# EDGAR Filing Document

**Accession Number:** 0001591939
**File Stem:** 0000894189-25-015622
**Filing Date:** 2025-11
**Character Count:** 35964
**Document Hash:** 39e953977ccdf9784a4b15dbf44b2c3f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015622.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015622

**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:** 251526841

**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 Quality 3000 ETF (Series ID: S000044183)

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

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **WBI BullBear Quality 3000 ETF** | **WBI BullBear Quality 3000 ETF** | **WBI BullBear Quality 3000 ETF** | **WBI BullBear Quality 3000 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 - 97.6%** | **COMMON STOCKS - 97.6%** | **Shares** | **Value**  |
| **Capital Goods - 6.3%** | **Capital Goods - 6.3%** | **Capital Goods - 6.3%** | |
| AMETEK, Inc. | AMETEK, Inc. | 1617 | $303996 |
| EMCOR Group, Inc. | EMCOR Group, Inc. | 996 | 646942 |
| Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | 1143 | 298049 |
| Parker- Hannifin Corp. | Parker- Hannifin Corp. | 388 | 294162 |
| Rockwell Automation, Inc. | Rockwell Automation, Inc. | 819 | 286265 |
| Trane Technologies PLC | Trane Technologies PLC | 697 | 294106 |
|  |  |  | 2123520 |
| **Commercial & Professional Services - 2.7%** | **Commercial & Professional Services - 2.7%** | **Commercial & Professional Services - 2.7%** |  |
| Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | 1130 | 269132 |
| Cintas Corp. | Cintas Corp. | 1580 | 324311 |
| Equifax, Inc. | Equifax, Inc. | 1156 | 296549 |
|  |  |  | 889992 |
| **Consumer Durables & Apparel - 1.9%** | **Consumer Durables & Apparel - 1.9%** | **Consumer Durables & Apparel - 1.9%** |  |
| DR Horton, Inc. | DR Horton, Inc. | 3755 | 636360 |
| **Consumer Services - 2.6%** | **Consumer Services - 2.6%** | **Consumer Services - 2.6%** |  |
| Hilton Worldwide Holdings, Inc. | Hilton Worldwide Holdings, Inc. | 1050 | 272412 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | 884 | 286045 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | 2006 | 304912 |
|  |  |  | 863369 |
| **Consumer Staples Distribution & Retail - 1.7%** | **Consumer Staples Distribution & Retail - 1.7%** | **Consumer Staples Distribution & Retail - 1.7%** |  |
| Costco Wholesale Corp. | Costco Wholesale Corp. | 293 | 271210 |
| Sysco Corp. | Sysco Corp. | 3691 | 303917 |
|  |  |  | 575127 |
| **Energy - 2.8%** | **Energy - 2.8%** | **Energy - 2.8%** |  |
| Baker Hughes Co. | Baker Hughes Co. | 12747 | 621034 |
| Marathon Petroleum Corp. | Marathon Petroleum Corp. | 1709 | 329392 |
|  |  |  | 950426 |
| **Financial Services - 14.9%** | **Financial Services - 14.9%** | **Financial Services - 14.9%** |  |
| Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | 1317 | 646976 |
| Blackstone, Inc. | Blackstone, Inc. | 3354 | 573031 |
| Blue Owl Capital, Inc. - Class A | Blue Owl Capital, Inc. - Class A | 32298 | 546805 |
| Charles Schwab Corp. | Charles Schwab Corp. | 2979 | 284405 |
| CME Group, Inc. | CME Group, Inc. | 1061 | 286672 |
| Interactive Brokers Group, Inc. - Class A | Interactive Brokers Group, Inc. - Class A | 9073 | 624313 |
| Mastercard, Inc. - Class A | Mastercard, Inc. - Class A | 491 | 279286 |
| MSCI, Inc. | MSCI, Inc. | 531 | 301295 |
| Robinhood Markets, Inc. - Class A <sup>(a)</sup> | Robinhood Markets, Inc. - Class A <sup>(a)</sup> | 5892 | 843616 |
| Visa, Inc. - Class A | Visa, Inc. - Class A | 1816 | 619946 |
|  |  |  | 5006345 |
| **Food, Beverage & Tobacco - 0.9%** | **Food, Beverage & Tobacco - 0.9%** | **Food, Beverage & Tobacco - 0.9%** |  |
| Monster Beverage Corp. <sup>(a)</sup> | Monster Beverage Corp. <sup>(a)</sup> | 4662 | 313799 |
| **Health Care Equipment & Services - 2.6%** | **Health Care Equipment & Services - 2.6%** | **Health Care Equipment & Services - 2.6%** |  |
| ResMed, Inc. | ResMed, Inc. | 2093 | 572917 |
| Stryker Corp. | Stryker Corp. | 754 | 278731 |
|  |  |  | 851648 |
| **Insurance - 0.9%** | **Insurance - 0.9%** | **Insurance - 0.9%** |  |
| Markel Group, Inc. <sup>(a)</sup> | Markel Group, Inc. <sup>(a)</sup> | 152 | 290527 |
| **Materials - 0.9%** | **Materials - 0.9%** | **Materials - 0.9%** |  |
| Vulcan Materials Co. | Vulcan Materials Co. | 1019 | 313465 |
| **Media & Entertainment - 5.3%** | **Media & Entertainment - 5.3%** | **Media & Entertainment - 5.3%** |  |
| Baidu, Inc. - ADR <sup>(a)</sup> | Baidu, Inc. - ADR <sup>(a)</sup> | 3309 | 436027 |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | Live Nation Entertainment, Inc. <sup>(a)</sup> | 1675 | 273695 |
| Reddit, Inc. - Class A <sup>(a)</sup> | Reddit, Inc. - Class A <sup>(a)</sup> | 1844 | 424102 |
| TKO Group Holdings, Inc. | TKO Group Holdings, Inc. | 3237 | 653744 |
|  |  |  | 1787568 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 6.4%** | **Pharmaceuticals, Biotechnology & Life Sciences - 6.4%** | **Pharmaceuticals, Biotechnology & Life Sciences - 6.4%** |  |
| AbbVie, Inc. | AbbVie, Inc. | 2888 | 668688 |
| Amgen, Inc. | Amgen, Inc. | 956 | 269783 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | 14291 | 644524 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | 2444 | 271284 |
| Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | 509 | 286195 |
|  |  |  | 2140474 |
| **Real Estate Management & Development - 1.8%** | **Real Estate Management & Development - 1.8%** | **Real Estate Management & Development - 1.8%** |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | CBRE Group, Inc. - Class A <sup>(a)</sup> | 3843 | 605503 |
| **Semiconductors & Semiconductor Equipment - 13.2%** | **Semiconductors & Semiconductor Equipment - 13.2%** | **Semiconductors & Semiconductor Equipment - 13.2%** |  |
| Analog Devices, Inc. | Analog Devices, Inc. | 1152 | 283047 |
| Astera Labs, Inc. <sup>(a)</sup> | Astera Labs, Inc. <sup>(a)</sup> | 2245 | 439571 |
| Credo Technology Group Holding Ltd. <sup>(a)</sup> | Credo Technology Group Holding Ltd. <sup>(a)</sup> | 3056 | 444984 |
| KLA Corp. | KLA Corp. | 644 | 694618 |
| Lam Research Corp. | Lam Research Corp. | 5581 | 747296 |
| Monolithic Power Systems, Inc. | Monolithic Power Systems, Inc. | 678 | 624194 |
| NVIDIA Corp. | NVIDIA Corp. | 1643 | 306551 |
| Rambus, Inc. <sup>(a)</sup> | Rambus, Inc. <sup>(a)</sup> | 4292 | 447226 |
| Rigetti Computing, Inc. <sup>(a)</sup> | Rigetti Computing, Inc. <sup>(a)</sup> | 15053 | 448429 |
|  |  |  | 4435916 |
| **Software & Services - 10.9%** | **Software & Services - 10.9%** | **Software & Services - 10.9%** |  |
| Autodesk, Inc. <sup>(a)</sup> | Autodesk, Inc. <sup>(a)</sup> | 2366 | 751607 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | Cadence Design Systems, Inc. <sup>(a)</sup> | 1849 | 649480 |
| D-Wave Quantum, Inc. <sup>(a)</sup> | D-Wave Quantum, Inc. <sup>(a)</sup> | 17634 | 435736 |
| Intuit, Inc. | Intuit, Inc. | 967 | 660374 |
| ServiceNow, Inc. <sup>(a)</sup> | ServiceNow, Inc. <sup>(a)</sup> | 767 | 705855 |
| SoundHound AI, Inc. - Class A <sup>(a)</sup> | SoundHound AI, Inc. - Class A <sup>(a)</sup> | 28465 | 457717 |
|  |  |  | 3660769 |
| **Technology Hardware & Equipment - 17.6%** | **Technology Hardware & Equipment - 17.6%** | **Technology Hardware & Equipment - 17.6%** |  |
| Amphenol Corp. - Class A | Amphenol Corp. - Class A | 5519 | 682976 |
| Apple, Inc. | Apple, Inc. | 2968 | 755742 |
| Arista Networks, Inc. <sup>(a)</sup> | Arista Networks, Inc. <sup>(a)</sup> | 4776 | 695911 |
| Ciena Corp. <sup>(a)</sup> | Ciena Corp. <sup>(a)</sup> | 3096 | 450994 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | 9466 | 647664 |
| IonQ, Inc. <sup>(a)</sup> | IonQ, Inc. <sup>(a)</sup> | 6945 | 427118 |
| Jabil, Inc. | Jabil, Inc. | 2895 | 628707 |
| Lumentum Holdings, Inc. <sup>(a)</sup> | Lumentum Holdings, Inc. <sup>(a)</sup> | 2745 | 446639 |
| Sandisk Corp. DE <sup>(a)</sup> | Sandisk Corp. DE <sup>(a)</sup> | 3932 | 441170 |
| Ubiquiti, Inc. | Ubiquiti, Inc. | 464 | 306509 |
| Western Digital Corp. | Western Digital Corp. | 3483 | 418169 |
|  |  |  | 5901599 |
| **Telecommunication Services - 0.9%** | **Telecommunication Services - 0.9%** | **Telecommunication Services - 0.9%** |  |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 1227 | 293719 |
| **Utilities - 3.3%** | **Utilities - 3.3%** | **Utilities - 3.3%** |  |
| NRG Energy, Inc. | NRG Energy, Inc. | 4121 | 667396 |
| Oklo, Inc. <sup>(a)</sup> | Oklo, Inc. <sup>(a)</sup> | 3830 | 427543 |
|  |  |  | 1094939 |
| **TOTAL COMMON STOCKS** (Cost $31,253,823) | **TOTAL COMMON STOCKS** (Cost $31,253,823) | **TOTAL COMMON STOCKS** (Cost $31,253,823) | 32735065 |
| **TOTAL INVESTMENTS - 97.6% (**Cost $31,253,823**)** | **TOTAL INVESTMENTS - 97.6% (**Cost $31,253,823**)** | **TOTAL INVESTMENTS - 97.6% (**Cost $31,253,823**)** | 32735065 |
| Money Market Deposit Account - 9.3% <sup>(b)</sup> | Money Market Deposit Account - 9.3% <sup>(b)</sup> | Money Market Deposit Account - 9.3% <sup>(b)</sup> | 3124080 |
| Liabilities in Excess of Other Assets - (6.9)% | Liabilities in Excess of Other Assets - (6.9)% | Liabilities in Excess of Other Assets - (6.9)% | (2322643) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $33536502 |
| 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. |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) 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 BullBear Quality 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 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 | $32735065 | $– | $– | $32735065 |
| Total Investments | $32735065 | $– | $– | $32735065 |
| 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. |

---

## 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 Quality 3000 ETF

- **b. EDGAR series identifier (if any):** S000044183

- **c. LEI of Series:** 549300SDWM2K8PGUIY86

**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:** $33639591.80

**Total Liabilities:** $103778.83

**Net Assets:** $33535812.97

**Cash Not Reported:** $520.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000137333 | 0.39%                | 0.52%                | 4.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1292390.16              | $-1125663.10                               |
| Month 2  | $915426.67               | $-731882.78                                |
| Month 3  | $495132.71               | $985163.04                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CME Group Inc                  | CME Group Inc                      | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      1116 | NS      | $301532.04    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     10020 | NS      | $685568.40    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                        | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1681 | NS      | $345042.06    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals Inc      | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       572 | NS      | $321618.44    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                     | ResMed Inc                         | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      2220 | NS      | $607680.60    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc          | Robinhood Markets Inc              | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |      6646 | NS      | $951574.28    | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation Inc            | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |       911 | NS      | $318421.83    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The            | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      3371 | NS      | $321829.37    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                     | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       811 | NS      | $746347.08    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                       | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       848 | NS      | $313480.16    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                     | Sysco Corp                         | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      3899 | NS      | $321043.66    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc         | TKO Group Holdings Inc             | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3453 | NS      | $697367.88    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                    | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      1298 | NS      | $310715.24    | 0.93%             |  |  |  | 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        |   3123387 | NS      | $3123386.53   | 9.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ubiquiti Inc                   | Ubiquiti Inc                       | CUSIP: 90353W103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       520 | NS      | $343501.60    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1928 | NS      | $658180.64    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co                | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      1131 | NS      | $347918.22    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands Inc                    | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      2265 | NS      | $344280.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC             | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |       738 | NS      | $311406.48    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd        | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |       998 | NS      | $322932.84    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                         | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      3057 | NS      | $707817.78    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc       | Ameriprise Financial Inc           | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      1396 | NS      | $685785.00    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                         | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      1691 | NS      | $317908.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                          | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1083 | NS      | $305622.60    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                      | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      6189 | NS      | $765888.75    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                 | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      1215 | NS      | $298525.50    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                          | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      3144 | NS      | $800556.72    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      5392 | NS      | $785668.32    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk Inc                       | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      2503 | NS      | $795128.01    | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                | Baker Hughes Co                    | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14353 | NS      | $699278.16    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                 | Blackstone Inc                     | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      3763 | NS      | $642908.55    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc           | Blue Owl Capital Inc               | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34114 | NS      | $577550.02    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co            | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     15151 | NS      | $683310.10    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      1282 | NS      | $305333.94    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group Inc                     | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      4348 | NS      | $685070.88    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc     | Cadence Design Systems Inc         | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      1949 | NS      | $684605.74    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                      | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |     22957 | NS      | $663686.87    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp              | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       311 | NS      | $287870.93    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton Inc                      | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      4246 | NS      | $719569.62    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc            | Electronic Arts Inc                | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      3895 | NS      | $785621.50    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                | EMCOR Group Inc                    | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      1115 | NS      | $724237.10    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                    | Equifax Inc                        | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |      1303 | NS      | $334258.59    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      2738 | NS      | $303918.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc  | Hilton Worldwide Holdings Inc      | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      1186 | NS      | $307695.84    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works Inc            | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |      1212 | NS      | $316041.12    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc  | Interactive Brokers Group Inc      | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     10161 | NS      | $699178.41    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      1024 | NS      | $699299.84    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                      | Jabil Inc                          | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      3252 | NS      | $706236.84    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                           | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       726 | NS      | $783063.60    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                  | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      6296 | NS      | $843034.40    | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc  | Live Nation Entertainment Inc      | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      1884 | NS      | $307845.60    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                           | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       595 | NS      | $337608.95    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp            | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      1816 | NS      | $350015.84    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc               | Markel Group Inc                   | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       160 | NS      | $305817.60    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                     | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       522 | NS      | $296918.82    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems Inc       | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       761 | NS      | $700607.04    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp          | Monster Beverage Corp              | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |      4965 | NS      | $334194.15    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy Inc                     | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      4382 | NS      | $709664.90    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      1858 | NS      | $346665.64    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp               | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       436 | NS      | $330553.40    | 0.99%             |  |  |  | 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