NPORT-EX 2 powerfactor.htm

WBI Power Factor High Dividend ETF
  
Schedule of Investments
  
September 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 99.3%
  
Shares
    
Value
  
Banks - 12.1%
        
Citizens Financial Group, Inc.
    
19,109
    
$
784,807
  
Columbia Banking System, Inc.
    
27,475
      
717,372
  
First Interstate BancSystem, Inc. - Class A
    
8,376
      
256,976
  
Fulton Financial Corp.
    
24,990
      
453,069
  
Hope Bancorp, Inc.
    
12,564
      
157,804
  
Huntington Bancshares, Inc. (a)
    
57,003
      
837,944
  
PNC Financial Services Group, Inc.
    
3,835
      
708,900
  
Provident Financial Services, Inc.
    
17,597
      
326,600
  
Regions Financial Corp. (a)
    
105,747
      
2,467,077
  
Sandy Spring Bancorp, Inc.
    
3,721
      
116,728
  
Simmons First National Corp. - Class A
    
5,489
      
118,233
  
Valley National Bancorp (a)
    
72,655
      
658,254
  
             
7,603,764
  
                 
Capital Goods - 3.5%
          
CNH Industrial NV
    
196,964
      
2,186,300
  
                 
Commercial & Professional Services - 0.2%
          
ManpowerGroup, Inc.
    
1,813
      
133,292
  
                 
Consumer Discretionary Distribution & Retail - 7.9%
          
Best Buy Co., Inc. (a)
    
10,910
      
1,127,003
  
Guess?, Inc. (a)
    
30,043
      
604,766
  
Kohl's Corp. (a)
    
134,865
      
2,845,651
  
Monro, Inc. (a)
    
13,836
      
399,307
  
             
4,976,727
  
                 
Consumer Durables & Apparel - 6.5%
          
Carter's, Inc. (a)
    
17,748
      
1,153,265
  
Whirlpool Corp. (a)
    
27,351
      
2,926,557
  
             
4,079,822
  
                 
Consumer Services - 1.2%
          
Dine Brands Global, Inc. (a)
    
8,783
      
274,293
  
Travel + Leisure Co.
    
10,582
      
487,619
  
             
761,912
  
                 
Consumer Staples Distribution & Retail - 0.3%
          
SpartanNash Co.
    
7,558
      
169,375
  
                 
Energy - 7.8%
          
Ardmore Shipping Corp.
    
14,734
      
266,685
  
Berry Corp.
    
23,022
      
118,333
  
CVR Energy, Inc. (a)
    
22,849
      
526,213
  
Hess Midstream LP - Class A
    
17,863
      
630,028
  
Kinder Morgan, Inc.
    
133,549
      
2,950,097
  
Kinetik Holdings, Inc.
    
8,566
      
387,697
  
             
4,879,053
  
                 
Financial Services - 5.1%
          
Franklin Resources, Inc. (a)
    
65,214
      
1,314,062
  
OneMain Holdings, Inc.
    
13,704
      
645,047
  
Virtu Financial, Inc. - Class A
    
18,955
      
577,370
  
Western Union Co.
    
56,487
      
673,890
  
             
3,210,369
  
                 
Food, Beverage & Tobacco - 15.4%
          
Altria Group, Inc.
    
61,043
      
3,115,635
  
Cal-Maine Foods, Inc. (a)
    
11,254
      
842,249
  
Conagra Brands, Inc.
    
86,933
      
2,827,061
  
Kraft Heinz Co.
    
81,702
      
2,868,557
  
             
9,653,502
  
                 
Health Care Equipment & Services - 5.0%
          
CVS Health Corp.
    
50,117
      
3,151,357
  
                 
Insurance - 2.4%
          
Fidelity National Financial, Inc. (a)
    
12,323
      
764,765
  
Prudential Financial, Inc.
    
5,971
      
723,088
  
             
1,487,853
  
                 
Materials - 4.7%
          
LyondellBasell Industries NV - Class A
    
30,715
      
2,945,568
  
                 
Media & Entertainment - 3.2%
          
Interpublic Group of Cos., Inc. (a)
    
63,139
      
1,997,087
  
                 
Telecommunication Services - 10.7%
          
AT&T, Inc.
    
157,244
      
3,459,368
  
Verizon Communications, Inc.
    
71,576
      
3,214,478
  
             
6,673,846
  
                 
Transportation - 5.2%
          
Global Ship Lease, Inc. - Class A
    
14,831
      
395,246
  
United Parcel Service, Inc. - Class B
    
20,922
      
2,852,506
  
             
3,247,752
  
                 
Utilities - 8.1%
          
ALLETE, Inc.
    
10,225
      
656,343
  
Black Hills Corp.
    
8,141
      
497,578
  
Clearway Energy, Inc. - Class C
    
18,022
      
552,915
  
Dominion Energy, Inc.
    
58,504
      
3,380,946
  
             
5,087,782
  
TOTAL COMMON STOCKS (Cost $56,644,580)
      
62,245,361
  
                 
SHORT-TERM INVESTMENTS - 25.5%
                
Investments Purchased with Proceeds from Securities Lending - 25.5%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (b)
    
15,982,319
      
15,982,319
  
TOTAL SHORT-TERM INVESTMENTS (Cost $15,982,319)
      
15,982,319
  
                 
TOTAL INVESTMENTS - 124.8% (Cost $72,626,899)
      
78,227,680
  
Money Market Deposit Account - 0.6% (c)
      
406,342
  
Liabilities in Excess of Other Assets - (25.4)%
      
(15,910,021
)
TOTAL NET ASSETS - 100.0%
          
$
62,724,001
  
                 
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

(a)
All or a portion of this security is on loan as of September 30, 2024. The total market value of these securities was $15,616,833 which represented 24.9% 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 Power Factor High Dividend 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
  
$
62,245,361
    
$
   
$
   
$
62,245,361
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
     
     
     
15,982,319
  
Total Investments
  
$
62,245,361
    
$
   
$
   
$
78,227,680
  
   
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 $15,982,319 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.