ALTSHARES TRUST

Ticker: ARB CUSIP: 02210T108 Class: MERGER ARBITRAGE

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (3)

GTS SECURITIES LLC

Value ($000) $1,268 Shares 43,634

Kestra Advisory Services, LLC

Value ($000) $50 Shares 1,709

IFP Advisors, Inc

Value ($000) $0 Shares 6

Institution	Shares	Value ($000)
GTS SECURITIES LLC	43,634	$1,268
Kestra Advisory Services, LLC	1,709	$50
IFP Advisors, Inc	6	$0

Increased Positions (18)

LongView Asset Management LLC

Value ($000) $10,362 (+4.7%) Shares 356,455 (+4.4%)

Legend Financial Advisors, Inc.

Value ($000) $5,227 (+3.0%) Shares 179,800 (+2.8%)

Sonoma Allocations LLC

Value ($000) $1,548 (+89.3%) Shares 53,294 (+88.4%)

CANTOR FITZGERALD INVESTMENT ADVISORS L.P.

Value ($000) $17,137 (+2.0%) Shares 589,523 (+1.7%)

Value ($000) $3,286 (+37.1%) Shares 113,051 (+36.8%)

Value ($000) $7,782 (+1134.5%) Shares 267,701 (+1131.1%)

Dynamic Advisor Solutions LLC

Value ($000) $1,869 (+13.8%) Shares 64,297 (+13.5%)

NEW YORK LIFE INVESTMENT MANAGEMENT LLC

Value ($000) $10,807 (+3.1%) Shares 371,772 (+2.8%)

Columbus Macro, LLC

Value ($000) $853 (+6.2%) Shares 29,353 (+5.9%)

Steward Partners Investment Advisory, LLC

Value ($000) $1,662 (+25.2%) Shares 57,187 (+24.8%)

Diversify Advisory Services, LLC

Value ($000) $3,295 (+2.2%) Shares 113,427 (+2.1%)

HighTower Advisors, LLC

Value ($000) $3,790 (+9.3%) Shares 130,375 (+9.0%)

Value ($000) $838 (+39.2%) Shares 28,822 (+38.8%)

BANK OF AMERICA CORP /DE/

Value ($000) $829 (+37.7%) Shares 28,509 (+37.3%)

Brinker Capital Investments, LLC

Value ($000) $5,382 (+1.8%) Shares 185,153 (+1.5%)

Cetera Investment Advisers

Value ($000) $1,442 (+11.1%) Shares 49,591 (+10.8%)

LPL Financial LLC

Value ($000) $573 (+2.2%) Shares 19,704 (+2.0%)

ROYAL BANK OF CANADA

Value ($000) $116 (+4.5%) Shares 3,989 (+3.8%)

Institution	Prev Shares	Curr Shares	Change
LongView Asset Management LLC	341,373	356,455	+15,082 (+4.4%)
Legend Financial Advisors, Inc.	174,987	179,800	+4,813 (+2.8%)
Sonoma Allocations LLC	28,284	53,294	+25,010 (+88.4%)
CANTOR FITZGERALD INVESTMENT ADVISORS L.P.	579,736	589,523	+9,787 (+1.7%)
PFG Advisors	82,668	113,051	+30,383 (+36.8%)
ASSETMARK, INC	21,745	267,701	+245,956 (+1131.1%)
Dynamic Advisor Solutions LLC	56,643	64,297	+7,654 (+13.5%)
NEW YORK LIFE INVESTMENT MANAGEMENT LLC	361,654	371,772	+10,118 (+2.8%)
Columbus Macro, LLC	27,718	29,353	+1,635 (+5.9%)
Steward Partners Investment Advisory, LLC	45,813	57,187	+11,374 (+24.8%)
Diversify Advisory Services, LLC	111,094	113,427	+2,333 (+2.1%)
HighTower Advisors, LLC	119,577	130,375	+10,798 (+9.0%)
MORGAN STANLEY	20,766	28,822	+8,056 (+38.8%)
BANK OF AMERICA CORP /DE/	20,765	28,509	+7,744 (+37.3%)
Brinker Capital Investments, LLC	182,393	185,153	+2,760 (+1.5%)
Cetera Investment Advisers	44,756	49,591	+4,835 (+10.8%)
LPL Financial LLC	19,327	19,704	+377 (+2.0%)
ROYAL BANK OF CANADA	3,843	3,989	+146 (+3.8%)

Decreased Positions (6)

RAYMOND JAMES FINANCIAL INC

Value ($000) $2,931 (-9.6%) Shares 100,819 (-9.9%)

OSAIC HOLDINGS, INC.

Value ($000) $1,681 (-6.1%) Shares 57,831 (-6.4%)

CAPTRUST FINANCIAL ADVISORS

Value ($000) $1,058 (-5.7%) Shares 36,409 (-6.0%)

Allworth Financial LP

Value ($000) $80 (-10.8%) Shares 2,748 (-11.0%)

PRIVATE TRUST CO NA

Value ($000) $33 (-9.9%) Shares 1,135 (-10.1%)

HARBOUR INVESTMENTS, INC.

Value ($000) $29 (-7.6%) Shares 1,010 (-7.8%)

Institution	Prev Shares	Curr Shares	Change
RAYMOND JAMES FINANCIAL INC	111,858	100,819	-11,039 (-9.9%)
OSAIC HOLDINGS, INC.	61,801	57,831	-3,970 (-6.4%)
CAPTRUST FINANCIAL ADVISORS	38,732	36,409	-2,323 (-6.0%)
Allworth Financial LP	3,088	2,748	-340 (-11.0%)
PRIVATE TRUST CO NA	1,263	1,135	-128 (-10.1%)
HARBOUR INVESTMENTS, INC.	1,096	1,010	-86 (-7.8%)

Exited Positions (4)

Advisors Preferred, LLC

Value ($000) $259 Shares 8,913

World Investment Advisors

Value ($000) $324 Shares 11,177

Fortitude Family Office, LLC

Value ($000) $20 Shares 679

Value ($000) $0 Shares 8

Institution	Prev Shares	Prev Value ($000)
Advisors Preferred, LLC	8,913	$259
World Investment Advisors	11,177	$324
Fortitude Family Office, LLC	679	$20
UBS Group AG	8	$0