Vault-13

SPINNAKER ETF SERIES EUAD

SELECT STOXX EUR · ETP · CUSIP 84858T772

182 institutional holders +30 vs Q4 2025
10,068,22210.1m shares reported held*
$410.3mreported value*
46 new 71 added 29 reduced 14 sold out net bought ≈ $164.9m (+4.0m 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 ($13.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $40.75. Options: 2 managers hold calls ($3.5m notional), 2 hold puts ($2.9m).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0100200Q4 24: 4Q1 25: 83Q2 25: 132Q3 25: 150Q4 25: 152Q1 26: 182182Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26
Numbers
QuarterHolders
Q4 20244
Q1 202583
Q2 2025132
Q3 2025150
Q4 2025152
Q1 2026182

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 25Q4 25: 80 bought or addedQ4 25: 68 cut or sold outQ4 25Q1 26: 117 bought or addedQ1 26: 43 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q1 2025810
Q2 202510323
Q3 20259149
Q4 20258068
Q1 202611743

Calls vs puts

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

CallsPuts
$0$1m$2m$3m$4mQ2 25 calls: $1.7mQ2 25 puts: $1.2mQ2 25P/C 0.67Q3 25 calls: $2.6mQ3 25 puts: $1.1mQ3 25P/C 0.41Q4 25 calls: $2.1mQ4 25 puts: $1.3mQ4 25P/C 0.61Q1 26 calls: $3.5mQ1 26 puts: $2.9mQ1 26P/C 0.84
Numbers
QuarterCallsPutsP/C
Q2 2025$1.7m$1.2m0.67
Q3 2025$2.6m$1.1m0.41
Q4 2025$2.1m$1.3m0.61
Q1 2026$3.5m$2.9m0.84

Biggest buyers

MORGAN STANLEY Added +2,277,423+2.3m
J.Safra Asset Management Corp New +973,381+973.4k
Alphadyne Asset Management LP New +209,079+209.1k
Allen Investment Management, LLC New +152,821+152.8k
GOLDMAN SACHS GROUP INC New +117,557+117.6k
JANE STREET GROUP, LLC Added +116,904+116.9k
OVERSEA-CHINESE BANKING Corp Ltd Added +112,459+112.5k
UBS Group AG Added +111,030+111.0k
MYDA Advisors LLC Added +100,000+100.0k
OPPENHEIMER & CO INC Added +68,603+68.6k

Biggest sellers

Quadrature Capital Ltd Sold out -217,463-217.5k
Corient Private Wealth LP Reduced -206,920-206.9k
PFG Advisors Reduced -199,431-199.4k
BAROMETER CAPITAL MANAGEMENT INC. Sold out -103,000-103.0k
NOMURA ASSET MANAGEMENT CO LTD Sold out -44,050-44.0k
LOOMIS SAYLES & CO L P Reduced -43,848-43.8k
Quantum Portfolio Management LLC Reduced -25,646-25.6k
Adams Wealth Management Reduced -23,748-23.7k
CacheTech Inc. Reduced -20,691-20.7k
PRINCIPAL SECURITIES, INC. Reduced -18,182-18.2k

Biggest calls

JANE STREET GROUP, LLC Added $2.5m61.5k shares
CITADEL ADVISORS LLC Reduced $957.4k23.5k shares

Biggest puts

CITADEL ADVISORS LLC Added $2.7m65.1k shares
JANE STREET GROUP, LLC Added $244.4k6.0k 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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 2,311,1622.3m $94.2m $94.2m 0.01% Added +2.3m +2,277,423
2 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 1,045,0501.0m $42.6m $42.6m 0.02% Added +16.6k +16,607
3 J.Safra Asset Management Corp 2.14% of their portfolio NEW YORK, NY 973,381973.4k $39.7m $39.7m 2.14% New
4 OVERSEA-CHINESE BANKING Corp Ltd 0.69% of their portfolio SINGAPORE, U0 583,250583.2k $23.4m $23.4m 0.69% Added +112.5k +112,459
5 CacheTech Inc. 2.78% of their portfolio LOGAN, UT 354,609354.6k $14.4m $14.4m 2.78% Reduced -20.7k -20,691
6 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 336,886336.9k $13.7m $13.7m 0.00% Added +12.7k +12,748
7 Adams Wealth Management 3.00% of their portfolio LOGAN, UT 334,839334.8k $13.6m $13.6m 3.00% Reduced -23.7k -23,748
8 PATTEN & PATTEN INC/TN 0.67% of their portfolio CHATTANOOGA, TN 272,380272.4k $11.1m $11.1m 0.67% Added +19.8k +19,840
9 Alphadyne Asset Management LP 1.11% of their portfolio NEW YORK, NY 209,079209.1k $8.5m $8.5m 1.11% New
10 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 178,059178.1k $7.3m $7.3m 0.01% Added +10.6k +10,602
11 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 154,550154.6k $6.3m $6.3m 0.01% Added +116.9k +116,904
12 Allen Investment Management, LLC 0.08% of their portfolio NEW YORK, NY 152,821152.8k $6.2m $6.2m 0.08% New
13 CASTLEARK MANAGEMENT LLC 0.20% of their portfolio CHICAGO, IL 147,000147.0k $6.0m $6.0m 0.20% Unchanged
14 MYDA Advisors LLC 1.35% of their portfolio WOODMERE, NY 140,000140.0k $5.7m $5.7m 1.35% Added +100.0k +100,000
15 OPPENHEIMER & CO INC 0.07% of their portfolio NEW YORK, NY 136,455136.5k $5.6m $5.6m 0.07% Added +68.6k +68,603
16 UBS Group AG 0.00% of their portfolio ZURICH, V8 129,714129.7k $5.3m $5.3m 0.00% Added +111.0k +111,030
17 Ethos Financial Group, LLC 0.37% of their portfolio KING OF PRUSSIA, PA 122,710122.7k $5.0m $5.0m 0.37% Added +10.7k +10,680
18 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 117,906117.9k $4.8m $4.8m 0.01% Added +29.2k +29,242
19 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 117,557117.6k $4.8m $4.8m 0.00% New
20 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 114,593114.6k $4.7m $4.7m 0.00% Added +18.5k +18,502
21 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 103,120103.1k $4.2m $4.2m 0.01% Added +13.4k +13,409
22 CIBC WORLD MARKET INC. 0.01% of their portfolio TORONTO, A6 100,781100.8k $4.1m $4.1m 0.01% Added +9.1k +9,091
23 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 98,45798.5k $4.0m $4.0m 0.00% Added +61.8k +61,764
24 SHARPEPOINT LLC 2.31% of their portfolio PHOENIX, AZ 94,98495.0k $3.9m $3.9m 2.31% Added +5.4k +5,384
25 LOOMIS SAYLES & CO L P 0.00% of their portfolio BOSTON, MA 73,35273.4k $3.0m $3.0m 0.00% Reduced -43.8k -43,848
26 Federation des caisses Desjardins du Quebec 0.01% of their portfolio LEVIS, A8 70,26570.3k $2.9m $2.9m 0.01% Added +14.0k +14,029
27 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 68,95869.0k $2.8m $2.8m 0.00% Reduced -206.9k -206,920
28 Savvy Advisors, Inc. 0.07% of their portfolio NEW YORK, NY 66,95367.0k $2.7m $2.7m 0.07% Added +1.8k +1,785
29 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 63,30863.3k $2.6m $2.6m 0.00% Added +7.0k +6,979
30 VIEWPOINT INVESTMENT PARTNERS CORP 1.24% of their portfolio CALGARY, A0 61,42361.4k $2.7m $2.7m 1.24% Unchanged
31 AVALON CAPITAL MANAGEMENT 0.65% of their portfolio Port Of Redwood City, CA 56,93756.9k $2.3m $2.3m 0.65% Reduced -6.8k -6,782
32 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 54,72954.7k $2.2m $2.2m 0.00% Added +10.8k +10,764
33 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 52,34452.3k $2.1m $2.1m 0.01% Added +5.5k +5,524
34 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 51,77051.8k $2.1m $2.1m 0.00% New
35 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 49,03549.0k $2.0m $2.0m 0.01% Reduced -586 -586
36 Prospera Financial Services Inc 0.03% of their portfolio Dallas, TX 45,80345.8k $1.9m $1.9m 0.03% Added +39.1k +39,077
37 Scarborough Advisors, LLC 0.20% of their portfolio ANNAPOLIS, MD 45,79245.8k $1.9m $1.9m 0.20% Reduced -2.3k -2,255
38 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 44,40744.4k $1.8m $1.8m 0.00% Added +42.9k +42,918
39 Bright Futures Wealth Management, LLC. 1.23% of their portfolio WEBSTER, NY 14580, NY 44,15844.2k $1.8m $1.8m 1.23% Added +11.1k +11,071
40 PRINCIPAL SECURITIES, INC. 0.02% of their portfolio DES MOINES, IA 41,51141.5k $1.7m $1.7m 0.02% Reduced -18.2k -18,182
41 PFG Advisors 0.08% of their portfolio Phoenix, AZ 38,03138.0k $1.5m $1.5m 0.08% Reduced -199.4k -199,431
42 HRT FINANCIAL LP 0.01% of their portfolio NEW YORK, NY 36,16036.2k $1.5m $1.5m 0.01% New
43 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 35,73435.7k $1.5m $1.5m 0.01% Added +3.9k +3,850
44 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 32,34932.3k $1.3m $1.3m 0.00% Added +18.0k +18,044
45 JAMES INVESTMENT RESEARCH, INC. 0.15% of their portfolio ALPHA, OH 32,24132.2k $1.3m $1.3m 0.15% Reduced -508 -508
46 Bluesphere Advisors LLC 0.44% of their portfolio EAST NORRITON, PA 30,50230.5k $1.2m $1.2m 0.44% Reduced -3.1k -3,123
47 SCOTIA CAPITAL INC. 0.00% of their portfolio TORONTO, A6 28,86128.9k $1.2m $1.2m 0.00% Added +10.7k +10,733
48 Pekin Hardy Strauss, Inc. 0.11% of their portfolio CHICAGO, IL 26,77026.8k $1.1m $1.1m 0.11% New
49 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 26,55026.6k $1.1m $1.1m 0.00% Added +11.6k +11,550
50 Financial Security Advisor, Inc. 0.20% of their portfolio VIRGINIA BEACH, VA 26,22826.2k $1.1m $1.1m 0.20% Added +9.2k +9,248
51 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 25,60425.6k $1.0m $1.0m 0.00% Added +514 +514
52 Financial Sense Advisors, Inc. 0.20% of their portfolio SAN DIEGO, CA 24,36124.4k $992.5k $992.5k 0.20% Added +500 +500
53 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 24,14524.1k $983.7k $983.7k 0.00% New
54 PW Nova Financial Services LLC 0.25% of their portfolio NEWTOWN, PA 24,02324.0k $978.7k $978.7k 0.25% New
55 PARK AVENUE SECURITIES LLC 0.01% of their portfolio NEW YORK, NY 23,56823.6k $960.0k $960.0k 0.01% Added +1.9k +1,882
56 Laurel Wealth Advisors LLC 0.10% of their portfolio CHARLOTTE, NC 23,50623.5k $964.0k $964.0k 0.10% Added +1.3k +1,275
57 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 21,33321.3k $869.1k $869.1k 0.00% Reduced -10.8k -10,771
58 Terra Nova Asset Management LLC 0.64% of their portfolio NEW YORK, NY 21,21021.2k $864.1k $864.1k 0.64% Added +428 +428
59 McAdam, LLC 0.04% of their portfolio Philadelphia, PA 20,77620.8k $846.4k $846.4k 0.04% New
60 Town & Country Bank & Trust CO dba First Bankers Trust CO 0.27% of their portfolio Louisville, KY 19,32419.3k $787.3k $787.3k 0.27% Reduced -2.9k -2,868
61 Advisory Alpha, LLC 0.02% of their portfolio HOLLAND, MI 18,83518.8k $767.3k $767.3k 0.02% Reduced -915 -915
62 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 17,50017.5k $713.0k $713.0k 0.00% New
63 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 16,91816.9k $689.2k $689.2k 0.00% Added +6.2k +6,218
64 Bank Julius Baer & Co. Ltd, Zurich 0.00% of their portfolio ZURICH, V8 16,59816.6k $677.2k $677.2k 0.00% New
65 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 16,01316.0k $651.6k $651.6k 0.00% Added +4.9k +4,944
66 Raab & Moskowitz Asset Management LLC 0.15% of their portfolio Chatham, NJ 16,01216.0k $652.3k $652.3k 0.15% Added +922 +922
67 Castle Rock Wealth Management, LLC 0.14% of their portfolio WALNUT CREEK, CA 15,67415.7k $664.7k $664.7k 0.14% New
68 NVWM, LLC 0.14% of their portfolio YARDLEY, PA 15,65815.7k $637.9k $637.9k 0.14% Reduced -79 -79
69 MAGNOLIA CAPITAL MANAGEMENT LTD 0.43% of their portfolio COLD SPRING, NY 15,48515.5k $631.0k $631.0k 0.43% Added +2.1k +2,100
70 Per Stirling Capital Management, LLC. 0.07% of their portfolio AUSTIN, TX 14,63114.6k $596.1k $596.1k 0.07% Unchanged
71 Pilgrim Partners Asia Pte Ltd 0.25% of their portfolio SINGAPORE, U0 14,60014.6k $594.8k $594.8k 0.25% New
72 CITIZENS FINANCIAL GROUP INC/RI 0.01% of their portfolio PROVIDENCE, RI 14,17714.2k $577.6k $577.6k 0.01% Reduced -12.1k -12,131
73 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 14,05214.1k $572.5k $572.5k 0.00% Added +2.6k +2,635
74 LAVELLE CAPITAL LP 0.34% of their portfolio SAN FRANCISCO, CA 13,56813.6k $552.8k $552.8k 0.34% Reduced -1.1k -1,103
75 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 12,88512.9k $525.0k $525.0k 0.00% Added +469 +469
76 Quantum Portfolio Management LLC 0.22% of their portfolio NEW YORK, NY 12,65412.7k $515.5k $515.5k 0.22% Reduced -25.6k -25,646
77 Spinnaker Investment Group, LLC 0.10% of their portfolio Newport Beach, CA 12,05012.1k $490.9k $490.9k 0.10% Reduced -145 -145
78 AlTi Global, Inc. 0.01% of their portfolio NEW YORK, NY 11,44011.4k $466.1k $466.1k 0.01% Unchanged
79 Belpointe Asset Management LLC 0.02% of their portfolio RENO, NV 10,69510.7k $435.7k $435.7k 0.02% Added +101 +101
80 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 10,65610.7k $434.1k $434.1k 0.01% Added +506 +506
81 Vigil Wealth Management, LLC 0.34% of their portfolio PONTE VEDRA BEACH, FL 10,32910.3k $420.8k $420.8k 0.34% Added +5.0k +5,000
82 Werba Rubin Papier Wealth Management 0.06% of their portfolio SAN JOSE, CA 10,28610.3k $419.1k $419.1k 0.06% Added +4.1k +4,134
83 Cresset Asset Management, LLC 0.00% of their portfolio Chicago, IL 10,26010.3k $418.0k $418.0k 0.00% Unchanged
84 Dynamic Advisor Solutions LLC 0.01% of their portfolio PHOENIX, AZ 10,22310.2k $416.5k $416.5k 0.01% Reduced -4 -4
85 FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. 0.21% of their portfolio SALINE, MI 9,4519.5k $385.0k $385.0k 0.21% Added +101 +101
86 Apollon Wealth Management, LLC 0.01% of their portfolio MOUNT PLEASANT, SC 9,4439.4k $384.7k $384.7k 0.01% Added +333 +333
87 Joseph P. Lucia & Associates, LLC 0.14% of their portfolio Yorktown Heights, NY 9,4279.4k $384.1k $384.1k 0.14% Added +120 +120
88 Index Technologies Group LLC 0.41% of their portfolio NEW YORK, NY 9,1629.2k $373.3k $373.3k 0.41% Reduced -14.2k -14,195
89 Tidal Investments LLC 0.00% of their portfolio Milwaukee, WI 9,1119.1k $353.6k $353.6k 0.00% New
90 TD Waterhouse Canada Inc. 0.00% of their portfolio TORONTO, A6 8,6258.6k $370.4k $370.4k 0.00% Added +3.6k +3,637
91 Kingsview Wealth Management, LLC 0.00% of their portfolio GRANTS PASS, OR 8,4968.5k $346.1k $346.1k 0.00% New
92 Hilltop Holdings Inc. 0.03% of their portfolio DALLAS, TX 8,4448.4k $344.0k $344.0k 0.03% Added +1.7k +1,674
93 Stillwater Private Wealth, LLC 0.28% of their portfolio GLEN MILLS, PA 8,2328.2k $335.0k $335.0k 0.28% First filing
94 IFP Advisors, Inc 0.01% of their portfolio TAMPA, FL 7,8077.8k $318.1k $318.1k 0.01% Reduced -568 -568
95 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 7,5887.6k $309.1k $309.1k 0.00% Added +2.4k +2,443
96 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 7,4507.5k $303.5k $303.5k 0.00% Added +200 +200
97 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 7,4427.4k $315.6k $315.6k 0.00% Added +1.2k +1,165
98 DEARBORN PARTNERS LLC 0.02% of their portfolio CHICAGO, IL 7,1507.2k $291.3k $291.3k 0.02% Added +1.0k +1,000
99 GFS Advisors, LLC 0.03% of their portfolio HOUSTON, TX 7,0767.1k $526.1k $526.1k 0.03% New
100 JTC Employer Solutions Trustee Ltd 0.02% of their portfolio ST HELIER, Y9 7,0537.1k $288.0k $288.0k 0.02% Unchanged