# EDGAR Filing Document

**Accession Number:** 0001591939
**File Stem:** 0000894189-26-014965
**Filing Date:** 2026-5
**Character Count:** 37371
**Document Hash:** 3bb4b6b3941dd7b1dfdf30191a5e6cbd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-014965.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0000894189-26-014965

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**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:** 26983857

**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            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 93.5%** | **Shares**  | **Value**  |
| **Automobiles & Components - 1.1%** | **Automobiles & Components - 1.1%** | |
| Autoliv, Inc. | 2337 | $245759 |
| **Capital Goods - 10.4%** | **Capital Goods - 10.4%** |  |
| Acuity, Inc. | 1321 | 370170 |
| Allegion PLC <sup>(a)</sup> | 1273 | 184954 |
| Applied Industrial Technologies, Inc. | 437 | 115945 |
| EMCOR Group, Inc. | 487 | 359557 |
| General Dynamics Corp. | 985 | 338072 |
| Lincoln Electric Holdings, Inc. | 1355 | 337503 |
| Pentair PLC | 3961 | 345043 |
| Toro Co. | 3650 | 341056 |
|  |  | 2392300 |
| **Commercial & Professional Services - 3.0%** | **Commercial & Professional Services - 3.0%** |  |
| Genpact Ltd. | 10415 | 387959 |
| Verisk Analytics, Inc. | 1668 | 316503 |
|  |  | 704462 |
| **Consumer Durables & Apparel - 2.8%** | **Consumer Durables & Apparel - 2.8%** |  |
| Ralph Lauren Corp. | 1014 | 348806 |
| Toll Brothers, Inc. | 2240 | 305693 |
|  |  | 654499 |
| **Consumer Services - 1.5%** | **Consumer Services - 1.5%** |  |
| Darden Restaurants, Inc. | 1736 | 340325 |
| **Energy - 3.8%** | **Energy - 3.8%** |  |
| Archrock, Inc. | 15207 | 529204 |
| EQT Corp. | 5486 | 349129 |
|  |  | 878333 |
| **Financial Services - 10.6%** | **Financial Services - 10.6%** |  |
| American Express Co. | 1179 | 356624 |
| Interactive Brokers Group, Inc. - Class A | 1747 | 117171 |
| Mastercard, Inc. - Class A | 699 | 349262 |
| Piper Sandler Cos. <sup>(a)</sup> | 4740 | 362847 |
| Stifel Financial Corp. | 4820 | 356295 |
| Tradeweb Markets, Inc. - Class A <sup>(a)</sup> | 4656 | 547825 |
| Voya Financial, Inc. | 5166 | 352941 |
|  |  | 2442965 |
| **Food, Beverage & Tobacco - 2.8%** | **Food, Beverage & Tobacco - 2.8%** |  |
| Altria Group, Inc. | 5140 | 339189 |
| McCormick & Company, Inc. | 6201 | 312778 |
|  |  | 651967 |
| **Health Care Equipment & Services - 1.9%** | **Health Care Equipment & Services - 1.9%** |  |
| Quest Diagnostics, Inc. | 1783 | 349432 |
| ResMed, Inc. | 374 | 83956 |
|  |  | 433388 |
| **Insurance - 18.7%** | **Insurance - 18.7%** |  |
| Allstate Corp. | 1679 | 348124 |
| Assurant, Inc. | 1694 | 368970 |
| Cincinnati Financial Corp. | 2126 | 334526 |
| CNA Financial Corp. | 3250 | 149240 |
| Globe Life, Inc. | 2700 | 375759 |
| Hanover Insurance Group, Inc. | 919 | 159309 |
| Hartford Insurance Group, Inc. | 3957 | 535105 |
| Marsh & McLennan Cos., Inc. <sup>(a)</sup> | 2855 | 495200 |
| Primerica, Inc. | 2105 | 527260 |
| Progressive Corp. | 1737 | 344343 |
| Reinsurance Group of America, Inc. | 1534 | 313181 |
| RenaissanceRe Holdings Ltd. <sup>(a)</sup> | 1204 | 357865 |
|  |  | 4308882 |
| **Materials - 3.8%** | **Materials - 3.8%** |  |
| Avery Dennison Corp. <sup>(a)</sup> | 1145 | 197719 |
| Ball Corp. | 5581 | 329893 |
| Sonoco Products Co. <sup>(a)</sup> | 6595 | 356723 |
|  |  | 884335 |
| **Media & Entertainment - 2.5%** | **Media & Entertainment - 2.5%** |  |
| Netflix, Inc. <sup>(b)</sup> | 2462 | 236721 |
| Warner Music Group Corp. - Class A | 13365 | 341342 |
|  |  | 578063 |
| **Semiconductors & Semiconductor Equipment - 1.1%** | **Semiconductors & Semiconductor Equipment - 1.1%** |  |
| QuickLogic Corp. <sup>(b)</sup> | 26448 | 248082 |
| **Software & Services - 10.0%** | **Software & Services - 10.0%** |  |
| Accenture PLC - Class A | 1781 | 353154 |
| Fastly, Inc. - Class A <sup>(b)</sup> | 9730 | 282754 |
| Figma, Inc. - Class A <sup>(b)</sup> | 9005 | 190366 |
| HubSpot, Inc. <sup>(b)</sup> | 915 | 223352 |
| Microsoft Corp. | 665 | 246163 |
| RingCentral, Inc. - Class A <sup>(a)</sup> | 6192 | 230280 |
| Roper Technologies, Inc. | 1003 | 354922 |
| ServiceTitan, Inc. - Class A <sup>(a)(b)</sup> | 3115 | 197678 |
| Wix.com Ltd. <sup>(a)(b)</sup> | 2658 | 239406 |
|  |  | 2318075 |
| **Technology Hardware & Equipment - 7.6%** | **Technology Hardware & Equipment - 7.6%** |  |
| Applied Optoelectronics, Inc. <sup>(a)(b)</sup> | 2219 | 187705 |
| Cisco Systems, Inc. | 4426 | 343413 |
| Dell Technologies, Inc. - Class C | 2119 | 347792 |
| HP, Inc. <sup>(a)</sup> | 8184 | 157215 |
| Keysight Technologies, Inc. <sup>(b)</sup> | 833 | 235214 |
| TD SYNNEX Corp. | 2143 | 361546 |
| TE Connectivity PLC | 553 | 115588 |
|  |  | 1748473 |
| **Transportation - 1.5%** | **Transportation - 1.5%** |  |
| FedEx Corp. | 980 | 349056 |
| **Utilities - 10.4%** | **Utilities - 10.4%** |  |
| Atmos Energy Corp. <sup>(a)</sup> | 1872 | 345796 |
| CenterPoint Energy, Inc. | 8022 | 346230 |
| CMS Energy Corp. | 4484 | 347869 |
| FirstEnergy Corp. | 6687 | 338763 |
| National Fuel Gas Co. | 3667 | 344551 |
| NextEra Energy, Inc. | 3806 | 353501 |
| WEC Energy Group, Inc. | 2912 | 337122 |
|  |  | 2413832 |
| **TOTAL COMMON STOCKS** (Cost $21,589,288) | **TOTAL COMMON STOCKS** (Cost $21,589,288) | 21592796 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.6%** | **Units**  | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(c)</sup> | 3133726 | 3133726 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $3,133,726) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $3,133,726) | 3133726 |
| **TOTAL INVESTMENTS - 107.1% (**Cost $24,723,014**)** | **TOTAL INVESTMENTS - 107.1% (**Cost $24,723,014**)** | 24726522 |
| Money Market Deposit Account - 6.6% <sup>(d)</sup> | Money Market Deposit Account - 6.6% <sup>(d)</sup> | 1532460 |
| Liabilities in Excess of Other Assets - (13.7)% | Liabilities in Excess of Other Assets - (13.7)% | (3174085) |
| **TOTAL NET ASSETS - 100.0%** |  | $23084897 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| LLC - Limited Liability Company |
| PLC - Public Limited Company |
| 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. |

---

(a) All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $3,107,498.

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized yield as of March 31, 2026.

(d) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and
 is subject to change daily. The rate as of March 31, 2026 was 1.77%.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
WBI BullBear Value 3000 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $21592796 | $– | $– | $21592796 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 3133726 |
| Total Investments | $21592796 | $– | $– | $24726522 |
| 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
 $3,133,726 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 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:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**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:** $26290766.97

**Total Liabilities:** $3205895.14

**Net Assets:** $23084871.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000137331 | 2.73%                | 3.26%                | -4.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-15199.82               | $689174.30                                 |
| Month 2  | $1551867.78              | $-763568.78                                |
| Month 3  | $-467036.98              | $-715688.84                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ServiceTitan Inc                          | ServiceTitan Inc                          | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3115 | NS      | $197677.90    | 0.86%             |  |  |  | No            |                  1 | On Loan: —       |
| Sonoco Products Co                        | Sonoco Products Co                        | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |      6595 | NS      | $356723.55    | 1.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Stifel Financial Corp                     | Stifel Financial Corp                     | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      4820 | NS      | $356294.40    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                            | TD SYNNEX Corp                            | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      2143 | NS      | $361545.53    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc                        | Voya Financial Inc                        | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |      5166 | NS      | $352941.12    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                      | WEC Energy Group Inc                      | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      2912 | NS      | $337122.24    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Music Group Corp                   | Warner Music Group Corp                   | CUSIP: 934550203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13365 | NS      | $341342.10    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                               | Wix.com Ltd                               | CUSIP: N/A<br>LEI: 5493008P6N29Q1AG9464       | Long             | EC               | CORP              | IL        |      2658 | NS      | $239406.06    | 1.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Ball Corp                                 | Ball Corp                                 | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |      5581 | NS      | $329892.91    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc                    | CenterPoint Energy Inc                    | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |      8022 | NS      | $346229.52    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                            | Mastercard Inc                            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       699 | NS      | $349262.34    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD                     | McCormick & Co Inc/MD                     | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |      6201 | NS      | $312778.44    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                            | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       665 | NS      | $246163.05    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                      | National Fuel Gas Co                      | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      3667 | NS      | $344551.32    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                               | Netflix Inc                               | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      2462 | NS      | $236721.30    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                        | NextEra Energy Inc                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      3806 | NS      | $353501.28    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos                         | Piper Sandler Cos                         | CUSIP: 724078209<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      4740 | NS      | $362847.00    | 1.57%             |  |  |  | No            |                  1 | On Loan: —       |
| Primerica Inc                             | Primerica Inc                             | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |      2105 | NS      | $527260.40    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                      | Progressive Corp/The                      | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      1737 | NS      | $344342.88    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                     | Quest Diagnostics Inc                     | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      1783 | NS      | $349432.34    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| QuickLogic Corp                           | QuickLogic Corp                           | CUSIP: 74837P405<br>LEI: 529900V52LUN2EHHCH56 | Long             | EC               | CORP              | US        |     26448 | NS      | $248082.24    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                         | Ralph Lauren Corp                         | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      1014 | NS      | $348805.86    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I            | Reinsurance Group of America Inc          | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |      1534 | NS      | $313181.44    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                                | ResMed Inc                                | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       374 | NS      | $83955.52     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| RingCentral Inc                           | RingCentral Inc                           | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |      6192 | NS      | $230280.48    | 1.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Roper Technologies Inc                    | Roper Technologies Inc                    | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      1003 | NS      | $354921.58    | 1.54%             |  |  |  | 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        |   3133726 | NS      | $3133726.00   | 13.57%            |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd                | RenaissanceRe Holdings Ltd                | CUSIP: N/A<br>LEI: EK6GB9U3U58PDI411C94       | Long             | EC               | CORP              | BM        |      1204 | NS      | $357864.92    | 1.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Pentair PLC                               | Pentair PLC                               | CUSIP: N/A<br>LEI: 549300EVR9D56WPSRP15       | Long             | EC               | CORP              | GB        |      3961 | NS      | $345042.71    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                           | CMS Energy Corp                           | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |      4484 | NS      | $347868.72    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA Financial Corp                        | CNA Financial Corp                        | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |      3250 | NS      | $149240.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp                 | Cincinnati Financial Corp                 | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |      2126 | NS      | $334526.10    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                         | Cisco Systems Inc                         | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      4426 | NS      | $343413.34    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Inc                                | Acuity Inc                                | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1321 | NS      | $370170.62    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                         | Allstate Corp/The                         | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      1679 | NS      | $348123.86    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                          | Altria Group Inc                          | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      5140 | NS      | $339188.60    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                       | American Express Co                       | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      1179 | NS      | $356623.92    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie            | Applied Industrial Technologies Inc       | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |       437 | NS      | $115944.84    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics Inc               | Applied Optoelectronics Inc               | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |      2219 | NS      | $187705.21    | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Archrock Inc                              | Archrock Inc                              | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |     15207 | NS      | $529203.60    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                              | Assurant Inc                              | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      1694 | NS      | $368970.14    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp                         | Atmos Energy Corp                         | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |      1872 | NS      | $345795.84    | 1.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Autoliv Inc                               | Autoliv Inc                               | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |      2337 | NS      | $245758.92    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                       | Avery Dennison Corp                       | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      1145 | NS      | $197718.60    | 0.86%             |  |  |  | No            |                  1 | On Loan: —       |
| Darden Restaurants Inc                    | Darden Restaurants Inc                    | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      1736 | NS      | $340325.44    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                     | Dell Technologies Inc                     | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      2119 | NS      | $347791.47    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                  | EQT Corp                                  | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      5486 | NS      | $349129.04    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                           | EMCOR Group Inc                           | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       487 | NS      | $359556.97    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastly Inc                                | Fastly Inc                                | CUSIP: 31188V100<br>LEI: 549300E2FZC83FJ3H565 | Long             | EC               | CORP              | US        |      9730 | NS      | $282753.80    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                                | FedEx Corp                                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |       980 | NS      | $349056.40    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Figma Inc                                 | Figma Inc                                 | CUSIP: 316841105<br>LEI: 254900273Q0J4Z65HU28 | Long             | EC               | CORP              | US        |      9005 | NS      | $190365.70    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp                          | FirstEnergy Corp                          | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      6687 | NS      | $338763.42    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                     | General Dynamics Corp                     | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       985 | NS      | $338071.70    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                            | Globe Life Inc                            | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |      2700 | NS      | $375759.00    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                    | HP Inc                                    | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      8184 | NS      | $157214.64    | 0.68%             |  |  |  | No            |                  1 | On Loan: —       |
| Hanover Insurance Group Inc/Th            | Hanover Insurance Group Inc/The           | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |       919 | NS      | $159308.65    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T            | Hartford Insurance Group Inc/The          | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      3957 | NS      | $535105.11    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                               | HubSpot Inc                               | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       915 | NS      | $223351.50    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc             | Interactive Brokers Group Inc             | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      1747 | NS      | $117171.29    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                 | Keysight Technologies Inc                 | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |       833 | NS      | $235214.21    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc             | Lincoln Electric Holdings Inc             | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      1355 | NS      | $337503.40    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                  | Marsh & McLennan Cos Inc                  | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      2855 | NS      | $495199.75    | 2.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Toll Brothers Inc                         | Toll Brothers Inc                         | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |      2240 | NS      | $305692.80    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                               | Toro Co/The                               | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |      3650 | NS      | $341056.00    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc                      | Tradeweb Markets Inc                      | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4656 | NS      | $547824.96    | 2.37%             |  |  |  | No            |                  1 | On Loan: —       |
| US BANK MMDA - USBFS 2                    | US BANK MMDA - USBFS 2                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   1532460 | NS      | $1532459.88   | 6.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc                      | Verisk Analytics Inc                      | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      1668 | NS      | $316503.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                              | Allegion plc                              | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Long             | EC               | CORP              | IE        |      1273 | NS      | $184954.17    | 0.80%             |  |  |  | No            |                  1 | On Loan: —       |
| Accenture PLC                             | Accenture PLC                             | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |      1781 | NS      | $353154.49    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                               | Genpact Ltd                               | CUSIP: N/A<br>LEI: 529900OSEC6Q0L4L5B35       | Long             | EC               | CORP              | US        |     10415 | NS      | $387958.75    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                       | TE Connectivity PLC                       | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |       553 | NS      | $115588.06    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-07

**Name of Applicant:** Absolute Shares Trust

**Signature:** /s/Fred Teufel

**Name of Signer:** Fred Teufel

**Title:** Treasurer