Semi Annual Shareholder Report

Indexperts Gorilla Aggressive Growth ETF Tailored Shareholder Report

Indexperts Gorilla Aggressive Growth ETF

Ticker: RILA

Exchange: NYSE Arca

semi-annual shareholder report April 30, 2026

This semi-annual shareholder report contains important information about Indexperts Gorilla Aggressive Growth ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://indexperts.com/rila/. You can also request this information by contacting us at 800-773-3863.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Indexperts Gorilla Aggressive Growth ETF	$24	0.50%¹

Annualized

What did the Fund invest in?

(as of April 30, 2026)

Sector Breakdown (% of net assets)

Top 10 Holdings	(% of net assets)
Broadcom Inc	5.8%
NVIDIA Corp	5.0%
Amazon.com Inc	4.0%
Tesla Inc	3.7%
Eli Lilly & Co	3.6%
Amphenol Corp	3.6%
Netflix Inc	3.0%
Meta Platforms Inc	2.9%
KLA Corp	2.9%
Palantir Technologies Inc	2.6%

Key Fund Statistics

(as of April 30, 2026)

Net Assets	$41,930,420
Number of Holdings	171
Portfolio Turnover Rate	0.16%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://indexperts.com/rila/.

Indexperts Quality Earnings Focused ETF Tailored Shareholder Report

Indexperts Quality Earnings Focused ETF

Ticker: QIDX

Exchange: NYSE Arca

semi-annual Shareholder Report April 30, 2026

This semi-annual shareholder report contains important information about Indexperts Quality Earnings Focused ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://indexperts.com/qidx/. You can also request this information by contacting us at 800-773-3863.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Indexperts Quality Earnings Focused ETF	$26	0.50%¹

Annualized

What did the Fund invest in?

(as of April 30, 2026)

Sector Breakdown (% of net assets)

Top 10 Holdings	(% of net assets)
Arista Networks Inc	3.8%
Alphabet Inc	3.6%
Thermo Fisher Scientific Inc	2.4%
Cisco Systems Inc	2.2%
Exxon Mobil Corp	2.1%
HEICO Corp	2.1%
Walmart Inc	2.0%
Apple Inc	2.0%
Williams Cos Inc/The	1.9%
NRG Energy Inc	1.9%

Key Fund Statistics

(as of April 30, 2026)

Fund Size (Thousands)	$38,320,602
Number of Holdings	133
Portfolio Turnover Rate	0.36%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://indexperts.com/qidx/.

Indexperts Yield Focused Fixed Income ETF Tailored Shareholder Report

Indexperts Yield Focused Fixed Income ETF

Ticker: YFFI

Exchange: NYSE Arca

semi-annual Shareholder Report April 30, 2026

This semi-annual shareholder report contains important information about Indexperts Yield Focused Fixed Income ETF (the "Fund") for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://indexperts.com/yffi/. You can also request this information by contacting us at (800) 773-3863.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Indexperts Yield Focused Fixed Income ETF	$25	0.50%¹

Annualized

What did the Fund invest in?

(as of April 30, 2026)

Sector Breakdown (% of net assets)

Top 10 Holdings	(% of net assets)
Prudential Financial Inc	2.3%
American Express Co	2.2%
Walt Disney Co/The	2.2%
Dow Chemical Co/The	2.2%
Morgan Stanley	2.2%
General Electric Co	2.1%
ConocoPhillips	2.1%
Boston Scientific Corp	2.1%
Consolidated Edison Co of New York Inc	2.1%
Plains All American Pipeline LP / PAA Finance Corp	2.0%

Key Fund Statistics

(as of April 30, 2026)

Net Assets	$22,718,401
Number of Holdings	79
Portfolio Turnover Rate	0.30%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://indexperts.com/yffi/.

The financial statements and other information contained herein are submitted for the general information of the shareholders of the Indexperts Gorilla Aggressive Growth ETF, Indexperts Quality Earnings Focused ETF, and Indexperts Yield Focused Income ETF (the “Funds”). The Funds’ shares are not deposits or obligations of, or guaranteed by, any depository institution. The Funds’ shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested. Neither the Funds nor the Funds’ distributor is a bank.

The Funds, actively managed exchange-traded funds, are each a diversified series of the Spinnaker ETF Series (the “Trust”). The Trust was established as a Delaware statutory trust under an Agreement and Declaration of Trust on December 21, 2016, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds commenced operations on December 31, 2024.

The Indexperts Gorilla Aggressive Growth ETF seeks long-term capital appreciation. The Fund intends to achieve its investment objective by investing at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in common stocks of companies that Indexperts, LLC (the “Advisor”) believes have the potential for growth. These securities may be of any market capitalization.

The Indexperts Quality Earnings Focused ETF seeks total return. The Fund intends to achieve its investment objective by investing at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in common stocks of companies that the Advisor believes have a consistent history of earnings stability or growth, and strong prospects for continued earnings stability and growth based on the Advisor’s research and analysis. These securities may be of any market capitalization.

The Indexperts Yield Focused Fixed Income ETF seeks current income. The Fund intends to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings for investment purposes) in fixed-income securities. These fixed-income securities will include corporate bonds, Treasury notes, bills and bonds, asset-backed securities and preferred stocks.

Each Fund will issue and redeem shares at Net Asset Value (“NAV”) only in a large blocks of shares called a “Creation Unit” or multiples thereof. A Creation Unit consists of 10,000 shares. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of in-kind securities and/or cash. As a practical matter, only authorized participants may purchase or redeem these Creation Units. Except when aggregated in Creation Units, the shares are not redeemable securities of the Funds. The prices at which creations and redemptions occur are based on the next calculation of NAV after an order is received in proper form by Paralel Distributors LLC (the “Distributor”). Individual shares of the Funds may only be purchased and sold in secondary market transactions through brokers or dealers at market price. Shares of the Indexperts Gorilla Aggressive Growth ETF, Indexperts Quality Earnings Focused ETF, and Indexpert Yield Focused Income ETF are listed for trading on NYSE Arca under the ticker symbols RILA, QIDX, and YFFI, respectively. Because shares of the Funds will trade at market prices rather than NAV, shares of the Funds may trade at a price greater than NAV (premium) or less than NAV (discount).

A fixed creation transaction fee of $250 per transaction ($500 for the Indexperts Yield Focused Fixed Income ETF) (the “Creation Transaction Fee”) is applicable to each transaction regardless of the number of Creation Units purchased in the transactions. An additional variable charge for cash creations or partial cash creations may also be imposed to compensate a Fund for the costs associated with buying the applicable securities. The price for each Creation Unit will equal the ETF’s daily NAV per share times the number of Shares in a Creation Unit plus the Creation Transaction Fees, and, if applicable, any transfer taxes.

Each Fund operates as a single operating segment. The Fund’s income, expenses, assets, and performance are regularly monitored for the oversight functions of the Fund. This information is presented in the financial statements and the financial highlights.

The following is a summary of significant accounting policies consistently followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds follow the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946 “Financial Services – Investment Companies.”

The Funds’ debt securities are valued at market value. Market value generally means a valuation (i) obtained from an exchange, a pricing service or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker (or dealer), or (iii) based on amortized cost. The Funds’ debt securities are thus valued by reference to a combination of transactions and quotations for the same or other securities believed to be comparable in quality, coupon, maturity, type of issue, call provisions, trading characteristics and other features deemed to be relevant. To the extent the Funds’ debt securities are valued based on price quotations or other equivalent indications of value provided by a third-party pricing service, any such third-party pricing service may use a variety of methodologies to value some or all of a Fund’s debt securities to determine the market price. For example, the prices of securities with characteristics similar to those held by the Funds may be used to assist with the pricing process. In addition, the pricing service may use proprietary pricing models. Equity securities are valued at the last reported sale price on the principal exchange on which such securities are traded, as of the close of regular trading on the NYSE Arca on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Equity securities that are traded in over-the-counter markets are valued at the NASDAQ Official Closing Price as of the close of regular trading on the NYSE Arca on the day the securities are valued or, if there are no sales, at the mean of the most recent bid and asked prices. Securities for which market quotations (or other market valuations such as those obtained from a pricing service) are not readily available or are believed in good faith by the fair value designee to be deemed unreliable, including restricted securities, fair value determinations are made in accordance with the policies and procedures approved by the Board of Trustees of the Trust (“Trustees”). Securities will be valued at fair value when market quotations (or other market valuations such as those obtained from a pricing service) are not readily available or are deemed unreliable, such as when a security’s value or meaningful portion of a Fund’s portfolio is believed to have been materially affected by a significant event. Such events may include a natural disaster, an economic event like a bankruptcy filing, a trading halt in a security, an unscheduled early market close or a substantial fluctuation in domestic and foreign markets that has occurred between the close of the principal exchange and the NYSE Arca. In such a case, the value for a security is likely to be different from the last quoted market price. In addition, due to the subjective and variable nature of fair market value pricing, it is possible that the value determined for a particular asset may be materially different from the value realized upon such asset’s sale.

Trading in securities on many foreign securities exchanges and over-the-counter markets is normally completed before the close of business on each U.S. business day. In addition, securities trading in a particular country or countries may not take place on all U.S. business days or may take place on days that are not U.S. business days. Changes in valuations on certain securities may occur at times or on days on which the Fund’s net asset value is not calculated and on which the Fund does not effect sales, redemptions and exchanges of its Shares.

The Funds have adopted Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs as of April 30, 2026, for the Funds’ assets measured at fair value:

(a) The Fund had no Level 3 holdings during the fiscal period ended April 30, 2026.

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income and expenses are recorded on the ex-dividend date. Interest income is recorded on the accrual basis and includes accretion/amortization of discounts and premiums using the effective interest method. Gains and losses are determined on the identified cost basis, which is the same basis used for Federal income tax purposes.

The Funds bear expenses incurred specifically on their behalf as well as a portion of general expenses, which are allocated according to methods reviewed annually by the Trustees.

Indexperts Gorilla Aggressive Growth ETF and Indexperts Quality Earnings Focused ETF distribute income dividends, if any, to shareholders quarterly. Indexperts Yield Focused Fixed Income ETF distributes income dividends, if any, to shareholders monthly. Distributions of net realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Funds as a regulated investment company or to avoid imposition of income or excise taxes on undistributed income. The Funds generally declare and distributes capital gains, if any, annually. Dividends and distributions to shareholders are recorded on ex-date.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

Authorized Participant Risk. Only an authorized participant (“Authorized Participant” or “APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for ETFs that invest in securities or instruments that have lower trading volumes, such as the Fund.

Common Stock/Equity Security Risk. Common stock holds the lowest priority in a company’s capital structure and therefore takes the largest share of the company’s risk and its accompanying volatility. Investments in shares of common stock may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. During temporary or extended markets downturns, the value of common stocks will decline, which could also result in losses for the Fund. The NAV of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political, or market conditions.

Credit/Default Risk. Credit risk is the risk that issuers or guarantors of debt instruments or the counterparty to a derivatives contract, repurchase agreement, or loan of portfolio securities is unable or unwilling to make timely interest and/or principal payments or otherwise honor its obligations. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social, or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Securities issued by the U.S. government have limited credit risk. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the Fund’s income and Share price.

Cybersecurity Risk. With the increased use of technologies such as the internet to conduct business, the Funds, like all companies may be susceptible to operational, information security, and related risks. As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Funds and their service providers are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines and penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.

Early Close/Trading Halt Risk. An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

ETF Structure Risks. The Fund is structured as an ETF and as a result is subject to the certain risks, including:

Financial Institution Failure Risk. The failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Fund and/or its portfolio companies have a commercial relationship could adversely affect, among other things, the Fund and its portfolio companies’ ability to pursue key strategic initiatives, including by affecting our ability to borrow from financial institutions on favorable terms. In the event a portfolio company, or potential portfolio company, has a commercial relationship with a bank that has failed or is otherwise distressed, such portfolio company may experience delays or other issues in meeting certain obligations or consummating transactions.

Fixed Income Risk. The Fund’s investments in fixed income securities will be subject to various risks including interest rate risk, credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

Growth Stock Risk. Growth stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. The stocks of such companies can therefore be subject to more abrupt or erratic market movements than stocks of larger, more established companies or the stock market in general.

Interest Rate Risk. As interest rates rise, the value of fixed income securities are likely to decrease. Conversely, as interest rates fall, the value of fixed income securities are likely to increase. A wide variety of market factors can cause interest rates to fluctuate, including central bank monetary policy, rising inflation, and changes in general economic conditions. Interest rate changes can be sudden and unpredictable. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the Fund to value or sell some or all of its bond investments at any given time. Changes in interest rates may also affect the Fund’s share price; for example, a sharp rise in interest rates could cause the Fund’s share price to fall.

Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations. Duration is an estimate of a security’s sensitivity to changes in prevailing interest rates that is based on certain factors that may prove to be incorrect. It is therefore not an exact measurement and may not be able to reliably predict a particular security’s price sensitivity to changes in interest rates.

Investing Risk. An investment in shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The value of your shares at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of distributions. The Fund may also use leverage, which would magnify the Fund’s investment, market and certain other risks.

All investments involve risks, including the risk that the entire amount invested may be lost. No guarantee or representation is made that the Fund’s investment objectives will be achieved. The Fund may utilize investment techniques, such as leverage, which can in certain circumstances increase the adverse impact to which the Fund’s investment portfolio may be subject.

Any real or perceived adverse economic changes, local, regional, or global events such as war, acts of terrorism, disasters, trade disputes, disputes with specific countries that could result in additional tariffs, trade barriers, and/or investment restrictions in certain securities of those countries, the spread of infectious illness or public health issues, recessions, raising of interest rates, or other events could have a materials adverse impact on the Fund or its investments. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions, and the market in general, in was that cannot be foreseen. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. These volatile and often difficult global market conditions have episodically adversely affected the market values of real estate, and other securities and this volatility may continue and conditions could even deteriorate further. Some of the largest banks and companies across many sectors of the economy in the United States and Europe have declared bankruptcy, entered into insolvency, administration or similar proceedings, been nationalized by government authorities, and/or agreed to merge with or be acquired by other banks or companies that had been considered their peers. The long-term impact of these events is uncertain, but could continue to have a material effect on general economic conditions, consumer and business confidence and market liquidity.

Major public health issues, such as COVID-19, have at times, and may in the future impact the Fund. The COVID-19 pandemic caused substantial market volatility and global business disruption and impacted the global economy in significant and unforeseen ways. Any public health emergency, including the COVID-19 pandemic or any outbreak of other existing or new epidemic diseases or the threat thereof, and the resulting financial and economic market uncertainty, could have a material adverse impact on the Fund or its investments. Moreover, changes in interest rates, travel advisories, quarantines and restrictions, disrupted supply chains and industries, impact on labor markets, reduced liquidity or a slowdown in U.S. or global economic conditions resulting from a future public health crisis may also adversely affect the Fund or its investments. COVID-19, or any other health crisis and the current or any resulting financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to the Fund’s NAV, performance, financial condition, results of operations, ability to pay distributions, and portfolio liquidity, among other factors.

Economic problems in a single country are increasingly affecting other markets and economies, and a continuation of this trend could adversely affect global economic conditions and world markets. Uncertainty and volatility in the financial markets and political systems of the U.S. or any other country, including volatility as a result of the ongoing conflicts between Russia and Ukraine and Israel and Hamas and the rapidly evolving measures in response, may have adverse spill-over effects into the global financial markets generally.

Large Capitalization Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.

Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Advisor will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

Market Risk. Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions. The Fund’s NAV will also change daily in response to such factors.

Preferred Securities Risk. Investing in preferred stock involves the following risks: (i) certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities.

Sector Risk. The fund may be susceptible to an increased risk of loss, including losses due to events that adversely affect the fund’s investments more than the market as a whole, to the extent that the fund may, from time to time, have greater exposure to the securities of a particular issuer or issuers within the same industry or sector. Such sector-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the sector. In addition, at times, such sector may be out of favor and underperform other sectors or the market as a whole.

Small and Mid-Cap Securities Risk. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.

U.S. Government Securities Risk. Debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities. To the extent that a security is guaranteed by the U.S. Government or an U.S. government agency, such securities are only guaranteed with respect to the timely payment of interest and principal. The U.S. government, its agencies, authorities and instrumentalities do not guarantee the market value of such obligation and, in fact, the market values of such obligations may fluctuate.

Value Investing Risk. A company may be undervalued due to market or economic conditions, temporary earnings declines, unfavorable developments affecting the company and other factors, or because it is associated with a market sector that generally is out of favor with investors. Undervalued stocks tend to be inexpensive relative to their earnings or assets compared to other types of stock. However, these stocks can continue to be inexpensive for long periods of time and may not realize their full economic value. Securities purchased by the Fund that do not realize their full economic value may reduce the Fund’s return.

Pursuant to the Advisory Agreement, each Fund pays the Advisor a unitary management fee equal to 0.50% of each Funds’ average daily net assets (the “Management Fee”). The Management Fee is payable monthly in arrears on the last business day of each calendar month. The Management Fee is designed to pay the Fund’s expenses and to compensate the Advisor for providing service for the Fund. Out of the Management Fee, the Advisor pays substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit, and other services, and Independent Trustees’ fees, but excluding (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the advisor). The Advisor, and not Fund shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in assets.

The Trustees are responsible for the overall management and operations of the Funds, including general supervision of the duties performed by the Advisor and other service providers. The Trustees approve all significant agreements between the Trust, on behalf of the Funds, and those companies that furnish services to the Funds; review performance of the Advisor and the Funds; and oversee activities of the Funds. Officers of the Trust and Trustees who are “interested persons” of the Trust or the Advisor, as that term is defined in Section 2(a)(19) of the 1940 Act (the “Independent Trustees”) will receive no salary or fees from the Trust. The Independent Trustees receive a flat rate of $7,500 plus an additional $2,500 per Fund each year but may receive up to an additional $1,500 per special meeting in the event that special meetings are held. This amount may be paid pro rata in the event that the Fund closes during the year. The Trust reimburses each Trustee and officers of the Trust for his or her travel and other expenses relating to attendance at such meetings.

Each of the Trustees serves as a Trustee to all series of the Trust, including each Fund. Certain officers of the Trust may also be officers of the Advisor or the Administrator.

For the fiscal period ended April 30, 2026, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust enters into contracts with its service providers, on behalf of the Funds, and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. The Funds expect risk of loss to be remote.

The Funds adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Funds’ adoption of ASU 2023-09 did not have a material impact on the Funds’ financial statements.

In accordance with GAAP, management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of the financial statements. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

There were no changes in or disagreements with the accountant during the period.

Proxy Disclosures for Open-End Management Investment Companies (Form N-CSR Item 9)

The aggregate compensation paid, on behalf of the Funds, to the Independent Trustees for the period of this report was $9,600. For the period of this report, no special compensation was paid to the Independent Trustees, no compensation was paid to any officer of the ETF, and no compensation was paid to any person of whom any officer or director of the ETF is an affiliated person.

An investor should consider the investment objectives, risks, charges and expenses of the Indexperts ETFs carefully before investing. The prospectus and summary prospectus, which contain this and other information, are available at the websites listed below or by calling 800-773-3863. The prospectus should be read carefully before investing.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

sector	%
Technology	0.364
Consumer Discretionary	0.159
Industrials	0.127
Health Care	0.126
Communications	0.096
Financials	0.053
Consumer Staples	0.029
Materials	0.025
Real Estate	0.008
Other	0.013

sector	%
Industrials	0.188
Technology	0.168
Health Care	0.125
Consumer Discretionary	0.114
Consumer Staples	0.104
Communications	0.088
Financials	0.084
Energy	0.046
Materials	0.028
Other	0.055

sector	%
Energy	0.225
Utilities	0.225
Financials	0.189
Health Care	0.073
Consumer Staples	0.072
Consumer Discretionary	0.06
Communications	0.049
Industrials	0.046
Materials	0.043
Other	0.018

Schedule of Investments (N-CSR Item 6)	1
Financial Statements (N-CSR Item 7)
Statement of Assets and Liabilities	12
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	19
Tax Information	28
Changes In and Disagreements with Accountants (N-CSR Item 8)	28
Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)	28
Renumeration Paid to Directors, Officers and Others (N-CSR Item 10)	28
Approval of Investment Advisory Agreement (N-CSR Item 11)	28

Indexperts Gorilla Aggressive Growth ETF
Schedule of Investments (unaudited)
As of April 30, 2026
	Shares		Value
Common Stock - 98.89%
Communications - 9.59%
AppLovin Corp (a)		1,243	$	554,813
Iridium Communications Inc		868		33,913
Meta Platforms Inc		2,012		1,231,163
Netflix Inc (a)		13,384		1,252,876
New York Times Co/The		497		39,278
Roku Inc (a)		448		52,219
Spotify Technology SA (a)		954		426,009
T-Mobile US Inc		1,885		368,517
Trade Desk Inc/The (a)		859		20,264
Warner Music Group Corp		879		24,849
Yelp Inc (a)		557		15,373
				4,019,274
Consumer Discretionary - 15.93%
Amazon.com Inc (a)		6,321		1,675,444
Armstrong World Industries Inc		172		29,307
Brinker International Inc (a)		192		29,230
Burlington Stores Inc (a)		101		32,321
Carvana Co (a)		208		82,326
Chewy Inc (a)		642		16,320
Chipotle Mexican Grill Inc (a)		2,797		95,070
Deckers Outdoor Corp (a)		472		48,238
DraftKings Inc (a)		1,637		38,175
Dutch Bros Inc (a)		447		25,707
Floor & Decor Holdings Inc (a)		380		18,392
Hilton Worldwide Holdings Inc		1,854		600,826
Lowe’s Cos Inc		2,034		485,699
Lululemon Athletica Inc (a)		1,737		239,185
On Holding AG (a)		532		18,945
O’Reilly Automotive Inc (a)		4,999		496,901
Red Rock Resorts Inc		521		28,113
Royal Caribbean Cruises Ltd		1,930		509,057
Shake Shack Inc (a)		209		21,414
Sportradar Group AG (a)		1,256		16,391
Somnigroup International Inc		475		36,033
Tesla Inc (a)		4,091		1,561,248
TJX Cos Inc/The		3,507		549,722
Universal Technical Institute Inc (a)		658		24,695
				6,678,759
Consumer Staples - 2.89%
Celsius Holdings Inc (a)		773		25,949
Costco Wholesale Corp		985		999,312
Hims & Hers Health Inc (a)		510		13,857
Monster Beverage Corp (a)		1,551		119,535
Sprouts Farmers Market Inc (a)		162		13,260
Vita Coco Co Inc/The (a)		637		42,036
				1,213,949
Energy - 0.24%
Targa Resources Corp		380		98,830

Indexperts Gorilla Aggressive Growth ETF
Schedule of Investments (unaudited) (continued)
As of April 30, 2026
	Shares		Value
Common Stock (continued)
Financials - 5.28%
Affirm Holdings Inc (a)		561	$	36,061
American Express Co		1,575		508,804
Equifax Inc		206		35,832
Mastercard Inc		788		396,301
Progressive Corp/The		1,575		317,016
Ryan Specialty Holdings Inc		415		14,429
Shift4 Payments Inc (a)		285		12,620
Toast Inc (a)		1,492		42,552
Travelers Cos Inc/The		1,799		548,947
Trupanion Inc (a)		501		12,019
Verisk Analytics Inc		1,576		290,756
				2,215,337
Health Care - 12.64%
Centene Corp (a)		7,203		386,729
Chemed Corp		46		19,549
Cigna Group/The		1,451		421,632
Dexcom Inc (a)		6,459		384,634
Eli Lilly & Co		1,620		1,514,052
IDEXX Laboratories Inc (a)		113		63,370
Inspire Medical Systems Inc (a)		144		8,084
Intuitive Surgical Inc (a)		1,375		629,214
LeMaitre Vascular Inc		273		29,962
Medpace Holdings Inc (a)		88		36,842
Merit Medical Systems Inc (a)		274		18,681
Penumbra Inc (a)		88		28,730
Privia Health Group Inc (a)		907		22,539
Progyny Inc (a)		1,128		20,958
RadNet Inc (a)		416		23,525
Regeneron Pharmaceuticals Inc		854		603,829
Repligen Corp (a)		213		25,200
Thermo Fisher Scientific Inc		1,154		552,720
UFP Technologies Inc (a)		92		17,630
Vertex Pharmaceuticals Inc (a)		1,149		491,060
				5,298,940
Industrials - 12.66%
Alarm.com Holdings Inc (a)		415		18,430
Amphenol Corp		10,154		1,495,380
Argan Inc		128		85,757
ATI Inc (a)		395		61,407
Automatic Data Processing Inc		1,945		412,223
Axon Enterprise Inc (a)		82		32,944
Badger Meter Inc		113		13,663
Barrett Business Services Inc		539		16,995
Bloom Energy Corp (a)		1,302		368,935
BWX Technologies Inc		242		52,366
Cintas Corp		1,268		221,532
Cognex Corp		921		51,125
Comfort Systems USA Inc		60		110,415
Construction Partners Inc (a)		220		27,205
ESCO Technologies Inc		124		40,170
Fastenal Co		1,537		69,057
Hackett Group Inc/The		950		12,264

Indexperts ETFs
Statement of Assets and Liabilities (unaudited)
As of April 30, 2026
	Gorilla Aggressive Growth ETF	Quality Earnings Focused ETF	Yield Focused Fixed Income ETF
Assets:
Investments, at value	$41,933,403	$38,314,513	$22,364,248
Receivables:
Dividends	5,491	20,676	—
Interest	1,356	749	363,668
Total assets	42,003,605	38,335,938	22,727,916
Liabilities:
Investments purchased	56,380	—	—
Advisory fees	16,805	15,336	9,515
Total liabilities	73,185	15,336	9,515
Total Net Assets	$41,930,420	$38,320,602	$22,718,401
Net Assets Consist of:
Paid in capital	$39,856,879	$35,264,929	$22,588,004
Accumulated earnings	2,073,541	3,055,673	130,397
Total Net Assets	$41,930,420	$38,320,602	$22,718,401
ETF Shares Outstanding, no par value
(unlimited authorized shares)	3,707,018	3,366,932	2,273,337
Net Asset Value, Per Share	$11.31	$11.38	$9.99
Investments, at cost	$39,009,671	$34,643,467	$22,212,838

Indexperts ETFs
Statement of Operations (unaudited)
For the fiscal period ended April 30, 2026
	Gorilla Aggressive Growth ETF		Quality Earnings Focused ETF	Yield Focused Fixed Income ETF
Investment Income:
Dividends	$130,648		$267,554	$—
Interest	7,909		5,349	596,336
Total Investment Income	138,557		272,903	596,336
Expenses:
Advisory fees	102,537		90,736	56,777
Net Investment Income	36,020		182,167	539,559
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain from investment transactions	3,530		26,244	555
Net change in unrealized appreciation (depreciation)	(2,236,626	)	2,207,884	(421,171	)
Net Realized and Unrealized Gain (Loss) on Investments	(2,233,096	)	2,234,128	(420,616	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$(2,197,076	)	$2,416,295	$118,943

Indexperts ETFs
Statements of Changes in Net Assets
For the fiscal period ended
	Gorilla Aggressive Growth
	April 30, 2026		October 31, 2025(a)
Operations:
Net investment income	$36,020		$9,348
Net realized gain (loss) from investment transactions	3,530		7,908
Net change in unrealized appreciation (depreciation) on investments	(2,236,626	)	5,160,358
Net Increase (Decrease) in Net Assets Resulting from Operations	(2,197,076	)	5,177,614
Distributions to Shareholders from:
Distributable Earnings	(39,808	)	(13,265	)

Capital Share Transactions:
Shares sold	2,536,897		48,542,485
Shares repurchased	—		(12,076,427	)
Net Increase in Net Assets Resulting from Capital Share Transactions	2,536,897		36,466,058

Net Increase in Net Assets	300,013		41,630,407
Net Assets:
Beginning of Period	41,630,407		—
End of Period	$41,930,420		$41,630,407
Share Information:
Shares sold	220,000		4,707,018
Shares repurchased	—		(1,220,000	)
Net Increase in Capital Shares	220,000		3,487,018
(a) Commenced operations on December 31, 2024

Gorilla Aggressive Growth ETF
Financial Highlights
	April 30,	October 31,
For a share outstanding during fiscal period ended	2026(e)	2025(a)
Net Asset Value, Beginning of Period	$11.94	$10.00
Income (Loss) from Investment Operations:
Net Investment Income (b)	0.01	—
Net realized and unrealized gain (loss) from investment transactions	(0.63)	1.95
Total from Investment Operations	(0.62)	1.95
Less Distributions From:
Net investment income	(0.01)	(0.01)

Net Asset Value, End of Period	$11.31	$11.94

Total Return	(5.16)%	19.45%(	d)
Net Assets, End of Period (in thousands)	$41,930	$41,630

Ratios of:
Net Expenses to Average Net Assets	0.50%	0.50%(	c)
Net Investment Income	0.18%	0.04%(	c)
Portfolio turnover rate	0.16%	24.72%(	d)

(a)	The fund commenced operations on December 31, 2024.
(b)	Calculated using the average shares method.
(c)	Annualized
(d)	Not annualized
(e)	Unaudited

Gorilla Aggressive Growth ETF (a)
Assets		Total		Level 1		Level 2		Level 3
Common Stock (b)	$	41,463,293	$	41,463,293	$	—	$	—
Short-Term Investment		470,110		470,110		—		—
Total Assets	$	41,933,403	$	41,933,403	$	—	$	—

Quality Earnings Focused ETF (a)
Assets		Total		Level 1		Level 2		Level 3
Common Stock (b)	$	38,035,152	$	38,035,152	$	—	$	—
Short-Term Investment		279,361		279,361		—		—
Total Assets	$	38,314,513	$	38,314,513	$	—	$	—

Yield Focused Fixed Income ETF (a)
Assets		Total		Level 1		Level 2		Level 3
Corporate Bonds (b)	$	22,304,923	$	—	$	22,304,923	$	—
Short-Term Investment		59,325		59,325		—		—
Total Assets	$	22,364,248	$	59,325	$	22,304,923	$	—

	Gorilla Aggressive Growth ETF	Quality Earnings Focused ETF	Yield Focused Fixed Income ETF
Authorized Participant Risk	X	X	X
Common Stock/Equity Security Risk	X	X
Credit/Default Risk			X
Cybersecurity Risk	X	X	X
Early Close/Trading Halt Risk	X	X	X
ETF Structure Risk	X	X	X
Financial Institution Failure Risk	X	X	X
Fixed Income Risk			X

Indexperts Gorilla Aggressive Growth ETF
Schedule of Investments (unaudited) (continued)
As of April 30, 2026
	Shares		Value
Common Stock (continued)
Industrials (continued)
HEICO Corp		1,954	$	527,424
Howmet Aerospace Inc		783		190,300
Itron Inc (a)		242		20,280
Leonardo DRS Inc		646		26,247
MasTec Inc (a)		177		69,747
Modine Manufacturing Co (a)		277		70,533
PACCAR Inc		4,978		591,386
Symbotic Inc (a)		971		57,386
Trane Technologies PLC		830		408,808
Verra Mobility Corp (a)		932		13,822
Vertiv Holdings Co		601		197,422
Woodward Inc		125		45,374
				5,308,597
Materials - 2.50%
Carpenter Technology Corp		123		52,669
Ecolab Inc		573		149,324
Linde PLC		1,066		534,215
Sensient Technologies Corp		229		26,024
Sherwin-Williams Co/The		856		275,298
Tecnoglass Inc		255		10,985
				1,048,515
Real Estate - 0.76%
CoStar Group Inc (a)		800		27,688
Equinix Inc		268		290,198
				317,886
Technology - 36.40%
ACV Auctions Inc (a)		1,547		8,029
Ambarella Inc (a)		442		30,410
Arista Networks Inc (a)		5,801		1,001,891
Atlassian Corp (a)		268		18,382
Autodesk Inc (a)		379		89,823
Bentley Systems Inc		587		19,148
Booz Allen Hamilton Holding Corp		212		16,487
Braze Inc (a)		675		14,870

Indexperts Gorilla Aggressive Growth ETF
Schedule of Investments (unaudited) (continued)
As of April 30, 2026
	Shares		Value
Common Stock (continued)
Technology (continued)
Intapp Inc (a)		427	$	9,586
InterDigital Inc		118		34,994
International Business Machines Corp		1,958		452,259
Intuit Inc		1,015		394,327
JFrog Ltd (a)		557		25,867
KLA Corp		683		1,195,489
MACOM Technology Solutions Holdings Inc (a)		222		62,517
Marvell Technology Inc		1,018		168,123
Microsoft Corp		1,114		454,267
Monolithic Power Systems Inc		87		140,454
NVIDIA Corp		10,449		2,085,307
Onto Innovation Inc (a)		236		69,634
Oracle Corp		6,526		1,053,231
Palantir Technologies Inc (a)		7,814		1,087,006
Palo Alto Networks Inc (a)		5,644		1,012,082
Paycom Software Inc		104		13,183
Paylocity Holding Corp (a)		135		14,241
Procore Technologies Inc (a)		423		23,933
PTC Inc (a)		374		50,976
Everpure Inc (a)		567		40,512
Rapid7 Inc (a)		904		5,334
Samsara Inc (a)		595		17,100
ServiceNow Inc (a)		6,347		560,504
Snowflake Inc (a)		453		61,821
Sprinklr Inc (a)		2,978		14,652
Sprout Social Inc (a)		941		5,646
SPS Commerce Inc (a)		171		9,597
Synopsys Inc (a)		1,317		635,584
Tyler Technologies Inc (a)		99		33,773
Veeva Systems Inc (a)		235		36,653
Vertex Inc (a)		600		7,422
VTEX (a)		3,961		14,893
Workday Inc (a)		254		31,090
Zscaler Inc (a)		239		31,232

Indexperts Quality Earnings Focused ETF
Schedule of Investments (unaudited)
As of April 30, 2026
	Shares		Value
Common Stock - 99.25%
Communications - 8.76%
Alphabet Inc		3,614	$	1,390,667
Charter Communications Inc (a)		1,387		229,091
Fox Corp		3,376		214,342
Netflix Inc (a)		2,012		188,343
Shutterstock Inc		5,472		88,482
T-Mobile US Inc		3,216		628,728
Verizon Communications Inc		12,853		617,330
				3,356,983
Consumer Discretionary - 11.36%
Autoliv Inc		1,723		199,747
AutoZone Inc (a)		158		585,237
Boyd Gaming Corp		2,381		207,028
Carriage Services Inc		2,444		120,000
Dorman Products Inc (a)		2,150		241,896
Ethan Allen Interiors Inc		3,879		82,778
FirstCash Holdings Inc		1,240		270,593
Gentherm Inc (a)		3,842		115,644
Graham Holdings Co		267		299,710
Hilton Worldwide Holdings Inc		950		307,866
La-Z-Boy Inc		2,420		84,071
LKQ Corp		4,232		133,647
Lowe’s Cos Inc		1,014		242,133
Lululemon Athletica Inc (a)		797		109,747
National Vision Holdings Inc (a)		5,975		138,740
O’Reilly Automotive Inc (a)		2,456		244,126
Ralph Lauren Corp		687		246,386
Royal Caribbean Cruises Ltd		1,018		268,508
Service Corp International/US		2,195		177,861
TJX Cos Inc/The		1,769		277,291
				4,353,009
Consumer Staples - 10.40%
Altria Group Inc		9,439		685,743
BJ’s Wholesale Club Holdings Inc (a)		1,476		138,582
Casey’s General Stores Inc		370		304,196

Indexperts Quality Earnings Focused ETF
Schedule of Investments (unaudited) (continued)
As of April 30, 2026
	Shares		Value
Common Stock (continued)
Energy - 4.60%
Exxon Mobil Corp		5,195	$	801,744
Murphy USA Inc		375		220,500
Williams Cos Inc/The		9,673		738,147
				1,760,391
Financials - 8.38%
Acadian Asset Management Inc		3,459		232,964
American Express Co		774		250,041
American Financial Group Inc/OH		1,384		184,446
Ares Capital Corp		7,998		153,242
Berkshire Hathaway Inc (a)		1,132		536,115
Fair Isaac Corp (a)		78		79,950
Fiserv Inc (a)		3,190		199,853
Hanover Insurance Group Inc/The		1,017		190,881
Houlihan Lokey Inc		930		143,917
Mastercard Inc		391		196,642
Progressive Corp/The		820		165,049
S&P Global Inc		1,147		494,621
Travelers Cos Inc/The		821		250,520
Verisk Analytics Inc		720		132,833
				3,211,074
Health Care - 12.54%
Abbott Laboratories		4,283		388,854
Astrana Health Inc (a)		3,428		117,032
Catalyst Pharmaceuticals Inc (a)		11,601		326,336
Cencora Inc		2,065		636,041
Centene Corp (a)		3,779		202,895
Cigna Group/The		676		196,432
CorVel Corp (a)		878		50,450
Dexcom Inc (a)		2,617		155,842
LeMaitre Vascular Inc		1,223		134,224
Accendra Health Inc (a)		14,568		54,047
Regeneron Pharmaceuticals Inc		419		296,258
ResMed Inc		2,367		506,088
Select Medical Holdings Corp		6,924		113,623

	Purchases of Securities		Proceeds from Sales of Securities		Purchases of U.S. Government Securities		Proceeds from Sales of U.S. Government Securities		In-Kind Purchases		In-Kind Sales
Gorilla Aggressive Growth ETF	$	1,364,039	$	1,012,406	$	—	$	—	$	2,175,614	$	—
Quality Earnings Focused ETF		1,157,553		960,339		—		—		1,184,385		—
Yield Focused Fixed Income ETF		5,220,438		3,119,978		—		—		—		—

Indexperts Gorilla Aggressive Growth ETF	https://indexperts.com/RILA
Indexperts Quality Earnings Focused ETF	https://indexperts.com/QIDX
Indexperts Yield Focused Fixed Income ETF	https://indexperts.com/YFFI

	Spinnaker ETF Series


	/s/ Katherine M. Honey
Date: July 6, 2026	Katherine M. Honey President and Principal Executive Officer