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: 06/02/2023

NAV

Daily Change

Median 30 Day Spread Percentage

Fact Sheet

$25.52

$0.78

0.32%

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: 06/02/2023

Shares Outstanding

Fund Size ($M)

Closing Bid/Ask (Midpoint)

Daily Volume

Premium/Discount

Net*/Gross Expense Ratio

2,800,000

71.46

$25.48

504,549

-0.16%

0.70% / 0.94%

Performance Month End	As of: 05/31/2023

Name

MTD

QTD

YTD

1 Year

3 Year

Since Inception 12/19/2016

NAV

-7.17%

-7.89%

-6.61%

-12.91%

14.92%

4.80%

Market

-7.16%

-7.87%

-6.71%

-12.95%

14.92%

4.80%

Performance Quarter End	As of: 03/31/2023

Name

MTD

QTD

YTD

1 Year

3 Year

Since Inception 12/19/2016

NAV

-2.43

1.39

-2.62

26.16

6.31

Market

-2.64

1.26

-2.80

26.18

6.31

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: 4/30/2023

30-Day SEC Yield

30-Day Unsubsidized SEC Yield

5.68%

5.23%

WBIY Top Holdings	As of: 06/06/2023

Security Name

Weightings

ALTRIA GROUP INC
SYNOVUS FINL CORP
VERIZON COMMUNICATIONS INC
KINDER MORGAN INC DEL
VIATRIS INC
BEST BUY INC
LYONDELLBASELL INDUSTRIES N V SHS - A -
NRG ENERGY INC
3M CO
DOW INC

7.10%
7.01%
6.78%
4.67%
4.64%
4.62%
4.60%
4.59%
4.56%
4.49%

96,246
146,668
119,012
168,587
300,703
38,413
31,028
83,905
28,150
52,807

Download Holdings

Date	Account	StockTicker	CUSIP	SecurityName	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag	IncomeByPosition
06/06/2023	WBIY	MO	02209S103	ALTRIA GROUP INC	96,246	44.640000	4296421.44	7.10%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	SNV	87161C501	SYNOVUS FINL CORP	146,668	28.940000	4244571.92	7.01%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	VZ	92343V104	VERIZON COMMUNICATIONS INC	119,012	34.460000	4101153.52	6.78%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	KMI	49456B101	KINDER MORGAN INC DEL	168,587	16.760000	2825518.12	4.67%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	VTRS	92556V106	VIATRIS INC	300,703	9.330000	2805558.99	4.64%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	BBY	086516101	BEST BUY INC	38,413	72.830000	2797618.79	4.62%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	LYB	N53745100	LYONDELLBASELL INDUSTRIES N V SHS - A -	31,028	89.720000	2783832.16	4.60%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	NRG	629377508	NRG ENERGY INC	83,905	33.120000	2778933.60	4.59%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	MMM	88579Y101	3M CO	28,150	97.980000	2758137.00	4.56%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	DOW	260557103	DOW INC	52,807	51.500000	2719560.50	4.49%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	IP	460146103	INTERNATIONAL PAPER CO	79,680	30.280000	2412710.40	3.99%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	KEY	493267108	KEYCORP	166,754	10.130000	1689218.02	2.79%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	CWH	13462K109	CAMPING WORLD HLDGS INC	56,429	26.090000	1472232.61	2.43%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	KHC	500754106	KRAFT HEINZ CO	37,705	38.060000	1435052.30	2.37%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	NYCB	649445103	NEW YORK CMNTY BANCORP INC	127,317	10.570000	1345740.69	2.22%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	WU	959802109	WESTERN UN CO	102,958	11.680000	1202549.44	1.99%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	Cash&Other	Cash&Other	Cash & Other	1,118,689	1.000000	1118688.51	1.85%	60514320.00	2400000	48.000000000000	Y
06/06/2023	WBIY	CALM	128030202	CAL MAINE FOODS INC	22,899	47.090000	1078313.91	1.78%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	KNTK	02215L209	KINETIK HOLDINGS INC	31,961	32.430000	1036495.23	1.71%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	MDC	552676108	M D C HLDGS INC	24,379	41.890000	1021236.31	1.69%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	PAGP	72651A207	PLAINS GP HLDGS L P	71,179	14.160000	1007894.64	1.67%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	HESM	428103105	HESS MIDSTREAM LP	34,134	28.510000	973160.34	1.61%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	CWEN	18539C204	CLEARWAY ENERGY INC	30,957	30.080000	931186.56	1.54%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	CVI	12662P108	CVR ENERGY INC	34,581	25.020000	865216.62	1.43%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	UPBD	76009N100	UPBOUND GROUP INC	24,244	32.150000	779444.60	1.29%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	SBGI	829242106	SINCLAIR INC	48,321	14.090000	680842.89	1.13%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	OMF	68268W103	ONEMAIN HLDGS INC	13,051	40.920000	534046.92	0.88%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	TFC	89832Q109	TRUIST FINANCIAL CORP	15,841	31.740000	502793.34	0.83%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	CMA	200340107	COMERICA INC	12,139	40.340000	489687.26	0.81%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	COLB	197236102	COLUMBIA BKG SYS INC	21,525	21.580000	464509.50	0.77%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	CFG	174610105	CITIZENS FINL GROUP INC	16,704	27.490000	459192.96	0.76%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	FITB	316773100	FIFTH THIRD BANCORP	17,822	25.490000	454282.78	0.75%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	USB	902973304	US BANCORP DEL	14,204	31.220000	443448.88	0.73%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	ZION	989701107	ZIONS BANCORPORATION N A	14,982	28.720000	430283.04	0.71%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	FNF	31620R303	FIDELITY NATIONAL FINANCIAL IN FNF GROUP COM	12,059	34.880000	420617.92	0.70%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	HBAN	446150104	HUNTINGTON BANCSHARES INC	39,547	10.770000	425921.19	0.70%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	ALLY	02005N100	ALLY FINL INC	14,290	27.640000	394975.60	0.65%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	VLY	919794107	VALLEY NATL BANCORP	46,990	7.870000	369811.30	0.61%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	IVZ	G491BT108	INVESCO LTD	21,912	15.390000	337225.68	0.56%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	NAVI	63938C108	NAVIENT CORPORATION	20,640	16.480000	340147.20	0.56%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	BKU	06652K103	BANKUNITED INC	15,893	20.760000	329938.68	0.55%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	JXN	46817M107	JACKSON FINANCIAL INC	11,533	28.950000	333880.35	0.55%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	C	172967424	CITIGROUP INC	7,113	46.240000	328905.12	0.54%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	SASR	800363103	SANDY SPRING BANCORP INC	14,123	22.690000	320450.87	0.53%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	PFS	74386T105	PROVIDENT FINL SVCS INC	18,590	16.640000	309337.60	0.51%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	PPBI	69478X105	PACIFIC PREMIER BANCORP	14,931	20.090000	299963.79	0.50%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	HOPE	43940T109	HOPE BANCORP INC	35,006	8.490000	297200.94	0.49%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	VIRT	928254101	VIRTU FINL INC	16,367	17.950000	293787.65	0.49%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	BRKL	11373M107	BROOKLINE BANCORP INC DEL	32,994	8.660000	285728.04	0.47%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	EGBN	268948106	EAGLE BANCORP INC MD	13,348	20.950000	279640.60	0.46%	60514320.00	2400000	48.000000000000		0.00
06/06/2023	WBIY	HNI	404251100	HNI CORP	8,069	25.590000	206485.71	0.34%	60514320.00	2400000	48.000000000000		0.00

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WBI Bull|Bear Value 3000 ETF (WBIF)

Fund Information

As of: 06/02/2023

NAV

Daily Change

Median 30 Day Spread Percentage

Fact Sheet

$27.26

$0.38

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: 06/02/2023

Shares Outstanding

Fund Size ($M)

Closing Bid/Ask (Midpoint)

Daily Volume

Premium/Discount

Net*/Gross Expense Ratio

1,388,315

37.85

$27.25

220,582

-0.06%

1.39% / 1.52%

Performance Month End	As of: 05/31/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

2.17%

-0.25%

-4.15%

-12.11%

2.09%

0.03

1.72%

Market

2.26%

-0.14%

-4.05%

-11.97%

2.11%

0.03

1.71%

Performance Quarter End	As of: 03/31/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-3.06

-3.91

-14.75

3.49

0.13

1.78

Market

-3.18

-3.92

-14.91

3.49

0.05

1.76

*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: 4/30/2023

30-Day SEC Yield

0.82%

WBIF Top Holdings	As of: 06/06/2023

Security Name

Weightings

BROADCOM INC
AMAZON COM INC
META PLATFORMS INC
ALPHABET INC
MICROSOFT CORP
CSX CORP
AMEREN CORP
APPLE INC
FORD MTR CO DEL
DARDEN RESTAURANTS INC

4.91%
4.90%
4.90%
4.49%
4.39%
4.21%
4.19%
4.18%
4.14%
4.05%

2,558
16,343
7,543
14,883
5,458
54,837
21,377
9,731
137,471
10,524

Download Holdings

Date	Account	StockTicker	CUSIP	SecurityName	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag	IncomeByPosition
06/06/2023	WBIF	AVGO	11135F101	BROADCOM INC	2,558	802.300000	2052283.40	4.91%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	AMZN	023135106	AMAZON COM INC	16,343	125.300000	2047777.90	4.90%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	META	30303M102	META PLATFORMS INC	7,543	271.390000	2047094.77	4.90%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	GOOGL	02079K305	ALPHABET INC	14,883	126.010000	1875406.83	4.49%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	MSFT	594918104	MICROSOFT CORP	5,458	335.940000	1833560.52	4.39%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	CSX	126408103	CSX CORP	54,837	32.130000	1761912.81	4.21%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	AEE	023608102	AMEREN CORP	21,377	81.940000	1751631.38	4.19%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	AAPL	037833100	APPLE INC	9,731	179.580000	1747492.98	4.18%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	F	345370860	FORD MTR CO DEL	137,471	12.590000	1730759.89	4.14%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	DRI	237194105	DARDEN RESTAURANTS INC	10,524	161.040000	1694784.96	4.05%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	PAG	70959W103	PENSKE AUTOMOTIVE GRP INC	11,773	143.410000	1688365.93	4.04%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	MCHP	595017104	MICROCHIP TECHNOLOGY INC.	22,354	75.270000	1682585.58	4.02%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	AMD	007903107	ADVANCED MICRO DEVICES INC	14,218	117.930000	1676728.74	4.01%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	FAST	311900104	FASTENAL CO	29,528	55.290000	1632603.12	3.91%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	LOW	548661107	LOWES COS INC	7,853	206.780000	1623843.34	3.88%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	V	92826C839	VISA INC	7,160	226.770000	1623673.20	3.88%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	UNP	907818108	UNION PAC CORP	8,096	198.730000	1608918.08	3.85%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	CASY	147528103	CASEYS GEN STORES INC	7,001	227.920000	1595667.92	3.82%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	NDAQ	631103108	NASDAQ INC	28,301	56.020000	1585422.02	3.79%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	GWW	384802104	GRAINGER W W INC	2,297	675.660000	1551991.02	3.71%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	EXP	26969P108	EAGLE MATLS INC	7,210	166.370000	1199527.70	2.87%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	ABC	03073E105	AMERISOURCEBERGEN CORP	6,204	174.690000	1083776.76	2.59%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	ORCL	68389X105	ORACLE CORP	8,754	106.930000	936065.22	2.24%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	TSLA	88160R101	TESLA INC	4,067	217.610000	885019.87	2.12%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	MPWR	609839105	MONOLITHIC PWR SYS INC	1,607	487.150000	782850.05	1.87%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	Cash&Other	Cash&Other	Cash & Other	754,890	1.000000	754889.63	1.81%	41804171.62	1538315	30.770000000000	Y
06/06/2023	WBIF	PHM	745867101	PULTE GROUP INC	10,001	69.420000	694269.42	1.66%	41804171.62	1538315	30.770000000000		0.00
06/06/2023	WBIF	PH	701094104	PARKER-HANNIFIN CORP	1,939	337.380000	654179.82	1.56%	41804171.62	1538315	30.770000000000		0.00

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WBI Bull|Bear Yield 3000 ETF (WBIG)

Fund Information

As of: 06/02/2023

NAV

Daily Change

Median 30 Day Spread Percentage

Fact Sheet

$22.32

$0.26

0.19%

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: 06/02/2023

Shares Outstanding

Fund Size ($M)

Closing Bid/Ask (Midpoint)

Daily Volume

Premium/Discount

Net*/Gross Expense Ratio

2,430,183

54.24

$22.32

104,671

-0.01%

1.33% / 1.51%

Performance Month End	As of: 05/31/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-1.80%

-2.22%

-9.10%

-17.64%

0.36%

-1.16

-0.08%

Market

-1.87%

-2.25%

-9.20%

-17.78%

0.34%

-1.16

-0.10%

Performance Quarter End	As of: 03/31/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-2.94

-7.04

-18.76

2.15

-0.81

0.18

Market

-2.93

-7.11

-18.96

2.17

-0.88

0.17

Fund Characteristics	As of: 4/30/2023

30-Day SEC Yield

2.33%

WBIG Top Holdings	As of: 06/06/2023

Security Name

Weightings

MICROSOFT CORP
ALTRIA GROUP INC
AMAZON COM INC
META PLATFORMS INC
APPLE INC
ALPHABET INC
INTERNATIONAL BUSINESS MACHS COM
WALMART INC
FORD MTR CO DEL
OMNICOM GROUP INC

4.76%
4.69%
4.54%
4.53%
4.52%
4.51%
4.31%
4.23%
4.19%
4.16%

7,833
58,040
20,027
9,216
13,915
19,783
17,965
15,590
184,055
25,227

Download Holdings

Date	Account	StockTicker	CUSIP	SecurityName	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag	IncomeByPosition
06/06/2023	WBIG	MSFT	594918104	MICROSOFT CORP	7,833	335.940000	2631418.02	4.76%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	MO	02209S103	ALTRIA GROUP INC	58,040	44.640000	2590905.60	4.69%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	AMZN	023135106	AMAZON COM INC	20,027	125.300000	2509383.10	4.54%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	META	30303M102	META PLATFORMS INC	9,216	271.390000	2501130.24	4.53%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	AAPL	037833100	APPLE INC	13,915	179.580000	2498855.70	4.52%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	GOOGL	02079K305	ALPHABET INC	19,783	126.010000	2492855.83	4.51%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	IBM	459200101	INTERNATIONAL BUSINESS MACHS COM	17,965	132.640000	2382877.60	4.31%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	WMT	931142103	WALMART INC	15,590	149.800000	2335382.00	4.23%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	F	345370860	FORD MTR CO DEL	184,055	12.590000	2317252.45	4.19%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	OMC	681919106	OMNICOM GROUP INC	25,227	91.050000	2296918.35	4.16%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	PII	731068102	POLARIS INC	20,173	112.080000	2260989.84	4.09%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	AMD	007903107	ADVANCED MICRO DEVICES INC	18,919	117.930000	2231117.67	4.04%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	MSM	553530106	MSC INDL DIRECT INC	23,720	92.930000	2204299.60	3.99%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	GIS	370334104	GENERAL MLS INC	25,763	85.240000	2196038.12	3.97%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	CSCO	17275R102	CISCO SYS INC	43,639	50.210000	2191114.19	3.96%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	TAP	60871R209	MOLSON COORS BEVERAGE CO	34,271	63.810000	2186832.51	3.96%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	HD	437076102	HOME DEPOT INC	7,418	293.100000	2174215.80	3.93%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	CAH	14149Y108	CARDINAL HEALTH INC	25,244	84.760000	2139681.44	3.87%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	ORCL	68389X105	ORACLE CORP	17,968	106.930000	1921318.24	3.48%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	LRCX	512807108	LAM RESEARCH CORP	3,082	605.610000	1866490.02	3.38%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	TSLA	88160R101	TESLA INC	7,842	217.610000	1706497.62	3.09%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	UNM	91529Y106	UNUM GROUP	37,586	44.070000	1656415.02	3.00%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	NFLX	64110L106	NETFLIX INC	4,059	403.540000	1637968.86	2.96%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	KHC	500754106	KRAFT HEINZ CO	34,109	38.060000	1298188.54	2.35%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	PH	701094104	PARKER-HANNIFIN CORP	3,331	337.380000	1123812.78	2.03%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	AMP	03076C106	AMERIPRISE FINL INC	3,089	311.730000	962933.97	1.74%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	GEN	668771108	GEN DIGITAL INC	28,311	17.970000	508748.67	0.92%	55270134.10	2480183	49.600000000000		0.00
06/06/2023	WBIG	Cash&Other	Cash&Other	Cash & Other	444,207	1.000000	444207.09	0.80%	55270134.10	2480183	49.600000000000	Y

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WBI Bull|Bear Quality 3000 ETF (WBIL)

Fund Information

As of: 06/02/2023

NAV

Daily Change

Median 30 Day Spread Percentage

Fact Sheet

$28.13

$0.17

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: 06/02/2023

Shares Outstanding

Fund Size ($M)

Closing Bid/Ask (Midpoint)

Daily Volume

Premium/Discount

Net*/Gross Expense Ratio

1,427,182

40.15

$28.11

184,880

-0.10%

1.25% / 1.45%

Performance Month End	As of: 05/31/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-0.16%

0.00%

0.57%

-4.49%

2.97%

2.01

2.02%

Market

-0.07%

0.27%

0.59%

-4.47%

2.97%

2.00

2.01%

Performance Quarter End	As of: 03/31/2023

Name

MTD

QTD

YTD

1 Year

3 Year

5 Year

Since Inception 8/25/2014

NAV

-0.17

0.57

-9.14

4.58

1.87

2.06

Market

-0.45

0.32

-9.58

4.49

1.74

2.02

Fund Characteristics	As of: 4/30/2023

30-Day SEC Yield

0.47%

WBIL Top Holdings	As of: 06/06/2023

Security Name

Weightings

VERISK ANALYTICS INC
HUMANA INC
APPLE INC
META PLATFORMS INC
MICROSOFT CORP
AMAZON COM INC
ALPHABET INC
TJX COS INC NEW
ELECTRONIC ARTS INC
CINTAS CORP

4.78%
4.72%
4.56%
4.47%
4.47%
4.42%
4.32%
4.29%
4.15%
4.14%

9,499
3,994
11,268
7,313
5,906
15,649
15,224
24,123
14,510
3,792

Download Holdings

Date	Account	StockTicker	CUSIP	SecurityName	Shares	Price	MarketValue	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag	IncomeByPosition
06/06/2023	WBIL	VRSK	92345Y106	VERISK ANALYTICS INC	9,499	223.130000	2119511.87	4.78%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	HUM	444859102	HUMANA INC	3,994	523.940000	2092616.36	4.72%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	AAPL	037833100	APPLE INC	11,268	179.580000	2023507.44	4.56%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	META	30303M102	META PLATFORMS INC	7,313	271.390000	1984675.07	4.47%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	MSFT	594918104	MICROSOFT CORP	5,906	335.940000	1984061.64	4.47%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	AMZN	023135106	AMAZON COM INC	15,649	125.300000	1960819.70	4.42%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	GOOGL	02079K305	ALPHABET INC	15,224	126.010000	1918376.24	4.32%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	TJX	872540109	TJX COS INC NEW	24,123	78.860000	1902339.78	4.29%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	EA	285512109	ELECTRONIC ARTS INC	14,510	127.020000	1843060.20	4.15%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	CTAS	172908105	CINTAS CORP	3,792	484.250000	1836276.00	4.14%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	ACN	G1151C101	ACCENTURE PLC IRELAND	5,922	304.450000	1802952.90	4.06%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	ADBE	00724F101	ADOBE SYSTEMS INCORPORATED	4,125	434.180000	1790992.50	4.04%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	COST	22160K105	COSTCO WHSL CORP NEW	3,455	518.250000	1790553.75	4.04%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	ROK	773903109	ROCKWELL AUTOMATION INC	6,137	291.710000	1790224.27	4.04%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	HSY	427866108	HERSHEY CO	6,870	259.480000	1782627.60	4.02%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	FAST	311900104	FASTENAL CO	32,071	55.290000	1773205.59	4.00%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	AJG	363576109	GALLAGHER ARTHUR J & CO	8,443	206.270000	1741537.61	3.93%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	Cash&Other	Cash&Other	Cash & Other	1,696,551	1.000000	1696551.18	3.83%	44359032.34	1577182	31.540000000000	Y
06/06/2023	WBIL	AMD	007903107	ADVANCED MICRO DEVICES INC	14,226	117.930000	1677672.18	3.78%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	LMT	539830109	LOCKHEED MARTIN CORP	3,668	454.690000	1667802.92	3.76%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	ORCL	68389X105	ORACLE CORP	14,998	106.930000	1603736.14	3.62%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	AMAT	038222105	APPLIED MATLS INC	11,830	133.730000	1582025.90	3.57%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	LRCX	512807108	LAM RESEARCH CORP	2,573	605.610000	1558234.53	3.51%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	CMCSA	20030N101	COMCAST CORP NEW	38,533	39.790000	1533228.07	3.46%	44359032.34	1577182	31.540000000000		0.00
06/06/2023	WBIL	ITW	452308109	ILLINOIS TOOL WKS INC	4,066	225.600000	917289.60	2.07%	44359032.34	1577182	31.540000000000		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.