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
Net Assets

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
Net Assets

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
Net Assets

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
Net Assets

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
Net Assets

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
Yield

   

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
High Dividend
Value ETF

   

AAM S&P
Emerging
Markets High
Dividend
Value ETF

   

AAM S&P
Developed
Markets High
Dividend
Value ETF

 

ASSETS

                       

Investments in securities, at value*

  $ 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
Duration
Preferred
and Income
Securities ETF

   

AAM Bahl &
Gaynor
Small/Mid
Cap Income
Growth ETF

 

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
High Dividend
Value ETF

   

AAM S&P
Emerging
Markets High
Dividend
Value ETF

   

AAM S&P
Developed
Markets High
Dividend
Value ETF

 

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
Duration
Preferred
and Income
Securities ETF

AAM Bahl
& Gaynor
Small/Mid
Cap Income
Growth ETF

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
Ended
April 30, 2022
(Unaudited)

   

Year Ended
October 31,
2021

 

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
Ended
April 30, 2022
(Unaudited)

   

Year Ended
October 31,
2021

 

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
Ended
April 30, 2022
(Unaudited)

   

Year Ended
October 31,
2021

 

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
Ended
April 30, 2022
(Unaudited)

   

Year Ended
October 31,
2021

 

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
Ended
April 30, 2022
(Unaudited)

   

Period Ended
October 31,
2021*

 

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 %