SCHEDULE: BNY Mellon Reports 69.6% Stake in Spinnaker ETF Series

Bank of New York Mellon Corporation and its subsidiaries disclose a 69.6% beneficial ownership in Spinnaker ETF Series' Genter Capital Municipal Quality Intermediate ETF.

Summary

• Bank of New York Mellon Corporation, along with its direct and indirect subsidiaries BNY Mellon IHC, LLC, MBC Investments Corp, and BNY Mellon Advisors, Inc., are the reporting persons.
• The reporting group collectively beneficially owns 779,479.00 shares of the Genter Capital Municipal Quality Intermediate ETF, a class of securities issued by Spinnaker ETF Series.
• This aggregate amount represents 69.6% of the class of securities.
• The reporting persons hold 778,400.00 shares with sole voting power and 779,479.00 shares with shared dispositive power.
• The securities are held in various fiduciary capacities, with another entity entitled to dividends or proceeds of sale, though no single other person's interest exceeds 5%.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a routine compliance disclosure of beneficial ownership and does not contain information that would inherently indicate a positive or negative sentiment regarding the issuer or the reporting entity's financial performance.

Positives

• The filing confirms a significant, stable institutional ownership by Bank of New York Mellon Corporation and its subsidiaries, holding 69.6% of the Genter Capital Municipal Quality Intermediate ETF.
• The reporting persons certify that the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, indicating a passive investment stance.

Negatives

• No specific negative aspects are disclosed in this routine beneficial ownership filing.

Risks

• The primary risk disclosed is the potential for misinterpretation of beneficial ownership, as the shares are held in various fiduciary capacities, meaning another entity is entitled to dividends or sale proceeds. However, no single other person's interest in the reported securities is more than 5%.
• The filing explicitly states the shares were not acquired or held for the purpose of changing or influencing control of the issuer, mitigating activist investor risk.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding financial performance or strategic outlook.

Industry Context

Schedule 13G filings are routine disclosures by institutional investors, such as Bank of New York Mellon, when they acquire more than 5% of a company's voting securities, typically in the ordinary course of business and without the intent to influence control. For ETFs, large institutional holdings are common, often reflecting their role as asset managers, custodians, or significant investors in the fund's underlying strategy, in this case, municipal quality intermediate bonds.

Related Party Transactions

• All reported securities are beneficially owned 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 their various fiduciary capacities. This represents an internal holding structure within the BNY Mellon corporate group.

Stakeholder Impact

• Shareholders of Spinnaker ETF Series' Genter Capital Municipal Quality Intermediate ETF receive transparency regarding the significant institutional ownership structure.
• Investors gain insight into the substantial, passive stake held by Bank of New York Mellon and its affiliates in the ETF.

Key Dates

Keywords

Spinnaker ETF Series, Genter Capital Municipal Quality Intermediate ETF, Bank of New York Mellon Corporation, BNY Mellon, Schedule 13G, beneficial ownership, ETF, municipal bonds, institutional ownership