Annual Report

October 31, 2021

 

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

 

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the Funds’ reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

 

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Please contact your financial intermediary to elect to receive shareholder reports and other Fund communications electronically.

 

You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.

 

 

AAM ETFs

 

TABLE OF CONTENTS

 

 

Page

Management Discussion of Fund Performance

1

Performance Summaries

6

Portfolio Allocations

11

Schedules of Investments

14

Statements of Assets and Liabilities

36

Statements of Operations

38

Statements of Changes in Net Assets

40

Financial Highlights

45

Notes to Financial Statements

50

Report of Independent Registered Public Accounting Firm

64

Trustees and Officers

66

Expense Example

69

Review of Liquidity Risk Management Program

72

Approval of Advisory Agreements & Board Consideration

73

Federal Tax Information

82

Federal Tax Credit Pass Through

83

Information About Portfolio Holdings

83

Information About Proxy Voting

84

Frequency Distribution of Premiums and Discounts

84

 

 

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.

 

SPDV generated a total return of 46.23% (NAV) and 46.55% (market price), while the underlying index for SPDV generated a total return of 46.89% between November 1, 2020, and October 31, 2021 (“current fiscal period”). Over the same current fiscal period, the benchmark index, the S&P 500® index, achieved a total return of 42.91%.

 

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

 

Individual stocks attributable to SPDV’s return over the same fiscal period were Simon Property Group Inc (+221 bps), Nucor Corp (+198 bps), and CF Industries Holdings Inc (+171 bps). Stocks dragging down SPDV’s return were Western Union (-34 bps), Newmont Corp (-27 bps), and WEC Energy Group Inc (-23 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.

 

EEMD generated a total return of 32.74% (NAV) and 33.99% (market price) between November 1, 2020, and October 31, 2021 (“current fiscal period”). This compares to the 34.74% of the underlying Index, and a 17.54% total return for the benchmark index, the S&P Emerging Plus LargeMidCap® Index, for the same current fiscal period.

 

Top performing sectors attributable to EEMD’s return over the current fiscal period were Consumer Discretionary, Industrials, and Materials. The worst performing sectors included Health Care, Utilities and Consumer Staples.

 

1

 

 

AAM ETFs

 

Management Discussion of Fund Performance
(Unaudited) (Continued)

 

Individual stocks attributable to EEMD’s return over the same fiscal period were Great Wall Motor Company (+297 bps), Yanzhou Coal Mining (+224 bps), and Lenovo Group (+202 bps). Stocks dragging down EEMD’s return were Top Glove Corp (-136 bps), China Evergrande Group (-95 bps), and Vale SA (-68 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.

 

DMDV generated a total return of 35.49% (NAV) and 35.10% (market price) between November 1, 2020 and October 31, 2021 (the “current fiscal period”). This compares to the 36.14% of the underlying Index, and a 35.47% 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, Financials, and Industrials. The worst performing sectors included Health Care, Consumer Staples, and Communication Services.

 

Individual stocks attributable to DMDV’s return over the same fiscal period were Power Corp Of Canada (+132 bps), RioCan Real Estate Investment Trust (+132 bps), and Marubeni Corp (+129 bps). Stocks dragging down DMDV’s return were AGL Energy Ltd (-99 bps), Yamada Holdings Co Ltd (-43 bps), and HeidelbergCement AG (-32 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 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.

 

2

 

 

AAM ETFs

 

Management Discussion of Fund Performance
(Unaudited) (Continued)

 

PFLD generated a total return of 10.08% (NAV) and 10.07% (market price), while the underlying index for PFLD generated a total return of 10.44% between November 1, 2020, and October 31, 2021 (“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 13.87%.

 

Top performing industries attributable to PFLDs return during the current fiscal period were Banking, Utility, and Energy. The worst performing industries included Retail, Quasi Government, and Transportation.

 

Individual securities attributable to PFLD’s return over the same fiscal period were NSUS Float 01/15/43 (+32 bps), GS Float Perp (+26 bps), and Ally Float 02/15/40 (+23 bps). Securities dragging down PFLD’s return were ALINFR 8.875 Per (-16 bps), Solarwinds Corp (-9 bps), and T 5.35 11/01/66 (-2 bps).

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

 

The AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) incepted on August 25, 2021. As such, our first annual letter to you, our valued partners and shareholders, describes a relatively short period of history at just over 2 months. From SMIG’s inception through October 31, 2021, the Fund generated a total return of -0.23%/-0.27% (market/NAV) versus the Russell 2500 return of +2.61% for the period. We believe the shortfall was a microcosm of the condition of the market during that period of time, which was characterized by the favorable performance of low-quality companies within the benchmark (defined as companies with a S&P Quality Ranking of B or Worse), which returned +3.90% versus high-quality constituents (S&P Quality Ranking of B+ or Better) returning just 1.04%. This result is not surprising given the Fund’s highly active, differentiated approach and focus on companies of lower-risk and high intrinsic quality, against a more speculative market context that rewarded lower quality, less profitable investments.

 

Assessing attribution on a security basis, the largest contributors to performance include Evercore (EVR), Penske Automotive (PAG), and NetApp (NTAP). The largest detractors to performance include Rent-A-Center (RCII), McAfee (MCFE), and Encompass Health (EHC). Assessing attribution on a sector basis, the largest detractor to relative performance was our underweight to the Energy sector. As of 10/31/21, the fund had no exposure to the Energy sector.

 

Bahl & Gaynor does not alter its process or philosophy during short-term periods when returns may lag the benchmark. 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

 

3

 

 

AAM ETFs

 

Management Discussion of Fund Performance
(Unaudited) (Continued)

 

ownership of companies of high intrinsic quality and growth potential that we feel are underappreciated by the market. We thank you for your partnership and look forward to the opportunities in the years ahead.

 

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 and AAM Bahl & Gaynor Small/Mid Cap Income Growth 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 be 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.

 

4

 

 

AAM ETFs

 

Management Discussion of Fund Performance
(Unaudited) (Continued)

 

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”).

 

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.

 

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 14 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.

 

5

 

 

AAM S&P 500 High Dividend Value ETF

 

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

Average Annual Returns
October 31, 2021

1 Year

3 Years

Since
Inception
(11/28/2017)

 

AAM S&P 500 High Dividend Value ETF — NAV

46.23%

9.14%

8.51%

 

AAM S&P 500 High Dividend Value ETF — Market

46.55%

9.01%

8.46%

 

S&P 500® Dividend and Free Cash Flow Yield Index

46.89%

9.50%

8.87%

 

S&P 500® Index

42.91%

21.48%

17.50%

 

 

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 2/28/21 was 0.29%.

 

6

 

 

AAM S&P Emerging Markets High Dividend Value ETF

 

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

Average Annual Returns
October 31, 2021

1 Year

3 Years

Since
Inception
(11/28/2017)

 

AAM S&P Emerging Markets High Dividend Value ETF — NAV

32.74%

5.82%

1.75%

 

AAM S&P Emerging Markets High Dividend Value ETF — Market

33.99%

5.86%

1.91%

 

S&P Emerging Markets Dividend and Free Cash Flow Yield Index

34.74%

6.61%

2.62%

 

S&P Emerging Plus LargeMidCap® Index

17.54%

12.66%

5.31%

 

 

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 2/28/21 was 0.50%.

 

7

 

 

AAM S&P Developed Markets High Dividend Value ETF

 

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

Average Annual Returns
October 31, 2021

1 Year

Since
Inception
(11/27/2018)

 

AAM S&P Developed Markets High Dividend Value ETF — NAV

35.49%

3.45%

 

AAM S&P Developed Markets High Dividend Value ETF — Market

35.10%

3.50%

 

S&P Developed Ex-US Dividend and Free Cash Flow Yield Index

36.14%

3.92%

 

S&P Developed BMI Ex-U.S. & Korea LargeMidCap Index

35.47%

12.82%

 

 

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.

 

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 2/28/21 was 0.39%.

 

8

 

 

AAM Low Duration Preferred and Income Securities ETF

 

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

Average Annual Returns
October 31, 2021

1 Year

Since
Inception
(11/19/2019)

 

AAM Low Duration Preferred and Income Securities ETF — NAV

10.08%

5.58%

 

AAM Low Duration Preferred and Income Securities ETF — Market

10.07%

5.53%

 

ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index

10.44%

6.05%

 

ICE Exchange-Listed Preferred & Hybrid Securities Index

13.87%

8.72%

 

 

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.

 

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 2/28/21 was 0.45%.

 

9

 

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

 

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

Cumulative Returns
October 31, 2021

Since
Inception
(8/25/2021)

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF — NAV

-0.27%

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF — Market

-0.23%

 

Russell 2500 Total Return Index

2.61%

 

 

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.

 

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 8/20/21 was 0.60%.

 

10

 

 

AAM ETFs

 

Portfolio Allocations
As of October 31, 2021 (Unaudited)

 

AAM S&P 500 High Dividend Value ETF

 

Sector

Percentage of
Net Assets

Energy

10.6%

Financials

10.0

Real Estate

9.5

Materials

9.0

Utilities

9.0

Consumer Staples

8.8

Information Technology

8.8

Communication Services

8.5

Consumer Discretionary

8.5

Industrials

8.5

Health Care

8.2

Short-Term Investments

0.7

Liabilities in Excess of Other Assets

(0.1)

Total

100.0%

 

AAM S&P Emerging Markets High Dividend Value ETF

 

Sector

Percentage of
Net Assets

Consumer Discretionary

10.3%

Energy

10.1

Communication Services

9.9

Industrials

9.9

Consumer Staples

9.7

Information Technology

9.5

Utilities

9.3

Financials

9.0

Materials

8.6

Health Care

6.7

Real Estate

6.6

Short-Term Investments

0.8

Liabilities in Excess of Other Assets

(0.4)

Total

100.0%

 

 

11

 

 

AAM ETFs

 

Portfolio Allocations
As of October 31, 2021 (Unaudited) (Continued)

 

AAM S&P Developed Markets High Dividend Value ETF

 

Sector

Percentage of
Net Assets

Energy

9.9%

Financials

9.8

Information Technology

9.5

Real Estate

9.3

Consumer Staples

9.2

Industrials

9.2

Communication Services

9.0

Utilities

8.8

Consumer Discretionary

8.6

Health Care

8.2

Materials

7.8

Short-Term Investments

0.7

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 ♦

59.1%

Real Estate

14.8

Utilities

10.0

Energy

7.0

Short-Term Investments

5.5

Communication Services

3.8

Industrials

2.7

Mining, Quarrying, and Oil and Gas Extraction

0.9

Consumer Discretionary

0.8

Information Technology

0.3

Liabilities in Excess of Other Assets

(4.9)

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.

 

 

12

 

 

AAM ETFs

 

Portfolio Allocations
As of October 31, 2021 (Unaudited) (Continued)

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

 

Sector

Percentage of
Net Assets

Information Technology

20.8%

Consumer Discretionary

15.7

Financials

15.6

Materials

12.4

Industrials

9.7

Health Care

8.1

Real Estate

8.1

Utilities

4.3

Consumer Staples

3.4

Communication Services

1.6

Short-Term Investments

0.4

Liabilities in Excess of Other Assets

(0.1)

Total

100.0%

 

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 Fund Services, LLC.

 

13

 

 

AAM S&P 500 High Dividend Value ETF

 

Schedule of Investments
October 31, 2021

 

 

Shares

 

Security Description

 

Value

 
     

COMMON STOCKS — 99.4%

       
       

Communication Services — 8.5%

       
    29,129  

AT&T, Inc.

  $ 735,799  
    23,235  

Interpublic Group of Companies, Inc.

    849,704  
    64,921  

Lumen Technologies, Inc.

    769,963  
    11,342  

Omnicom Group, Inc.

    772,163  
    20,004  

ViacomCBS, Inc. - Class B

    724,545  
              3,852,174  
       

Consumer Discretionary — 8.5%

       
    6,352  

Genuine Parts Company

    832,811  
    45,452  

Hanesbrands, Inc.

    774,502  
    16,920  

Leggett & Platt, Inc.

    792,702  
    30,003  

Newell Brands, Inc.

    686,769  
    3,735  

Whirlpool Corporation

    787,450  
              3,874,234  
       

Consumer Staples — 8.8%

       
    17,266  

Altria Group, Inc.

    761,603  
    6,283  

J.M. Smucker Company

    771,929  
    20,907  

Kraft Heinz Company

    750,352  
    11,496  

Tyson Foods, Inc. - Class A

    919,335  
    17,623  

Walgreens Boots Alliance, Inc.

    828,634  
              4,031,853  
       

Energy — 10.6%

       
    40,572  

Baker Hughes Company

    1,017,546  
    51,961  

Coterra Energy, Inc.

    1,107,808  
    47,216  

Kinder Morgan, Inc.

    790,868  
    15,349  

Marathon Petroleum Corporation

    1,011,960  
    32,602  

Williams Companies, Inc.

    915,790  
              4,843,972  
       

Financials — 10.0%

       
    12,290  

Citigroup, Inc.

    849,976  
    14,227  

MetLife, Inc.

    893,455  
    53,733  

People’s United Financial, Inc.

    920,984  
    13,185  

Principal Financial Group, Inc.

    884,582  

 

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

 

14

 

 

AAM S&P 500 High Dividend Value ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.4% (Continued)

       

Financials — 10.0% (Continued)

    42,929  

Regions Financial Corporation

  $ 1,016,559  
              4,565,556  
       

Health Care — 8.2%

       
    6,939  

AbbVie, Inc.

    795,695  
    11,999  

Bristol-Myers Squibb Company

    700,742  
    13,851  

Cardinal Health, Inc.

    662,216  
    11,881  

Gilead Sciences, Inc.

    770,839  
    58,905  

Viatris, Inc.

    786,382  
              3,715,874  
       

Industrials — 8.5%

       
    4,090  

3M Company

    730,801  
    4,275  

General Dynamics Corporation

    866,756  
    4,025  

Huntington Ingalls Industries, Inc.

    815,988  
    2,152  

Lockheed Martin Corporation

    715,153  
    3,652  

Snap-on, Inc.

    742,196  
              3,870,894  
       

Information Technology — 8.8%

       
    1,697  

Broadcom, Inc.

    902,244  
    58,151  

Hewlett Packard Enterprise Company

    851,912  
    29,087  

HP, Inc.

    882,209  
    5,802  

International Business Machines Corporation

    725,830  
    35,313  

Western Union Company

    643,403  
              4,005,598  
       

Materials — 9.0%

       
    72,562  

Amcor plc

    875,823  
    17,332  

CF Industries Holdings, Inc.

    984,458  
    13,642  

Dow, Inc.

    763,543  
    14,120  

International Paper Company

    701,340  
    13,643  

Newmont Corporation

    736,722  
    1,283  

Sylvamo Corporation (a)

    36,119  
              4,098,005  
       

Real Estate — 9.5%

       
    7,137  

Boston Properties, Inc.

    811,049  

 

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

 

15

 

 

AAM S&P 500 High Dividend Value ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.4% (Continued)

       

Real Estate — 9.5% (Continued)

    39,411  

Kimco Realty Corporation

  $ 890,689  
    12,606  

Regency Centers Corporation

    887,588  
    6,604  

Simon Property Group, Inc.

    968,014  
    18,628  

Vornado Realty Trust

    794,112  
              4,351,452  
       

Utilities — 9.0%

       
    34,307  

AES Corporation

    862,135  
    7,047  

DTE Energy Company

    798,777  
    7,849  

Duke Energy Corporation

    800,677  
    20,000  

NRG Energy, Inc.

    797,800  
    13,395  

Public Service Enterprise Group, Inc.

    854,601  
              4,113,990  
       

TOTAL COMMON STOCKS (Cost $41,916,474)

    45,323,602  
                 
                 
       

SHORT-TERM INVESTMENTS — 0.7%

       
    306,525  

Invesco Government & Agency Portfolio - Institutional Class — 0.03% (b)

    306,525  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $306,525)

    306,525  
       

TOTAL INVESTMENTS (Cost $42,222,999) — 100.1%

    45,630,127  
       

Liabilities in Excess of Other Assets — (0.1)%

    (29,768 )
       

NET ASSETS — 100.0%

  $ 45,600,359  

 

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

Rate shown is the annualized seven-day yield as of October 31, 2021.

 

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.

 

16

 

 

AAM S&P Emerging Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2021

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 96.3%

       
       

Brazil — 8.8%

       
    28,512  

CPFL Energia SA

  $ 132,924  
    24,877  

JBS SA

    172,864  
    27,892  

Petroleo Brasileiro SA

    137,357  
    18,631  

Telefonica Brasil SA

    150,416  
    6,677  

Vale SA

    85,047  
              678,608  
       

China — 17.7%

       
    413,000  

Bank of China, Ltd. - H Shares

    146,001  
    779,000  

BBMG Corporation - H Shares

    131,184  
    817,000  

China Cinda Asset Management Company, Ltd. - H Shares

    136,533  
    310,000  

China CITIC Bank Corporation, Ltd. - H Shares

    136,289  
    410,000  

China Everbright Bank Company, Ltd. - H Shares

    144,414  
    154,000  

China Evergrande Group

    45,929  
    120,000  

China National Building Material Company, Ltd. - H Shares

    150,867  
    373,000  

Chongqing Rural Commercial Bank Company, Ltd. - H Shares

    134,258  
    214,000  

CIFI Holdings Group Company, Ltd.

    118,842  
    140,000  

CITIC, Ltd.

    140,377  
    137,600  

Guangzhou R&F Properties Company, Ltd. - H Shares

    86,320  
              1,371,014  
       

Hong Kong — 3.4%

       
    456,000  

China Jinmao Holdings Group, Ltd.

    133,651  
    143,400  

Yuexiu Property Company, Ltd.

    126,458  
              260,109  
       

India — 6.7%

       
    9,866  

Hindustan Aeronautics, Ltd.

    172,151  
    102,759  

Indian Oil Corporation, Ltd.

    175,585  
    417,942  

NHPC, Ltd.

    171,349  
              519,085  
       

Indonesia — 4.4%

       
    1,626,000  

Adaro Energy Tbk PT

    192,813  
    321,900  

Indofood Sukses Makmur Tbk PT

    144,279  
              337,092  

 

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

 

17

 

 

AAM S&P Emerging Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 96.3% (Continued)

       

Malaysia — 6.0%

       
    78,800  

Hartalega Holdings Bhd

  $ 111,511  
    173,900  

Kossan Rubber Industries Bhd

    99,108  
    283,800  

Sime Darby Bhd

    155,573  
    146,700  

Top Glove Corporation Bhd

    96,359  
              462,551  
       

Poland — 2.2%

       
    7,083  

Asseco Poland SA

    174,559  
                 
       

Republic of Korea — 5.4%

       
    3,852  

GS Holdings Corporation

    139,273  
    2,032  

KT&G Corporation

    141,025  
    1,497  

Lotte Shopping Company, Ltd.

    134,513  
              414,811  
       

Russian Federation — 6.2%

       
    2,412,200  

Inter RAO UES PJSC

    163,320  
    17,379  

Mobile TeleSystems PJSC - ADR

    159,713  
    4,626  

X5 Retail Group NV - GDR

    157,469  
              480,502  
       

Singapore — 1.2%

       
    150,300  

Riverstone Holdings, Ltd.

    95,853  
                 
       

South Africa — 1.8%

       
    12,381  

Exxaro Resources, Ltd.

    136,232  
                 
       

Taiwan, Province of China — 10.7%

       
    149,000  

Acer, Inc.

    139,310  
    51,000  

Chicony Electronics Company, Ltd.

    145,617  
    104,000  

CTCI Corporation

    136,318  
    122,000  

Formosa Taffeta Company, Ltd.

    131,615  
    34,000  

General Interface Solution Holding, Ltd.

    118,719  
    70,000  

Lite-On Technology Corporation

    154,305  
              825,884  

 

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

 

18

 

 

AAM S&P Emerging Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 96.3% (Continued)

       

Thailand — 5.6%

       
    28,900  

Siam City Cement pcl - NVDR

  $ 147,625  
    124,400  

Sri Trang Gloves Thailand pcl - NVDR

    114,343  
    148,000  

Total Access Communication pcl - NVDR

    170,602  
              432,570  
       

Turkey — 14.3%

       
    57,487  

Anadolu Efes Biracilik Ve Malt Sanayii AS

    132,729  
    38,302  

Arcelik AS

    134,164  
    7,376  

Ford Otomotiv Sanayi AS

    142,378  
    63,519  

KOC Holding AS

    155,773  
    41,333  

Tofas Turk Otomobil Fabrikasi AS

    252,766  
    198,610  

Turk Telekomunikasyon AS

    155,539  
    82,179  

Turkcell Iletisim Hizmetleri AS

    130,681  
              1,104,030  
       

United Kingdom — 1.9%

       
    17,210  

Evraz plc

    146,639  
       

TOTAL COMMON STOCKS (Cost $7,699,358)

    7,439,539  
                 
       

PREFERRED STOCKS — 3.3%

       
       

Brazil — 3.3%

       
    18,092  

Centrais Eletricas Brasileiras SA

    108,610  
    62,892  

Cia Energetica de Minas Gerais

    142,810  
              251,420  
       

TOTAL PREFERRED STOCKS (Cost $286,168)

    251,420  
                 

 

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

 

19

 

 

AAM S&P Emerging Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

SHORT-TERM INVESTMENTS- 0.8%

       
    64,593  

Invesco Government & Agency Portfolio - Institutional Class — 0.03% (a)

  $ 64,593  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $64,593)

    64,593  
       

TOTAL INVESTMENTS (Cost $8,050,119) — 100.4%

    7,755,552  
       

Liabilities in Excess of Other Assets — (0.4)%

    (30,721 )
       

NET ASSETS — 100.0%

  $ 7,724,831  

 

Percentages are stated as a percent of net assets.

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

NVDR

Non-Voting Depositary Receipt

(a) Rate shown is the annualized seven-day yield as of October 31, 2021.

 

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

 

20

 

 

AAM S&P Developed Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2021

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.3%

       
       

Australia — 14.3%

       
    7,552  

AGL Energy, Ltd.

  $ 32,446  
    3,753  

Computershare, Ltd.

    52,882  
    2,389  

Fortescue Metals Group, Ltd.

    24,996  
    10,775  

Harvey Norman Holdings, Ltd.

    40,142  
    13,320  

Origin Energy, Ltd.

    50,523  
    13,776  

Stockland

    47,079  
    39,830  

Vicinity Centres

    51,606  
    5,363  

Worley, Ltd.

    43,585  
              343,259  
       

Austria — 2.1%

       
    824  

OMV AG

    49,967  
                 
       

Canada — 5.8%

       
    11,294  

B2Gold Corporation

    46,559  
    1,419  

Pembina Pipeline Corporation

    46,902  
    2,489  

RioCan Real Estate Investment Trust

    44,758  
              138,219  
       

France — 6.1%

       
    1,733  

AXA SA

    50,459  
    1,165  

Bouygues SA

    47,187  
    3,233  

Credit Agricole SA

    48,787  
              146,433  
       

Germany — 4.7%

       
    544  

Fresenius Medical Care AG & Company KGaA

    36,174  
    836  

Fresenius SE & Company KGaA

    37,987  
    507  

HeidelbergCement AG

    38,219  
              112,380  
       

Hong Kong — 5.0%

       
    6,500  

CK Asset Holdings, Ltd.

    40,149  
    6,000  

CK Hutchison Holdings, Ltd.

    40,378  
    3,000  

Sun Hung Kai Properties, Ltd.

    39,915  
              120,442  

 

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

 

21

 

 

AAM S&P Developed Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.3% (Continued)

       

Italy — 3.4%

       
    21,411  

A2A SpA

  $ 45,046  
    94,533  

Telecom Italia SpA

    35,937  
              80,983  
       

Japan — 23.4%

       
    2,200  

Brother Industries, Ltd.

    42,408  
    1,900  

Canon, Inc.

    42,624  
    3,700  

Chubu Electric Power Company, Inc.

    38,257  
    10,800  

ENEOS Holdings, Inc.

    43,532  
    6,500  

Inpex Corporation

    54,269  
    2,300  

Japan Tobacco, Inc.

    45,092  
    900  

Lawson, Inc.

    43,491  
    2,600  

Seiko Epson Corporation

    46,197  
    3,300  

SoftBank Corporation

    44,989  
    3,300  

Sumitomo Corporation

    46,798  
    3,400  

Sumitomo Rubber Industries, Ltd.

    41,775  
    1,300  

Takeda Pharmaceutical Company, Ltd.

    36,517  
    9,500  

Yamada Holdings Company, Ltd.

    36,242  
              562,191  
       

Luxembourg — 2.1%

       
    5,496  

SES SA - FDR

    49,406  
                 
       

Netherlands — 4.0%

       
    1,460  

Koninklijke Ahold Delhaize NV

    47,528  
    913  

NN Group NV

    48,940  
              96,468  
       

Norway — 1.8%

       
    839  

Yara International ASA

    43,719  
                 
       

Singapore — 3.9%

       
    2,900  

Jardine Cycle & Carriage, Ltd.

    48,387  
    3,200  

Venture Corporation, Ltd.

    44,636  
              93,023  

 

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

 

22

 

 

AAM S&P Developed Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.3% (Continued)

       

Spain — 5.3%

       
    2,920  

Grifols SA - ADR

  $ 38,281  
    1,674  

Naturgy Energy Group SA

    44,033  
    10,037  

Telefonica SA

    43,726  
              126,040  
       

Sweden — 5.2%

       
    1,701  

Electrolux AB - Class B

    38,601  
    1,472  

Intrum AB

    41,682  
    2,690  

Securitas AB - Class B

    44,476  
              124,759  
       

United Kingdom — 12.2%

       
    8,383  

Aviva plc

    45,355  
    1,166  

British American Tobacco plc

    40,700  
    2,280  

GlaxoSmithKline plc

    47,148  
    2,058  

Imperial Brands plc

    43,500  
    4,700  

Phoenix Group Holdings plc

    42,302  
    544  

Rio Tinto plc

    34,007  
    27,173  

Vodafone Group plc

    40,242  
              293,254  
       

TOTAL COMMON STOCKS (Cost $2,329,438)

    2,380,543  
                 
       

SHORT-TERM INVESTMENTS — 0.7%

       
    17,562  

Invesco Government & Agency Portfolio- Institutional Class — 0.03% (a)

    17,562  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $17,562)

    17,562  
       

TOTAL INVESTMENTS (Cost $2,347,000) — 100.0%

    2,398,105  
       

Other Assets in Excess of Liabilities — 0.0% (b)

    1,018  
       

NET ASSETS — 100.0%

  $ 2,399,123  

 

Percentages are stated as a percent of net assets.

ADR

American Depositary Receipt

FDR

Fiduciary Depositary Receipt

(a)

Rate shown is the annualized seven-day yield as of October 31, 2021.

(b)

Represents less than 0.05% of net assets.

 

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

 

23

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2021

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.4%

       
       

Communication Services — 3.8%

       
       

Qwest Corporation

       
    55,950  

6.750%, 06/15/2057

  $ 1,472,044  
    82,879  

6.500%, 09/01/2056

    2,127,504  
              3,599,548  
       

Consumer Discretionary — 0.8%

       
       

TravelCenters of America, Inc.

       
    9,325  

8.250%, 01/15/2028

    243,476  
    10,175  

8.000%, 12/15/2029

    272,283  
    8,475  

8.000%, 10/15/2030

    223,740  
              739,499  
       

Energy — 7.0%

       
       

Altera Infrastructure LP

       
    12,730  

Series A, 7.250%, Perpetual

    76,889  
    10,604  

Series B, 8.500%, Perpetual

    64,048  
    10,180  

Series E, 8.875%, Perpetual (a)

    61,080  
       

DCP Midstream LP

       
    13,685  

Series B, 7.875%, Perpetual (a)

    345,273  
    9,343  

Series C, 7.950%, Perpetual (a)

    235,350  
       

Energy Transfer LP

       
    38,168  

Series C, 7.375%, Perpetual (a)

    963,360  
    37,728  

Series D, 7.625%, Perpetual (a)

    944,709  
    67,838  

Series E, 7.600%, Perpetual (a)

    1,731,226  
       

NGL Energy Partners LP

       
    26,676  

Series B, 9.000%, Perpetual (a)

    371,330  
       

NuStar Energy LP

       
    19,212  

Series A, 8.500%, Perpetual (a)

    470,886  
    32,636  

Series B, 7.625%, Perpetual (a)

    739,206  
    14,624  

Series C, 9.000%, Perpetual (a)

    380,370  
       

Teekay LNG Partners LP

       
    10,607  

9.000%, Perpetual

    269,418  
              6,653,145  
       

Financials — 59.1% (b)

       
       

ACRES Commercial Realty Corporation

       
    10,181  

8.625%, Perpetual (a)

    264,401  

 

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

 

24

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.4% (Continued)

       

Financials — 59.1% (b) (Continued)

       

AG Mortgage Investment Trust, Inc.

       
    8,836  

Series B, 8.000%, Perpetual

  $ 225,318  
       

AGNC Investment Corporation

       
    27,551  

Series C, 7.000%, Perpetual (a)

    699,244  
    19,945  

Series D, 6.875%, Perpetual (a)

    511,190  
    34,136  

Series E, 6.500%, Perpetual (a)

    885,147  
    48,747  

Series F, 6.125%, Perpetual (a)

    1,234,762  
       

Annaly Capital Management, Inc.

       
    61,040  

Series F, 6.950%, Perpetual (a)

    1,547,364  
    36,034  

Series G, 6.500%, Perpetual (a)

    916,705  
    37,528  

Series I, 6.750%, Perpetual (a)

    986,611  
       

Apollo Global Management, Inc.

       
    23,322  

Series A, 6.375%, Perpetual

    607,538  
       

Arbor Realty Trust, Inc.

       
    14,850  

Series F, 6.250%, Perpetual (a)

    374,368  
       

Arch Capital Group, Ltd.

       
    27,991  

Series F, 5.450%, Perpetual

    728,606  
       

Argo Group US, Inc.

       
    12,208  

6.500%, 09/15/2042

    317,896  
       

Axis Capital Holdings, Ltd.

       
    46,635  

Series E, 5.500%, Perpetual

    1,176,135  
       

B. Riley Financial, Inc.

       
    9,372  

6.750%, 05/31/2024

    242,641  
    11,111  

6.375%, 02/28/2025

    290,997  
    19,523  

6.000%, 01/31/2028

    509,550  
       

Bank of America Corporation

       
    22,971  

Series 2, 0.779%, Perpetual (a)

    548,548  
    16,166  

Series 4, 0.879%, Perpetual (a)

    413,203  
    32,391  

Series 5, 4.000%, Perpetual (a)

    824,999  
    24,370  

Series E, 4.000%, Perpetual (a)

    615,586  
    80,625  

Series K, 6.450%, 12/15/2066 (a)

    2,142,206  
       

Brightsphere Investment Group, Inc.

       
    10,607  

5.125%, 08/01/2031

    266,872  

 

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

 

25

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.4% (Continued)

       

Financials — 59.1% (b) (Continued)

       

Capital One Financial Corporation

       
    50,864  

Series G, 5.200%, Perpetual

  $ 1,287,876  
    42,396  

Series H, 6.000%, Perpetual

    1,076,011  
       

Charles Schwab Corporation

       
    63,587  

Series D, 5.950%, Perpetual

    1,633,550  
       

Chimera Investment Corporation

       
    27,553  

Series B, 8.000%, Perpetual (a)

    710,592  
    22,064  

Series C, 7.750%, Perpetual (a)

    566,383  
    16,956  

Series D, 8.000%, Perpetual (a)

    435,091  
       

Compass Diversified Holdings

       
    8,492  

Series A, 7.250%, Perpetual

    218,075  
       

Dynex Capital, Inc.

       
    9,458  

Series C, 6.900%, Perpetual (a)

    244,773  
       

Ellington Financial, Inc.

       
    9,750  

6.750%, Perpetual (a)

    258,277  
       

First Republic Bank

       
    16,976  

Series H, 5.125%, Perpetual

    441,206  
       

Franklin BSP Realty Trust, Inc.

       
    21,903  

Series E, 7.500%, Perpetual

    550,422  
       

Gladstone Investment Corporation

       
    10,859  

5.000%, 05/01/2026

    283,963  
    11,404  

4.875%, 11/01/2028

    299,355  
       

Global Indemnity Group, LLC.

       
    11,025  

7.875%, 04/15/2047

    284,445  
       

Goldman Sachs Group, Inc.

       
    58,740  

Series A, 3.750%, Perpetual (a)

    1,482,598  
    15,674  

Series C, 4.000%, Perpetual (a)

    395,141  
    105,725  

Series D, 4.000%, Perpetual (a)

    2,669,556  
       

Hartford Financial Services Group, Inc.

       
    50,875  

7.875%, 04/15/2042 (a)

    1,325,802  
       

Invesco Mortgage Capital, Inc.

       
    13,162  

Series B, 7.750%, Perpetual (a)

    334,973  
    24,387  

Series C, 7.500%, Perpetual (a)

    624,795  
       

Merchants Bancorp

       
    10,599  

Series B, 6.000%, Perpetual (a)

    278,542  

 

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

 

26

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.4% (Continued)

       

Financials — 59.1% (b) (Continued)

       

MetLife, Inc.

       
    50,882  

Series A, 4.000%, Perpetual (a)

  $ 1,292,403  
       

MFA Financial, Inc.

       
    16,955  

Series B, 7.500%, Perpetual

    430,318  
    23,330  

Series C, 6.500%, Perpetual (a)

    562,486  
       

Morgan Stanley

       
    93,267  

Series A, 4.000%, Perpetual

    2,354,059  
       

Navient Corporation

       
    25,454  

6.000%, 12/15/2043

    650,859  
       

Newtek Business Services Corporation

       
    8,478  

5.500%, 02/01/2026

    217,630  
       

New Residential Investment Corporation

       
    13,166  

Series A, 7.500%, Perpetual (a)

    337,708  
    23,959  

Series B, 7.125%, Perpetual (a)

    601,371  
    34,134  

Series C, 6.375%, Perpetual (a)

    801,808  
    39,430  

Series D, 7.000%, Perpetual (a)

    995,607  
       

New York Mortgage Trust, Inc.

       
    12,995  

Series D, 8.000%, Perpetual (a)

    339,819  
    15,708  

Series E, 7.875%, Perpetual (a)

    406,523  
    10,613  

Series F, 6.875%, Perpetual (a)

    264,476  
       

PennyMac Mortgage Investment Trust

       
    16,539  

Series B, 8.000%, Perpetual (a)

    437,622  
       

PNC Financial Services Group, Inc.

       
    127,157  

Series P, 6.125%, Perpetual (a)

    3,270,478  
       

Popular Capital Trust II

       
    11,025  

6.125%, 12/01/2034

    286,099  
       

Prudential plc

       
    21,208  

6.750%, Perpetual (c)

    541,864  
    25,451  

6.500%, Perpetual (c)

    651,037  
       

Ready Capital Corporation

       
    8,689  

6.200%, 07/30/2026

    224,611  
    17,066  

5.750%, 02/15/2026

    435,524  
       

SLM Corporation

       
    8,457  

Series B, 1.816%, Perpetual (a)

    522,220  

 

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

 

27

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.4% (Continued)

       

Financials — 59.1% (b) (Continued)

       

Sterling Bancorp

       
    11,454  

Series A, 6.500%, Perpetual

  $ 300,553  
       

Truist Financial Corporation

       
    14,625  

Series I, 4.000%, Perpetual (a)

    378,349  
       

Two Harbors Investment Corporation

       
    24,389  

Series B, 7.625%, Perpetual (a)

    628,748  
    25,013  

Series C, 7.250%, Perpetual (a)

    630,328  
       

US Bancorp

       
    67,998  

Series B, 3.500%, Perpetual (a)

    1,679,550  
    74,778  

Series F, 6.500%, Perpetual (a)

    1,897,866  
    990  

Series A, 3.500%, Perpetual (a)

    955,350  
       

Valley National Bancorp

       
    8,475  

Series B, 5.500%, Perpetual (a)

    219,333  
       

Webster Financial Corporation

       
    12,725  

Series F, 5.250%, Perpetual

    332,759  
       

Wells Fargo & Company

       
    58,511  

Series Y, 5.625%, Perpetual

    1,517,190  
       

Western Alliance Bancorp

       
    14,855  

6.250%, 07/01/2056

    374,495  
              56,270,356  
       

Industrials — 2.7%

       
       

Atlas Corporation

       
    19,136  

Series H, 7.875%, Perpetual

    485,672  
       

Babcock & Wilcox Enterprises, Inc.

       
    13,564  

8.125%, 02/28/2026

    357,004  
       

Charah Solutions, Inc.

       
    11,460  

8.500%, 08/31/2026

    281,457  
       

Fortress Transportation & Infrastructure Investors, LLC.

       
    10,477  

Series B, 8.000%, Perpetual (a)

    278,164  
       

Pitney Bowes, Inc.

       
    36,049  

6.700%, 03/07/2043

    909,877  
       

Steel Partners Holdings LP

       
    13,432  

Series A, 6.000%, 02/07/2026

    318,876  
              2,631,050  

 

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

 

28

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.4% (Continued)

       

Information Technology — 0.3%

       
       

Synchronoss Technologies, Inc.

       
    10,609  

8.375%, 06/30/2026

  $ 256,526  
                 
       

Mining, Quarrying, and Oil and Gas Extraction — 0.9%

       
       

NuStar Logistics LP

       
    34,125  

6.863%, 01/15/2043 (a)

    860,974  
                 
       

Real Estate — 14.8%

       
       

American Homes 4 Rent

       
    13,162  

Series F, 5.875%, Perpetual

    341,027  
    9,764  

Series G, 5.875%, Perpetual

    255,817  
       

Cedar Realty Trust, Inc.

       
    10,613  

Series C, 6.500%, Perpetual

    273,285  
       

City Office REIT, Inc.

       
    9,491  

Series A, 6.625%, Perpetual

    240,407  
       

Digital Realty Trust, Inc.

       
    16,955  

Series J, 5.250%, Perpetual

    441,847  
       

DigitalBridge Group, Inc.

       
    24,392  

Series H, 7.125%, Perpetual

    621,264  
    29,251  

Series I, 7.150%, Perpetual

    760,526  
    26,726  

Series J, 7.125%, Perpetual

    702,092  
       

Diversified Healthcare Trust

       
    21,208  

6.250%, 02/01/2046

    534,017  
       

EPR Properties

       
    12,724  

Series G, 5.750%, Perpetual

    332,096  
       

Federal Realty Investment Trust

       
    12,731  

Series C, 5.000%, Perpetual

    332,152  
       

Gladstone Land Corporation

       
    12,627  

Series B, 6.000%, Perpetual

    329,565  
       

Global Net Lease, Inc.

       
    14,425  

Series A, 7.250%, Perpetual

    381,974  
       

iStar, Inc.

       
    10,602  

Series I, 7.500%, Perpetual

    274,592  

 

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

 

29

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.4% (Continued)

       

Real Estate — 14.8% (Continued)

       

Kimco Realty Corporation

       
    19,081  

Series L, 5.125%, Perpetual

  $ 496,679  
    22,425  

Series M, 5.250%, Perpetual

    598,523  
       

Monmouth Real Estate Investment Corporation

       
    46,611  

Series C, 6.125%, Perpetual

    1,189,047  
       

National Storage Affiliates Trust

       
    18,525  

Series A, 6.000%, Perpetual

    490,727  
       

Pebblebrook Hotel Trust

       
    9,343  

Series E, 6.375%, Perpetual

    234,977  
    12,737  

Series F, 6.300%, Perpetual

    321,227  
       

PS Business Parks, Inc.

       
    14,803  

Series W, 5.200%, Perpetual

    371,851  
    16,960  

Series Y, 5.200%, Perpetual

    446,557  
       

Public Storage

       
    29,681  

Series E, 4.900%, Perpetual

    752,117  
    23,752  

Series F, 5.150%, Perpetual

    614,939  
       

SITE Centers Corporation

       
    14,858  

Series A, 6.375%, Perpetual

    390,468  
       

SL Green Realty Corporation

       
    19,500  

Series I, 6.500%, Perpetual

    508,365  
       

Spirit Realty Capital, Inc.

       
    14,633  

Series A, 6.000%, Perpetual

    381,775  
       

UMH Properties, Inc.

       
    20,972  

Series C, 6.750%, Perpetual

    551,354  
       

Urstadt Biddle Properties, Inc.

       
    9,768  

Series H, 6.250%, Perpetual

    257,387  
       

Vornado Realty Trust

       
    25,450  

Series L, 5.400%, Perpetual

    662,718  
              14,089,372  
       

Utilities — 10.0%

       
       

Alabama Power Company

       
    21,208  

Series A, 5.000%, Perpetual

    552,468  

 

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

 

30

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.4% (Continued)

       

Utilities — 10.0% (Continued)

       

DTE Energy Company

       
    33,927  

Series E, 5.250%, 12/01/2077

  $ 887,870  
    23,748  

Series F, 6.000%, 12/15/2076

    605,811  
       

Entergy Arkansas, LLC.

       
    34,765  

4.875%, 09/01/2066

    877,121  
       

Entergy Louisiana, LLC.

       
    22,903  

4.875%, 09/01/2066

    578,301  
       

Entergy Mississippi, LLC.

       
    22,046  

4.900%, 10/01/2066

    564,157  
       

Entergy New Orleans, LLC.

       
    9,331  

5.500%, 04/01/2066

    240,273  
       

Interstate Power & Light Company

       
    16,978  

Series D, 5.100%, Perpetual

    442,107  
       

NextEra Energy Capital Holdings, Inc.

       
    48,340  

Series K, 5.250%, 06/01/2076

    1,228,803  
       

SCE Trust II

       
    18,669  

5.100%, Perpetual

    469,525  
       

SCE Trust III

       
    23,336  

Series H, 5.750%, Perpetual (a)

    601,369  
       

SCE Trust IV

       
    27,573  

Series J, 5.375%, Perpetual (a)

    690,979  
       

SCE Trust V

       
    25,454  

Series K, 5.450%, Perpetual (a)

    658,750  
       

Tennessee Valley Authority

       
    19,675  

Series A, 2.216%, 05/01/2029 (a)

    527,880  
    23,250  

Series D, 2.134%, 06/01/2028 (a)

    629,842  
              9,555,256  
       

TOTAL PREFERRED STOCKS (Cost $94,332,976)

    94,655,726  
                 

 

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

 

31

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

SHORT-TERM INVESTMENTS — 5.5%

       
    5,225,432  

Invesco Government & Agency Portfolio - Class X, - 0.03% (d)

  $ 5,225,432  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $5,225,432)

    5,225,432  
       

TOTAL INVESTMENTS (Cost $99,558,408) — 104.9%

    99,881,158  
       

Liabilities in Excess of Other Assets — (4.9)%

    (4,648,728 )
       

NET ASSETS — 100.0%

  $ 95,232,430  

 

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, 2021.

(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 Notes to Financial Statements.

(c)

Convertible security.

(d)

Rate shown is the annualized seven-day yield as of October 31, 2021.

 

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.

 

32

 

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

 

Schedule of Investments
October 31, 2021

 

Shares     Security Description   Value  
        COMMON STOCKS — 99.7%        
        Communication Services — 1.6%        
  711     Nexstar Media Group, Inc. - Class A   $ 106,600  
                 
        Consumer Discretionary — 15.7%        
  655     Advance Auto Parts, Inc.     147,716  
  1,407     Hasbro, Inc.     134,734  
  926     LCI Industries     129,307  
  3,922     MDC Holdings, Inc.     192,099  
  1,624     Penske Automotive Group, Inc.     172,225  
  2,916     PetMed Express, Inc.     82,902  
  3,764     Rent-A-Center, Inc.     200,471  
              1,059,454  
        Consumer Staples — 3.4%        
  497     Lancaster Colony Corporation     84,490  
  5,318     Reynolds Consumer Products, Inc.     143,480  
              227,970  
        Financials — 15.6%        
  1,318     Community Bank System, Inc.     94,461  
  2,358     Evercore, Inc. - Class A     358,039  
  4,254     First Financial Bancorp     101,160  
  3,753     First Interstate BancSystem, Inc. - Class A     156,012  
  6,358     Home BancShares, Inc.     151,066  
  2,374     Horace Mann Educators Corporation     93,013  
  6,371     Huntington Bancshares, Inc.     100,280  
              1,054,031  
        Health Care — 8.1%        
  2,130     Encompass Health Corporation     135,383  
  1,901     Patterson Companies, Inc.     59,425  
  2,157     Perrigo Company, plc.     97,388  
  1,738     Quest Diagnostics, Inc.     255,104  
              547,300  
        Industrials — 9.7%        
  1,145     Hubbell, Inc.     228,279  
  1,514     ManTech International Corporation - Class A     130,537  
  689     Snap-on, Inc.     140,025  

 

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

 

33

 

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

Shares     Security Description   Value  
        COMMON STOCKS — 99.7% (Continued)        
        Industrials — 9.7% (Continued)        
  527     Watsco, Inc.   $ 152,609  
              651,450  
        Information Technology — 20.8%        
  2,455     Amdocs, Ltd.     191,097  
  1,253     Broadridge Financial Solutions, Inc.     223,548  
  4,298     CSG Systems International, Inc.     215,115  
  2,539     Juniper Networks, Inc.     74,951  
  7,558     McAfee Corporation - Class A     161,514  
  2,297     NetApp, Inc.     205,122  
  2,570     Progress Software Corporation     132,124  
  2,805     Silicon Motion Technology Corporation - ADR     200,305  
              1,403,776  
        Materials — 12.4%        
  715     Avery Dennison Corporation     155,670  
  2,949     Avient Corporation     158,892  
  1,063     Celanese Corporation     171,685  
  1,132     RPM International, Inc.     98,710  
  1,035     Scotts Miracle-Gro Company     153,656  
  1,667     Sonoco Products Company     96,603  
              835,216  
        Real Estate — 8.1%        
  2,966     Agree Realty Corporation     210,764  
  468     CoreSite Realty Corporation     66,671  
  1,468     Equity LifeStyle Properties, Inc.     124,061  
  279     Innovative Industrial Properties, Inc.     73,402  
  975     Terreno Realty Corporation     71,302  
              546,200  
        Utilities — 4.3%        
  1,821     Alliant Energy Corporation     103,014  
  973     Atmos Energy Corporation     89,633  
  3,797     NiSource, Inc.     93,672  
              286,319  
        TOTAL COMMON STOCKS (Cost $6,754,023)     6,718,316  

 

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

 

34

 

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

 

Schedule of Investments
October 31, 2021 (Continued)

 

 

Par

     

Effective
Yield

   

Maturity

   

Value

 
       

SHORT-TERM INVESTMENTS — 0.4%

               
       

U.S. Treasury Bills — 0.4%

                       
    3,000  

United States Cash Management Bill (a)

    0.02 %     1/18/2022     $ 3,000  
    1,000  

United States Treasury Bill (a)

    0.02 %     12/9/2021       1,000  
    2,000  

United States Treasury Bill (a)

    0.02 %     12/16/2021       2,000  
    2,000  

United States Treasury Bill (a)

    0.01 %     12/23/2021       2,000  
    4,000  

United States Treasury Bill (a)

    0.02 %     1/13/2022       4,000  
    6,000  

United States Treasury Bill (a)

    0.02 %     1/20/2022       5,999  
    12,000  

United States Treasury Bill (a)

    0.02 %     1/27/2022       11,998  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $29,999)

                    29,997  
       

TOTAL INVESTMENTS (Cost $6,784,022) — 100.1%

                    6,748,313  
       

Liabilities in Excess of Other Assets — (0.1)%

                    (8,616 )
       

NET ASSETS — 100.0%

                  $ 6,739,697  

 

Percentages are stated as a percent of net assets.

ADR

American Depositary Receipt.

(a)

Zero coupon bond.

 

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.

 

35

 

 

AAM ETFs

 

Statements of Assets and Liabilities
October 31, 2021

 

   

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*

  $ 45,630,127     $ 7,755,552     $ 2,398,105  

Foreign currency, at value*

          1,077       417  

Receivable for securities sold

                 

Receivable for capital shares sold

          551,785        

Dividends and interest receivable

    71,480       25,799       10,137  

Cash

                 

Total assets

    45,701,607       8,334,213       2,408,659  
                         

LIABILITIES

                       

Payable for investments purchased

          552,345        

Distribution payable

    90,000       40,000       8,734  

Deferred foreign capital gains tax

          13,968        

Management fees payable

    11,248       3,069       802  

Total liabilities

    101,248       609,382       9,536  

NET ASSETS

  $ 45,600,359     $ 7,724,831     $ 2,399,123  
                         

Net Assets Consist of:

                       

Paid-in capital

  $ 46,531,233     $ 8,717,074     $ 2,645,471  

Total distributable earnings (accumulated deficit)

    (930,874 )     (992,243 )     (246,348 )

Net assets

  $ 45,600,359     $ 7,724,831     $ 2,399,123  
                         

Net Asset Value:

                       

Net assets

  $ 45,600,359     $ 7,724,831     $ 2,399,123  

Shares outstanding ^

    1,525,000       350,000       100,000  

Net asset value, offering and redemption price per share

  $ 29.90     $ 22.07     $ 23.99  

* Identified Cost:

                       

Investments in Securities

  $ 42,222,999     $ 8,050,119     $ 2,347,000  

Foreign Currency

          1,076       414  

 

^

No par value, unlimited number of shares authorized.

 

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

 

36

 

 

AAM ETFs

 

Statements of Assets and Liabilities
October 31, 2021 (Continued)

 

   

AAM Low
Duration
Preferred
and Income
Securities ETF

   

AAM Bahl &
Gaynor
Small/Mid
Cap Income
Growth ETF

 

ASSETS

               

Investments in securities, at value*

  $ 99,881,158     $ 6,748,313  

Foreign currency, at value*

           

Receivable for securities sold

    11,177,258       7,633  

Receivable for capital shares sold

    1,258,185        

Dividends and interest receivable

    300,018       4,397  

Cash

          489  

Total assets

    112,616,619       6,760,832  
                 

LIABILITIES

               

Payable for investments purchased

    17,060,322       11,235  

Distribution payable

    290,000       7,000  

Deferred foreign capital gains tax

           

Management fees payable

    33,867       2,900  

Total liabilities

    17,384,189       21,135  

NET ASSETS

  $ 95,232,430     $ 6,739,697  
                 

Net Assets Consist of:

               

Paid-in capital

  $ 95,542,290     $ 6,809,220  

Total distributable earnings (accumulated deficit)

    (309,860 )     (69,523 )

Net assets

  $ 95,232,430     $ 6,739,697  
                 

Net Asset Value:

               

Net assets

  $ 95,232,430     $ 6,739,697  

Shares outstanding ^

    3,775,000       270,000  

Net asset value, offering and redemption price per share

  $ 25.23     $ 24.96  

* Identified Cost:

               

Investments in Securities

  $ 99,558,408     $ 6,784,022  

Foreign Currency

           

 

^

No par value, unlimited number of shares authorized.

 

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

 

37

 

 

AAM ETFs

 

Statements of Operations
For the Period Ended October 31, 2021

 

   

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

 

INCOME

                       

Dividends^

  $ 1,238,825     $ 410,189     $ 108,060  

Interest

    19       6       1  

Total investment income

    1,238,844       410,195       108,061  
                         

EXPENSES

                       

Management fees

    103,293       31,494       9,307  

Total expenses

    103,293       31,494       9,307  

Net investment income (loss)

    1,135,551       378,701       98,754  
                         

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

                       

Net realized gain (loss) on:

                       

Investments

    3,520,139       785,051 (1)      156,922  

Foreign currency

          698       1,756  

Change in unrealized appreciation (depreciation) on:

                       

Investments

    5,461,526       75,281 (2)      385,730  

Foreign currency

          21       (178 )

Net realized and unrealized gain (loss) on investments

    8,981,665       861,051       544,230  

Net increase (decrease) in net assets resulting from operations

  $ 10,117,216     $ 1,239,752     $ 642,984  
^ Net of foreign withholding taxes   $     $ 48,976     $ 13,135  

 

(1) Net of foreign capital gains tax of $25,023.
(2) Net of change in deferred foreign capital gains tax of $13,969.

 

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

 

38

 

 

AAM ETFs

 

Statements of Operations
For the Period Ended October 31, 2021 (Continued)

 

   

AAM Low
Duration
Preferred
and Income
Securities ETF

   

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

 

INCOME

               

Dividends^

  $ 1,516,566     $ 22,533  

Interest

    354       1  

Total investment income

    1,516,920       22,534  
                 

EXPENSES

               

Management fees

    147,387       5,887  

Total expenses

    147,387       5,887  

Net investment income (loss)

    1,369,533       16,647  
                 

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

               

Net realized gain (loss) on:

               

Investments

    26,512       (4,989 )

Foreign currency

           

Change in unrealized appreciation (depreciation) on:

               

Investments

    333,023       (35,709 )

Foreign currency

           

Net realized and unrealized gain (loss) on investments

    359,535       (40,698 )

Net increase (decrease) in net assets resulting from operations

  $ 1,729,068     $ (24,051 )
^ Net of foreign withholding taxes   $ 84     $  

 

* Fund commenced operations on August 25, 2021. The information presented is for the period from August 25, 2021 to October 31, 2021.

 

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

 

39

 

 

AAM S&P 500 High Dividend Value ETF

 

Statements of Changes in Net Assets

 

   

Year Ended
October 31,
2021

   

Year Ended
October 31,
2020

 

OPERATIONS

               

Net investment income (loss)

  $ 1,135,551     $ 1,155,151  

Net realized gain (loss) on investments

    3,520,139       (6,039,906 )

Change in unrealized appreciation (depreciation) on investments

    5,461,526       (2,571,259 )

Net increase (decrease) in net assets resulting from operations

    10,117,216       (7,456,014 )
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Net distributions to shareholders

    (1,144,279 )     (1,317,853 )

Total distributions to shareholders

    (1,144,279 )     (1,317,853 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from shares sold

    30,128,277       14,727,138  

Payments for shares redeemed

    (17,288,578 )     (19,315,982 )

Net increase (decrease) in net assets derived from capital share transactions (a)

    12,839,699       (4,588,844 )

Net increase (decrease) in net assets

    21,812,636       (13,362,711 )
                 

NET ASSETS

               

Beginning of year

  $ 23,787,723     $ 37,150,434  

End of year

  $ 45,600,359     $ 23,787,723  

 

(a)

A summary of capital share transactions is as follows:

 

   

Shares

   

Shares

 

Shares sold

    1,000,000       600,000  

Shares redeemed

    (600,000 )     (875,000 )

Net increase (decrease)

    400,000       (275,000 )

 

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

 

40

 

 

AAM S&P Emerging Markets High Dividend Value ETF

 

Statements of Changes in Net Assets

 

   

Year Ended
October 31,
2021

   

Year Ended
October 31,
2020

 

OPERATIONS

               

Net investment income (loss)

  $ 378,701     $ 206,759  

Net realized gain (loss) on investments and foreign currency

    785,749       (461,263 )

Change in unrealized appreciation (depreciation) on investments and foreign currency

    75,302       (95,524 )

Net increase (decrease) in net assets resulting from operations

    1,239,752       (350,028 )
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Net distributions to shareholders

    (340,332 )     (253,796 )

Total distributions to shareholders

    (340,332 )     (253,796 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from shares sold

    6,079,493       3,081,008  

Transaction fees (Note 6)

    8,651        

Payments for shares redeemed

    (4,948,485 )      

Net increase (decrease) in net assets derived from capital share transactions (a)

    1,139,659       3,081,008  

Net increase (decrease) in net assets

    2,039,079       2,477,184  
                 

NET ASSETS

               

Beginning of year

  $ 5,685,752     $ 3,208,568  

End of year

  $ 7,724,831     $ 5,685,752  

 

(a)

A summary of capital share transactions is as follows:

 

   

Shares

   

Shares

 

Shares sold

    275,000       175,000  

Shares redeemed

    (250,000 )      

Net increase (decrease)

    25,000       175,000  

 

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

 

41

 

 

AAM S&P Developed Markets High Dividend Value ETF

 

Statements of Changes in Net Assets

 

   

Year Ended
October 31,
2021

   

Year Ended
October 31,
2020

 

OPERATIONS

               

Net investment income (loss)

  $ 98,754     $ 57,957  

Net realized gain (loss) on investments and foreign currency

    158,678       (259,967 )

Change in unrealized appreciation (depreciation) on investments and foreign currency

    385,552       (321,738 )

Net increase (decrease) in net assets resulting from operations

    642,984       (523,748 )
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Net distributions to shareholders

    (102,252 )     (97,167 )

Total distributions to shareholders

    (102,252 )     (97,167 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from shares sold

    570,108       1,762,595  

Payments for shares redeemed

    (560,217 )     (1,828,438 )

Net increase (decrease) in net assets derived from capital share transactions (a)

    9,891       (65,843 )

Net increase (decrease) in net assets

    550,623       (686,758 )
                 

NET ASSETS

               

Beginning of year

  $ 1,848,500     $ 2,535,258  

End of year

  $ 2,399,123     $ 1,848,500  

 

(a)

A summary of capital share transactions is as follows:

 

   

Shares

   

Shares

 

Shares sold

    25,000       75,000  

Shares redeemed

    (25,000 )     (75,000 )

Net increase (decrease)

           

 

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

 

42

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Statements of Changes in Net Assets

 

   

Year Ended
October 31,
2021

   

Period Ended
October 31,
2020*

 

OPERATIONS

               

Net investment income (loss)

  $ 1,369,533     $ 126,877  

Net realized gain (loss) on investments

    26,512       (92,249 )

Change in unrealized appreciation (depreciation) on investments

    333,023       (10,273 )

Net increase (decrease) in net assets resulting from operations

    1,729,068       24,355  
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Net distributions to shareholders

    (1,403,869 )     (117,674 )

Total distributions to shareholders

    (1,403,869 )     (117,674 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from shares sold

    114,586,072       5,562,873  

Transaction fees (Note 6)

    928       807  

Payments for shares redeemed

    (23,290,595 )     (1,859,535 )

Net increase (decrease) in net assets derived from capital share transactions (a)

    91,296,405       3,704,145  

Net increase (decrease) in net assets

    91,621,604       3,610,826  
                 

NET ASSETS

               

Beginning of year/period

  $ 3,610,826     $  

End of year/period

  $ 95,232,430     $ 3,610,826  

 

(a)

A summary of capital share transactions is as follows:

 

   

Shares

   

Shares

 

Shares sold

    4,550,000       225,000  

Shares redeemed

    (925,000 )     (75,000 )

Net increase (decrease)

    3,625,000       150,000  

 

*

Fund commenced operations on November 19, 2019. The information presented is for the period from November 19, 2019 to October 31, 2020.

 

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

 

43

 

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

 

Statements of Changes in Net Assets

 

   

Period Ended
October 31,
2021*

 

OPERATIONS

       

Net investment income (loss)

  $ 16,647  

Net realized gain (loss) on investments

    (4,989 )

Change in unrealized appreciation (depreciation) on investments

    (35,709 )

Net increase (decrease) in net assets resulting from operations

    (24,051 )
         

DISTRIBUTIONS TO SHAREHOLDERS

       

Net distributions to shareholders

    (16,600 )

Total distributions to shareholders

    (16,600 )
         

CAPITAL SHARE TRANSACTIONS

       

Proceeds from shares sold

    7,521,220  

Payments for shares redeemed

    (740,872 )

Net increase (decrease) in net assets derived from capital share transactions (a)

    6,780,348  

Net increase (decrease) in net assets

    6,739,697  
         

NET ASSETS

       

Beginning of period

  $  

End of period

  $ 6,739,697  

 

(a)

A summary of capital share transactions is as follows:

 

   

Shares

 

Shares sold

    300,000  

Shares redeemed

    (30,000 )

Net increase (decrease)

    270,000  

 

*

Fund commenced operations on August 25, 2021. The information presented is for the period from August 25, 2021 to October 31, 2021.

 

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

 

44

 

 

AAM S&P 500 High Dividend Value ETF

 

Financial Highlights
For a capital share outstanding throughout the year/period

 

   

Year Ended October 31,

   

Period Ended
October 31,

 
   

2021

   

2020

   

2019

   

2018(1)

 

Net asset value, beginning of year/period

  $ 21.14     $ 26.54     $ 25.83     $ 25.00  
                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                               

Net investment income (loss) (2)

    0.91       0.95       0.97       0.75  

Net realized and unrealized gain (loss) on investments (3)

    8.79       (5.28 )     0.64       0.76  

Total from investment operations

    9.70       (4.33 )     1.61       1.51  
                                 

DISTRIBUTIONS TO SHAREHOLDERS:

                               

Distributions from:

                               

Net investment income

    (0.94 )     (1.07 )     (0.90 )     (0.68 )

Total distributions to shareholders

    (0.94 )     (1.07 )     (0.90 )     (0.68 )
                                 

CAPITAL SHARE TRANSACTIONS:

                               

Transaction fees (Note 6)

                      0.00 (4) 

Net asset value, end of year/period

  $ 29.90     $ 21.14     $ 26.54     $ 25.83  
                                 

Total return

    46.23 %     -16.47 %     6.44 %     5.98 %(5)
                                 

SUPPLEMENTAL DATA:

                               

Net assets at end of year/period (000’s)

  $ 45,600     $ 23,788     $ 37,150     $ 19,370  
                                 

RATIOS TO AVERAGE NET ASSETS:

                               

Expenses to average net assets

    0.29 %     0.29 %     0.29 %     0.29 %(6)

Net investment income (loss) to average net assets

    3.19 %     4.06 %     3.78 %     3.05 %(6)

Portfolio turnover rate (7)

    69 %     84 %     42 %     38 %(5)

 

(1)

Commencement of operations on November 28, 2017.

(2)

Calculated based on average shares outstanding during the period.

(3)

Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

(4)

Less than $0.005.

(5)

Not annualized.

(6)

Annualized

(7)

Excludes the impact of in-kind transactions.

 

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

 

45

 

 

AAM S&P Emerging Markets High Dividend Value ETF

 

Financial Highlights
For a capital share outstanding throughout the year/period

 

   

Year Ended October 31,

   

Period Ended
October 31,

 
   

2021

   

2020

   

2019

   

2018(1)

 

Net asset value, beginning of year/period

  $ 17.49     $ 21.39     $ 21.75     $ 25.00  
                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                               

Net investment income (loss) (2)

    1.32       0.93       1.01       1.13  

Net realized and unrealized gain (loss) on investments (3)

    4.36       (3.57 )     (0.51 )     (3.55 )

Total from investment operations

    5.68       (2.64 )     0.50       (2.42 )
                                 

DISTRIBUTIONS TO SHAREHOLDERS:

                               

Distributions from: