NPORT-EX 2 power.htm

WBI Power Factor® High Dividend ETF
  
Schedule of Investments
  
March 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 99.5%
  
Shares
   
Value
 
Automobiles & Components - 2.2%
        
Ford Motor Co.
    
63,590
    
$
733,828
  
LCI Industries
    
4,410
      
542,342
  
             
1,276,170
  
                 
Banks - 5.6%
          
Bank of NT Butterfield & Son Ltd.
    
5,046
      
264,814
  
Columbia Banking System, Inc. (a)
    
36,051
      
988,879
  
CVB Financial Corp.
    
20,437
      
396,273
  
Northwest Bancshares, Inc.
    
22,083
      
280,233
  
OceanFirst Financial Corp.
    
12,162
      
219,403
  
Provident Financial Services, Inc.
    
14,182
      
300,091
  
Truist Financial Corp.
    
16,385
      
753,219
  
             
3,202,912
  
                 
Commercial & Professional Services - 1.9%
          
Robert Half, Inc. (a)
    
42,485
      
1,079,119
  
                 
Consumer Discretionary Distribution & Retail - 4.0%
          
Best Buy Co., Inc. (a)
    
31,247
      
2,006,058
  
Upbound Group, Inc.
    
15,484
      
279,486
  
             
2,285,544
  
                 
Consumer Services - 1.4%
          
Marriott Vacations Worldwide Corp. (a)
    
12,512
      
814,782
  
                 
Consumer Staples Distribution & Retail - 1.7%
          
Target Corporation (a)
    
7,821
      
947,905
  
                 
Energy - 15.2%
          
APA Corp.
    
30,588
      
1,298,155
  
DHT Holdings, Inc. (a)
    
33,568
      
613,287
  
Hess Midstream LP - Class A (a)
    
28,850
      
1,121,400
  
Kinetik Holdings, Inc.
    
21,042
      
1,018,643
  
ONEOK, Inc.
    
37,664
      
3,404,449
  
Permian Resources Corp. – Class A
    
62,126
      
1,324,526
  
             
8,780,460
  
                 
Financial Services - 7.0%
          
Artisan Partners Asset Management, Inc. - Class A
    
8,254
      
300,363
  
OneMain Holdings, Inc.
    
20,705
      
1,107,510
  
T Rowe Price Group, Inc.
    
9,168
      
826,404
  
Virtus Investment Partners, Inc.
    
2,618
      
351,728
  
Western Union Co. (a)
    
167,676
      
1,463,812
  
             
4,049,817
  
                 
Food, Beverage & Tobacco - 14.3%
          
Altria Group, Inc.
    
46,500
      
3,068,535
  
Campbell's Co. (a)
    
101,745
      
2,265,861
  
Flowers Foods, Inc.
    
76,258
      
621,503
  
General Mills, Inc.
    
61,507
      
2,289,290
  
             
8,245,189
  
                 
Household & Personal Products - 0.7%
          
Energizer Holdings, Inc.
    
23,454
      
385,115
  
                 
Insurance - 1.4%
          
Prudential Financial, Inc.
    
8,438
      
824,308
  
                 
Materials - 1.9%
          
Eastman Chemical Co.
    
14,473
      
1,104,579
  
                 
Media & Entertainment - 3.3%
          
Omnicom Group, Inc. (a)
    
10,052
      
757,016
  
Sirius XM Holdings, Inc.
    
48,770
      
1,125,612
  
             
1,882,628
  
                 
Pharmaceuticals, Biotechnology & Life Sciences - 6.5%
          
Bristol-Myers Squibb Co.
    
15,944
      
967,003
  
Pfizer, Inc.
    
99,808
      
2,802,609
  
             
3,769,612
  
                 
Semiconductors & Semiconductor Equipment - 1.6%
          
Skyworks Solutions, Inc. (a)
    
16,751
      
897,016
  
                 
Technology Hardware & Equipment - 4.6%
          
HP, Inc.
    
137,273
      
2,637,014
  
                 
Telecommunication Services - 10.0%
          
AT&T, Inc.
    
40,343
      
1,169,544
  
Comcast Corp. - Class A
    
33,979
      
975,537
  
Verizon Communications, Inc.
    
71,946
      
3,611,689
  
             
5,756,770
  
                 
Transportation - 4.8%
          
Global Ship Lease, Inc. - Class A
    
10,493
      
390,654
  
United Parcel Service, Inc. - Class B
    
24,342
      
2,394,766
  
             
2,785,420
  
                 
Utilities - 11.4%
          
AES Corp.
    
70,581
      
994,486
  
Avista Corp.
    
12,666
      
508,413
  
Clearway Energy, Inc. - Class C (a)
    
18,978
      
745,646
  
Edison International
    
44,765
      
3,275,903
  
Northwest Natural Holding Co.
    
4,921
      
261,896
  
UGI Corp. (a)
    
21,680
      
789,585
  
             
6,575,929
  
TOTAL COMMON STOCKS (Cost $54,070,802)
      
57,300,289
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 11.8%
  
Units
   
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (b)
    
6,821,614
      
6,821,614
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,821,614)
      
6,821,614
  
                 
TOTAL INVESTMENTS - 111.3% (Cost $60,892,416)
      
64,121,903
  
Money Market Deposit Account - 0.5% (c)
      
278,446
  
Liabilities in Excess of Other Assets - (11.8)%
      
(6,764,961
)
TOTAL NET ASSETS - 100.0%
          
$
57,635,388
  
                 
Percentages are stated as a percent of net assets.
          

LLC - Limited Liability Company
LP - Limited Partnership
 
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 $6,717,400.
(b)
The rate shown represents the 7-day annualized yield as of March 31, 2026.
(c)
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 Power Factor High Dividend 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
  
$
57,300,289
    
$
–
    
$
–
    
$
57,300,289
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
6,821,614
  
Total Investments
  
$
57,300,289
    
$
–
    
$
–
    
$
64,121,903
  
   
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 $6,821,614 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.