# EDGAR Filing Document

**Accession Number:** 0001591939
**File Stem:** 0000894189-25-015623
**Filing Date:** 2025-11
**Character Count:** 33826
**Document Hash:** e4a4088bc43b29f6ac82b09cedbebf1e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015623.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015623

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**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:** 251526842

**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 Power Factor High Dividend ETF (Series ID: S000055583)

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

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **WBI Power Factor High Dividend ETF** | **WBI Power Factor High Dividend ETF** | **WBI Power Factor High Dividend ETF** | **WBI Power Factor High Dividend ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.4%** | **COMMON STOCKS - 99.4%** | **Shares** | **Value**  |
| **Automobiles & Components - 2.9%** | **Automobiles & Components - 2.9%** | **Automobiles & Components - 2.9%** | |
| Ford Motor Co. | Ford Motor Co. | 81543 | $975254 |
| LCI Industries <sup>(a)</sup> | LCI Industries <sup>(a)</sup> | 6619 | 616560 |
|  |  |  | 1591814 |
| **Banks - 9.9%** | **Banks - 9.9%** | **Banks - 9.9%** |  |
| Atlantic Union Bankshares Corp. | Atlantic Union Bankshares Corp. | 21844 | 770875 |
| Bank of NT Butterfield & Son Ltd. | Bank of NT Butterfield & Son Ltd. | 2818 | 120948 |
| Columbia Banking System, Inc. | Columbia Banking System, Inc. | 38457 | 989883 |
| Comerica, Inc. | Comerica, Inc. | 12663 | 867669 |
| First Interstate BancSystem, Inc. - Class A | First Interstate BancSystem, Inc. - Class A | 15748 | 501889 |
| Hope Bancorp, Inc. | Hope Bancorp, Inc. | 13966 | 150414 |
| Northwest Bancshares, Inc. | Northwest Bancshares, Inc. | 12236 | 151604 |
| Provident Financial Services, Inc. | Provident Financial Services, Inc. | 11537 | 222433 |
| Truist Financial Corp. | Truist Financial Corp. | 18144 | 829544 |
| Valley National Bancorp | Valley National Bancorp | 84835 | 899251 |
|  |  |  | 5504510 |
| **Commercial & Professional Services - 2.2%** | **Commercial & Professional Services - 2.2%** | **Commercial & Professional Services - 2.2%** |  |
| Robert Half, Inc. | Robert Half, Inc. | 35650 | 1211387 |
| **Consumer Discretionary Distribution & Retail - 6.3%** | **Consumer Discretionary Distribution & Retail - 6.3%** | **Consumer Discretionary Distribution & Retail - 6.3%** |  |
| Best Buy Co., Inc. | Best Buy Co., Inc. | 13920 | 1052631 |
| Macy's, Inc. | Macy's, Inc. | 122044 | 2188249 |
| Upbound Group, Inc. | Upbound Group, Inc. | 9929 | 234622 |
|  |  |  | 3475502 |
| **Consumer Durables & Apparel - 3.3%** | **Consumer Durables & Apparel - 3.3%** | **Consumer Durables & Apparel - 3.3%** |  |
| Oxford Industries, Inc. | Oxford Industries, Inc. | 9716 | 393887 |
| Polaris, Inc. <sup>(a)</sup> | Polaris, Inc. <sup>(a)</sup> | 25258 | 1468247 |
|  |  |  | 1862134 |
| **Consumer Services - 2.6%** | **Consumer Services - 2.6%** | **Consumer Services - 2.6%** |  |
| Dine Brands Global, Inc. <sup>(a)</sup> | Dine Brands Global, Inc. <sup>(a)</sup> | 8927 | 220676 |
| Marriott Vacations Worldwide Corp. | Marriott Vacations Worldwide Corp. | 8449 | 562365 |
| Travel + Leisure Co. | Travel + Leisure Co. | 10872 | 646775 |
|  |  |  | 1429816 |
| **Energy - 12.8%** | **Energy - 12.8%** | **Energy - 12.8%** |  |
| APA Corp. | APA Corp. | 47104 | 1143685 |
| Chevron Corp. | Chevron Corp. | 5351 | 830957 |
| FLEX LNG Ltd. <sup>(a)</sup> | FLEX LNG Ltd. <sup>(a)</sup> | 6792 | 171158 |
| Kinetik Holdings, Inc. <sup>(a)</sup> | Kinetik Holdings, Inc. <sup>(a)</sup> | 22166 | 947375 |
| Murphy Oil Corp. | Murphy Oil Corp. | 35431 | 1006595 |
| Noble Corp. PLC | Noble Corp. PLC | 39454 | 1115759 |
| ONEOK, Inc. | ONEOK, Inc. | 25948 | 1893426 |
|  |  |  | 7108955 |
| **Financial Services - 7.6%** | **Financial Services - 7.6%** | **Financial Services - 7.6%** |  |
| Artisan Partners Asset Management, Inc. - Class A | Artisan Partners Asset Management, Inc. - Class A | 9720 | 421848 |
| Invesco Ltd. | Invesco Ltd. | 49782 | 1141999 |
| Navient Corp. | Navient Corp. | 12487 | 164204 |
| OneMain Holdings, Inc. | OneMain Holdings, Inc. | 16941 | 956489 |
| Virtus Investment Partners, Inc. | Virtus Investment Partners, Inc. | 1476 | 280484 |
| Western Union Co. <sup>(a)</sup> | Western Union Co. <sup>(a)</sup> | 155265 | 1240568 |
|  |  |  | 4205592 |
| **Food, Beverage & Tobacco - 15.9%** | **Food, Beverage & Tobacco - 15.9%** | **Food, Beverage & Tobacco - 15.9%** |  |
| Altria Group, Inc. | Altria Group, Inc. | 46480 | 3070469 |
| Conagra Brands, Inc. | Conagra Brands, Inc. | 144926 | 2653595 |
| Flowers Foods, Inc. | Flowers Foods, Inc. | 51151 | 667520 |
| Kraft Heinz Co. | Kraft Heinz Co. | 93868 | 2444323 |
|  |  |  | 8835907 |
| **Health Care Equipment & Services - 0.4%** | **Health Care Equipment & Services - 0.4%** | **Health Care Equipment & Services - 0.4%** |  |
| Embecta Corp. | Embecta Corp. | 13819 | 194986 |
| **Household & Personal Products - 2.8%** | **Household & Personal Products - 2.8%** | **Household & Personal Products - 2.8%** |  |
| Energizer Holdings, Inc. | Energizer Holdings, Inc. | 63170 | 1572301 |
| **Materials - 3.7%** | **Materials - 3.7%** | **Materials - 3.7%** |  |
| LyondellBasell Industries NV - Class A | LyondellBasell Industries NV - Class A | 42383 | 2078462 |
| **Media & Entertainment - 2.3%** | **Media & Entertainment - 2.3%** | **Media & Entertainment - 2.3%** |  |
| Interpublic Group of Cos., Inc. | Interpublic Group of Cos., Inc. | 46028 | 1284641 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences - 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences - 6.3%** |  |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | 19598 | 883870 |
| Pfizer, Inc. | Pfizer, Inc. | 103807 | 2645002 |
|  |  |  | 3528872 |
| **Telecommunication Services - 5.2%** | **Telecommunication Services - 5.2%** | **Telecommunication Services - 5.2%** |  |
| Verizon Communications, Inc. | Verizon Communications, Inc. | 66174 | 2908347 |
| **Transportation - 4.4%** | **Transportation - 4.4%** | **Transportation - 4.4%** |  |
| Global Ship Lease, Inc. - Class A | Global Ship Lease, Inc. - Class A | 5617 | 172442 |
| United Parcel Service, Inc. - Class B | United Parcel Service, Inc. - Class B | 27251 | 2276276 |
|  |  |  | 2448718 |
| **Utilities - 10.8%** | **Utilities - 10.8%** | **Utilities - 10.8%** |  |
| AES Corp. | AES Corp. | 200191 | 2634514 |
| Clearway Energy, Inc. - Class C | Clearway Energy, Inc. - Class C | 15148 | 427931 |
| Edison International | Edison International | 52876 | 2922985 |
|  |  |  | 5985430 |
| **TOTAL COMMON STOCKS** (Cost $54,115,614) | **TOTAL COMMON STOCKS** (Cost $54,115,614) | **TOTAL COMMON STOCKS** (Cost $54,115,614) | 55227375 |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.6%** | **Units** | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(b)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(b)</sup> | 3680548 | 3680548 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $3,680,548) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $3,680,548) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $3,680,548) | 3680548 |
| **TOTAL INVESTMENTS - 106.0% (**Cost $57,796,162**)** | **TOTAL INVESTMENTS - 106.0% (**Cost $57,796,162**)** | **TOTAL INVESTMENTS - 106.0% (**Cost $57,796,162**)** | 58907923 |
| Money Market Deposit Account - 0.6% <sup>(c)</sup> | Money Market Deposit Account - 0.6% <sup>(c)</sup> | Money Market Deposit Account - 0.6% <sup>(c)</sup> | 330924 |
| Liabilities in Excess of Other Assets - (6.6)% | Liabilities in Excess of Other Assets - (6.6)% | Liabilities in Excess of Other Assets - (6.6)% | (3665882) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $55572965 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | 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. | 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. | 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. | 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 <br> PLC - Public Limited Company

(a) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $3,525,844.

(b) The rate shown represents the 7-day annualized yield as of September 30, 2025.

(c) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
 market conditions and is subject to change daily. The rate as of September 30, 2025 was 2.27%.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
WBI Power Factor High Dividend ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $55227375 | $– | $– | $55227375 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 3680548 |
| Total Investments | $55227374 | $– | $– | $58907923 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $3,680,548 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## 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 Power Factor High Dividend ETF

- **b. EDGAR series identifier (if any):** S000055583

- **c. LEI of Series:** 549300VJU1UYTLVXL958

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $59359980.81

**Total Liabilities:** $3787048.44

**Net Assets:** $55572932.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174967 | 2.44%                | 6.23%                | -1.61%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2022378.39              | $-732351.88                                |
| Month 2  | $248431.02               | $2871382.68                                |
| Month 3  | $141824.36               | $-1269832.84                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kinetik Holdings Inc                      | Kinetik Holdings Inc                      | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22166 | NS      | $947374.84    | 1.70%             |  |  |  | No            |                  1 | On Loan: —       |
| Conagra Brands Inc                        | Conagra Brands Inc                        | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |    144926 | NS      | $2653595.06   | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Dine Brands Global Inc                    | Dine Brands Global Inc                    | CUSIP: 254423106<br>LEI: 529900HKM8OWSHLKJY75 | Long             | EC               | CORP              | US        |      8927 | NS      | $220675.44    | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| Edison International                      | Edison International                      | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     52876 | NS      | $2922985.28   | 5.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Embecta Corp                              | Embecta Corp                              | CUSIP: 29082K105<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | EC               | CORP              | US        |     13819 | NS      | $194986.09    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc                    | Energizer Holdings Inc                    | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |     63170 | NS      | $1572301.30   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem In            | First Interstate BancSystem Inc           | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     15748 | NS      | $501888.76    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods Inc                         | Flowers Foods Inc                         | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |     51151 | NS      | $667520.55    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                             | Ford Motor Co                             | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     81543 | NS      | $975254.28    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp Inc                          | Hope Bancorp Inc                          | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |     13966 | NS      | $150413.82    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/T            | Interpublic Group of Cos Inc/The          | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     46028 | NS      | $1284641.48   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The                        | Kraft Heinz Co/The                        | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     93868 | NS      | $2444322.72   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                            | LCI Industries                            | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |      6619 | NS      | $616559.85    | 1.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Macy's Inc                                | Macy's Inc                                | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |    122044 | NS      | $2188248.92   | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide C            | Marriott Vacations Worldwide Corp         | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |      8449 | NS      | $562365.44    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                           | Murphy Oil Corp                           | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     35431 | NS      | $1006594.71   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Corp                              | Navient Corp                              | CUSIP: 63938C108<br>LEI: 54930067J0ZNOEBRW338 | Long             | EC               | CORP              | US        |     12487 | NS      | $164204.05    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Bancshares Inc                  | Northwest Bancshares Inc                  | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12236 | NS      | $151604.04    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                                 | ONEOK Inc                                 | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     25948 | NS      | $1893425.56   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                      | OneMain Holdings Inc                      | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     16941 | NS      | $956488.86    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc                     | Oxford Industries Inc                     | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |      9716 | NS      | $393886.64    | 0.71%             |  |  |  | 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        |   3680548 | NS      | $3680547.75   | 6.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FLEX LNG Ltd                              | FLEX LNG Ltd                              | CUSIP: N/A<br>LEI: 21380084THHU3MPC3647       | Long             | EC               | CORP              | BM        |      6792 | NS      | $171158.40    | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Invesco Ltd                               | Invesco Ltd                               | CUSIP: N/A<br>LEI: ECPGFXU8A2SHKVVGJI15       | Long             | EC               | CORP              | US        |     49782 | NS      | $1141999.08   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                            | Noble Corp PLC                            | CUSIP: N/A<br>LEI: 549300I3HBUNXO0OG954       | Long             | EC               | CORP              | US        |     39454 | NS      | $1115759.12   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV              | LyondellBasell Industries NV              | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |     42383 | NS      | $2078462.32   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Ship Lease Inc                     | Global Ship Lease Inc                     | CUSIP: N/A<br>LEI: 254900GLZ0J5N8UZM071       | Long             | EC               | CORP              | GB        |      5617 | NS      | $172441.90    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                              | AES Corp/The                              | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    200191 | NS      | $2634513.56   | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                          | Altria Group Inc                          | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     46480 | NS      | $3070468.80   | 5.53%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                                  | APA Corp                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     47104 | NS      | $1143685.12   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Managem            | Artisan Partners Asset Management Inc     | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |      9720 | NS      | $421848.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp            | Atlantic Union Bankshares Corp            | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21844 | NS      | $770874.76    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                           | Best Buy Co Inc                           | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     13920 | NS      | $1052630.40   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                   | Bristol-Myers Squibb Co                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     19598 | NS      | $883869.80    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                              | Chevron Corp                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5351 | NS      | $830956.79    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                       | Clearway Energy Inc                       | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |     15148 | NS      | $427931.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc               | Columbia Banking System Inc               | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38457 | NS      | $989883.18    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                              | Comerica Inc                              | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     12663 | NS      | $867668.76    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                | Pfizer Inc                                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    103807 | NS      | $2645002.36   | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                               | Polaris Inc                               | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |     25258 | NS      | $1468247.54   | 2.64%             |  |  |  | No            |                  1 | On Loan: —       |
| Provident Financial Services I            | Provident Financial Services Inc          | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |     11537 | NS      | $222433.36    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc                         | Upbound Group Inc                         | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |      9929 | NS      | $234622.27    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half Inc                           | Robert Half Inc                           | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     35650 | NS      | $1211387.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                       | Travel + Leisure Co                       | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     10872 | NS      | $646775.28    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                     | Truist Financial Corp                     | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     18144 | NS      | $829543.68    | 1.49%             |  |  |  | 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        |    330924 | NS      | $330924.32    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc                 | United Parcel Service Inc                 | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     27251 | NS      | $2276276.03   | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp                   | Valley National Bancorp                   | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |     84835 | NS      | $899251.00    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                | Verizon Communications Inc                | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     66174 | NS      | $2908347.30   | 5.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc            | Virtus Investment Partners Inc            | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |      1476 | NS      | $280484.28    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The                      | Western Union Co/The                      | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |    155265 | NS      | $1240567.35   | 2.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Bank of NT Butterfield & Son L            | Bank of NT Butterfield & Son Ltd/The      | CUSIP: N/A<br>LEI: 549300V8RVM0EMTDPF28       | Long             | EC               | CORP              | BM        |      2818 | NS      | $120948.56    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Absolute Shares Trust

**Signature:** /s/Fred Teufel

**Name of Signer:** Fred Teufel

**Title:** Principal Financial Officer