SEMI-ANNUAL REPORT
 
December 31, 2021











WBI BullBear Value 3000 ETF | WBIF
WBI BullBear Yield 3000 ETF | WBIG
WBI BullBear Quality 3000 ETF | WBIL
WBI BullBear Global Income ETF | WBII
WBI Power Factor® High Dividend ETF | WBIY
WBI BullBear Trend Switch US 3000 Total Return ETF | WBIT


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

 
Absolute Shares Trust
Table of Contents
 
 
 
 

Portfolio Allocations
   
1
       
Schedules of Investments
   
2
       
Statements of Assets and Liabilities
   
9
       
Statements of Operations
   
11
       
Statements of Changes in Net Assets
   
13
       
Financial Highlights
   
15
       
Notes to Financial Statements
   
18
       
Expense Examples
   
27
       
Information About the Portfolio Holdings
   
29
       
Information About Proxy Voting
   
29
       
Information About the Funds’ Trustees
   
29
       
Frequency Distributions of Premiums and Discounts
   
29

 










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Absolute Shares Trust
Portfolio Allocations
 
As of December 31, 2021 (Unaudited)
WBI BullBear Value 3000 ETF
     

 
Percentage of
Industry Group
 
Net Assets
Technology Hardware
     
  & Equipment
   
17.7
%
Energy
   
13.2
%
Insurance
   
12.5
%
Food, Beverage & Tobacco
   
8.9
%
Transportation
   
8.0
%
Pharmaceuticals, Biotechnology
       
  & Life Sciences
   
5.8
%
Health Care Equipment
       
  & Services
   
5.1
%
Household & Personal Products
   
5.0
%
Consumer Services
   
4.9
%
Commercial &
       
  Professional Services
   
4.4
%
Semiconductors &
       
  Semiconductor Equipment
   
3.4
%
Automobiles & Components
   
3.1
%
Capital Goods
   
2.3
%
Banks
   
1.7
%
Short-Term Investments
       
  and Other Assets and Liabilities
   
4.0
%
TOTAL
   
100.0
%
         
WBI BullBear Yield 3000 ETF
       

 
Percentage of
Industry Group
 
Net Assets
Energy
   
20.1
%
Technology Hardware
       
  & Equipment
   
16.6
%
Food, Beverage & Tobacco
   
13.5
%
Pharmaceuticals, Biotechnology
       
  & Life Sciences
   
9.6
%
Semiconductors &
       
  Semiconductor Equipment
   
8.7
%
Insurance
   
6.8
%
Health Care Equipment
       
  & Services
   
4.8
%
Diversified Financials
   
4.5
%
Banks
   
4.4
%
Real Estate
   
4.0
%
Automobiles & Components
   
3.1
%
Short-Term Investments
       
  and Other Assets and Liabilities
   
3.9
%
TOTAL
   
100.0
%
         
WBI BullBear Quality 3000 ETF
       

 
Percentage of
Industry Group
 
Net Assets
Capital Goods
   
19.1
%
Energy
   
13.4
%
Technology Hardware
       
  & Equipment
   
10.8
%
Semiconductors &
       
  Semiconductor Equipment
   
10.0
%
Diversified Financials
   
8.1
%
Software & Services
   
7.9
%
Materials
   
5.1
%
Pharmaceuticals, Biotechnology
       
  & Life Science
   
4.9
%
Insurance
   
4.8
%
Health Care Equipment
       
  & Services
   
3.4
%
Real Estate
   
3.2
%
Automobiles & Components
   
3.1
%
Banks
   
2.0
%
Short-Term Investments
       
  and Other Assets and Liabilities
   
4.2
%
TOTAL
   
100.0
%
         
WBI BullBear Global Income ETF
       

 
Percentage of
Industry Group
 
Net Assets
Exchange Traded Funds
   
98.0
%
Short-Term Investments
       
  and Other Assets and Liabilities
   
2.0
%
TOTAL
   
100.0
%
         
         
WBI Power Factor High Dividend ETF
       

 
Percentage of
Industry Group
 
Net Assets
Materials
   
20.4
%
Food, Beverage & Tobacco
   
11.9
%
Insurance
   
7.9
%
Pharmaceuticals, Biotechnology
       
  & Life Sciences
   
7.4
%
Software & Services
   
7.3
%
Utilities
   
6.7
%
Banks
   
6.3
%
Diversified Financials
   
5.9
%
Telecommunication Services
   
5.9
%
Retailing
   
5.3
%
Health Care Equipment
       
  & Services
   
4.6
%
Media & Entertainment
   
2.3
%
Technology Hardware
       
  & Equipment
   
2.3
%
Energy
   
1.9
%
Consumer Durables & Apparel
   
1.7
%
Consumer Services
   
1.2
%
Short-Term Investments
       
  and Other Assets and Liabilities
   
1.0
%
TOTAL
   
100.0
%
         
WBI BullBear Trend Switch
       
  US 3000 Total Return ETF
       

 
Percentage of
Industry Group
 
Net Assets
 
Exchange Traded Funds
   
99.1
%
Short-Term Investments
       
  and Other Assets and Liabilities
   
0.9
%
TOTAL
   
100.0
%

1

 
Absolute Shares Trust
WBI BullBear Value 3000 ETF
Schedule of Investments
As of December 31, 2021 (Unaudited)
Shares
 
Security Description
 
Value
 
COMMON STOCKS — 96.0%
     
       
Automobiles & Components — 3.1%
     
 
72,675
 
Ford Motor Company
 
$
1,509,460
 
         
Banks — 1.7%
       
 
35,569
 
KeyCorp
   
822,711
 
         
Capital Goods — 2.3%
       
 
2,152
 
W.W. Grainger, Inc.
   
1,115,252
 
         
Commercial & Professional Services — 4.4%
       
 
12,993
 
Waste Management, Inc.
   
2,168,532
 
         
Consumer Services — 4.9%
       
 
15,969
 
Darden Restaurants, Inc.
   
2,405,570
 
         
Energy — 13.2%
       
 
77,884
 
Baker Hughes
   
1,873,889
 
 
16,309
 
ConocoPhillips
   
1,177,184
 
 
23,764
 
Devon Energy Corp. +
   
1,046,804
 
 
8,920
 
Diamondback Energy, Inc.
   
962,022
 
 
23,215
 
Exxon Mobil Corp.
   
1,420,526
 
           
6,480,425
 
         
Food, Beverage & Tobacco — 8.9%
       
 
30,566
 
Archer Daniels Midland Company
   
2,065,956
 
 
11,743
 
Hershey Company
   
2,271,918
 
           
4,337,874
 
         
Health Care Equipment & Services — 5.1%
       
 
18,892
 
AmerisourceBergen Corp.
   
2,510,558
 
         
Household & Personal Products — 5.0%
       
 
28,628
 
Colgate-Palmolive Company
   
2,443,113
 
         
Insurance — 12.5%
       
 
44,424
 
Fidelity National Financial, Inc.
   
2,318,044
 
 
24,046
 
First American Financial Corp.
   
1,881,119
 
 
8,075
 
Willis Towers Watson PLC — ADR (a)
   
1,917,732
 
           
6,116,895
 
         
Pharmaceuticals, Biotechnology & Life Sciences — 5.8%
       
 
17,708
 
AbbVie, Inc.
   
2,397,663
 
 
1,868
 
Amgen, Inc.
   
420,244
 
           
2,817,907
 
         
Semiconductors & Semiconductor Equipment — 3.4%
       
 
2,351
 
Lam Research Corp.
   
1,690,722
 
         
Technology Hardware & Equipment — 17.7%
       
 
35,199
 
Cisco Systems, Inc.
   
2,230,561
 
 
50,797
 
HP, Inc.
   
1,913,523
 
 
24,859
 
NetApp, Inc.
   
2,286,779
 
 
19,936
 
Seagate Technology
       
     
  Holdings PLC — ADR (a)
   
2,252,369
 
           
8,683,232
 
         
Transportation — 8.0%
       
 
51,312
 
CSX Corp.
 

1,929,331
 
 
6,664
 
Norfolk Southern Corp.
   
1,983,939
 
           
3,913,270
 
TOTAL COMMON STOCKS
       
(Cost $44,837,892)
   
47,015,521
 
               
SHORT TERM INVESTMENT — 4.0%
       
 
1,948,783
 
U.S. Bank Money Market
       
     
  Deposit Account, 0.00% (b)
   
1,948,783
 
         
TOTAL SHORT TERM INVESTMENT
       
(Cost $1,948,783)
     
1,948,783
 
               
INVESTMENT PURCHASED WITH
       
PROCEEDS FROM SECURITIES LENDING — 0.1%
       
 
62,024
 
Mount Vernon Liquid Assets
       
     
  Portfolio, LLC, 0.12% (c)(d)
   
62,024
 
         
TOTAL INVESTMENT PURCHASED WITH
       
PROCEEDS FROM SECURITIES LENDING
       
(Cost $62,024)
     
62,024
 
         
TOTAL INVESTMENTS — 100.1%
       
(Cost $46,848,699)
   
49,026,328
 
Liabilities in Excess of Other Assets — (0.1)%
   
(71,371
)
NET ASSETS — 100.0%
 
$
48,954,957
 
_________
ADR
American Depository Receipt
PLC
Public Limited Company
+
All or portion of this security is on loan as of December 31, 2021.  Total value of securities on loan is $61,053.
(a)
Foreign issued security. Foreign concentration is as follows: Ireland: 8.52%.
(b)
Rounded to 0.00.
(c)
The rate quoted is the annualized seven-day yield as of December 31, 2021.
(d)
Privately offered liquidity fund.

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

The accompanying notes are an integral part of these financial statements.
2

 
Absolute Shares Trust
WBI BullBear Yield 3000 ETF
Schedule of Investments
As of December 31, 2021 (Unaudited)
Shares
 
Security Description
 
Value
 
       
COMMON STOCKS — 92.1%
     
       
Automobiles & Components — 3.1%
     
 
65,207
 
Ford Motor Company
 
$
1,354,349
 
         
Banks — 4.4%
       
 
81,373
 
KeyCorp +
   
1,882,157
 
         
Diversified Financials — 4.5%
       
 
57,464
 
Franklin Resources, Inc.
   
1,924,469
 
         
Energy — 20.1%
       
 
69,914
 
Baker Hughes. +
   
1,682,131
 
 
17,502
 
Chevron Corp.
   
2,053,860
 
 
14,566
 
ConocoPhillips
   
1,051,374
 
 
7,927
 
Diamondback Energy, Inc.
   
854,927
 
 
17,629
 
EOG Resources, Inc.
   
1,565,984
 
 
24,191
 
Exxon Mobil Corp.
   
1,480,247
 
           
8,688,523
 
         
Food, Beverage & Tobacco — 13.5%
       
 
42,519
 
Altria Group, Inc.
   
2,014,975
 
 
28,001
 
Archer Daniels Midland Company
   
1,892,588
 
 
22,380
 
Tyson Foods, Inc. — Class A
   
1,950,641
 
           
5,858,204
 
         
Health Care Equipment & Services — 4.8%
       
 
15,742
 
AmerisourceBergen Corp.
   
2,091,954
 
             
Insurance — 6.8%
         
 
20,685
 
Aflac, Inc.
   
1,207,797
 
 
22,020
 
First American Financial Corp.
   
1,722,625
 
           
2,930,422
 
         
Pharmaceuticals, Biotechnology & Life Sciences — 9.6%
       
 
16,743
 
AbbVie, Inc.
   
2,267,002
 
 
26,099
 
Gilead Sciences, Inc.
   
1,895,049
 
           
4,162,051
 
         
Semiconductors & Semiconductor Equipment — 8.7%
       
 
7,596
 
Applied Materials, Inc.
   
1,195,307
 
 
2,563
 
Lam Research Corp.
   
1,843,181
 
 
3,817
 
Texas Instruments, Inc.
   
719,390
 
           
3,757,878
 
         
Technology Hardware & Equipment — 16.6%
     
 
31,368
 
Cisco Systems, Inc.
   
1,987,790
 
 
44,481
 
Hewlett Packard Enterprise Company +
   
701,465
 
 
45,811
 
HP, Inc.
   
1,725,700
 
 
10,553
 
NetApp, Inc.
   
970,771
 
 
16,076
 
Seagate Technology
       
     
  Holdings PLC — ADR (a)
   
1,816,267
 
           
7,201,993
 
TOTAL COMMON STOCKS
       
(Cost $38,324,484)
   
39,852,000
 
               
REIT — 4.0%
       
         
Real Estate — 4.0%
       
 
33,051
 
Iron Mountain, Inc. +
 

1,729,559
 
TOTAL REIT
       
(Cost $1,032,861)
       
1,729,559
 
               
SHORT TERM INVESTMENT — 3.8%
       
 
1,641,131
 
U.S. Bank Money Market
       
     
  Deposit Account, 0.00% (b)
   
1,641,131
 
TOTAL SHORT TERM INVESTMENT
       
(Cost $1,641,131)
       
1,641,131
 
               
INVESTMENT PURCHASED WITH
       
PROCEEDS FROM SECURITIES LENDING — 6.9%
       
 
3,001,160
 
Mount Vernon Liquid Assets
       
     
  Portfolio, LLC, 0.12% (c)(d)
   
3,001,160
 
         
TOTAL INVESTMENT PURCHASED WITH
       
PROCEEDS FROM SECURITIES LENDING
       
(Cost $3,001,160)
       
3,001,160
 
         
TOTAL INVESTMENTS — 106.8%
       
(Cost $43,999,636)
   
46,223,850
 
Liabilities in Excess of Other Assets — (6.8)%
   
(2,959,286
)
NET ASSETS — 100.0%
 
$
43,264,564
 
_________
PLC
Public Limited Company
ADR
American Depository Receipt
+
All or portion of this security is on loan as of December 31, 2021. Total value of securities on loan is $2,927,899.
(a)
Foreign issued security. Foreign concentration is as follows: Ireland: 4.20%.
(b)
Rounded to 0.00.
(c)
The rate quoted is the annualized seven-day yield as of December 31, 2021.
(d)
Privately offered liquidity fund.

The accompanying notes are an integral part of these financial statements.
3

 
Absolute Shares Trust
WBI BullBear Quality 3000 ETF
Schedule of Investments
As of December 31, 2021 (Unaudited)
Shares
 
Security Description
 
Value
 
   
COMMON STOCKS — 92.6%
 
   
Automobiles & Components — 3.1%
 
 
64,043
 
Ford Motor Company
 
$
1,330,173
 
   
Banks — 2.0%
 
 
36,715
 
KeyCorp
   
849,218
 
   
Capital Goods — 19.1%
 
 
10,185
 
Dover Corp.
   
1,849,596
 
 
5,426
 
Northrop Grumman Corp.
   
2,100,242
 
 
13,498
 
Simpson Manufacturing Company, Inc.
   
1,877,167
 
 
6,687
 
Trane Technologies PLC — ADR (a)
   
1,350,974
 
 
1,858
 
W.W. Grainger, Inc.
   
962,890
 
           
8,140,869
 
   
Diversified Financials — 8.1%
 
 
1,798
 
BlackRock, Inc.
   
1,646,177
 
 
21,288
 
The Charles Schwab Corp.
   
1,790,321
 
           
3,436,498
 
   
Energy — 13.4%
 
 
11,131
 
ConocoPhillips
   
803,436
 
 
20,265
 
Devon Energy Corp.
   
892,673
 
 
11,490
 
Diamondback Energy, Inc.
   
1,239,196
 
 
22,365
 
EOG Resources, Inc.
   
1,986,683
 
 
13,350
 
Exxon Mobil Corp.
   
816,887
 
           
5,738,875
 
   
Health Care Equipment & Services — 3.4%
 
 
4,857
 
Abbott Laboratories
   
683,574
 
 
800
 
Anthem, Inc.
   
370,832
 
 
4,395
 
Cerner Corp.
   
408,164
 
           
1,462,570
 
   
Insurance — 4.8%
 
 
11,764
 
Marsh & McLennan Companies, Inc.
   
2,044,818
 
   
Materials — 5.1%
 
 
27,714
 
Louisiana-Pacific Corp.
   
2,171,392
 
   
Pharmaceuticals, Biotechnology & Life Sciences — 4.9%
 
 
15,452
 
AbbVie, Inc.
   
2,092,201
 
   
Semiconductors & Semiconductor Equipment — 10.0%
 
 
2,824
 
Lam Research Corp.
   
2,030,880
 
 
3,382
 
Teradyne, Inc.
   
553,058
 
 
8,825
 
Texas Instruments, Inc.
   
1,663,248
 
           
4,247,186
 
   
Software & Services — 7.9%
 
 
14,750
 
Paychex, Inc.
   
2,013,375
 
 
16,742
 
SS&C Technologies Holdings, Inc.
   
1,372,509
 
           
3,385,884
 
               
Technology Hardware & Equipment — 10.8%
 
 
32,775
 
Cisco Systems, Inc.
 

2,076,952
 
 
53,678
 
Hewlett Packard Enterprise Company
   
846,502
 
 
10,389
 
TE Connectivity, LTD. — ADR (a)
   
1,676,161
 
           
4,599,615
 
   
TOTAL COMMON STOCKS
 
(Cost $37,282,533)
   
39,499,299
 
               
   
REIT — 3.2%
 
   
Real Estate — 3.2%
 
 
26,111
 
Iron Mountain, Inc. +
   
1,366,389
 
   
TOTAL REIT
 
(Cost $805,156)
   
1,366,389
 
               
   
SHORT TERM INVESTMENT — 4.2%
 
 
1,806,814
 
U.S. Bank Money Market
       
     
  Deposit Account, 0.00% (b)
   
1,806,814
 
   
TOTAL SHORT TERM INVESTMENT
 
(Cost $1,806,814)
   
1,806,814
 
               
INVESTMENT PURCHASED WITH
 
PROCEEDS FROM SECURITIES LENDING — 3.1%
 
 
1,333,269
 
Mount Vernon Liquid Assets
       
     
  Portfolio, LLC, 0.12% (c)(d)
   
1,333,269
 
   
TOTAL INVESTMENT PURCHASED WITH
 
PROCEEDS FROM SECURITIES LENDING
 
(Cost $1,333,269)
   
1,333,269
 
   
TOTAL INVESTMENTS — 103.1%
 
(Cost $41,227,772)
   
44,005,771
 
Liabilities in Excess of Other Assets — (3.1)%
   
(1,335,552
)
NET ASSETS — 100.0%
 
$
42,670,219
 
_________
PLC
Public Limited Company
ADR
American Depository Receipt
+
All or portion of this security is on loan as of December 31, 2021. Total value of securities on loan is $1,298,046.
(a)
Foreign issued security. Foreign concentration is as follows: Switzerland: 3.93%, Ireland: 3.17%.
(b)
Rounded to 0.00.
(c)
The rate quoted is the annualized seven-day yield as of December 31, 2021.
(d)
Privately offered liquidity fund.

The accompanying notes are an integral part of these financial statements.
4

 
Absolute Shares Trust
WBI BullBear Global Income ETF
Schedule of Investments
As of December 31, 2021 (Unaudited)
Shares
 
Security Description
 
Value
 
       
EXCHANGE TRADED FUNDS — 98.0%
     
 
126,396
 
iShares iBoxx High Yield
     
     
  Corporate Bond ETF +
 
$
10,997,716
 
 
39,879
 
iShares TIPS Bond ETF +
   
5,152,367
 
 
333,323
 
iShares U.S. Preferred Stock ETF +
   
13,142,926
 
 
278,959
 
Xtrackers USD High Yield
       
     
  Corporate Bond ETF +
   
11,113,726
 
 
332,526
 
VanEck Vectors Fallen Angel
       
     
  High Yield Bond ETF
   
10,963,382
 
         
TOTAL EXCHANGE TRADED FUNDS
       
(Cost $50,978,175)
   
51,370,117
 
               
         
SHORT TERM INVESTMENT — 2.1%
       
 
1,103,336
 
U.S. Bank Money Market
       
     
  Deposit Account, 0.00% (a)
   
1,103,336
 
         
TOTAL SHORT TERM INVESTMENT
       
(Cost $1,103,336)
   
1,103,336
 
               
         
INVESTMENT PURCHASED WITH
       
PROCEEDS FROM SECURITIES LENDING — 33.7%
       
 
17,681,986
 
Mount Vernon Liquid Assets
       
     
  Portfolio, LLC, 0.12% (b)(c)
 

17,681,986
 
         
TOTAL INVESTMENT PURCHASED WITH
       
PROCEEDS FROM SECURITIES LENDING
       
(Cost $17,681,986)
   
17,681,986
 
         
TOTAL INVESTMENTS — 133.8%
       
(Cost $69,763,497)
   
70,155,439
 
Liabilities in Excess of Other Assets — (33.8)%
   
(17,720,787
)
NET ASSETS — 100.0%
 
$
52,434,652
 
_________
+
All or portion of this security is on loan as of December 31, 2021. Total value of securities on loan is $17,296,062.
(a)
Rounded to 0.00.
(b)
The rate quoted is the annualized seven-day yield as of December 31, 2021.
(c)
Privately offered liquidity fund.

The accompanying notes are an integral part of these financial statements.
5

 
Absolute Shares Trust
WBI Power Factor® High Dividend ETF
Schedule of Investments
As of December 31, 2021 (Unaudited)
Shares
 
Security Description
 
Value
 
           
COMMON STOCKS — 99.0%
 
           
Banks — 6.3%
         
 
2,105
 
ACNB Corp.
 
$
65,844
 
 
2,445
 
Ames National Corp.
   
59,878
 
 
18,717
 
First Financial Bancorp +
   
456,320
 
 
56,721
 
First Horizon Corp. +
   
926,254
 
 
47,336
 
FNB Corp. +
   
574,186
 
 
27,361
 
Fulton Financial Corp. +
   
465,137
 
 
83,236
 
People’s United Financial, Inc.
   
1,483,265
 
 
4,284
 
The First Bancorp Inc.
   
134,518
 
           
4,165,402
 
               
Consumer Durables & Apparel — 1.7%
 
 
23,635
 
Ethan Allen Interiors, Inc. +
   
621,364
 
 
7,100
 
Sturm Ruger & Company, Inc. +
   
482,942
 
           
1,104,306
 
               
Consumer Services — 1.2%
 
 
35,116
 
H&R Block, Inc.
   
827,333
 
               
Diversified Financials — 5.9%
 
 
9,305
 
Artisan Partners Asset
       
     
  Management, Inc. — Class A +
   
443,290
 
 
19,900
 
Douglas Elliman, Inc. *
   
228,850
 
 
41,959
 
Navient Corp. +
   
890,370
 
 
31,497
 
OneMain Holdings, Inc.
   
1,576,110
 
 
25,641
 
Virtu Financial, Inc. — Class A
   
739,230
 
           
3,877,850
 
               
Energy — 1.9%
 
 
63,540
 
Equitrans Midstream Corp. +
   
657,003
 
 
20,617
 
Hess Midstream LP — Class A
   
569,648
 
           
1,226,651
 
               
Food, Beverage & Tobacco — 11.9%
 
 
39,267
 
Philip Morris International, Inc.
   
3,730,365
 
 
85,058
 
The Kraft Heinz Company +
   
3,053,582
 
 
11,255
 
Universal Corp.
   
618,125
 
 
39,800
 
Vector Group LTD. +
   
456,904
 
           
7,858,976
 
               
Health Care Equipment & Services — 4.6%
 
 
58,588
 
Cardinal Health, Inc.
   
3,016,696
 
               
Insurance — 7.9%
 
 
8,017
 
Mercury General Corp.
   
425,382
 
 
37,318
 
Old Republic International Corp.
   
917,277
 
 
14,133
 
Principal Financial Group, Inc.
   
1,022,240
 
 
5,533
 
Safety Insurance Group, Inc. +
   
470,471
 
 
32,625
 
Universal Insurance Holdings, Inc. +
   
554,625
 
 
72,317
 
Unum Group
   
1,776,829
 
           
5,166,823
 
               
Materials — 20.4%
 
 
66,080
 
Dow, Inc.
   
3,748,058
 
 
35,022
 
Glatfelter Corp. +
   
602,378
 
 
43,822
 
International Paper Company
   
2,058,758
 
 
32,231
 
LyondellBasell Industries N.V. —
       
     
  Class A — ADR (a)
   
2,972,665
 
 
49,710
 
Newmont Corp.
   
3,083,014
 
 
15,109
 
Schweitzer-Mauduit International, Inc.
   
451,759
 
 
79,194
 
SunCoke Energy, Inc. +
   
521,888
 
           
13,438,520
 
               
Media & Entertainment — 2.3%
 
 
20,440
 
Omnicom Group, Inc. +
   
1,497,639
 
               
Pharmaceuticals, Biotechnology & Life Sciences — 7.4%
 
 
35,826
 
AbbVie, Inc.
   
4,850,840
 
               
Retailing — 5.3%
 
 
38,023
 
Big 5 Sporting Goods Corp. +
   
722,817
 
 
22,026
 
Camping World
       
     
  Holdings, Inc. — Class A +
   
889,851
 
 
32,983
 
Cato Corp. — Class A +
   
565,988
 
 
14,785
 
Franchise Group, Inc. +
   
771,186
 
 
20,323
 
PetMed Express, Inc.
   
513,359
 
           
3,463,201
 
               
Software & Services — 7.3%
 
 
22,103
 
International Business Machines Corp.
   
2,954,287
 
 
4,420
 
Kyndryl Holdings, Inc. *+
   
80,002
 
 
96,937
 
Western Union Company +
   
1,729,356
 
           
4,763,645
 
               
Technology Hardware & Equipment — 2.3%
 
 
66,459
 
Xerox Holdings Corp. +
   
1,504,632
 
               
Telecommunication Services — 5.9%
 
 
74,760
 
Verizon Communications, Inc.
   
3,884,530
 
               
Utilities — 6.7%
 
 
16,725
 
Clearway Energy, Inc. +
   
602,602
 
 
24,555
 
South Jersey Industries, Inc. +
   
641,377
 
 
43,956
 
Southern Company
   
3,014,502
 
 
12,283
 
Star Group LP
   
132,288
 
           
4,390,769
 
TOTAL COMMON STOCKS
 
(Cost $63,019,640)
     
65,037,814
 

The accompanying notes are an integral part of these financial statements.
6

 
Absolute Shares Trust
WBI Power Factor® High Dividend ETF
Schedule of Investments
As of December 31, 2021 (Unaudited)
Shares/
         
Amount
 
Security Description
 
Value
 
   
SHORT TERM INVESTMENT — 0.8%
 
 
549,085
 
U.S. Bank Money Market
     
     
  Deposit Account, 0.00% (b)
 
$
549,085
 
   
TOTAL SHORT TERM INVESTMENT
 
(Cost $549,085)
   
549,085
 
               
INVESTMENT PURCHASED WITH
 
PROCEEDS FROM SECURITIES LENDING — 24.5%
 
 
16,121,553
 
Mount Vernon Liquid Assets
       
     
  Portfolio, LLC, 0.12% (c)(d)
   
16,121,553
 
   
TOTAL INVESTMENT PURCHASED WITH
 
PROCEEDS FROM SECURITIES LENDING
 
(Cost $16,121,553)
   
16,121,553
 
   
TOTAL INVESTMENTS — 124.3%
 
(Cost $79,690,278)
   
81,708,452
 
Liabilities in Excess of Other Assets — (24.3)%
   
(15,990,358
)
NET ASSETS — 100.0%
 
$
65,718,093
 
_________
ADR
American Depository Receipt
+
All or portion of this security is on loan as of December 31, 2021. Total value of securities on loan is $15,569,661.
*
Non-income producing security.
(a)
Foreign issued security. Foreign concentration is as follows: Netherlands: 4.52%.
(b)
Rounded to 0.00.
(c)
The rate quoted is the annualized seven-day yield as of December 31, 2021.
(d)
Privately offered liquidity fund.

The accompanying notes are an integral part of these financial statements.
7

 
Absolute Shares Trust
WBI BullBear Trend Switch US 3000 Total Return ETF
Schedule of Investments
As of December 31, 2021 (Unaudited)
Shares
 
Security Description
 
Value
 
           
EXCHANGE TRADED FUNDS — 99.1%
 
 
109,116
 
iShares iBoxx High Yield
     
     
  Corporate Bond ETF +
 
$
9,494,183
 
 
245,426
 
Xtrackers USD High Yield
       
     
  Corporate Bond ETF
   
9,777,772
 
 
296,036
 
VanEck Vectors Fallen Angel
       
     
  High Yield Bond ETF
   
9,760,307
 
               
TOTAL EXCHANGE TRADED FUNDS
 
(Cost $28,806,961)
   
29,032,262
 
               
SHORT TERM INVESTMENT — 1.0%
       
 
288,561
 
U.S. Bank Money Market
       
     
  Deposit Account, 0.00% (a)
   
288,561
 
               
TOTAL SHORT TERM INVESTMENT
 
(Cost $288,561)
   
288,561
 
               
INVESTMENT PURCHASED WITH
 
PROCEEDS FROM SECURITIES LENDING — 16.7%
 
 
4,903,010
 
Mount Vernon Liquid Assets
       
     
  Portfolio, LLC, 0.12% (b)(c)
 

4,903,010
 
               
TOTAL INVESTMENT PURCHASED WITH
 
PROCEEDS FROM SECURITIES LENDING
       
(Cost $4,903,010)
   
4,903,010
 
               
TOTAL INVESTMENTS — 116.8%
 
(Cost $33,998,532)
   
34,223,833
 
Liabilities in Excess of Other Assets — (16.8)%
   
(4,917,913
)
NET ASSETS — 100.0%
 
$
29,305,920
 
_________
+
All or portion of this security is on loan as of December 31, 2021. Total value of securities on loan is $4,793,381.
(a)
Rounded to 0.00.
(b)
The rate quoted is the annualized seven-day yield as of December 31, 2021.
(c)
Privately offered liquidity fund.

The accompanying notes are an integral part of these financial statements.
8

 
Absolute Shares Trust
Statements of Assets and Liabilities

As of December 31, 2021 (Unaudited)
                     
WBI BullBear
 
   
WBI BullBear
   
WBI BullBear
   
WBI BullBear
   
Global
 
   
Value 3000 ETF
   
Yield 3000 ETF
   
Quality 3000 ETF
   
Income ETF
 
ASSETS
                       
Investments in securities, at value *+ (Note 2)
 
$
49,026,328
   
$
46,223,850
   
$
44,005,769
   
$
70,155,439
 
Dividends and interest receivable
   
27,463
     
74,288
     
30,011
     
1
 
Prepaid expenses and other assets
   
21,974
     
21,974
     
21,958
     
23,179
 
Return of Capital Receivable
   
3,262
     
2,913
     
2,226
     
 
Securities lending income receivable
   
100
     
254
     
243
     
3,209
 
Total Assets
   
49,079,127
     
46,323,279
     
44,060,207
     
70,181,828
 
                                 
LIABILITIES
                               
Payables
                               
Collateral received for securities loaned (Note 7)
   
62,024
     
3,001,160
     
1,333,269
     
17,681,986
 
Management fees
   
28,882
     
24,314
     
23,802
     
33,912
 
Administration and fund accounting fees
   
15,319
     
15,345
     
15,386
     
15,271
 
Audit fees
   
12,471
     
12,471
     
12,470
     
12,101
 
Chief Compliance Officer fee
   
644
     
643
     
643
     
644
 
Custody fees
   
1,559
     
1,508
     
1,372
     
1,093
 
Directors fees
   
37
     
37
     
37
     
36
 
Accrued other expenses
   
3,234
     
3,237
     
3,009
     
2,133
 
Total Liabilities
   
124,170
     
3,058,715
     
1,389,988
     
17,747,176
 
NET ASSETS
 
$
48,954,957
   
$
43,264,564
   
$
42,670,219
   
$
52,434,652
 
                                 
NET ASSETS CONSIST OF:
                               
Paid-in capital
 
$
49,073,666
   
$
65,676,710
   
$
46,680,850
   
$
60,878,678
 
Total accumulated deficit
   
(118,709
)
   
(22,412,146
)
   
(4,010,631
)
   
(8,444,026
)
Net Assets
 
$
48,954,957
   
$
43,264,564
   
$
42,670,219
   
$
52,434,652
 
*Cost
                               
Investments in securities
 
$
46,848,699
   
$
43,999,636
   
$
41,227,772
   
$
69,763,497
 
Net Asset Value (unlimited shares authorized):
                               
Class I (unlimited shares authorized):
                               
Net Assets
 
$
48,954,957
   
$
43,264,564
   
$
42,670,219
   
$
52,434,652
 
Shares Outstanding^
   
1,588,315
     
1,630,183
     
1,377,182
     
2,100,000
 
Net Asset Value, Offering and Redemption Price per Share
 
$
30.82
   
$
26.54
   
$
30.98
   
$
24.97
 

^
No Par Value
+
Including securities on loan of $61,053, $2,927,899, $1,298,046, $17,296,062, respectively.

The accompanying notes are an integral part of these financial statements.
9

 
Absolute Shares Trust
Statements of Assets and Liabilities (concluded)

As of December 31, 2021 (Unaudited)
         
WBI BullBear
 
   
WBI Power
   
Trend Switch
 
   
Factor® High
   
US 3000 Total
 
   
Dividend ETF
   
Return ETF
 
ASSETS
           
Investments in securities, at value *+ (Note 2)
 
$
81,708,452
   
$
34,223,833
 
Dividends and interest receivable
   
154,064
     
 
Prepaid expenses and other assets
   
23,144
     
 
Securities lending income receivable
   
1,538
     
1,336
 
Total Assets
   
81,887,198
     
34,225,169
 
                 
LIABILITIES
               
Payables
               
Collateral received for securities loaned (Note 7)
   
16,121,553
     
4,903,010
 
Management fees
   
15,722
     
14,324
 
Administration and fund accounting fees
   
15,439
     
 
Audit fees
   
12,102
     
 
Accrued other expenses
   
2,163
     
 
Legal fees
   
     
1,879
 
Custody fees
   
1,446
     
 
Chief Compliance Officer fee
   
644
     
 
Directors fees
   
36
     
36
 
Total Liabilities
   
16,169,105
     
4,919,249
 
NET ASSETS
 
$
65,718,093
   
$
29,305,920
 
                 
NET ASSETS CONSIST OF:
               
Paid-in capital
 
$
72,152,824
   
$
30,292,532
 
Total accumulated deficit
   
(6,434,731
)
   
(986,612
)
Net Assets
 
$
65,718,093
   
$
29,305,920
 
*Cost
               
Investments in securities
 
$
79,690,278
   
$
33,998,532
 
Net Asset Value (unlimited shares authorized):
               
Class I (unlimited shares authorized):
               
Net Assets
 
$
65,718,093
   
$
29,305,920
 
Shares Outstanding^
   
2,350,000
     
1,375,000
 
Net Asset Value, Offering and Redemption Price per Share
 
$
27.97
   
$
21.31
 

^
No Par Value
+
Including securities on loan of $15,569661, $4,793,381 respectively.

The accompanying notes are an integral part of these financial statements.
10

 
Absolute Shares Trust
Statements of Operations

For the Period Ended December 31, 2021 (Unaudited)
                     
WBI BullBear
 
   
WBI BullBear
   
WBI BullBear
   
WBI BullBear
   
Global
 
   
Value 3000 ETF
   
Yield 3000 ETF
   
Quality 3000 ETF
   
Income ETF
 
INVESTMENT INCOME
                       
Income:
                       
Dividends+
 
$
556,720
   
$
626,889
   
$
547,166
   
$
1,246,475
 
Interest
   
13
     
12
     
13
     
4
 
Securities lending income (Note 7)
   
1,178
     
1,631
     
1,482
     
19,007
 
Total Investment Income
   
557,911
     
628,532
     
548,661
     
1,265,486
 
                                 
Expenses:
                               
Management fees (Note 3)
   
217,063
     
196,248
     
190,565
     
229,729
 
Administration, fund accounting and custodian fees (Note 6)
   
64,807
     
64,714
     
64,619
     
63,422
 
Professional fees
   
28,500
     
28,500
     
28,500
     
28,218
 
Director's fees and expenses
   
9,200
     
9,200
     
9,200
     
9,200
 
Insurance expenses
   
6,764
     
6,764
     
6,764
     
6,784
 
Exchange fees
   
4,304
     
4,304
     
4,304
     
4,400
 
Miscellaneous expenses
   
3,320
     
3,320
     
3,320
     
3,040
 
Shareholder reporting expenses
   
2,022
     
2,022
     
2,027
     
2,032
 
Total Expenses
   
335,980
     
315,072
     
309,299
     
346,825
 
Less: Fees (Waived)/Recouped
   
(16,770
)
   
(26,472
)
   
(29,057
)
   
(11,733
)
Net Expenses
   
319,210
     
288,600
     
280,242
     
335,092
 
Net Investment Income
   
238,701
     
339,932
     
268,419
     
930,394
 
                                 
REALIZED & UNREALIZED GAIN ON INVESTMENTS
                               
Net realized gain (loss) on:
                               
Investments in securities
   
(1,235,656
)
   
394,072
     
277,394
     
1,188,976
 
Net change in unrealized appreciation (depreciation) of:
                               
Investments in securities
   
193,672
     
(65,476
)
   
622,825
     
(1,357,015
)
Net realized and unrealized loss on investments
   
(1,041,984
)
   
328,596
     
900,219
     
(168,039
)
NET INCREASE IN NET ASSETS
                               
  RESULTING FROM OPERATIONS
 
$
(803,283
)
 
$
668,528
   
$
1,168,638
   
$
762,355
 
 
+
Net of withholding taxes of $1,721, $569, $632, and $0, respectively.
 
The accompanying notes are an integral part of these financial statements.
11

 
Absolute Shares Trust
Statements of Operations (concluded)

For the Period Ended December 31, 2021 (Unaudited)
         
WBI BullBear
 
   
WBI Power
   
Trend Switch
 
   
Factor® High
   
US 3000 Total
 
   
Dividend ETF
   
Return ETF
 
INVESTMENT INCOME
           
Income:
           
Dividends+
 
$
1,577,323
   
$
461,237
 
Interest
   
4
     
2
 
Securities lending income (Note 7)
   
9,928
     
7,319
 
Total Investment Income
   
1,587,255
     
468,558
 
                 
Expenses:
               
Management fees (Note 3)
   
178,458
     
95,664
 
Administration, fund accounting and custodian fees (Note 6)
   
65,480
     
 
Professional fees
   
28,218
     
2,300
 
Director's fees and expenses
   
9,200
     
9,199
 
Insurance expenses
   
6,784
     
 
Exchange fees
   
3,387
     
 
Miscellaneous expenses
   
3,046
     
 
Shareholder reporting expenses
   
3,043
     
 
Total Expenses
   
297,616
     
107,163
 
Less: Fees (Waived)/Recouped
   
(70,487
)
   
 
Net Expenses
   
227,129
     
107,163
 
Net Investment Income
   
1,360,126
     
361,395
 
                 
REALIZED & UNREALIZED GAIN ON INVESTMENTS
               
Net realized gain on:
               
Investments in securities
   
4,413,634
     
2,551,867
 
Net change in unrealized depreciation of:
               
Investments in securities
   
(2,964,350
)
   
(1,160,033
)
Net realized and unrealized gain on investments
   
1,449,284
     
1,391,834
 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
 
$
2,809,410
   
$
1,753,229
 
 
+
Net of withholding taxes of $0 and $0, respectively.

The accompanying notes are an integral part of these financial statements.
12

 
Absolute Shares Trust
Statements of Changes in Net Assets


   
WBI BullBear Value 3000 ETF
   
WBI BullBear Yield 3000 ETF
 
   
Six-Months Ended
         
Six-Months Ended
       
   
December 31, 2021
   
Year Ended
   
December 31, 2021
   
Year Ended
 
   
(Unaudited)
   
June 30, 2021
   
(Unaudited)
   
June 30, 2021
 
INCREASE (DECREASE) IN NET ASSETS:
                       
OPERATIONS
                       
Net investment income
 
$
238,701
   
$
724,224
   
$
339,932
   
$
875,769
 
Net realized gain (loss) on investments
   
(1,235,656
)
   
8,002,798
     
394,072
     
7,963,136
 
Net change in unrealized appreciation (depreciation)
                               
  of investments
   
193,672
     
716,494
     
(65,476
)
   
596,299
 
Net increase (decrease) in net assets
                               
  resulting from operations
   
(803,283
)
   
9,443,516
     
668,528
     
9,435,204
 
DISTRIBUTIONS TO SHAREHOLDERS
                               
Net distributions to shareholders
   
(686,698
)
   
(581,210
)
   
(890,827
)
   
(827,211
)
Total distributions to shareholders
   
(686,698
)
   
(581,210
)
   
(890,827
)
   
(827,211
)
CAPITAL SHARE TRANSACTIONS
                               
Net increase (decrease) in net assets
                               
  from capital share transactions
   
(3,152,165
)
   
1,516,665
     
(3,990,560
)
   
(20,377,660
)
Total increase (decrease) in net assets
 
$
(4,642,146
)
 
$
10,378,971
   
$
(4,212,859
)
 
$
(11,769,667
)
NET ASSETS
                               
Beginning of Period
 
$
53,597,103
   
$
43,218,132
   
$
47,477,423
   
$
59,247,090
 
End of Period
 
$
48,954,957
   
$
53,597,103
   
$
43,264,564
   
$
47,477,423
 
                                 
                                 
                                 
   
WBI BullBear Quality 3000 ETF
   
WBI BullBear Global Income ETF
 
   
Six-Months Ended
           
Six-Months Ended
         
   
December 31, 2021
   
Year Ended
   
December 31, 2021
   
Year Ended
 
   
(Unaudited)
   
June 30, 2021
   
(Unaudited)
   
June 30, 2021
 
INCREASE (DECREASE) IN NET ASSETS:
                               
OPERATIONS
                               
Net investment income
 
$
268,419
   
$
206,816
   
$
930,394
   
$
2,058,564
 
Net realized gain (loss) on investments
   
277,394
     
6,968,780
     
1,188,976
     
2,460,324
 
Net change in unrealized appreciation (depreciation)
                               
  of investments
   
622,825
     
823,939
     
(1,357,015
)
   
1,210,676
 
Net increase (decrease) in net assets
                               
  resulting from operations
   
1,168,638
     
7,999,535
     
762,355
     
5,729,564
 
DISTRIBUTIONS TO SHAREHOLDERS
                               
Net distributions to shareholders
   
(824,798
)
   
(101,423
)
   
(685,621
)
   
(2,031,404
)
Total distributions to shareholders
   
(824,798
)
   
(101,423
)
   
(685,621
)
   
(2,031,404
)
CAPITAL SHARE TRANSACTIONS
                               
Net decrease in net assets
                               
  from capital share transactions
   
(3,080,715
)
   
(16,625,190
)
   
(2,475,120
)
   
(17,136,175
)
Total decrease in net assets
 
$
(2,736,875
)
 
$
(8,727,078
)
 
$
(2,398,386
)
 
$
(13,438,014
)
NET ASSETS
                               
Beginning of Period
 
$
45,407,094
   
$
54,134,172
   
$
54,833,039
   
$
68,271,053
 
End of Period
 
$
42,670,219
   
$
45,407,094
   
$
52,434,652
   
$
54,833,038
 

The accompanying notes are an integral part of these financial statements.
13

 
Absolute Shares Trust
Statements of Changes in Net Assets (concluded)


               
WBI BullBear Trend Switch
 
   
WBI Power Factor High Dividend ETF
   
US 3000 Total Return ETF
 
   
Six-Months Ended
         
Six-Months Ended
       
   
December 31, 2021
   
Year Ended
   
December 31, 2021
   
Year Ended
 
   
(Unaudited)
   
June 30, 2021
   
(Unaudited)
   
June 30, 2021
 
INCREASE (DECREASE) IN NET ASSETS:
                       
OPERATIONS
                       
Net investment income
 
$
1,360,126
   
$
2,324,293
   
$
361,394
   
$
895,331
 
Net realized gain (loss) on investments
   
4,413,634
     
10,512,040
     
2,551,868
     
3,090,476
 
Net change in unrealized appreciation (depreciation)
                               
  of investments
   
(2,964,350
)
   
6,832,069
     
(1,160,033
)
   
2,765,312
 
Net increase (decrease) in net assets
                               
  resulting from operations
   
2,809,410
     
19,668,402
     
1,753,229
     
6,751,119
 
DISTRIBUTIONS TO SHAREHOLDERS
                               
Net distributions to shareholders
   
(1,548,540
)
   
(2,233,944
)
   
(454,392
)
   
(869,319
)
Total distributions to shareholders
   
(1,548,540
)
   
(2,233,944
)
   
(454,392
)
   
(869,319
)
CAPITAL SHARE TRANSACTIONS
                               
Net increase (decrease) in net assets
                               
  from capital share transactions
   
     
4,820,810
     
(1,046,433
)
   
(12,108,760
)
Total increase (decrease) in net assets
 
$
1,260,870
   
$
22,255,268
   
$
252,404
   
$
(6,226,960
)
NET ASSETS
                               
Beginning of Period
 
$
64,457,223
   
$
42,201,952
   
$
29,053,516
   
$
35,280,476
 
End of Period
 
$
65,718,093
   
$
64,457,223
   
$
29,305,920
   
$
29,053,516
 

The accompanying notes are an integral part of these financial statements.
14

 
Absolute Shares Trust
Financial Highlights

For capital share outstanding throughout each period/year
   
WBI BullBear Value 3000 ETF
 
   
Six-Months Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
   
December 31, 2021
   
June 30,
   
June 30,
   
June 30,
   
June 30,
   
June 30,
 
   
(Unaudited)
   
2021
   
2020
   
2019
   
2018
   
2017
 
Net Asset Value, Beginning of Period/Year
 
$
31.75
   
$
25.60
   
$
27.19
   
$
28.19
   
$
26.20
   
$
21.85
 
Income (Loss) from Investment Operations:
                                               
Net investment income1
   
0.15
     
0.49
     
0.07
     
0.32
     
0.18
     
0.29
 
Net gain (loss) on investments (realized and unrealized)2
   
(0.65
)
   
6.05
     
(1.54
)
   
(0.99
)
   
2.00
     
4.35
 
Total from investment operations
   
(0.50
)
   
6.54
     
(1.47
)
   
(0.67
)
   
2.18
     
4.64
 
Less Distributions:
                                               
Distributions from net investment income
   
(0.43
)
   
(0.39
)
   
(0.12
)
   
(0.33
)
   
(0.19
)
   
(0.29
)
Total Distributions
   
(0.43
)
   
(0.39
)
   
(0.12
)
   
(0.33
)
   
(0.19
)
   
(0.29
)
Net asset value, end of period/year
 
$
30.82
   
$
31.75
   
$
25.60
   
$
27.19
   
$
28.19
   
$
26.20
 
Market price, end of period/year
 
$
30.71
   
$
31.77
   
$
25.61
   
$
27.16
   
$
28.17
   
$
26.28
 
Net Assets Total Return3
   
-1.57
%4
   
25.59
%
   
-5.40
%
   
-2.53
%
   
8.40
%
   
21.34
%
                                                 
Supplemental Data:
                                               
Net assets, end of period/year (000's)
 
$
48,955
   
$
53,597
   
$
43,218
   
$
50,297
   
$
64,843
   
$
78,601
 
Ratios to Average Net Assets:
                                               
Expenses before fees (waived)/recouped
   
1.32
%6
   
1.36
%
   
1.25
%
   
1.18
%
   
1.05
%
   
1.03
%
Expenses after fees (waived)/recouped
   
1.25
%6
   
1.25
%
   
1.25
%
   
1.18
%
   
1.05
%
   
1.03
%
Net investment income to average net assets
   
0.93
%6
   
1.71
%
   
0.27
%
   
1.11
%
   
0.64
%
   
1.19
%
Portfolio turnover rate5
   
383
%4
   
800
%
   
894
%
   
567
%
   
527
%
   
388
%
                                                 
   
WBI BullBear Yield 3000 ETF
 
   
Six-Months Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
   
December 31, 2021
   
June 30,
   
June 30,
   
June 30,
   
June 30,
   
June 30,
 
   
(Unaudited)
     
2021
     
2020
     
2019
     
2018
     
2017
 
Net Asset Value, Beginning of Period/Year
 
$
26.67
   
$
22.53
   
$
24.02
   
$
25.87
   
$
22.89
   
$
20.25
 
Income (Loss) from Investment Operations:
                                               
Net investment income1
   
0.20