Annual Report
October 31, 2023

AAM S&P 500 High Dividend Value ETF

Ticker: SPDV

 

AAM S&P Emerging Markets High Dividend Value ETF

Ticker: EEMD

 

AAM S&P Developed Markets High Dividend Value ETF

Ticker: DMDV

 

AAM Low Duration Preferred and Income Securities ETF

Ticker: PFLD

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

Ticker: SMIG

 

AAM Transformers ETF

Ticker: TRFM

 

 

AAM ETFs

 

TABLE OF CONTENTS

 

 

Page

Management Discussion of Fund Performance

1

Performance Summaries

8

Portfolio Allocations

14

Schedules of Investments

17

Statements of Assets and Liabilities

48

Statements of Operations

50

Statements of Changes in Net Assets

52

Financial Highlights

58

Notes to Financial Statements

64

Report of Independent Registered Public Accounting Firm

81

Trustees and Officers

84

Expense Example

87

Review of Liquidity Risk Management Program

90

Federal Tax Information

91

Federal Tax Credit Pass Through

92

Information About Portfolio Holdings

92

Information About Proxy Voting

93

Frequency Distribution of Premiums and Discounts

93

 

 

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 tracking the Index, SPDV is a rules-based strategy that is designed to provide equal-weight 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 free cash flows and sector diversification, SPDV’s portfolio remained positioned towards attractively valued companies, and insulated from those with stretched valuations. As a result, SPDV generated a total return of -5.29% (NAV) and -5.42% (Market Price), while its underlying index generated a total return of -4.99% between November 1, 2022, and October 31, 2023 (“current fiscal period”). Over the same current fiscal period, its benchmark index, the S&P 500® Index, achieved a total return of 10.14%.

 

Top performing sectors attributable to SPDV’s return during the current fiscal period were Information Technology, Materials, and Energy. The worst performing sectors were Financials, Industrials, and Real Estate.    

 

Individual stocks attributable to SPDV’s return over the same fiscal period were Broadcom, Inc. (+112 bps), Ralph Lauren Corporation (+63 bps), and Seagate Technology Holdings (+62 bps). Stocks dragging down SPDV’s return were Citizens Financial Group (-85 bps), Truist Financial Corporation (-63 bps), and Healthpeak Properties (-54 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 tracking the Index, EEMD is a rules-based strategy that is designed to provide equal-weight 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-tilted focus, EEMD’s portfolio of quality and free cash flow healthy companies helped better navigate the emerging markets space relative to broad exposure. Accordingly, EEMD generated a total return of 21.71% (NAV) and 19.57% (Market Price) between November 1, 2022, and October 31, 2023 (“current fiscal period”). This compares to the 23.84% for its underlying Index, and a 10.89% total return for its benchmark index, the S&P Emerging Plus LargeMidCap® Index, over the same current fiscal period.

 

1

 

 

AAM ETFs

 

Management Discussion of Fund Performance
(Unaudited) (Continued)

 

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

 

Individual stocks attributable to EEMD’s return over the same fiscal period were Winstron Corporation (+560 bps), Abou Kir Fertil & Chemicals (+170 bps), and Emlak Konut Gayrimenkul Yati (+157 bps). Stocks dragging down EEMD’s return were SD Biosensor, Inc. (-168 bps), China Evergrande Group (-136 bps), and Shimao Group Holdings (-90 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 tracking the Index, DMDV is a rules-based strategy that is designed to provide equal-weight exposure to constituents of the S&P Developed BMI Ex-US & Korea LargeMidCap® Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining a diversified sector exposure.

 

DMDV’s focus on companies with sustainable dividend distribution characteristics helped better navigate the ex-US developed markets space relative to broad exposure. As a result, DMDV generated a total return of 15.05% (NAV) and 15.60% (Market Price) between November 1, 2022, and October 31, 2023 (the “current fiscal period”). This compares to the 15.65% for the underlying Index, and a 12.27% total return for the benchmark index, the S&P Developed BMI Ex-US & Korea LargeMidCap® Index, over the same current fiscal period.

 

Top performing sectors attributable to DMDV’s return over the current fiscal period were Financials, Consumer Discretionary, and Industrials. The worst performing sectors included Health Care, Real Estate, and Communication Services.

 

Individual stocks attributable to DMDV’s return over the same fiscal period were Kawasaki Kisen Kaisha, Ltd. (+195 bps), AGL Energy, Ltd. (-141 bps), and Screen Holdings Company, Ltd. (+127 bps). Stocks dragging down DMDV’s return were Sumitomo Pharma Company, Ltd. (-86 bps), South32, Ltd. (-74 bps), and Mirvac Group (-57 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 tracking the Index, PFLD is a rules-based strategy that is designed to

 

2

 

 

AAM ETFs

 

Management Discussion of Fund Performance
(Unaudited) (Continued)

 

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 insulated from the impact of rising interest rates relative to broad preferreds. PFLD generated a total return of 3.30% (NAV) and 2.71% (Market Price), while the underlying index for PFLD generated a total return of 3.74% between November 1, 2022, and October 31, 2023 (“current fiscal period”). Over the same current fiscal period, the benchmark index, the ICE Exchange-Listed Preferred & Hybrid Securities Index, achieved a total return of 0.49%.

 

Top performing industries attributable to PFLD’s return during the current fiscal period were Banking, Insurance, and Energy. The worst performing industries included Financial Services, Telecommunications, and Real Estate.

 

Individual securities attributable to PFLD’s return over the same fiscal period were WFC 5.85 PERP (+47 bps), NGL Float PERP (+36 bps), and GS Float PERP (+33 bps). Securities dragging down PFLD’s return were NLY Float PERP (-51 bps), QRTEA 8 03/15/31 (-39 bps), and FRCB 4 ½ PERP (-30 bps).

 

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

 

For the one-year period ending October 31, 2023 (“current fiscal period”), The AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF (“SMIG” or the “Fund”) generated a total return of -2.60% (NAV) and –2.74% (Market Price) versus the Russell 2500 return of -4.63%. Throughout the current fiscal period, the market faced numerous crosscurrents including rapidly rising interest rates, a falling Consumer Price Index, increasing consensus of a “soft landing” and the continued advancement of Generative AI. Amidst these conflicting signals, large cap equities, as proxied by capitalization weighted indices, outperformed small/mid cap equities as the ten largest stocks rallied from October 2022 lows supported largely by multiple expansion and modest earnings growth. With small/mid-caps not experiencing the same multiple expansion during this period, we believe the investment opportunity remains ripe for a strategy focused on sustainable dividends and stable fundamentals within the small/mid- market cap.

 

Assessing attribution on a security basis, the largest contributors to performance include Inter Parfums (IPAR), Evercore (EVR) and Watsco (WSO). IPAR manufactures and markets fragrances categorized as prestige or specialty retail though long-term contracts with brands. The company touts an attractive pipeline of new product launches which has led to continued market share gains and new business license agreements. EVR operates as an investment banking company and derives a majority of its revenue through M&A advisory, which is supported by a premier equities and wealth management business. The company has been increasing headcount to

 

3

 

 

AAM ETFs

 

Management Discussion of Fund Performance
(Unaudited) (Continued)

 

take advantage of a visible M&A backlog that has been on hold largely due to the impact of higher interest rates and economic uncertainty. WSO is a leading HVAC equipment service provider and distributor. The company’s significant exposure to non-discretionary repair and replacement revenue provides visibility in future earnings accretion and dividend growth.

 

The largest detractors to performance include Advance Auto Parts (AAP), First Interstate Bancorp (FIBK) and Perrigo (PRGO). AAP engages in the supply and distribution of aftermarket automotive products. Reported results were challenged in FY23 due to competitor pricing actions and higher inventory, which ultimately led to a dividend cut in 2023. AAP is no longer held in the strategy. FIBK operates in resilient Northwest markets supported by steady population inflow and a healthy credit outlook. The company faced net interest income headwinds in FY23 due to the combination of a steep rise in deposit costs and slowing loan growth. PRGO is a leader in over-the-counter medicines and lifestyle products. Shares were pressured during this period largely due to margin pressures and operational issues.

 

Assessing attribution on a sector basis, the largest contributors to relative performance were Industrials, Health Care and Consumer Staples. Within Industrials, stock selection within electrical components and distributors contributed to outperformance. In the Health Care sector, no exposure to highly volatile or unprofitable biotechnology companies, in addition to strong stock selection within diagnostics and testing, contributed to outperformance for the sector. Finally, in the Consumer Staples sector, stock selection within cosmetics contributed to sector outperformance.

 

The largest detractors to relative performance included Consumer Discretionary, Communication Services and Financials. In the Consumer Discretionary sector, an underweight position contributed to relative underperformance, as many companies within the sector rebounded following underperformance in the prior year. Within Communication Services, stock selection in the media & entertainment industry was a headwind to performance. Lastly, within Financials, an overweight allocation to banks amid industry disruption contributed to relative underperformance for the period.

 

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

 

4

 

 

AAM ETFs

 

Management Discussion of Fund Performance
(Unaudited) (Continued)

 

The AAM Transformers ETF

 

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

 

The Index mainly focuses on companies with over $2 billion market cap which are estimated to grow their toplines at a double-digit rate and have a minimum of 3.0% projected R&D and/or Capex spending to net sales. 75% of the index is in US-based companies, while 25% is in internationals. These two geographies are split into multiple segments based on market cap and each segment is equally weighted. In terms of sector exposure, about 50% of the index is in Information Technology. As a result, TRFM can be highly sensitive to market volatility in both bull and bear markets.

 

By isolating disruptive, evolving & growing companies, TRFM was able to capitalize on a rally the in the Information Technology sector. As a result, TRFM generated a total return of 12.33% (NAV) and 12.33% (Market Price) between November 1, 2022, and October 31, 2023 (the “current fiscal period”). This compares to the 12.96% for the underlying Index, and a 10.14% total return for the benchmark index, the S&P 500® Index, for the same current fiscal period.

 

Top performing sectors attributable to TRFM’s return over the current fiscal period were Information Technology, Consumer Discretionary, and Communication Services. The worst performing sectors were Utilities, Materials and Financials.

 

Individual securities attributable to TRFM’s return over the current fiscal period were NVIDIA Corporation (US) (+261 bps), Advanced Micro Devices, Inc. (US) (+129 bps), and Meta Platforms (US) (+113 bps). The largest detractors to TRFM’s performance were Enphase Energy, Inc. (US) (-102 bps), Rivian Automation (US) (-99 bps), and Lucid Group, Inc. (US) (-74 bps).

 

The top contributing countries were United States (8.44%), followed by China (3.11%) and France (0.85%). The bottom contributing countries were United Kingdom (-0.66%), Canada (-0.41%) and Brazil (-0.25%).

 

TRFM continues to offer a focused and specific approach in its selection process in seeking to uncover the most promising, transformative companies. By analyzing factors such as company size, research & development (R&D) spending as a percentage of sales, and projected sales growth, TRFM targets companies expected to have sustainable market dominance.

 

5

 

 

AAM ETFs

 

Management Discussion of Fund Performance
(Unaudited) (Continued)

 

Because of the innovative nature of the underlying companies in the portfolio, there tends to be more frequent merger and acquisition activities. Over the fiscal year period, 16 companies held in the fund were acquired.

 

Must be preceded or accompanied by a prospectus.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6

 

 

AAM ETFs

 

Management Discussion of Fund Performance
(Unaudited) (Continued)

 

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

 

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

 

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

 

Free Cash Flow: The excess cash that a business has after paying all of the operations and capital expenditures.

 

Free Cash Flow Yield: A stock’s free cash flow per share relative to the stock price.

 

Capex: Amount of money a company spends to buy capital assets or upgrade its existing capital assets.

 

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

 

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

 

It is not possible to invest directly in an index.

 

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

 

7

 

 

AAM S&P 500 High Dividend Value ETF

 

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

Average Annual Returns
October 31, 2023

1 Year

3 Years

5 Years

Since
Inception
(11/28/2017)

 

AAM S&P 500 High Dividend Value ETF — NAV

-5.29%

10.95%

3.96%

4.35%

 

AAM S&P 500 High Dividend Value ETF — Market

-5.42%

11.04%

3.89%

4.32%

 

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

-4.99%

11.35%

4.30%

4.69%

 

S&P 500® Index

10.14%

10.36%

11.01%

10.12%

 

 

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

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund’s website at www.aamlive.com. The gross expense ratio as of the prospectus dated 2/28/23 was 0.29%.

 

8

 

 

AAM S&P Emerging Markets High Dividend Value ETF

 

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

Average Annual Returns
October 31, 2023

1 Year

3 Years

5 Years

Since
Inception
(11/28/2017)

 

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

21.71%

6.54%

1.54%

-0.42%

 

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

19.57%

6.44%

1.32%

-0.52%

 

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

23.84%

7.85%

2.44%

0.51%

 

S&P Emerging Plus LargeMidCap® Index

10.89%

-2.89%

2.19%

-0.78%

 

 

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

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund’s website at www.aamlive.com. The gross expense ratio as of the prospectus dated 2/28/23 was 0.49%.

 

9

 

 

AAM S&P Developed Markets High Dividend Value ETF

 

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

Average Annual Returns
October 31, 2023

1 Year

3 Years

Since
Inception
(11/27/2018)

 

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

15.05%

7.93%

0.50%

 

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

15.60%

7.94%

0.59%

 

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

15.65%

8.32%

0.89%

 

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

12.27%

5.57%

4.40%

 

 

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

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund’s website at www.aamlive.com. The gross expense ratio as of the prospectus dated 2/28/23 was 0.39%.

 

10

 

 

AAM Low Duration Preferred and Income Securities ETF

 

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

Average Annual Returns
October 31, 2023

1 Year

3 Years

Since
Inception
(11/19/2019)

 

AAM Low Duration Preferred and Income Securities ETF — NAV

3.30%

-0.63%

-0.23%

 

AAM Low Duration Preferred and Income Securities ETF — Market

2.71%

-0.73%

-0.33%

 

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

3.74%

-0.30%

0.16%

 

ICE Exchange-Listed Preferred & Hybrid Securities Index

0.49%

-2.19%

-0.83%

 

 

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

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund’s website at www.aamlive.com. The gross expense ratio as of the prospectus dated 2/28/23 was 0.45%.

 

11

 

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

 

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

Average Annual Returns
October 31, 2023

1 Year

Since
Inception
(8/25/2021)

 

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

-2.60%

-4.16%

 

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

-2.74%

-4.19%

 

Russell 2500 Total Return Index

-4.63%

-9.38%

 

 

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

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund’s website at www.aamlive.com. The gross expense ratio as of the prospectus dated 2/28/23 was 0.60%.

 

12

 

 

AAM Transformers ETF

 

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

Annualized Returns
October 31, 2023

1 Year

Since
Inception
(7/11/2022)

 

AAM Tranformers ETF — NAV

12.33%

4.08%

 

AAM Transformers ETF — Market

12.33%

4.09%

 

Pence Transformers Index

12.96%

4.67%

 

S&P 500® Index

10.14%

8.44%

 

 

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

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund’s website at www.aamlive.com. The gross expense ratio as of the prospectus dated 2/28/23 was 0.49%.

 

13

 

 

AAM ETFs

 

Portfolio Allocations
As of October 31, 2023 (Unaudited)

 

AAM S&P 500 High Dividend Value ETF

 

Sector

Percentage of
Net Assets

Materials

11.6%

Energy

11.3

Information Technology

11.1

Communication Services

10.9

Consumer Staples

10.1

Industrials

9.7

Real Estate

9.5

Consumer Discretionary

8.4

Health Care

8.1

Financials

7.2

Utilities

2.0

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

Information Technology

10.2%

Energy

9.4

Materials

9.3

Financials

9.0

Consumer Discretionary

8.7

Communication Services

8.6

Real Estate

8.6

Industrials

8.5

Utilities

8.5

Health Care

8.4

Consumer Staples

8.3

Short-Term Investments

1.4

Other Assets in Excess of Liabilities

1.1

Total

100.0%

 

 

14

 

 

AAM ETFs

 

Portfolio Allocations
As of October 31, 2023 (Unaudited) (Continued)

 

AAM S&P Developed Markets High Dividend Value ETF

 

Sector

Percentage of
Net Assets

Energy

10.1%

Industrials

9.7

Consumer Staples

9.5

Communication Services

9.3

Financials

9.1

Consumer Discretionary

9.0

Materials

9.0

Utilities

8.7

Health Care

8.4

Information Technology

8.3

Real Estate

8.3

Short-Term Investments

0.8

Liabilities in Excess of Other Assets

(0.2)

Total

100.0%

 

AAM Low Duration Preferred and Income Securities ETF

 

Sector

Percentage of
Net Assets

Financials (a)

77.8 %

Energy

7.6

Utilities

4.4

Consumer Staples

4.2

Industrials

3.3

Consumer Discretionary

1.6

Short-Term Investments

0.9

Real Estate

0.3

Information Technology

0.2

Communication Services

0.1

Liabilities in Excess of Other Assets

(0.4)

Total

100.0%

 

 

15

 

 

AAM ETFs

 

Portfolio Allocations
As of October 31, 2023 (Unaudited) (Continued)

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

 

Sector

Percentage of
Net Assets

Industrials (a)

27.3%

Financials

16.1

Materials

9.9

Information Technology

9.1

Consumer Staples

8.2

Utilities

7.1

Health Care

6.3

Real Estate

6.2

Energy

3.7

Consumer Discretionary

3.4

Communication Services

2.3

Short-Term Investments

0.6

Liabilities in Excess of Other Assets

(0.2)

Total

100.0%

 

AAM Transformers ETF

 

Sector

Percentage of
Net Assets

Information Technology (a)

52.5%

Industrials

17.1

Consumer Discretionary

15.4

Communication Services

7.6

Financials

5.0

Utilities

1.5

Materials

0.8

Short-Term Investments

0.1

Liabilities in Excess of Other Assets (b)

(0.0)

Total

100.0%

 

(a)

To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in Notes to Financial Statements.

(b)

Represents less than 0.05% of net assets.

 

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

 

16

 

 

AAM S&P 500 High Dividend Value ETF

 

Schedule of Investments
October 31, 2023

 

 

Shares

 

Security Description

 

Value

 
     

COMMON STOCKS — 99.9%

       
       

Communication Services — 10.9%

       
    92,431  

AT&T, Inc.

  $ 1,423,437  
    31,914  

Comcast Corporation - Class A

    1,317,729  
    42,449  

Interpublic Group of Companies, Inc.

    1,205,552  
    16,671  

Omnicom Group, Inc.

    1,248,825  
    40,648  

Verizon Communications, Inc.

    1,427,964  
              6,623,507  
       

Consumer Discretionary — 8.4%

       
    39,295  

Bath & Body Works, Inc.

    1,165,096  
    16,335  

Best Buy Company, Inc.

    1,091,505  
    99,222  

Ford Motor Company

    967,415  
    32,941  

Tapestry, Inc.

    907,854  
    9,187  

Whirlpool Corporation

    960,593  
              5,092,463  
       

Consumer Staples — 10.1%

       
    30,376  

Altria Group, Inc.

    1,220,204  
    10,098  

Kimberly-Clark Corporation

    1,208,125  
    28,420  

Kroger Company

    1,289,415  
    19,830  

Molson Coors Brewing Company - Class B

    1,145,579  
    14,189  

Philip Morris International, Inc.

    1,265,091  
              6,128,414  
       

Energy — 11.3%

       
    8,560  

Chevron Corporation

    1,247,449  
    51,428  

Coterra Energy, Inc.

    1,414,270  
    13,094  

Exxon Mobil Corporation

    1,386,000  
    12,963  

Phillips 66

    1,478,688  
    10,993  

Valero Energy Corporation

    1,396,111  
              6,922,518  
       

Financials — 7.2%

       
    43,098  

Citizens Financial Group, Inc.

    1,009,786  
    26,725  

Comerica, Inc.

    1,052,965  
    116,498  

KeyCorp

    1,190,610  
    37,385  

Zions Bancorp NA

    1,153,327  
              4,406,688  

 

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

 

17

 

 

AAM S&P 500 High Dividend Value ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.9% (Continued)

       

Health Care — 8.1%

       
    9,651  

AbbVie, Inc.

  $ 1,362,529  
    18,237  

CVS Health Corporation

    1,258,535  
    36,927  

Pfizer, Inc.

    1,128,489  
    130,428  

Viatris, Inc.

    1,160,809  
              4,910,362  
       

Industrials — 9.7%

       
    13,285  

3M Company

    1,208,271  
    14,143  

CH Robinson Worldwide, Inc.

    1,157,322  
    11,058  

Paychex, Inc.

    1,227,991  
    17,254  

Robert Half, Inc.

    1,290,081  
    7,355  

United Parcel Service, Inc. - Class B

    1,038,894  
              5,922,559  
       

Information Technology — 11.1%

       
    26,020  

Cisco Systems, Inc.

    1,356,423  
    79,837  

Hewlett Packard Enterprise Company

    1,227,893  
    42,713  

HP, Inc.

    1,124,633  
    9,903  

International Business Machines Corporation

    1,432,370  
    23,310  

Seagate Technology Holdings plc

    1,590,908  
              6,732,227  
       

Materials — 11.6%

       
    17,156  

CF Industries Holdings, Inc.

    1,368,706  
    26,359  

Dow, Inc.

    1,274,194  
    42,690  

International Paper Company

    1,439,934  
    15,218  

LyondellBasell Industries NV - Class A

    1,373,272  
    44,924  

WestRock Company

    1,614,119  
              7,070,225  
       

Real Estate — 9.5%

       
    21,487  

Boston Properties, Inc.

    1,151,059  
    62,432  

Healthpeak Properties, Inc.

    970,818  
    79,470  

Host Hotels & Resorts, Inc.

    1,230,195  
    66,086  

Kimco Realty Corporation

    1,185,583  
    11,134  

Simon Property Group, Inc.

    1,223,515  
              5,761,170  

 

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

 

18

 

 

AAM S&P 500 High Dividend Value ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.9% (Continued)

       

Utilities — 2.0%

       
    11,245  

Atmos Energy Corporation

  $ 1,210,637  
                 
       

TOTAL COMMON STOCKS (Cost $70,706,012)

    60,780,770  
                 
       

SHORT-TERM INVESTMENTS — 0.2%

       
    102,114  

Invesco Government & Agency Portfolio - Institutional Class, 5.27% (a)

    102,114  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $102,114)

    102,114  
       

TOTAL INVESTMENTS (Cost $70,808,126) — 100.1%

    60,882,884  
       

Liabilities in Excess of Other Assets — (0.1)%

    (39,895 )
       

NET ASSETS — 100.0%

  $ 60,842,989  

 

Percentages are stated as a percent of net assets.

(a)

Rate shown is the annualized seven-day yield as of October 31, 2023.

 

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

 

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

 

19

 

 

AAM S&P Emerging Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2023

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 90.5%

       
       

Brazil — 5.7%

       
    17,504  

CPFL Energia SA

  $ 116,312  
    143,988  

CSN Mineracao SA

    147,329  
    43,880  

TIM SA

    132,170  
              395,811  
       

Chile — 2.8%

       
    59,386  

Cencosud SA

    95,901  
    37,696  

Quinenco SA

    101,698  
              197,599  
       

China — 19.5%

       
    544,000  

CGN Power Company, Ltd. - H Shares (a)

    130,706  
    473,000  

China Everbright Bank Company, Ltd - H Shares.

    134,804  
    1,220,000  

China Tower Corporation, Ltd. - H Shares (a)

    113,821  
    109,600  

China Vanke Company, Ltd. - H Shares

    102,532  
    378,000  

Chongqing Rural Commercial Bank Company, Ltd. - H Shares

    142,996  
    128,500  

COSCO SHIPPING Holdings Company, Ltd. - H Shares

    130,559  
    296,000  

Dongfeng Motor Group Company, Ltd. - H Shares

    130,133  
    141,500  

Greentown China Holdings, Ltd.

    137,257  
    94,900  

Inner Mongolia Yitai Coal Company, Ltd. - Class B (b)

    130,203  
    239,600  

Orient Securities Company, Ltd. - H Shares (a)

    111,462  
    43,200  

Sinopharm Group Company, Ltd. - H Shares

    103,244  
              1,367,717  
       

Egypt — 3.1%

       
    86,002  

Abou Kir Fertilizers & Chemical Industries

    214,135  
                 
       

Hong Kong — 3.7%

       
    8,500  

Orient Overseas International, Ltd.

    107,165  
    258,500  

WH Group, Ltd. (a)

    154,282  
              261,447  
       

Hungary — 1.7%

       
    5,028  

Richter Gedeon Nyrt

    117,632  

 

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

 

20

 

 

AAM S&P Emerging Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 90.5% (Continued)

       

Indonesia — 8.4%

       
    810,200  

Adaro Energy Indonesia Tbk PT

  $ 130,570  
    68,400  

Gudang Garam Tbk PT

    100,221  
    270,900  

Indofood Sukses Makmur Tbk PT

    113,408  
    220,800  

Indosat Tbk PT

    131,354  
    1,412,400  

Perusahaan Gas Negara Tbk PT

    111,587  
              587,140  
       

Malaysia — 1.7%

       
    25,800  

Kuala Lumpur Kepong Bhd

    119,023  
                 
       

Mexico — 1.9%

       
    88,453  

Fibra Uno Administracion SA de CV

    134,299  
                 
       

Republic of Korea — 10.0%

       
    2,656  

CJ ENM Company, Ltd. (b)

    102,460  
    4,374  

Hana Financial Group, Inc.

    126,956  
    2,011  

Kia Corporation

    114,506  
    16,394  

LG Uplus Corporation

    122,723  
    2,409  

Lotte Shopping Company, Ltd.

    128,606  
    14,628  

SD Biosensor, Inc.

    104,412  
              699,663  
       

Russian Federation — 0.0%

       
    5,978  

X5 Retail Group NV - GDR (b)(c)

    0  
                 
       

South Africa — 6.0%

       
    11,809  

African Rainbow Minerals, Ltd.

    96,743  
    185,808  

Growthpoint Properties, Ltd.

    96,041  
    17,894  

Impala Platinum Holdings, Ltd.

    74,146  
    17,231  

Thungela Resources, Ltd.

    152,890  
              419,820  
       

Taiwan — 15.4%

       
    42,000  

Chicony Electronics Company, Ltd.

    161,215  
    42,400  

Evergreen Marine Corporation Taiwan, Ltd.

    140,528  
    133,000  

Pou Chen Corporation

    118,300  

 

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

 

21

 

 

AAM S&P Emerging Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 90.5% (Continued)

       

Taiwan — 15.4% (Continued)

       
    17,000  

Quanta Computer, Inc.

  $ 99,060  
    38,000  

Radiant Opto-Electronics Corporation

    145,275  
    14,000  

Simplo Technology Company, Ltd.

    143,949  
    73,000  

WPG Holdings, Ltd.

    161,147  
    91,000  

Yang Ming Marine Transport Corporation

    118,116  
              1,087,590  
       

Thailand — 5.2%

       
    257,900  

Bangkok Chain Hospital pcl - NVDR

    144,224  
    157,600  

Bangkok Dusit Medical Services pcl - NVDR

    116,197  
    482,400  

Banpu pcl - NVDR

    102,003  
              362,424  
       

Turkey — 1.8%

       
    72,451  

Enerjisa Enerji AS (a)

    124,555  
                 
       

United Arab Emirates — 3.6%

       
    72,122  

Emaar Properties PJSC

    131,363  
    135,904  

Fertiglobe plc

    118,773  
              250,136  
       

TOTAL COMMON STOCKS (Cost $7,275,492)

    6,338,991  
                 
       

PREFERRED STOCKS — 7.0%

       
       

Brazil — 3.7%

       
    49,430  

Cia Energetica de Minas Gerais

    114,778  
    20,642  

Petroleo Brasileiro SA

    142,157  
              256,935  
       

Colombia — 1.6%

       
    17,761  

Bancolombia SA

    113,343  
                 
       

Republic of Korea — 1.7%

       
    1,619  

Hyundai Motor Company

    119,997  
                 
       

TOTAL PREFERRED STOCKS (Cost $435,591)

    490,275  

 

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

 

22

 

 

AAM S&P Emerging Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

SHORT-TERM INVESTMENTS — 1.4%

       
    98,312  

Invesco Government & Agency Portfolio - Institutional Class, 5.27% (d)

  $ 98,312  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $98,312)

    98,312  
       

TOTAL INVESTMENTS (Cost $7,809,395) — 98.9%

    6,927,578  
       

Other Assets in Excess of Liabilities — 1.1%

    75,626  
       

NET ASSETS — 100.0%

  $ 7,003,204  

 

Percentages are stated as a percent of net assets.

GDR

Global Depositary Receipt.

NVDR

Non-Voting Depositary Receipt.

(a)

Security exempt from registration under Rule 144(a) of the Securities Act of 1933. At October 31, 2023, the value of these securities amounted to $634,826 or 9.1% of net assets.

(b)

Non-income producing security.

(c)

Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

(d)

Rate shown is the annualized seven-day yield as of October 31, 2023.

 

 

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

 

23

 

 

AAM S&P Developed Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2023

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 97.8%

       
       

Australia — 16.0%

       
    1,226  

BHP Group, Ltd.

  $ 34,543  
    14,888  

Harvey Norman Holdings, Ltd.

    34,595  
    1,229  

JB Hi-Fi, Ltd.

    35,149  
    23,323  

Mirvac Group

    26,876  
    1,531  

Sonic Healthcare, Ltd.

    27,869  
    14,608  

South32, Ltd.

    30,707  
    13,063  

Stockland

    29,279  
    7,517  

Whitehaven Coal, Ltd.

    35,220  
    1,459  

Woodside Energy Group, Ltd.

    31,648  
              285,886  
       

Austria — 2.0%

       
    798  

OMV AG

    34,887  
                 
       

Canada — 3.0%

       
    1,787  

Northland Power, Inc.

    25,088  
    869  

Open Text Corporation

    28,982  
              54,070  
       

Denmark — 1.6%

       
    18  

AP Moller - Maersk AS - Class A

    29,315  
                 
       

Finland — 2.1%

       
    950  

Orion Oyj - Class B

    37,696  
                 
       

France — 3.5%

       
    569  

BNP Paribas SA

    32,652  
    1,356  

Societe Generale SA

    30,307  
              62,959  
       

Germany — 6.4%

       
    2,836  

E.ON SE

    33,634  
    682  

Fresenius Medical Care AG & Company KGaA

    22,578  
    1,187  

Fresenius SE & Company KGaA

    30,413  
    464  

Mercedes-Benz Group AG

    27,186  
              113,811  

 

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

 

24

 

 

AAM S&P Developed Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 97.8% (Continued)

       
       

Hong Kong — 6.8%

       
    6,000  

CK Hutchison Holdings, Ltd.

  $ 30,327  
    12,000  

Henderson Land Development Company, Ltd.

    31,286  
    30,000  

HKT Trust & HKT, Ltd.

    31,056  
    30,000  

Sino Land Company, Ltd.

    29,944  
              122,613  
       

Israel — 1.5%

       
    5,614  

ICL Group, Ltd.

    27,199  
                 
       

Italy — 3.7%

       
    1,721  

Assicurazioni Generali SpA

    34,099  
    6,866  

Snam SpA

    31,425  
              65,524  
       

Japan — 13.5%

       
    1,600  

Japan Tobacco, Inc.

    37,199  
    1,200  

Kawasaki Kisen Kaisha, Ltd.

    40,752  
    1,400  

Mitsui OSK Lines, Ltd.

    35,896  
    1,500  

Nippon Yusen KK

    36,419  
    600  

SCREEN Holdings Company, Ltd.

    27,471  
    2,500  

SUMCO Corporation

    31,943  
    1,200  

Takeda Pharmaceutical Company, Ltd.

    32,194  
              241,874  
       

Netherlands — 2.1%

       
    1,973  

Stellantis NV

    36,703  
                 
       

Norway — 8.1%

       
    1,313  

Aker BP ASA

    37,739  
    5,889  

Norsk Hydro ASA

    33,568  
    3,295  

Telenor ASA

    33,668  
    12,049  

Var Energi ASA

    40,585  
              145,560  
       

Singapore — 1.6%

       
    3,300  

Venture Corporation, Ltd.

    28,181  
                 

 

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

 

25

 

 

AAM S&P Developed Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 95.0% (Continued)

       

Spain — 5.6%

       
    1,723  

Endesa SA

  $ 32,354  
    2,147  

Redeia Corporation SA

    33,371  
    8,804  

Telefonica SA

    33,929  
              99,654  
       

Sweden — 5.6%

       
    6,080  

SSAB AB - Class B

    35,219  
    4,667  

Tele2 AB - Class B

    33,058  
    7,135  

Telefonaktiebolaget LM Ericsson - Class B

    31,937  
              100,214  
       

United Kingdom — 14.7%

       
    7,029  

Aviva plc (a)

    33,913  
    1,083  

British American Tobacco plc

    32,250  
    1,549  

Imperial Brands plc

    32,912  
    10,127  

J. Sainsbury plc

    31,618  
    4,413  

Land Securities Group plc

    30,469  
    12,302  

Legal & General Group plc

    31,557  
    10,945  

Tesco plc

    35,819  
    37,392  

Vodafone Group plc

    34,347  
              262,885  
       

TOTAL COMMON STOCKS (Cost $1,988,311)

    1,749,031  
                 
       

PREFERRED STOCKS — 1.6%

       
       

Germany — 1.6%

       
    328  

Bayerische Motoren Werke AG

    27,788  
                 
       

TOTAL PREFERRED STOCKS (Cost $24,730)

    27,788  
                 

 

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

 

26

 

 

AAM S&P Developed Markets High Dividend Value ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

SHORT-TERM INVESTMENTS — 0.8%

       
    14,759  

Invesco Government & Agency Portfolio - Institutional Class, 5.27% (b)

  $ 14,759  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $14,759)

    14,759  
       

TOTAL INVESTMENTS (Cost $2,027,800) — 100.2%

    1,791,578  
       

Liabilities in Excess of Other Assets — (0.2)%

    (3,309 )
       

NET ASSETS — 100.0%

  $ 1,788,269  

 

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

Rate shown is the annualized seven-day yield as of October 31, 2023.

 

 

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

 

27

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2023

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.5%

       
       

Communication Services — 0.1%

       
       

Chicken Soup For The Soul Entertainment, Inc.

       
    23,773  

Series A, 9.750%, Perpetual

  $ 185,192  
                 
       

Consumer Discretionary — 1.6%

       
       

Brunswick Corporation

       
    21,390  

6.625%, 1/15/2049

    510,793  
       

Dillard’s Capital Trust I

       
    34,225  

7.500%, 8/1/2038

    875,818  
       

Fossil Group, Inc.

       
    25,671  

7.000%, 11/30/2026

    417,924  
       

Qurate Retail, Inc.

       
    54,336  

8.000%, 3/15/2031

    1,293,197  
              3,097,732  
       

Consumer Staples — 4.2%

       
       

CHS, Inc.

       
    91,806  

Series 1, 7.875%, Perpetual

    2,348,398  
    71,873  

Series 2, 7.100%, Perpetual (a)

    1,777,419  
    84,279  

Series 3, 6.750%, Perpetual (a)

    1,993,198  
    88,556  

Series 4, 7.500%, Perpetual

    2,231,611  
              8,350,626  
       

Energy — 7.6%

       
       

Energy Transfer LP

       
    77,008  

Series C, 10.156%, Perpetual (a)

    1,925,971  
    76,150  

Series D, 10.364%, Perpetual (a)

    1,908,319  
    136,899  

Series E, 7.600%, Perpetual (a)

    3,384,144  
       

NGL Energy Partners LP

       
    53,842  

Series B, 12.858%, (3 mo. Term SOFR US + 7.475%), Perpetual (c)

    1,384,816  
       

NuStar Energy LP

       
    38,761  

Series A, 12.438%, (3 mo. Term SOFR US + 7.028%), Perpetual

    987,243  
    65,884  

Series B, 11.315%, (3 mo. Term SOFR US + 5.905%), Perpetual

    1,653,688  

 

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

 

28

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.5% (Continued)

       
       

Energy — 7.6% (Continued)

       
    29,519  

Series C, 12.551%, (3 mo. Term SOFR US + 7.142%), Perpetual

  $ 743,288  
       

NuStar Logistics LP

       
    68,879  

12.389%, (3 mo. Term SOFR US + 6.996%), 1/15/2043

    1,789,476  
       

Seapeak LLC

       
    21,390  

9.000%, Perpetual

    519,777  
    29,090  

Series B, 8.500%, Perpetual (a)

    682,161  
              14,978,883  
       

Financials — 77.8% (b)

       
       

ACRES Commercial Realty Corporation

       
    20,536  

Series C, 8.625%, Perpetual (a)

    458,158  
       

AGNC Investment Corporation

       
    55,614  

Series C, 10.766%, (3 mo. Term SOFR US + 5.373%), Perpetual

    1,354,201  
    40,214  

Series D, 6.875%, Perpetual (a)

    843,690  
    68,879  

Series E, 6.500%, Perpetual (a)

    1,466,434  
    98,397  

Series F, 6.125%, Perpetual (a)

    1,966,956  
    25,671  

Series G, 7.750%, Perpetual (a)(c)

    521,891  
       

Allstate Corporation

       
    85,562  

8.820%, (3 mo. Term SOFR US + 3.427%), 1/15/2053

    2,204,933  
       

American Equity Investment Life Holding Company

       
    68,450  

Series A, 5.950%, Perpetual (a)

    1,447,718  
    51,337  

Series B, 6.625%, Perpetual (a)

    1,176,644  
       

Annaly Capital Management, Inc.

       
    123,210  

Series F, 10.638%, (3 mo. Term SOFR US + 5.255%), Perpetual

    2,986,609  
    72,727  

Series G, 9.828%, (3 mo. Term SOFR US + 4.434%), Perpetual

    1,684,357  
    75,721  

Series I, 6.750%, Perpetual (a)

    1,749,912  
       

Apollo Global Management, Inc.

       
    102,674  

7.625%, 9/15/2053 (a)(c)

    2,685,952  
       

Arbor Realty Trust, Inc.

       
    48,521  

Series F, 6.250%, Perpetual (a)

    847,662  
       

Argo Group International Holdings, Ltd.

       
    25,671  

7.000%, Perpetual (a)

    564,249  

 

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

 

29

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.5% (Continued)

       

Financials — 77.8% (b) (Continued)

       

Aspen Insurance Holdings, Ltd.

       
    47,060  

9.593%, Perpetual (a)

  $ 1,189,677  
       

Associated Banc Corporation

       
    51,337  

6.625%, 3/1/2033 (a)

    1,052,922  
       

Athene Holding, Ltd.

       
    147,594  

Series A, 6.350%, Perpetual (a)

    3,118,660  
    102,674  

Series C, 6.375%, Perpetual (a)

    2,491,897  
    85,562  

Series E, 7.750%, Perpetual (a)

    2,130,494  
       

Atlanticus Holdings Corporation

       
    25,481  

6.125%, 11/30/2026

    581,222  
       

B. Riley Financial, Inc.

       
    24,040  

6.750%, 5/31/2024

    591,384  
    25,060  

6.375%, 2/28/2025

    594,674  
    37,177  

5.500%, 3/31/2026

    830,906  
    30,895  

6.500%, 9/30/2026

    667,950  
    55,566  

5.000%, 12/31/2026

    1,105,763  
    45,531  

6.000%, 1/31/2028

    876,927  
    69,388  

5.250%, 8/31/2028

    1,251,760  
       

Bank of America Corporation

       
    51,167  

Series 02, 6.316%, (3 mo. Term SOFR US + 0.912%), Perpetual

    1,038,178  
    35,985  

Series 4, 6.416%, (3 mo. Term SOFR US + 1.012%), Perpetual

    752,446  
    71,476  

Series 5, 6.141%, (3 mo. Term SOFR US + 0.762%), Perpetual

    1,448,819  
    52,693  

Series E, 5.976%, (3 mo. Term SOFR US + 0.612%), Perpetual

    1,039,106  
    179,682  

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

    4,472,284  
       

Chimera Investment Corporation

       
    55,614  

Series B, 8.000%, Perpetual (a)

    1,172,899  
    44,491  

Series C, 7.750%, Perpetual (a)

    766,135  
    34,225  

Series D, 8.000%, Perpetual (a)

    691,003  
       

Citigroup, Inc.

       
    147,658  

Series J, 9.696%, (3 mo. Term SOFR US + 4.302%), Perpetual

    3,780,044  

 

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

 

30

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.5% (Continued)

       

Financials — 77.8% (b) (Continued)

       

Citizens Financial Group, Inc.

       
    51,337  

Series D, 6.350%, Perpetual (a)

  $ 1,180,238  
       

Compass Diversified Holdings

       
    17,113  

Series B, 7.875%, Perpetual (a)

    417,386  
    19,678  

Series C, 7.875%, Perpetual

    470,304  
       

ConnectOne Bancorp, Inc.

       
    19,678  

Series A, 5.250%, Perpetual (a)

    324,490  
       

Crescent Capital BDC, Inc.

       
    19,100  

5.000%, 5/25/2026 (f)

    446,940  
       

Dynex Capital, Inc.

       
    19,079  

Series C, 6.900%, Perpetual (a)

    420,120  
       

Ellington Financial, Inc.

       
    19,678  

6.750%, Perpetual (a)

    440,000  
    20,621  

Series B, 6.250%, Perpetual (a)

    396,954  
    17,113  

Series C, 8.625%, Perpetual (a)

    380,764  
       

Enstar Group, Ltd.

       
    68,450  

Series D, 7.000%, Perpetual (a)

    1,628,426  
       

Fifth Third Bancorp

       
    77,008  

Series I, 6.625%, Perpetual (a)

    1,876,685  
       

First Horizon National Corporation

       
    17,129  

Series D, 6.100%, Perpetual (a)

    387,115  
       

FNB Corporation

       
    18,974  

7.250%, Perpetual (a)

    441,146  
       

Gladstone Investment Corporation

       
    21,896  

5.000%, 5/1/2026

    517,621  
    23,025  

4.875%, 11/1/2028

    519,905  
       

Goldman Sachs Group, Inc.

       
    111,916  

Series A, 6.377%, (3 mo. Term SOFR US + 1.012%), Perpetual

    2,350,236  
    29,144  

Series C, 6.377%, (3 mo. Term SOFR US + 1.012%), Perpetual

    608,818  
    201,451  

Series D, 6.297%, (3 mo. Term SOFR US + 0.932%), Perpetual

    4,202,267  
    104,459  

Series K, 6.375%, Perpetual (a)

    2,628,188  

 

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

 

31

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.5% (Continued)

       

Financials — 77.8% (b) (Continued)

       

Granite Point Mortgage Trust, Inc.

       
    35,208  

Series A, 7.000%, Perpetual (a)

  $ 566,497  
       

Heartland Financial USA, Inc.

       
    19,678  

Series E, 7.000%, Perpetual (a)

    470,107  
       

Huntington Bancshares, Inc.

       
    55,614  

Series J, 6.875%, Perpetual (a)

    1,231,850  
       

Invesco Mortgage Capital, Inc.

       
    19,031  

Series B, 7.750%, Perpetual (a)

    396,796  
    32,740  

Series C, 7.500%, Perpetual (a)

    606,345  
       

Jackson Financial, Inc.

       
    94,120  

8.000%, Perpetual (a)

    2,304,999  
       

JPMorgan Chase & Company

       
    316,580  

Series EE, 6.000%, Perpetual

    7,569,427  
       

Kemper Corporation

       
    25,671  

5.875%, 3/15/2062 (a)

    458,227  
       

KeyCorp

       
    102,674  

6.200%, Perpetual (a)

    1,715,683  
    85,562  

Series E, 6.125%, Perpetual (a)

    1,527,282  
       

M&T Bank Corporation

       
    42,783  

Series H, 5.625%, Perpetual (a)

    916,412  
       

Merchants Bancorp

       
    24,384  

8.250%, Perpetual (a)

    562,783  
    21,390  

Series B, 6.000%, Perpetual (a)

    417,747  
       

MetLife, Inc.

       
    102,674  

Series A, 6.671%, (3 mo. Term SOFR US + 1.262%), Perpetual

    2,326,593  
       

MFA Financial, Inc.

       
    47,060  

Series C, 6.500%, Perpetual (a)

    864,492  
       

Midland States Bancorp, Inc.

       
    19,678  

7.750%, Perpetual (a)(c)

    432,719  
       

Morgan Stanley

       
    96,151  

Series A, 6.355%, (3 mo. Term SOFR US + 0.962%), Perpetual

    1,964,365  
    75,393  

Series E, 7.125%, Perpetual (d)

    1,892,364  
    74,301  

Series F, 6.875%, Perpetual (d)

    1,816,659  

 

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

 

32

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.5% (Continued)

       

Financials — 77.8% (b) (Continued)

    87,411  

Series I, 6.375%, Perpetual (d)

  $ 2,055,907  
    87,411  

Series K, 5.850%, Perpetual (d)

    1,910,804  
       

New York Community Bancorp, Inc.

       
    88,131  

Series A, 6.375%, Perpetual (a)

    1,861,327  
       

New York Mortgage Trust, Inc.

       
    26,128  

Series D, 8.000%, Perpetual (a)

    501,658  
    31,417  

Series E, 7.875%, Perpetual (a)

    666,669  
    24,558  

Series F, 6.875%, Perpetual (a)

    449,166  
       

NewtekOne, Inc.

       
    19,678  

5.500%, 2/1/2026

    465,385  
       

PacWest Bancorp

       
    87,832  

Series A, 7.750%, Perpetual (a)

    1,788,260  
       

PennyMac Mortgage Investment Trust

       
    19,678  

Series A, 8.125%, Perpetual (d)

    414,222  
    33,371  

Series B, 8.000%, Perpetual (d)

    690,780  
       

Popular Capital Trust II

       
    17,287  

6.125%, 12/1/2034

    432,175  
       

Ready Capital Corporation

       
    35,297  

5.750%, 2/15/2026

    834,774  
    17,902  

6.200%, 7/30/2026

    421,055  
       

Regions Financial Corporation

       
    85,562  

Series B, 6.375%, Perpetual (a)

    1,794,235  
    85,562  

Series C, 5.700%, Perpetual (a)

    1,527,282  
       

Reinsurance Group of America, Inc.

       
    119,787  

7.125%, 10/15/2052 (a)

    3,054,569  
    68,450  

5.750%, 6/15/2056 (a)

    1,678,394  
       

Rithm Capital Corporation

       
    26,525  

Series A, 7.500%, Perpetual (a)

    599,200  
    48,173  

Series B, 7.125%, Perpetual (a)

    1,067,032  
    68,037  

Series C, 6.375%, Perpetual (a)

    1,318,557  
    79,573  

Series D, 7.000%, Perpetual (a)

    1,589,869  
       

Saratoga Investment Corporation

       
    18,056  

Series 2027, 6.000%, 4/30/2027

    425,219  
       

SiriusPoint, Ltd.

       
    34,225  

Series B, 8.000%, Perpetual (a)

    858,363  

 

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

 

33

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.5% (Continued)

       

Financials — 77.8% (b) (Continued)

       

SLM Corporation

       
    10,740  

Series B, 7.371%, (3 mo. Term SOFR US + 1.962%), Perpetual

  $ 708,733  
       

State Street Corporation

       
    128,345  

Series D, 5.900%, Perpetual (d)

    3,227,876  
    85,562  

Series G, 5.350%, Perpetual (d)

    1,871,241  
       

Synovus Financial Corporation

       
    34,225  

Series D, 9.011%, (3 mo. Term SOFR US + 3.614%), Perpetual

    850,834  
    59,896  

Series E, 5.875%, Perpetual (a)

    1,360,837  
       

Trinity Capital, Inc.

       
    31,231  

7.000%, 1/16/2025

    788,583  
       

Truist Financial Corporation

       
    29,523  

Series I, 6.201%, (3 mo. Term SOFR US + 0.792%), Perpetual

    602,860  
       

Two Harbors Investment Corporation

       
    21,799  

Series A, 8.125%, Perpetual (a)

    428,568  
    44,912  

Series B, 7.625%, Perpetual (a)

    848,837  
    42,714  

Series C, 7.250%, Perpetual (a)

    832,923  
       

US Bancorp

       
    2,457  

Series A, 6.675%, (3 mo. Term SOFR US + 1.282%), Perpetual

    1,817,885  
    171,123  

Series B, 6.255%, (3 mo. Term SOFR US + 0.862%), Perpetual

    3,302,673  
       

Valley National Bancorp

       
    19,678  

Series A, 6.250%, Perpetual (a)

    351,646  
    17,113  

Series B, 9.234%, (3 mo. Term SOFR US + 3.840%), Perpetual

    366,903  
       

Voya Financial, Inc.

       
    51,337  

Series B, 5.350%, Perpetual (a)

    1,062,163  
       

Wells Fargo & Company

       
    143,745  

Series R, 6.625%, Perpetual (d)

    3,620,936  
       

WesBanco, Inc.

       
    25,671  

Series A, 6.750%, Perpetual (a)

    591,460  

 

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

 

34

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.5% (Continued)

       

Financials — 77.8% (b) (Continued)

       

Western Alliance Bancorp

       
    51,337  

Series A, 4.250%, Perpetual (a)

  $ 804,964  
       

Wintrust Financial Corporation

       
    21,390  

Series D, 6.500%, Perpetual (a)

    451,543  
    49,197  

Series E, 6.875%, Perpetual (a)

    1,177,776  
       

Zions Bancorporation, N.A.

       
    23,684  

Series G, 9.911%, (3 mo. Term SOFR US + 4.502%), Perpetual

    590,916  
              153,348,525  
       

Industrials — 3.3%

       
       

Air Lease Corporation

       
    42,783  

Series A, 6.150%, Perpetual (a)

    1,031,926  
       

Atlas Corporation

       
    21,790  

Series D, 7.950%, Perpetual

    526,882  
       

Babcock & Wilcox Enterprises, Inc.

       
    33,031  

8.125%, 2/28/2026

    686,054  
    25,914  

6.500%, 12/31/2026

    498,067  
       

FTAI Aviation, Ltd.

       
    17,882  

Series A, 8.250%, Perpetual (a)

    428,810  
    21,135  

Series B, 8.000%, Perpetual (a)

    512,524  
    17,967  

Series C, 8.250%, Perpetual (a)

    410,546  
       

Global Ship Lease, Inc.

       
    18,650  

8.750%, Perpetual

    471,286  
       

Steel Partners Holdings LP

       
    27,095  

Series A, 6.000%, 2/7/2026

    626,436  
       

Textainer Group Holdings, Ltd.

       
    25,671  

7.000%, Perpetual (a)

    638,695  
       

Triton International, Ltd.

       
    24,599  

8.000%, Perpetual

    607,595  
              6,438,821  
       

Information Technology — 0.2%

       
       

Synchronoss Technologies, Inc.

       
    24,141  

8.375%, 6/30/2026

    411,604  
                 

 

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

 

35

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 99.5% (Continued)

       

Real Estate — 0.3%

       
       

CorEnergy Infrastructure Trust, Inc.

       
    22,167  

Series A, 7.375%, Perpetual

  $ 97,978  
       

DiamondRock Hospitality Company

       
    20,366  

8.250%, Perpetual

    518,926  
              616,904  
       

Utilities — 4.4%

       
       

Algonquin Power & Utilities Corporation

       
    59,896  

Series 19-A, 6.200%, 7/1/2079 (a)

    1,472,843  
       

NiSource, Inc.

       
    85,562  

Series B, 6.500%, Perpetual (a)

    2,139,050  
       

SCE Trust III

       
    47,060  

Series H, 5.750%, Perpetual (a)

    1,136,028  
       

SCE Trust IV

       
    55,614  

Series J, 5.375%, Perpetual (a)

    1,092,815  
       

SCE Trust V

       
    51,337  

Series K, 5.450%, Perpetual (a)

    1,131,981  
       

Tennessee Valley Authority

       
    35,653  

Series A, 2.216%, (30 Year U.S. Treasury + 0.840%), 5/1/2029

    757,983  
    43,888  

Series D, 2.134%, (30 Year U.S. Treasury + 0.940%), 6/1/2028

    954,564  
              8,685,264  
       

TOTAL PREFERRED STOCKS (Cost $205,235,176)

    196,113,551  

 

 

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

 

36

 

 

AAM Low Duration Preferred and Income Securities ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

Shares

 

Security Description

   

Value

 
 

SHORT-TERM INVESTMENTS — 0.9%

       

1,782,608

Invesco Government & Agency Portfolio - Institutional Class 5.27% (e)

  $ 1,782,608  
 

TOTAL SHORT-TERM INVESTMENTS (Cost $1,782,608)

    1,782,608  
 

TOTAL INVESTMENTS (Cost $207,017,784) — 100.4%

    197,896,159  
 

Liabilities in Excess of Other Assets — (0.4)%

    (791,596 )
 

NET ASSETS — 100.0%

  $ 197,104,563  

 

Percentages are stated as a percent of net assets.

 

SOFR Secured Overnight Financing Rate

(a)

Variable or floating rate security based on a reference index and spread. Certain securities are fixed to variable and currently in the fixed phase. Rate disclosed is the rate in effect as of October 31, 2023.

(b)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. See Note 7 in the Notes to Financial Statements.

(c)

Non-income producing security.

(d)

Variable rate security. Rate disclosed is the rate in effect as of October 31, 2023.

(e)

Rate shown is the annualized seven-day yield as of October 31, 2023.

(f)

Affiliated security. See Note 5 in Notes to Financial Statements.

 

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

 

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

 

37

 

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

 

Schedule of Investments
October 31, 2023

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.6%

       
       

Communication Services — 2.3%

       
    42,203  

Interpublic Group of Companies, Inc.

  $ 1,198,565  
    40,917  

Nexstar Media Group, Inc. - Class A

    5,731,654  
              6,930,219  
       

Consumer Discretionary — 3.4%

       
    167,289  

MDC Holdings, Inc.

    6,348,618  
    27,718  

Penske Automotive Group, Inc.

    3,965,891  
              10,314,509  
       

Consumer Staples — 8.2%

       
    192,243  

Conagra Brands, Inc.

    5,259,768  
    97,508  

Inter Parfums, Inc.

    12,394,242  
    44,459  

Lancaster Colony Corporation

    7,521,129  
              25,175,139  
       

Energy — 3.7%

       
    228,261  

Plains GP Holdings LP - Class A

    3,579,132  
    70,236  

Targa Resources Corporation

    5,872,431  
    100,697  

World Kinect Corporation

    1,862,895  
              11,314,458  
       

Financials — 16.1%

       
    33,603  

American Financial Group, Inc.

    3,674,824  
    80,195  

Evercore, Inc. - Class A

    10,439,784  
    227,279  

First Financial Bancorp

    4,204,662  
    186,991  

First Interstate BancSystem, Inc. - Class A

    4,313,882  
    92,788  

Hartford Financial Services Group, Inc.

    6,815,279  
    306,964  

Home BancShares, Inc.

    6,277,414  
    353,925  

Huntington Bancshares, Inc.

    3,415,376  
    287,605  

Regions Financial Corporation

    4,178,901  
    221,699  

Victory Capital Holdings, Inc. - Class A

    6,531,253  
              49,851,375  
       

Health Care — 6.3%

       
    345,094  

Perrigo Company plc

    9,538,398  
    74,640  

Quest Diagnostics, Inc.

    9,710,664  
              19,249,062  

 

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

 

38

 

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.6% (Continued)

       

Industrials — 27.3% (a)

       
    133,498  

Booz Allen Hamilton Holding Corporation

  $ 16,010,416  
    81,944  

Broadridge Financial Solutions, Inc.

    13,982,924  
    177,874  

CSG Systems International, Inc.

    8,335,176  
    44,519  

Hubbell, Inc.

    12,024,582  
    86,035  

Insperity, Inc.

    9,105,944  
    51,987  

Snap-on, Inc.

    13,409,527  
    32,439  

Watsco, Inc.

    11,317,643  
              84,186,212  
       

Information Technology — 9.1%

       
    159,008  

Amdocs, Ltd.

    12,746,081  
    156,330  

Avnet, Inc.

    7,242,769  
    112,725  

NetApp, Inc.

    8,204,125  
              28,192,975  
       

Materials — 9.9%

       
    42,663  

Avery Dennison Corporation

    7,426,348  
    178,569  

Avient Corporation

    5,646,352  
    55,518  

Packaging Corporation of America

    8,497,030  
    64,738  

RPM International, Inc.

    5,908,637  
    58,022  

Sonoco Products Company

    3,006,120  
              30,484,487  
       

Real Estate — 6.2%

       
    146,205  

Agree Realty Corporation

    8,178,707  
    66,396  

Equity LifeStyle Properties, Inc.

    4,368,857  
    122,213  

Terreno Realty Corporation

    6,511,509  
              19,059,073  
       

Utilities — 7.1%

       
    137,916  

Alliant Energy Corporation

    6,728,922  
    60,460  

Atmos Energy Corporation

    6,509,124  
    339,052  

NiSource, Inc.

    8,530,548  
              21,768,594  
       

TOTAL COMMON STOCKS (Cost $319,979,932)

    306,526,103  
                 

 

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

 

39

 

 

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

SHORT-TERM INVESTMENTS — 0.6%

       
       

U.S. Treasury Bills — 0.6%

       
  $ 269,000  

United States Treasury Bill, 5.13%, 11/24/2023 (b)

  $ 268,093  
    405,000  

United States Treasury Bill, 5.20%, 11/30/2023 (b)

    403,277  
    278,000  

United States Treasury Bill, 5.31%, 12/21/2023 (b)

    275,955  
    248,000  

United States Treasury Bill, 5.34%, 12/28/2023 (b)

    245,914  
    202,000  

United States Treasury Bill, 5.35%, 1/11/2024 (b)

    199,893  
    228,000  

United States Treasury Bill, 5.37%, 1/25/2024 (b)

    225,143  
    121,000  

United States Treasury Bill, 5.36%, 2/1/2024 (b)

    119,357  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $1,737,751)

    1,737,632  
       

TOTAL INVESTMENTS (Cost $321,717,683) — 100.2%

    308,263,735  
       

Liabilities in Excess of Other Assets — (0.2)%

    (477,286 )
       

NET ASSETS — 100.0%

  $ 307,786,449  

 

Percentages are stated as a percent of net assets.

(a)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. See Note 7 in the Notes to Financial Statements.

(b)

Zero coupon bond; effective yield is shown.

 

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.

 

40

 

 

AAM Transformers ETF

 

Schedule of Investments
October 31, 2023

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.9%

       
       

Communication Services — 7.6%

       
    2,117  

Alphabet, Inc. - Class A (a)

  $ 262,677  
    5,646  

Bilibili, Inc. - ADR (a)

    75,826  
    4,244  

Bumble, Inc. - Class A (a)

    57,039  
    5,773  

Kanzhun, Ltd. - ADR (a)

    85,440  
    974  

Meta Platforms, Inc. - Class A (a)

    293,438  
    2,590  

Pinterest, Inc. - Class A (a)

    77,389  
    2,517  

ROBLOX Corporation - Class A (a)

    80,066  
    2,270  

Sea, Ltd. - ADR (a)

    94,659  
    1,351  

Take-Two Interactive Software, Inc. (a)

    180,696  
    5,570  

Tencent Holdings, Ltd. - ADR

    206,146  
    4,712  

TripAdvisor, Inc. (a)

    69,549  
    3,950  

ZoomInfo Technologies, Inc. (a)

    51,192  
              1,534,117  
       

Consumer Discretionary — 15.4%

       
    1,462  

Airbnb, Inc. - Class A (a)

    172,940  
    3,366  

Amadeus IT Group SA - ADR

    191,727  
    2,089  

Amazon.com, Inc. (a)

    278,025  
    93  

Booking Holdings, Inc. (a)

    259,429  
    3,653  

BYD Company, Ltd. - ADR

    222,541  
    10,131  

Coupang, Inc. (a)

    172,227  
    2,284  

DoorDash, Inc. - Class A (a)

    171,186  
    2,155  

Global-e Online, Ltd. (a)

    75,662  
    5,539  

Li Auto, Inc. - ADR (a)

    187,274  
    11,329  

Lucid Group, Inc. (a)

    46,675  
    12,362  

Luminar Technologies, Inc. (a)

    39,188  
    168  

MercadoLibre, Inc. (a)

    208,444  
    3,298  

MINISO Group Holding, Ltd. - ADR

    83,472  
    2,406  

Mobileye Global, Inc. - Class A (a)

    85,822  
    8,320  

NIO, Inc. - ADR (a)

    60,736  
    924  

Ollie’s Bargain Outlet Holdings, Inc. (a)

    71,370  
    2,331  

Pinduoduo, Inc. - ADR (a)

    236,410  
    25,662  

Polestar Automotive Holding UK plc - ADR - Class A (a)

    51,581  
    8,458  

Rivian Automotive, Inc. - Class A (a)

    137,189  
    1,118  

Tesla, Inc. (a)

    224,539  

 

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

 

41

 

 

AAM Transformers ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.9% (Continued)

       

Consumer Discretionary — 15.4% (Continued)

    2,173  

Trip.com Group, Ltd. - ADR (a)

  $ 73,882  
    4,803  

XPeng, Inc. - ADR (a)

    69,547  
              3,119,866  
       

Financials — 5.0%

       
    6,926  

AvidXchange Holdings, Inc. (a)

    59,841  
    3,334  

Block, Inc. (a)

    134,194  
    707  

FleetCor Technologies, Inc. (a)

    159,195  
    2,058  

Flywire Corporation (a)

    55,340  
    9,515  

Pagseguro Digital, Ltd. - Class A (a)

    67,176  
    11,505  

Payoneer Global, Inc. (a)

    66,614  
    2,830  

Remitly Global, Inc. - Class A (a)

    76,212  
    6,970  

StoneCo, Ltd. - Class A (a)

    69,107  
    3,211  

Toast, Inc. - Class A (a)

    51,344  
    1,174  

Visa, Inc. - Class A

    276,006  
              1,015,029  
       

Industrials — 17.1%

       
    6,085  

ABB, Ltd. - ADR

    203,908  
    734  

AeroVironment, Inc. (a)

    84,160  
    6,292  

Airbus SE - ADR

    210,027  
    1,206  

AMETEK, Inc.

    169,769  
    334  

Axon Enterprise, Inc. (a)

    68,300  
    4,748  

Bloom Energy Corporation - Class A (a)

    49,379  
    1,287  

Boeing Company (a)

    240,436  
    9,938  

ChargePoint Holdings, Inc. (a)

    25,243  
    394  

Chart Industries, Inc. (a)

    45,795  
    835  

Eaton Corporation plc

    173,605  
    5,464  

Embraer SA - ADR (a)

    76,168  
    677  

EnerSys

    57,938  
    2,700  

Fluence Energy, Inc. (a)

    46,764  
    12,755  

Full Truck Alliance Company, Ltd. - ADR - Class A (a)

    83,800  
    22,666  

Grab Holdings, Ltd. - Class A (a)

    69,585  
    1,140  

HEICO Corporation

    180,587  
    970  

Hexcel Corporation

    60,062  
    3,885  

Howmet Aerospace, Inc.

    171,329  

 

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

 

42

 

 

AAM Transformers ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.9% (Continued)

       

Industrials — 17.1% (Continued)

    8,408  

Plug Power, Inc. (a)

  $ 49,523  
    11,286  

Rocket Lab USA, Inc. (a)

    47,740  
    616  

Rockwell Automation, Inc.

    161,891  
    30,739  

Rolls-Royce Holdings plc - ADR (a)

    79,614  
    5,741  

Safran SA - ADR

    223,612  
    6,720  

Schneider Electric SE - ADR

    205,834  
    1,892  

Sensata Technologies Holding plc

    60,317  
    4,552  

Sunrun, Inc. (a)

    43,927  
    4,601  

Symbotic, Inc. (a)

    156,572  
    4,070  

Uber Technologies, Inc. (a)

    176,150  
    550  

Woodward, Inc.

    68,585  
    1,856  

Xylem, Inc.

    173,610  
              3,464,230  
       

Information Technology — 52.5% (b)

       
    516  

Adobe, Inc. (a)

    274,542  
    2,727  

Advanced Micro Devices, Inc. (a)

    268,609  
    1,861  

Allegro MicroSystems, Inc. (a)

    48,312  
    1,146  

Ambarella, Inc. (a)

    51,559  
    2,547  

Amkor Technology, Inc.

    53,130  
    604  

ANSYS, Inc. (a)

    168,069  
    371  

Appfolio, Inc. - Class A (a)

    69,588  
    1,535  

Apple, Inc.

    262,132  
    985  

Arista Networks, Inc. (a)

    197,364  
    3,314  

Asana, Inc. - Class A (a)

    61,210  
    349  

ASML Holding NV

    208,985  
    1,130  

Atlassian Corporation - Class A (a)

    204,123  
    866  

Autodesk, Inc. (a)

    171,148  
    372  

Axcelis Technologies, Inc. (a)

    47,430  
    617  

Bill.com Holdings, Inc. (a)

    56,326  
    1,539  

Braze, Inc. - Class A (a)

    65,531  
    313  

Broadcom, Inc.

    263,349  
    800  

Cadence Design Systems, Inc. (a)

    191,880  
    1,531  

Calix, Inc. (a)

    50,707  
    1,416  

Camtek, Ltd. (a)

    74,482  

 

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

 

43

 

 

AAM Transformers ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.9% (Continued)

       

Information Technology — 52.5% (b) (Continued)

    10,203  

Chindata Group Holdings, Ltd. - ADR (a)

  $ 90,603  
    1,426  

Ciena Corporation (a)

    60,177  
    3,274  

Clear Secure, Inc.

    55,069  
    3,924  

Clearwater Analytics Holdings, Inc. (a)

    70,946  
    2,955  

Cloudflare, Inc. - Class A (a)

    167,519  
    2,151  

Confluent, Inc. - Class A (a)

    62,185  
    4,324  

Credo Technology Group Holding, Ltd. (a)

    61,487  
    1,180  

Crowdstrike Holdings, Inc. - Class A (a)

    208,589  
    515  

CyberArk Software, Ltd. (a)

    84,275  
    1,992  

Datadog, Inc. - Class A (a)

    162,288  
    2,632  

DigitalOcean Holdings, Inc. (a)

    53,851  
    2,106  

DoubleVerify Holdings, Inc. (a)

    58,610  
    1,477  

Dynatrace, Inc. (a)

    66,037  
    1,150  

Elastic NV (a)

    86,296  
    4,021  

EngageSmart, Inc. (a)

    91,076  
    564  

Enphase Energy, Inc. (a)

    44,883  
    703  

Entegris, Inc.

    61,892  
    2,594  

Extreme Networks, Inc. (a)

    53,488  
    213  

Fair Isaac Corporation (a)

    180,170  
    2,994  

Fastly, Inc. (a)

    43,922  
    377  

First Solar, Inc. (a)

    53,704  
    985  

Five9, Inc. (a)

    57,002  
    3,194  

Fortinet, Inc. (a)

    182,601  
    3,256  

Freshworks, Inc. - Class A (a)

    58,413  
    1,504  

Gitlab, Inc. - Class A (a)

    65,093  
    418  

Globant SA (a)

    71,181  
    2,441  

HashiCorp, Inc. - Class A (a)

    48,063  
    352  

HubSpot, Inc. (a)

    149,167  
    6,430  

Infineon Technologies AG - ADR

    187,627  
    1,945  

Intapp, Inc. (a)

    66,519  
    533  

Intuit, Inc.

    263,808  
    1,042  

Itron, Inc. (a)

    59,686  
    2,978  

JFrog, Ltd. (a)

    66,975  
    5,233  

Lightspeed Commerce, Inc. (a)

    65,203  
    3,300  

Marvell Technology, Inc.

    155,826  

 

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

 

44

 

 

AAM Transformers ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.9% (Continued)

       

Information Technology — 52.5% (b) (Continued)

    881  

Microsoft Corporation

  $ 297,874  
    710  

MKS Instruments, Inc.

    46,619  
    482  

Monday.com, Ltd. (a)

    62,655  
    505  

MongoDB, Inc. (a)

    174,018  
    370  

Monolithic Power Systems, Inc.

    163,444  
    836  

New Relic, Inc. (a)

    72,456  
    664  

Nova, Ltd. (a)

    63,060  
    584  

NVIDIA Corporation

    238,155  
    854  

Okta, Inc. (a)

    57,568  
    1,952  

ON Semiconductor Corporation (a)

    122,273  
    791  

Palo Alto Networks, Inc. (a)

    192,229  
    1,054  

Procore Technologies, Inc. (a)

    64,389  
    664  

Qorvo, Inc. (a)

    58,047  
    1,260  

Rambus, Inc. (a)

    68,456  
    1,303  

Salesforce, Inc. (a)

    261,681  
    2,602  

Samsara, Inc. - Class A (a)

    60,028  
    1,005  

Seagate Technology Holdings plc

    68,591  
    4,282  

SentinelOne, Inc. - Class A (a)

    66,928  
    489  

ServiceNow, Inc. (a)

    284,524  
    3,469  

Shopify, Inc. - Class A (a)

    163,702  
    1,705  

Smartsheet, Inc. - Class A (a)

    67,416  
    1,225  

Snowflake, Inc. - Class A (a)

    177,784  
    524  

SolarEdge Technologies, Inc. (a)

    39,798  
    1,586  

Splunk, Inc. (a)

    233,396  
    1,331  

Sprout Social, Inc. - Class A (a)

    57,606  
    382  

SPS Commerce, Inc. (a)

    61,250  
    419  

Synopsys, Inc. (a)

    196,695  
    2,465  

Taiwan Semiconductor Manufacturing Company, Ltd. - ADR

    212,755  
    1,569  

Tenable Holdings, Inc. (a)

    66,071  
    661  

Teradyne, Inc.

    55,041  
    4,504  

UiPath, Inc. - Class A (a)

    69,947  
    1,921  

Unity Software, Inc. (a)

    48,736  
    439  

Universal Display Corporation

    61,100  
    2,566  

Viasat, Inc. (a)

    47,317  
    1,581  

Western Digital Corporation (a)

    63,477  

 

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

 

45

 

 

AAM Transformers ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.9% (Continued)

       

Information Technology — 52.5% (b) (Continued)

    1,490  

Wolfspeed, Inc. (a)

  $ 50,422  
    787  

Workday, Inc. - Class A (a)

    166,616  
    637  

Workiva, Inc. (a)

    55,476  
    1,233  

Zscaler, Inc. (a)

    195,665  
              10,615,972  
       

Materials — 0.8%

       
    967  

Albemarle Corporation

    122,596  
    3,317  

Livent Corporation (a)

    48,395  
              170,991  
       

Utilities — 1.5%

       
    3,971  

AES Corporation

    59,168  
    3,806  

Atlantica Sustainable Infrastructure plc

    68,927  
    1,428  

NextEra Energy Partners LP

    38,656  
    937  

Ormat Technologies, Inc.

    57,663  
    14,009  

ReNew Energy Global plc - Class A (a)

    75,648  
              300,062  
       

TOTAL COMMON STOCKS (Cost $21,193,938)

    20,220,267  
                 
       

SHORT-TERM INVESTMENTS — 0.1%

       
    18,029  

Invesco Government & Agency Portfolio - Institutional Class, 5.27% (c)

    18,029  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $18,029)

    18,029  
       

TOTAL INVESTMENTS (Cost $21,211,967) — 100.0%

    20,238,296  
       

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

    (7,696 )
       

NET ASSETS — 100.0%

  $ 20,230,600  

 

Percentages are stated as a percent of net assets.

ADR

American Depositary Receipt.

(a)

Non-income producing security.

(b)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. See Note 7 in the Notes to Financial Statements.

(c)

Rate shown is the annualized seven-day yield as of October 31, 2023.

(d)

Represents less than 0.05% of net assets.

 

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

 

46

 

 

AAM Transformers ETF

 

Schedule of Investments
October 31, 2023 (Continued)

 

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.

 

47

 

 

AAM ETFs

 

Statements of Assets and Liabilities
October 31, 2023

 

   

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 unaffiliated securities, at value*

  $ 60,882,884     $ 6,927,578     $ 1,791,578  

Investments in affiliated securities, at value*

                 

Foreign currency, at value*

          43,798        

Dividends and interest receivable

    112,017       52,804       8,250  

Reclaims receivable