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	%

	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.

	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.

	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.

	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.

	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.

	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.

	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.

	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.

	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.

	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.

	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.

	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.

	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.

	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