N-CSR

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22398

Spinnaker ETF Series
(Exact name of registrant as specified in charter)

116 South Franklin Street, Rocky Mount, North Carolina  27804

(Address of principal executive offices)     (Zip code)

Paracorp Inc.

2140 South Dupont Hwy, Camden, DE 19934

 (Name and address of agent for service)

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

Date of fiscal year end: June 30

Date of reporting period: June 30, 2020

Item 1. REPORTS TO STOCKHOLDERS.

Annual Report 2020

As of June 30, 2020

UVA Unconstrained

Medium-Term Fixed Income ETF

This report and the financial statements contained herein are submitted for the general information of the shareholders of the UVA Unconstrained Medium-Term Fixed Income ETF (the “Fund”).  The Fund’s shares are not deposits or obligations of, or guaranteed by, any depository institution. The Fund’s 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.

Statements in this Annual Report that reflect projections or expectations of future financial or economic performance of the UVA Unconstrained Medium-Term Fixed Income ETF (the “Fund”) and of the market in general and statements of the Fund’s plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include, without limitation, general economic conditions such as inflation, recession and interest rates. Past performance is not a guarantee of future results.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing.  The prospectus contains this and other information about the Fund.  A copy of the prospectus is available at www.ncfunds.com/fundpages/426.htm or by calling The Nottingham Company at 800-773-3863.  The prospectus should be read carefully before investing.

For More Information on the UVA Unconstrained Medium-Term Fixed Income ETF:

See Our Web site @ universalvalueadvisors.com

or

Call Our Administrative Services Group at 800-773-3863.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports, as permitted by regulations adopted by the Securities and Exchange Commission. Instead, the reports will be made available on the Fund’s website at https://www.nottinghamco.com/fundpages/FFIU, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by clicking Enroll at https://www.nottinghamco.com/fundpages/FFIU.

You may, notwithstanding the availability of shareholder reports online, elect to receive all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 800-773-3863 to let the Fund know you wish to continue receiving paper copies of your shareholder reports.

(Unaudited)

Shareholder Letter:  6/30/20

Dear Shareholder:

The UVA Unconstrained Medium-Term Fixed Income ETF (the “ETF,” “Fund,” or “FFIU”) will celebrate its third anniversary on August 18.  This is significant because it gives the Fund enough longevity to be eligible for investment by pension funds and other institutional portfolios.  We are active portfolio managers, meaning that we move the Fund’s duration and asset quality in conjunction with our view of the economic landscape.

Since our last shareholder letter, a lot has happened to the economic and interest rate environments.  Economic shutdowns and government incursions into the private sector have upset normal business and financial market operations, making it difficult for us, the portfolio’s managers, to analyze individual security risks and returns.

The First Half

During the first half of our fiscal year (July 1 through December 31, 2019), FFIU outperformed its benchmark index with a total return of 2.68% (5.32% annualized), compared to 2.58% (5.21% annualized) for its benchmark (the Barclays US Aggregate Total Return Value Unhedged USD Index ).

During that period, the Fund began moving its holdings toward higher quality assets (higher rated assets by Moody’s and S&P).  In September, the Federal Reserve (Fed) was surprised by the dislocation that appeared in the repo market (an overnight market used by banks and other large financial institutions).  The Fund’s managers recognized that this was a warning sign that market liquidity could be an issue.  The credit quality of the majority of assets in the Fund’s portfolio is rated by either Moody’s Investors Services, Inc. (“Moody’s”) or Standard & Poor’s (“S&P”) and unrated securities considered by the Sub-Adviser to be of comparable credit quality. On September 16, the day the repo market first showed illiquidity, the weighted average asset quality of the Fund was just above A-.  By year’s end, the managers had moved it to just below A.  From mid-February (the start of the market meltdown – see below) to the end of March 2020, asset quality improved from just below A to A.  On June 30, quality stood at between A and A+.

Market Meltdown

During the first quarter of 2020, markets became roiled over the spreading coronavirus, and governments all over the world ordered business shutdowns.  The equity indexes peaked on February 19, and, as measured by the S&P 500, fell 34% to its trough on March 23.  During periods of such uncertainty, “risk-off” is the order of the day.  Investors shun all risk and run for the safety of cash and government securities.  Liquidity issues appeared in every financial market.

The benchmark used by FFIU is more heavily weighted to Treasury securities than is FFIU.  There were days in March when even the Fund’s highest quality corporate bonds were priced for Armageddon.  Between February 19 and March 23, the Fund’s net asset value fell from $26.54/share to $23.76/share (or by -9%) while the benchmark, heavily weighted to Treasury securities, fell less than -1%.  As a result, for the January 1, 2020 to June 30, 2020 period, the Fund (3.56%) underperformed the benchmark (6.14%).

Government Policy Response

Government policy response has been dramatic, including trillions of dollars of federal government deficits and trillions of Fed balance sheet and money supply expansion.  Because the Fed, for the first time in its history, purchased corporate bonds (some of them Below Investment Grade), the corporate bond market returned to some form of normalcy, and the Fund (+4.96%; 21.42% annualized) significantly beat the benchmark (+2.90%; 12.43% annualized) for the quarter ended June 30 (NAV = $26.14).

The Fund’s Total return for the year ended June 30, 2020 was 6.29%, lower than that of the benchmark, which was 8.74% due to the corporate bond market meltdown in February/March.

The Economic Environment

At this writing, the economic outlook continues to be clouded by uncertainty.  The business shutdowns in March/April put the economy into the steepest recession in the country’s history, with most of the developed world’s economies in similar circumstances.  With partial business re-openings in May/June, there was some economic bounce back, but July brought a spike in the virus case count and a postponement and/or reversal of some of these re-openings.

In the midst of all this, the Fed has pledged to be at the interest rate floor (i.e., near 0%) for the foreseeable future, and Congress is now conjuring up another round of transfer payments.  Interest rates are at historic lows as measured by the Treasury yield curve.  The Fed continues its incursion into the corporate bond world and has compressed the spreads of this paper relative to Treasuries.  Because of such Fed support, even Below Investment Grade corporate paper (i.e. Junk Bonds) currently trades at historically low yields.

As the fear of market collapse and illiquidity has subsided, the Fund’s NAV rose to $26.14 as of the fiscal year end June 30, 2020.  And, it has continued to rise through the date of this writing, July 23, 2020, to $26.75.

Robert Barone, Ph.D.

Joshua Barone

Universal Value Advisors

(RCFUU0720002)

UVA Unconstrained Medium-Term Fixed Income ETF

Performance Update

(Unaudited)

For the period from August 18, 2017 (Commencement of Operations) through June 30, 2020

Comparison of the Change in Value of a $10,000 Investment

This graph assumes an initial investment of $10,000 on August 18, 2017 (Commencement of Operations). All dividends and distributions, if any, are reinvested. This graph depicts the performance of the UVA Unconstrained Medium-Term Fixed Income ETF versus the Barclays US Aggregate Total Return Value Unhedged USD Index. It is important to note that the ETF is a professionally managed exchange-traded fund while the index is not available for investment and is unmanaged.  The comparison is shown for illustrative purposes only.
	Average Annual Total Returns
		As of	One	Since	Inception
		June 30, 2020	Year	Inception	Date
		UVA Unconstrained Medium-Term Fixed Income ETF	6.29%	4.24%	08/18/17
		Barclays US Aggregate Total Return Value Unhedged USD Index	8.74%	5.24%	N/A

(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Performance Update

(Unaudited)

For the period from August 18, 2017 (Commencement of Operations) through June 30, 2020

Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.  The Sub-Advisor has entered into an Expense Limitation Agreement with the Trust, on behalf of the Fund, under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in amounts that limit the Fund’s total operating expenses (exclusive of (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; (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor or Sub-Advisor)) to not more than 0.50% of the average daily net assets of the Fund for the current fiscal year. The current term of the Expense Limitation Agreement remains in effect through October 31, 2020.  The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Sub-Advisor cannot recoup from the Fund any amounts paid by the Sub-Advisor under the Expense Limitation Agreement.  Without the waiver, the expenses would be 0.76% per the Fund’s most recent prospectus dated November 1, 2019.  An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.

The graph and table do not reflect the deduction of taxes that an investor would pay on ETF distributions or the redemption of ETF shares.  Average annual total returns are historical in nature and measure net investment income and capital gain or loss from portfolio investments assuming reinvestments of distributions, if any.

UVA Unconstrained Medium-Term Fixed Income ETF
Schedule of Investments
As of June 30, 2020
				Principal	Interest Rate	Maturity Date		Value (Note 1)
CORPORATE BONDS - 72.96%
		3M Co.	$	350,000	2.250%	9/19/2026	$	377,258
		AbbVie, Inc.		450,000	2.800%	3/15/2023		467,621
		AbbVie, Inc.		500,000	4.400%	11/6/2042		599,311
		Activision Blizzard, Inc.		650,000	2.300%	9/15/2021		662,760
		Agilent Technologies, Inc.		400,000	3.200%	10/1/2022		418,372
		Altria Group, Inc.		100,000	4.250%	8/9/2042		106,215
		Altria Group, Inc.		250,000	4.500%	5/2/2043		270,310
		Amazon.com, Inc.		500,000	2.500%	11/29/2022		523,577
		Amazon.com, Inc.		500,000	3.150%	8/22/2027		572,600
		American Express Co.		218,000	2.500%	8/1/2022		225,858
		American Express Co.		300,000	3.000%	10/30/2024		324,644
		Amgen, Inc.		500,000	2.700%	5/1/2022		517,269
		Amgen, Inc.		400,000	2.650%	5/11/2022		414,297
		Amgen, Inc.		300,000	3.150%	2/21/2040		323,371
		Anthem, Inc.		250,000	2.500%	11/21/2020		252,002
		Apple, Inc.		500,000	2.900%	9/12/2027		560,889
		Apple, Inc.		450,000	3.850%	5/4/2043		557,946
		Apple, Inc.		500,000	3.450%	2/9/2045		585,554
		Apple, Inc.		400,000	4.250%	2/9/2047		528,700
		Apple, Inc.		350,000	3.750%	9/12/2047		421,687
		Arrow Electronics, Inc.		150,000	3.250%	9/8/2024		159,188
		AutoNation, Inc.		250,000	3.800%	11/15/2027		259,015
		Avnet, Inc.		250,000	4.625%	4/15/2026		283,187
		Bank of America Corp.		350,000	3.250%	8/23/2039		350,048
		Bank of America Corp.		500,000	3.250%	11/7/2039		493,857
		Bank of America Corp.		500,000	3.250%	1/30/2040		499,739
		Bank of America Corp.		500,000	6.300%	12/31/2049		555,138
		Best Buy Co., Inc.		475,000	5.500%	3/15/2021		485,414
		Biogen, Inc.		650,000	3.625%	9/15/2022		690,889
		Biogen, Inc.		250,000	3.150%	5/1/2050		241,861
	(a)	Bristol-Myers Squibb Co.		200,000	2.875%	8/15/2020		200,582
	(a)	Bristol-Myers Squibb Co.		900,000	3.250%	8/15/2022		950,466
	(a)	Bristol-Myers Squibb Co.		158,000	3.875%	8/15/2025		179,861
		CA, Inc.		350,000	4.500%	8/15/2023		370,360
		Capital One Financial Corp.		400,000	3.900%	1/29/2024		435,280
		Cisco Systems, Inc.		500,000	2.500%	9/20/2026		553,682
		Citigroup, Inc.		200,000	5.350%	12/31/2049		190,908
		Citigroup, Inc.		178,000	5.950%	12/31/2049		177,080
		Discovery Communications LLC		250,000	3.800%	3/13/2024		268,232
		Dollar Tree, Inc.		200,000	4.000%	5/15/2025		225,353
		E*TRADE Financial Corp.		280,000	5.875%	12/31/2049		291,703
		eBay, Inc.		500,000	3.600%	6/5/2027		568,346
		eBay, Inc.		190,000	2.700%	3/11/2030		201,619
		eBay, Inc.		618,000	4.000%	7/15/2042		673,635
		Expedia Group, Inc.		226,000	3.800%	2/15/2028		216,610
								(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF
Schedule of Investments - Continued
As of June 30, 2020
			Principal	Interest Rate	Maturity Date		Value (Note 1)
CORPORATE BONDS - Continued
	FedEx Corp.	$	250,000	3.875%	8/1/2042	$	251,397
	FedEx Corp.		479,000	4.100%	4/15/2043		498,965
	FedEx Corp.		250,000	4.400%	1/15/2047		265,818
	Flex Ltd.		250,000	5.000%	2/15/2023		269,385
	Ford Motor Credit Co. LLC		400,000	3.813%	10/12/2021		397,620
	Ford Motor Credit Co. LLC		250,000	3.810%	1/9/2024		241,012
	Ford Motor Credit Co. LLC		200,000	4.389%	1/8/2026		190,718
	General Electric Co.		250,000	3.150%	9/7/2022		261,917
	General Electric Co.		288,000	5.100%	6/15/2032		314,444
	Gilead Sciences, Inc.		250,000	4.500%	4/1/2021		255,212
	Gilead Sciences, Inc.		332,000	3.650%	3/1/2026		380,316
	Infinity Property and Casualty Corp.		250,000	5.000%	9/19/2022		264,003
	Jabil, Inc.		210,000	4.700%	9/15/2022		223,216
	JP Morgan Chase & Co.		250,000	4.625%	5/10/2021		259,111
	JP Morgan Chase & Co.		250,000	2.400%	6/7/2021		254,284
	JP Morgan Chase & Co.		500,000	4.600%	12/31/2049		446,875
	Juniper Networks, Inc.		500,000	4.350%	6/15/2025		555,716
	Lam Research Corp.		395,000	2.800%	6/15/2021		403,881
	Lam Research Corp.		300,000	3.750%	3/15/2026		343,203
	Las Vegas Sands Corp.		200,000	2.900%	6/25/2025		194,482
	Las Vegas Sands Corp.		200,000	3.500%	8/18/2026		199,597
	Las Vegas Sands Corp.		100,000	3.900%	8/8/2029		99,024
	Levi Strauss & Co.		500,000	5.000%	5/1/2025		503,703
	LyondellBasell Industries NV		400,000	6.000%	11/15/2021		423,505
	McKesson Corp.		222,000	2.850%	3/15/2023		232,388
	MetLife, Inc.		250,000	5.875%	12/31/2049		264,275
	Microsoft Corp.		450,000	3.500%	11/15/2042		544,336
	Morgan Stanley		500,000	6.250%	8/9/2026		640,399
	Morgan Stanley		250,000	4.350%	9/8/2026		288,508
	NetApp, Inc.		150,000	3.375%	6/15/2021		153,344
	NetApp, Inc.		275,000	3.250%	12/15/2022		286,536
	NetApp, Inc.		100,000	3.300%	9/29/2024		107,940
	Netflix, Inc.		500,000	4.875%	4/15/2028		535,450
	NIKE, Inc.		250,000	3.250%	3/27/2040		280,420
	NIKE, Inc.		343,000	3.625%	5/1/2043		398,011
	Nordstrom, Inc.		375,000	5.000%	1/15/2044		270,054
	NortonLifeLock, Inc.		500,000	4.200%	9/15/2020		501,250
	NVIDIA Corp.		350,000	2.200%	9/16/2021		357,034
	Oracle Corp.		500,000	4.125%	5/15/2045		598,788
	QUALCOMM, Inc.		500,000	3.000%	5/20/2022		522,614
	QUALCOMM, Inc.		500,000	2.900%	5/20/2024		538,333
	Ralph Lauren Corp.		250,000	3.750%	9/15/2025		277,989
	Reinsurance Group of America, Inc.		100,000	3.900%	5/15/2029		109,047
	RPM International, Inc.		250,000	3.750%	3/15/2027		264,586
							(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF
Schedule of Investments - Continued
As of June 30, 2020
			Principal	Interest Rate	Maturity Date		Value (Note 1)
CORPORATE BONDS - Continued
	Southwest Airlines Co.	$	400,000	4.750%	5/4/2023	$	411,180
	Southwest Airlines Co.		250,000	7.375%	3/1/2027		281,038
	Southwest Airlines Co.		250,000	5.125%	6/15/2027		259,021
	Spirit AeroSystems, Inc.		250,000	4.600%	6/15/2028		202,831
	Starbucks Corp.		500,000	2.700%	6/15/2022		519,989
	Starbucks Corp.		436,000	3.800%	8/15/2025		491,710
	Starbucks Corp.		250,000	2.450%	6/15/2026		266,991
	Stryker Corp.		359,000	3.375%	11/1/2025		402,072
	Stryker Corp.		211,000	3.500%	3/15/2026		237,469
	Target Corp.		500,000	2.500%	4/15/2026		549,874
	The American Museum of Natural History		300,000	2.729%	7/15/2022		303,202
	The Boeing Co.		300,000	3.250%	3/1/2028		298,157
	The Boeing Co.		500,000	3.300%	3/1/2035		456,861
	The Boeing Co.		100,000	3.500%	3/1/2045		87,376
	The Boeing Co.		100,000	3.375%	6/15/2046		83,306
	The Charles Schwab Corp.		500,000	5.375%	12/31/2049		535,410
	The Charles Schwab Corp.		600,000	5.000%	12/31/2049		591,542
	The Clorox Co.		250,000	3.050%	9/15/2022		263,224
	The Progressive Corp.		415,000	3.700%	1/26/2045		487,023
	The Trustees of Princeton University		250,000	2.612%	7/1/2026		270,627
	The Walt Disney Co.		250,000	8.875%	4/26/2023		301,033
	The Walt Disney Co.		300,000	3.500%	5/13/2040		328,825
	The Walt Disney Co.		250,000	2.750%	9/1/2049		243,403
	Truist Financial Corp.		500,000	5.125%	12/31/2049		482,931
	TWDC Enterprises 18 Corp.		250,000	3.000%	7/30/2046		255,499
	United Parcel Service, Inc.		200,000	3.625%	10/1/2042		228,432
	ViacomCBS, Inc.		250,000	4.375%	3/15/2043		261,806
	Vmware, Inc.		650,000	2.950%	8/21/2022		672,601
	Vmware, Inc.		300,000	4.650%	5/15/2027		332,091
	Walgreens Boots Alliance, Inc.		250,000	3.800%	11/18/2024		275,539
	Walgreens Boots Alliance, Inc.		500,000	3.450%	6/1/2026		542,017
	Wells Fargo & Co.		1,000,000	5.900%	12/31/2049		990,654
	Total Corporate Bonds (Cost $43,013,499)						44,814,734
FOREIGN BONDS - 0.94%
	HSBC Holdings PLC		25,000	4.250%	3/14/2024		26,987
	Janus Capital Group, Inc.		500,000	4.875%	8/1/2025		552,773
	Total Foreign Bonds (Cost $555,606)						579,760
MUNICIPAL BONDS - 10.43%
	Brea Redevelopment Agency		60,000	2.500%	8/1/2023		62,125
	Bristol Township School District		255,000	3.650%	6/1/2043		263,619
	California Housing Finance		145,000	3.650%	8/1/2025		158,214
	City & County of San Francisco CA
	Community Facilities District No 2014-1		300,000	3.108%	9/1/2024		318,390
	City of New York NY		170,000	3.450%	3/1/2026		187,993
							(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF
Schedule of Investments
As of June 30, 2020
			Principal	Interest Rate	Maturity Date		Value (Note 1)
MUNICIPAL BONDS - Continued
	City of San Francisco CA Public Utilities
	Commission Water Revenue	$	250,000	2.900%	11/1/2025	$	275,817
	City of San Francisco CA Public Utilities
	Commission Water Revenue		400,000	3.473%	11/1/2043		428,700
	Commonwealth of Pennsylvania		300,000	5.450%	2/15/2030		383,409
	Kentucky State Property & Building
	Commission		340,000	2.564%	5/1/2021		343,257
	New Brunswick Parking Authority		215,000	8.420%	9/1/2040		217,518
	New York City Transitional Finance
	Authority Future Tax Secured Revenue		325,000	4.905%	11/1/2024		379,093
	New York State Urban Development Corp.		280,000	3.200%	3/15/2022		292,163
	Pennsylvania Higher Educational Facilities
	Authority		250,000	4.300%	6/15/2045		269,752
	Redevelopment Authority of the City of
	Philadelphia		225,000	3.713%	11/1/2023		240,647
	Regents of the University of California
	Medical Center Pooled Revenue		70,000	2.459%	5/15/2026		73,331
	Sacramento County Public Financing
	Authority		265,000	3.793%	4/1/2022		275,807
	San Antonio Water System		185,000	3.206%	5/15/2030		198,588
	San Francisco City & County Redevelopment
	Financing Authority		160,000	9.000%	8/1/2041		167,432
	San Marcos Unified School District		350,000	3.377%	8/1/2040		386,159
	State of Ohio		350,000	4.994%	12/15/2020		356,090
	State of Oregon		250,000	3.577%	8/1/2029		267,355
	Torrance Unified School District		400,000	3.344%	8/1/2039		422,936
	Tulare County Board of Education		250,000	3.640%	5/1/2043		256,680
	University of California		25,000	3.039%	5/15/2027		27,589
	University of Pittsburgh-of the Commonwealth
	System of Higher Education		140,000	3.127%	9/15/2026		155,352
	Total Municipal Bonds (Cost $6,126,215)						6,408,016
UNITED STATES TREASURY NOTES - 8.09%
	United States Treasury Note		500,000	2.375%	11/15/2049		617,754
	United States Treasury Note		2,600,000	2.000%	2/15/2050		2,978,523
	United States Treasury Note		1,000,000	1.125%	5/15/2040		990,957
	United States Treasury Note		400,000	1.250%	5/15/2050		384,438
	Total United State Treasury Notes (Cost $4,752,159)						4,971,672
CLOSED-END FUNDS - 1.57%
	BlackRock Taxable Municipal Bond Trust			23,500			585,620
	Guggenheim Taxable Municipal Managed Duration Trust			16,200			376,650
	Total Closed-End Funds (Cost $967,589)						962,270
							(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF
Schedule of Investments
As of June 30, 2020
				Shares				Value (Note 1)
EXCHANGE-TRADED FUNDS - 2.05%
	Commodity Fund - 0.42%
	*	Aberdeen Standard Physical Gold Shares ETF		15,000			$	257,100
	Financials - 1.63%
		Invesco Financial Preferred ETF		5,000				89,500
		VanEck Vectors Preferred Securities ex Financials ETF		50,000				910,500
								1,000,000
		Total Exchange-Traded Funds (Cost $1,351,490)						1,257,100
SHORT-TERM INVESTMENT - 5.20%
		Blackrock Treasury Trust, 0.06% §		3,195,077				3,195,077
		Total Short-Term Investment (Cost $3,195,077)						3,195,077
Investments, at Value (Cost $59,961,635) - 101.24%							$	62,188,629
Liabilities in Excess of Other Assets  - (1.24)%								(762,779)
	Net Assets - 100%						$	61,425,850
§	Represents 7 day effective yield
*	Non-income producing investment
(a)	Restricted security
The following acronyms or abbreviations are used in this schedule of investments:
	PLC - Public Limited Company
	LLC - Limited Liability Company
	NV - Naamloze Vennootschap (Netherlands or Dutch security)
			Summary of Investments
				% of Net
				Assets		Value
			Corporate Bonds	72.96%	$	44,814,734
			Foreign Bonds	0.94%		579,760
			Municipal Bonds	10.43%		6,408,016
			United States Treasury Notes	8.09%		4,971,672
			Closed-End Funds	1.57%		962,270
			Exchange-Traded Funds	2.05%		1,257,100
			Short-Term Investment	5.20%		3,195,077
			Liabilities in Excess of Other Assets	-1.24%		(762,779)
			Total Net Assets	100.00%	$	61,425,850
See Notes to Financial Statements

UVA Unconstrained Medium-Term Fixed Income ETF
Statement of Assets and Liabilities
As of June 30, 2020
Assets:
Investments, at value (cost $59,961,635)		$	62,188,629
Receivables:
	Interest		487,967
Total assets			62,676,596
Liabilities:
Payables:
	Distributions		117,500
	Investments purchased		1,108,413
Accrued expenses:
	Operating expenses		14,400
	Related party fees		7,947
	Advisory fees		2,486
Total liabilities			1,250,746
Total Net Assets		$	61,425,850
Net Assets Consist of:
Paid in Capital		$	58,960,250
Distributable Earnings			2,465,600
Total Net Assets		$	61,425,850
Shares Outstanding, no par value (unlimited authorized shares)			2,350,000
Net Asset Value, Offering Price, and Redemption Price Per Share		$	26.14

See Notes to Financial Statements

UVA Unconstrained Medium-Term Fixed Income ETF
Statement of Operations
For the fiscal year ended June 30, 2020
Investment Income:
Interest		$	1,499,813
Dividends			142,462
	Total Investment Income		1,642,275
Expenses:
Advisory fees (note 2)			126,450
Fund accounting fees (note 2)			60,000
Administration fees (note 2)			51,707
Professional fees			42,697
Compliance fees (note 2)			19,119
Transfer agent fees (note 2)			17,046
Pricing fees			12,500
Trustee fees (note 3)			10,443
Other operating expenses			9,875
Custody fees			8,769
Distribution fees			5,417
Insurance fees			4,483
Total Expenses			368,506
Expenses waived and/or reimbursed by the Sub-Advisor (note 2)			(101,159)
Expenses waived by the Advisor (note 2)			(5,933)
Expenses waived by the Administrator (note 2)			(8,412)
Net Expenses			253,002
Net Investment Income			1,389,273
Realized and Unrealized Gain on Investments:
Net realized gain from investment transactions			294,680
Net change in unrealized appreciation on investments			1,502,797
Net Realized and Unrealized Gain on Investments			1,797,477
Net Increase in Net Assets Resulting from Operations		$	3,186,750
See Notes to Financial Statements

UVA Unconstrained Medium-Term Fixed Income ETF
Statements of Changes in Net Assets
For the fiscal year ended June 30,		2020	2019
Operations:
Net investment income	$	1,389,273	$	1,292,924
Net realized gain (loss) from investment transactions		294,680	(196,967)
Net change in unrealized appreciation on investments		1,502,797	1,914,337
Net Increase in Net Assets Resulting from Operations		3,186,750	3,010,294
Distributions to Investors		(1,404,900)	(1,281,875)
Decrease from Distributions to Investors		(1,404,900)	(1,281,875)
Beneficial Interest Transactions:
Shares sold		14,142,465	1,224,908
Shares repurchased		-	(4,836,577)
Increase (Decrease) from Beneficial Interest Transactions		14,142,465	(3,611,669)
Net Increase (Decrease) in Net Assets		15,924,315	(1,883,250)
Net Assets:
Beginning of year		45,501,535	47,384,785
End of year	$	61,425,850	$	45,501,535
Share Information:
Shares Sold		550,000	50,000
Shares Repurchased		-	(200,000)
Net Increase (Decrease) in Shares of Beneficial Interest		550,000	(150,000)

See Notes to Financial Statements

UVA Unconstrained Medium-Term Fixed Income ETF
Financial Highlights
For a share outstanding during each		June 30,
of the fiscal years or period ended			2020		2019		2018	(d)
Net Asset Value, Beginning of Period		$	25.28	$	24.30	$	25.00
Income (Loss) from Investment Operations:
Net investment income (f)			0.71		0.70		0.46
Net realized and unrealized gain (loss) on investments			0.86		0.98		(0.71)
Total from Investment Operations			1.57		1.68		(0.25)
Distributions to Investors:
From net investment income			(0.71)		(0.70)		(0.45)
Total from Distributions to Investors			(0.71)		(0.70)		(0.45)
Net Asset Value, End of Period		$	26.14	$	25.28	$	24.30
Total Return (e)			6.29%		7.05%		(1.00)%	(b)
Net Assets, End of Period (in thousands)		$	61,426	$	45,502	$	47,385
Ratios of:
Gross Expenses to Average Net Assets (c)			0.73%		0.76%		0.77%	(a)
Net Expenses to Average Net Assets (c)			0.50%		0.45%		0.45%	(a)
Net Investment Income to Average Net Assets			2.75%		2.88%		2.36%	(a)
Portfolio turnover rate			21.28%		49.44%		6.85%	(b)
(a)	Annualized.
(b)	Not annualized.
(c)	The expense ratios listed reflect total expenses prior to any waivers (gross expense ratio) and after any waivers (net expense ratio).
(d)	For a share outstanding during the period from August 18, 2017 (Commencement of Operations) through June 30, 2018.
(e)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(f)	Calculated using the average shares method.
See Notes to Financial Statements

UVA Unconstrained Medium-Term Fixed Income ETF

Notes to Financial Statements

As of June 30, 2020

1.       Organization and Significant Accounting Policies

The UVA Unconstrained Medium-Term Fixed Income ETF, an exchange-traded fund (the “Fund”), is 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 Fund commenced operations on August 18, 2017. The investment objective of the Fund is to seek current income with limited risk to principal.  The Fund seeks to achieve its investment objective by investing principally in fixed income securities of any kind with dollar-weighted average effective duration between three and seven years, under normal circumstances.  Under normal market conditions, the Fund intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in such securities.  Fixed income securities include bonds, debt securities, and income-producing instruments of any kind issued by governmental or private-sector entities.   

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 50,000 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 Fund. 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 Fund may only be purchased and sold in secondary market transactions through brokers. Shares of the Fund are listed for trading on NYSE Arca under the trading symbol FFIU, and because shares will trade at market prices rather than NAV, shares of the Fund may trade at a price greater than or less than NAV.

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

Investment Valuation

The Fund’s investments in securities are carried at market value.  Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time.  Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the mean of the most recent bid and ask prices. Securities and assets for which representative market quotations are not readily available (e.g., if the exchange on which the security is principally traded closes early or if trading of the particular security is halted during the day and does not resume prior to the Fund’s net asset value calculation) or which cannot be accurately valued using the Fund’s normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Board of Trustees (the “Board” or the “Trustees”).  A security’s “fair value” price may differ from the price next available for that security using the Fund’s normal pricing procedures.  Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.

With respect to any portion of a Fund's assets that may be invested in other mutual funds, the value of the Fund's shares is based on the NAV of the shares of the other mutual funds in which the Fund invests. The valuation methods used by mutual funds in pricing their shares, including the circumstances under which they will use fair value pricing and the effects of using fair value pricing, are included in the prospectuses of such funds. To the extent the Fund invests a portion of its assets in non-registered investment vehicles, the Fund's shares in the non-registered vehicles are fair valued at NAV.

With respect to a Fund's assets invested directly in securities, the Fund's investments are generally valued at current market prices. Equity securities, debt securities, options and futures are generally valued at the official closing price or, if none, the last reported sales price on the primary exchange or market on which they are listed (closing price). Equity securities and debt securities that are not traded primarily on an exchange are generally valued at the quoted bid price obtained from a broker-dealer.

(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Notes to Financial Statements

As of June 30, 2020

Fair Value Measurement

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

Level 1: unadjusted quoted prices in active markets for identical securities

Level 2: other significant observable inputs (including quoted prices for similar securities and identical securities in inactive markets, interest rates, credit risk, etc.)

Level 3: significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)

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 June 30, 2020 for the Fund’s assets measured at fair value:

Investments in Securities (a)		Total		Level 1		Level 2		Level 3
Assets
Corporate Bonds	$	44,814,734	$	-	$	44,814,734	$	-
Foreign Bonds		579,760		-		579,760		-
Municipal Bonds		6,408,016		-		6,408,016		-
United States Treasury Notes		4,971,672		-		4,971,672		-
Closed-End Funds		962,270		962,270		-		-
Exchange-Traded Funds		1,257,100		1,257,100		-		-
Short-Term Investment		3,195,077		3,195,077		-		-
Total Assets	$	62,188,629	$	5,414,447	$	56,774,182	$	-

(a) The Fund did not hold any Level 3 securities during the year.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date).  Dividend income and expense 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 Fund bears expenses incurred specifically on its behalf as well as a portion of general expenses, which are allocated according to methods reviewed annually by the Trustees.

(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Notes to Financial Statements

As of June 30, 2020

Distributions

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

Estimates

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

Federal Income Taxes

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

2.       Transactions with Related Parties and Service Providers

Advisor

The Fund pays a monthly fee to OBP Capital, LLC (the “Advisor”) calculated at the annual rate of 0.25% of the Fund’s average daily net assets.

The Advisor has engaged Universal Value Advisors as the sub-advisor of the Fund (the “Sub-Advisor”) to provide day to day portfolio management of the Fund.  The Advisor pays a monthly fee to the Sub-Advisor calculated at the annual rate of 0.20% of the Fund’s average daily net assets.  The Sub-Advisor is paid directly by the Advisor out of the advisory fees disclosed above.

The Fund and the Sub-Advisor have entered into a contractual agreement (the “Expense Limitation Agreement”) with the Trust, on behalf of the Fund, under which the Sub-Advisor has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in amounts that limit the Fund’s total operating expenses (exclusive of (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 Adviser or Sub-Adviser)) to not more than 0.50% of the average daily net assets of the Fund. The current term of the Expense Limitation Agreement is through October 31, 2020.  While there can be no assurance that the Expense Limitation Agreement will continue after that date, it is expected to continue from year-to-year thereafter.

For the fiscal year ended June 30, 2020, the Advisor earned $25,291 in net advisory fees after payment of the sub-advisor fee. In order to help reduce operating expenses of the Fund, the Advisor voluntarily waived $5,933 in advisory fees.

For the fiscal year ended June 30, 2020, the Sub-Advisor earned $101,159 in sub-advisory fees, all of which were waived pursuant to the Expense Limitation Agreement.

Administrator

The Fund pays a monthly fee to the Fund’s administrator, The Nottingham Company (the “Administrator”), based upon the average daily net assets of the Fund and calculated at the annual rates as shown in the schedule below, which is subject to a minimum of $3,750 per month.

(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Notes to Financial Statements

As of June 30, 2020

A breakdown of these fees is provided in the following table:

Net Assets	Annual Fee
On the first $100 million	0.100%
$100 million to $200 million	0.080%
On all assets over $200 million	0.060%

The Fund incurred $51,707 in administration fees for the fiscal year ended June 30, 2020. The Administrator is responsible for collecting expense amounts from the Fund, as well as expense reimbursement payments and waived fees from the Sub-Advisor and remitting these amounts to the companies that furnish services to the Fund.  The Administrator agreed to waive its fee for the months of July and August 2019, in order to help reduce operating expenses of the Fund.

Compliance Services

For the fiscal period from July 1, 2019 through April 30, 2020, Cipperman Compliance Services, LLC provided services as the Trust’s Chief Compliance Officer (the “CCO”).  Cipperman Compliance Services, LLC was entitled to receive customary fees from the Fund for its services pursuant to the Compliance Services agreement with the Fund.

Effective May 1, 2020, The Nottingham Company, Inc. replaced Cipperman Compliance Services, LLC as the Trust’s compliance services provider including services as the Trust’s Chief Compliance Officer.

Transfer Agent

The Bank of New York Mellon (“Transfer Agent”) serves as transfer, dividend paying, and shareholder servicing agent for the Fund.  For its services, the Transfer Agent is entitled to receive compensation from the Fund pursuant to the Transfer Agent’s fee arrangements with the Fund.

Fund Accounting

The Bank of New York Mellon (“Fund Accountant”) serves as the Fund Accountant for the Fund.  For its services, the Fund Accountant is entitled to receive compensation from the Fund pursuant to the Fund Accounting fee arrangements with the Fund.

3.       Trustees and Officers

The Board is responsible for the management and supervision of the Fund.  The Trustees approve all significant agreements between the Trust, on behalf of the Fund, and those companies that furnish services to the Fund; review performance of the Advisor and the Fund; and oversee activities of the Fund.  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.  Trustees who are not “interested persons” of the Trust or the Advisor within the meaning of the 1940 Act (the “Independent Trustees”) receive $5,000 per year payable quarterly and $2,000 per series in the Trust. The Trust will reimburse each Trustee and officer of the Trust for his or her travel and other expenses relating to attendance of Board meetings.  Additional fees may also be incurred during the year as special meetings are necessary in addition to the regularly scheduled meetings of the Board.

Certain officers of the Trust may also be officers of the Advisor or the Administrator.

(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Notes to Financial Statements

As of June 30, 2020

4.       Purchases and Sales of Investment Securities

For the fiscal year ended June 30, 2020, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities and securities sold short) were as follows:

Purchases of Securities (Excluding U.S. Government Securities)	Proceeds from Sales of Securities (excluding U.S. Government Securities)	Purchase of U.S. Government Securities	Proceeds from Sales of U.S. Government Securities
$20,160,706	$10,302,576	$4,753,827	$         -

5.   Federal Income Tax

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

Management has reviewed the Fund’s tax positions to be taken on the federal income tax returns and, for the fiscal year/periods ended June 30, 2018 through June 30, 2020 and determined that the Fund does not have a liability for uncertain tax positions.  The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.  During the fiscal year ended June 30, 2020, the Fund did not incur any interest or penalties.

Distributions during the years ended were characterized for tax purposes as follows:

	June 30, 2020	June 30, 2019
Ordinary Income	$1,404,900	$1,281,875

At June 30, 2020, the tax-basis cost of investments and components of distributable earnings were as follows:

Cost of Investments	$59,961,635
Gross Unrealized Appreciation	$  2,780,157
Gross Unrealized Depreciation	(553,163)
Net Unrealized Appreciation	$  2,226,994
Undistributed Net Investment Income	73,122
Other Accumulated Gains (Losses)	165,484
Distributable Earnings	$2,465,600

During the current fiscal year, the Fund utilized $14,734 of capital loss carryforward from the prior fiscal year.

6.       Concentration of Risk

At various times, the Fund may have cash, cash collateral, and due from broker balances that exceed federally insured limits. It is the opinion of management that the solvency of the financial institutions is not of a particular concern at the time.

(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Notes to Financial Statements

As of June 30, 2020

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 Fund.  In addition, in the normal course of business, the Trust enters into contracts with its service providers, on behalf of the Fund, and others that provide for general indemnifications.  The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund.  The Fund expects 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, other than the following items:

Distributions

Per share distributions for the Fund during the subsequent period were as follows:

Record Date	Ex-Date	Payable Date	Ordinary Income
7/31/2020	7/30/2020	8/3/2020	$0.05600

Management is currently evaluating the impact of the COVID-19 virus on the financial services industry and has concluded that, while it is reasonably possible that the virus could have a negative effect on the fair value of the Company’s investments and results of operations, the specific impact is not readily determinable as of the date of these financial statements.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Spinnaker ETF Series

and the Shareholders of UVA Unconstrained Medium-Term Fixed Income ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of UVA Unconstrained Medium-Term Fixed Income ETF, a series of shares of beneficial interest in Spinnaker ETF Series (the “Fund”), including the schedule of investments, as of June 30, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the two-year period then ended and for the period from August 18, 2017 (commencement of operations) to June 30, 2018, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the two-year period then ended and for the period from August 18, 2017 to June 30, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management.  Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.  We believe that our audits provide a reasonable basis for our opinion.

BBD, LLP

We have served as the auditor of one or more of the Funds in the Spinnaker ETF Series since 2017.

Philadelphia, Pennsylvania

August 25, 2020

UVA Unconstrained Medium-Term Fixed Income ETF

Additional Information

(Unaudited)

As of June 30, 2020

1.       Proxy Voting Policies and Voting Record

Copies of the Advisor’s and Sub-Advisor’s Proxy Voting Policies and Procedures are included as Appendix A to the Fund’s Statement of Additional Information and are available, without charge, upon request, by calling 800-773-3863, and on the website of the Securities and Exchange Commission (“SEC”) at http://www.sec.gov.  Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, is available (1) without charge, upon request, by calling the Funds at the number above and (2) on the SEC’s website at http://www.sec.gov.

2.       Quarterly Portfolio Holdings

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT.  The Fund’s Form N-PORT is available on the SEC’s website at http://www.sec.gov.  You may also obtain copies without charge, upon request, by calling the Fund at 800-773-3863.

3.       Tax Information

We are required to advise you within 60 days of the Fund’s fiscal year-end regarding federal tax status of certain distributions received by shareholders during each fiscal year.  The following information is provided for the Fund’s fiscal year ended June 30, 2020.

During the fiscal year, the Fund paid $1,404,900 in income distributions but no long-term capital gain distributions.

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.

4.       Schedule of Shareholder Expenses

As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the fiscal period from January 1, 2020 through June 30, 2020.

Actual Expenses – The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes – The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Additional Information

(Unaudited)

As of June 30, 2020

	Beginning Account Value January 1, 2020	Ending Account Value June 30, 2020	Expenses Paid During Period*
Actual Hypothetical (5% annual return before expenses)
	$1,000.00	$1,035.76	$2.54
	$1,000.00	$1,022.44	$2.52

*Expenses are equal to the average account value over the period multiplied by each Fund’s annualized expense ratio of 0.50%, multiplied by the number of days in the most recent period divided by the number of days in the fiscal year (to reflect the six month period).

5.       Approval of Investment Advisory Agreement

In connection with the quarterly Board meeting held on December 17, 2019, the Board, including a majority of the Independent Trustees, discussed the approval of the renewal of the management agreement, between the Trust and the Advisor, with respect to the Fund (the "Investment Advisory Agreement").

The Trustees were assisted by legal counsel throughout the review 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 renewal of the Investment Advisory Agreement, the Trustees considered numerous factors, including:

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

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

(ii) Performance.  The Trustees compared the performance of the Fund with the performance of its comparable funds with similar strategies managed by other investment advisers, and applicable peer group data (e.g., Lipper peer group average).  The Trustees noted that the Fund had underperformed its peer group and the category for all periods.  It was noted that the underperformance was primarily due to the shorter average duration of the Fund’s portfolio compared to its peers and category.  The Trustees also considered the consistency of the Advisor’s management of the Fund with its investment objective, policies and limitations.  After reviewing the investment performance of the Fund, the Advisor’s experience managing the Fund, and other factors, the Board concluded that the investment performance of the Fund and the Advisor were satisfactory.

(iii) Fees and Expenses.  The Trustees compared the advisory fee and expense ratio of the Fund to other comparable funds and noted they were below those in both the peer group and category.  Following this comparison, and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to the Advisor were not unreasonable in relation to the nature and quality of the services provided by the Advisor and that they reflected charges that were within a range of what could have been negotiated at arm’s length.

(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Additional Information

(Unaudited)

As of June 30, 2020

(iv) Profitability.  The Board reviewed the Advisor’s profitability analysis in connection with its management of the Fund over the past twelve months.  The Board noted that the Advisor did not realize a profit for the prior twelve months of operations.  The Board considered that the Advisor had not yet realized a profit from the Fund and, therefore, concluded that the Advisor’s level of profitability was not excessive.

(v) Economies of Scale.  In this regard, the Trustees reviewed the Fund’s operational history and noted that it had not provided an opportunity to realize economies of scale.  The Trustees then reviewed the fee arrangements for breakpoints or other provisions that would allow shareholders to benefit from economies of scale in the future as the Fund grows.  The Trustees determined that the maximum management fee would stay the same regardless of the asset levels.  The Trustees noted that the Fund was a relatively small size and economies of scale were unlikely to be achievable in the near future.  It was pointed out that breakpoints in the advisory fee could be reconsidered in the future as the Fund grows.

Conclusion. 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 Fund.

6.       Information about Trustees and Officers

The business and affairs of the Fund and the Trust are managed under the direction of the Board of Trustees of the Trust.  Information concerning the Trustees and officers of the Trust and Fund is set forth below.  Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as their resignation, death, or otherwise as specified in the Trust’s organizational documents. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Trust’s organizational documents. The Statement of Additional Information of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Fund toll-free at 800-773-3863.  The address of each Trustee and officer, unless otherwise indicated below, is 116 South Franklin Street, Rocky Mount, North Carolina 27804.  The Independent Trustees each received aggregate compensation of $5,222 during the fiscal year ended June 30, 2020 from the Fund for their services to the Fund and Trust.

Name and Date of Birth	Position held with Funds or Trust	Length of Time Served	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Independent Trustees
Thomas R. Galloway (10/1963)	Independent Trustee, Chairman	Since 12/16	Independent Investor since 2012.	3	Independent Trustee of the Leeward Investment Trust for all of its series since 2016; Prophecy Alpha Fund I, a closed-end interval fund since 2015 (all registered investment companies).
Jesse S. Eberdt, III (10/1959)	Independent Trustee	Since 12/16	Managing Director at Tempus Durham, LLC (advisory firm) since 2010.	3	Independent Trustee of the Prophecy Alpha Fund I, a closed-end interval fund since 2015 (a registered investment company).

(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Additional Information

(Unaudited)

As of June 30, 2020

Name and Date of Birth	Position held with Funds or Trust	Length of  Time Served	Principal Occupation During Past 5 Years
Officers
Katherine M. Honey (09/1973)	President and Principal Executive Officer	Since 12/16	President of The Nottingham Company since 2018. EVP of The Nottingham Company from 2008 to 2018.
Ashley H. Lanham (03/1984)	Treasurer and Principal Financial Officer	Since 12/16	Director of Fund Administration. The Nottingham Company since 2008.
Tracie A. Coop (12/1976)	Secretary	Since 12/2019	General Counsel, The Nottingham Company since 2019. Formerly, Vice President and Managing Counsel, State Street Bank and Trust Company from 2015 to 2019. Formerly, General Counsel for Santander Asset Management USA, LLC from 2013 to 2015.
Matthew Baskir (07/1979)	Chief Compliance Officer	Since 06//20	Compliance Director, The Nottingham Company, Inc., since 2020. Formerly, Consultant at National Regulatory Services from 2019 to 2020. Formerly, Counsel at Financial Industry Regulatory Authority (FINRA), Member Supervision from 2016-2019. Formerly Counsel at FINRA, Market Regulation Enforcement from 2014 – 2016.

UVA Unconstrained Medium-Term Fixed Income ETF

is a series of

Spinnaker ETF Series

For Shareholder Service Inquiries:	For Investment Advisor Inquiries:
The Bank of New York Mellon	Universal Value Advisors
225 Liberty Street	1 E. Liberty Street #406
New York, New York 10286	Reno, Nevada 89501
Telephone:	Telephone:
800-205-7699	775-284-7778
World Wide Web @:	World Wide Web @:
bnymellon.com	universalvalueadvisors.com

Item 2. CODE OF ETHICS.

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

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

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

(f)(1) A copy of the Code of Ethics is filed with this Form N-CSR as Exhibit 13(a)(1).

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

At this time, the registrant believes that the collective knowledge and experience provided by the members of the audit committee together offer the registrant adequate oversight for the registrant’s level of financial complexity.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees – Audit fees billed for the UVA Unconstrained Medium-Term Fixed Income ETF for the last two fiscal years are reflected in the table below. These amounts represent aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant’s independent accountant, BBD, LLP (“Accountant”), for the annual audit of the Fund’s financial statements or services that are normally provided by the Accountant in connection with the registrant’s statutory and regulatory filings or engagements for those fiscal years.

Fund	June 30, 2019	June 30, 2020
UVA Unconstrained Medium-Term Fixed Income ETF	$14,200	$14,200

(b) Audit-Related Fees – There were no additional fees billed in the fiscal years ended June 30, 2019 and June 30, 2020 for assurance and related services by the Accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and that were not reported under paragraph (a) of this Item.

(c) Tax Fees – The tax fees billed in each of the last two fiscal years for professional services rendered by the Accountant for tax compliance, tax advice, and tax planning are reflected in the table below.  These services were for the completion of the Fund’s federal and state income tax returns, excise tax returns, and assistance with distribution calculations.

Fund	June 30, 2019	June 30, 2020
UVA Unconstrained Medium-Term Fixed Income ETF	$3,000	$3,000

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended June 30, 2019 and June 30, 2020 for products and services by the Accountant, other than the services reported in paragraphs (a) through (c) of this item.

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

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

(f) Not applicable.

(g) Aggregate non-audit fees billed by the Accountant to the Fund for services rendered for the fiscal years ended June 30, 2019 and June 30, 2020 were $3,000 and $3,000, respectively. There were no fees billed by the Accountant for non-audit services rendered to the Fund’s investment adviser, or any other entity controlling, controlled by, or under common control with the Fund’s investment adviser.

(h) Not applicable.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

(b) Not Applicable.

Item 6. SCHEDULE OF INVESTMENTS.

A copy of the schedule of investments of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR   CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

Item 11. CONTROLS AND PROCEDURES.

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

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

Item 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END FUND MANAGEMENT INVESTMENT COMPANIES

Not applicable.

Item 13. EXHIBITS.

(a)(1) Code of Ethics required by Item 2 of Form N-CSR is filed herewith.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are filed herewith.

(a)(3)
Not applicable.

(a)(4) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

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
	/s/ Katherine M. Honey
Date: September 2, 2020	Katherine M. Honey 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: September 2, 2020	Katherine M. Honey President and Principal Executive Officer

	/s/ Ashley H. Lanham
Date: September 2, 2020	Ashley H. Lanham Treasurer and Principal Financial Officer

EX-99.P CODE ETH

EXHIBIT 13(a)(1)

CODE OF ETHICS FOR PRINCIPAL OFFICERS

1. Covered Officers/Purpose of the Supplemental Code

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

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

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

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

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

e. Accountability for adherence to this Code of Ethics.

2. Ethical Handling of Conflicts of Interest

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

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

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

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

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

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

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

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

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

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

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

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

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

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

3. Disclosure and Compliance

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

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

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

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

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

4. Reporting and Accountability

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

5. Other Policies and Procedures

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

6. Amendments

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

7. Confidentiality

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

8. Internal Use

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

EX-99.CERT

EXHIBIT 13(a)(2)

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND

 SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Katherine M. Honey, certify that:

1. I have reviewed this report on Form N-CSR of the UVA Unconstrained Medium-Term Fixed Income ETF, 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 follows (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:

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;

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;

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

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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):

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

b. Any fraud, whether or not materials, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Katherine M. Honey
By:	Katherine M. Honey President and Principal Executive Officer
Date:	September 2, 2020

EXHIBIT 13(a)(2)

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND

 SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ashley H. Lanham, certify that:

6. I have reviewed this report on Form N-CSR of the UVA Unconstrained Medium-Term Fixed Income ETF, a series of the Spinnaker ETF Series.

7. 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;

8. 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 follows (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;

9. 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:

e. 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;

f. 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;

g. 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

h. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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

10. 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):

c. 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

d. Any fraud, whether or not materials, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Ashley H. Lanham
By:	Ashley H. Lanham Treasurer and Principal Financial Officer
Date:	September 2, 2020

EX-99.906 CERT

EXHIBIT 13(b)

SPINNAKER ETF SERIES

CERTIFICATION PURSUANT TO RULE 30a-2(b) UNDER THE INVESTMENT

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

In connection with the annual report of UVA Unconstrained Medium-Term Fixed Income ETF (the “Fund”), a series of the Spinnaker ETF Series on Form N-CSR for the period ended June 30, 2020, as filed with the Securities and Exchange Commission (the “Report”), the undersigned, Katherine M. Honey, President and Principal Executive Officer of the Fund, does hereby certify, to her knowledge, that:

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

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

By:	/s/ Katherine M. Honey
	Katherine M. Honey President and Principal Executive Officer
Date:	September 2, 2020

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

EXHIBIT 13(b)

SPINNAKER ETF SERIES

CERTIFICATION PURSUANT TO RULE 30a-2(b) UNDER THE INVESTMENT

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

In connection with the annual report of UVA Unconstrained Medium-Term Fixed Income ETF (the “Fund”), a series of the Spinnaker ETF Series on Form N-CSR for the period ended June 30, 2020, as filed with the Securities and Exchange Commission (the “Report”), the undersigned, Ashley H. Lanham, Treasurer and Principal Financial Officer of the Fund, does hereby certify, to her knowledge, that:

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

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

By:	/s/ Ashley H. Lanham
	Ashley H. Lanham Treasurer and Principal Financial Officer
Date:	September 2, 2020

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.