# EDGAR Filing Document

**Accession Number:** 0001591939
**File Stem:** 0001145549-25-055853
**Filing Date:** 2025-8
**Character Count:** 37341
**Document Hash:** d19936f14b04cf2cd63c52927ca4e4e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-055853.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001145549-25-055853

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250630

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22917
- **FILM NUMBER:** 251271460

**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            |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Absolute Shares Trust

- **b. Investment Company Act file number:** 811-22917

- **c. CIK number of Registrant:** 0001591939

- **d. LEI of Registrant:** 5493005LD0D8EHH9CD08

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 331 Newman Springs Rd

  - **City:** Red Bank

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07701

  - **Telephone number:** 732-842-4920

**Item A.2. Information about the Series.**

- **a. Name of Series:** WBI BullBear Value 3000 ETF

- **b. EDGAR series identifier (if any):** S000044181

- **c. LEI of Series:** 549300NII1Q8B4GY1P97

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $32973036.10

**Total Liabilities:** $4457787.33

**Net Assets:** $28515248.77

**Cash Not Reported:** $857.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000137331 | -6.36%               | 3.53%                | 3.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2633797.81             | $753686.31                                 |
| Month 2  | $1380998.06              | $-396875.30                                |
| Month 3  | $56282.32                | $907583.02                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Silgan Holdings Inc                       | Silgan Holdings Inc                       | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |      1796 | NS      | $97307.28     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp                     | Stifel Financial Corp                     | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      2450 | NS      | $254261.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                            | Tetra Tech Inc                            | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     13435 | NS      | $483122.60    | 1.69%             |  |  |  | No            |                  1 | On Loan: —       |
| Texas Roadhouse Inc                       | Texas Roadhouse Inc                       | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |      1171 | NS      | $219457.11    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                    | Equitable Holdings Inc                    | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      1878 | NS      | $105355.80    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                                | FedEx Corp                                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      2280 | NS      | $518266.80    | 1.82%             |  |  |  | No            |                  1 | On Loan: —       |
| Essent Group Ltd                          | Essent Group Ltd                          | CUSIP: N/A<br>LEI: 254900QUO860OUT6ZF83       | Long             | EC               | CORP              | US        |      4027 | NS      | $244559.71    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technol            | Westinghouse Air Brake Technologies Corp  | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |       671 | NS      | $140473.85    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                       | Williams-Sonoma Inc                       | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      2923 | NS      | $477530.51    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc                    | Yum China Holdings Inc                    | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |     11460 | NS      | $512376.60    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                  | Willis Towers Watson PLC                  | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | GB        |       942 | NS      | $288723.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                       | Eagle Materials Inc                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      1143 | NS      | $231011.73    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                  | eBay Inc                                  | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      4361 | NS      | $324720.06    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                       | Electronic Arts Inc                       | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      2084 | NS      | $332814.80    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                       | Emerson Electric Co                       | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      2517 | NS      | $335591.61    | 1.18%             |  |  |  | No            |                  1 | On Loan: —       |
| ADT Inc                                   | ADT Inc                                   | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41050 | NS      | $347693.50    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                              | Alphabet Inc                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      3418 | NS      | $602354.14    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                            | Amazon.com Inc                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      2747 | NS      | $602664.33    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                       | American Express Co                       | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |       785 | NS      | $250399.30    | 0.88%             |  |  |  | No            |                  1 | On Loan: —       |
| Ameriprise Financial Inc                  | Ameriprise Financial Inc                  | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       610 | NS      | $325575.30    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                                | AMETEK Inc                                | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |       759 | NS      | $137348.64    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                                 | ANSYS Inc                                 | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |       810 | NS      | $284488.20    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                 | Apple Inc                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      2709 | NS      | $555805.53    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie            | Applied Industrial Technologies Inc       | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |       439 | NS      | $102045.55    | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Applied Materials Inc                     | Applied Materials Inc                     | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      2873 | NS      | $525960.11    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                      | Ares Management Corp                      | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |      1788 | NS      | $309681.60    | 1.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Assurant Inc                              | Assurant Inc                              | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |       503 | NS      | $99337.47     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc             | Automatic Data Processing Inc             | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |       694 | NS      | $214029.60    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                       | Avery Dennison Corp                       | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |       548 | NS      | $96157.56     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                            | Blackstone Inc                            | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |       952 | NS      | $142400.16    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                          | Boyd Gaming Corp                          | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |      1362 | NS      | $106549.26    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions            | Broadridge Financial Solutions Inc        | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |       566 | NS      | $137554.98    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                   | Cboe Global Markets Inc                   | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      1029 | NS      | $239973.09    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                | CF Industries Holdings Inc                | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      2549 | NS      | $234508.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                          | Carlisle Cos Inc                          | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |       625 | NS      | $233375.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc                | Charter Communications Inc                | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |       324 | NS      | $132454.44    | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Cheniere Energy Inc                       | Cheniere Energy Inc                       | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       998 | NS      | $243032.96    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                         | Cisco Systems Inc                         | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      4417 | NS      | $306451.46    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                   | Comfort Systems USA Inc                   | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      1133 | NS      | $607525.93    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc                  | Constellation Brands Inc                  | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      1227 | NS      | $199608.36    | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| Costco Wholesale Corp                     | Costco Wholesale Corp                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       133 | NS      | $131662.02    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                             | DTE Energy Co                             | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |      3866 | NS      | $512090.36    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                    | Diamondback Energy Inc                    | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      3868 | NS      | $531463.20    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                 | Dick's Sporting Goods Inc                 | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |      1377 | NS      | $272384.37    | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| Donaldson Co Inc                          | Donaldson Co Inc                          | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |      1073 | NS      | $74412.55     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                   | Charles Schwab Corp/The                   | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      4712 | NS      | $429922.88    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                             | Accenture PLC                             | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |       726 | NS      | $216994.14    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                        | Meta Platforms Inc                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       879 | NS      | $648781.11    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                             | McKesson Corp                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       323 | NS      | $236687.94    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                | AbbVie Inc                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       743 | NS      | $137915.66    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                      | MGIC Investment Corp                      | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |      8423 | NS      | $234496.32    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                            | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1224 | NS      | $608829.84    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp                     | Monster Beverage Corp                     | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |      6563 | NS      | $411106.32    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                          | W R Berkley Corp                          | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      7275 | NS      | $534494.25    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc                    | Mueller Industries Inc                    | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      6474 | NS      | $514488.78    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                      | National Fuel Gas Co                      | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      1241 | NS      | $105125.11    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corp                            | NewMarket Corp                            | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |       345 | NS      | $238346.70    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                        | NextEra Energy Inc                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      3012 | NS      | $209093.04    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                               | NVIDIA Corp                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      4170 | NS      | $658818.30    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp                 | Occidental Petroleum Corp                 | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     11366 | NS      | $477485.66    | 1.67%             |  |  |  | No            |                  1 | On Loan: —       |
| Owens Corning                             | Owens Corning                             | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      1687 | NS      | $231996.24    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp                      | Parker-Hannifin Corp                      | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       202 | NS      | $141090.94    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc               | Penske Automotive Group Inc               | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      3223 | NS      | $553743.63    | 1.94%             |  |  |  | No            |                  1 | On Loan: —       |
| Primerica Inc                             | Primerica Inc                             | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |      1810 | NS      | $495342.70    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                         | Ralph Lauren Corp                         | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |       360 | NS      | $98740.80     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                                | ResMed Inc                                | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       937 | NS      | $241746.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: —       |
| Rockwell Automation Inc                   | Rockwell Automation Inc                   | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |       446 | NS      | $148147.82    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                               | Rollins Inc                               | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |      2395 | NS      | $135125.90    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc                          | Ryder System Inc                          | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |      1539 | NS      | $244701.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                            | Salesforce Inc                            | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       972 | NS      | $265054.68    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US             | Service Corp International/US             | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |      1300 | NS      | $105820.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| ServiceNow Inc                            | ServiceNow Inc                            | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       310 | NS      | $318704.80    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc                    | TKO Group Holdings Inc                    | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1721 | NS      | $313135.95    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                           | T-Mobile US Inc                           | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       569 | NS      | $135569.94    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBFS 2                    | US BANK MMDA - USBFS 2                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    735686 | NS      | $735686.21    | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                    | UnitedHealth Group Inc                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       723 | NS      | $225554.31    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc                      | Verisk Analytics Inc                      | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |       894 | NS      | $278481.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                        | Vertiv Holdings Co                        | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      2791 | NS      | $358392.31    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc                          | Viper Energy Inc                          | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |      2438 | NS      | $92960.94     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                  | Visa Inc                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       810 | NS      | $287590.50    | 1.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Vistra Corp                               | Vistra Corp                               | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       874 | NS      | $169389.94    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   4413077 | NS      | $4413077.25   | 15.48%            |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                             | H&R Block Inc                             | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |      4347 | NS      | $238606.83    | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| FirstCash Holdings Inc                    | FirstCash Holdings Inc                    | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1418 | NS      | $191628.52    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                       | Gilead Sciences Inc                       | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      2568 | NS      | $284714.16    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                            | Globe Life Inc                            | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |       827 | NS      | $102787.83    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc                    | Group 1 Automotive Inc                    | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       229 | NS      | $100006.59    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                    | HP Inc                                    | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     17399 | NS      | $425579.54    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th            | Hanover Insurance Group Inc/The           | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |       597 | NS      | $101412.39    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T            | Hartford Insurance Group Inc/The          | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      1772 | NS      | $224813.64    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc             | Interactive Brokers Group Inc             | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     10180 | NS      | $564073.80    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc                      | Jacobs Solutions Inc                      | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1859 | NS      | $244365.55    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                   | KBR Inc                                   | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |      1823 | NS      | $87394.62     | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| KLA Corp                                  | KLA Corp                                  | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       295 | NS      | $264243.30    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                         | Lam Research Corp                         | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      2760 | NS      | $268658.40    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                  | Lamb Weston Holdings Inc                  | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      5664 | NS      | $293678.40    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                               | Genpact Ltd                               | CUSIP: N/A<br>LEI: 529900OSEC6Q0L4L5B35       | Long             | EC               | CORP              | US        |      5043 | NS      | $221942.43    | 0.78%             |  |  |  | No            |                  1 | On Loan: —       |
| Lennar Corp                               | Lennar Corp                               | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      2125 | NS      | $235046.25    | 0.82%             |  |  |  | No            |                  1 | On Loan: —       |
| Lincoln Electric Holdings Inc             | Lincoln Electric Holdings Inc             | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |       501 | NS      | $103867.32    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc                         | Lithia Motors Inc                         | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |       317 | NS      | $107088.94    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp                    | Louisiana-Pacific Corp                    | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      1095 | NS      | $94159.05     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** Absolute Shares Trust

**Signature:** /s/Fred Teufel

**Name of Signer:** Fred Teufel

**Title:** Principal Financial Officer