NPORT-EX 2 quality.htm

WBI BullBear Quality 3000 ETF
  
Schedule of Investments
  
March 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 77.3%
  
Shares
   
Value
 
Capital Goods - 13.7%
        
Cummins, Inc.
    
650
    
$
349,713
  
GE Vernova, Inc.
    
808
      
705,303
  
General Dynamics Corp.
    
1,552
      
532,678
  
Howmet Aerospace, Inc. (a)
    
2,302
      
530,519
  
Rockwell Automation, Inc. (a)
    
970
      
348,114
  
RTX Corp.
    
2,719
      
524,495
  
Vertiv Holdings Co. - Class A
    
2,718
      
681,076
  
             
3,671,898
  
                 
Consumer Discretionary Distribution & Retail - 6.3%
          
eBay, Inc.
    
6,192
      
563,596
  
Ross Stores, Inc.
    
2,643
      
572,553
  
TJX Cos., Inc.
    
3,487
      
556,874
  
             
1,693,023
  
                 
Consumer Durables & Apparel - 2.0%
          
Tapestry, Inc. (a)
    
3,767
      
531,561
  
                 
Consumer Services - 5.1%
          
Darden Restaurants, Inc.
    
2,512
      
492,453
  
Expedia Group, Inc.
    
1,523
      
351,645
  
Yum! Brands, Inc.
    
3,420
      
531,742
  
             
1,375,840
  
                 
Consumer Staples Distribution & Retail - 4.1%
          
Costco Wholesale Corp.
    
547
      
545,047
  
Walmart, Inc.
    
4,357
      
541,488
  
             
1,086,535
  
                 
Energy - 1.9%
          
Baker Hughes Co.
    
8,455
      
516,178
  
                 
Financial Services - 8.3%
          
Block, Inc. (b)
    
1,679
      
101,042
  
Cboe Global Markets, Inc.
    
1,888
      
530,660
  
CME Group, Inc.
    
1,759
      
519,521
  
Interactive Brokers Group, Inc. - Class A
    
8,019
      
537,834
  
Tradeweb Markets, Inc. - Class A
    
4,383
      
515,704
  
             
2,204,761
  
                 
Food, Beverage & Tobacco - 1.7%
          
Hershey Co.
    
2,163
      
449,666
  
                 
Health Care Equipment & Services - 6.7%
          
Cencora, Inc.
    
1,042
      
327,334
  
Dexcom, Inc. (b)
    
8,099
      
508,617
  
ResMed, Inc.
    
1,465
      
328,863
  
STERIS PLC
    
1,247
      
275,749
  
Stryker Corp. (a)
    
1,084
      
356,192
  
             
1,796,755
  
                 
Insurance - 2.0%
          
Cincinnati Financial Corp.
    
3,316
      
521,773
  
                 
Materials - 2.2%
          
Newmont Corp.
    
5,425
      
587,256
  
                 
Media & Entertainment - 4.7%
          
Charter Communications, Inc. - Class A (b)
    
2,403
      
518,760
  
Fox Corp. - Class B
    
8,636
      
458,571
  
Netflix, Inc. (b)
    
2,888
      
277,681
  
             
1,255,012
  
                 
Pharmaceuticals, Biotechnology & Life Sciences - 1.9%
          
Bristol-Myers Squibb Co.
    
8,519
      
516,677
  
                 
Semiconductors & Semiconductor Equipment - 3.1%
          
Advanced Micro Devices, Inc. (b)
    
2,677
      
544,582
  
QuickLogic Corp. (b)
    
31,025
      
291,015
  
             
835,597
  
                 
Software & Services - 6.0%
          
Fastly, Inc. - Class A (b)
    
11,413
      
331,662
  
Figma, Inc. - Class A (b)
    
10,563
      
223,302
  
HubSpot, Inc. (b)
    
1,073
      
261,919
  
RingCentral, Inc. - Class A (a)
    
7,263
      
270,111
  
ServiceTitan, Inc. - Class A (a)(b)
    
3,654
      
231,883
  
Wix.com Ltd. (a)(b)
    
3,117
      
280,748
  
             
1,599,625
  
                 
Technology Hardware & Equipment - 5.6%
          
Applied Optoelectronics, Inc. (a)(b)
    
2,603
      
220,188
  
Cisco Systems, Inc.
    
6,274
      
486,800
  
Keysight Technologies, Inc. (b)
    
977
      
275,875
  
Motorola Solutions, Inc.
    
1,160
      
503,405
  
             
1,486,268
  
                 
Transportation - 2.0%
          
Union Pacific Corp.
    
2,219
      
538,374
  
TOTAL COMMON STOCKS (Cost $20,649,272)
      
20,666,799
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.5%
  
Units
   
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (c)
    
2,258,262
      
2,258,262
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,258,262)
      
2,258,262
  
                 
TOTAL INVESTMENTS - 85.8% (Cost $22,907,534)
      
22,925,061
  
Money Market Deposit Account - 18.0% (d)
      
4,817,468
  
Liabilities in Excess of Other Assets - (3.8)%
      
(1,021,825
)
TOTAL NET ASSETS - 100.0%
          
$
26,720,704
  
                 
Percentages are stated as a percent of net assets.
          

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

(a)
All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $2,268,293.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized yield as of March 31, 2026.
(d)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 1.77%.


Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
 
WBI BullBear Quality 3000 ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2026:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
20,666,799
    
$
–
    
$
–
    
$
20,666,799
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
2,258,262
  
Total Investments
  
$
20,666,799
    
$
–
    
$
–
    
$
22,925,061
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $2,258,262 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.