WBI to Liquidate Two Funds: WBIR and WBIH

WBI Investments, Inc., a leading provider of wealth-building strategies
targeting an optimal blend of bear market protection and bull market
return, today announced that it will close and liquidate two
exchange-traded funds with plans to launch additional funds of the
Absolute Shares Trust.

WBI’s commitment to responding to investors’ needs includes a regular
review of its product lineup, which has led to a decision to liquidate
the following funds: WBI BullBear Global High Income ETF (WBIH) and WBI
BullBear Global Rotation ETF (WBIR) (each a “Fund” and, collectively,
the “Funds”). WBI intends to launch new fund(s) nearly concurrently with
the liquidations.

June 7, 2019 will be the Funds’ last full day of trading on NYSE Arca,
Inc. (“NYSE Arca”). Effective as of the close of business on June 7,
2019, the Funds will no longer accept orders for the purchase of
Creation Units. Beginning when the Funds commence the liquidation of
their portfolios, the Funds may not pursue their respective investment
objectives or, with certain exceptions, engage in normal business
activities, and each Fund may hold cash and securities that may not be
consistent with that Fund’s investment objective and strategy.

The liquidation date for the Funds will be on or about June 14, 2019
(“Liquidation Date”). NYSE Arca is expected to halt trading in shares of
each Fund after the market close on June 7, 2019. There can be no
assurance that there will be a market for the purchase or sale of Fund
shares during the time between the market close on June 7, 2019 and the
Liquidation Date, because Fund shares will not be traded on NYSE Arca.
Shareholders of each Fund may sell their shares of the Fund on NYSE Arca
until the market close on June 7, 2019, and may incur customary
transaction fees from their broker-dealer in connection with such sales.
Prior to the Liquidation Date, Authorized Participants may continue to
submit orders to the Funds for the redemption of Creation Units.

In connection with the liquidations, any shares of a Fund outstanding on
the Liquidation Date will be automatically redeemed as of the close of
business on the Liquidation Date without the imposition of customary
redemption transaction fees. The proceeds of any such redemption will be
equal to the net asset value of such shares after the Fund has paid or
provided for all of its charges, taxes, expenses and liabilities,
including certain operational costs of liquidating the Fund. The
distribution to shareholders of these liquidation proceeds will occur as
soon as practicable, and will be made to all Fund shareholders at the
time of the liquidations.

Although the liquidations are not expected to be taxable events for the
Funds, for taxable shareholders, the automatic redemption of shares of
the Funds on the Liquidation Date will generally be treated as a sale
that may result in a gain or loss for federal income tax purposes.
Please consult your personal tax advisor about the potential tax
consequences.

For additional information about the liquidations, shareholders of the
Funds may call (855) WBI-ETFS or (855) 924-3837, or by sending an email
request to [email protected].

About WBI

For over three decades, WBI’s goal has been to help investors stay
comfortably invested by aiming to reduce risk to capital. Our value
driven investment process and risk-managed SMA and ETF strategies can
help investors navigate both bull and bear markets.

An investment in the Fund is subject to investment risk, including
the possible loss of principal amount invested. An investment in the
Fund varies with the success and failure of the Sub-Advisor’s investment
strategies and the Sub-Advisor's research, analysis, and determination
of portfolio securities. The investment process includes the use of
proprietary models and analysis that rely on third-party data and, if
inaccurate, could adversely affect the Fund performance. In addition,
the Fund is subject to market risk, dividend risk, growth risk, value
risk, debt security risk, foreign and emerging market securities risk,
high-yield security risk, master limited partnership risk, small- and
medium-sized companies risk, portfolio turnover risk, securities
business risk, and trading price risk.

Investors should consider the investment objectives, risks, charges
and expenses carefully before investing. For a current prospectus with
this and other information about the Fund please visit our website at www.wbishares.com
or call 1-800-772-5810. Read the prospectus carefully before investing.

Foreside Fund Services, LLC., Distributor

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