SPINNAKER ETF SERIES

Ticker: GENM CUSIP: 84858T780 Class: GENTER CAP MUNIC

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (3)

Advisor OS, LLC

Value ($000) $1,564 Shares 152,035

MAI Capital Management

Value ($000) $180 Shares 17,538

JANE STREET GROUP, LLC

Value ($000) $210 Shares 20,423

Institution	Shares	Value ($000)
Advisor OS, LLC	152,035	$1,564
MAI Capital Management	17,538	$180
JANE STREET GROUP, LLC	20,423	$210

Increased Positions (5)

Axos Invest Inc.

Value ($000) $449 (+193.1%) Shares 43,674 (+193.1%)

Koshinski Asset Management, Inc.

Value ($000) $4,286 (+131.5%) Shares 416,510 (+131.5%)

Marshall Financial Group LLC

Value ($000) $509 (+131.6%) Shares 49,425 (+131.6%)

Bank of New York Mellon Corp

Value ($000) $10,865 (+35.5%) Shares 1,055,903 (+35.5%)

Value ($000) $2 (+43.5%) Shares 211 (+43.5%)

Institution	Prev Shares	Curr Shares	Change
Axos Invest Inc.	14,901	43,674	+28,773 (+193.1%)
Koshinski Asset Management, Inc.	179,936	416,510	+236,574 (+131.5%)
Marshall Financial Group LLC	21,340	49,425	+28,085 (+131.6%)
Bank of New York Mellon Corp	779,479	1,055,903	+276,424 (+35.5%)
UBS Group AG	147	211	+64 (+43.5%)

Exited Positions (1)

CITADEL ADVISORS LLC

Value ($000) $296 Shares 28,776

Institution	Prev Shares	Prev Value ($000)
CITADEL ADVISORS LLC	28,776	$296