Prepare and Protect:

Let us help you navigate the cycles

ACTIVE RISK-MANAGED ETFS

WBI’s active investment process seeks to manage risk to capital, unleash the benefits of compounding, and grow capital efficiently through good and bad market cycles. Our Bull|Bear ETFs combine our time-tested, multi-factor security selection models with our advanced dynamic trailing stop process to protect capital.

POWER FACTOR® ETFS

WBI’s multi-factor security selection models have been time-tested over three decades to develop the most powerful factor combinations to find the strongest dividend stocks to buy. Our Power Factor ETF unleashes the power of WBI’s sophisticated security selection to identify 50 stocks that have a deep value bias, quality fundamentals, and an attractive yield. Quarterly rebalancing provides a more active approach than you would find in similar offerings.

FEATURED PRODUCTS

WBIF

WBI Bull|Bear
Value 3000 ETF

WBIY

WBI Power Factor® High Dividend ETF

WBIG

WBI Bull|Bear
Yield 3000 ETF

WBIL

WBI Bull|Bear
Quality 3000 ETF

ALL FUNDS

WBI Power Factor® High Dividend ETF (WBIY)

Fund Information

As of: 10/03/2023

NAV

Daily Change

Median 30 Day Spread Percentage

Fact Sheet

$24.65

- $0.36

0.30%

Fund Goals

Multi-factor smart beta ETF
Power Factor® approach focuses on generating the highest dividend yield with a deep value bias and multi-factor fundamental analysis to confirm quality
Designed to track the Solactive Power Factor® High Dividend Index

Prices	As of: 10/03/2023

Shares Outstanding

Fund Size ($M)

Closing Bid/Ask (Midpoint)

Daily Volume

Premium/Discount

Net*/Gross Expense Ratio

2,200,000

54.22

$24.64

4,387

-0.04%

0.70% / 0.94%

Performance Month End	As of: 09/30/2023

Name

MTD

QTD

YTD

1 Year

3 Year

Since Inception 12/19/2016

NAV

-4.64%

-0.66%

-0.41%

15.35%

16.48%

5.55%

Market

-4.71%

-0.86%

-0.59%

15.09%

16.43%

5.54%

Performance Quarter End	As of: 09/30/2023

Name

MTD

QTD

YTD

1 Year

3 Year

Since Inception 12/19/2016

NAV

-4.64

-0.66

-0.41

15.35

16.48

5.55

Market

-4.71

-0.86

-0.59

15.09

16.43

5.54

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. The performance data quoted represents past performance and is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For most recent month-end performance, please see the monthly performance table above.

*The Fund’s investment sub-advisor has agreed to limit the Fund’s Total Annual Fund Operating Expenses to no more than 0.70% of the average daily net assets for the Fund until at least October 31, 2023.

Fund Characteristics	As of: 9/30/2023

30-Day SEC Yield

30-Day Unsubsidized SEC Yield

5.48%

5.02%

WBIY Top Holdings	As of: 10/04/2023

Security Name

Weightings

ASSOCIATED BANC CORP
FIRST MERCHANTS CORP
ALTRIA GROUP INC
INTERNATIONAL PAPER CO
LYONDELLBASELL INDUSTRIES N V SHS - A -
DOW INC
VERIZON COMMUNICATIONS INC
ONEOK INC NEW
BEST BUY INC
3M CO

8.22%
6.87%
6.87%
5.08%
4.91%
4.88%
4.88%
4.85%
4.32%
4.26%

270,650
136,509
90,580
78,354
28,387
51,836
82,756
42,453
34,615
26,029

Download Holdings

Date	Account	StockTicker	CUSIP	SecurityName	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag	IncomeByPosition
10/04/2023	WBIY	ASB	045487105	ASSOCIATED BANC CORP	270,650	16.460000	4454899.00	8.22%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	FRME	320817109	FIRST MERCHANTS CORP	136,509	27.270000	3722600.43	6.87%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	MO	02209S103	ALTRIA GROUP INC	90,580	41.130000	3725555.40	6.87%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	IP	460146103	INTERNATIONAL PAPER CO	78,354	35.150000	2754143.10	5.08%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	LYB	N53745100	LYONDELLBASELL INDUSTRIES N V SHS - A -	28,387	93.790000	2662416.73	4.91%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	DOW	260557103	DOW INC	51,836	51.020000	2644672.72	4.88%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	VZ	92343V104	VERIZON COMMUNICATIONS INC	82,756	31.980000	2646536.88	4.88%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	OKE	682680103	ONEOK INC NEW	42,453	61.980000	2631236.94	4.85%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	BBY	086516101	BEST BUY INC	34,615	67.610000	2340320.15	4.32%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	MMM	88579Y101	3M CO	26,029	88.790000	2311114.91	4.26%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	VTRS	92556V106	VIATRIS INC	204,068	9.650000	1969256.20	3.63%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	KHC	500754106	KRAFT HEINZ CO	53,286	33.110000	1764299.46	3.25%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	KEY	493267108	KEYCORP	170,804	10.070000	1719996.28	3.17%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	HNI	404251100	HNI CORP	31,799	34.170000	1086571.83	2.00%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	Cash&Other	Cash&Other	Cash & Other	1,012,792	1.000000	1012792.24	1.87%	54220100.00	2200000	44.000000000000	Y
10/04/2023	WBIY	PAGP	72651A207	PLAINS GP HLDGS L P	59,221	15.300000	906081.30	1.67%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	CVI	12662P108	CVR ENERGY INC	27,023	32.340000	873923.82	1.61%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	OGN	68622V106	ORGANON & CO	50,543	16.290000	823345.47	1.52%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	HESM	428103105	HESS MIDSTREAM LP	28,756	28.110000	808331.16	1.49%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	LEG	524660107	LEGGETT & PLATT INC	30,230	24.550000	742146.50	1.37%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	SFNC	828730200	SIMMONS 1ST NATL CORP	40,288	16.340000	658305.92	1.21%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	WU	959802109	WESTERN UN CO	50,628	12.960000	656138.88	1.21%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	SBGI	829242106	SINCLAIR INC	64,810	9.940000	644211.40	1.19%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	CWEN	18539C204	CLEARWAY ENERGY INC	32,546	19.260000	626835.96	1.16%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	PRU	744320102	PRUDENTIAL FINL INC	5,402	91.340000	493418.68	0.91%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	NYCB	649445103	NEW YORK CMNTY BANCORP INC	45,645	10.750000	490683.75	0.90%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	TFC	89832Q109	TRUIST FINANCIAL CORP	17,871	27.190000	485912.49	0.90%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	CFG	174610105	CITIZENS FINL GROUP INC	18,351	25.450000	467032.95	0.86%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	ZION	989701107	ZIONS BANCORPORATION N A	13,734	32.920000	452123.28	0.83%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	CMA	200340107	COMERICA INC	11,131	39.610000	440898.91	0.81%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	HBAN	446150104	HUNTINGTON BANCSHARES INC	43,780	9.850000	431233.00	0.80%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	FNF	31620R303	FIDELITY NATIONAL FINANCIAL IN FNF GROUP COM	11,055	38.900000	430039.50	0.79%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	PNC	693475105	PNC FINL SVCS GROUP INC	3,475	119.780000	416235.50	0.77%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	USB	902973304	US BANCORP DEL	13,024	31.340000	408172.16	0.75%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	VLY	919794107	VALLEY NATL BANCORP	49,473	7.900000	390836.70	0.72%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	FITB	316773100	FIFTH THIRD BANCORP	15,707	23.940000	376025.58	0.69%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	C	172967424	CITIGROUP INC	8,937	39.860000	356228.82	0.66%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	ALLY	02005N100	ALLY FINL INC	14,214	24.840000	353075.76	0.65%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	SNV	87161C501	SYNOVUS FINL CORP	13,208	26.260000	346842.08	0.64%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	FIBK	32055Y201	FIRST INTST BANCSYSTEM INC	13,759	23.910000	328977.69	0.61%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	HOPE	43940T109	HOPE BANCORP INC	37,843	8.570000	324314.51	0.60%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	PPBI	69478X105	PACIFIC PREMIER BANCORP	15,328	20.990000	321734.72	0.59%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	FULT	360271100	FULTON FINL CORP PA	26,928	11.710000	315326.88	0.58%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	NWBI	667340103	NORTHWEST BANCSHARES INC MD	30,983	10.080000	312308.64	0.58%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	BKU	06652K103	BANKUNITED INC	14,569	21.240000	309445.56	0.57%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	WSBC	950810101	WESBANCO INC	12,910	24.000000	309840.00	0.57%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	SASR	800363103	SANDY SPRING BANCORP INC	14,932	20.340000	303716.88	0.56%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	UPBD	76009N100	UPBOUND GROUP INC	10,718	28.190000	302140.42	0.56%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	PFS	74386T105	PROVIDENT FINL SVCS INC	19,541	14.940000	291942.54	0.54%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	EGBN	268948106	EAGLE BANCORP INC MD	14,210	20.240000	287610.40	0.53%	54220100.00	2200000	44.000000000000		0.00
10/04/2023	WBIY	OMF	68268W103	ONEMAIN HLDGS INC	7,656	37.530000	287329.68	0.53%	54220100.00	2200000	44.000000000000		0.00

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WBI Bull|Bear Value 3000 ETF (WBIF)

Fund Information

As of: 10/03/2023

NAV

Daily Change

Median 30 Day Spread Percentage

Fact Sheet

$26.23

- $0.29

0.30%

Fund Goals

Manage risk to capital
Seeks to provide attractive returns and long-term growth of capital
Typically invests in small-, mid- and large-cap securities with consistent fundamentals and strong value characteristics

Prices	As of: 10/03/2023

Shares Outstanding

Fund Size ($M)

Closing Bid/Ask (Midpoint)

Daily Volume

Premium/Discount

Net*/Gross Expense Ratio

1,488,315

39.03

$26.22

6,778

-0.03%

1.39% / 1.52%

Performance Month End	As of: 09/30/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-4.34%

-7.37%

-3.60%

-4.26%

2.20%

-1.56

1.72%

Market

-4.39%

-7.44%

-3.54%

-4.20%

2.15%

-1.56

1.71%

Performance Quarter End	As of: 09/30/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-4.34

-7.37

-3.60

-4.26

2.20

-1.56

1.72

Market

-4.39

-7.44

-3.54

-4.20

2.15

-1.56

1.71

*The Fund’s investment sub-advisor has agreed to limit the Fund’s Total Annual Fund Operating Expenses to no more than 1.25% of the average daily net assets for the Fund until at least October 31, 2023.

Fund Characteristics	As of: 9/30/2023

30-Day SEC Yield

0.64%

WBIF Top Holdings	As of: 10/04/2023

Security Name

Weightings

Cash & Other
PACCAR INC
TJX COS INC NEW
MCKESSON CORP
ROSS STORES INC
LPL FINL HLDGS INC
EBAY INC.
CISCO SYS INC
MOTOROLA SOLUTIONS INC
CARRIER GLOBAL CORPORATION

14.89%
4.77%
4.57%
4.50%
4.41%
4.25%
4.17%
4.12%
4.12%
4.06%

5,810,770
22,149
20,311
4,007
15,374
7,183
38,303
29,946
5,921
29,641

Download Holdings

Date	Account	StockTicker	CUSIP	SecurityName	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag	IncomeByPosition
10/04/2023	WBIF	Cash&Other	Cash&Other	Cash & Other	5,810,770	1.000000	5810769.67	14.89%	39033442.18	1488315	29.770000000000	Y
10/04/2023	WBIF	PCAR	693718108	PACCAR INC	22,149	84.040000	1861401.96	4.77%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	TJX	872540109	TJX COS INC NEW	20,311	87.850000	1784321.35	4.57%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	MCK	58155Q103	MCKESSON CORP	4,007	438.490000	1757029.43	4.50%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	ROST	778296103	ROSS STORES INC	15,374	111.910000	1720504.34	4.41%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	LPLA	50212V100	LPL FINL HLDGS INC	7,183	230.700000	1657118.10	4.25%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	EBAY	278642103	EBAY INC.	38,303	42.510000	1628260.53	4.17%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	CSCO	17275R102	CISCO SYS INC	29,946	53.650000	1606602.90	4.12%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	MSI	620076307	MOTOROLA SOLUTIONS INC	5,921	271.490000	1607492.29	4.12%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	CARR	14448C104	CARRIER GLOBAL CORPORATION	29,641	53.520000	1586386.32	4.06%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	CAH	14149Y108	CARDINAL HEALTH INC	17,861	86.830000	1550870.63	3.97%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	LII	526107107	LENNOX INTL INC	4,266	363.380000	1550179.08	3.97%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	HAL	406216101	HALLIBURTON CO	38,349	40.060000	1536260.94	3.94%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	HAS	418056107	HASBRO INC	24,281	62.990000	1529460.19	3.92%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	MPC	56585A102	MARATHON PETE CORP	10,377	147.270000	1528220.79	3.92%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	LEN	526057104	LENNAR CORP	13,907	108.230000	1505154.61	3.86%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	FNF	31620R303	FIDELITY NATIONAL FINANCIAL IN FNF GROUP COM	36,305	38.900000	1412264.50	3.62%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	GWW	384802104	GRAINGER W W INC	1,970	687.030000	1353449.10	3.47%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	AVGO	11135F101	BROADCOM INC	1,436	814.830000	1170095.88	3.00%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	CTRA	127097103	COTERRA ENERGY INC	43,981	26.340000	1158459.54	2.97%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	PXD	723787107	PIONEER NAT RES CO	5,152	223.640000	1152193.28	2.95%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	AMD	007903107	ADVANCED MICRO DEVICES INC	11,447	100.080000	1145615.76	2.93%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	ALSN	01973R101	ALLISON TRANSMISSION HLDGS INC COM	13,357	57.980000	774438.86	1.98%	39033442.18	1488315	29.770000000000		0.00
10/04/2023	WBIF	ITW	452308109	ILLINOIS TOOL WKS INC	2,817	230.410000	649064.97	1.66%	39033442.18	1488315	29.770000000000		0.00

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WBI Bull|Bear Yield 3000 ETF (WBIG)

Fund Information

As of: 10/03/2023

NAV

Daily Change

Median 30 Day Spread Percentage

Fact Sheet

$21.59

- $0.27

0.23%

Fund Goals

Manage risk to capital
Generate an attractive current yield that helps promote compounding
Seeks to provide attractive returns and long-term growth of capital
Typically invests in small-, mid- and large-cap securities that present themselves as undervalued opportunities with attractive dividend yields

Prices	As of: 10/03/2023

Shares Outstanding

Fund Size ($M)

Closing Bid/Ask (Midpoint)

Daily Volume

Premium/Discount

Net*/Gross Expense Ratio

2,330,183

50.31

$21.60

10,345

0.02%

1.33% / 1.51%

Performance Month End	As of: 09/30/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-3.36%

-4.70%

-7.53%

-8.94%

0.90%

-2.06

0.11%

Market

-3.44%

-4.70%

-7.52%

-9.13%

0.86%

-2.05

0.11%

Performance Quarter End	As of: 09/30/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-3.36

-4.70

-7.53

-8.94

0.90

-2.06

0.11

Market

-3.44

-4.70

-7.52

-9.13

0.86

-2.05

0.11

Fund Characteristics	As of: 9/30/2023

30-Day SEC Yield

2.03%

WBIG Top Holdings	As of: 10/04/2023

Security Name

Weightings

Cash & Other
BLOCK H & R INC
PIONEER NAT RES CO
COTERRA ENERGY INC
PRUDENTIAL FINL INC
APOLLO GLOBAL MGMT INC
WILLIAMS COS INC
CSX CORP
HALLIBURTON CO
AUTOLIV INC

5.35%
4.97%
4.77%
4.68%
4.48%
4.46%
4.46%
4.31%
4.30%
4.22%

2,691,552
60,374
10,737
89,319
24,676
25,936
68,060
70,434
53,997
22,872

Download Holdings

Date	Account	StockTicker	CUSIP	SecurityName	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag	IncomeByPosition
10/04/2023	WBIG	Cash&Other	Cash&Other	Cash & Other	2,691,552	1.000000	2691552.16	5.35%	50310981.15	2330183	46.600000000000	Y
10/04/2023	WBIG	HRB	093671105	BLOCK H & R INC	60,374	41.400000	2499483.60	4.97%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	PXD	723787107	PIONEER NAT RES CO	10,737	223.640000	2401222.68	4.77%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	CTRA	127097103	COTERRA ENERGY INC	89,319	26.340000	2352662.46	4.68%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	PRU	744320102	PRUDENTIAL FINL INC	24,676	91.340000	2253905.84	4.48%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	APO	03769M106	APOLLO GLOBAL MGMT INC	25,936	86.560000	2245020.16	4.46%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	WMB	969457100	WILLIAMS COS INC	68,060	32.970000	2243938.20	4.46%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	CSX	126408103	CSX CORP	70,434	30.770000	2167254.18	4.31%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	HAL	406216101	HALLIBURTON CO	53,997	40.060000	2163119.82	4.30%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	ALV	052800109	AUTOLIV INC	22,872	92.770000	2121835.44	4.22%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	BKR	05722G100	BAKER HUGHES COMPANY	61,394	34.530000	2119934.82	4.21%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	HPE	42824C109	HEWLETT PACKARD ENTERPRISE CO COM	124,625	16.930000	2109901.25	4.19%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	GOOGL	02079K305	ALPHABET INC	15,787	132.430000	2090672.41	4.16%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	EBAY	278642103	EBAY INC.	48,775	42.510000	2073425.25	4.12%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	CAT	149123101	CATERPILLAR INC	7,523	268.970000	2023461.31	4.02%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	CAH	14149Y108	CARDINAL HEALTH INC	23,215	86.830000	2015758.45	4.01%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	FDX	31428X106	FEDEX CORP	7,737	260.190000	2013090.03	4.00%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	MET	59156R108	METLIFE INC	33,196	60.260000	2000390.96	3.98%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	CNA	126117100	CNA FINL CORP	51,854	38.340000	1988082.36	3.95%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	CMCSA	20030N101	COMCAST CORP NEW	45,345	43.450000	1970240.25	3.92%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	AIZ	04621X108	ASSURANT INC	12,327	143.230000	1765596.21	3.51%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	AFL	001055102	AFLAC INC	22,392	75.430000	1689028.56	3.36%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	MSFT	594918104	MICROSOFT CORP	4,899	313.390000	1535297.61	3.05%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	OSK	688239201	OSHKOSH CORP	14,488	93.770000	1358539.76	2.70%	50310981.15	2330183	46.600000000000		0.00
10/04/2023	WBIG	UNM	91529Y106	UNUM GROUP	7,901	48.110000	380117.11	0.76%	50310981.15	2330183	46.600000000000		0.00

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WBI Bull|Bear Quality 3000 ETF (WBIL)

Fund Information

As of: 10/03/2023

NAV

Daily Change

Median 30 Day Spread Percentage

Fact Sheet

$28.40

- $0.31

0.31%

Fund Goals

Manage risk to capital
Seeks to provide attractive returns and long-term growth of capital
Typically invests in small-, mid- and large-cap securities with strong measures of financial health and potential for growth.

Prices	As of: 10/03/2023

Shares Outstanding

Fund Size ($M)

Closing Bid/Ask (Midpoint)

Daily Volume

Premium/Discount

Net*/Gross Expense Ratio

1,427,182

40.53

$28.38

7,086

-0.06%

1.25% / 1.45%

Performance Month End	As of: 09/30/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-5.88%

-1.51%

3.96%

5.71%

4.10%

1.27

2.32%

Market

-5.97%

-1.60%

3.94%

5.65%

4.03%

1.27

2.31%

Performance Quarter End	As of: 09/30/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-5.88

-1.51

3.96

5.71

4.10

1.27

2.32

Market

-5.97

-1.60

3.94

5.65

4.03

1.27

2.31

Fund Characteristics	As of: 9/30/2023

30-Day SEC Yield

0.38%

WBIL Top Holdings	As of: 10/04/2023

Security Name

Weightings

Cash & Other
SYNOPSYS INC
ALPHABET INC
ADOBE INC
APPLE INC
BOOKING HOLDINGS INC
CATERPILLAR INC
CDW CORP
MARSH & MCLENNAN COS INC
CINTAS CORP

7.27%
5.04%
5.01%
4.83%
4.78%
4.72%
4.26%
4.17%
4.11%
4.07%

2,944,884
4,536
15,342
3,858
11,236
635
6,418
8,381
8,830
3,431

Download Holdings

Date	Account	StockTicker	CUSIP	SecurityName	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag	IncomeByPosition
10/04/2023	WBIL	Cash&Other	Cash&Other	Cash & Other	2,944,884	1.000000	2944884.38	7.27%	40529685.31	1427182	28.540000000000	Y
10/04/2023	WBIL	SNPS	871607107	SYNOPSYS INC	4,536	450.720000	2044465.92	5.04%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	GOOGL	02079K305	ALPHABET INC	15,342	132.430000	2031741.06	5.01%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	ADBE	00724F101	ADOBE INC	3,858	507.030000	1956121.74	4.83%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	AAPL	037833100	APPLE INC	11,236	172.400000	1937086.40	4.78%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	BKNG	09857L108	BOOKING HOLDINGS INC	635	3010.790000	1911851.65	4.72%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	CAT	149123101	CATERPILLAR INC	6,418	268.970000	1726249.46	4.26%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	CDW	12514G108	CDW CORP	8,381	201.770000	1691034.37	4.17%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	MMC	571748102	MARSH & MCLENNAN COS INC	8,830	188.730000	1666485.90	4.11%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	CTAS	172908105	CINTAS CORP	3,431	480.870000	1649864.97	4.07%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	V	92826C839	VISA INC	7,147	228.810000	1635305.07	4.03%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	ACN	G1151C101	ACCENTURE PLC IRELAND	5,309	306.230000	1625775.07	4.01%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	ITW	452308109	ILLINOIS TOOL WKS INC	7,059	230.410000	1626464.19	4.01%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	META	30303M102	META PLATFORMS INC	5,346	300.940000	1608825.24	3.97%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	CHD	171340102	CHURCH & DWIGHT CO INC	17,628	90.970000	1603619.16	3.96%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	MSFT	594918104	MICROSOFT CORP	5,100	313.390000	1598289.00	3.94%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	HAL	406216101	HALLIBURTON CO	39,541	40.060000	1584012.46	3.91%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	CMCSA	20030N101	COMCAST CORP NEW	36,353	43.450000	1579537.85	3.90%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	LULU	550021109	LULULEMON ATHLETICA INC	4,288	368.340000	1579441.92	3.90%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	MPC	56585A102	MARATHON PETE CORP	10,700	147.270000	1575789.00	3.89%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	FAST	311900104	FASTENAL CO	29,023	54.190000	1572756.37	3.88%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	CTRA	127097103	COTERRA ENERGY INC	52,682	26.340000	1387643.88	3.42%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	PXD	723787107	PIONEER NAT RES CO	5,375	223.640000	1202065.00	2.97%	40529685.31	1427182	28.540000000000		0.00
10/04/2023	WBIL	EBAY	278642103	EBAY INC.	16,901	42.510000	718461.51	1.77%	40529685.31	1427182	28.540000000000		0.00

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Market Disruptions Resulting from COVID-19. The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund.

An investment in the Funds is subject to risk, including the possible loss of principal. There is no guarantee the Advisor’s investment strategy or quantitative models used in the investment strategy will be successful. To the extent that a Fund invests in dividend-paying equities, if stocks held by the Fund reduce or stop paying dividends, the Funds’ ability to generate income may be affected. Small and medium capitalization companies may involve greater volatility and risk than investing in larger and more established companies. Foreign and emerging market securities carry additional risks such as currency fluctuation, economic or financial instability, lack of timely or reliable financial information, or unfavorable political or legal developments.

There are risks specific to WBIY and WBIG which focus on high yielding securities. The Funds invest in high yielding stocks, which may be speculative, higher risk investments. It is possible these companies could pay out more than they can support and may reduce or stop paying dividends at any time, which could have a material adverse effect on the companies’ stock price and the Fund’s performance.

WBIF focuses on value securities. Value style investing involves the risk that an investment made in undervalued securities may not appreciate as anticipated or remain undervalued for long periods of time.

WBIY is not actively managed and the Sub-Advisor does not attempt to take defensive positions in declining markets. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index.

For a full list of investment risks associated with the funds, including but not limited to market risk, portfolio turnover risk, securities business risk, mortgage-backed securities risk, master limited partnership risk, real estate investment trust risk, ETF risk, and trading price risk, please read the prospectus.

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Owners of the shares may acquire those shares from the Fund and tender those shares for redemption to the Fund in creation units only. Total returns are calculated using the daily 4:00 p.m. EST net asset value (NAV). Market price returns reflect the last trade on a given date where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times.