SCHEDULE 13G/A: BNY Mellon Discloses 40.1% Stake in Genter Capital Municipal Quality Intermediate ETF

The Bank of New York Mellon Corporation and its subsidiaries have filed an amended Schedule 13G, reporting a beneficial ownership of 40.1% in the Genter Capital Municipal Quality Intermediate ETF as of March 31, 2025.

Summary

• The Bank of New York Mellon Corporation, along with its subsidiaries BNY Mellon IHC, LLC, MBC Investments Corp, and BNY Mellon Advisors, Inc., collectively beneficially own 152,365.00 shares of the Genter Capital Municipal Quality Intermediate ETF.
• This aggregate ownership represents 40.1% of the class of securities.
• The reporting persons hold sole voting power over all 152,365.00 shares and shared dispositive power over the same amount.
• The shares are held in various fiduciary capacities by The Bank of New York Mellon Corporation and its direct or indirect subsidiaries.
• The filing explicitly states that the securities were acquired and are held in the ordinary course of business and not for the purpose or with the effect of changing or influencing the control of the issuer.
• Three individuals, James Hilburger, Laurie Caccard, and Kimberly Townsend, are known to have an interest exceeding 5% in the Genter Capital Municipal Quality Intermediate ETF.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership, providing no positive or negative sentiment regarding the issuer's performance or outlook.

Risks

• The filing includes a disclaimer that it should not be construed as an admission that The Bank of New York Mellon Corporation or its subsidiaries are beneficial owners for the purposes of Section 13(d) or 13(g) of the Act, despite reporting beneficial ownership.

Future Outlook

This document is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's or reporting persons' future financial performance or strategic plans.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."

Industry Context

This filing reflects a significant passive ownership stake by a major financial institution, BNY Mellon, in a specific Exchange Traded Fund (ETF) focused on municipal quality intermediate bonds. Such large institutional holdings are common in the ETF market, where entities like BNY Mellon act in various fiduciary capacities, managing assets for clients. The Genter Capital Municipal Quality Intermediate ETF likely invests in a portfolio of municipal bonds, which are debt securities issued by state and local governments, often appealing to investors seeking tax-exempt income.

Corporate Governance

Related Party Transactions

• The beneficial ownership is held by The Bank of New York Mellon Corporation and its direct or indirect subsidiaries (BNY Mellon IHC, LLC, MBC Investments Corp, BNY Mellon Advisors, Inc.) in various fiduciary capacities, representing holdings within a corporate family structure.

Stakeholder Impact

• Shareholders of Spinnaker ETF Series and the Genter Capital Municipal Quality Intermediate ETF gain transparency regarding the significant ownership stake held by BNY Mellon and its affiliates.
• Investors can see that a large institutional entity has a substantial, albeit passive, interest in the ETF, which may influence perceptions of liquidity or stability.

Key Dates

Keywords

Schedule 13G, beneficial ownership, ETF, Genter Capital Municipal Quality Intermediate ETF, Spinnaker ETF Series, BNY Mellon, investment adviser, holding company, SEC filing, municipal bonds