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Name

As of 05/17/2021

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Absolute Shares Trust - WBI BullBear Trend Switch US Total Return ETF

WBIN | ETF

-

$10.7 M

0.00%

-

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$10.7 M

Holdings in Top 10

133.7%

52 WEEK LOW AND HIGH

$17.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio N/A

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 05/17/2021

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Absolute Shares Trust - WBI BullBear Trend Switch US Total Return ETF

WBIN | ETF

-

$10.7 M

0.00%

-

WBIN - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Absolute Shares Trust - WBI BullBear Trend Switch US Total Return ETF
  • Fund Family Name
    Absolute Shares Trust
  • Inception Date
    N/A
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Donald Schreiber

Fund Description

The Fund will seek to invest in U.S. fixed income securities that WBI Investments, Inc., the sub-advisor (“Sub-Advisor”) to the Fund and an affiliate of Millington Securities, Inc., the advisor (“Advisor”), believes display attractive prospects for current income with the potential for long-term capital appreciation under then current market conditions. These securities will be selected on the basis of the Sub-Advisor’s investment process which includes the use of various quantitative models. The Fund’s securities selection process is driven by the Sub-Advisor’s proprietary rules-based bond model (the “Bond Model”) that utilizes 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 is described further below. Since cash equivalents are among the investment opportunities evaluated by the Bond Model, the Fund may invest in and hold most, if not all, of its net assets in cash equivalents as part of the normal operation of its investment strategy.
Debt securities will be selected on the basis of the Sub-Advisor’s assessment of the risks in the U.S. fixed income market using its Bond Model described briefly below. The purpose of the Bond Model is to assess conditions likely to affect the relative performance of selected segments of the fixed income market with respect to their sensitivity to credit quality and duration. The types of debt securities in which the Fund will invest are U.S. Treasuries, U.S. investment grade corporate bonds, and U.S. high yield bonds (also known as “junk bonds”), and ETFs and ETNs with exposure to the debt securities described. The Fund expects to invest in debt securities of short and long durations, depending on the Sub-Advisor’s assessment of the risks along the yield curve. The yield curve refers to differences in yield among debt assets of varying maturities.
The Fund defines a total return fund as one that seeks to maximize gains from both income generating investments, such as bonds and dividend paying stocks, while simultaneously aiming to invest in assets which will experience capital appreciation, and as such these approaches are used (in part) to achieve the Fund’s investment objective.
The Fund uses the Bond Model, which directs investment exposure to debt securities (or bonds) of a particular duration and credit quality. Duration is a measure of a debt security’s expected price sensitivity to changes in interest rates. Debt security prices typically have an inverse relationship with interest rates. Rising interest rates indicate that debt security prices are likely to decline, while declining interest rates indicate that debt security prices are likely to rise. As a general rule, for every 1% increase or decrease in interest rates, a debt security’s price will change approximately 1% in the opposite direction for every year of duration. For example, if a bond has a duration of three years and interest rates increase by 1%, the bond’s price is expected to decline by approximately 3%. Credit quality is a measure of a borrower’s (or bond issuer’s) creditworthiness or risk of default. A company or bond’s credit quality may also be known as its “bond rating” as determined by private independent rating agencies such as Standard & Poor’s, Moody’s and Fitch. Each rating agency has its own credit quality designations which typically range from high (‘AAA’ to ‘AA’) to medium (‘A’ to ‘BBB’) to low (‘BB’, ‘B’, ‘CC’ to ‘C’).
The Bond Model generates both a credit quality signal and a duration signal. The combination of the Bond Model’s credit quality signal and the duration signal indicates the recommended debt security exposure. For example, the Bond Model’s credit quality signal may indicate that exposure to relatively lower rated debt securities is appropriate. Simultaneously, the Bond Model’s duration signal may indicate that exposure to relatively short duration debt securities is appropriate. In this example, the
combination of the two Bond Model signals would indicate that exposure to lower rated debt securities with short duration is appropriate. Market conditions may call for the Fund to remain in any of the possible exposure positions for an extended period of time. The Fund will change its exposure position based on the following signals, and each change will become effective on the business day after the indicator signals change.
The Sub-Advisor’s credit quality signal indicates the fixed income credit quality that current conditions are more likely to favor among U.S. treasuries, U.S. investment grade bonds, or U.S. high yield bonds on the basis of credit quality probability and credit condition momentum analysis. Credit quality probability analysis seeks to predict which of the three possible credit quality debt securities market segments is likely to perform best in the subsequent week. Credit momentum analysis seeks to determine whether a change in the current credit state will be recommended.
The Sub-Advisor’s duration signal indicates whether current conditions are more likely to favor bonds of short or long maturities on the basis of duration probability and duration momentum analysis. Duration probability analysis seeks to predict whether long or short duration exposure to the credit quality debt securities determined by the credit quality signal is likely to perform best in the subsequent week. Duration momentum analysis seeks to determine whether a change in the current duration will be recommended.
The Fund seeks to achieve its investment objective by principally investing directly in the following different types of instruments:
•U.S. Treasuries, U.S. Investment Grade Corporate Bonds, and U.S. High Yield Bonds issued by the U.S. government and U.S. public and private companies (“Direct Investments”);
•Registered fund shares (“investment company shares”) where such funds’ portfolios primarily contain Direct Investments. Investment company shares through which the Fund obtains indirect exposure to Direct Investments include those issued by mutual funds and exchange-traded funds (“ETFs”); and
•Exchange-traded notes (“ETNs”) and listed and over-the-counter (“OTC”) derivatives whose performance is designed to track the performance of Direct Investments (such derivatives together with ETNs and investment company shares are referred to as “Indirect Investments”.) Indirect Investments include gaining exposure to Direct Investments through listed and OTC derivatives, including:
◦futures contracts, swap agreements, and forward contracts; and
◦options on securities, indices, and futures contracts.
The Fund is an actively managed ETF. The Sub-Advisor actively manages the Fund’s portfolio. As a result, the portfolio turnover rate for the Fund, especially during periods of significant volatility, may be high. The Sub-Advisor expects that the Fund’s investment strategy will result in a portfolio turnover rate in excess of 700% on an annual basis. Since the Fund’s principal investment strategy is expected to result in a higher annual portfolio turnover rate than that of many other investment companies, the Fund may experience higher portfolio transaction costs and Shares held in taxable accounts may incur higher taxes than what may be experienced by other investment companies and their shares.
The Fund is considered to be diversified.
For additional information about the Fund’s principal investment strategies and the investment process, see “Description of the Principal Strategies of the Funds.”
Read More

WBIN - Performance

Return Ranking - Trailing

Period WBIN Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -23.1% 10.7% 94.62%
1 Yr N/A -41.0% 10.0% 94.87%
3 Yr N/A* -19.7% 16.5% N/A
5 Yr N/A* -14.4% 12.6% N/A
10 Yr N/A* -8.9% 4.1% N/A

* Annualized

Return Ranking - Calendar

Period WBIN Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -48.5% 15.7% 97.00%
2022 N/A -10.0% 21.8% N/A
2021 N/A -5.8% 15.2% N/A
2020 N/A -7.6% 6.4% N/A
2019 N/A -6.8% 8.1% N/A

Total Return Ranking - Trailing

Period WBIN Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -29.8% 10.7% 94.62%
1 Yr N/A -41.0% 10.0% 91.21%
3 Yr N/A* -19.7% 16.5% N/A
5 Yr N/A* -14.4% 12.6% N/A
10 Yr N/A* -8.9% 6.4% N/A

* Annualized

Total Return Ranking - Calendar

Period WBIN Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -48.5% 15.7% 97.00%
2022 N/A -10.0% 21.8% N/A
2021 N/A -5.8% 15.2% N/A
2020 N/A -6.8% 6.4% N/A
2019 N/A -6.8% 11.4% N/A

WBIN - Holdings

Concentration Analysis

WBIN Category Low Category High WBIN % Rank
Net Assets 10.7 M 643 K 15.7 B 97.31%
Number of Holdings 5 2 3255 96.53%
Net Assets in Top 10 14.3 M 349 K 12.1 B 93.82%
Weighting of Top 10 133.72% 22.2% 100.0% 10.82%

Top 10 Holdings

  1. iShares Broad USD High Yield Corporate Bond ETF 40.41%
  2. Xtrackers USD High Yield Corporate Bond ETF 40.20%
  3. Mount Vernon Liquid Assets Portfolio, LLC 33.69%
  4. VanEck Vectors Fallen Angel High Yield Bond ETF 18.72%
  5. US BANK MMDA - USBFS 2 0.71%

Asset Allocation

Weighting Return Low Return High WBIN % Rank
Stocks 		99.33% 0.00% 238.38% 89.96%
Cash 		34.40% -65.52% 88.88% 74.90%
Preferred Stocks 		0.00% 0.00% 6.21% 93.05%
Other 		0.00% -72.87% 73.78% 93.05%
Convertible Bonds 		0.00% 0.00% 8.92% 18.92%
Bonds 		0.00% 0.00% 106.59% 1.54%

Stock Sector Breakdown

Weighting Return Low Return High WBIN % Rank
Utilities 		0.00% 0.00% 91.12% 99.54%
Technology 		0.00% 0.00% 85.77% 100.00%
Real Estate 		0.00% 0.00% 99.45% 100.00%
Industrials 		0.00% 0.00% 23.85% 100.00%
Healthcare 		0.00% 0.00% 38.63% 100.00%
Financial Services 		0.00% 0.00% 98.22% 0.93%
Energy 		0.00% 0.00% 60.89% 54.63%
Communication Services 		0.00% 0.00% 21.61% 100.00%
Consumer Defense 		0.00% 0.00% 37.51% 100.00%
Consumer Cyclical 		0.00% 0.00% 25.83% 100.00%
Basic Materials 		0.00% 0.00% 56.73% 99.54%

Stock Geographic Breakdown

Weighting Return Low Return High WBIN % Rank
US 		99.33% -1.19% 235.84% 90.35%
Non US 		0.00% -6.82% 98.11% 75.68%

WBIN - Expenses

Operational Fees

WBIN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio N/A 0.44% 3.72% 89.63%
Management Fee N/A 0.00% 1.50% 25.77%
12b-1 Fee N/A 0.00% 1.00% 31.58%
Administrative Fee N/A 0.05% 0.70% N/A

Sales Fees

WBIN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

WBIN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

WBIN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 441.00% N/A

WBIN - Distributions

Dividend Yield Analysis

WBIN Category Low Category High WBIN % Rank
Dividend Yield 0.00% 0.00% 32.66% 94.21%

Dividend Distribution Analysis

WBIN Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Annually Annually

Net Income Ratio Analysis

WBIN Category Low Category High WBIN % Rank
Net Income Ratio N/A -2.12% 13.72% 6.27%

Capital Gain Distribution Analysis

WBIN Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

WBIN - Fund Manager Analysis

Managers

Donald Schreiber

Start Date

Tenure

Tenure Rank

Jul 18, 2019

1.79

1.8%

Mr. Don Schreiber, Jr. has led WBI since founding the firm in 1984. Mr. Schreiber has focused company resources on developing WBI’s proprietary time-tested investment approach, seeking to provide wealth-building investment strategies with low volatility, low correlation, and an optimal blend of bear market capital preservation and bull market return. Mr. Schreiber continues to push the envelope of investing across the firm’s separately managed accounts and exchange-traded funds – as shown in the evolution of WBI’s SMA product into a tactical and more tax-efficient SMA stucture (the Tax-Smart SMA®). Additionally, upon WBI’s 30-year anniversary, the company reached a historic milestone with the launch of 10 actively managed exchange-traded funds and setting an industry record with $1 billion in assets on the first trading day. Considered an expert in his field, Mr. Schreiber is often called upon by the press to provide his perspective on investments, markets, economics, and financial planning. Mr. Schreiber makes recurring appearances on CNBC and Fox Business, and his views are also frequently published in print. Mr. Schreiber co-hosts a successful podcast series, Bull | Bear Radio. In addition, he is a Top Contributor on Financial Advisor IQ’s ThinkTank. Mr. Schreiber is co-author of “All About Dividend Investing”, published by McGraw-Hill in 2011 and the author of “Building a World Class Financial Services Business: How to Transform Your Sales Practice into a Business Worth Millions”, released by Dearborn Publishing in 2001. Mr. Schreiber earned a Bachelor of Science in Business Finance from Susquehanna University and is a Certified Financial Planner (CFP®). Mr. Schreiber is Chief Executive Officer of The Hartshorne Group as well as Chief Executive Officer of Millington Securities.

Steven Van Solkema

Start Date

Tenure

Tenure Rank

Jul 18, 2019

1.79

1.8%

Effective March 1, 2019, Mr. Van Solkema assumed the role of Co-Chief Investment Officer and Co-Portfolio Manager of WBI Investments, Inc. He has over twenty years of portfolio management, trading, quantitative modeling, risk management, operations and compliance experience in equity and fixed income capital markets. Prior to this new position, Mr. Van Solkema spent five years as the Chief Operating Officer of Millington Securities, an affiliate of WBI Investments, Inc. Mr. Van Solkema also previously served as Chief Compliance Officer of Millington. At Millington Securities, Mr. Van Solkema and his team focused on providing high-touch institutional trading services and exchange-traded fund advisory services. Before joining Millington Securities in April of 2014, Mr. Van Solkema was a Portfolio Manager and Managing Director at Ally Financial. In that role, he directed Agency MBS and interest rate derivative trading, pipeline risk management, mortgage lending, origination, securitization, and rate sheet pricing on the firm’s capital markets desk. He supervised a team of traders and consistently improved risk management reporting used by the firm’s CIO. Mr. Van Solkema also served as Chief Operating Officer of Ally Securities, the firm’s broker-dealer, where he supervised institutional sales and trading teams, operations, compliance and technology. He was also responsible for strategic initiatives, quantitative credit modeling, product development, balance sheet management and oversight of treasury operations. Prior to Ally Financial, Mr. Van Solkema was a Portfolio Manager and Managing Director at Bear Stearns. He focused on Non-Agency RMBS, CDO, CLO, equity and index derivative securities, including quantitative modeling, trading and valuation of $38 billion in gross assets under management. He developed numerous analytical models and implemented profitable trade ideas in structured credit markets with a focus on risk management, relative value analysis and asset correlation. He also supervised hedge fund trading, valuation, accounting, and technology teams. Mr. Van Solkema began his career at Goldman Sachs as a Senior Risk Analyst and Project Manager where he analyzed performance attribution, risk management, asset allocation, valuation, and tax harvesting strategies for high-net-worth client portfolios comprised of domestic and international equities, fixed income, foreign currencies and derivatives. He was also responsible for calculating VAR, risk-adjusted portfolio performance, internal and external composite variance, and customized benchmarks. Mr. Van Solkema earned his MBA in Finance from New York University’s Stern School of Business and his BBA in Finance from Baruch College. Mr. Van Solkema is a Chartered Financial Analyst (CFA®) Charterholder and is Series 65 licensed (and was previously a FINRA Series 4, 7, 24, 27, 57, 63, and 99 registered representative).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.83 6.61 13.0

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