Fund Description: WBI BullBear Trend Switch US 3000 Total Return ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Absolute Shares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The WBI BullBear Trend Switch US 3000 Total Return ETF seeks current income with the potential for long-term capital appreciation, while also seeking to protect principal during unfavorable market conditions.. The Fund is an actively managed ETF and does not seek to replicate the performance of a specified Index. Instead, it uses an active investment strategy to seek to meet its investment objective. WBI Investments, Inc., the Sub-Advisor, subject to the oversight of the Advisor, has discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. FUND STRATEGY: The Fund uses a rules-based methodology to implement a systematic strategy that directs exposure to either (i) U.S. large, medium-sized and small capitalization (All Cap) equity securities. The Sub-Advisor believes offer the potential for a high correlation to the performance of the broader U.S. All Cap equities market; or (ii) U.S. fixed income securities that the Sub-Advisor, believes display attractive prospects for current income with the potential for long-term capital appreciation under then current market conditions. The Fund’s exposure direction is driven first by the Sub-Advisor’s proprietary rules-based equity model and, if applicable, subsequently by the Sub-Advisor’s proprietary rules-based bond model. Both the Equity Model and the Bond Model utilize a systematic approach analyzing macro-economic factors and technical market trends including, among others, those relating to commodities, monetary policy, valuation, sentiment and change in interest rates, to assess risk and generate their signals, and are described further below. Since cash and cash equivalents are among the investment opportunities evaluated by the Models, the Fund may invest in and hold most, if not all, of its net assets in cash or cash equivalents as part of the normal operation of its investment strategy. When the Fund is invested in equity securities it will invest in All Cap equity securities, and ETFs or ETNs with exposure to those equity securities. When the Fund is not invested in equity securities, it will invest debt securities selected on the basis of the Sub-Advisor’s assessment of the risks in the U.S. fixed income market using its Bond Model. FUND MANAGEMENT: Millington Securities, Inc. is the Fund’s investment advisor. WBI Investments, Inc. serves as the Sub-Adviser to the Fund and is responsible for its day-to-day investment management.