# EDGAR Filing Document

**Accession Number:** 0001591939
**File Stem:** 0001133228-26-003394
**Filing Date:** 2026-3
**Character Count:** 135437
**Document Hash:** 1477d812974b4700a818fb6751fb21ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003394.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003394

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Absolute Shares Trust
- **CENTRAL INDEX KEY:** 0001591939

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22917
- **FILM NUMBER:** 26736302

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WBI INVESTMENTS, INC.
- **STREET 2:** 331 NEWMAN SPRINGS ROAD, SUITE 105
- **CITY:** RED BANK
- **STATE:** NJ
- **ZIP:** 07701
- **BUSINESS PHONE:** 732-842-4920

**MAIL ADDRESS:**
- **STREET 1:** C/O WBI INVESTMENTS, INC.
- **STREET 2:** 331 NEWMAN SPRINGS ROAD, SUITE 143
- **CITY:** RED BANK
- **STATE:** NJ
- **ZIP:** 07701

## Series and Classes Contracts Data

### WBI BullBear Value 3000 ETF (Series ID: S000044181)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000137331 | WBI BullBear Value 3000 ETF | WBIF            |

### WBI BullBear Yield 3000 ETF (Series ID: S000044182)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000137332 | WBI BullBear Yield 3000 ETF | WBIG            |

### WBI BullBear Quality 3000 ETF (Series ID: S000044183)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000137333 | WBI BullBear Quality 3000 ETF | WBIL            |

### WBI Power Factor High Dividend ETF (Series ID: S000055583)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000174967 | WBI Power Factor High Dividend ETF | WBIY            |

?xml version='1.0' encoding='ASCII'? 2025-12-02199535_WBIBullBearValue3000ETF_TF_TSRSemiAnnual

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 **<u>811-22917</u>**

**<u>Absolute Shares Trust</u>**

(Exact name of registrant as specified in charter)

**<u>Millington Securities, LLC</u>**

**<u>331 Newman Springs Rd Suite 143</u>**

**<u>Red Bank, New Jersey 07701</u>**

(Address of principal executive offices) (Zip code)

**<u>Don Schreiber, Jr.</u>**

**<u>Millington Securities, LLC</u>**

**<u>331 Newman Springs Rd Suite 143</u>**

**<u>Red Bank, New Jersey 07701</u>**

(Name and address of agent for service)

**<u>(732) 842-4920</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>June 30, 2026</u>**

Date of reporting period: **<u>December 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img62259_202412302008292.jpg) | **WBI BullBear Value 3000 ETF**  | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | WBIF (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img62268_202412302010208.jpg) |

---

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** | $24391828 |
| **Number of Holdings** | 87 |
| **Net Advisory Fee** | $98626 |
| **Portfolio Turnover** | 264% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of net assets)<sup>†</sup>**

![image](ts6728img003.jpg)

---

| | |
|:---|:---|
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img62259_202412302008292.jpg) | **WBI BullBear Yield 3000 ETF**  | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | WBIG (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img62268_202412302010208.jpg) |

---

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** | $29308185 |
| **Number of Holdings** | 100 |
| **Net Advisory Fee** | $130963 |
| **Portfolio Turnover** | 266% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of net assets)<sup>†</sup>**

![image](ts6730img003.jpg)

---

| | |
|:---|:---|
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img62259_202412302008292.jpg) | **WBI BullBear Quality 3000 ETF**  | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | WBIL (Principal U.S. Listing Exchange: NYSE ARCA) | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img62268_202412302010208.jpg) |

---

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** | $29491071 |
| **Number of Holdings** | 88 |
| **Net Advisory Fee** | $130447 |
| **Portfolio Turnover** | 323% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of net assets)<sup>†</sup>**

![image](ts6729img003.jpg)

---

| | |
|:---|:---|
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img62259_202412302008292.jpg) | **WBI Power Factor High Dividend ETF**  | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | WBIY (Principal U.S. Listing Exchange: NYSE) | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img62268_202412302010208.jpg) |

---

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** | $57291128 |
| **Number of Holdings** | 52 |
| **Net Advisory Fee** | $120935 |
| **Portfolio Turnover** | 75% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Sector Breakdown (% of net assets)<sup>†</sup>**

![image](ts6731img003.jpg)

---

| | |
|:---|:---|
| **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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

**Not applicable for semi-annual reports.**

**<u>Item 3. Audit Committee Financial Expert.</u>**

**Not applicable for semi-annual reports.**

**<u>Item 4. Principal Accountant Fees and Services.</u>**

**Not applicable for semi-annual reports.**

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

**Not applicable for semi-annual reports.**

**<u>Item 6. Investments.</u>**

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

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](wbilogo.jpg)

**WBI BullBear Value 3000 ETF** 

**WBI BullBear Yield 3000 ETF** 

**WBI BullBear Quality 3000 ETF** 

**WBI Power Factor<sup>®</sup> 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** <br>|  |
| [Schedule of Investments](#wbisoi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [WBI BullBear Value 3000 ETF](#wbisoi1) | [1](#wbisoi1) |
| &nbsp;&nbsp;&nbsp; [WBI BullBear Yield 3000 ETF](#wbisoi2) | [3](#wbisoi2) |
| &nbsp;&nbsp;&nbsp; [WBI BullBear Quality 3000 ETF](#wbisoi3) | [5](#wbisoi3) |
| &nbsp;&nbsp;&nbsp; [WBI Power Factor<sup>®</sup> High Dividend ETF](#wbisoi4) | [7](#wbisoi4) |
| [Statements of Assets and Liabilities](#sal) | [9](#sal) |
| [Statements of Operations](#sop) | [10](#sop) |
| [Statements of Changes in Net Assets](#scna) | [11](#scna) |
| [Financial Highlights](#fihi) | [13](#fihi) |
| [Notes to Financial Statements](#wbinotes) | [17](#wbinotes) |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment](#it8)** | [27](#it8) |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#it9)** | [27](#it9) |
|  **[Item 10: Remuneration Paid to Directors, Officers, and other of Open-End Management Investment Companies](#it10)** | [27](#it10) |
| **[Item 11: Statement Regarding basis for Approval of Investment Advisory Contract](#it11)** | [27](#it11) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**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%**<br>|  |  |
| **Automobiles & Components - 2.0%**<br>|  |  |
| Autoliv, Inc.<sup>(a)</sup> | 1354 | $160720  |
| Thor Industries, Inc. | 3139 | 322281  |
|  |  | 483001  |
| **Capital Goods - 12.1%**<br>|  |  |
| A O Smith Corp.<sup>(a)</sup> | 2506 | 167601  |
| Allegion PLC | 545 | 86775  |
| Applied Industrial Technologies, Inc. | 1789 | 459362  |
| Donaldson Co., Inc. | 1871 | 165883  |
| EMCOR Group, Inc.<sup>(a)</sup> | 587 | 359121  |
| EnerSys | 1188 | 174339  |
| Lincoln Electric Holdings, Inc. | 718 | 172061  |
| Mueller Industries, Inc. | 4105 | 471254  |
| Otis Worldwide Corp. | 4261 | 372198  |
| Valmont Industries, Inc. | 892 | 358869  |
| Vertiv Holdings Co. - Class A | 966 | 156502  |
|  |  | 2943965  |
| **Commercial & Professional Services - 7.7%** | **Commercial & Professional Services - 7.7%** | **Commercial & Professional Services - 7.7%** |
| Automatic Data Processing, Inc. | 1408 | 362180  |
| Genpact Ltd. | 7963 | 372509  |
| Paychex, Inc.<sup>(a)</sup> | 3263 | 366043  |
| Tetra Tech, Inc. | 10964 | 367733  |
| Verisk Analytics, Inc.<sup>(a)</sup> | 1854 | 414721  |
|  |  | 1883186  |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 1.7%** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 1.7%** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 1.7%** |
| Dick's Sporting Goods, Inc. | 2056 | 407026  |
| **Consumer Durables & Apparel - 0.7%**<br>|  |  |
| Toll Brothers, Inc. | 1256 | 169836  |
| **Consumer Services - 8.9%**<br>|  |  |
| Boyd Gaming Corp. | 4438 | 378295  |
| H&R Block, Inc. | 8444 | 367990  |
| Red Rock Resorts, Inc. - Class A | 7252 | 449261  |
| Service Corp. International | 2007 | 156486  |
| Texas Roadhouse, Inc. | 2182 | 362212  |
| Yum China Holdings, Inc. | 9838 | 469666  |
|  |  | 2183910  |
| **Financial Services - 12.7%**<br>|  |  |
| American Express Co.<sup>(a)</sup> | 1264 | 467617  |
| Ameriprise Financial, Inc. | 756 | 370697  |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. - <br>Class A | 5594 | 359750  |
| Mastercard, Inc. - Class A | 658 | 375639  |
| Raymond James Financial, Inc.<sup>(a)</sup> | 2286 | 367109  |
| Stifel Financial Corp. | 3182 | 398450  |
| Visa, Inc. - Class A | 1085 | 380520  |
| Voya Financial, Inc. | 5077 | 378186  |
|  |  | 3097968  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Food, Beverage & Tobacco - 1.7%**<br>|  |  |
| Tyson Foods, Inc. - Class A | 6962 | $408113  |
| **Health Care Equipment & Services - 5.3%** | **Health Care Equipment & Services - 5.3%** | **Health Care Equipment & Services - 5.3%** |
| Chemed Corp. | 907 | 388069  |
| HCA Healthcare, Inc. | 781 | 364618  |
| McKesson Corp. | 453 | 371591  |
| ResMed, Inc. | 753 | 181375  |
|  |  | 1305653  |
| **Insurance - 16.1%**<br>|  |  |
| Aflac, Inc. | 3426 | 377785  |
| Aon PLC - Class A | 1306 | 460861  |
| Assurant, Inc. | 1650 | 397402  |
| Brown & Brown, Inc. | 5030 | 400891  |
| CNA Financial Corp. | 3465 | 165419  |
| Globe Life, Inc. | 2652 | 370909  |
| Hanover Insurance Group, Inc. | 889 | 162483  |
| Hartford Insurance Group, Inc. | 2763 | 380741  |
| Marsh & McLennan Cos., Inc. | 1107 | 205371  |
| Old Republic International Corp.<sup>(a)</sup> | 3645 | 166358  |
| Primerica, Inc. | 1792 | 462981  |
| Principal Financial Group, Inc. | 1961 | 172980  |
| Selective Insurance Group, Inc. | 2512 | 210179  |
|  |  | 3934360  |
| **Materials - 6.5%**<br>|  |  |
| AptarGroup, Inc. | 1332 | 162451  |
| Avery Dennison Corp. | 932 | 169512  |
| Commercial Metals Co. | 2693 | 186409  |
| Corteva, Inc. | 5476 | 367056  |
| Mosaic Co. | 6467 | 155790  |
| Reliance, Inc. | 1310 | 378420  |
| RPM International, Inc. | 1525 | 158600  |
|  |  | 1578238  |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 1.4%**<br>|  |  |
| Johnson & Johnson | 1675 | 346641  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 4.8%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 4.8%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 4.8%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 672 | 143916  |
| Ambarella, Inc.<sup>(b)</sup> | 1959 | 138776  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 1323 | 144617  |
| Broadcom, Inc. | 189 | 65413  |
| Marvell Technology, Inc. | 1780 | 151264  |
| Micron Technology, Inc. | 668 | 190654  |
| Monolithic Power Systems, Inc. | 181 | 164051  |
| QUALCOMM, Inc. | 965 | 165063  |
|  |  | 1163754  |
| **Software & Services - 6.4%**<br>|  |  |
| Accenture PLC - Class A | 1682 | 451281  |
| Crowdstrike Holdings, Inc. - Class A<sup>(b)</sup> | 308 | 144378  |
| Datadog, Inc. - Class A<sup>(a)(b)</sup> | 347 | 47188  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WBI BULLBEAR VALUE 3000 ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software & Services - (Continued)**  | **Software & Services - (Continued)**  | **Software & Services - (Continued)**  |
| Dynatrace, Inc.<sup>(b)</sup> | 3163 | $137084  |
| Gitlab, Inc. - Class A<sup>(a)(b)</sup> | 2103 | 78926  |
| MongoDB, Inc.<sup>(b)</sup> | 517 | 216980  |
| SentinelOne, Inc. - Class A<sup>(b)</sup> | 10026 | 150390  |
| ServiceNow, Inc.<sup>(b)</sup> | 938 | 143692  |
| Snowflake, Inc.<sup>(b)</sup> | 602 | 132055  |
| Zscaler, Inc.<sup>(b)</sup> | 250 | 56230  |
|  |  | 1558204  |
| **Technology Hardware & Equipment - 4.5%** | **Technology Hardware & Equipment - 4.5%** | **Technology Hardware & Equipment - 4.5%** |
| HP, Inc.<sup>(a)</sup> | 14784 | 329388  |
| Motorola Solutions, Inc. | 1021 | 391370  |
| TD SYNNEX Corp. | 2480 | 372570  |
|  |  | 1093328  |
| **Utilities - 5.2%**<br>|  |  |
| CenterPoint Energy, Inc. | 9608 | 368371  |
| Eversource Energy | 5540 | 373008  |
| National Fuel Gas Co. | 1972 | 157878  |
| NextEra Energy, Inc.<sup>(a)</sup> | 4536 | 364150  |
|  |  | 1263407  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $23,026,998)** |  | 23820590 |

---

---

| | | |
|:---|:---|:---|
|  | **Units**  |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 11.7%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 11.7%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 11.7%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(c)</sup> | 2852254 | 2852254  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $2,852,254)** |  | 2852254  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.4%** <br>**(Cost $25,879,252)** |  | $26672844  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 2.5%<sup>(d)</sup> |  | 606357  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (11.9)% |  | (2887373)  |
| **TOTAL NET ASSETS - 100.0%** |  | $24391828 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(d)</sup> 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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WBI BULLBEAR YIELD 3000 ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 85.2%** | **COMMON STOCKS - 85.2%** | **COMMON STOCKS - 85.2%** |
| **Automobiles & Components - 1.0%**<br>|  |  |
| Thor Industries, Inc. | 3011 | $309139  |
| **Capital Goods - 10.2%**<br>|  |  |
| Applied Industrial Technologies, Inc. | 2036 | 522784  |
| Donaldson Co., Inc. | 3187 | 282559  |
| EMCOR Group, Inc.<sup>(a)</sup> | 464 | 283871  |
| Honeywell International, Inc. | 753 | 146903  |
| Mueller Industries, Inc. | 4675 | 536690  |
| Otis Worldwide Corp. | 2607 | 227721  |
| Primoris Services Corp.<sup>(a)</sup> | 4413 | 547830  |
| Stanley Black & Decker, Inc.<sup>(a)</sup> | 3400 | 252552  |
| Vertiv Holdings Co. - Class A | 1175 | 190362  |
|  |  | 2991272  |
| **Commercial & Professional Services - 4.2%** | **Commercial & Professional Services - 4.2%** | **Commercial & Professional Services - 4.2%** |
| Automatic Data Processing, Inc. | 915 | 235366  |
| Genpact Ltd.<sup>(a)</sup> | 6278 | 293685  |
| Paychex, Inc.<sup>(a)</sup> | 2078 | 233110  |
| Verisk Analytics, Inc.<sup>(a)</sup> | 2089 | 467288  |
|  |  | 1229449  |
|  **Consumer Discretionary Distribution & Retail - 1.6%**<br>|  |  |
| Dick's Sporting Goods, Inc. | 2354 | 466021  |
| **Consumer Services - 3.2%**<br>|  |  |
| H&R Block, Inc. | 9481 | 413182  |
| Yum China Holdings, Inc. | 10998 | 525045  |
|  |  | 938227  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.5%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.5%** | &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.5%** |
| Sysco Corp. | 1983 | 146127  |
| **Energy - 2.9%**<br>|  |  |
| Kinder Morgan, Inc. | 11401 | 313413  |
| ONEOK, Inc. | 4995 | 367132  |
| Targa Resources Corp. | 857 | 158117  |
|  |  | 838662  |
| **Financial Services - 12.1%**<br>|  |  |
| American Express Co.<sup>(a)</sup> | 1453 | 537537  |
| Ameriprise Financial, Inc. | 508 | 249093  |
| Franklin Resources, Inc.<sup>(a)</sup> | 15351 | 366735  |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. - <br>Class A | 4490 | 288752  |
| Mastercard, Inc. - Class A | 521 | 297428  |
| OneMain Holdings, Inc. | 6044 | 408272  |
| Raymond James Financial, Inc.<sup>(a)</sup> | 1469 | 235907  |
| Stifel Financial Corp. | 2258 | 282747  |
| T Rowe Price Group, Inc.<sup>(a)</sup> | 3170 | 324544  |
| Visa, Inc. - Class A | 715 | 250758  |
| Voya Financial, Inc. | 3930 | 292746  |
|  |  | 3534519  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Food, Beverage & Tobacco - 3.4%**<br>|  |  |
| Altria Group, Inc. | 5883 | $339214  |
| Archer Daniels Midland Co. | 2464 | 141655  |
| Hormel Foods Corp. | 14747 | 349504  |
| Keurig Dr Pepper, Inc.<sup>(a)</sup> | 5479 | 153467  |
|  |  | 983840  |
| **Health Care Equipment & Services - 2.3%** | **Health Care Equipment & Services - 2.3%** | **Health Care Equipment & Services - 2.3%** |
| CVS Health Corp. | 1928 | 153006  |
| HCA Healthcare, Inc. | 477 | 222692  |
| McKesson Corp. | 358 | 293664  |
|  |  | 669362  |
| **Household & Personal Products - 1.0%**<br>|  |  |
| Kimberly-Clark Corp. | 2998 | 302468  |
| **Insurance - 14.0%**<br>|  |  |
| Aflac, Inc. | 2723 | 300265  |
| American International Group, Inc. | 1881 | 160919  |
| Aon PLC - Class A | 1506 | 531437  |
| Assurant, Inc. | 1286 | 309733  |
| Brown & Brown, Inc. | 5817 | 463615  |
| Globe Life, Inc. | 2138 | 299021  |
| Hartford Insurance Group, Inc. | 1719 | 236878  |
| Marsh & McLennan Cos., Inc. | 1265 | 234683  |
| MetLife, Inc. | 1998 | 157722  |
| Old Republic International Corp.<sup>(a)</sup> | 5229 | 238652  |
| Primerica, Inc. | 2022 | 522404  |
| Prudential Financial, Inc. | 3210 | 362345  |
| Selective Insurance Group, Inc. | 3464 | 289833  |
|  |  | 4107507  |
| **Materials - 2.8%**<br>|  |  |
| Corteva, Inc. | 4372 | 293055  |
| PPG Industries, Inc.<sup>(a)</sup> | 1587 | 162604  |
| Smurfit WestRock PLC | 9734 | 376414  |
|  |  | 832073  |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 3.5%**<br>|  |  |
| Bristol-Myers Squibb Co. | 6999 | 377526  |
| Gilead Sciences, Inc. | 1136 | 139433  |
| Merck & Co., Inc.<sup>(a)</sup> | 1559 | 164100  |
| Pfizer, Inc. | 13614 | 338989  |
|  |  | 1020048  |
|  **Semiconductors & Semiconductor Equipment - 4.9%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 846 | 181179  |
| Ambarella, Inc.<sup>(b)</sup> | 2317 | 164136  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 1451 | 158609  |
| Broadcom, Inc. | 217 | 75104  |
| Marvell Technology, Inc. | 2271 | 192990  |
| Micron Technology, Inc. | 853 | 243455  |
| Monolithic Power Systems, Inc. | 232 | 210275  |
| QUALCOMM, Inc. | 1174 | 200813  |
|  |  | 1426561  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WBI BULLBEAR YIELD 3000 ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software & Services - 6.2%**<br>|  |  |
| Accenture PLC - Class A | 1939 | $520234  |
| Crowdstrike Holdings, Inc. - Class A<sup>(b)</sup> | 377 | 176722  |
| Datadog, Inc. - Class A<sup>(a)(b)</sup> | 427 | 58068  |
| Dynatrace, Inc.<sup>(b)</sup> | 3649 | 158148  |
| Gitlab, Inc. - Class A<sup>(a)(b)</sup> | 2650 | 99454  |
| MongoDB, Inc.<sup>(b)</sup> | 577 | 242161  |
| SentinelOne, Inc. - Class A<sup>(b)</sup> | 10993 | 164895  |
| ServiceNow, Inc.<sup>(b)</sup> | 1168 | 178926  |
| Snowflake, Inc.<sup>(b)</sup> | 719 | 157720  |
| Zscaler, Inc.<sup>(b)</sup> | 300 | 67476  |
|  |  | 1823804  |
| **Technology Hardware & Equipment - 1.8%** | **Technology Hardware & Equipment - 1.8%** | **Technology Hardware & Equipment - 1.8%** |
| Motorola Solutions, Inc. | 619 | 237275  |
| TD SYNNEX Corp. | 1889 | 283785  |
|  |  | 521060  |
| **Telecommunication Services - 2.3%**<br>|  |  |
| Millicom International Cellular SA | 6177 | 342453  |
| Verizon Communications, Inc. | 8355 | 340299  |
|  |  | 682752  |
| **Transportation - 0.5%**<br>|  |  |
| Union Pacific Corp. | 656 | 151746  |
| **Utilities - 6.8%**<br>|  |  |
| Atmos Energy Corp. | 1365 | 228815  |
| CenterPoint Energy, Inc. | 7656 | 293531  |
| Clearway Energy, Inc. - Class A | 7950 | 249789  |
| Consolidated Edison, Inc. | 1463 | 145305  |
| Duke Energy Corp. | 2587 | 303222  |
| Eversource Energy | 7008 | 471849  |
| NextEra Energy, Inc.<sup>(a)</sup> | 3661 | 293905  |
|  |  | 1986416  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $24,038,617)** |  | 24961053  |
| **EXCHANGE TRADED FUNDS - 13.7%** | **EXCHANGE TRADED FUNDS - 13.7%** | **EXCHANGE TRADED FUNDS - 13.7%** |
| &nbsp;&nbsp;&nbsp; Angel Oak High Yield Opportunities <br>ETF | 71690 | 795759  |
| &nbsp;&nbsp;&nbsp; Eaton Vance Short Duration Income <br>ETF | 9446 | 485937  |
| First Trust Senior Loan ETF<sup>(a)</sup> | 6001 | 275326  |
| Invesco Ultra Short Duration ETF | 6521 | 327680  |
| &nbsp;&nbsp;&nbsp; iShares Short Duration Bond Active <br>ETF | 5175 | 264442  |
|  State Street SPDR Bloomberg Investment Grade Floating Rate ETF<sup>(a)</sup> | 15253 | 468725  |
| TCW Senior Loan ETF | 11764 | 544791  |
|  WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund<sup>(a)</sup> | 37672 | 847055  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $3,999,810)** |  | 4009715 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 19.2%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(c)</sup> | 5631394 | $5631394  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $5,631,394)** |  | 5631394  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 118.1%** <br>**(Cost $33,669,821)** |  | $34602162  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 2.0%<sup>(d)</sup> |  | 578815  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (20.1)% |  | (5872792)  |
| **TOTAL NET ASSETS - 100.0%** |  | $29308185 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(d)</sup> 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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WBI BULLBEAR QUALITY 3000 ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.2%** | **COMMON STOCKS - 93.2%** | **COMMON STOCKS - 93.2%** |
| **Banks - 1.0%**<br>|  |  |
| NU Holdings Ltd. - Class A<sup>(a)(b)</sup> | 17884 | $299378  |
| **Capital Goods - 11.4%**<br>|  |  |
| Caterpillar, Inc.<sup>(b)</sup> | 412 | 236023  |
| Comfort Systems USA, Inc. | 607 | 566507  |
| Cummins, Inc. | 494 | 252162  |
| Emerson Electric Co. | 3615 | 479783  |
| Ferguson Enterprises, Inc. | 1292 | 287638  |
| General Electric Co. | 1057 | 325588  |
| HEICO Corp.<sup>(b)</sup> | 743 | 240427  |
| Parker-Hannifin Corp. | 273 | 239956  |
| Rockwell Automation, Inc. | 642 | 249783  |
| Trane Technologies PLC | 757 | 294624  |
| Vertiv Holdings Co. - Class A | 1153 | 186798  |
|  |  | 3359289  |
| **Commercial & Professional Services - 1.0%** | **Commercial & Professional Services - 1.0%** | **Commercial & Professional Services - 1.0%** |
| Cintas Corp. | 1561 | 293577  |
|  **Consumer Discretionary Distribution & Retail - 2.7%**<br>|  |  |
| eBay, Inc. | 6195 | 539584  |
| Ross Stores, Inc. | 1391 | 250575  |
|  |  | 790159  |
| **Consumer Services - 3.2%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 2359 | 320164  |
| Expedia Group, Inc. | 1167 | 330623  |
| Yum! Brands, Inc. | 1937 | 293029  |
|  |  | 943816  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 3.0%**<br>|  |  |
| Costco Wholesale Corp. | 504 | 434619  |
| Sysco Corp. | 6098 | 449362  |
|  |  | 883981  |
| **Financial Services - 10.8%**<br>|  |  |
| American Express Co.<sup>(b)</sup> | 1373 | 507941  |
| Charles Schwab Corp. | 3001 | 299830  |
| Goldman Sachs Group, Inc. | 289 | 254031  |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. - <br>Class A | 4600 | 295826  |
| Mastercard, Inc. - Class A | 553 | 315697  |
| Morgan Stanley | 1471 | 261146  |
| Nasdaq, Inc. | 2599 | 252441  |
| S&P Global, Inc. | 932 | 487054  |
| Visa, Inc. - Class A | 1489 | 522207  |
|  |  | 3196173  |
| **Food, Beverage & Tobacco - 1.6%**<br>|  |  |
| Hershey Co. | 2573 | 468235  |
| **Health Care Equipment & Services - 7.2%** | **Health Care Equipment & Services - 7.2%** | **Health Care Equipment & Services - 7.2%** |
| Cardinal Health, Inc. | 2534 | 520737  |
| Cencora, Inc. | 848 | 286412  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| HCA Healthcare, Inc. | 510 | $238099  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 425 | 287525  |
| McKesson Corp. | 362 | 296945  |
| ResMed, Inc.<sup>(b)</sup> | 2008 | 483667  |
|  |  | 2113385  |
| **Insurance - 3.8%**<br>|  |  |
| Arch Capital Group Ltd.<sup>(a)</sup> | 3091 | 296489  |
| Hartford Insurance Group, Inc. | 2318 | 319420  |
| Willis Towers Watson PLC<sup>(b)</sup> | 1527 | 501772  |
|  |  | 1117681  |
| **Materials - 1.9%**<br>|  |  |
| Martin Marietta Materials, Inc. | 482 | 300122  |
| Vulcan Materials Co.<sup>(b)</sup> | 964 | 274952  |
|  |  | 575074  |
| **Media & Entertainment - 3.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 970 | 303610  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 1083 | 248949  |
| TKO Group Holdings, Inc. | 2665 | 556985  |
|  |  | 1109544  |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 7.7%**<br>|  |  |
| AbbVie, Inc. | 1317 | 300921  |
| Amgen, Inc. | 668 | 218643  |
| Eli Lilly & Co. | 540 | 580327  |
| Gilead Sciences, Inc. | 2449 | 300590  |
| Regeneron Pharmaceuticals, Inc. | 708 | 546484  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 690 | 312819  |
|  |  | 2259784  |
|  **Semiconductors & Semiconductor Equipment - 9.8%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 1366 | 292543  |
| Ambarella, Inc.<sup>(a)</sup> | 2226 | 157690  |
| Analog Devices, Inc. | 1063 | 288286  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 598 | 65367  |
| Intel Corp.<sup>(a)</sup> | 8227 | 303576  |
| KLA Corp. | 247 | 300125  |
| Marvell Technology, Inc.<sup>(b)</sup> | 2212 | 187976  |
| Monolithic Power Systems, Inc. | 216 | 195774  |
| NVIDIA Corp. | 1606 | 299519  |
| QUALCOMM, Inc. | 2987 | 510926  |
| Texas Instruments, Inc. | 1676 | 290769  |
|  |  | 2892551  |
| **Software & Services - 17.1%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 838 | 293292  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 408 | 274918  |
| Atlassian Corp. - Class A<sup>(a)(b)</sup> | 1442 | 233806  |
| Autodesk, Inc.<sup>(a)</sup> | 1737 | 514169  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 691 | 215993  |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions <br>Corp. - Class A | 3610 | 299630  |
| CoreWeave, Inc. - Class A<sup>(a)(b)</sup> | 2862 | 204948  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WBI BULLBEAR QUALITY 3000 ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software & Services - (Continued)**  | **Software & Services - (Continued)**  | **Software & Services - (Continued)**  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 372 | $174379  |
| Dynatrace, Inc.<sup>(a)</sup> | 4201 | 182071  |
| Fair Isaac Corp.<sup>(a)</sup> | 301 | 508877  |
| Fortinet, Inc.<sup>(a)</sup> | 3623 | 287702  |
| Intuit, Inc. | 697 | 461707  |
| MongoDB, Inc.<sup>(a)</sup> | 603 | 253073  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 1802 | 320305  |
| Salesforce, Inc. | 1172 | 310474  |
| SentinelOne, Inc. - Class A<sup>(a)</sup> | 10924 | 163860  |
| ServiceNow, Inc.<sup>(a)</sup> | 1131 | 173258  |
| Snowflake, Inc.<sup>(a)</sup> | 738 | 161888  |
|  |  | 5034350  |
| **Technology Hardware & Equipment - 2.8%** | **Technology Hardware & Equipment - 2.8%** | **Technology Hardware & Equipment - 2.8%** |
| Apple, Inc. | 1106 | 300677  |
| Cisco Systems, Inc. | 6664 | 513328  |
|  |  | 814005  |
| **Transportation - 2.6%**<br>|  |  |
| Delta Air Lines, Inc.<sup>(b)</sup> | 3974 | 275796  |
| Union Pacific Corp. | 1020 | 235946  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 2378 | 265908  |
|  |  | 777650  |
| **Utilities - 1.8%**<br>|  |  |
| Constellation Energy Corp. | 713 | 251882  |
| Public Service Enterprise Group, Inc. | 3605 | 289481  |
|  |  | 541363  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $26,681,767)** |  | 27469995 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(c)</sup> | 2608968 | 2608968  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $2,608,968)** |  | 2608968  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.0%** <br>**(Cost $29,290,735)** |  | $30078963  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 7.0%<sup>(d)</sup> |  | 2066343  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (9.0)% |  | (2654235)  |
| **TOTAL NET ASSETS - 100.0%** |  | $29491071 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(d)</sup> 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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WBI POWER FACTOR<sup>®</sup> HIGH DIVIDEND ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.1%** | **COMMON STOCKS - 99.1%** | **COMMON STOCKS - 99.1%** |
| **Automobiles & Components - 3.1%**<br>|  |  |
| Ford Motor Co. | 81090 | $1063901  |
| LCI Industries | 5833 | 707776  |
|  |  | 1771677  |
| **Banks - 9.8%**<br>|  |  |
| Bank of NT Butterfield & Son Ltd. | 3581 | 178405  |
| Columbia Banking System, Inc. | 84167 | 2352468  |
| Comerica, Inc. | 9047 | 786456  |
|  First Interstate BancSystem, Inc. - Class A | 15661 | 541870  |
| Northwest Bancshares, Inc. | 18349 | 220188  |
| Provident Financial Services, Inc. | 11473 | 226592  |
| Simmons First National Corp. - Class A | 14399 | 271421  |
| Truist Financial Corp. | 21414 | 1053783  |
|  |  | 5631183  |
| **Capital Goods - 1.8%**<br>|  |  |
| Stanley Black & Decker, Inc.<sup>(a)</sup> | 13597 | 1009985  |
| **Commercial & Professional Services - 2.1%** | **Commercial & Professional Services - 2.1%** | **Commercial & Professional Services - 2.1%** |
| Kforce, Inc. | 6096 | 188488  |
| Robert Half, Inc. | 37124 | 1008288  |
|  |  | 1196776  |
|  **Consumer Discretionary Distribution & Retail - 3.6%**<br>|  |  |
| Best Buy Co., Inc. | 12311 | 823975  |
| Macy's, Inc. | 44154 | 973596  |
| Upbound Group, Inc.<sup>(a)</sup> | 15052 | 264313  |
|  |  | 2061884  |
| **Consumer Durables & Apparel - 0.5%**<br>|  |  |
| Oxford Industries, Inc. | 8823 | 301747  |
| **Consumer Services - 2.3%**<br>|  |  |
| Marriott Vacations Worldwide Corp. | 8994 | 518864  |
| Travel + Leisure Co. | 11500 | 811095  |
|  |  | 1329959  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 1.8%**<br>|  |  |
| Target Corp. | 10613 | 1037421  |
| **Energy - 14.5%**<br>|  |  |
| APA Corp. | 35423 | 866446  |
| Chevron Corp. | 5322 | 811126  |
| Civitas Resources, Inc.<sup>(a)</sup> | 55323 | 1498700  |
| Hess Midstream LP - Class A | 35800 | 1235100  |
| Murphy Oil Corp. | 31903 | 996969  |
| ONEOK, Inc. | 39188 | 2880318  |
|  |  | 8288659  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Financial Services - 8.5%**<br>|  |  |
|  Artisan Partners Asset Management, Inc. - Class A<sup>(a)</sup> | 9666 | $393793  |
| Navient Corp. | 17867 | 232271  |
| OneMain Holdings, Inc. | 19780 | 1336139  |
| T Rowe Price Group, Inc.<sup>(a)</sup> | 8688 | 889477  |
| Virtus Investment Partners, Inc. | 1468 | 239504  |
| Western Union Co.<sup>(a)</sup> | 188215 | 1752282  |
|  |  | 4843466  |
| **Food, Beverage & Tobacco - 14.5%**<br>|  |  |
| Altria Group, Inc. | 40994 | 2363714  |
| Campbell's Co.<sup>(a)</sup> | 30072 | 838107  |
| Conagra Brands, Inc. | 147155 | 2547253  |
| Flowers Foods, Inc. | 72418 | 787908  |
| General Mills, Inc. | 18556 | 862854  |
| Hormel Foods Corp. | 36819 | 872610  |
|  |  | 8272446  |
| **Household & Personal Products - 0.7%**<br>|  |  |
| Energizer Holdings, Inc. | 19690 | 391634  |
| **Insurance - 1.7%**<br>|  |  |
| Lincoln National Corp. | 22274 | 991861  |
| **Materials - 3.5%**<br>|  |  |
| Eastman Chemical Co. | 31688 | 2022645  |
| **Media & Entertainment - 1.7%**<br>|  |  |
| Omnicom Group, Inc.<sup>(a)</sup> | 11846 | 956564  |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 10.4%**<br>|  |  |
| Bristol-Myers Squibb Co. | 59458 | 3207165  |
| Pfizer, Inc. | 110959 | 2762879  |
|  |  | 5970044  |
| **Telecommunication Services - 4.7%**<br>|  |  |
| Verizon Communications, Inc. | 66613 | 2713147  |
| **Transportation - 5.8%**<br>|  |  |
| Global Ship Lease, Inc. - Class A | 5586 | 195733  |
| United Parcel Service, Inc. - Class B | 31393 | 3113872  |
|  |  | 3309605  |
| **Utilities - 8.1%**<br>|  |  |
| AES Corp. | 60472 | 867169  |
| Edison International | 46443 | 2787509  |
| UGI Corp.<sup>(a)</sup> | 26354 | 986430  |
|  |  | 4641108  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $54,136,354)** |  | 56741811 |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WBI POWER FACTOR<sup>®</sup> HIGH DIVIDEND ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.2%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.86%<sup>(b)</sup> | 7006796 | $7006796  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $7,006,796)** |  | 7006796 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 111.3%** <br>**(Cost $61,143,150)** |  | $63748607 |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.8%<sup>(c)</sup> |  | 466904 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (12.1)% |  | (6924383) |
| **TOTAL NET ASSETS - 100.0%** |  | $57291128 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

<sup>(a)</sup> 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.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(c)</sup> 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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ABSOLUTE SHARES TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WBI BullBear** <br>**Value 3000 ETF** | **WBI BullBear** <br>**Yield 3000 ETF** | **WBI BullBear** <br>**Quality 3000 ETF** | **WBI Power Factor<sup>®</sup>** <br>**High Dividend ETF**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at value | $26672844 | $34602162 | $30078963 | &nbsp;&nbsp;&nbsp; $63748607  |
| Cash - interest bearing deposit account | 606357 | 578815 | 2066343 | &nbsp;&nbsp;&nbsp; 466904  |
| Dividends receivable | 11430 | 30940 | 8651 | &nbsp;&nbsp;&nbsp; 128058  |
| Interest receivable | 1514 | 1443 | 3486 | &nbsp;&nbsp;&nbsp; 1101  |
| Dividend tax reclaims receivable | 5744 | 9092 | 836 | &nbsp;&nbsp;&nbsp; —  |
| Security lending income receivable | 420 | 1004 | 570 | &nbsp;&nbsp;&nbsp; 1439  |
| Receivable for fund shares sold |  |  |  | &nbsp;&nbsp;&nbsp; 1600020  |
| Prepaid expenses and other assets | 8708 | 7915 | 9113 | &nbsp;&nbsp;&nbsp; 10784  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 27307017 | 35231371 | 32167962 | &nbsp;&nbsp;&nbsp; 65956913  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable upon return of securities loaned | 2852254 | 5631394 | 2608968 | &nbsp;&nbsp;&nbsp; 7006796  |
| Payable to Adviser | 14407 | 10294 | 16128 | &nbsp;&nbsp;&nbsp; 16570  |
|  Payable for distribution and shareholder servicing fees | 4946 | 6512 | 6636 | &nbsp;&nbsp;&nbsp; 7787  |
| Payable for investments purchased |  | 229698 |  | &nbsp;&nbsp;&nbsp; 1580068  |
| Payable for expenses and other liabilities | 43582 | 45288 | 45159 | &nbsp;&nbsp;&nbsp; 54564  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2915189 | 5923186 | 2676891 | &nbsp;&nbsp;&nbsp; 8665785  |
| **NET ASSETS** | $24391828 | $29308185 | $29491071 | &nbsp;&nbsp;&nbsp; $57291128  |
| **Net Assets Consists of:**<br>|  |  |  |  |
| Paid-in capital | $41398892 | $92860313 | $49790496 | &nbsp;&nbsp;&nbsp; $57794101  |
| Total accumulated losses | (17007064) | (63552128) | (20299425) | &nbsp;&nbsp;&nbsp; (502973)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $24391828 | $29308185 | $29491071 | &nbsp;&nbsp;&nbsp; $57291128  |
| Net assets | $24391828 | $29308185 | $29491071 | &nbsp;&nbsp;&nbsp; $57291128  |
| Shares issued and outstanding<sup>(a)</sup> | 788315 | 1250183 | 847182 | &nbsp;&nbsp;&nbsp; 1790000  |
| Net asset value per share | $30.94 | $23.44 | $34.81 | &nbsp;&nbsp;&nbsp; $32.01  |
| **Cost:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $25879252 | $33669821 | $29290735 | &nbsp;&nbsp;&nbsp; $61143150  |
| **Loaned Securities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $2768757 | $5476948 | $2524072 | &nbsp;&nbsp;&nbsp; $6815382 |

---

<sup>(a)</sup> Unlimited shares authorized.

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ABSOLUTE SHARES TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended December 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WBI BullBear** <br>**Value 3000 ETF** | **WBI BullBear** <br>**Yield 3000 ETF** | **WBI BullBear** <br>**Quality 3000 ETF** | **WBI Power Factor<sup>®</sup>** <br>**High Dividend ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp; $197394 | $507675 | &nbsp;&nbsp; $118524 | &nbsp;&nbsp;&nbsp;&nbsp; $1537972  |
| Less: dividend withholding taxes | &nbsp;&nbsp; — | (4680) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Less: issuance fees | &nbsp;&nbsp; — | (5) | &nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Interest income | &nbsp;&nbsp; 14523 | 11186 | &nbsp;&nbsp; 18057 | &nbsp;&nbsp;&nbsp;&nbsp; 7331  |
| Securities lending income | &nbsp;&nbsp; 2202 | 10029 | &nbsp;&nbsp; 3024 | &nbsp;&nbsp;&nbsp;&nbsp; 10418  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 214119 | 524205 | &nbsp;&nbsp; 139593 | &nbsp;&nbsp;&nbsp;&nbsp; 1555721  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 121048 | 138832 | &nbsp;&nbsp; 138934 | &nbsp;&nbsp;&nbsp;&nbsp; 155858  |
| Fund administration and accounting fees | &nbsp;&nbsp; 41126 | 41518 | &nbsp;&nbsp; 40856 | &nbsp;&nbsp;&nbsp;&nbsp; 40582  |
| Legal fees | &nbsp;&nbsp; 23494 | 23870 | &nbsp;&nbsp; 22824 | &nbsp;&nbsp;&nbsp;&nbsp; 23592  |
| Audit fees | &nbsp;&nbsp; 16270 | 16270 | &nbsp;&nbsp; 16270 | &nbsp;&nbsp;&nbsp;&nbsp; 16842  |
| Compliance fees | &nbsp;&nbsp; 15884 | 16170 | &nbsp;&nbsp; 15022 | &nbsp;&nbsp;&nbsp;&nbsp; 14842  |
| Trustees' fees | &nbsp;&nbsp; 14658 | 14658 | &nbsp;&nbsp; 14658 | &nbsp;&nbsp;&nbsp;&nbsp; 14658  |
| Shareholder service costs | &nbsp;&nbsp; 4714 | 6500 | &nbsp;&nbsp; 6594 | &nbsp;&nbsp;&nbsp;&nbsp; 7770  |
| Custodian fees | &nbsp;&nbsp; 5902 | 6458 | &nbsp;&nbsp; 6568 | &nbsp;&nbsp;&nbsp;&nbsp; 1892  |
| Reports to shareholders | &nbsp;&nbsp; 430 | 258 | &nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp;&nbsp; 946  |
| Other expenses and fees | &nbsp;&nbsp; 19314 | 16286 | &nbsp;&nbsp; 18750 | &nbsp;&nbsp;&nbsp;&nbsp; 39158  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 262840 | 280820 | &nbsp;&nbsp; 280820 | &nbsp;&nbsp;&nbsp;&nbsp; 316140  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | &nbsp;&nbsp; (22422) | (7869) | &nbsp;&nbsp; (8487) | &nbsp;&nbsp;&nbsp;&nbsp; (34923)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 240418 | 272951 | &nbsp;&nbsp; 272333 | &nbsp;&nbsp;&nbsp;&nbsp; 281217  |
| **NET INVESTMENT INCOME/(LOSS)** | &nbsp;&nbsp; (26299) | 251254 | &nbsp;&nbsp; (132740) | &nbsp;&nbsp;&nbsp;&nbsp; 1274504  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 2869238 | 2573960 | &nbsp;&nbsp; 4184374 | &nbsp;&nbsp;&nbsp;&nbsp; 2805601  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 2869238 | 2573960 | &nbsp;&nbsp; 4184374 | &nbsp;&nbsp;&nbsp;&nbsp; 2805601  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (758485) | (371780) | &nbsp;&nbsp; (1823971) | &nbsp;&nbsp;&nbsp;&nbsp; 2362893  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (758485) | (371780) | &nbsp;&nbsp; (1823971) | &nbsp;&nbsp;&nbsp;&nbsp; 2362893  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 2110753 | 2202180 | &nbsp;&nbsp; 2360403 | &nbsp;&nbsp;&nbsp;&nbsp; 5168494  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN** <br>**NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $2084454 | $2453434 | &nbsp;&nbsp; $2227663 | &nbsp;&nbsp;&nbsp;&nbsp; $6442998 |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ABSOLUTE SHARES TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** | **WBI BullBear Yield 3000 ETF**  | **WBI BullBear Yield 3000 ETF**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025** | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(26299) | $30334 | &nbsp;&nbsp; $251254 | $771746  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 2869238 | (1397907) | &nbsp;&nbsp; 2573960 | (3607946)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (758485) | 1335815 | &nbsp;&nbsp; (371780) | 667982  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 2084454 | (31758) | &nbsp;&nbsp; 2453434 | (2168218)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (19855) | (94871) | &nbsp;&nbsp; (243015) | (801291)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp; — | (6806) | &nbsp;&nbsp; — | (28347)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (19855) | (101677) | &nbsp;&nbsp; (243015) | (829638)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (6191845) | (4346390) | &nbsp;&nbsp; (6510334) | (7200795)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (6191845) | (4346390) | &nbsp;&nbsp; (6510334) | (7200795)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; (4127246) | (4479825) | &nbsp;&nbsp; (4299915) | (10198651)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 28519074 | 32998899 | &nbsp;&nbsp; 33608100 | 43806751  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $24391828 | $28519074 | &nbsp;&nbsp; $29308185 | $33608100  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (200000) | (150000) | &nbsp;&nbsp; (280000) | (150000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; (200000) | (150000) | &nbsp;&nbsp; (280000) | (150000) |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ABSOLUTE SHARES TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WBI BullBear Quality 3000 ETF** | **WBI BullBear Quality 3000 ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF**  | **WBI Power Factor<sup>®</sup> High Dividend ETF**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025** | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended** <br>**June 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(132740) | $(92171) | &nbsp;&nbsp;&nbsp;&nbsp; $1274504 | $2969388  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 4184374 | (2343557) | &nbsp;&nbsp;&nbsp;&nbsp; 2805601 | 3567477  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1823971) | 1896816 | &nbsp;&nbsp;&nbsp;&nbsp; 2362893 | (3132344)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 2227663 | (538912) | &nbsp;&nbsp;&nbsp;&nbsp; 6442998 | 3404521  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (15076) |  | &nbsp;&nbsp;&nbsp;&nbsp; (1316246) | (3061205)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (15076) |  | &nbsp;&nbsp;&nbsp;&nbsp; (1316246) | (3061205)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 1600020 | 6101615  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (6149891) | (5278970) | &nbsp;&nbsp;&nbsp;&nbsp; (5025162) | (10367845)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (6149891) | (5278970) | &nbsp;&nbsp;&nbsp;&nbsp; (3425142) | (4266230)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; (3937304) | (5817882) | &nbsp;&nbsp;&nbsp;&nbsp; 1701610 | (3922914)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 33428375 | 39246257 | &nbsp;&nbsp;&nbsp;&nbsp; 55589518 | 59512432  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $29491071 | $33428375 | &nbsp;&nbsp;&nbsp;&nbsp; $57291128 | $55589518  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | 200000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (180000) | (150000) | &nbsp;&nbsp;&nbsp;&nbsp; (160000) | (350000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; (180000) | (150000) | &nbsp;&nbsp;&nbsp;&nbsp; (110000) | (150000) |

---

The accompanying notes are an integral part of these financial statements.

12<br>

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**Absolute Shares Trust** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **WBI BULLBEAR VALUE 3000 ETF**  | **WBI BULLBEAR VALUE 3000 ETF**  | **WBI BULLBEAR VALUE 3000 ETF**  | **WBI BULLBEAR VALUE 3000 ETF**  | **WBI BULLBEAR VALUE 3000 ETF**  | **WBI BULLBEAR VALUE 3000 ETF**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $28.86 | $28.99 | $28.90 | $29.55 | $31.75 | $25.60  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | 0.03 | 0.35 | 0.25 | 0.29 | 0.49  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | (0.07) | 0.10 | (0.51) | (2.06) | 6.05  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | (0.04) | 0.45 | (0.26) | (1.77) | 6.54  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | (0.09) | (0.36) | (0.39) | (0.43) | (0.39)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | (0.09) | (0.36) | (0.39) | (0.43) | (0.39)  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $30.94 | $28.86 | $28.99 | $28.90 | $29.55 | $31.75  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.27% | -0.13% | 1.57% | -0.79% | -5.62% | 25.59%  |
| **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $24392 | $28519 | $32999 | $44454 | $42503 | $53597  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.85% | 1.72% | 1.51% | 1.64% | 1.38% | 1.36%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.69% | 1.64% | 1.36% | 1.25% | 1.25% | 1.25%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)% | 0.09% | 1.24% | 0.89% | 0.94% | 1.71%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 264% | 690% | 742% | 906% | 845% | 800% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> 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.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **WBI BULLBEAR YIELD 3000 ETF**  | **WBI BULLBEAR YIELD 3000 ETF**  | **WBI BULLBEAR YIELD 3000 ETF**  | **WBI BULLBEAR YIELD 3000 ETF**  | **WBI BULLBEAR YIELD 3000 ETF**  | **WBI BULLBEAR YIELD 3000 ETF**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $21.96 | $23.94 | $23.25 | $25.95 | $26.67 | $22.53  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 0.45 | 0.43 | 0.42 | 0.39 | 0.41  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | (1.93) | 0.69 | (2.61) | (0.57) | 4.13  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | (1.48) | 1.12 | (2.19) | (0.18) | 4.54  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | (0.50) | (0.43) | (0.51) | (0.54) | (0.40)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | (0.50) | (0.43) | (0.51) | (0.54) | (0.40)  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $23.44 | $21.96 | $23.94 | $23.25 | $25.95 | $26.67  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.53% | -6.32% | 4.88% | -8.49% | -0.73% | 20.36%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**  | **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $29308 | $33608 | $43807 | $57653 | $38416 | $47477  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.72% | 1.54% | 1.36% | 1.44% | 1.43% | 1.27%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | 1.51% | 1.28% | 1.25% | 1.26% | 1.25%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.54% | 1.97% | 1.83% | 1.73% | 1.44% | 1.68%  |
| Portfolio turnover rate<sup>(c)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 266% | 799% | 641% | 890% | 824% | 820% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> 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.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **WBI BULLBEAR QUALITY 3000 ETF**  | **WBI BULLBEAR QUALITY 3000 ETF**  | **WBI BULLBEAR QUALITY 3000 ETF**  | **WBI BULLBEAR QUALITY 3000 ETF**  | **WBI BULLBEAR QUALITY 3000 ETF**  | **WBI BULLBEAR QUALITY 3000 ETF**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $32.54 | $33.34 | $29.19 | $28.78 | $30.74 | $26.06  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | (0.08) | 0.03 | 0.23 | 0.32 | 0.12  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | (0.72) | 4.16 | 0.54 | (1.68) | 4.62  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | (0.80) | 4.19 | 0.77 | (1.36) | 4.74  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) |  | (0.04) | (0.36) | (0.60) | (0.06)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) |  | (0.04) | (0.36) | (0.60) | (0.06)  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $34.81 | $32.54 | $33.34 | $29.19 | $28.78 | $30.74  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.01% | -2.40% | 14.33% | 2.79% | -4.58% | 18.21%  |
| **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $29491 | $33428 | $39246 | $44583 | $36758 | $45407  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.72% | 1.58% | 1.44% | 1.65% | 1.45% | 1.31%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | 1.54% | 1.32% | 1.25% | 1.25% | 1.25%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.81)% | (0.26)% | 0.10% | 0.82% | 1.04% | 0.43%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 323% | 760% | 672% | 805% | 899% | 838% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> 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.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **WBI Power Factor<sup>®</sup> High Dividend ETF**  | **WBI Power Factor<sup>®</sup> High Dividend ETF**  | **WBI Power Factor<sup>®</sup> High Dividend ETF**  | **WBI Power Factor<sup>®</sup> High Dividend ETF**  | **WBI Power Factor<sup>®</sup> High Dividend ETF**  | **WBI Power Factor<sup>®</sup> High Dividend ETF**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **Period Ended** <br>**December 31, 2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $29.26 | $29.03 | $25.92 | $25.97 | $27.43 | $18.76  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 1.49 | 1.26 | 1.36 | 1.16 | 1.10  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | 0.29 | 3.07 | 0.05 | (1.49) | 8.65  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | 1.78 | 4.33 | 1.41 | (0.33) | 9.75  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.74) | (1.55) | (1.22) | (1.46) | (1.13) | (1.08)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.74) | (1.55) | (1.22) | (1.46) | (1.13) | (1.08)  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $32.01 | $29.26 | $29.03 | $25.92 | $25.97 | $27.43  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.97% | 6.10% | 16.97% | 5.63% | -1.40% | 53.09%  |
| **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $57291 | $55590 | $59512 | $60905 | $62333 | $64457  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.12% | 1.04% | 0.99% | 1.00% | 0.94% | 0.98%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | 0.97% | 0.84% | 0.70% | 0.70% | 0.70%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 4.95% | 4.52% | 5.09% | 4.16% | 4.73%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 75% | 141% | 152% | 175% | 183% | 191% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> 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.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> 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** 

**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<sup>®</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;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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**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 –<br>| 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 –<br>| 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**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $23820590 | $— | $— | $23820590  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 2852254  |
| **Total Investments** | $23820590 | $— | $— | $26672844 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> 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**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $24961053 | $— | $— | $24961053  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 4009715 |  |  | 4009715  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 5631394  |
| **Total Investments** | $28970768 | $— | $— | $34602162 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> 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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**Absolute Shares Trust** 

**Notes to Financial Statements** 

**December 31, 2025 (Continued)** 

**WBI BullBear Quality 3000 ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $27469995 | $— | $— | $27469995  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 2608968  |
| **Total Investments** | $27469995 | $— | $— | $30078963 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> 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<sup>®</sup> High Dividend ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $56741811 | $— | $— | $56741811  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 7006796  |
| **Total Investments** | $56741811 | $— | $— | $63748607 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> 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. 

&nbsp;&nbsp;&nbsp;&nbsp;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

19<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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<sup>®</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

20<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Notes to Financial Statements** 

**December 31, 2025 (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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<sup>®</sup> 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

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**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  | $163108  | &nbsp;&nbsp; $55737  | &nbsp;&nbsp; $16889  | &nbsp;&nbsp; $27273  |
| WBI BullBear Yield 3000 ETF  | 106955  | &nbsp;&nbsp; 38229  | &nbsp;&nbsp; —  | &nbsp;&nbsp; 12603  |
| WBI BullBear Quality 3000 ETF  | 165666  | &nbsp;&nbsp; 51910  | &nbsp;&nbsp; —  | &nbsp;&nbsp; 17340  |
| WBI Power Factor<sup>®</sup> High Dividend ETF  | 219678  | &nbsp;&nbsp; 83939  | &nbsp;&nbsp; 40630  | &nbsp;&nbsp; 37317 |

---

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 33<sup>1</sup>∕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.

22<br>

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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** <br>**Securities on Loan**  | **Collateral** <br>**Received\***  |
| WBI BullBear Value 3000 ETF  | &nbsp;&nbsp;&nbsp; $2768757  | $2852254  |
| WBI BullBear Yield 3000 ETF  | &nbsp;&nbsp;&nbsp; 5476948  | 5631394  |
| WBI BullBear Quality 3000 ETF  | &nbsp;&nbsp;&nbsp; 2524072  | 2608968  |
| WBI Power Factor<sup>®</sup> High Dividend ETF  | &nbsp;&nbsp;&nbsp; 6815382  | 7006796 |

---

\* 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** <br>**Income Earned**  |
| WBI BullBear Value 3000 ETF  | &nbsp;&nbsp;&nbsp;&nbsp; $2202  |
| WBI BullBear Yield 3000 ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 10029  |
| WBI BullBear Quality 3000 ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 3024  |
| WBI Power Factor<sup>®</sup> High Dividend ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 10418 |

---

**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** <br>**Securities on** <br>**Loan**  | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets &** <br>**Liabilities**  | **Net** <br>**Amounts** <br>**Presented in the** <br>**Statement of** <br>**Assets &** <br>**Liabilities**  | **Collateral** <br>**Received**  | **Net** <br>**Amount** |
| WBI BullBear Value 3000 ETF | Securities Lending  | $2768757  | $—  | &nbsp;&nbsp; $2768757  | $2852254  | $—  |
| WBI BullBear Yield 3000 ETF | Securities Lending  | 5476948  | —  | &nbsp;&nbsp; 5476948  | 5631394  | —  |
| WBI BullBear Quality 3000 ETF  | Securities Lending  | 2524072  | —  | &nbsp;&nbsp; 2524072  | 2608968  | —  |
|  WBI Power Factor™ High Dividend ETF  | Securities Lending  | 6815382  | —  | &nbsp;&nbsp; 6815382  | 7006796  |  |

---

**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, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2024**  | **Year Ended June 30, 2024**  | **Year Ended June 30, 2024**  |
| <br>**Fund** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain** | **Return of** <br>**Capital** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain** | **Return of** <br>**Capital**  |
| WBI BullBear Value 3000 ETF | $94871 | $— | $6806 | $452001 | $— | $—  |
| WBI BullBear Yield 3000 ETF | 801291 |  | 28347 | 899303 |  | —  |
| WBI BullBear Quality 3000 ETF |  |  |  | 44683 |  | —  |
| WBI Power Factor<sup>®</sup> High Dividend ETF | 3061205 |  |  | 2566342 |  |  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**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** <br>**Value 3000 ETF** | **WBI BullBear** <br>**Yield 3000 ETF** | **WBI BullBear** <br>**Quality 3000 ETF** | **WBI** <br>**Power Factor<sup>®</sup>** <br>**High Dividend ETF**  |
| Cost of investments | $31316346 | $36991583 | &nbsp;&nbsp; $34828330 | &nbsp;&nbsp;&nbsp; $70082882  |
| Gross tax unrealized appreciation | 1873570 | 1472428 | &nbsp;&nbsp; 2800643 | &nbsp;&nbsp;&nbsp; 5224969  |
| Gross tax unrealized depreciation | (994336) | (367290) | &nbsp;&nbsp; (1303347) | &nbsp;&nbsp;&nbsp; (5095374)  |
| Net tax unrealized appreciation | $879234 | $1105138 | &nbsp;&nbsp; $1497296 | &nbsp;&nbsp;&nbsp; $129595 |

---

The components of distributable earnings (losses) for federal income tax purposes as of June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WBI BullBear** <br>**Value 3000 ETF** | **WBI BullBear** <br>**Yield 3000 ETF** | **WBI BullBear** <br>**Quality 3000 ETF** | **WBI** <br>**Power Factor<sup>®</sup>** <br>**High Dividend ETF**  |
|  Net tax unrealized appreciation (depreciation) | $879234 | $1105138 | $1497296 | &nbsp;&nbsp;&nbsp; $129595  |
| Undistributed ordinary income |  |  |  | &nbsp;&nbsp;&nbsp; 41262  |
| Undistributed long term gain (loss) |  |  |  | &nbsp;&nbsp;&nbsp; —  |
| Total distributable earnings |  |  |  | &nbsp;&nbsp;&nbsp; 41262  |
| Other accumulated gain (loss) | (19950897) | (66867685) | (24009308) | &nbsp;&nbsp;&nbsp; (5800582)  |
| Total accumulated gain (loss) | $(19071663) | $(65762547) | $(22512012) | &nbsp;&nbsp;&nbsp; $(5629725) |

---

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<sup>+</sup> | $— | $40644  |
| WBI BullBear Yield 3000 ETF<sup>+</sup> |  | —  |
| WBI BullBear Quality 3000 ETF<sup>+</sup> |  | 91171  |
| WBI Power Factor<sup>®</sup> 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<sup>+</sup> | $19910253 | $—  |
| WBI BullBear Yield 3000 ETF<sup>+</sup> | 66867685 | —  |
| WBI BullBear Quality 3000 ETF<sup>+</sup> | 23917137 | —  |
| WBI Power Factor<sup>®</sup> High Dividend ETF | 4846808 | 953774 |

---

<sup>+</sup> Annual limitation may apply to a portion of the losses under IRC 382.

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**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** <br>**Capital**  | **Total** <br>**Distributable** <br>**Loss** |
| WBI BullBear Value 3000 ETF<sup>+</sup> | $76287  | $(76287)  |
| WBI BullBear Yield 3000 ETF<sup>+</sup> | (3889)  | 3899  |
| WBI BullBear Quality 3000 ETF<sup>+</sup> | 279400  | (279400)  |
| WBI Power Factor<sup>®</sup> High Dividend ETF  | 688345  | (688345) |

---

**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**  | **All Other**  |
| <br>**Fund**  | **Purchases**  | **Sales**  |
| WBI BullBear Value 3000 ETF  | $107805910  | $107915570  |
| WBI BullBear Yield 3000 ETF  | 165013529  | 166098576  |
| WBI BullBear Quality 3000 ETF  | 145150342  | 147133017  |
| WBI Power Factor<sup>®</sup> High Dividend ETF  | 40077588  | 40169221 |

---

During the current fiscal period, the values of the in-kind security transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Subscriptions**  | **Redemptions**  |
| WBI BullBear Value 3000 ETF  | $—  | $1294139  |
| WBI BullBear Yield 3000 ETF  | —  | 4739371  |
| WBI BullBear Quality 3000 ETF  | —  | 3612617  |
| WBI Power Factor<sup>®</sup> High Dividend ETF  | 3078711  | 2985163 |

---

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  | &nbsp;&nbsp; $10000  |
| WBI BullBear Yield 3000 ETF  | &nbsp;&nbsp; 10000  |
| WBI BullBear Quality 3000 ETF  | &nbsp;&nbsp; 10000  |
| WBI Power Factor<sup>®</sup> High Dividend ETF  | &nbsp;&nbsp; 10000 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**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 Value 3000 ETF**  | **WBI BullBear Value 3000 ETF**  | **WBI BullBear Value 3000 ETF**  | **WBI BullBear Yield 3000 ETF**  | **WBI BullBear Yield 3000 ETF**  | **WBI BullBear Yield 3000 ETF**  | **WBI BullBear Yield 3000 ETF**  |
|  | **Period Ended** <br>**December 31, 2025**  | **Period Ended** <br>**December 31, 2025**  | **Year Ended** <br>**June 30, 2025**  | **Year Ended** <br>**June 30, 2025**  | **Period Ended** <br>**December 31, 2025**  | **Period Ended** <br>**December 31, 2025**  | **Year Ended** <br>**June 30, 2025**  | **Year Ended** <br>**June 30, 2025**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount** |
| Shares Sold  | —  | $—  | —  | $—  | —  | $—  | —  | $—  |
|  Shares Issued in Connection with Acquisition  | —  | —  | —  | —  | —  | —  | —  | —  |
| Shares Redeemed  | (200000)  | (6191845)  | (150000)  | (4346390)  | (280000)  | (6510334)  | (300000)  | (7200795)  |
|  | (200000)  | $(6191845)  | (150000)  | $(4346390)  | (280000)  | $(6510334)  | (300000)  | $(7200795)  |
| Beginning Shares  | 988315  |  | 1138315  |  | 1530183  |  | 1830183  |  |
| Ending Shares  | 788315  |  | 988315  |  | 1250183  |  | 1530183  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **WBI BullBear Quality 3000 ETF**  | **WBI BullBear Quality 3000 ETF**  | **WBI BullBear Quality 3000 ETF**  | **WBI BullBear Quality 3000 ETF**  | **WBI Power Factor High Dividend ETF**  | **WBI Power Factor High Dividend ETF**  | **WBI Power Factor High Dividend ETF**  | **WBI Power Factor High Dividend ETF**  |
|  | **Period Ended** <br>**December 31, 2025**  | **Period Ended** <br>**December 31, 2025**  | **Year Ended** <br>**June 30, 2025**  | **Year Ended** <br>**June 30, 2025**  | **Period Ended** <br>**December 31, 2025**  | **Period Ended** <br>**December 31, 2025**  | **Year Ended** <br>**June 30, 2025**  | **Year Ended** <br>**June 30, 2025**  |
|  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  | **Shares**  | **Amount** |
| Shares Sold  | —  | $—  | —  | $—  | 50000  | $1600020  | 200000  | $6101615  |
|  Shares Issued in Connection with Acquisition  | —  | —  | —  | —  |  |  |  |  |
| Shares Redeemed  | (180000)  | (6149891)  | (150000)  | (5278970)  | (160000)  | (5025162)  | (350000)  | (10367845)  |
|  | (180000)  | $(6149891)  | (150000)  | $(5278970)  | (110000)  | $(3425142)  | (150000)  | $(4266230)  |
| Beginning Shares  | 1027182  |  | 1177182  |  | 1900000  |  | 2050000  |  |
| Ending Shares  | 847182  |  | 1027182  |  | 1790000  |  | 1900000  |  |

---

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

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

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

**Not applicable to open-end investment companies.**

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

**Not applicable to open-end investment companies.**

 ****

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

**Not applicable to open-end investment companies.**

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *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)).* Filed herewith.](wbi-efp22584_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](wbi-efp22584_ex99906cert.htm)

**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 <u>3/9/2026</u>

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.,<br> President and Principal Executive Officer |

---

Date <u>3/9/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Frederick Teufel, Jr. |
|  | Frederick Teufel, Jr.,<br> Treasurer and Principal Financial Officer |

---

Date <u> 3/6/2026</u>

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

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Don Schreiber, Jr., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Absolute Shares Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/9/2026 | /s/ Don Schreiber, Jr. |
|  |  | Don Schreiber, Jr. |
|  |  | President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Frederick Teufel, Jr., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Absolute Shares Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/6/2026 | /s/ Frederick Teufel, Jr. |
|  |  | Frederick Teufel, Jr. |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Absolute Shares Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Absolute Shares Trust for the period ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Absolute Shares Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Don Schreiber, Jr. | /s/ Frederick Teufel, Jr. |
| Don Schreiber, Jr. | Frederick Teufel, Jr. |
| President and Principal Executive Officer Absolute Shares Trust | Treasurer and Principal Financial Officer Absolute Shares Trust |

---

Dated: <u> 3/9/2026</u> Dated: <u>3/9/2026 </u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Absolute Shares Trust for purposes of Section 18 of the Securities Exchange Act of 1934.