Split Rock Private Trading & Wealth Management, LLC

The fund exhibits a "core-satellite" structure, though with a unique twist: the "core" is dominated by a single, proprietary or niche ETF (SPINNAKER ETF SERIES), which commands nearly 40% of the total assets. This indicates a reliance on a specific investment vehicle for the bulk of the portfolio's performance, supplemented by a diversified mix of fixed income, large-cap growth, and sector-specific ETFs. The remaining assets are allocated to high-conviction individual positions, primarily in technology and consumer discretionary sectors. The portfolio appears to be tactical in nature, utilizing ETFs to achieve broad market or specific factor exposure while using individual stocks to express idiosyncratic views.

2. Key Holdings

The portfolio is top-heavy, with the largest ten positions accounting for approximately 85% of the total value.