Absolute Shares Trust

05/19/2026 | Press release | Distributed by Public on 05/19/2026 15:24

Amendment Semi-Annual Report by Investment Company (Form N-CSRS/A)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22917

Absolute Shares Trust

(Exact name of registrant as specified in charter)

Millington Securities, LLC

331 Newman Springs Rd Suite 143

Red Bank, New Jersey 07701

(Address of principal executive offices) (Zip code)

Don Schreiber, Jr.

Millington Securities, LLC

331 Newman Springs Rd Suite 143

Red Bank, New Jersey 07701

(Name and address of agent for service)

(732) 842-4920

Registrant's telephone number, including area code

Date of fiscal year end: June 30, 2026

Date of reporting period: December 31, 2025

Item 1. Reports to Stockholders.

(a)
WBI BullBear Value 3000 ETF
WBIF (Principal U.S. Listing Exchange: NYSE ARCA )
Semi-Annual Shareholder Report | December 31, 2025
This semi-annual shareholder report contains important information about the WBI BullBear Value 3000 ETF for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://wbietfs.com/documents/. You can also request this information by contacting us at 1-800-772-5810.
WHAT WERE THE FUND COSTS FOR THE LAST 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*
WBI BullBear Value 3000 ETF
$88
1.69%
* Annualized
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$24,391,828
Number of Holdings
87
Net Advisory Fee
$98,626
Portfolio Turnover
264%
WHAT DID THE FUND INVEST IN? (as of December 31, 2025)
Sector Breakdown (% of net assets)†
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
11.7%
Mueller Industries, Inc.
1.9%
Yum China Holdings, Inc.
1.9%
American Express Co.
1.9%
Primerica, Inc.
1.9%
Aon PLC
1.9%
Applied Industrial Technologies, Inc.
1.9%
Accenture PLC
1.9%
Red Rock Resorts, Inc.
1.8%
Verisk Analytics, Inc.
1.7%
† The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
HOW HAS THE FUND CHANGED?
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the
Fund's next prospectus, which we expect to be available by October 30, 2026 at https://wbietfs.com/documents/ or upon
request at 1-800-772-5810 or https://wbietfs.com/wp-content/uploads/pdf/AB_SH_PRO.pdf.
WBI BullBear Value 3000 ETF PAGE 1 TSR-SAR-00400R601
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://wbietfs.com/documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your WBI Investments documents not be householded, please contact WBI Investments at 1-800-772-5810, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by WBI Investments or your financial intermediary.
WBI BullBear Value 3000 ETF PAGE 2 TSR-SAR-00400R601
WBI BullBear Yield 3000 ETF
WBIG (Principal U.S. Listing Exchange: NYSE ARCA )
Semi-Annual Shareholder Report | December 31, 2025
This semi-annual shareholder report contains important information about the WBI BullBear Yield 3000 ETF for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://wbietfs.com/documents/. You can also request this information by contacting us at 1-800-772-5810.
WHAT WERE THE FUND COSTS FOR THE LAST 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*
WBI BullBear Yield 3000 ETF
$87
1.67%
* Annualized
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$29,308,185
Number of Holdings
100
Net Advisory Fee
$130,963
Portfolio Turnover
266%
WHAT DID THE FUND INVEST IN? (as of December 31, 2025)
Sector Breakdown (% of net assets)†
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
19.2%
WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund
2.9%
Angel Oak High Yield Opportunities ETF
2.7%
Primoris Services Corp.
1.9%
TCW Senior Loan ETF
1.9%
American Express Co.
1.8%
Mueller Industries, Inc.
1.8%
Aon PLC
1.8%
Yum China Holdings, Inc.
1.8%
Applied Industrial Technologies, Inc.
1.8%
† The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
HOW HAS THE FUND CHANGED?
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the
Fund's next prospectus, which we expect to be available by October 30, 2026 at https://wbietfs.com/documents/ or upon
request at 1-800-772-5810 or https://wbietfs.com/wp-content/uploads/pdf/AB_SH_PRO.pdf.
WBI BullBear Yield 3000 ETF PAGE 1 TSR-SAR-00400R700
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://wbietfs.com/documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your WBI Investments documents not be householded, please contact WBI Investments at 1-800-772-5810, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by WBI Investments or your financial intermediary.
WBI BullBear Yield 3000 ETF PAGE 2 TSR-SAR-00400R700
WBI BullBear Quality 3000 ETF
WBIL (Principal U.S. Listing Exchange: NYSE ARCA )
Semi-Annual Shareholder Report | December 31, 2025
This semi-annual shareholder report contains important information about the WBI BullBear Quality 3000 ETF for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://wbietfs.com/documents/. You can also request this information by contacting us at 1-800-772-5810.
WHAT WERE THE FUND COSTS FOR THE LAST 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*
WBI BullBear Quality 3000 ETF
$87
1.67%
* Annualized
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$29,491,071
Number of Holdings
88
Net Advisory Fee
$130,447
Portfolio Turnover
323%
WHAT DID THE FUND INVEST IN? (as of December 31, 2025)
Sector Breakdown (% of net assets)†
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
8.8%
Eli Lilly & Co.
1.9%
Comfort Systems USA, Inc.
1.9%
TKO Group Holdings, Inc.
1.9%
Regeneron Pharmaceuticals, Inc.
1.9%
eBay, Inc.
1.8%
Visa, Inc.
1.8%
Cardinal Health, Inc.
1.8%
Autodesk, Inc.
1.7%
Cisco Systems, Inc.
1.7%
† The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
HOW HAS THE FUND CHANGED?
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the
Fund's next prospectus, which we expect to be available by October 30, 2026 at https://wbietfs.com/documents/ or upon
request at 1-800-772-5810 or https://wbietfs.com/wp-content/uploads/pdf/AB_SH_PRO.pdf.
WBI BullBear Quality 3000 ETF PAGE 1 TSR-SAR-00400R809
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://wbietfs.com/documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your WBI Investments documents not be householded, please contact WBI Investments at 1-800-772-5810, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by WBI Investments or your financial intermediary.
WBI BullBear Quality 3000 ETF PAGE 2 TSR-SAR-00400R809
WBI Power Factor High Dividend ETF
WBIY (Principal U.S. Listing Exchange: NYSE )
Semi-Annual Shareholder Report | December 31, 2025
This semi-annual shareholder report contains important information about the WBI Power Factor High Dividend ETF for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://wbietfs.com/documents/. You can also request this information by contacting us at 1-800-772-5810.
WHAT WERE THE FUND COSTS FOR THE LAST 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*
WBI Power Factor High Dividend ETF
$53
0.99%
* Annualized
KEY FUND STATISTICS (as of December 31, 2025)
Net Assets
$57,291,128
Number of Holdings
52
Net Advisory Fee
$120,935
Portfolio Turnover
75%
WHAT DID THE FUND INVEST IN? (as of December 31, 2025)
Sector Breakdown (% of net assets)†
Top 10 Issuers
(%)
Mount Vernon Liquid Assets Portfolio, LLC
12.2%
Bristol-Myers Squibb Co.
5.6%
United Parcel Service, Inc.
5.4%
ONEOK, Inc.
5.0%
Edison International
4.9%
Pfizer, Inc.
4.8%
Verizon Communications, Inc.
4.7%
Conagra Brands, Inc.
4.4%
Altria Group, Inc.
4.1%
Columbia Banking System, Inc.
4.1%
† The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
HOW HAS THE FUND CHANGED?
This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the
Fund's next prospectus, which we expect to be available by October 30, 2026 at https://wbietfs.com/documents/ or upon
request at 1-800-772-5810 or https://wbietfs.com/wp-content/uploads/pdf/AB_SH_PRO.pdf.
WBI Power Factor High Dividend ETF PAGE 1 TSR-SAR-00400R858
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://wbietfs.com/documents/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your WBI Investments documents not be householded, please contact WBI Investments at 1-800-772-5810, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by WBI Investments or your financial intermediary.
WBI Power Factor High Dividend ETF PAGE 2 TSR-SAR-00400R858
(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a)

 
WBI BullBear Value 3000 ETF
WBI BullBear Yield 3000 ETF
WBI BullBear Quality 3000 ETF
WBI Power Factor® High Dividend ETF
Semi-Annual Financial Statements and Additional Information
December 31, 2025
TABLE OF CONTENTS
 
 
 
 
 
 
Page
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies
 
 
Schedule of Investments
 
 
WBI BullBear Value 3000 ETF
 
 
1
WBI BullBear Yield 3000 ETF
 
 
3
WBI BullBear Quality 3000 ETF
 
 
5
WBI Power Factor® High Dividend ETF
 
 
7
Statements of Assets and Liabilities
 
 
9
Statements of Operations
 
 
10
Statements of Changes in Net Assets
 
 
11
Financial Highlights
 
 
13
Notes to Financial Statements
 
 
17
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment
 
 
27
Item 9: Proxy Disclosures for Open-End Management Investment Companies
 
 
27
Item 10: Remuneration Paid to Directors, Officers, and other of Open-End Management Investment Companies
 
 
27
Item 11: Statement Regarding basis for Approval of Investment Advisory Contract
 
 
27
 
 
 
 

TABLE OF CONTENTS

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
WBI BULLBEAR VALUE 3000 ETF
SCHEDULE OF INVESTMENTS
December 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 97.7%
 
 
 
 
Automobiles & Components - 2.0%
 
 
 
 
Autoliv, Inc.(a)
 
 
1,354
 
 
$160,720
Thor Industries, Inc.
 
 
3,139
 
 
322,281
 
 
 
 
483,001
Capital Goods - 12.1%
 
 
 
 
A O Smith Corp.(a)
 
 
2,506
 
 
167,601
Allegion PLC
 
 
545
 
 
86,775
Applied Industrial Technologies, Inc.
 
 
1,789
 
 
459,362
Donaldson Co., Inc.
 
 
1,871
 
 
165,883
EMCOR Group, Inc.(a)
 
 
587
 
 
359,121
EnerSys
 
 
1,188
 
 
174,339
Lincoln Electric Holdings, Inc.
 
 
718
 
 
172,061
Mueller Industries, Inc.
 
 
4,105
 
 
471,254
Otis Worldwide Corp.
 
 
4,261
 
 
372,198
Valmont Industries, Inc.
 
 
892
 
 
358,869
Vertiv Holdings Co. - Class A
 
 
966
 
 
156,502
 
 
 
 
2,943,965
Commercial & Professional Services - 7.7%
Automatic Data Processing, Inc.
 
 
1,408
 
 
362,180
Genpact Ltd.
 
 
7,963
 
 
372,509
Paychex, Inc.(a)
 
 
3,263
 
 
366,043
Tetra Tech, Inc.
 
 
10,964
 
 
367,733
Verisk Analytics, Inc.(a)
 
 
1,854
 
 
414,721
 
 
 
 
1,883,186
Consumer Discretionary Distribution &
Retail - 1.7%
Dick's Sporting Goods, Inc.
 
 
2,056
 
 
407,026
Consumer Durables & Apparel - 0.7%
 
 
 
 
Toll Brothers, Inc.
 
 
1,256
 
 
169,836
Consumer Services - 8.9%
 
 
 
 
Boyd Gaming Corp.
 
 
4,438
 
 
378,295
H&R Block, Inc.
 
 
8,444
 
 
367,990
Red Rock Resorts, Inc. - Class A
 
 
7,252
 
 
449,261
Service Corp. International
 
 
2,007
 
 
156,486
Texas Roadhouse, Inc.
 
 
2,182
 
 
362,212
Yum China Holdings, Inc.
 
 
9,838
 
 
469,666
 
 
 
 
2,183,910
Financial Services - 12.7%
 
 
 
 
American Express Co.(a)
 
 
1,264
 
 
467,617
Ameriprise Financial, Inc.
 
 
756
 
 
370,697
Interactive Brokers Group, Inc. -
Class A
 
 
5,594
 
 
359,750
Mastercard, Inc. - Class A
 
 
658
 
 
375,639
Raymond James Financial, Inc.(a)
 
 
2,286
 
 
367,109
Stifel Financial Corp.
 
 
3,182
 
 
398,450
Visa, Inc. - Class A
 
 
1,085
 
 
380,520
Voya Financial, Inc.
 
 
5,077
 
 
378,186
 
 
 
 
3,097,968
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Food, Beverage & Tobacco - 1.7%
 
 
 
 
Tyson Foods, Inc. - Class A
 
 
6,962
 
 
$408,113
Health Care Equipment & Services - 5.3%
Chemed Corp.
 
 
907
 
 
388,069
HCA Healthcare, Inc.
 
 
781
 
 
364,618
McKesson Corp.
 
 
453
 
 
371,591
ResMed, Inc.
 
 
753
 
 
181,375
 
 
 
 
1,305,653
Insurance - 16.1%
 
 
 
 
Aflac, Inc.
 
 
3,426
 
 
377,785
Aon PLC - Class A
 
 
1,306
 
 
460,861
Assurant, Inc.
 
 
1,650
 
 
397,402
Brown & Brown, Inc.
 
 
5,030
 
 
400,891
CNA Financial Corp.
 
 
3,465
 
 
165,419
Globe Life, Inc.
 
 
2,652
 
 
370,909
Hanover Insurance Group, Inc.
 
 
889
 
 
162,483
Hartford Insurance Group, Inc.
 
 
2,763
 
 
380,741
Marsh & McLennan Cos., Inc.
 
 
1,107
 
 
205,371
Old Republic International Corp.(a)
 
 
3,645
 
 
166,358
Primerica, Inc.
 
 
1,792
 
 
462,981
Principal Financial Group, Inc.
 
 
1,961
 
 
172,980
Selective Insurance Group, Inc.
 
 
2,512
 
 
210,179
 
 
 
 
3,934,360
Materials - 6.5%
 
 
 
 
AptarGroup, Inc.
 
 
1,332
 
 
162,451
Avery Dennison Corp.
 
 
932
 
 
169,512
Commercial Metals Co.
 
 
2,693
 
 
186,409
Corteva, Inc.
 
 
5,476
 
 
367,056
Mosaic Co.
 
 
6,467
 
 
155,790
Reliance, Inc.
 
 
1,310
 
 
378,420
RPM International, Inc.
 
 
1,525
 
 
158,600
 
 
 
 
1,578,238
Pharmaceuticals, Biotechnology & Life Sciences - 1.4%
 
 
 
 
Johnson & Johnson
 
 
1,675
 
 
346,641
Semiconductors & Semiconductor
Equipment - 4.8%
Advanced Micro Devices, Inc.(b)
 
 
672
 
 
143,916
Ambarella, Inc.(b)
 
 
1,959
 
 
138,776
ARM Holdings PLC - ADR(a)(b)
 
 
1,323
 
 
144,617
Broadcom, Inc.
 
 
189
 
 
65,413
Marvell Technology, Inc.
 
 
1,780
 
 
151,264
Micron Technology, Inc.
 
 
668
 
 
190,654
Monolithic Power Systems, Inc.
 
 
181
 
 
164,051
QUALCOMM, Inc.
 
 
965
 
 
165,063
 
 
 
 
1,163,754
Software & Services - 6.4%
 
 
 
 
Accenture PLC - Class A
 
 
1,682
 
 
451,281
Crowdstrike Holdings, Inc. - Class A(b)
 
 
308
 
 
144,378
Datadog, Inc. - Class A(a)(b)
 
 
347
 
 
47,188
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
1
 

TABLE OF CONTENTS

WBI BULLBEAR VALUE 3000 ETF
SCHEDULE OF INVESTMENTS
December 31, 2025 (Unaudited) (Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Software & Services - (Continued)
Dynatrace, Inc.(b)
 
 
3,163
 
 
$137,084
Gitlab, Inc. - Class A(a)(b)
 
 
2,103
 
 
78,926
MongoDB, Inc.(b)
 
 
517
 
 
216,980
SentinelOne, Inc. - Class A(b)
 
 
10,026
 
 
150,390
ServiceNow, Inc.(b)
 
 
938
 
 
143,692
Snowflake, Inc.(b)
 
 
602
 
 
132,055
Zscaler, Inc.(b)
 
 
250
 
 
56,230
 
 
 
 
1,558,204
Technology Hardware & Equipment - 4.5%
HP, Inc.(a)
 
 
14,784
 
 
329,388
Motorola Solutions, Inc.
 
 
1,021
 
 
391,370
TD SYNNEX Corp.
 
 
2,480
 
 
372,570
 
 
 
 
1,093,328
Utilities - 5.2%
 
 
 
 
CenterPoint Energy, Inc.
 
 
9,608
 
 
368,371
Eversource Energy
 
 
5,540
 
 
373,008
National Fuel Gas Co.
 
 
1,972
 
 
157,878
NextEra Energy, Inc.(a)
 
 
4,536
 
 
364,150
 
 
 
 
1,263,407
TOTAL COMMON STOCKS
(Cost $23,026,998)
 
 
 
 
23,820,590
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH
PROCEEDS FROM SECURITIES
LENDING - 11.7%
Mount Vernon Liquid Assets Portfolio, LLC, 3.86%(c)
 
 
2,852,254
 
 
2,852,254
TOTAL INVESTMENTS PURCHASED
WITH PROCEEDS FROM SECURITIES LENDING
(Cost $2,852,254)
 
 
 
 
2,852,254
TOTAL INVESTMENTS - 109.4%
(Cost $25,879,252)
 
 
 
 
$26,672,844
Money Market Deposit
Account - 2.5%(d)
 
 
 
 
606,357
Liabilities in Excess of Other
Assets - (11.9)%
 
 
 
 
(2,887,373)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$24,391,828
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company
(a)
All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $2,768,757.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
(d)
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 1.77%.
The accompanying notes are an integral part of these financial statements.
 
2
 

TABLE OF CONTENTS

WBI BULLBEAR YIELD 3000 ETF
SCHEDULE OF INVESTMENTS
December 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 85.2%
Automobiles & Components - 1.0%
 
 
 
 
Thor Industries, Inc.
 
 
3,011
 
 
$309,139
Capital Goods - 10.2%
 
 
 
 
Applied Industrial Technologies, Inc.
 
 
2,036
 
 
522,784
Donaldson Co., Inc.
 
 
3,187
 
 
282,559
EMCOR Group, Inc.(a)
 
 
464
 
 
283,871
Honeywell International, Inc.
 
 
753
 
 
146,903
Mueller Industries, Inc.
 
 
4,675
 
 
536,690
Otis Worldwide Corp.
 
 
2,607
 
 
227,721
Primoris Services Corp.(a)
 
 
4,413
 
 
547,830
Stanley Black & Decker, Inc.(a)
 
 
3,400
 
 
252,552
Vertiv Holdings Co. - Class A
 
 
1,175
 
 
190,362
 
 
 
 
2,991,272
Commercial & Professional Services - 4.2%
Automatic Data Processing, Inc.
 
 
915
 
 
235,366
Genpact Ltd.(a)
 
 
6,278
 
 
293,685
Paychex, Inc.(a)
 
 
2,078
 
 
233,110
Verisk Analytics, Inc.(a)
 
 
2,089
 
 
467,288
 
 
 
 
1,229,449
Consumer Discretionary Distribution & Retail - 1.6%
 
 
 
 
Dick's Sporting Goods, Inc.
 
 
2,354
 
 
466,021
Consumer Services - 3.2%
 
 
 
 
H&R Block, Inc.
 
 
9,481
 
 
413,182
Yum China Holdings, Inc.
 
 
10,998
 
 
525,045
 
 
 
 
938,227
Consumer Staples Distribution &
Retail - 0.5%
Sysco Corp.
 
 
1,983
 
 
146,127
Energy - 2.9%
 
 
 
 
Kinder Morgan, Inc.
 
 
11,401
 
 
313,413
ONEOK, Inc.
 
 
4,995
 
 
367,132
Targa Resources Corp.
 
 
857
 
 
158,117
 
 
 
 
838,662
Financial Services - 12.1%
 
 
 
 
American Express Co.(a)
 
 
1,453
 
 
537,537
Ameriprise Financial, Inc.
 
 
508
 
 
249,093
Franklin Resources, Inc.(a)
 
 
15,351
 
 
366,735
Interactive Brokers Group, Inc. -
Class A
 
 
4,490
 
 
288,752
Mastercard, Inc. - Class A
 
 
521
 
 
297,428
OneMain Holdings, Inc.
 
 
6,044
 
 
408,272
Raymond James Financial, Inc.(a)
 
 
1,469
 
 
235,907
Stifel Financial Corp.
 
 
2,258
 
 
282,747
T Rowe Price Group, Inc.(a)
 
 
3,170
 
 
324,544
Visa, Inc. - Class A
 
 
715
 
 
250,758
Voya Financial, Inc.
 
 
3,930
 
 
292,746
 
 
 
 
3,534,519
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Food, Beverage & Tobacco - 3.4%
 
 
 
 
Altria Group, Inc.
 
 
5,883
 
 
$339,214
Archer Daniels Midland Co.
 
 
2,464
 
 
141,655
Hormel Foods Corp.
 
 
14,747
 
 
349,504
Keurig Dr Pepper, Inc.(a)
 
 
5,479
 
 
153,467
 
 
 
 
983,840
Health Care Equipment & Services - 2.3%
CVS Health Corp.
 
 
1,928
 
 
153,006
HCA Healthcare, Inc.
 
 
477
 
 
222,692
McKesson Corp.
 
 
358
 
 
293,664
 
 
 
 
669,362
Household & Personal Products - 1.0%
 
 
 
 
Kimberly-Clark Corp.
 
 
2,998
 
 
302,468
Insurance - 14.0%
 
 
 
 
Aflac, Inc.
 
 
2,723
 
 
300,265
American International Group, Inc.
 
 
1,881
 
 
160,919
Aon PLC - Class A
 
 
1,506
 
 
531,437
Assurant, Inc.
 
 
1,286
 
 
309,733
Brown & Brown, Inc.
 
 
5,817
 
 
463,615
Globe Life, Inc.
 
 
2,138
 
 
299,021
Hartford Insurance Group, Inc.
 
 
1,719
 
 
236,878
Marsh & McLennan Cos., Inc.
 
 
1,265
 
 
234,683
MetLife, Inc.
 
 
1,998
 
 
157,722
Old Republic International Corp.(a)
 
 
5,229
 
 
238,652
Primerica, Inc.
 
 
2,022
 
 
522,404
Prudential Financial, Inc.
 
 
3,210
 
 
362,345
Selective Insurance Group, Inc.
 
 
3,464
 
 
289,833
 
 
 
 
4,107,507
Materials - 2.8%
 
 
 
 
Corteva, Inc.
 
 
4,372
 
 
293,055
PPG Industries, Inc.(a)
 
 
1,587
 
 
162,604
Smurfit WestRock PLC
 
 
9,734
 
 
376,414
 
 
 
 
832,073
Pharmaceuticals, Biotechnology & Life Sciences - 3.5%
 
 
 
 
Bristol-Myers Squibb Co.
 
 
6,999
 
 
377,526
Gilead Sciences, Inc.
 
 
1,136
 
 
139,433
Merck & Co., Inc.(a)
 
 
1,559
 
 
164,100
Pfizer, Inc.
 
 
13,614
 
 
338,989
 
 
 
 
1,020,048
Semiconductors & Semiconductor Equipment - 4.9%
 
 
 
 
Advanced Micro Devices, Inc.(b)
 
 
846
 
 
181,179
Ambarella, Inc.(b)
 
 
2,317
 
 
164,136
ARM Holdings PLC - ADR(a)(b)
 
 
1,451
 
 
158,609
Broadcom, Inc.
 
 
217
 
 
75,104
Marvell Technology, Inc.
 
 
2,271
 
 
192,990
Micron Technology, Inc.
 
 
853
 
 
243,455
Monolithic Power Systems, Inc.
 
 
232
 
 
210,275
QUALCOMM, Inc.
 
 
1,174
 
 
200,813
 
 
 
 
1,426,561
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
3
 

TABLE OF CONTENTS

WBI BULLBEAR YIELD 3000 ETF
SCHEDULE OF INVESTMENTS
December 31, 2025 (Unaudited) (Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Software & Services - 6.2%
 
 
 
 
Accenture PLC - Class A
 
 
1,939
 
 
$520,234
Crowdstrike Holdings, Inc. - Class A(b)
 
 
377
 
 
176,722
Datadog, Inc. - Class A(a)(b)
 
 
427
 
 
58,068
Dynatrace, Inc.(b)
 
 
3,649
 
 
158,148
Gitlab, Inc. - Class A(a)(b)
 
 
2,650
 
 
99,454
MongoDB, Inc.(b)
 
 
577
 
 
242,161
SentinelOne, Inc. - Class A(b)
 
 
10,993
 
 
164,895
ServiceNow, Inc.(b)
 
 
1,168
 
 
178,926
Snowflake, Inc.(b)
 
 
719
 
 
157,720
Zscaler, Inc.(b)
 
 
300
 
 
67,476
 
 
 
 
1,823,804
Technology Hardware & Equipment - 1.8%
Motorola Solutions, Inc.
 
 
619
 
 
237,275
TD SYNNEX Corp.
 
 
1,889
 
 
283,785
 
 
 
 
521,060
Telecommunication Services - 2.3%
 
 
 
 
Millicom International Cellular SA
 
 
6,177
 
 
342,453
Verizon Communications, Inc.
 
 
8,355
 
 
340,299
 
 
 
 
682,752
Transportation - 0.5%
 
 
 
 
Union Pacific Corp.
 
 
656
 
 
151,746
Utilities - 6.8%
 
 
 
 
Atmos Energy Corp.
 
 
1,365
 
 
228,815
CenterPoint Energy, Inc.
 
 
7,656
 
 
293,531
Clearway Energy, Inc. - Class A
 
 
7,950
 
 
249,789
Consolidated Edison, Inc.
 
 
1,463
 
 
145,305
Duke Energy Corp.
 
 
2,587
 
 
303,222
Eversource Energy
 
 
7,008
 
 
471,849
NextEra Energy, Inc.(a)
 
 
3,661
 
 
293,905
 
 
 
 
1,986,416
TOTAL COMMON STOCKS
(Cost $24,038,617)
 
 
 
 
24,961,053
EXCHANGE TRADED FUNDS - 13.7%
Angel Oak High Yield Opportunities
ETF
 
 
71,690
 
 
795,759
Eaton Vance Short Duration Income
ETF
 
 
9,446
 
 
485,937
First Trust Senior Loan ETF(a)
 
 
6,001
 
 
275,326
Invesco Ultra Short Duration ETF
 
 
6,521
 
 
327,680
iShares Short Duration Bond Active
ETF
 
 
5,175
 
 
264,442
State Street SPDR Bloomberg Investment Grade Floating Rate ETF(a)
 
 
15,253
 
 
468,725
TCW Senior Loan ETF
 
 
11,764
 
 
544,791
WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund(a)
 
 
37,672
 
 
847,055
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,999,810)
 
 
 
 
4,009,715
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 19.2%
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.86%(c)
 
 
5,631,394
 
 
$5,631,394
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $5,631,394)
 
 
 
 
5,631,394
TOTAL INVESTMENTS - 118.1%
(Cost $33,669,821)
 
 
 
 
$34,602,162
Money Market Deposit
Account - 2.0%(d)
 
 
 
 
578,815
Liabilities in Excess of Other
Assets - (20.1)%
 
 
 
 
(5,872,792)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$29,308,185
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company
(a)
All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $5,476,948.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
(d)
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 1.77%.
The accompanying notes are an integral part of these financial statements.
 
4
 

TABLE OF CONTENTS

WBI BULLBEAR QUALITY 3000 ETF
SCHEDULE OF INVESTMENTS
December 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 93.2%
Banks - 1.0%
 
 
 
 
NU Holdings Ltd. - Class A(a)(b)
 
 
17,884
 
 
$299,378
Capital Goods - 11.4%
 
 
 
 
Caterpillar, Inc.(b)
 
 
412
 
 
236,023
Comfort Systems USA, Inc.
 
 
607
 
 
566,507
Cummins, Inc.
 
 
494
 
 
252,162
Emerson Electric Co.
 
 
3,615
 
 
479,783
Ferguson Enterprises, Inc.
 
 
1,292
 
 
287,638
General Electric Co.
 
 
1,057
 
 
325,588
HEICO Corp.(b)
 
 
743
 
 
240,427
Parker-Hannifin Corp.
 
 
273
 
 
239,956
Rockwell Automation, Inc.
 
 
642
 
 
249,783
Trane Technologies PLC
 
 
757
 
 
294,624
Vertiv Holdings Co. - Class A
 
 
1,153
 
 
186,798
 
 
 
 
3,359,289
Commercial & Professional Services - 1.0%
Cintas Corp.
 
 
1,561
 
 
293,577
Consumer Discretionary Distribution & Retail - 2.7%
 
 
 
 
eBay, Inc.
 
 
6,195
 
 
539,584
Ross Stores, Inc.
 
 
1,391
 
 
250,575
 
 
 
 
790,159
Consumer Services - 3.2%
 
 
 
 
Airbnb, Inc. - Class A(a)
 
 
2,359
 
 
320,164
Expedia Group, Inc.
 
 
1,167
 
 
330,623
Yum! Brands, Inc.
 
 
1,937
 
 
293,029
 
 
 
 
943,816
Consumer Staples Distribution &
Retail - 3.0%
 
 
 
 
Costco Wholesale Corp.
 
 
504
 
 
434,619
Sysco Corp.
 
 
6,098
 
 
449,362
 
 
 
 
883,981
Financial Services - 10.8%
 
 
 
 
American Express Co.(b)
 
 
1,373
 
 
507,941
Charles Schwab Corp.
 
 
3,001
 
 
299,830
Goldman Sachs Group, Inc.
 
 
289
 
 
254,031
Interactive Brokers Group, Inc. -
Class A
 
 
4,600
 
 
295,826
Mastercard, Inc. - Class A
 
 
553
 
 
315,697
Morgan Stanley
 
 
1,471
 
 
261,146
Nasdaq, Inc.
 
 
2,599
 
 
252,441
S&P Global, Inc.
 
 
932
 
 
487,054
Visa, Inc. - Class A
 
 
1,489
 
 
522,207
 
 
 
 
3,196,173
Food, Beverage & Tobacco - 1.6%
 
 
 
 
Hershey Co.
 
 
2,573
 
 
468,235
Health Care Equipment & Services - 7.2%
Cardinal Health, Inc.
 
 
2,534
 
 
520,737
Cencora, Inc.
 
 
848
 
 
286,412
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
HCA Healthcare, Inc.
 
 
510
 
 
$238,099
IDEXX Laboratories, Inc.(a)
 
 
425
 
 
287,525
McKesson Corp.
 
 
362
 
 
296,945
ResMed, Inc.(b)
 
 
2,008
 
 
483,667
 
 
 
 
2,113,385
Insurance - 3.8%
 
 
 
 
Arch Capital Group Ltd.(a)
 
 
3,091
 
 
296,489
Hartford Insurance Group, Inc.
 
 
2,318
 
 
319,420
Willis Towers Watson PLC(b)
 
 
1,527
 
 
501,772
 
 
 
 
1,117,681
Materials - 1.9%
 
 
 
 
Martin Marietta Materials, Inc.
 
 
482
 
 
300,122
Vulcan Materials Co.(b)
 
 
964
 
 
274,952
 
 
 
 
575,074
Media & Entertainment - 3.8%
 
 
 
 
Alphabet, Inc. - Class A
 
 
970
 
 
303,610
Reddit, Inc. - Class A(a)
 
 
1,083
 
 
248,949
TKO Group Holdings, Inc.
 
 
2,665
 
 
556,985
 
 
 
 
1,109,544
Pharmaceuticals, Biotechnology & Life Sciences - 7.7%
 
 
 
 
AbbVie, Inc.
 
 
1,317
 
 
300,921
Amgen, Inc.
 
 
668
 
 
218,643
Eli Lilly & Co.
 
 
540
 
 
580,327
Gilead Sciences, Inc.
 
 
2,449
 
 
300,590
Regeneron Pharmaceuticals, Inc.
 
 
708
 
 
546,484
Vertex Pharmaceuticals, Inc.(a)
 
 
690
 
 
312,819
 
 
 
 
2,259,784
Semiconductors & Semiconductor Equipment - 9.8%
 
 
 
 
Advanced Micro Devices, Inc.(a)
 
 
1,366
 
 
292,543
Ambarella, Inc.(a)
 
 
2,226
 
 
157,690
Analog Devices, Inc.
 
 
1,063
 
 
288,286
ARM Holdings PLC - ADR(a)(b)
 
 
598
 
 
65,367
Intel Corp.(a)
 
 
8,227
 
 
303,576
KLA Corp.
 
 
247
 
 
300,125
Marvell Technology, Inc.(b)
 
 
2,212
 
 
187,976
Monolithic Power Systems, Inc.
 
 
216
 
 
195,774
NVIDIA Corp.
 
 
1,606
 
 
299,519
QUALCOMM, Inc.
 
 
2,987
 
 
510,926
Texas Instruments, Inc.
 
 
1,676
 
 
290,769
 
 
 
 
2,892,551
Software & Services - 17.1%
 
 
 
 
Adobe, Inc.(a)
 
 
838
 
 
293,292
AppLovin Corp. - Class A(a)
 
 
408
 
 
274,918
Atlassian Corp. - Class A(a)(b)
 
 
1,442
 
 
233,806
Autodesk, Inc.(a)
 
 
1,737
 
 
514,169
Cadence Design Systems, Inc.(a)
 
 
691
 
 
215,993
Cognizant Technology Solutions
Corp. - Class A
 
 
3,610
 
 
299,630
CoreWeave, Inc. - Class A(a)(b)
 
 
2,862
 
 
204,948
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
5
 

TABLE OF CONTENTS

WBI BULLBEAR QUALITY 3000 ETF
SCHEDULE OF INVESTMENTS
December 31, 2025 (Unaudited) (Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Software & Services - (Continued)
Crowdstrike Holdings, Inc. - Class A(a)
 
 
372
 
 
$174,379
Dynatrace, Inc.(a)
 
 
4,201
 
 
182,071
Fair Isaac Corp.(a)
 
 
301
 
 
508,877
Fortinet, Inc.(a)
 
 
3,623
 
 
287,702
Intuit, Inc.
 
 
697
 
 
461,707
MongoDB, Inc.(a)
 
 
603
 
 
253,073
Palantir Technologies, Inc. - Class A(a)
 
 
1,802
 
 
320,305
Salesforce, Inc.
 
 
1,172
 
 
310,474
SentinelOne, Inc. - Class A(a)
 
 
10,924
 
 
163,860
ServiceNow, Inc.(a)
 
 
1,131
 
 
173,258
Snowflake, Inc.(a)
 
 
738
 
 
161,888
 
 
 
 
5,034,350
Technology Hardware & Equipment - 2.8%
Apple, Inc.
 
 
1,106
 
 
300,677
Cisco Systems, Inc.
 
 
6,664
 
 
513,328
 
 
 
 
814,005
Transportation - 2.6%
 
 
 
 
Delta Air Lines, Inc.(b)
 
 
3,974
 
 
275,796
Union Pacific Corp.
 
 
1,020
 
 
235,946
United Airlines Holdings, Inc.(a)
 
 
2,378
 
 
265,908
 
 
 
 
777,650
Utilities - 1.8%
 
 
 
 
Constellation Energy Corp.
 
 
713
 
 
251,882
Public Service Enterprise Group, Inc.
 
 
3,605
 
 
289,481
 
 
 
 
541,363
TOTAL COMMON STOCKS
(Cost $26,681,767)
 
 
 
 
27,469,995
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Units
 
 
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.8%
 
 
 
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.86%(c)
 
 
2,608,968
 
 
2,608,968
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $2,608,968)
 
 
 
 
2,608,968
TOTAL INVESTMENTS - 102.0%
(Cost $29,290,735)
 
 
 
 
$30,078,963
Money Market Deposit
Account - 7.0%(d)
 
 
 
 
2,066,343
Liabilities in Excess of Other
Assets - (9.0)%
 
 
 
 
(2,654,235)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$29,491,071
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $2,524,072.
(c)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
(d)
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 1.77%.
The accompanying notes are an integral part of these financial statements.
 
6
 

TABLE OF CONTENTS

WBI POWER FACTOR® HIGH DIVIDEND ETF
SCHEDULE OF INVESTMENTS
December 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.1%
Automobiles & Components - 3.1%
 
 
 
 
Ford Motor Co.
 
 
81,090
 
 
$1,063,901
LCI Industries
 
 
5,833
 
 
707,776
 
 
 
 
1,771,677
Banks - 9.8%
 
 
 
 
Bank of NT Butterfield & Son Ltd.
 
 
3,581
 
 
178,405
Columbia Banking System, Inc.
 
 
84,167
 
 
2,352,468
Comerica, Inc.
 
 
9,047
 
 
786,456
First Interstate BancSystem, Inc. - Class A
 
 
15,661
 
 
541,870
Northwest Bancshares, Inc.
 
 
18,349
 
 
220,188
Provident Financial Services, Inc.
 
 
11,473
 
 
226,592
Simmons First National Corp. - Class A
 
 
14,399
 
 
271,421
Truist Financial Corp.
 
 
21,414
 
 
1,053,783
 
 
 
 
5,631,183
Capital Goods - 1.8%
 
 
 
 
Stanley Black & Decker, Inc.(a)
 
 
13,597
 
 
1,009,985
Commercial & Professional Services - 2.1%
Kforce, Inc.
 
 
6,096
 
 
188,488
Robert Half, Inc.
 
 
37,124
 
 
1,008,288
 
 
 
 
1,196,776
Consumer Discretionary Distribution & Retail - 3.6%
 
 
 
 
Best Buy Co., Inc.
 
 
12,311
 
 
823,975
Macy's, Inc.
 
 
44,154
 
 
973,596
Upbound Group, Inc.(a)
 
 
15,052
 
 
264,313
 
 
 
 
2,061,884
Consumer Durables & Apparel - 0.5%
 
 
 
 
Oxford Industries, Inc.
 
 
8,823
 
 
301,747
Consumer Services - 2.3%
 
 
 
 
Marriott Vacations Worldwide Corp.
 
 
8,994
 
 
518,864
Travel + Leisure Co.
 
 
11,500
 
 
811,095
 
 
 
 
1,329,959
Consumer Staples Distribution &
Retail - 1.8%
 
 
 
 
Target Corp.
 
 
10,613
 
 
1,037,421
Energy - 14.5%
 
 
 
 
APA Corp.
 
 
35,423
 
 
866,446
Chevron Corp.
 
 
5,322
 
 
811,126
Civitas Resources, Inc.(a)
 
 
55,323
 
 
1,498,700
Hess Midstream LP - Class A
 
 
35,800
 
 
1,235,100
Murphy Oil Corp.
 
 
31,903
 
 
996,969
ONEOK, Inc.
 
 
39,188
 
 
2,880,318
 
 
 
 
8,288,659
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
Financial Services - 8.5%
 
 
 
 
Artisan Partners Asset Management, Inc. - Class A(a)
 
 
9,666
 
 
$393,793
Navient Corp.
 
 
17,867
 
 
232,271
OneMain Holdings, Inc.
 
 
19,780
 
 
1,336,139
T Rowe Price Group, Inc.(a)
 
 
8,688
 
 
889,477
Virtus Investment Partners, Inc.
 
 
1,468
 
 
239,504
Western Union Co.(a)
 
 
188,215
 
 
1,752,282
 
 
 
 
4,843,466
Food, Beverage & Tobacco - 14.5%
 
 
 
 
Altria Group, Inc.
 
 
40,994
 
 
2,363,714
Campbell's Co.(a)
 
 
30,072
 
 
838,107
Conagra Brands, Inc.
 
 
147,155
 
 
2,547,253
Flowers Foods, Inc.
 
 
72,418
 
 
787,908
General Mills, Inc.
 
 
18,556
 
 
862,854
Hormel Foods Corp.
 
 
36,819
 
 
872,610
 
 
 
 
8,272,446
Household & Personal Products - 0.7%
 
 
 
 
Energizer Holdings, Inc.
 
 
19,690
 
 
391,634
Insurance - 1.7%
 
 
 
 
Lincoln National Corp.
 
 
22,274
 
 
991,861
Materials - 3.5%
 
 
 
 
Eastman Chemical Co.
 
 
31,688
 
 
2,022,645
Media & Entertainment - 1.7%
 
 
 
 
Omnicom Group, Inc.(a)
 
 
11,846
 
 
956,564
Pharmaceuticals, Biotechnology & Life Sciences - 10.4%
 
 
 
 
Bristol-Myers Squibb Co.
 
 
59,458
 
 
3,207,165
Pfizer, Inc.
 
 
110,959
 
 
2,762,879
 
 
 
 
5,970,044
Telecommunication Services - 4.7%
 
 
 
 
Verizon Communications, Inc.
 
 
66,613
 
 
2,713,147
Transportation - 5.8%
 
 
 
 
Global Ship Lease, Inc. - Class A
 
 
5,586
 
 
195,733
United Parcel Service, Inc. - Class B
 
 
31,393
 
 
3,113,872
 
 
 
 
3,309,605
Utilities - 8.1%
 
 
 
 
AES Corp.
 
 
60,472
 
 
867,169
Edison International
 
 
46,443
 
 
2,787,509
UGI Corp.(a)
 
 
26,354
 
 
986,430
 
 
 
 
4,641,108
TOTAL COMMON STOCKS
(Cost $54,136,354)
 
 
 
 
56,741,811
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
7
 

TABLE OF CONTENTS

WBI POWER FACTOR® HIGH DIVIDEND ETF
SCHEDULE OF INVESTMENTS
December 31, 2025 (Unaudited) (Continued)
 
 
 
 
 
 
 
 
 
Units
 
 
Value
SHORT-TERM INVESTMENTS
 
 
 
 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.2%
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.86%(b)
 
 
7,006,796
 
 
$7,006,796
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $7,006,796)
 
 
 
 
7,006,796
TOTAL INVESTMENTS - 111.3%
(Cost $61,143,150)
 
 
 
 
$63,748,607
Money Market Deposit
Account - 0.8%(c)
 
 
 
 
466,904
Liabilities in Excess of Other
Assets - (12.1)%
 
 
 
 
(6,924,383)
TOTAL NET ASSETS - 100.0%
 
 
 
 
$57,291,128
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
LLC - Limited Liability Company
LP - Limited Partnership
(a)
All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $6,815,382.
(b)
The rate shown represents the 7-day annualized yield as of December 31, 2025.
(c)
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of December 31, 2025 was 1.77%.
The accompanying notes are an integral part of these financial statements.
 
8
 

TABLE OF CONTENTS

ABSOLUTE SHARES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
WBI BullBear
Value 3000 ETF
 
 
WBI BullBear
Yield 3000 ETF
 
 
WBI BullBear
Quality 3000 ETF
 
 
WBI Power Factor®
High Dividend ETF
ASSETS:
 
 
 
 
 
 
 
 
Investments, at value
 
 
$26,672,844
 
 
$34,602,162
 
 
$30,078,963
 
 
$63,748,607
Cash - interest bearing deposit account
 
 
606,357
 
 
578,815
 
 
2,066,343
 
 
466,904
Dividends receivable
 
 
11,430
 
 
30,940
 
 
8,651
 
 
128,058
Interest receivable
 
 
1,514
 
 
1,443
 
 
3,486
 
 
1,101
Dividend tax reclaims receivable
 
 
5,744
 
 
9,092
 
 
836
 
 
-
Security lending income receivable
 
 
420
 
 
1,004
 
 
570
 
 
1,439
Receivable for fund shares sold
 
 
-
 
 
-
 
 
-
 
 
1,600,020
Prepaid expenses and other assets
 
 
8,708
 
 
7,915
 
 
9,113
 
 
10,784
Total assets
 
 
27,307,017
 
 
35,231,371
 
 
32,167,962
 
 
65,956,913
LIABILITIES:
 
 
 
 
 
 
 
 
Payable upon return of securities loaned
 
 
2,852,254
 
 
5,631,394
 
 
2,608,968
 
 
7,006,796
Payable to Adviser
 
 
14,407
 
 
10,294
 
 
16,128
 
 
16,570
Payable for distribution and shareholder servicing fees
 
 
4,946
 
 
6,512
 
 
6,636
 
 
7,787
Payable for investments purchased
 
 
-
 
 
229,698
 
 
-
 
 
1,580,068
Payable for expenses and other liabilities
 
 
43,582
 
 
45,288
 
 
45,159
 
 
54,564
Total liabilities
 
 
2,915,189
 
 
5,923,186
 
 
2,676,891
 
 
8,665,785
NET ASSETS
 
 
$24,391,828
 
 
$29,308,185
 
 
$29,491,071
 
 
$57,291,128
Net Assets Consists of:
 
 
 
 
 
 
 
 
Paid-in capital
 
 
$41,398,892
 
 
$92,860,313
 
 
$49,790,496
 
 
$57,794,101
Total accumulated losses
 
 
(17,007,064)
 
 
(63,552,128)
 
 
(20,299,425)
 
 
(502,973)
Total net assets
 
 
$24,391,828
 
 
$29,308,185
 
 
$29,491,071
 
 
$57,291,128
Net assets
 
 
$24,391,828
 
 
$29,308,185
 
 
$29,491,071
 
 
$57,291,128
Shares issued and outstanding(a)
 
 
788,315
 
 
1,250,183
 
 
847,182
 
 
1,790,000
Net asset value per share
 
 
$30.94
 
 
$23.44
 
 
$34.81
 
 
$32.01
Cost:
 
 
 
 
 
 
 
 
Investments, at cost
 
 
$25,879,252
 
 
$33,669,821
 
 
$29,290,735
 
 
$61,143,150
Loaned Securities:
 
 
 
 
 
 
 
 
at value (included in investments)
 
 
$2,768,757
 
 
$5,476,948
 
 
$2,524,072
 
 
$6,815,382
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Unlimited shares authorized.
The accompanying notes are an integral part of these financial statements.
 
9
 

TABLE OF CONTENTS

ABSOLUTE SHARES TRUST
STATEMENTS OF OPERATIONS
For the Period Ended December 31, 2025 (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
WBI BullBear
Value 3000 ETF
 
 
WBI BullBear
Yield 3000 ETF
 
 
WBI BullBear
Quality 3000 ETF
 
 
WBI Power Factor®
High Dividend ETF
INVESTMENT INCOME:
 
 
 
 
 
 
 
 
Dividend income
 
 
$197,394
 
 
$507,675
 
 
$118,524
 
 
$1,537,972
Less: dividend withholding taxes
 
 
-
 
 
(4,680)
 
 
-
 
 
-
Less: issuance fees
 
 
-
 
 
(5)
 
 
(12)
 
 
-
Interest income
 
 
14,523
 
 
11,186
 
 
18,057
 
 
7,331
Securities lending income
 
 
2,202
 
 
10,029
 
 
3,024
 
 
10,418
Total investment income
 
 
214,119
 
 
524,205
 
 
139,593
 
 
1,555,721
EXPENSES:
 
 
 
 
 
 
 
 
Investment advisory fee
 
 
121,048
 
 
138,832
 
 
138,934
 
 
155,858
Fund administration and accounting fees
 
 
41,126
 
 
41,518
 
 
40,856
 
 
40,582
Legal fees
 
 
23,494
 
 
23,870
 
 
22,824
 
 
23,592
Audit fees
 
 
16,270
 
 
16,270
 
 
16,270
 
 
16,842
Compliance fees
 
 
15,884
 
 
16,170
 
 
15,022
 
 
14,842
Trustees' fees
 
 
14,658
 
 
14,658
 
 
14,658
 
 
14,658
Shareholder service costs
 
 
4,714
 
 
6,500
 
 
6,594
 
 
7,770
Custodian fees
 
 
5,902
 
 
6,458
 
 
6,568
 
 
1,892
Reports to shareholders
 
 
430
 
 
258
 
 
344
 
 
946
Other expenses and fees
 
 
19,314
 
 
16,286
 
 
18,750
 
 
39,158
Total expenses
 
 
262,840
 
 
280,820
 
 
280,820
 
 
316,140
Expense reimbursement by Adviser
 
 
(22,422)
 
 
(7,869)
 
 
(8,487)
 
 
(34,923)
Net expenses
 
 
240,418
 
 
272,951
 
 
272,333
 
 
281,217
NET INVESTMENT INCOME/(LOSS)
 
 
(26,299)
 
 
251,254
 
 
(132,740)
 
 
1,274,504
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
Investments
 
 
2,869,238
 
 
2,573,960
 
 
4,184,374
 
 
2,805,601
Net realized gain (loss)
 
 
2,869,238
 
 
2,573,960
 
 
4,184,374
 
 
2,805,601
Net change in unrealized appreciation (depreciation) on:
 
 
 
 
 
 
 
 
Investments
 
 
(758,485)
 
 
(371,780)
 
 
(1,823,971)
 
 
2,362,893
Net change in unrealized appreciation (depreciation)
 
 
(758,485)
 
 
(371,780)
 
 
(1,823,971)
 
 
2,362,893
Net realized and unrealized gain (loss)
 
 
2,110,753
 
 
2,202,180
 
 
2,360,403
 
 
5,168,494
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM OPERATIONS
 
 
$2,084,454
 
 
$2,453,434
 
 
$2,227,663
 
 
$6,442,998
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
10
 

TABLE OF CONTENTS

ABSOLUTE SHARES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
 
 
 
 
 
 
 
 
 
WBI BullBear Value 3000 ETF
 
 
WBI BullBear Yield 3000 ETF
 
 
Period Ended
December 31, 2025
(Unaudited)
 
 
Year Ended
June 30, 2025
 
 
Period Ended
December 31, 2025
(Unaudited)
 
 
Year Ended
June 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(26,299)
 
 
$30,334
 
 
$251,254
 
 
$771,746
Net realized gain (loss)
 
 
2,869,238
 
 
(1,397,907)
 
 
2,573,960
 
 
(3,607,946)
Net change in unrealized appreciation (depreciation)
 
 
(758,485)
 
 
1,335,815
 
 
(371,780)
 
 
667,982
Net increase (decrease) in net assets from operations
 
 
2,084,454
 
 
(31,758)
 
 
2,453,434
 
 
(2,168,218)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(19,855)
 
 
(94,871)
 
 
(243,015)
 
 
(801,291)
From return of capital
 
 
-
 
 
(6,806)
 
 
-
 
 
(28,347)
Total distributions to shareholders
 
 
(19,855)
 
 
(101,677)
 
 
(243,015)
 
 
(829,638)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares redeemed
 
 
(6,191,845)
 
 
(4,346,390)
 
 
(6,510,334)
 
 
(7,200,795)
Net increase (decrease) in net assets from capital transactions
 
 
(6,191,845)
 
 
(4,346,390)
 
 
(6,510,334)
 
 
(7,200,795)
NET INCREASE (DECREASE) IN NET ASSETS
 
 
(4,127,246)
 
 
(4,479,825)
 
 
(4,299,915)
 
 
(10,198,651)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
28,519,074
 
 
32,998,899
 
 
33,608,100
 
 
43,806,751
End of the period
 
 
$24,391,828
 
 
$28,519,074
 
 
$29,308,185
 
 
$33,608,100
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares redeemed
 
 
(200,000)
 
 
(150,000)
 
 
(280,000)
 
 
(150,000)
Total increase (decrease) in shares outstanding
 
 
(200,000)
 
 
(150,000)
 
 
(280,000)
 
 
(150,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
11
 

TABLE OF CONTENTS

ABSOLUTE SHARES TRUST
STATEMENTS OF CHANGES IN NET ASSETS(continued)
 
 
 
 
 
 
 
 
 
WBI BullBear Quality 3000 ETF
 
 
WBI Power Factor® High Dividend ETF
 
 
Period Ended
December 31, 2025
(Unaudited)
 
 
Year Ended
June 30, 2025
 
 
Period Ended
December 31, 2025
(Unaudited)
 
 
Year Ended
June 30, 2025
OPERATIONS:
 
 
 
 
 
 
 
 
Net investment income (loss)
 
 
$(132,740)
 
 
$(92,171)
 
 
$1,274,504
 
 
$2,969,388
Net realized gain (loss)
 
 
4,184,374
 
 
(2,343,557)
 
 
2,805,601
 
 
3,567,477
Net change in unrealized appreciation (depreciation)
 
 
(1,823,971)
 
 
1,896,816
 
 
2,362,893
 
 
(3,132,344)
Net increase (decrease) in net assets from operations
 
 
2,227,663
 
 
(538,912)
 
 
6,442,998
 
 
3,404,521
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
 
 
 
 
From earnings
 
 
(15,076)
 
 
-
 
 
(1,316,246)
 
 
(3,061,205)
From return of capital
 
 
-
 
 
-
 
 
-
 
 
-
Total distributions to shareholders
 
 
(15,076)
 
 
-
 
 
(1,316,246)
 
 
(3,061,205)
CAPITAL TRANSACTIONS:
 
 
 
 
 
 
 
 
Shares sold
 
 
-
 
 
-
 
 
1,600,020
 
 
6,101,615
Shares redeemed
 
 
(6,149,891)
 
 
(5,278,970)
 
 
(5,025,162)
 
 
(10,367,845)
Net increase (decrease) in net assets from capital transactions
 
 
(6,149,891)
 
 
(5,278,970)
 
 
(3,425,142)
 
 
(4,266,230)
NET INCREASE (DECREASE) IN NET ASSETS
 
 
(3,937,304)
 
 
(5,817,882)
 
 
1,701,610
 
 
(3,922,914)
NET ASSETS:
 
 
 
 
 
 
 
 
Beginning of the period
 
 
33,428,375
 
 
39,246,257
 
 
55,589,518
 
 
59,512,432
End of the period
 
 
$29,491,071
 
 
$33,428,375
 
 
$57,291,128
 
 
$55,589,518
SHARES TRANSACTIONS
 
 
 
 
 
 
 
 
Shares sold
 
 
-
 
 
-
 
 
50,000
 
 
200,000
Shares redeemed
 
 
(180,000)
 
 
(150,000)
 
 
(160,000)
 
 
(350,000)
Total increase (decrease) in shares outstanding
 
 
(180,000)
 
 
(150,000)
 
 
(110,000)
 
 
(150,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
12
 

TABLE OF CONTENTS

Absolute Shares Trust
Financial Highlights
 
 
 
 
 
 
WBI BULLBEAR VALUE 3000 ETF
 
 
Period Ended
December 31, 2025
(Unaudited)
 
 
Year Ended June 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$28.86
 
 
$28.99
 
 
$28.90
 
 
$29.55
 
 
$31.75
 
 
$25.60
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)(a)
 
 
(0.03)
 
 
0.03
 
 
0.35
 
 
0.25
 
 
0.29
 
 
0.49
Net realized and unrealized gain (loss) on investments(b)
 
 
2.13
 
 
(0.07)
 
 
0.10
 
 
(0.51)
 
 
(2.06)
 
 
6.05
Total from investment operations
 
 
2.10
 
 
(0.04)
 
 
0.45
 
 
(0.26)
 
 
(1.77)
 
 
6.54
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.02)
 
 
(0.09)
 
 
(0.36)
 
 
(0.39)
 
 
(0.43)
 
 
(0.39)
Total distributions
 
 
(0.02)
 
 
(0.09)
 
 
(0.36)
 
 
(0.39)
 
 
(0.43)
 
 
(0.39)
Net asset value, end of period
 
 
$30.94
 
 
$28.86
 
 
$28.99
 
 
$28.90
 
 
$29.55
 
 
$31.75
Total return(c)
 
 
7.27%
 
 
−0.13%
 
 
1.57%
 
 
−0.79%
 
 
−5.62%
 
 
25.59%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period
(in thousands)
 
 
$24,392
 
 
$28,519
 
 
$32,999
 
 
$44,454
 
 
$42,503
 
 
$53,597
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/ recoupment(d)
 
 
1.85%
 
 
1.72%
 
 
1.51%
 
 
1.64%
 
 
1.38%
 
 
1.36%
After expense reimbursement/ recoupment(d)
 
 
1.69%
 
 
1.64%
 
 
1.36%
 
 
1.25%
 
 
1.25%
 
 
1.25%
Ratio of net investment income (loss) to average net assets(d)
 
 
(0.18)%
 
 
0.09%
 
 
1.24%
 
 
0.89%
 
 
0.94%
 
 
1.71%
Portfolio turnover rate(c)(e)
 
 
264%
 
 
690%
 
 
742%
 
 
906%
 
 
845%
 
 
800%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Not annualized for periods less than one year.
(d)
Annualized for periods less than one year.
(e)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Absolute Shares Trust
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
WBI BULLBEAR YIELD 3000 ETF
 
 
Period Ended
December 31, 2025
(Unaudited)
 
 
Year Ended June 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$21.96
 
 
$23.94
 
 
$23.25
 
 
$25.95
 
 
$26.67
 
 
$22.53
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.18
 
 
0.45
 
 
0.43
 
 
0.42
 
 
0.39
 
 
0.41
Net realized and unrealized gain (loss) on investments(b)
 
 
1.47
 
 
(1.93)
 
 
0.69
 
 
(2.61)
 
 
(0.57)
 
 
4.13
Total from investment operations
 
 
1.65
 
 
(1.48)
 
 
1.12
 
 
(2.19)
 
 
(0.18)
 
 
4.54
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.17)
 
 
(0.50)
 
 
(0.43)
 
 
(0.51)
 
 
(0.54)
 
 
(0.40)
Total distributions
 
 
(0.17)
 
 
(0.50)
 
 
(0.43)
 
 
(0.51)
 
 
(0.54)
 
 
(0.40)
Net asset value, end of period
 
 
$23.44
 
 
$21.96
 
 
$23.94
 
 
$23.25
 
 
$25.95
 
 
$26.67
Total return(c)
 
 
7.53%
 
 
−6.32%
 
 
4.88%
 
 
−8.49%
 
 
−0.73%
 
 
20.36%
SUPPLEMENTAL DATA AND RATIOS:(d)
 
 
 
 
 
 
 
 
 
 
Net assets, end of period
(in thousands)
 
 
$29,308
 
 
$33,608
 
 
$43,807
 
 
$57,653
 
 
$38,416
 
 
$47,477
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/ recoupment(e)
 
 
1.72%
 
 
1.54%
 
 
1.36%
 
 
1.44%
 
 
1.43%
 
 
1.27%
After expense reimbursement/ recoupment(e)
 
 
1.67%
 
 
1.51%
 
 
1.28%
 
 
1.25%
 
 
1.26%
 
 
1.25%
Ratio of net investment income (loss) to average net assets(e)
 
 
1.54%
 
 
1.97%
 
 
1.83%
 
 
1.73%
 
 
1.44%
 
 
1.68%
Portfolio turnover rate(c)(f)
 
 
266%
 
 
799%
 
 
641%
 
 
890%
 
 
824%
 
 
820%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Not annualized for periods less than one year.
(d)
Ratios do not include the income and expenses of the underlying funds in which the Fund invests.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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Absolute Shares Trust
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
WBI BULLBEAR QUALITY 3000 ETF
 
 
Period Ended
December 31, 2025
(Unaudited)
 
 
Year Ended June 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$32.54
 
 
$33.34
 
 
$29.19
 
 
$28.78
 
 
$30.74
 
 
$26.06
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income (loss)(a)
 
 
(0.14)
 
 
(0.08)
 
 
0.03
 
 
0.23
 
 
0.32
 
 
0.12
Net realized and unrealized gain (loss) on investments(b)
 
 
2.43
 
 
(0.72)
 
 
4.16
 
 
0.54
 
 
(1.68)
 
 
4.62
Total from investment operations
 
 
2.29
 
 
(0.80)
 
 
4.19
 
 
0.77
 
 
(1.36)
 
 
4.74
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.02)
 
 
-
 
 
(0.04)
 
 
(0.36)
 
 
(0.60)
 
 
(0.06)
Total distributions
 
 
(0.02)
 
 
-
 
 
(0.04)
 
 
(0.36)
 
 
(0.60)
 
 
(0.06)
Net asset value, end of period
 
 
$34.81
 
 
$32.54
 
 
$33.34
 
 
$29.19
 
 
$28.78
 
 
$30.74
Total return(c)
 
 
7.01%
 
 
−2.40%
 
 
14.33%
 
 
2.79%
 
 
−4.58%
 
 
18.21%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period
(in thousands)
 
 
$29,491
 
 
$33,428
 
 
$39,246
 
 
$44,583
 
 
$36,758
 
 
$45,407
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/
recoupment(d)
 
 
1.72%
 
 
1.58%
 
 
1.44%
 
 
1.65%
 
 
1.45%
 
 
1.31%
After expense reimbursement/
recoupment(d)
 
 
1.67%
 
 
1.54%
 
 
1.32%
 
 
1.25%
 
 
1.25%
 
 
1.25%
Ratio of net investment income (loss) to average net assets(d)
 
 
(0.81)%
 
 
(0.26)%
 
 
0.10%
 
 
0.82%
 
 
1.04%
 
 
0.43%
Portfolio turnover rate(c)(e)
 
 
323%
 
 
760%
 
 
672%
 
 
805%
 
 
899%
 
 
838%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Not annualized for periods less than one year.
(d)
Annualized for periods less than one year.
(e)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
15
 

TABLE OF CONTENTS

Absolute Shares Trust
FINANCIAL HIGHLIGHTS
 
 
 
 
 
 
WBI Power Factor® High Dividend ETF
 
 
Period Ended
December 31, 2025
(Unaudited)
 
 
Year Ended June 30,
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$29.26
 
 
$29.03
 
 
$25.92
 
 
$25.97
 
 
$27.43
 
 
$18.76
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.71
 
 
1.49
 
 
1.26
 
 
1.36
 
 
1.16
 
 
1.10
Net realized and unrealized gain (loss) on investments(b)
 
 
2.78
 
 
0.29
 
 
3.07
 
 
0.05
 
 
(1.49)
 
 
8.65
Total from investment operations
 
 
3.49
 
 
1.78
 
 
4.33
 
 
1.41
 
 
(0.33)
 
 
9.75
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.74)
 
 
(1.55)
 
 
(1.22)
 
 
(1.46)
 
 
(1.13)
 
 
(1.08)
Total distributions
 
 
(0.74)
 
 
(1.55)
 
 
(1.22)
 
 
(1.46)
 
 
(1.13)
 
 
(1.08)
Net asset value, end of period
 
 
$32.01
 
 
$29.26
 
 
$29.03
 
 
$25.92
 
 
$25.97
 
 
$27.43
Total return(c)
 
 
11.97%
 
 
6.10%
 
 
16.97%
 
 
5.63%
 
 
−1.40%
 
 
53.09%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period
(in thousands)
 
 
$57,291
 
 
$55,590
 
 
$59,512
 
 
$60,905
 
 
$62,333
 
 
$64,457
Ratio of expenses to average net assets:
 
 
 
 
 
 
 
 
 
 
 
 
Before expense reimbursement/
recoupment(d)
 
 
1.12%
 
 
1.04%
 
 
0.99%
 
 
1.00%
 
 
0.94%
 
 
0.98%
After expense reimbursement/
recoupment(d)
 
 
0.99%
 
 
0.97%
 
 
0.84%
 
 
0.70%
 
 
0.70%
 
 
0.70%
Ratio of net investment income (loss) to average net assets(d)
 
 
4.50%
 
 
4.95%
 
 
4.52%
 
 
5.09%
 
 
4.16%
 
 
4.73%
Portfolio turnover rate(c)(e)
 
 
75%
 
 
141%
 
 
152%
 
 
175%
 
 
183%
 
 
191%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Not annualized for periods less than one year.
(d)
Annualized for periods less than one year.
(e)
Portfolio turnover rate excludes in-kind transactions.
The accompanying notes are an integral part of these financial statements.
 
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TABLE OF CONTENTS

Absolute Shares Trust
Notes to Financial Statements
December 31, 2025
NOTE 1 - ORGANIZATION
Absolute Shares Trust (the "Trust") was organized as a Delaware statutory trust on November 7, 2013 and is authorized to have multiple segregated series or portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940 (the "1940 Act"). The Trust currently consists of the following four separate investment portfolios (each, a "Fund" or, individually and, together, the "Funds"):
WBI BullBear Value 3000 ETF
WBI BullBear Yield 3000 ETF
WBI BullBear Quality 3000 ETF
WBI Power Factor® High Dividend ETF
Each Fund is classified as diversified for purposes of the 1940 Act.
The end of the reporting period for the Funds is December 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal period from July 1, 2025, through December 31, 2025 for all funds (the "current fiscal period").
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds. The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are stated in U.S. dollars. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance for the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets, liabilities and the disclosure of contingent assets and liabilities at December 31, 2025. Actual results could differ from these estimates.
A.
Valuation. All equity securities, including domestic common stocks, preferred stocks, exchange traded funds and exchange traded notes, that are traded on a national securities exchange, except those listed on the Nasdaq Global Market, Nasdaq Select Market and Nasdaq Capital Market (collectively "Nasdaq") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq are valued at the Nasdaq Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices is used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price is used.
Investments in mutual funds, including money market funds, are valued at their net asset value ("NAV") per share.
Shares in privately offered liquidity funds are valued at their NAV per share.
Short-term securities that have maturities of less than 60 days at the time of purchase are valued at amortized cost, which, when combined with accrued interest, approximates fair value.
Securities for which quotations are not readily available are valued by the Adviser, whom the Board of Trustees designed as the valuation designee pursuant to valuation procedures adopted by the Board (the "Valuation Procedures") and information it receives from the Sub-Advisor and U.S. Bancorp Fund Services, LLC ("Fund Services"). When a security is "fair valued", consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Valuation Procedures. The use of fair value pricing by the Funds may cause the NAV of their shares to differ significantly from the NAV that would be calculated without regard to such considerations.
 
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TABLE OF CONTENTS

Absolute Shares Trust
Notes to Financial Statements
December 31, 2025 (Continued)
As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:
Level 1 -
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 -
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 -
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; including the Funds' Valuation Committee's assumptions used in determining the fair value of investments. 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 following is a summary of the inputs used to value the Funds' investments as of the end of the current fiscal period:
WBI BullBear Value 3000 ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$23,820,590
 
 
$-
 
 
$-
 
 
$23,820,590
Investments Purchased with Proceeds from Securities Lending(a)
 
 
-
 
 
-
 
 
-
 
 
2,852,254
Total Investments
 
 
$23,820,590
 
 
$-
 
 
$-
 
 
$26,672,844
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $2,852,254 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
WBI BullBear Yield 3000 ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$24,961,053
 
 
$-
 
 
$-
 
 
$24,961,053
Exchange Traded Funds
 
 
4,009,715
 
 
-
 
 
-
 
 
4,009,715
Investments Purchased with Proceeds from Securities Lending(a)
 
 
-
 
 
-
 
 
-
 
 
5,631,394
Total Investments
 
 
$28,970,768
 
 
$-
 
 
$-
 
 
$34,602,162
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $5,631,394 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
 
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TABLE OF CONTENTS

Absolute Shares Trust
Notes to Financial Statements
December 31, 2025 (Continued)
WBI BullBear Quality 3000 ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$27,469,995
 
 
$-
 
 
$-
 
 
$27,469,995
Investments Purchased with Proceeds from Securities Lending(a)
 
 
-
 
 
-
 
 
-
 
 
2,608,968
Total Investments
 
 
$27,469,995
 
 
$-
 
 
$-
 
 
$30,078,963
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $2,608,968 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
WBI Power Factor® High Dividend ETF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Investments:
 
 
 
 
 
 
 
 
Common Stocks
 
 
$56,741,811
 
 
$-
 
 
$-
 
 
$56,741,811
Investments Purchased with Proceeds from Securities Lending(a)
 
 
-
 
 
-
 
 
-
 
 
7,006,796
Total Investments
 
 
$56,741,811
 
 
$-
 
 
$-
 
 
$63,748,607
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.
(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $7,006,796 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
B.
Certain Risks. Some risks apply to all Funds, while others are specific to the investment strategy of certain Funds. Each Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Funds. The shares of the Funds are referred to herein as "Fund Shares" or "Shares".
ETF and Other Investment Companies Risk - When a Fund invests in another ETF or other investment company (e.g., mutual fund, closed-end fund, business development company), it will bear additional expenses based on its pro rata share of such investment company's operating expenses, including the potential duplication of management fees. The risk of owning an ETF or other investment company generally reflects the risks of owning the underlying securities and other assets held by the ETF or other investment company. A Fund also will incur brokerage costs when it purchases ETFs and other exchange-listed investment companies. Additionally, a Fund will be indirectly exposed to the risks of the portfolio assets held by an ETF or other investment company, including but not limited to those of ETNs, equity options, derivatives, currencies, index, leverage, and replication management.
Market Risk - Either the stock market as a whole or the value of a Fund asset or an investment held by an exchange-traded product ("ETP") in which a Fund invests may go down, resulting in a decrease in the NAV of the Fund or its Shares or a decrease in the market price of the Shares.
Equity Securities Risk - Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. If a Fund or an ETP holds common stock equivalents of any given issuer, the Fund or ETP will generally be exposed to greater risk than if the Fund or ETP held preferred stocks and debt obligations of such issuer.
Foreign and Emerging Market Securities Risk - Foreign investments may carry risks associated with investing outside the United States, such as currency fluctuation, economic or financial instability, lack of timely or reliable financial information, or unfavorable political or legal developments. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller
 
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Absolute Shares Trust
Notes to Financial Statements
December 31, 2025 (Continued)
than U.S. securities markets. Many foreign securities may also be less liquid than U.S. securities, which could affect the Funds' investments. Investments in emerging markets may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory, or other uncertainties. Also, as foreign and emerging markets decline, investors tend to exit these markets in unison.
Fluctuation of Net Asset Value - The NAV of the Shares will fluctuate with changes in market value of the Funds' holdings.
Shares are Not Individually Redeemable - Shares are only redeemable by the Funds at NAV if they are tendered in large blocks known as "Creation Units" which are expected to be worth in excess of $1 million each. Only Authorized Participants ("APs") may engage in such creation and redemption transactions directly with the Funds. Individual Shares may be sold on a stock exchange at their current market prices, which may be less, more, or equal to their NAV. There can be no assurance that an active trading market will be maintained for the Shares.
C.
Federal Income Taxes. The Funds' policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. The Funds plan to file U.S. Federal and various state and local tax returns.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These timing differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
D.
Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date, net of any foreign taxes withheld at source. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable tax rules and regulations. Premiums and discounts are amortized/accreted using the effective interest method over the lives of the respective debt instruments.
E.
Distributions to Shareholders. Distributions to shareholders from net investment income are declared and paid by WBI BullBear Value 3000 ETF, WBI BullBear Quality 3000 ETF, and WBI Power Factor® High Dividend ETF, on a quarterly basis. A distribution to shareholders from net investment income is declared and paid by WBI BullBear Yield 3000 ETF on a monthly basis. Distributions from net realized gains on securities are normally declared and paid by all Funds on an annual basis. Distributions are recorded on the ex-dividend date.
F.
Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the NYSE ARCA, Inc., the exchange where the Funds' shares are listed, is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund's NAV per share.
G.
Guarantees and Indemnifications. The Funds' officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred.
 
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Absolute Shares Trust
Notes to Financial Statements
December 31, 2025 (Continued)
H.
Expenses. Expenses directly attributable to the Fund are charged directly to the Fund, while expenses which are attributable to the Fund and other investment companies advised by the Adviser are allocated among the respective investment companies, including the Fund, based either upon relative average net assets or evenly among the Funds.
I.
Subsequent Events. In preparing these financial statements, the Advisor has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. There were no events or transactions that occurred during the period subsequent December 31, 2025 that materially impacted the amounts or disclosures in the Funds' financial statements.
J.
New Accounting Pronouncements and Other Matters. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency of income tax disclosures. The amendments are effective for fiscal years beginning after December 15, 2024. Management is evaluating the impact of adopting this guidance on the Funds' financial statements.
In December 2023, the FASB issued ASU 2023-08, Accounting for and Disclosure of Crypto Assets, which requires certain crypto assets to be measured at fair value with changes in fair value recognized in net income and includes enhanced disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Management is evaluating the impact of adopting this guidance on the Funds' financial statements.
K.
Segment reporting. The Funds operates through a single operating and reporting segment to achieve its investment objective as reflected in the Funds' prospectus. The Chief Operating Decision Makers ("CODM") are the Funds' president, chief financial officer, and senior management at the Investment Manager. The CODM assesses the performance and makes operating decisions for the Funds primarily based on the Funds' changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes the Funds' net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of the Funds. As the Funds' operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.
NOTE 3 - MANAGEMENT FEE
Pursuant to an investment advisory agreement ("Advisory Agreement") between the Trust, on behalf of the Funds, and the Advisor, the Advisor serves as the investment advisor, makes investment decisions for each Fund, and manages the investment portfolios of the Funds, subject to the supervision of and policies of the Board. Under the Advisory Agreement for the Funds the Advisor may retain an investment sub-advisor for the Funds, subject to approval by the Board and Fund shareholders. Under a sub-advisory agreement, ("Sub-Advisory Agreement") the Sub-Advisor serves as the investment sub-advisor and is responsible for the day to day management of the Funds, subject to the supervision of the Advisor and the Board. For the services the Sub-Advisor provides to each Fund, the Sub-Advisor receives a fee that is equal to 0.85% per year of the average daily net assets (calculated daily and paid monthly) of WBI BullBear Value 3000 ETF, WBI BullBear Yield 3000 ETF, and WBI BullBear Quality 3000 ETF. For the services the Sub-Adviser provides to WBI Power Factor® High Dividend ETF, the Sub-Advisor receives a fee that is equal to 0.55% per year of average daily net assets, which is calculated daily and paid monthly. The Advisor is paid 0.04% of each Fund's average daily net assets (calculated daily and paid monthly) from the management fees collected by the Sub-Advisor.
NOTE 4 - PORTFOLIO TRANSACTIONS AND BROKERAGE
The Sub-Advisor utilized non-affiliated broker dealers to execute portfolio transactions for the Funds. Currently, these non-affiliated broker dealers charge an explicit commission for these transactions, a portion of which is designated towards "soft dollar credits" that can be used to provide the Sub-Advisor with certain research and brokerage services as described in the safe harbor provisions under Section 28(e) of the Securities and Exchange Act of 1934. During this period, the Funds paid $0.025 per share in explicit commission to these non-affiliated broker dealers for their execution services, of which $0.0125 per share was designated by the non-affiliated broker dealers to a pool of soft dollar credits
 
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Absolute Shares Trust
Notes to Financial Statements
December 31, 2025 (Continued)
for use by the Sub-Advisor. The Sub-Advisor participates in commission sharing arrangements ("CSAs") that are consistent with the requirements of Section 28(e). Research and brokerage services furnished through CSAs may be used by the Sub-Advisor in servicing any or all of the firm's clients and will be used for client accounts other than those that pay commissions to the broker-dealer providing the research or brokerage services.
NOTE 5 - EXPENSE LIMITATION AND REIMBURSEMENT
Management is evaluating the impact of adopting this guidance on the Funds' financial statements.
The following table shows the remaining waived and/or reimbursed expenses subject to potential recovery during the current fiscal period. The Sub-Advisor may recapture a portion of the unreimbursed amounts no later than the dates stated:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2026
 
 
June 30, 2027
 
 
June 30, 2028
 
 
June 30, 2029
WBI BullBear Value 3000 ETF
 
 
$163,108
 
 
$55,737
 
 
$16,889
 
 
$27,273
WBI BullBear Yield 3000 ETF
 
 
106,955
 
 
38,229
 
 
-
 
 
12,603
WBI BullBear Quality 3000 ETF
 
 
165,666
 
 
51,910
 
 
-
 
 
17,340
WBI Power Factor® High Dividend ETF
 
 
219,678
 
 
83,939
 
 
40,630
 
 
37,317
 
 
 
 
 
 
 
 
 
 
 
 
 
The Funds must pay their current ordinary operating expense before the Sub-Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is also contingent upon the Board of Trustees' review and approval.
NOTE 6 - COMPLIANCE AND ADMINISTRATION SERVICING AGREEMENTS
The Trust has entered into an agreement with Vigilant Distributors, LLC ("Vigilant"), whereby Vigilant agrees to provide a Chief Compliance Officer ("CCO"), as described in Rule 38a-1 of the 1940 Act.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (the "Administrator") serves as the independent administrator and U.S. Bank National Association (the "Custodian") serves as the custodian to the Funds. Under the Fund Administration Servicing, Fund Accounting Servicing, and Transfer Agent Servicing Agreements, the Administrator is responsible for keeping financial books and records of the Funds and generally managing the administrative affairs and transfer agency services.
NOTE 7 - SECURITIES LENDING
The Funds may lend up to 331∕3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by U.S Bank N.A. ("the Custodian" and "Securities Lending Agent"). The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any loaned securities at the time of the loan, plus accrued interest, except in the case of loans of foreign securities which are denominated and payable in U.S. dollars and shall be collateralized in the amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. During the current fiscal period, Funds had loaned securities that were collateralized by cash equivalents. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. A Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the Securities Lending Agent.
 
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Absolute Shares Trust
Notes to Financial Statements
December 31, 2025 (Continued)
At period end, the value of the securities on loan and payable for collateral due to broker were as follows:
 
 
 
 
 
 
 
Fund
 
 
Value of
Securities on Loan
 
 
Collateral
Received*
WBI BullBear Value 3000 ETF
 
 
$2,768,757
 
 
$2,852,254
WBI BullBear Yield 3000 ETF
 
 
5,476,948
 
 
5,631,394
WBI BullBear Quality 3000 ETF
 
 
2,524,072
 
 
2,608,968
WBI Power Factor® High Dividend ETF
 
 
6,815,382
 
 
7,006,796
 
 
 
 
 
 
 
*
The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio as shown on the Schedule of Investments,
a short-term investment portfolio with an overnight and continuous maturity.
Fees and interest income earned on collateral investments and recognized by the Funds during the current fiscal year, was as follows:
Fees and Interest Income Earned
 
 
 
 
Fund
 
 
Fees and Interest
Income Earned
WBI BullBear Value 3000 ETF
 
 
$2,202
WBI BullBear Yield 3000 ETF
 
 
10,029
WBI BullBear Quality 3000 ETF
 
 
3,024
WBI Power Factor® High Dividend ETF
 
 
10,418
 
 
 
 
Offsetting Assets and Liabilities. The Funds are subject to various netting arrangements, which govern the terms of certain transactions with counterparties. The arrangements allow the Funds to close out and net their total exposure to counterparty in the event of a default with respect to all transactions governed under a single agreement with a counterparty. The following is a summary of the arrangements subject to offsetting during the current fiscal period.
Offsetting Assets and Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fund
 
 
Description
 
 
Value of
Securities on
Loan
 
 
Gross
Amounts
Offset in the
Statement of
Assets &
Liabilities
 
 
Net
Amounts
Presented in the
Statement of
Assets &
Liabilities
 
 
Collateral
Received
 
 
Net
Amount
WBI BullBear Value 3000 ETF
 
 
Securities Lending
 
 
$2,768,757
 
 
$   -
 
 
$2,768,757
 
 
$2,852,254
 
 
$  -
WBI BullBear Yield 3000 ETF
 
 
Securities Lending
 
 
5,476,948
 
 
-
 
 
5,476,948
 
 
5,631,394
 
 
-
WBI BullBear Quality 3000 ETF
 
 
Securities Lending
 
 
2,524,072
 
 
-
 
 
2,524,072
 
 
2,608,968
 
 
-
WBI Power Factor™ High Dividend ETF
 
 
Securities Lending
 
 
6,815,382
 
 
-
 
 
6,815,382
 
 
7,006,796
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 8 - TAX INFORMATION
The tax character of distributions declared by the Funds was as follows:
 
 
 
 
 
 
 
 
 
Year Ended June 30, 2025
 
 
Year Ended June 30, 2024
Fund
 
 
Ordinary
Income
 
 
Long Term
Capital Gain
 
 
Return of
Capital
 
 
Ordinary
Income
 
 
Long Term
Capital Gain
 
 
Return of
Capital
WBI BullBear Value 3000 ETF
 
 
$94,871
 
 
$   -
 
 
$6,806
 
 
$452,001
 
 
$   -
 
 
$  -
WBI BullBear Yield 3000 ETF
 
 
​801,291
 
 
-
 
 
28,347
 
 
899,303
 
 
-
 
 
-
WBI BullBear Quality 3000 ETF
 
 
​-
 
 
-
 
 
-
 
 
44,683
 
 
-
 
 
-
WBI Power Factor® High Dividend ETF
 
 
​3,061,205
 
 
-
 
 
-
 
 
2,566,342
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Absolute Shares Trust
Notes to Financial Statements
December 31, 2025 (Continued)
The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended June 30, 2025, related to net capital gain to zero.
Each Fund's cost basis of investments for federal income tax purposes as of June 30, 2025 was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
WBI BullBear
Value 3000 ETF
 
 
WBI BullBear
Yield 3000 ETF
 
 
WBI BullBear
Quality 3000 ETF
 
 
WBI
Power Factor®
High Dividend ETF
Cost of investments
 
 
$31,316,346
 
 
$36,991,583
 
 
$34,828,330
 
 
$70,082,882
Gross tax unrealized appreciation
 
 
1,873,570
 
 
1,472,428
 
 
2,800,643
 
 
5,224,969
Gross tax unrealized depreciation
 
 
(994,336)
 
 
(367,290)
 
 
(1,303,347)
 
 
(5,095,374)
Net tax unrealized appreciation
 
 
$879,234
 
 
$1,105,138
 
 
$1,497,296
 
 
$129,595
 
 
 
 
 
 
 
 
 
 
 
 
 
The components of distributable earnings (losses) for federal income tax purposes as of June 30, 2025 were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
WBI BullBear
Value 3000 ETF
 
 
WBI BullBear
Yield 3000 ETF
 
 
WBI BullBear
Quality 3000 ETF
 
 
WBI
Power Factor®
High Dividend ETF
Net tax unrealized appreciation (depreciation)
 
 
$879,234
 
 
$1,105,138
 
 
$1,497,296
 
 
$129,595
Undistributed ordinary income
 
 
-
 
 
-
 
 
-
 
 
41,262
Undistributed long term gain (loss)
 
 
-
 
 
-
 
 
-
 
 
-
Total distributable earnings
 
 
-
 
 
-
 
 
-
 
 
41,262
Other accumulated gain (loss)
 
 
(19,950,897)
 
 
(66,867,685)
 
 
(24,009,308)
 
 
(5,800,582)
Total accumulated gain (loss)
 
 
$(19,071,663)
 
 
$(65,762,547)
 
 
$(22,512,012)
 
 
$(5,629,725)
 
 
 
 
 
 
 
 
 
 
 
 
 
Net capital losses incurred after October 31, 2024, and December 31, 2024 and within the taxable year are deemed to arise on the first business day of each Fund's next taxable year.
 
 
 
 
 
 
 
Fund
 
 
Capital
 
 
Ordinary
WBI BullBear Value 3000 ETF+
 
 
$-
 
 
$40,644
WBI BullBear Yield 3000 ETF+
 
 
-
 
 
-
WBI BullBear Quality 3000 ETF+
 
 
-
 
 
91,171
WBI Power Factor® High Dividend ETF
 
 
-
 
 
-
 
 
 
 
 
 
 
As of June 30, 2025, the Funds had the following short-term and long-term capital loss carryforwards available for federal income tax purposes, with an indefinite expiration:
 
 
 
 
 
 
 
Fund
 
 
Short-Term
 
 
Long-Term
WBI BullBear Value 3000 ETF+
 
 
$19,910,253
 
 
$​-
WBI BullBear Yield 3000 ETF+
 
 
66,867,685
 
 
-
WBI BullBear Quality 3000 ETF+
 
 
23,917,137
 
 
-
WBI Power Factor® High Dividend ETF
 
 
4,846,808
 
 
953,774
 
 
 
 
 
 
 
+
Annual limitation may apply to a portion of the losses under IRC 382.
 
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Absolute Shares Trust
Notes to Financial Statements
December 31, 2025 (Continued)
Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. GAAP require that certain components of net assets be adjusted to reflect the permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary difference causing such reclassification is due to redemptions in-kind. At June 30, 2025, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of assets and liabilities.
 
 
 
 
 
 
 
Fund
 
 
Paid-In
Capital
 
 
Total
Distributable
Loss
WBI BullBear Value 3000 ETF+
 
 
$76,287
 
 
$(76,287)
WBI BullBear Yield 3000 ETF+
 
 
(3,889)
 
 
3,899
WBI BullBear Quality 3000 ETF+
 
 
279,400
 
 
(279,400)
WBI Power Factor® High Dividend ETF
 
 
688,345
 
 
(688,345)
 
 
 
 
 
 
 
NOTE 9 - PURCHASES AND SALES OF SECURITIES
During the current fiscal period, purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, were as follows:
 
 
 
 
 
 
All Other
Fund
 
 
Purchases
 
 
Sales
WBI BullBear Value 3000 ETF
 
 
​$107,805,910
 
 
​$107,915,570
WBI BullBear Yield 3000 ETF
 
 
​165,013,529
 
 
​166,098,576
WBI BullBear Quality 3000 ETF
 
 
​145,150,342
 
 
​147,133,017
WBI Power Factor® High Dividend ETF
 
 
​40,077,588
 
 
​40,169,221
 
 
 
 
 
 
 
During the current fiscal period, the values of the in-kind security transactions were as follows:
 
 
 
 
 
 
 
Fund
 
 
Subscriptions
 
 
Redemptions
WBI BullBear Value 3000 ETF
 
 
​$-
 
 
​$1,294,139
WBI BullBear Yield 3000 ETF
 
 
​-
 
 
​4,739,371
WBI BullBear Quality 3000 ETF
 
 
​-
 
 
​3,612,617
WBI Power Factor® High Dividend ETF
 
 
​3,078,711
 
 
​2,985,163
 
 
 
 
 
 
 
During the current fiscal period, there were no purchases or sales of U.S. Government securities.
NOTE 10 - SHARE TRANSACTIONS
The Funds each currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of each Fund have equal rights and privileges as the other shares of such Fund.
The Trust has entered into an agreement with NYSE Group, Inc. to list the Funds' ("Shares") on NYSE Arca, Inc., an indirect wholly-owned subsidiary of NYSE Group, Inc. Market prices for the Shares may be different from their NAV. The Funds will issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, typically 10,000 Shares, called "Creation Units." Each Fund's typical creation unit size Is as follows:
 
 
 
 
Fund
 
 
Creation Unit
WBI BullBear Value 3000 ETF
 
 
$10,000
WBI BullBear Yield 3000 ETF
 
 
10,000
WBI BullBear Quality 3000 ETF
 
 
10,000
WBI Power Factor® High Dividend ETF
 
 
10,000
 
 
 
 
 
25
 

TABLE OF CONTENTS

Absolute Shares Trust
Notes to Financial Statements
December 31, 2025 (Continued)
Creation Units will be issued and redeemed principally in-kind, however, the Trust reserves the right to offer a cash option for creations and redemptions of Shares. Once created, Shares generally will trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Corporation participant and, in each case, must have executed a participant agreement with Vigilant Distributors, LLC, the Funds' distributor (the "Distributor"). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.
Transactions in each Fund's shares were as follows:
 
 
 
 
 
 
 
 
 
WBI BullBear Value 3000 ETF
 
 
WBI BullBear Yield 3000 ETF
 
 
Period Ended
December 31, 2025
 
 
Year Ended
June 30, 2025
 
 
Period Ended
December 31, 2025
 
 
Year Ended
June 30, 2025
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
Shares Sold
 
 
-
 
 
$-
 
 
-
 
 
$-
 
 
-
 
 
$-
 
 
-
 
 
$-
Shares Issued in Connection with Acquisition
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
Shares Redeemed
 
 
(200,000)
 
 
(6,191,845)
 
 
(150,000)
 
 
(4,346,390)
 
 
(280,000)
 
 
(6,510,334)
 
 
(300,000)
 
 
(7,200,795)
 
 
(200,000)
 
 
$(6,191,845)
 
 
(150,000)
 
 
$(4,346,390)
 
 
(280,000)
 
 
$(6,510,334)
 
 
(300,000)
 
 
$(7,200,795)
Beginning Shares
 
 
988,315
 
 
 
 
1,138,315
 
 
 
 
1,530,183
 
 
 
 
1,830,183
 
 
Ending Shares
 
 
788,315
 
 
 
 
988,315
 
 
 
 
1,250,183
 
 
 
 
1,530,183
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
WBI BullBear Quality 3000 ETF
 
 
WBI Power Factor High Dividend ETF
 
 
Period Ended
December 31, 2025
 
 
Year Ended
June 30, 2025
 
 
Period Ended
December 31, 2025
 
 
Year Ended
June 30, 2025
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
Shares Sold
 
 
-
 
 
$-
 
 
-
 
 
$-
 
 
50,000
 
 
$1,600,020
 
 
200,000
 
 
$6,101,615
Shares Issued in Connection with Acquisition
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
 
 
-
Shares Redeemed
 
 
(180,000)
 
 
(6,149,891)
 
 
(150,000)
 
 
(5,278,970)
 
 
(160,000)
 
 
(5,025,162)
 
 
(350,000)
 
 
(10,367,845)
 
 
(180,000)
 
 
$(6,149,891)
 
 
(150,000)
 
 
$(5,278,970)
 
 
(110,000)
 
 
$(3,425,142)
 
 
(150,000)
 
 
$(4,266,230)
Beginning Shares
 
 
1,027,182
 
 
 
 
1,177,182
 
 
 
 
1,900,000
 
 
 
 
2,050,000
 
 
Ending Shares
 
 
847,182
 
 
 
 
1,027,182
 
 
 
 
1,790,000
 
 
 
 
1,900,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26
 

TABLE OF CONTENTS

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10: Remuneration Paid to Directors, Officers, and other of Open-End Management Investment Companies
See Item 7(a).
Item 11: Statement Regarding basis for Approval of Investment Advisory Contract
Not applicable.
 
27
 
(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

The Absolute Shares Trust has historically engaged KPMG, LLP. to serve as the independent registered public accounting firm for the Trust. On September 25, 2025, the Board of Trustees of the Trust considered and approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for each series of the Trust (each, a "Fund") for the fiscal year ending June 30, 2026. In connection with this change, KPMG, LLP., each Fund's prior independent registered public accounting firm, was dismissed effective as of September 25, 2025.

The reports of KPMG, LLP. on the financial statements of the Funds for the fiscal years ended June 30, 2025 and June 30, 2024 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the Funds' fiscal years ended June 30, 2025 and June 30, 2024, and during the subsequent interim period from July 1, 2025 through September 25, 2025 (the "Interim Period"), (i) there were no disagreements with KPMG, LLP. on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, LLP., would have caused them to make reference thereto in their reports on the financial statements of such fiscal years or Interim Period; and (ii) there were no "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

During the Funds' fiscal years ended June 30, 2025 and June 30, 2024, and during the Interim Period, neither the Trust nor anyone acting on its behalf consulted with Cohen & Company, Ltd. regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds' financial statements, and no written report or oral advice was provided that Cohen & Company, Ltd. concluded was an important factor considered by the Trust in reaching a decision as to any accounting, auditing, or financial reporting issue; or (ii) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).

The Trust has requested that KPMG, LLP. furnish it with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the statements made above.

Item 9. Proxy Disclosure for Open-End Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

See Item 7(a).

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

See Item 7(a).

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

Item 16. Controls and Procedures.

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable

(b) Not applicable

Item 19. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies and ETFs.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

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.

(Registrant)  Absolute Shares Trust
By (Signature and Title)* /s/ Don Schreiber, Jr.
Don Schreiber, Jr.,
President and Principal Executive Officer
Date 5/15/26

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.

By (Signature and Title)* /s/ Don Schreiber, Jr.
Don Schreiber, Jr.,
President and Principal Executive Officer
Date 5/15/26
By (Signature and Title)* /s/ Frederick Teufel, Jr.
Frederick Teufel, Jr.,
Treasurer and Principal Financial Officer
Date 5/18/26

* Print the name and title of each signing officer under his or her signature.

Absolute Shares Trust published this content on May 19, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 19, 2026 at 21:25 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]