Absolute Shares Trust NPORT-P WBI BullBear Yield 3000 ETF (Mar 2023 report)

WBI BullBear Yield 3000 ETF
Schedule of Investments
March 31, 2023 (Unaudited)
Shares		Security Description	Value
		COMMON STOCKS - 81.8%
		Capital Goods - 10.7%
	14,256	3M Co.	$	1,498,448
	4,619	Lockheed Martin Corp.		2,183,540
	22,248	Raytheon Technologies Corp.		2,178,747
				5,860,735
		Consumer Staples Distribution - 8.10%
	44,992	The Kroger Co.		2,221,255
	15,590	Walmart, Inc. +		2,298,746
				4,520,001
		Energy - 12.7%
	59,903	Coterra Energy, Inc. +		1,470,020
	10,033	Exxon Mobil Corp.		1,100,219
	17,001	Marathon Petroleum Corp.		2,292,245
	21,722	Phillips 66		2,202,176
				7,064,660
		Food, Beverage & Tobacco - 10.6%
	32,183	Altria Group, Inc.		1,436,006
	59,240	Conagra Brands, Inc. +		2,225,054
	25,763	General Mills, Inc.		2,201,706
				5,862,766
		Household & Personal Products - 2.2%
	9,224	Kimberly-Clark Corp.		1,238,045
		Materials - 4.9%
	138,380	Amcor PLC - ADR (a)		1,574,764
	18,236	Sonoco Products Co.		1,112,396
				2,687,160
		Media & Entertainment - 12.5%
	61,484	Comcast Corp. - Class A +		2,330,859
	60,300	Interpublic Group of Companies, Inc.		2,245,572
	25,227	Omnicom Group, Inc.		2,379,915
				6,956,346
		Pharmaceuticals, Biotechnology & Life Sciences - 6.2%
	7,677	AbbVie, Inc. +		1,223,484
	26,897	Gilead Sciences, Inc.		2,231,644
				3,455,128
		Semiconductors & Semiconductor Equipment - 2.0%
	6,024	NXP Semiconductors NV - ADR (a)		1,123,325
		Software & Services - 4.9%
	4,056	Accenture PLC - Class A - ADR (a)		1,159,245
	11,920	International Business Machines Corp.		1,562,593
				2,721,838
		Technology Hardware & Equipment - 6.0%
	55,692	Dell Technologies, Inc. - Class C +		2,239,375
	69,516	Hewlett Packard Enterprise Co.		1,107,390
				3,346,765
		Transportation - 1.0%
	18,579	CSX Corp.		556,255
		TOTAL COMMON STOCKS (Cost $44,403,404)		45,393,024
Shares/Amount		Security Description	Value
		SHORT TERM INVESTMENT - 46.7%
	25,905,041	U.S. Bank Money Market Deposit Account, 2.96%		25,905,041
		TOTAL SHORT TERM INVESTMENT (Cost $25,905,041)		25,905,041
		INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 16.4%
	9,094,076	Mount Vernon Liquid Assets Portfolio, LLC, 5.00% (b)(c)		9,094,076
		TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $9,094,076)		9,094,076
		TOTAL INVESTMENTS - 144.9% (Cost $79,402,521)		80,392,141
		Liabilities in Excess of Other Assets - (44.9)%		(24,919,542	)
		NET ASSETS - 100.0%	$	55,472,599

	+	All or portion of this security is on loan as of March 31, 2023.  Total value of securities on loan is $8,984,652.
	ADR	American Depository Receipt
	PLC	Public Limited Company
	(a)	Foreign issued security. Foreign concentration is as follows: Jersey: 2.84%, Ireland: 2.09%, Netherlands: 2.03%.
	(b)	The rate quoted is the annualized seven-day yield as of March 31, 2023.
	(c)	Privately offered liquidity fund.
The accompanying notes are an integral part of these schedules of investments.