X0101 EFFECT 33 LIVE 2014-08-15 11:30:00

N-1A

0001591939 Absolute Shares Trust 333-192733 S000044175 WBI SMID Tactical Growth Shares C000137325 WBI SMID Tactical Growth Shares S000044176 WBI Tactical High Income Shares C000137326 WBI Tactical High Income Shares S000044177 WBI SMID Tactical Value Shares C000137327 WBI SMID Tactical Value Shares S000044178 WBI SMID Tactical Yield Shares C000137328 WBI SMID Tactical Yield Shares S000044179 WBI SMID Tactical Select Shares C000137329 WBI SMID Tactical Select Shares S000044180 WBI Large Cap Tactical Growth Shares C000137330 WBI Large Cap Tactical Growth Shares S000044181 WBI Large Cap Tactical Value Shares C000137331 WBI Large Cap Tactical Value Shares S000044182 WBI Large Cap Tactical Yield Shares C000137332 WBI Large Cap Tactical Yield Shares S000044183 WBI Large Cap Tactical Select Shares C000137333 WBI Large Cap Tactical Select Shares S000044184 WBI Tactical Income Shares C000137334 WBI Tactical Income Shares