# EDGAR Filing Document

**Accession Number:** 0001591939
**File Stem:** 0000898531-23-000116
**Filing Date:** 2023-3
**Character Count:** 112169
**Document Hash:** f5eac4f1b4745f440330b6c895c37a59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898531-23-000116.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0000898531-23-000116

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Absolute Shares Trust
- **CENTRAL INDEX KEY:** 0001591939
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22917
- **FILM NUMBER:** 23709760

**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            |

### WBI BullBear Yield 3000 ETF (Series ID: S000044182)

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

### WBI BullBear Quality 3000 ETF (Series ID: S000044183)

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

### WBI Power Factor High Dividend ETF (Series ID: S000055583)

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

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **<u>811-22917</u>**

**<u>Absolute Shares Trust</u>**<br> (Exact name of registrant as specified in charter)

#### Millington Securities, Inc.

#### 331 Newman Springs Rd Suite 143
**<u>Red Bank, New Jersey 07701</u>**<br> (Address of principal executive offices) (Zip code)

#### Don Schreiber, Jr.

#### Millington Securities, Inc.

#### 331 Newman Springs Rd Suite 143
**<u>Red Bank, New Jersey 07701</u>**<br> (Name and address of agent for service)

<u>(732) 842-4920</u>

Registrant's telephone number, including area code

Date of fiscal year end: **<u>June 30</u>**

Date of reporting period: **<u>December 31, 2022</u>**

------

#### Item 1. Reports to Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <br>

![](wbi-logo.jpg)

------

SEMI-ANNUAL REPORT

December 31, 2022

WBI BullBear Value 3000 ETF \| WBIF

WBI BullBear Yield 3000 ETF \| WBIG

WBI BullBear Quality 3000 ETF \| WBIL

WBI Power Factor<sup>®</sup> High Dividend ETF \| WBIY

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, reports will be made available on www.wbietfs.com and you will be notified by mail each time a report is posted and provided with a website link to access the report.

------

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **Table of Contents** |
| ![](wbi-logosmall.jpg) |  |
| ![](wbi-logosmall.jpg) |  |

---

---

| | |
|:---|:---|
| Portfolio Allocations | 1 |
| Schedules of Investments | 2 |
| Statements of Assets and Liabilities | 7 |
| Statements of Operations | 8 |
| Statements of Changes in Net Assets | 9 |
| Financial Highlights | 10 |
| Notes to Financial Statements | 12 |
| Expense Examples | 19 |
| Information About the Portfolio Holdings | 20 |
| Information About Proxy Voting | 20 |
| Information About the Funds' Trustees | 20 |
| Frequency Distributions of Premiums and Discounts | 20 |

---

------

(This page intentionally left blank.)

------

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **Portfolio Allocations** |
| ![](wbi-logosmall.jpg) |  |
| ![](wbi-logosmall.jpg) |  |

---

As of December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **WBI BullBear Value 3000 ETF** | |
|  | **Percentage of** |
| **Industry Group** | **Net Assets** |
| Energy | 6.4% |
| Insurance | 5.4% |
| Consumer Durables & Apparel | 5.2% |
| Pharmaceuticals, Biotechnology |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Life Sciences | 4.9% |
| Health Care Equipment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Services | 4.6% |
| Transportation | 4.6% |
| Food, Beverage & Tobacco | 4.3% |
| Capital Goods | 3.4% |
| Media & Entertainment | 3.3% |
| Semiconductors & |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductor Equipment | 2.7% |
| Retailing | 1.5% |
| Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;and Other Assets and Liabilities | 53.7% |
| TOTAL | 100.0% |
| **WBI BullBear Yield 3000 ETF** |  |
|  | **Percentage of** |
| **Industry Group** | **Net Assets** |
| Energy | 18.5% |
| Capital Goods | 7.3% |
| Health Care Equipment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Services | 6.0% |
| Food, Beverage & Tobacco | 5.0% |
| Pharmaceuticals, Biotechnology |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Life Sciences | 4.8% |
| Software & Services | 4.7% |
| Materials | 4.2% |
| Retailing | 3.0% |
| Semiconductors & |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductor Equipment | 1.8% |
| Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;and Other Assets and Liabilities | 44.7% |
| TOTAL | 100.0% |
| **WBI BullBear Quality 3000 ETF** |  |
|  | **Percentage of** <br>|
| **Industry Group** | **Net Assets** |
| Insurance | 12.3% |
| Capital Goods | 12.1% |
| Health Care Equipment |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Services | 11.8% |
| Software & Services | 8.0% |
| Media & Entertainment | 4.9% |
| Transportation | 4.9% |
| Semiconductors & |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductor Equipment | 4.3% |
| Pharmaceuticals, Biotechnology |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Life Sciences | 4.2% |
| Energy | 3.7% |
| Diversified Financials | 2.8% |
| Commercial & |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional Services | 1.6% |
| Materials | 0.3% |
| Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;and Other Assets and Liabilities | 29.1% |
| TOTAL | 100.0% |
| **WBI Power Factor<sup>®</sup> High Dividend ETF** |  |
|  | **Percentage of** |
| **Industry Group** | **Net Assets** |
| Energy | 12.8% |
| Retailing | 11.5% |
| Materials | 10.5% |
| Diversified Financials | 8.6% |
| Banks | 6.4% |
| Software & Services | 6.1% |
| Food & Staples Retailing | 5.2% |
| Telecommunication Services | 5.2% |
| Capital Goods | 4.5% |
| Technology Hardware |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Equipment | 4.5% |
| Semiconductors & |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductor Equipment | 4.4% |
| Insurance | 4.3% |
| Consumer Durables & Apparel | 3.5% |
| Food, Beverage & Tobacco | 3.2% |
| Automobiles & Components | 3.0% |
| Pharmaceuticals, Biotechnology |  |
| &nbsp;&nbsp;&nbsp;&nbsp;& Life Sciences | 1.9% |
| Media & Entertainment | 1.7% |
| Consumer Services | 1.0% |
| Utilities | 0.8% |
| Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;and Other Assets and Liabilities | 0.9% |
| TOTAL | 100.0% |

---

------

**---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | Absolute Shares Trust |
| ![](wbi-logosmall.jpg) | WBI BullBear Value 3000 ETF |
| ![](wbi-logosmall.jpg) | Schedule of Investments |
| ![](wbi-logosmall.jpg) | December 31, 2022 (Unaudited) |

---

**

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
| **COMMON STOCKS — 46.3%** | **COMMON STOCKS — 46.3%** | **COMMON STOCKS — 46.3%** |
| **Capital Goods — 3.4%** | **Capital Goods — 3.4%** | **Capital Goods — 3.4%** |
| 1000 | Emerson Electric Co. + | $96060 |
| 200 | Parker-Hannifin Corp. + | 58200 |
| 2240 | W.W. Grainger, Inc. | 1246000 |
|  |  | 1400260 |
| **Consumer Durables & Apparel — 5.2%** | **Consumer Durables & Apparel — 5.2%** | **Consumer Durables & Apparel — 5.2%** |
| 23878 | Lennar Corp. — Class A + | 2160959 |
| **Energy — 6.4%** | **Energy — 6.4%** |  |
| 9955 | EOG Resources, Inc. | 1289372 |
| 13290 | Phillips 66 | 1383223 |
|  |  | 2672595 |
| **Food, Beverage & Tobacco — 4.3%** | **Food, Beverage & Tobacco — 4.3%** | **Food, Beverage & Tobacco — 4.3%** |
| 21095 | General Mills, Inc. + | 1768816 |
| **Health Care Equipment & Services — 4.6%** | **Health Care Equipment & Services — 4.6%** | **Health Care Equipment & Services — 4.6%** |
| 3578 | UnitedHealth Group, Inc. | 1896984 |
| **Insurance — 5.4%** | **Insurance — 5.4%** | **Insurance — 5.4%** |
| 1035 | Kinsale Capital Group, Inc. + | 270673 |
| 34137 | Loews Corp. | 1991211 |
|  |  | 2261884 |
| **Media & Entertainment — 3.3%** | **Media & Entertainment — 3.3%** | **Media & Entertainment — 3.3%** |
| 39023 | Comcast Corp. — Class A | 1364634 |
| **Pharmaceuticals, Biotechnology & Life Sciences — 4.9%** | **Pharmaceuticals, Biotechnology & Life Sciences — 4.9%** | **Pharmaceuticals, Biotechnology & Life Sciences — 4.9%** |
| 12614 | AbbVie, Inc. | 2038549 |
| **Retailing — 1.5%** | **Retailing — 1.5%** | **Retailing — 1.5%** |
| 3584 | Genuine Parts Co. | 621860 |
| **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** |
| 1973 | Broadcom, Inc. + | 1103163 |
| **Transportation — 4.6%** | **Transportation — 4.6%** | **Transportation — 4.6%** |
| 11007 | United Parcel Service, Inc. — Class B | 1913457 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| (Cost $18,880,092) | (Cost $18,880,092) | 19203161 |
| **SHORT TERM INVESTMENT — 42.2%** | **SHORT TERM INVESTMENT — 42.2%** | **SHORT TERM INVESTMENT — 42.2%** |
| 17536571 | U.S. Bank Money Market |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Deposit Account, 2.10% | 17536571 |
| **TOTAL SHORT TERM INVESTMENT** | **TOTAL SHORT TERM INVESTMENT** | **TOTAL SHORT TERM INVESTMENT** |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,536,571) | &nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,536,571) | 17536571 |
| **INVESTMENT PURCHASED WITH** | **INVESTMENT PURCHASED WITH** | **INVESTMENT PURCHASED WITH** |
| **PROCEEDS FROM SECURITIES LENDING — 10.6%** | **PROCEEDS FROM SECURITIES LENDING — 10.6%** | **PROCEEDS FROM SECURITIES LENDING — 10.6%** |
| 4392842 | Mount Vernon Liquid Assets |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Portfolio, LLC, 4.56% (a)(b) | 4392842 |
| **TOTAL INVESTMENT PURCHASED WITH** | **TOTAL INVESTMENT PURCHASED WITH** | **TOTAL INVESTMENT PURCHASED WITH** |
| **PROCEEDS FROM SECURITIES LENDING** | **PROCEEDS FROM SECURITIES LENDING** | **PROCEEDS FROM SECURITIES LENDING** |
| (Cost $4,392,842) | (Cost $4,392,842) | 4392842 |
| **TOTAL INVESTMENTS — 99.1%** | **TOTAL INVESTMENTS — 99.1%** | **TOTAL INVESTMENTS — 99.1%** |
| (Cost $40,809,505) | (Cost $40,809,505) | 41132574 |
| Other Assets in Excess of Liabilities — 0.9% | Other Assets in Excess of Liabilities — 0.9% | 394044 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**41526618** |

---

_________

---

| | |
|:---|:---|
| + | All or portion of this security is on loan as of December 31, 2022. Total value of securities on loan is $4,294,619. |
| (a) | The rate quoted is the annualized seven-day yield as of December 31, 2022. |
| (b) | Privately offered liquidity fund. |

---

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.

------

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **WBI BullBear Yield 3000 ETF** |
| ![](wbi-logosmall.jpg) | **Schedule of Investments** |
| ![](wbi-logosmall.jpg) | December 31, 2022 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
| **COMMON STOCKS — 55.3%** | **COMMON STOCKS — 55.3%** | **COMMON STOCKS — 55.3%** |
| **Capital Goods — 7.3%** | **Capital Goods — 7.3%** | **Capital Goods — 7.3%** |
| 11380 | Cummins, Inc. | $2757260 |
| 3406 | W.W. Grainger, Inc. | 1894588 |
|  |  | 4651848 |
| **Energy — 18.5%** | **Energy — 18.5%** | **Energy — 18.5%** |
| 61223 | APA Corp. + | 2857890 |
| 6278 | Chevron Corp. + | 1126838 |
| 15140 | EOG Resources, Inc. | 1960933 |
| 20731 | Exxon Mobil Corp. | 2286629 |
| 65689 | Murphy Oil Corp. + | 2825284 |
| 77418 | Permian Resources Corp. | 727729 |
|  |  | 11785303 |
| **Food, Beverage & Tobacco — 5.0%** | **Food, Beverage & Tobacco — 5.0%** | **Food, Beverage & Tobacco — 5.0%** |
| 69475 | Altria Group, Inc. | 3175702 |
| **Health Care Equipment & Services — 6.0%** | **Health Care Equipment & Services — 6.0%** | **Health Care Equipment & Services — 6.0%** |
| 12086 | Cardinal Health, Inc. | 929051 |
| 5442 | UnitedHealth Group, Inc. | 2885239 |
|  |  | 3814290 |
| **Materials — 4.2%** | **Materials — 4.2%** | **Materials — 4.2%** |
| 75885 | Westrock Co. | 2668117 |
| **Pharmaceuticals, Biotechnology & Life Sciences — 4.8%** | **Pharmaceuticals, Biotechnology & Life Sciences — 4.8%** | **Pharmaceuticals, Biotechnology & Life Sciences — 4.8%** |
| 18980 | AbbVie, Inc. | 3067358 |
| **Retailing — 3.0%** | **Retailing — 3.0%** | **Retailing — 3.0%** |
| 10928 | Genuine Parts Co. | 1896117 |
| **Semiconductors & Semiconductor Equipment — 1.8%** | **Semiconductors & Semiconductor Equipment — 1.8%** | **Semiconductors & Semiconductor Equipment — 1.8%** |
| 2006 | Broadcom, Inc. + | 1121615 |
| **Software & Services — 4.7%** | **Software & Services — 4.7%** | **Software & Services — 4.7%** |
| 20968 | International Business Machines Corp. + | 2954181 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| (Cost $34,702,940) | (Cost $34,702,940) | 35134531 |
| **SHORT TERM INVESTMENT — 40.0%** | **SHORT TERM INVESTMENT — 40.0%** | **SHORT TERM INVESTMENT — 40.0%** |
| 25424552 | U.S. Bank Money Market |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Deposit Account, 2.10% | 25424552 |
| **TOTAL SHORT TERM INVESTMENT** | **TOTAL SHORT TERM INVESTMENT** | **TOTAL SHORT TERM INVESTMENT** |
| (Cost $25,424,552) | (Cost $25,424,552) | 25424552 |
| **INVESTMENT PURCHASED WITH** | **INVESTMENT PURCHASED WITH** | **INVESTMENT PURCHASED WITH** |
| **PROCEEDS FROM SECURITIES LENDING — 14.9%** | **PROCEEDS FROM SECURITIES LENDING — 14.9%** | **PROCEEDS FROM SECURITIES LENDING — 14.9%** |
| 9455389 | Mount Vernon Liquid Assets |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Portfolio, LLC, 4.56% (a)(b) | 9455389 |
| **TOTAL INVESTMENT PURCHASED WITH** | **TOTAL INVESTMENT PURCHASED WITH** |  |
| **PROCEEDS FROM SECURITIES LENDING** | **PROCEEDS FROM SECURITIES LENDING** |  |
| (Cost $9,455,389) | (Cost $9,455,389) | 9455389 |
| **TOTAL INVESTMENTS — 110.2%** | **TOTAL INVESTMENTS — 110.2%** |  |
| (Cost $69,582,881) | (Cost $69,582,881) | 70014472 |
| Liabilities in Excess of Other Assets — (10.2)% | Liabilities in Excess of Other Assets — (10.2)% | (6453678) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**63560794** |

---

_________

---

| | |
|:---|:---|
| + | All or portion of this security is on loan as of December 31, 2022. Total value of securities on loan is $9,286,506. |
| (a) | The rate quoted is the annualized seven-day yield as of December 31, 2022. |
| (b) | Privately offered liquidity fund. |

---

The accompanying notes are an integral part of these financial statements.

------

**---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | Absolute Shares Trust |
| ![](wbi-logosmall.jpg) | WBI BullBear Quality 3000 ETF |
| ![](wbi-logosmall.jpg) | Schedule of Investments |
| ![](wbi-logosmall.jpg) | December 31, 2022 (Unaudited) |

---

**

#### <br>

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
| **COMMON STOCKS — 70.9%** | **COMMON STOCKS — 70.9%** | **COMMON STOCKS — 70.9%** |
| **Capital Goods — 12.1%** | **Capital Goods — 12.1%** | **Capital Goods — 12.1%** |
| 4373 | Lockheed Martin Corp. | $2127421 |
| 4388 | Parker- Hannifin Corp. | 1276908 |
| 7583 | Snap-on, Inc. + | 1732639 |
|  |  | 5136968 |
| **Commercial & Professional Services — 1.6%** | **Commercial & Professional Services — 1.6%** | **Commercial & Professional Services — 1.6%** |
| 1471 | Cintas Corp. | 664333 |
| **Diversified Financials — 2.8%** | **Diversified Financials — 2.8%** | **Diversified Financials — 2.8%** |
| 14464 | The Charles Schwab Corp. | 1204273 |
| **Energy — 3.7%** | **Energy — 3.7%** | **Energy — 3.7%** |
| 11989 | EOG Resources, Inc. | 1552815 |
| **Health Care Equipment & Services — 11.8%** | **Health Care Equipment & Services — 11.8%** | **Health Care Equipment & Services — 11.8%** |
| 2655 | Anthem, Inc. | 1361935 |
| 5468 | Cigna Corp. | 1811767 |
| 3426 | UnitedHealth Group, Inc. | 1816397 |
|  |  | 4990099 |
| **Insurance — 12.3%** | **Insurance — 12.3%** | **Insurance — 12.3%** |
| 6723 | Aon PLC — ADR (a) | 2017841 |
| 18772 | Hartford Financial Services Group, Inc. | 1423481 |
| 10645 | Marsh & McLennan Companies, Inc. | 1761535 |
|  |  | 5202857 |
| **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** |
| 2600 | Commercial Metals Co. | 125580 |
| **Media & Entertainment — 4.9%** | **Media & Entertainment — 4.9%** | **Media & Entertainment — 4.9%** |
| 25631 | Omnicom Group, Inc. + | 2090721 |
| **Pharmaceuticals, Biotechnology & Life Sciences — 4.2%** | **Pharmaceuticals, Biotechnology & Life Sciences — 4.2%** | **Pharmaceuticals, Biotechnology & Life Sciences — 4.2%** |
| 6798 | Amgen, Inc. | 1785427 |
| **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** |
| 3028 | Broadcom, Inc. + | 1693046 |
| 816 | Texas Instruments, Inc. | 134819 |
|  |  | 1827865 |
| **Software & Services — 8.0%** | **Software & Services — 8.0%** | **Software & Services — 8.0%** |
| 5252 | Mastercard, Inc. — Class A | 1826278 |
| 7584 | Visa, Inc. — Class A + | 1575652 |
|  |  | 3401930 |
| **Transportation — 4.9%** | **Transportation — 4.9%** | **Transportation — 4.9%** |
| 12658 | Landstar System, Inc. + | 2061988 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| (Cost $29,696,418) |  | 30044856 |
| **SHORT TERM INVESTMENT — 28.8%** | **SHORT TERM INVESTMENT — 28.8%** | **SHORT TERM INVESTMENT — 28.8%** |
| 12178519 | U.S. Bank Money Market |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Deposit Account, 2.10% | 12178519 |
| **TOTAL SHORT TERM INVESTMENT** | **TOTAL SHORT TERM INVESTMENT** | **TOTAL SHORT TERM INVESTMENT** |
| (Cost $12,178,519) | (Cost $12,178,519) | 12178519 |
| **INVESTMENT PURCHASED WITH** | **INVESTMENT PURCHASED WITH** | **INVESTMENT PURCHASED WITH** |
| **PROCEEDS FROM SECURITIES LENDING — 21.0%** | **PROCEEDS FROM SECURITIES LENDING — 21.0%** | **PROCEEDS FROM SECURITIES LENDING — 21.0%** |
| 8908459 | Mount Vernon Liquid Assets |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Portfolio, LLC, 4.56% (b)(c) | 8908459 |
| **TOTAL INVESTMENT PURCHASED WITH** | **TOTAL INVESTMENT PURCHASED WITH** | **TOTAL INVESTMENT PURCHASED WITH** |
| **PROCEEDS FROM SECURITIES LENDING** | **PROCEEDS FROM SECURITIES LENDING** | **PROCEEDS FROM SECURITIES LENDING** |
| (Cost $8,908,459) | (Cost $8,908,459) | 8908459 |
| **TOTAL INVESTMENTS — 120.7%** | **TOTAL INVESTMENTS — 120.7%** |  |
| (Cost $50,783,396) | (Cost $50,783,396) | 51131834 |
| Liabilities in Excess of Other Assets — (20.7)% | Liabilities in Excess of Other Assets — (20.7)% | (8773685) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**42358149** |

---

_________

---

| | |
|:---|:---|
| + | All or portion of this security is on loan as of December 31, 2022. Total value of securities on loan is $8,695,595. |
| ADR | American Depository Receipt |
| PLC | Public Limited Company |
| (a) | Foreign issued security. Foreign concentration is as follows: Ireland: 4.76%. |
| (b) | The rate quoted is the annualized seven-day yield as of December 31, 2022. |
| (c) | Privately offered liquidity fund. |

---

The accompanying notes are an integral part of these financial statements.

------

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **WBI Power Factor<sup>®</sup> High Dividend ETF** |
| ![](wbi-logosmall.jpg) | **Schedule of Investments** |
| ![](wbi-logosmall.jpg) | December 31, 2022 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
| **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** |
| **Automobiles & Components — 3.0%** | **Automobiles & Components — 3.0%** | **Automobiles & Components — 3.0%** |
| 197875 | Ford Motor Co. | $2301286 |
| **Banks — 6.4%** | **Banks — 6.4%** | **Banks — 6.4%** |
| 5495 | First Financial Bancorp | 133144 |
| 13552 | Hope Bancorp, Inc. | 173601 |
| 55213 | Key Corp. | 961810 |
| 116633 | New York Community Bancorp, Inc. + | 1003044 |
| 6054 | Pacific Premier Bancorp, Inc. | 191064 |
| 7355 | Provident Financial Services, Inc. + | 157103 |
| 22174 | Truist Financial Corp. | 954147 |
| 19725 | Umpqua Holdings Corp. | 352091 |
| 20814 | US Bancorp | 907699 |
|  |  | 4833703 |
| **Capital Goods — 4.5%** | **Capital Goods — 4.5%** | **Capital Goods — 4.5%** |
| 28975 | 3M Co. | 3474682 |
| **Consumer Durables & Apparel — 3.5%** | **Consumer Durables & Apparel — 3.5%** | **Consumer Durables & Apparel — 3.5%** |
| 10868 | Kontoor Brands, Inc. + | 434611 |
| 25996 | Leggett & Platt, Inc. + | 837851 |
| 9619 | Whirlpool Corp. + | 1360704 |
|  |  | 2633166 |
| **Consumer Services — 1.0%** | **Consumer Services — 1.0%** | **Consumer Services — 1.0%** |
| 34567 | International Game Technology PLC (a) | 783980 |
| **Diversified Financials — 8.6%** | **Diversified Financials — 8.6%** | **Diversified Financials — 8.6%** |
| 55837 | Franklin Resources, Inc. + | 1472980 |
| 91586 | Invesco, LTD. — ADR (a) | 1647632 |
| 28212 | Navient Corp. | 464087 |
| 9059 | T. Rowe Price Group, Inc. + | 987975 |
| 36826 | The Carlyle Group Inc. | 1098888 |
| 19427 | Virtu Financial, Inc. — Class A | 396505 |
| 2423 | Virtus Investment Partners, Inc. | 463859 |
|  |  | 6531926 |
| **Energy — 12.8%** | **Energy — 12.8%** | **Energy — 12.8%** |
| 23350 | Diamondback Energy, Inc. + | 3193813 |
| 10286 | Hess Midstream LP + | 307757 |
| 62155 | ONEOK, Inc. | 4083584 |
| 10615 | Phillips 66 | 1104809 |
| 82577 | Plains GP Holdings LP — Class A | 1027258 |
|  |  | 9717221 |
| **Food & Staples Retailing — 5.2%** | **Food & Staples Retailing — 5.2%** | **Food & Staples Retailing — 5.2%** |
| 104720 | Walgreens Boots Alliance, Inc. + | 3912339 |
| **Food, Beverage & Tobacco — 3.2%** | **Food, Beverage & Tobacco — 3.2%** | **Food, Beverage & Tobacco — 3.2%** |
| 20239 | Cal-Maine Foods, Inc. + | 1102013 |
| 31952 | The Kraft Heinz Co. | 1300766 |
|  |  | 2402779 |
| **Insurance — 4.3%** | **Insurance — 4.3%** | **Insurance — 4.3%** |
| 1599 | F&G Annuities & Life, Inc. (b) | 31996 |
| 23526 | Fidelity National Financial, Inc. | 885048 |
| 11959 | First American Financial Corp. | 625934 |
| 29420 | Old Republic International Corp. | 710493 |
| 9861 | Prudential Financial, Inc. | 980775 |
|  |  | 3234246 |
| **Materials — 10.5%** | **Materials — 10.5%** | **Materials — 10.5%** |
| 77754 | Dow, Inc. | 3918024 |
| 44199 | LyondellBasell Industries |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;N.V. — Class A — ADR (a) | 3669843 |
| 18677 | Trinseo PLC — ADR (a) | 424155 |
|  |  | 8012022 |
| **Media & Entertainment — 1.7%** | **Media & Entertainment — 1.7%** | **Media & Entertainment — 1.7%** |
| 15576 | Omnicom Group, Inc. + | 1270534 |
| **Pharmaceuticals, Biotechnology & Life Sciences — 1.9%** | **Pharmaceuticals, Biotechnology & Life Sciences — 1.9%** | **Pharmaceuticals, Biotechnology & Life Sciences — 1.9%** |
| 16855 | Gilead Sciences, Inc. | 1447002 |
| **Retailing — 11.5%**  |  |  |
| 52615 | Best Buy Co., Inc. + | 4220249 |
| 40317 | Foot Locker, Inc. + | 1523579 |
| 102747 | Kohl's Corp. + | 2594362 |
| 17971 | Rent-A-Center, Inc. | 405246 |
|  |  | 8743436 |
| **Semiconductors & Semiconductor Equipment — 4.4%** | **Semiconductors & Semiconductor Equipment — 4.4%** | **Semiconductors & Semiconductor Equipment — 4.4%** |
| 127156 | Intel Corp. | 3360733 |
| **Software & Services — 6.1%** | **Software & Services — 6.1%** | **Software & Services — 6.1%** |
| 25222 | International Business Machines Corp. + | 3553528 |
| 78767 | Western Union Company | 1084622 |
|  |  | 4638150 |
| **Technology Hardware & Equipment — 4.5%** | **Technology Hardware & Equipment — 4.5%** | **Technology Hardware & Equipment — 4.5%** |
| 64546 | Seagate Technology |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Holdings PLC — ADR (a) | 3395765 |
| **Telecommunication Services — 5.2%** | **Telecommunication Services — 5.2%** | **Telecommunication Services — 5.2%** |
| 22855 | Telephone and Data Systems, Inc. + | 239749 |
| 94418 | Verizon Communications, Inc. | 3720069 |
|  |  | 3959818 |
| **Utilities — 0.8%** | **Utilities — 0.8%** | **Utilities — 0.8%** |
| 18394 | Clearway Energy, Inc. — Class C + | 586217 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| (Cost $75,330,538) | (Cost $75,330,538) | 75239005 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **WBI Power Factor<sup>®</sup> High Dividend ETF** |
| ![](wbi-logosmall.jpg) | **Schedule of Investments** |
| ![](wbi-logosmall.jpg) | December 31, 2022 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Shares/** |  | |
| **Amount** | **Security Description** | **Value** |
| **SHORT TERM INVESTMENT — 0.8%** | **SHORT TERM INVESTMENT — 0.8%** | **SHORT TERM INVESTMENT — 0.8%** |
| 573524 | U.S. Bank Money Market |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Deposit Account, 2.10% | $573524 |
| **TOTAL SHORT TERM INVESTMENT** | **TOTAL SHORT TERM INVESTMENT** | **TOTAL SHORT TERM INVESTMENT** |
| (Cost $573,524) |  | 573524 |
| **INVESTMENT PURCHASED WITH** | **INVESTMENT PURCHASED WITH** |  |
| **PROCEEDS FROM SECURITIES LENDING — 27.7%** | **PROCEEDS FROM SECURITIES LENDING — 27.7%** | **PROCEEDS FROM SECURITIES LENDING — 27.7%** |
| 20980018 | Mount Vernon Liquid Assets |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Portfolio, LLC, 4.56% (c)(d) | 20980018 |
| **TOTAL INVESTMENT PURCHASED WITH** | **TOTAL INVESTMENT PURCHASED WITH** | **TOTAL INVESTMENT PURCHASED WITH** |
| **PROCEEDS FROM SECURITIES LENDING** | **PROCEEDS FROM SECURITIES LENDING** | **PROCEEDS FROM SECURITIES LENDING** |
| (Cost $20,980,018) | (Cost $20,980,018) | 20980018 |
| **TOTAL INVESTMENTS — 127.6%** | **TOTAL INVESTMENTS — 127.6%** | **TOTAL INVESTMENTS — 127.6%** |
| (Cost $96,884,080) | (Cost $96,884,080) | 96792547 |
| Liabilities in Excess of Other Assets — (27.6)% | Liabilities in Excess of Other Assets — (27.6)% | (20920944) |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**75871603** |

---

_________

---

| | |
|:---|:---|
| + | All or portion of this security is on loan as of December 31, 2022. Total value of securities on loan is $20,461,202. |
| ADR | American Depository Receipt |
| PLC | Public Limited Company |
| (a) | Non-income producing security. |
| (b) | Foreign issued security. Foreign concentration is as follows: Ireland: 5.03%, Netherlands: 4.84%, Bermuda: 2.17% and United Kingdom: 1.03%. |
| (c) | The rate quoted is the annualized seven-day yield as of December 31, 2022. |
| (d) | Privately offered liquidity fund. |

---

The accompanying notes are an integral part of these financial statements.

------

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **Statements of Assets and Liabilities** |
| ![](wbi-logosmall.jpg) | ****<br>|
| ![](wbi-logosmall.jpg) | December 31, 2022 (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **WBI Power** |
|  | **WBI BullBear** | **WBI BullBear** | **WBI BullBear** | **Factor<sup>¨</sup> High** |
|  | **Value 3000 ETF** | **Yield 3000 ETF** | **Quality 3000 ETF** | **Dividend ETF** |
| **ASSETS** | | | | |
| Investments in securities, at value \*+ (Note 2) | $41132574 | $70014472 | $51131834 | $96792547 |
| Receivable for investments sold | 4798251 | 2958248 | 139527 | 421622 |
| Dividends and interest receivable | 38017 | 116401 | 44621 | 149434 |
| Prepaid expenses and other assets | 25038 | 24683 | 24750 | 25353 |
| Securities lending income receivable | 899 | 1433 | 1546 | 3038 |
| Total Assets | 45994779 | 73115237 | 51342278 | 97391994 |
| **LIABILITIES** |  |  |  |  |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral received for securities loaned (Note 7) | 4392842 | 9455389 | 8908459 | 20980018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  |  | 463920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest payable | 102 |  | 114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and fund accounting fees | 33810 | 33772 | 33856 | 33958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 22249 | 46288 | 22642 | 23041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 11697 | 11696 | 11696 | 11366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 3122 | 3054 | 3115 | 2754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fee | 2469 | 2469 | 2469 | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 1824 | 1729 | 1732 | 2819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors fees | 46 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 4468161 | 9554443 | 8984129 | 21520391 |
| **NET ASSETS** | $41526618 | $63560794 | $42358149 | $75871603 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid-in capital | $46199054 | $90487350 | $50754657 | $84459295 |
| Total accumulated deficit | (4672436) | (26926556) | (8396508) | (8587692) |
| Net Assets | $41526618 | $63560794 | $42358149 | $75871603 |
| \*Cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $40809505 | $69582881 | $50783396 | $96884080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value (unlimited shares authorized): |  |  |  |  |
| Net Assets | $41526618 | $63560794 | $42358149 | $75871603 |
| Shares Outstanding^ | 1488315 | 2630183 | 1527182 | 2850000 |
| Net Asset Value, Offering and Redemption Price per Share | $27.90 | $24.17 | $27.74 | $26.62 |

---

---

| | |
|:---|:---|
| ^ | No Par Value |
| + | Including securities on loan of $4,294,619, $9,286,506, $8,695,595, $20,461,202 respectively. |

---

The accompanying notes are an integral part of these financial statements.

------

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **Statements of Operations** |
| ![](wbi-logosmall.jpg) |  |
| ![](wbi-logosmall.jpg) | For the Period Ended December 31, 2022 (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **WBI Power** |
|  | **WBI BullBear** | **WBI BullBear** | **WBI BullBear** | **Factor<sup>®</sup> High** |
|  | **Value 3000 ETF** | **Yield 3000 ETF** | **Quality 3000 ETF** | **Dividend ETF** |
| **INVESTMENT INCOME** | | | | |
| Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends+ | $342297 | $639218 | $404760 | $1944122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 103615 | 135341 | 90824 | 7608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (Note 7) | 4973 | 6050 | 5486 | 22119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 450885 | 780609 | 501070 | 1973849 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 3) | 183263 | 226141 | 171550 | 195533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, fund accounting and custodian fees (Note 6) | 68256 | 68256 | 68344 | 69272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 34896 | 35184 | 35184 | 34720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance expenses | 11960 | 11960 | 11960 | 11960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director's fees and expenses | 9200 | 9200 | 9200 | 9200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange fees | 6320 | 6320 | 6320 | 4832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous expenses | 3120 | 3120 | 3120 | 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 1168 | 1168 | 1168 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees |  |  |  | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 318183 | 361349 | 306846 | 330715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fees (Waived) | (48678) | (28788) | (54567) | (81857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 269505 | 332561 | 252279 | 248858 |
| **Net Investment Income** | 181380 | 448048 | 248791 | 1724991 |
| **REALIZED & UNREALIZED GAIN ON INVESTMENTS** |  |  |  |  |
| Net realized loss on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (2056310) | (2791497) | (1253446) | (4009067) |
| Net change in unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (120577) | (273086) | 145240 | 6958291 |
| **Net realized and unrealized gain (loss) on investments** | (2176887) | (3064583) | (1108206) | 2949223 |
| **NET INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;RESULTING FROM OPERATIONS** | $(1995507) | $(2616535) | $(859415) | $4674214 |

---

+ Net of withholding taxes of $102, $0, $114, and $0 respectively.

The accompanying notes are an integral part of these financial statements.

------

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **Statements of Changes in Net Assets** |
| ![](wbi-logosmall.jpg) | ****<br>|
| ![](wbi-logosmall.jpg) |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** | **WBI BullBear Yield 3000 ETF** | **WBI BullBear Yield 3000 ETF** |
|  | **Six-Months Ended** | | **Six-Months Ended** | |
|  | **December 31, 2022** | **Year Ended** | **December 31, 2022** | **Year Ended** |
|  | (Unaudited) | **June 30, 2022** | (Unaudited) | **June 30, 2022** |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $181380 | $453977 | $448048 | $628989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (2056310) | (1498281) | (2791497) | 778032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;of investments | (120577) | (1540311) | (273086) | (1588211) |
| **Net decrease in net assets** |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;resulting from operations** | (1995507) | (2584615) | (2616535) | (181190) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to shareholders | (396984) | (686698) | (751913) | (890827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (396984) | (686698) | (751913) | (890827) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions** | 1416404 | (7823085) | 28512926 | (7989090) |
| **Total increase (decrease) in net assets** | $(976087) | $(11094398) | $25144478 | $(9061107) |
| **NET ASSETS** |  |  |  |  |
| Beginning of Period | $42502705 | $53597103 | $38416316 | $47477423 |
| End of Period | $41526618 | $42502705 | $63560794 | $38416316 |
|  | **WBI BullBear Quality 3000 ETF** | **WBI BullBear Quality 3000 ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF** |
|  | **Six-Months Ended** |  | **Six-Months Ended** |  |
|  | **December 31, 2022** | **Year Ended** | **December 31, 2022** | **Year Ended** |
|  | (Unaudited) | **June 30, 2022** | (Unaudited) | **June 30, 2022** |
| **INCREASE (DECREASE) IN NET ASSETS:** |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $248791 | $438735 | $1724991 | $2733266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (1253446) | (249778) | (4009067) | 8496837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;of investments | 145240 | (1954650) | 6958291 | (12032347) |
| **Net increase (decrease) in net assets** |  |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;resulting from operations** | (859415) | (1765693) | 4674214 | (802244) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to shareholders | (430353) | (824798) | (1985843) | (2666669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (430353) | (824798) | (1985843) | (2666669) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;from capital share transactions** | 6890049 | (6058735) | 10850426 | 1344496 |
| **Total increase (decrease) in net assets** | $5600281 | $(8649226) | $13538797 | $(2124417) |
| **NET ASSETS** |  |  |  |  |
| Beginning of Period | $36757868 | $45407094 | $62332806 | $64457223 |
| End of Period | $42358149 | $36757898 | $75871603 | $62332806 |

---

The accompanying notes are an integral part of these financial statements.

------

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **Financial Highlights** |
| ![](wbi-logosmall.jpg) | ****<br>|
| ![](wbi-logosmall.jpg) | For capital share outstanding throughout each period/year |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** |
|  | **Six-Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | (Unaudited) | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period/Year** | $29.55 | $31.75 | $25.60 | $27.19 | $28.19 | $26.20 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.12 | 0.29 | 0.49 | 0.07 | 0.32 | 0.18 |
| Net gain (loss) on investments (realized and unrealized)<sup>2</sup> | (1.50) | (2.06) | 6.05 | (1.54) | (0.99) | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.38) | (1.77) | 6.54 | (1.47) | (0.67) | 2.18 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.27) | (0.43) | (0.39) | (0.12) | (0.33) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.27) | (0.43) | (0.39) | (0.12) | (0.33) | (0.19) |
| Net asset value, end of period/year | $27.90 | $29.55 | $31.75 | $25.60 | $27.19 | $28.19 |
| Market price, end of period/year | $27.87 | $29.48 | $31.77 | $25.61 | $27.16 | $28.17 |
| **Net Assets Total Return**<sup>3</sup> | -4.66%<sup>4</sup> | -5.62% | 25.59% | -5.40% | -2.53% | 8.40% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period/year (000's) | $41527 | $42503 | $53597 | $43218 | $50297 | $64843 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses before fees (waived)/recouped | 1.48%<sup>5</sup> | 1.38% | 1.36% | 1.25% | 1.18% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses after fees (waived)/recouped | 1.25%<sup>5</sup> | 1.25% | 1.25% | 1.25% | 1.18% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income to average net assets | 0.84%<sup>5</sup> | 0.94% | 1.71% | 0.27% | 1.11% | 0.64% |
| Portfolio turnover rate<sup>6</sup> | 474%<sup>4</sup> | 845% | 800% | 894% | 567% | 527% |
|  | **WBI BullBear Yield 3000 ETF** | **WBI BullBear Yield 3000 ETF** | **WBI BullBear Yield 3000 ETF** | **WBI BullBear Yield 3000 ETF** | **WBI BullBear Yield 3000 ETF** | **WBI BullBear Yield 3000 ETF** |
|  | **Six-Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | (Unaudited) | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period/Year** | $25.95 | $26.67 | $22.53 | $24.02 | $25.87 | $22.89 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.22 | 0.39 | 0.41 | 0.21 | 0.51 | 0.25 |
| Net gain (loss) on investments (realized and unrealized)<sup>2</sup> | (1.69) | (0.57) | 4.13 | (1.46) | (1.84) | 2.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.47) | (0.18) | 4.54 | (1.25) | (1.33) | 3.23 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.31) | (0.54) | (0.40) | (0.21) | (0.52) | (0.25) |
| Tax return of capital to shareholders |  |  |  | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.31) | (0.54) | (0.40) | (0.24) | (0.52) | (0.25) |
| Net asset value, end of period/year | $24.17 | $25.95 | $26.67 | $22.53 | $24.02 | $25.87 |
| Market price, end of period/year | $24.16 | $25.92 | $26.68 | $22.52 | $23.96 | $25.83 |
| **Net Assets Total Return**<sup>3</sup> | -5.69%<sup>4</sup> | -0.73% | 20.36% | -5.22% | -5.22% | 14.14% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period/year (000's) | $63561 | $38416 | $47477 | $59247 | $74472 | $82779 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses before fees (waived)/recouped | 1.36%<sup>5</sup> | 1.43% | 1.27% | 1.14% | 1.04% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses after fees (waived)/recouped | 1.25%<sup>5</sup> | 1.25% | 1.25% | 1.14% | 1.04% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income to average net assets | 1.68%<sup>5</sup> | 1.44% | 1.68% | 0.88% | 2.04% | 0.99% |
| Portfolio turnover rate<sup>6</sup> | 463%<sup>4</sup> | 824% | 820% | 895% | 610% | 491% |

---

<sup>1</sup> Calculated based on average shares outstanding during the period.

<sup>2</sup> The amount for a share outstanding throughout the period may not be in accordance with the aggregate net realized and unrealized gain (loss) on investment for the period because of the timing of capital share transactions in relation to fluctuating market values of the Funds' underlying securities.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and the redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

<sup>4</sup> Not Annualized

<sup>5</sup> Annualized

<sup>6</sup> Excludes securities received or delivered as a result of processing capital share transactions in creation units.

The accompanying notes are an integral part of these financial statements.

------

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **Financial Highlights(concluded)** |
| ![](wbi-logosmall.jpg) | ****<br>|
| ![](wbi-logosmall.jpg) | For capital share outstanding throughout each period/year |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **WBI BullBear Quality 3000 ETF** | **WBI BullBear Quality 3000 ETF** | **WBI BullBear Quality 3000 ETF** | **WBI BullBear Quality 3000 ETF** | **WBI BullBear Quality 3000 ETF** | **WBI BullBear Quality 3000 ETF** |
|  | **Six-Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | (Unaudited) | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period/Year** | $28.78 | $30.74 | $26.06 | $27.20 | $26.07 | $25.25 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.18 | 0.32 | 0.12 | 0.07 | 0.20 | 0.23 |
| Net gain (loss) on investments (realized and unrealized)<sup>2</sup> | (0.93) | (1.68) | 4.62 | (1.10) | 1.13 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.75) | (1.36) | 4.74 | (1.03) | 1.33 | 1.04 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.29) | (0.60) | (0.06) | (0.09) | (0.20) | (0.22) |
| Tax return of capital to shareholders |  |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.29) | (0.60) | (0.06) | (0.11) | (0.20) | (0.22) |
| Net asset value, end of period/year | $27.74 | $28.78 | $30.74 | $26.06 | $27.20 | $26.07 |
| Market price, end of period/year | $27.71 | $28.73 | $30.75 | $26.07 | $27.18 | $26.10 |
| **Net Assets Total Return**<sup>3</sup> | -2.62%<sup>4</sup> | -4.58% | 18.21% | -3.79% | 5.08% | 4.11% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period/year (000's) | $42358 | $36758 | $45407 | $54134 | $61202 | $59955 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses before fees (waived)/recouped | 1.52%<sup>5</sup> | 1.45% | 1.31% | 1.23% | 1.21% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses after fees (waived)/recouped | 1.25%<sup>5</sup> | 1.25% | 1.25% | 1.23% | 1.21% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income to average net assets | 1.23%<sup>5</sup> | 1.04% | 0.43% | 0.27% | 0.74% | 0.86% |
| Portfolio turnover rate<sup>6</sup> | 417%<sup>4</sup> | 899% | 838% | 886% | 477% | 553% |
|  | **WBI Power Factor<sup>®</sup> High Dividend ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF** |
|  | **Six-Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | (Unaudited) | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net Asset Value, Beginning of Period/Year** | $25.97 | $27.43 | $18.76 | $24.56 | $26.87 | $24.22 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.65 | 1.16 | 1.10 | 1.12 | 1.12 | 1.21 |
| Net gain (loss) on investments (realized and unrealized)<sup>2</sup> | 0.70 | (1.49) | 8.65 | (5.76) | (2.08) | 3.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.35 | (0.33) | 9.75 | (4.64) | (0.96) | 4.40 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from net investment income | (0.70) | (1.13) | (1.08) | (1.16) | (1.13) | (1.15) |
| Distributions from net realized gain |  |  |  |  | (0.22) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.70) | (1.13) | (1.08) | (1.16) | (1.35) | (1.75) |
| Net asset value, end of period/year | $26.62 | $25.97 | $27.43 | $18.76 | $24.56 | $26.87 |
| Market price, end of period/year | $26.62 | $25.92 | $27.48 | $18.75 | $24.53 | $26.87 |
| **Net Assets Total Return**<sup>3</sup> | 5.37%<sup>4</sup> | -1.40% | 53.09% | -19.24% | -3.25% | 18.51% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period/year (000's) | $75872 | $62333 | $64457 | $42202 | $103160 | $52402 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses before fees (waived)/recouped | 0.93%<sup>5</sup> | 0.94% | 0.98% | 0.77% | 0.70% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses after fees (waived)/recouped | 0.70%<sup>5</sup> | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income to average net assets | 4.85%<sup>5</sup> | 4.16% | 4.73% | 4.83% | 4.46% | 4.73% |
| Portfolio turnover rate<sup>6</sup> | 74%<sup>4</sup> | 183% | 191% | 196% | 163% | 171% |

---

<sup>1</sup> Calculated based on average shares outstanding during the period.

<sup>2</sup> The amount for a share outstanding throughout the period may not be in accordance with the aggregate net realized and unrealized gain (loss) on investment for the period because of the timing of capital share transactions in relation to fluctuating market values of the Funds' underlying securities.

<sup>3</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and the redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

<sup>4</sup> Not Annualized

<sup>5</sup> Annualized

<sup>6</sup> Excludes securities received or delivered as a result of processing capital share transactions in creation units.

The accompanying notes are an integral part of these financial statements.

------

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **Notes to Financial Statements** |
| ![](wbi-logosmall.jpg) | December 31, 2022 (Unaudited) |

---

#### NOTE 1 — ORGANIZATION
Absolute Shares Trust (the "Trust") was organized as a Delaware statutory trust on November 7, 2013 and is authorized to have multiple segregated series or portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940 (the "1940 Act"). The Trust currently consists of the following six separate investment portfolios (each, a "Fund" or, individually and, together, the "Funds"):

WBI BullBear Value 3000 ETF

WBI BullBear Yield 3000 ETF

WBI BullBear Quality 3000 ETF

WBI Power Factor<sup>®</sup> High Dividend ETF

Each Fund is classified as diversified for purposes of the 1940 Act.

The end of the reporting period for the Funds is December 31, 2022, and the period covered by these Notes to Financial Statements is the fiscal period from July 1, 2022 through December 31, 2022 for all funds (the "current fiscal period").

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds. The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are stated in U.S. dollars. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance for the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets, liabilities and the disclosure of contingent assets and liabilities at December 31, 2022. Actual results could differ from these estimates.

A. *Valuation.* All equity securities, including domestic common stocks, preferred stocks, exchange traded funds and exchange traded notes, that are traded on a national securities exchange, except those listed on the Nasdaq Global Market, Nasdaq Select Market and Nasdaq Capital Market (collectively "Nasdaq") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq are valued at the Nasdaq Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices is used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price is used.

Investments in mutual funds, including money market funds, are valued at their net asset value ("NAV") per share.

Shares in privately offered liquidity funds are valued at their NAV per share.

Short-term securities that have maturities of less than 60 days at the time of purchase are valued at amortized cost, which, when combined with accrued interest, approximates fair value.

Securities for which quotations are not readily available are valued by the Trust's valuation committee based on the valuation procedures adopted by the Board (the "Valuation Procedures") and information it receives from the Sub-Advisor and U.S. Bancorp Fund Services, LLC ("Fund Services"). When a security is "fair valued", consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Valuation Procedures. The use of fair value pricing by the Funds may cause the NAV of their shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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; including the Funds' Valuation Committee's assumptions used in determining the fair value of investments. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

------

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| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **Notes to Financial Statements(continued)** |
| ![](wbi-logosmall.jpg) | December 31, 2022 (Unaudited) |

---

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds' investments as of the end of the current fiscal period:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WBI BullBear Value 3000 ETF** | | | | |
| Assets^ | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $19203161 | $— | $— | $19203161 |
| Short-Term Investments | 17536571 |  |  | 17536571 |
| Investments Purchased With Proceeds From Securities Lending |  | 4392842 |  | 4392842 |
| Total Investments in Securities, at value | $36739732 | $4392842 | $— | $41132574 |
| **WBI BullBear Yield 3000 ETF** |  |  |  |  |
| Assets^ | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $35134531 | $— | $— | $35134531 |
| Short-Term Investments | 25424552 |  |  | 25424552 |
| Investments Purchased With Proceeds From Securities Lending |  | 9455389 |  | 9455389 |
| Total Investments in Securities, at value | $60559083 | $9455389 | $— | $70014472 |
| **WBI BullBear Quality 3000 ETF** |  |  |  |  |
| Assets^ | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $30044856 | $— | $— | $30044856 |
| Short-Term Investments | 12178519 |  |  | 12178519 |
| Investments Purchased With Proceeds From Securities Lending |  | 8908459 |  | 8908459 |
| Total Investments in Securities, at value | $42223375 | $8908459 | $— | $51131834 |
| **WBI Power Factor<sup>®</sup> High Dividend ETF** |  |  |  |  |
| Assets^ | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $75239005 | $— | $— | $75239005 |
| Short-Term Investments | 573524 |  |  | 573524 |
| Investments Purchased With Proceeds From Securities Lending |  | 20980018 |  | 20980018 |
| Total Investments in Securities, at value | $75812529 | $20980018 | $— | $96792547 |

---

^ See Schedules of Investments for breakout of investments by industry group classification.

As of the end of the reporting period, the Funds did not recognize any transfers to or from Level 3.

B. *Certain Risks.* Some risks apply to all Funds, while others are specific to the investment strategy of certain Funds. Each Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Funds. The shares of the Funds are referred to herein as "Fund Shares" or "Shares".

*ETF and Other Investment Companies Risk* — When a Fund invests in another ETF or other investment company (e.g., mutual fund, closed-end fund, business development company), it will bear additional expenses based on its pro rata share of such investment company's operating expenses, including the potential duplication of management fees. The risk of owning an ETF or other investment company generally reflects the risks of owning the underlying securities and other assets held by the ETF or other investment company. A Fund also will incur brokerage costs when it purchases ETFs and other exchange-listed investment companies. Additionally, a Fund will be indirectly exposed to the risks of the portfolio assets held by an ETF or other investment company, including but not limited to those of ETNs, equity options, derivatives, currencies, index, leverage, and replication management.

*Market Risk* — Either the stock market as a whole or the value of a Fund asset or an investment held by an exchange-traded product ("ETP") in which a Fund invests may go down, resulting in a decrease in the NAV of the Fund or its Shares or a decrease in the market price of the Shares.

*Equity Securities Risk* — Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. If a Fund or an ETP holds common stock equivalents of any given issuer, the Fund or ETP will generally be exposed to greater risk than if the Fund or ETP held preferred stocks and debt obligations of such issuer.

*Foreign and Emerging Market Securities Risk* — Foreign investments may carry risks associated with investing outside the United States, such as currency fluctuation, economic or financial instability, lack of timely or reliable financial information, or unfavorable political or legal developments. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may also be less liquid than U.S. securities, which could affect the Funds' investments. Investments in emerging markets may have more risk because the markets are less

------

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| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **Notes to Financial Statements(continued)** |
| ![](wbi-logosmall.jpg) | December 31, 2022 (Unaudited) |

---

developed and less liquid as well as being subject to increased economic, political, regulatory, or other uncertainties. Also, as foreign and emerging markets decline, investors tend to exit these markets in unison.

*Fluctuation of Net Asset Value* — The NAV of the Shares will fluctuate with changes in market value of the Funds' holdings.

*Shares are Not Individually Redeemable* — Shares are only redeemable by the Funds at NAV if they are tendered in large blocks known as "Creation Units" which are expected to be worth in excess of $1 million each. Only Authorized Participants ("APs") may engage in such creation and redemption transactions directly with the Funds. Individual Shares may be sold on a stock exchange at their current market prices, which may be less, more, or equal to their NAV. There can be no assurance that an active trading market will be maintained for the Shares.

C. *Federal Income Taxes.* The Funds' policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. The Funds plan to file U.S. Federal and various state and local tax returns.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These timing differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

D. *Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date, net of any foreign taxes withheld at source. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable tax rules and regulations. Premiums and discounts are amortized/accreted using the effective interest method over the lives of the respective debt instruments.

E. *Distributions to Shareholders.* Distributions to shareholders from net investment income are declared and paid by WBI BullBear Value 3000 ETF, WBI BullBear Quality 3000 ETF, and WBI Power Factor<sup>®</sup> High Dividend ETF, on a quarterly basis. A distribution to shareholders from net investment income Is declared and paid by WBI BullBear Yield 3000 ETF on a monthly basis. Distributions from net realized gains on securities are normally declared and paid by all Funds on an annual basis. Distributions are recorded on the ex-dividend date.

F. *Share Valuation.* The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the NYSE ARCA, Inc., the exchange where the Funds' shares are listed, is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund's NAV per share.

G. *Guarantees and Indemnifications.* The Funds' officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred.

H. *Expenses.* Expenses directly attributable to the Fund are charged directly to the Fund, while expenses which are attributable to the Fund and other investment companies advised by the Adviser are allocated among the respective investment companies, including the Fund, based either upon relative average net assets or evenly among the Funds.

I. *Subsequent Events.* In preparing these financial statements, the Advisor has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. There were no events or transactions that occurred during the period subsequent to December 31, 2022 that materially impacted that amounts or disclosures in the Funds financial statements.

J. *New Accounting Pronouncements and Other Matters.* In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management has adopted the necessary procedures of the new rules on the Funds' financial statements.

------

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| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **Notes to Financial Statements(continued)** |
| ![](wbi-logosmall.jpg) | December 31, 2022 (Unaudited) |

---

K. *Liquidity Risk Management Program.* The Fund has adopted and implemented a written liquidity risk management program as required by Rule 22e-4 under the Investment Company Act. The program is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Fund's Board of Trustees approved the appointment of representatives of the Valuation Committee as Liquidity Risk Management administrators, who are responsible for the program's administration and oversight and for reporting to the Board.

#### NOTE 3 — MANAGEMENT FEE
Pursuant to an investment advisory agreement ("Advisory Agreement") between the Trust, on behalf of the Funds, and the Advisor, the Advisor serves as the investment advisor, makes investment decisions for each Fund, and manages the investment portfolios of the Funds, subject to the supervision of and policies of the Board. Under the Advisory Agreement for the Funds the Advisor may retain an investment sub-advisor for the Funds, subject to approval by the Board and Fund shareholders. Under a sub-advisory agreement, ("Sub-Advisory Agreement") the Sub-Advisor serves as the investment sub-advisor and is responsible for the day to day management of the Funds, subject to the supervision of the Advisor and the Board. For the services the Sub-Advisor provides to each Fund, the Sub-Advisor receives a fee that is equal to 0.85% per year of the average daily net assets (calculated daily and paid monthly) of WBI BullBear Value 3000 ETF, WBI BullBear Yield 3000 ETF, and WBI BullBear Quality 3000 ETF. For the services the Sub-Adviser provides to WBI Power Factor<sup>®</sup> High Dividend ETF, the Sub-Advisor receives a fee that is equal to 0.55% per year of average daily net assets, which is calculated daily and paid monthly. The Advisor is paid 0.04% of each Fund's average daily net assets (calculated daily and paid monthly) from the management fees collected by the Sub-Advisor.

#### NOTE 4 — PORTFOLIO TRANSACTIONS AND BROKERAGE
The Sub-Advisor utilized non-affiliated broker dealers to execute portfolio transactions for the Funds. Currently, these non-affiliated broker dealers charge an explicit commission for these transactions, a portion of which is designated towards "soft dollar credits" that can be used to provide the Sub-Advisor with certain research and brokerage services as described in the safe harbor provisions under Section 28(e) of the Securities and Exchange Act of 1934. During this period, the Funds paid $0.025 per share in explicit commission to these non-affiliated broker dealers for their execution services, of which $0.0125 per share was designated by the non-affiliated broker dealers to a pool of soft dollar credits for use by the Sub-Advisor. The Sub-Advisor participates in commission sharing arrangements ("CSAs") that are consistent with the requirements of Section 28(e). Research and brokerage services furnished through CSAs may be used by the Sub-Advisor in servicing any or all of the firm's clients and will be used for client accounts other than those that pay commissions to the broker-dealer providing the research or brokerage services.

#### NOTE 5 — EXPENSE LIMITATION AND REIMBURSEMENT
The Sub-Advisor has entered into an Expense Limitation Agreement (an "Agreement") with the Trust to waive the fees and reimburse expenses of each Fund until at least October 31, 2023 (the "Expiration Date") so that the total operating expenses (exclusive of interest, taxes, brokerage commissions, acquired fund fees, dividend payments on short sales, other expenditures which are capitalized in accordance with U.S. GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund's business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940) and organizational costs (the "Operating Expenses") of WBI Power Factor<sup>®</sup> High Dividend ETF is limited to 0.70% and each of the remaining Funds is limited to 1.25% of average net assets (the "Expense Cap"). The Sub-Advisor may discontinue its obligations under the Agreements at any time in its sole discretion after the Expiration Date. The Funds have agreed to repay the amounts borne by the Sub-Advisor under the Agreements within the three year period after the Sub-Advisor bears the expense, when and if requested by the Sub-Advisor, to the extent the Operating Expenses of the Funds are less than the lower of the Expense Cap and any expense limitation agreement then in effect with respect to the Operating Expenses. The repayment may not raise the level of Operating Expenses of the Funds in the month of repayment to exceed the Expense Cap.

The following table shows the remaining waived and/or reimbursed expenses subject to potential recovery during the current fiscal period. The Sub-Advisor may recapture a portion of the unreimbursed amounts no later than the dates stated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2023** | **June 30, 2024** | **June 30, 2025** | **June 30, 2026** |
| WBI BullBear Value 3000 ETF |  | 48759 | 58675 | 51978 |
| WBI BullBear Yield 3000 ETF |  | 10011 | 76788 | 32088 |
| WBI BullBear Quality 3000 ETF |  | 29355 | 82406 | 57897 |
| WBI Power Factor<sup>®</sup> High Dividend ETF | 55416 | 135307 | 156061 | 85757 |

---

------

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **Notes to Financial Statements(continued)** |
| ![](wbi-logosmall.jpg) | December 31, 2022 (Unaudited) |

---

<br>The Funds must pay their current ordinary operating expense before the Sub-Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is also contingent upon the Board of Trustees' review and approval.

#### NOTE 6 — COMPLIANCE AND ADMINISTRATION SERVICING AGREEMENTS
The Trust has entered into an agreement with Foreside Compliance Services, LLC ("Foreside"), whereby Foreside agrees to provide a Chief Compliance Officer ("CCO"), as described in Rule 38a-1 of the 1940 Act.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (the "Administrator") serves as the independent administrator and U.S. Bank National Association (the "Custodian") serves as the custodian to the Funds. Under the Fund Administration Servicing, Fund Accounting Servicing, and Transfer Agent Servicing Agreements, the Administrator is responsible for keeping financial books and records of the Funds and generally managing the administrative affairs and transfer agency services.

#### NOTE 7 — SECURITIES LENDING
The Funds may lend up to 33<sup>1</sup>/<sub>3</sub>% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by U.S Bank N.A. ("the Custodian" and "Securities Lending Agent"). The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any loaned securities at the time of the loan, plus accrued interest, except in the case of loans of foreign securities which are denominated and payable in U.S. dollars and shall be collateralized in the amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. During the current fiscal period, Funds had loaned securities that were collateralized by cash equivalents. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. A Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the Securities Lending Agent.

At period end, the value of the securities on loan and payable for collateral due to broker were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of Securities on Loan** | **Collateral Received\*** |
| WBI BullBear Value 3000 ETF | $4294619 | $4392842 |
| WBI BullBear Yield 3000 ETF | 9286506 | 9455389 |
| WBI BullBear Quality 3000 ETF | 8695595 | 8908459 |
| WBI Power Factor<sup>®</sup> High Dividend ETF | 20461202 | 20980018 |

---

________

\* The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio as shown on the Schedule of Investments, a short-term investment portfolio with an overnight and continuous maturity.

<br> Fees and interest income earned on collateral investments and recognized by the Funds during the current fiscal year, was as follows:

#### Fees and Interest Income Earned

---

| | |
|:---|:---|
| **Fund** | **Fees and Interest Income Earned** |
| WBI BullBear Value 3000 ETF | $4973 |
| WBI BullBear Yield 3000 ETF | 5050 |
| WBI BullBear Quality 3000 ETF | 5486 |
| WBI Power Factor<sup>®</sup> High Dividend ETF | 22119 |

---

**** 

<br> **Offsetting Assets and Liabilities.** The Funds are subject to various netting arrangements, which govern the terms of certain transactions with counterparties. The arrangements allow the Funds to close out and net their total exposure to counterparty in the event of a default with respect to all transactions governed under a single agreement with a counterparty. The following is a summary of the arrangements subject to offsetting during the current fiscal period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | **Gross Amounts** | **Net Amounts** | | |
|  |  | **Value of** | **Offset in the** | **Presented in the** | | |
|  |  | **Securities** | **Statement of** | **Statement of** | **Collateral** | **Net** |
| **Fund** | **Description** | **on Loan** | **Assets & Liabilities** | **Assets & Liabilities** | **Received** | **Amount** |
| WBI BullBear Value 3000 ETF | Securities Lending | $4294619 | $— | $4294619 | $4392842 | $— |
| WBI BullBear Yield 3000 ETF | Securities Lending | 9286506 |  | 9286506 | 9455389 |  |
| WBI BullBear Quality 3000 ETF | Securities Lending | 8695595 |  | 8695595 | 8908459 |  |
| WBI Power Factor<sup>®</sup> High Dividend ETF | Securities Lending | 20461202 |  | 20461202 | 20980018 |  |

---

------

**<br>

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | Absolute Shares Trust |
| ![](wbi-logosmall.jpg) | Notes to Financial Statements(continued) |
| ![](wbi-logosmall.jpg) | December 31, 2022 (Unaudited) |

---

**

#### <br>

#### NOTE 8 — TAX INFORMATION
The tax character of distributions declared by the Funds was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year/Period Ended June 30, 2022** | **Year/Period Ended June 30, 2022** | **Year/Period Ended June 30, 2022** | **Year/Period Ended June 30, 2021** | **Year/Period Ended June 30, 2021** | **Year/Period Ended June 30, 2021** |
|  | **Ordinary** | **Long Term** | **Return of** | **Ordinary** | **Long Term** | **Return of** |
| **Fund** | **Income** | **Capital Gain** | **Capital** | **Income** | **Capital Gain** | **Capital** |
| WBI BullBear Value 3000 ETF | $686698 | $— | $— | $581210 | $— | $— |
| WBI BullBear Yield 3000 ETF | 890827 |  |  | 827211 |  |  |
| WBI BullBear Quality 3000 ETF | 824798 |  |  | 101423 |  |  |
| WBI PowerFactor<sup>®</sup> High Dividend ETF | 2666669 |  |  | 2233944 |  |  |

---

The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended June 30, 2022.

As of June 30, 2022, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WBI BullBear** | **WBI BullBear** | **WBI BullBear** | **WBI Power Factor<sup>®</sup>** |
|  | **Value 3000 ETF** | **Yield 3000 ETF** | **Quality 3000 ETF** | **High Dividend ETF** |
| Cost of investments | $46029177 | $40817323 | $41632359 | $89000246 |
| Gross tax unrealized appreciation | 743543 | 940333 | 470115 | 1435011 |
| Gross tax unrealized depreciation | (299897) | (235655) | (266917) | (8601686) |
| Net tax unrealized appreciation | 443646 | 704678 | 203198 | (7166675) |
| The components of distributable earnings (losses) for federal income tax purposes as of June 30, 2022 were as follows: | The components of distributable earnings (losses) for federal income tax purposes as of June 30, 2022 were as follows: | The components of distributable earnings (losses) for federal income tax purposes as of June 30, 2022 were as follows: | The components of distributable earnings (losses) for federal income tax purposes as of June 30, 2022 were as follows: | The components of distributable earnings (losses) for federal income tax purposes as of June 30, 2022 were as follows: |
|  | **WBI BullBear** | **WBI BullBear** | **WBI BullBear** | **WBI Power Factor<sup>®</sup>** |
|  | **Value 3000 ETF** | **Yield 3000 ETF** | **Quality 3000 ETF** | **High Dividend ETF** |
| Net tax unrealized appreciation (depreciation) | $443646 | $704678 | $203198 | $(7166675) |
| Undistributed ordinary income | 210725 | 304680 | 176110 | 256127 |
| Undistributed long term gain (loss) |  |  |  |  |
| Total distributable earnings | 210725 | 304680 | 176110 | 256127 |
| Other accumulated gain (loss) | (17982034) | (58408214) | (28118505) | (4365515) |
| Total accumulated gain (loss) | $(17327663) | $(57398856) | $(27739197) | $(11276063) |

---

<br> Net capital losses incurred after October 31, 2021, and within the taxable year are deemed to arise on the first business day of each Fund's next taxable year.

As of June 30, 2022, the Funds had the following short-term and long-term capital loss carryforwards available for federal income tax purposes, with an indefinite expiration:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
| WBI BullBear Value 3000 ETF+ | 17982034 |  |
| WBI BullBear Yield 3000 ETF+ | 58408214 |  |
| WBI BullBear Quality 3000 ETF+ | 28118505 |  |
| WBI PowerFactor<sup>®</sup> High Dividend ETF |  | 4365515 |

---

+ Annual limitation may apply to a portion of the losses under IRC 382.

At June 30, 2022, the following funds deferred, on a tax basis, late year losses of:

---

| | | |
|:---|:---|:---|
|  | **Capital** | **Ordinary** |
| WBI BullBear Value 3000 ETF |  |  |
| WBI BullBear Yield 3000 ETF |  |  |
| WBI BullBear Quality 3000 ETF |  |  |
| WBI PowerFactor<sup>®</sup> High Dividend ETF |  |  |

---

#### NOTE 9 — PURCHASES AND SALES OF SECURITIES
During the current fiscal period, purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
|  | **All Other** | |
| **Fund** | **Purchases** | **Sales** |
| WBI BullBear Value 3000 ETF | $132262758 | $137638267 |
| WBI BullBear Yield 3000 ETF | 179817559 | 169083066 |
| WBI BullBear Quality 3000 ETF | 124869083 | 117583252 |
| WBI Power Factor<sup>®</sup> High Dividend ETF | 51857116 | 52056408 |

---

------

---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | **Notes to Financial Statements(concluded)** |
| ![](wbi-logosmall.jpg) | December 31, 2022 (Unaudited) |

---

During the current fiscal period, the values of the in-kind security transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Subscriptions** | **Redemptions** |
| WBI BullBear Value 3000 ETF | $78822 | $— |
| WBI BullBear Yield 3000 ETF | 1393918 | 1265914 |
| WBI BullBear Quality 3000 ETF | 1265989 |  |
| WBI Power Factor<sup>®</sup> High Dividend ETF | 11953920 | 1370649 |

---

During the current fiscal period, there were no purchases or sales of U.S. Government securities.

#### NOTE 10 — SHARE TRANSACTIONS
The Funds each currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of each Fund have equal rights and privileges as the other shares of such Fund.

The Trust has entered into an agreement with NYSE Group, Inc. to list the Funds' ("Shares") on NYSE Arca, Inc., an indirect wholly-owned subsidiary of NYSE Group, Inc. Market prices for the Shares may be different from their NAV. The Funds will issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, typically 50,000 Shares, called "Creation Units." Each Fund's typical creation unit size is as follows:

---

| | |
|:---|:---|
| **Fund** | **Creation Unit** |
| WBI BullBear Value 3000 ETF | 50000 |
| WBI BullBear Yield 3000 ETF | 50000 |
| WBI BullBear Quality 3000 ETF | 50000 |
| WBI Power Factor<sup>®</sup> High Dividend ETF | 50000 |

---

Creation Units will be issued and redeemed principally in-kind, however, the Trust reserves the right to offer a cash option for creations and redemptions of Shares. Once created, Shares generally will trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Corporation participant and, in each case, must have executed a participant agreement with Foreside Fund Services, LLC, the Funds' distributor (the "Distributor"). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

Transactions in each Fund's shares were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** | **WBI BullBear Yield 3000 ETF** | **WBI BullBear Yield 3000 ETF** | **WBI BullBear Yield 3000 ETF** | **WBI BullBear Yield 3000 ETF** |
|  | **Period Ended** | **Period Ended** | **Year Ended** | **Year Ended** | **Period Ended** | **Period Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **June 30, 2022** | **June 30, 2022** | **December 31, 2022** | **December 31, 2022** | **June 30, 2022** | **June 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares Sold | 50000 | $1416404 |  | $— | 1200000 | $29778111 |  | $— |
| Shares Issued in |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Connection with Acquisition |  |  |  |  |  |  |  |  |
| Shares Redeemed |  |  | (250000) | (7823085) | (50000) | (1265185) | (300000) | (7989090) |
|  | 50000 | $1416404 | (250000) | $(7823085) | 1150000 | $28512926 | (300000) | $(7989090) |
| **Beginning Shares** | 1438315 |  | 1688315 |  | 1480183 |  | 1780183 |  |
| **Ending Shares** | 1488315 |  | 1438315 |  | 2630183 |  | 1480183 |  |
|  | **WBI BullBear Quality 3000 ETF** | **WBI BullBear Quality 3000 ETF** | **WBI BullBear Quality 3000 ETF** | **WBI BullBear Quality 3000 ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF** |
|  | **Period Ended** | **Period Ended** | **Year Ended** | **Year Ended** | **Period Ended** | **Period Ended** | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **June 30, 2022** | **June 30, 2022** | **December 31, 2022** | **December 31, 2022** | **June 30, 2022** | **June 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares Sold | 250000 | $6890049 |  | $— | 500000 | $12246401 | 100000 | $2795926 |
| Shares Issued in |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Connection with Acquisition |  |  |  |  |  |  |  |  |
| Shares Redeemed |  |  | (200000) | (6058735) | (50000) | (1395975) | (50000) | (1451430) |
|  | 250000 | $6890049 | (200000) | $(6058735) | 450000 | $10850426 | 50000 | $1344496 |
| **Beginning Shares** | 1277182 |  | 1477182 |  | 2400000 |  | 2350000 |  |
| **Ending Shares** | 1527182 |  | 1277182 |  | 2850000 |  | 2400000 |  |

---

------

**---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | Absolute Shares Trust |
| ![](wbi-logosmall.jpg) | Expense Examples |
| ![](wbi-logosmall.jpg) | For the Period Ended December 31, 2022 (Unaudited) |

---

**

As a shareholder you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 – December 31, 2022).

#### Actual Expenses
The first line of the table provides information about actual account values based on actual returns and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line of the table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
| **WBI BullBear Value 3000 ETF** |  |  |  |
|  | **Beginning** | **Ending** |  |
|  | **Account Value** | **Account Value** | **Expenses Paid** |
|  | **July 1, 2022** | **December 31, 2022** | **During the Period^** |
| Actual | $1000.00 | $953.40 | $6.08 |
| Hypothetical (5% annual return before expenses) | $1000.00 | $1018.98 | $6.28 |
| **WBI BullBear Yield 3000 ETF** |  |  |  |
|  | **Beginning** | **Ending** |  |
|  | **Account Value** | **Account Value** | **Expenses Paid** |
|  | **July 1, 2022** | **December 31, 2022** | **During the Period^** |
| Actual | $1000.00 | $943.10 | $6.06 |
| Hypothetical (5% annual return before expenses) | $1000.00 | $1018.97 | $6.30 |
| **WBI BullBear Quality 3000 ETF** |  |  |  |
|  | **Beginning** | **Ending** |  |
|  | **Account Value** | **Account Value** | **Expenses Paid** |
|  | **July 1, 2022** | **December 31, 2022** | **During the Period^** |
| Actual | $1000.00 | $973.80 | $6.14 |
| Hypothetical (5% annual return before expenses) | $1000.00 | $1018.99 | $6.28 |
| **WBI Power Factor<sup>®</sup> High Dividend ETF** |  |  |  |
|  | **Beginning** | **Ending** |  |
|  | **Account Value** | **Account Value** | **Expenses Paid** |
|  | **July 1, 2022** | **December 31, 2022** | **During the Period^** |
| Actual | $1000.00 | $1053.70 | $3.57 |
| Hypothetical (5% annual return before expenses) | $1000.00 | $1021.73 | $3.51 |

---

_________

---

| | |
|:---|:---|
| ^ | The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio multiplied by the average account value during the period, multiplied by the number of days in the most recent six-month period, multiplied by 184/365 to reflect the one-half year period. |

---

------

**---

| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | Absolute Shares Trust |
| ![](wbi-logosmall.jpg) |  |
| ![](wbi-logosmall.jpg) |  |

---

**

#### Information About the Portfolio Holdings
(Unaudited)

The Trust files its complete schedules of portfolio holdings for its first and third fiscal quarters with the Securities and Exchange Commission ("SEC") on Part F of Form N-PORT. Furthermore, you may obtain Part F of Form N-PORT on the SEC's website at www.sec.gov. The Funds' portfolio holdings are updated daily and posted on its website at www.wbietfs.com.

#### Information About Proxy Voting
(Unaudited)

A description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information ("SAI"). The SAI is available without charge, upon request, by calling toll-free at (800) 772-5810, by accessing the SEC's website at www.sec.gov, or by accessing the Funds' website at www.wbietfs.com.

When available, information regarding how the Funds voted proxies relating to portfolio securities during the period ending December 31 will be available by calling toll-free at (800) 772-5810 or by accessing the SEC's website at www.sec.gov.

#### Information About the Funds' Trustees
(Unaudited)

The SAI includes additional information about the Trustees and is available without charge, upon request, by calling toll free at (800) 772-5810, or by accessing the SEC's website at www.sec.gov, or by accessing the Fund's website at www.wbietfs.com.

#### Frequency Distributions of Premiums and Discounts
(Unaudited)

Information regarding how often shares of the Funds trade on an exchange at a price above (*i.e.*, at a premium) or below (*i.e.*, at a discount) the NAV of the Funds is available, without charge, on the Funds' website at www.wbietfs.com.

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| | |
|:---|:---|
| ![](wbi-logosmall.jpg) | **Absolute Shares Trust** |
| ![](wbi-logosmall.jpg) | ****<br>|
| ![](wbi-logosmall.jpg) |  |

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#### Advisor
Millington Securities

331 Newman Springs Road, Suite 143

Red Bank, New Jersey 07701

#### Sub-Advisor
WBI Investments, Inc

331 Newman Springs Road, Suite 143

Red Bank, New Jersey 07701

#### Index Provider (WBIY only)
Solactive AG

Guiollettstraβe 54

60325 Frankfurt am Main, Germany

#### Distributor
Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

#### Custodian
U.S. Bank National Association

1555 North Rivercenter Drive, Suite 302

Milwaukee, Wisconsin 53212

#### Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

#### Securities Lending Agent
U.S. Bank, National Association

Securities Lending

800 Nicolet Mall

Minneapolis, Minnesota 55402-7020

#### Independent Registered

#### Public Accounting Firm
KPMG LLP

51 John F. Kennedy Parkway

Short Hills, New Jersey 07078

#### Legal Counsel
K&L Gates LLP

599 Lexington Avenue

New York, New York 10022

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| | |
|:---|:---|
| **WBI BullBear Value 3000 ETF** | **WBIF** |
| **WBI BullBear Yield 3000 ETF** | **WBIG** |
| **WBI BullBear Quality 3000 ETF** | **WBIL** |
| **WBI Power Factor<sup>®</sup> High Dividend ETF** | **WBIY** |

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable for this Registrant.<br>

#### Item 2. Code of Ethics.

Not applicable for semi-annual reports.

#### Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

#### Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

#### Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

#### Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

#### Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of Trustees

#### Item 11. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a
 date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the
 disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and
 by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially
 affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

#### Item 13. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](wbietf-ex99cert302.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4) Change in the registrant's independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](wbietf-ex99cert906.htm)

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#### SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) <u>Absolute Shares Trust</u> 

By (Signature and Title)\* <u>/s/ Don Schreiber, Jr.</u>

Don Schreiber, Jr., President and Principal Executive Officer

Date <u>March 6, 2023</u><br>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)\* <u>/s/ Don Schreiber, Jr.</u>

Don Schreiber, Jr., President and Principal Executive Officer

Date <u>March 6, 2023</u>

By (Signature and Title)\* <u>/s/ Steven Van Solkema</u><u> </u><br>

&nbsp;&nbsp;&nbsp;&nbsp;Steven Van Solkema, Treasurer and Principal Financial Officer

Date <u>March 6, 2023</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

#### CERTIFICATIONS

I, Don Schreiber, Jr., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Absolute Shares Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
 misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>March 6, 2023</u> | <u>/s/ Don Schreiber, Jr.</u><br> Don Schreiber, Jr.<br> President and Principal Executive Officer<br> Absolute Shares Trust |

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I, Steven Van Solkema, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Absolute Shares Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
 misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
 financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>March 6, 2023</u> | <u>/s/ Steven Van Solkema</u><br> Steven Van Solkema<br> Treasurer and Principal Financial Officer<br> Absolute Shares Trust |

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## Exhibit 99.906

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Absolute Shares Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Absolute Shares Trust for the period ended December 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Absolute Shares Trust for the stated period.

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| | |
|:---|:---|
| <u>/s/ Don Schreiber, Jr.</u><br>Don Schreiber, Jr.<br> President and Principal Executive Officer,<br> Absolute Shares Trust<br>| <u>/s/ Steven Van Solkema</u><br>Steven Van Solkema<br> Treasurer and Principal Financial Officer,<br> Absolute Shares Trust |
| Dated: <u>March 6, 2023</u> |  |

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This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Absolute Shares Trust for purposes of Section 18 of the Securities Exchange Act of 1934.

<br>