# EDGAR Filing Document

**Accession Number:** 0001591939
**File Stem:** 0000894189-25-015625
**Filing Date:** 2025-11
**Character Count:** 39697
**Document Hash:** 432440481af742544749f5d5105bba2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015625.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015625

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Absolute Shares Trust
- **CENTRAL INDEX KEY:** 0001591939

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22917
- **FILM NUMBER:** 251526843

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WBI INVESTMENTS, INC.
- **STREET 2:** 331 NEWMAN SPRINGS ROAD, SUITE 105
- **CITY:** RED BANK
- **STATE:** NJ
- **ZIP:** 07701
- **BUSINESS PHONE:** 732-842-4920

**MAIL ADDRESS:**
- **STREET 1:** C/O WBI INVESTMENTS, INC.
- **STREET 2:** 331 NEWMAN SPRINGS ROAD, SUITE 143
- **CITY:** RED BANK
- **STATE:** NJ
- **ZIP:** 07701

## Series and Classes Contracts Data

### WBI BullBear Value 3000 ETF (Series ID: S000044181)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000137331 | WBI BullBear Value 3000 ETF | WBIF            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** | **WBI BullBear Value 3000 ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 95.0%** | **COMMON STOCKS - 95.0%** | **Shares** | **Value**  |
| **Automobiles & Components - 2.1%** | **Automobiles & Components - 2.1%** | **Automobiles & Components - 2.1%** | |
| Tesla, Inc. <sup>(a)</sup> | Tesla, Inc. <sup>(a)</sup> | 1485 | $660409 |
| **Capital Goods - 10.1%** | **Capital Goods - 10.1%** | **Capital Goods - 10.1%** |  |
| Allegion PLC | Allegion PLC | 878 | 155713 |
| AMETEK, Inc. | AMETEK, Inc. | 1134 | 213192 |
| Applied Industrial Technologies, Inc. | Applied Industrial Technologies, Inc. | 1343 | 350590 |
| Donaldson Co., Inc. | Donaldson Co., Inc. | 4085 | 334357 |
| Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | 561 | 161518 |
| Lincoln Electric Holdings, Inc. | Lincoln Electric Holdings, Inc. | 616 | 145271 |
| Moog, Inc. - Class A | Moog, Inc. - Class A | 763 | 158452 |
| Mueller Industries, Inc. | Mueller Industries, Inc. | 4778 | 483104 |
| Primoris Services Corp. | Primoris Services Corp. | 3922 | 538608 |
| Valmont Industries, Inc. | Valmont Industries, Inc. | 402 | 155868 |
| Vertiv Holdings Co. - Class A | Vertiv Holdings Co. - Class A | 2690 | 405813 |
|  |  |  | 3102486 |
| **Commercial & Professional Services - 3.9%** | **Commercial & Professional Services - 3.9%** | **Commercial & Professional Services - 3.9%** |  |
| Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | 704 | 206624 |
| Genpact Ltd. | Genpact Ltd. | 7865 | 329465 |
| KBR, Inc. | KBR, Inc. | 6935 | 327956 |
| Tetra Tech, Inc. | Tetra Tech, Inc. | 9954 | 332265 |
|  |  |  | 1196310 |
| **Consumer Discretionary Distribution & Retail - 5.3%** | **Consumer Discretionary Distribution & Retail - 5.3%** | **Consumer Discretionary Distribution & Retail - 5.3%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | Amazon.com, Inc. <sup>(a)</sup> | 2747 | 603159 |
| Dick's Sporting Goods, Inc. | Dick's Sporting Goods, Inc. | 1257 | 279331 |
| Lithia Motors, Inc. | Lithia Motors, Inc. | 459 | 145044 |
| Pool Corp. | Pool Corp. | 475 | 147283 |
| Williams-Sonoma, Inc. | Williams-Sonoma, Inc. | 2320 | 453444 |
|  |  |  | 1628261 |
| **Consumer Durables & Apparel - 2.3%** | **Consumer Durables & Apparel - 2.3%** | **Consumer Durables & Apparel - 2.3%** |  |
| Ralph Lauren Corp. | Ralph Lauren Corp. | 1214 | 380662 |
| Toll Brothers, Inc. | Toll Brothers, Inc. | 2443 | 337476 |
|  |  |  | 718138 |
| **Consumer Services - 7.4%** | **Consumer Services - 7.4%** | **Consumer Services - 7.4%** |  |
| ADT, Inc. | ADT, Inc. | 38781 | 337782 |
| Boyd Gaming Corp. | Boyd Gaming Corp. | 1828 | 158031 |
| H&R Block, Inc. | H&R Block, Inc. | 7526 | 380590 |
| Red Rock Resorts, Inc. - Class A | Red Rock Resorts, Inc. - Class A | 7784 | 475291 |
| Texas Roadhouse, Inc. | Texas Roadhouse, Inc. | 2045 | 339777 |
| Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | 1708 | 136469 |
| Yum China Holdings, Inc. | Yum China Holdings, Inc. | 10493 | 450360 |
|  |  |  | 2278300 |
| **Energy - 2.4%** | **Energy - 2.4%** | **Energy - 2.4%** |  |
| ConocoPhillips | ConocoPhillips | 4454 | 421304 |
| Coterra Energy, Inc. | Coterra Energy, Inc. | 6366 | 150556 |
| Range Resources Corp. | Range Resources Corp. | 4437 | 167008 |
|  |  |  | 738868 |
| **Financial Services - 5.7%** | **Financial Services - 5.7%** | **Financial Services - 5.7%** |  |
| American Express Co. | American Express Co. | 1346 | 447087 |
| Apollo Global Management, Inc. | Apollo Global Management, Inc. | 1575 | 209900 |
| Interactive Brokers Group, Inc. - Class A | Interactive Brokers Group, Inc. - Class A | 7723 | 531420 |
| Stifel Financial Corp. | Stifel Financial Corp. | 3074 | 348807 |
| Visa, Inc. - Class A | Visa, Inc. - Class A | 605 | 206535 |
|  |  |  | 1743749 |
| **Food, Beverage & Tobacco - 1.3%** | **Food, Beverage & Tobacco - 1.3%** | **Food, Beverage & Tobacco - 1.3%** |  |
| Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | 6675 | 387684 |
| **Health Care Equipment & Services - 3.5%** | **Health Care Equipment & Services - 3.5%** | **Health Care Equipment & Services - 3.5%** |  |
| Chemed Corp. | Chemed Corp. | 1026 | 459381 |
| McKesson Corp. | McKesson Corp. | 496 | 383180 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | 686 | 236876 |
|  |  |  | 1079437 |
| **Insurance - 8.1%** | **Insurance - 8.1%** | **Insurance - 8.1%** |  |
| American Financial Group, Inc. | American Financial Group, Inc. | 2826 | 411805 |
| American International Group, Inc. | American International Group, Inc. | 2563 | 201298 |
| Assurant, Inc. | Assurant, Inc. | 1561 | 338113 |
| Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | 2516 | 152193 |
| Globe Life, Inc. | Globe Life, Inc. | 2397 | 342699 |
| Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | 858 | 155838 |
| Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | 1603 | 213824 |
| Marsh & McLennan Companies, Inc. | Marsh & McLennan Companies, Inc. | 1028 | 207173 |
| W. R. Berkley Corp. | W. R. Berkley Corp. | 6100 | 467382 |
|  |  |  | 2490325 |
| **Materials - 2.5%** | **Materials - 2.5%** | **Materials - 2.5%** |  |
| CF Industries Holdings, Inc. | CF Industries Holdings, Inc. | 1765 | 158320 |
| Mosaic Co. | Mosaic Co. | 4514 | 156546 |
| Reliance, Inc. | Reliance, Inc. | 1141 | 320427 |
| RPM International, Inc. | RPM International, Inc. | 1208 | 142399 |
|  |  |  | 777692 |
| **Media & Entertainment - 5.4%** | **Media & Entertainment - 5.4%** | **Media & Entertainment - 5.4%** |  |
| Alphabet, Inc. - Class A | Alphabet, Inc. - Class A | 2559 | 622093 |
| Meta Platforms, Inc. - Class A | Meta Platforms, Inc. - Class A | 879 | 645520 |
| Reddit, Inc. - Class A <sup>(a)</sup> | Reddit, Inc. - Class A <sup>(a)</sup> | 1687 | 387993 |
|  |  |  | 1655606 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 1.6%** | **Pharmaceuticals, Biotechnology & Life Sciences - 1.6%** | **Pharmaceuticals, Biotechnology & Life Sciences - 1.6%** |  |
| Royalty Pharma PLC - Class A | Royalty Pharma PLC - Class A | 13504 | 476421 |
| **Semiconductors & Semiconductor Equipment - 14.5%** | **Semiconductors & Semiconductor Equipment - 14.5%** | **Semiconductors & Semiconductor Equipment - 14.5%** |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | Advanced Micro Devices, Inc. <sup>(a)</sup> | 2531 | 409490 |
| Ambarella, Inc. <sup>(a)</sup> | Ambarella, Inc. <sup>(a)</sup> | 4931 | 406906 |
| Applied Materials, Inc. | Applied Materials, Inc. | 2623 | 537033 |
| Astera Labs, Inc. <sup>(a)</sup> | Astera Labs, Inc. <sup>(a)</sup> | 2054 | 402173 |
| Broadcom, Inc. | Broadcom, Inc. | 1245 | 410738 |
| KLA Corp. | KLA Corp. | 485 | 523121 |
| Lam Research Corp. | Lam Research Corp. | 2039 | 273022 |
| Micron Technology, Inc. | Micron Technology, Inc. | 2456 | 410938 |
| Monolithic Power Systems, Inc. | Monolithic Power Systems, Inc. | 440 | 405082 |
| NVIDIA Corp. | NVIDIA Corp. | 3622 | 675793 |
|  |  |  | 4454296 |
| **Software & Services - 9.4%** | **Software & Services - 9.4%** | **Software & Services - 9.4%** |  |
| Cadence Design Systems, Inc. <sup>(a)</sup> | Cadence Design Systems, Inc. <sup>(a)</sup> | 1171 | 411326 |
| Gitlab, Inc. - Class A <sup>(a)</sup> | Gitlab, Inc. - Class A <sup>(a)</sup> | 8718 | 393007 |
| InterDigital, Inc. | InterDigital, Inc. | 1815 | 626592 |
| Microsoft Corp. | Microsoft Corp. | 1224 | 633971 |
| MongoDB, Inc. <sup>(a)</sup> | MongoDB, Inc. <sup>(a)</sup> | 1288 | 399769 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 2283 | 416465 |
|  |  |  | 2881130 |
| **Technology Hardware & Equipment - 5.0%** | **Technology Hardware & Equipment - 5.0%** | **Technology Hardware & Equipment - 5.0%** |  |
| Apple, Inc. | Apple, Inc. | 2709 | 689793 |
| Arista Networks, Inc. <sup>(a)</sup> | Arista Networks, Inc. <sup>(a)</sup> | 2848 | 414982 |
| TD SYNNEX Corp. | TD SYNNEX Corp. | 2553 | 418054 |
|  |  |  | 1522829 |
| **Transportation - 1.6%** | **Transportation - 1.6%** | **Transportation - 1.6%** |  |
| Union Pacific Corp. | Union Pacific Corp. | 2068 | 488813 |
| **Utilities - 2.9%** | **Utilities - 2.9%** | **Utilities - 2.9%** |  |
| Eversource Energy | Eversource Energy | 7577 | 539028 |
| National Fuel Gas Co. | National Fuel Gas Co. | 1750 | 161647 |
| NextEra Energy, Inc. | NextEra Energy, Inc. | 2700 | 203823 |
|  |  |  | 904498 |
| **TOTAL COMMON STOCKS** (Cost $27,157,179) | **TOTAL COMMON STOCKS** (Cost $27,157,179) | **TOTAL COMMON STOCKS** (Cost $27,157,179) | 29185252 |
| **TOTAL INVESTMENTS - 95.0% (**Cost $27,157,179**)** | **TOTAL INVESTMENTS - 95.0% (**Cost $27,157,179**)** | **TOTAL INVESTMENTS - 95.0% (**Cost $27,157,179**)** | 29185252 |
| Money Market Deposit Account - 1.2% <sup>(b)</sup> | Money Market Deposit Account - 1.2% <sup>(b)</sup> | Money Market Deposit Account - 1.2% <sup>(b)</sup> | 380601 |
| Other Assets in Excess of Liabilities - 3.8% | Other Assets in Excess of Liabilities - 3.8% | Other Assets in Excess of Liabilities - 3.8% | 1159225 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $30725078 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

PLC - Public Limited Company<br>

(a) Non-income producing security.

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

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
WBI BullBear Value 3000 ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $29185252 | $– | $– | $29185252 |
| Total Investments | $29185252 | $– | $– | $29185252 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Absolute Shares Trust

- **b. Investment Company Act file number:** 811-22917

- **c. CIK number of Registrant:** 0001591939

- **d. LEI of Registrant:** 5493005LD0D8EHH9CD08

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 331 Newman Springs Rd

  - **City:** Red Bank

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07701

  - **Telephone number:** 732-842-4920

**Item A.2. Information about the Series.**

- **a. Name of Series:** WBI BullBear Value 3000 ETF

- **b. EDGAR series identifier (if any):** S000044181

- **c. LEI of Series:** 549300NII1Q8B4GY1P97

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

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

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $30807513.02

**Total Liabilities:** $98007.95

**Net Assets:** $30709505.07

**Cash Not Reported:** $470.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000137331 | 1.77%                | 2.07%                | 3.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $425397.58               | $100452.00                                 |
| Month 2  | $811576.90               | $-211167.09                                |
| Month 3  | $237464.52               | $856272.98                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Boyd Gaming Corp               | Boyd Gaming Corp                    | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |      2538 | NS      | $219410.10    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc     | CF Industries Holdings Inc          | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      2439 | NS      | $218778.30    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                    | Chemed Corp                         | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      1327 | NS      | $594150.98    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                      | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      5734 | NS      | $542379.06    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc                       | Moog Inc                            | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      1061 | NS      | $220337.87    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                  | Mosaic Co/The                       | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      6345 | NS      | $220044.60    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc         | Mueller Industries Inc              | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      6172 | NS      | $624050.92    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co           | National Fuel Gas Co                | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      2431 | NS      | $224551.47    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                  | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      3463 | NS      | $261421.87    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      3622 | NS      | $675792.76    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                      | Pool Corp                           | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |       663 | NS      | $205576.41    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp         | Primoris Services Corp              | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      5053 | NS      | $693928.49    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc          | RPM International Inc               | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      1683 | NS      | $198392.04    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp              | Ralph Lauren Corp                   | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      1695 | NS      | $531484.20    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp           | Range Resources Corp                | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |      6220 | NS      | $234120.80    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc           | Red Rock Resorts Inc                | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9989 | NS      | $609928.34    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                   | Reliance Inc                        | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      1582 | NS      | $444273.06    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp          | Stifel Financial Corp               | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      4285 | NS      | $486218.95    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                 | TD SYNNEX Corp                      | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      3564 | NS      | $583605.00    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                           | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      1485 | NS      | $660409.20    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                 | Tetra Tech Inc                      | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     13810 | NS      | $460977.80    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc            | Texas Roadhouse Inc                 | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |      2844 | NS      | $472530.60    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC             | Royalty Pharma PLC                  | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | US        |     17371 | NS      | $612848.88    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                  | H&R Block Inc                       | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     10469 | NS      | $529417.33    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc             | Coterra Energy Inc                  | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |      8841 | NS      | $209089.65    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc      | Dick's Sporting Goods Inc           | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |      1628 | NS      | $361774.16    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc               | Donaldson Co Inc                    | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |      5681 | NS      | $464989.85    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy              | Eversource Energy                   | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |      9749 | NS      | $693543.86    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       879 | NS      | $645520.02    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial In | Fidelity National Financial Inc     | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |      3499 | NS      | $211654.51    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                 | Globe Life Inc                      | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |      3345 | NS      | $478234.65    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th | Hanover Insurance Group Inc/The     | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      1220 | NS      | $221588.60    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The    | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      2062 | NS      | $275050.18    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries  | Huntington Ingalls Industries Inc   | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |       777 | NS      | $223706.07    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc  | Interactive Brokers Group Inc       | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      9875 | NS      | $679498.75    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc               | InterDigital Inc                    | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2342 | NS      | $808528.66    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                        | KBR Inc                             | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |      9709 | NS      | $459138.61    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                            | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       626 | NS      | $675203.60    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                   | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      2643 | NS      | $353897.70    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc       | Lamb Weston Holdings Inc            | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      9339 | NS      | $542409.12    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc  | Lincoln Electric Holdings Inc       | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |       859 | NS      | $202577.97    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc              | Lithia Motors Inc                   | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |       638 | NS      | $201608.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc            | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      1326 | NS      | $267228.78    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                       | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       643 | NS      | $496743.22    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1224 | NS      | $633970.80    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc              | Toll Brothers Inc                   | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |      3393 | NS      | $468709.02    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                  | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2659 | NS      | $628507.83    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                    | Genpact Ltd                         | CUSIP: N/A<br>LEI: 529900OSEC6Q0L4L5B35       | Long             | EC               | CORP              | US        |     10905 | NS      | $456810.45    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBFS 2         | US BANK MMDA - USBFS 2              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    379973 | NS      | $379972.89    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc              | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       881 | NS      | $304209.30    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc         | Valmont Industries Inc              | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |       561 | NS      | $217516.53    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                            | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       779 | NS      | $265935.02    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                        | ADT Inc                             | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53835 | NS      | $468902.85    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2559 | NS      | $622092.90    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      2747 | NS      | $603158.79    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co            | American Express Co                 | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      1736 | NS      | $576629.76    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/O | American Financial Group Inc/OH     | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |      3922 | NS      | $571513.84    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group Inc    | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      3315 | NS      | $260360.10    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                          | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      1466 | NS      | $275608.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management Inc        | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      2037 | NS      | $271470.99    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      2709 | NS      | $689792.67    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie | Applied Industrial Technologies Inc | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      1861 | NS      | $485814.05    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3383 | NS      | $692635.42    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                   | Assurant Inc                        | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      2181 | NS      | $472404.60    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc       | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |       902 | NS      | $264737.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                   | Allegion plc                        | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Long             | EC               | CORP              | IE        |      1231 | NS      | $218317.85    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp               | W R Berkley Corp                    | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      7834 | NS      | $600241.08    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc            | Williams-Sonoma Inc                 | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      2993 | NS      | $584981.85    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc   | Wyndham Hotels & Resorts Inc        | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |      2412 | NS      | $192718.80    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc         | Yum China Holdings Inc              | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |     13447 | NS      | $577145.24    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Absolute Shares Trust

**Signature:** /s/Fred Teufel

**Name of Signer:** Fred Teufel

**Title:** Principal Financial Officer