# EDGAR Filing Document

**Accession Number:** 0001591939
**File Stem:** 0000894189-26-014967
**Filing Date:** 2026-5
**Character Count:** 30263
**Document Hash:** 028541414e73493bf653f1da8e2c7e78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-014967.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0000894189-26-014967

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22917
- **FILM NUMBER:** 26983859

**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 Power Factor High Dividend ETF (Series ID: S000055583)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **WBI Power Factor<sup>®</sup> High Dividend ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF** | **WBI Power Factor<sup>®</sup> High Dividend ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 99.5%** | **Shares**  | **Value**  |
| **Automobiles & Components - 2.2%** | **Automobiles & Components - 2.2%** | |
| Ford Motor Co. | 63590 | $733828 |
| LCI Industries | 4410 | 542342 |
|  |  | 1276170 |
| **Banks - 5.6%** | **Banks - 5.6%** |  |
| Bank of NT Butterfield & Son Ltd. | 5046 | 264814 |
| Columbia Banking System, Inc. <sup>(a)</sup> | 36051 | 988879 |
| CVB Financial Corp. | 20437 | 396273 |
| Northwest Bancshares, Inc. | 22083 | 280233 |
| OceanFirst Financial Corp. | 12162 | 219403 |
| Provident Financial Services, Inc. | 14182 | 300091 |
| Truist Financial Corp. | 16385 | 753219 |
|  |  | 3202912 |
| **Commercial & Professional Services - 1.9%** | **Commercial & Professional Services - 1.9%** |  |
| Robert Half, Inc. <sup>(a)</sup> | 42485 | 1079119 |
| **Consumer Discretionary Distribution & Retail - 4.0%** | **Consumer Discretionary Distribution & Retail - 4.0%** |  |
| Best Buy Co., Inc. <sup>(a)</sup> | 31247 | 2006058 |
| Upbound Group, Inc. | 15484 | 279486 |
|  |  | 2285544 |
| **Consumer Services - 1.4%** | **Consumer Services - 1.4%** |  |
| Marriott Vacations Worldwide Corp. <sup>(a)</sup> | 12512 | 814782 |
| **Consumer Staples Distribution & Retail - 1.7%** | **Consumer Staples Distribution & Retail - 1.7%** |  |
| Target Corporation <sup>(a)</sup> | 7821 | 947905 |
| **Energy - 15.2%** | **Energy - 15.2%** |  |
| APA Corp. | 30588 | 1298155 |
| DHT Holdings, Inc. <sup>(a)</sup> | 33568 | 613287 |
| Hess Midstream LP - Class A <sup>(a)</sup> | 28850 | 1121400 |
| Kinetik Holdings, Inc. | 21042 | 1018643 |
| ONEOK, Inc. | 37664 | 3404449 |
| Permian Resources Corp. – Class A | 62126 | 1324526 |
|  |  | 8780460 |
| **Financial Services - 7.0%** | **Financial Services - 7.0%** |  |
| Artisan Partners Asset Management, Inc. - Class A | 8254 | 300363 |
| OneMain Holdings, Inc. | 20705 | 1107510 |
| T Rowe Price Group, Inc. | 9168 | 826404 |
| Virtus Investment Partners, Inc. | 2618 | 351728 |
| Western Union Co. <sup>(a)</sup> | 167676 | 1463812 |
|  |  | 4049817 |
| **Food, Beverage & Tobacco - 14.3%** | **Food, Beverage & Tobacco - 14.3%** |  |
| Altria Group, Inc. | 46500 | 3068535 |
| Campbell's Co. <sup>(a)</sup> | 101745 | 2265861 |
| Flowers Foods, Inc. | 76258 | 621503 |
| General Mills, Inc. | 61507 | 2289290 |
|  |  | 8245189 |
| **Household & Personal Products - 0.7%** | **Household & Personal Products - 0.7%** |  |
| Energizer Holdings, Inc. | 23454 | 385115 |
| **Insurance - 1.4%** | **Insurance - 1.4%** |  |
| Prudential Financial, Inc. | 8438 | 824308 |
| **Materials - 1.9%** | **Materials - 1.9%** |  |
| Eastman Chemical Co. | 14473 | 1104579 |
| **Media & Entertainment - 3.3%** | **Media & Entertainment - 3.3%** |  |
| Omnicom Group, Inc. <sup>(a)</sup> | 10052 | 757016 |
| Sirius XM Holdings, Inc. | 48770 | 1125612 |
|  |  | 1882628 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 6.5%** | **Pharmaceuticals, Biotechnology & Life Sciences - 6.5%** |  |
| Bristol-Myers Squibb Co. | 15944 | 967003 |
| Pfizer, Inc. | 99808 | 2802609 |
|  |  | 3769612 |
| **Semiconductors & Semiconductor Equipment - 1.6%** | **Semiconductors & Semiconductor Equipment - 1.6%** |  |
| Skyworks Solutions, Inc. <sup>(a)</sup> | 16751 | 897016 |
| **Technology Hardware & Equipment - 4.6%** | **Technology Hardware & Equipment - 4.6%** |  |
| HP, Inc. | 137273 | 2637014 |
| **Telecommunication Services - 10.0%** | **Telecommunication Services - 10.0%** |  |
| AT&T, Inc. | 40343 | 1169544 |
| Comcast Corp. - Class A | 33979 | 975537 |
| Verizon Communications, Inc. | 71946 | 3611689 |
|  |  | 5756770 |
| **Transportation - 4.8%** | **Transportation - 4.8%** |  |
| Global Ship Lease, Inc. - Class A | 10493 | 390654 |
| United Parcel Service, Inc. - Class B | 24342 | 2394766 |
|  |  | 2785420 |
| **Utilities - 11.4%** | **Utilities - 11.4%** |  |
| AES Corp. | 70581 | 994486 |
| Avista Corp. | 12666 | 508413 |
| Clearway Energy, Inc. - Class C <sup>(a)</sup> | 18978 | 745646 |
| Edison International | 44765 | 3275903 |
| Northwest Natural Holding Co. | 4921 | 261896 |
| UGI Corp. <sup>(a)</sup> | 21680 | 789585 |
|  |  | 6575929 |
| **TOTAL COMMON STOCKS** (Cost $54,070,802) | **TOTAL COMMON STOCKS** (Cost $54,070,802) | 57300289 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 11.8%** | **Units**  | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(b)</sup> | 6821614 | 6821614 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $6,821,614) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $6,821,614) | 6821614 |
| **TOTAL INVESTMENTS - 111.3% (**Cost $60,892,416**)** | **TOTAL INVESTMENTS - 111.3% (**Cost $60,892,416**)** | 64121903 |
| Money Market Deposit Account - 0.5% <sup>(c)</sup> | Money Market Deposit Account - 0.5% <sup>(c)</sup> | 278446 |
| Liabilities in Excess of Other Assets - (11.8)% | Liabilities in Excess of Other Assets - (11.8)% | (6764961) |
| **TOTAL NET ASSETS - 100.0%** |  | $57635388 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $6,717,400.

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

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

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
WBI Power Factor High Dividend ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $57300289 | $– | $– | $57300289 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 6821614 |
| Total Investments | $57300289 | $– | $– | $64121903 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of
 $6,821,614 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Red Bank

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07701

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

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

- **a. Name of Series:** WBI Power Factor High Dividend ETF

- **b. EDGAR series identifier (if any):** S000055583

- **c. LEI of Series:** 549300VJU1UYTLVXL958

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $65176146.69

**Total Liabilities:** $7540776.53

**Net Assets:** $57635370.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000174967 | 5.96%                | 3.79%                | -2.63%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2138008.48              | $867071.75                                 |
| Month 2  | $-59775.66               | $1947885.63                                |
| Month 3  | $375530.48               | $-2190927.37                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Eastman Chemical Co                       | Eastman Chemical Co                       | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     14473 | NS      | $1104579.36   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                      | Edison International                      | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     44765 | NS      | $3275902.70   | 5.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Energizer Holdings Inc                    | Energizer Holdings Inc                    | CUSIP: 29272W109<br>LEI: 5493000D6NN0V57UME20 | Long             | EC               | CORP              | US        |     23454 | NS      | $385114.68    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                    | T Rowe Price Group Inc                    | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      9168 | NS      | $826403.52    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc                         | Upbound Group Inc                         | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |     15484 | NS      | $279486.20    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                               | Target Corp                               | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      7821 | NS      | $947905.20    | 1.64%             |  |  |  | No            |                  1 | On Loan: —       |
| Truist Financial Corp                     | Truist Financial Corp                     | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     16385 | NS      | $753218.45    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBFS 2                    | US BANK MMDA - USBFS 2                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    896697 | NS      | $896696.54    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                  | UGI Corp                                  | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     21680 | NS      | $789585.60    | 1.37%             |  |  |  | No            |                  1 | On Loan: —       |
| United Parcel Service Inc                 | United Parcel Service Inc                 | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     24342 | NS      | $2394765.96   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc                          | DHT Holdings Inc                          | CUSIP: N/A<br>LEI: 549300SMD6IVZYT74K40       | Long             | EC               | CORP              | BM        |     33568 | NS      | $613287.36    | 1.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Kinetik Holdings Inc                      | Kinetik Holdings Inc                      | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21042 | NS      | $1018643.22   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods Inc                         | Flowers Foods Inc                         | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |     76258 | NS      | $621502.70    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                             | Ford Motor Co                             | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     63590 | NS      | $733828.60    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc                         | General Mills Inc                         | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     61507 | NS      | $2289290.54   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                    | HP Inc                                    | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    137273 | NS      | $2637014.33   | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Midstream LP                         | Hess Midstream LP                         | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28850 | NS      | $1121399.50   | 1.95%             |  |  |  | No            |                  1 | On Loan: —       |
| LCI Industries                            | LCI Industries                            | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |      4410 | NS      | $542341.80    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide C            | Marriott Vacations Worldwide Corp         | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |     12512 | NS      | $814781.44    | 1.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Northwest Bancshares Inc                  | Northwest Bancshares Inc                  | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22083 | NS      | $280233.27    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Natural Holding Co              | Northwest Natural Holding Co              | CUSIP: 66765N105<br>LEI: 254900PSJL6ZEC8FR782 | Long             | EC               | CORP              | US        |      4921 | NS      | $261895.62    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanFirst Financial Corp                 | OceanFirst Financial Corp                 | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12162 | NS      | $219402.48    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                         | Omnicom Group Inc                         | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     10052 | NS      | $757016.12    | 1.31%             |  |  |  | No            |                  1 | On Loan: —       |
| ONEOK Inc                                 | ONEOK Inc                                 | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     37664 | NS      | $3404448.96   | 5.91%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                      | OneMain Holdings Inc                      | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     20705 | NS      | $1107510.45   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                    | Permian Resources Corp                    | CUSIP: 71424F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62126 | NS      | $1324526.32   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                | Pfizer Inc                                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     99808 | NS      | $2802608.64   | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services I            | Provident Financial Services Inc          | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |     14182 | NS      | $300091.12    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   6821614 | NS      | $6821613.75   | 11.84%            |  |  |  | No            |                  1 | On Loan: No      |
| Global Ship Lease Inc                     | Global Ship Lease Inc                     | CUSIP: N/A<br>LEI: 254900GLZ0J5N8UZM071       | Long             | EC               | CORP              | GB        |     10493 | NS      | $390654.39    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                              | AES Corp/The                              | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |     70581 | NS      | $994486.29    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                  | AT&T Inc                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     40343 | NS      | $1169543.57   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                          | Altria Group Inc                          | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     46500 | NS      | $3068535.00   | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                                  | APA Corp                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     30588 | NS      | $1298154.72   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Managem            | Artisan Partners Asset Management Inc     | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |      8254 | NS      | $300363.06    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                               | Avista Corp                               | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     12666 | NS      | $508413.24    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                           | Best Buy Co Inc                           | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     31247 | NS      | $2006057.40   | 3.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Bristol-Myers Squibb Co                   | Bristol-Myers Squibb Co                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     15944 | NS      | $967003.60    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp                        | CVB Financial Corp                        | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20437 | NS      | $396273.43    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Campbell's Company/The                    | Campbell's Company/The                    | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |    101745 | NS      | $2265861.15   | 3.93%             |  |  |  | No            |                  1 | On Loan: —       |
| Clearway Energy Inc                       | Clearway Energy Inc                       | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |     18978 | NS      | $745645.62    | 1.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Columbia Banking System Inc               | Columbia Banking System Inc               | CUSIP: 197236102<br>LEI: 254900CTRJTQZ3BJ2V17 | Long             | EC               | CORP              | US        |     36051 | NS      | $988878.93    | 1.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Comcast Corp                              | Comcast Corp                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     33979 | NS      | $975537.09    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of NT Butterfield & Son L            | Bank of NT Butterfield & Son Ltd/The      | CUSIP: N/A<br>LEI: 549300V8RVM0EMTDPF28       | Long             | EC               | CORP              | BM        |      5046 | NS      | $264814.08    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                | Verizon Communications Inc                | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     71946 | NS      | $3611689.20   | 6.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc            | Virtus Investment Partners Inc            | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |      2618 | NS      | $351728.30    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The                      | Western Union Co/The                      | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |    167676 | NS      | $1463811.48   | 2.54%             |  |  |  | No            |                  1 | On Loan: —       |
| Prudential Financial Inc                  | Prudential Financial Inc                  | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      8438 | NS      | $824308.22    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half Inc                           | Robert Half Inc                           | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     42485 | NS      | $1079119.00   | 1.87%             |  |  |  | No            |                  1 | On Loan: —       |
| Sirius XM Holdings Inc                    | Sirius XM Holdings Inc                    | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48770 | NS      | $1125611.60   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc                    | Skyworks Solutions Inc                    | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     16751 | NS      | $897016.05    | 1.56%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

**Name of Applicant:** Absolute Shares Trust

**Signature:** /s/Fred Teufel

**Name of Signer:** Fred Teufel

**Title:** Treasurer