SEMI-ANNUAL REPORT

December 31, 2022

WBI BullBear Value 3000 ETF | WBIF

WBI BullBear Yield 3000 ETF | WBIG

WBI BullBear Quality 3000 ETF | WBIL

WBI Power Factor^® High Dividend ETF | WBIY

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			7

Statements of Operations			8

Statements of Changes in Net Assets			9

Financial Highlights			10

Notes to Financial Statements			12

Expense Examples			19

Information About the Portfolio Holdings			20

Information About Proxy Voting			20

Information About the Funds’ Trustees			20

Frequency Distributions of Premiums and Discounts			20

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	Absolute Shares Trust
	Portfolio Allocations

As of December 31, 2022 (Unaudited)

WBI BullBear Value 3000 ETF
	Percentage of
Industry Group	Net Assets
Energy		6.4	%
Insurance		5.4	%
Consumer Durables & Apparel		5.2	%
Pharmaceuticals, Biotechnology
& Life Sciences		4.9	%
Health Care Equipment
& Services		4.6	%
Transportation		4.6	%
Food, Beverage & Tobacco		4.3	%
Capital Goods		3.4	%
Media & Entertainment		3.3	%
Semiconductors &
Semiconductor Equipment		2.7	%
Retailing		1.5	%
Short-Term Investments
and Other Assets and Liabilities		53.7	%
TOTAL		100.0	%

WBI BullBear Yield 3000 ETF
		Percentage of
Industry Group	Net Assets
Energy		18.5	%
Capital Goods		7.3	%
Health Care Equipment
& Services		6.0	%
Food, Beverage & Tobacco		5.0	%
Pharmaceuticals, Biotechnology
& Life Sciences		4.8	%
Software & Services		4.7	%
Materials		4.2	%
Retailing		3.0	%
Semiconductors &
Semiconductor Equipment		1.8	%
Short-Term Investments
and Other Assets and Liabilities		44.7	%
TOTAL		100.0	%

WBI BullBear Quality 3000 ETF
		Percentage of
Industry Group	Net Assets
Insurance		12.3	%
Capital Goods		12.1	%
Health Care Equipment
& Services		11.8	%
Software & Services		8.0	%
Media & Entertainment		4.9	%
Transportation		4.9	%
Semiconductors &
Semiconductor Equipment		4.3	%
Pharmaceuticals, Biotechnology
& Life Sciences		4.2	%
Energy		3.7	%
Diversified Financials		2.8	%
Commercial &
Professional Services		1.6	%
Materials		0.3	%
Short-Term Investments
and Other Assets and Liabilities		29.1	%
TOTAL		100.0	%



WBI Power Factor^® High Dividend ETF
		Percentage of
Industry Group	Net Assets
Energy		12.8	%
Retailing		11.5	%
Materials		10.5	%
Diversified Financials		8.6	%
Banks		6.4	%
Software & Services		6.1	%
Food & Staples Retailing		5.2	%
Telecommunication Services		5.2	%
Capital Goods		4.5	%
Technology Hardware
& Equipment		4.5	%
Semiconductors &
Semiconductor Equipment		4.4	%
Insurance		4.3	%
Consumer Durables & Apparel		3.5	%
Food, Beverage & Tobacco		3.2	%
Automobiles & Components		3.0	%
Pharmaceuticals, Biotechnology
& Life Sciences		1.9	%
Media & Entertainment		1.7	%
Consumer Services		1.0	%
Utilities		0.8	%
Short-Term Investments
and Other Assets and Liabilities		0.9	%
TOTAL		100.0	%

	Absolute Shares Trust
	WBI BullBear Value 3000 ETF
	Schedule of Investments
	December 31, 2022 (Unaudited)

Shares		Security Description	Value

COMMON STOCKS — 46.3%

Capital Goods — 3.4%
	1,000	Emerson Electric Co. +	$	96,060
	200	Parker-Hannifin Corp. +		58,200
	2,240	W.W. Grainger, Inc.		1,246,000
				1,400,260
Consumer Durables & Apparel — 5.2%
	23,878	Lennar Corp. — Class A +		2,160,959

Energy — 6.4%
	9,955	EOG Resources, Inc.		1,289,372
	13,290	Phillips 66		1,383,223
				2,672,595
Food, Beverage & Tobacco — 4.3%
	21,095	General Mills, Inc. +		1,768,816

Health Care Equipment & Services — 4.6%
	3,578	UnitedHealth Group, Inc.		1,896,984

Insurance — 5.4%
	1,035	Kinsale Capital Group, Inc. +		270,673
	34,137	Loews Corp.		1,991,211
				2,261,884
Media & Entertainment — 3.3%
	39,023	Comcast Corp. — Class A		1,364,634

Pharmaceuticals, Biotechnology & Life Sciences — 4.9%
	12,614	AbbVie, Inc.		2,038,549

Retailing — 1.5%
	3,584	Genuine Parts Co.		621,860

Semiconductors & Semiconductor Equipment — 2.7%
	1,973	Broadcom, Inc. +		1,103,163

Transportation — 4.6%
	11,007	United Parcel Service, Inc. — Class B		1,913,457

TOTAL COMMON STOCKS
(Cost $18,880,092)				19,203,161

SHORT TERM INVESTMENT — 42.2%
	17,536,571	U.S. Bank Money Market
		Deposit Account, 2.10%		17,536,571
TOTAL SHORT TERM INVESTMENT
(Cost $17,536,571)				17,536,571

INVESTMENT PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING — 10.6%
	4,392,842	Mount Vernon Liquid Assets
		Portfolio, LLC, 4.56% (a)(b)		4,392,842

TOTAL INVESTMENT PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING
(Cost $4,392,842)				4,392,842

TOTAL INVESTMENTS — 99.1%
(Cost $40,809,505)				41,132,574
Other Assets in Excess of Liabilities — 0.9%				394,044
NET ASSETS — 100.0%			$	41,526,618

_________

+	All or portion of this security is on loan as of December 31, 2022. Total value of securities on loan is $4,294,619.
(a)	The rate quoted is the annualized seven-day yield as of December 31, 2022.
(b)	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
	December 31, 2022 (Unaudited)

Shares		Security Description	Value

COMMON STOCKS — 55.3%

Capital Goods — 7.3%
	11,380	Cummins, Inc.	$	2,757,260
	3,406	W.W. Grainger, Inc.		1,894,588
				4,651,848

Energy — 18.5%
	61,223	APA Corp. +		2,857,890
	6,278	Chevron Corp. +		1,126,838
	15,140	EOG Resources, Inc.		1,960,933
	20,731	Exxon Mobil Corp.		2,286,629
	65,689	Murphy Oil Corp. +		2,825,284
	77,418	Permian Resources Corp.		727,729
				11,785,303

Food, Beverage & Tobacco — 5.0%
	69,475	Altria Group, Inc.		3,175,702

Health Care Equipment & Services — 6.0%
	12,086	Cardinal Health, Inc.		929,051
	5,442	UnitedHealth Group, Inc.		2,885,239
				3,814,290

Materials — 4.2%
	75,885	Westrock Co.		2,668,117

Pharmaceuticals, Biotechnology & Life Sciences — 4.8%
	18,980	AbbVie, Inc.		3,067,358

Retailing — 3.0%
	10,928	Genuine Parts Co.		1,896,117

Semiconductors & Semiconductor Equipment — 1.8%
	2,006	Broadcom, Inc. +		1,121,615

Software & Services — 4.7%
	20,968	International Business Machines Corp. +		2,954,181

TOTAL COMMON STOCKS
(Cost $34,702,940)				35,134,531


SHORT TERM INVESTMENT — 40.0%
	25,424,552	U.S. Bank Money Market
		Deposit Account, 2.10%		25,424,552
TOTAL SHORT TERM INVESTMENT
(Cost $25,424,552)				25,424,552

INVESTMENT PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING — 14.9%
	9,455,389	Mount Vernon Liquid Assets
		Portfolio, LLC, 4.56% (a)(b)		9,455,389

TOTAL INVESTMENT PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING
(Cost $9,455,389)				9,455,389

TOTAL INVESTMENTS — 110.2%
(Cost $69,582,881)				70,014,472
Liabilities in Excess of Other Assets — (10.2)%				(6,453,678	)
NET ASSETS — 100.0%			$	63,560,794

_________

+	All or portion of this security is on loan as of December 31, 2022. Total value of securities on loan is $9,286,506.
(a)	The rate quoted is the annualized seven-day yield as of December 31, 2022.
(b)	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
	December 31, 2022 (Unaudited)

Shares		Security Description	Value

COMMON STOCKS — 70.9%

Capital Goods — 12.1%
	4,373	Lockheed Martin Corp.	$	2,127,421
	4,388	Parker- Hannifin Corp.		1,276,908
	7,583	Snap-on, Inc. +		1,732,639
				5,136,968

Commercial & Professional Services — 1.6%
	1,471	Cintas Corp.		664,333

Diversified Financials — 2.8%
	14,464	The Charles Schwab Corp.		1,204,273

Energy — 3.7%
	11,989	EOG Resources, Inc.		1,552,815

Health Care Equipment & Services — 11.8%
	2,655	Anthem, Inc.		1,361,935
	5,468	Cigna Corp.		1,811,767
	3,426	UnitedHealth Group, Inc.		1,816,397
				4,990,099

Insurance — 12.3%
	6,723	Aon PLC — ADR (a)		2,017,841
	18,772	Hartford Financial Services Group, Inc.		1,423,481
	10,645	Marsh & McLennan Companies, Inc.		1,761,535
				5,202,857

Materials — 0.3%
	2,600	Commercial Metals Co.		125,580

Media & Entertainment — 4.9%
	25,631	Omnicom Group, Inc. +		2,090,721

Pharmaceuticals, Biotechnology & Life Sciences — 4.2%
	6,798	Amgen, Inc.		1,785,427

Semiconductors & Semiconductor Equipment — 4.3%
	3,028	Broadcom, Inc. +		1,693,046
	816	Texas Instruments, Inc.		134,819
				1,827,865

Software & Services — 8.0%
	5,252	Mastercard, Inc. — Class A		1,826,278
	7,584	Visa, Inc. — Class A +		1,575,652
				3,401,930

Transportation — 4.9%
	12,658	Landstar System, Inc. +		2,061,988

TOTAL COMMON STOCKS
(Cost $29,696,418)				30,044,856


SHORT TERM INVESTMENT — 28.8%
	12,178,519	U.S. Bank Money Market
		Deposit Account, 2.10%		12,178,519

TOTAL SHORT TERM INVESTMENT
(Cost $12,178,519)				12,178,519

INVESTMENT PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING — 21.0%
	8,908,459	Mount Vernon Liquid Assets
		Portfolio, LLC, 4.56% (b)(c)		8,908,459

TOTAL INVESTMENT PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING
(Cost $8,908,459)				8,908,459

TOTAL INVESTMENTS — 120.7%
(Cost $50,783,396)				51,131,834
Liabilities in Excess of Other Assets — (20.7)%				(8,773,685	)
NET ASSETS — 100.0%			$	42,358,149

_________

+	All or portion of this security is on loan as of December 31, 2022. Total value of securities on loan is $8,695,595.
ADR	American Depository Receipt
PLC	Public Limited Company
(a)	Foreign issued security. Foreign concentration is as follows: Ireland: 4.76%.
(b)	The rate quoted is the annualized seven-day yield as of December 31, 2022.
(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
	December 31, 2022 (Unaudited)

Shares		Security Description	Value

COMMON STOCKS — 99.1%

Automobiles & Components — 3.0%
	197,875	Ford Motor Co.	$	2,301,286

Banks — 6.4%
	5,495	First Financial Bancorp		133,144
	13,552	Hope Bancorp, Inc.		173,601
	55,213	Key Corp.		961,810
	116,633	New York Community Bancorp, Inc. +		1,003,044
	6,054	Pacific Premier Bancorp, Inc.		191,064
	7,355	Provident Financial Services, Inc. +		157,103
	22,174	Truist Financial Corp.		954,147
	19,725	Umpqua Holdings Corp.		352,091
	20,814	US Bancorp		907,699
				4,833,703

Capital Goods — 4.5%
	28,975	3M Co.		3,474,682

Consumer Durables & Apparel — 3.5%
	10,868	Kontoor Brands, Inc. +		434,611
	25,996	Leggett & Platt, Inc. +		837,851
	9,619	Whirlpool Corp. +		1,360,704
				2,633,166

Consumer Services — 1.0%
	34,567	International Game Technology PLC (a)		783,980

Diversified Financials — 8.6%
	55,837	Franklin Resources, Inc. +		1,472,980
	91,586	Invesco, LTD. — ADR (a)		1,647,632
	28,212	Navient Corp.		464,087
	9,059	T. Rowe Price Group, Inc. +		987,975
	36,826	The Carlyle Group Inc.		1,098,888
	19,427	Virtu Financial, Inc. — Class A		396,505
	2,423	Virtus Investment Partners, Inc.		463,859
				6,531,926

Energy — 12.8%
	23,350	Diamondback Energy, Inc. +		3,193,813
	10,286	Hess Midstream LP +		307,757
	62,155	ONEOK, Inc.		4,083,584
	10,615	Phillips 66		1,104,809
	82,577	Plains GP Holdings LP — Class A		1,027,258
				9,717,221

Food & Staples Retailing — 5.2%
	104,720	Walgreens Boots Alliance, Inc. +		3,912,339

Food, Beverage & Tobacco — 3.2%
	20,239	Cal-Maine Foods, Inc. +		1,102,013
	31,952	The Kraft Heinz Co.		1,300,766
				2,402,779

Insurance — 4.3%
	1,599	F&G Annuities & Life, Inc. (b)		31,996
	23,526	Fidelity National Financial, Inc.		885,048
	11,959	First American Financial Corp.		625,934
	29,420	Old Republic International Corp.		710,493
	9,861	Prudential Financial, Inc.		980,775
				3,234,246

Materials — 10.5%
	77,754	Dow, Inc.		3,918,024
	44,199	LyondellBasell Industries
		N.V. — Class A — ADR (a)		3,669,843
	18,677	Trinseo PLC — ADR (a)		424,155
				8,012,022

Media & Entertainment — 1.7%
	15,576	Omnicom Group, Inc. +		1,270,534

Pharmaceuticals, Biotechnology & Life Sciences — 1.9%
	16,855	Gilead Sciences, Inc.		1,447,002

Retailing — 11.5%
	52,615	Best Buy Co., Inc. +		4,220,249
	40,317	Foot Locker, Inc. +		1,523,579
	102,747	Kohl’s Corp. +		2,594,362
	17,971	Rent-A-Center, Inc.		405,246
				8,743,436

Semiconductors & Semiconductor Equipment — 4.4%
	127,156	Intel Corp.		3,360,733

Software & Services — 6.1%
	25,222	International Business Machines Corp. +		3,553,528
	78,767	Western Union Company		1,084,622
				4,638,150
Technology Hardware & Equipment — 4.5%
	64,546	Seagate Technology
		Holdings PLC — ADR (a)		3,395,765

Telecommunication Services — 5.2%
	22,855	Telephone and Data Systems, Inc. +		239,749
	94,418	Verizon Communications, Inc.		3,720,069
				3,959,818

Utilities — 0.8%
	18,394	Clearway Energy, Inc. — Class C +		586,217

TOTAL COMMON STOCKS
(Cost $75,330,538)				75,239,005

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

	Absolute Shares Trust
	WBI Power Factor^® High Dividend ETF
	Schedule of Investments
	December 31, 2022 (Unaudited)

Shares/
Amount		Security Description	Value

SHORT TERM INVESTMENT — 0.8%
	573,524	U.S. Bank Money Market
		Deposit Account, 2.10%	$	573,524

TOTAL SHORT TERM INVESTMENT
(Cost $573,524)				573,524


INVESTMENT PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING — 27.7%
	20,980,018	Mount Vernon Liquid Assets
		Portfolio, LLC, 4.56% (c)(d)		20,980,018

TOTAL INVESTMENT PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING
(Cost $20,980,018)				20,980,018

TOTAL INVESTMENTS — 127.6%
(Cost $96,884,080)				96,792,547
Liabilities in Excess of Other Assets — (27.6)%				(20,920,944	)
NET ASSETS — 100.0%			$	75,871,603

_________

+	All or portion of this security is on loan as of December 31, 2022. Total value of securities on loan is $20,461,202.
ADR	American Depository Receipt
PLC	Public Limited Company
(a)	Non-income producing security.
(b)	Foreign issued security. Foreign concentration is as follows: Ireland: 5.03%, Netherlands: 4.84%, Bermuda: 2.17% and United Kingdom: 1.03%.
(c)	The rate quoted is the annualized seven-day yield as of December 31, 2022.
(d)	Privately offered liquidity fund.

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

	Absolute Shares Trust
	Statements of Assets and Liabilities

	December 31, 2022 (Unaudited)


										WBI Power
	WBI BullBear			WBI BullBear			WBI BullBear			Factor^¨ High
	Value 3000 ETF			Yield 3000 ETF			Quality 3000 ETF			Dividend ETF
ASSETS
Investments in securities, at value *+ (Note 2)	$	41,132,574		$	70,014,472		$	51,131,834		$	96,792,547
Receivable for investments sold		4,798,251			2,958,248			139,527			421,622
Dividends and interest receivable		38,017			116,401			44,621			149,434
Prepaid expenses and other assets		25,038			24,683			24,750			25,353
Securities lending income receivable		899			1,433			1,546			3,038
Total Assets		45,994,779			73,115,237			51,342,278			97,391,994

LIABILITIES
Payables
Collateral received for securities loaned (Note 7)		4,392,842			9,455,389			8,908,459			20,980,018
Investments purchased		—			—			—			463,920
Dividends and interest payable		102			—			114			—
Administration and fund accounting fees		33,810			33,772			33,856			33,958
Management fees		22,249			46,288			22,642			23,041
Audit fees		11,697			11,696			11,696			11,366
Accrued other expenses		3,122			3,054			3,115			2,754
Chief Compliance Officer fee		2,469			2,469			2,469			2,469
Custody fees		1,824			1,729			1,732			2,819
Directors fees		46			46			46			46
Total Liabilities		4,468,161			9,554,443			8,984,129			21,520,391
NET ASSETS	$	41,526,618		$	63,560,794		$	42,358,149		$	75,871,603

NET ASSETS CONSIST OF:
Paid-in capital	$	46,199,054		$	90,487,350		$	50,754,657		$	84,459,295
Total accumulated deficit		(4,672,436	)		(26,926,556	)		(8,396,508	)		(8,587,692	)
Net Assets	$	41,526,618		$	63,560,794		$	42,358,149		$	75,871,603
*Cost
Investments in securities	$	40,809,505		$	69,582,881		$	50,783,396		$	96,884,080
Net Asset Value (unlimited shares authorized):
Net Assets	$	41,526,618		$	63,560,794		$	42,358,149		$	75,871,603
Shares Outstanding^		1,488,315			2,630,183			1,527,182			2,850,000
Net Asset Value, Offering and Redemption Price per Share	$	27.90		$	24.17		$	27.74		$	26.62

^	No Par Value
+	Including securities on loan of $4,294,619, $9,286,506, $8,695,595, $20,461,202 respectively.

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

	Absolute Shares Trust
	Statements of Operations

	For the Period Ended December 31, 2022 (Unaudited)

										WBI Power
	WBI BullBear			WBI BullBear			WBI BullBear			Factor^® High
	Value 3000 ETF			Yield 3000 ETF			Quality 3000 ETF			Dividend ETF
INVESTMENT INCOME
Income:
Dividends+	$	342,297		$	639,218		$	404,760		$	1,944,122
Interest		103,615			135,341			90,824			7,608
Securities lending income (Note 7)		4,973			6,050			5,486			22,119
Total Investment Income		450,885			780,609			501,070			1,973,849

Expenses:
Management fees (Note 3)		183,263			226,141			171,550			195,533
Administration, fund accounting and custodian fees (Note 6)		68,256			68,256			68,344			69,272
Professional fees		34,896			35,184			35,184			34,720
Insurance expenses		11,960			11,960			11,960			11,960
Director’s fees and expenses		9,200			9,200			9,200			9,200
Exchange fees		6,320			6,320			6,320			4,832
Miscellaneous expenses		3,120			3,120			3,120			3,118
Shareholder reporting expenses		1,168			1,168			1,168			1,792
Registration fees		—			—			—			288
Total Expenses		318,183			361,349			306,846			330,715
Less: Fees (Waived)		(48,678	)		(28,788	)		(54,567	)		(81,857	)
Net Expenses		269,505			332,561			252,279			248,858
Net Investment Income		181,380			448,048			248,791			1,724,991

REALIZED & UNREALIZED GAIN ON INVESTMENTS
Net realized loss on:
Investments in securities		(2,056,310	)		(2,791,497	)		(1,253,446	)		(4,009,067	)
Net change in unrealized appreciation (depreciation) of:
Investments in securities		(120,577	)		(273,086	)		145,240			6,958,291
Net realized and unrealized gain (loss) on investments		(2,176,887	)		(3,064,583	)		(1,108,206	)		2,949,223
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	(1,995,507	)	$	(2,616,535	)	$	(859,415	)	$	4,674,214

+ Net of withholding taxes of $102, $0, $114, 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, 2022			Year Ended			December 31, 2022			Year Ended
	(Unaudited)			June 30, 2022			(Unaudited)			June 30, 2022
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS
Net investment income	$	181,380		$	453,977		$	448,048		$	628,989
Net realized gain (loss) on investments		(2,056,310	)		(1,498,281	)		(2,791,497	)		778,032
Net change in unrealized depreciation
of investments		(120,577	)		(1,540,311	)		(273,086	)		(1,588,211	)
Net decrease in net assets
resulting from operations		(1,995,507	)		(2,584,615	)		(2,616,535	)		(181,190	)
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(396,984	)		(686,698	)		(751,913	)		(890,827	)
Total distributions to shareholders		(396,984	)		(686,698	)		(751,913	)		(890,827	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets
from capital share transactions		1,416,404			(7,823,085	)		28,512,926			(7,989,090	)
Total increase (decrease) in net assets	$	(976,087	)	$	(11,094,398	)	$	25,144,478		$	(9,061,107	)
NET ASSETS
Beginning of Period	$	42,502,705		$	53,597,103		$	38,416,316		$	47,477,423
End of Period	$	41,526,618		$	42,502,705		$	63,560,794		$	38,416,316



	WBI BullBear Quality 3000 ETF						WBI Power Factor^® High Dividend ETF
	Six-Months Ended						Six-Months Ended
	December 31, 2022			Year Ended			December 31, 2022			Year Ended
	(Unaudited)			June 30, 2022			(Unaudited)			June 30, 2022
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS
Net investment income	$	248,791		$	438,735		$	1,724,991		$	2,733,266
Net realized gain (loss) on investments		(1,253,446	)		(249,778	)		(4,009,067	)		8,496,837
Net change in unrealized appreciation (depreciation)
of investments		145,240			(1,954,650	)		6,958,291			(12,032,347	)
Net increase (decrease) in net assets
resulting from operations		(859,415	)		(1,765,693	)		4,674,214			(802,244	)
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(430,353	)		(824,798	)		(1,985,843	)		(2,666,669	)
Total distributions to shareholders		(430,353	)		(824,798	)		(1,985,843	)		(2,666,669	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets
from capital share transactions		6,890,049			(6,058,735	)		10,850,426			1,344,496
Total increase (decrease) in net assets	$	5,600,281		$	(8,649,226	)	$	13,538,797		$	(2,124,417	)
NET ASSETS
Beginning of Period	$	36,757,868		$	45,407,094		$	62,332,806		$	64,457,223
End of Period	$	42,358,149		$	36,757,898		$	75,871,603		$	62,332,806

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, 2022			June 30,			June 30,			June 30,			June 30,			June 30,
	(Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period/Year	$	29.55		$	31.75		$	25.60		$	27.19		$	28.19		$	26.20
Income (Loss) from Investment Operations:
Net investment income¹		0.12			0.29			0.49			0.07			0.32			0.18
Net gain (loss) on investments (realized and unrealized)²		(1.50	)		(2.06	)		6.05			(1.54	)		(0.99	)		2.00
Total from investment operations		(1.38	)		(1.77	)		6.54			(1.47	)		(0.67	)		2.18
Less Distributions:
Distributions from net investment income		(0.27	)		(0.43	)		(0.39	)		(0.12	)		(0.33	)		(0.19	)
Total Distributions		(0.27	)		(0.43	)		(0.39	)		(0.12	)		(0.33	)		(0.19	)
Net asset value, end of period/year	$	27.90		$	29.55		$	31.75		$	25.60		$	27.19		$	28.19
Market price, end of period/year	$	27.87		$	29.48		$	31.77		$	25.61		$	27.16		$	28.17
Net Assets Total Return³		-4.66	%⁴		-5.62	%		25.59	%		-5.40	%		-2.53	%		8.40	%

Supplemental Data:
Net assets, end of period/year (000’s)	$	41,527		$	42,503		$	53,597		$	43,218		$	50,297		$	64,843
Ratios to Average Net Assets:
Expenses before fees (waived)/recouped		1.48	%⁵		1.38	%		1.36	%		1.25	%		1.18	%		1.05	%
Expenses after fees (waived)/recouped		1.25	%⁵		1.25	%		1.25	%		1.25	%		1.18	%		1.05	%
Net investment income to average net assets		0.84	%⁵		0.94	%		1.71	%		0.27	%		1.11	%		0.64	%
Portfolio turnover rate⁶		474	%⁴		845	%		800	%		894	%		567	%		527	%


	WBI BullBear Yield 3000 ETF
	Six-Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2022			June 30,			June 30,			June 30,			June 30,			June 30,
	(Unaudited)				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period/Year	$	25.95		$	26.67		$	22.53		$	24.02		$	25.87		$	22.89
Income (Loss) from Investment Operations:
Net investment income¹		0.22			0.39			0.41			0.21			0.51			0.25
Net gain (loss) on investments (realized and unrealized)²		(1.69	)		(0.57	)		4.13			(1.46	)		(1.84	)		2.98
Total from investment operations		(1.47	)		(0.18	)		4.54			(1.25	)		(1.33	)		3.23
Less Distributions:
Distributions from net investment income		(0.31	)		(0.54	)		(0.40	)		(0.21	)		(0.52	)		(0.25	)
Tax return of capital to shareholders		—			—			—			(0.03	)		—			—
Total Distributions		(0.31	)		(0.54	)		(0.40	)		(0.24	)		(0.52	)		(0.25	)
Net asset value, end of period/year	$	24.17		$	25.95		$	26.67		$	22.53		$	24.02		$	25.87
Market price, end of period/year	$	24.16		$	25.92		$	26.68		$	22.52		$	23.96		$	25.83
Net Assets Total Return³		-5.69	%⁴		-0.73	%		20.36	%		-5.22	%		-5.22	%		14.14	%

Supplemental Data:
Net assets, end of period/year (000’s)	$	63,561		$	38,416		$	47,477		$	59,247		$	74,472		$	82,779
Ratios to Average Net Assets:
Expenses before fees (waived)/recouped		1.36	%⁵		1.43	%		1.27	%		1.14	%		1.04	%		1.04	%
Expenses after fees (waived)/recouped		1.25	%⁵		1.25	%		1.25	%		1.14	%		1.04	%		1.04	%
Net investment income to average net assets		1.68	%⁵		1.44	%		1.68	%		0.88	%		2.04	%		0.99	%
Portfolio turnover rate⁶		463	%⁴		824	%		820	%		895	%		610	%		491	%

¹	Calculated based on average shares outstanding during the period.
²	The amount for a share outstanding throughout the period may not be in accordance with the aggregate net realized and unrealized gain (loss) on investment for the period because of the timing of capital share transactions in relation to fluctuating market values of the Funds’ underlying securities.
³	Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and the redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.
⁴	Not Annualized
⁵	Annualized
⁶	Excludes securities received or delivered as a result of processing capital share transactions in creation units.

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

	Absolute Shares Trust
	Financial Highlights (concluded)

	For capital share outstanding throughout each period/year

	WBI BullBear Quality 3000 ETF
	Six-Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2022			June 30,			June 30,			June 30,			June 30,			June 30,
	(Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period/Year	$	28.78		$	30.74		$	26.06		$	27.20		$	26.07		$	25.25
Income (Loss) from Investment Operations:
Net investment income¹		0.18			0.32			0.12			0.07			0.20			0.23
Net gain (loss) on investments (realized and unrealized)²		(0.93	)		(1.68	)		4.62			(1.10	)		1.13			0.81
Total from investment operations		(0.75	)		(1.36	)		4.74			(1.03	)		1.33			1.04
Less Distributions:
Distributions from net investment income		(0.29	)		(0.60	)		(0.06	)		(0.09	)		(0.20	)		(0.22	)
Tax return of capital to shareholders		—			—			—			(0.02	)		—			—
Total Distributions		(0.29	)		(0.60	)		(0.06	)		(0.11	)		(0.20	)		(0.22	)
Net asset value, end of period/year	$	27.74		$	28.78		$	30.74		$	26.06		$	27.20		$	26.07
Market price, end of period/year	$	27.71		$	28.73		$	30.75		$	26.07		$	27.18		$	26.10
Net Assets Total Return³		-2.62	%⁴		-4.58	%		18.21	%		-3.79	%		5.08	%		4.11	%

Supplemental Data:
Net assets, end of period/year (000’s)	$	42,358		$	36,758		$	45,407		$	54,134		$	61,202		$	59,955
Ratios to Average Net Assets:
Expenses before fees (waived)/recouped		1.52	%⁵		1.45	%		1.31	%		1.23	%		1.21	%		1.07	%
Expenses after fees (waived)/recouped		1.25	%⁵		1.25	%		1.25	%		1.23	%		1.21	%		1.07	%
Net investment income to average net assets		1.23	%⁵		1.04	%		0.43	%		0.27	%		0.74	%		0.86	%
Portfolio turnover rate⁶		417	%⁴		899	%		838	%		886	%		477	%		553	%


	WBI Power Factor^® High Dividend ETF
	Six-Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31, 2022			June 30,			June 30,			June 30,			June 30,			June 30,
	(Unaudited)				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period/Year	$	25.97		$	27.43		$	18.76		$	24.56		$	26.87		$	24.22
Income (Loss) from Investment Operations:
Net investment income¹		0.65			1.16			1.10			1.12			1.12			1.21
Net gain (loss) on investments (realized and unrealized)²		0.70			(1.49	)		8.65			(5.76	)		(2.08	)		3.19
Total from investment operations		1.35			(0.33	)		9.75			(4.64	)		(0.96	)		4.40
Less Distributions:
Distributions from net investment income		(0.70	)		(1.13	)		(1.08	)		(1.16	)		(1.13	)		(1.15	)
Distributions from net realized gain		—			—			—			—			(0.22	)		(0.60	)
Total Distributions		(0.70	)		(1.13	)		(1.08	)		(1.16	)		(1.35	)		(1.75	)
Net asset value, end of period/year	$	26.62		$	25.97		$	27.43		$	18.76		$	24.56		$	26.87
Market price, end of period/year	$	26.62		$	25.92		$	27.48		$	18.75		$	24.53		$	26.87
Net Assets Total Return³		5.37	%⁴		-1.40	%		53.09	%		-19.24	%		-3.25	%		18.51	%

Supplemental Data:
Net assets, end of period/year (000’s)	$	75,872		$	62,333		$	64,457		$	42,202		$	103,160		$	52,402
Ratios to Average Net Assets:
Expenses before fees (waived)/recouped		0.93	%⁵		0.94	%		0.98	%		0.77	%		0.70	%		0.85	%
Expenses after fees (waived)/recouped		0.70	%⁵		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income to average net assets		4.85	%⁵		4.16	%		4.73	%		4.83	%		4.46	%		4.73	%
Portfolio turnover rate⁶		74	%⁴		183	%		191	%		196	%		163	%		171	%

¹	Calculated based on average shares outstanding during the period.
²	The amount for a share outstanding throughout the period may not be in accordance with the aggregate net realized and unrealized gain (loss) on investment for the period because of the timing of capital share transactions in relation to fluctuating market values of the Funds’ underlying securities.
³	Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and the redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.
⁴	Not Annualized
⁵	Annualized
⁶	Excludes securities received or delivered as a result of processing capital share transactions in creation units.

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

	Absolute Shares Trust
	Notes to Financial Statements
	December 31, 2022 (Unaudited)

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 six 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 end of the reporting period for the Funds is December 31, 2022, and the period covered by these Notes to Financial Statements is the fiscal period from July 1, 2022 through December 31, 2022 for all funds (the “current fiscal period”).

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds. The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are stated in U.S. dollars. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance for the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets, liabilities and the disclosure of contingent assets and liabilities at December 31, 2022. 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 Trust’s valuation committee based on the valuation procedures adopted by the Board (the “Valuation Procedures”) and information it receives from the Sub-Advisor and U.S. Bancorp Fund Services, LLC (“Fund Services”). When a security is “fair valued”, consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Valuation Procedures. The use of fair value pricing by the Funds may cause the NAV of their shares to differ significantly from the NAV that would be calculated without regard to such considerations.

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.

	Absolute Shares Trust
	Notes to Financial Statements (continued)
	December 31, 2022 (Unaudited)

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^	Level 1		Level 2		Level 3		Total
Common Stocks	$	19,203,161	$	—	$	—	$	19,203,161
Short-Term Investments		17,536,571		—		—		17,536,571
Investments Purchased With Proceeds From Securities Lending		—		4,392,842		—		4,392,842
Total Investments in Securities, at value	$	36,739,732	$	4,392,842	$	—	$	41,132,574

WBI BullBear Yield 3000 ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	35,134,531	$	—	$	—	$	35,134,531
Short-Term Investments		25,424,552		—		—		25,424,552
Investments Purchased With Proceeds From Securities Lending		—		9,455,389		—		9,455,389
Total Investments in Securities, at value	$	60,559,083	$	9,455,389	$	—	$	70,014,472

WBI BullBear Quality 3000 ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	30,044,856	$	—	$	—	$	30,044,856
Short-Term Investments		12,178,519		—		—		12,178,519
Investments Purchased With Proceeds From Securities Lending		—		8,908,459		—		8,908,459
Total Investments in Securities, at value	$	42,223,375	$	8,908,459	$	—	$	51,131,834

WBI Power Factor^® High Dividend ETF
Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	75,239,005	$	—	$	—	$	75,239,005
Short-Term Investments		573,524		—		—		573,524
Investments Purchased With Proceeds From Securities Lending		—		20,980,018		—		20,980,018
Total Investments in Securities, at value	$	75,812,529	$	20,980,018	$	—	$	96,792,547

^ See Schedules of Investments for breakout of investments by industry group classification.

As of the end of the reporting period, the Funds did not recognize any transfers to or from Level 3.

B. Certain Risks. Some risks apply to all Funds, while others are specific to the investment strategy of certain Funds. Each Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Funds. The shares of the Funds are referred to herein as “Fund Shares” or “Shares”.

ETF and Other Investment Companies Risk — When a Fund invests in another ETF or other investment company (e.g., mutual fund, closed-end fund, business development company), it will bear additional expenses based on its pro rata share of such investment company’s operating expenses, including the potential duplication of management fees. The risk of owning an ETF or other investment company generally reflects the risks of owning the underlying securities and other assets held by the ETF or other investment company. A Fund also will incur brokerage costs when it purchases ETFs and other exchange-listed investment companies. Additionally, a Fund will be indirectly exposed to the risks of the portfolio assets held by an ETF or other investment company, including but not limited to those of ETNs, equity options, derivatives, currencies, index, leverage, and replication management.

Market Risk — Either the stock market as a whole or the value of a Fund asset or an investment held by an exchange-traded product (“ETP”) in which a Fund invests may go down, resulting in a decrease in the NAV of the Fund or its Shares or a decrease in the market price of the Shares.

Equity Securities Risk — Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. If a Fund or an ETP holds common stock equivalents of any given issuer, the Fund or ETP will generally be exposed to greater risk than if the Fund or ETP held preferred stocks and debt obligations of such issuer.

Foreign and Emerging Market Securities Risk — Foreign investments may carry risks associated with investing outside the United States, such as currency fluctuation, economic or financial instability, lack of timely or reliable financial information, or unfavorable political or legal developments. Foreign securities can be more volatile than domestic (U.S.) securities. Securities markets of other countries are generally smaller than U.S. securities markets. Many foreign securities may also be less liquid than U.S. securities, which could affect the Funds’ investments. Investments in emerging markets may have more risk because the markets are less

	Absolute Shares Trust
	Notes to Financial Statements (continued)
	December 31, 2022 (Unaudited)

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.

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. The offering and redemption price per share for each Fund is equal to the Fund’s NAV per share.

G. Guarantees and Indemnifications. The Funds’ officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred.

H. Expenses. Expenses directly attributable to the Fund are charged directly to the Fund, while expenses which are attributable to the Fund and other investment companies advised by the Adviser are allocated among the respective investment companies, including the Fund, based either upon relative average net assets or evenly among the Funds.

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 December 31, 2022 that materially impacted that amounts or disclosures in the Funds financial statements.

J. New Accounting Pronouncements and Other Matters. In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management has adopted the necessary procedures of the new rules on the Funds’ financial statements.

	Absolute Shares Trust
	Notes to Financial Statements (continued)
	December 31, 2022 (Unaudited)

K. Liquidity Risk Management Program. The Fund has adopted and implemented a written liquidity risk management program as required by Rule 22e-4 under the Investment Company Act. The program is reasonably designed to assess and manage the Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Fund’s Board of Trustees approved the appointment of representatives of the Valuation Committee as Liquidity Risk Management administrators, who are responsible for the program’s administration and oversight and for reporting to the Board.

NOTE 3 — MANAGEMENT FEE

Pursuant to an investment advisory agreement (“Advisory Agreement”) between the Trust, on behalf of the Funds, and the Advisor, the Advisor serves as the investment advisor, makes investment decisions for each Fund, and manages the investment portfolios of the Funds, subject to the supervision of and policies of the Board. Under the Advisory Agreement for the Funds the Advisor may retain an investment sub-advisor for the Funds, subject to approval by the Board and Fund shareholders. Under a sub-advisory agreement, (“Sub-Advisory Agreement”) the Sub-Advisor serves as the investment sub-advisor and is responsible for the day to day management of the Funds, subject to the supervision of the Advisor and the Board. For the services the Sub-Advisor provides to each Fund, the Sub-Advisor receives a fee that is equal to 0.85% per year of the average daily net assets (calculated daily and paid monthly) of WBI BullBear Value 3000 ETF, WBI BullBear Yield 3000 ETF, and WBI BullBear Quality 3000 ETF. For the services the Sub-Adviser provides to WBI Power Factor^® High Dividend ETF, the Sub-Advisor receives a fee that is equal to 0.55% per year of average daily net assets, which is calculated daily and paid monthly. The Advisor is paid 0.04% of each Fund’s average daily net assets (calculated daily and paid monthly) from the management fees collected by the Sub-Advisor.

NOTE 4 — PORTFOLIO TRANSACTIONS AND BROKERAGE

The Sub-Advisor utilized non-affiliated broker dealers to execute portfolio transactions for the Funds. Currently, these non-affiliated broker dealers charge an explicit commission for these transactions, a portion of which is designated towards “soft dollar credits” that can be used to provide the Sub-Advisor with certain research and brokerage services as described in the safe harbor provisions under Section 28(e) of the Securities and Exchange Act of 1934. During this period, the Funds paid $0.025 per share in explicit commission to these non-affiliated broker dealers for their execution services, of which $0.0125 per share was designated by the non-affiliated broker dealers to a pool of soft dollar credits for use by the Sub-Advisor. The Sub-Advisor participates in commission sharing arrangements (“CSAs”) that are consistent with the requirements of Section 28(e). Research and brokerage services furnished through CSAs may be used by the Sub-Advisor in servicing any or all of the firm’s clients and will be used for client accounts other than those that pay commissions to the broker-dealer providing the research or brokerage services.

NOTE 5 — EXPENSE LIMITATION AND REIMBURSEMENT

The Sub-Advisor has entered into an Expense Limitation Agreement (an “Agreement”) with the Trust to waive the fees and reimburse expenses of each Fund until at least October 31, 2023 (the “Expiration Date”) so that the total operating expenses (exclusive of interest, taxes, brokerage commissions, acquired fund fees, dividend payments on short sales, other expenditures which are capitalized in accordance with U.S. GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940) and organizational costs (the “Operating Expenses”) of WBI Power Factor^® High Dividend ETF is limited to 0.70% and each of the remaining Funds is limited to 1.25% of average net assets (the “Expense Cap”). The Sub-Advisor may discontinue its obligations under the Agreements at any time in its sole discretion after the Expiration Date. The Funds have agreed to repay the amounts borne by the Sub-Advisor under the Agreements within the three year period after the Sub-Advisor bears the expense, when and if requested by the Sub-Advisor, to the extent the Operating Expenses of the Funds are less than the lower of the Expense Cap and any expense limitation agreement then in effect with respect to the Operating Expenses. The repayment may not raise the level of Operating Expenses of the Funds in the month of repayment to exceed the Expense Cap.

The following table shows the remaining waived and/or reimbursed expenses subject to potential recovery during the current fiscal period. The Sub-Advisor may recapture a portion of the unreimbursed amounts no later than the dates stated:

	June 30, 2023		June 30, 2024		June 30, 2025		June 30, 2026
WBI BullBear Value 3000 ETF		—		48,759		58,675		51,978
WBI BullBear Yield 3000 ETF		—		10,011		76,788		32,088
WBI BullBear Quality 3000 ETF		—		29,355		82,406		57,897
WBI Power Factor^® High Dividend ETF		55,416		135,307		156,061		85,757

	Absolute Shares Trust
	Notes to Financial Statements (continued)
	December 31, 2022 (Unaudited)

Fund	Value of Securities on Loan		Collateral Received*
WBI BullBear Value 3000 ETF	$	4,294,619	$	4,392,842
WBI BullBear Yield 3000 ETF		9,286,506		9,455,389
WBI BullBear Quality 3000 ETF		8,695,595		8,908,459
WBI Power Factor^® High Dividend ETF		20,461,202		20,980,018

Fund	Fees and Interest Income Earned
WBI BullBear Value 3000 ETF	$	4,973
WBI BullBear Yield 3000 ETF		5,050
WBI BullBear Quality 3000 ETF		5,486
WBI Power Factor^® High Dividend ETF		22,119

				Gross Amounts		Net Amounts
		Value of		Offset in the		Presented in the
		Securities		Statement of		Statement of		Collateral		Net
Fund	Description	on Loan		Assets & Liabilities		Assets & Liabilities		Received		Amount
WBI BullBear Value 3000 ETF	Securities Lending	$	4,294,619	$	—	$	4,294,619	$	4,392,842	$	—
WBI BullBear Yield 3000 ETF	Securities Lending		9,286,506		—		9,286,506		9,455,389		—
WBI BullBear Quality 3000 ETF	Securities Lending		8,695,595		—		8,695,595		8,908,459		—
WBI Power Factor^® High Dividend ETF	Securities Lending		20,461,202		—		20,461,202		20,980,018		—