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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: 03/24/2023

NAV

Daily Change

Median 30 Day Spread Percentage

Fact Sheet

$25.51

$0.21

0.31%

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: 03/24/2023

Shares Outstanding

Fund Size ($M)

Closing Bid/Ask (Midpoint)

Daily Volume

Premium/Discount

Net*/Gross Expense Ratio

2,900,000

73.97

$25.50

1,213

-0.03%

0.70% / 0.94%

Performance Month End	As of: 02/28/2023

Name

MTD

QTD

YTD

1 Year

3 Year

Since Inception 12/19/2016

NAV

-5.25%

3.92%

2.35%

12.64%

6.83%

Market

-5.05%

4.00%

2.56%

12.72%

6.86%

Performance Quarter End	As of: 12/31/2022

Name

MTD

QTD

YTD

1 Year

3 Year

Since Inception 12/19/2016

NAV

-5.51

15.83

-0.48

5.22

6.34

Market

-5.43

15.76

-0.45

5.35

6.35

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: 2/28/2023

30-Day SEC Yield

30-Day Unsubsidized SEC Yield

5.38%

5.16%

WBIY Top Holdings	As of: 03/27/2023

Security Name

Weightings

INTEL CORP
SEAGATE TECHNOLOGY HLDNGS PLC ORD SHS
ALTRIA GROUP INC
LYONDELLBASELL INDUSTRIES N V SHS - A -
DOW INC
VERIZON COMMUNICATIONS INC
KINDER MORGAN INC DEL
3M CO
CITIGROUP INC
FORD MTR CO DEL

5.47%
5.32%
5.28%
5.07%
4.84%
4.80%
4.71%
4.52%
4.39%
4.32%

137,706
63,789
88,781
43,344
69,146
94,260
207,578
33,045
75,345
277,591

Download Holdings

Date	Account	StockTicker	CUSIP	SecurityName	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag	IncomeByPosition
03/27/2023	WBIY	INTC	458140100	INTEL CORP	137,706	29.360000	4043048.16	5.47%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	STX	G7997R103	SEAGATE TECHNOLOGY HLDNGS PLC ORD SHS	63,789	61.640000	3931953.96	5.32%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	MO	02209S103	ALTRIA GROUP INC	88,781	43.970000	3903700.57	5.28%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	LYB	N53745100	LYONDELLBASELL INDUSTRIES N V SHS - A -	43,344	86.570000	3752290.08	5.07%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	DOW	260557103	DOW INC	69,146	51.780000	3580379.88	4.84%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	VZ	92343V104	VERIZON COMMUNICATIONS INC	94,260	37.660000	3549831.60	4.80%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	KMI	49456B101	KINDER MORGAN INC DEL	207,578	16.790000	3485234.62	4.71%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	MMM	88579Y101	3M CO	33,045	101.140000	3342171.30	4.52%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	C	172967424	CITIGROUP INC	75,345	43.110000	3248122.95	4.39%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	F	345370860	FORD MTR CO DEL	277,591	11.510000	3195072.41	4.32%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	PXD	723787107	PIONEER NAT RES CO	16,588	192.220000	3188545.36	4.31%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	IP	460146103	INTERNATIONAL PAPER CO	81,912	34.480000	2824325.76	3.82%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	WHR	963320106	WHIRLPOOL CORP	20,465	127.170000	2602534.05	3.52%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	Cash&Other	Cash&Other	Cash & Other	2,088,658	1.000000	2088657.57	2.82%	73973780.00	2900000	58	Y
03/27/2023	WBIY	KSS	500255104	KOHLS CORP	95,562	21.480000	2052671.76	2.77%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	NYCB	649445103	NEW YORK CMNTY BANCORP INC	207,205	8.950000	1854484.75	2.51%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	CALM	128030202	CAL MAINE FOODS INC	27,659	54.460000	1506309.14	2.04%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	PRU	744320102	PRUDENTIAL FINL INC	19,145	77.580000	1485269.10	2.01%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	NRG	629377508	NRG ENERGY INC	41,607	31.490000	1310204.43	1.77%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	FL	344849104	FOOT LOCKER INC	32,936	37.980000	1250909.28	1.69%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	BBY	086516101	BEST BUY INC	15,046	74.320000	1118218.72	1.51%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	KHC	500754106	KRAFT HEINZ CO	28,416	38.180000	1084922.88	1.47%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	PSX	718546104	PHILLIPS 66	10,801	93.730000	1012377.73	1.37%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	WU	959802109	WESTERN UN CO	89,722	10.860000	974380.92	1.32%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	ALLY	02005N100	ALLY FINL INC	32,967	24.220000	798460.74	1.08%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	PAGP	72651A207	PLAINS GP HLDGS L P	64,754	12.180000	788703.72	1.07%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	BEN	354613101	FRANKLIN RESOURCES INC	26,677	26.290000	701338.33	0.95%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	CG	14316J108	CARLYLE GROUP INC	23,069	30.420000	701758.98	0.95%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	LEG	524660107	LEGGETT & PLATT INC	22,669	30.770000	697525.13	0.94%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	FNF	31620R303	FIDELITY NATIONAL FINANCIAL IN FNF GROUP COM	20,550	33.320000	684726.00	0.93%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	CVI	12662P108	CVR ENERGY INC	22,318	29.550000	659496.90	0.89%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	ORI	680223104	OLD REP INTL CORP	27,284	24.010000	655088.84	0.89%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	HBAN	446150104	HUNTINGTON BANCSHARES INC	58,706	10.780000	632850.68	0.86%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	KEY	493267108	KEYCORP	52,978	11.860000	628319.08	0.85%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	MDC	552676108	M D C HLDGS INC	16,047	38.280000	614279.16	0.83%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	IVZ	G491BT108	INVESCO LTD	39,956	15.050000	601337.80	0.81%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	USB	902973304	US BANCORP DEL	17,154	34.900000	598674.60	0.81%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	TFC	89832Q109	TRUIST FINANCIAL CORP	17,929	32.890000	589684.81	0.80%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	JXN	46817M107	JACKSON FINANCIAL INC	15,244	35.420000	539942.48	0.73%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	CWH	13462K109	CAMPING WORLD HLDGS INC	26,271	19.160000	503352.36	0.68%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	FAF	31847R102	FIRST AMERN FINL CORP	9,355	53.710000	502457.05	0.68%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	CWEN	18539C204	CLEARWAY ENERGY INC	15,356	30.170000	463290.52	0.63%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	COLB	197236102	COLUMBIA BKG SYS INC	19,054	20.520000	390988.08	0.53%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	VIRT	928254101	VIRTU FINL INC	19,767	17.270000	341376.09	0.46%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	HESM	428103105	HESS MIDSTREAM LP	10,466	27.040000	283000.64	0.38%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	NAVI	63938C108	NAVIENT CORPORATION	16,316	15.280000	249308.48	0.34%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	UPBD	76009N100	UPBOUND GROUP INC	10,649	23.440000	249612.56	0.34%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	SBGI	829226109	SINCLAIR BROADCAST GROUP INC CL A	15,340	14.630000	224424.20	0.30%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	PPBI	69478X105	PACIFIC PREMIER BANCORP	8,087	24.710000	199829.77	0.27%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	PFS	74386T105	PROVIDENT FINL SVCS INC	7,484	19.530000	146162.52	0.20%	73973780.00	2900000	58		0.00
03/27/2023	WBIY	HOPE	43940T109	HOPE BANCORP INC	13,789	10.230000	141061.47	0.19%	73973780.00	2900000	58		0.00

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WBI Bull|Bear Value 3000 ETF (WBIF)

Fund Information

As of: 03/24/2023

NAV

Daily Change

Median 30 Day Spread Percentage

Fact Sheet

$26.21

- $0.02

0.27%

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: 03/24/2023

Shares Outstanding

Fund Size ($M)

Closing Bid/Ask (Midpoint)

Daily Volume

Premium/Discount

Net*/Gross Expense Ratio

1,438,315

37.69

$26.20

726

-0.04%

1.39% / 1.52%

Performance Month End	As of: 02/28/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-2.12%

-0.87%

-10.68%

3.82%

0.43

2.17%

Market

-2.02%

-0.77%

-10.57%

3.94%

0.38

2.17%

Performance Quarter End	As of: 12/31/2022

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-5.91

-0.69

-8.60

1.32

0.48

2.32

Market

-5.66

-0.69

-8.38

1.29

0.39

2.31

*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: 2/28/2023

30-Day SEC Yield

1.37%

WBIF Top Holdings	As of: 03/27/2023

Security Name

Weightings

Cash & Other
LEAR CORP
TEXAS ROADHOUSE INC
HCA HEALTHCARE INC
AMPHENOL CORP NEW
ANALOG DEVICES INC
KLA CORP
MICROCHIP TECHNOLOGY INC.
SOUTHERN CO
LENNAR CORP

48.58%
4.48%
4.15%
4.07%
4.03%
3.98%
3.87%
3.87%
2.95%
2.92%

18,310,268
12,234
15,032
6,033
19,341
7,998
3,885
18,379
16,194
10,603

Download Holdings

Date	Account	StockTicker	CUSIP	SecurityName	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag	IncomeByPosition
03/27/2023	WBIF	Cash&Other	Cash&Other	Cash & Other	18,310,268	1.000000	18310268.18	48.58%	37692051.40	1438315	28	Y
03/27/2023	WBIF	LEA	521865204	LEAR CORP	12,234	137.970000	1687924.98	4.48%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	TXRH	882681109	TEXAS ROADHOUSE INC	15,032	104.100000	1564831.20	4.15%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	HCA	40412C101	HCA HEALTHCARE INC	6,033	254.220000	1533709.26	4.07%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	APH	032095101	AMPHENOL CORP NEW	19,341	78.610000	1520396.01	4.03%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	ADI	032654105	ANALOG DEVICES INC	7,998	187.690000	1501144.62	3.98%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	KLAC	482480100	KLA CORP	3,885	375.070000	1457146.95	3.87%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	MCHP	595017104	MICROCHIP TECHNOLOGY INC.	18,379	79.430000	1459843.97	3.87%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	SO	842587107	SOUTHERN CO	16,194	68.590000	1110746.46	2.95%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	LEN	526057104	LENNAR CORP	10,603	103.740000	1099955.22	2.92%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	HSY	427866108	HERSHEY CO	4,380	247.860000	1085626.80	2.88%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	AEE	023608102	AMEREN CORP	12,646	84.040000	1062769.84	2.82%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	EXP	26969P108	EAGLE MATLS INC	7,440	138.890000	1033341.60	2.74%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	NXPI	N6596X109	NXP SEMICONDUCTORS N V	5,813	176.550000	1026285.15	2.72%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	PCAR	693718108	PACCAR INC	14,067	69.900000	983283.30	2.61%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	PAG	70959W103	PENSKE AUTOMOTIVE GRP INC	4,983	132.820000	661842.06	1.76%	37692051.40	1438315	28		0.00
03/27/2023	WBIF	LOW	548661107	LOWES COS INC	3,131	189.460000	593199.26	1.57%	37692051.40	1438315	28		0.00

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WBI Bull|Bear Yield 3000 ETF (WBIG)

Fund Information

As of: 03/24/2023

NAV

Daily Change

Median 30 Day Spread Percentage

Fact Sheet

$21.90

$0.06

0.26%

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: 03/24/2023

Shares Outstanding

Fund Size ($M)

Closing Bid/Ask (Midpoint)

Daily Volume

Premium/Discount

Net*/Gross Expense Ratio

2,530,183

55.42

$21.89

-0.06%

1.33% / 1.51%

Performance Month End	As of: 02/28/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-3.99%

-4.22%

-12.79%

2.41%

-0.69

0.53%

Market

-3.91%

-4.30%

-12.76%

2.51%

-0.80

0.52%

Performance Quarter End	As of: 12/31/2022

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-6.07

-1.53

-7.78

1.03

0.38

1.06

Market

-5.88

-1.74

-7.67

1.19

0.37

1.06

Fund Characteristics	As of: 2/28/2023

30-Day SEC Yield

1.88%

WBIG Top Holdings	As of: 03/27/2023

Security Name

Weightings

Cash & Other
COMCAST CORP NEW
CONAGRA BRANDS INC
RAYTHEON TECHNOLOGIES CORP
MARATHON PETE CORP
DELL TECHNOLOGIES INC
AMCOR PLC
INTERNATIONAL BUSINESS MACHS COM
3M CO
COTERRA ENERGY INC

60.23%
4.07%
4.06%
3.95%
3.90%
3.83%
2.78%
2.75%
2.65%
2.61%

33,377,078
62,738
60,448
22,702
17,347
56,828
141,204
12,163
14,546
61,125

Download Holdings

Date	Account	StockTicker	CUSIP	SecurityName	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag	IncomeByPosition
03/27/2023	WBIG	Cash&Other	Cash&Other	Cash & Other	33,377,078	1.000000	33377078.03	60.23%	55418092.21	2530183	50	Y
03/27/2023	WBIG	CMCSA	20030N101	COMCAST CORP NEW	62,738	35.920000	2253548.96	4.07%	55418092.21	2530183	50		0.00
03/27/2023	WBIG	CAG	205887102	CONAGRA BRANDS INC	60,448	37.210000	2249270.08	4.06%	55418092.21	2530183	50		0.00
03/27/2023	WBIG	RTX	75513E101	RAYTHEON TECHNOLOGIES CORP	22,702	96.440000	2189380.88	3.95%	55418092.21	2530183	50		0.00
03/27/2023	WBIG	MPC	56585A102	MARATHON PETE CORP	17,347	124.700000	2163170.90	3.90%	55418092.21	2530183	50		0.00
03/27/2023	WBIG	DELL	24703L202	DELL TECHNOLOGIES INC	56,828	37.380000	2124230.64	3.83%	55418092.21	2530183	50		0.00
03/27/2023	WBIG	AMCR	G0250X107	AMCOR PLC	141,204	10.930000	1543359.72	2.78%	55418092.21	2530183	50		0.00
03/27/2023	WBIG	IBM	459200101	INTERNATIONAL BUSINESS MACHS COM	12,163	125.290000	1523902.27	2.75%	55418092.21	2530183	50		0.00
03/27/2023	WBIG	MMM	88579Y101	3M CO	14,546	101.140000	1471182.44	2.65%	55418092.21	2530183	50		0.00
03/27/2023	WBIG	CTRA	127097103	COTERRA ENERGY INC	61,125	23.680000	1447440.00	2.61%	55418092.21	2530183	50		0.00
03/27/2023	WBIG	MO	02209S103	ALTRIA GROUP INC	32,839	43.970000	1443930.83	2.61%	55418092.21	2530183	50		0.00
03/27/2023	WBIG	ABBV	00287Y109	ABBVIE INC	7,833	158.020000	1237770.66	2.23%	55418092.21	2530183	50		0.00
03/27/2023	WBIG	KMB	494368103	KIMBERLY-CLARK CORP	9,412	130.480000	1228077.76	2.22%	55418092.21	2530183	50		0.00
03/27/2023	WBIG	GILD	375558103	GILEAD SCIENCES INC	14,583	80.000000	1166640.00	2.11%	55418092.21	2530183	50		0.00

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WBI Bull|Bear Quality 3000 ETF (WBIL)

Fund Information

As of: 03/24/2023

NAV

Daily Change

Median 30 Day Spread Percentage

Fact Sheet

$27.43

$0.05

0.25%

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: 03/24/2023

Shares Outstanding

Fund Size ($M)

Closing Bid/Ask (Midpoint)

Daily Volume

Premium/Discount

Net*/Gross Expense Ratio

1,477,182

40.52

$27.42

-0.07%

1.25% / 1.45%

Performance Month End	As of: 02/28/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-1.15%

0.74%

-7.77%

3.88%

1.44

2.10%

Market

-0.99%

0.78%

-7.74%

4.00%

1.35

2.10%

Performance Quarter End	As of: 12/31/2022

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-4.38

1.68

-9.55

1.58

1.21

2.05

Market

-4.23

1.64

-9.59

1.62

1.18

2.04

Fund Characteristics	As of: 2/28/2023

30-Day SEC Yield

0.64%

WBIL Top Holdings	As of: 03/27/2023

Security Name

Weightings

Cash & Other
PEPSICO INC
ANALOG DEVICES INC
MASTERCARD INCORPORATED
MANHATTAN ASSOCIATES INC
VERTEX PHARMACEUTICALS INC
HUMANA INC
BROADCOM INC
COCA COLA CO
VISA INC

59.72%
4.54%
4.48%
4.23%
3.17%
2.57%
2.43%
2.40%
2.40%
2.36%

24,198,172
10,268
9,683
4,873
8,719
3,319
1,957
1,530
16,002
4,328

Download Holdings

Date	Account	StockTicker	CUSIP	SecurityName	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag	IncomeByPosition
03/27/2023	WBIL	Cash&Other	Cash&Other	Cash & Other	24,198,172	1.000000	24198172.05	59.72%	40524863.27	1477182	29	Y
03/27/2023	WBIL	PEP	713448108	PEPSICO INC	10,268	179.090000	1838896.12	4.54%	40524863.27	1477182	29		0.00
03/27/2023	WBIL	ADI	032654105	ANALOG DEVICES INC	9,683	187.690000	1817402.27	4.48%	40524863.27	1477182	29		0.00
03/27/2023	WBIL	MA	57636Q104	MASTERCARD INCORPORATED	4,873	351.630000	1713492.99	4.23%	40524863.27	1477182	29		0.00
03/27/2023	WBIL	MANH	562750109	MANHATTAN ASSOCIATES INC	8,719	147.300000	1284308.70	3.17%	40524863.27	1477182	29		0.00
03/27/2023	WBIL	VRTX	92532F100	VERTEX PHARMACEUTICALS INC	3,319	314.390000	1043460.41	2.57%	40524863.27	1477182	29		0.00
03/27/2023	WBIL	HUM	444859102	HUMANA INC	1,957	502.430000	983255.51	2.43%	40524863.27	1477182	29		0.00
03/27/2023	WBIL	AVGO	11135F101	BROADCOM INC	1,530	636.170000	973340.10	2.40%	40524863.27	1477182	29		0.00
03/27/2023	WBIL	KO	191216100	COCA COLA CO	16,002	60.900000	974521.80	2.40%	40524863.27	1477182	29		0.00
03/27/2023	WBIL	V	92826C839	VISA INC	4,328	221.040000	956661.12	2.36%	40524863.27	1477182	29		0.00
03/27/2023	WBIL	BKNG	09857L108	BOOKING HOLDINGS INC	380	2499.330000	949745.40	2.34%	40524863.27	1477182	29		0.00
03/27/2023	WBIL	LMT	539830109	LOCKHEED MARTIN CORP	2,002	474.540000	950029.08	2.34%	40524863.27	1477182	29		0.00
03/27/2023	WBIL	IBM	459200101	INTERNATIONAL BUSINESS MACHS COM	7,546	125.290000	945438.34	2.33%	40524863.27	1477182	29		0.00
03/27/2023	WBIL	MRK	58933Y105	MERCK & CO INC	8,801	104.800000	922344.80	2.28%	40524863.27	1477182	29		0.00
03/27/2023	WBIL	OXY	674599105	OCCIDENTAL PETE CORP	15,722	58.180000	914705.96	2.26%	40524863.27	1477182	29		0.00

Premium/Discount

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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.