# EDGAR Filing Document

**Accession Number:** 0001591939
**File Stem:** 0001145549-25-055850
**Filing Date:** 2025-8
**Character Count:** 41484
**Document Hash:** 494127ffeceac4d6c57074c1504b301b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-055850.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001145549-25-055850

**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:** 251271456

**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 Yield 3000 ETF (Series ID: S000044182)

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

## 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 Yield 3000 ETF

- **b. EDGAR series identifier (if any):** S000044182

- **c. LEI of Series:** 54930002CQOLRSXM6B26

**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:** $38759249.06

**Total Liabilities:** $5162207.44

**Net Assets:** $33597041.62

**Cash Not Reported:** $457.30

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000137332 | -7.94%               | 2.50%                | 2.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3914236.27             | $990799.50                                 |
| Month 2  | $1109900.58              | $-363287.15                                |
| Month 3  | $30039.16                | $811789.41                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Yum China Holdings Inc                    | Yum China Holdings Inc                                                  | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |     10299 | NS      | $460468.29    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp                    | Louisiana-Pacific Corp                                                  | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      1287 | NS      | $110669.13    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                             | McKesson Corp                                                           | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       281 | NS      | $205911.18    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc                    | Mueller Industries Inc                                                  | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      5691 | NS      | $452263.77    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                      | National Fuel Gas Co                                                    | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      1444 | NS      | $122321.24    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corp                            | NewMarket Corp                                                          | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |       405 | NS      | $279798.30    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                        | NextEra Energy Inc                                                      | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      2737 | NS      | $190002.54    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp                 | Occidental Petroleum Corp                                               | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     10077 | NS      | $423334.77    | 1.26%             |  |  |  | No            |                  1 | On Loan: —       |
| ONEOK Inc                                 | ONEOK Inc                                                               | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      5424 | NS      | $442761.12    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                      | OneMain Holdings Inc                                                    | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |      9461 | NS      | $539277.00    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                             | Owens Corning                                                           | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      2055 | NS      | $282603.60    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc               | Penske Automotive Group Inc                                             | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      2878 | NS      | $494469.18    | 1.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Pfizer Inc                                | Pfizer Inc                                                              | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     20398 | NS      | $494447.52    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                             | Primerica Inc                                                           | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |      1619 | NS      | $443071.73    | 1.32%             |  |  |  | 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        |   5107464 | NS      | $5107463.50   | 15.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                             | Medtronic PLC                                                           | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      2435 | NS      | $212258.95    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                                | Hasbro Inc                                                              | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |      6303 | NS      | $465287.46    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co             | Hewlett Packard Enterprise Co                                           | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     11164 | NS      | $228303.80    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc             | Interactive Brokers Group Inc                                           | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      9064 | NS      | $502236.24    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ultra Short Duration E            | Invesco Ultra Short Duration ETF                                        | CUSIP: 46090A887<br>LEI: 549300XCPLYCS9LWYT95 | Long             | EC               | RF                | US        |      9787 | NS      | $490720.18    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                             | H&R Block Inc                                                           | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |      5049 | NS      | $277139.61    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                           | CVS Health Corp                                                         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      7146 | NS      | $492931.08    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                   | Comfort Systems USA Inc                                                 | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      1003 | NS      | $537818.63    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                            | ConocoPhillips                                                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      2359 | NS      | $211696.66    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc                  | Constellation Brands Inc                                                | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      1089 | NS      | $177158.52    | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| DTE Energy Co                             | DTE Energy Co                                                           | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |      3429 | NS      | $454205.34    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                    | Diamondback Energy Inc                                                  | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      3424 | NS      | $470457.60    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                 | Dick's Sporting Goods Inc                                               | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |      1669 | NS      | $330144.89    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                         | EOG Resources Inc                                                       | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      1846 | NS      | $220800.06    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                       | Eagle Materials Inc                                                     | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      1367 | NS      | $276284.37    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                           | EMCOR Group Inc                                                         | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       687 | NS      | $367469.43    | 1.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Equitable Holdings Inc                    | Equitable Holdings Inc                                                  | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      2266 | NS      | $127122.60    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                                | FedEx Corp                                                              | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      2020 | NS      | $459166.20    | 1.37%             |  |  |  | No            |                  1 | On Loan: —       |
| First Trust Senior Loan ETF               | First Trust Senior Loan ETF                                             | CUSIP: 33738D309<br>LEI: N/A                  | Long             | EC               | RF                | US        |      9004 | NS      | $413193.56    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                    | FirstCash Holdings Inc                                                  | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2080 | NS      | $281091.20    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                       | Gilead Sciences Inc                                                     | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      1757 | NS      | $194798.59    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                            | Globe Life Inc                                                          | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |       977 | NS      | $121431.33    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc                    | Group 1 Automotive Inc                                                  | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       272 | NS      | $118785.12    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th            | Hanover Insurance Group Inc/The                                         | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |       704 | NS      | $119588.48    | 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        |      1562 | NS      | $198170.94    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance Short Duration Inc            | Eaton Vance Short Duration Income ETF                                   | CUSIP: 61774R825<br>LEI: 254900H1WCGW58VEGZ62 | Long             | EC               | RF                | US        |     14200 | NS      | $726046.00    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                          | Essent Group Ltd                                                        | CUSIP: N/A<br>LEI: 254900QUO860OUT6ZF83       | Long             | EC               | CORP              | US        |      4818 | NS      | $292597.14    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                               | Genpact Ltd                                                             | CUSIP: N/A<br>LEI: 529900OSEC6Q0L4L5B35       | Long             | EC               | CORP              | US        |      2690 | NS      | $118386.90    | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Comcast Corp                              | Comcast Corp                                                            | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     11902 | NS      | $424782.38    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Short Duration Bond Ac            | iShares Short Duration Bond Active ETF                                  | CUSIP: 46431W507<br>LEI: 549300BV2WH8444C2Y33 | Long             | EC               | RF                | US        |      7847 | NS      | $400981.70    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc                      | Jacobs Solutions Inc                                                    | CUSIP: 46982L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2062 | NS      | $271049.90    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                         | Johnson & Johnson                                                       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      1342 | NS      | $204990.50    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                   | KBR Inc                                                                 | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |      4532 | NS      | $217264.08    | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| KLA Corp                                  | KLA Corp                                                                | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       259 | NS      | $231996.66    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                      | Keurig Dr Pepper Inc                                                    | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      5829 | NS      | $192706.74    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                         | Lam Research Corp                                                       | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      2445 | NS      | $237996.30    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                  | Lamb Weston Holdings Inc                                                | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      5142 | NS      | $266612.70    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                               | Lennar Corp                                                             | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      1915 | NS      | $211818.15    | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Lincoln Electric Holdings Inc             | Lincoln Electric Holdings Inc                                           | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |       604 | NS      | $125221.28    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc                         | Lithia Motors Inc                                                       | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |       384 | NS      | $129722.88    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                      | Lockheed Martin Corp                                                    | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       416 | NS      | $192666.24    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                      | MGIC Investment Corp                                                    | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     10046 | NS      | $279680.64    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                            | Merck & Co Inc                                                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      5766 | NS      | $456436.56    | 1.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Mondelez International Inc                | Mondelez International Inc                                              | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      3001 | NS      | $202387.44    | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Janus Henderson Group PLC                 | Janus Henderson Group PLC                                               | CUSIP: N/A<br>LEI: 2138009WPYMWJN3RVF44       | Long             | EC               | CORP              | GB        |      6082 | NS      | $236224.88    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Millicom International Cellula            | Millicom International Cellular SA                                      | CUSIP: N/A<br>LEI: 549300CTHC1CP86P2G96       | Long             | EC               | CORP              | LU        |     12814 | NS      | $480140.58    | 1.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Accenture PLC                             | Accenture PLC                                                           | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |       636 | NS      | $190094.04    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                                   | ADT Inc                                                                 | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34722 | NS      | $294095.34    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                  | AT&T Inc                                                                | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     15209 | NS      | $440148.46    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Inc                                | Acuity Inc                                                              | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1061 | NS      | $316538.74    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                       | American Express Co                                                     | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |       989 | NS      | $315471.22    | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| Amgen Inc                                 | Amgen Inc                                                               | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       757 | NS      | $211361.97    | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Angel Oak High Yield Opportuni            | Angel Oak High Yield Opportunities ETF                                  | CUSIP: 03463K745<br>LEI: 254900ZCII2VFW4OK231 | Long             | EC               | RF                | US        |    107916 | NS      | $1201644.66   | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie            | Applied Industrial Technologies Inc                                     | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |       524 | NS      | $121803.80    | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Applied Materials Inc                     | Applied Materials Inc                                                   | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      2555 | NS      | $467743.85    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                              | Assurant Inc                                                            | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |       609 | NS      | $120271.41    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc             | Automatic Data Processing Inc                                           | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |       606 | NS      | $186890.40    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                       | Avery Dennison Corp                                                     | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |       652 | NS      | $114406.44    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                          | Boyd Gaming Corp                                                        | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |      1609 | NS      | $125872.07    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                   | Bristol-Myers Squibb Co                                                 | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      9444 | NS      | $437162.76    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions            | Broadridge Financial Solutions Inc                                      | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |       819 | NS      | $199041.57    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                   | Cboe Global Markets Inc                                                 | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |       887 | NS      | $206857.27    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                | CF Industries Holdings Inc                                              | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      2922 | NS      | $268824.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc                       | Cal-Maine Foods Inc                                                     | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      3270 | NS      | $325790.10    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                          | Carlisle Cos Inc                                                        | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |       755 | NS      | $281917.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                       | Cheniere Energy Inc                                                     | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       882 | NS      | $214784.64    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                         | Ralph Lauren Corp                                                       | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |       429 | NS      | $117666.12    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                                | ResMed Inc                                                              | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       823 | NS      | $212334.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Ryder System Inc                          | Ryder System Inc                                                        | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |      1835 | NS      | $291765.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                           | Schlumberger NV                                                         | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      6070 | NS      | $205166.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                          | W R Berkley Corp                                                        | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      6376 | NS      | $468444.72    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TCW Senior Loan ETF                       | TCW Senior Loan ETF                                                     | CUSIP: 29287L809<br>LEI: 254900NVE3TF3JFRDM25 | Long             | EC               | RF                | US        |     17738 | NS      | $833863.38    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg Investment Grad            | SPDR Bloomberg Investment Grade Floating Rate ETF                       | CUSIP: 78468R200<br>LEI: 549300QJ0FR0L0XRBI28 | Long             | EC               | RF                | US        |     22941 | NS      | $707271.03    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US             | Service Corp International/US                                           | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |      1518 | NS      | $123565.20    | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Silgan Holdings Inc                       | Silgan Holdings Inc                                                     | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |      2133 | NS      | $115565.94    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc                | Stanley Black & Decker Inc                                              | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      6676 | NS      | $452299.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Stifel Financial Corp                     | Stifel Financial Corp                                                   | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      2935 | NS      | $304594.30    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                                | Sysco Corp                                                              | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      2847 | NS      | $215631.78    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                            | Tetra Tech Inc                                                          | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     11644 | NS      | $418718.24    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                       | Texas Roadhouse Inc                                                     | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |      1395 | NS      | $261436.95    | 0.78%             |  |  |  | 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        |    594661 | NS      | $594660.92    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                           | Tyson Foods Inc                                                         | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      3651 | NS      | $204236.94    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                  | UGI Corp                                                                | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     12469 | NS      | $454120.98    | 1.35%             |  |  |  | No            |                  1 | On Loan: —       |
| United Parcel Service Inc                 | United Parcel Service Inc                                               | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      4904 | NS      | $495009.76    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                    | UnitedHealth Group Inc                                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       678 | NS      | $211515.66    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                | Verizon Communications Inc                                              | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     10743 | NS      | $464849.61    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc                          | Viper Energy Inc                                                        | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |      2905 | NS      | $110767.65    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                       | Williams-Sonoma Inc                                                     | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      2623 | NS      | $428519.51    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Trust WisdomTree In            | WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund | CUSIP: 97717W380<br>LEI: 5493006OMUEEHEDQ6617 | Long             | EC               | RF                | US        |     56762 | NS      | $1261819.26   | 3.76%             |  |  |  | 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