NPORT-EX 2 value3000.htm

WBI BullBear Value 3000 ETF
  
Schedule of Investments
  
September 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 94.3%
  
Shares
    
Value
  
Capital Goods - 13.4%
        
A O Smith Corp. (a)
    
1,590
    
$
142,830
  
Allegion PLC
    
1,271
      
185,236
  
Allison Transmission Holdings, Inc.
    
1,954
      
187,721
  
AMETEK, Inc.
    
2,557
      
439,062
  
Carlisle Cos., Inc.
    
1,099
      
494,275
  
Comfort Systems USA, Inc.
    
2,655
      
1,036,379
  
Donaldson Co., Inc.
    
2,489
      
183,439
  
EMCOR Group, Inc.
    
1,657
      
713,388
  
Mueller Industries, Inc.
    
6,332
      
469,201
  
Owens Corning
    
2,440
      
430,709
  
Toro Co. (a)
    
2,112
      
183,174
  
             
4,465,414
  
                 
Commercial & Professional Services - 6.6%
          
Automatic Data Processing, Inc.
    
1,743
      
482,340
  
Broadridge Financial Solutions, Inc.
    
2,023
      
435,006
  
Genpact Ltd.
    
10,913
      
427,899
  
KBR, Inc.
    
6,222
      
405,239
  
Paychex, Inc.
    
3,285
      
440,814
  
             
2,191,298
  
                 
Consumer Discretionary Distribution & Retail - 3.2%
          
Dick's Sporting Goods, Inc.
    
2,085
      
435,140
  
Group 1 Automotive, Inc.
    
475
      
181,944
  
Penske Automotive Group, Inc.
    
2,798
      
454,451
  
             
1,071,535
  
                 
Consumer Durables & Apparel - 4.9%
          
DR Horton, Inc.
    
2,507
      
478,260
  
Lennar Corp. - Class A (a)
    
2,617
      
490,635
  
PulteGroup, Inc.
    
3,366
      
483,122
  
Toll Brothers, Inc.
    
1,193
      
184,307
  
             
1,636,324
  
                 
Consumer Services - 4.3%
          
Boyd Gaming Corporation
    
7,051
      
455,847
  
H&R Block, Inc. (a)
    
6,334
      
402,526
  
Service Corp. International
    
2,301
      
181,618
  
Texas Roadhouse, Inc.
    
2,272
      
401,235
  
             
1,441,226
  
                 
Consumer Staples Distribution & Retail - 1.2%
          
Casey's General Stores, Inc.
    
1,082
      
406,518
  
                 
Energy - 6.3%
          
Marathon Petroleum Corp.
    
2,958
      
481,888
  
NOV, Inc.
    
10,921
      
174,408
  
Occidental Petroleum Corp. (a)
    
18,788
      
968,334
  
Schlumberger NV
    
11,221
      
470,721
  
             
2,095,351
  
                 
Financial Services - 8.5%
          
American Express Co.
    
1,810
      
490,872
  
Discover Financial Services
    
1,706
      
239,335
  
Equitable Holdings, Inc.
    
4,333
      
182,116
  
FirstCash Holdings, Inc.
    
1,588
      
182,302
  
Synchrony Financial
    
3,794
      
189,245
  
Visa, Inc. - Class A
    
1,768
      
486,112
  
Voya Financial, Inc.
    
13,566
      
1,074,698
  
             
2,844,680
  
                 
Insurance - 1.3%
          
Primerica, Inc. (a)
    
1,609
      
426,626
  
                 
Health Care Equipment & Services - 12.2%
          
Becton Dickinson & Co.
    
4,492
      
1,083,021
  
Cigna Group
    
3,014
      
1,044,170
  
McKesson Corp.
    
1,003
      
495,904
  
ResMed, Inc.
    
1,776
      
433,557
  
Universal Health Services, Inc. - Class B
    
4,402
      
1,008,102
  
             
4,064,754
  
                 
Insurance - 15.2%
          
Everest Group Ltd.
    
477
      
186,903
  
Globe Life, Inc.
    
1,691
      
179,094
  
Hanover Insurance Group, Inc.
    
1,229
      
182,027
  
Prudential Financial, Inc.
    
11,002
      
1,332,342
  
Reinsurance Group of America, Inc.
    
4,760
      
1,037,061
  
Unum Group (a)
    
18,155
      
1,079,133
  
W R Berkley Corp.
    
18,789
      
1,065,900
  
             
5,062,460
  
                 
Materials - 4.2%
          
Avery Dennison Corp.
    
837
      
184,776
  
Cabot Corp.
    
1,659
      
185,426
  
Eagle Materials, Inc.
    
1,491
      
428,886
  
Louisiana-Pacific Corp.
    
3,767
      
404,802
  
NewMarket Corp. (a)
    
329
      
181,572
  
             
1,385,462
  
                 
Media & Entertainment - 1.9%
          
Interpublic Group of Cos., Inc.
    
5,859
      
185,320
  
Nexstar  Media Group, Inc. - Class A (a)
    
2,699
      
446,280
  
             
631,600
  
                 
Semiconductors & Semiconductor - 1.5%
          
Lam Research Corp.
    
610
      
497,809
  
                 
Semiconductors & Semiconductor Equipment - 1.5%
          
Applied Materials, Inc.
    
2,436
      
492,194
  
                 
Software & Services - 0.5%
          
Amdocs, Ltd.
    
2,109
      
184,495
  
                 
Transportation - 1.3%
          
Ryder System, Inc.
    
2,867
      
418,009
  
                 
Utilities - 6.3%
          
CMS Energy Corp. (a)
    
14,048
      
992,210
  
DTE Energy Co.
    
8,496
      
1,090,971
  
             
2,083,181
  
TOTAL COMMON STOCKS (Cost $31,110,461)
      
31,398,936
  
                 
EXCHANGE TRADED FUNDS - 5.0%
  
Shares
    
Value
  
First Trust Senior Loan ETF
    
5,036
      
231,102
  
Invesco Senior Loan ETF (a)
    
5,082
      
106,773
  
iShares 0-5 Year TIPS Bond ETF
    
1,802
      
182,579
  
iShares Fallen Angels USD Bond ETF (a)
    
9,360
      
255,902
  
JPMorgan Ltd. Duration Bond ETF
    
4,527
      
236,083
  
VanEck IG Floating Rate ETF
    
10,063
      
256,305
  
Vanguard Short-Term Inflation-Protected Securities ETF
    
2,828
      
139,449
  
WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund (a)
    
11,303
      
253,413
  
TOTAL EXCHANGE TRADED FUNDS (Cost $1,664,191)
      
1,661,606
  
                 
SHORT-TERM INVESTMENTS - 12.1%
                
Investments Purchased with Proceeds from Securities Lending - 12.1%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (b)
    
4,034,568
      
4,034,567
  
TOTAL SHORT-TERM INVESTMENTS (Cost $4,034,567)
      
4,034,567
  
                 
TOTAL INVESTMENTS - 111.4% (Cost $36,809,219)
      
37,095,109
  
Money Market Deposit Account - 3.7% (c)
      
1,215,753
  
Liabilities in Excess of Other Assets - (15.1)%
      
(5,027,103
)
TOTAL NET ASSETS - 100.0%
          
$
33,283,759
  
                 
Percentages are stated as a percent of net assets.
          
   
The Global Industry Classification Standard ("GICS") was developed by and/or is the exclusive property of MSCI, Inc. (MSCI) and Standard & Poors 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.
  

NV - Naamloze Vennootschap
PLC - Public Limited Company

(a)
All or a portion of this security is on loan as of September 30, 2024. The total market value of these securities was $3,959,974 which represented 11.9% of net assets.
(b)
The rate shown represents the 7-day annualized effective yield as of September 30, 2024.
(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 September 30, 2024 was 2.87%.


Summary of Fair Value Disclosure as of September 30, 2024 (Unaudited)
 
WBI BullBear Value 3000 ETF has adopted authoritative fair value accounting standards which establish an authoritative 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 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 Funds own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Funds securities as of September 30, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
31,398,936
    
$
   
$
   
$
31,398,936
  
  Exchange Traded Funds
    
1,661,606
      
     
     
1,661,606
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
     
     
     
4,034,567
  
Total Investments
  
$
33,060,542
    
$
   
$
   
$
37,095,109
  
   
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 $4,034,567 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.