Absolute Shares Trust NPORT-P WBI Power Factor High Dividend ETF (Sep 2022 report)

WBI Power Factor High Dividend ETF
Schedule of Investments
September 30, 2022 (Unaudited)
Shares		Security Description	Value
		COMMON STOCKS - 98.6%
		Banks - 10.1%
	30,872	Associated Banc-Corp.	$	619,910
	19,069	Citigroup, Inc.		794,605
	59,501	Citizens Financial Group, Inc.		2,044,454
	7,508	First Financial Bancorp		158,269
	50,775	FNB Corp.		588,990
	18,718	Hope Bancorp, Inc.		236,596
	156,332	New York Community Bancorp, Inc. +		1,333,512
	7,764	Pacific Premier Bancorp, Inc.		240,373
	28,313	Umpqua Holdings Corp.		483,869
	6,935	WesBanco, Inc.		231,421
				6,731,999
		Capital Goods - 1.5%
	8,875	3M Company		980,687
		Consumer Durables & Apparel - 5.2%
	167,715	Hanesbrands, Inc. +		1,167,296
	13,589	Kontoor Brands, Inc. +		456,726
	28,426	Leggett & Platt, Inc. +		944,312
	6,742	Whirlpool Corp. +		908,889
				3,477,223
		Consumer Services - 3.2%
	12,396	Cracker Barrel Old Country Store, Inc. +		1,147,622
	59,804	International Game Technology PLC(a)		944,903
				2,092,525
		Diversified Financials - 3.7%
	38,511	Franklin Resources, Inc. +		828,757
	57,009	Invesco, Ltd. - ADR(a)		781,023
	11,369	Moelis & Company		384,386
	31,299	Navient Corp.		459,782
				2,453,948
		Energy - 18.0%
	66,364	Devon Energy Corp. +		3,990,467
	17,000	Hess Midstream LP +		433,840
	60,779	ONEOK, Inc.		3,114,316
	44,815	Phillips 66		3,617,467
	76,591	Plains GP Holdings LP - Class A		835,608
				11,991,698
		Food & Staples Retailing - 4.4%
	92,152	Walgreens Boots Alliance, Inc.		2,893,573
		Food, Beverage & Tobacco - 1.3%
	26,588	The Kraft Heinz Company		886,710
		Insurance - 8.0%
	25,235	Fidelity National Financial, Inc.		913,507
	37,568	Old Republic International Corp.		786,298
	12,107	Principal Financial Group,  Inc.		873,520
	32,362	Prudential Financial, Inc. +		2,776,013
				5,349,338
		Materials - 10.8%
	73,475	Dow, Inc.		3,227,757
	25,539	International Paper Company		809,586
	41,452	LyondellBasell Industries N.V. - Class A - ADR(a)		3,120,507
				7,157,850
		Media & Entertainment - 1.6%
	16,993	Omnicom Group, Inc. +		1,072,088
		Pharmaceuticals, Biotechnology & Life Sciences - 1.7%
	18,550	Gilead Sciences, Inc.		1,144,350
		Retailing - 13.8%
	45,498	Best Buy Company, Inc.		2,881,843
	78,281	Foot Locker, Inc. +		2,436,887
	13,727	Franchise Group, Inc.		333,566
	124,118	Kohl's Corp. +		3,121,568
	23,929	Rent-A-Center, Inc.		418,997
				9,192,861
		Software & Services - 4.7%
	17,903	International Business Machines Corp.		2,127,055
	73,794	Western Union Company		996,219
				3,123,274
		Telecommunication Services - 8.0%
	303,172	Lumen Technologies, Inc. +		2,207,092
	27,533	Telephone and Data Systems, Inc.		382,709
	72,242	Verizon Communications, Inc.		2,743,029
				5,332,830
		Transportation - 1.7%
	15,391	Eagle Bulk Shipping, Inc. - ADR+(a)		664,583
	39,460	Genco Shipping & Trading Ltd. - ADR(a)		494,434
				1,159,017
		Utilities - 0.9%
	18,394	Clearway Energy, Inc. +		585,849
		TOTAL COMMON STOCKS (Cost $75,932,938)		65,625,820
Shares/Amount		Security Description	Value
		SHORT TERM INVESTMENT - 1.5%
	967,658	U.S. Bank Money Market Deposit Account, 1.50%		967,658
		TOTAL SHORT TERM INVESTMENT (Cost $967,658)		967,658
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 29.1%
	19,365,624	Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (b)(c)		19,365,624
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $19,365,624)		19,365,624
		TOTAL INVESTMENTS - 129.2% (Cost $96,266,220)		85,959,102
		Liabilities in Excess of Other Assets - (29.2)%		(19,443,181	)
		NET ASSETS - 100.0%	$	66,515,921

ADR	American Depository Receipt
PLC	Public Limited Company
+	All or portion of this security is on loan as of September 30, 2022. Total value of securities on loan is $18,511,190.
(a)	Foreign issued security. Foreign concentration is as follows: Netherlands: 4.69%, Marshall Islands: 1.74%, United Kingdom: 1.42% and Bermuda: 1.17%.
(b)	The rate quoted is the annualized seven-day yield as of September 30, 2022.
(c)	Privately offered liquidity fund.
The accompanying notes are an integral part of these schedules of investments.