income ETF had
 a management fee and expense ratio that were higher than the peer group and category averages. However, both the management fee and expense
 ratio were within the range of fees charged in the peer group and category. 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 did not expect to be profitable with respect to the Funds for the first 12 months of managing the Funds but
 did expect to be slightly profitable with respect to the Funds 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.

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

No changes during the period.

**Item 9.** **Proxy Disclosure 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 these 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 registrant's 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. Not applicable.

(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 |
| Date: | 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 |
| Date: | July 7, 2025<br>| Katherine M. Honey<br> President and Principal Executive Officer  |
|  |  | /s/ Peter McCabe |
| Date: | July 7, 2025<br>| Peter McCabe<br> Treasurer, Principal Accounting Officer, and <br> Principal Financial Officer |

---

## Ex-99.Cert

**[Spinnaker ETF Series N-CSRS](indexperts-ncsrs_043025.htm)**

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

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

I, Katherine M. Honey, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | By: | /s/ Katherine M. Honey |
| Date: July 7, 2025 |  | Katherine M. Honey<br>President and Principal Executive Officer  |

---

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

I, Peter McCabe, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

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

---

## Exhibit 99.906

**[Spinnaker ETF Series N-CSRS](indexperts-ncsrs_043025.htm)**

**Exhibit 19.(b)**

**CERTIFICATION**<br> **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 semi-annual report of the Indexperts Gorilla Aggressive Growth ETF, Indexperts Quality Earnings Focused ETF, and Indexperts Yield Focused Fixed Income ETF (the "Funds"), each a series of the Spinnaker ETF Series, on Form N-CSRs 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 Funds, does hereby certify, to her knowledge, that:

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

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

---

| | | |
|:---|:---|:---|
|  | By: | /s/ Katherine M. Honey |
| 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.

**CERTIFICATION**<br> **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 semi-annual report of the Indexperts Gorilla Aggressive Growth ETF, Indexperts Quality Earnings Focused ETF, and Indexperts Yield Focused Fixed Income ETF (the "Funds"), each a series of the Spinnaker ETF Series, on Form N-CSRs 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 Funds, does hereby certify, to his knowledge, that:

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

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

---

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

---

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