Vault-13

SPINNAKER ETF SERIES EUAD

SELECT STOXX EUR · ETP · CUSIP 84858T772

132 institutional holders +49 vs Q1 2025
6,725,0506.7m shares reported held*
$289.8mreported value*
62 new 41 added 10 reduced 13 sold out net bought ≈ $140.7m (+3.3m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $43.10. Options: 3 managers hold calls ($1.7m notional), 3 hold puts ($1.2m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q4 24: 4Q1 25: 83Q2 25: 132132Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q4 20244
Q1 202583
Q2 2025132

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q1 25: 81 bought or addedQ1 25: 0 cut or sold outQ1 25Q2 25: 103 bought or addedQ2 25: 23 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q1 2025810
Q2 202510323

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$500k$1m$1.5m$2mQ3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $1.7mQ2 25 puts: $1.2mQ2 25P/C 0.67
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$0$0—
Q1 2025$0$0—
Q2 2025$1.7m$1.2m0.67

Biggest buyers

Cetera Investment Advisers Added +662,233+662.2k
ROYAL BANK OF CANADA Added +458,162+458.2k
BANK OF MONTREAL /CAN/ Added +372,111+372.1k
Quadrature Capital Ltd New +306,539+306.5k
UBS Group AG Added +186,650+186.7k
PATTEN & PATTEN INC/TN Added +168,660+168.7k
RENAISSANCE TECHNOLOGIES LLC New +119,800+119.8k
bLong Financial, LLC New +109,699+109.7k
Ethos Financial Group, LLC New +105,085+105.1k
COMMONWEALTH EQUITY SERVICES, LLC Added +103,203+103.2k

Biggest sellers

JANE STREET GROUP, LLC Reduced -224,238-224.2k
Empowered Funds, LLC Reduced -103,207-103.2k
CITADEL ADVISORS LLC Reduced -55,833-55.8k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -54,779-54.8k
GTS SECURITIES LLC Sold out -52,954-53.0k
Adams Wealth Management Reduced -50,441-50.4k
CacheTech Inc. Reduced -40,413-40.4k
TUDOR INVESTMENT CORP ET AL Sold out -40,000-40.0k
GREENWOOD CAPITAL ASSOCIATES LLC Sold out -14,652-14.7k
PRIMORIS WEALTH ADVISORS, LLC Reduced -13,830-13.8k

Biggest calls

CITADEL ADVISORS LLC New $871.6k20.2k shares
Belvedere Trading LLC New $651.6k15.1k shares
WOLVERINE TRADING, LLC New $208.1k4.9k shares

Biggest puts

CITADEL ADVISORS LLC New $578.2k13.4k shares
WOLVERINE TRADING, LLC New $369.5k8.7k shares
Belvedere Trading LLC New $220.1k5.1k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 859,436859.4k $37.1m $37.1m 0.02% Added +372.1k +372,111
2 Cetera Investment Advisers 0.05% of their portfolio SCHAUMBURG, IL 673,363673.4k $29.1m $29.1m 0.05% Added +662.2k +662,233
3 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 467,552467.6k $20.2m $20.2m 0.00% Added +458.2k +458,162
4 CacheTech Inc. 3.44% of their portfolio LOGAN, UT 432,588432.6k $18.7m $18.7m 3.44% Reduced -40.4k -40,413
5 Adams Wealth Management 3.47% of their portfolio LOGAN, UT 422,560422.6k $18.2m $18.2m 3.47% Reduced -50.4k -50,441
6 Quadrature Capital Ltd 0.23% of their portfolio LONDON, X0 306,539306.5k $13.2m $13.2m 0.23% New
7 SMI Advisory Services, LLC 1.93% of their portfolio COLUMBUS, IN 234,206234.2k $10.0m $10.0m 1.93% Added +18.4k +18,404
8 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 218,320218.3k $9.4m $9.4m 0.01% Added +103.2k +103,203
9 UBS Group AG 0.00% of their portfolio ZURICH, V8 196,393196.4k $8.5m $8.5m 0.00% Added +186.7k +186,650
10 PATTEN & PATTEN INC/TN 0.50% of their portfolio CHATTANOOGA, TN 179,220179.2k $7.7m $7.7m 0.50% Added +168.7k +168,660
11 CASTLEARK MANAGEMENT LLC 0.19% of their portfolio CHICAGO, IL 147,000147.0k $6.3m $6.3m 0.19% Unchanged
12 MARSHALL WACE, LLP 0.01% of their portfolio LONDON, X0 130,496130.5k $5.6m $5.6m 0.01% Added +32.1k +32,137
13 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 119,800119.8k $5.2m $5.2m 0.01% New
14 bLong Financial, LLC 3.65% of their portfolio Memphis, TN 109,699109.7k $4.7m $4.7m 3.65% New
15 Ethos Financial Group, LLC 0.39% of their portfolio KING OF PRUSSIA, PA 105,085105.1k $4.5m $4.5m 0.39% New
16 CIBC WORLD MARKET INC. 0.01% of their portfolio TORONTO, A6 103,020103.0k $4.4m $4.4m 0.01% Added +79.0k +79,005
17 AVALON CAPITAL MANAGEMENT 0.93% of their portfolio Port Of Redwood City, CA 80,03980.0k $3.5m $3.5m 0.93% New
18 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 73,17673.2k $3.2m $3.2m 0.00% Added +16.8k +16,782
19 PRIMORIS WEALTH ADVISORS, LLC 2.03% of their portfolio North Palm Beach, FL 68,92068.9k $3.0m $3.0m 2.03% Reduced -13.8k -13,830
20 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 65,07665.1k $2.8m $2.8m 0.01% Added +24.6k +24,642
21 Ariose Capital Management Ltd 1.76% of their portfolio CENTRAL, HONG KONG, K3 64,66264.7k $2.8m $2.8m 1.76% Unchanged
22 VIEWPOINT INVESTMENT PARTNERS CORP 1.46% of their portfolio CALGARY, A0 62,01862.0k $2.7m $2.7m 1.46% Added +37.2k +37,168
23 MYDA Advisors LLC 0.73% of their portfolio WOODMERE, NY 60,00060.0k $2.6m $2.6m 0.73% Reduced -5.0k -5,000
24 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 59,30159.3k $2.6m $2.6m 0.00% Reduced -224.2k -224,238
25 SHARPEPOINT LLC 2.54% of their portfolio PHOENIX, AZ 57,15957.2k $2.5m $2.5m 2.54% Added +1.1k +1,112
26 PRINCIPAL SECURITIES, INC. 0.05% of their portfolio DES MOINES, IA 56,90256.9k $2.5m $2.5m 0.05% New
27 HERBST GROUP, LLC 1.46% of their portfolio WESTPORT, CT 56,43756.4k $2.4m $2.4m 1.46% New
28 Northeast Financial Consultants Inc 0.09% of their portfolio WESTPORT, CT 51,25551.3k $2.2m $2.2m 0.09% New
29 JAMES INVESTMENT RESEARCH, INC. 0.26% of their portfolio ALPHA, OH 50,83350.8k $2.2m $2.2m 0.26% New
30 3EDGE Asset Management, LP 0.12% of their portfolio Naples, FL 46,67146.7k $2.0m $2.0m 0.12% New
31 Financial Sense Advisors, Inc. 0.48% of their portfolio SAN DIEGO, CA 45,61345.6k $2.0m $2.0m 0.48% Added +20.3k +20,313
32 Oak Grove Capital LLC 0.43% of their portfolio Holderness, NH 43,00043.0k $1.9m $1.9m 0.43% New
33 OPPENHEIMER & CO INC 0.02% of their portfolio NEW YORK, NY 41,12741.1k $1.8m $1.8m 0.02% Added +31.8k +31,845
34 Scarborough Advisors, LLC 0.33% of their portfolio ANNAPOLIS, MD 38,47938.5k $1.7m $1.7m 0.33% Added +25.3k +25,270
35 Advisory Services Network, LLC 0.02% of their portfolio ATLANTA, GA 32,76432.8k $1.4m $1.4m 0.02% Added +26.8k +26,755
36 HWG Holdings LP 0.40% of their portfolio HOUSTON, TX 31,46731.5k $1.4m $1.4m 0.40% New
37 LOOMIS SAYLES & CO L P 0.00% of their portfolio BOSTON, MA 31,35031.4k $1.4m $1.4m 0.00% New
38 Bluesphere Advisors LLC 0.66% of their portfolio EAST NORRITON, PA 30,80930.8k $1.3m $1.3m 0.66% New
39 Empowered Funds, LLC 0.02% of their portfolio NEWTOWN SQUARE, PA 30,79930.8k $1.3m $1.3m 0.02% Reduced -103.2k -103,207
40 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 30,66230.7k $1.3m $1.3m 0.00% Added +18.0k +17,978
41 J.W. COLE ADVISORS, INC. 0.03% of their portfolio TAMPA, FL 29,88029.9k $1.3m $1.3m 0.03% New
42 Semmax Financial Advisors Inc. 0.31% of their portfolio Winston Salem, NC 29,25529.3k $1.2m $1.2m 0.31% New
43 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 29,06529.1k $1.3m $1.3m 0.00% New
44 WCG Wealth Advisors LLC 0.08% of their portfolio LAS VEGAS, NV 29,00029.0k $1.3m $1.3m 0.08% New
45 CITIZENS FINANCIAL GROUP INC/RI 0.02% of their portfolio PROVIDENCE, RI 28,93428.9k $1.2m $1.2m 0.02% Unchanged
46 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 28,88428.9k $1.2m $1.2m 0.00% Added +13.1k +13,148
47 SIMPLEX TRADING, LLC 0.03% of their portfolio CHICAGO, IL 28,14028.1k $1.2m $1.2m 0.03% New
48 Per Stirling Capital Management, LLC. 0.16% of their portfolio AUSTIN, TX 27,80727.8k $1.2m $1.2m 0.16% New
49 SILVER OAK SECURITIES, INCORPORATED 0.09% of their portfolio JACKSON, TN 24,68224.7k $1.1m $1.1m 0.09% New
50 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 23,91923.9k $1.0m $1.0m 0.00% New
51 ORG Partners LLC 0.21% of their portfolio ROANOKE, IN 23,38823.4k $973.2k $973.2k 0.21% Added +3.4k +3,400
52 Terra Nova Asset Management LLC 0.67% of their portfolio NEW YORK, NY 22,08922.1k $953.1k $953.1k 0.67% Added +2.0k +1,975
53 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 21,11121.1k $910.0k $910.0k 0.00% Reduced -3.0k -2,990
54 Quantum Portfolio Management LLC 0.42% of their portfolio NEW YORK, NY 20,48520.5k $883.9k $883.9k 0.42% New
55 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 19,11419.1k $824.8k $824.8k 0.00% Added +2.1k +2,075
56 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 18,42518.4k $795.0k $795.0k 0.00% Added +10.8k +10,775
57 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 17,67217.7k $762.5k $762.5k 0.00% New
58 Laurel Wealth Advisors LLC 0.11% of their portfolio CHARLOTTE, NC 17,19017.2k $741.7k $741.7k 0.11% Added +13.6k +13,585
59 Dynamic Advisor Solutions LLC 0.02% of their portfolio PHOENIX, AZ 15,50515.5k $669.0k $669.0k 0.02% New
60 Raab & Moskowitz Asset Management LLC 0.16% of their portfolio Chatham, NJ 15,08515.1k $650.9k $650.9k 0.16% Reduced -1.7k -1,653
61 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 13,82713.8k $596.6k $596.6k 0.00% Reduced -55.8k -55,833
62 WOLVERINE TRADING, LLC 0.01% of their portfolio CHICAGO, IL 13,69913.7k $581.8k $581.8k 0.01% New
63 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 13,52113.5k $583.4k $583.4k 0.00% Added +11.8k +11,819
64 SCOTIA CAPITAL INC. 0.00% of their portfolio TORONTO, A6 13,24513.2k $571.2k $571.2k 0.00% Added +3.5k +3,528
65 World Investment Advisors 0.01% of their portfolio LINCROFT, NJ 13,22613.2k $570.7k $570.7k 0.01% New
66 BAROMETER CAPITAL MANAGEMENT INC. 0.16% of their portfolio TORONTO, A6 13,00013.0k $561.0k $561.0k 0.16% Added +8.8k +8,800
67 AlTi Global, Inc. 0.01% of their portfolio NEW YORK, NY 12,24012.2k $531.1k $531.1k 0.01% Unchanged
68 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 11,78711.8k $508.6k $508.6k 0.00% New
69 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 10,24910.2k $442.2k $442.2k 0.00% New
70 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 9,8479.8k $424.9k $424.9k 0.00% Added +3.6k +3,599
71 Belpointe Asset Management LLC 0.02% of their portfolio RENO, NV 9,6769.7k $417.5k $417.5k 0.02% New
72 Spinnaker Investment Group, LLC 0.09% of their portfolio Newport Beach, CA 8,8188.8k $380.5k $380.5k 0.09% New
73 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 8,7908.8k $365.8k $365.8k 0.00% New
74 FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. 0.21% of their portfolio SALINE, MI 8,2328.2k $355.2k $355.2k 0.21% New
75 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 8,1248.1k $350.6k $350.6k 0.00% Added +2.1k +2,065
76 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 8,0528.1k $347.4k $347.4k 0.00% New
77 Werba Rubin Papier Wealth Management 0.06% of their portfolio SAN JOSE, CA 8,0158.0k $345.8k $345.8k 0.06% Unchanged
78 Avior Wealth Management, LLC 0.01% of their portfolio OMAHA, NE 7,6977.7k $332.1k $332.1k 0.01% New
79 Cresset Asset Management, LLC 0.00% of their portfolio Chicago, IL 7,4147.4k $319.9k $319.9k 0.00% Added +936 +936
80 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 7,2527.3k $312.9k $312.9k 0.00% New
81 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 7,2507.2k $312.8k $312.8k 0.00% Unchanged
82 MAGNOLIA CAPITAL MANAGEMENT LTD 0.25% of their portfolio COLD SPRING, NY 7,2357.2k $312.0k $312.0k 0.25% Unchanged
83 JTC Employer Solutions Trustee Ltd 0.03% of their portfolio ST HELIER, Y9 7,0537.1k $304.0k $304.0k 0.03% Unchanged
84 INDEPENDENT FINANCIAL GROUP, LLC 0.01% of their portfolio SAN DIEGO, CA 6,8006.8k $293.4k $293.4k 0.01% New
85 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 6,7646.8k $291.9k $291.9k 0.00% Added +850 +850
86 IFP Advisors, Inc 0.01% of their portfolio TAMPA, FL 6,5256.5k $281.6k $281.6k 0.01% Added +5.1k +5,100
87 SIMON QUICK ADVISORS, LLC 0.01% of their portfolio MORRISTOWN, NJ 6,0116.0k $259.4k $259.4k 0.01% New
88 GenTrust, LLC 0.01% of their portfolio MIAMI, FL 5,9906.0k $258.5k $258.5k 0.01% New
89 JT Stratford LLC 0.04% of their portfolio GAINESVILLE, GA 5,9425.9k $256.4k $256.4k 0.04% New
90 Hilltop Holdings Inc. 0.02% of their portfolio DALLAS, TX 5,8345.8k $251.7k $251.7k 0.02% New
91 Advisory Alpha, LLC 0.01% of their portfolio HOLLAND, MI 5,5385.5k $239.0k $239.0k 0.01% New
92 NWAM LLC 0.01% of their portfolio MERCER ISLAND, WA 5,5055.5k $229.0k $229.0k 0.01% New
93 DEARBORN PARTNERS LLC 0.01% of their portfolio CHICAGO, IL 5,4505.5k $235.2k $235.2k 0.01% New
94 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 5,3875.4k $232.0k $232.0k 0.00% Added +2.2k +2,163
95 JOHNSON INVESTMENT COUNSEL INC 0.00% of their portfolio Cincinnati, OH 4,9505.0k $213.6k $213.6k 0.00% New
96 Spire Wealth Management 0.01% of their portfolio MCLEAN, VA 4,5114.5k $194.7k $194.7k 0.01% New
97 Belvedere Trading LLC 0.01% of their portfolio CHICAGO, IL 3,8673.9k $166.9k $166.9k 0.01% New
98 Chung Wu Investment Group, LLC 0.16% of their portfolio SUGAR LAND, TX 3,6003.6k $155.3k $155.3k 0.16% New
99 TD Waterhouse Canada Inc. 0.00% of their portfolio TORONTO, A6 3,3333.3k $139.2k $139.2k 0.00% Added +400 +400
100 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 2,5002.5k $107.9k $107.9k 0.00% Reduced -150 -150