Results
Absolute Shares Trust
10/23/2026 | Press release | Distributed by Public on 10/23/2026 09:52
Amendment to Annual Report by Investment Company (Form N-CSR/A)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR/A
Amendment No. 1
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22917
Absolute Shares Trust
(Exact name of registrant as specified in charter)
Millington Securities, LLC
331 Newman Springs Rd Suite 143
Red Bank, New Jersey 07701
(Address of principal executive offices) (Zip code)
Don Schreiber, Jr.
Millington Securities, LLC
331 Newman Springs Rd Suite 143
Red Bank, New Jersey 07701
(Name and address of agent for service)
(732) 842-4920
Registrant's telephone number, including area code
Date of fiscal year end: June 30, 2026
Date of reporting period: June 30, 2026
Explanatory Note: The Registrant is filing this amendment to its Form N-CSR for the reporting period ended June 30, 2026, originally filed with the Securities and Exchange Commission on September 4, 2026. The sole purpose of this amendment is to correct certain information under Items 5, 8, 11 and 12. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.
Item 1. Reports to Stockholders.
| (a) | ||
|
WBI BullBear Value 3000 ETF
|
||
|
WBIF (Principal U.S. Listing Exchange: NYSE ARCA)
|
||
|
Annual Shareholder Report | June 30, 2026
|
This annual shareholder report contains important information about the WBI BullBear Value 3000 ETF for the period of July 1, 2025, to June 30, 2026. 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
|
$190
|
1.70%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended June 30, 2026, the Fund outperformed the S&P 500 Index, returning 23.74% at NAV versus 22.29%, but trailed the Russell 3000 Value Index at 27.72%. WBIF is an actively managed fund that focuses on risk management and value-oriented stocks when fully invested. 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. Information Technology and Industrials were the largest contributors to total return, while Consumer Discretionary and Utilities detracted. The Fund's risk-management process raises cash as downside risk builds, seeking to limit losses in declining markets rather than track a fully invested benchmark; cash averaged approximately 6.00% of net assets. That positioning accounts for much of the gap versus the value index.
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)
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
5 Year
|
10 Year
|
|
|
WBI BullBear Value 3000 ETF NAV
|
23.71
|
3.28
|
5.99
|
|
S&P 500 TR
|
22.32
|
13.41
|
15.51
|
|
Russell 3000 Value Total Return
|
27.78
|
10.97
|
11.48
|
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, 2026)
|
Net Assets
|
$23,491,652
|
|
Number of Holdings
|
75
|
|
Advisory Fee
|
$189,411
|
|
Portfolio Turnover
|
613%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of net assets)†
|
Top 10 Issuers
|
(%)
|
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
20.2
|
%
|
|
Amphenol Corp.
|
3.4
|
%
|
|
Lennox International, Inc.
|
2.7
|
%
|
|
Ball Corp.
|
2.6
|
%
|
|
American Express Co.
|
2.3
|
%
|
|
Kinsale Capital Group, Inc.
|
2.3
|
%
|
|
Interactive Brokers Group, Inc.
|
2.3
|
%
|
|
Piper Sandler Cos.
|
2.1
|
%
|
|
Yum China Holdings, Inc.
|
2.1
|
%
|
|
McKesson Corp.
|
2.0
|
%
|
| † | 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?
The Absolute Shares Trust (the "Trust") has historically engaged KPMG, LLP. to serve as the independent registered public accounting firm for the Trust. On September 25, 2025, the Board of Trustees of the Trust considered and approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for each series of the Trust for the fiscal year ending June 30, 2026.
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 |
|
WBI BullBear Yield 3000 ETF
|
||
|
WBIG (Principal U.S. Listing Exchange: NYSE ARCA)
|
||
|
Annual Shareholder Report | June 30, 2026
|
This annual shareholder report contains important information about the WBI BullBear Yield 3000 ETF for the period of July 1, 2025, to June 30, 2026. 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
|
$187
|
1.70%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended June 30, 2026, the Fund underperformed its benchmark, the S&P 500 Index, returning 19.50% at NAV versus 22.29%, and trailed the Russell 3000 Value Index, which returned 27.72%. 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 held a sleeve of fixed-income exchange-traded funds consistent with its yield objective. Information Technology, Industrials, and Healthcare were the largest contributors to total return, while Consumer Discretionary detracted the most. The Fund's risk-management process raises cash as downside risk builds, seeking to limit losses in declining markets; cash averaged approximately 4.70% of net assets. That defensive positioning and the fixed-income allocation both restrained returns in a year when equities advanced broadly.
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)
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
5 Year
|
10 Year
|
|
|
WBI BullBear Yield 3000 ETF NAV
|
19.50
|
1.30
|
4.22
|
|
S&P 500 TR
|
22.32
|
13.41
|
15.51
|
|
Russell 3000 Value Total Return
|
27.78
|
10.97
|
11.48
|
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, 2026)
|
Net Assets
|
$27,466,051
|
|
Number of Holdings
|
83
|
|
Advisory Fee
|
$253,482
|
|
Portfolio Turnover
|
576%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of net assets)†
|
Top 10 Issuers
|
(%)
|
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
19.6
|
%
|
|
WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund
|
2.6
|
%
|
|
Angel Oak High Yield Opportunities ETF
|
2.4
|
%
|
|
Amphenol Corp.
|
2.4
|
%
|
|
OneMain Holdings, Inc.
|
2.0
|
%
|
|
Kimberly-Clark Corp.
|
2.0
|
%
|
|
Astera Labs, Inc.
|
2.0
|
%
|
|
Lennox International, Inc.
|
1.9
|
%
|
|
Ball Corp.
|
1.9
|
%
|
|
T Rowe Price 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?
The Absolute Shares Trust (the "Trust") has historically engaged KPMG, LLP. to serve as the independent registered public accounting firm for the Trust. On September 25, 2025, the Board of Trustees of the Trust considered and approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for each series of the Trust for the fiscal year ending June 30, 2026.
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 |
|
WBI BullBear Quality 3000 ETF
|
||
|
WBIL (Principal U.S. Listing Exchange: NYSE ARCA)
|
||
|
Annual Shareholder Report | June 30, 2026
|
This annual shareholder report contains important information about the WBI BullBear Quality 3000 ETF for the period of July 1, 2025, to June 30, 2026. 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
|
$190
|
1.70%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended June 30, 2026, the Fund outperformed its benchmark, the S&P 500 Index, returning 23.70% at NAV versus 22. 29%. 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. Information Technology, Industrials, and Consumer Staples were the largest contributors to total return, while Communication Services and an underweight to Materials were key detractors. The Fund's risk-management process raises cash as downside risk builds, seeking to limit losses in declining markets; cash averaged approximately 7.91% of net assets. Quality-oriented selection more than offset the cost of that defensive positioning.
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)
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
5 Year
|
10 Year
|
|
|
WBI BullBear Quality 3000 ETF NAV
|
23.68
|
6.24
|
7.00
|
|
S&P 500 TR
|
22.32
|
13.41
|
15.51
|
|
Russell 3000 Total Return
|
22.82
|
12.31
|
15.06
|
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, 2026)
|
Net Assets
|
$30,461,607
|
|
Number of Holdings
|
62
|
|
Advisory Fee
|
$262,684
|
|
Portfolio Turnover
|
733%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of net assets)†
|
Top 10 Issuers
|
(%)
|
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
21.6
|
%
|
|
Astera Labs, Inc.
|
3.8
|
%
|
|
ARM Holdings PLC
|
3.1
|
%
|
|
Marvell Technology, Inc.
|
3.0
|
%
|
|
Caterpillar, Inc.
|
2.4
|
%
|
|
Crowdstrike Holdings, Inc.
|
2.3
|
%
|
|
Nebius Group NV
|
2.3
|
%
|
|
Datadog, Inc.
|
2.3
|
%
|
|
Expedia Group, Inc.
|
2.2
|
%
|
|
Monster Beverage Corp.
|
2.2
|
%
|
| † | 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?
The Absolute Shares Trust (the "Trust") has historically engaged KPMG, LLP. to serve as the independent registered public accounting firm for the Trust. On September 25, 2025, the Board of Trustees of the Trust considered and approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for each series of the Trust for the fiscal year ending June 30, 2026.
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 |
|
WBI Power Factor High Dividend ETF
|
||
|
WBIY (Principal U.S. Listing Exchange: NYSE)
|
||
|
Annual Shareholder Report | June 30, 2026
|
This annual shareholder report contains important information about the WBI Power Factor High Dividend ETF for the period of July 1, 2025, to June 30, 2026. 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
|
$112
|
1.00%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the 12-month period ended June 30, 2026, the Fund outperformed the S&P 500 Index, returning 24.88% at NAV versus 22.29%, and trailed the Solactive Power Factor High Dividend Index, which returned 26.00%. 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. Consumer Discretionary, Financials, and Utilities were the top contributors to total return, while Consumer Staples and Real Estate were the largest detractors. The Fund's rules-based process selects on valuation, dividend coverage and fundamentals, and the Fund remained substantially invested through the period; cash averaged approximately 1.13% of net assets. The Fund's yield-driven selection participated well in a broadening market.
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)
| WBI Power Factor High Dividend ETF | PAGE 1 | TSR-AR-00400R858 |
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
5 Year
|
Since Inception
(12/19/2016) |
|
|
WBI Power Factor High Dividend ETF NAV
|
24.85
|
10.04
|
8.88
|
|
S&P 500 TR
|
22.32
|
13.41
|
15.30
|
|
Russell 3000 Value Total Return
|
27.78
|
10.97
|
10.73
|
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. |
KEY FUND STATISTICS (as of June 30, 2026)
|
Net Assets
|
$59,020,221
|
|
Number of Holdings
|
51
|
|
Advisory Fee
|
$259,156
|
|
Portfolio Turnover
|
138%
|
WHAT DID THE FUND INVEST IN? (as of June 30, 2026)
Sector Breakdown (% of net assets)†
|
Top 10 Issuers
|
(%)
|
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
27.2
|
%
|
|
Best Buy Co., Inc.
|
5.5
|
%
|
|
HP, Inc.
|
5.3
|
%
|
|
Altria Group, Inc.
|
5.2
|
%
|
|
Campbell's Co.
|
5.1
|
%
|
|
General Mills, Inc.
|
4.7
|
%
|
|
United Parcel Service, Inc.
|
4.6
|
%
|
|
Verizon Communications, Inc.
|
4.3
|
%
|
|
Skyworks Solutions, Inc.
|
4.2
|
%
|
|
Pfizer, Inc.
|
4.2
|
%
|
| † | 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?
The Absolute Shares Trust (the "Trust") has historically engaged KPMG, LLP. to serve as the independent registered public accounting firm for the Trust. On September 25, 2025, the Board of Trustees of the Trust considered and approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for each series of the Trust for the fiscal year ending June 30, 2026.
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/.
| WBI Power Factor High Dividend ETF | PAGE 2 | TSR-AR-00400R858 |
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 3 | TSR-AR-00400R858 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
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.
Item 3. Audit Committee Financial Expert.
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.
Item 4. Principal Accountant Fees and Services.
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 06/30/2026 | FYE 06/30/2025 |
| (a) Audit Fees | $15,000 | $22,070 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3,750 | $7,487 |
| (d) All Other Fees | N/A | N/A |
| WBI BullBear Yield 3000 ETF | FYE 06/30/2026 | FYE 06/30/2025 |
| (a) Audit Fees | $15,000 | $20,070 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3,750 | $7,487 |
| (d) All Other Fees | N/A | N/A |
| WBI BullBear Quality 3000 ETF | FYE 06/30/2026 | FYE 06/30/2025 |
| (a) Audit Fees | $15,000 | $20,070 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3,750 | $7,487 |
| (d) All Other Fees | N/A | N/A |
| WBI BullBear Power FactorTM High Dividend ETF | FYE 06/30/2026 | FYE 06/30/2025 |
| (a) Audit Fees | $15,000 | $20,070 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3,750 | $7,487 |
| (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 Cohen and Co. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| FYE 06/30/2026 | FYE 06/30/2025 | |
| 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.
| Non-Audit Related Fees | FYE 06/30/2026 | FYE 06/30/2025 |
| Registrant | N/A | N/A |
| Registrant's Investment Adviser |
(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.
Item 5. Audit Committee of Listed Registrants.
(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 in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Andrew Putterman and John A. Flanagan.
(b) Not applicable.
Item 6. Investments.
| (a) | Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form. |
| (b) | Not Applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
| (a) | ||
WBI BullBear Value 3000 ETF
WBI BullBear Yield 3000 ETF
WBI BullBear Quality 3000 ETF
WBI Power Factor® High Dividend ETF
Annual Financial Statements and Additional Information
June 30, 2026
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
Page
|
|
|
Item 7: Financial Statements and Financial highlights for Open-End Management Investment Companies
|
|
|
|
|
Schedule of Investments
|
|
|
|
|
WBI BullBear Value 3000 ETF
|
|
|
1
|
|
WBI BullBear Yield 3000 ETF
|
|
|
3
|
|
WBI BullBear Quality 3000 ETF
|
|
|
5
|
|
WBI Power Factor® High Dividend ETF
|
|
|
7
|
|
Statements of Assets and Liabilities
|
|
|
9
|
|
Statements of Operations
|
|
|
10
|
|
Statements of Changes in Net Assets
|
|
|
11
|
|
Financial Highlights
|
|
|
13
|
|
Notes to Financial Statements
|
|
|
17
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
27
|
|
|
|
|
|
TABLE OF CONTENTS
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
WBI BULLBEAR VALUE 3000 ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 99.4%
|
||||||
|
Capital Goods - 10.9%
|
|
|
|
|
||
|
Allegion PLC(a)
|
|
|
1,182
|
|
|
$166,059
|
|
Allison Transmission Holdings, Inc.
|
|
|
1,328
|
|
|
149,719
|
|
EMCOR Group, Inc.
|
|
|
406
|
|
|
336,931
|
|
Lennox International, Inc.(a)
|
|
|
1,099
|
|
|
629,672
|
|
Mueller Industries, Inc.
|
|
|
2,642
|
|
|
324,781
|
|
Pentair PLC(a)
|
|
|
2,064
|
|
|
158,226
|
|
Stanley Black & Decker, Inc.
|
|
|
2,009
|
|
|
189,087
|
|
Toro Co.
|
|
|
1,696
|
|
|
165,225
|
|
Valmont Industries, Inc.(a)
|
|
|
760
|
|
|
438,976
|
|
|
|
|
|
2,558,676
|
||
|
Commercial & Professional Services - 7.8%
|
||||||
|
Automatic Data Processing, Inc.
|
|
|
1,435
|
|
|
321,368
|
|
Cintas Corp.
|
|
|
1,384
|
|
|
235,391
|
|
Equifax, Inc.
|
|
|
2,073
|
|
|
329,026
|
|
Genpact Ltd.
|
|
|
11,436
|
|
|
314,490
|
|
Jacobs Solutions, Inc.
|
|
|
3,158
|
|
|
397,908
|
|
Paychex, Inc.(a)
|
|
|
2,418
|
|
|
237,762
|
|
|
|
|
|
1,835,945
|
||
|
Consumer Discretionary Distribution & Retail - 4.3%
|
|
|
|
|
||
|
Dick's Sporting Goods, Inc.(a)
|
|
|
1,603
|
|
|
363,576
|
|
Pool Corp.
|
|
|
837
|
|
|
179,871
|
|
Ross Stores, Inc.
|
|
|
1,477
|
|
|
314,380
|
|
Tractor Supply Co.
|
|
|
4,777
|
|
|
151,001
|
|
|
|
|
|
1,008,828
|
||
|
Consumer Durables & Apparel - 4.8%
|
|
|
|
|
||
|
Levi Strauss & Co. - Class A(a)
|
|
|
7,230
|
|
|
179,521
|
|
Somnigroup International, Inc.(a)
|
|
|
6,103
|
|
|
478,475
|
|
Tapestry, Inc.(a)
|
|
|
1,841
|
|
|
269,486
|
|
Toll Brothers, Inc.
|
|
|
1,194
|
|
|
196,711
|
|
|
|
|
|
1,124,193
|
||
|
Consumer Services - 2.1%
|
|
|
|
|
||
|
Yum China Holdings, Inc.
|
|
|
12,107
|
|
|
494,813
|
|
Energy - 3.8%
|
|
|
|
|
||
|
Cheniere Energy, Inc.
|
|
|
1,235
|
|
|
295,178
|
|
Marathon Petroleum Corp.
|
|
|
996
|
|
|
254,647
|
|
Valero Energy Corp.
|
|
|
1,307
|
|
|
340,395
|
|
|
|
|
|
890,220
|
||
|
Financial Services - 15.0%
|
|
|
|
|
||
|
American Express Co.
|
|
|
1,581
|
|
|
534,773
|
|
Capital One Financial Corp.
|
|
|
1,788
|
|
|
358,709
|
|
Fidelity National Information Services, Inc.
|
|
|
9,029
|
|
|
351,048
|
|
Interactive Brokers Group, Inc. -
Class A
|
|
|
6,096
|
|
|
530,596
|
|
Mastercard, Inc. - Class A
|
|
|
385
|
|
|
197,736
|
|
Piper Sandler Cos.(a)
|
|
|
6,951
|
|
|
502,835
|
|
Stifel Financial Corp.
|
|
|
4,843
|
|
|
337,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Tradeweb Markets, Inc. - Class A
|
|
|
3,411
|
|
|
$339,940
|
|
Victory Capital Holdings, Inc. -
Class A
|
|
|
4,363
|
|
|
366,754
|
|
|
|
|
|
3,520,287
|
||
|
Food, Beverage & Tobacco - 2.4%
|
|
|
|
|
||
|
JM Smucker Co.
|
|
|
1,462
|
|
|
164,475
|
|
Lamb Weston Holdings, Inc.
|
|
|
3,472
|
|
|
149,921
|
|
McCormick & Co., Inc.(a)
|
|
|
4,838
|
|
|
243,932
|
|
|
|
|
|
558,328
|
||
|
Health Care Equipment & Services - 2.0%
|
||||||
|
McKesson Corp.
|
|
|
637
|
|
|
481,317
|
|
Insurance - 13.5%
|
|
|
|
|
||
|
Aflac, Inc.(a)
|
|
|
2,956
|
|
|
346,591
|
|
Assurant, Inc.
|
|
|
1,389
|
|
|
372,988
|
|
Globe Life, Inc.
|
|
|
1,942
|
|
|
346,997
|
|
Hartford Insurance Group, Inc.
|
|
|
1,769
|
|
|
234,428
|
|
Kinsale Capital Group, Inc.(a)
|
|
|
1,617
|
|
|
533,303
|
|
Marsh & McLennan Cos., Inc.
|
|
|
1,081
|
|
|
180,170
|
|
Primerica, Inc.
|
|
|
1,355
|
|
|
385,091
|
|
Progressive Corp.
|
|
|
1,722
|
|
|
376,171
|
|
Selective Insurance Group, Inc.
|
|
|
4,003
|
|
|
388,331
|
|
|
|
|
|
3,164,070
|
||
|
Materials - 6.8%
|
|
|
|
|
||
|
Avery Dennison Corp.
|
|
|
2,101
|
|
|
341,097
|
|
Ball Corp.
|
|
|
9,868
|
|
|
615,763
|
|
RPM International, Inc.
|
|
|
3,474
|
|
|
386,135
|
|
Sherwin-Williams Co.
|
|
|
755
|
|
|
259,962
|
|
Southern Copper Corp.
|
|
|
1
|
|
|
87
|
|
|
|
|
|
1,603,044
|
||
|
Pharmaceuticals, Biotechnology & Life Sciences - 1.1%
|
|
|
|
|
||
|
Thermo Fisher Scientific, Inc.
|
|
|
519
|
|
|
260,206
|
|
Semiconductors & Semiconductor Equipment - 9.7%
|
|
|
|
|
||
|
Advanced Micro Devices, Inc.(b)
|
|
|
508
|
|
|
295,102
|
|
Ambarella, Inc.(b)
|
|
|
2,705
|
|
|
232,089
|
|
ARM Holdings PLC - ADR(a)(b)
|
|
|
992
|
|
|
351,733
|
|
Astera Labs, Inc.(b)
|
|
|
989
|
|
|
477,707
|
|
Marvell Technology, Inc.
|
|
|
1,263
|
|
|
376,235
|
|
Micron Technology, Inc.
|
|
|
315
|
|
|
363,601
|
|
QUALCOMM, Inc.(a)
|
|
|
1,050
|
|
|
194,030
|
|
|
|
|
|
2,290,497
|
||
|
Software & Services - 4.6%
|
|
|
|
|
||
|
Crowdstrike Holdings, Inc. - Class A(b)
|
|
|
345
|
|
|
263,283
|
|
Datadog, Inc. - Class A(b)
|
|
|
1,023
|
|
|
266,348
|
|
Nebius Group N.V.(a)(b)
|
|
|
1,068
|
|
|
294,950
|
|
Roper Technologies, Inc.
|
|
|
729
|
|
|
246,686
|
|
|
|
|
|
1,071,267
|
||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
1
|
|
|
TABLE OF CONTENTS
WBI BULLBEAR VALUE 3000 ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
||||||
|
Technology Hardware & Equipment - 7.1%
|
||||||
|
Amphenol Corp. - Class A
|
|
|
4,525
|
|
|
$797,848
|
|
Motorola Solutions, Inc.(a)
|
|
|
590
|
|
|
245,021
|
|
TD SYNNEX Corp.
|
|
|
1,480
|
|
|
395,663
|
|
TE Connectivity PLC
|
|
|
1,139
|
|
|
229,634
|
|
|
|
|
|
1,668,166
|
||
|
Transportation - 0.9%
|
|
|
|
|
||
|
Copa Holdings S.A. - Class A
|
|
|
1,426
|
|
|
221,843
|
|
Utilities - 2.6%
|
|
|
|
|
||
|
American Water Works Co., Inc.
|
|
|
1,727
|
|
|
227,239
|
|
National Fuel Gas Co.(a)
|
|
|
1,828
|
|
|
141,140
|
|
NextEra Energy, Inc.(a)
|
|
|
2,709
|
|
|
237,769
|
|
|
|
|
|
606,148
|
||
|
TOTAL COMMON STOCKS
(Cost $21,248,593)
|
|
|
|
|
23,357,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
|
||
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 20.2%
|
|
|
|
|
||
|
Mount Vernon Liquid Assets Portfolio, LLC, 3.75%(c)(e)
|
|
|
4,743,099
|
|
|
4,743,099
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $4,743,099)
|
|
|
|
|
4,743,099
|
|
|
TOTAL INVESTMENTS - 119.6%
(Cost $25,991,692)
|
|
|
|
|
$28,100,947
|
|
|
Money Market Deposit
Account - 1.1%(d)
|
|
|
|
|
261,195
|
|
|
Liabilities in Excess of Other
Assets - (20.7)%
|
|
|
|
|
(4,870,490)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$23,491,652
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
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.
|
(a)
|
All or a portion of this security is on loan as of June 30, 2026. The fair value of these securities was $4,652,455.
|
|
(b)
|
Non-income producing security.
|
|
(c)
|
The rate shown represents the 7-day annualized yield as of June 30, 2026.
|
|
(d)
|
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, 2026 was 1.77%.
|
|
(e)
|
Cash collateral received for securities on loan was invested in the Mount Vernon Liquid Assets Portfolio, LLC. The investment objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
2
|
|
|
TABLE OF CONTENTS
WBI BULLBEAR YIELD 3000 ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 84.9%
|
||||||
|
Capital Goods - 4.2%
|
|
|
|
|
||
|
EMCOR Group, Inc.
|
|
|
320
|
|
|
$265,561
|
|
Lennox International, Inc.(a)
|
|
|
934
|
|
|
535,135
|
|
Mueller Industries, Inc.
|
|
|
2,048
|
|
|
251,761
|
|
Toro Co.
|
|
|
888
|
|
|
86,509
|
|
|
|
|
|
1,138,966
|
||
|
Commercial & Professional Services - 3.3%
|
||||||
|
Automatic Data Processing, Inc.
|
|
|
1,030
|
|
|
230,669
|
|
Cintas Corp.
|
|
|
1,264
|
|
|
214,981
|
|
Equifax, Inc.
|
|
|
1,546
|
|
|
245,381
|
|
Paychex, Inc.(a)
|
|
|
2,255
|
|
|
221,734
|
|
|
|
|
|
912,765
|
||
|
Consumer Discretionary Distribution & Retail - 1.9%
|
|
|
|
|
||
|
Best Buy Co., Inc.(a)
|
|
|
3,736
|
|
|
283,488
|
|
Ross Stores, Inc.
|
|
|
1,157
|
|
|
246,267
|
|
|
|
|
|
529,755
|
||
|
Consumer Durables & Apparel - 0.9%
|
|
|
|
|
||
|
Tapestry, Inc.(a)
|
|
|
1,609
|
|
|
235,525
|
|
Consumer Services - 3.4%
|
|
|
|
|
||
|
Darden Restaurants, Inc.
|
|
|
1,106
|
|
|
227,847
|
|
H&R Block, Inc.
|
|
|
7,049
|
|
|
268,426
|
|
Yum China Holdings, Inc.
|
|
|
10,374
|
|
|
423,985
|
|
|
|
|
|
920,258
|
||
|
Consumer Staples Distribution &
Retail - 0.9%
|
|
|
|
|
||
|
Target Corp.
|
|
|
1,910
|
|
|
249,465
|
|
Energy - 4.4%
|
|
|
|
|
||
|
APA Corp.
|
|
|
7,014
|
|
|
228,446
|
|
Chord Energy Corp.
|
|
|
1,561
|
|
|
178,422
|
|
EOG Resources, Inc.
|
|
|
1,583
|
|
|
205,363
|
|
EQT Corp.(a)
|
|
|
2,504
|
|
|
133,138
|
|
HF Sinclair Corp.(a)
|
|
|
3,668
|
|
|
255,476
|
|
Phillips 66
|
|
|
1,251
|
|
|
211,481
|
|
|
|
|
|
1,212,326
|
||
|
Financial Services - 15.2%
|
|
|
|
|
||
|
American Express Co.
|
|
|
1,371
|
|
|
463,741
|
|
Capital One Financial Corp.
|
|
|
1,474
|
|
|
295,714
|
|
Franklin Resources, Inc.
|
|
|
13,452
|
|
|
447,548
|
|
Interactive Brokers Group, Inc. -
Class A
|
|
|
5,149
|
|
|
448,169
|
|
MSCI, Inc.(a)
|
|
|
351
|
|
|
196,574
|
|
OneMain Holdings, Inc.
|
|
|
9,141
|
|
|
557,327
|
|
Piper Sandler Cos.
|
|
|
5,905
|
|
|
427,168
|
|
T Rowe Price Group, Inc.
|
|
|
4,566
|
|
|
519,109
|
|
Tradeweb Markets, Inc. - Class A
|
|
|
2,700
|
|
|
269,082
|
|
Victory Capital Holdings, Inc. -
Class A
|
|
|
3,173
|
|
|
266,722
|
|
Voya Financial, Inc.
|
|
|
3,250
|
|
|
294,222
|
|
|
|
|
|
4,185,376
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Food, Beverage & Tobacco - 9.8%
|
|
|
|
|
||
|
Altria Group, Inc.(a)
|
|
|
6,792
|
|
|
$488,684
|
|
Brown-Forman Corp. - Class B
|
|
|
10,011
|
|
|
266,793
|
|
Hormel Foods Corp.
|
|
|
11,648
|
|
|
289,103
|
|
McCormick & Co., Inc.(a)
|
|
|
9,307
|
|
|
469,259
|
|
Molson Coors Beverage Co. - Class B(a)
|
|
|
11,332
|
|
|
441,495
|
|
PepsiCo, Inc.
|
|
|
2,015
|
|
|
272,831
|
|
Smithfield Foods, Inc.
|
|
|
18,518
|
|
|
449,247
|
|
|
|
|
|
2,677,412
|
||
|
Health Care Equipment & Services - 4.0%
|
||||||
|
Abbott Laboratories(a)
|
|
|
2,495
|
|
|
226,396
|
|
Becton Dickinson & Co.(a)
|
|
|
1,453
|
|
|
219,883
|
|
CVS Health Corp.
|
|
|
2,174
|
|
|
224,900
|
|
McKesson Corp.
|
|
|
575
|
|
|
434,470
|
|
|
|
|
|
1,105,649
|
||
|
Household & Personal Products - 2.0%
|
|
|
|
|
||
|
Kimberly-Clark Corp.(a)
|
|
|
5,070
|
|
|
556,534
|
|
Insurance - 8.0%
|
|
|
|
|
||
|
Aflac, Inc.(a)
|
|
|
2,332
|
|
|
273,427
|
|
Hartford Insurance Group, Inc.
|
|
|
1,570
|
|
|
208,056
|
|
Marsh & McLennan Cos., Inc.
|
|
|
967
|
|
|
161,170
|
|
MetLife, Inc.(a)
|
|
|
2,692
|
|
|
227,770
|
|
Primerica, Inc.
|
|
|
1,052
|
|
|
298,979
|
|
Principal Financial Group, Inc.
|
|
|
2,134
|
|
|
230,003
|
|
Progressive Corp.
|
|
|
1,303
|
|
|
284,640
|
|
Prudential Financial, Inc.
|
|
|
4,729
|
|
|
510,401
|
|
|
|
|
|
2,194,446
|
||
|
Materials - 2.7%
|
|
|
|
|
||
|
Ball Corp.
|
|
|
8,366
|
|
|
522,039
|
|
Sherwin-Williams Co.
|
|
|
641
|
|
|
220,709
|
|
|
|
|
|
742,748
|
||
|
Pharmaceuticals, Biotechnology & Life Sciences - 1.5%
|
|
|
|
|
||
|
Thermo Fisher Scientific, Inc.
|
|
|
443
|
|
|
222,102
|
|
Viatris, Inc.
|
|
|
12,370
|
|
|
196,436
|
|
|
|
|
|
418,538
|
||
|
Semiconductors & Semiconductor Equipment - 9.4%
|
|
|
|
|
||
|
Advanced Micro Devices, Inc.(b)
|
|
|
572
|
|
|
332,281
|
|
Ambarella, Inc.(b)
|
|
|
3,173
|
|
|
272,243
|
|
ARM Holdings PLC - ADR(a)(b)
|
|
|
1,126
|
|
|
399,246
|
|
Astera Labs, Inc.(b)
|
|
|
1,126
|
|
|
543,881
|
|
Marvell Technology, Inc.
|
|
|
1,407
|
|
|
419,131
|
|
Micron Technology, Inc.
|
|
|
331
|
|
|
382,070
|
|
QUALCOMM, Inc.(a)
|
|
|
1,284
|
|
|
237,270
|
|
|
|
|
|
2,586,122
|
||
|
Software & Services - 4.4%
|
|
|
|
|
||
|
Crowdstrike Holdings, Inc. - Class A(b)
|
|
|
443
|
|
|
338,071
|
|
Datadog, Inc. - Class A(b)
|
|
|
1,270
|
|
|
330,657
|
|
Nebius Group N.V.(a)(b)
|
|
|
1,165
|
|
|
321,738
|
|
Roper Technologies, Inc.
|
|
|
658
|
|
|
222,661
|
|
|
|
|
|
1,213,127
|
||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
3
|
|
|
TABLE OF CONTENTS
WBI BULLBEAR YIELD 3000 ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued)
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Shares
|
|
|
Value
|
|
||||||
|
COMMON STOCKS - (Continued)
|
|
|||||||||||
|
Technology Hardware & Equipment - 3.9%
|
|
|
|
|
||||||||
|
Amphenol Corp. - Class A
|
|
|
3,692
|
|
|
$650,974
|
|
|||||
|
Motorola Solutions, Inc.(a)
|
|
|
535
|
|
|
222,180
|
|
|||||
|
TE Connectivity PLC
|
|
|
961
|
|
|
193,747
|
|
|||||
|
|
|
|
|
1,066,901
|
|
|||||||
|
Telecommunication Services - 1.6%
|
|
|
|
|
|
|||||||
|
Verizon Communications, Inc.
|
|
|
10,403
|
|
|
440,463
|
|
|||||
|
Transportation - 0.9%
|
|
|
|
|
|
|||||||
|
FedEx Corp.
|
|
|
804
|
|
|
251,757
|
|
|||||
|
Utilities - 2.5%
|
|
|
|
|
|
|||||||
|
American Water Works Co., Inc.
|
|
|
1,482
|
|
|
195,002
|
|
|||||
|
Eversource Energy
|
|
|
6,690
|
|
|
483,486
|
|
|||||
|
|
|
|
|
678,488
|
|
|||||||
|
TOTAL COMMON STOCKS
(Cost $21,501,890)
|
|
|
|
|
23,316,621
|
|
||||||
|
EXCHANGE TRADED FUNDS - 12.3%
|
|
|||||||||||
|
Angel Oak High Yield Opportunities
ETF
|
|
|
60,803
|
|
|
669,161
|
|
|||||
|
Eaton Vance Short Duration Income
ETF
|
|
|
8,021
|
|
|
407,908
|
|
|||||
|
First Trust Senior Loan ETF
|
|
|
5,089
|
|
|
227,733
|
|
|||||
|
Invesco Ultra Short Duration ETF
|
|
|
5,533
|
|
|
277,480
|
|
|||||
|
iShares Short Duration Bond Active
ETF
|
|
|
4,396
|
|
|
222,701
|
|
|||||
|
State Street SPDR Bloomberg Investment Grade Floating Rate ETF
|
|
|
12,935
|
|
|
399,045
|
|
|||||
|
TCW Senior Loan ETF
|
|
|
9,978
|
|
|
455,372
|
|
|||||
|
WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund
|
|
|
31,953
|
|
|
722,457
|
|
|||||
|
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,393,612)
|
|
|
|
|
3,381,857
|
|
||||||
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
|
||
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 19.6%
|
|
|
|
|
||
|
Mount Vernon Liquid Assets Portfolio, LLC, 3.75%(c)(e)
|
|
|
5,390,268
|
|
|
5,390,268
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $5,390,268)
|
|
|
|
|
5,390,268
|
|
|
TOTAL INVESTMENTS - 116.8%
(Cost $30,285,770)
|
|
|
|
|
$32,088,746
|
|
|
Money Market Deposit
Account - 2.9%(d)
|
|
|
|
|
786,075
|
|
|
Liabilities in Excess of Other
Assets - (19.7)%
|
|
|
|
|
(5,408,770)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$27,466,051
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
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.
|
(a)
|
All or a portion of this security is on loan as of June 30, 2026. The fair value of these securities was $5,245,668.
|
|
(b)
|
Non-income producing security.
|
|
(c)
|
The rate shown represents the 7-day annualized yield as of June 30, 2026.
|
|
(d)
|
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, 2026 was 1.77%.
|
|
(e)
|
Cash collateral received for securities on loan was invested in the Mount Vernon Liquid Assets Portfolio, LLC. The investment objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
4
|
|
|
TABLE OF CONTENTS
WBI BULLBEAR QUALITY 3000 ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 99.5%
|
||||||
|
Banks - 2.2%
|
|
|
|
|
||
|
Citigroup, Inc.
|
|
|
4,756
|
|
|
$665,650
|
|
Capital Goods - 18.3%
|
|
|
|
|
||
|
Carpenter Technology Corp.(a)
|
|
|
585
|
|
|
360,851
|
|
Caterpillar, Inc.
|
|
|
674
|
|
|
717,743
|
|
Cummins, Inc.
|
|
|
505
|
|
|
360,171
|
|
Fastenal Company
|
|
|
3,006
|
|
|
144,378
|
|
General Dynamics Corp.
|
|
|
833
|
|
|
295,082
|
|
General Electric Co.
|
|
|
1,772
|
|
|
662,249
|
|
HEICO Corp.
|
|
|
1,842
|
|
|
656,102
|
|
Howmet Aerospace, Inc.
|
|
|
1,851
|
|
|
497,660
|
|
Lockheed Martin Corp.
|
|
|
734
|
|
|
373,944
|
|
PACCAR, Inc.
|
|
|
5,379
|
|
|
646,125
|
|
Parker-Hannifin Corp.
|
|
|
217
|
|
|
212,252
|
|
Rockwell Automation, Inc.(a)
|
|
|
1,333
|
|
|
659,942
|
|
|
|
|
|
5,586,499
|
||
|
Commercial & Professional Services - 3.6%
|
||||||
|
Automatic Data Processing, Inc.
|
|
|
2,680
|
|
|
600,186
|
|
Paychex, Inc.(a)
|
|
|
3,044
|
|
|
299,316
|
|
Waste Management, Inc.
|
|
|
841
|
|
|
187,442
|
|
|
|
|
|
1,086,944
|
||
|
Consumer Discretionary Distribution & Retail - 1.8%
|
|
|
|
|
||
|
Ross Stores, Inc.
|
|
|
1,648
|
|
|
350,777
|
|
TJX Cos., Inc.
|
|
|
1,235
|
|
|
187,102
|
|
|
|
|
|
537,879
|
||
|
Consumer Durables & Apparel - 2.0%
|
|
|
|
|
||
|
Tapestry, Inc.(a)
|
|
|
4,229
|
|
|
619,041
|
|
Consumer Services - 4.2%
|
|
|
|
|
||
|
Expedia Group, Inc.(a)
|
|
|
2,638
|
|
|
675,012
|
|
Marriott International, Inc. - Class A
|
|
|
1,599
|
|
|
592,573
|
|
|
|
|
|
1,267,585
|
||
|
Consumer Staples Distribution &
Retail - 0.7%
|
|
|
|
|
||
|
Sysco Corp.
|
|
|
2,548
|
|
|
212,962
|
|
Energy - 2.1%
|
|
|
|
|
||
|
Diamondback Energy, Inc.(a)
|
|
|
1,723
|
|
|
302,869
|
|
Schlumberger, Ltd.(a)
|
|
|
7,271
|
|
|
338,029
|
|
|
|
|
|
640,898
|
||
|
Financial Services - 8.0%
|
|
|
|
|
||
|
American Express Co.
|
|
|
1,864
|
|
|
630,498
|
|
Charles Schwab Corp.
|
|
|
6,684
|
|
|
616,733
|
|
Interactive Brokers Group, Inc. -
Class A
|
|
|
6,874
|
|
|
598,313
|
|
Morgan Stanley
|
|
|
2,909
|
|
|
608,097
|
|
|
|
|
|
2,453,641
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Food, Beverage & Tobacco - 6.2%
|
|
|
|
|
||
|
Casey's General Stores, Inc.
|
|
|
591
|
|
|
$469,721
|
|
Coca-Cola Co.
|
|
|
6,968
|
|
|
566,289
|
|
Monster Beverage Corp.(b)
|
|
|
7,022
|
|
|
674,955
|
|
PepsiCo, Inc.
|
|
|
1,241
|
|
|
168,031
|
|
|
|
|
|
1,878,996
|
||
|
Health Care Equipment & Services - 4.5%
|
||||||
|
Cigna Group
|
|
|
2,057
|
|
|
567,074
|
|
Edwards Lifesciences Corporation(a)(b)
|
|
|
6,865
|
|
|
621,008
|
|
IDEXX Laboratories, Inc.(b)
|
|
|
351
|
|
|
184,780
|
|
|
|
|
|
1,372,862
|
||
|
Hotels, Restaurants & Leisure - 1.8%
|
|
|
|
|
||
|
Las Vegas Sands Corp.
|
|
|
11,877
|
|
|
548,599
|
|
Materials - 1.7%
|
|
|
|
|
||
|
Steel Dynamics, Inc.(a)
|
|
|
2,310
|
|
|
530,053
|
|
Media & Entertainment - 2.9%
|
|
|
|
|
||
|
Fox Corp. - Class B(a)
|
|
|
6,529
|
|
|
305,818
|
|
TKO Group Holdings, Inc.
|
|
|
2,812
|
|
|
566,084
|
|
|
|
|
|
871,902
|
||
|
Pharmaceuticals, Biotechnology & Life Sciences - 4.2%
|
|
|
|
|
||
|
Amgen, Inc.
|
|
|
568
|
|
|
205,684
|
|
Bristol-Myers Squibb Co.
|
|
|
7,063
|
|
|
406,970
|
|
Eli Lilly & Co.
|
|
|
546
|
|
|
654,889
|
|
|
|
|
|
1,267,543
|
||
|
Semiconductors & Semiconductor Equipment - 14.1%
|
|
|
|
|
||
|
Ambarella, Inc.(b)
|
|
|
6,797
|
|
|
583,183
|
|
ARM Holdings PLC - ADR(a)(b)
|
|
|
2,639
|
|
|
935,710
|
|
Astera Labs, Inc.(b)
|
|
|
2,371
|
|
|
1,145,240
|
|
Lam Research Corp.
|
|
|
826
|
|
|
357,931
|
|
Marvell Technology, Inc.
|
|
|
3,118
|
|
|
928,821
|
|
Monolithic Power Systems, Inc.
|
|
|
244
|
|
|
337,296
|
|
|
|
|
|
4,288,181
|
||
|
Software & Services - 12.3%
|
|
|
|
|
||
|
Atlassian Corp. - Class A(b)
|
|
|
6,306
|
|
|
490,544
|
|
Crowdstrike Holdings, Inc. - Class A(b)
|
|
|
929
|
|
|
708,957
|
|
Datadog, Inc. - Class A(b)
|
|
|
2,651
|
|
|
690,214
|
|
MongoDB, Inc.(b)
|
|
|
1,767
|
|
|
593,535
|
|
Nebius Group N.V.(a)(b)
|
|
|
2,507
|
|
|
692,358
|
|
Twilio, Inc. - Class A(b)
|
|
|
2,736
|
|
|
564,519
|
|
|
|
|
|
3,740,127
|
||
|
Technology Hardware & Equipment - 5.8%
|
||||||
|
Apple, Inc.
|
|
|
1,975
|
|
|
571,486
|
|
Cisco Systems, Inc.
|
|
|
3,197
|
|
|
375,519
|
|
Lumentum Holdings, Inc.(b)
|
|
|
379
|
|
|
325,205
|
|
Viavi Solutions, Inc.(b)
|
|
|
10,725
|
|
|
512,119
|
|
|
|
|
|
1,784,329
|
||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
5
|
|
|
TABLE OF CONTENTS
WBI BULLBEAR QUALITY 3000 ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
||||||
|
Transportation - 3.1%
|
|
|
|
|
||
|
Old Dominion Freight Line, Inc.(a)
|
|
|
909
|
|
|
$196,889
|
|
Union Pacific Corp.
|
|
|
683
|
|
|
185,776
|
|
XPO, Inc.(a)(b)
|
|
|
2,813
|
|
|
577,481
|
|
|
|
|
|
960,146
|
||
|
TOTAL COMMON STOCKS
(Cost $27,438,969)
|
|
|
|
|
30,313,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
|
||
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 21.6%
|
|
|
|
|
||
|
Mount Vernon Liquid Assets Portfolio, LLC, 3.75%(c)(e)
|
|
|
6,574,692
|
|
|
6,574,692
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $6,574,692)
|
|
|
|
|
6,574,692
|
|
|
TOTAL INVESTMENTS - 121.1%
(Cost $34,013,661)
|
|
|
|
|
$36,888,529
|
|
|
Money Market Deposit
Account - 0.7%(d)
|
|
|
|
|
206,480
|
|
|
Liabilities in Excess of Other
Assets - (21.8)%
|
|
|
|
|
(6,633,402)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$30,461,607
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
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.
|
(a)
|
All or a portion of this security is on loan as of June 30, 2026. The fair value of these securities was $6,469,483.
|
|
(b)
|
Non-income producing security.
|
|
(c)
|
The rate shown represents the 7-day annualized yield as of June 30, 2026.
|
|
(d)
|
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, 2026 was 1.77%.
|
|
(e)
|
Cash collateral received for securities on loan was invested in the Mount Vernon Liquid Assets Portfolio, LLC. The investment objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
6
|
|
|
TABLE OF CONTENTS
WBI POWER FACTOR® HIGH DIVIDEND ETF
SCHEDULE OF INVESTMENTS
June 30, 2026
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 97.9%
|
||||||
|
Automobiles & Components - 1.9%
|
|
|
|
|
||
|
LCI Industries
|
|
|
6,094
|
|
|
$645,233
|
|
Winnebago Industries, Inc.(a)
|
|
|
14,323
|
|
|
447,450
|
|
|
|
|
|
1,092,683
|
||
|
Banks - 5.5%
|
|
|
|
|
||
|
Columbia Banking System, Inc.
|
|
|
29,466
|
|
|
944,385
|
|
First Interstate BancSystem, Inc. -
Class A
|
|
|
19,679
|
|
|
758,822
|
|
Northwest Bancshares, Inc.
|
|
|
19,890
|
|
|
301,533
|
|
Peoples Bancorp, Inc.
|
|
|
4,595
|
|
|
176,494
|
|
Provident Financial Services, Inc.
|
|
|
14,099
|
|
|
333,300
|
|
Truist Financial Corp.
|
|
|
14,141
|
|
|
704,505
|
|
|
|
|
|
3,219,039
|
||
|
Commercial & Professional Services - 3.4%
|
||||||
|
Robert Half, Inc.(a)
|
|
|
64,885
|
|
|
1,991,970
|
|
Consumer Discretionary Distribution & Retail - 7.7%
|
|
|
|
|
||
|
Bath & Body Works, Inc.
|
|
|
44,239
|
|
|
1,023,248
|
|
Best Buy Co., Inc.
|
|
|
42,964
|
|
|
3,260,108
|
|
Upbound Group, Inc.
|
|
|
13,049
|
|
|
276,900
|
|
|
|
|
|
4,560,256
|
||
|
Consumer Services - 3.2%
|
|
|
|
|
||
|
H&R Block, Inc.
|
|
|
50,027
|
|
|
1,905,028
|
|
Consumer Staples Distribution &
Retail - 1.3%
|
|
|
|
|
||
|
Target Corp.
|
|
|
6,058
|
|
|
791,235
|
|
Energy - 5.0%
|
|
|
|
|
||
|
Hess Midstream LP - Class A(a)
|
|
|
27,599
|
|
|
1,037,722
|
|
Northern Oil & Gas, Inc.(a)
|
|
|
49,517
|
|
|
898,734
|
|
ONEOK, Inc.
|
|
|
11,633
|
|
|
1,011,373
|
|
|
|
|
|
2,947,829
|
||
|
Financial Services - 9.4%
|
|
|
|
|
||
|
Artisan Partners Asset Management, Inc. - Class A
|
|
|
12,090
|
|
|
417,468
|
|
Franklin Resources, Inc.
|
|
|
33,230
|
|
|
1,105,562
|
|
OneMain Holdings, Inc.
|
|
|
26,136
|
|
|
1,593,512
|
|
T Rowe Price Group, Inc.
|
|
|
9,932
|
|
|
1,129,169
|
|
Virtus Investment Partners, Inc.(a)
|
|
|
1,670
|
|
|
239,645
|
|
Western Union Co.(a)
|
|
|
138,604
|
|
|
1,067,251
|
|
|
|
|
|
5,552,607
|
||
|
Food, Beverage & Tobacco - 15.1%
|
|
|
|
|
||
|
Altria Group, Inc.(a)
|
|
|
42,787
|
|
|
3,078,525
|
|
Campbell's Co.(a)
|
|
|
135,426
|
|
|
3,015,937
|
|
General Mills, Inc.(a)
|
|
|
80,289
|
|
|
2,794,057
|
|
|
|
|
|
8,888,519
|
||
|
Household & Personal Products - 1.9%
|
|
|
|
|
||
|
Energizer Holdings, Inc.
|
|
|
26,027
|
|
|
558,019
|
|
Reynolds Consumer Products, Inc.
|
|
|
20,377
|
|
|
547,122
|
|
|
|
|
|
1,105,141
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Insurance - 3.7%
|
|
|
|
|
||
|
Fidelity National Financial, Inc.
|
|
|
15,239
|
|
|
$718,671
|
|
Kemper Corp.
|
|
|
16,219
|
|
|
437,264
|
|
Prudential Financial, Inc.
|
|
|
9,645
|
|
|
1,040,985
|
|
|
|
|
|
2,196,920
|
||
|
Materials - 3.6%
|
|
|
|
|
||
|
Graphic Packaging Holding Co.(a)
|
|
|
95,382
|
|
|
1,008,188
|
|
Scotts Miracle-Gro Co.(a)
|
|
|
12,725
|
|
|
866,700
|
|
Sylvamo Corp.
|
|
|
7,043
|
|
|
266,225
|
|
|
|
|
|
2,141,113
|
||
|
Media & Entertainment - 3.2%
|
|
|
|
|
||
|
Omnicom Group, Inc.
|
|
|
10,838
|
|
|
789,332
|
|
Sirius XM Holdings, Inc.(a)
|
|
|
36,371
|
|
|
1,074,399
|
|
|
|
|
|
1,863,731
|
||
|
Pharmaceuticals, Biotechnology & Life Sciences - 5.6%
|
|
|
|
|
||
|
Bristol-Myers Squibb Co.
|
|
|
14,576
|
|
|
839,869
|
|
Pfizer, Inc.
|
|
|
102,076
|
|
|
2,457,990
|
|
|
|
|
|
3,297,859
|
||
|
Semiconductors & Semiconductor Equipment - 4.2%
|
|
|
|
|
||
|
Skyworks Solutions, Inc.(a)
|
|
|
36,891
|
|
|
2,501,210
|
|
Technology Hardware & Equipment - 5.3%
|
||||||
|
HP, Inc.(a)
|
|
|
143,805
|
|
|
3,155,082
|
|
Telecommunication Services - 6.7%
|
|
|
|
|
||
|
AT&T, Inc.
|
|
|
31,684
|
|
|
655,859
|
|
Comcast Corp. - Class A
|
|
|
32,208
|
|
|
790,706
|
|
Verizon Communications, Inc.
|
|
|
59,397
|
|
|
2,514,869
|
|
|
|
|
|
3,961,434
|
||
|
Transportation - 5.1%
|
|
|
|
|
||
|
Global Ship Lease, Inc. - Class A
|
|
|
6,866
|
|
|
258,162
|
|
United Parcel Service, Inc. - Class B
|
|
|
25,486
|
|
|
2,739,745
|
|
|
|
|
|
2,997,907
|
||
|
Utilities - 6.1%
|
|
|
|
|
||
|
AES Corp.
|
|
|
67,563
|
|
|
990,473
|
|
Dominion Energy, Inc.
|
|
|
13,296
|
|
|
907,984
|
|
Edison International
|
|
|
12,963
|
|
|
965,095
|
|
UGI Corp.
|
|
|
21,553
|
|
|
744,441
|
|
|
|
|
|
3,607,993
|
||
|
TOTAL COMMON STOCKS
(Cost $54,931,564)
|
|
|
|
|
57,777,556
|
|
|
REAL ESTATE INVESTMENT
TRUSTS - 1.1%
|
||||||
|
Equity Real Estate Investment Trusts (REITs) - 1.1%
|
|
|
|
|
||
|
Millrose Properties, Inc.
|
|
|
21,509
|
|
|
646,346
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $667,962)
|
|
|
|
|
646,346
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
7
|
|
|
TABLE OF CONTENTS
WBI POWER FACTOR® HIGH DIVIDEND ETF
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued)
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
|
Value
|
|
|
SHORT-TERM INVESTMENTS
|
|
|
|
|
||
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 27.2%
|
|
|
|
|
||
|
Mount Vernon Liquid Assets Portfolio, LLC, 3.75%(b)(d)
|
|
|
16,070,545
|
|
|
$16,070,545
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING
(Cost $16,070,545)
|
|
|
|
|
16,070,545
|
|
|
TOTAL INVESTMENTS - 126.2%
(Cost $71,670,071)
|
|
|
|
|
$74,494,447
|
|
|
Money Market Deposit
Account - 0.8%(c)
|
|
|
|
|
460,523
|
|
|
Liabilities in Excess of Other
Assets - (27.0)%
|
|
|
|
|
(15,934,749)
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$59,020,221
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
REIT - Real Estate Investment Trust
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.
|
(a)
|
All or a portion of this security is on loan as of June 30, 2026. The fair value of these securities was $15,358,596.
|
|
(b)
|
The rate shown represents the 7-day annualized yield as of June 30, 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 June 30, 2026 was 1.77%.
|
|
(d)
|
Cash collateral received for securities on loan was invested in the Mount Vernon Liquid Assets Portfolio, LLC. The investment objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
8
|
|
|
TABLE OF CONTENTS
ABSOLUTE SHARES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WBI BullBear
Value 3000 ETF
|
|
|
WBI BullBear
Yield 3000 ETF
|
|
|
WBI BullBear
Quality 3000 ETF
|
|
|
WBI Power Factor®
High Dividend ETF
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
||||
|
Investments, at value
|
|
|
$28,100,947
|
|
|
$32,088,746
|
|
|
$36,888,529
|
|
|
$74,494,447
|
|
Cash - interest bearing deposit account
|
|
|
261,195
|
|
|
786,075
|
|
|
206,480
|
|
|
460,523
|
|
Dividends receivable
|
|
|
9,937
|
|
|
35,044
|
|
|
12,594
|
|
|
216,765
|
|
Interest receivable
|
|
|
611
|
|
|
1,330
|
|
|
1,088
|
|
|
1,352
|
|
Security lending income receivable
|
|
|
459
|
|
|
1,149
|
|
|
519
|
|
|
9,018
|
|
Dividend tax reclaims receivable
|
|
|
5,744
|
|
|
9,092
|
|
|
485
|
|
|
-
|
|
Prepaid expenses and other assets
|
|
|
76
|
|
|
42
|
|
|
42
|
|
|
77
|
|
Total assets
|
|
|
28,378,969
|
|
|
32,921,478
|
|
|
37,109,737
|
|
|
75,182,182
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
||||
|
Payable upon return of securities loaned
|
|
|
4,743,099
|
|
|
5,390,268
|
|
|
6,574,692
|
|
|
16,070,545
|
|
Payable to Sub-Advisor
|
|
|
7,441
|
|
|
4,039
|
|
|
12,750
|
|
|
4,957
|
|
Payable for shareholder servicing fees
|
|
|
-
|
|
|
-
|
|
|
32
|
|
|
8,667
|
|
Payable for investments purchased
|
|
|
80,353
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Payable for expenses and other liabilities
|
|
|
56,424
|
|
|
61,120
|
|
|
60,656
|
|
|
77,792
|
|
Total liabilities
|
|
|
4,887,317
|
|
|
5,455,427
|
|
|
6,648,130
|
|
|
16,161,961
|
|
NET ASSETS
|
|
|
$23,491,652
|
|
|
$27,466,051
|
|
|
$30,461,607
|
|
|
$59,020,221
|
|
Net Assets Consist of:
|
|
|
|
|
|
|
|
|
||||
|
Paid-in capital
|
|
|
$37,388,462
|
|
|
$88,513,800
|
|
|
$46,874,432
|
|
|
$56,437,401
|
|
Total distributable earnings/(accumulated
losses)
|
|
|
(13,896,810)
|
|
|
(61,047,749)
|
|
|
(16,412,825)
|
|
|
2,582,820
|
|
Total net assets
|
|
|
$23,491,652
|
|
|
$27,466,051
|
|
|
$30,461,607
|
|
|
$59,020,221
|
|
Net assets
|
|
|
$23,491,652
|
|
|
$27,466,051
|
|
|
$30,461,607
|
|
|
$59,020,221
|
|
Shares issued and outstanding (unlimited shares authorized without par value)
|
|
|
658,315
|
|
|
1,060,183
|
|
|
757,182
|
|
|
1,690,000
|
|
Net asset value per share
|
|
|
$35.68
|
|
|
$25.91
|
|
|
$40.23
|
|
|
$34.92
|
|
Cost:
|
|
|
|
|
|
|
|
|
||||
|
Investments, at cost
|
|
|
$25,991,692
|
|
|
$30,285,770
|
|
|
$34,013,661
|
|
|
$71,670,071
|
|
Loaned Securities:
|
|
|
|
|
|
|
|
|
||||
|
at value (included in investments)
|
|
|
$4,652,455
|
|
|
$5,245,668
|
|
|
$6,469,483
|
|
|
$15,358,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
9
|
|
|
TABLE OF CONTENTS
ABSOLUTE SHARES TRUST
STATEMENTS OF OPERATIONS
For the Year Ended June 30, 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WBI BullBear
Value 3000 ETF
|
|
|
WBI BullBear
Yield 3000 ETF
|
|
|
WBI BullBear
Quality 3000 ETF
|
|
|
WBI Power Factor®
High Dividend ETF
|
|
|
INVESTMENT INCOME:
|
|
|
|
|
|
|
|
|
||||
|
Dividend income
|
|
|
$379,101
|
|
|
$846,246
|
|
|
$252,387
|
|
|
$3,076,890
|
|
Less: dividend withholding taxes
|
|
|
-
|
|
|
(6,473)
|
|
|
-
|
|
|
-
|
|
Less: issuance fees
|
|
|
-
|
|
|
(5)
|
|
|
(12)
|
|
|
-
|
|
Interest income
|
|
|
30,156
|
|
|
27,017
|
|
|
44,804
|
|
|
12,999
|
|
Securities lending income
|
|
|
4,540
|
|
|
16,262
|
|
|
5,357
|
|
|
27,672
|
|
Total investment income
|
|
|
413,797
|
|
|
883,047
|
|
|
302,536
|
|
|
3,117,561
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
||||
|
Investment sub-advisory fee
|
|
|
221,980
|
|
|
257,199
|
|
|
261,940
|
|
|
313,028
|
|
Fund administration and accounting fees
|
|
|
74,007
|
|
|
77,995
|
|
|
78,254
|
|
|
94,706
|
|
Compliance fees
|
|
|
37,831
|
|
|
37,958
|
|
|
39,157
|
|
|
39,437
|
|
Legal fees
|
|
|
34,551
|
|
|
34,785
|
|
|
34,424
|
|
|
34,468
|
|
Audit fees
|
|
|
33,096
|
|
|
33,156
|
|
|
33,156
|
|
|
33,224
|
|
Trustees' fees
|
|
|
27,466
|
|
|
27,466
|
|
|
27,466
|
|
|
27,466
|
|
Shareholder service costs
|
|
|
9,734
|
|
|
9,978
|
|
|
9,990
|
|
|
8,650
|
|
Custodian fees
|
|
|
7,731
|
|
|
8,833
|
|
|
7,989
|
|
|
6,072
|
|
Reports to shareholders
|
|
|
7,569
|
|
|
6,811
|
|
|
6,904
|
|
|
8,991
|
|
Other expenses and fees
|
|
|
22,564
|
|
|
23,933
|
|
|
23,526
|
|
|
56,972
|
|
Total expenses
|
|
|
476,529
|
|
|
518,114
|
|
|
522,806
|
|
|
623,014
|
|
Fees waived by Sub-Advisor
|
|
|
(40,098)
|
|
|
(13,168)
|
|
|
(13,312)
|
|
|
(62,320)
|
|
Fees recouped by Sub-Advisor
|
|
|
7,529
|
|
|
9,451
|
|
|
14,056
|
|
|
8,448
|
|
Net expenses
|
|
|
443,960
|
|
|
514,397
|
|
|
523,550
|
|
|
569,142
|
|
Net investment income/(loss)
|
|
|
(30,163)
|
|
|
368,650
|
|
|
(221,014)
|
|
|
2,548,419
|
|
REALIZED AND UNREALIZED GAIN (LOSS)
|
||||||||||||
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
||||
|
Investments
|
|
|
4,346,079
|
|
|
4,015,905
|
|
|
5,952,057
|
|
|
5,671,615
|
|
In-kind
|
|
|
586,321
|
|
|
538,439
|
|
|
545,844
|
|
|
1,718,942
|
|
Net realized gain (loss)
|
|
|
4,932,400
|
|
|
4,554,344
|
|
|
6,497,901
|
|
|
7,390,557
|
|
Net change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|
|
||||
|
Investments
|
|
|
557,178
|
|
|
498,848
|
|
|
262,669
|
|
|
2,581,812
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
557,178
|
|
|
498,848
|
|
|
262,669
|
|
|
2,581,812
|
|
Net realized and unrealized gain (loss)
|
|
|
5,489,578
|
|
|
5,053,192
|
|
|
6,760,570
|
|
|
9,972,369
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
|
|
$5,459,415
|
|
|
$5,421,842
|
|
|
$6,539,556
|
|
|
$12,520,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
10
|
|
|
TABLE OF CONTENTS
ABSOLUTE SHARES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
||||||
|
|
|
WBI BullBear
Value 3000 ETF
|
|
|
WBI BullBear
Yield 3000 ETF
|
|||||||
|
|
|
Year Ended June 30,
|
|
|
Year Ended June 30,
|
|||||||
|
|
|
2026
|
|
|
2025
|
|
|
2026
|
|
|
2025
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
||||
|
Net investment income (loss)
|
|
|
$(30,163)
|
|
|
$30,334
|
|
|
$368,650
|
|
|
$771,746
|
|
Net realized gain (loss)
|
|
|
4,932,400
|
|
|
(1,397,907)
|
|
|
4,554,344
|
|
|
(3,607,946)
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
557,178
|
|
|
1,335,815
|
|
|
498,848
|
|
|
667,982
|
|
Net increase (decrease) in net assets from operations
|
|
|
5,459,415
|
|
|
(31,758)
|
|
|
5,421,842
|
|
|
(2,168,218)
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
||||
|
From earnings
|
|
|
-
|
|
|
(94,871)
|
|
|
(399,364)
|
|
|
(801,291)
|
|
From return of capital
|
|
|
(19,855)
|
|
|
(6,806)
|
|
|
-
|
|
|
(28,347)
|
|
Total distributions to shareholders
|
|
|
(19,855)
|
|
|
(101,677)
|
|
|
(399,364)
|
|
|
(829,638)
|
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
|
|
|
|
||||
|
Shares sold
|
|
|
657,340
|
|
|
-
|
|
|
486,308
|
|
|
-
|
|
Shares redeemed
|
|
|
(11,124,322)
|
|
|
(4,346,390)
|
|
|
(11,650,835)
|
|
|
(7,200,795)
|
|
Net increase (decrease) in net assets from capital transactions
|
|
|
(10,466,982)
|
|
|
(4,346,390)
|
|
|
(11,164,527)
|
|
|
(7,200,795)
|
|
Net increase (decrease) in net assets
|
|
|
(5,027,422)
|
|
|
(4,479,825)
|
|
|
(6,142,049)
|
|
|
(10,198,651)
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
||||
|
Beginning of the year
|
|
|
28,519,074
|
|
|
32,998,899
|
|
|
33,608,100
|
|
|
43,806,751
|
|
End of the year
|
|
|
$23,491,652
|
|
|
$28,519,074
|
|
|
$27,466,051
|
|
|
$33,608,100
|
|
SHARES TRANSACTIONS
|
|
|
|
|
|
|
|
|
||||
|
Shares sold
|
|
|
20,000
|
|
|
-
|
|
|
20,000
|
|
|
-
|
|
Shares redeemed
|
|
|
(350,000)
|
|
|
(150,000)
|
|
|
(490,000)
|
|
|
(150,000)
|
|
Total increase (decrease) in shares outstanding
|
|
|
(330,000)
|
|
|
(150,000)
|
|
|
(470,000)
|
|
|
(150,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
11
|
|
|
TABLE OF CONTENTS
ABSOLUTE SHARES TRUST
STATEMENTS OF CHANGES IN NET ASSETS(Continued)
|
|
|
|
|
|
|
|
||||||
|
|
|
WBI BullBear
Quality 3000 ETF
|
|
|
WBI Power Factor®
High Dividend ETF
|
|||||||
|
|
|
Year Ended June 30,
|
|
|
Year Ended June 30,
|
|||||||
|
|
|
2026
|
|
|
2025
|
|
|
2026
|
|
|
2025
|
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
||||
|
Net investment income (loss)
|
|
|
$(221,014)
|
|
|
$(92,171)
|
|
|
$2,548,419
|
|
|
$2,969,388
|
|
Net realized gain (loss)
|
|
|
6,497,901
|
|
|
(2,343,557)
|
|
|
7,390,557
|
|
|
3,567,477
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
262,669
|
|
|
1,896,816
|
|
|
2,581,812
|
|
|
(3,132,344)
|
|
Net increase (decrease) in net assets from operations
|
|
|
6,539,556
|
|
|
(538,912)
|
|
|
12,520,788
|
|
|
3,404,521
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
||||
|
From earnings
|
|
|
(15,076)
|
|
|
-
|
|
|
(2,589,301)
|
|
|
(3,061,205)
|
|
From return of capital
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total distributions to shareholders
|
|
|
(15,076)
|
|
|
-
|
|
|
(2,589,301)
|
|
|
(3,061,205)
|
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
|
|
|
|
||||
|
Shares sold
|
|
|
1,062,669
|
|
|
-
|
|
|
5,773,300
|
|
|
6,101,615
|
|
Shares redeemed
|
|
|
(10,553,917)
|
|
|
(5,278,970)
|
|
|
(12,274,084)
|
|
|
(10,367,845)
|
|
Net increase (decrease) in net assets from capital transactions
|
|
|
(9,491,248)
|
|
|
(5,278,970)
|
|
|
(6,500,784)
|
|
|
(4,266,230)
|
|
Net increase (decrease) in net assets
|
|
|
(2,966,768)
|
|
|
(5,817,882)
|
|
|
3,430,703
|
|
|
(3,922,914)
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
||||
|
Beginning of the year
|
|
|
33,428,375
|
|
|
39,246,257
|
|
|
55,589,518
|
|
|
59,512,432
|
|
End of the year
|
|
|
$30,461,607
|
|
|
$33,428,375
|
|
|
$59,020,221
|
|
|
$55,589,518
|
|
SHARES TRANSACTIONS
|
|
|
|
|
|
|
|
|
||||
|
Shares sold
|
|
|
30,000
|
|
|
-
|
|
|
170,000
|
|
|
200,000
|
|
Shares redeemed
|
|
|
(300,000)
|
|
|
(150,000)
|
|
|
(380,000)
|
|
|
(350,000)
|
|
Total increase (decrease) in shares outstanding
|
|
|
(270,000)
|
|
|
(150,000)
|
|
|
(210,000)
|
|
|
(150,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
12
|
|
|
TABLE OF CONTENTS
ABSOLUTE SHARES TRUST
FINANCIAL HIGHLIGHTS
|
|
|
|
|
||||||||||||
|
|
|
WBI BullBear Value 3000 ETF
|
|||||||||||||
|
|
Year Ended June 30,
|
||||||||||||||
|
|
2026
|
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
||
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net asset value, beginning of year
|
|
|
$28.86
|
|
|
$28.99
|
|
|
$28.90
|
|
|
$29.55
|
|
|
$31.75
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income (loss)(a)
|
|
|
(0.04)
|
|
|
0.03
|
|
|
0.35
|
|
|
0.25
|
|
|
0.29
|
|
Net realized and unrealized gain (loss) on investments(b)
|
|
|
6.88
|
|
|
(0.07)
|
|
|
0.10
|
|
|
(0.51)
|
|
|
(2.06)
|
|
Total from investment operations
|
|
|
6.84
|
|
|
(0.04)
|
|
|
0.45
|
|
|
(0.26)
|
|
|
(1.77)
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income
|
|
|
-
|
|
|
(0.09)
|
|
|
(0.36)
|
|
|
(0.39)
|
|
|
(0.43)
|
|
Return of capital
|
|
|
(0.02)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total distributions
|
|
|
(0.02)
|
|
|
(0.09)
|
|
|
(0.36)
|
|
|
(0.39)
|
|
|
(0.43)
|
|
Net asset value, end of year
|
|
|
$35.68
|
|
|
$28.86
|
|
|
$28.99
|
|
|
$28.90
|
|
|
$29.55
|
|
Total return
|
|
|
23.71%
|
|
|
−0.13%
|
|
|
1.57%
|
|
|
−0.79%
|
|
|
−5.62%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of year (in thousands)
|
|
|
$23,492
|
|
|
$28,519
|
|
|
$32,999
|
|
|
$44,454
|
|
|
$42,503
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Before expense waiver/recoupment(c)
|
|
|
1.82%
|
|
|
1.72%
|
|
|
1.51%
|
|
|
1.64%
|
|
|
1.38%
|
|
After expense waiver/recoupment(c)
|
|
|
1.70%
|
|
|
1.64%
|
|
|
1.36%(e)
|
|
|
1.25%
|
|
|
1.25%
|
|
Ratio of net investment income (loss) to average net assets(c)
|
|
|
(0.12)%
|
|
|
0.09%
|
|
|
1.24%
|
|
|
0.89%
|
|
|
0.94%
|
|
Portfolio turnover rate(d)
|
|
|
613%
|
|
|
690%
|
|
|
742%
|
|
|
906%
|
|
|
845%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income (loss) per share has been calculated based on average shares outstanding during the years.
|
|
(b)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.
|
|
(c)
|
Ratios do not include the expenses of the underlying investment companies in which the Fund invests.
|
|
(d)
|
Portfolio turnover rate excludes in-kind transactions.
|
|
(e)
|
As of November 1, 2023, the Advisor has increased the Fund's expense cap to 1.70%.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
13
|
|
|
TABLE OF CONTENTS
ABSOLUTE SHARES TRUST
FINANCIAL HIGHLIGHTS
|
|
|
|
|
||||||||||||
|
|
|
WBI BullBear Yield 3000 ETF
|
|||||||||||||
|
|
Year Ended June 30,
|
||||||||||||||
|
|
2026
|
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
||
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net asset value, beginning of year
|
|
|
$21.96
|
|
|
$23.94
|
|
|
$23.25
|
|
|
$25.95
|
|
|
$26.67
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income(a)
|
|
|
0.29
|
|
|
0.45
|
|
|
0.43
|
|
|
0.42
|
|
|
0.39
|
|
Net realized and unrealized gain (loss) on investments(b)
|
|
|
3.97
|
|
|
(1.93)
|
|
|
0.69
|
|
|
(2.61)
|
|
|
(0.57)
|
|
Total from investment operations
|
|
|
4.26
|
|
|
(1.48)
|
|
|
1.12
|
|
|
(2.19)
|
|
|
(0.18)
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income
|
|
|
(0.31)
|
|
|
(0.50)
|
|
|
(0.43)
|
|
|
(0.51)
|
|
|
(0.54)
|
|
Total distributions
|
|
|
(0.31)
|
|
|
(0.50)
|
|
|
(0.43)
|
|
|
(0.51)
|
|
|
(0.54)
|
|
Net asset value, end of year
|
|
|
$25.91
|
|
|
$21.96
|
|
|
$23.94
|
|
|
$23.25
|
|
|
$25.95
|
|
Total return
|
|
|
19.50%
|
|
|
−6.32%
|
|
|
4.88%
|
|
|
−8.49%
|
|
|
−0.73%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of year (in thousands)
|
|
|
$27,466
|
|
|
$33,608
|
|
|
$43,807
|
|
|
$57,653
|
|
|
$38,416
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Before expense waiver/recoupment(c)
|
|
|
1.71%
|
|
|
1.54%
|
|
|
1.36%
|
|
|
1.44%
|
|
|
1.43%
|
|
After expense waiver/recoupment(c)
|
|
|
1.70%
|
|
|
1.51%
|
|
|
1.28%(e)
|
|
|
1.25%
|
|
|
1.26%
|
|
Ratio of net investment income (loss) to average net assets(c)
|
|
|
1.22%
|
|
|
1.97%
|
|
|
1.83%
|
|
|
1.73%
|
|
|
1.44%
|
|
Portfolio turnover rate(d)
|
|
|
576%
|
|
|
799%
|
|
|
641%
|
|
|
890%
|
|
|
824%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income (loss) per share has been calculated based on average shares outstanding during the years.
|
|
(b)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.
|
|
(c)
|
Ratios do not include the expenses of the underlying investment companies in which the Fund invests.
|
|
(d)
|
Portfolio turnover rate excludes in-kind transactions.
|
|
(e)
|
As of November 1, 2023, the Advisor has increased the Fund's expense cap to 1.70%.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
14
|
|
|
TABLE OF CONTENTS
ABSOLUTE SHARES TRUST
FINANCIAL HIGHLIGHTS
|
|
|
|
|
||||||||||||
|
|
|
WBI BullBear Quality 3000 ETF
|
|||||||||||||
|
|
|
Year Ended June 30,
|
|||||||||||||
|
|
|
2026
|
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net asset value, beginning of year
|
|
|
$32.54
|
|
|
$33.34
|
|
|
$29.19
|
|
|
$28.78
|
|
|
$30.74
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income (loss)(a)
|
|
|
(0.25)
|
|
|
(0.08)
|
|
|
0.03
|
|
|
0.23
|
|
|
0.32
|
|
Net realized and unrealized gain (loss) on investments(b)
|
|
|
7.96
|
|
|
(0.72)
|
|
|
4.16
|
|
|
0.54
|
|
|
(1.68)
|
|
Total from investment operations
|
|
|
7.71
|
|
|
(0.80)
|
|
|
4.19
|
|
|
0.77
|
|
|
(1.36)
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income
|
|
|
(0.02)
|
|
|
-
|
|
|
(0.04)
|
|
|
(0.36)
|
|
|
(0.60)
|
|
Total distributions
|
|
|
(0.02)
|
|
|
-
|
|
|
(0.04)
|
|
|
(0.36)
|
|
|
(0.60)
|
|
Net asset value, end of year
|
|
|
$40.23
|
|
|
$32.54
|
|
|
$33.34
|
|
|
$29.19
|
|
|
$28.78
|
|
Total return
|
|
|
23.68%
|
|
|
−2.40%
|
|
|
14.33%
|
|
|
2.79%
|
|
|
−4.58%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of year (in thousands)
|
|
|
$30,462
|
|
|
$33,428
|
|
|
$39,246
|
|
|
$44,583
|
|
|
$36,758
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Before expense waiver/recoupment(c)
|
|
|
1.70%
|
|
|
1.58%
|
|
|
1.44%
|
|
|
1.65%
|
|
|
1.45%
|
|
After expense waiver/recoupment(c)
|
|
|
1.70%
|
|
|
1.54%
|
|
|
1.32%(e)
|
|
|
1.25%
|
|
|
1.25%
|
|
Ratio of net investment income (loss) to average net assets(c)
|
|
|
(0.72)%
|
|
|
(0.26)%
|
|
|
0.10%
|
|
|
0.82%
|
|
|
1.04%
|
|
Portfolio turnover rate(d)
|
|
|
733%
|
|
|
760%
|
|
|
672%
|
|
|
805%
|
|
|
899%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income (loss) per share has been calculated based on average shares outstanding during the years.
|
|
(b)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.
|
|
(c)
|
Ratios do not include the expenses of the underlying investment companies in which the Fund invests.
|
|
(d)
|
Portfolio turnover rate excludes in-kind transactions.
|
|
(e)
|
As of November 1, 2023, the Advisor has increased the Fund's expense cap to 1.70%.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
15
|
|
|
TABLE OF CONTENTS
ABSOLUTE SHARES TRUST
FINANCIAL HIGHLIGHTS
|
|
|
|
|
||||||||||||
|
|
|
WBI Power Factor® High Dividend ETF
|
|||||||||||||
|
|
|
Year Ended June 30,
|
|||||||||||||
|
|
|
2026
|
|
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net asset value, beginning of year
|
|
|
$29.26
|
|
|
$29.03
|
|
|
$25.92
|
|
|
$25.97
|
|
|
$27.43
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income(a)
|
|
|
1.46
|
|
|
1.49
|
|
|
1.26
|
|
|
1.36
|
|
|
1.16
|
|
Net realized and unrealized gain (loss) on investments(b)
|
|
|
5.69
|
|
|
0.29
|
|
|
3.07
|
|
|
0.05
|
|
|
(1.49)
|
|
Total from investment operations
|
|
|
7.15
|
|
|
1.78
|
|
|
4.33
|
|
|
1.41
|
|
|
(0.33)
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net investment income
|
|
|
(1.49)
|
|
|
(1.55)
|
|
|
(1.22)
|
|
|
(1.46)
|
|
|
(1.13)
|
|
Total distributions
|
|
|
(1.49)
|
|
|
(1.55)
|
|
|
(1.22)
|
|
|
(1.46)
|
|
|
(1.13)
|
|
Net asset value, end of year
|
|
|
$34.92
|
|
|
$29.26
|
|
|
$29.03
|
|
|
$25.92
|
|
|
$25.97
|
|
Total return
|
|
|
24.85%
|
|
|
6.10%
|
|
|
16.97%
|
|
|
5.63%
|
|
|
−1.40%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net assets, end of year (in thousands)
|
|
|
$59,020
|
|
|
$55,590
|
|
|
$59,512
|
|
|
$60,905
|
|
|
$62,333
|
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Before expense waiver/recoupment(c)
|
|
|
1.09%
|
|
|
1.04%
|
|
|
0.99%
|
|
|
1.00%
|
|
|
0.94%
|
|
After expense waiver/recoupment(c)
|
|
|
1.00%
|
|
|
0.97%
|
|
|
0.84%(e)
|
|
|
0.70%
|
|
|
0.70%
|
|
Ratio of net investment income to average net assets
|
|
|
4.48%
|
|
|
4.95%
|
|
|
4.52%
|
|
|
5.09%
|
|
|
4.16%
|
|
Portfolio turnover rate(d)
|
|
|
138%
|
|
|
141%
|
|
|
152%
|
|
|
175%
|
|
|
183%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income per share has been calculated based on average shares outstanding during the years.
|
|
(b)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.
|
|
(c)
|
Ratios do not include the expenses of the underlying investment companies in which the Fund invests.
|
|
(d)
|
Portfolio turnover rate excludes in-kind transactions.
|
|
(e)
|
As of November 1, 2023, the Advisor has increased the Fund's expense cap to 1.00%.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
16
|
|
|
TABLE OF CONTENTS
Absolute Shares Trust
Notes to Financial Statements
June 30, 2026
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® High Dividend ETF
Each Fund is classified as diversified for purposes of the 1940 Act.
The WBI BullBear Value 3000 ETF, WBI BullBear Yield 3000 ETF, and WBI BullBear Quality 3000 ETF's investment objectives are to seek long-term capital appreciation and the potential for current income, while also seeking to protect principal during unfavorable market conditions. The WBI Power Factor® High Dividend ETF seeks to provide investment results that correspond to the price and yield (before fees and expenses) of its underlying index, the Solactive Power Factor® High Dividend Index.
These Notes to Financial Statements relate to and should be read in conjunction with the accompanying financial statements and related schedules. The Funds' current fiscal period extends from July 1, 2025, through June 30, 2026 (the "current fiscal period"); however, the accompanying financial statements also include comparative information for prior periods where applicable.
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, 2026. Actual results could differ from these estimates.
|
A.
|
Valuation. All equity securities, including domestic common stocks, preferred stocks, exchange traded funds and exchange traded notes, that are traded on a national securities exchange, except those listed on the Nasdaq Global Market, Nasdaq Select Market and Nasdaq Capital Market (collectively "Nasdaq") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq are valued at the Nasdaq Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices is used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price is used.
|
Investments in mutual funds, including money market funds, are valued at their net asset value ("NAV") per share.
Shares in privately offered liquidity funds are valued at their NAV per share.
Short-term securities that have maturities of less than 60 days at the time of purchase are valued at amortized cost, which, when combined with accrued interest, approximates fair value.
Securities for which quotations are not readily available are valued by the Advisor, whom the Board of Trustees designated 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
|
|
|
17
|
|
|
TABLE OF CONTENTS
Absolute Shares Trust
Notes to Financial Statements
June 30, 2026 (Continued)
circumstances relevant to the particular situation, including a review of various factors set forth in the Valuation Procedures. The use of fair value pricing by the Funds may cause the NAV of their shares to differ significantly from the NAV that would be calculated without regard to such considerations.
As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:
|
Level 1 -
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
|
|
Level 2 -
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
Level 3 -
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; including the Funds' Valuation Committee's assumptions used in determining the fair value of investments. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
|
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the inputs used to value the Funds' investments as of the end of the current fiscal period:
WBI BullBear Value 3000 ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Investments
Measured at
Net Asset Value
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common Stocks
|
|
|
$-
|
|
|
$23,357,848
|
|
|
$-
|
|
|
$-
|
|
|
$23,357,848
|
|
Investments Purchased with Proceeds from Securities Lending(a)
|
|
|
4,743,099
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4,743,099
|
|
Total Investments
|
|
|
$4,743,099
|
|
|
$23,357,848
|
|
|
$-
|
|
|
$-
|
|
|
$28,100,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WBI BullBear Yield 3000 ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Investments
Measured at
Net Asset Value
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common Stocks
|
|
|
$-
|
|
|
$23,316,621
|
|
|
$-
|
|
|
$-
|
|
|
$23,316,621
|
|
Exchange Traded Funds
|
|
|
-
|
|
|
3,381,857
|
|
|
-
|
|
|
-
|
|
|
3,381,857
|
|
Investments Purchased with Proceeds from Securities Lending(a)
|
|
|
5,390,268
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,390,268
|
|
Total Investments
|
|
|
$5,390,268
|
|
|
$26,698,478
|
|
|
$-
|
|
|
$-
|
|
|
$32,088,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18
|
|
|
TABLE OF CONTENTS
Absolute Shares Trust
Notes to Financial Statements
June 30, 2026 (Continued)
WBI BullBear Quality 3000 ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Investments
Measured at
Net Asset Value
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common Stocks
|
|
|
$-
|
|
|
$30,313,837
|
|
|
$-
|
|
|
$-
|
|
|
$30,313,837
|
|
Investments Purchased with Proceeds from Securities Lending(a)
|
|
|
6,574,692
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
6,574,692
|
|
Total Investments
|
|
|
$6,574,692
|
|
|
$30,313,837
|
|
|
$-
|
|
|
$-
|
|
|
$36,888,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WBI Power Factor® High Dividend ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Investments
Measured at
Net Asset Value
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common Stocks
|
|
|
$-
|
|
|
$57,777,556
|
|
|
$-
|
|
|
$-
|
|
|
$57,777,556
|
|
Real Estate Investment Trusts
|
|
|
-
|
|
|
646,346
|
|
|
-
|
|
|
-
|
|
|
646,346
|
|
Investments Purchased with Proceeds from Securities Lending(a)
|
|
|
16,070,545
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
16,070,545
|
|
Total Investments
|
|
|
$16,070,545
|
|
|
$58,423,902
|
|
|
$-
|
|
|
$-
|
|
|
$74,494,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the Schedule of Investments.
|
|
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
|
|
|
19
|
|
|
TABLE OF CONTENTS
Absolute Shares Trust
Notes to Financial Statements
June 30, 2026 (Continued)
timely or reliable financial information, or unfavorable political or legal developments. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may also be less liquid than U.S. securities, which could affect the Funds' investments. Investments in emerging markets may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory, or other uncertainties. Also, as foreign and emerging markets decline, investors tend to exit these markets in unison.
Fluctuation of Net Asset Value - The NAV of the Shares will fluctuate with changes in market value of the Funds' holdings.
Shares are Not Individually Redeemable - Shares are only redeemable by the Funds at NAV if they are tendered in large blocks known as "Creation Units" which are expected to be worth in excess of $1 million each. Only Authorized Participants ("APs") may engage in such creation and redemption transactions directly with the Funds. Individual Shares may be sold on a stock exchange at their current market prices, which may be less, more, or equal to their NAV. There can be no assurance that an active trading market will be maintained for the Shares.
|
C.
|
Federal Income Taxes. The Funds' policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. The Funds plan to file U.S. Federal and various state and local tax returns. The prior three years remain open to examination by tax authorities.
|
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These timing differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
|
D.
|
Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date, net of any foreign taxes withheld at source. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable tax rules and regulations. Premiums and discounts are amortized/accreted using the effective interest method over the lives of the respective debt instruments.
|
|
E.
|
Distributions to Shareholders. Distributions to shareholders from net investment income are declared and paid by WBI BullBear Value 3000 ETF, WBI BullBear Quality 3000 ETF, and WBI Power Factor® High Dividend ETF, on a quarterly basis. A distribution to shareholders from net investment income is declared and paid by WBI BullBear Yield 3000 ETF on a monthly basis. Distributions from net realized gains on securities are normally declared and paid by all Funds on an annual basis. Distributions are recorded on the ex-dividend date.
|
|
F.
|
Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the NYSE ARCA, Inc., the exchange where the Funds' shares are listed, is closed for trading.
|
|
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
|
|
|
|
20
|
|
|
TABLE OF CONTENTS
Absolute Shares Trust
Notes to Financial Statements
June 30, 2026 (Continued)
business the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred.
|
H.
|
Expenses. Expenses directly attributable to the Fund are charged directly to the Fund, while expenses which are attributable to the Fund and other investment companies advised by the Advisor are allocated among the respective investment companies, including the Fund, based either upon relative average net assets or evenly among the Funds.
|
|
I.
|
Subsequent Events. In preparing these financial statements, the Advisor has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. There were no events or transactions that occurred during the period subsequent to June 30, 2026 that materially impacted the amounts or disclosures in the Funds' financial statements.
|
|
J.
|
New Accounting Pronouncements and Other Matters. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency of income tax disclosures. The amendments are effective for fiscal years beginning after December 15, 2024. Adoption did not have a material impact on the Funds.
|
|
K.
|
Segment reporting. The Funds operate 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.
|
|
L.
|
Cash Management. The Fund may maintain cash balances at financial institutions that exceed federally insured limits. Cash held at financial institutions is insured by the Federal Deposit Insurance Corporation ("FDIC") up to applicable limits, and such balances may, from time to time, exceed those limits.
|
NOTE 3 - Investment Advisory 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-Advisor provides to WBI Power Factor® 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.
For the year ended June 30, 2026, each Fund incurred Investment advisory fees as of:
|
|
|
|
|
|
WBI BullBear Value 3000 ETF
|
|
|
$221,980
|
|
WBI BullBear Yield 3000 ETF
|
|
|
257,199
|
|
WBI BullBear Quality 3000 ETF
|
|
|
261,940
|
|
WBI Power Factor® High Dividend ETF
|
|
|
313,028
|
|
|
|
|
|
|
|
|
21
|
|
|
TABLE OF CONTENTS
Absolute Shares Trust
Notes to Financial Statements
June 30, 2026 (Continued)
NOTE 4 - PORTFOLIO TRANSACTIONS AND BROKERAGE
The Sub-Advisor utilized non-affiliated broker dealers to execute portfolio transactions for the Funds. Currently, these non-affiliated broker dealers charge an explicit commission for these transactions, a portion of which is designated towards "soft dollar credits" that can be used to provide the Sub-Advisor with certain research and brokerage services as described in the safe harbor provisions under Section 28(e) of the Securities and Exchange Act of 1934. During this period, the Funds paid $0.025 per share in explicit commission to these non-affiliated broker dealers for their execution services, of which $0.0125 per share was designated by the non-affiliated broker dealers to a pool of soft dollar credits for use by the Sub-Advisor. The Sub-Advisor participates in commission sharing arrangements ("CSAs") that are consistent with the requirements of Section 28(e). Research and brokerage services furnished through CSAs may be used by the Sub-Advisor in servicing any or all of the firm's clients and will be used for client accounts other than those that pay commissions to the broker-dealer providing the research or brokerage services.
NOTE 5 - EXPENSE LIMITATION AND REIMBURSEMENT
For the WBI BullBear Value Fund 3000 ETF Fund, the WBI Bullbear Yield 3000 ETF Fund, and the WBI BullBear Quality 3000 ETF Fund the Sub-Advisor agreed to waive its management fee and/or reimburse other expenses of the Fund, including organization expenses, to the extent necessary to ensure that the Fund's operating expenses did not exceed 1.70% of average daily net assets. Prior to November 1, 2023, the Sub-Advisor agreed to waive its management fee and/or reimburse other expenses of the Funds to ensure the Funds' operating expenses did not exceed 1.25% of average daily net assets. For the WBI BullBear Power Factor High Dividend ETF Fund, the Advisor agreed to waive its management fee and/or reimburse other expenses of the Fund, including organization expenses, to the extent necessary to ensure that the Fund's operating expenses did not exceed 1.00% of average daily net assets. Prior to November 1, 2023, the Sub-Advisor agreed to waive its management fee and/or reimburse other expenses of the Fund to ensure the Fund's operating expenses did not exceed 0.70% of average daily net assets. The Funds may have Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement higher than these expense caps as a result of acquired fund fees and expenses or other expenses (such as taxes, interest, brokerage commissions, acquired fund fees, dividend payments on short sales, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary items) that are excluded from the calculation. Any such waivers or reimbursements for the Funds are subject to later adjustment to allow the Sub-Advisor to recoup amounts waived or reimbursed to the extent actual fees and expenses on a monthly basis during the fiscal year are less than the respective expense cap limitations in place at the time the waiver took place, provided, however, that the Advisor shall only be entitled to recoup such amounts for a period of three years from the month such amount was waived or reimbursed. Waived/reimbursed expenses subject to potential recovery by year of expiration are as set forth in the table below.
The following table shows the remaining waived and/or reimbursed expenses subject to potential recovery at June 30, 2026. The Sub-Advisor may recapture a portion of the unreimbursed amounts no later than the dates stated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2027
|
|
|
June 30, 2028
|
|
|
June 30, 2029
|
|
|
WBI BullBear Value 3000 ETF
|
|
|
$55,737
|
|
|
$23,417
|
|
|
$40,098
|
|
WBI BullBear Yield 3000 ETF
|
|
|
38,229
|
|
|
9,452
|
|
|
13,168
|
|
WBI BullBear Quality 3000 ETF
|
|
|
51,910
|
|
|
14,388
|
|
|
13,312
|
|
WBI Power Factor® High Dividend ETF
|
|
|
83,939
|
|
|
45,185
|
|
|
62,320
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
22
|
|
|
TABLE OF CONTENTS
Absolute Shares Trust
Notes to Financial Statements
June 30, 2026 (Continued)
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 331∕3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by U.S Bank N.A. ("the Custodian" and "Securities Lending Agent"). The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any loaned securities at the time of the loan, plus accrued interest, except in the case of loans of foreign securities which are denominated and payable in U.S. dollars and shall be collateralized in the amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. During the current fiscal period, Funds had loaned securities that were collateralized by cash equivalents. The cash collateral is invested by the Custodian in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. A Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the Securities Lending Agent.
At year end, the value of the securities on loan and payable for collateral due to broker were as follows:
|
|
|
|
|
|
|
|
|
Fund
|
|
|
Value of
Securities on Loan
|
|
|
Collateral
Received*
|
|
WBI BullBear Value 3000 ETF
|
|
|
$4,652,455
|
|
|
$4,743,099
|
|
WBI BullBear Yield 3000 ETF
|
|
|
5,245,668
|
|
|
5,390,268
|
|
WBI BullBear Quality 3000 ETF
|
|
|
6,469,483
|
|
|
6,574,692
|
|
WBI Power Factor® High Dividend ETF
|
|
|
15,358,596
|
|
|
16,070,545
|
|
|
|
|
|
|
|
|
|
*
|
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
Income Earned
|
|
WBI BullBear Value 3000 ETF
|
|
|
$4,540
|
|
WBI BullBear Yield 3000 ETF
|
|
|
16,262
|
|
WBI BullBear Quality 3000 ETF
|
|
|
5,357
|
|
WBI Power Factor® High Dividend ETF
|
|
|
27,672
|
|
|
|
|
|
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 year.
|
|
|
23
|
|
|
TABLE OF CONTENTS
Absolute Shares Trust
Notes to Financial Statements
June 30, 2026 (Continued)
Offsetting Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
|
Description
|
|
|
Value of
Securities on
Loan
|
|
|
Gross
Amounts
Offset in the
Statement of
Assets &
Liabilities
|
|
|
Net
Amounts
Presented in the
Statement of
Assets &
Liabilities
|
|
|
Collateral
Received
|
|
|
Net
Amount
|
|
WBI BullBear Value 3000 ETF
|
|
|
Securities Lending
|
|
|
$4,652,455
|
|
|
$ -
|
|
|
$4,652,455
|
|
|
$4,743,099
|
|
|
$ -
|
|
WBI BullBear Yield 3000 ETF
|
|
|
Securities Lending
|
|
|
5,245,668
|
|
|
-
|
|
|
5,245,668
|
|
|
5,390,268
|
|
|
-
|
|
WBI BullBear Quality 3000 ETF
|
|
|
Securities Lending
|
|
|
6,469,483
|
|
|
-
|
|
|
6,469,483
|
|
|
6,574,692
|
|
|
-
|
|
WBI Power Factor® High Dividend ETF
|
|
|
Securities Lending
|
|
|
15,358,596
|
|
|
-
|
|
|
15,358,596
|
|
|
16,070,545
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
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, 2026
|
|
|
Year Ended June 30, 2025
|
|||||||||||||
|
Fund
|
|
|
Ordinary
Income
|
|
|
Long Term
Capital Gain
|
|
|
Return of
Capital
|
|
|
Ordinary
Income
|
|
|
Long Term
Capital Gain
|
|
|
Return of
Capital
|
|
WBI BullBear Value 3000 ETF
|
|
|
$-
|
|
|
$ -
|
|
|
$19,855
|
|
|
$94,871
|
|
|
$ -
|
|
|
$6,806
|
|
WBI BullBear Yield 3000 ETF
|
|
|
399,364
|
|
|
-
|
|
|
-
|
|
|
801,291
|
|
|
-
|
|
|
28,347
|
|
WBI BullBear Quality 3000 ETF
|
|
|
15,076
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
WBI Power Factor® High Dividend ETF
|
|
|
2,589,301
|
|
|
-
|
|
|
-
|
|
|
3,061,205
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended June 30, 2026, related to net capital gain to zero.
Each Fund's cost basis of investments for federal income tax purposes as of June 30, 2026 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WBI BullBear
Value 3000 ETF
|
|
|
WBI BullBear
Yield 3000 ETF
|
|
|
WBI BullBear
Quality 3000 ETF
|
|
|
WBI
Power Factor®
High Dividend ETF
|
|
|
Cost of investments
|
|
|
$26,427,679
|
|
|
$30,857,388
|
|
|
$34,239,071
|
|
|
$71,836,083
|
|
Gross tax unrealized appreciation
|
|
|
2,448,170
|
|
|
2,303,831
|
|
|
3,443,488
|
|
|
6,474,352
|
|
Gross tax unrealized depreciation
|
|
|
(774,902)
|
|
|
(1,072,473)
|
|
|
(794,030)
|
|
|
(3,815,988)
|
|
Net tax unrealized appreciation
|
|
|
$1,673,268
|
|
|
$1,231,358
|
|
|
$2,649,458
|
|
|
$2,658,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The components of distributable earnings (losses) for federal income tax purposes as of June 30, 2026 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WBI BullBear
Value 3000 ETF
|
|
|
WBI BullBear
Yield 3000 ETF
|
|
|
WBI BullBear
Quality 3000 ETF
|
|
|
WBI
Power Factor®
High Dividend ETF
|
|
|
Net tax unrealized appreciation (depreciation)
|
|
|
$1,673,268
|
|
|
$1,231,358
|
|
|
$2,649,458
|
|
|
$2,658,364
|
|
Undistributed ordinary income
|
|
|
-
|
|
|
48,932
|
|
|
935,143
|
|
|
380
|
|
Undistributed long term gain (loss)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total distributable earnings
|
|
|
-
|
|
|
48,932
|
|
|
935,143
|
|
|
380
|
|
Other accumulated gain (loss)
|
|
|
(15,570,078)
|
|
|
(62,328,039)
|
|
|
(19,997,426)
|
|
|
(75,924)
|
|
Total accumulated gain (loss)
|
|
|
$(13,896,810)
|
|
|
$(61,047,749)
|
|
|
$(16,412,825)
|
|
|
$2,582,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
|
|
|
24
|
|
|
TABLE OF CONTENTS
Absolute Shares Trust
Notes to Financial Statements
June 30, 2026 (Continued)
For the year ended June 30, 2026, there were no post October or late year losses.
As of June 30, 2026, the Funds had the following capital loss carryforwards available for federal income tax purposes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Term
Capital Loss
Carryover
With No Limit
|
|
|
Short Term
Subject to
Annual
Limitation
|
|
|
Long Term
Capital Loss
Carryover
With No Limit
|
|
|
Long Term
Subject to
Annual
Limitation
|
|
|
Total
Capital Loss
Carryover
|
|
|
Unlimited
Capital Loss
Carryforward
Utilized
|
|
|
Limited
Capital Loss
Carryforward
Utilized
|
|
|
BullBear Value
3000 ETF*
|
|
|
$721,373
|
|
|
$14,848,705
|
|
|
$-
|
|
|
$-
|
|
|
$15,570,078
|
|
|
$(4,067,730)
|
|
|
$(136,214)
|
|
BullBear Yield
3000 ETF**
|
|
|
24,505,189
|
|
|
37,816,577
|
|
|
6,273
|
|
|
-
|
|
|
62,328,039
|
|
|
(4,150,596)
|
|
|
(176,642)
|
|
BullBear Quality
3000 ETF***
|
|
|
-
|
|
|
19,997,426
|
|
|
-
|
|
|
-
|
|
|
19,997,426
|
|
|
(3,815,122)
|
|
|
(104,568)
|
|
Power Factor High
Dividend ETF
|
|
|
-
|
|
|
-
|
|
|
75,924
|
|
|
-
|
|
|
75,924
|
|
|
(5,724,658)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Subject to annual limitation of $136,214 under Section 382 of the Code through June 30, 2136.
|
|
**
|
Subject to annual limitation of $176,642 under Section 382 of the Code through June 30, 2241.
|
|
***
|
Subject to annual limitation of $104,568 under Section 382 of the Code through June 30, 2218.
|
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, 2026, 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
Capital
|
|
|
Total
Distributable
Loss
|
|
WBI BullBear Value 3000 ETF+
|
|
|
$284,562
|
|
|
$(284,562)
|
|
WBI BullBear Yield 3000 ETF+
|
|
|
307,680
|
|
|
(307,680)
|
|
WBI BullBear Quality 3000 ETF+
|
|
|
425,293
|
|
|
(425,293)
|
|
WBI Power Factor® High Dividend ETF
|
|
|
1,718,942
|
|
|
(1,718,942)
|
|
|
|
|
|
|
|
|
NOTE 9 - PURCHASES AND SALES OF SECURITIES
During the current fiscal year, purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, were as follows:
|
|
|
|
|
|||
|
|
|
All Other
|
||||
|
Fund
|
|
|
Purchases
|
|
|
Sales
|
|
WBI BullBear Value 3000 ETF
|
|
|
$149,872,798
|
|
|
$150,080,501
|
|
WBI BullBear Yield 3000 ETF
|
|
|
167,399,429
|
|
|
168,286,306
|
|
WBI BullBear Quality 3000 ETF
|
|
|
209,375,993
|
|
|
208,864,270
|
|
WBI Power Factor® High Dividend ETF
|
|
|
77,503,593
|
|
|
77,732,032
|
|
|
|
|
|
|
|
|
During the current fiscal year, the values of the in-kind security transactions were as follows:
|
|
|
|
|
|
|
|
|
Fund
|
|
|
Subscriptions
|
|
|
Redemptions
|
|
WBI BullBear Value 3000 ETF
|
|
|
$461,870
|
|
|
$10,162,634
|
|
WBI BullBear Yield 3000 ETF
|
|
|
351,874
|
|
|
10,760,184
|
|
WBI BullBear Quality 3000 ETF
|
|
|
695,883
|
|
|
9,267,552
|
|
WBI Power Factor® High Dividend ETF
|
|
|
5,677,668
|
|
|
12,085,127
|
|
|
|
|
|
|
|
|
During the current fiscal year, there were no purchases or sales of U.S. Government securities.
|
|
|
25
|
|
|
TABLE OF CONTENTS
Absolute Shares Trust
Notes to Financial Statements
June 30, 2026 (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, called "Creation Units." Each Fund's typical creation unit size is as follows:
|
|
|
|
|
|
Fund
|
|
|
Creation Unit
|
|
WBI BullBear Value 3000 ETF
|
|
|
$10,000
|
|
WBI BullBear Yield 3000 ETF
|
|
|
10,000
|
|
WBI BullBear Quality 3000 ETF
|
|
|
10,000
|
|
WBI Power Factor® High Dividend ETF
|
|
|
10,000
|
|
|
|
|
|
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 Vigilant Distributors, 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 Yield 3000 ETF
|
|||||||||||||||||||
|
|
|
Year Ended
June 30, 2026
|
|
|
Year Ended
June 30, 2025
|
|
|
Year Ended
June 30, 2026
|
|
|
Year Ended
June 30, 2025
|
|||||||||||||
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares Sold
|
|
|
20,000
|
|
|
$657,340
|
|
|
-
|
|
|
$-
|
|
|
20,000
|
|
|
$486,308
|
|
|
-
|
|
|
$-
|
|
Shares Redeemed
|
|
|
(350,000)
|
|
|
(11,124,322)
|
|
|
(150,000)
|
|
|
(4,346,390)
|
|
|
(490,000)
|
|
|
(11,650,835)
|
|
|
(300,000)
|
|
|
(7,200,795)
|
|
|
|
(330,000)
|
|
|
$(10,466,982)
|
|
|
(150,000)
|
|
|
$(4,346,390)
|
|
|
(470,000)
|
|
|
$(11,164,527)
|
|
|
(300,000)
|
|
|
$(7,200,795)
|
|
|
Beginning Shares
|
|
|
988,315
|
|
|
|
|
1,138,315
|
|
|
|
|
|
1,530,183
|
|
|
|
|
1,830,183
|
|
|
|||
|
Ending Shares
|
|
|
658,315
|
|
|
|
|
|
988,315
|
|
|
|
|
1,060,183
|
|
|
|
|
1,530,183
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
WBI BullBear Quality 3000 ETF
|
|
|
WBI Power Factor® High Dividend ETF
|
|||||||||||||||||||
|
|
|
Year Ended
June 30, 2026
|
|
|
Year Ended
June 30, 2025
|
|
|
Year Ended
June 30, 2026
|
|
|
Year Ended
June 30, 2025
|
|||||||||||||
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares Sold
|
|
|
30,000
|
|
|
$1,062,669
|
|
|
-
|
|
|
$-
|
|
|
170,000
|
|
|
$5,773,300
|
|
|
200,000
|
|
|
$6,101,615
|
|
Shares Redeemed
|
|
|
(300,000)
|
|
|
(10,553,917)
|
|
|
(150,000)
|
|
|
(5,278,970)
|
|
|
(380,000)
|
|
|
(12,274,084)
|
|
|
(350,000)
|
|
|
(10,367,845)
|
|
|
|
(270,000)
|
|
|
$(9,491,248)
|
|
|
(150,000)
|
|
|
$(5,278,970)
|
|
|
(210,000)
|
|
|
$(6,500,784)
|
|
|
(150,000)
|
|
|
$(4,266,230)
|
|
|
Beginning Shares
|
|
|
1,027,182
|
|
|
|
|
1,177,182
|
|
|
|
|
1,900,000
|
|
|
|
|
2,050,000
|
|
|
||||
|
Ending Shares
|
|
|
757,182
|
|
|
|
|
1,027,182
|
|
|
|
|
1,690,000
|
|
|
|
|
1,900,000
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26
|
|
|
TABLE OF CONTENTS
ABSOLUTE SHARES TRUST
Report of Independent Registered Public Accounting Firm
To the Shareholders of WBI BullBear Value 3000 ETF, WBI BullBear Yield 3000 ETF, WBI BullBear Quality 3000 ETF, and WBI Power Factor® High Dividend ETF, and Board of Trustees of Absolute Shares Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of WBI BullBear Value 3000 ETF, WBI BullBear Yield 3000 ETF, WBI BullBear Quality 3000 ETF, and WBI Power Factor® High Dividend ETF (the "Funds"), each a series of Absolute Shares Trust, as of June 30, 2026, the related statements of operations and changes in net assets, and financial highlights for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2026, the results of their operations, changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
The Funds' financial statements and financial highlights for the years ended June 30, 2025, and prior, were audited by other auditors whose report dated August 29, 2025, expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audit. 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 Funds 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 audit 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 are free of material misstatement whether due to error or fraud.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our procedures included confirmation of securities owned as of June 30, 2026, by correspondence with the custodian and broker. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
We have served as the Funds' auditor since 2025.
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
August 28, 2026
|
|
|
27
|
|
|
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
The Absolute Shares Trust has historically engaged KPMG, LLP. to serve as the independent registered public accounting firm for the Trust. On September 25, 2025, the Board of Trustees of the Trust, including a majority of Trustees who are not "interested persons" of the Trust, considered and approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for each series of the Trust (each, a "Fund") for the fiscal year ending June 30, 2026. In connection with this change, KPMG, LLP., each Fund's prior independent registered public accounting firm, was dismissed effective as of September 25, 2025. The reports of KPMG, LLP. on the financial statements of the Funds for the fiscal years ended June 30, 2025 and June 30, 2024 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. During the Funds' fiscal years ended June 30, 2025 and June 30, 2024, and during the subsequent interim period from July 1, 2025 through September 25, 2025 (the "Interim Period"), (i) there were no disagreements with KPMG, LLP. on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, LLP., would have caused them to make reference thereto in their reports on the financial statements of such fiscal years or Interim Period; and (ii) there were no "reportable events," as defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. During the Funds' fiscal years ended June 30, 2025 and June 30, 2024, and during the Interim Period, neither the Trust nor anyone acting on its behalf consulted with Cohen & Company, Ltd. regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds' financial statements, and no written report or oral advice was provided that Cohen & Company, Ltd. concluded was an important factor considered by the Trust in reaching a decision as to any accounting, auditing, or financial reporting issue; or (ii) any matter that was either the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K). The Trust has requested that KPMG, LLP. furnish it with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the statements made above.
Item 9. Proxy Disclosure 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 Others of Open-End Management Investment Companies.
Information regarding remuneration paid by the Registrant to its directors, officers and affiliated persons is included in the financial statements filed under Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
At an in-person board meeting held on June 16, 2026 (the "Meeting"), the Board of Trustees (the "Trustees" or the "Board") of the Absolute Shares Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust (the "Independent Trustees"), as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), reviewed and unanimously approved the continuation of the investment advisory agreements (collectively, the "Advisory Agreement") between the Trust, on behalf of WBI BullBear Value 3000 ETF, WBI BullBear Yield 3000 ETF, WBI BullBear Quality 3000 ETF, and WBI Power Factor® High Dividend ETF (each, a "Fund" and collectively, the "Funds") and Millington Securities, LLC (the "Advisor"), and the investment sub-advisory agreements (collectively, the "Sub-Advisory Agreement") between the Advisor and WBI Investments, LLC (the "Sub-Advisor" and together with the Advisor, the "Advisors") with respect to the Funds. The Advisory Agreement and the Sub-Advisory Agreement are collectively referred to below as the "Fund Advisory Agreements." In approving each Fund Advisory Agreement, the Board, including the Independent Trustees, determined that such approval was in the best interests of the Funds in light of the extent and quality of the services to be provided and such other matters as the Board considered to be relevant in the exercise of its reasonable business judgment.
At the Meeting, the Trustees discussed with counsel to the Trust their fiduciary duties under the 1940 Act in reviewing the Fund Advisory Agreements and their obligation to obtain and review information relevant and necessary to their consideration of the Fund Advisory Agreements. The Trustees received a memorandum summarizing the duties of the Trustees under, and the fiduciary standards established by, the 1940 Act and applicable state law, legislative and regulatory guidance, and judicial precedent with respect to evaluating the reasonableness of fees and interpretation of the applicable fiduciary standards.
To assist the Board in its evaluation of the Fund Advisory Agreements, the Independent Trustees received a separate written report from each of the Advisor and Sub-Advisor in advance of the Meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services provided by the Advisor and the Sub-Advisor to the Funds (including the relevant personnel responsible for these services and their experience); the fee rate or management fee rate payable by the Funds as compared to fees charged to a relevant group of other exchange-traded funds ("ETFs") and mutual funds constituting each Fund's peer group ("peer group") and the compensation to be received by the Sub-Advisor from the Advisor; the expenses of each Fund as compared to expense ratios of the funds in the respective Fund's peer group; the nature of the expenses incurred in providing services to each Fund and the potential for economies of scale, if any; financial data on the Advisor and the Sub-Advisor; any fall-out benefits accruing to the Advisor or the Sub-Advisor; and information on the Advisor's and the Sub-Advisor's compliance programs. The Independent Trustees also met separately with counsel to the Trust to discuss the information provided by the Advisor and the Sub-Advisor. The Trustees also considered their personal experiences as trustees of other ETFs and investment companies and as participants in the ETF and mutual fund industry, as applicable. In their deliberations, the Trustees considered the factors summarized below, and in approving the continuance of the Fund Advisory Agreements with respect to the Funds, the Trustees did not identify any single factor, or information provided with respect to any single factor, as controlling. The consideration of the Advisory Agreement and Sub-Advisory Agreement was conducted by both the full Board and the Independent Trustees, who also voted separately.
Nature, Extent and Quality of Services
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. The Trustees also considered the overall reputation and capabilities of the Advisor and its investment professionals, the Advisor's commitment to providing high quality services to the Funds as well as prior series of the Trust, the Trustees' overall confidence in the Advisor's integrity and responsiveness to Trustee concerns, the Advisor's integrity as reflected in its adherence to compliance policies, and the Advisor's willingness and initiative in implementing changes designed to improve services to 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. With respect to fees and expenses, the Trustees also considered differences in how services are delivered to ETFs and investor and market expectations concerning appropriate and competitive levels of total expense ratios for ETFs, as well as investor preferences for intraday liquidity offered by ETFs and the expansion of distribution channels for ETFs.
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.
Fund Performances, Advisory Fees and Expenses
The Board considered comprehensive data and information comparing the advisory fees and expense ratios (taking into consideration the applicable Expense Limitation Agreement) of the Funds and their peer groups. The Trustees considered that they receive from the Advisor and review on a regular basis over the course of the year, data regarding the Funds' performance, including information about the Funds' performance in comparison to their peers, underlying index and benchmarks (as applicable), and analyses by the Advisor and Sub-Advisor of the Funds' performance. The Trustees compared the Funds' performance, advisory fee and expenses with their peer groups, and considered the differences between the Funds and the funds in the peer groups and whether the funds in the peer groups were ETFs or mutual funds.
Although the Board determined that the Funds differed in certain respects from their ETF peer group, the Board concluded 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 indirect "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. The Board also determined that the expense ratios of the Funds were well suited in light of expectations for continued asset accumulation and projected growth.
The Trustees considered the following Fund-specific factors:
WBI BullBear Value 3000 ETF
The Fund's advisory fee was moderately higher than the median advisory fee charge to comparable ETFs in the peer group. The Fund's net expense ratio exceeded the peer group's median. With respect to performance results, the Fund outperformed its peer group year-to-date ("YTD") but underperformed over the 6-month, 1-year and longer-term periods. The Fund's asset under management ("AUM") was roughly half of the peer group's median AUM.
WBI BullBear Yield 3000 ETF
The Fund's advisory fee was moderately higher than the median advisory fee charge to comparable ETFs in the peer group. The Fund's net expense ratio exceeded the peer group's median. With respect to performance results, the Fund outperformed its peer group YTD and remained in line with the peer group based on its 6-month return but underperformed during 1-year and longer-term periods. The Fund's AUM was roughly half of the peer group's median AUM.
WBI BullBear Quality 3000 ETF
The Fund's advisory fee was moderately higher than the median advisory fee charge to comparable ETFs in the peer group. The Fund's net expense ratio exceeded the peer group's median. With respect to performance results, the Fund underperformed its peer group over the YTD, 6-month, 1-year, and 3-year periods and aligned closer with the peer group median over the 5-year period. The Fund's AUM was roughly half of the peer group's median AUM.
WBI Power Factor® High Dividend ETF
The Fund's advisory fee was higher than the median advisory fee charged to comparable ETFs in the peer group. The Fund's net expense ratio exceeded the peer group's median. The Fund's expense ratio and management fee remain above the dividend ETF medians. With respect to the performance results, the Fund consistently outperformed the peer group median and average across the YTD, 6-month, 1-year and 5-year periods.
Costs of Services and Profitability
The Trustees considered the financial information provided by the Advisors, including the profitability of each Fund to the Advisors, the Advisors' profitability in general and the Advisors' retention of key personnel. The Trustees noted that the Sub-Advisor waived a portion of its advisory fee for the Funds under the expense limitation agreements which became effective October 31, 2023. The Trustees also observed that the Advisor pays the Sub-Advisor's sub-advisory fee out of the Advisor's advisory fee by directing the Trust to pay the advisory fee directly to the Sub-Advisor and that the Sub-Advisor then pays a management fee to the Advisor pursuant to a separate management services agreement and considered the relative levels and types of services provided by the Advisor and 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. The Board further determined that the advisory fees payable to the Advisor and Sub-Advisor were not excessive notwithstanding the Advisor's lack of profitability relative to the Funds.
Brokerage and Portfolio Transactions
The Board was presented with materials and a thorough discussion of the brokerage practices of the Advisor and Sub-Advisor. The Advisor and the Sub-Advisor reviewed their practices and policies for best execution and broker selection. The Board reviewed information about the Sub-Advisor'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 Board determined that the brokerage policies of both the Advisor and Sub-Advisor would benefit the Funds.
The Board determined that the brokerage and portfolio transaction execution services were acceptable and demonstrated adherence to the principles of best execution.
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 Sub-Advisor (including a discussion of the execution policies of the Advisor and Sub-Advisor), 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 were each reasonably designed to monitor and address conflicts of interest.
Economies of Scale
The Trustees considered whether each Fund would realize any economies of scale. They noted that each Fund's current asset levels were too low to achieve significant economies of scale and that the matter of such economies would be reviewed in the future as the Funds' assets grew.
Conclusion
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, unanimously concluded that the nature, overall quality, and extent of the management and oversight services provided by the Advisor and Sub-Advisor to the Funds were satisfactory; the compensation payable to the Advisor and the Sub-Advisor pursuant to the Advisory Agreement and Sub-Advisory Agreement, respectively, was fair and reasonable in light of the nature and quality of services the Advisor and Sub-Advisor provide to the Funds; and the continuance of the Advisory Agreement and Sub-Advisory Agreement would be in the best interests of the Funds and their shareholders, and accordingly, approved the continuance of the Advisory Agreement and Sub-Advisory Agreement.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 16. Controls and Procedures.
| (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. |
| (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. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (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. |
(2) Not Applicable.
(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.
(4) Not applicable to open-end investment companies.
(5) Not applicable to open-end investment companies and ETFs.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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, Jr. | ||
| Don Schreiber, Jr., President and Principal Executive Officer |
| Date | 10/20/26 |
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, Jr. | ||
| Don Schreiber, Jr., President and Principal Executive Officer |
| Date | 10/20/26 |
| By (Signature and Title)* | /s/ Frederick Teufel, Jr. | ||
| Frederick Teufel, Jr., Treasurer and Principal Financial Officer |
| Date | 10/19/26 |
* Print the name and title of each signing officer under his or her signature.
Absolute Shares Trust published this content on October 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 23, 2026 at 15:53 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]