Semi-Annual
Report
April 30, 2022
AAM S&P 500 High Dividend Value ETF
Ticker: SPDV
AAM S&P Emerging Markets High Dividend Value ETF
Ticker: EEMD
AAM S&P Developed Markets High Dividend Value ETF
Ticker: DMDV
AAM Low Duration Preferred and Income Securities ETF
Ticker: PFLD
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF
Ticker: SMIG
AAM ETFs
TABLE OF CONTENTS
|
Page | |
|
Management Discussion of Fund Performance |
1 |
|
Portfolio Allocations |
6 |
|
Schedules of Investments |
9 |
|
Statements of Assets and Liabilities |
34 |
|
Statements of Operations |
36 |
|
Statements of Changes in Net Assets |
38 |
|
Financial Highlights |
43 |
|
Notes to Financial Statements |
48 |
|
Expense Example |
63 |
|
Review of Liquidity Risk Management Program |
66 |
|
Approval of Sub-Advisory Agreement & Board Considerations |
67 |
|
Federal Tax Information |
70 |
|
Federal Tax Credit Pass Through |
71 |
|
Information About Portfolio Holdings |
71 |
|
Information About Funds’ Trustees |
72 |
|
Frequency Distribution of Premiums and Discounts |
72 |
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, SPDV’s portfolio remained positioned towards attractively valued companies, and insulated from those with stretched valuations, such as technology and consumer discretionary. As a result, SPDV generated a total return of 4.62% (NAV) and 4.67% (market price), while the underlying index for SPDV generated a total return of 4.83% between November 1, 2021, and April 30th, 2022 (“current fiscal period”). Over the same current fiscal period, the benchmark index, the S&P 500® index, achieved a total return of -9.65%.
Top performing sectors attributable to SPDV’s return during the current fiscal period were Materials, Energy, and Consumer Staples. The worst performing sectors were Consumer Discretionary, Communications Services, and Real Estate.
Individual stocks attributable to SPDV’s return over the same fiscal period were Newmont Corporation (+3,544 bps), Lockheed Martin Corporation (+3,212 bps), and Abbvie, Inc. (+3,131 bps). Stocks dragging down SPDV’s return were Kyndryl Holdings, Inc. (-3,112 bps), Ford Motor Company (-3,047 bps), and Citigroup, Inc. (-2,874 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 risk mitigation against broad market declines. Accordingly, EEMD generated a total return of -2.58% (NAV) and -3.73% (market price) during the current fiscal period. This compares to the -2.33% for the underlying Index, and a -13.56% 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 Energy, Utilities, and Financials. The worst performing sectors included and Consumer Staples, Health Care, and Real Estate.
Individual stocks attributable to EEMD’s return over the same fiscal period were Adaro Energy Indonesia Tbk PT (+10,866 bps), CPFL Energia SA (+5,773 bps), and Petroleo Brasileiro S.A. - Petrobras (+5,065 bps). Stocks dragging down EEMD’s return were X5 Retail Group N.V. (-9,839 bps), Sunac China Holdings, Ltd. (-5,855 bps), and Mobile TeleSystems Public Joint Stock Company (-4,002 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 provided better defense against the broad market declines, as the Fund was relatively less exposed to overvalued sectors such as technology. As a result, DMDV generated a total return of -4.57% (NAV) and -5.70% (market price) during the current fiscal period. This compares to the -4.53% for the underlying Index, and an -11.59% 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, Industrials, and Materials. The worst performing sectors included Consumer Discretionary, and Information Technology, and Financials.
Individual stocks attributable to DMDV’s return over the same fiscal period were Fortescue Metals Group, Ltd. (+4,800 bps), AGL Energy, Ltd. (+4,568 bps), and Inpex Corporation (+4,174 bps). Stocks dragging down DMDV’s return were Fortum Oyj (-3,474 bps), Telefonaktiebolaget LM Ericsson (-3,444 bps), and Credit Agricole SA (-2,972 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
2
AAM ETFs
Management
Discussion of Fund Performance
(Unaudited)
(Continued)
that is designed to provide exposure to exchange-listed, U.S. dollar-denominated preferred securities and hybrid securities listed on the New York Stock Exchange (“NYSE”) or NASDAQ Capital Market (“NASDAQ”) with an option-adjusted duration of less than five years.
By focusing on low duration preferred securities, PFLD was more protected from the impact of rising interest rates on bond prices. PFLD generated a total return of -6.53% (NAV) and -7.21% (market price), while the underlying index for PFLD generated a total return of -6.56% during the 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 -11.55%.
Top performing industries attributable to PFLD’s return during the current fiscal period were Energy, Retail, and Financial Services. The worst performing industries included Quasi Government, Technology & Electronics, and Banking.
Individual securities attributable to PFLD’s return over the same fiscal period were NGL 9 Perp (+1,170 bps), MTBC 11 Perp (+696 bps), and SPLP 6 02/07/26 (+350 bps). Securities dragging down PFLD’s return were PEI 7.2 Perp (-5,536 bps), PEI 6 7/8th Perp (-5,150 bps), and MHLD 8 1/4th (-4,537 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 -7.58%/-7.48% (Market/NAV) versus the Russell 2500 return of -14.73% during the current fiscal period. Over the current fiscal period, the Fund provided significant risk mitigation amid the volatility, a key objective of the strategy. Following the market peak on 11/8/2021, investors fled non-profitable technology and long duration equities in the face of violently rising real and nominal yields, which benefitted SMIG’s focus on companies with lower-risk and high intrinsic quality. Strategy characteristics of sustainable dividends and stable fundamentals remain attractively valued despite the risks of central bank tightening, economic deceleration, and continued market-level valuation concerns.
Assessing attribution on a security basis, the largest contributors to performance include CSG Systems International, Inc. (CSGS), Silicon Motion Technology Corporation (SIMO) and McAfee (MCFE). On a sector basis, the largest contributors to performance were the Information Technology and Health Care sectors due to a lack of ownership in high-multiple, non-dividend paying companies. The largest detractor to performance was SMIG’s underweight to the Energy sector. As of 4/30/2022, the Fund had no exposure to the Energy sector.
3
AAM ETFs
Management
Discussion of Fund Performance
(Unaudited)
(Continued)
We remain committed to our foundational philosophy and objectives, which focus on the compounding growth of cash flow income, risk mitigation, and long-term capital appreciation, all through the 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 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.
Cash Flow refers to the net amount of cash and cash equivalents being transferred in and out of a company.
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.
4
AAM ETFs
Management
Discussion of Fund Performance
(Unaudited)
(Continued)
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.
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 9 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 ETFs
Portfolio
Allocations
As of April 30, 2022 (Unaudited)
AAM S&P 500 High Dividend Value ETF
|
Sector |
Percentage
of |
|
Energy |
10.6% |
|
Materials |
10.3 |
|
Industrials |
9.8 |
|
Consumer Staples |
9.7 |
|
Health Care |
9.3 |
|
Utilities |
9.0 |
|
Real Estate |
8.9 |
|
Information Technology |
8.8 |
|
Communication Services |
8.5 |
|
Consumer Discretionary |
8.1 |
|
Financials |
6.9 |
|
Short-Term Investments |
0.2 |
|
Liabilities in Excess of Other Assets |
(0.1) |
|
Total |
100.0% |
AAM S&P Emerging Markets High Dividend Value ETF
|
Sector |
Percentage
of |
|
Energy |
10.8% |
|
Utilities |
10.7 |
|
Industrials |
9.9 |
|
Materials |
9.5 |
|
Consumer Discretionary |
9.4 |
|
Financials |
9.3 |
|
Information Technology |
8.1 |
|
Health Care |
7.7 |
|
Communication Services |
7.7 |
|
Consumer Staples |
7.4 |
|
Real Estate |
7.3 |
|
Short-Term Investments |
1.6 |
|
Other Assets in Excess of Liabilities |
0.6 |
|
Total |
100.0% |
6
AAM ETFs
Portfolio
Allocations
As of April 30, 2022 (Unaudited)
(Continued)
AAM S&P Developed Markets High Dividend Value ETF
|
Sector |
Percentage
of |
|
Energy |
10.5% |
|
Industrials |
10.0 |
|
Communication Services |
9.5 |
|
Real Estate |
9.4 |
|
Health Care |
9.2 |
|
Materials |
9.1 |
|
Utilities |
8.9 |
|
Information Technology |
8.2 |
|
Consumer Staples |
8.2 |
|
Financials |
8.0 |
|
Consumer Discretionary |
7.6 |
|
Short-Term Investments |
1.2 |
|
Other Assets in Excess of Liabilities |
0.2 |
|
Total |
100.0% |
AAM Low Duration Preferred and Income Securities ETF
|
Sector |
Percentage
of |
|
Financials ♦ |
71.8% |
|
Utilities |
7.0 |
|
Energy |
6.5 |
|
Real Estate |
4.4 |
|
Communication Services |
3.4 |
|
Industrials |
2.8 |
|
Consumer Discretionary |
2.0 |
|
Short-Term Investments |
1.9 |
|
Consumer Staples |
1.5 |
|
Information Technology |
0.2 |
|
Liabilities in Excess of Other Assets |
(1.5) |
|
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. |
7
AAM ETFs
Portfolio
Allocations
As of April 30, 2022 (Unaudited)
(Continued)
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF
|
Sector |
Percentage
of |
|
Information Technology |
18.9% |
|
Consumer Discretionary |
14.0 |
|
Financials |
13.8 |
|
Industrials |
13.0 |
|
Materials |
11.1 |
|
Health Care |
8.8 |
|
Real Estate |
7.2 |
|
Consumer Staples |
5.5 |
|
Utilities |
5.3 |
|
Communication Services |
2.0 |
|
Short-Term Investments |
0.4 |
|
Liabilities in Excess of Other Assets* |
(0.0) |
|
Total |
100.0% |
|
* |
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.
8
AAM S&P 500 High Dividend Value ETF
Schedule
of Investments
April 30, 2022 (Unaudited)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 99.9% |
||||||||
|
Communication Services — 8.5% |
||||||||
| 55,824 |
AT&T, Inc. |
$ | 1,052,841 | |||||
| 31,808 |
Interpublic Group of Companies, Inc. |
1,037,577 | ||||||
| 92,456 |
Lumen Technologies, Inc. |
930,107 | ||||||
| 14,887 |
Omnicom Group, Inc. |
1,133,347 | ||||||
| 21,388 |
Verizon Communications, Inc. |
990,265 | ||||||
| 5,144,137 | ||||||||
|
Consumer Discretionary — 8.1% |
||||||||
| 55,546 |
Ford Motor Company |
786,531 | ||||||
| 11,627 |
Hasbro, Inc. |
1,023,874 | ||||||
| 48,380 |
Newell Brands, Inc. |
1,119,997 | ||||||
| 29,656 |
Tapestry, Inc. |
976,276 | ||||||
| 5,466 |
Whirlpool Corporation |
992,188 | ||||||
| 4,898,866 | ||||||||
|
Consumer Staples — 9.7% |
||||||||
| 22,675 |
Altria Group, Inc. |
1,260,050 | ||||||
| 31,124 |
Kraft Heinz Company |
1,326,816 | ||||||
| 22,718 |
Molson Coors Brewing Company - Class B |
1,229,952 | ||||||
| 11,263 |
Philip Morris International, Inc. |
1,126,300 | ||||||
| 21,624 |
Walgreens Boots Alliance, Inc. |
916,858 | ||||||
| 5,859,976 | ||||||||
|
Energy — 10.6% |
||||||||
| 8,908 |
Chevron Corporation |
1,395,616 | ||||||
| 15,561 |
Exxon Mobil Corporation |
1,326,575 | ||||||
| 65,394 |
Kinder Morgan, Inc. |
1,186,901 | ||||||
| 13,674 |
Phillips 66 |
1,186,356 | ||||||
| 40,064 |
Williams Companies, Inc. |
1,373,795 | ||||||
| 6,469,243 | ||||||||
|
Financials — 6.9% |
||||||||
| 18,062 |
Citigroup, Inc. |
870,769 | ||||||
| 6,797 |
M&T Bank Corporation |
1,132,652 | ||||||
| 17,315 |
MetLife, Inc. |
1,137,249 | ||||||
| 15,697 |
Principal Financial Group, Inc. |
1,069,594 | ||||||
| 4,210,264 | ||||||||
The accompanying notes are an integral part of these financial statements.
9
AAM S&P 500 High Dividend Value ETF
Schedule
of Investments
April 30, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 99.9% (Continued) | ||||||||
|
Health Care — 9.3% |
||||||||
| 8,568 |
AbbVie, Inc. |
$ | 1,258,468 | |||||
| 18,089 |
Bristol-Myers Squibb Company |
1,361,559 | ||||||
| 16,516 |
Gilead Sciences, Inc. |
980,060 | ||||||
| 37,197 |
Organon & Company |
1,202,579 | ||||||
| 78,871 |
Viatris, Inc. |
814,737 | ||||||
| 5,617,403 | ||||||||
|
Industrials — 9.8% |
||||||||
| 6,555 |
3M Company |
945,362 | ||||||
| 5,467 |
General Dynamics Corporation |
1,293,109 | ||||||
| 5,786 |
Huntington Ingalls Industries, Inc. |
1,230,914 | ||||||
| 3,031 |
Lockheed Martin Corporation |
1,309,756 | ||||||
| 5,374 |
Snap-on, Inc. |
1,141,921 | ||||||
| 5,921,062 | ||||||||
|
Information Technology — 8.8% |
||||||||
| 70,346 |
Hewlett Packard Enterprise Company |
1,084,032 | ||||||
| 31,795 |
HP, Inc. |
1,164,651 | ||||||
| 21,806 |
Intel Corporation |
950,523 | ||||||
| 8,789 |
International Business Machines Corporation |
1,161,994 | ||||||
| 11,659 |
Seagate Technology Holdings plc |
956,504 | ||||||
| 5,317,704 | ||||||||
|
Materials — 10.3% |
||||||||
| 20,003 |
Dow, Inc. |
1,330,200 | ||||||
| 23,483 |
International Paper Company |
1,086,793 | ||||||
| 12,130 |
LyondellBasell Industries NV - Class A |
1,286,144 | ||||||
| 17,954 |
Newmont Corporation |
1,307,949 | ||||||
| 25,176 |
WestRock Company |
1,246,967 | ||||||
| 6,258,053 | ||||||||
|
Real Estate — 8.9% |
||||||||
| 9,848 |
Boston Properties, Inc. |
1,158,125 | ||||||
| 16,558 |
Realty Income Corporation |
1,148,463 | ||||||
| 15,976 |
Regency Centers Corporation |
1,099,628 | ||||||
| 7,752 |
Simon Property Group, Inc. |
914,736 | ||||||
| 27,344 |
Vornado Realty Trust |
1,058,486 | ||||||
| 5,379,438 | ||||||||
The accompanying notes are an integral part of these financial statements.
10
AAM S&P 500 High Dividend Value ETF
Schedule
of Investments
April 30, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 99.9% (Continued) | ||||||||
|
Utilities — 9.0% |
||||||||
| 27,417 |
FirstEnergy Corporation |
$ | 1,187,430 | |||||
| 13,826 |
NextEra Energy, Inc. |
981,923 | ||||||
| 28,443 |
NRG Energy, Inc. |
1,021,104 | ||||||
| 38,316 |
PPL Corporation |
1,084,726 | ||||||
| 11,907 |
WEC Energy Group, Inc. |
1,191,295 | ||||||
| 5,466,478 | ||||||||
|
TOTAL COMMON STOCKS (Cost $58,645,656) |
60,542,624 | |||||||
|
SHORT-TERM INVESTMENTS — 0.2% |
||||||||
| 129,780 |
Invesco Government & Agency Portfolio - Institutional Class — 0.35% (a) |
129,780 | ||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $129,780) |
129,780 | |||||||
|
TOTAL INVESTMENTS (Cost $58,775,436) — 100.1% |
60,672,404 | |||||||
|
Liabilities in Excess of Other Assets — (0.1)% |
(55,648 | ) | ||||||
|
NET ASSETS — 100.0% |
$ | 60,616,756 | ||||||
|
Percentages are stated as a percent of net assets.
| |
|
(a) |
Rate shown is the annualized seven-day yield as of April 30, 2022. |
The Global Industry Classifications Standard (GICS®) was developed by and/or is exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund’s Administrator, U.S. Bancorp Fund Services, LLC.
The accompanying notes are an integral part of these financial statements.
11
AAM S&P Emerging Markets High Dividend Value ETF
Schedule
of Investments
April 30, 2022
(Unaudited)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 89.1% |
||||||||
|
Brazil — 10.4% |
||||||||
| 26,600 |
Cia Siderurgica Nacional SA |
$ | 113,013 | |||||
| 25,212 |
CPFL Energia SA |
184,348 | ||||||
| 20,577 |
JBS SA |
157,479 | ||||||
| 14,431 |
Telefonica Brasil SA |
152,959 | ||||||
| 8,377 |
Vale SA |
142,160 | ||||||
| 749,959 | ||||||||
|
Chile — 3.3% |
||||||||
| 73,027 |
Cencosud SA |
116,853 | ||||||
| 1,676,237 |
Colbun SA |
119,727 | ||||||
| 236,580 | ||||||||
|
China — 21.6% |
||||||||
| 743,000 |
China Cinda Asset Management Company, Ltd. — H Shares |
125,946 | ||||||
| 285,000 |
China CITIC Bank Corporation, Ltd. — H Shares |
145,657 | ||||||
| 362,000 |
China Everbright Bank Company, Ltd. — H Shares |
131,953 | ||||||
| 636,000 |
China Evergrande Group (a)(b) |
133,747 | ||||||
| 121,500 |
China Hongqiao Group, Ltd. |
154,698 | ||||||
| 260,000 |
China Petroleum & Chemical Corporation — H Shares |
128,904 | ||||||
| 55,500 |
China Shenhua Energy Company, Ltd. — H Shares |
178,960 | ||||||
| 52,500 |
China Vanke Company, Ltd. — H Shares |
124,724 | ||||||
| 373,000 |
Chongqing Rural Commercial Bank Company, Ltd. — H Shares |
145,470 | ||||||
| 208,000 |
CIFI Holdings Group Company, Ltd. |
101,533 | ||||||
| 507,000 |
Metallurgical Corporation of China, Ltd. — H Shares |
131,174 | ||||||
| 111,000 |
Sunac China Holdings Ltd. (a)(b) |
64,793 | ||||||
| 1,567,559 | ||||||||
|
Greece — 2.2% |
||||||||
| 5,699 |
Star Bulk Carriers Corporation |
160,142 | ||||||
|
Honk Kong — 1.4% |
||||||||
| 184,500 |
Shimao Group Holdings, Ltd. (a)(b) |
103,935 | ||||||
|
India — 5.6% |
||||||||
| 7,118 |
Hindustan Aeronautics, Ltd. |
148,529 | ||||||
| 81,257 |
Indian Oil Corporation, Ltd. |
133,935 | ||||||
The accompanying notes are an integral part of these financial statements.
12
AAM S&P Emerging Markets High Dividend Value ETF
Schedule
of Investments
April 30, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 89.1% (Continued) | ||||||||
|
India — 5.6% (Continued) | ||||||||
| 82,215 |
Power Finance Corporation, Ltd. |
$ | 126,642 | |||||
| 409,106 | ||||||||
|
Indonesia — 4.7% |
||||||||
| 878,500 |
Adaro Energy Tbk PT |
202,400 | ||||||
| 2,054,400 |
Hanjaya Mandala Sampoerna Tbk PT |
137,461 | ||||||
| 339,861 | ||||||||
|
Kuwait — 2.0% |
||||||||
| 13,185 |
Humansoft Holding Company KSC |
145,252 | ||||||
|
Malaysia — 6.3% |
||||||||
| 96,300 |
Hartalega Holdings Bhd |
97,328 | ||||||
| 314,600 |
Kossan Rubber Industries Bhd |
132,965 | ||||||
| 479,900 |
Supermax Corporation Bhd |
122,359 | ||||||
| 265,900 |
Top Glove Corporation Bhd |
102,610 | ||||||
| 455,262 | ||||||||
|
Poland — 1.6% |
||||||||
| 6,688 |
Asseco Poland SA |
117,480 | ||||||
|
Republic of Korea — 4.1% |
||||||||
| 2,051 |
CJ Corporation |
142,068 | ||||||
| 2,043 |
Lotte Shopping Company, Ltd. |
153,713 | ||||||
| 295,781 | ||||||||
|
Russian Federation — 0.0% |
||||||||
| 17,776 |
Mobile TeleSystems PJSC — ADR (a)(b) |
0 | ||||||
| 5,978 |
X5 Retail Group NV — GDR (a)(b) |
0 | ||||||
| 0 | ||||||||
|
South Africa — 1.7% |
||||||||
| 3,700 |
Kumba Iron Ore, Ltd. |
124,922 | ||||||
|
Taiwan, Province of China — 8.2% |
||||||||
| 62,000 |
China Motor Corporation |
123,893 | ||||||
| 54,000 |
Pegatron Corporation |
128,792 | ||||||
| 39,000 |
Powertech Technology, Inc. |
123,580 | ||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 89.1% (Continued) | ||||||||
|
Taiwan, Province of China — 8.2% (Continued) | ||||||||
| 37,000 |
Radiant Opto—Electronics Corporation |
$ | 128,666 | |||||
| 18,000 |
Sino—American Silicon Products, Inc. |
90,991 | ||||||
| 595,922 | ||||||||
|
Thailand — 8.4% |
||||||||
| 100,400 |
Ratch Group pcl — NVDR |
128,981 | ||||||
| 105,100 |
Regional Container Lines pcl — NVDR |
137,320 | ||||||
| 144,900 |
Sri Trang Agro—Industry pcl — NVDR |
106,824 | ||||||
| 149,700 |
Sri Trang Gloves Thailand pcl — NVDR |
106,211 | ||||||
| 94,100 |
Total Access Communication pcl — NVDR |
126,383 | ||||||
| 605,719 | ||||||||
|
Turkey — 7.6% |
||||||||
| 62,610 |
Anadolu Efes Biracilik Ve Malt Sanayii AS |
124,748 | ||||||
| 7,472 |
Ford Otomotiv Sanayi AS |
150,335 | ||||||
| 194,078 |
Turk Telekomunikasyon AS |
131,685 | ||||||
| 101,007 |
Turkcell Iletisim Hizmetleri AS |
147,132 | ||||||
| 553,900 | ||||||||
|
TOTAL COMMON STOCKS (Cost $7,424,971) |
6,461,380 | |||||||
|
PREFERRED STOCKS — 8.7% |
||||||||
|
Brazil — 8.7% |
||||||||
| 25,500 |
Bradespar SA |
151,593 | ||||||
| 21,792 |
Centrais Eletricas Brasileiras SA — Class B |
177,031 | ||||||
| 54,892 |
Cia Energetica de Minas Gerais — H Shares |
166,819 | ||||||
| 22,000 |
Petroleo Brasileiro SA |
135,451 | ||||||
|
TOTAL PREFERRED STOCKS (Cost $569,606) |
630,894 | |||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
SHORT-TERM INVESTMENTS — 1.6% |
||||||||
| 115,068 |
Invesco Government & Agency Portfolio — Institutional Class — 0.35% (c) |
$ | 115,068 | |||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $115,068) |
115,068 | |||||||
|
TOTAL INVESTMENTS (Cost $8,109,645) — 99.4% |
7,207,342 | |||||||
|
Other Assets in Excess of Liabilities — 0.6% |
44,328 | |||||||
|
NET ASSETS — 100.0% |
$ | 7,251,670 | ||||||
|
Percentages are stated as a percent of net assets. | |
|
ADR |
American Depositary Receipt. |
|
GDR |
Global Depositary Receipt. |
|
NVDR |
Non-Voting Depositary Receipt. |
|
(a) |
Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
|
(b) |
This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of these securities is $302,475 which represents 4.17% of net assets. |
|
(c) |
Rate shown is the annualized seven-day yield as of April 30, 2022. |
The accompanying notes are an integral part of these financial statements.
15
AAM S&P Developed Markets High Dividend Value ETF
Schedule
of Investments
April 30, 2022
(Unaudited)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 98.6% |
||||||||
|
Australia — 10.3% |
||||||||
| 8,379 |
AGL Energy, Ltd. |
$ | 51,686 | |||||
| 5,524 |
Dexus |
43,849 | ||||||
| 2,899 |
Fortescue Metals Group, Ltd. |
44,562 | ||||||
| 14,689 |
Stockland |
43,425 | ||||||
| 35,626 |
Vicinity Centres |
47,471 | ||||||
| 230,993 | ||||||||
|
Austria — 3.3% |
||||||||
| 750 |
BAWAG Group AG (a) |
36,174 | ||||||
| 725 |
OMV AG |
37,554 | ||||||
| 73,728 | ||||||||
|
Canada — 8.5% |
||||||||
| 859 |
Canadian Natural Resources, Ltd. |
53,440 | ||||||
| 905 |
Open Text Corporation |
36,432 | ||||||
| 1,391 |
Pembina Pipeline Corporation |
52,906 | ||||||
| 2,489 |
RioCan Real Estate Investment Trust |
46,740 | ||||||
| 189,518 | ||||||||
|
Czech Republic — 1.7% |
||||||||
| 5,222 |
Avast plc (a) |
36,977 | ||||||
|
Finland — 1.2% |
||||||||
| 1,594 |
Fortum Oyj |
26,737 | ||||||
|
France — 5.2% |
||||||||
| 2,909 |
Credit Agricole SA |
31,842 | ||||||
| 3,746 |
Orange SA |
44,727 | ||||||
| 780 |
TotalEnergies SE |
38,860 | ||||||
| 115,429 | ||||||||
|
Germany — 5.3% |
||||||||
| 2,379 |
Deutsche Telekom AG |
44,096 | ||||||
| 1,054 |
Fresenius SE & Company KGaA |
37,583 | ||||||
| 622 |
HeidelbergCement AG |
36,261 | ||||||
| 117,940 | ||||||||
The accompanying notes are an integral part of these financial statements.
16
AAM S&P Developed Markets High Dividend Value ETF
Schedule
of Investments
April 30, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 98.6% (Continued) | ||||||||
|
Hong Kong — 4.3% |
||||||||
| 5,500 |
CK Hutchison Holdings, Ltd. |
$ | 38,694 | |||||
| 2,000 |
Orient Overseas International, Ltd. |
56,232 | ||||||
| 94,926 | ||||||||
|
Israel — 1.8% |
||||||||
| 735 |
ZIM Integrated Shipping Services, Ltd. |
40,888 | ||||||
|
Italy — 5.1% |
||||||||
| 23,310 |
A2A SpA |
40,132 | ||||||
| 2,101 |
Assicurazioni Generali SpA |
40,118 | ||||||
| 4,480 |
Banca Mediolanum SpA |
32,970 | ||||||
| 113,220 | ||||||||
|
Japan — 22.3% |
||||||||
| 1,100 |
Aisin Corporation |
32,093 | ||||||
| 1,700 |
Canon, Inc. |
39,298 | ||||||
| 3,900 |
Chubu Electric Power Company, Inc. |
39,494 | ||||||
| 300 |
Daito Trust Construction Company, Ltd. |
28,990 | ||||||
| 4,400 |
Inpex Corporation |
52,028 | ||||||
| 2,000 |
Japan Tobacco, Inc. |
34,324 | ||||||
| 1,000 |
Lawson, Inc. |
36,817 | ||||||
| 4,100 |
Marubeni Corporation |
45,016 | ||||||
| 2,700 |
Sumitomo Corporation |
42,961 | ||||||
| 4,000 |
Sumitomo Rubber Industries, Ltd. |
34,764 | ||||||
| 1,400 |
Takeda Pharmaceutical Company, Ltd. |
40,727 | ||||||
| 3,300 |
Teijin, Ltd. |
35,354 | ||||||
| 12,200 |
Yamada Holdings Company, Ltd. |
36,442 | ||||||
| 498,308 | ||||||||
|
Norway — 1.7% |
||||||||
| 2,703 |
Telenor ASA |
38,558 | ||||||
|
Singapore — 1.8% |
||||||||
| 3,150 |
Venture Corporation, Ltd. |
39,121 | ||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
COMMON STOCKS — 98.6% (Continued) | ||||||||
|
Spain — 5.5% |
||||||||
| 3,523 |
Grifols SA - ADR |
$ | 37,802 | |||||
| 1,325 |
Naturgy Energy Group SA |
40,159 | ||||||
| 9,303 |
Telefonica SA |
45,469 | ||||||
| 123,430 | ||||||||
|
Sweden — 1.4% |
||||||||
| 3,914 |
Telefonaktiebolaget LM Ericsson - Class B |
31,713 | ||||||
|
Switzerland — 2.0% |
||||||||
| 504 |
Novartis AG |
44,920 | ||||||
|
United Kingdom — 17.2% |
||||||||
| 975 |
Anglo American plc |
43,896 | ||||||
| 5,111 |
Barratt Developments plc |
31,731 | ||||||
| 987 |
British American Tobacco plc |
41,537 | ||||||
| 1,946 |
GlaxoSmithKline plc |
43,904 | ||||||
| 1,810 |
Imperial Brands plc |
37,859 | ||||||
| 11,058 |
J. Sainsbury plc |
32,390 | ||||||
| 1,314 |
Persimmon plc |
34,644 | ||||||
| 4,758 |
Phoenix Group Holdings plc |
36,379 | ||||||
| 596 |
Rio Tinto plc |
42,697 | ||||||
| 25,562 |
Vodafone Group plc |
39,005 | ||||||
| 384,042 | ||||||||
|
TOTAL COMMON STOCKS (Cost $2,331,987) |
2,200,448 | |||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
SHORT-TERM INVESTMENTS — 1.2% |
||||||||
| 27,292 |
Invesco Government & Agency Portfolio - Institutional Class — 0.35% (b) |
$ | 27,292 | |||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $27,292) |
27,292 | |||||||
|
TOTAL INVESTMENTS (Cost $2,359,279) — 99.8% |
2,227,740 | |||||||
|
Other Assets in Excess of Liabilities — 0.2% |
4,698 | |||||||
|
NET ASSETS — 100.0% |
$ | 2,232,438 | ||||||
|
Percentages are stated as a percent of net assets. | |
|
ADR |
American 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, 2022, the market value of these securities total $73,151, which represents 3.28% of total net assets. |
|
(b) |
Rate shown is the annualized seven-day yield as of April 30, 2022. |
The accompanying notes are an integral part of these financial statements.
19
AAM Low Duration Preferred and Income Securities ETF
Schedule
of Investments
April 30, 2022
(Unaudited)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.6% |
||||||||
|
Communication Services — 3.4% |
||||||||
|
AT&T, Inc. |
||||||||
| 124,711 |
5.350%, 11/01/2066 |
$ | 3,091,586 | |||||
| 77,783 |
5.625%, 08/01/2067 |
1,944,575 | ||||||
| 5,036,161 | ||||||||
|
Consumer Discretionary — 2.0% |
||||||||
|
Brunswick Corporation |
||||||||
| 17,437 |
6.500%, 10/15/2048 |
444,644 | ||||||
| 11,779 |
6.625%, 01/15/2049 |
301,778 | ||||||
| 21,687 |
6.375%, 04/15/2049 |
546,946 | ||||||
|
Dillard’s Capital Trust I |
||||||||
| 18,850 |
7.500%, 08/01/2038 |
513,662 | ||||||
|
Fossil Group, Inc. |
||||||||
| 14,124 |
7.000%, 11/30/2026 |
338,976 | ||||||
|
TravelCenters of America, Inc. |
||||||||
| 10,363 |
8.250%, 01/15/2028 |
272,547 | ||||||
| 11,314 |
8.000%, 12/15/2029 |
294,051 | ||||||
| 9,417 |
8.000%, 10/15/2030 |
243,900 | ||||||
| 2,956,504 | ||||||||
|
Consumer Staples — 1.5% |
||||||||
|
CHS, Inc. |
||||||||
| 39,585 |
Series 2, 7.100%, Perpetual (a) |
1,047,023 | ||||||
| 46,435 |
Series 3, 6.750%, Perpetual (a) |
1,229,599 | ||||||
| 2,276,622 | ||||||||
|
Energy — 6.5% |
||||||||
|
Altera Infrastructure LP |
||||||||
| 14,122 |
Series A, 7.250%, Perpetual |
43,355 | ||||||
| 11,768 |
Series B, 8.500%, Perpetual |
35,539 | ||||||
| 11,294 |
Series E, 8.875%, Perpetual (a) |
33,769 | ||||||
|
DCP Midstream LP |
||||||||
| 15,187 |
Series B, 7.875%, Perpetual (a) |
366,158 | ||||||
| 10,356 |
Series C, 7.950%, Perpetual (a) |
251,651 | ||||||
|
Enbridge, Inc. |
||||||||
| 56,571 |
Series B, 6.375%, 04/15/2078 (a) |
1,414,275 | ||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.6% (Continued) | ||||||||
|
Energy — 6.5% (Continued) | ||||||||
|
Energy Transfer LP |
||||||||
| 42,429 |
Series C, 7.375%, Perpetual (a) |
$ | 1,008,537 | |||||
| 41,943 |
Series D, 7.625%, Perpetual (a) |
1,008,310 | ||||||
| 75,435 |
Series E, 7.600%, Perpetual (a) |
1,825,527 | ||||||
|
NGL Energy Partners LP |
||||||||
| 29,668 |
Series B, 9.000%, Perpetual (a) |
486,852 | ||||||
|
NuStar Energy LP |
||||||||
| 21,340 |
Series A, 7.592%, Perpetual |
512,160 | ||||||
| 36,295 |
Series B, 7.625%, Perpetual (a) |
778,891 | ||||||
| 16,254 |
Series C, 9.000%, Perpetual (a) |
398,223 | ||||||
|
NuStar Logistics LP |
||||||||
| 37,945 |
7.973%, 01/15/2043 |
959,629 | ||||||
|
Seapeak, LLC. |
||||||||
| 16,018 |
Series B, 8.500%, Perpetual (a) |
408,779 | ||||||
| 11,771 |
9.000%, Perpetual |
300,043 | ||||||
| 9,831,698 | ||||||||
|
Financials — 71.8% (b) |
||||||||
|
ACRES Commercial Realty Corporation |
||||||||
| 11,295 |
Series C, 8.625%, Perpetual (a) |
275,824 | ||||||
|
AGNC Investment Corporation |
||||||||
| 30,632 |
Series C, 7.000%, Perpetual (a) |
754,160 | ||||||
| 22,147 |
Series D, 6.875%, Perpetual (a) |
528,870 | ||||||
| 37,935 |
Series E, 6.500%, Perpetual (a) |
908,923 | ||||||
| 54,223 |
Series F, 6.125%, Perpetual (a) |
1,253,636 | ||||||
|
Allstate Corporation |
||||||||
| 54,223 |
Series G, 5.625%, Perpetual |
1,325,752 | ||||||
| 47,140 |
5.100%, 01/15/2053 (a) |
1,187,928 | ||||||
|
American Equity Investment Life Holding Company |
||||||||
| 37,720 |
Series A, 5.950%, Perpetual (a) |
931,307 | ||||||
| 28,274 |
Series B, 6.625%, Perpetual (a) |
732,014 | ||||||
|
Annaly Capital Management, Inc. |
||||||||
| 67,892 |
Series F, 6.950%, Perpetual (a) |
1,685,758 | ||||||
| 40,074 |
Series G, 6.500%, Perpetual (a) |
929,717 | ||||||
| 41,728 |
Series I, 6.750%, Perpetual (a) |
1,032,351 | ||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.6% (Continued) | ||||||||
|
Financials — 71.8% (b) (Continued) | ||||||||
|
Apollo Asset Management, Inc. |
||||||||
| 25,911 |
Series A, 6.375%, Perpetual |
$ | 644,407 | |||||
| 28,274 |
Series B, 6.375%, Perpetual |
720,421 | ||||||
|
Arbor Realty Trust, Inc. |
||||||||
| 26,267 |
Series F, 6.250%, Perpetual (a) |
636,712 | ||||||
|
Argo Group International Holdings, Ltd. |
||||||||
| 14,131 |
7.000%, Perpetual (a) |
355,536 | ||||||
|
Argo Group US, Inc. |
||||||||
| 13,552 |
6.500%, 09/15/2042 |
333,786 | ||||||
|
Aspen Insurance Holdings, Ltd. |
||||||||
| 25,910 |
5.950%, Perpetual (a) |
634,536 | ||||||
|
Athene Holding, Ltd. |
||||||||
| 56,575 |
Series C, 6.375%, Perpetual (a) |
1,492,448 | ||||||
|
Atlanticus Holdings Corporation |
||||||||
| 14,133 |
6.125%, 11/30/2026 |
359,544 | ||||||
|
B. Riley Financial, Inc. |
||||||||
| 10,484 |
6.750%, 05/31/2024 |
264,721 | ||||||
| 13,436 |
6.375%, 02/28/2025 |
341,543 | ||||||
| 19,544 |
5.500%, 03/31/2026 |
485,473 | ||||||
| 15,764 |
6.500%, 09/30/2026 |
399,617 | ||||||
| 30,416 |
5.000%, 12/31/2026 |
709,910 | ||||||
| 21,680 |
6.000%, 01/31/2028 |
531,160 | ||||||
| 29,818 |
5.250%, 08/31/2028 |
676,869 | ||||||
|
Bank of America Corporation |
||||||||
| 19,602 |
Series 2, 3.000%, Perpetual |
375,966 | ||||||
| 13,799 |
Series 4, 4.000%, Perpetual |
290,331 | ||||||
| 27,638 |
Series 5, 4.000%, Perpetual |
579,569 | ||||||
| 20,811 |
Series E, 4.000%, Perpetual |
452,223 | ||||||
| 68,775 |
Series K, 6.450%, 12/15/2066 (a) |
1,788,838 | ||||||
| 88,447 |
Series GG, 6.000%, Perpetual |
2,212,944 | ||||||
| 55,969 |
Series HH, 5.875%, Perpetual |
1,370,121 | ||||||
|
Brighthouse Financial, Inc. |
||||||||
| 35,351 |
6.250%, 09/15/2058 |
904,632 | ||||||
| 40,062 |
Series A, 6.600%, Perpetual |
1,010,364 | ||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.6% (Continued) | ||||||||
|
Financials — 71.8% (b) (Continued) | ||||||||
|
Charles Schwab Corporation |
||||||||
| 70,725 |
Series D, 5.950%, Perpetual |
$ | 1,783,685 | |||||
|
Chimera Investment Corporation |
||||||||
| 13,660 |
Series A, 8.000%, Perpetual |
334,260 | ||||||
| 30,634 |
Series B, 8.000%, Perpetual (a) |
748,695 | ||||||
| 24,501 |
Series C, 7.750%, Perpetual (a) |
576,999 | ||||||
| 18,838 |
Series D, 8.000%, Perpetual (a) |
451,735 | ||||||
|
Citigroup, Inc. |
||||||||
| 89,575 |
Series J, 7.125%, Perpetual (a) |
2,337,907 | ||||||
| 140,975 |
Series K, 6.875%, Perpetual (a) |
3,738,657 | ||||||
|
Citizens Financial Group, Inc. |
||||||||
| 28,274 |
Series D, 6.350%, Perpetual (a) |
731,448 | ||||||
|
Compass Diversified Holdings |
||||||||
| 9,425 |
Series A, 7.250%, Perpetual |
240,149 | ||||||
| 9,425 |
Series B, 7.875%, Perpetual (a) |
244,107 | ||||||
|
ConnectOne Bancorp, Inc. |
||||||||
| 10,835 |
Series A, 5.250%, Perpetual (a) |
255,814 | ||||||
|
Cowen, Inc. |
||||||||
| 9,425 |
7.750%, 06/15/2033 |
243,636 | ||||||
|
Dynex Capital, Inc. |
||||||||
| 10,492 |
Series C, 6.900%, Perpetual (a) |
261,775 | ||||||
|
Ellington Financial, Inc. |
||||||||
| 10,822 |
6.750%, Perpetual (a) |
261,784 | ||||||
| 11,308 |
Series B, 6.250%, Perpetual (a) |
268,452 | ||||||
|
Enstar Group, Ltd. |
||||||||
| 37,720 |
Series D, 7.000%, Perpetual (a) |
969,404 | ||||||
| 10,364 |
Series E, 7.000%, Perpetual |
262,727 | ||||||
|
FNB Corporation |
||||||||
| 10,450 |
7.250%, Perpetual (a) |
268,461 | ||||||
|
Fifth Third Bancorp |
||||||||
| 18,840 |
Series A, 6.000%, Perpetual |
479,478 | ||||||
| 42,419 |
Series I, 6.625%, Perpetual (a) |
1,098,228 | ||||||
|
First Eagle Alternative Capital BDC, Inc. |
||||||||
| 10,506 |
5.000%, 05/25/2026 |
259,918 | ||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.6% (Continued) | ||||||||
|
Financials — 71.8% (b) (Continued) | ||||||||
|
First Horizon National Corporation |
||||||||
| 9,425 |
Series D, 6.100%, Perpetual (a) |
$ | 235,154 | |||||
|
Gladstone Investment Corporation |
||||||||
| 12,062 |
5.000%, 05/01/2026 |
299,138 | ||||||
| 12,687 |
4.875%, 11/01/2028 |
315,272 | ||||||
|
Goldman Sachs Group, Inc. |
||||||||
| 59,588 |
Series A, 3.750%, Perpetual |
1,196,527 | ||||||
| 15,894 |
Series C, 4.000%, Perpetual |
331,231 | ||||||
| 107,263 |
Series D, 4.000%, Perpetual |
2,157,059 | ||||||
| 79,442 |
Series J, 5.500%, Perpetual (a) |
2,021,005 | ||||||
| 55,602 |
Series K, 6.375%, Perpetual (a) |
1,423,411 | ||||||
|
Granite Point Mortgage Trust, Inc. |
||||||||
| 18,362 |
Series A, 7.000%, Perpetual (a) |
418,470 | ||||||
|
Hartford Financial Services Group, Inc. |
||||||||
| 32,532 |
Series G, 6.000%, Perpetual |
841,928 | ||||||
|
Huntington Bancshares, Inc. |
||||||||
| 16,501 |
Series C, 5.700%, Perpetual |
406,750 | ||||||
|
Invesco Mortgage Capital, Inc. |
||||||||
| 14,602 |
Series B, 7.750%, Perpetual (a) |
312,483 | ||||||
| 27,100 |
Series C, 7.500%, Perpetual (a) |
601,891 | ||||||
|
JPMorgan Chase & Company |
||||||||
| 133,561 |
Series DD, 5.750%, Perpetual |
3,278,923 | ||||||
| 145,664 |
Series EE, 6.000%, Perpetual |
3,648,883 | ||||||
|
Kemper Corporation |
||||||||
| 14,131 |
5.875%, 03/15/2062 (a) |
347,481 | ||||||
|
Maiden Holdings, Ltd. |
||||||||
| 14,122 |
Series A, 8.250%, Perpetual |
89,816 | ||||||
| 6,165 |
Series C, 7.125%, Perpetual |
50,183 | ||||||
| 14,131 |
Series D, 6.700%, Perpetual |
88,884 | ||||||
|
Merchants Bancorp |
||||||||
| 11,781 |
Series B, 6.000%, Perpetual (a) |
288,399 | ||||||
|
MetLife, Inc. |
||||||||
| 56,574 |
Series A, 4.000%, Perpetual |
1,313,648 | ||||||
| 75,897 |
Series E, 5.625%, Perpetual |
1,931,579 | ||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.6% (Continued) | ||||||||
|
Financials — 71.8% (b) (Continued) | ||||||||
|
MFA Financial, Inc. |
||||||||
| 18,837 |
Series B, 7.500%, Perpetual |
$ | 454,914 | |||||
| 25,921 |
Series C, 6.500%, Perpetual (a) |
589,443 | ||||||
|
Morgan Stanley |
||||||||
| 80,929 |
Series A, 4.000%, Perpetual |
1,718,932 | ||||||
| 63,425 |
Series E, 7.125%, Perpetual (a) |
1,657,295 | ||||||
| 73,550 |
Series I, 6.375%, Perpetual (a) |
1,914,506 | ||||||
| 73,550 |
Series K, 5.850%, Perpetual (a) |
1,855,667 | ||||||
|
New Residential Investment Corporation |
||||||||
| 14,628 |
Series A, 7.500%, Perpetual (a) |
349,170 | ||||||
| 26,627 |
Series B, 7.125%, Perpetual (a) |
616,149 | ||||||
| 37,958 |
Series C, 6.375%, Perpetual (a) |
812,681 | ||||||
| 43,836 |
Series D, 7.000%, Perpetual (a) |
1,026,639 | ||||||
|
New York Community Bancorp, Inc. |
||||||||
| 48,568 |
Series A, 6.375%, Perpetual (a) |
1,249,169 | ||||||
|
New York Mortgage Trust, Inc. |
||||||||
| 14,431 |
Series D, 8.000%, Perpetual (a) |
341,870 | ||||||
| 17,470 |
Series E, 7.875%, Perpetual (a) |
424,871 | ||||||
| 11,777 |
Series F, 6.875%, Perpetual (a) |
278,879 | ||||||
|
Newtek Business Services Corporation |
||||||||
| 9,420 |
5.500%, 02/01/2026 |
241,152 | ||||||
|
Oaktree Capital Group, LLC. |
||||||||
| 16,964 |
Series A, 6.625%, Perpetual |
433,769 | ||||||
| 22,143 |
Series B, 6.550%, Perpetual |
552,468 | ||||||
|
PennyMac Mortgage Investment Trust |
||||||||
| 10,825 |
Series A, 8.125%, Perpetual (a) |
283,290 | ||||||
| 18,386 |
Series B, 8.000%, Perpetual (a) |
476,198 | ||||||
|
PNC Financial Services Group, Inc. |
||||||||
| 141,451 |
Series P, 6.125%, Perpetual (a) |
3,551,835 | ||||||
|
Popular Capital Trust II |
||||||||
| 12,235 |
6.125%, 12/01/2034 |
321,781 | ||||||
|
Prudential Financial, Inc. |
||||||||
| 53,279 |
5.625%, 08/15/2058 |
1,318,655 | ||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.6% (Continued) | ||||||||
|
Financials — 71.8% (b) (Continued) | ||||||||
|
Ready Capital Corporation |
||||||||
| 18,984 |
5.750%, 02/15/2026 |
$ | 470,803 | |||||
| 9,647 |
6.200%, 07/30/2026 |
245,613 | ||||||
|
Regions Financial Corporation |
||||||||
| 47,141 |
Series B, 6.375%, Perpetual (a) |
1,211,524 | ||||||
|
Reinsurance Group of America, Inc. |
||||||||
| 37,711 |
6.200%, 09/15/2042 (a) |
958,614 | ||||||
|
RenaissanceRe Holdings, Ltd. |
||||||||
| 23,576 |
Series F, 5.750%, Perpetual |
567,239 | ||||||
|
SLM Corporation |
||||||||
| 9,362 |
Series B, 2.616%, Perpetual |
552,358 | ||||||
|
State Street Corporation |
||||||||
| 70,718 |
Series D, 5.900%, Perpetual (a) |
1,782,094 | ||||||
| 47,150 |
Series G, 5.350%, Perpetual (a) |
1,202,796 | ||||||
|
Synovus Financial Corporation |
||||||||
| 18,858 |
Series D, 6.300%, Perpetual (a) |
467,678 | ||||||
| 33,008 |
Series E, 5.875%, Perpetual (a) |
844,015 | ||||||
|
Truist Financial Corporation |
||||||||
| 16,255 |
Series I, 4.000%, Perpetual |
337,941 | ||||||
|
Two Harbors Investment Corporation |
||||||||
| 13,543 |
Series A, 8.125%, Perpetual (a) |
335,866 | ||||||
| 27,102 |
Series B, 7.625%, Perpetual (a) |
647,467 | ||||||
| 27,801 |
Series C, 7.250%, Perpetual (a) |
638,867 | ||||||
|
Unum Group |
||||||||
| 28,281 |
6.250%, 06/15/2058 |
719,469 | ||||||
|
US Bancorp |
||||||||
| 94,298 |
Series B, 3.500%, Perpetual |
1,937,824 | ||||||
|
Valley National Bancorp |
||||||||
| 10,840 |
Series A, 6.250%, Perpetual (a) |
285,742 | ||||||
| 9,417 |
Series B, 5.500%, Perpetual (a) |
225,443 | ||||||
|
Webster Financial Corporation |
||||||||
| 12,731 |
Series G, 6.500%, Perpetual |
326,550 | ||||||
|
Wells Fargo & Company |
||||||||
| 162,669 |
Series Q, 5.850%, Perpetual (a) |
3,967,497 | ||||||
| 79,200 |
Series R, 6.625%, Perpetual (a) |
2,079,000 | ||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.6% (Continued) | ||||||||
|
Financials — 71.8% (b) (Continued) | ||||||||
|
Western Alliance Bancorp |
||||||||
| 28,285 |
Series A, 4.250%, Perpetual (a) |
$ | 621,421 | |||||
|
Wintrust Financial Corporation |
||||||||
| 11,779 |
Series D, 6.500%, Perpetual (a) |
308,492 | ||||||
|
Zions Bancorp NA |
||||||||
| 13,044 |
Series G, 6.300%, Perpetual (a) |
332,622 | ||||||
| 108,069,613 | ||||||||
|
Industrials — 2.8% |
||||||||
|
Air Lease Corporation |
||||||||
| 23,576 |
Series A, 6.150%, Perpetual (a) |
589,400 | ||||||
|
Atlas Corporation |
||||||||
| 11,997 |
Series D, 7.950%, Perpetual |
305,923 | ||||||
| 21,255 |
Series H, 7.875%, Perpetual |
540,302 | ||||||
|
Babcock & Wilcox Enterprises, Inc. |
||||||||
| 15,074 |
8.125%, 02/28/2026 |
386,045 | ||||||
| 14,262 |
6.500%, 12/31/2026 |
352,414 | ||||||
|
Charah Solutions, Inc. |
||||||||
| 12,713 |
8.500%, 08/31/2026 |
297,230 | ||||||
|
Fortress Transportation & Infrastructure Investors, LLC. |
||||||||
| 9,832 |
Series A, 8.250%, Perpetual (a) |
236,657 | ||||||
| 11,647 |
Series B, 8.000%, Perpetual (a) |
274,869 | ||||||
| 9,880 |
Series C, 8.250%, Perpetual (a) |
241,467 | ||||||
|
Global Ship Lease, Inc. |
||||||||
| 10,264 |
8.750%, Perpetual |
273,022 | ||||||
|
Steel Partners Holdings LP |
||||||||
| 14,913 |
Series A, 6.000%, 02/07/2026 |
356,868 | ||||||
|
Textainer Group Holdings, Ltd. |
||||||||
| 14,131 |
7.000%, Perpetual (a) |
359,069 | ||||||
| 4,213,266 | ||||||||
|
Information Technology — 0.2% |
||||||||
|
Synchronoss Technologies, Inc. |
||||||||
| 11,773 |
8.375%, 06/30/2026 |
238,992 | ||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.6% (Continued) | ||||||||
|
Real Estate — 4.4% |
||||||||
|
American Homes 4 Rent |
||||||||
| 14,002 |
Series F, 5.875%, Perpetual |
$ | 352,010 | |||||
| 10,845 |
Series G, 5.875%, Perpetual |
273,836 | ||||||
| 10,840 |
Series H, 6.250%, Perpetual |
285,201 | ||||||
|
Brookfield DTLA Fund Office Trust Investor, Inc. |
||||||||
| 22,937 |
Series A, 7.625%, Perpetual |
279,831 | ||||||
|
Global Net Lease, Inc. |
||||||||
| 16,016 |
Series A, 7.250%, Perpetual |
405,846 | ||||||
|
iStar, Inc. |
||||||||
| 9,422 |
Series D, 8.000%, Perpetual |
241,203 | ||||||
| 11,784 |
Series I, 7.500%, Perpetual |
296,132 | ||||||
|
Kimco Realty Corporation |
||||||||
| 21,205 |
Series L, 5.125%, Perpetual |
520,795 | ||||||
|
National Storage Affiliates Trust |
||||||||
| 20,576 |
Series A, 6.000%, Perpetual |
517,486 | ||||||
|
Pennsylvania Real Estate Investment Trust |
||||||||
| 16,261 |
Series C, 7.200%, Perpetual |
69,759 | ||||||
| 11,774 |
Series D, 6.875%, Perpetual |
50,393 | ||||||
|
Public Storage |
||||||||
| 26,404 |
Series F, 5.150%, Perpetual |
653,499 | ||||||
|
SL Green Realty Corporation |
||||||||
| 21,682 |
Series I, 6.500%, Perpetual |
554,626 | ||||||
|
SITE Centers Corporation |
||||||||
| 16,482 |
Series A, 6.375%, Perpetual |
406,281 | ||||||
|
Spirit Realty Capital, Inc. |
||||||||
| 16,266 |
Series A, 6.000%, Perpetual |
402,096 | ||||||
|
UMH Properties, Inc. |
||||||||
| 23,302 |
Series C, 6.750%, Perpetual |
592,570 | ||||||
| 20,281 |
Series D, 6.375%, Perpetual |
519,396 | ||||||
|
Urstadt Biddle Properties, Inc. |
||||||||
| 10,824 |
Series H, 6.250%, Perpetual |
266,920 | ||||||
| 6,687,880 | ||||||||
|
Utilities — 7.0% |
||||||||
|
Alabama Power Company |
||||||||
| 23,564 |
Series A, 5.000%, Perpetual |
593,812 | ||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
PREFERRED STOCKS — 99.6% (Continued) | ||||||||
|
Utilities — 7.0% (Continued) | ||||||||
|
Algonquin Power & Utilities Corporation |
||||||||
| 32,988 |
Series 19-A, 6.200%, 07/01/2079 (a) |
$ | 844,493 | |||||
| 27,097 |
6.875%, 10/17/2078 (a) |
700,999 | ||||||
|
CMS Energy Corporation |
||||||||
| 18,856 |
5.625%, 03/15/2078 |
468,949 | ||||||
| 26,403 |
5.875%, 10/15/2078 |
664,299 | ||||||
|
Duke Energy Corporation |
||||||||
| 47,141 |
5.625%, 09/15/2078 |
1,201,624 | ||||||
|
Entergy Arkansas, LLC. |
||||||||
| 38,661 |
4.875%, 09/01/2066 |
953,767 | ||||||
|
Entergy New Orleans, LLC. |
||||||||
| 10,369 |
5.500%, 04/01/2066 |
253,937 | ||||||
|
Georgia Power Company |
||||||||
| 25,444 |
Series 2017, 5.000%, 10/01/2077 |
627,449 | ||||||
|
NiSource, Inc. |
||||||||
| 47,141 |
Series B, 6.500%, Perpetual (a) |
1,233,680 | ||||||
|
SCE Trust III |
||||||||
| 25,927 |
Series H, 5.750%, Perpetual (a) |
607,729 | ||||||
|
SCE Trust IV |
||||||||
| 30,631 |
Series J, 5.375%, Perpetual (a) |
667,756 | ||||||
|
SCE Trust V |
||||||||
| 28,277 |
Series K, 5.450%, Perpetual (a) |
674,972 | ||||||
|
Tennessee Valley Authority |
||||||||
| 21,863 |
Series A, 3.760%, 05/01/2029 |
507,222 | ||||||
| 24,141 |
Series D, 2.134%, 06/01/2028 |
560,795 | ||||||
| 10,561,483 | ||||||||
|
TOTAL PREFERRED STOCKS (Cost $155,994,744) |
149,872,219 | |||||||
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, 2022 (Unaudited)
(Continued)
|
Shares |
Security Description |
Value |
||||||
|
SHORT-TERM INVESTMENTS- 1.9% |
||||||||
| 2,876,657 |
Invesco Government & Agency Portfolio - Institutional Class — 0.35% (c) |
$ | 2,876,657 | |||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $2,876,657) |
2,876,657 | |||||||
|
TOTAL INVESTMENTS (Cost $158,871,401) — 101.5% |
152,748,876 | |||||||
|
Liabilities in Excess of Other Assets — (1.5)% |
(2,247,930 | ) | ||||||
|
NET ASSETS — 100.0% |
$ | 150,500,946 | ||||||
|
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, 2022. |
|
(b) |
To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in the Notes to Financial Statements. |
|
(c) |
Rate shown is the annualized seven-day yield as of April 30, 2022. |
The Global Industry Classifications Standard (GICS®) was developed by and/or is exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund’s Administrator, U.S. Bancorp Fund Services, LLC.
The accompanying notes are an integral part of these financial statements.
30
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF
Schedule
of Investments
April 30, 2022
(Unaudited)
| Shares | Security Description | Value | ||||||
| COMMON STOCKS — 99.6% | ||||||||
| Communication Services — 2.0% | ||||||||
| 9,135 | Nexstar Media Group, Inc. - Class A | $ | 1,447,167 | |||||
| Consumer Discretionary — 14.0% | ||||||||
| 9,464 | Advance Auto Parts, Inc. | 1,889,298 | ||||||
| 16,176 | Hasbro, Inc. | 1,424,459 | ||||||
| 13,133 | LCI Industries | 1,278,104 | ||||||
| 45,112 | MDC Holdings, Inc. | 1,665,084 | ||||||
| 18,668 | Penske Automotive Group, Inc. | 1,956,780 | ||||||
| 33,686 | PetMed Express, Inc. | 737,723 | ||||||
| 43,260 | Rent-A-Center, Inc. | 1,043,431 | ||||||
| 9,994,879 | ||||||||
| Consumer Staples — 5.5% | ||||||||
| 9,364 | Inter Parfums, Inc. | 765,320 | ||||||
| 8,734 | Lancaster Colony Corporation | 1,355,342 | ||||||
| 61,048 | Reynolds Consumer Products, Inc. | 1,806,410 | ||||||
| 3,927,072 | ||||||||
| Financials — 13.8% | ||||||||
| 12,260 | Community Bank System, Inc. | 789,544 | ||||||
| 27,091 | Evercore, Inc. - Class A | 2,864,873 | ||||||
| 40,665 | First Financial Bancorp | 831,599 | ||||||
| 43,244 | First Interstate BancSystem, Inc. - Class A | 1,406,295 | ||||||
| 73,182 | Home BancShares, Inc. | 1,582,195 | ||||||
| 27,099 | Horace Mann Educators Corporation | 1,079,895 | ||||||
| 73,490 | Huntington Bancshares, Inc. | 966,393 | ||||||
| 12,890 | Victory Capital Holdings, Inc. | 347,901 | ||||||
| 9,868,695 | ||||||||
| Health Care — 8.8% | ||||||||
| 24,293 | Encompass Health Corporation | 1,672,087 | ||||||
| 21,869 | Patterson Companies, Inc. | 672,909 | ||||||
| 36,203 | Perrigo Company plc - ADR | 1,241,763 | ||||||
| 19,912 | Quest Diagnostics, Inc. | 2,665,022 | ||||||
| 6,251,781 | ||||||||
The accompanying notes are an integral part of these financial statements.
31
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF
Schedule
of Investments
April 30, 2022 (Unaudited)
(Continued)
| Shares | Security Description | Value | ||||||
| COMMON STOCKS — 99.6% (Continued) | ||||||||
| Industrials — 13.0% | ||||||||
| 17,622 | Booz Allen Hamilton Holding Corporation | $ | 1,438,484 | |||||
| 13,070 | Hubbell, Inc. | 2,553,355 | ||||||
| 16,405 | ManTech International Corporation - Class A | 1,317,978 | ||||||
| 10,045 | Snap-on, Inc. | 2,134,462 | ||||||
| 6,909 | Watsco, Inc. | 1,843,183 | ||||||
| 9,287,462 | ||||||||
| Information Technology — 18.9% | ||||||||
| 28,022 | Amdocs, Ltd. - ADR | 2,233,073 | ||||||
| 19,147 | Avnet, Inc. | 835,958 | ||||||
| 14,313 | Broadridge Financial Solutions, Inc. | 2,062,933 | ||||||
| 41,580 | CSG Systems International, Inc. | 2,555,923 | ||||||
| 16,054 | Juniper Networks, Inc. | 506,022 | ||||||
| 26,442 | NetApp, Inc. | 1,936,876 | ||||||
| 22,091 | Progress Software Corporation | 1,059,926 | ||||||
| 29,678 | Silicon Motion Technology Corporation - ADR | 2,253,451 | ||||||
| 13,444,162 | ||||||||
| Materials — 11.1% | ||||||||
| 8,093 | Avery Dennison Corporation | 1,461,596 | ||||||
| 41,792 | Avient Corporation | 2,057,838 | ||||||
| 7,803 | Celanese Corporation | 1,146,573 | ||||||
| 12,780 | RPM International, Inc. | 1,059,462 | ||||||
| 13,472 | Scotts Miracle-Gro Company | 1,400,145 | ||||||
| 12,574 | Sonoco Products Company | 778,456 | ||||||
| 7,904,070 | ||||||||
| Real Estate — 7.2% | ||||||||
| 33,930 | Agree Realty Corporation | 2,304,526 | ||||||
| 16,808 | Equity LifeStyle Properties, Inc. | 1,298,922 | ||||||
| 5,011 | Innovative Industrial Properties, Inc. | 724,540 | ||||||
| 11,206 | Terreno Realty Corporation | 815,237 | ||||||
| 5,143,225 | ||||||||
The accompanying notes are an integral part of these financial statements.
32
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF
Schedule
of Investments
April 30, 2022 (Unaudited)
(Continued)
| Shares | Security Description | Value | ||||||
| COMMON STOCKS — 99.6% (Continued) | ||||||||
| Utilities — 5.3% | ||||||||
| 20,863 | Alliant Energy Corporation | $ | 1,226,953 | |||||
| 11,197 | Atmos Energy Corporation | 1,269,740 | ||||||
| 43,653 | NiSource, Inc. | 1,271,175 | ||||||
| 3,767,868 | ||||||||
| TOTAL COMMON STOCKS (Cost $76,143,784) | 71,036,381 | |||||||
|
Par |
Effective
|
Maturity |
Value |
|||||||||||||
|
SHORT-TERM INVESTMENTS — 0.4% |
||||||||||||||||
|
U.S. Treasury Bills — 0.4% |
||||||||||||||||
| $ | 19,000 |
United States Treasury Bill (a) |
0.56 | % | 8/11/2022 | $ | 18,949 | |||||||||
| 44,000 |
United States Treasury Bill (a) |
0.74 | % | 7/28/2022 | 43,912 | |||||||||||
| 205,000 |
United States Treasury Bill (a) |
0.75 | % | 7/21/2022 | 204,627 | |||||||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $267,543) |
267,488 | |||||||||||||||
|
TOTAL INVESTMENTS (Cost $76,411,327) — 100.0% |
71,303,869 | |||||||||||||||
|
Liabilities in Excess of Other Assets — (0.0)% (b) |
(23,675 | ) | ||||||||||||||
|
NET ASSETS — 100.0% |
$ | 71,280,194 | ||||||||||||||
|
Percentages are stated as a percent of net assets. | |
|
ADR |
American Depositary Receipt. |
|
(a) |
Zero coupon bond. |
|
(b) |
Represents less than 0.05% of net assets. |
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.
33
AAM ETFs
Statements
of Assets and Liabilities
April 30, 2022
(Unaudited)
|
AAM
S&P 500 |
AAM
S&P |
AAM
S&P |
||||||||||
|
ASSETS |
||||||||||||
|
Investments in securities, at value* |
$ | 60,672,404 | $ | 7,207,342 | $ | 2,227,740 | ||||||
|
Foreign currency, at value* |
— | 1,099 | 401 | |||||||||
|
Dividends and interest receivable |
111,343 | 84,226 | 15,036 | |||||||||
|
Receivable for securities sold |
17,624 | — | — | |||||||||
|
Cash |
— | — | — | |||||||||
|
Total Assets |
60,801,371 | 7,292,667 | 2,243,177 | |||||||||
|
LIABILITIES |
||||||||||||
|
Payable for securities purchased |
— | — | — | |||||||||
|
Distribution payable |
170,000 | 34,000 | 10,000 | |||||||||
|
Deferred foreign capital gains tax |
— | 3,955 | — | |||||||||
|
Management fees payable |
14,615 | 3,042 | 739 | |||||||||
|
Total Liabilities |
184,615 | 40,997 | 10,739 | |||||||||
|
NET ASSETS |
$ | 60,616,756 | $ | 7,251,670 | $ | 2,232,438 | ||||||
|
Net Assets Consist of: |
||||||||||||
|
Paid-in capital |
$ | 60,591,518 | $ | 8,717,146 | $ | 2,645,471 | ||||||
|
Total distributable earnings (accumulated deficit) |
25,238 | (1,465,476 | ) | (413,033 | ) | |||||||
|
Net assets |
$ | 60,616,756 | $ | 7,251,670 | $ | 2,232,438 | ||||||
|
Net asset value: |
||||||||||||
|
Net assets |
$ | 60,616,756 | $ | 7,251,670 | $ | 2,232,438 | ||||||
|
Shares outstanding ^ |
1,975,000 | 350,000 | 100,000 | |||||||||
|
Net asset value, offering and redemption price per share |
$ | 30.69 | $ | 20.72 | $ | 22.32 | ||||||
|
* Identified Cost: |
||||||||||||
|
Investments in Securities |
$ | 58,775,436 | $ | 8,109,645 | $ | 2,359,279 | ||||||
|
Foreign Currency |
— | 1,036 | 409 | |||||||||
|
^ |
No par value, unlimited number of shares authorized. |
The accompanying notes are an integral part of these financial statements.
34
AAM ETFs
Statements
of Assets and Liabilities
April 30, 2022 (Unaudited)
(Continued)
|
AAM
Low |
AAM
Bahl & |
|||||||
|
ASSETS |
||||||||
|
Investments in securities, at value* |
$ | 152,748,876 | $ | 71,303,869 | ||||
|
Foreign currency, at value* |
— | — | ||||||
|
Dividends and interest receivable |
662,139 | 48,682 | ||||||
|
Receivable for securities sold |
21,443,145 | 583,388 | ||||||
|
Cash |
— | 47,410 | ||||||
|
Total Assets |
174,854,160 | 71,983,349 | ||||||
|
LIABILITIES |
||||||||
|
Payable for securities purchased |
23,667,109 | 580,575 | ||||||
|
Distribution payable |
630,000 | 90,000 | ||||||
|
Deferred foreign capital gains tax |
— | — | ||||||
|
Management fees payable |
56,105 | 32,580 | ||||||
|
Total Liabilities |
24,353,214 | 703,155 | ||||||
|
NET ASSETS |
$ | 150,500,946 | $ | 71,280,194 | ||||
|
Net Assets Consist of: |
||||||||
|
Paid-in capital |
$ | 163,783,737 | $ | 76,726,907 | ||||
|
Total distributable earnings (accumulated deficit) |
(13,282,791 | ) | (5,446,713 | ) | ||||
|
Net assets |
$ | 150,500,946 | $ | 71,280,194 | ||||
|
Net asset value: |
||||||||
|
Net assets |
$ | 150,500,946 | $ | 71,280,194 | ||||
|
Shares outstanding ^ |
6,550,000 | 3,110,000 | ||||||
|
Net asset value, offering and redemption price per share |
$ | 22.98 | $ | 22.92 | ||||
|
* Identified Cost: |
||||||||
|
Investments in Securities |
$ | 158,871,401 | $ | 76,411,327 | ||||
|
Foreign Currency |
— | — | ||||||
|
^ |
No par value, unlimited number of shares authorized. |
The accompanying notes are an integral part of these financial statements.
35
AAM ETFs
Statements
of Operations
For the Six-Months Ended April
30, 2022 (Unaudited)
|
AAM
S&P 500 |
AAM
S&P |
AAM
S&P |
||||||||||
|
INCOME |
||||||||||||
|
Dividends^ |
$ | 980,614 | $ | 234,929 | $ | 57,489 | ||||||
|
Interest |
56 | 41 | 7 | |||||||||
|
Total investment income |
980,670 | 234,970 | 57,496 | |||||||||
|
EXPENSES |
||||||||||||
|
Management fees |
77,204 | 18,392 | 4,541 | |||||||||
|
Total expenses |
77,204 | 18,392 | 4,541 | |||||||||
|
Net investment income (loss) |
903,466 | 216,578 | 52,955 | |||||||||
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||
|
Net realized gain (loss) on: |
||||||||||||
|
Investments |
2,589,778 | 151,249 | (1) | 23,573 | ||||||||
|
Foreign currency |
— | (17,854 | ) | (891 | ) | |||||||
|
Net increase from payment by sub-adviser (Note 4) |
— | 47,299 | — | |||||||||
|
Change in unrealized appreciation (depreciation) on: |
||||||||||||
|
Investments |
(1,510,160 | ) | (593,767 | )(2) | (182,644 | ) | ||||||
|
Foreign currency |
— | 1,068 | (737 | ) | ||||||||
|
Net realized and unrealized gain (loss) on investments |
1,079,618 | (412,005 | ) | (160,699 | ) | |||||||
|
Net increase (decrease) in net assets resulting from operations |
$ | 1,983,084 | $ | (195,427 | ) | $ | (107,744 | ) | ||||
|
^ |
Net of foreign withholding taxes |
$ 2,717 |
$ 25,801 |
$ 6,806 |
|
(1) |
Net of foreign capital gains tax of $9,271. | |||
|
(2) |
Net of change in deferred foreign capital gains tax of $3,955. | |||
The accompanying notes are an integral part of these financial statements.
36
AAM ETFs
Statements
of Operations
For the Six-Months Ended April
30, 2022 (Unaudited) (Continued)
|
AAM
Low |
AAM
Bahl | |
|
INCOME |
||
|
Dividends^ |
$ 3,950,003 |
$ 449,027 |
|
Interest |
651 |
187 |
|
Total investment income |
3,950,654 |
449,214 |
|
EXPENSES |
||
|
Management fees |
294,368 |
108,581 |
|
Total expenses |
294,368 |
108,581 |
|
Net investment income (loss) |
3,656,286 |
340,633 |
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||
|
Net realized gain (loss) on: |
||
|
Investments |
(6,783,146) |
(317,685) |
|
Foreign currency |
— |
— |
|
Change in unrealized appreciation (depreciation) on: |
||
|
Investments |
(6,445,275) |
(5,071,749) |
|
Foreign currency |
— |
— |
|
Net realized and unrealized gain (loss) on investments |
(13,228,421) |
(5,389,434) |
|
Net increase (decrease) in net assets resulting from operations |
$ (9,572,135) |
$ (5,048,801) |
|
^ |
Net of foreign withholding taxes |
$ 959 |
$ — |
The accompanying notes are an integral part of these financial statements.
37
AAM S&P 500 High Dividend Value ETF
Statements of Changes in Net Assets
|
Six-Months
|
Year
Ended |
|||||||
|
OPERATIONS |
||||||||
|
Net investment income (loss) |
$ | 903,466 | $ | 1,135,551 | ||||
|
Net realized gain (loss) on investments |
2,589,778 | 3,520,139 | ||||||
|
Change in unrealized appreciation (depreciation) on investments |
(1,510,160 | ) | 5,461,526 | |||||
|
Net increase (decrease) in net assets resulting from operations |
1,983,084 | 10,117,216 | ||||||
|
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
|
Net distributions to shareholders |
(1,026,972 | ) | (1,144,279 | ) | ||||
|
Total distributions to shareholders |
(1,026,972 | ) | (1,144,279 | ) | ||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Proceeds from shares sold |
14,060,285 | 30,128,277 | ||||||
|
Payments for shares redeemed |
— | (17,288,578 | ) | |||||
|
Net increase (decrease) in net assets derived from capital share transactions (a) |
14,060,285 | 12,839,699 | ||||||
|
Net increase (decrease) in net assets |
$ | 15,016,397 | $ | 21,812,636 | ||||
|
NET ASSETS |
||||||||
|
Beginning of period/year |
$ | 45,600,359 | $ | 23,787,723 | ||||
|
End of period/year |
$ | 60,616,756 | $ | 45,600,359 | ||||
|
(a) |
A summary of capital share transactions is as follows: |
|
Shares |
Shares |
|||||||
|
Shares sold |
450,000 | 1,000,000 | ||||||
|
Shares redeemed |
— | (600,000 | ) | |||||
|
Net increase (decrease) |
450,000 | 400,000 | ||||||
The accompanying notes are an integral part of these financial statements.
38
AAM S&P Emerging Markets High Dividend Value ETF
Statements of Changes in Net Assets
|
Six-Months
|
Year
Ended |
|||||||
|
OPERATIONS |
||||||||
|
Net investment income (loss) |
$ | 216,578 | $ | 378,701 | ||||
|
Net realized gain (loss) on investments and foreign currency |
180,694 | 785,749 | ||||||
|
Change in unrealized appreciation (depreciation) on investments and foreign currency |
(592,699 | ) | 75,302 | |||||
|
Net increase (decrease) in net assets resulting from operations |
(195,427 | ) | 1,239,752 | |||||
|
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
|
Net distributions to shareholders |
(277,806 | ) | (340,332 | ) | ||||
|
Total distributions to shareholders |
(277,806 | ) | (340,332 | ) | ||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Proceeds from shares sold |
— | 6,079,493 | ||||||
|
Transaction fees (Note 6) |
72 | 8,651 | ||||||
|
Payments for shares redeemed |
— | (4,948,485 | ) | |||||
|
Net increase (decrease) in net assets derived from capital share transactions (a) |
72 | 1,139,659 | ||||||
|
Net increase (decrease) in net assets |
$ | (473,161 | ) | $ | 2,039,079 | |||
|
NET ASSETS |
||||||||
|
Beginning of period/year |
$ | 7,724,831 | $ | 5,685,752 | ||||
|
End of period/year |
$ | 7,251,670 | $ | 7,724,831 | ||||
|
(a) |
A summary of capital share transactions is as follows: |
|
Shares |
Shares |
|||||||
|
Shares sold |
— | 275,000 | ||||||
|
Shares redeemed |
— | (250,000 | ) | |||||
|
Net increase (decrease) |
— | 25,000 | ||||||
The accompanying notes are an integral part of these financial statements.
39
AAM S&P Developed Markets High Dividend Value ETF
Statements of Changes in Net Assets
|
Six-Months
|
Year
Ended |
|||||||
|
OPERATIONS |
||||||||
|
Net investment income (loss) |
$ | 52,955 | $ | 98,754 | ||||
|
Net realized gain (loss) on investments and foreign currency |
22,682 | 158,678 | ||||||
|
Change in unrealized appreciation (depreciation) on investments and foreign currency |
(183,381 | ) | 385,552 | |||||
|
Net increase (decrease) in net assets resulting from operations |
(107,744 | ) | 642,984 | |||||
|
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
|
Net distributions to shareholders |
(58,941 | ) | (102,252 | ) | ||||
|
Total distributions to shareholders |
(58,941 | ) | (102,252 | ) | ||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Proceeds from shares sold |
— | 570,108 | ||||||
|
Payments for shares redeemed |
— | (560,217 | ) | |||||
|
Net increase (decrease) in net assets derived from capital share transactions (a) |
— | 9,891 | ||||||
|
Net increase (decrease) in net assets |
$ | (166,685 | ) | $ | 550,623 | |||
|
NET ASSETS |
||||||||
|
Beginning of period/year |
$ | 2,399,123 | $ | 1,848,500 | ||||
|
End of period/year |
$ | 2,232,438 | $ | 2,399,123 | ||||
|
(a) |
A summary of capital share transactions is as follows: |
|
Shares |
Shares |
|||||||
|
Shares sold |
— | 25,000 | ||||||
|
Shares redeemed |
— | (25,000 | ) | |||||
|
Net increase (decrease) |
— | — | ||||||
The accompanying notes are an integral part of these financial statements.
40
AAM Low Duration Preferred and Income Securities ETF
Statements of Changes in Net Assets
|
Six-Months
|
Year
Ended |
|||||||
|
OPERATIONS |
||||||||
|
Net investment income (loss) |
$ | 3,656,286 | $ | 1,369,533 | ||||
|
Net realized gain (loss) on investments |
(6,783,146 | ) | 26,512 | |||||
|
Change in unrealized appreciation (depreciation) on investments |
(6,445,275 | ) | 333,023 | |||||
|
Net increase (decrease) in net assets resulting from operations |
(9,572,135 | ) | 1,729,068 | |||||
|
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
|
Net distributions to shareholders |
(3,400,796 | ) | (1,403,869 | ) | ||||
|
Total distributions to shareholders |
(3,400,796 | ) | (1,403,869 | ) | ||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Proceeds from shares sold |
76,737,897 | 114,586,072 | ||||||
|
Transaction fees (Note 6) |
— | 928 | ||||||
|
Payments for shares redeemed |
(8,496,450 | ) | (23,290,595 | ) | ||||
|
Net increase (decrease) in net assets derived from capital share transactions (a) |
68,241,447 | 91,296,405 | ||||||
|
Net increase (decrease) in net assets |
$ | 55,268,516 | $ | 91,621,604 | ||||
|
NET ASSETS |
||||||||
|
Beginning of period/year |
$ | 95,232,430 | $ | 3,610,826 | ||||
|
End of period/year |
$ | 150,500,946 | $ | 95,232,430 | ||||
|
(a) |
A summary of capital share transactions is as follows: |
|
Shares |
Shares |
|||||||
|
Shares sold |
3,125,000 | 4,550,000 | ||||||
|
Shares redeemed |
(350,000 | ) | (925,000 | ) | ||||
|
Net increase (decrease) |
2,775,000 | 3,625,000 | ||||||
The accompanying notes are an integral part of these financial statements.
41
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF
Statements of Changes in Net Assets
|
Six-Months
|
Period
Ended |
|||||||
|
OPERATIONS |
||||||||
|
Net investment income (loss) |
$ | 340,633 | $ | 16,647 | ||||
|
Net realized gain (loss) on investments |
(317,685 | ) | (4,989 | ) | ||||
|
Change in unrealized appreciation (depreciation) on investments |
(5,071,749 | ) | (35,709 | ) | ||||
|
Net increase (decrease) in net assets resulting from operations |
(5,048,801 | ) | (24,051 | ) | ||||
|
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
|
Net distributions to shareholders |
(328,389 | ) | (16,600 | ) | ||||
|
Total distributions to shareholders |
(328,389 | ) | (16,600 | ) | ||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Proceeds from shares sold |
74,535,099 | 7,521,220 | ||||||
|
Payments for shares redeemed |
(4,617,412 | ) | (740,872 | ) | ||||
|
Net increase (decrease) in net assets derived from capital share transactions (a) |
69,917,687 | 6,780,348 | ||||||
|
Net increase (decrease) in net assets |
$ | 64,540,497 | $ | 6,739,697 | ||||
|
NET ASSETS |
||||||||
|
Beginning of period |
$ | 6,739,697 | $ | — | ||||
|
End of period |
$ | 71,280,194 | $ | 6,739,697 | ||||
|
(a) |
A summary of capital share transactions is as follows: |
|
Shares |
Shares |
|||||||
|
Shares sold |
3,030,000 | 300,000 | ||||||
|
Shares redeemed |
(190,000 | ) | (30,000 | ) | ||||
|
Net increase (decrease) |
2,840,000 | 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.
42
AAM S&P 500 High Dividend Value ETF
Financial
Highlights
For a capital share outstanding
throughout the period/year
| Six-Months
Ended April 30, 2022 |
Year Ended October 31, | Period
Ended October 31, |
||||||||||||||||||
| (Unaudited) | 2021 | 2020 | 2019 |
2018(1) |
||||||||||||||||
| Net asset value, beginning of period/year | $ | 29.90 | $ | 21.14 | $ | 26.54 | $ | 25.83 | $ | 25.00 | ||||||||||
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||
|
Net investment income (loss) (2) |
0.52 | 0.91 | 0.95 | 0.97 | 0.75 | |||||||||||||||
|
Net realized and unrealized gain (loss) on investments (3) |
0.86 | 8.79 | (5.28 | ) | 0.64 | 0.76 | ||||||||||||||
| Total from investment operations | 1.38 | 9.70 | (4.33 | ) | 1.61 | 1.51 | ||||||||||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||||||
| Distributions from: | ||||||||||||||||||||
| Net investment income | (0.59 | ) | (0.94 | ) | (1.07 | ) | (0.90 | ) | (0.68 | ) | ||||||||||
| Total distributions to shareholders | (0.59 | ) | (0.94 | ) | (1.07 | ) | (0.90 | ) | (0.68 | ) | ||||||||||
| CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
| Transaction fees (Note 6) | — | — | — | — | 0.00 | (4) | ||||||||||||||
| Net asset value, end of period/year | $ | 30.69 | $ | 29.90 | $ | 21.14 | $ | 26.54 | $ | 25.83 | ||||||||||
| Total return | 4.62 | %(5) | 46.23 | % | -16.47 | % | 6.44 | % | 5.98 | %(5) | ||||||||||
| SUPPLEMENTAL DATA: | ||||||||||||||||||||
| Net assets at end of period/year (000’s) | $ | 60,617 | $ | 45,600 | $ | 23,788 | $ | 37,150 | $ | 19,370 | ||||||||||
| RATIOS TO AVERAGE NET ASSETS: | ||||||||||||||||||||
| Expenses to average net assets | 0.29 | %(6) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | %(6) | ||||||||||
| Net investment income (loss) to average net assets | 3.39 | %(6) | 3.19 | % | 4.06 | % | 3.78 | % | 3.05 | %(6) | ||||||||||
|
Portfolio turnover rate (7) |
46 | %(5) | 69 | % | ||||||||||||||||