Annual Report
October 31, 2022

AAM S&P 500 High Dividend Value ETF

Ticker: SPDV

AAM S&P Emerging Markets High Dividend Value ETF

Ticker: EEMD

AAM S&P Developed Markets High Dividend Value ETF

Ticker: DMDV

AAM Low Duration Preferred and Income Securities ETF

Ticker: PFLD

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

Ticker: SMIG

AAM Transformers ETF

Ticker: TRFM

AAM ETFs

TABLE OF CONTENTS

	Page
Management Discussion of Fund Performance	1
Performance Summaries	8
Portfolio Allocations	14
Schedules of Investments	17
Statements of Assets and Liabilities	48
Statements of Operations	50
Statements of Changes in Net Assets	52
Financial Highlights	58
Notes to Financial Statements	65
Report of Independent Registered Public Accounting Firm	81
Trustees and Officers	83
Expense Example	85
Review of Liquidity Risk Management Program	88
Approval of Advisory Agreements & Board Considerations	89
Federal Tax Information	106
Federal Tax Credit Pass Through	107
Information About Portfolio Holdings	107
Information About Proxy Voting	108
Frequency Distribution of Premiums and Discounts	108

AAM ETFs

Management Discussion of Fund Performance
(Unaudited)

The AAM S&P 500 High Dividend Value ETF

The AAM S&P 500 High Dividend Value ETF (“SPDV” or the “Fund”) seeks to track the total return performance, before fees and expenses, of its underlying index, the S&P 500 Dividend and Free Cash Flow Yield Index (the “Index’). Through the Index, SPDV, is passively managed using a rules-based, equal-weighted strategy that is designed to provide exposure to constituents of the S&P 500^® Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining a diversified sector exposure.

Due to its added focus on cash flows and sector diversification, SPDVs portfolio remained positioned towards attractively valued companies, and insulated from those with stretched valuations, such as technology and consumer discretionary. As a result, SPDV generated a total return of -1.37% (NAV) and -1.21% (Market Price), while the underlying index for SPDV generated a total return of -1.06% between November 1, 2021, and October 31, 2022 (“current fiscal period”). Over the same current fiscal period, the benchmark index, the S&P 500^® index, achieved a total return of -14.61%.

Top performing sectors attributable to SPDV’s return during the current fiscal period were Energy, Financials, and Health Care. The worst performing sectors were Consumer Discretionary, Real Estate, and Materials.

Individual stocks attributable to SPDV’s return over the same fiscal period were Lockheed Martin Corporation (+5,088 bps), Exxon Mobile Corporation (+4,276 bps), and Chevron Corporation (+3,900 bps). Stocks dragging down SPDV’s return were Seagate Technology Holdings (-5,134 bps), Vornado Realty Trust (-4,350 bps), and Ford Motor Company (-3,408 bps).

The AAM S&P Emerging Markets High Dividend Value ETF

The AAM S&P Emerging Markets High Dividend Value ETF (“EEMD” or the “Fund”) seeks to track the total return performance, before fees and expenses, of its underlying index, the S&P Emerging Markets Dividend and Free Cash Flow Yield Index (the “Index”). Through the Index, EEMD, is passively managed using a rules-based, equal-weighted strategy that is designed to provide exposure to constituents of the S&P Emerging Plus LargeMidCap^® Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining a diversified sector exposure.

Through its value-rooted focus, EEMDs portfolio of quality companies provided strong protection against broad market declines. Accordingly, EEMD generated a total return of -25.14% (NAV) and -24.72% (Market Price) between November 1, 2021, and October 31, 2022 (“current fiscal period”). This compares to the -24.82% for the underlying Index, and a -29.73% total return for the benchmark index, the S&P Emerging Plus LargeMidCap^® Index, for the same current fiscal period.

AAM ETFs

Management Discussion of Fund Performance
(Unaudited) (Continued)

Top performing sectors attributable to EEMD’s return over the current fiscal period were Energy, Utilities, and Communication Services. The worst performing sectors included and Health Care, Materials, and Real Estate.

Individual stocks attributable to EEMD’s return over the same fiscal period were Adaro Energy Indonesia Tbk PT (+12,687 bps), CPFL Energia SA (+7,086 bps), and Centrais Electricas Brasilier (+5,916 bps). Stocks dragging down EEMD’s return were X5 Retail Group N.V. (-9,839 bps), Sri Trang Gloves Thailand PCL (-6,246 bps), and Top Glove Corporation BHD (-6,498 bps),

The AAM S&P Developed Markets High Dividend Value ETF

The AAM S&P Developed Markets High Dividend Value ETF (“DMDV” or the “Fund”) seeks to track the total return performance, before fees and expenses, of its underlying index, the S&P Developed Markets ex-US Dividend and Free Cash Flow Yield Index (the “Index’). Through the Index, DMDV, is passively managed using a rules-based, equal-weighted strategy that is designed to provide exposure to constituents of the S&P Developed BMI Ex-US & Korea LargeMidCap^® Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining a diversified sector exposure.

Benefiting from its equal weight approach, DMDVs sector diversity provided better defense against the broad market declines, as the Fund was relatively less exposed to overvalued sectors such as technology. As a result, DMDV generated a total return of -19.34% (NAV) and -19.48% (Market Price) between November 1, 2021, and October 31, 2022 (the “current fiscal period” since DMDV’s inception). This compares to the -19.27% for the underlying Index, and an -22.64% total return for the benchmark index, the S&P Developed BMI Ex-US & Korea LargeMidCap^® Index, for the same current fiscal period.

Top performing sectors attributable to DMDV’s return over the current fiscal period were Energy, Consumer Staples, and Real Estate. The worst performing sectors included Industrials, and Information Technology, and Consumer Discretionary.

Individual stocks attributable to DMDV’s return over the same fiscal period were Inpex Corporation (+2,883 bps), Orient Overseas Intl LTD (-979 bps), and Imperial Brands PLC (+2,422 bps). Stocks dragging down DMDV’s return were Ericsson LM-B SHS (-5,364 bps), Fresenius SE & Co KGAA (-4,898 bps), and Hapag-Lloyd AG (-4,634 bps).

The AAM Low Duration Preferred and Income Securities ETF

The AAM Low Duration Preferred and Income Securities ETF (“PFLD” or the “Fund”) seeks to track the total return performance, before fees and expenses, of the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index (the “Index”). Through the Index, PFLD, is passively managed using a rules-based, strategy

AAM ETFs

Management Discussion of Fund Performance
(Unaudited) (Continued)

that is designed to provide exposure to exchange-listed, U.S. dollar-denominated preferred securities and hybrid securities listed on the New York Stock Exchange (“NYSE”) or NASDAQ Capital Market (“NASDAQ”) with an option-adjusted duration of less than five years.

By focusing on low duration preferred securities, PFLD was more protected from the impact of rising interest rates on bond prices. PFLD generated a total return of -13.72% (NAV) and -13.48% (Market Price), while the underlying index for PFLD generated a total return of -13.50% between November 1, 2021, and October 31, 2022 (“current fiscal period”). Over the same current fiscal period, the benchmark index, the ICE Exchange-Listed Preferred & Hybrid Securities Index, achieved a total return of -18.22%.

Top performing industries attributable to PFLD’s return during the current fiscal period were Energy, Retail, and Technology & Electronics. The worst performing industries included Banking, Utility, and Insurance.

Individual securities attributable to PFLD’s return over the same fiscal period were NSUS Float 01/15/43 (+602 bps), PNC Float PERP (+166 bps), and FITB 6 5/8th (+390 bps). Securities dragging down PFLD’s return were BAC Float Perp (-9,923 bps), GS Float PERP (-2,262 bps), and USB Float PERP (-2,498 bps).

The AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

The AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF (“SMIG” or the “Fund”) generated a total return of -6.13%/-6.16% (Market Price/NAV) versus the Russell 2500 return of -17.58% between November 1, 2021, and October 31, 2022 (“current fiscal period”). Throughout the current fiscal period, non-profitable and long duration equities saw pressure as investors repriced these securities amid a challenged macro environment, including higher inflation for longer, weaker consumer spending and the beginning of quantitative tightening. Investors instead favored profitable companies that generated a current cash flow stream and returned capital to shareholders through a dividend or buyback program. We believe the outlook for active small/mid cap managers, with a focus on sustainable dividends and stable fundamentals, in this environment remains positive.

Assessing attribution on a sector basis, the largest contributors to relative performance were Information Technology, Industrials and Health Care. Within Technology, owning enterprise technology hardware and software vendors with current cash flow streams while avoiding unprofitable software and internet names contributed to outperformance. In the Industrials sector, stock selection within electrical components and industrial support consulting industries that continue to

AAM ETFs

Management Discussion of Fund Performance
(Unaudited) (Continued)

see steady end-market demand contributed to outperformance. Finally, no exposure to highly volatile or unprofitable biotechnology companies, in addition to strong stock selection within health care facilities contributed to outperformance for the sector.

The largest detractors to relative performance included Energy and Materials. Within Energy lower exposure to risky, commodity-levered companies within the sector, amid surging prices across the commodity complex from both geopolitical interference and global supply chain issues, contributed to relative underperformance versus the benchmark. In the Materials sector, specialty chemicals and the cannabis markets experienced headwinds due to weakening near-term demand despite long-term growth opportunities.

Assessing attribution on a security basis, the largest contributors to performance include CSG Systems (CSGS), Hubbell (HUBB), and Booz Allen Hamilton (BAH). CSGS is a global managed service provider with an entertainment and media industry heritage but has targeted expansion in telecom and adjacent services market. Through an integrated software platform and outsourcing capabilities, CSGS helps manage and improve client customer service, revenue retention and growth. The company is leveraged to cloud re-platforming among service provider clients and positioned to focus on 5G investments to drive growth. HUBB engages in the design, manufacture and sale of electrical and electronic products for residential and non-residential construction, industrial and utility applications. The company is well-positioned within ongoing grid hardening efforts and electrification trends across utility and industrial end markets. Finally, BAH provides management and technology consulting, engineering, analytics, digital, mission operations and cyber solutions to governments, corporations and non-for-profit organizations in the U.S. and globally. BAH demonstrates a high new contract win rate and an even higher re-compete success rate which drives continued growth.

The largest detractors to performance include Rent-A-Center (RCII), Scotts Miracle-Gro (SMG), and Evercore (EVR). RCII offers durable goods through flexible rental agreements via its brick-and-mortar, ecommerce and third-party retail partners. Discontinued fiscal stimulus payments, elevated inflation levels and a pronounced shift in the consumer wallet share towards services, versus goods, weighed on the company’s sales and put pressure on earnings during this period. SMG primarily manufactures, markets and sells consumer lawn and garden products and also owns an adjacent segment, Hawthorne, that managers the company’s hydroponic gardening business. SMG faced fundamental headwinds during the period due to double digit sales decline in both segments reflecting retail partners trimming inventory levels on the consumer side and over supply within Hawthorne’s end market. EVR operates as an investment banking company that provides advisory services on corporate transactions. While revenues have been in-line with consensus, the company has been plagued by a slightly higher expense build and investor concern over a slowing economic environment.

AAM ETFs

Management Discussion of Fund Performance
(Unaudited) (Continued)

We remain committed to our foundational philosophy and objectives, which focus on the compounding growth of cash flow income, downside protection, and long-term capital appreciation, all through the ownership of companies of high intrinsic quality and growth potential. We thank you for your partnership and look forward to the opportunities in the years ahead.

The AAM Transformers ETF

The AAM Transformers ETF (“TRFM” or the “Fund”) seeks to track the total return performance, before fees and expenses, of its underlying index, the Pence Transformers Index (the “Index”). The Index follows a rules-based methodology that aims to target companies whose products and services show compelling potential to transform consumer behavior, technological innovation, and the global economy.

The Index mainly focuses on companies with over $2 billion market cap which are estimated to grow their toplines at a double-digit rate and have a minimum of 3.0% projected R&D and/or Capex spending to net sales. 75% of the Index is in US-based companies, while 25% is in internationals. These two geographies are split into multiple segments based on market cap and each segment is equally weighted. In terms of sector exposure, about 57% of the Index is in Information Technology. As a result, TRFM can be highly sensitive to market volatility in both bull and bear markets. Between the Fund’s inception date of July 11, 2022, and October 31, 2022 (“current fiscal period”), TRFM generated a total return of -6.20% (NAV) and -6.19% (Market Price), while the Index generated a total return of -6.03% and the benchmark index, the S&P 500^® index, generated a total return of 0.93%.

On a sector basis, the largest contributors to performance were Energy, Materials, and Industrials. The worst performing sectors were Consumer Discretionary and Communications Services. The worst performing country was China (-4200 bps). China accounted for between 8% to 10% of TRFM.

Assessing attribution on a security basis, the largest contributors to TRFM’s return over the period were First Solar, Inc. (US) (+11,276 bps), Calix, Inc. (US) (+8,853 bps), and Archaea Energy, Inc. (US) (+8,528 bps). The largest detractor to TRFM’s performance were XPeng, Inc. (China) (-7,760 bps), GDS Holdings Ltd (China) (-6,841 bps), and Bilibili, Inc. (China) (-6,322 bps).

We remain committed to our fundamental theme that the world is constantly evolving towards a more efficient future as we develop new technologies, and we aim to target companies whose products and services to take us there.

AAM ETFs

Management Discussion of Fund Performance
(Unaudited) (Continued)

Must be preceded or accompanied by a prospectus.

The AAM S&P 500 High Dividend Value ETF, AAM S&P Emerging Markets High Dividend Value ETF, AAM S&P Developed Markets High Dividend Value ETF, AAM Low Duration Preferred and Income Securities ETF, AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, and AAM Transformers ETF are distributed by Quasar Distributors, LLC.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Funds and may only be acquired or redeemed from the Funds in creation units. Brokerage commissions will reduce returns. Companies with high yield or payout ratio may underperform other securities in certain market conditions and reduce or discontinue paying dividends entirely while included in the Index. The Funds’ return may not match or achieve a high degree of correlation with the return of the underlying Index. To the extent the Funds utilize a sampling approach, they may experience tracking error to a greater extent than if the Funds had sought to replicate the Index. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for emerging markets investments. Investments in mid-cap companies may involve less liquidity and greater volatility than larger companies. Diversification does not assure a profit or protect against a loss in a declining market.

S&P 500^® Dividend and Free Cash Flow Yield index is a rules-based, equal-weighted index that is designed to provide exposure to the constituents of the S&P 500^® Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining diversified sector exposure.

S&P 500^® Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies.

S&P Emerging Markets Dividend and Free Cash Flow Yield Index is rules-based, equal-weighted index that is designed to provide exposure to the constituents of the S&P Emerging Plus LargeMidCap^® Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining diversified sector exposure.

S&P Emerging Plus LargeMidCap^® Index is designed to measure the performance of large- and mid-capitalization securities in emerging markets.

S&P Developed Ex-U.S. Dividend and Free Cash Flow Index is a rules-based, equal-weighted index that is designed to provide exposure to the constituents of the S&P Developed BMI Ex-U.S. & Korea LargeMidcap^® Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining diversified sector exposure.

S&P Developed BMI Ex-U.S. & Korea LargeMidcap^® Index is a comprehensive benchmark including stocks from developed markets excluding the United States and Korea.

ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index is designed to measure the performance of exchange-listed, U.S. dollar-denominated preferred securities and hybrid securities listed on the New York Stock Exchange (“NYSE”) or NASDAQ Capital Market (“NASDAQ”) with an option-adjusted duration of less than 5 years. The Index was developed by ICE Data Indices, LLC (“IDI”), the Fund’s index provider (the “Index Provider”) and an affiliate of the NYSE.

ICE Exchange-Listed Preferred & Hybrid Securities Index is designed to measure the performance of a select group of exchange-listed, U.S. dollar denominated preferred securities, hybrid securities and convertible preferred securities listed on the New York Stock Exchange (“NYSE”) or NASDAQ Capital Market (“NASDAQ”).

AAM ETFs

Management Discussion of Fund Performance
(Unaudited) (Continued)

Russell 2500 Index is a market-cap-weighted index that includes the smallest 2,500 companies covered in the broad-based Russell 3000 sphere of United States-based listed equities. All 2,500 of the companies included in the Index cover the small- and mid-cap market capitalizations.

Pence Transformers Index is a rules-based index that measures the performance of U.S.-listed common equity securities, including American Depositary Receipts (“ADRs”) for foreign securities, of companies poised to benefit from a significant disruption and/or transformation of consumer behavior and technological innovation.

Basis Point (bps) refers to a unit of measurement for interest rates and other percentages. One basis point is equal to 1/100th of 1%, or 0.01%.

Duration is a measure that helps approximate the degree of price sensitivity of a bond to changes in interest rates and is adjusted to account for the change in cash flows of the bond’s embedded option.

It is not possible to invest directly in an index.

For a complete list of Fund holdings please see the Schedules of Investments on page 17 of the report. Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

AAM S&P 500 High Dividend Value ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

Average Annual Returns October 31, 2022	1 Year	3 Years	Since Inception (11/28/2017)
AAM S&P 500 High Dividend Value ETF — NAV	-1.37%	6.40%	6.43%
AAM S&P 500 High Dividend Value ETF — Market	-1.21%	6.41%	6.42%
S&P 500^® Dividend and Free Cash Flow Yield Index	-1.06%	6.74%	6.77%
S&P 500^® Index	-14.61%	10.22%	10.12%

This chart illustrates the performance of a hypothetical $10,000 investment made on November 28, 2017 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. 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 quoted. Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund’s website at www.aamlive.com. The gross expense ratio as of the prospectus dated 2/28/22 was 0.29%.

AAM S&P Emerging Markets High Dividend Value ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

Average Annual Returns October 31, 2022	1 Year	3 Years	Since Inception (11/28/2017)
AAM S&P Emerging Markets High Dividend Value ETF — NAV	-25.14%	-4.67%	-4.40%
AAM S&P Emerging Markets High Dividend Value ETF — Market	-24.72%	-4.27%	-4.17%
S&P Emerging Markets Dividend and Free Cash Flow Yield Index	-24.82%	-4.01%	-3.67%
S&P Emerging Plus LargeMidCap^® Index	-29.73%	-3.71%	-3.00%

AAM S&P Developed Markets High Dividend Value ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

Average Annual Returns October 31, 2022	1 Year	3 Years	Since Inception (11/27/2018)
AAM S&P Developed Markets High Dividend Value ETF — NAV	-19.34%	-5.52%	-2.90%
AAM S&P Developed Markets High Dividend Value ETF — Market	-19.48%	-5.56%	-2.91%
S&P Developed Ex-US Dividend and Free Cash Flow Yield Index	-19.27%	-5.24%	-2.56%
S&P Developed BMI Ex-U.S. & Korea LargeMidCap Index	-22.64%	-0.53%	2.48%

This chart illustrates the performance of a hypothetical $10,000 investment made on November 27, 2018 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

AAM Low Duration Preferred and Income Securities ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

Average Annual Returns October 31, 2022	1 Year	Since Inception (11/19/2019)
AAM Low Duration Preferred and Income Securities ETF — NAV	-13.72%	-1.41%
AAM Low Duration Preferred and Income Securities ETF — Market	-13.48%	-1.34%
ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index	-13.50%	-1.03%
ICE Exchange-Listed Preferred & Hybrid Securities Index	-18.22%	-1.28%

This chart illustrates the performance of a hypothetical $10,000 investment made on November 19, 2019 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

Average Annual Returns October 31, 2022	1 Year	Since Inception (8/25/2021)
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF — NAV	-6.16%	-5.45%
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF — Market	-6.13%	-5.39%
Russell 2500 Total Return Index	-17.58%	-13.20%

This chart illustrates the performance of a hypothetical $10,000 investment made on August 25, 2021 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

AAM Transformers ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

Cumulative Returns October 31, 2022	Since Inception (7/11/2022)
AAM Transformers ETF— NAV	-6.20%
AAM Transformers ETF— Market	-6.19%
Pence Transformers Index	-6.03%
S&P 500^® Index	0.93%

This chart illustrates the performance of a hypothetical $10,000 investment made on July 11, 2022 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

AAM ETFs

Portfolio Allocations
As of October 31, 2022 (Unaudited)

AAM S&P 500 High Dividend Value ETF

Sector	Percentage of Net Assets
Energy	10.9%
Financials	10.2
Industrials	9.6
Utilities	9.3
Health Care	9.2
Consumer Staples	8.8
Consumer Discretionary	8.6
Information Technology	8.4
Real Estate	8.4
Communication Services	8.4
Materials	7.9
Short-Term Investments	0.5
Liabilities in Excess of Other Assets	(0.2)
Total	100.0%

AAM S&P Emerging Markets High Dividend Value ETF

Sector	Percentage of Net Assets
Energy	10.8%
Consumer Staples	10.6
Utilities	10.3
Communication Services	10.2
Consumer Discretionary	9.2
Information Technology	9.0
Real Estate	8.5
Financials	8.1
Materials	8.0
Health Care	7.5
Industrials	7.3
Short-Term Investments	0.7
Liabilities in Excess of Other Assets	(0.2)
Total	100.0%

AAM ETFs

Portfolio Allocations
As of October 31, 2022 (Unaudited) (Continued)

AAM S&P Developed Markets High Dividend Value ETF

Sector	Percentage of Net Assets
Energy	11.0%
Financials	10.8
Consumer Staples	9.6
Consumer Discretionary	9.5
Real Estate	9.0
Utilities	9.0
Materials	8.9
Health Care	8.8
Information Technology	8.6
Communication Services	8.1
Industrials	6.1
Short-Term Investments	0.6
Other Assets in Excess of Liabilities+	0.0
Total	100.0%

AAM Low Duration Preferred and Income Securities ETF

Sector	Percentage of Net Assets
Financials ♦	76.0%
Energy	7.5
Utilities	5.0
Consumer Staples	3.8
Consumer Discretionary	3.3
Industrials	3.2
Short-Term Investments	0.8
Real Estate	0.7
Information Technology	0.2
Liabilities in Excess of Other Assets	(0.5)
Total	100.0%

+	Represents less than 0.05% of net assets.
♦	To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in Notes to Financial Statements.

AAM ETFs

Portfolio Allocations
As of October 31, 2022 (Unaudited) (Continued)

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

Sector	Percentage of Net Assets
Financials	17.8%
Industrials	17.7
Information Technology	16.9
Consumer Discretionary	9.4
Health Care	8.2
Consumer Staples	7.6
Materials	7.0
Real Estate	6.6
Utilities	5.5
Communication Services	2.2
Energy	0.8
Short-Term Investments	0.2
Other Assets in Excess of Liabilities	0.1
Total	100.0%

AAM Transformers ETF

Sector	Percentage of Net Assets
Information Technology ♦	59.7%
Consumer Discretionary	14.2
Industrials	11.4
Communication Services	10.7
Materials	1.9
Utilities	1.8
Energy	0.4
Short-Term Investments+	0.0
Liabilities in Excess of Other Assets	(0.1)
Total	100.0%

♦	To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in Notes to Financial Statements.
+	Represents less than 0.05% of net assets.

The Global Industry Classification Standard (GICS^®) was developed by and/or is exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund’s Administrator, U.S. Bancorp Global Fund Services, LLC.

AAM S&P 500 High Dividend Value ETF

Schedule of Investments
October 31, 2022

Shares		Security Description	Value
		COMMON STOCKS — 99.7%
		Communication Services — 8.4%
	66,798	AT&T, Inc.	$	1,217,728
	41,678	Interpublic Group of Companies, Inc.		1,241,588
	116,500	Lumen Technologies, Inc.		857,440
	17,824	Omnicom Group, Inc.		1,296,696
	27,650	Verizon Communications, Inc.		1,033,281
				5,646,733
		Consumer Discretionary — 8.6%
	36,722	Bath & Body Works, Inc.		1,225,780
	95,845	Ford Motor Company		1,281,448
	12,677	Ralph Lauren Corporation		1,175,031
	36,202	Tapestry, Inc.		1,146,879
	7,325	Whirlpool Corporation		1,012,608
				5,841,746
		Consumer Staples — 8.8%
	28,523	Altria Group, Inc.		1,319,759
	32,076	Kraft Heinz Company		1,233,964
	21,224	Molson Coors Brewing Company — Class B		1,070,326
	12,813	Philip Morris International, Inc.		1,176,874
	31,792	Walgreens Boots Alliance, Inc.		1,160,408
				5,961,331
		Energy — 10.9%
	8,525	Chevron Corporation		1,542,173
	14,116	Exxon Mobil Corporation		1,564,194
	69,637	Kinder Morgan, Inc.		1,261,822
	14,537	Phillips 66		1,516,064
	11,815	Valero Energy Corporation		1,483,373
				7,367,626
		Financials — 10.2%
	23,678	Citigroup, Inc.		1,085,873
	33,066	Citizens Financial Group, Inc.		1,352,399
	94,400	Huntington Bancshares, Inc.		1,432,992
	19,230	Principal Financial Group, Inc.		1,694,740
	12,867	Prudential Financial, Inc.		1,353,480
				6,919,484

The accompanying notes are an integral part of these financial statements.

AAM S&P 500 High Dividend Value ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.7% (Continued)
		Health Care — 9.2%
	8,279	AbbVie, Inc.	$	1,212,046
	20,215	Gilead Sciences, Inc.		1,586,069
	38,458	Organon & Company		1,006,830
	23,992	Pfizer, Inc.		1,116,828
	128,700	Viatris, Inc.		1,303,731
				6,225,504
		Industrials — 9.6%
	9,163	3M Company		1,152,614
	5,671	General Dynamics Corporation		1,416,616
	3,115	Lockheed Martin Corporation		1,516,008
	5,764	Snap—on, Inc.		1,279,896
	6,538	United Parcel Service, Inc. — Class B		1,096,880
				6,462,014
		Information Technology — 8.4%
	27,644	Cisco Systems, Inc.		1,255,867
	89,259	Hewlett Packard Enterprise Company		1,273,726
	37,853	HP, Inc.		1,045,500
	9,584	International Business Machines Corporation		1,325,371
	15,996	Seagate Technology Holdings plc		794,361
				5,694,825
		Materials — 7.9%
	97,546	Amcor plc		1,129,583
	24,174	Dow, Inc.		1,129,893
	28,455	International Paper Company		956,372
	14,160	LyondellBasell Industries NV — Class A		1,082,532
	29,739	WestRock Company		1,012,910
				5,311,290
		Real Estate — 8.4%
	13,879	Boston Properties, Inc.		1,009,003
	19,565	Regency Centers Corporation		1,183,878
	11,855	Simon Property Group, Inc.		1,291,958
	37,176	VICI Properties, Inc.		1,190,376
	41,481	Vornado Realty Trust		978,537
				5,653,752

The accompanying notes are an integral part of these financial statements.

AAM S&P 500 High Dividend Value ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.7% (Continued)
		Utilities — 9.3%
	32,076	FirstEnergy Corporation	$	1,209,586
	15,316	NextEra Energy, Inc.		1,186,990
	34,495	NRG Energy, Inc.		1,531,578
	44,972	PPL Corporation		1,191,308
	12,560	WEC Energy Group, Inc.		1,147,105
				6,266,567
		TOTAL COMMON STOCKS (Cost $71,487,638)		67,350,872

		SHORT-TERM INVESTMENTS — 0.5%
	321,652	Invesco Government & Agency Portfolio, Institutional Class — 3.07% ^(a)		321,652
		TOTAL SHORT-TERM INVESTMENTS (Cost $321,652)		321,652
		TOTAL INVESTMENTS (Cost $71,809,290) — 100.2%		67,672,524
		Liabilities in Excess of Other Assets — (0.2)%		(104,219	)
		NET ASSETS — 100.0%	$	67,568,305

Percentages are stated as a percent of net assets.
(a)	Rate shown is the annualized seven-day yield as of October 31, 2022.

The Global Industry Classifications Standard (GICS^®) was developed by and/or is exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund’s Administrator, U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these financial statements.

AAM S&P Emerging Markets High Dividend Value ETF

Schedule of Investments
October 31, 2022

Shares		Security Description	Value
		COMMON STOCKS — 93.2%
		Brazil — 4.0%
	19,244	CPFL Energia SA	$	130,011
	20,169	JBS SA		95,978
				225,989
		Chile — 4.2%
	82,967	Cencosud SA		111,640
	48,499	Quinenco SA		128,928
				240,568
		China — 16.8%
	346,000	Agile Group Holdings, Ltd. ^(a)		65,675
	749,000	China Cinda Asset Management Company, Ltd. - H Shares		69,654
	368,000	China Everbright Bank Company, Ltd. - H Shares		95,166
	636,000	China Evergrande Group ^(a)(b)(c)		0
	113,000	China Hongqiao Group, Ltd.		80,181
	344,000	China Minsheng Banking Corporation, Ltd. - H Shares		99,915
	40,500	China Shenhua Energy Company, Ltd. - H Shares		106,540
	201,000	Chongqing Changan Automobile Company, Ltd. - Class B		87,059
	324,000	Chongqing Rural Commercial Bank Company, Ltd. - H Shares		98,234
	74,000	COSCO SHIPPING Holdings Company, Ltd. - H Shares		79,846
	285,000	Country Garden Holdings Company, Ltd.		36,670
	158,000	Dongfeng Motor Group Company, Ltd. - H Shares		71,454
	426,000	Maanshan Iron & Steel Company, Ltd. - H Shares		68,378
	111,000	Sunac China Holdings, Ltd. ^(a)(b)(c)		0
				958,772
		Czech Republic — 1.4%
	2,494	CEZ AS		81,554

		Greece — 1.4%
	4,459	Star Bulk Carriers Corporation — ADR		77,676

		Hong Kong — 0.0%
	184,500	Shimao Group Holdings, Ltd. ^(a)(b)(c)		0

The accompanying notes are an integral part of these financial statements.

AAM S&P Emerging Markets High Dividend Value ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 93.2% (Continued)
		India — 4.4%
	45,972	Coal India, Ltd.	$	136,593
	120,224	Steel Authority of India, Ltd.		114,302
				250,895
		Indonesia — 6.9%
	566,000	Adaro Energy Indonesia Tbk PT		144,426
	1,759,100	Hanjaya Mandala Sampoerna Tbk PT		113,345
	1,068,500	Perusahaan Gas Negara Tbk PT		135,296
				393,067
		Kuwait — 2.0%
	10,704	Humansoft Holding Company KSC		116,180

		Malaysia — 3.2%
	183,500	Hartalega Holdings Bhd		83,832
	382,900	Kossan Rubber Industries Bhd		101,232
				185,064
		Mexico — 2.4%
	114,891	Fibra Uno Administracion SA de CV		133,882

		Poland — 1.7%
	25,384	Cyfrowy Polsat SA		95,230

		Qatar — 2.2%
	47,384	Ooredoo QPSC		127,121

		Republic of Korea — 6.9%
	22,371	BNK Financial Group, Inc.		100,669
	1,844	KT&G Corporation		123,887
	12,329	LG Uplus Corporation		99,103
	3,510	Seegene, Inc.		70,720
				394,379
		Russian Federation — 0.0%
	17,776	Mobile TeleSystems PJSC — ADR ^(a)(b)(c)		0

The accompanying notes are an integral part of these financial statements.

AAM S&P Emerging Markets High Dividend Value ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 93.2% (Continued)
		Russian Federation — 0.0% (Continued)
	5,978	X5 Retail Group NV — GDR ^(b)(c)	$	0
				0
		South Africa — 6.8%
	9,682	Exxaro Resources, Ltd.		107,749
	142,117	Growthpoint Properties, Ltd.		100,145
	4,162	Kumba Iron Ore, Ltd.		78,357
	16,013	MultiChoice Group		104,587
				390,838
		Taiwan, Province of China — 12.7%
	65,000	China Motor Corporation		84,219
	14,400	Evergreen Marine Corporation Taiwan, Ltd.		61,448
	16,071	Himax Technologies, Inc. - ADR		90,962
	63,000	Nanya Technology Corporation		106,556
	56,000	Pegatron Corporation		102,537
	39,000	Radiant Opto-Electronics Corporation		119,097
	12,000	Simplo Technology Company, Ltd.		95,523
	36,000	Yang Ming Marine Transport Corporation		67,257
				727,599
		Thailand — 5.1%
	207,400	Bangkok Chain Hospital pcl - NVDR		100,812
	109,000	Ratch Group pcl - NVDR		117,420
	251,100	Sri Trang Gloves Thailand pcl - NVDR		73,232
				291,464
		Turkey — 11.1%
	63,075	Anadolu Efes Biracilik Ve Malt Sanayii AS		162,613
	637,530	Emlak Konut Gayrimenkul Yatirim Ortakligi AS		151,132
	31,091	Tofas Turk Otomobil Fabrikasi AS		164,456
	112,625	Turkcell Iletisim Hizmetleri AS		155,229
				633,430
		TOTAL COMMON STOCKS (Cost $7,338,933)		5,323,708

The accompanying notes are an integral part of these financial statements.

AAM S&P Emerging Markets High Dividend Value ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 6.3%
		Brazil — 6.3%
	18,056	Braskem SA - Class A	$	115,034
	58,077	Cia Energetica de Minas Gerais		125,733
	21,053	Petroleo Brasileiro SA		119,563
				360,330
		TOTAL PREFERRED STOCKS (Cost $358,603)		360,330

		SHORT-TERM INVESTMENTS — 0.7%
	39,521	Invesco Government & Agency Portfolio, Institutional Class — 3.07% ^(d)		39,521
		TOTAL SHORT-TERM INVESTMENTS (Cost $39,521)		39,521
		TOTAL INVESTMENTS (Cost $7,737,057) — 100.2%		5,723,559
		Liabilities in Excess of Other Assets — (0.2)%		(10,213	)
		NET ASSETS — 100.0%	$	5,713,346

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt.
GDR	Global Depositary Receipt.
NVDR	Non-Voting Depositary Receipt.
(a)	Non-income producing security.
(b)	Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.
(c)	This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities is $0 which represents 0.00% of net assets.
(d)	Rate shown is the annualized seven-day yield as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

AAM S&P Developed Markets High Dividend Value ETF

Schedule of Investments
October 31, 2022

Shares		Security Description	Value
		COMMON STOCKS — 95.5%
		Australia — 11.9%
	6,328	AGL Energy, Ltd.	$	27,556
	5,626	Dexus		27,917
	2,953	Fortescue Metals Group, Ltd.		27,758
	552	Rio Tinto, Ltd.		31,132
	1,531	Sonic Healthcare, Ltd.		32,082
	13,932	Stockland		32,072
	1,718	Woodside Energy Group, Ltd.		39,527
				218,044
		Austria — 4.4%
	824	BAWAG Group AG ^(a)		39,840
	875	OMV AG		40,335
				80,175
		Denmark — 1.7%
	15	AP Moller - Maersk A/S - Class B		31,384

		Finland — 2.4%
	3,190	Fortum Oyj		44,912

		France — 8.3%
	826	BNP Paribas SA		38,774
	4,255	Credit Agricole SA		38,631
	3,581	Orange SA		34,087
	747	TotalEnergies SE		40,680
				152,172
		Germany — 7.0%
	1,083	Covestro AG ^(a)		36,864
	1,327	Fresenius SE & Company KGaA		30,559
	127	Hapag-Lloyd AG ^(a)		22,958
	662	Mercedes-Benz Group AG		38,341
				128,722
		Hong Kong — 6.3%
	6,000	CK Infrastructure Holdings, Ltd.		28,510
	26,000	HKT Trust & HKT, Ltd. - SS		29,379

The accompanying notes are an integral part of these financial statements.

AAM S&P Developed Markets High Dividend Value ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 95.5% (Continued)
		Hong Kong — 6.3% (Continued)
	1,000	Orient Overseas International, Ltd.	$	14,612
	6,500	Swire Pacific, Ltd. - Class A		43,017
				115,518
		Israel — 1.1%
	819	ZIM Integrated Shipping Services, Ltd.		19,238

		Italy — 8.5%
	2,534	Assicurazioni Generali SpA		38,043
	5,806	Banca Mediolanum SpA		43,496
	3,302	Eni SpA		43,255
	13,319	Hera SpA		31,751
				156,545
		Japan — 18.2%
	1,700	BIPROGY, Inc.		36,771
	1,900	Brother Industries, Ltd.		32,354
	400	Daito Trust Construction Company, Ltd.		39,587
	3,700	Inpex Corporation		37,788
	2,100	Japan Tobacco, Inc.		34,813
	1,500	Kawasaki Kisen Kaisha, Ltd.		22,817
	1,100	Lawson, Inc.		35,153
	500	SCREEN Holdings Company, Ltd.		27,551
	2,400	Seiko Epson Corporation		32,714
	1,300	Takeda Pharmaceutical Company, Ltd.		34,268
				333,816
		Luxembourg — 1.3%
	11,623	Aroundtown SA		23,067

		Netherlands — 2.1%
	2,864	Stellantis NV		38,666

		Norway — 1.6%
	3,148	Telenor ASA		28,613

The accompanying notes are an integral part of these financial statements.

AAM S&P Developed Markets High Dividend Value ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 95.5% (Continued)
		Spain — 3.3%
	1,977	Red Electrica Corporation SA	$	31,947
	8,263	Telefonica SA		28,461
				60,408
		Sweden — 1.5%
	4,987	Telefonaktiebolaget LM Ericsson - Class B		27,709

		Switzerland — 1.9%
	431	Novartis AG		34,842

		United Kingdom — 14.0%
	1,154	Anglo American plc		34,658
	6,155	Barratt Developments plc		26,660
	900	British American Tobacco plc		35,578
	1,765	GSK plc		29,032
	1,659	Imperial Brands plc		40,570
	644	Rio Tinto plc		33,640
	11,860	Tesco plc		29,372
	23,846	Vodafone Group plc		27,905
				257,415
		TOTAL COMMON STOCKS (Cost $2,183,953)		1,751,246

		PREFERRED STOCKS — 3.9%
		Germany — 3.9%
	498	Bayerische Motoren Werke AG		36,767
	269	Volkswagen AG		34,387
				71,154
		TOTAL PREFERRED STOCKS (Cost $75,230)		71,154

The accompanying notes are an integral part of these financial statements.

AAM S&P Developed Markets High Dividend Value ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		SHORT-TERM INVESTMENTS — 0.6%
	11,443	Invesco Government & Agency Portfolio, Institutional Class — 3.07% ^(b)	$	11,443
		TOTAL SHORT-TERM INVESTMENTS (Cost $11,443)		11,443
		TOTAL INVESTMENTS (Cost $2,270,626) — 100.0%		1,833,843
		Other Assets in Excess of Liabilities — 0.0% ^(c)		93
		NET ASSETS — 100.0%	$	1,833,936

Percentages are stated as a percent of net assets.
SS	Stapled Security.
(a)	Restricted security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At October 31, 2022, the market value of these securities total $99,662, which represents 5.43% of total net assets.
(b)	Rate shown is the annualized seven-day yield as of October 31, 2022.
(c)	Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2022

Shares		Security Description	Value
		PREFERRED STOCKS — 99.7%
		Consumer Discretionary — 3.3%
		Brunswick Corporation
	22,366	6.500%, 10/15/2048	$	545,283
	15,112	6.625%, 01/15/2049		388,379
	27,806	6.375%, 04/15/2049		634,811
		Dillard’s Capital Trust I
	24,180	7.500%, 08/01/2038		624,328
		Fossil Group, Inc.
	18,133	7.000%, 11/30/2026		229,020
		Qurate Retail, Inc.
	38,288	8.000%, 03/15/2031		1,846,247
		TravelCenters of America, Inc.
	13,297	8.250%, 01/15/2028		336,946
	14,508	8.000%, 12/15/2029		367,633
	12,090	8.000%, 10/15/2030		305,151
				5,277,798
		Consumer Staples — 3.8%
		CHS, Inc.
	64,858	Series 1, 7.875%, Perpetual		1,664,256
	50,776	Series 2, 7.100%, Perpetual ^(a)		1,271,939
	59,542	Series 3, 6.750%, Perpetual ^(a)		1,454,611
	62,564	Series 4, 7.500%, Perpetual		1,606,644
				5,997,450
		Energy — 7.5%
		Altera Infrastructure LP
	14,520	Series A, 7.250%, Perpetual ^(b)(e)(f)		0
	12,088	Series B, 8.500%, Perpetual ^(b)(e)(f)		0
	11,613	Series E, 8.875%, Perpetual ^(a)(b)(e)(f)		0
		DCP Midstream LP
	19,493	Series B, 7.875%, Perpetual ^(a)		469,781
	13,297	Series C, 7.950%, Perpetual ^(a)		315,006
		Enbridge, Inc.
	72,538	Series B, 6.375%, 04/15/2078 ^(a)		1,722,778

The accompanying notes are an integral part of these financial statements.

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.7% (Continued)
		Energy — 7.5% (Continued)
		Energy Transfer LP
	54,404	Series C, 7.375%, Perpetual ^(a)	$	1,218,650
	53,800	Series D, 7.625%, Perpetual ^(a)		1,229,868
	96,718	Series E, 7.600%, Perpetual ^(a)		2,227,415
		NGL Energy Partners LP
	38,039	Series B, 11.653%, Perpetual ^(a)(f)		387,617
		NuStar Energy LP
	27,382	Series A, 10.249%, Perpetual ^(a)		634,167
	46,546	Series B, 9.126%, Perpetual ^(a)		988,637
	20,853	Series C, 9.000%, Perpetual ^(a)		488,794
		NuStar Logistics LP
	48,659	10.813%, 01/15/2043 ^(a)		1,212,096
		Seapeak LLC
	20,551	Series B, 8.500%, Perpetual ^(a)		484,593
	15,112	9.000%, Perpetual		366,466
				11,745,868
		Financials — 76.0% ^(c)
		ACRES Commercial Realty Corporation
	14,508	Series C, 8.625%, Perpetual ^(a)		304,813
		AGNC Investment Corporation
	39,292	Series C, 9.190%, Perpetual ^(a)		927,291
	28,409	Series D, 6.875%, Perpetual ^(a)		522,441
	48,659	Series E, 6.500%, Perpetual ^(a)		953,716
	69,516	Series F, 6.125%, Perpetual ^(a)		1,292,998
	18,133	Series G, 7.750%, Perpetual ^(a)(f)		376,804
		Allstate Corporation
	60,448	5.100%, 01/15/2053 ^(a)		1,461,633
		American Equity Investment Life Holding Company
	48,358	Series A, 5.950%, Perpetual ^(a)		1,089,506
	36,270	Series B, 6.625%, Perpetual ^(a)		840,013
		Annaly Capital Management, Inc.
	87,046	Series F, 8.667%, Perpetual ^(a)		2,096,938
	51,382	Series G, 6.500%, Perpetual ^(a)		1,050,248
	53,496	Series I, 6.750%, Perpetual ^(a)		1,113,787

The accompanying notes are an integral part of these financial statements.

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.7% (Continued)
		Financials — 76.0% ^(c) (Continued)
		Arbor Realty Trust, Inc.
	33,700	Series F, 6.250%, Perpetual ^(a)	$	630,190
		Argo Group International Holdings, Ltd.
	18,133	7.000%, Perpetual ^(a)		362,660
		Aspen Insurance Holdings, Ltd.
	33,245	5.950%, Perpetual ^(a)		758,318
		Athene Holding, Ltd.
	104,274	Series A, 6.350%, Perpetual ^(a)		2,482,764
	72,538	Series C, 6.375%, Perpetual ^(a)		1,808,372
		Atlanticus Holdings Corporation
	18,133	6.125%, 11/30/2026		376,985
		B. Riley Financial, Inc.
	13,444	6.750%, 05/31/2024		322,656
	17,228	6.375%, 02/28/2025		376,604
	25,074	5.500%, 03/31/2026		533,575
	20,213	6.500%, 09/30/2026		414,771
	39,013	5.000%, 12/31/2026		780,650
	27,806	6.000%, 01/31/2028		512,186
	38,234	5.250%, 08/31/2028		648,831
		Bank of America Corporation
	27,080	Series 2, 3.693%, Perpetual ^(a)		511,270
	19,045	Series 4, 5.190%, Perpetual ^(a)		358,617
	38,189	Series 5, 4.000%, Perpetual ^(a)		727,501
	28,734	Series E, 4.790%, Perpetual ^(a)		531,579
	95,096	Series K, 6.450%, 12/15/2066 ^(a)		2,415,438
	122,267	Series GG, 6.000%, Perpetual		2,909,955
		Chimera Investment Corporation
	39,292	Series B, 8.000%, Perpetual ^(a)		730,831
	31,434	Series C, 7.750%, Perpetual ^(a)		534,378
	24,180	Series D, 8.000%, Perpetual ^(a)		432,822
		Citigroup, Inc.
	114,852	Series J, 7.125%, Perpetual ^(a)		2,866,706
	180,741	Series K, 6.875%, Perpetual ^(a)		4,561,903
		Citizens Financial Group, Inc.
	36,270	Series D, 6.350%, Perpetual ^(a)		850,532

The accompanying notes are an integral part of these financial statements.

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.7% (Continued)
		Financials — 76.0% ^(c) (Continued)
		Compass Diversified Holdings
	12,090	Series B, 7.875%, Perpetual ^(a)	$	295,359
		ConnectOne Bancorp, Inc.
	13,904	Series A, 5.250%, Perpetual ^(a)		286,005
		Cowen, Inc.
	12,090	7.750%, 06/15/2033		306,965
		Dynex Capital, Inc.
	13,481	Series C, 6.900%, Perpetual ^(a)		278,787
		Ellington Financial, Inc.
	13,904	6.750%, Perpetual ^(a)		280,027
	14,508	Series B, 6.250%, Perpetual ^(a)		263,175
		Enstar Group, Ltd.
	48,358	Series D, 7.000%, Perpetual ^(a)		1,062,909
		Fifth Third Bancorp
	54,404	Series I, 6.625%, Perpetual ^(a)		1,372,069
		First Eagle Alternative Capital BDC, Inc.
	13,492	5.000%, 05/25/2026		317,602
		First Horizon Corporation
	12,090	Series D, 6.100%, Perpetual ^(a)		272,509
		FNB Corporation
	13,405	7.250%, Perpetual ^(a)		332,578
		Gladstone Investment Corporation
	15,467	5.000%, 05/01/2026		352,647
	16,266	4.875%, 11/01/2028		336,869
		Goldman Sachs Group, Inc.
	66,145	Series A, 3.750%, Perpetual ^(a)		1,208,469
	17,641	Series C, 5.190%, Perpetual ^(a)		330,239
	119,060	Series D, 4.000%, Perpetual ^(a)		2,190,704
	88,196	Series J, 5.500%, Perpetual ^(a)		2,170,504
	61,735	Series K, 6.375%, Perpetual ^(a)		1,527,941
		Granite Point Mortgage Trust, Inc.
	24,874	Series A, 7.000%, Perpetual ^(a)		494,246
		Hartford Financial Services Group, Inc.
	41,710	Series G, 6.000%, Perpetual		1,023,563

The accompanying notes are an integral part of these financial statements.

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.7% (Continued)
		Financials — 76.0% ^(c) (Continued)
		Heartland Financial USA, Inc.
	13,904	Series E, 7.000%, Perpetual ^(a)	$	350,659
		Invesco Mortgage Capital, Inc.
	13,715	Series B, 7.750%, Perpetual ^(a)		263,328
	23,624	Series C, 7.500%, Perpetual ^(a)		428,067
		JPMorgan Chase & Company
	223,662	Series EE, 6.000%, Perpetual		5,457,353
		Kemper Corporation
	18,133	5.875%, 03/15/2062 ^(a)		378,798
		KeyCorp
	60,448	Series E, 6.125%, Perpetual ^(a)		1,410,856
	72,538	6.200%, Perpetual ^(a)(f)		1,768,477
		M&T Bank Corporation
	30,224	Series H, 5.625%, Perpetual ^(a)		687,294
		Merchants Bancorp
	15,112	Series B, 6.000%, Perpetual ^(a)		332,313
	15,715	8.250%, Perpetual ^(a)(f)		412,519
		MetLife, Inc.
	72,538	Series A, 4.293%, Perpetual ^(a)		1,489,205
		MFA Financial, Inc.
	33,245	Series C, 6.500%, Perpetual ^(a)		591,096
		Midland States Bancorp, Inc.
	13,904	7.750%, Perpetual ^(a)(f)		351,910
		Morgan Stanley
	74,152	Series A, 5.140%, Perpetual ^(a)		1,390,350
	58,143	Series E, 7.125%, Perpetual ^(a)		1,456,482
	57,299	Series F, 6.875%, Perpetual ^(a)		1,433,621
	67,411	Series I, 6.375%, Perpetual ^(a)		1,637,413
	67,411	Series K, 5.850%, Perpetual ^(a)		1,544,386
		New York Community Bancorp, Inc.
	62,262	Series A, 6.375%, Perpetual ^(a)		1,331,784
		New York Mortgage Trust, Inc.
	18,509	Series D, 8.000%, Perpetual ^(a)		337,049
	22,400	Series E, 7.875%, Perpetual ^(a)		407,008
	17,377	Series F, 6.875%, Perpetual ^(a)		297,494

The accompanying notes are an integral part of these financial statements.

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.7% (Continued)
		Financials — 76.0% ^(c) (Continued)
		Newtek Business Services Corporation
	12,090	5.500%, 02/01/2026	$	296,568
		Old National Bancorp
	14,810	Series C, 7.000%, Perpetual ^(a)		384,912
		PacWest Bancorp
	62,050	Series A, 7.750%, Perpetual ^(a)		1,540,081
		PennyMac Mortgage Investment Trust
	13,904	Series A, 8.125%, Perpetual ^(a)		299,631
	23,573	Series B, 8.000%, Perpetual ^(a)		506,820
		PNC Financial Services Group, Inc.
	159,883	Series P, 8.507%, Perpetual ^(a)		4,069,022
		Popular Capital Trust II
	15,715	6.125%, 12/01/2034		402,147
		Ready Capital Corporation
	24,335	5.750%, 02/15/2026		531,720
	12,392	6.200%, 07/30/2026		278,820
		Regions Financial Corporation
	60,448	Series B, 6.375%, Perpetual ^(a)		1,493,066
	60,448	Series C, 5.700%, Perpetual ^(a)		1,258,527
		Reinsurance Group of America, Inc.
	30,097	7.663%, 09/15/2042 ^(a)		762,056
	84,628	7.125%, 10/15/2052 ^(a)(f)		2,143,627
	48,358	5.750%, 06/15/2056 ^(a)		1,135,930
		Rithm Capital Corporation
	18,768	Series A, 7.500%, Perpetual ^(a)		344,768
	34,154	Series B, 7.125%, Perpetual ^(a)		595,646
	48,629	Series C, 6.375%, Perpetual ^(a)		783,899
	56,216	Series D, 7.000%, Perpetual ^(a)		986,591
		SiriusPoint, Ltd.
	24,180	Series B, 8.000%, Perpetual ^(a)		570,648
		SLM Corporation
	12,090	Series B, 4.993%, Perpetual ^(a)		698,077
		State Street Corporation
	90,672	Series D, 5.900%, Perpetual ^(a)		2,209,677
	60,448	Series G, 5.350%, Perpetual ^(a)		1,453,774

The accompanying notes are an integral part of these financial statements.

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.7% (Continued)
		Financials — 76.0% ^(c) (Continued)
		Synovus Financial Corporation
	24,180	Series D, 6.300%, Perpetual ^(a)	$	565,812
	42,314	Series E, 5.875%, Perpetual ^(a)		935,139
		Trinity Capital, Inc.
	21,155	7.000%, 01/16/2025		521,471
		Truist Financial Corporation
	20,856	Series I, 4.970%, Perpetual ^(a)		367,066
		Two Harbors Investment Corporation
	17,377	Series A, 8.125%, Perpetual ^(a)		317,999
	34,758	Series B, 7.625%, Perpetual ^(a)		620,778
	35,664	Series C, 7.250%, Perpetual ^(a)		649,798
		U.S. Bancorp
	1,740	Series A, 5.099%, Perpetual ^(a)		1,319,790
	120,896	Series B, 4.679%, Perpetual ^(a)		2,162,829
		Valley National Bancorp
	13,904	Series A, 6.250%, Perpetual ^(a)		308,808
	12,090	Series B, 7.856%, Perpetual ^(a)		291,611
		Voya Financial, Inc.
	36,270	Series B, 5.350%, Perpetual ^(a)		768,561
		Wells Fargo & Company
	208,547	Series Q, 5.850%, Perpetual ^(a)		4,744,444
	101,555	Series R, 6.625%, Perpetual ^(a)		2,539,891
		WesBanco, Inc.
	18,133	Series A, 6.750%, Perpetual ^(a)		454,413
		Western Alliance Bancorp
	36,270	Series A, 4.250%, Perpetual ^(a)		725,400
		Wintrust Financial Corporation
	15,112	Series D, 6.500%, Perpetual ^(a)		371,151
	34,758	Series E, 6.875%, Perpetual ^(a)		880,420
		Zions Bancorp NA
	16,731	Series G, 6.300%, Perpetual ^(a)		422,123
				119,644,422

The accompanying notes are an integral part of these financial statements.

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.7% (Continued)
		Industrials — 3.2%
		Air Lease Corporation
	30,224	Series A, 6.150%, Perpetual ^(a)	$	649,816
		Atlas Corporation
	15,394	Series D, 7.950%, Perpetual		376,999
	18,133	Series I, 8.000%, Perpetual ^(a)		389,316
		Babcock & Wilcox Enterprises, Inc.
	19,344	8.125%, 02/28/2026		442,204
	18,308	6.500%, 12/31/2026		378,792
		Charah Solutions, Inc.
	16,322	8.500%, 08/31/2026		316,647
		Fortress Transportation & Infrastructure Investors, LLC
	12,634	Series A, 8.250%, Perpetual ^(a)		256,470
	14,931	Series B, 8.000%, Perpetual ^(a)		297,426
	12,694	Series C, 8.250%, Perpetual ^(a)		238,012
		Global Ship Lease, Inc.
	13,176	8.750%, Perpetual		331,508
		Steel Partners Holdings LP
	19,409	Series A, 6.000%, 02/07/2026		447,378
		Textainer Group Holdings, Ltd.
	18,133	7.000%, Perpetual ^(a)		417,059
		Triton International, Ltd.
	17,377	8.000%, Perpetual		424,346
				4,965,973
		Information Technology — 0.2%
		Synchronoss Technologies, Inc.
	15,112	8.375%, 06/30/2026		287,430

		Real Estate — 0.7%
		Brookfield DTLA Fund Office Trust Investor, Inc.
	29,408	Series A, 7.625%, Perpetual ^(f)		202,915
		Cedar Realty Trust, Inc.
	15,112	Series C, 6.500%, Perpetual		127,696
		Gladstone Land Corporation
	18,001	Series B, 6.000%, Perpetual		443,545

The accompanying notes are an integral part of these financial statements.

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.7% (Continued)
		Real Estate — 0.7% (Continued)
		iStar, Inc.
	12,090	Series D, 8.000%, Perpetual	$	294,875
		Pennsylvania Real Estate Investment Trust
	20,853	Series C, 7.200%, Perpetual ^(f)		40,663
	15,112	Series D, 6.875%, Perpetual ^(f)		29,922
				1,139,616
		Utilities — 5.0%
		Algonquin Power & Utilities Corporation
	42,314	Series 19-A, 6.200%, 07/01/2079 ^(a)		959,259
	34,758	6.875%, 10/17/2078 ^(a)		780,317
		Duke Energy Corporation
	60,448	5.625%, 09/15/2078		1,432,013
		NiSource, Inc.
	60,448	Series B, 6.500%, Perpetual ^(a)		1,493,670
		SCE Trust III
	33,245	Series H, 5.750%, Perpetual ^(a)		642,958
		SCE Trust IV
	39,292	Series J, 5.375%, Perpetual ^(a)		704,899
		SCE Trust V
	36,270	Series K, 5.450%, Perpetual ^(a)		695,659
		Tennessee Valley Authority
	25,145	Series A, 2.216%, 05/01/2029 ^(a)		517,735
	30,949	Series D, 2.134%, 06/01/2028 ^(a)		668,808
				7,895,318
		TOTAL PREFERRED STOCKS (Cost $172,053,924)		156,953,875

The accompanying notes are an integral part of these financial statements.

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		SHORT-TERM INVESTMENTS — 0.8%
	1,182,365	Invesco Government & Agency Portfolio, Institutional Class — 3.07% ^(d)	$	1,182,365
		TOTAL SHORT—TERM INVESTMENTS (Cost $1,182,365)		1,182,365
		TOTAL INVESTMENTS (Cost $173,236,289) — 100.5%		158,136,240
		Liabilities in Excess of Other Assets — (0.5)%		(772,182	)
		NET ASSETS — 100.0%	$	157,364,058

Percentages are stated as a percent of net assets.
(a)	Variable or floating rate security based on a reference index and spread. Certain securities are fixed to variable and currently in the fixed phase. Rate disclosed is the rate in effect as of October 31, 2022.
(b)	Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.
(c)	To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in the Notes to Financial Statements.
(d)	Rate shown is the annualized seven-day yield as of October 31, 2022.
(e)	This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities is $0 which represents 0.00% of net assets.
(f)	Non-income producing security.

The accompanying notes are an integral part of these financial statements.

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

Schedule of Investments
October 31, 2022

Shares		Security Description	Value
		COMMON STOCKS — 99.7%
		Communication Services — 2.2%
	17,951	Nexstar Media Group, Inc. — Class A	$	3,075,006

		Consumer Discretionary — 9.4%
	17,247	Advance Auto Parts, Inc.		3,275,550
	17,538	Brunswick Corporation		1,239,410
	31,814	Hasbro, Inc.		2,075,864
	25,886	LCI Industries		2,746,763
	85,736	MDC Holdings, Inc.		2,611,519
	12,780	Penske Automotive Group, Inc.		1,426,504
				13,375,610
		Consumer Staples — 7.6%
	48,636	Inter Parfums, Inc.		3,933,679
	17,232	Lancaster Colony Corporation		3,106,585
	120,609	Reynolds Consumer Products, Inc.		3,683,399
				10,723,663
		Energy — 0.8%
	43,530	World Fuel Services Corporation		1,109,580

		Financials — 17.8%
	51,862	Evercore, Inc. - Class A		5,450,696
	101,174	First Financial Bancorp		2,637,606
	83,904	First Interstate BancSystem, Inc. - Class A		3,826,861
	168,018	Home BancShares, Inc.		4,282,779
	53,524	Horace Mann Educators Corporation		2,112,057
	145,192	Huntington Bancshares, Inc.		2,204,015
	129,745	Regions Financial Corporation		2,847,903
	64,830	Victory Capital Holdings, Inc. - Class A		1,874,884
				25,236,801
		Health Care — 8.2%
	43,123	Patterson Companies, Inc.		1,119,904
	123,210	Perrigo Company plc - ADR		4,962,899
	38,746	Quest Diagnostics, Inc.		5,565,863
				11,648,666

The accompanying notes are an integral part of these financial statements.

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.7% (Continued)
		Industrials — 17.7%
	59,328	Booz Allen Hamilton Holding Corporation	$	6,457,853
	25,377	Hubbell, Inc.		6,026,530
	33,044	Insperity, Inc.		3,899,853
	19,378	Snap-on, Inc.		4,302,885
	15,998	Watsco, Inc.		4,334,818
				25,021,939
		Information Technology — 16.9%
	65,467	Amdocs, Ltd. - ADR		5,650,457
	53,257	Avnet, Inc.		2,140,399
	33,569	Broadridge Financial Solutions, Inc.		5,037,364
	80,814	CSG Systems International, Inc.		5,226,241
	50,800	NetApp, Inc.		3,518,916
	43,690	Silicon Motion Technology Corporation - ADR		2,336,978
				23,910,355
		Materials — 7.0%
	15,982	Avery Dennison Corporation		2,709,748
	92,263	Avient Corporation		3,182,151
	25,227	RPM International, Inc.		2,385,718
	26,065	Sonoco Products Company		1,618,115
				9,895,732
		Real Estate — 6.6%
	65,491	Agree Realty Corporation		4,499,231
	30,302	Equity LifeStyle Properties, Inc.		1,938,116
	50,234	Terreno Realty Corporation		2,870,371
				9,307,718
		Utilities — 5.5%
	61,212	Alliant Energy Corporation		3,193,430
	21,974	Atmos Energy Corporation		2,341,329
	86,188	NiSource, Inc.		2,214,170
				7,748,929
		TOTAL COMMON STOCKS (Cost $140,819,351)		141,053,999

The accompanying notes are an integral part of these financial statements.

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

Schedule of Investments
October 31, 2022 (Continued)

Par			Effective Yield			Maturity		Value
		SHORT-TERM INVESTMENTS — 0.2%
		U.S. Treasury Bills — 0.2%
$	100,000	United States Treasury Bill ^(a)		2.70	%		12/1/2022	$	99,716
	151,000	United States Treasury Bill ^(a)		3.04	%		12/15/2022		150,356
		TOTAL SHORT-TERM INVESTMENTS (Cost $250,206)							250,072
		TOTAL INVESTMENTS (Cost $141,069,557) — 99.9%							141,304,071
		Other Assets in Excess of Liabilities — 0.1%							186,157
		NET ASSETS — 100.0%						$	141,490,228

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt.
(a)	Zero coupon bond.

The accompanying notes are an integral part of these financial statements.

AAM Transformers ETF

Schedule of Investments
October 31, 2022

Shares		Security Description	Value
		COMMON STOCKS — 100.1%
		Communication Services — 10.7%
	525	Alphabet, Inc. - Class A ^(a)	$	49,618
	217	Baidu, Inc. - ADR ^(a)		16,616
	654	Bilibili, Inc. - ADR ^(a)		5,834
	389	Bumble, Inc. - Class A ^(a)		9,880
	505	Cargurus, Inc. ^(a)		7,353
	705	Kanzhun, Ltd. - ADR ^(a)		7,705
	176	Match Group, Inc. ^(a)		7,603
	349	Meta Platforms, Inc. - Class A ^(a)		32,513
	353	NetEase, Inc. - ADR		19,634
	428	Pinterest, Inc. - Class A ^(a)		10,529
	1,042	ROBLOX Corporation - Class A ^(a)		46,619
	507	Sea, Ltd. - ADR ^(a)		25,188
	835	Snap, Inc. - Class A ^(a)		8,275
	332	Take-Two Interactive Software, Inc. ^(a)		39,335
	758	Tencent Holdings, Ltd. - ADR		19,920
	649	Trade Desk, Inc. - Class A ^(a)		34,553
	412	TripAdvisor, Inc. ^(a)		9,731
	230	ZoomInfo Technologies, Inc. ^(a)		10,242
				361,148
		Consumer Discretionary — 14.2%
	333	Alibaba Group Holding, Ltd. - ADR ^(a)		21,172
	452	Amazon.com, Inc. ^(a)		46,303
	531	BYD Company, Ltd. - ADR		24,012
	974	Coupang, Inc. ^(a)		16,821
	682	DoorDash, Inc. - Class A ^(a)		29,687
	93	Etsy, Inc. ^(a)		8,734
	1,643	Farfetch, Ltd. - Class A ^(a)		13,933
	1,113	Fisker, Inc. ^(a)		9,071
	532	Global-e Online, Ltd. ^(a)		13,454
	582	Li Auto, Inc. - ADR ^(a)		7,927
	2,610	Lucid Group, Inc. ^(a)		37,297
	687	Meituan - ADR ^(a)		22,046
	37	MercadoLibre, Inc. ^(a)		33,360

The accompanying notes are an integral part of these financial statements.

AAM Transformers ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 100.1% (Continued)
		Consumer Discretionary — 14.2% (Continued)
	1,144	Naspers, Ltd. - ADR	$	23,360
	1,655	NIO, Inc. - ADR ^(a)		16,004
	435	Pinduoduo, Inc. - ADR ^(a)		23,851
	2,616	Prosus NV - ADR		22,445
	1,257	Rivian Automotive, Inc. - Class A ^(a)		43,957
	207	Tesla, Inc. ^(a)		47,101
	194	Xometry, Inc. - Class A ^(a)		11,652
	936	XPeng, Inc. - ADR ^(a)		6,196
				478,383
		Energy — 0.4%
	518	Archaea Energy, Inc. ^(a)		13,370

		Industrials — 11.4%
	1,146	ABB, Ltd. - ADR		31,905
	56	Accelleron Industries AG - ADR ^(a)		947
	116	AeroVironment, Inc. ^(a)		10,614
	1,307	Airbus SE - ADR		35,328
	85	Axon Enterprise, Inc. ^(a)		12,363
	394	Bloom Energy Corporation - Class A ^(a)		7,372
	261	Boeing Company ^(a)		37,195
	635	ChargePoint Holdings, Inc. ^(a)		8,877
	53	Chart Industries, Inc. ^(a)		11,813
	538	Fluence Energy, Inc. ^(a)		8,032
	41	Generac Holdings, Inc. ^(a)		4,752
	63	HEICO Corporation		10,246
	167	Hexcel Corporation		9,302
	278	Howmet Aerospace, Inc.		9,883
	191	MTU Aero Engines AG - ADR		17,146
	361	Plug Power, Inc. ^(a)		5,769
	40	RBC Bearings, Inc. ^(a)		10,141
	1,845	Rocket Lab USA, Inc. ^(a)		9,391
	168	Rockwell Automation, Inc.		42,890
	1,251	Safran SA - ADR		34,803

The accompanying notes are an integral part of these financial statements.

AAM Transformers ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 100.1% (Continued)
		Industrials — 11.4% (Continued)
	1,322	Schneider Electric SE - ADR	$	33,433
	337	Spirit AeroSystems Holdings, Inc. - Class A		7,805
	675	Stem, Inc. ^(a)		9,180
	302	Sunrun, Inc. ^(a)		6,798
	790	Symbotic, Inc. ^(a)		9,749
				385,734
		Information Technology — 59.7% ^(b)
	156	Adobe, Inc. ^(a)		49,686
	700	Advanced Micro Devices, Inc. ^(a)		42,042
	420	Affirm Holdings, Inc. ^(a)		8,429
	441	Allegro MicroSystems, Inc. ^(a)		11,206
	159	Alteryx, Inc. - Class A ^(a)		7,748
	321	Amadeus IT Group SA - ADR ^(a)		16,724
	151	Ambarella, Inc. ^(a)		8,264
	266	Analog Devices, Inc.		37,937
	365	Apple, Inc.		55,969
	343	Arista Networks, Inc. ^(a)		41,455
	544	Asana, Inc. - Class A ^(a)		11,206
	133	Atlassian Corporation - Class A ^(a)		26,963
	202	Autodesk, Inc. ^(a)		43,289
	153	Axcelis Technologies, Inc. ^(a)		8,874
	65	Bill.com Holdings, Inc. ^(a)		8,668
	149	Blackline, Inc. ^(a)		8,344
	584	Block, Inc. ^(a)		35,081
	250	Braze, Inc. - Class A ^(a)		7,403
	237	Cadence Design Systems, Inc. ^(a)		35,879
	169	Calix, Inc. ^(a)		12,445
	362	Canadian Solar, Inc. ^(a)		12,272
	1,935	Chindata Group Holdings, Ltd. - ADR ^(a)		10,275
	165	Cloudflare, Inc. - Class A ^(a)		9,293
	229	Cognex Corporation		10,587
	219	Coherent Corporation ^(a)		7,361
	378	Confluent, Inc. - Class A ^(a)		10,161
	171	Coupa Software, Inc. ^(a)		9,102

The accompanying notes are an integral part of these financial statements.

AAM Transformers ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 100.1%
		Information Technology 59.7% ^(b) — (Continued)
	231	Crowdstrike Holdings, Inc. - Class A ^(a)	$	37,237
	116	CyberArk Software, Ltd. ^(a)		18,202
	414	Datadog, Inc. - Class A ^(a)		33,331
	253	DigitalOcean Holdings, Inc. ^(a)		9,088
	658	Dlocal, Ltd. ^(a)		14,673
	374	DoubleVerify Holdings, Inc. ^(a)		10,932
	267	Dynatrace, Inc. ^(a)		9,409
	120	Elastic NV ^(a)		7,674
	142	Enphase Energy, Inc. ^(a)		43,594
	105	Entegris, Inc.		8,331
	98	EPAM Systems, Inc. ^(a)		34,300
	76	First Solar, Inc. ^(a)		11,063
	101	Five9, Inc. ^(a)		6,086
	406	Flywire Corporation ^(a)		8,912
	827	Fortinet, Inc. ^(a)		47,271
	644	GDS Holdings, Ltd. - ADR ^(a)		5,558
	193	Gitlab, Inc. - Class A ^(a)		9,353
	80	Globant SA ^(a)		15,094
	321	HashiCorp, Inc. - Class A ^(a)		9,864
	32	HubSpot, Inc. ^(a)		9,490
	110	Impinj, Inc. ^(a)		12,609
	137	Intuit, Inc.		58,568
	284	JinkoSolar Holding Company, Ltd. - ADR ^(a)		13,484
	605	Lasertec Corporation - ADR ^(a)		16,734
	187	Lattice Semiconductor Corporation ^(a)		9,071
	1,322	Marqeta, Inc. - Class A ^(a)		10,417
	873	Marvell Technology, Inc.		34,641
	284	MaxLinear, Inc. ^(a)		8,770
	224	Microsoft Corporation		51,997
	147	Monday.com, Ltd. ^(a)		15,720
	40	MongoDB, Inc. ^(a)		7,321
	94	Monolithic Power Systems, Inc.		31,908
	165	Nova, Ltd. ^(a)		12,162
	74	Novanta, Inc. ^(a)		10,464

The accompanying notes are an integral part of these financial statements.

AAM Transformers ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 100.1%
		Information Technology 59.7% ^(b) — (Continued)
	414	NVIDIA Corporation	$	55,878
	159	Okta, Inc. ^(a)		8,923
	143	Onto Innovation, Inc. ^(a)		9,558
	1,076	Pagseguro Digital, Ltd. - Class A ^(a)		14,720
	1,298	Palantir Technologies, Inc. - Class A ^(a)		11,409
	220	Palo Alto Networks, Inc. ^(a)		37,750
	119	Paycom Software, Inc. ^(a)		41,174
	41	Paylocity Holding Corporation ^(a)		9,503
	1,455	Payoneer Global, Inc. ^(a)		11,276
	183	Procore Technologies, Inc. ^(a)		10,003
	345	Pure Storage, Inc. - Class A ^(a)		10,647
	107	Qorvo, Inc. ^(a)		9,211
	444	QUALCOMM, Inc.		52,241
	179	Rapid7, Inc. ^(a)		8,103
	227	RingCentral, Inc. - Class A ^(a)		8,063
	1,364	Sabre Corporation ^(a)		7,925
	375	Salesforce, Inc. ^(a)		60,971
	752	Samsara, Inc. - Class A ^(a)		9,257
	146	Seagate Technology Holdings plc		7,250
	379	SentinelOne, Inc. - Class A ^(a)		8,656
	92	ServiceNow, Inc. ^(a)		38,708
	225	Shift4 Payments, Inc. - Class A ^(a)		10,343
	81	Silicon Laboratories, Inc. ^(a)		9,309
	97	SiTime Corporation ^(a)		8,712
	314	Smartsheet, Inc. - Class A ^(a)		10,965
	232	Snowflake, Inc. - Class A ^(a)		37,190
	61	SolarEdge Technologies, Inc. ^(a)		14,032
	111	Splunk, Inc. ^(a)		9,225
	170	Sprout Social, Inc. - Class A ^(a)		10,256
	468	Squarespace, Inc. - Class A ^(a)		10,394
	121	Synopsys, Inc. ^(a)		35,399
	380	Taiwan Semiconductor Manufacturing Company, Ltd. - ADR		23,389
	260	Tenable Holdings, Inc. ^(a)		10,566
	116	Teradyne, Inc.		9,437

The accompanying notes are an integral part of these financial statements.

AAM Transformers ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 100.1%
		Information Technology 59.7% ^(b) — (Continued)
	524	Toast, Inc. - Class A ^(a)	$	11,575
	143	Twilio, Inc. - Class A ^(a)		10,635
	602	UiPath, Inc. - Class A ^(a)		7,615
	236	Unity Software, Inc. ^(a)		6,962
	89	Universal Display Corporation		8,475
	291	Visa, Inc. - Class A		60,284
	87	Wolfspeed, Inc. ^(a)		6,851
	251	Workday, Inc. - Class A ^(a)		39,111
	275	Zscaler, Inc. ^(a)		42,378
				2,014,320
		Materials — 1.9%
	156	Albemarle Corporation		43,660
	3,545	Ginkgo Bioworks Holdings, Inc. ^(a)		9,678
	317	Livent Corporation ^(a)		10,007
				63,345
		Utilities — 1.8%
	499	Atlantica Sustainable Infrastructure plc		13,827
	260	Clearway Energy, Inc. - Class C		9,032
	119	NextEra Energy Partners LP		8,814
	105	Ormat Technologies, Inc.		9,497
	2,318	ReNew Energy Global plc - Class A ^(a)		13,468
	399	Sunnova Energy International, Inc. ^(a)		7,398
				62,036
		TOTAL COMMON STOCKS (Cost $3,941,148)		3,378,336

The accompanying notes are an integral part of these financial statements.

AAM Transformers ETF

Schedule of Investments
October 31, 2022 (Continued)

Shares		Security Description	Value
		SHORT-TERM INVESTMENTS — 0.0% ^(c)
	1,440	Invesco Government & Agency Portfolio, Institutional Class — 3.07% ^(d)	$	1,440
		TOTAL SHORT-TERM INVESTMENTS (Cost $1,440)		1,440
		TOTAL INVESTMENTS (Cost $3,942,588) — 100.1%		3,379,776
		Liabilities in Excess of Other Assets — (0.1)%		(3,025	)
		NET ASSETS — 100.0%	$	3,376,751

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt.
(a)	Non-income producing security.
(b)	To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in the Notes to Financial Statements.
(c)	Represents less than 0.05% of net assets.
(d)	Rate shown is the annualized seven-day yield as of October 31, 2022.

The accompanying notes are an integral part of these financial statements.

AAM ETFs

Statements of Assets and Liabilities
October 31, 2022

	AAM S&P 500 High Dividend Value ETF		AAM S&P Emerging Markets High Dividend Value ETF		AAM S&P Developed Markets High Dividend Value ETF
ASSETS
Investments in securities, at value*	$	67,672,524	$	5,723,559	$	1,833,843
Foreign currency, at value*		—		2,683		—
Dividends and interest receivable		89,641		28,443		7,685
Receivable for capital shares sold		—		—		—
Receivable for securities sold		—		6,776		—
Cash		—		—		—
Total assets		67,762,165		5,761,461		1,841,528

LIABILITIES
Payable for securities purchased		—		—		—
Distribution payable		178,000		45,000		7,000
Payable for capital shares redeemed		—		—		—
Deferred foreign capital gains tax		—		767		—
Management fees payable		15,860