NPORT-EX 2 value.htm

WBI BullBear Value 3000 ETF
  
Schedule of Investments
  
March 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 93.5%
  
Shares
   
Value
 
Automobiles & Components - 1.1%
        
Autoliv, Inc.
    
2,337
    
$
245,759
  
                 
Capital Goods - 10.4%
          
Acuity, Inc.
    
1,321
      
370,170
  
Allegion PLC (a)
    
1,273
      
184,954
  
Applied Industrial Technologies, Inc.
    
437
      
115,945
  
EMCOR Group, Inc.
    
487
      
359,557
  
General Dynamics Corp.
    
985
      
338,072
  
Lincoln Electric Holdings, Inc.
    
1,355
      
337,503
  
Pentair PLC
    
3,961
      
345,043
  
Toro Co.
    
3,650
      
341,056
  
             
2,392,300
  
                 
Commercial & Professional Services - 3.0%
          
Genpact Ltd.
    
10,415
      
387,959
  
Verisk Analytics, Inc.
    
1,668
      
316,503
  
             
704,462
  
                 
Consumer Durables & Apparel - 2.8%
          
Ralph Lauren Corp.
    
1,014
      
348,806
  
Toll Brothers, Inc.
    
2,240
      
305,693
  
             
654,499
  
                 
Consumer Services - 1.5%
          
Darden Restaurants, Inc.
    
1,736
      
340,325
  
                 
Energy - 3.8%
          
Archrock, Inc.
    
15,207
      
529,204
  
EQT Corp.
    
5,486
      
349,129
  
             
878,333
  
                 
Financial Services - 10.6%
          
American Express Co.
    
1,179
      
356,624
  
Interactive Brokers Group, Inc. - Class A
    
1,747
      
117,171
  
Mastercard, Inc. - Class A
    
699
      
349,262
  
Piper Sandler Cos. (a)
    
4,740
      
362,847
  
Stifel Financial Corp.
    
4,820
      
356,295
  
Tradeweb Markets, Inc. - Class A (a)
    
4,656
      
547,825
  
Voya Financial, Inc.
    
5,166
      
352,941
  
             
2,442,965
  
                 
Food, Beverage & Tobacco - 2.8%
          
Altria Group, Inc.
    
5,140
      
339,189
  
McCormick & Company, Inc.
    
6,201
      
312,778
  
             
651,967
  
                 
Health Care Equipment & Services - 1.9%
          
Quest Diagnostics, Inc.
    
1,783
      
349,432
  
ResMed, Inc.
    
374
      
83,956
  
             
433,388
  
                 
Insurance - 18.7%
          
Allstate Corp.
    
1,679
      
348,124
  
Assurant, Inc.
    
1,694
      
368,970
  
Cincinnati Financial Corp.
    
2,126
      
334,526
  
CNA Financial Corp.
    
3,250
      
149,240
  
Globe Life, Inc.
    
2,700
      
375,759
  
Hanover Insurance Group, Inc.
    
919
      
159,309
  
Hartford Insurance Group, Inc.
    
3,957
      
535,105
  
Marsh & McLennan Cos., Inc. (a)
    
2,855
      
495,200
  
Primerica, Inc.
    
2,105
      
527,260
  
Progressive Corp.
    
1,737
      
344,343
  
Reinsurance Group of America, Inc.
    
1,534
      
313,181
  
RenaissanceRe Holdings Ltd. (a)
    
1,204
      
357,865
  
             
4,308,882
  
                 
Materials - 3.8%
          
Avery Dennison Corp. (a)
    
1,145
      
197,719
  
Ball Corp.
    
5,581
      
329,893
  
Sonoco  Products Co. (a)
    
6,595
      
356,723
  
             
884,335
  
                 
Media & Entertainment - 2.5%
          
Netflix, Inc. (b)
    
2,462
      
236,721
  
Warner Music Group Corp. - Class A
    
13,365
      
341,342
  
             
578,063
  
                 
Semiconductors & Semiconductor Equipment - 1.1%
          
QuickLogic Corp. (b)
    
26,448
      
248,082
  
                 
Software & Services - 10.0%
          
Accenture PLC - Class A
    
1,781
      
353,154
  
Fastly, Inc. - Class A (b)
    
9,730
      
282,754
  
Figma, Inc. - Class A (b)
    
9,005
      
190,366
  
HubSpot, Inc. (b)
    
915
      
223,352
  
Microsoft Corp.
    
665
      
246,163
  
RingCentral, Inc. - Class A (a)
    
6,192
      
230,280
  
Roper Technologies, Inc.
    
1,003
      
354,922
  
ServiceTitan, Inc. - Class A (a)(b)
    
3,115
      
197,678
  
Wix.com Ltd. (a)(b)
    
2,658
      
239,406
  
             
2,318,075
  
                 
Technology Hardware & Equipment - 7.6%
          
Applied Optoelectronics, Inc. (a)(b)
    
2,219
      
187,705
  
Cisco Systems, Inc.
    
4,426
      
343,413
  
Dell Technologies, Inc. - Class C
    
2,119
      
347,792
  
HP, Inc. (a)
    
8,184
      
157,215
  
Keysight Technologies, Inc. (b)
    
833
      
235,214
  
TD SYNNEX Corp.
    
2,143
      
361,546
  
TE Connectivity PLC
    
553
      
115,588
  
             
1,748,473
  
                 
Transportation - 1.5%
          
FedEx Corp.
    
980
      
349,056
  
                 
Utilities - 10.4%
          
Atmos Energy Corp. (a)
    
1,872
      
345,796
  
CenterPoint Energy, Inc.
    
8,022
      
346,230
  
CMS Energy Corp.
    
4,484
      
347,869
  
FirstEnergy Corp.
    
6,687
      
338,763
  
National Fuel Gas Co.
    
3,667
      
344,551
  
NextEra Energy, Inc.
    
3,806
      
353,501
  
WEC Energy Group, Inc.
    
2,912
      
337,122
  
             
2,413,832
  
TOTAL COMMON STOCKS (Cost $21,589,288)
      
21,592,796
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.6%
  
Units
   
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (c)
    
3,133,726
      
3,133,726
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,133,726)
      
3,133,726
  
                 
TOTAL INVESTMENTS - 107.1% (Cost $24,723,014)
      
24,726,522
  
Money Market Deposit Account - 6.6% (d)
      
1,532,460
  
Liabilities in Excess of Other Assets - (13.7)%
      
(3,174,085
)
TOTAL NET ASSETS - 100.0%
          
$
23,084,897
  
                 
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 $3,107,498.
(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 Value 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
  
$
21,592,796
    
$
–
    
$
–
    
$
21,592,796
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
3,133,726
  
Total Investments
  
$
21,592,796
    
$
–
    
$
–
    
$
24,726,522
  
   
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 $3,133,726 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.