# EDGAR Filing Document

**Accession Number:** 0001591939
**File Stem:** 0001133228-25-009628
**Filing Date:** 2025-9
**Character Count:** 165490
**Document Hash:** e39b1784d12a3f62c44b951917d9a20f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009628.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001133228-25-009628

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250909

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22917
- **FILM NUMBER:** 251301058

**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            |

?xml version='1.0' encoding='ASCII'? 2025-07-07199535_WBIBullBearValue3000ETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

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>**

(Exact name of registrant as specified in charter)

**<u>Millington Securities, LLC</u>**

**<u>331 Newman Springs Rd Suite 143</u>**

**<u>Red Bank, New Jersey 07701</u>**

(Address of principal executive offices) (Zip code)

**<u>Don Schreiber, Jr.</u>**

**<u>Millington Securities, LLC</u>**

**<u>331 Newman Springs Rd Suite 143</u>**

**<u>Red Bank, New Jersey 07701</u>**

(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>June 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img62259_202412302008292.jpg) | **WBI BullBear Value 3000 ETF**  | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | WBIF (Principal U.S. Listing Exchange: NYSE) | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img62268_202412302010208.jpg) |

---

This annual shareholder report contains important information about the WBI BullBear Value 3000 ETF for the period of July 1, 2024, to June 30, 2025. You can find additional information about the Fund at https://wbietfs.com/documents/. You can also request this information by contacting us at 1-800-772-5810.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| WBI BullBear Value 3000 ETF | $164 | 1.64% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the S&P 500 Index. WBIF is an actively managed fund that focuses on risk management and value-oriented stocks when fully invested. As such, WBIF had under a quarter of its weight on average in common with the S&P 500, and less than one-third of the names in the index appeared in the Fund during the year. Cash and other ETFs contributed positively to performance, with an average weight of just under 10%. Industrials and Financials also added to total return, both with higher average weights relative to the index. However, the Fund's value bias led to a significant underweight in Information Technology—about half the weight of the index on average—which was the largest driver of the performance gap relative to the growth-stock-heavy benchmark.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5090img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **WBI BullBear Value 3000 ETF NAV**  | -0.13 | 3.58 | 2.83 |
| **S&P 500 TR**  | 15.16 | 16.64 | 13.65 |
| **Russell 3000 Value Total Return**  | 13.30 | 13.87 | 9.04 |

---

Visit https://wbietfs.com/documents/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** **The returns do not reflect the deduction** **of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

WBI BullBear Value 3000 ETF PAGE 1 TSR-AR-00400R601

------

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28519074 |
| **Number of Holdings** | 100 |
| **Net Advisory Fee** | $242164 |
| **Portfolio Turnover** | 690% |

---

Visit https://wbietfs.com/documents/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)<sup>†</sup>**

![image](ts5090img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 15.5% |
|  NVIDIA Corp.  | 2.3% |
|  Meta Platforms, Inc. - Class A  | 2.3% |
|  Microsoft Corp.  | 2.1% |
|  Comfort Systems USA, Inc.  | 2.1% |
|  Amazon.com, Inc.  | 2.1% |
|  Alphabet, Inc. - Class A  | 2.1% |
|  Interactive Brokers Group, Inc. - Class A  | 2.0% |
|  Apple, Inc.  | 1.9% |
|  Penske Automotive Group, Inc.  | 1.9% |

---

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

**HOW HAS THE FUND CHANGED?**

At the November 14, 2024 board meeting, The Board of Trustees of the Trust (the "Board") approved Vigilant Distributors,

LLC as the new distributor of the Trust.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at https://wbietfs.com/documents/ or upon request at 1-800-772-5810 or https://wbietfs.com/wp-content/uploads/pdf/AB_SH_PRO.pdf.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://wbietfs.com/documents/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your WBI Investments documents not be householded, please contact WBI Investments at 1-800-772-5810, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by WBI Investments or your financial intermediary.

WBI BullBear Value 3000 ETF PAGE 2 TSR-AR-00400R601

100009671883710723116231132910724134601270312603128011278510000105071092612881147331626817489246232200926322327853775710000102731052212227131141407612750185381715419079215472441320.019.016.415.17.64.74.03.63.56.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img62259_202412302008292.jpg) | **WBI BullBear Yield 3000 ETF**  | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | WBIG (Principal U.S. Listing Exchange: NYSE) | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img62268_202412302010208.jpg) |

---

This annual shareholder report contains important information about the WBI BullBear Yield 3000 ETF for the period of July 1, 2024, to June 30, 2025. You can find additional information about the Fund at https://wbietfs.com/documents/. You can also request this information by contacting us at 1-800-772-5810.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| WBI BullBear Yield 3000 ETF | $146 | 1.51% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the S&P 500 Index. WBIG is an actively managed fund that focuses on risk management and yield-oriented securities. As such, WBIG had under a quarter of its weight on average in common with the S&P 500, and less than one-third of the names in the index appeared in the Fund during the year. Industrials, Communication Services, and Consumer Discretionary contributed positively to total return, with Industrials and Consumer Discretionary both holding average weights close to or above the benchmark. However, the Fund's yield focus resulted in a significant underweight to Information Technology—less than one-third of the index weight on average—which, along with weakness in Consumer Staples and Energy, created the largest performance gap relative to the growth-stock-heavy benchmark.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5091img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **WBI BullBear Yield 3000 ETF NAV**  | -6.32 | 1.44 | 0.92 |
| **S&P 500 TR**  | 15.16 | 16.64 | 13.65 |
| **Russell 3000 Value Total Return**  | 13.30 | 13.87 | 9.04 |

---

Visit https://wbietfs.com/documents/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** **The returns do not reflect the deduction** **of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

WBI BullBear Yield 3000 ETF PAGE 1 TSR-AR-00400R700

------

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33608100 |
| **Number of Holdings** | 103 |
| **Net Advisory Fee** | $320116 |
| **Portfolio Turnover** | 799% |

---

Visit https://wbietfs.com/documents/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)<sup>†</sup>**

![image](ts5091img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 15.2% |
|  WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund  | 3.8% |
|  Angel Oak High Yield Opportunities ETF  | 3.6% |
|  TCW Senior Loan ETF  | 2.5% |
|  Eaton Vance Short Duration Income ETF  | 2.2% |
|  SPDR Bloomberg Investment Grade Floating Rate ETF  | 2.1% |
|  OneMain Holdings, Inc.  | 1.6% |
|  Comfort Systems USA, Inc.  | 1.6% |
|  Interactive Brokers Group, Inc. - Class A  | 1.5% |
|  United Parcel Service, Inc.  | 1.5% |

---

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

**HOW HAS THE FUND CHANGED?**

At the November 14, 2024 board meeting, The Board of Trustees of the Trust (the "Board") approved Vigilant Distributors, LLC as the new distributor of the Trust.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at https://wbietfs.com/documents/ or upon request at 1-800-772-5810 or https://wbietfs.com/wp-content/uploads/pdf/AB_SH_PRO.pdf.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://wbietfs.com/documents/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your WBI Investments documents not be householded, please contact WBI Investments at 1-800-772-5810, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by WBI Investments or your financial intermediary.

WBI BullBear Yield 3000 ETF PAGE 2 TSR-AR-00400R700

1000095048233945310790102279692116651158010597111141041110000105071092612881147331626817489246232200926322327853775710000102731052212227131141407612750185381715419079215472441317.113.611.510.06.85.44.74.13.623.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img62259_202412302008292.jpg) | **WBI BullBear Quality 3000 ETF**  | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | WBIL (Principal U.S. Listing Exchange: NYSE) | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img62268_202412302010208.jpg) |

---

This annual shareholder report contains important information about the WBI BullBear Quality 3000 ETF for the period of July 1, 2024, to June 30, 2025. You can find additional information about the Fund at https://wbietfs.com/documents/. You can also request this information by contacting us at 1-800-772-5810.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| WBI BullBear Quality 3000 ETF | $152 | 1.54% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the S&P 500 Index. WBIL is an actively managed fund that focuses on risk management and quality-oriented companies. WBIL had under one-third of its weight on average in common with the S&P 500, and less than one-third of the names in the index appeared in the Fund during the year. Financials, Communication Services, and Utilities were the largest contributors to total return, with Financials holding a higher average weight than the benchmark. However, an overweight to Industrials and a significant underweight to Information Technology—less than half the benchmark weight on average—were key detractors. These sector tilts, consistent with the Fund's quality-focused, risk-managed approach, contributed to the performance gap versus the growth-stock-heavy benchmark.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5089img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **WBI BullBear Quality 3000 ETF NAV**  | -2.40 | 5.27 | 3.86 |
| **S&P 500 TR**  | 15.16 | 16.64 | 13.65 |
| **Russell 3000 Total Return**  | 15.30 | 15.96 | 12.96 |

---

Visit https://wbietfs.com/documents/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** **The returns do not reflect the deduction** **of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

WBI BullBear Quality 3000 ETF PAGE 1 TSR-AR-00400R809

------

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33428375 |
| **Number of Holdings** | 67 |
| **Net Advisory Fee** | $301298 |
| **Portfolio Turnover** | 760% |

---

Visit https://wbietfs.com/documents/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)<sup>†</sup>**

![image](ts5089img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 13.0% |
|  Microsoft Corp.  | 3.2% |
|  NVIDIA Corp.  | 3.0% |
|  Amazon.com, Inc.  | 2.9% |
|  Alphabet, Inc. - Class A  | 2.8% |
|  ROBLOX Corp.  | 2.8% |
|  Apple, Inc.  | 2.6% |
|  HEICO Corp.  | 2.5% |
|  Zscaler, Inc.  | 2.4% |
|  Howmet Aerospace, Inc.  | 2.3% |

---

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

**HOW HAS THE FUND CHANGED?**

At the November 14, 2024 board meeting, The Board of Trustees of the Trust (the "Board") approved Vigilant Distributors, LLC as the new distributor of the Trust.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at https://wbietfs.com/documents/ or upon request at 1-800-772-5810 or https://wbietfs.com/wp-content/uploads/pdf/AB_SH_PRO.pdf.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://wbietfs.com/documents/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your WBI Investments documents not be householded, please contact WBI Investments at 1-800-772-5810, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by WBI Investments or your financial intermediary.

WBI BullBear Quality 3000 ETF PAGE 2 TSR-AR-00400R809

955987741024810669112111079212751121661250614298139551050710926128811473316268174892462322009263223278537757105461077212765146521596817011245232112325127309373566922.719.617.612.49.36.54.22.30.64.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img62259_202412302008292.jpg) | **WBI Power Factor High Dividend ETF**  | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | WBIY (Principal U.S. Listing Exchange: NYSE) | ![image](img62268_202412302010208.jpg) |
| ![image](img62259_202412302008292.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img62268_202412302010208.jpg) |

---

This annual shareholder report contains important information about the WBI Power Factor High Dividend ETF for the period of July 1, 2024, to June 30, 2025. You can find additional information about the Fund at https://wbietfs.com/documents/. You can also request this information by contacting us at 1-800-772-5810.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| WBI Power Factor High Dividend ETF | $100 | 0.97% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended June 30, 2025, the Fund underperformed its benchmark, the S&P 500 Index. WBIY seeks to invest in high-dividend-yield stocks, focusing on value-oriented companies with strong fundamentals. As a result, WBIY had about 4% of its weight on average in common with the S&P 500, and less than one-tenth of the names in the index appeared in the Fund during the year. Financials, Energy, and Communication Services were the top contributors to total return, with each sector holding significantly higher average weights than the benchmark. However, the absence of Information Technology exposure, along with weakness in higher-yielding names within the Consumer Discretionary and Materials sectors, created the largest performance gap relative to the growth-stock-heavy benchmark. While the Fund delivered attractive income, its value-oriented, yield-driven approach lagged in a market dominated by mega-cap growth stocks.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5092img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/19/2016)** |
| **WBI Power Factor High Dividend ETF NAV**  | 6.10 | 14.63 | 7.15 |
| **S&P 500 TR**  | 15.16 | 16.64 | 14.50 |
| **Russell 3000 Value Total Return**  | 13.30 | 13.87 | 8.88 |

---

Visit https://wbietfs.com/documents/ for more recent performance information.

WBI Power Factor High Dividend ETF PAGE 1 TSR-AR-00400R858

------

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** **The returns do not reflect the deduction** **of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $55589518 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $285613 |
| **Portfolio Turnover** | 141% |

---

Visit https://wbietfs.com/documents/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of net assets)<sup>†</sup>**

![image](ts5092img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 27.0% |
|  APA Corp.  | 5.2% |
|  Ford Motor Co.  | 5.0% |
|  AES Corp.  | 4.7% |
|  Pfizer, Inc.  | 4.7% |
|  FMC Corp.  | 4.7% |
|  United Parcel Service, Inc. - Class B  | 4.7% |
|  LyondellBasell Industries NV - Class A  | 4.7% |
|  Best Buy Co., Inc.  | 4.6% |
|  Altria Group, Inc.  | 4.6% |

---

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

**HOW HAS THE FUND CHANGED?**

At the November 14, 2024 board meeting, The Board of Trustees of the Trust (the "Board") approved Vigilant Distributors, LLC as the new distributor of the Trust.

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 30, 2025 at https://wbietfs.com/documents/ or upon request at 1-800-772-5810 or https://wbietfs.com/wp-content/uploads/pdf/AB_SH_PRO.pdf.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://wbietfs.com/documents/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your WBI Investments documents not be householded, please contact WBI Investments at 1-800-772-5810, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by WBI Investments or your financial intermediary.

WBI Power Factor High Dividend ETF PAGE 2 TSR-AR-00400R858

100009836116561127891081394413749145231698618023100001082712383136731469920696184992212427556317351000010351111011191610793156931452216151182402066722.422.314.59.48.27.05.75.14.70.7 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. John A. Flanagan is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| WBI BullBear Value 3000 ETF | FYE 06/30/2025 | FYE 06/30/2024 |
| (a) Audit Fees | $22070 | $21266 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $7488 | $7200 |
| (d) All Other Fees | N/A | N/A |

---

---

| | | |
|:---|:---|:---|
| WBI BullBear Yield 3000 ETF | FYE 06/30/2025 | FYE 06/30/2024 |
| (a) Audit Fees | $22070 | $21266 |
| (b) Audit-Related Fees | N/A | N/A |

---

---

| | | |
|:---|:---|:---|
| (c) Tax Fees | $7488 | $7200 |
| (d) All Other Fees | N/A | N/A |

---

---

| | | |
|:---|:---|:---|
| WBI BullBear Quality 3000 ETF | FYE 06/30/2025 | FYE 06/30/2024 |
| (a) Audit Fees | $22070 | $21266 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $7488 | $7200 |
| (d) All Other Fees | N/A | N/A |

---

---

| | | |
|:---|:---|:---|
| WBI BullBear Power Factor<sup>TM</sup> High Dividend ETF | FYE 06/30/2025 | FYE 06/30/2024 |
| (a) Audit Fees | $22070 | $20206 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $7488 | $7200 |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by **KPMG LLP** applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 06/30/2025 | FYE 06/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 06/30/2025</u> <u>FYE 06/30/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u>    

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established inaccordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Andrew Putterman, Jude T. Depko, John A. Flanagan.

(b) Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Appliable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](wbilogo.jpg)

**WBI BullBear Value 3000 ETF** 

**WBI BullBear Yield 3000 ETF** 

**WBI BullBear Quality 3000 ETF** 

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

Annual Financial Statements and Additional Information

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#wbisoi1) |  |
| &nbsp;&nbsp;&nbsp; [WBI BullBear Value 3000 ETF](#wbisoi1) | [1](#wbisoi1) |
| &nbsp;&nbsp;&nbsp; [WBI BullBear Yield 3000 ETF](#wbisoi2) | [3](#wbisoi2) |
| &nbsp;&nbsp;&nbsp; [WBI BullBear Quality 3000 ETF](#wbisoi3) | [5](#wbisoi3) |
| &nbsp;&nbsp;&nbsp; [WBI Power Factor<sup>®</sup> High Dividend ETF](#wbisoi4) | [7](#wbisoi4) |
| [Statements of Assets and Liabilities](#wbisal) | [9](#wbisal) |
| [Statements of Operations](#wbisop) | [10](#wbisop) |
| [Statements of Changes in Net Assets](#wbisoc) | [11](#wbisoc) |
| [Financial Highlights](#wbifihi) | [13](#wbifihi) |
| [Note to Financial Statements](#wbinotes) | [17](#wbinotes) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [27](#rep) |
|  **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#it8)** | [28](#it8) |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#it9)** | [28](#it9) |
|  **[Item 10: Remuneration Paid to Directors, Officers, and other of Open-End Management Investment Companies](#it10)** | [28](#it10) |
| **[Item 11: Statement Regarding basis for Approval of Investment Advisory Contract](#it11)** | [28](#it11) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**WBI BullBear Value 3000 ETF** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4%**  | **COMMON STOCKS - 97.4%**  | **COMMON STOCKS - 97.4%**  |
| **Capital Goods - 11.0%** | **Capital Goods - 11.0%** | **Capital Goods - 11.0%** |
| AMETEK, Inc. | 759 | $137349  |
| Applied Industrial Technologies, Inc.<sup>(a)</sup> | 439 | 102045  |
| Carlisle Cos., Inc. | 625 | 233375  |
| Comfort Systems USA, Inc. | 1133 | 607526  |
| Donaldson Co., Inc. | 1073 | 74413  |
| Emerson Electric Co.<sup>(a)</sup> | 2517 | 335592  |
| Lincoln Electric Holdings, Inc. | 501 | 103867  |
| Mueller Industries, Inc. | 6474 | 514489  |
| Owens Corning | 1687 | 231996  |
| Parker-Hannifin Corp. | 202 | 141091  |
| Rockwell Automation, Inc. | 446 | 148148  |
| Vertiv Holdings Co. - Class A | 2791 | 358392  |
|  Westinghouse Air Brake Technologies Corp. | 671 | 140474  |
|  |  | 3128757  |
| **Commercial & Professional Services - 6.3%** | **Commercial & Professional Services - 6.3%** | **Commercial & Professional Services - 6.3%** |
| Automatic Data Processing, Inc. | 694 | 214030  |
| Broadridge Financial Solutions, Inc. | 566 | 137555  |
| Genpact Ltd.<sup>(a)</sup> | 5043 | 221942  |
| Jacobs Solutions, Inc. | 1859 | 244365  |
| KBR, Inc.<sup>(a)</sup> | 1823 | 87395  |
| Rollins, Inc. | 2395 | 135126  |
| Tetra Tech, Inc.<sup>(a)</sup> | 13435 | 483123  |
| Verisk Analytics, Inc. | 894 | 278481  |
|  |  | 1802017  |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 8.5%** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 8.5%** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 8.5%** |
| Amazon.com, Inc.<sup>(b)</sup> | 2747 | 602664  |
| Dick's Sporting Goods, Inc.<sup>(a)</sup> | 1377 | 272384  |
| eBay, Inc. | 4361 | 324720  |
| Group 1 Automotive, Inc. | 229 | 100007  |
| Lithia Motors, Inc. | 317 | 107089  |
| Penske Automotive Group, Inc.<sup>(a)</sup> | 3223 | 553744  |
| Williams-Sonoma, Inc. | 2923 | 477530  |
|  |  | 2438138  |
| **Consumer Durables & Apparel - 1.2%** | **Consumer Durables & Apparel - 1.2%** | **Consumer Durables & Apparel - 1.2%** |
| Lennar Corp. - Class A<sup>(a)</sup> | 2125 | 235046  |
| Ralph Lauren Corp. | 360 | 98741  |
|  |  | 333787  |
| **Consumer Services - 5.4%** | **Consumer Services - 5.4%** | **Consumer Services - 5.4%** |
| ADT, Inc. | 41050 | 347693  |
| Boyd Gaming Corp. | 1362 | 106549  |
| H&R Block, Inc.<sup>(a)</sup> | 4347 | 238607  |
| Service Corp. International<sup>(a)</sup> | 1300 | 105820  |
| Texas Roadhouse, Inc. | 1171 | 219457  |
| Yum China Holdings, Inc. | 11460 | 512377  |
|  |  | 1530503  |
| **Consumer Staples Distribution & Retail - 0.4%** | **Consumer Staples Distribution & Retail - 0.4%** | **Consumer Staples Distribution & Retail - 0.4%** |
| Costco Wholesale Corp. | 133 | 131662  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Energy - 4.7%** | **Energy - 4.7%** | **Energy - 4.7%** |
| Cheniere Energy, Inc. | 998 | $243033  |
| Diamondback Energy, Inc. | 3868 | 531463  |
| Occidental Petroleum Corp.<sup>(a)</sup> | 11366 | 477486  |
| Viper Energy, Inc. | 2438 | 92961  |
|  |  | 1344943  |
| **Financial Services - 12.5%** | **Financial Services - 12.5%** | **Financial Services - 12.5%** |
| American Express Co.<sup>(a)</sup> | 785 | 250399  |
| Ameriprise Financial, Inc. | 610 | 325575  |
| Ares Management Corp. - Class A<sup>(a)</sup> | 1788 | 309682  |
| Blackstone, Inc. | 952 | 142400  |
| Cboe Global Markets, Inc. | 1029 | 239973  |
| Charles Schwab Corp.  | 4712  | 429923  |
| Equitable Holdings, Inc. | 1878 | 105356  |
| Essent Group Ltd. | 4027 | 244560  |
| FirstCash Holdings, Inc. | 1418 | 191629  |
| Interactive Brokers Group, Inc. - Class A | 10180 | 564074  |
| MGIC Investment Corp. | 8423 | 234496  |
| Stifel Financial Corp. | 2450 | 254261  |
| Visa, Inc. - Class A<sup>(a)</sup> | 810 | 287590  |
|  |  | 3579918  |
| **Food, Beverage & Tobacco - 3.2%** | **Food, Beverage & Tobacco - 3.2%** | **Food, Beverage & Tobacco - 3.2%** |
| Constellation Brands, Inc. - Class A<sup>(a)</sup> | 1227 | 199608  |
| Lamb Weston Holdings, Inc. | 5664 | 293679  |
| Monster Beverage Corp.<sup>(b)</sup> | 6563 | 411106  |
|  |  | 904393  |
| **Health Care Equipment & Services - 2.5%** | **Health Care Equipment & Services - 2.5%** | **Health Care Equipment & Services - 2.5%** |
| McKesson Corp. | 323 | 236688  |
| ResMed, Inc.<sup>(a)</sup> | 937 | 241746  |
| UnitedHealth Group, Inc. | 723 | 225554  |
|  |  | 703988  |
| **Insurance - 6.5%** | **Insurance - 6.5%** | **Insurance - 6.5%** |
| Assurant, Inc. | 503 | 99337  |
| Globe Life, Inc. | 827 | 102788  |
| Hanover Insurance Group, Inc. | 597 | 101412  |
| Hartford Insurance Group, Inc. | 1772 | 224814  |
| Primerica, Inc. | 1810 | 495343  |
| W.R. Berkley Corp. | 7275 | 534494  |
| Willis Towers Watson PLC | 942 | 288723  |
|  |  | 1846911  |
| **Materials - 3.5%** | **Materials - 3.5%** | **Materials - 3.5%** |
| Avery Dennison Corp. | 548 | 96157  |
| CF Industries Holdings, Inc. | 2549 | 234508  |
| Eagle Materials, Inc. | 1143 | 231012  |
| Louisiana-Pacific Corp.  | 1095 | 94159  |
| NewMarket Corp. | 345 | 238347  |
| Silgan Holdings, Inc.  | 1796 | 97307  |
|  |  | 991490  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WBI BullBear Value 3000 ETF** 

**Schedule of Investments** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Media & Entertainment - 7.1%**  | **Media & Entertainment - 7.1%**  | **Media & Entertainment - 7.1%**  |
| Alphabet, Inc. - Class A  | 3418 | $602354  |
|  Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 324 | 132454  |
| Electronic Arts, Inc.  | 2084 | 332815  |
| Meta Platforms, Inc. - Class A  | 879 | 648781  |
| TKO Group Holdings, Inc.  | 1721 | 313136  |
|  |  | 2029540  |
| &nbsp;&nbsp;&nbsp; **Pharmaceuticals, Biotechnology &** <br>**Life Sciences - 1.5%** | &nbsp;&nbsp;&nbsp; **Pharmaceuticals, Biotechnology &** <br>**Life Sciences - 1.5%** | &nbsp;&nbsp;&nbsp; **Pharmaceuticals, Biotechnology &** <br>**Life Sciences - 1.5%** |
| AbbVie, Inc. | 743 | 137916  |
| Gilead Sciences, Inc.  | 2568 | 284714  |
|  |  | 422630  |
| &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 6.0%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 6.0%** | &nbsp;&nbsp;&nbsp; **Semiconductors & Semiconductor** <br>**Equipment - 6.0%** |
| Applied Materials, Inc. | 2873 | 525960  |
| KLA Corp.  | 295 | 264243  |
| Lam Research Corp.  | 2760 | 268659  |
| NVIDIA Corp.  | 4170 | 658818  |
|  |  | 1717680  |
| **Software & Services - 5.9%** | **Software & Services - 5.9%** | **Software & Services - 5.9%** |
| Accenture PLC - Class A  | 726 | 216994  |
| ANSYS, Inc. <sup>(b)</sup> | 810 | 284488  |
| Microsoft Corp.  | 1224 | 608830  |
| Salesforce.com, Inc. | 972 | 265055 |
| ServiceNow, Inc. <sup>(b)</sup> | 310 | 318705  |
|  |  | 1694072  |
| **Technology Hardware & Equipment - 4.5%** | **Technology Hardware & Equipment - 4.5%** | **Technology Hardware & Equipment - 4.5%** |
| Apple, Inc.  | 2709 | 555806  |
| Cisco Systems, Inc.  | 4417 | 306451  |
| HP, Inc.  | 17399 | 425580  |
|  |  | 1287837  |
| **Telecommunication Services - 0.5%** | **Telecommunication Services - 0.5%** | **Telecommunication Services - 0.5%** |
| T-Mobile US, Inc. | 569 | 135570 |
| **Transportation - 2.7%** | **Transportation - 2.7%** | **Transportation - 2.7%** |
| FedEx Corp. <sup>(a)</sup> | 2280 | 518267  |
| Ryder System, Inc.  | 1539 | 244701  |
|  |  | 762968  |
| **Utilities - 3.5%** | **Utilities - 3.5%** | **Utilities - 3.5%** |
| DTE Energy Co.  | 3866 | 512091  |
| National Fuel Gas Co. | 1241 | 105125  |
| NextEra Energy, Inc.  | 3012 | 209093  |
| Vistra Corp.  | 874 | 169390  |
|  |  | 995699  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $26,230,426)** |  | 27782503 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS - 15.5%** | **SHORT-TERM INVESTMENTS - 15.5%** | **SHORT-TERM INVESTMENTS - 15.5%** |
|  **Investments Purchased with Proceeds from Securities Lending - 15.5%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.50% <sup>(c)</sup> | 4413077 | $4413077  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,413,077)** |  | 4413077  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 112.9%**<br>**(Cost $30,643,503)** |  | $32195580  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 2.6%<sup>(d)</sup> |  | 736544  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (15.5)%  |  | (4413050)  |
| **TOTAL NET ASSETS - 100.0%** |  | $28519074 |

---

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.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $4,318,099.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> 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 June 30, 2025 was 2.47%. 

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WBI BullBear Yield 3000 ETF** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 80.2%** | **COMMON STOCKS - 80.2%** | **COMMON STOCKS - 80.2%** |
| **Capital Goods - 9.2%**<br>|  |  |
| Acuity, Inc. | 1061 | $316539 |
| Applied Industrial Technologies, Inc.<sup>(a)</sup> | 524 | 121804  |
| Carlisle Cos., Inc. | 755 | 281917  |
| Comfort Systems USA, Inc. | 1003 | 537819  |
| EMCOR Group, Inc.<sup>(a)</sup> | 687 | 367469 |
| Lincoln Electric Holdings, Inc. | 604 | 125221  |
| Lockheed Martin Corp. | 416 | 192666  |
| Mueller Industries, Inc. | 5691 | 452264  |
| Owens Corning | 2055 | 282604 |
| Stanley Black & Decker, Inc.<sup>(a)</sup> | 6676 | 452299  |
|  |  | 3130602  |
| **Commercial & Professional Services - 4.2%** | **Commercial & Professional Services - 4.2%** | **Commercial & Professional Services - 4.2%** |
| Automatic Data Processing, Inc. | 606 | 186890  |
| Broadridge Financial Solutions, Inc. | 819 | 199042  |
| Genpact, Ltd.<sup>(a)</sup> | 2690  | 118387 |
| Jacobs Solutions, Inc. | 2062 | 271050  |
| KBR, Inc.<sup>(a)</sup> | 4532 | 217264 |
| Tetra Tech, Inc. | 11644 | 418718 |
|  |  | 1411351  |
|  **Consumer Discretionary Distribution & Retail - 4.5%**<br>|  |  |
| Dick's Sporting Goods, Inc. | 1669 | 330145  |
| Group 1 Automotive, Inc. | 272 | 118785 |
| Lithia Motors, Inc. | 384 | 129723  |
| Penske Automotive Group, Inc.<sup>(a)</sup> | 2878 | 494469  |
| Williams-Sonoma, Inc. | 2623 | 428519  |
|  |  | 1501641  |
| **Consumer Durables & Apparel - 2.4%**<br>|  |  |
| Hasbro, Inc. | 6303 | 465288  |
| Lennar Corp. - Class A<sup>(a)</sup> | 1915 | 211818  |
| Ralph Lauren Corp. | 429 | 117666 |
|  |  | 794772  |
| **Consumer Services - 4.6%**<br>|  |  |
| ADT, Inc. | 34722 | 294096  |
| Boyd Gaming Corp. | 1609 | 125872  |
| H&R Block, Inc. | 5049  | 277140 |
| Service Corp. International<sup>(a)</sup> | 1518 | 123565 |
| Texas Roadhouse, Inc. | 1395  | 261437 |
| Yum China Holdings, Inc. | 10299 | 460468  |
|  |  | 1542578  |
|  **Consumer Staples Distribution & Retail - 0.6%**<br>|  |  |
| Sysco Corp. | 2847 | 215632  |
| **Energy - 6.8%**<br>|  |  |
| Cheniere Energy, Inc. | 882 | 214785  |
| ConocoPhillips | 2359 | 211697  |
| Diamondback Energy, Inc. | 3424 | 470457  |
| EOG Resources, Inc. | 1846 | 220800  |
| Occidental Petroleum Corp.<sup>(a)</sup> | 10077 | 423335  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| ONEOK, Inc. | 5424 | $442761  |
| Schlumberger NV | 6070 | 205166  |
| Viper Energy, Inc. | 2905 | 110768  |
|  |  | 2299769  |
| **Financial Services - 9.2%**<br>|  |  |
| American Express Co.<sup>(a)</sup> | 989 | 315471  |
| Cboe Global Markets, Inc. | 887 | 206857  |
| Equitable Holdings, Inc. | 2266 | 127123  |
| Essent Group Ltd. | 4818 | 292597  |
| FirstCash Holdings, Inc. | 2080 | 281091  |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. - <br>Class A | 9064 | 502236  |
| Janus Henderson Group PLC | 6082 | 236225  |
| MGIC Investment Corp. | 10046 | 279681  |
| OneMain Holdings, Inc. | 9461 | 539277  |
| Stifel Financial Corp. | 2935 | 304595  |
|  |  | 3085153  |
| **Food, Beverage & Tobacco - 4.1%**<br>|  |  |
| Cal-Maine Foods, Inc. | 3270 | 325790  |
| Constellation Brands, Inc. - Class A<sup>(a)</sup> | 1089 | 177158  |
| Keurig Dr Pepper, Inc. | 5829 | 192707  |
| Lamb Weston Holdings, Inc. | 5142 | 266613  |
| Mondelez International, Inc. - Class A<sup>(a)</sup> | 3001 | 202387  |
| Tyson Foods, Inc. - Class A - Class A | 3651 | 204237  |
|  |  | 1368892  |
| **Health Care Equipment & Services - 4.0%** | **Health Care Equipment & Services - 4.0%** | **Health Care Equipment & Services - 4.0%** |
| CVS Health Corp. | 7146 | 492931  |
| McKesson Corp. | 281 | 205911  |
| Medtronic PLC | 2435 | 212259  |
| ResMed, Inc.<sup>(a)</sup> | 823 | 212334  |
| UnitedHealth Group, Inc. | 678 | 211516  |
|  |  | 1334951  |
| **Insurance - 4.4%**<br>|  |  |
| Assurant, Inc. | 609 | 120271 |
| Globe Life, Inc. | 977 | 121431  |
| Hanover Insurance Group, Inc. | 704 | 119588  |
| Hartford Insurance Group, Inc. | 1562 | 198171  |
| Primerica, Inc. | 1619 | 443072  |
| W.R. Berkley Corp. | 6376 | 468445  |
|  |  | 1470978  |
| **Materials - 3.4%**<br>|  |  |
| Avery Dennison Corp. | 652  | 114406 |
| CF Industries Holdings, Inc. | 2922 | 268824 |
| Eagle Materials, Inc. | 1367 | 276284  |
| Louisiana-Pacific Corp. | 1287  | 110669 |
| NewMarket Corp. | 405  | 279798 |
| Silgan Holdings, Inc. | 2133 | 115566  |
|  |  | 1165547  |
| **Media & Entertainment - 1.3%**<br>|  |  |
| Comcast Corp. - Class A | 11902 | 424782  |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WBI BullBear Yield 3000 ETF** 

**Schedule of Investments** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 6.0%**<br>|  |  |
| Amgen, Inc.<sup>(a)</sup> | 757 | $211362  |
| Bristol-Myers Squibb Co. | 9444 | 437163  |
| Gilead Sciences, Inc. | 1757 | 194799  |
| Johnson & Johnson | 1342 | 204990  |
| Merck & Co., Inc.<sup>(a)</sup> | 5766 | 456437  |
| Pfizer, Inc. | 20398 | 494447  |
|  |  | 1999198  |
|  **Semiconductors & Semiconductor Equipment - 2.8%**<br>|  |  |
| Applied Materials, Inc. | 2555 | 467744  |
| KLA Corp. | 259 | 231997  |
| Lam Research Corp. | 2445 | 237996  |
|  |  | 937737  |
| **Software & Services - 0.6%**<br>|  |  |
| Accenture PLC - Class A | 636 | 190094  |
| **Technology Hardware & Equipment - 0.7%** | **Technology Hardware & Equipment - 0.7%** | **Technology Hardware & Equipment - 0.7%** |
| Hewlett Packard Enterprise Co. | 11164 | 228304  |
| **Telecommunication Services - 4.1%**<br>|  |  |
| AT&T, Inc. | 15209 | 440148  |
| Millicom International Cellular SA<sup>(a)</sup> | 12814 | 480141  |
| Verizon Communications, Inc. | 10743 | 464850  |
|  |  | 1385139  |
| **Transportation - 3.7%**<br>|  |  |
| FedEx Corp.<sup>(a)</sup> | 2020 | 459167  |
| Ryder System, Inc. | 1835 | 291766 |
| United Parcel Service, Inc. - Class B | 4904 | 495011  |
|  |  | 1245944  |
| **Utilities - 3.6%**<br>|  |  |
| DTE Energy Co. | 3429 | 454206  |
| National Fuel Gas Co. | 1444 | 122322  |
| NextEra Energy, Inc. | 2737 | 190004  |
| UGI Corp.<sup>(a)</sup> | 12469 | 454122  |
|  |  | 1220654  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $25,663,049)** |  | 26953718  |
| **EXCHANGE TRADED FUNDS - 18.0%** | **EXCHANGE TRADED FUNDS - 18.0%** | **EXCHANGE TRADED FUNDS - 18.0%** |
| &nbsp;&nbsp;&nbsp; Angel Oak High Yield Opportunities <br>ETF | 107916 | 1201645  |
| &nbsp;&nbsp;&nbsp; Eaton Vance Short Duration Income <br>ETF | 14200 | 726046  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| First Trust Senior Loan ETF | 9004 | $413193  |
| Invesco Ultra Short Duration ETF | 9787 | 490720  |
| &nbsp;&nbsp;&nbsp; iShares Short Duration Bond Active <br>ETF | 7847 | 400982  |
|  SPDR Bloomberg Investment Grade Floating Rate ETF | 22941 | 707271  |
| TCW Senior Loan ETF | 17738 | 833863  |
|  WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund | 56762 | 1261819  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $6,022,080)** |  | 6035539  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 15.2%**  | **SHORT-TERM INVESTMENTS - 15.2%**  | **SHORT-TERM INVESTMENTS - 15.2%**  |
|  **Investments Purchased with Proceeds from Securities Lending - 15.2%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(b)</sup> | 5107464 | 5107464  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,107,464)** |  | 5107464  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.4%** <br>**(Cost $36,792,593)** |  | 38096721  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.8%<sup>(c)</sup> |  | 595118  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (15.2)% |  | (5083739)  |
| **TOTAL NET ASSETS - 100.0%** |  | $33608100 |

---

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.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $5,006,779.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> 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 June 30, 2025 was 2.47%.

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WBI BullBear Quality 3000 ETF** 

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.7%** | **COMMON STOCKS - 95.7%** | **COMMON STOCKS - 95.7%** |
| **Capital Goods - 12.7%**<br>|  |  |
| AMETEK, Inc. | 1046  | $189284 |
| Emerson Electric Co.<sup>(a)</sup> | 3453 | 460388  |
| HEICO Corp.  | 2583 | 847224  |
| Howmet Aerospace, Inc.  | 4134 | 769461  |
| Parker-Hannifi Corp. | 280 | 195572  |
| Rockwell Automation, Inc.  | 1256 | 417206  |
| Trane Technologies PLC  | 441 | 192898  |
| TransDigm Group, Inc.  | 219 | 333020  |
| Vertiv Holdings Co. - Class A  | 4093 | 525582  |
|  Westinghouse Air Brake Technologies Corp.  | 1526 | 319468  |
|  |  | 4250103 |
| **Commercial & Professional Services - 5.0%** | **Commercial & Professional Services - 5.0%** |  |
| Broadridge Financial Solutions, Inc.  | 784 | 190536  |
| Cintas Corp.  | 1418 | 316030  |
| Equifax, Inc.  | 1127 | 292310  |
| Republic Services, Inc.  | 1254 | 309249  |
| Rollins, Inc.  | 3315 | 187032  |
| Verisk Analytics, Inc.  | 1231 | 383456 |
|  |  | 1678613 |
|  **Consumer Discretionary Distribution & Retail - 6.5%**<br>|  |  |
| Amazon.com, Inc.<sup>(b)</sup> | 4458 | 978041  |
| eBay, Inc.  | 6014 | 447802  |
| MercadoLibre, Inc.<sup>(b)</sup> | 282 | 737044  |
|  |  | 2162887 |
| **Energy - 0.6%**<br>|  |  |
| Baker Hughes Co.  | 5021 | 192505 |
| **Financial Services - 10.6%**<br>|  |  |
| Ameriprise Financial, Inc.  | 835 | 445665  |
| Ares Management Corp. - Class A<sup>(a)</sup> | 2448 | 423994  |
| Blackstone, Inc.  | 2661 | 398032  |
| Charles Schwab Corp.  | 3543 | 323263  |
| Fiserv, Inc.<sup>(b)</sup> | 1125 | 193961  |
| Intercontinental Exchange, Inc.  | 1793 | 328962  |
| S&P Global, Inc.  | 738 | 389140  |
| Tradeweb Markets, Inc. - Class A<sup>(a)</sup> | 4431 | 648698  |
| Visa, Inc. - Class A<sup>(a)</sup> | 1122 | 398366  |
|  |  | 3550081  |
| **Food, Beverage & Tobacco - 4.2%**<br>|  |  |
| Monster Beverage Corp.<sup>(b)</sup> | 11541 | 722928  |
| Philip Morris International, Inc.  | 3727 | 678799  |
|  |  | 1401727  |
| **Health Care Equipment & Services - 7.4%** | **Health Care Equipment & Services - 7.4%** |  |
| Cardinal Health, Inc.  | 4466 | 750288  |
| Cencora, Inc.  | 2348 | 704048  |
| McKesson Corp.  | 946 | 693210  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| ResMed, Inc.<sup>(a)</sup> | 1247 | $321726  |
|  |  | 2469272  |
| **Insurance - 7.0%**<br>|  |  |
| Allstate Corp.  | 1505 | 302972  |
| Hartford Insurance Group, Inc.  | 4900 | 621663  |
| Progressive Corp.  | 1097 | 292745  |
| W R Berkley Corp.  | 9309 | 683932  |
| Willis Towers Watson PLC  | 1387 | 425116  |
|  |  | 2326428  |
| **Materials - 0.5%**<br>|  |  |
| Sherwin-Williams Co.  | 516 | 177174  |
| **Media & Entertainment - 11.8%**<br>|  |  |
| Alphabet, Inc. - Class A  | 5368 | 946003  |
|  Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 1641 | 670857  |
| Electronic Arts, Inc.  | 2895 | 462331  |
| Meta Platforms, Inc. - Class A  | 685 | 505592  |
| ROBLOX Corp. - Class A<sup>(a)(b)</sup> | 8915 | 937858  |
| TKO Group Holdings, Inc.  | 2361 | 429584  |
|  |  | 3952225  |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 1.9%**<br>|  |  |
| AbbVie, Inc.  | 1024 | 190075  |
| Gilead Sciences, Inc.  | 3890 | 431284  |
|  |  | 621359  |
|  **Semiconductors & Semiconductor Equipment - 4.1%**<br>|  |  |
| KLA Corp.  | 401 | 359192  |
| NVIDIA Corp.  | 6449 | 1018877  |
|  |  | 1378069  |
| **Software & Services - 14.6%**<br>|  |  |
| ANSYS, Inc.<sup>(b)</sup> | 1120 | 393366  |
| Intuit, Inc.  | 961 | 756913  |
| Microsoft Corp.  | 2181 | 1084851  |
| Salesforce, Inc.  | 1435 | 391310  |
| ServiceNow, Inc.<sup>(b)</sup> | 425 | 436934  |
| VeriSign, Inc.  | 2570 | 742216  |
| Workday, Inc. - Class A<sup>(b)</sup> | 1156 | 277440  |
| Zscaler, Inc.<sup>(b)</sup> | 2554 | 801803  |
|  |  | 4884833  |
| **Technology Hardware & Equipment - 4.0%** | **Technology Hardware & Equipment - 4.0%** |  |
| Apple, Inc.  | 4284 | 878948  |
| Cisco Systems, Inc.  | 6460 | 448195  |
|  |  | 1327143  |
| **Telecommunication Services - 0.6%**<br>|  |  |
| T-Mobile US, Inc.  | 779 | 185604  |
| **Transportation - 1.9%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)(b)</sup> | 6978 | 651047  |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WBI BullBear Quality 3000 ETF** 

**Schedule of Investments** 

**June 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Utilities - 2.3%**<br>|  |  |
| NextEra Energy, Inc.  | 4262 | $295868  |
| NRG Energy, Inc.  | 1554 | 249542  |
| Vistra Corp.  | 1209 | 234316  |
|  |  | 779726  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $29,376,597)** |  | 31988796 |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 13.0%** | **SHORT-TERM INVESTMENTS - 13.0%** | **SHORT-TERM INVESTMENTS - 13.0%** |
|  **Investments Purchased with Proceeds from Securities Lending - 13.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(c)</sup> | 4336830 | 4336830  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,336,830)** |  | 4336830 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.7%** <br>**(Cost $33,713,427)** |  | $36325626 |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 3.6%<sup>(d)</sup> |  | 1207417 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (12.3)%  |  | (4104668) |
| **TOTAL NET ASSETS - 100.0%** |  | $33428375 |

---

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.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $4,286,161.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(d)</sup> 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 June 30, 2025 was 2.47%.

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

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

**Schedule of Investments** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.3%**<br>|  |  |
| **Automobiles & Components - 6.5%**<br>|  |  |
| Ford Motor Co. | 257214 | $2790772  |
| LCI Industries<sup>(a)</sup> | 8752 | 798095  |
|  |  | 3588867 |
| **Banks - 12.6%**<br>|  |  |
| Atlantic Union Bankshares Corp. | 29249 | 914909  |
| Bank of NT Butterfield & Son Ltd. | 2974 | 131689  |
| Citizens Financial Group, Inc. | 17629 | 788898  |
| Columbia Banking System, Inc.<sup>(a)</sup> | 28269 | 660929  |
| Comerica, Inc. | 13365 | 797222  |
|  First Interstate BancSystem, Inc. - Class A | 12499 | 360221  |
| Hope Bancorp, Inc. | 14740 | 158160  |
| Northwest Bancshares, Inc. | 12914 | 165041  |
| Pacific Premier Bancorp, Inc. | 13336 | 281256  |
| Provident Financial Services, Inc. | 12177 | 213463  |
| Truist Financial Corp. | 21746 | 934860  |
| Valley National Bancorp | 89547 | 799655  |
| WesBanco, Inc. | 25112 | 794293  |
|  |  | 7000596 |
|  **Consumer Discretionary Distribution & Retail - 9.0%**<br>|  |  |
| Best Buy Co., Inc. | 38328 | 2572959  |
| Macy's, Inc.<sup>(a)</sup> | 160408 | 1870357  |
| Monro, Inc. | 20701 | 308652  |
| Upbound Group, Inc.<sup>(a)</sup> | 10479 | 263023  |
|  |  | 5014991 |
| **Consumer Services - 6.9%**<br>|  |  |
| Dine Brands Global, Inc. | 14960 | 363977  |
| Marriott Vacations Worldwide Corp.<sup>(a)</sup> | 12611 | 911902  |
| Papa John's International, Inc.<sup>(a)</sup> | 37844 | 1852085  |
| Travel + Leisure Co. | 14272 | 736578  |
|  |  | 3864542 |
| **Energy - 14.5%**<br>|  |  |
| APA Corp.<sup>(a)</sup> | 157738 | 2885028  |
| Chevron Corp. | 5267 | 754182  |
| FLEX LNG Ltd.<sup>(a)</sup> | 9227 | 202809  |
| Murphy Oil Corp.<sup>(a)</sup> | 71102 | 1599795  |
| Noble Corp. PLC | 54229 | 1439780  |
| Permian Resources Corp. | 68700 | 935694  |
| SFL Corp. Ltd.<sup>(a)</sup> | 26869 | 223819  |
|  |  | 8041107 |
| **Financial Services - 8.3%**<br>|  |  |
|  Artisan Partners Asset Management, Inc. - Class A<sup>(a)</sup> | 10259 | 454782  |
| Invesco Ltd.<sup>(a)</sup> | 109292 | 1723535  |
| Navient Corp. | 16974 | 239333  |
| OneMain Holdings, Inc. | 21370 | 1218090  |
| Virtus Investment Partners, Inc. | 698 | 126617  |
| Western Union Co.<sup>(a)</sup> | 103798 | 873979  |
|  |  | 4636336 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Food, Beverage & Tobacco - 8.2%**<br>|  |  |
| Altria Group, Inc. | 43467 | $2548470  |
| Conagra Brands, Inc.<sup>(a)</sup> | 51802 | 1060387  |
| Kraft Heinz Co.<sup>(a)</sup> | 36562 | 944031  |
|  |  | 4552888 |
| **Insurance - 1.4%**<br>|  |  |
| Prudential Financial, Inc. | 7062 | 758741  |
| **Materials - 9.4%**<br>|  |  |
| FMC Corp.<sup>(a)</sup> | 62564 | 2612047  |
| LyondellBasell Industries NV - Class A<sup>(a)</sup> | 44737 | 2588483  |
|  |  | 5200530 |
| **Media & Entertainment - 1.4%**<br>|  |  |
| Interpublic Group of Cos., Inc. | 32844 | 804021  |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 4.7%**<br>|  |  |
| Pfizer, Inc. | 108010 | 2618162  |
| **Telecommunication Services - 4.3%** | **Telecommunication Services - 4.3%** | **Telecommunication Services - 4.3%** |
| Verizon Communications, Inc. | 55757 | 2412605  |
| **Transportation - 5.1%**<br>|  |  |
| Global Ship Lease, Inc. - Class A | 8241 | 216821  |
| United Parcel Service, Inc. - Class B | 25786 | 2602839  |
|  |  | 2819660 |
| **Utilities - 7.0%**<br>|  |  |
| AES Corp. | 249307 | 2622710  |
| Clearway Energy, Inc. - Class C | 17095 | 547040  |
| Dominion Energy, Inc. | 12882 | 728090  |
|  |  | 3897840 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $54,968,322)** |  | 55210886 |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 27.0%** | **SHORT-TERM INVESTMENTS - 27.0%** | **SHORT-TERM INVESTMENTS - 27.0%** |
|  **Investments Purchased with Proceeds from Securities Lending - 27.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(b)</sup> | 15001591 | 15001591  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $15,001,591)** |  | 15001591 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 126.3%** <br>**(Cost $69,969,913)** |  | $70212477 |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.4%<sup>(c)</sup> |  | 210039 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (26.7)% |  | (14832998) |
| **TOTAL NET ASSETS - 100.0%** |  | $55589518 |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

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

**Schedule of Investments** 

**June 30, 2025 (Continued)** 

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.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $14,522,370.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> 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 June 30, 2025 was 2.47%.

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Statements of Assets and Liabilities** 

**June 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WBI BullBear** <br>**Value 3000 ETF** | **WBI BullBear** <br>**Yield 3000 ETF** | **WBI BullBear** <br>**Quality 3000 ETF** | **WBI Power Factor<sup>®</sup>** <br>**High Dividend ETF**  |
| **ASSETS**<br>|  |  |  |  |
| Investments in securities, at value\*<sup>+</sup> (Note 2) | $32195580 | $38096721 | $36325626 | $70212477  |
| Cash | 736544 | 595118 | 1207417 | 210039  |
| Receivable for investments sold |  |  | 258821 | —  |
| Dividends and interest receivable | 35527 | 61175 | 14953 | 188221  |
| Prepaid expenses and other assets | 5083 | 5083 | 5083 | 10964  |
| Receivable for Expense Reimbursement  | —  | —  | —  | 1942  |
| Securities lending income receivable | 369 | 1238 | 291 | 1460  |
| &nbsp;&nbsp;&nbsp; Total Assets | 32973103 | 38759335 | 37812191 | 70625103  |
| **LIABILITIES**<br>|  |  |  |  |
| Collateral received for securities loaned (Note 7) | 4413077 | 5107464 | 4336830 | 15001591  |
| Administration and fund accounting fees | 13308 | 14053 | 13375 | 13416  |
| Audit fees | 10196 | 10152 | 10152 | 10143  |
| Management fees | 7051 | 5997 | 10842 | —  |
| Accrued other expenses | 3859 | 7118 | 5757 | 3956  |
| Chief Compliance Officer fee | 2585 | 2558 | 2685 | 2691  |
| Custody fees | 2002 | 2234 | 2237 | 1820  |
| Legal fees | 1947 | 1655 | 1934 | 1964  |
| Directors fees | 4 | 4 | 4 | 4  |
| Total Liabilities | 4454029 | 5151235 | 4383816 | 15035585  |
| **NET ASSETS** | $28519074 | $33608100 | $33428375 | $55589518  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Paid-in capital | $47590737 | $99370647 | $55940387 | $61219243  |
| Total accumulated deficit | (19071663) | (65762547) | (22512012) | (5629725)  |
| **Net Assets** | $28519074 | $33608100 | $33428375 | $55589518  |
| **\*Cost** | **\*Cost** | **\*Cost** | **\*Cost** | **\*Cost** |
| Investments in securities | $30643503 | $36792593 | $33713427 | $69969913  |
| Net Asset Value (unlimited shares authorized):<br>|  |  |  |  |
| Net Assets | $28519074 | $33608100 | $33428375 | $55589518  |
| Shares Outstanding<sup>^</sup> | 988315 | 1530183 | 1027182 | 1900000  |
|  **Net asset value, offering and redemption price per share** | $28.86 | $21.96 | $32.54 | $29.26 |

---

<sup>^</sup> No Par Value

---

| | |
|:---|:---|
| <sup>+</sup><br>| Including securities on loan of $4,318,099, $5,006,779, $4,286,161, $14,522,370 respectively.<br>|

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Statements of Operations** 

**For the Year Ended June 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WBI BullBear** <br>**Value 3000 ETF** | **WBI BullBear** <br>**Yield 3000 ETF** | **WBI BullBear** <br>**Quality 3000 ETF** | **WBI Power Factor<sup>®</sup>** <br>**High Dividend ETF**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Dividends<sup>+</sup> | $489031 | $1285374 | $408477 | $3507554  |
| Interest | 50442 | 70325 | 66663 | 24555  |
| Securities lending income (Note 7) | 4461 | 7626 | 4855 | 17724  |
| &nbsp;&nbsp;&nbsp; Total investment income | 543934 | 1363325 | 479995 | 3549833  |
| **Expenses:**<br>|  |  |  |  |
| Management fees (Note 3) | 265581 | 332702 | 316287 | 329062  |
| Professional fees | 107177 | 105792 | 106187 | 107186  |
|  Administration, fund accounting and custodian fees (Note 6) | 87372 | 88772 | 88122 | 85689  |
| Director's fees and expenses | 27430 | 27430 | 27430 | 27430  |
| Insurance expenses | 25440 | 25440 | 25440 | 25440  |
| Exchange fees | 11709 | 9926 | 10557 | 8315  |
| Shareholder reporting expenses | 3542 | 3846 | 3756 | 4766  |
| Miscellaneous expenses | 8766 | 10257 | 9376 | 36006  |
| &nbsp;&nbsp;&nbsp; Total Expenses | 537017 | 604165 | 587155 | 623894  |
| Less: Fees (Waived) | (23417) | (12586) | (14989) | (43449)  |
| Net Expenses | 513600 | 591579 | 572166 | 580445  |
| **Net investment income** | 30334 | 771746 | (92171) | 2969388  |
| **REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities | (1397907) | (3607946) | (2343557) | 3567477  |
|  Net change in unrealized appreciation (depreciation) of:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities | 1335815 | 667982 | 1896816 | (3132344)  |
|  **Net realized and unrealized gain (loss) on investments** | (62092) | (2939964) | (446741) | 435133  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(31758) | $(2168218) | $(538912) | $3404521 |

---

<sup>+</sup> There are no taxes withheld as of 6/30/2025.

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WBI BullBear** <br>**Value 3000 ETF** | **WBI BullBear** <br>**Value 3000 ETF** | **WBI BullBear** <br>**Yield 3000 ETF**  | **WBI BullBear** <br>**Yield 3000 ETF**  |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024**  |
| **INCREASE (DECREASE) IN NET ASSETS:**<br>|  |  |  |  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $30334 | $475894 | $771746 | $920351  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (1397907) | 3172482 | (3607946) | 4395143  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1335815 | (3357191) | 667982 | (3059535)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (31758) | 291185 | (2168218) | 2255959  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (94871) | (452001) | (801291) | (899303)  |
| &nbsp;&nbsp;&nbsp; From return of capital  | (6806)  | —  | (28347)  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (101677) | (452001) | (829638) | (899303)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (4346390) | (11294235) | (7200795) | (15203025) |
| &nbsp;&nbsp;&nbsp; **Net decrease from capital transactions**  | (4346390) | (11294235) | (7200795) | (15203025)  |
| &nbsp;&nbsp;&nbsp; **Total decrease in net assets** | $(4479825) | $(11455051) | $(10198651) | $(13846369)  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | $32998899 | $44453950 | $43806751 | $57653120  |
| &nbsp;&nbsp;&nbsp; End of Year | $28519074 | $32998899 | $33608100 | $43806751 |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Statements of Changes in Net Assets (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WBI BullBear** <br>**Quality 3000 ETF** | **WBI BullBear** <br>**Quality 3000 ETF** | **WBI Power Factor<sup>®</sup>** <br>**High Dividend ETF**  | **WBI Power Factor<sup>®</sup>** <br>**High Dividend ETF**  |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024**  |
| **INCREASE (DECREASE) IN NET ASSETS:**<br>|  |  |  |  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $(92171) | $44313 | $2969388 | $2687012  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (2343557) | 7477052 | $3567477 | (206398)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1896816 | (1821876) | $(3132344) | 6599428  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (538912) | 5699489 | 3404521 | 9080042  |
| **DISTRIBUTIONS TO SHAREHOLDERS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  | (44683) | (3061205) | (2566342)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (44683) | (3061205) | (2566342)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued  | —  | —  | 6101615  | 5777920  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (5278970)  | (10991445)  | (10367845)  | (13684070)  |
| &nbsp;&nbsp;&nbsp; **Net decrease from capital transactions**  | (5278970) | (10991445) | (4266230) | (7906150)  |
| &nbsp;&nbsp;&nbsp; **Total decrease in net assets** | $(5817882) | $(5336639) | $(3922914) | $(1392450)  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of Year | $39246257 | $44582896 | $59512432 | $60904882  |
| &nbsp;&nbsp;&nbsp; End of Year | $33428375 | $39246257 | $55589518 | $59512432 |

---

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Financial Highlights** 

**For capital share outstanding throughout each period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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**  |
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025**  | **2024** | **2023** | **2022** | **2021**  |
| Net Asset Value, Beginning of Year | $28.99 | $28.90 | $29.55 | $31.75 | $25.60 |
| &nbsp;&nbsp;&nbsp; **Income (Loss) from Investment** <br>**Operations:** | &nbsp;&nbsp;&nbsp; **Income (Loss) from Investment** <br>**Operations:** | &nbsp;&nbsp;&nbsp; **Income (Loss) from Investment** <br>**Operations:** | &nbsp;&nbsp;&nbsp; **Income (Loss) from Investment** <br>**Operations:** | &nbsp;&nbsp;&nbsp; **Income (Loss) from Investment** <br>**Operations:** | &nbsp;&nbsp;&nbsp; **Income (Loss) from Investment** <br>**Operations:** |
| Net investment income<sup>1</sup> | 0.03  | 0.35 | 0.25 | 0.29 | 0.49 |
|  Net gain (loss) on investments (realized and unrealized)<sup>2</sup> | (0.07)  | 0.10 | (0.51) | (2.06) | 6.05 |
| Total from investment operations | (0.04) | 0.45 | (0.26) | (1.77) | 6.54 |
| **Less Distributions:**<br>|  |  |  |  |  |
| Distributions from net investment income<sup>3</sup> | (0.09)  | (0.36) | (0.39) | (0.43) | (0.39) |
| Net asset value, end of year | $28.86 | $28.99 | $28.90 | $29.55 | $31.75 |
| Market price, end of year | $28.78  | $28.97 | $28.91 | $29.48 | $31.77 |
| Net Assets Total Return<sup>4</sup> | (0.13)%  | 1.57% | (0.79)% | (5.62)% | 25.59% |
| **Supplemental Data:**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $28519  | $32999 | $44454 | $42503 | $53597 |
| **Ratios to Average Net Assets:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses before fees (waived)/recouped | 1.72%  | 1.51% | 1.64% | 1.38% | 1.36% |
| &nbsp;&nbsp;&nbsp; Expenses after fees (waived)/recouped | 1.64%  | 1.36% | 1.25% | 1.25% | 1.25% |
| Net investment income to average net assets | 0.09%  | 1.24% | 0.89% | 0.94% | 1.71% |
| Portfolio turnover rate<sup>5</sup> | 690% | 742% | 906% | 845% | 800% |

---

<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 Fund's underlying securities.

<sup>3</sup> Distributions from net investment income per share represents distributions divided by the distribution shares throughout the period.

<sup>4</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>5</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.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Financial Highlights** 

**For capital share outstanding throughout each period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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**  |
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025**  | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $23.94 | $23.25 | $25.95 | $26.67 | $22.53 |
|  **Income (Loss) from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.45  | 0.43 | 0.42 | 0.39 | 0.41 |
|  Net gain (loss) on investments (realized and unrealized)<sup>2</sup> | (1.93)  | 0.69 | (2.61) | (0.57) | 4.13 |
| Total from investment operations | (1.48)  | 1.12 | (2.19) | (0.18) | 4.54 |
| **Less Distributions:**<br>|  |  |  |  |  |
| Distributions from net investment income<sup>3</sup> | (0.50)  | (0.43) | (0.51) | (0.54) | (0.40)  |
| Net asset value, end of year | $21.96  | $23.94 | $23.25 | $25.95 | $26.67 |
| Market price, end of year | $21.91  | $23.92 | $23.24 | $25.92 | $26.68 |
| Net Assets Total Return<sup>4</sup> | (6.32)%  | 4.88% | (8.49)% | (0.73)% | 20.36% |
| **Supplemental Data:**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $33608  | $43807 | $57653 | $38416 | $47477 |
| **Ratios to Average Net Assets:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses before fees (waived)/recouped | 1.54%  | 1.36% | 1.44% | 1.43% | 1.27% |
| &nbsp;&nbsp;&nbsp; Expenses after fees (waived)/recouped | 1.51%  | 1.28% | 1.25% | 1.26% | 1.25% |
| Net investment income to average net assets | 1.97%  | 1.83% | 1.73% | 1.44% | 1.68% |
| Portfolio turnover rate<sup>5</sup> | 799% | 641% | 890% | 824% | 820% |

---

<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 Fund's underlying securities. 

<sup>3</sup> Distributions from net investment income per share represents distributions divided by the distribution shares throughout the period.

<sup>4</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>5</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.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Financial Highlights** 

**For capital share outstanding throughout each period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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**  |
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025**  | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $33.34 | $29.19 | $28.78 | $30.74 | $26.06 |
|  **Income (Loss) from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | (0.08)  | 0.03 | 0.23 | 0.32 | 0.12 |
|  Net gain (loss) on investments (realized and unrealized)<sup>2</sup> | (0.72)  | 4.16 | 0.54 | (1.68) | 4.62 |
| Total from investment operations | (0.80)  | 4.19 | 0.77 | (1.36) | 4.74 |
| **Less Distributions:**<br>|  |  |  |  |  |
| Distributions from net investment income<sup>3</sup> | —  | (0.04) | (0.36) | (0.60) | (0.06)  |
| Net asset value, end of year | $32.54  | $33.34 | $29.19 | $28.78 | $30.74 |
| Market price, end of year | $32.53  | $33.33 | $29.19 | $28.73 | $30.75 |
| Net Assets Total Return<sup>4</sup> | (2.40)%  | 14.33% | 2.79% | (4.58)% | 18.21% |
| **Supplemental Data:**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $33428  | $39246 | $44583 | $36758 | $45407 |
| **Ratios to Average Net Assets:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses before fees (waived)/recouped | 1.58%  | 1.44% | 1.65% | 1.45% | 1.31% |
| &nbsp;&nbsp;&nbsp; Expenses after fees (waived)/recouped | 1.54%  | 1.32% | 1.25% | 1.25% | 1.25% |
| Net investment income to average net assets | (0.26)%  | 0.10% | 0.82% | 1.04% | 0.43% |
| Portfolio turnover rate<sup>5</sup> | 760% | 672% | 805% | 899% | 838% |

---

<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 Fund's underlying securities.

<sup>3</sup> Distributions from net investment income per share represents distributions divided by the distribution shares throughout the period.

<sup>4</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>5</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.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Financial Highlights** 

**For capital share outstanding throughout each period** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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**  |
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025**  | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $29.03 | $25.92 | $25.97 | $27.43 | $18.76 |
|  **Income (Loss) from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 1.49  | 1.26 | 1.36 | 1.16 | 1.10 |
|  Net gain (loss) on investments (realized and unrealized)<sup>2</sup> | 0.29  | 3.07 | 0.05 | (1.49) | 8.65 |
| Total from investment operations | 1.78  | 4.33 | 1.41 | (0.33) | 9.75 |
| **Less Distributions:**<br>|  |  |  |  |  |
| Distributions from net investment income<sup>3</sup> | (1.55)  | (1.22) | (1.46) | (1.13) | (1.08)  |
| Net asset value, end of year | $29.26  | $29.03 | $25.92 | $25.97 | $27.43 |
| Market price, end of year | $29.25  | $29.00 | $25.94 | $25.92 | $27.48 |
| Net Assets Total Return<sup>4</sup> | 6.10%  | 16.97% | 5.63% | (1.40)% | 53.09% |
| **Supplemental Data:**<br>|  |  |  |  |  |
| Net assets, end of year (000's) | $55590  | $59512 | $60905 | $62333 | $64457 |
| **Ratios to Average Net Assets:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses before fees (waived)/recouped | 1.04%  | 0.99% | 1.00% | 0.94% | 0.98% |
| &nbsp;&nbsp;&nbsp; Expenses after fees (waived)/recouped | 0.97%  | 0.84% | 0.70% | 0.70% | 0.70% |
| Net investment income to average net assets | 4.95%  | 4.52% | 5.09% | 4.16% | 4.73% |
| Portfolio turnover rate<sup>5</sup> | 141% | 152% | 175% | 183% | 191% |

---

<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 Fund's underlying securities.

<sup>3</sup> Distributions from net investment income per share represents distributions divided by the distribution shares throughout the period.

<sup>4</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>5</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.

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

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Note to Financial Statements** 

**June 30, 2025** 

**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 four 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 June 30, 2025, and the period covered by these Notes to Financial Statements is the fiscal period from July 1, 2024 through June 30, 2025 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 June 30, 2025. Actual results could differ from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;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 Adviser, whom the Board of Trustees designed as the valuation designee pursuant to 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.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Note to Financial Statements** 

**June 30, 2025 (Continued)** 

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 –<br>| 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 –<br>| 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. |

---

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** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets<sup>^</sup>** | **Assets<sup>^</sup>** | **Assets<sup>^</sup>** | **Assets<sup>^</sup>** | **Assets<sup>^</sup>** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $27782503 | $— | $— | $27782503 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 4413077 |
| **Total Investments in Securities, at value** | $27782503 | $— | $— | $32195580 |

---

**WBI BullBear Yield 3000 ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets<sup>^</sup>** | **Assets<sup>^</sup>** | **Assets<sup>^</sup>** | **Assets<sup>^</sup>** | **Assets<sup>^</sup>** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $26953718 | $— | $— | $26953718 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 6035539 |  |  | 6035539 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 5107464 |
| **Total Investments in Securities, at value** | $32989257 | $— | $— | $38096721 |

---

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Note to Financial Statements** 

**June 30, 2025 (Continued)** 

**WBI BullBear Quality 3000 ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets<sup>^</sup>** | **Assets<sup>^</sup>** | **Assets<sup>^</sup>** | **Assets<sup>^</sup>** | **Assets<sup>^</sup>** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $31988796 | $— | $— | $31988796 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 4336830 |
| **Total Investments in Securities, at value** | $31988796 | $— | $— | $36325626 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets<sup>^</sup>** | **Assets<sup>^</sup>** | **Assets<sup>^</sup>** | **Assets<sup>^</sup>** | **Assets<sup>^</sup>** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $55210886 | $— | $— | $55210886 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 15001591 |
| **Total Investments in Securities, at value**  | $55210886 | $— | $— | $70212477 |

---

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

<sup>^</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;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

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Note to Financial Statements** 

**June 30, 2025 (Continued)** 

affect the Funds' investments. Investments in emerging markets may have more risk because the markets are less 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.

&nbsp;&nbsp;&nbsp;&nbsp;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 losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Note to Financial Statements** 

**June 30, 2025 (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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 June 30, 2025 that materially impacted the amounts or disclosures in the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;J. *New Accounting Pronouncements and Other Matters.* In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment
 Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This change is intended to improve reportable segment disclosure
 requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better
 understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the
 entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses
 that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more
 additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for
 entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning
 after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Management
 has evaluated the impact of adopting this guidance with respect to the financial statements and disclosures and determined there is no
 material impact for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;K. *Segment reporting.* The Funds operates through a single operating and reporting segment to achieve its investment objective as reflected in the Funds'
 prospectus. The Chief Operating Decision Makers ("CODM") are the Funds' president, chief financial officer, and senior
 management at the Investment Manager. The CODM assesses the performance and makes operating decisions for the Funds primarily based on
 the Funds' changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes the Funds'
 net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of the
 Funds. As the Funds' operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement
 of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.

**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

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Note to Financial Statements** 

**June 30, 2025 (Continued)** 

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 had 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, 2025 (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 1.00% and each of the remaining Funds is limited to 1.70% 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, 2026** | **June 30, 2027** | **June 30, 2028**  |
| WBI BullBear Value 3000 ETF | $163108 | &nbsp;&nbsp;&nbsp; 55737 | &nbsp;&nbsp;&nbsp; 23417  |
| WBI BullBear Yield 3000 ETF | $106955 | &nbsp;&nbsp;&nbsp; 38229 | &nbsp;&nbsp;&nbsp; 9452  |
| WBI BullBear Quality 3000 ETF | $165666 | &nbsp;&nbsp;&nbsp; 51910 | &nbsp;&nbsp;&nbsp; 14388  |
| WBI Power Factor<sup>®</sup> High Dividend ETF | $219678 | &nbsp;&nbsp;&nbsp; 83939 | &nbsp;&nbsp;&nbsp; 45185 |

---

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 Vigilant Distributors, LLC ("Vigilant"), whereby Vigilant 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,

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Note to Financial Statements** 

**June 30, 2025 (Continued)** 

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of** <br>**Securities on Loan** | **Collateral** <br>**Received\***  |
| WBI BullBear Value 3000 ETF | &nbsp;&nbsp; $4318099 | 4413077  |
| WBI BullBear Yield 3000 ETF | &nbsp;&nbsp; 5006779 | 5107464  |
| WBI BullBear Quality 3000 ETF | &nbsp;&nbsp; 4286161 | 4336830  |
| WBI Power Factor<sup>®</sup> High Dividend ETF | &nbsp;&nbsp; 14522370 | 15001591 |

---

\* 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.

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** <br>**Income Earned**  |
| WBI BullBear Value 3000 ETF | &nbsp;&nbsp;&nbsp;&nbsp; $4461  |
| WBI BullBear Yield 3000 ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7626  |
| WBI BullBear Quality 3000 ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4855  |
| WBI Power Factor<sup>®</sup> High Dividend ETF | &nbsp;&nbsp;&nbsp;&nbsp; 17724 |

---

**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.** 

**Offsetting Assets and Liabilities** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Description** | **Value of** <br>**Securities on** <br>**Loan** | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets &** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statement of** <br>**Assets &** <br>**Liabilities** | **Collateral** <br>**Received<sup>(a)</sup>** | **Net** <br>**Amount**  |
|  WBI BullBear Value 3000 ETF | Securities Lending | $4318099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 4318099 | 4413077 | &nbsp;&nbsp;&nbsp; —  |
|  WBI BullBear Yield 3000 ETF | Securities Lending | $5006779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 5006779 | 5107464 | &nbsp;&nbsp;&nbsp; —  |

---

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Note to Financial Statements** 

**June 30, 2025 (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Description** | **Value of** <br>**Securities on** <br>**Loan** | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets &** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statement of** <br>**Assets &** <br>**Liabilities** | **Collateral** <br>**Received<sup>(a)</sup>** | **Net** <br>**Amount**  |
|  WBI BullBear Quality 3000 ETF | Securities Lending | $4286161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; 4286161 | 4336830 | &nbsp;&nbsp;&nbsp; —  |
|  WBI Power Factor<sup>®</sup> High Dividend ETF | Securities Lending | $14522370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 14522370 | 15001591 | &nbsp;&nbsp;&nbsp; — |

---

<sup>(a)</sup> The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the statement of assets and liabilities, If this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities with that counterparty.

**NOTE 8 – TAX INFORMATION** 

The tax character of distributions declared by the Funds was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2025** | **Year Ended June 30, 2024**  | **Year Ended June 30, 2024**  | **Year Ended June 30, 2024**  |
| <br>**Fund** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain** | **Return of** <br>**Capital** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain** | **Return of** <br>**Capital**  |
| WBI BullBear Value 3000 ETF | $94871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 6806 | 452001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| WBI BullBear Yield 3000 ETF | $801291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 28347 | 899303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| WBI BullBear Quality 3000 ETF | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | 44683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| WBI PowerFactor<sup>®</sup> High Dividend ETF | $3061205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | 2566342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Cose 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, 2025, related to net capital gain to zero.

Each Fund's cost basis of investments for federal income tax purposes as of June 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WBI BullBear** <br>**Value 3000 ETF** | **WBI BullBear** <br>**Yield 3000 ETF** | **WBI BullBear** <br>**Quality 3000 ETF** | **WBI** <br>**PowerFactor<sup>®</sup>** <br>**High Dividend ETF**  |
| Cost of investments | $31316346 | $36991583 | &nbsp;&nbsp; $34828330 | &nbsp;&nbsp;&nbsp; $70082882  |
| Gross tax unrealized appreciation | 1873570 | 1472428 | &nbsp;&nbsp; 2800643 | &nbsp;&nbsp;&nbsp; 5224969  |
| Gross tax unrealized depreciation | (994336) | (367290) | &nbsp;&nbsp; (1303347) | &nbsp;&nbsp;&nbsp; (5095374)  |
| Net tax unrealized appreciation | $879234 | $1105138 | &nbsp;&nbsp; $1497296 | &nbsp;&nbsp;&nbsp; $129595 |

---

The components of distributable earnings (losses) for federal income tax purposes as of June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **WBI BullBear** <br>**Value 3000 ETF** | **WBI BullBear** <br>**Yield 3000 ETF** | **WBI BullBear** <br>**Quality 3000 ETF** | **WBI** <br>**PowerFactor<sup>®</sup>** <br>**High Dividend ETF**  |
|  Net tax unrealized appreciation (depreciation) | $879234 | $1105138 | $1497296 | &nbsp;&nbsp;&nbsp; $129595  |
| Undistributed ordinary income |  |  |  | &nbsp;&nbsp;&nbsp; 41262  |
| Undistributed long term gain (loss) |  |  |  | &nbsp;&nbsp;&nbsp; —  |
| Total distributable earnings |  |  |  | &nbsp;&nbsp;&nbsp; 41262  |
| Other accumulated gain (loss) | (19950897) | (66867685) | (24009308) | &nbsp;&nbsp;&nbsp; (5800582)  |
| Total accumulated gain (loss) | $(19071663) | $(65762547) | $(22512012) | &nbsp;&nbsp;&nbsp; $(5629725) |

---

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Note to Financial Statements** 

**June 30, 2025 (Continued)** 

Net capital losses incurred after October 31, 2024, and December 31, 2024 and within the taxable year are deemed to arise on the first business day of each Fund's next taxable year.

---

| | | |
|:---|:---|:---|
| **Fund**  | **Capital** | **Ordinary**  |
| WBI BullBear Value 3000 ETF<sup>+</sup> | $— | $40644  |
| WBI BullBear Yield 3000 ETF<sup>+</sup> |  | —  |
| WBI BullBear Quality 3000 ETF<sup>+</sup> |  | 91171  |
| WBI PowerFactor<sup>®</sup> High Dividend ETF |  |  |

---

As of June 30, 2025, the Funds had the following short-term and long-term capital loss carryforwards available for federal income tax purposes, with an indefinite expiration:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Short-Term** | **Long-Term**  |
| WBI BullBear Value 3000 ETF<sup>+</sup> | $19910253 | $—  |
| WBI BullBear Yield 3000 ETF<sup>+</sup> | 66867685 | —  |
| WBI BullBear Quality 3000 ETF<sup>+</sup> | 23917137 | —  |
| WBI PowerFactor<sup>®</sup> High Dividend ETF | 4846808 | 953774 |

---

<sup>+</sup> Annual limitation may apply to a portion of the losses under IRC 382.

Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. GAAP require that certain components of net assets be adjusted to reflect the permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary difference causing such reclassification is due to redemptions in-kind. At June 30, 2025, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of assets and liabilities.

---

| | | |
|:---|:---|:---|
| **Fund**  | **Paid-In** <br>**Capital**  | **Total** <br>**Distributable** <br>**Loss** |
| WBI BullBear Value 3000 ETF<sup>+</sup> | $76287  | $(76287)  |
| WBI BullBear Yield 3000 ETF<sup>+</sup> | (3889)  | 3899  |
| WBI BullBear Quality 3000 ETF<sup>+</sup> | 279400  | (279400)  |
| WBI PowerFactor<sup>®</sup> High Dividend ETF  | 688345  | (688345) |

---

**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** | **All Other** |
| <br>**Fund** | **Purchases** | **Sales**  |
| WBI BullBear Value 3000 ETF | $209741398 | $210336625  |
| WBI BullBear Yield 3000 ETF | 301227916 | 300816606  |
| WBI BullBear Quality 3000 ETF | 273735477 | 276234357  |
| WBI Power Factor<sup>®</sup> High Dividend ETF | 83389845 | 83307949 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Subscriptions** | **Redemptions**  |
| WBI BullBear Value 3000 ETF | $— | $4037403  |
| WBI BullBear Yield 3000 ETF |  | 6971261  |
| WBI BullBear Quality 3000 ETF |  | 4036077  |
| WBI Power Factor<sup>®</sup> High Dividend ETF | 6011310 | 10118837 |

---

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

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Note to Financial Statements** 

**June 30, 2025 (Continued)** 

**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 | &nbsp;&nbsp;&nbsp; 50000  |
| WBI BullBear Yield 3000 ETF | &nbsp;&nbsp;&nbsp; 50000  |
| WBI BullBear Quality 3000 ETF | &nbsp;&nbsp;&nbsp; 50000  |
| WBI Power Factor<sup>®</sup> High Dividend ETF | &nbsp;&nbsp;&nbsp; 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**  |
|  | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2024** | **Year Ended** <br>**June 30, 2024** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2024**  | **Year Ended** <br>**June 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares Sold |  | $— |  | $— |  | $— |  | $—  |
| Shares Redeemed | (150000) | (4346390) | (400000) | (11294235) | (300000) | (7200795) | (650000) | (15203025)  |
|  | (150000) | $(4346390) | (400000) | $(11294235) | (300000) | $(7200795) | (650000) | $(15203025)  |
| Beginning Shares | 1138315 |  | 1538315 |  | 1830183 |  | 2480183 |  |
| Ending Shares | 988315 |  | 1138315 |  | 1530183 |  | 1830183 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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**  |
|  | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2024** | **Year Ended** <br>**June 30, 2024** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2024**  | **Year Ended** <br>**June 30, 2024**  |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares Sold |  | $— |  |  | 200000 | $6101615 | 200000 | $5777920  |
| Shares Redeemed | (150000) | (5278970) | (350000) | (10991445) | (350000) | (10367845) | (500000) | (13684070)  |
|  | (150000) | $(5278970) | (350000) | $(10991445) | (150000) | $(4266230) | (300000) | $(7906150)  |
| Beginning Shares | 1177182 |  | 1527182 |  | 2050000 |  | 2350000 |  |
| Ending Shares | 1027182 |  | 1177182 |  | 1900000 |  | 2050000 |  |

---

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Absolute Shares Trust** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and Board of Trustees

Absolute Shares Trust:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of WBI BullBear Value 3000 ETF, WBI BullBear Yield 3000 ETF, WBI BullBear Quality 3000 ETF and WBI Power Factor<sup>®</sup> High Dividend ETF, each a series of Absolute Shares Trust (the Trust), including the schedules of investments, as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each series as of June 30, 2025, the results of their operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](kpmg_opinion-sign.jpg)

We have served as the Trust's auditor since 2014.

Short Hills, New Jersey

August 29, 2025

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial highlights are included within the financial statements filed under Item 7 of this report.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10: Remuneration Paid to Directors, Officers, and other of Open-End Management Investment Companies** 

See Item 7(a).

**Item 11: Statement Regarding basis for Approval of Investment Advisory Contract** 

**APPROVAL OF ADVISORY AGREEMENTS AND BOARD CONSIDERATIONS**

The Board (the members of which are referred to as "Trustees") of the Trust met in-person on June 20, 2024 and June 12, 2025 (each a "Meeting", together, the "Meetings") to consider whether to renew: (1) the investment advisory agreements (collectively, the "Advisory Agreement") between the Trust, on behalf of the Funds, and the Advisor, and (2) the investment sub-advisory agreements (collectively, the "Sub-Advisory Agreement") between the Advisor and the Sub-Advisor.

The Board considered renewing the Advisory Agreement and the Sub-Advisory Agreement and the engagement of the Advisor and the Sub-Advisor separately, although the advisers are affiliates.

In accordance with Section 15(c) of the Investment Company Act of 1940, as amended ("1940 Act"), at each Meeting the Board requested, reviewed and considered materials furnished by the Advisor and the Sub-Advisor relevant to the Board's consideration of whether to renew the Advisory Agreement and the Sub-Advisory Agreement. In connection with considering whether to renew the Advisory Agreement and Sub-Advisory Agreement, the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), met in executive session with counsel to the Trust, who provided assistance and advice. The consideration of renewing the Advisory Agreement and Sub-Advisory Agreement was conducted by both the full Board and the Independent Trustees, who also voted separately.

During their review and consideration, the Board and the Independent Trustees focused on and analyzed the factors they deemed relevant, including, but not limited to: (1) the nature, extent and quality of the services provided by each of the Advisor and the Sub-Advisor; (2) the investment advice and performance of each of the Advisor and the Sub-Advisor; (3) the fees of the services provided and profits realized by each of the Advisor and the Sub-Advisor from their relationships with the Trust; (4) the expenses of the Funds and the extent to which economies of scale have been realized and are expected to reduce Fund expenses; (5) any benefits derived or to be derived by each of the Advisor and the Sub-Advisor from the relationship with the Trust; and (6) potential conflicts of interest and associated compliance regimes adopted by the Advisor and Sub-Advisor.

In reviewing such factors, the Board relied on certain information, including (1) copies of the Advisory Agreement, the Sub-Advisory Agreement and the Expense Limitation Agreement; (2) information describing the Advisor, the Sub-Advisor and the services provided thereby; (3) information regarding the compliance programs of the Advisor and the Sub-Advisor; (4) copies of the Forms ADV for the Advisor and the Sub-Advisor; and (5) memoranda and guidance from K&L Gates LLP at the 2024 Meeting and from Seward & Kissel LLP at the 2025 Meeting on the fiduciary responsibilities of trustees, including Independent Trustees, in considering advisory and distribution agreements under the 1940 Act. In addition, as part of the Advisor and Sub-Advisor's responses to submitted questions, the Board was provided with data and information comparing the advisory fees and expenses of the Funds with expenses and performance of other exchange-traded funds ("ETFs") with similar investment objectives and policies. The Trustees also considered their personal experiences as Trustees and participants in the ETF and mutual fund industry, as applicable.

In particular, the Trustees, including the Independent Trustees, considered and discussed the following with respect to the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *The nature, extent and quality of the facilities and services provided by each of the Advisor and the Sub-Advisor*. The Board received information on and considered the division of responsibility of services provided by the Advisor and the Sub-Advisor, including the fact that portfolio management would continue to be conducted by the Sub-Advisor. In addition to the Sub-Advisor's performance managing the Funds, the Board reviewed the experience and resources that the Sub-Advisor had in managing strategies similar to those utilized by the Funds, including information regarding the education and experience of management and investment personnel.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

At both Meetings, the Board determined that the Funds would continue to benefit from the services and resources available from the Advisor and the Sub-Advisor, with respect to their responsibilities under the Advisory and Sub-Advisory Agreements. In particular, they noted the extensive experience of the Sub-Advisor's management personnel in developing and administering strategies utilized by the Funds, as well as the performance history of the Sub-Advisor since its inception. The Board also noted the compliance regimes of the Advisor and the Sub-Advisor and their effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *The advisory fees paid by and overall expenses of the Funds*. The Board considered comprehensive data and information comparing the advisory fees and expense ratios (taking into consideration the Expense Limitation Agreement) of the Funds. The Board acknowledged that the Funds were distinct in ways from their peer group of ETFs. Nevertheless, the Sub-Advisor's peer group analysis and methodology had not substantially changed from the prior years. The Board noted that the Morningstar reclassification of the Funds greatly aided in understanding each Fund's peer group. The Board determined that the advisory fees charged and overall expenses of the Funds were competitive and in line with the related universe of funds. The Advisor and Sub-Advisor also presented the Board with several "fall-out" benefits the Advisor or the Sub-Advisor derive from its relationship to the Trust and the Funds, such as the Sub-Advisor's offering of the Funds to help expand the Sub-Advisor's distribution channels for its other investment products.

In light of the nature, quality, and extent of services provided by the Advisor and Sub-Advisor and the costs incurred by the Advisor and Sub-Advisor in rendering those services, and taking into account the "fall-out" benefits inured, the Board concluded that the level of fees paid to the Advisor and Sub-Advisor with respect to each Fund were fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Brokerage and portfolio transactions*. At the Meetings, the Board was presented with materials and a thorough discussion of the brokerage practices of the Advisor and Sub-Advisor. The Board reviewed with the Advisor and the Sub-Advisor the practices and policies of the Advisor and Sub-Advisor for best execution and broker selection. The Board reviewed information about the Sub-Adviser's institution of commissions-based, high touch brokerage practices, which contemplate the Sub-Advisor, with assistance from the Advisor, closely monitoring executing broker trading activities to avoid adverse market pricing impacts of such trading (e.g., a Fund selling against itself or buying against itself). The Board also discussed and considered the Sub-Advisor's receipt of soft dollar credits from executing brokers.

The Independent Trustees determined that the brokerage policies of both the Advisor and Sub-Advisor would benefit the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Financial condition of each of the Advisor and the Sub-Advisor. After considering information relating to the financial condition of the Advisor and Sub-Advisor, as well as the fees and operating costs relating to the management of the Funds, the Board determined that each of the Advisor and Sub-Advisor continue to be capable of providing services to the Funds. In this determination, the Board considered the existence of the Expense Limitation Agreement (including the level of the expense limit for each Fund) and the impact of such fees on the profitability of the Advisor and Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Possible conflicts of interest*. The Board considered the experience and ability of the advisory personnel assigned to the Funds, soft-dollar arrangements and the brokerage policies of the Advisor and Subadvisor (including a discussion of the execution policies of the Advisor and Subadvisor), and the substance and administration of the Codes of Ethics of the Trust, the Advisor and the Sub-Advisor.

The Board determined that the compliance policies of the Trust, Advisor and Sub-Advisor, at the time of both Meetings, were each reasonably designed to monitor for and prevent violations of the federal securities laws and breaches of fiduciary duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Effect of the Funds' growth and size on its investment performance and expenses*. The Board considered information relating to the year- over-year trading of the Funds. It determined that the expense ratios of the Funds were well suited in light of expectations for continued asset accumulation and projected growth.

Based on the foregoing and such other matters as were deemed relevant, and while no single factor was determinative in the decision, all of the Trustees, including the Independent Trustees, concluded that the advisory fee rates and total expense ratios are reasonable in relation to the services provided by the Advisor to the Funds, as well as the costs incurred and the benefits gained by the Advisor in providing such services. The Board also found the

investment advisory fees paid to the Advisor to be reasonable in comparison to the fees charged by advisers to other

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

comparable funds of similar size. Based on these and other considerations, the Board, in the exercise of its reasonable judgment, determined that the fees and expenses proposed for each Fund were fair and reasonable. As a result, at both Meetings, all of the Board members, including the Independent Trustees, approved the Advisory Agreement.

With respect to the Sub-Advisor and based on the foregoing analysis and such other matters as were deemed relevant, and while no single factor was determinative in the decision, all of the Trustees, including the Independent Trustees, concluded that the sub-advisory fee rates and total expense ratios are reasonable in relation to the services provided by the Sub-Advisor to the Funds, as well as the costs incurred and the benefits gained by the Sub-Advisor in providing such services. Based on these and other considerations, the Board, in the exercise of its reasonable judgment, determined that the fees and expenses proposed for each Fund were fair and reasonable. As a result, at both Meetings, all of the Trustees, including the Independent Trustees, approved the Sub-Advisory Agreement.

30<br>

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&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. Filed herewith.*](war-efp16858_ex99codeeth.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) Not Applicable.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[*(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.*](war-efp16858_ex99cert.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4) Not applicable to open-end investment companies.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5) Not applicable to open-end investment companies and ETFs.*

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.*](war-efp16858_ex99906cert.htm)

 

**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.

(Registrant) Absolute
 Shares Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Don Schreiber |
|  | Don Schreiber, Jr., President and Principal Executive Officer |

---

Date <u>9/8/25</u>

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)\* | /s/ Don Schreiber |
|  | Don Schreiber, Jr., President and Principal Executive Officer |

---

Date <u>9/8/25</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Frederick Teufel |
|  | Frederick Teufel, Jr, Treasurer and Principal Financial Officer |

---

Date <u>9/8/25</u>

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

## Ex-99.Codeeth

**EX.99.CODE ETH**

**ABSOLUTE SHARES TRUST**

**(the "Trust")**

**<u>Financial Code of Ethics for Principal Executive and Financial Officers</u>**

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. HONEST
 AND ETHICAL CONDUCT

The Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers") of the Trust shall act with honesty and integrity, ethically handle actual or apparent conflicts of interest between personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest between their interests and those of the Trust to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner. A conflict of interest can arise when a person takes actions or has interests that may make it difficult to perform his or her work on behalf of the Trust objectively and effectively.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting acts or allowing their independent judgment to be subordinated or compromised.

The names of the Principal Officers covered by this Code of Ethics are listed on Schedule A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. FINANCIAL
 RECORDS AND REPORTING

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use for their personal benefit (directly or indirectly) any confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Trust with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. COMPLIANCE
 WITH THIS CODE OF ETHICS

The Principal Officers shall promptly report any violations of this Code of Ethics, including violations of securities laws or other laws, rules and regulations applicable to the Trusts, to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AFFIRMATION
 OF THE CODE

Upon adoption of the Code, the Principal Officers must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AMENDMENT
 AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.

Adopted: June 11, 2014

Amended: November 12, 2015

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Don Schreiber, Jr., certify that:

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

&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.

---

| | | |
|:---|:---|:---|
| Date: | 9/8/25 | /s/ Don Schreiber |
|  |  | Don Schreiber, Jr.<br> Principal Executive Officer and President |

---

**<u>CERTIFICATIONS</u>**

I, Frederick Teufel, 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.

---

| | | |
|:---|:---|:---|
| Date: | 9/8/25 | /s/ Frederick Teufel |
|  |  | Frederick Teufel, Jr.<br> Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

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 year ended June 30, 2025 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.

---

| | |
|:---|:---|
| /s/ Don Schreiber | /s/ Frederick Teufel |
| Don Schreiber, Jr. | Frederick Teufel, Jr. |
| Principal Executive Officer and President | Principal Financial Officer and Treasurer |
| Absolute Shares Trust | Absolute Shares Trust |

---

Dated: <u>9/8/25</u>

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.