Vault-13

SPINNAKER ETF SERIES EUAD

SELECT STOXX EUR · ETP · CUSIP 84858T772

150 institutional holders +18 vs Q2 2025
6,079,9026.1m shares reported held*
$285.3mreported value*
36 new 55 added 33 reduced 16 sold out net sold ≈ $28.2m (-599.7k 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 ≈ $46.93. Options: 4 managers hold calls ($2.6m notional), 3 hold puts ($1.1m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

050100150Q4 24: 4Q1 25: 83Q2 25: 132Q3 25: 150150Q4 24Q1 25Q2 25Q3 25
Numbers
QuarterHolders
Q4 20244
Q1 202583
Q2 2025132
Q3 2025150

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 25Q3 25: 91 bought or addedQ3 25: 49 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q1 2025810
Q2 202510323
Q3 20259149

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ4 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 0.67Q3 25 calls: $2.6mQ3 25 puts: $1.1mQ3 25P/C 0.41
Numbers
QuarterCallsPutsP/C
Q4 2024$0$0—
Q1 2025$0$0—
Q2 2025$1.7m$1.2m0.67
Q3 2025$2.6m$1.1m0.41

Biggest buyers

BANK OF MONTREAL /CAN/ Added +201,834+201.8k
PFG Advisors New +200,157+200.2k
MYDA Advisors LLC Added +140,000+140.0k
Corient Private Wealth LP Added +115,871+115.9k
Janney Montgomery Scott LLC New +92,155+92.2k
BNP PARIBAS FINANCIAL MARKETS New +74,100+74.1k
PATTEN & PATTEN INC/TN Added +53,580+53.6k
Federation des caisses Desjardins du Quebec Added +42,024+42.0k
PARK AVENUE SECURITIES LLC New +41,314+41.3k
Trek Financial, LLC New +41,188+41.2k

Biggest sellers

Cetera Investment Advisers Reduced -639,135-639.1k
SMI Advisory Services, LLC Sold out -234,206-234.2k
ROYAL BANK OF CANADA Reduced -181,726-181.7k
UBS Group AG Reduced -139,971-140.0k
RENAISSANCE TECHNOLOGIES LLC Reduced -108,300-108.3k
Adams Wealth Management Reduced -81,854-81.9k
CacheTech Inc. Reduced -79,365-79.4k
Ariose Capital Management Ltd Sold out -64,662-64.7k
PRIMORIS WEALTH ADVISORS, LLC Reduced -59,935-59.9k
JANE STREET GROUP, LLC Sold out -59,301-59.3k

Biggest calls

CITADEL ADVISORS LLC Added $1.6m34.2k shares
JANE STREET GROUP, LLC New $530.8k11.3k shares
WOLVERINE TRADING, LLC Added $413.4k8.9k shares
Belvedere Trading LLC Reduced $37.6k800 shares

Biggest puts

CITADEL ADVISORS LLC Reduced $479.1k10.2k shares
WOLVERINE TRADING, LLC Reduced $311.2k6.7k shares
Belvedere Trading LLC Added $281.8k6.0k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 1,061,2701.1m $49.8m $49.8m 0.02% Added +201.8k +201,834
2 CacheTech Inc. 3.35% of their portfolio LOGAN, UT 353,223353.2k $16.6m $16.6m 3.35% Reduced -79.4k -79,365
3 Adams Wealth Management 3.43% of their portfolio LOGAN, UT 340,706340.7k $16.0m $16.0m 3.43% Reduced -81.9k -81,854
4 Quadrature Capital Ltd 0.16% of their portfolio LONDON, X0 288,234288.2k $13.5m $13.5m 0.16% Reduced -18.3k -18,305
5 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 285,826285.8k $13.4m $13.4m 0.00% Reduced -181.7k -181,726
6 PATTEN & PATTEN INC/TN 0.64% of their portfolio CHATTANOOGA, TN 232,800232.8k $10.9m $10.9m 0.64% Added +53.6k +53,580
7 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 222,162222.2k $10.4m $10.4m 0.01% Added +3.8k +3,842
8 PFG Advisors 0.39% of their portfolio Phoenix, AZ 200,157200.2k $9.4m $9.4m 0.39% New
9 MYDA Advisors LLC 2.82% of their portfolio WOODMERE, NY 200,000200.0k $9.4m $9.4m 2.82% Added +140.0k +140,000
10 CASTLEARK MANAGEMENT LLC 0.19% of their portfolio CHICAGO, IL 147,000147.0k $6.9m $6.9m 0.19% Unchanged
11 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 134,985135.0k $6.3m $6.3m 0.01% Added +115.9k +115,871
12 bLong Financial, LLC 3.52% of their portfolio Memphis, TN 107,460107.5k $5.0m $5.0m 3.52% Reduced -2.2k -2,239
13 Ethos Financial Group, LLC 0.39% of their portfolio KING OF PRUSSIA, PA 106,890106.9k $5.0m $5.0m 0.39% Added +1.8k +1,805
14 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 92,15592.2k $4.3m $4.3m 0.01% New
15 CIBC WORLD MARKET INC. 0.01% of their portfolio TORONTO, A6 89,93189.9k $4.2m $4.2m 0.01% Reduced -13.1k -13,089
16 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 84,42184.4k $4.0m $4.0m 0.00% Added +11.2k +11,245
17 SHARPEPOINT LLC 3.57% of their portfolio PHOENIX, AZ 84,26984.3k $4.0m $4.0m 3.57% Added +27.1k +27,110
18 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 84,07784.1k $3.9m $3.9m 0.00% Reduced -46.4k -46,419
19 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 74,10074.1k $3.5m $3.5m 0.00% New
20 AVALON CAPITAL MANAGEMENT 0.74% of their portfolio Port Of Redwood City, CA 64,61964.6k $3.0m $3.0m 0.74% Reduced -15.4k -15,420
21 VIEWPOINT INVESTMENT PARTNERS CORP 1.46% of their portfolio CALGARY, A0 62,01862.0k $2.7m $2.7m 1.46% Unchanged
22 J.W. COLE ADVISORS, INC. 0.06% of their portfolio TAMPA, FL 61,66061.7k $2.9m $2.9m 0.06% Added +31.8k +31,780
23 PRINCIPAL SECURITIES, INC. 0.05% of their portfolio DES MOINES, IA 59,21759.2k $2.8m $2.8m 0.05% Added +2.3k +2,315
24 UBS Group AG 0.00% of their portfolio ZURICH, V8 56,42256.4k $2.7m $2.7m 0.00% Reduced -140.0k -139,971
25 LOOMIS SAYLES & CO L P 0.00% of their portfolio BOSTON, MA 55,85055.9k $2.6m $2.6m 0.00% Added +24.5k +24,500
26 JAMES INVESTMENT RESEARCH, INC. 0.26% of their portfolio ALPHA, OH 49,95650.0k $2.3m $2.3m 0.26% Reduced -877 -877
27 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 48,30048.3k $2.3m $2.3m 0.01% Added +34.8k +34,779
28 Federation des caisses Desjardins du Quebec 0.01% of their portfolio LEVIS, A8 47,41147.4k $2.2m $2.2m 0.01% Added +42.0k +42,024
29 Financial Sense Advisors, Inc. 0.40% of their portfolio SAN DIEGO, CA 46,44346.4k $2.2m $2.2m 0.40% Added +830 +830
30 Scarborough Advisors, LLC 0.38% of their portfolio ANNAPOLIS, MD 46,34846.3k $2.2m $2.2m 0.38% Added +7.9k +7,869
31 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 46,33446.3k $2.2m $2.2m 0.01% Reduced -18.7k -18,742
32 OPPENHEIMER & CO INC 0.03% of their portfolio NEW YORK, NY 43,98544.0k $2.1m $2.1m 0.03% Added +2.9k +2,858
33 PARK AVENUE SECURITIES LLC 0.02% of their portfolio NEW YORK, NY 41,31441.3k $1.9m $1.9m 0.02% New
34 Bluesphere Advisors LLC 0.89% of their portfolio EAST NORRITON, PA 41,19041.2k $1.9m $1.9m 0.89% Added +10.4k +10,381
35 Trek Financial, LLC 0.12% of their portfolio Scottsdale, AZ 41,18841.2k $1.9m $1.9m 0.12% New
36 Quantum Portfolio Management LLC 0.55% of their portfolio NEW YORK, NY 39,38839.4k $1.9m $1.9m 0.55% Added +18.9k +18,903
37 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 36,94836.9k $1.7m $1.7m 0.00% Added +6.3k +6,286
38 HERBST GROUP, LLC 1.07% of their portfolio WESTPORT, CT 36,60936.6k $1.7m $1.7m 1.07% Reduced -19.8k -19,828
39 Bright Futures Wealth Management, LLC. 1.29% of their portfolio WEBSTER, NY 14580, NY 35,09835.1k $1.6m $1.6m 1.29% First filing
40 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 34,57534.6k $1.6m $1.6m 0.00% Added +25.8k +25,785
41 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 34,22834.2k $1.6m $1.6m 0.00% Reduced -639.1k -639,135
42 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 31,81531.8k $1.5m $1.5m 0.00% Added +7.9k +7,896
43 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 31,59331.6k $1.5m $1.5m 0.00% Added +2.7k +2,709
44 HWG Holdings LP 0.37% of their portfolio HOUSTON, TX 31,41131.4k $1.5m $1.5m 0.37% Reduced -56 -56
45 WCG Wealth Advisors LLC 0.09% of their portfolio LAS VEGAS, NV 29,65029.6k $1.4m $1.4m 0.09% Added +650 +650
46 Town & Country Bank & Trust CO dba First Bankers Trust CO 0.46% of their portfolio Louisville, KY 28,26528.3k $1.3m $1.3m 0.46% New
47 CITIZENS FINANCIAL GROUP INC/RI 0.02% of their portfolio PROVIDENCE, RI 26,26726.3k $1.2m $1.2m 0.02% Reduced -2.7k -2,667
48 Terra Nova Asset Management LLC 0.73% of their portfolio NEW YORK, NY 24,70324.7k $1.2m $1.2m 0.73% Added +2.6k +2,614
49 Advisory Services Network, LLC 0.02% of their portfolio ATLANTA, GA 23,87223.9k $1.1m $1.1m 0.02% Reduced -8.9k -8,892
50 Laurel Wealth Advisors LLC 0.13% of their portfolio CHARLOTTE, NC 20,23120.2k $950.3k $950.3k 0.13% Added +3.0k +3,041
51 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 20,08720.1k $943.5k $943.5k 0.00% Added +2.4k +2,415
52 Advisory Alpha, LLC 0.02% of their portfolio HOLLAND, MI 17,98418.0k $848.3k $848.3k 0.02% Added +12.4k +12,446
53 Y-Intercept (Hong Kong) Ltd 0.02% of their portfolio HONG KONG, K3 17,45417.5k $819.8k $819.8k 0.02% New
54 Empowered Funds, LLC 0.01% of their portfolio NEWTOWN SQUARE, PA 17,06717.1k $801.6k $801.6k 0.01% Reduced -13.7k -13,732
55 SCOTIA CAPITAL INC. 0.00% of their portfolio TORONTO, A6 16,66316.7k $782.6k $782.6k 0.00% Added +3.4k +3,418
56 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 16,08316.1k $755.4k $755.4k 0.00% Added +6.2k +6,236
57 Dynamic Advisor Solutions LLC 0.02% of their portfolio PHOENIX, AZ 15,61015.6k $733.2k $733.2k 0.02% Added +105 +105
58 NVWM, LLC 0.16% of their portfolio YARDLEY, PA 15,51015.5k $728.5k $728.5k 0.16% New
59 StoneX Group Inc. 0.03% of their portfolio NEW YORK, NY 15,37615.4k $722.2k $722.2k 0.03% New
60 Raab & Moskowitz Asset Management LLC 0.16% of their portfolio Chatham, NJ 15,15515.2k $711.8k $711.8k 0.16% Added +70 +70
61 Belvedere Trading LLC 0.06% of their portfolio CHICAGO, IL 15,01715.0k $705.3k $705.3k 0.06% Added +11.2k +11,150
62 Per Stirling Capital Management, LLC. 0.08% of their portfolio AUSTIN, TX 14,63114.6k $687.2k $687.2k 0.08% Reduced -13.2k -13,176
63 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 13,33413.3k $626.3k $626.3k 0.00% Added +1.5k +1,547
64 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 13,01413.0k $611.3k $611.3k 0.00% Added +5.8k +5,762
65 AlTi Global, Inc. 0.01% of their portfolio NEW YORK, NY 12,24012.2k $574.9k $574.9k 0.01% Unchanged
66 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 11,50011.5k $540.2k $540.2k 0.00% Reduced -108.3k -108,300
67 Spinnaker Investment Group, LLC 0.10% of their portfolio Newport Beach, CA 10,93510.9k $513.6k $513.6k 0.10% Added +2.1k +2,117
68 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 10,93010.9k $513.4k $513.4k 0.00% Added +2.9k +2,878
69 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 10,70010.7k $502.6k $502.6k 0.00% Reduced -7.7k -7,725
70 3EDGE Asset Management, LP 0.03% of their portfolio Naples, FL 10,49510.5k $492.9k $492.9k 0.03% Reduced -36.2k -36,176
71 Belpointe Asset Management LLC 0.02% of their portfolio RENO, NV 10,47710.5k $492.1k $492.1k 0.02% Added +801 +801
72 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 10,00010.0k $469.7k $469.7k 0.00% Reduced -249 -249
73 Financial Security Advisor, Inc. 0.09% of their portfolio VIRGINIA BEACH, VA 9,1509.2k $429.8k $429.8k 0.09% New
74 PRIMORIS WEALTH ADVISORS, LLC 0.27% of their portfolio North Palm Beach, FL 8,9859.0k $422.0k $422.0k 0.27% Reduced -59.9k -59,935
75 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 8,9388.9k $419.8k $419.8k 0.00% Reduced -20.1k -20,127
76 FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. 0.23% of their portfolio SALINE, MI 8,7078.7k $409.0k $409.0k 0.23% Added +475 +475
77 World Investment Advisors 0.01% of their portfolio LINCROFT, NJ 8,6878.7k $408.0k $408.0k 0.01% Reduced -4.5k -4,539
78 Joseph P. Lucia & Associates, LLC 0.15% of their portfolio Yorktown Heights, NY 8,4378.4k $396.3k $396.3k 0.15% New
79 WOLVERINE TRADING, LLC 0.01% of their portfolio CHICAGO, IL 8,3948.4k $389.9k $389.9k 0.01% Reduced -5.3k -5,305
80 Werba Rubin Papier Wealth Management 0.06% of their portfolio SAN JOSE, CA 8,3948.4k $394.3k $394.3k 0.06% Added +379 +379
81 IFP Advisors, Inc 0.01% of their portfolio TAMPA, FL 8,3758.4k $393.4k $393.4k 0.01% Added +1.9k +1,850
82 BAROMETER CAPITAL MANAGEMENT INC. 0.08% of their portfolio TORONTO, A6 7,9007.9k $371.1k $371.1k 0.08% Reduced -5.1k -5,100
83 Cresset Asset Management, LLC 0.00% of their portfolio Chicago, IL 7,8547.9k $368.9k $368.9k 0.00% Added +440 +440
84 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 7,6987.7k $361.6k $361.6k 0.00% Reduced -426 -426
85 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 7,5397.5k $354.1k $354.1k 0.00% New
86 Avior Wealth Management, LLC 0.01% of their portfolio OMAHA, NE 7,2517.3k $340.6k $340.6k 0.01% Reduced -446 -446
87 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 7,2507.2k $340.5k $340.5k 0.00% Unchanged
88 MAGNOLIA CAPITAL MANAGEMENT LTD 0.26% of their portfolio COLD SPRING, NY 7,2357.2k $340.0k $340.0k 0.26% Unchanged
89 JTC Employer Solutions Trustee Ltd 0.03% of their portfolio ST HELIER, Y9 7,0537.1k $331.0k $331.0k 0.03% Unchanged
90 JT Stratford LLC 0.04% of their portfolio GAINESVILLE, GA 6,8036.8k $319.5k $319.5k 0.04% Added +861 +861
91 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 6,7646.8k $317.7k $317.7k 0.00% Unchanged
92 Parallel Advisors, LLC 0.01% of their portfolio SAN FRANCISCO, CA 6,7346.7k $316.3k $316.3k 0.01% New
93 SSA SWISS ADVISORS AG 0.14% of their portfolio ZURICH, V8 6,5216.5k $306.1k $306.1k 0.14% Added +4.8k +4,775
94 GTS SECURITIES LLC 0.01% of their portfolio NEW YORK, NY 6,5166.5k $306.1k $306.1k 0.01% New
95 Spire Wealth Management 0.01% of their portfolio MCLEAN, VA 6,1216.1k $287.5k $287.5k 0.01% Added +1.6k +1,610
96 Hilltop Holdings Inc. 0.02% of their portfolio DALLAS, TX 6,0846.1k $285.8k $285.8k 0.02% Added +250 +250
97 SIMON QUICK ADVISORS, LLC 0.01% of their portfolio MORRISTOWN, NJ 6,0116.0k $282.3k $282.3k 0.01% Unchanged
98 GenTrust, LLC 0.01% of their portfolio MIAMI, FL 5,9375.9k $278.9k $278.9k 0.01% Reduced -53 -53
99 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 5,9005.9k $277.1k $277.1k 0.00% Added +3.4k +3,400
100 Concurrent Investment Advisors, LLC 0.00% of their portfolio Tampa, FL 5,4805.5k $257.4k $257.4k 0.00% New