Semi-Annual
Report
April 30, 2023
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 |
|
Portfolio Allocations |
8 |
|
Schedules of Investments |
11 |
|
Statements of Assets and Liabilities |
44 |
|
Statements of Operations |
46 |
|
Statements of Changes in Net Assets |
48 |
|
Financial Highlights |
54 |
|
Notes to Financial Statements |
62 |
|
Expense Example |
79 |
|
Review of Liquidity Risk Management Program |
82 |
|
Approval of Sub-Advisory Agreement & Board Considerations |
83 |
|
Results of Shareholder Meeting |
89 |
|
Federal Tax Information |
92 |
|
Federal Tax Credit Pass Through |
93 |
|
Information About Portfolio Holdings |
93 |
|
Information About Proxy Voting |
94 |
|
Frequency Distribution of Premiums and Discounts |
94 |
|
Information About the Funds’ Trustees |
94 |
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, while maintaining balanced sector exposures. As a result, SPDV generated a total return of 0.03% (NAV) and 0.03% (Market Price), while the underlying index for SPDV generated a total return of 0.17% between November 1, 2022 and April 30th, 2023 (“current fiscal period”). Over the same current fiscal period, the benchmark index, the S&P 500® index, achieved a total return of 8.63%.
Top performing sectors attributable to SPDV’s return during the current fiscal period were Consumer Discretionary, Consumer Staples, and Communication Services. The worst performing sectors were Financials, Real Estate, and Energy.
Individual stocks attributable to SPDV’s return over the same fiscal period were Ralph Lauren Corporation (+63 bps), Omnicom Group (+50 bps), and Tapestry, Inc. (+50 bps). Stocks dragging down SPDV’s return were Lincoln National Corporation (-75 bps), Truist Financial Corporation (-72 bps), and U.S. Bancorp (-68 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, EEMD’s portfolio of quality companies provided strong participation in market gains, without overextending on valuations. Accordingly, EEMD generated a total return of 20.60% (NAV) and 18.98% (Market Price) between November 1, 2022 and April 30th, 2023 (“current fiscal period”). This compares to the 21.20% for the underlying Index, and a 15.28% total return for the benchmark index, the S&P Emerging Plus LargeMidCap® Index, for the same current fiscal period.
1
AAM ETFs
Management
Discussion of Fund Performance
(Unaudited)
(Continued)
Top performing sectors attributable to EEMD’s return over the current fiscal period were Information Technology, Real Estate, and Consumer Discretionary. The worst performing sectors included and Health Care, Energy, and Communication Services.
Individual stocks attributable to EEMD’s return over the same fiscal period were Emlak Konut Gayrimenkul Yati (+149 bps), Tofas Turk Otomobil Fabrika (+123 bps), and Country Garden Holdings Company (+121 bps). Stocks dragging down EEMD’s return were SD Biosensor, Inc. (-66 bps), Braskem Sa-Pref – Class A (-53 bps), and Perusahaan Gas Negara Tbk Pt (-48 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, DMDV’s sector diversity allowed it to capitalize on broad market gains. As a result, DMDV generated a total return of 24.44% (NAV) and 24.69% (Market Price) between November 1, 2022 and April 30th, 2023 (the “current fiscal period”). This compares to the 24.87% for the underlying Index, and an 21.60% 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 Financials, Materials, and Consumer Discretionary. The worst performing sectors included Energy, Information Technology, and Real Estate.
Individual stocks attributable to DMDV’s return over the same fiscal period were Fortescue Metals Group, Ltd. (+96 bps), Kawasaki I Kisen Kaisha, Ltd. (+90 bps), and BNP Paribas (+83 bps). Stocks dragging down DMDV’s return were Vonovia SE (-49 bps), Aker BP Asa (-40 bps), and South32, Ltd. (-26 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
2
AAM ETFs
Management
Discussion of Fund Performance
(Unaudited)
(Continued)
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 4.47% (NAV) and 4.16% (Market Price), while the underlying index for PFLD generated a total return of 4.70% between November 1, 2022 and April 30th, 2023 (“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 6.48%.
Top performing industries attributable to PFLD’s return during the current fiscal period were Banking, Insurance, and Energy. The worst performing industries included Financial Services, Telecommunications, and Retail.
Individual securities attributable to PFLD’s return over the same fiscal period were NGL Float Perp (+31 bps), WFC 5.85 Perpetuity (+30 bps), and JPM 6 Perpetuity (+20 bps). Securities dragging down PFLD’s return were QRTEA 8 03/15/31 (-33 bps), FRCB 4 ½ Perpetuity (-30 bps), and FRCB 4 Perpetuity (-28 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 +2.43%/+2.27% (NAV/Market Price) versus the Russell 2500 Index return of +0.02% and a 0.73 observed Beta relative to the index between November 1, 2022 and April 30th, 2023 (“current fiscal period”), indicating successful risk management. Additionally, fund dividends per share increased +22.1% over the prior semiannual period, achieving the objective of high current and growing income. Given widespread earnings revisions and continued market uncertainty, investors favored profitable companies that generated a current cash flow stream and returned capital to shareholders during the period, benefitting SMIG’s differentiated focus on companies with lower-risk and high intrinsic quality. Amidst conflicting market signals, we believe our focus on sustainable dividends and stable fundamentals positions us well for the current environment.
Largest Portfolio Contributors
|
1. |
Inter Parfums (IPAR): Despite unfavorable currency rates and higher SG&A costs, IPAR has successfully been able to cater to the elevated demand in the fragrance space. With a solid brand portfolio and robust global distribution network, IPAR continues to expand its business through new licenses, acquisitions, and strategic partnerships. Prospects remain strong with new product launches and pricing actions expected this year. |
3
AAM ETFs
Management
Discussion of Fund Performance
(Unaudited)
(Continued)
|
2. |
Watsco (WSO): As the leading distributor of residential HVAC equipment, WSO has benefited from robust housing and consumer spending trends, as well as incremental demand due to the shift toward remote work. Despite emerging concerns related to macro pressures, WSO reported better than expected 4Q results along with upbeat forward-looking commentary. |
|
3. |
MDC Holdings (MDC): Despite continued supply chain headwinds, the homebuilders saw improved orders as the busy spring selling season started, with interest rates falling from recent highs. MDC maintains a strong balance sheet with cash flow generation supportive of a growing dividend over time. |
Largest Portfolio Detractors
|
1. |
First Interstate (FIBK): FY2023 guidance was reduced on lower-than-expected earnings and net interest margin headwinds, pressuring shares. FIBK operates in markets with steady population inflow and a visible loan outlook, which should translate to dependable earnings growth. |
|
2. |
Advanced Auto Parts (AAP): AAP faced market share losses from competitor pricing actions and margin headwinds, pressuring shares. Management cited improving inventory availability and the completion of a multi-year investment cycle as catalysts for an improving FY2023 outlook. |
|
3. |
CSG Systems (CSGS): Following a period of weak relative performance, CSGS is building momentum as the benefits of an operating efficiency program flow through the income statement, particularly to operating margins. Although not immune to an economic slowdown, the company has demonstrated resilience in the business model through cycle. |
Positive drivers of performance
|
● |
Within Consumer Staples, stock selection in the defensive growth personal products industry along with an overweight to the sector benefited relative performance. |
|
● |
Under allocation and avoidance of cyclical oil and gas companies within the Energy sector amid a pullback in energy commodity prices contributed to performance. |
|
● |
An overweight position and selection within highly regulated Utilities companies benefited performance. |
Negative drivers of performance
|
● |
Exposure to household gaming and discount auto retail industries, partly offset by strength of owned homebuilding and automotive dealership/service stocks within the Consumer Discretionary sector detracted from performance. |
4
AAM ETFs
Management
Discussion of Fund Performance
(Unaudited)
(Continued)
|
● |
Ownership of diagnostic lab and distributors while not owning unprofitable biotechnology companies that outperformed detracted from performance within the Health Care sector. |
|
● |
An overweight position within regional banks partly offset by strength of investment banking and asset management companies detracted from performance within the Financials sector. |
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 Pence Transformers 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 50% 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 November 1, 2022 and April 30, 2023, TRFM generated a total return of 8.76% (NAV) and 8.69% (Market Price), while the Index generated a total return of 9.02% and the benchmark index, the S&P 500® Index (SPXT Index) generated a total return of 8.63% and Nasdaq Composite Index (CCMP Index) generated a total return of 12.26%, according to Bloomberg.
Top performing sectors attributable to TRFM’s return were Information Technology, Consumer Discretionary, Communication Services, and Industrials. The worst performing sectors were Materials, Financials, and Utilities.
Individual securities attributable to TRFM’s return over the same fiscal period were NVIDIA Corporation (+149 bps), Advanced Micro Devices, Inc. (+87 bps), and The Boeing Company (+59 bps). Securities dragging down TRFM’s return were Rivian Automotive (-87 bps), Enphase Energy, Inc. (-62 bps), and Lucid Group, Inc. (-47 bps).
5
AAM ETFs
Management
Discussion of Fund Performance
(Unaudited)
(Continued)
The top contributing countries were United States (3.99%), followed by China (2.51%) and France (0.88%). The bottom contributing countries were United Kingdom (-0.17%) and Australia (-0.15%).
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.
Because of the innovative nature of the underlying companies in the portfolio, there tends to be more frequent merger and acquisition activities.
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.
6
AAM ETFs
Management
Discussion of Fund Performance
(Unaudited)
(Continued)
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”).
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 11 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.
7
AAM ETFs
Portfolio
Allocations
As of April 30, 2023
(Unaudited)
AAM S&P 500 High Dividend Value ETF
|
Sector |
Percentage
of |
|
Consumer Staples |
10.5% |
|
Industrials |
10.2 |
|
Communication Services |
10.0 |
|
Information Technology |
9.8 |
|
Health Care |
9.6 |
|
Energy |
9.3 |
|
Materials |
9.2 |
|
Consumer Discretionary |
9.0 |
|
Real Estate |
8.8 |
|
Financials |
7.4 |
|
Utilities |
5.9 |
|
Short-Term Investments |
0.4 |
|
Liabilities in Excess of Other Assets |
(0.1) |
|
Total |
100.0% |
AAM S&P Emerging Markets High Dividend Value ETF
|
Sector |
Percentage
of |
|
Information Technology |
11.4% |
|
Consumer Staples |
9.4 |
|
Utilities |
9.4 |
|
Consumer Discretionary |
9.3 |
|
Industrials |
9.0 |
|
Real Estate |
8.7 |
|
Energy |
8.6 |
|
Health Care |
8.6 |
|
Financials |
8.4 |
|
Materials |
8.4 |
|
Communication Services |
8.1 |
|
Short-Term Investments |
0.4 |
|
Other Assets in Excess of Liabilities |
0.3 |
|
Total |
100.0% |
8
AAM ETFs
Portfolio
Allocations
As of April 30, 2023 (Unaudited)
(Continued)
AAM S&P Developed Markets High Dividend Value ETF
|
Sector |
Percentage
of |
|
Communication Services |
10.4% |
|
Consumer Discretionary |
9.7 |
|
Health Care |
9.7 |
|
Consumer Staples |
9.6 |
|
Utilities |
9.6 |
|
Financials |
9.1 |
|
Information Technology |
8.7 |
|
Industrials |
8.7 |
|
Real Estate |
8.2 |
|
Materials |
7.6 |
|
Energy |
7.5 |
|
Short-Term Investments |
0.6 |
|
Other Assets in Excess of Liabilities |
0.6 |
|
Total |
100.0% |
AAM S&P Low Duration Preferred and Income Securities ETF
|
Sector |
Percentage
of |
|
Financials (a) |
72.6% |
|
Utilities |
9.9 |
|
Energy |
5.4 |
|
Consumer Discretionary |
4.0 |
|
Industrials |
2.7 |
|
Short-Term Investments |
2.5 |
|
Consumer Staples |
2.2 |
|
Real Estate |
1.6 |
|
Communication Services |
1.2 |
|
Information Technology |
0.2 |
|
Liabilities in Excess of Other Assets |
(2.3) |
|
Total |
100.0% |
9
AAM ETFs
Portfolio
Allocations
As of April 30, 2023 (Unaudited)
(Continued)
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF
|
Sector |
Percentage
of |
|
Industrials |
24.8% |
|
Financials |
16.3 |
|
Consumer Staples |
10.9 |
|
Information Technology |
9.1 |
|
Health Care |
7.7 |
|
Materials |
7.7 |
|
Real Estate |
6.8 |
|
Utilities |
6.6 |
|
Consumer Discretionary |
5.4 |
|
Communication Services |
2.6 |
|
Energy |
1.9 |
|
U.S. Treasury Bills |
0.3 |
|
Liabilities in Excess of Other Assets |
(0.1) |
|
Total |
100.0% |
AAM Transformers ETF
|
Sector |
Percentage
of |
|
Information Technology (a) |
51.7% |
|
Consumer Discretionary |
16.3 |
|
Industrials |
14.3 |
|
Communication Services |
10.6 |
|
Financials |
3.6 |
|
Materials |
2.5 |
|
Utilities |
0.9 |
|
Short-Term Investments |
0.1 |
|
Other Assets in Excess of Liabilities (b) |
0.0 |
|
Total |
100.0% |
|
(a) |
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. |
|
(b) |
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 Fund Services, LLC.
10
AAM S&P 500 High Dividend Value ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 99.7% |
||||||||
|
Communication Services — 10.0% |
||||||||
| 77,174 |
AT&T, Inc. |
$ | 1,363,664 | |||||
| 37,199 |
Comcast Corporation - Class A |
1,538,923 | ||||||
| 40,534 |
Interpublic Group of Companies, Inc. |
1,448,280 | ||||||
| 17,166 |
Omnicom Group, Inc. |
1,554,725 | ||||||
| 36,583 |
Verizon Communications, Inc. |
1,420,518 | ||||||
| 7,326,110 | ||||||||
|
Consumer Discretionary — 9.0% |
||||||||
| 32,656 |
Bath & Body Works, Inc. |
1,146,226 | ||||||
| 17,681 |
Best Buy Company, Inc. |
1,317,588 | ||||||
| 116,090 |
Ford Motor Company |
1,379,149 | ||||||
| 33,946 |
Tapestry, Inc. |
1,385,336 | ||||||
| 9,682 |
Whirlpool Corporation |
1,351,511 | ||||||
| 6,579,810 | ||||||||
|
Consumer Staples — 10.5% |
||||||||
| 33,021 |
Altria Group, Inc. |
1,568,828 | ||||||
| 37,129 |
Kraft Heinz Company |
1,458,056 | ||||||
| 28,729 |
Molson Coors Brewing Company - Class B |
1,708,801 | ||||||
| 14,597 |
Philip Morris International, Inc. |
1,459,262 | ||||||
| 41,190 |
Walgreens Boots Alliance, Inc. |
1,451,947 | ||||||
| 7,646,894 | ||||||||
|
Energy — 9.3% |
||||||||
| 8,178 |
Chevron Corporation |
1,378,647 | ||||||
| 12,991 |
Exxon Mobil Corporation |
1,537,355 | ||||||
| 79,626 |
Kinder Morgan, Inc. |
1,365,586 | ||||||
| 13,818 |
Phillips 66 |
1,367,982 | ||||||
| 10,196 |
Valero Energy Corporation |
1,169,175 | ||||||
| 6,818,745 | ||||||||
|
Financials — 7.4% |
||||||||
| 35,358 |
Citizens Financial Group, Inc. |
1,093,976 | ||||||
| 45,455 |
Lincoln National Corporation |
987,737 | ||||||
| 14,658 |
Prudential Financial, Inc. |
1,275,246 | ||||||
| 30,589 |
Truist Financial Corporation |
996,590 | ||||||
| 31,684 |
U.S. Bancorp |
1,086,128 | ||||||
| 5,439,677 | ||||||||
The accompanying notes are an integral part of these financial statements.
11
AAM S&P 500 High Dividend Value ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 99.7% (Continued) | ||||||||
|
Health Care — 9.6% |
||||||||
| 10,012 |
AbbVie, Inc. |
$ | 1,513,013 | |||||
| 19,755 |
Cardinal Health, Inc. |
1,621,885 | ||||||
| 17,190 |
CVS Health Corporation |
1,260,199 | ||||||
| 17,599 |
Gilead Sciences, Inc. |
1,446,814 | ||||||
| 127,470 |
Viatris, Inc. |
1,189,295 | ||||||
| 7,031,206 | ||||||||
|
Industrials — 10.2% |
||||||||
| 12,858 |
3M Company |
1,365,777 | ||||||
| 14,923 |
C.H. Robinson Worldwide, Inc. |
1,505,283 | ||||||
| 3,292 |
Lockheed Martin Corporation |
1,528,969 | ||||||
| 6,137 |
Snap-on, Inc. |
1,591,999 | ||||||
| 8,217 |
United Parcel Service, Inc. - Class B |
1,477,499 | ||||||
| 7,469,527 | ||||||||
|
Information Technology — 9.8% |
||||||||
| 2,528 |
Broadcom, Inc. |
1,583,792 | ||||||
| 91,444 |
Hewlett Packard Enterprise Company |
1,309,478 | ||||||
| 52,066 |
HP, Inc. |
1,546,881 | ||||||
| 10,451 |
International Business Machines Corporation |
1,321,111 | ||||||
| 23,758 |
Seagate Technology Holdings plc |
1,396,257 | ||||||
| 7,157,519 | ||||||||
|
Materials — 9.2% |
||||||||
| 12,088 |
Celanese Corporation |
1,284,229 | ||||||
| 25,407 |
Dow, Inc. |
1,382,141 | ||||||
| 40,236 |
International Paper Company |
1,332,214 | ||||||
| 15,945 |
LyondellBasell Industries NV - Class A |
1,508,556 | ||||||
| 40,500 |
WestRock Company |
1,212,165 | ||||||
| 6,719,305 | ||||||||
|
Real Estate — 8.8% |
||||||||
| 20,871 |
Boston Properties, Inc. |
1,113,677 | ||||||
| 81,559 |
Host Hotels & Resorts, Inc. |
1,318,809 | ||||||
| 67,396 |
Kimco Realty Corporation |
1,293,329 | ||||||
| 22,445 |
Regency Centers Corporation |
1,378,796 | ||||||
The accompanying notes are an integral part of these financial statements.
12
AAM S&P 500 High Dividend Value ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 99.7% (Continued) | ||||||||
|
Real Estate — 8.8% (Continued) | ||||||||
| 11,790 |
Simon Property Group, Inc. |
$ | 1,336,043 | |||||
| 6,440,654 | ||||||||
|
Utilities — 5.9% |
||||||||
| 35,903 |
FirstEnergy Corporation |
1,428,939 | ||||||
| 17,624 |
NextEra Energy, Inc. |
1,350,527 | ||||||
| 44,944 |
NRG Energy, Inc. |
1,535,737 | ||||||
| 4,315,203 | ||||||||
|
TOTAL COMMON STOCKS (Cost $79,021,816) |
72,944,650 | |||||||
|
SHORT-TERM INVESTMENTS — 0.4% |
||||||||
| 322,537 |
Invesco Government & Agency Portfolio, Institutional Class, 4.79% (a) |
322,537 | ||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $322,537) |
322,537 | |||||||
|
TOTAL INVESTMENTS — 100.1% (Cost $79,344,353) |
73,267,187 | |||||||
|
Liabilities in Excess of Other Assets — (0.1)% |
(95,124 | ) | ||||||
|
NET ASSETS — 100.0% |
$ | 73,172,063 | ||||||
|
Percentages are stated as a percent of net assets. | |
|
(a) |
Rate shown is the annualized seven-day yield as of April 30, 2023. |
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.
13
AAM S&P Emerging Markets High Dividend Value ETF
Schedule
of Investments
April 30, 2023
(Unaudited)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 93.4% |
||||||||
|
Brazil — 5.0% |
||||||||
| 35,068 |
Cia Paranaense de Energia |
$ | 272,604 | |||||
| 29,968 |
Hypera SA |
223,614 | ||||||
| 60,269 |
JBS SA |
214,435 | ||||||
| 710,653 | ||||||||
|
China — 21.9% |
||||||||
| 1,035,000 |
CGN Power Company, Ltd. - H Shares (a) |
272,927 | ||||||
| 1,708,000 |
China Cinda Asset Management Company, Ltd. - H Shares |
202,352 | ||||||
| 801,000 |
China Everbright Bank Company, Ltd. - H Shares |
256,119 | ||||||
| 636,000 |
China Evergrande Group (b)(c)(d) |
— | ||||||
| 462,000 |
China Galaxy Securities Company, Ltd. - H Shares |
250,130 | ||||||
| 226,000 |
China Hongqiao Group, Ltd. |
221,396 | ||||||
| 712,000 |
Chongqing Rural Commercial Bank Company, Ltd. - H Shares |
274,827 | ||||||
| 248,500 |
COSCO SHIPPING Holdings Company, Ltd. - H Shares |
287,440 | ||||||
| 428,000 |
Dongfeng Motor Group Company, Ltd. - H Shares |
203,916 | ||||||
| 129,500 |
Inner Mongolia ERDOS Resources Company, Ltd. - Class B |
233,230 | ||||||
| 171,000 |
Inner Mongolia Yitai Coal Company, Ltd. - Class B (c) |
253,080 | ||||||
| 320,000 |
Lenovo Group, Ltd. |
326,934 | ||||||
| 492,000 |
PetroChina Company, Ltd. - H Shares |
340,330 | ||||||
| 3,122,681 | ||||||||
|
Egypt — 2.1% |
||||||||
| 180,058 |
Abou Kir Fertilizers & Chemical Industries |
293,629 | ||||||
|
Greece — 3.9% |
||||||||
| 17,648 |
OPAP SA |
301,212 | ||||||
| 11,951 |
Star Bulk Carriers Corporation |
252,286 | ||||||
| 553,498 | ||||||||
|
Hong Kong — 1.7% |
||||||||
| 78,000 |
C&D International Investment Group, Ltd. |
238,971 | ||||||
| 184,500 |
Shimao Group Holdings, Ltd. (b)(c)(d) |
— | ||||||
| 238,971 | ||||||||
|
Hungary — 1.9% |
||||||||
| 10,932 |
Richter Gedeon Nyrt |
264,263 | ||||||
The accompanying notes are an integral part of these financial statements.
14
AAM S&P Emerging Markets High Dividend Value ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 93.4% (Continued) | ||||||||
|
India — 3.6% | ||||||||
| 95,358 |
Power Grid Corporation of India, Ltd. |
$ | 276,450 | |||||
| 231,578 |
Steel Authority of India, Ltd. |
234,305 | ||||||
| 510,755 | ||||||||
|
Indonesia — 6.1% |
||||||||
| 202,900 |
Gudang Garam Tbk PT |
393,490 | ||||||
| 554,600 |
Indofood Sukses Makmur Tbk PT |
243,843 | ||||||
| 2,409,100 |
Perusahaan Gas Negara Persero Tbk PT |
234,834 | ||||||
| 872,167 | ||||||||
|
Mexico — 1.8% |
||||||||
| 191,198 |
Fibra Uno Administracion SA de CV (d) |
262,965 | ||||||
|
Netherlands — 1.8% |
||||||||
| 41,479 |
NEPI Rockcastle NV |
250,774 | ||||||
|
Poland — 1.7% |
||||||||
| 57,761 |
Cyfrowy Polsat SA |
242,764 | ||||||
|
Republic of Korea — 8.0% |
||||||||
| 43,597 |
BNK Financial Group, Inc. |
216,291 | ||||||
| 4,879 |
Kia Corporation |
308,036 | ||||||
| 3,370 |
KT&G Corporation |
216,039 | ||||||
| 27,277 |
LG Uplus Corporation |
224,591 | ||||||
| 10,977 |
SD Biosensor, Inc. |
170,593 | ||||||
| 1,135,550 | ||||||||
|
Russian Federation — 0.0% (e) |
||||||||
| 5,978 |
X5 Retail Group NV - GDR (b)(c)(d) |
— | ||||||
|
South Africa — 9.5% |
||||||||
| 30,187 |
Aspen Pharmacare Holdings, Ltd. |
301,807 | ||||||
| 20,284 |
Exxaro Resources, Ltd. |
212,805 | ||||||
| 314,339 |
Growthpoint Properties, Ltd. |
218,858 | ||||||
| 8,725 |
Kumba Iron Ore, Ltd. |
211,743 | ||||||
| 37,145 |
MultiChoice Group |
232,596 | ||||||
The accompanying notes are an integral part of these financial statements.
15
AAM S&P Emerging Markets High Dividend Value ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 93.4% (Continued) | ||||||||
|
South Africa — 9.5% (Continued) |
||||||||
| 18,591 |
Thungela Resources, Ltd. |
$ | 174,118 | |||||
| 1,351,927 | ||||||||
|
Taiwan — 18.2% |
||||||||
| 50,400 |
Evergreen Marine Corporation Taiwan, Ltd. |
264,767 | ||||||
| 136,000 |
Farglory Land Development Company, Ltd. |
271,624 | ||||||
| 16,000 |
International Games System Company, Ltd. |
278,442 | ||||||
| 210,000 |
King Yuan Electronics Company, Ltd. |
321,054 | ||||||
| 22,000 |
Novatek Microelectronics Corporation |
299,488 | ||||||
| 77,000 |
Radiant Opto-Electronics Corporation |
283,028 | ||||||
| 106,000 |
Wan Hai Lines, Ltd. |
224,120 | ||||||
| 258,000 |
Wistron Corporation |
390,242 | ||||||
| 124,000 |
Yang Ming Marine Transport Corporation |
254,514 | ||||||
| 2,587,279 | ||||||||
|
Thailand — 1.8% |
||||||||
| 401,900 |
Bangkok Chain Hospital pcl - NVDR |
255,399 | ||||||
|
Turkey — 4.4% |
||||||||
| 84,521 |
Anadolu Efes Biracilik Ve Malt Sanayii AS |
273,577 | ||||||
| 29,380 |
Dogus Otomotiv Servis ve Ticaret AS |
184,907 | ||||||
| 209,113 |
Turk Telekomunikasyon AS |
174,940 | ||||||
| 633,424 | ||||||||
|
TOTAL COMMON STOCKS (Cost $13,912,535) |
13,286,699 | |||||||
|
PREFERRED STOCKS — 5.9% |
||||||||
|
Brazil — 3.6% |
||||||||
| 115,654 |
Cia Energetica de Minas Gerais |
284,578 | ||||||
| 49,646 |
Petroleo Brasileiro SA |
234,692 | ||||||
| 519,270 | ||||||||
|
Republic of Korea — 2.3% |
||||||||
| 3,917 |
Hyundai Motor Company |
323,978 | ||||||
|
TOTAL PREFERRED STOCKS (Cost $752,122) |
843,248 | |||||||
The accompanying notes are an integral part of these financial statements.
16
AAM S&P Emerging Markets High Dividend Value ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
SHORT-TERM INVESTMENTS — 0.4% |
||||||||
| 50,522 |
Invesco Government & Agency Portfolio, Institutional Class, 4.79% (f) |
$ | 50,522 | |||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $50,522) |
50,522 | |||||||
|
TOTAL INVESTMENTS — 99.7% (Cost $14,715,179) |
14,180,469 | |||||||
|
Other Assets in Excess of Liabilities — 0.3% |
47,722 | |||||||
|
NET ASSETS — 100.0% |
$ | 14,228,191 | ||||||
|
Percentages are stated as a percent of net assets. | |
|
GDR |
Global Depositary Receipt. |
|
NVDR |
Non-Voting Depositary Receipt. |
|
(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 April 30, 2023, the market value of this security is $272,927, which represents 1.92% of total net assets. |
|
(b) |
Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
|
(c) |
Non-income producing security. |
|
(d) |
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. |
|
(e) |
Represents less than 0.05% of net assets. |
|
(f) |
Rate shown is the annualized seven-day yield as of April 30, 2023. |
The accompanying notes are an integral part of these financial statements.
17
AAM S&P Developed Markets High Dividend Value ETF
Schedule
of Investments
April 30, 2023
(Unaudited)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 95.0% |
||||||||
|
Australia — 13.1% |
||||||||
| 7,319 |
AGL Energy, Ltd. |
$ | 40,145 | |||||
| 24,367 |
Mirvac Group |
38,808 | ||||||
| 439 |
Rio Tinto, Ltd. |
32,565 | ||||||
| 1,754 |
Sonic Healthcare, Ltd. |
41,080 | ||||||
| 11,653 |
South32, Ltd. |
32,652 | ||||||
| 14,268 |
Stockland |
41,959 | ||||||
| 1,482 |
Woodside Energy Group, Ltd. |
32,986 | ||||||
| 8,339 |
Yancoal Australia, Ltd. |
30,640 | ||||||
| 290,835 | ||||||||
|
Belgium — 1.7% |
||||||||
| 539 |
KBC Group NV |
38,548 | ||||||
|
Canada — 2.0% |
||||||||
| 1,193 |
Open Text Corporation |
45,132 | ||||||
|
Denmark — 1.5% |
||||||||
| 18 |
AP Moller - Maersk A/S - Class A |
32,127 | ||||||
|
France — 5.9% |
||||||||
| 601 |
BNP Paribas SA |
38,875 | ||||||
| 3,423 |
Credit Agricole SA |
41,885 | ||||||
| 3,787 |
Orange SA |
49,401 | ||||||
| 130,161 | ||||||||
|
Germany — 7.8% |
||||||||
| 3,608 |
E.ON SE |
47,819 | ||||||
| 1,093 |
Fresenius Medical Care AG & Company KGaA |
53,141 | ||||||
| 539 |
Mercedes-Benz Group AG |
41,999 | ||||||
| 1,367 |
Vonovia SE |
29,617 | ||||||
| 172,576 | ||||||||
|
Hong Kong — 5.1% |
||||||||
| 6,500 |
CK Asset Holdings, Ltd. |
38,339 | ||||||
| 7,000 |
CK Infrastructure Holdings, Ltd. |
39,771 | ||||||
| 4,500 |
Swire Pacific, Ltd. - Class A |
35,599 | ||||||
| 113,709 | ||||||||
The accompanying notes are an integral part of these financial statements.
18
AAM S&P Developed Markets High Dividend Value ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 95.0% (Continued) |
||||||||
|
Israel — 1.6% |
||||||||
| 2,119 |
ZIM Integrated Shipping Services, Ltd. |
$ | 36,171 | |||||
|
Italy — 3.7% |
||||||||
| 2,036 |
Assicurazioni Generali SpA |
42,437 | ||||||
| 2,572 |
Eni SpA |
39,032 | ||||||
| 81,469 | ||||||||
|
Japan — 18.1% |
||||||||
| 1,500 |
BIPROGY, Inc. |
36,022 | ||||||
| 1,700 |
Honda Motor Company, Ltd. |
44,796 | ||||||
| 2,000 |
Japan Tobacco, Inc. |
42,940 | ||||||
| 1,900 |
Kawasaki Kisen Kaisha, Ltd. |
45,001 | ||||||
| 1,600 |
Mitsui OSK Lines, Ltd. |
39,482 | ||||||
| 1,700 |
Nippon Yusen KK |
39,989 | ||||||
| 500 |
SCREEN Holdings Company, Ltd. |
40,393 | ||||||
| 2,600 |
SUMCO Corporation |
35,611 | ||||||
| 5,700 |
Sumitomo Pharma Company, Ltd. |
35,624 | ||||||
| 1,300 |
Takeda Pharmaceutical Company, Ltd. |
43,077 | ||||||
| 402,935 | ||||||||
|
Netherlands — 1.9% |
||||||||
| 2,602 |
Stellantis NV |
43,089 | ||||||
|
Norway — 5.0% |
||||||||
| 1,305 |
Aker BP ASA |
31,065 | ||||||
| 3,768 |
Telenor ASA |
46,857 | ||||||
| 12,812 |
Var Energi ASA |
33,435 | ||||||
| 111,357 | ||||||||
|
Spain — 7.8% |
||||||||
| 5,670 |
Banco Bilbao Vizcaya Argentaria SA |
41,627 | ||||||
| 1,983 |
Endesa SA |
44,595 | ||||||
| 2,204 |
Red Electrica Corporation SA |
40,160 | ||||||
| 10,295 |
Telefonica SA |
46,883 | ||||||
| 173,265 | ||||||||
The accompanying notes are an integral part of these financial statements.
19
AAM S&P Developed Markets High Dividend Value ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 95.0% (Continued) | ||||||||
|
Sweden — 5.7% |
||||||||
| 6,319 |
SSAB AB - Class B |
42,582 | ||||||
| 4,338 |
Tele2 AB - Class B |
46,077 | ||||||
| 6,788 |
Telefonaktiebolaget LM Ericsson - Class B |
37,304 | ||||||
| 125,963 | ||||||||
|
United Kingdom — 14.1% |
||||||||
| 900 |
Anglo American plc |
27,658 | ||||||
| 1,041 |
British American Tobacco plc |
38,298 | ||||||
| 2,322 |
GSK plc |
42,052 | ||||||
| 1,568 |
Imperial Brands plc |
38,776 | ||||||
| 13,304 |
J. Sainsbury plc |
46,219 | ||||||
| 513 |
Rio Tinto plc |
32,555 | ||||||
| 13,206 |
Tesco plc |
46,659 | ||||||
| 34,957 |
Vodafone Group plc |
42,136 | ||||||
| 314,353 | ||||||||
|
TOTAL COMMON STOCKS (Cost $2,157,633) |
2,111,690 | |||||||
|
PREFERRED STOCKS — 3.8% |
||||||||
|
Germany — 3.8% |
||||||||
| 423 |
Bayerische Motoren Werke AG |
44,948 | ||||||
| 294 |
Volkswagen AG |
40,143 | ||||||
| 85,091 | ||||||||
|
TOTAL PREFERRED STOCKS (Cost $73,024) |
85,091 | |||||||
|
SHORT-TERM INVESTMENTS — 0.6% |
||||||||
| 13,672 |
Invesco Government & Agency Portfolio, Institutional Class, 4.79% (a) |
$ | 13,672 | |||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $13,672) |
13,672 | |||||||
|
TOTAL INVESTMENTS — 99.4% (Cost $2,244,329) |
2,210,453 | |||||||
|
Other Assets in Excess of Liabilities — 0.6% |
14,105 | |||||||
|
NET ASSETS — 100.0% |
$ | 2,224,558 | ||||||
|
Percentages are stated as a percent of net assets. | |
|
(a) |
Rate shown is the annualized seven-day yield as of April 30, 2023. |
The accompanying notes are an integral part of these financial statements.
20
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023
(Unaudited)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.8% |
||||||||
|
Communication Services — 1.2% |
||||||||
|
AT&T, Inc. |
||||||||
| 95,861 |
5.625%, 08/01/2067 |
$ | 2,402,277 | |||||
| 2,402,277 | ||||||||
|
Consumer Discretionary — 4.0% |
||||||||
|
Brunswick Corporation |
||||||||
| 21,495 |
6.500%, 10/15/2048 |
558,010 | ||||||
| 15,629 |
6.625%, 01/15/2049 |
412,918 | ||||||
| 26,724 |
6.375%, 04/15/2049 |
687,342 | ||||||
| 1,658,270 | ||||||||
|
Dillard’s Capital Trust I |
||||||||
| 23,238 |
7.500%, 08/01/2038 |
597,217 | ||||||
|
Ford Motor Company |
||||||||
| 87,146 |
6.200%, 06/01/2059 |
2,187,365 | ||||||
|
Fossil Group, Inc. |
||||||||
| 18,782 |
7.000%, 11/30/2026 |
359,863 | ||||||
|
Qurate Retail, Inc. |
||||||||
| 36,887 |
8.000%, 03/15/2031 |
1,130,586 | ||||||
|
QVC, Inc. |
||||||||
| 28,183 |
6.375%, 09/13/2067 |
253,647 | ||||||
| 62,641 |
6.250%, 11/26/2068 |
556,878 | ||||||
| 810,525 | ||||||||
|
TravelCenters of America, Inc. |
||||||||
| 13,771 |
8.250%, 01/15/2028 |
347,029 | ||||||
| 15,019 |
8.000%, 12/15/2029 |
382,684 | ||||||
| 12,522 |
8.000%, 10/15/2030 |
314,929 | ||||||
| 1,044,642 | ||||||||
| 7,788,468 | ||||||||
|
Consumer Staples — 2.2% |
||||||||
|
CHS, Inc. |
||||||||
| 48,801 |
Series 2, 7.100%, Perpetual (a) |
1,210,265 | ||||||
| 57,226 |
Series 3, 6.750%, Perpetual (a) |
1,435,228 | ||||||
| 60,130 |
Series 4, 7.500%, Perpetual |
1,588,033 | ||||||
| 4,233,526 | ||||||||
The accompanying notes are an integral part of these financial statements.
21
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.8% (Continued) |
||||||||
|
Energy — 5.4% |
||||||||
|
DCP Midstream LP |
||||||||
| 20,191 |
Series B, 7.875%, Perpetual (a) |
$ | 509,621 | |||||
| 13,771 |
Series C, 7.950%, Perpetual (a) |
347,029 | ||||||
| 856,650 | ||||||||
|
Energy Transfer LP |
||||||||
| 52,287 |
Series C, 7.375%, Perpetual (a) |
1,250,705 | ||||||
| 51,708 |
Series D, 7.625%, Perpetual (a) |
1,214,621 | ||||||
| 92,957 |
Series E, 7.600%, Perpetual (a) |
2,149,166 | ||||||
| 4,614,492 | ||||||||
|
NGL Energy Partners LP |
||||||||
| 36,559 |
Series B, 12.473%, (3 mo. LIBOR US + 7.213%), Perpetual (b) |
866,083 | ||||||
|
NuStar Energy LP |
||||||||
| 26,319 |
Series A, 12.039%, (3 mo. LIBOR US + 6.766%), Perpetual |
651,922 | ||||||
| 44,755 |
Series B, 10.916%, (3 mo. LIBOR US + 5.643%), Perpetual |
1,032,498 | ||||||
| 21,577 |
Series C, 11.746%, (3 mo. LIBOR US + 6.880%), Perpetual |
551,076 | ||||||
| 2,235,496 | ||||||||
|
NuStar Logistics LP |
||||||||
| 46,787 |
11.994%, (3 mo. LIBOR US + 6.734%), 01/15/2043 |
1,194,940 | ||||||
|
Seapeak LLC |
||||||||
| 21,279 |
Series B, 8.500%, Perpetual (a) |
507,717 | ||||||
| 15,629 |
9.000%, Perpetual |
378,690 | ||||||
| 886,407 | ||||||||
| 10,654,068 | ||||||||
|
Financials — 72.6% (c) |
||||||||
|
ACRES Commercial Realty Corporation |
||||||||
| 15,019 |
Series C, 8.625%, Perpetual (a) |
304,285 | ||||||
|
Affiliated Managers Group, Inc. |
||||||||
| 34,857 |
5.875%, 03/30/2059 |
883,276 | ||||||
The accompanying notes are an integral part of these financial statements.
22
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.8% (Continued) | ||||||||
|
Financials — 72.6% (c) (Continued) | ||||||||
|
AGNC Investment Corporation |
||||||||
| 37,764 |
Series C, 10.384%, (3 mo. LIBOR US + 5.111%), Perpetual |
$ | 936,170 | |||||
| 27,306 |
Series D, 6.875%, Perpetual (a) |
571,788 | ||||||
| 46,768 |
Series E, 6.500%, Perpetual (a) |
1,007,850 | ||||||
| 66,812 |
Series F, 6.125%, Perpetual (a) |
1,364,969 | ||||||
| 18,782 |
Series G, 7.750%, Perpetual (a)(b) |
412,640 | ||||||
| 4,293,417 | ||||||||
|
Allstate Corporation |
||||||||
| 58,097 |
8.438%, (3 mo. LIBOR US + 3.165%), 01/15/2053 |
1,478,569 | ||||||
|
American Equity Investment Life Holding Company |
||||||||
| 46,479 |
Series A, 5.950%, Perpetual (a) |
1,071,806 | ||||||
| 34,860 |
Series B, 6.625%, Perpetual (a) |
832,457 | ||||||
| 1,904,263 | ||||||||
|
American Financial Group, Inc. |
||||||||
| 14,526 |
5.875%, 03/30/2059 |
375,061 | ||||||
|
American International Group, Inc. |
||||||||
| 58,097 |
Series A, 5.850%, Perpetual |
1,463,463 | ||||||
|
Annaly Capital Management, Inc. |
||||||||
| 83,660 |
Series F, 10.156%, (3 mo. LIBOR US + 4.993%), Perpetual |
2,086,480 | ||||||
| 49,383 |
Series G, 9.331%, (3 mo. LIBOR US + 4.172%), Perpetual |
1,184,698 | ||||||
| 51,415 |
Series I, 6.750%, Perpetual (a) |
1,229,847 | ||||||
| 4,501,025 | ||||||||
|
Apollo Asset Management, Inc. |
||||||||
| 31,953 |
Series A, 6.375%, Perpetual |
789,559 | ||||||
| 34,860 |
Series B, 6.375%, Perpetual |
882,655 | ||||||
| 1,672,214 | ||||||||
|
Arbor Realty Trust, Inc. |
||||||||
| 32,949 |
Series F, 6.250%, Perpetual (a) |
600,331 | ||||||
|
Argo Group International Holdings, Ltd. |
||||||||
| 18,782 |
7.000%, Perpetual (a) |
450,205 | ||||||
|
Aspen Insurance Holdings, Ltd. |
||||||||
| 31,953 |
5.950%, Perpetual (a) |
770,706 | ||||||
|
Associated Banc-Corporation |
||||||||
| 34,860 |
6.625%, 03/01/2033 (a)(b) |
863,134 | ||||||
The accompanying notes are an integral part of these financial statements.
23
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.8% (Continued) | ||||||||
|
Financials — 72.6% (c) (Continued) | ||||||||
|
Athene Holding, Ltd. |
||||||||
| 100,218 |
Series A, 6.350%, Perpetual (a) |
$ | 2,173,728 | |||||
| 69,716 |
Series C, 6.375%, Perpetual (a) |
1,572,096 | ||||||
| 58,097 |
Series E, 7.750%, Perpetual (a) |
1,436,158 | ||||||
| 5,181,982 | ||||||||
|
Atlanticus Holdings Corporation |
||||||||
| 18,782 |
6.125%, 11/30/2026 |
427,290 | ||||||
|
B. Riley Financial, Inc. |
||||||||
| 23,150 |
6.750%, 05/31/2024 |
571,805 | ||||||
| 17,843 |
6.375%, 02/28/2025 |
415,028 | ||||||
| 25,981 |
5.500%, 03/31/2026 |
527,154 | ||||||
| 20,936 |
6.500%, 09/30/2026 |
424,582 | ||||||
| 37,731 |
5.000%, 12/31/2026 |
718,776 | ||||||
| 30,916 |
6.000%, 01/31/2028 |
596,679 | ||||||
| 47,116 |
5.250%, 08/31/2028 |
871,175 | ||||||
| 4,125,199 | ||||||||
|
Bank of America Corporation |
||||||||
| 25,733 |
Series 02, 5.603%, (3 mo. LIBOR US + 0.650%), Perpetual |
539,364 | ||||||
| 18,116 |
Series 4, 5.703%, (3 mo. LIBOR US + 0.750%), Perpetual |
389,675 | ||||||
| 35,978 |
Series 5, 5.415%, (3 mo. LIBOR US + 0.500%), Perpetual |
737,549 | ||||||
| 26,961 |
Series E, 5.214%, (3 mo. LIBOR US + 0.350%), Perpetual |
547,308 | ||||||
| 90,394 |
Series K, 6.450%, 12/15/2066 (a) |
2,296,912 | ||||||
| 116,212 |
Series GG, 6.000%, Perpetual |
2,893,679 | ||||||
| 73,172 |
Series HH, 5.875%, Perpetual |
1,820,519 | ||||||
| 9,225,006 | ||||||||
|
Charles Schwab Corporation |
||||||||
| 87,146 |
Series D, 5.950%, Perpetual |
2,193,465 | ||||||
|
Chimera Investment Corporation |
||||||||
| 37,764 |
Series B, 8.000%, Perpetual (a) |
765,854 | ||||||
| 30,210 |
Series C, 7.750%, Perpetual (a) |
579,126 | ||||||
| 25,040 |
Series D, 8.000%, Perpetual (a) |
504,556 | ||||||
| 1,849,536 | ||||||||
The accompanying notes are an integral part of these financial statements.
24
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.8% (Continued) | ||||||||
|
Financials — 72.6% (c) (Continued) | ||||||||
|
Citigroup, Inc. |
||||||||
| 110,384 |
Series J, 7.125%, Perpetual (a) |
$ | 2,804,858 | |||||
| 173,709 |
Series K, 6.875%, Perpetual (a) |
4,406,997 | ||||||
| 7,211,855 | ||||||||
|
Citizens Financial Group, Inc. |
||||||||
| 34,860 |
Series D, 6.350%, Perpetual (a) |
799,688 | ||||||
|
Compass Diversified Holdings |
||||||||
| 12,522 |
Series B, 7.875%, Perpetual (a) |
297,773 | ||||||
|
ConnectOne Bancorp, Inc. |
||||||||
| 14,403 |
Series A, 5.250%, Perpetual (a) |
234,049 | ||||||
|
Cowen, Inc. |
||||||||
| 11,583 |
7.750%, 06/15/2033 (d)(e) |
292,123 | ||||||
|
Crescent Capital BDC, Inc. |
||||||||
| 13,982 |
5.000%, 05/25/2026 |
327,179 | ||||||
|
Dynex Capital, Inc. |
||||||||
| 13,971 |
Series C, 6.900%, Perpetual (a) |
306,524 | ||||||
|
Ellington Financial, Inc. |
||||||||
| 15,083 |
Series B, 6.250%, Perpetual (a) |
281,600 | ||||||
| 12,533 |
Series C, 8.625%, Perpetual (a) |
275,099 | ||||||
| 14,403 |
6.750%, Perpetual (a) |
285,900 | ||||||
| 842,599 | ||||||||
|
Enstar Group, Ltd. |
||||||||
| 46,479 |
Series D, 7.000%, Perpetual (a) |
1,064,369 | ||||||
|
Fifth Third Bancorp |
||||||||
| 52,287 |
Series I, 6.625%, Perpetual (a) |
1,281,032 | ||||||
|
First Horizon Corporation |
||||||||
| 12,522 |
Series D, 6.100%, Perpetual (a) |
277,863 | ||||||
The accompanying notes are an integral part of these financial statements.
25
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.8% (Continued) | ||||||||
|
Financials — 72.6% (c) (Continued) | ||||||||
|
First Republic Bank |
||||||||
| 25,029 |
Series H, 5.125%, Perpetual (f) |
$ | 49,557 | |||||
| 37,583 |
Series I, 5.500%, Perpetual (f) |
73,663 | ||||||
| 49,467 |
Series J, 4.700%, Perpetual (f) |
80,631 | ||||||
| 62,637 |
Series K, 4.125%, Perpetual (f) |
102,725 | ||||||
| 93,633 |
Series L, 4.250%, Perpetual (f) |
159,176 | ||||||
| 93,945 |
Series M, 4.000%, Perpetual (f) |
162,525 | ||||||
| 92,684 |
Series N, 4.500%, Perpetual (f) |
163,124 | ||||||
| 791,401 | ||||||||
|
FNB Corporation |
||||||||
| 13,867 |
7.250%, Perpetual (a) |
330,728 | ||||||
|
Gladstone Investment Corporation |
||||||||
| 16,019 |
5.000%, 05/01/2026 |
380,451 | ||||||
| 16,852 |
4.875%, 11/01/2028 |
400,572 | ||||||
| 781,023 | ||||||||
|
Goldman Sachs Group, Inc. |
||||||||
| 76,856 |
Series A, 5.609%, (3 mo. LIBOR US + 0.750%), Perpetual |
1,595,530 | ||||||
| 138,311 |
Series D, 5.529%, (3 mo. LIBOR US + 0.670%), Perpetual |
2,849,206 | ||||||
| 20,502 |
Series C, 6.023%, (3 mo. LIBOR US + 0.750%), Perpetual |
440,793 | ||||||
| 102,476 |
Series J, 5.500%, Perpetual (a) |
2,572,148 | ||||||
| 71,720 |
Series K, 6.375%, Perpetual (a) |
1,809,496 | ||||||
| 9,267,173 | ||||||||
|
Granite Point Mortgage Trust, Inc. |
||||||||
| 25,752 |
Series A, 7.000%, Perpetual (a) |
451,948 | ||||||
|
Hartford Financial Services Group, Inc. |
||||||||
| 40,089 |
Series G, 6.000%, Perpetual |
992,604 | ||||||
|
Heartland Financial USA, Inc. |
||||||||
| 14,403 |
Series E, 7.000%, Perpetual (a) |
347,112 | ||||||
|
Huntington Bancshares, Inc. |
||||||||
| 37,764 |
Series J, 6.875%, Perpetual (a)(b) |
936,547 | ||||||
|
Invesco Mortgage Capital, Inc. |
||||||||
| 14,191 |
Series B, 7.750%, Perpetual (a) |
292,334 | ||||||
| 24,485 |
Series C, 7.500%, Perpetual (a) |
482,110 | ||||||
| 774,444 | ||||||||
The accompanying notes are an integral part of these financial statements.
26
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.8% (Continued) | ||||||||
|
Financials — 72.6% (c) (Continued) | ||||||||
|
Jackson Financial, Inc. |
||||||||
| 63,908 |
8.000%, Perpetual (a)(b) |
$ | 1,593,226 | |||||
|
JPMorgan Chase & Company |
||||||||
| 172,653 |
Series DD, 5.750%, Perpetual |
4,352,582 | ||||||
| 188,304 |
Series EE, 6.000%, Perpetual |
4,816,816 | ||||||
| 9,169,398 | ||||||||
|
Kemper Corporation |
||||||||
| 18,782 |
5.875%, 03/15/2062 (a) |
362,493 | ||||||
|
KeyCorp |
||||||||
| 58,097 |
Series E, 6.125%, Perpetual (a) |
1,306,602 | ||||||
| 69,716 |
6.200%, Perpetual (a) |
1,547,695 | ||||||
| 2,854,297 | ||||||||
|
M&T Bank Corporation |
||||||||
| 29,049 |
Series H, 5.625%, Perpetual (a) |
669,289 | ||||||
|
Merchants Bancorp |
||||||||
| 15,629 |
Series B, 6.000%, Perpetual (a) |
322,426 | ||||||
| 17,826 |
8.250%, Perpetual (a) |
450,998 | ||||||
| 773,424 | ||||||||
|
MetLife, Inc. |
||||||||
| 69,716 |
Series A, 5.866%, (3 mo. LIBOR US + 1.000%), Perpetual |
1,642,509 | ||||||
| 93,536 |
Series E, 5.625%, Perpetual |
2,338,400 | ||||||
| 3,980,909 | ||||||||
|
MFA Financial, Inc. |
||||||||
| 31,953 |
Series C, 6.500%, Perpetual (a) |
586,018 | ||||||
|
Midland States Bancorp, Inc. |
||||||||
| 14,393 |
7.750%, Perpetual (a)(b) |
331,039 | ||||||
|
Morgan Stanley |
||||||||
| 87,278 |
Series A, 5.960%, (3 mo. LIBOR US + 0.700%), Perpetual |
1,796,181 | ||||||
| 68,438 |
Series E, 7.125%, Perpetual (a) |
1,743,800 | ||||||
| 67,441 |
Series F, 6.875%, Perpetual (a) |
1,711,653 | ||||||
| 79,335 |
Series I, 6.375%, Perpetual (a) |
1,993,689 | ||||||
| 79,335 |
Series K, 5.850%, Perpetual (a) |
1,984,168 | ||||||
| 9,229,491 | ||||||||
The accompanying notes are an integral part of these financial statements.
27
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.8% (Continued) | ||||||||
|
Financials — 72.6% (c) (Continued) | ||||||||
|
National Rural Utilities Cooperative Finance Corporation |
||||||||
| 29,049 |
Series US, 5.500%, 05/15/2064 |
$ | 726,806 | |||||
|
New York Community Bancorp, Inc. |
||||||||
| 59,840 |
Series A, 6.375%, Perpetual (a) |
1,400,854 | ||||||
|
New York Mortgage Trust, Inc. |
||||||||
| 19,162 |
Series D, 8.000%, Perpetual (a) |
384,964 | ||||||
| 23,191 |
Series E, 7.875%, Perpetual (a) |
477,735 | ||||||
| 18,003 |
Series F, 6.875%, Perpetual (a) |
331,615 | ||||||
| 1,194,314 | ||||||||
|
NewtekOne, Inc. |
||||||||
| 12,522 |
5.500%, 02/01/2026 |
314,302 | ||||||
|
PacWest Bancorp |
||||||||
| 59,636 |
Series A, 7.750%, Perpetual (a) |
936,882 | ||||||
|
PennyMac Mortgage Investment Trust |
||||||||
| 14,403 |
Series A, 8.125%, Perpetual (a) |
339,046 | ||||||
| 22,659 |
Series B, 8.000%, Perpetual (a) |
524,556 | ||||||
| 863,602 | ||||||||
|
Popular Capital Trust II |
||||||||
| 12,638 |
6.125%, 12/01/2034 |
325,808 | ||||||
|
Prudential Financial, Inc. |
||||||||
| 65,651 |
5.625%, 08/15/2058 |
1,624,206 | ||||||
|
Ready Capital Corporation |
||||||||
| 25,203 |
5.750%, 02/15/2026 |
579,669 | ||||||
| 13,043 |
6.200%, 07/30/2026 |
303,250 | ||||||
| 882,919 | ||||||||
|
Regions Financial Corporation |
||||||||
| 58,097 |
Series B, 6.375%, Perpetual (a) |
1,392,004 | ||||||
| 58,097 |
Series C, 5.700%, Perpetual (a) |
1,344,365 | ||||||
| 2,736,369 | ||||||||
|
Reinsurance Group of America, Inc. |
||||||||
| 81,335 |
7.125%, 10/15/2052 (a) |
2,135,044 | ||||||
| 46,479 |
5.750%, 06/15/2056 (a) |
1,177,313 | ||||||
| 3,312,357 | ||||||||
The accompanying notes are an integral part of these financial statements.
28
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.8% (Continued) | ||||||||
|
Financials — 72.6% (c) (Continued) | ||||||||
|
Rithm Capital Corporation |
||||||||
| 19,433 |
Series A, 7.500%, Perpetual (a) |
$ | 426,943 | |||||
| 32,711 |
Series B, 7.125%, Perpetual (a) |
674,501 | ||||||
| 46,197 |
Series C, 6.375%, Perpetual (a) |
856,492 | ||||||
| 54,030 |
Series D, 7.000%, Perpetual (a) |
1,078,979 | ||||||
| 3,036,915 | ||||||||
|
Saratoga Investment Corporation |
||||||||
| 12,259 |
Series 2027, 6.000%, 04/30/2027 |
286,861 | ||||||
|
SiriusPoint, Ltd. |
||||||||
| 23,238 |
Series B, 8.000%, Perpetual (a) |
520,996 | ||||||
|
SLM Corporation |
||||||||
| 11,619 |
Series B, 6.566%, (3 mo. LIBOR US + 1.700%), Perpetual |
715,149 | ||||||
|
State Street Corporation |
||||||||
| 87,146 |
Series D, 5.900%, Perpetual (a) |
2,117,648 | ||||||
| 58,097 |
Series G, 5.350%, Perpetual (a) |
1,476,826 | ||||||
| 3,594,474 | ||||||||
|
Synovus Financial Corporation |
||||||||
| 23,238 |
Series D, 6.300%, Perpetual (a) |
522,158 | ||||||
| 40,668 |
Series E, 5.875%, Perpetual (a) |
860,535 | ||||||
| 1,382,693 | ||||||||
|
Trinity Capital, Inc. |
||||||||
| 21,893 |
7.000%, 01/16/2025 |
554,988 | ||||||
|
Truist Financial Corporation |
||||||||
| 21,598 |
Series I, 5.396%, (3 mo. LIBOR US + 0.530%), Perpetual |
437,791 | ||||||
|
Two Harbors Investment Corporation |
||||||||
| 15,458 |
Series A, 8.125%, Perpetual (a) |
312,870 | ||||||
| 31,120 |
Series B, 7.625%, Perpetual (a) |
591,280 | ||||||
| 29,217 |
Series C, 7.250%, Perpetual (a) |
555,123 | ||||||
| 1,459,273 | ||||||||
|
U.S. Bancorp |
||||||||
| 116,194 |
Series B, 5.860%, (3 mo. LIBOR US + 0.600%), Perpetual |
2,165,856 | ||||||
| 66,812 |
Series K, 5.500%, Perpetual |
1,592,130 | ||||||
| 3,757,986 | ||||||||
The accompanying notes are an integral part of these financial statements.
29
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.8% (Continued) | ||||||||
|
Financials — 72.6% (c) (Continued) | ||||||||
|
Unum Group |
||||||||
| 34,860 |
6.250%, 06/15/2028 |
$ | 866,271 | |||||
|
Valley National Bancorp |
||||||||
| 14,403 |
Series A, 6.250%, Perpetual (a) |
265,735 | ||||||
| 12,522 |
Series B, 8.851%, (3 mo. LIBOR US + 3.578%), Perpetual |
241,925 | ||||||
| 507,660 | ||||||||
|
Voya Financial, Inc. |
||||||||
| 34,860 |
Series B, 5.350%, Perpetual (a) |
850,584 | ||||||
|
Wells Fargo & Company |
||||||||
| 200,436 |
Series Q, 5.850%, Perpetual (a) |
4,866,586 | ||||||
| 97,604 |
Series R, 6.625%, Perpetual (a) |
2,421,555 | ||||||
| 7,288,141 | ||||||||
|
WesBanco, Inc. |
||||||||
| 18,782 |
Series A, 6.750%, Perpetual (a) |
439,123 | ||||||
|
Western Alliance Bancorp |
||||||||
| 34,860 |
Series A, 4.250%, Perpetual (a) |
550,788 | ||||||
|
Wintrust Financial Corporation |
||||||||
| 15,629 |
Series D, 6.500%, Perpetual (a) |
377,440 | ||||||
| 33,406 |
Series E, 6.875%, Perpetual (a) |
790,720 | ||||||
| 1,168,160 | ||||||||
|
W.R. Berkley Corporation |
||||||||
| 21,495 |
5.700%, 03/30/2058 |
532,861 | ||||||
|
Zions Bancorporation, N.A. |
||||||||
| 17,322 |
Series G, 9.106%, (3 mo. LIBOR US + 4.240%), Perpetual |
413,996 | ||||||
| 142,403,174 | ||||||||
|
Industrials — 2.7% |
||||||||
|
Air Lease Corporation |
||||||||
| 29,049 |
Series A, 6.150%, Perpetual (a) |
635,883 | ||||||
|
Atlas Corporation |
||||||||
| 14,796 |
Series D, 7.950%, Perpetual |
370,640 | ||||||
| 18,782 |
Series I, 8.000%, Perpetual (a) |
454,336 | ||||||
| 824,976 | ||||||||
The accompanying notes are an integral part of these financial statements.
30
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.8% (Continued) | ||||||||
|
Industrials — 2.7% (Continued) | ||||||||
|
Babcock & Wilcox Enterprises, Inc. |
||||||||
| 22,430 |
8.125%, 02/28/2026 |
$ | 546,171 | |||||
| 18,951 |
6.500%, 12/31/2026 |
407,067 | ||||||
| 953,238 | ||||||||
|
Charah Solutions, Inc. |
||||||||
| 12,700 |
8.500%, 08/31/2026 |
118,110 | ||||||
|
FTAI Aviation, Ltd. |
||||||||
| 13,085 |
Series A, 8.250%, Perpetual (a) |
301,086 | ||||||
| 15,477 |
Series B, 8.000%, Perpetual (a) |
338,946 | ||||||
| 13,141 |
Series C, 8.250%, Perpetual (a) |
302,375 | ||||||
| 942,407 | ||||||||
|
Global Ship Lease, Inc. |
||||||||
| 13,658 |
8.750%, Perpetual |
345,547 | ||||||
|
Steel Partners Holdings LP |
||||||||
| 20,101 |
Series A, 6.000%, 02/07/2026 |
468,554 | ||||||
|
Textainer Group Holdings, Ltd. |
||||||||
| 18,782 |
7.000%, Perpetual (a) |
454,149 | ||||||
|
Triton International, Ltd. |
||||||||
| 18,003 |
8.000%, Perpetual |
449,535 | ||||||
| 5,192,399 | ||||||||
|
Information Technology — 0.2% |
||||||||
|
Synchronoss Technologies, Inc. |
||||||||
|
8.375%, 06/30/2026 |
288,980 | |||||||
| 288,980 | ||||||||
|
Real Estate — 1.6% |
||||||||
|
American Homes 4 Rent |
||||||||
| 14,403 |
Series H, 6.250%, Perpetual |
364,396 | ||||||
|
CorEnergy Infrastructure Trust, Inc. |
||||||||
| 16,224 |
Series A, 7.375%, Perpetual |
98,480 | ||||||
|
Digital Realty Trust, Inc. |
||||||||
| 24,402 |
Series K, 5.850%, Perpetual |
609,318 | ||||||
The accompanying notes are an integral part of these financial statements.
31
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.8% (Continued) | ||||||||
|
Real Estate — 1.6% (Continued) |
||||||||
|
Public Storage |
||||||||
| 32,535 |
Series F, 5.150%, Perpetual |
$ | 801,337 | |||||
| 33,117 |
Series H, 5.600%, Perpetual |
848,458 | ||||||
| 1,649,795 | ||||||||
|
SITE Centers Corporation |
||||||||
| 20,334 |
Series A, 6.375%, Perpetual |
494,929 | ||||||
| 3,216,918 | ||||||||
|
Utilities — 9.9% |
||||||||
|
Algonquin Power & Utilities Corporation |
||||||||
| 40,668 |
Series 19-A, 6.200%, 07/01/2079 (a) |
930,484 | ||||||
| 33,406 |
6.875%, 10/17/2078 (a) |
773,683 | ||||||
| 1,704,167 | ||||||||
|
CMS Energy Corporation |
||||||||
| 23,238 |
5.625%, 03/15/2078 |
582,112 | ||||||
| 32,535 |
5.875%, 10/15/2078 |
809,145 | ||||||
| 73,202 |
5.875%, 03/01/2079 |
1,817,606 | ||||||
| 3,208,863 | ||||||||
|
Duke Energy Corporation |
||||||||
| 116,194 |
Series A, 5.750%, Perpetual |
2,991,995 | ||||||
| 58,097 |
5.625%, 09/15/2078 |
1,455,330 | ||||||
| 4,447,325 | ||||||||
|
Entergy New Orleans, LLC |
||||||||
| 12,783 |
5.500%, 04/01/2066 |
315,868 | ||||||
|
Georgia Power Company |
||||||||
| 31,374 |
Series 2017, 5.000%, 10/01/2077 |
784,350 | ||||||
|
NextEra Energy Capital Holdings, Inc. |
||||||||
| 79,885 |
Series N, 5.650%, 03/01/2079 |
2,051,447 | ||||||
|
NiSource, Inc. |
||||||||
| 58,097 |
Series B, 6.500%, Perpetual (a) |
1,449,520 | ||||||
|
SCE Trust III |
||||||||
| 31,953 |
Series H, 5.750%, Perpetual (a) |
683,794 | ||||||
|
SCE Trust IV |
||||||||
| 37,764 |
Series J, 5.375%, Perpetual (a) |
768,497 | ||||||
The accompanying notes are an integral part of these financial statements.
32
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.8% (Continued) | ||||||||
|
Utilities — 9.9% (Continued) |
||||||||
|
SCE Trust V |
||||||||
| 34,860 |
Series K, 5.450%, Perpetual (a) |
$ | 776,681 | |||||
|
Southern Company |
||||||||
| 52,287 |
5.250%, 12/01/2077 |
1,305,083 | ||||||
|
Spire, Inc. |
||||||||
| 29,049 |
Series A, 5.900%, Perpetual |
741,040 | ||||||
|
Tennessee Valley Authority |
||||||||
| 24,211 |
Series A, 4.600%, (30 Year U.S. Treasury + 0.840%), 05/01/2029 |
526,589 | ||||||
| 29,802 |
Series D, 2.134%, (30 Year U.S. Treasury + 0.940%), 06/01/2028 |
661,605 | ||||||
| 1,188,194 | ||||||||
| 19,424,829 | ||||||||
|
TOTAL PREFERRED STOCKS (Cost $202,702,929) |
195,604,639 | |||||||
The accompanying notes are an integral part of these financial statements.
33
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
| Shares | Security Description | Value | ||||||
| SHORT-TERM INVESTMENTS — 2.5% | ||||||||
| 4,939,055 | Invesco Government & Agency Portfolio, Institutional Class — 4.79% (g) | $ | 4,939,055 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,939,055) | 4,939,055 | |||||||
| TOTAL INVESTMENTS (Cost $207,641,984) — 102.3% | 200,543,694 | |||||||
| Liabilities in Excess of Other Assets — (2.3)% | (4,514,081 | ) | ||||||
| NET ASSETS — 100.0% | $ | 196,029,613 | ||||||
|
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 April 30, 2023. |
|
(b) |
Non-income producing security. |
|
(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) |
Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
|
(e) |
This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of this security is $292,123 which represents 0.15% of net assets. |
|
(f) |
Security is in default or has failed to make a scheduled dividend payment. |
|
(g) |
Rate shown is the annualized seven-day yield as of April 30, 2023. |
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.
34
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF
Schedule
of Investments
April 30, 2023
(Unaudited)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 99.8% |
||||||||
|
Communication Services — 2.6% |
||||||||
| 33,821 |
Nexstar Media Group, Inc. |
$ | 5,866,252 | |||||
|
Consumer Discretionary — 5.4% |
||||||||
| 18,397 |
Advance Auto Parts, Inc. |
2,309,376 | ||||||
| 27,338 |
Brunswick Corporation |
2,317,989 | ||||||
| 116,211 |
MDC Holdings, Inc. |
4,761,165 | ||||||
| 19,780 |
Penske Automotive Group, Inc. |
2,741,112 | ||||||
| 12,129,642 | ||||||||
|
Consumer Staples — 10.9% |
||||||||
| 62,877 |
Conagra Brands, Inc. |
2,386,811 | ||||||
| 80,009 |
Inter Parfums, Inc. |
12,144,566 | ||||||
| 26,570 |
Lancaster Colony Corporation |
5,556,319 | ||||||
| 161,909 |
Reynolds Consumer Products, Inc. |
4,538,309 | ||||||
| 24,626,005 | ||||||||
|
Energy — 1.9% |
||||||||
| 34,166 |
Targa Resources Corporation |
2,580,558 | ||||||
| 71,132 |
World Fuel Services Corporation |
1,681,560 | ||||||
| 4,262,118 | ||||||||
|
Financials — 16.3% |
||||||||
| 62,043 |
Evercore, Inc. - Class A |
7,077,245 | ||||||
| 158,561 |
First Financial Bancorp |
3,282,213 | ||||||
| 130,488 |
First Interstate BancSystem, Inc. - Class A |
3,339,188 | ||||||
| 64,541 |
Hartford Financial Services Group, Inc. |
4,581,766 | ||||||
| 259,720 |
Home BancShares, Inc. |
5,654,104 | ||||||
| 83,961 |
Horace Mann Educators Corporation |
2,626,300 | ||||||
| 247,412 |
Huntington Bancshares, Inc. |
2,771,014 | ||||||
| 200,320 |
Regions Financial Corporation |
3,657,843 | ||||||
| 120,670 |
Victory Capital Holdings, Inc. - Class A |
3,685,262 | ||||||
| 36,674,935 | ||||||||
|
Health Care — 7.7% |
||||||||
| 67,610 |
Patterson Companies, Inc. |
1,832,907 | ||||||
| 193,184 |
Perrigo Company plc |
7,184,513 | ||||||
| 59,458 |
Quest Diagnostics, Inc. |
8,253,365 | ||||||
| 17,270,785 | ||||||||
The accompanying notes are an integral part of these financial statements.
35
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 99.8% (Continued) | ||||||||
|
Industrials — 24.8% |
||||||||
| 91,211 |
Booz Allen Hamilton Holding Corporation |
$ | 8,730,717 | |||||
| 51,978 |
Broadridge Financial Solutions, Inc. |
7,558,121 | ||||||
| 123,414 |
CSG Systems International, Inc. |
6,501,449 | ||||||
| 31,221 |
Hubbell, Inc. |
8,408,440 | ||||||
| 59,748 |
Insperity, Inc. |
7,316,740 | ||||||
| 33,309 |
Snap-on, Inc. |
8,640,688 | ||||||
| 24,818 |
Watsco, Inc. |
8,596,459 | ||||||
| 55,752,614 | ||||||||
|
Information Technology — 9.1% |
||||||||
| 104,328 |
Amdocs, Ltd. |
9,519,930 | ||||||
| 83,344 |
Avnet, Inc. |
3,438,774 | ||||||
| 79,487 |
NetApp, Inc. |
4,998,937 | ||||||
| 39,635 |
Silicon Motion Technology Corporation - ADR |
2,522,371 | ||||||
| 20,480,012 | ||||||||
|
Materials — 7.7% |
||||||||
| 25,162 |
Avery Dennison Corporation |
4,390,266 | ||||||
| 124,109 |
Avient Corporation |
4,779,438 | ||||||
| 17,394 |
Packaging Corporation of America |
2,352,712 | ||||||
| 39,297 |
RPM International, Inc. |
3,223,533 | ||||||
| 40,765 |
Sonoco Products Company |
2,471,174 | ||||||
| 17,217,123 | ||||||||
|
Real Estate — 6.8% |
||||||||
| 101,346 |
Agree Realty Corporation |
6,890,514 | ||||||
| 46,443 |
Equity LifeStyle Properties, Inc. |
3,199,923 | ||||||
| 86,229 |
Terreno Realty Corporation |
5,310,844 | ||||||
| 15,401,281 | ||||||||
|
Utilities — 6.6% |
||||||||
| 95,849 |
Alliant Energy Corporation |
5,285,114 | ||||||
| 42,026 |
Atmos Energy Corporation |
4,796,848 | ||||||
| 171,357 |
NiSource, Inc. |
4,876,820 | ||||||
| 14,958,782 | ||||||||
|
TOTAL COMMON STOCKS (Cost $219,392,017) |
224,639,549 | |||||||
The accompanying notes are an integral part of these financial statements.
36
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Effective
|
Maturity |
Value |
|||||||||||||
|
SHORT-TERM INVESTMENTS — 0.3% |
||||||||||||||||
|
U.S. Treasury Bills — 0.3% |
||||||||||||||||
| 204,000 |
United States Treasury Bill (a) |
4.94% | 7/20/2023 | $ | 201,768 | |||||||||||
| 329,000 |
United States Treasury Bill (a) |
4.95% | 7/25/2023 | 325,205 | ||||||||||||
| 141,000 |
United States Treasury Bill (a) |
5.04% | 7/27/2023 | 139,315 | ||||||||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $666,338) |
666,289 | |||||||||||||||
|
TOTAL INVESTMENTS — 100.1% (Cost $220,058,355) |
225,305,838 | |||||||||||||||
|
Liabilities in Excess of Other Assets — (0.1)% |
(132,115 | ) | ||||||||||||||
|
NET ASSETS — 100.0% |
$ | 225,173,723 | ||||||||||||||
|
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.
37
AAM Transformers ETF
Schedule
of Investments
April 30, 2023
(Unaudited)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 99.9% |
||||||||
|
Communication Services — 10.6% |
||||||||
| 2,111 |
Alphabet, Inc. - Class A (a) |
$ | 226,595 | |||||
| 661 |
Baidu, Inc. - ADR (a) |
79,723 | ||||||
| 2,095 |
Bilibili, Inc. - ADR (a) |
42,654 | ||||||
| 1,785 |
Bumble, Inc. - Class A (a) |
32,505 | ||||||
| 959 |
Match Group, Inc. (a) |
35,387 | ||||||
| 1,067 |
Meta Platforms, Inc. - Class A (a) |
256,422 | ||||||
| 1,180 |
NetEase, Inc. - ADR |
105,173 | ||||||
| 1,513 |
Pinterest, Inc. - Class A (a) |
34,799 | ||||||
| 3,587 |
ROBLOX Corporation - Class A (a) |
127,697 | ||||||
| 1,544 |
Sea, Ltd. - ADR (a) |
117,607 | ||||||
| 3,751 |
Snap, Inc. - Class A (a) |
32,671 | ||||||
| 342 |
Take-Two Interactive Software, Inc. (a) |
42,507 | ||||||
| 2,152 |
Tencent Holdings, Ltd. - ADR |
95,463 | ||||||
| 1,870 |
TripAdvisor, Inc. (a) |
33,155 | ||||||
| 1,545 |
ZoomInfo Technologies, Inc. (a) |
33,851 | ||||||
| 1,296,209 | ||||||||
|
Consumer Discretionary — 16.3% |
||||||||
| 1,177 |
Airbnb, Inc. - Class A (a) |
140,852 | ||||||
| 1,130 |
Alibaba Group Holding, Ltd. - ADR (a) |
95,700 | ||||||
| 2,082 |
Amazon.com, Inc. (a) |
219,547 | ||||||
| 57 |
Booking Holdings, Inc. (a) |
153,120 | ||||||
| 1,749 |
BYD Company, Ltd. - ADR |
106,077 | ||||||
| 3,248 |
Coupang, Inc. (a) |
54,436 | ||||||
| 2,583 |
DoorDash, Inc. - Class A (a) |
158,054 | ||||||
| 328 |
Etsy, Inc. (a) |
33,138 | ||||||
| 5,229 |
Fisker, Inc. (a) |
33,675 | ||||||
| 1,637 |
Global-e Online, Ltd. (a) |
45,639 | ||||||
| 2,136 |
JD.com, Inc. - ADR |
76,298 | ||||||
| 1,887 |
Li Auto, Inc. - ADR (a) |
44,345 | ||||||
| 4,468 |
Lucid Group, Inc. (a) |
35,476 | ||||||
| 2,798 |
Meituan - ADR (a) |
95,859 | ||||||
| 83 |
MercadoLibre, Inc. (a) |
106,032 | ||||||
| 2,805 |
Naspers, Ltd. - ADR |
99,437 | ||||||
| 4,973 |
NIO, Inc. - ADR (a) |
39,137 | ||||||
The accompanying notes are an integral part of these financial statements.
38
AAM Transformers ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 99.9% (Continued) | ||||||||
|
Consumer Discretionary — 16.3% (Continued) | ||||||||
| 1,060 |
PDD Holdings, Inc. - ADR (a) |
$ | 72,239 | |||||
| 6,767 |
Prosus NV - ADR |
101,234 | ||||||
| 2,362 |
Rivian Automotive, Inc. - Class A (a) |
30,281 | ||||||
| 999 |
Tesla, Inc. (a) |
164,146 | ||||||
| 1,223 |
Trip.com Group, Ltd. - ADR (a) |
43,429 | ||||||
| 4,922 |
XPeng, Inc. - ADR (a) |
46,759 | ||||||
| 1,994,910 | ||||||||
|
Financials — 3.6% |
||||||||
| 2,931 |
Affirm Holdings, Inc. (a) |
28,900 | ||||||
| 1,829 |
Block, Inc. (a) |
111,185 | ||||||
| 3,122 |
Dlocal, Ltd. (a) |
43,708 | ||||||
| 1,446 |
Flywire Corporation (a) |
42,180 | ||||||
| 8,054 |
Marqeta, Inc. - Class A (a) |
32,619 | ||||||
| 5,840 |
Payoneer Global, Inc. (a) |
31,886 | ||||||
| 2,616 |
Remitly Global, Inc. (a) |
43,949 | ||||||
| 5,596 |
StoneCo, Ltd. - Class A (a) |
68,943 | ||||||
| 2,125 |
Toast, Inc. - Class A (a) |
38,675 | ||||||
| 442,045 | ||||||||
|
Industrials — 14.3% |
||||||||
| 2,968 |
ABB, Ltd. - ADR |
107,115 | ||||||
| 447 |
AeroVironment, Inc. (a) |
45,008 | ||||||
| 3,065 |
Airbus SE - ADR |
107,398 | ||||||
| 181 |
Axon Enterprise, Inc. (a) |
38,139 | ||||||
| 1,761 |
Bloom Energy Corporation - Class A (a) |
29,321 | ||||||
| 919 |
Boeing Company (a) |
190,031 | ||||||
| 3,609 |
ChargePoint Holdings, Inc. (a) |
31,290 | ||||||
| 279 |
Chart Industries, Inc. (a) |
37,135 | ||||||
| 3,443 |
Embraer SA - ADR (a) |
53,194 | ||||||
| 1,941 |
Fluence Energy, Inc. (a) |
35,054 | ||||||
| 5,760 |
Full Truck Alliance Company, Ltd. - ADR (a) |
36,864 | ||||||
| 316 |
Generac Holdings, Inc. (a) |
32,302 | ||||||
| 14,437 |
Grab Holdings, Ltd. - Class A (a) |
42,012 | ||||||
| 849 |
HEICO Corporation |
143,175 | ||||||
| 537 |
Hexcel Corporation |
38,707 | ||||||
The accompanying notes are an integral part of these financial statements.
39
AAM Transformers ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 99.9% (Continued) | ||||||||
|
Industrials — 14.3% (Continued) | ||||||||
| 380 |
MTU Aero Engines AG - ADR |
$ | 49,829 | |||||
| 2,885 |
Plug Power, Inc. (a) |
26,052 | ||||||
| 162 |
RBC Bearings, Inc. (a) |
36,776 | ||||||
| 489 |
Rockwell Automation, Inc. |
138,587 | ||||||
| 2,817 |
Safran SA - ADR |
109,497 | ||||||
| 3,071 |
Schneider Electric SE - ADR |
107,055 | ||||||
| 1,165 |
Spirit AeroSystems Holdings, Inc. - Class A |
34,670 | ||||||
| 1,608 |
Sunrun, Inc. (a) |
33,832 | ||||||
| 2,437 |
Symbotic, Inc. (a) |
64,727 | ||||||
| 4,286 |
Uber Technologies, Inc. (a) |
133,080 | ||||||
| 4,892 |
Vestas Wind Systems AS - ADR |
44,835 | ||||||
| 1,745,685 | ||||||||
|
Information Technology — 51.7% (b) |
||||||||
| 574 |
Adobe, Inc. (a) |
216,719 | ||||||
| 2,423 |
Advanced Micro Devices, Inc. (a) |
216,544 | ||||||
| 881 |
Allegro MicroSystems, Inc. (a) |
31,513 | ||||||
| 483 |
Ambarella, Inc. (a) |
29,936 | ||||||
| 1,309 |
Apple, Inc. |
222,111 | ||||||
| 1,053 |
Arista Networks, Inc. (a) |
168,648 | ||||||
| 2,400 |
Asana, Inc. - Class A (a) |
38,832 | ||||||
| 571 |
Atlassian Corporation - Class A (a) |
84,314 | ||||||
| 714 |
Autodesk, Inc. (a) |
139,080 | ||||||
| 308 |
Axcelis Technologies, Inc. (a) |
36,436 | ||||||
| 441 |
BILL Holdings, Inc. (a) |
33,873 | ||||||
| 1,194 |
Braze, Inc. - Class A (a) |
35,104 | ||||||
| 783 |
Calix, Inc. (a) |
35,783 | ||||||
| 1,135 |
Canadian Solar, Inc. (a) |
42,472 | ||||||
| 6,382 |
Chindata Group Holdings, Ltd. - ADR (a) |
40,270 | ||||||
| 813 |
Ciena Corporation (a) |
37,431 | ||||||
| 2,407 |
Cloudflare, Inc. - Class A (a) |
113,249 | ||||||
| 811 |
Cognex Corporation |
38,677 | ||||||
| 907 |
Coherent Corporation (a) |
30,965 | ||||||
| 1,544 |
Confluent, Inc. - Class A (a) |
33,968 | ||||||
| 1,176 |
Crowdstrike Holdings, Inc. - Class A (a) |
141,179 | ||||||
The accompanying notes are an integral part of these financial statements.
40
AAM Transformers ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 99.9% (Continued) | ||||||||
|
Information Technology — 51.7% (b) (Continued) | ||||||||
| 313 |
CyberArk Software, Ltd. (a) |
$ | 39,000 | |||||
| 1,927 |
Datadog, Inc. - Class A (a) |
129,841 | ||||||
| 1,132 |
DigitalOcean Holdings, Inc. (a) |
35,703 | ||||||
| 921 |
Dynatrace, Inc. (a) |
38,940 | ||||||
| 624 |
Elastic NV (a) |
35,724 | ||||||
| 682 |
Enphase Energy, Inc. (a) |
111,984 | ||||||
| 460 |
Entegris, Inc. |
34,463 | ||||||
| 2,203 |
Extreme Networks, Inc. (a) |
39,169 | ||||||
| 389 |
Fabrinet (a) |
36,935 | ||||||
| 705 |
First Solar, Inc. (a) |
128,719 | ||||||
| 594 |
Five9, Inc. (a) |
38,515 | ||||||
| 2,436 |
Fortinet, Inc. (a) |
153,590 | ||||||
| 765 |
Gitlab, Inc. - Class A (a) |
23,225 | ||||||
| 2,222 |
GLOBALFOUNDRIES, Inc. (a) |
130,654 | ||||||
| 277 |
Globant SA (a) |
43,453 | ||||||
| 1,262 |
HashiCorp, Inc. - Class A (a) |
33,834 | ||||||
| 363 |
HubSpot, Inc. (a) |
152,805 | ||||||
| 287 |
Impinj, Inc. (a) |
25,374 | ||||||
| 2,769 |
Infineon Technologies AG - ADR |
100,792 | ||||||
| 483 |
Intuit, Inc. |
214,428 | ||||||
| 314 |
IPG Photonics Corporation (a) |
36,104 | ||||||
| 703 |
Itron, Inc. (a) |
37,540 | ||||||
| 843 |
JinkoSolar Holding Company, Ltd. - ADR (a) |
41,821 | ||||||
| 1,445 |
Lasertec Corporation - ADR |
39,810 | ||||||
| 3,365 |
Marvell Technology, Inc. |
132,850 | ||||||
| 1,142 |
MaxLinear, Inc. (a) |
27,556 | ||||||
| 774 |
Microsoft Corporation |
237,819 | ||||||
| 303 |
Monday.com, Ltd. (a) |
36,942 | ||||||
| 183 |
MongoDB, Inc. (a) |
43,913 | ||||||
| 292 |
Monolithic Power Systems, Inc. |
134,895 | ||||||
| 1,463 |
nCino, Inc. (a) |
36,180 | ||||||
| 512 |
Nova, Ltd. (a) |
46,822 | ||||||
| 827 |
NVIDIA Corporation |
229,484 | ||||||
| 468 |
Okta, Inc. (a) |
32,072 | ||||||
| 2,214 |
Oracle Corporation |
209,710 | ||||||
The accompanying notes are an integral part of these financial statements.
41
AAM Transformers ETF
Schedule
of Investments
April 30, 2023 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 99.9% (Continued) | ||||||||
|
Information Technology — 51.7% (b) (Continued) | ||||||||
| 1,299 |
PagerDuty, Inc. (a) |
$ | 39,048 | |||||