Fund Description: Fieldstone Merlin Dynamic Large Cap Growth ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Spinnaker ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Fieldstone Merlin Dynamic Large Cap Growth ETF seeks long-term capital appreciation. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective, however, an actively managed ETF may have an index-based benchmark. Accordingly, the ETF’s investment Sub-Advisor has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. FUND STRATEGY: The Fund seeks to achieve its investment objective of current income by investing principally in large cap growth securities of any kind, and, under normal circumstances, the Fund intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in such securities. The Fund defines large cap growth securities as those issued by companies with public stock market capitalizations similar to those of companies constituting the Russell 1000 Growth Index. The Fund will invest in the stock of 25 large cap growth firms selected by the Sub-Adviser as being among the most favorable growth opportunities, regardless of industry or sector. To achieve this the Sub-Adviser will seek to identify firms that 1) it believes will have an above average return on equity compared to other large cap firms; 2) are capable of sustainable earnings growth that will outpace that of the broader market; and 3) trade at an attractive price in comparison to its expected earnings growth. All holdings will be individual US-listed equity securities, with market capitalization typically above $5 billion. The process of selecting favorable investment opportunities with a 3-5 year outlook is a comprehensive multivariate approach combining bottom-up, top-down and quantitative evaluation combined with a macroeconomic overlay. The Fund's growth strategy is driven by individual stock selection and may be over weighted or underweighted in (or has no exposure to) in specific sectors during any period of time. The Sub-Adviser screens companies based on a variety of fundamental equity characteristics, including historical and expected rates of earnings growth. Companies with potential above average expected growth in earnings are then considered in further steps of the investing process. The Fund will primarily invest in the following sectors: consumer discretionary, health care, financials, industrials and information technology. FUND MANAGEMENT: OBP Capital, LLC is the investment adviser to the Fund. Merlin Capital, LLC d/b/a Merlin Asset Management is the Sub-Adviser to the Fund.