ETF Series Solutions
07/08/2024 | Press release | Distributed by Public on 07/08/2024 11:58
Semi Annual Report by Investment Company Form N CSRS
As filed with the U.S. Securities and Exchange Commission on July 8, 2024
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22668
ETF Series Solutions
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Kristina R. Nelson
ETF Series Solutions
615 East Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)
414-516-1645
Registrant's telephone number, including area code
Date of fiscal year end: October 31
Date of reporting period: April 30, 2024
Item 1. Reports to Stockholders.
| (a) |
Semi-Annual Report
April 30, 2024
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 Transformers ETF
Ticker: TRFM
AAM ETFs
TABLE OF CONTENTS
|
Page |
|
|
Management Discussion of Fund Performance |
1 |
|
Portfolio Allocations |
6 |
|
Schedules of Investments |
9 |
|
Statements of Assets and Liabilities |
38 |
|
Statements of Operations |
40 |
|
Statements of Changes in Net Assets |
42 |
|
Financial Highlights |
47 |
|
Notes to Financial Statements |
55 |
|
Expense Example |
69 |
|
Review of Liquidity Risk Management Program |
72 |
|
Federal Tax Information |
73 |
|
Federal Tax Credit Pass Through |
74 |
|
Information About Portfolio Holdings |
74 |
|
Information About Proxy Voting |
75 |
|
Frequency Distribution of Premiums and Discounts |
75 |
|
Information About the Funds' Trustees |
75 |
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, while maintaining balanced sector exposures. As a result, SPDV generated a total return of 16.87% (NAV) and 17.17% (Market Price), while the underlying index for SPDV generated a total return of 17.13% between November 1, 2023, and April 30th, 2024 ("current fiscal period"). Over the same current fiscal period, the benchmark index, the S&P 500® index, achieved a total return of 20.98%.
Top performing sectors attributable to SPDV's return during the current fiscal period were Financials, Consumer Discretionary, and Real Estate. The worst performing sectors were Health Care, Utilities, and Consumer Staples.
Individual stocks attributable to SPDV's return over the same fiscal period were KeyCorp (+93 bps), Bath & Body Works (+92 bps), and Citizens Financial Group (+84 bps). Stocks dragging down SPDV's return were Gilead Sciences Inc (-30 bps), CVS Health Corp (-28 bps), and Skyworks Solutions Inc (-22 bps).
The AAM S&P Emerging Markets High Dividend Value ETF
The AAM S&P Emerging Markets High Dividend Value ETF ("EEMD" or the "Fund") seeks to track the total return performance, before fees and expenses, of its underlying index, the S&P Emerging Markets Dividend and Free Cash Flow Yield Index (the "Index"). Through the Index, EEMD, is passively managed using a rules-based, equal-weighted strategy that is designed to provide exposure to constituents of the S&P Emerging Plus LargeMidCap® Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining a diversified sector exposure.
Through its value-rooted focus, EEMD's portfolio of quality companies provided strong participation in market gains, without overextending on valuations. Accordingly, EEMD generated a total return of 11.14% (NAV) and 11.21% (Market Price) between November 1, 2023, and April 30, 2024 ("current fiscal period"). This compares to the 12.12% for the underlying Index, and a 15.98% 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 Industrials, Information Technology, and Financials. The worst performing sectors included and Materials, Real Estate, and Health Care.
Individual stocks attributable to EEMD's return over the same fiscal period were Inner Mongolia Yitia Coal (+108 bps), Evergreen Marine Corp Ltd (+98 bps), and Chicony Electronics Co Ltd (+94 bps). Stocks dragging down EEMD's return were Abou Kir Fertilizer & Chemicals (-118 bps), Thungela Resources Ltd (-60 bps), and Greentown China Holdings (-43 bps).
The AAM S&P Developed Markets High Dividend Value ETF
The AAM S&P Developed Markets High Dividend Value ETF ("DMDV" or the "Fund") seeks to track the total return performance, before fees and expenses, of its underlying index, the S&P Developed Markets ex-US Dividend and Free Cash Flow Yield Index (the "Index"). Through the Index, DMDV, is passively managed using a rules-based, equal-weighted strategy that is designed to provide exposure to constituents of the S&P Developed BMI Ex-US & Korea LargeMidCap® Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining a diversified sector exposure.
Benefiting from its equal weight approach, DMDV's sector diversity allowed it to capitalize on broad market gains. As a result, DMDV generated a total return of 16.77% (NAV) and 15.35% (Market Price) between November 1, 2023, and April 30th, 2024 (the "current fiscal period"). This compares to the 17.25% for the underlying Index, and an 18.75% 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 Information Technology, Consumer Discretionary, and Financials. The worst performing sectors included Energy, Materials, and Utilities.
Individual stocks attributable to DMDV's return over the same fiscal period were Screen Holdings Co Ltd (+185 bps), JB Hi-Fi LTD (+69 bps), and Tele2 AB-B Shs (+60 bps). Stocks dragging down DMDV's return were Woodside Energy Group (-35 bps), Yara International Asa (-29 bps), and Trend Micro Inc (-24 bps).
The AAM Low Duration Preferred and Income Securities ETF
The AAM Low Duration Preferred and Income Securities ETF ("PFLD" or the "Fund") seeks to track the total return performance, before fees and expenses, of the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index (the "Index"). Through the Index, PFLD, is passively managed using a rules-based, strategy that is designed to provide exposure to exchange-listed, U.S. dollar-denominated
2
AAM ETFs
Management Discussion of Fund Performance
(Unaudited) (Continued)
preferred securities and hybrid securities listed on the New York Stock Exchange ("NYSE") or NASDAQ Capital Market ("NASDAQ") with an option-adjusted duration of less than five years.
By focusing on low duration preferred securities, PFLD was more protected from the impact of rising interest rates on bond prices. PFLD generated a total return of 8.04% (NAV) and 8.29% (Market Price), while the underlying index for PFLD generated a total return of 8.21% between November 1, 2023, and April 30th, 2024 ("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 12.60%.
Top performing industries attributable to PFLD's return during the current fiscal period were Banking, Insurance, Utility. The worst performing industries included Real Estate, Telecommunications, and Retail.
Individual securities attributable to PFLD's return over the same fiscal period were QRTEA 8 03/15/31 (+67 bps), KEY 6.2 Perp (+32 bps), and KEY 6 1/8 Perp (+23 bps). Securities dragging down PFLD's return were NYCB 6 3/8 Perp (-11 bps), BHF 6.6 Perp (-6 bps), and FOSL 7 11/30/26 (-6 bps).
The AAM Transformers ETF
The AAM Transformers ETF seeks to track the total return performance, before fees and expenses, of its underlying index, the Pence Transformers Index (the "Index"). The Pence Transformers Index follows a rules-based methodology that aims to target companies whose products and services show compelling potential to transform consumer behavior, technological innovation, and the global economy.
The Pence Transformers Index mainly focuses on companies with over $2 billion market cap which are estimated to grow their toplines at a double-digit rate and have a minimum of 3.0% projected R&D and/or Capex spending to net sales. 75% of the index is in US-based companies, while 25% is in internationals. These two geographies are split into multiple segments based on market cap and each segment is equally weighted. In terms of sector exposure, about 50% of the index is in Information Technology. As a result, TRFM can be highly sensitive to market volatility in both bull and bear markets.
Between November 1, 2023, and April 30, 2024, TRFM generated a total return of 26.05% (NAV) and 26.20% (Market Price), while the Index generated a total return of 26.46%, the benchmark index, the S&P 500® Index (SPXT Index) generated a total return of 20.98% and the Nasdaq Composite Index (CCMP Index) generated a total return of 22.36%, according to Bloomberg.
3
AAM ETFs
Management Discussion of Fund Performance
(Unaudited) (Continued)
Top performing sectors attributable to TRFM's return were Information Technology, Industrials, and Consumer Discretionary. The worst performing sectors were Financials, Utilities, and Materials.
Individual securities attributable to TRFM's return over the same fiscal period were NVIDIA Corp (+108 bps), Advanced Micro Devices Inc (+67 bps), and Crowdstrike Holdings Inc (+63 bps). Securities dragging down TRFM's return were Intel Corp (-35 bps), Plug Power Inc (-24 bps), and MobileEye Global Inc (-21 bps).
The top contributing countries were United States (18.83%), followed by France (0.94%) and United Kingdom (0.87%). The bottom contributing countries were China (-0.10%) and South Korea (-0.01%).
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.
Because of the innovative nature of the underlying companies in the portfolio, there tends to be more frequent merger and acquisition activities. Over the period, 6 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, 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.
4
AAM ETFs
Management Discussion of Fund Performance
(Unaudited) (Continued)
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.
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").
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 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, 2024 (Unaudited)
AAM S&P 500 High Dividend Value ETF
|
Sector |
Percentage of |
|
Energy |
10.3% |
|
Consumer Discretionary |
10.2 |
|
Consumer Staples |
9.8 |
|
Materials |
9.5 |
|
Industrials |
9.4 |
|
Financials |
9.2 |
|
Information Technology |
9.0 |
|
Communication Services |
8.9 |
|
Real Estate |
8.8 |
|
Health Care |
8.5 |
|
Utilities |
6.1 |
|
Short-Term Investments |
0.4 |
|
Liabilities in Excess of Other Assets |
(0.1) |
|
Total |
100.0% |
AAM S&P Emerging Markets High Dividend Value ETF
|
Sector |
Percentage of |
|
Financials |
10.3% |
|
Industrials |
10.0 |
|
Consumer Discretionary |
9.3 |
|
Consumer Staples |
9.1 |
|
Real Estate |
9.0 |
|
Information Technology |
8.9 |
|
Communication Services |
8.8 |
|
Utilities |
8.7 |
|
Energy |
8.7 |
|
Health Care |
8.4 |
|
Materials |
7.9 |
|
Other Assets in Excess of Liabilities |
0.5 |
|
Short-Term Investments |
0.4 |
|
Total |
100.0% |
6
AAM ETFs
Portfolio Allocations
As of April 30, 2024 (Unaudited) (Continued)
AAM S&P Developed Markets High Dividend Value ETF
|
Sector |
Percentage of |
|
Consumer Discretionary |
9.7% |
|
Financials |
9.5 |
|
Communication Services |
9.1 |
|
Energy |
9.1 |
|
Materials |
9.1 |
|
Consumer Staples |
9.0 |
|
Real Estate |
9.0 |
|
Information Technology |
8.9 |
|
Health Care |
8.8 |
|
Utilities |
8.7 |
|
Industrials |
8.0 |
|
Other Assets in Excess of Liabilities |
0.7 |
|
Short-Term Investments |
0.4 |
|
Total |
100.0% |
AAM Low Duration Preferred and Income Securities ETF
|
Sector |
Percentage of |
|
Financials (a) |
72.8% |
|
Utilities |
9.2 |
|
Consumer Discretionary |
5.2 |
|
Energy |
4.4 |
|
Industrials |
3.3 |
|
Consumer Staples |
2.6 |
|
Communication Services |
1.4 |
|
Short-Term Investments |
1.2 |
|
Real Estate |
1.0 |
|
Information Technology |
0.2 |
|
Health Care (b) |
0.0 |
|
Liabilities in Excess of Other Assets |
(1.3) |
|
Total |
100.0% |
7
AAM ETFs
Portfolio Allocations
As of April 30, 2024 (Unaudited) (Continued)
AAM Transformers ETF
|
Sector |
Percentage of |
|
Information Technology (a) |
55.4% |
|
Industrials |
18.7 |
|
Consumer Discretionary |
10.9 |
|
Communication Services |
7.7 |
|
Financials |
5.0 |
|
Utilities |
1.7 |
|
Materials |
0.5 |
|
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. Bank Global Fund Services, LLC.
8
AAM S&P 500 High Dividend Value ETF
Schedule of Investments
April 30, 2024 (Unaudited)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 99.7% |
||||||||
|
Communication Services - 8.9% |
||||||||
|
AT&T, Inc. |
65,456 | $ | 1,105,552 | |||||
|
Comcast Corporation - Class A |
25,000 | 952,750 | ||||||
|
Interpublic Group of Companies, Inc. |
33,971 | 1,034,077 | ||||||
|
Omnicom Group, Inc. |
12,281 | 1,140,168 | ||||||
|
Verizon Communications, Inc. |
26,526 | 1,047,512 | ||||||
| 5,280,059 | ||||||||
|
Consumer Discretionary - 10.2% |
||||||||
|
Bath & Body Works, Inc. |
26,538 | 1,205,356 | ||||||
|
Best Buy Company, Inc. |
14,930 | 1,099,445 | ||||||
|
eBay, Inc. |
26,239 | 1,352,358 | ||||||
|
Ford Motor Company |
98,968 | 1,202,461 | ||||||
|
Tapestry, Inc. |
29,083 | 1,160,994 | ||||||
| 6,020,614 | ||||||||
|
Consumer Staples - 9.8% |
||||||||
|
Altria Group, Inc. |
27,419 | 1,201,226 | ||||||
|
Conagra Brands, Inc. |
37,230 | 1,145,940 | ||||||
|
Kimberly-Clark Corporation |
9,275 | 1,266,316 | ||||||
|
Kraft Heinz Company |
29,736 | 1,148,107 | ||||||
|
Molson Coors Beverage Company - Class B |
17,916 | 1,025,870 | ||||||
| 5,787,459 | ||||||||
|
Energy - 10.3% |
||||||||
|
Coterra Energy, Inc. |
43,762 | 1,197,328 | ||||||
|
Kinder Morgan, Inc. |
64,827 | 1,185,038 | ||||||
|
ONEOK, Inc. |
15,899 | 1,257,929 | ||||||
|
Phillips 66 |
8,192 | 1,173,176 | ||||||
|
Valero Energy Corporation |
8,389 | 1,341,149 | ||||||
| 6,154,620 | ||||||||
|
Financials - 9.2% |
||||||||
|
Citizens Financial Group, Inc. |
32,511 | 1,108,950 | ||||||
|
Huntington Bancshares, Inc. |
83,445 | 1,124,004 | ||||||
|
KeyCorp |
75,800 | 1,098,342 | ||||||
|
Truist Financial Corporation |
29,160 | 1,094,958 | ||||||
|
US Bancorp |
25,775 | 1,047,239 | ||||||
| 5,473,493 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 99.7% (Continued) |
||||||||
|
Health Care - 8.5% |
||||||||
|
AbbVie, Inc. |
6,649 | $ | 1,081,393 | |||||
|
Bristol-Myers Squibb Company |
21,794 | 957,628 | ||||||
|
CVS Health Corporation |
14,760 | 999,400 | ||||||
|
Gilead Sciences, Inc. |
13,767 | 897,608 | ||||||
|
Viatris, Inc. |
93,157 | 1,077,827 | ||||||
| 5,013,856 | ||||||||
|
Industrials - 9.4% |
||||||||
|
3M Company |
13,884 | 1,339,945 | ||||||
|
CH Robinson Worldwide, Inc. |
12,795 | 908,445 | ||||||
|
Cummins, Inc. |
4,631 | 1,308,211 | ||||||
|
Robert Half, Inc. |
13,502 | 933,528 | ||||||
|
Stanley Black & Decker, Inc. |
11,788 | 1,077,423 | ||||||
| 5,567,552 | ||||||||
|
Information Technology - 9.0% |
||||||||
|
Cisco Systems, Inc. |
21,339 | 1,002,506 | ||||||
|
Hewlett Packard Enterprise Company |
69,475 | 1,181,075 | ||||||
|
HP, Inc. |
37,040 | 1,040,453 | ||||||
|
International Business Machines Corporation |
6,278 | 1,043,404 | ||||||
|
Skyworks Solutions, Inc. |
10,156 | 1,082,528 | ||||||
| 5,349,966 | ||||||||
|
Materials - 9.5% |
||||||||
|
Amcor plc |
117,606 | 1,051,398 | ||||||
|
CF Industries Holdings, Inc. |
14,264 | 1,126,428 | ||||||
|
Dow, Inc. |
20,624 | 1,173,506 | ||||||
|
International Paper Company |
30,264 | 1,057,424 | ||||||
|
LyondellBasell Industries NV - Class A |
11,720 | 1,171,648 | ||||||
| 5,580,404 | ||||||||
|
Real Estate - 8.8% |
||||||||
|
Boston Properties, Inc. |
15,537 | 961,585 | ||||||
|
Healthpeak Properties, Inc. |
57,236 | 1,065,162 | ||||||
|
Host Hotels & Resorts, Inc. |
56,266 | 1,061,740 | ||||||
|
Kimco Realty Corporation |
54,178 | 1,009,336 | ||||||
|
Simon Property Group, Inc. |
7,738 | 1,087,421 | ||||||
| 5,185,244 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 99.7% (Continued) |
||||||||
|
Utilities - 6.1% |
||||||||
|
Atmos Energy Corporation |
9,875 | $ | 1,164,262 | |||||
|
Public Service Enterprise Group, Inc. |
19,159 | 1,323,504 | ||||||
|
WEC Energy Group, Inc. |
13,849 | 1,144,481 | ||||||
| 3,632,247 | ||||||||
|
TOTAL COMMON STOCKS (Cost $59,479,717) |
59,045,514 | |||||||
|
SHORT-TERM INVESTMENTS - 0.4% |
||||||||
|
Money Market Funds - 0.4% |
||||||||
|
Invesco Government & Agency Portfolio - Institutional Class, 4.68%(a) |
214,206 | 214,206 | ||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $214,206) |
214,206 | |||||||
|
TOTAL INVESTMENTS - 100.1% (Cost $59,693,923) |
59,259,720 | |||||||
|
Liabilities in Excess of Other Assets - (0.1)% |
(57,915 | ) | ||||||
|
TOTAL NET ASSETS - 100.0% |
$ | 59,201,805 |
|
Percentages are stated as a percent of net assets. |
|
|
The Global Industry Classification Standard (GICS®) was developed by and/or is the 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 U.S. Bank Global Fund Services. |
|
|
NV - Naamloze Vennootschap |
|
|
(a) |
The rate shown represents the 7-day effective yield as of April 30, 2024. |
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, 2024 (Unaudited)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 95.4% |
||||||||
|
Brazil - 7.6% |
||||||||
|
CPFL Energia SA |
18,811 | $ | 116,392 | |||||
|
CSN Mineracao SA |
100,850 | 96,120 | ||||||
|
Hypera SA |
21,044 | 120,139 | ||||||
|
Telefonica Brasil SA |
13,388 | 123,287 | ||||||
|
TIM SA |
38,985 | 132,981 | ||||||
| 588,919 | ||||||||
|
Chile - 3.6% |
||||||||
|
Cencosud SA |
77,159 | 132,763 | ||||||
|
Cia Sud Americana de Vapores SA |
1,850,076 | 144,933 | ||||||
| 277,696 | ||||||||
|
China - 20.8% |
||||||||
|
China CITIC Bank Corporation, Ltd. - H Shares |
284,000 | 167,033 | ||||||
|
China Construction Bank Corporation - H Shares |
236,000 | 153,890 | ||||||
|
China Everbright Bank Company, Ltd. - H Shares |
473,000 | 143,935 | ||||||
|
China Tower Corporation, Ltd. - H Shares (a) |
1,418,000 | 166,798 | ||||||
|
Chongqing Changan Automobile Company, Ltd. - Class B |
262,700 | 129,986 | ||||||
|
Chongqing Rural Commercial Bank Company, Ltd. - H Shares |
363,000 | 155,945 | ||||||
|
COSCO SHIPPING Holdings Company, Ltd. - H Shares |
131,000 | 170,173 | ||||||
|
Dongfeng Motor Group Company, Ltd. - H Shares |
346,000 | 126,080 | ||||||
|
Sinopharm Group Company, Ltd. - H Shares |
56,400 | 143,070 | ||||||
|
Tianqi Lithium Corporation - H Shares |
28,000 | 108,833 | ||||||
|
Yankuang Energy Group Company, Ltd. - H Shares |
68,000 | 148,151 | ||||||
| 1,613,894 | ||||||||
|
Czech Republic - 1.7% |
||||||||
|
CEZ AS |
3,573 | 132,024 | ||||||
|
Egypt - 1.4% |
||||||||
|
Abou Kir Fertilizers & Chemical Industries |
83,950 | 109,126 | ||||||
|
Greece - 3.5% |
||||||||
|
Motor Oil Hellas Corinth Refineries SA |
4,882 | 141,778 | ||||||
|
OPAP SA |
7,742 | 129,222 | ||||||
| 271,000 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 95.4% (Continued) |
||||||||
|
Hong Kong - 4.1% |
||||||||
|
Orient Overseas International, Ltd. |
9,000 | $ | 131,527 | |||||
|
SITC International Holdings Company, Ltd. |
85,000 | 185,189 | ||||||
| 316,716 | ||||||||
|
Hungary - 1.7% |
||||||||
|
Richter Gedeon Nyrt |
5,118 | 130,764 | ||||||
|
Indonesia - 5.6% |
||||||||
|
Hanjaya Mandala Sampoerna Tbk PT |
2,444,800 | 128,555 | ||||||
|
Indofood Sukses Makmur Tbk PT |
335,500 | 128,959 | ||||||
|
Perusahaan Gas Negara Tbk PT |
1,923,300 | 173,878 | ||||||
| 431,392 | ||||||||
|
Kuwait - 1.6% |
||||||||
|
Mobile Telecommunications Company KSCP |
80,070 | 126,864 | ||||||
|
Luxembourg - 1.9% |
||||||||
|
Ternium SA - ADR |
3,523 | 148,318 | ||||||
|
Malaysia - 2.3% |
||||||||
|
United Plantations BHD |
33,200 | 175,304 | ||||||
|
Mexico - 1.5% |
||||||||
|
Fibra Uno Administracion SAB de CV |
79,556 | 114,489 | ||||||
|
Republic of Korea - 10.0% |
||||||||
|
GS Holdings Corporation |
4,470 | 145,216 | ||||||
|
Hana Financial Group, Inc. |
4,224 | 179,400 | ||||||
|
Kia Corporation |
2,095 | 178,865 | ||||||
|
KT&G Corporation |
2,144 | 138,683 | ||||||
|
LG Uplus Corporation |
18,733 | 133,507 | ||||||
| 775,671 | ||||||||
|
Russian Federation - 0.0%(b) |
||||||||
|
X5 Retail Group NV - GDR(c)(d) |
5,978 | 0 | ||||||
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, 2024 (Unaudited)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 95.4% (Continued) |
||||||||
|
South Africa - 5.2% |
||||||||
|
African Rainbow Minerals, Ltd. |
14,153 | $ | 147,454 | |||||
|
Exxaro Resources, Ltd. |
13,250 | 127,332 | ||||||
|
Growthpoint Properties, Ltd. |
226,212 | 131,387 | ||||||
| 406,173 | ||||||||
|
Taiwan - 10.9% |
||||||||
|
Catcher Technology Company, Ltd. |
22,000 | 147,288 | ||||||
|
Pou Chen Corporation |
139,000 | 154,316 | ||||||
|
Simplo Technology Company, Ltd. |
10,000 | 134,513 | ||||||
|
Synnex Technology International Corporation |
60,000 | 147,043 | ||||||
|
WPG Holdings, Ltd. |
48,000 | 130,164 | ||||||
|
WT Microelectronics Company, Ltd. |
28,000 | 128,985 | ||||||
| 842,309 | ||||||||
|
Thailand - 6.2% |
||||||||
|
Bangkok Chain Hospital PCL - NVDR |
214,500 | 116,337 | ||||||
|
Bangkok Dusit Medical Services PCL - NVDR |
177,100 | 138,583 | ||||||
|
Banpu PCL - NVDR |
761,100 | 113,980 | ||||||
|
Electricity Generating PCL - NVDR |
37,000 | 112,318 | ||||||
| 481,218 | ||||||||
|
Turkey - 1.7% |
||||||||
|
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(d) |
437,156 | 131,512 | ||||||
|
United Arab Emirates - 4.1% |
||||||||
|
Emaar Development PJSC |
73,953 | 168,326 | ||||||
|
Emaar Properties PJSC |
68,357 | 152,798 | ||||||
| 321,124 | ||||||||
|
TOTAL COMMON STOCKS (Cost $7,552,550) |
7,394,513 | |||||||
|
PREFERRED STOCKS - 3.7% |
||||||||
|
Brazil - 3.7% |
||||||||
|
Cia Energetica de Minas Gerais, 0.00%, |
76,034 | 142,442 | ||||||
|
Petroleo Brasileiro SA, 0.00%, |
17,907 | 144,829 | ||||||
| 287,271 | ||||||||
|
TOTAL PREFERRED STOCKS (Cost $193,777) |
287,271 | |||||||
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
SHORT-TERM INVESTMENTS - 0.4% |
||||||||
|
Money Market Funds - 0.4% |
||||||||
|
Invesco Government & Agency Portfolio - Institutional Class, 4.68%(e) |
32,795 | $ | 32,795 | |||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $32,795) |
32,795 | |||||||
|
TOTAL INVESTMENTS - 99.5% (Cost $7,779,122) |
7,714,579 | |||||||
|
Other Assets in Excess of Liabilities - 0.5% |
39,211 | |||||||
|
TOTAL NET ASSETS - 100.0% |
$ | 7,753,790 |
|
Percentages are stated as a percent of net assets. |
|
|
ADR - American Depositary Receipt |
|
|
GDR - Global Depositary Receipt |
|
|
NVDR - Non-Voting Depositary Receipt |
|
|
PJSC - Public Joint Stock Company |
|
|
SA - Sociedad Anónima |
|
|
SAB de CV - Sociedad Anónima Bursátil de Capital Variable |
|
|
(a) |
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2024, the value of these securities total $166,798 or 2.2% of the Fund's net assets. |
|
(b) |
Represents less than 0.05% of net assets. |
|
(c) |
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2024. |
|
(d) |
Non-income producing security. |
|
(e) |
The rate shown represents the 7-day effective yield as of April 30, 2024. |
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, 2024 (Unaudited)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 98.9% |
||||||||
|
Australia - 10.9% |
||||||||
|
Dexus(a) |
7,527 | $ | 34,800 | |||||
|
Harvey Norman Holdings, Ltd. |
12,483 | 37,206 | ||||||
|
JB Hi-Fi, Ltd. |
967 | 38,335 | ||||||
|
Pilbara Minerals, Ltd. |
16,018 | 42,229 | ||||||
|
Whitehaven Coal, Ltd. |
6,920 | 34,690 | ||||||
|
Woodside Energy Group, Ltd. |
1,796 | 32,923 | ||||||
| 220,183 | ||||||||
|
Austria - 2.1% |
||||||||
|
OMV AG |
868 | 41,468 | ||||||
|
Denmark - 1.5% |
||||||||
|
AP Moller - Maersk AS - Class A |
20 | 28,558 | ||||||
|
Svitzer AS(a) |
40 | 1,347 | ||||||
| 29,905 | ||||||||
|
Finland - 1.8% |
||||||||
|
Fortum Oyj |
2,673 | 35,384 | ||||||
|
France - 5.4% |
||||||||
|
Orange SA |
2,994 | 33,374 | ||||||
|
Sanofi SA |
364 | 36,228 | ||||||
|
Societe Generale SA |
1,418 | 38,496 | ||||||
| 108,098 | ||||||||
|
Germany - 7.9% |
||||||||
|
Bayerische Motoren Werke AG |
360 | 39,436 | ||||||
|
Fresenius Medical Care AG |
914 | 38,701 | ||||||
|
Fresenius SE & Company KGaA |
1,268 | 37,922 | ||||||
|
Mercedes-Benz Group AG |
554 | 42,022 | ||||||
| 158,081 | ||||||||
|
Hong Kong - 8.8% |
||||||||
|
Henderson Land Development Company, Ltd. |
13,000 | 39,559 | ||||||
|
HKT Trust & HKT, Ltd. |
30,000 | 33,217 | ||||||
|
Hongkong Land Holdings, Ltd. |
11,500 | 36,915 | ||||||
|
Jardine Matheson Holdings, Ltd. |
900 | 34,532 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 98.9% (Continued) |
||||||||
|
Hong Kong - 8.8% (Continued) |
||||||||
|
Sun Hung Kai Properties, Ltd. |
3,500 | $ | 32,556 | |||||
| 176,779 | ||||||||
|
Israel - 3.6% |
||||||||
|
Delek Group, Ltd. |
300 | 35,607 | ||||||
|
ICL Group, Ltd. |
7,975 | 37,648 | ||||||
| 73,255 | ||||||||
|
Italy - 3.4% |
||||||||
|
Enel SpA |
5,335 | 35,259 | ||||||
|
Snam SpA |
7,282 | 33,497 | ||||||
| 68,756 | ||||||||
|
Japan - 11.8% |
||||||||
|
Brother Industries, Ltd. |
2,100 | 37,392 | ||||||
|
Kawasaki Kisen Kaisha, Ltd. |
2,400 | 33,720 | ||||||
|
Mitsui OSK Lines, Ltd. |
1,000 | 31,710 | ||||||
|
Nippon Yusen KK |
1,100 | 31,218 | ||||||
|
SCREEN Holdings Company, Ltd. |
400 | 42,170 | ||||||
|
Takeda Pharmaceutical Company, Ltd. |
1,200 | 31,669 | ||||||
|
Trend Micro, Inc. |
600 | 29,778 | ||||||
| 237,657 | ||||||||
|
Netherlands - 5.9% |
||||||||
|
ABN AMRO Bank NV(b) |
2,468 | 39,821 | ||||||
|
Koninklijke Ahold Delhaize NV |
1,298 | 39,471 | ||||||
|
Stellantis NV |
1,716 | 38,312 | ||||||
| 117,604 | ||||||||
|
Norway - 1.6% |
||||||||
|
Yara International ASA |
1,113 | 31,910 | ||||||
|
Singapore - 3.7% |
||||||||
|
Hafnia, Ltd. |
4,887 | 37,157 | ||||||
|
Venture Corporation, Ltd. |
3,500 | 37,265 | ||||||
| 74,422 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 98.9% (Continued) |
||||||||
|
Spain - 5.5% |
||||||||
|
Endesa SA |
1,801 | $ | 32,930 | |||||
|
Redeia Corporation SA |
2,248 | 37,617 | ||||||
|
Telefonica SA |
8,804 | 39,594 | ||||||
| 110,141 | ||||||||
|
Sweden - 5.1% |
||||||||
|
SSAB AB - Class B |
5,199 | 29,510 | ||||||
|
Tele2 AB - Class B |
4,379 | 41,134 | ||||||
|
Telefonaktiebolaget LM Ericsson - Class B |
6,333 | 32,439 | ||||||
| 103,083 | ||||||||
|
Switzerland - 3.7% |
||||||||
|
Glencore plc |
6,905 | 40,438 | ||||||
|
Novartis AG |
339 | 32,915 | ||||||
| 73,353 | ||||||||
|
United Kingdom - 16.2% |
||||||||
|
Aviva plc - Class B(a) |
6,581 | 38,375 | ||||||
|
British American Tobacco plc |
1,244 | 36,621 | ||||||
|
HSBC Holdings plc |
4,761 | 41,469 | ||||||
|
Imperial Brands plc |
1,503 | 34,412 | ||||||
|
J Sainsbury plc |
10,155 | 33,493 | ||||||
|
Land Securities Group plc |
4,390 | 35,757 | ||||||
|
Legal & General Group plc |
11,323 | 33,460 | ||||||
|
Tesco plc |
9,603 | 35,628 | ||||||
|
Vodafone Group plc |
41,796 | 35,410 | ||||||
| 324,625 | ||||||||
|
TOTAL COMMON STOCKS (Cost $1,995,123) |
1,984,704 | |||||||
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
SHORT-TERM INVESTMENTS - 0.4% |
||||||||
|
Money Market Funds - 0.4% |
||||||||
|
Invesco Government & Agency Portfolio - Institutional Class, 4.68(c) |
7,561 | $ | 7,561 | |||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $7,561) |
7,561 | |||||||
|
TOTAL INVESTMENTS - 99.3% (Cost $2,002,684) |
1,992,265 | |||||||
|
Other Assets in Excess of Liabilities - 0.7% |
13,153 | |||||||
|
TOTAL NET ASSETS - 100.0% |
$ | 2,005,418 |
|
Percentages are stated as a percent of net assets. |
|
|
AG - Aktiengesellschaft |
|
|
ASA - Advanced Subscription Agreement |
|
|
NV - Naamloze Vennootschap |
|
|
PLC - Public Limited Company |
|
|
SA - Sociedad Anónima |
|
|
(a) |
Non-income producing security. |
|
(b) |
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2024, the value of these securities total $39,821 or 2.0% of the Fund's net assets. |
|
(c) |
The rate shown represents the 7-day effective yield as of April 30, 2024. |
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, 2024 (Unaudited)
|
Shares |
Value |
|||||||
|
PREFERRED STOCKS - 100.1% |
||||||||
|
Communication Services - 1.4% |
||||||||
|
AT&T, Inc., 5.63%, 08/01/2067 |
162,322 | $ | 3,869,756 | |||||
|
Chicken Soup For The Soul Entertainment, Inc., Series A, 9.75%, Perpetual |
26,514 | 33,673 | ||||||
| 3,903,429 | ||||||||
|
Consumer Discretionary - 5.2% |
||||||||
|
Brunswick Corporation |
||||||||
|
6.50%, 10/15/2048 |
36,399 | 887,408 | ||||||
|
6.63%, 01/15/2049 |
24,593 | 603,020 | ||||||
|
6.38%, 04/15/2049 |
45,252 | 1,103,244 | ||||||
|
Dillard's Capital Trust I, 7.50%, 08/01/2038 |
39,353 | 1,017,669 | ||||||
|
Ford Motor Company |
||||||||
|
6.20%, 06/01/2059 |
147,566 | 3,566,670 | ||||||
|
6.00%, 12/01/2059 |
157,403 | 3,777,672 | ||||||
|
Fossil Group, Inc., 7.00%, 11/30/2026 |
29,511 | 293,929 | ||||||
|
Qurate Retail, Inc., 8.00%, 03/15/2031 |
62,552 | 2,888,026 | ||||||
| 14,137,638 | ||||||||
|
Consumer Staples - 2.6% |
||||||||
|
CHS, Inc. |
||||||||
|
Series 2, 9.86% to 06/30/2024 then 3 mo. Term SOFR + 4.56%, Perpetual |
82,640 | 2,147,814 | ||||||
|
Series 3, 6.75% to 09/30/2024 then 3 mo. Term SOFR + 4.42%, Perpetual |
96,901 | 2,452,564 | ||||||
|
Series 4, 7.50%, Perpetual |
101,824 | 2,611,785 | ||||||
| 7,212,163 | ||||||||
|
Energy - 4.4% |
||||||||
|
Energy Transfer LP, Series E, 7.60% to 05/15/2024 then 3 mo. Term SOFR + 5.42%, Perpetual |
129,135 | 3,220,627 | ||||||
|
NGL Energy Partners LP, Series B, 12.80% (3 mo. Term SOFR + 7.47%), Perpetual |
61,909 | 1,516,771 | ||||||
|
NuStar Energy LP |
||||||||
|
Series A, 12.36% (3 mo. Term SOFR + 7.03%), Perpetual |
44,564 | 1,139,501 | ||||||
|
Series B, 11.23% (3 mo. Term SOFR + 5.90%), Perpetual |
75,748 | 1,932,331 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
PREFERRED STOCKS - 100.1% (Continued) |
||||||||
|
Energy - 4.4% (Continued) |
||||||||
|
Series C, 12.47% (3 mo. Term SOFR + 7.14%), Perpetual |
33,944 | $ | 867,269 | |||||
|
NuStar Logistics LP, 12.32% (3 mo. Term SOFR + 7.00%), 01/15/2043 |
79,196 | 2,008,411 | ||||||
|
Seapeak LLC |
||||||||
|
9.00%, Perpetual |
24,593 | 622,695 | ||||||
|
Series B, 8.50% to 10/15/2027 then 3 mo. Term SOFR + 6.50%, Perpetual |
33,449 | 854,622 | ||||||
| 12,162,227 | ||||||||
|
Financials - 72.8%(a) |
||||||||
|
ACRES Commercial Realty Corporation, Series C, 8.63% to 07/30/2024 then 3 mo. Term SOFR + 6.19%, Perpetual |
23,612 | 572,591 | ||||||
|
AGNC Investment Corporation |
||||||||
|
Series C, 10.70% (3 mo. Term SOFR + 5.37%), Perpetual |
63,941 | 1,631,135 | ||||||
|
Series D, 9.92% (3 mo. Term SOFR + 4.59%), Perpetual |
46,236 | 1,147,115 | ||||||
|
Series E, 6.50% to 10/15/2024 then 3 mo. Term SOFR + 5.26%, Perpetual |
79,196 | 1,934,758 | ||||||
|
Series F, 6.13% to 04/15/2025 then 3 mo. Term SOFR + 4.96%, Perpetual |
113,132 | 2,642,764 | ||||||
|
Series G, 7.75% to 10/15/2027 then 5 yr. CMT Rate + 4.39%, Perpetual |
29,511 | 681,114 | ||||||
|
Allstate Corporation, 8.76% (3 mo. Term SOFR + 3.43%), 01/15/2053 |
98,376 | 2,561,711 | ||||||
|
American Equity Investment Life Holding Company |
||||||||
|
Series A, 5.95% to 12/01/2024 then 5 yr. CMT Rate + 4.32%, Perpetual |
78,701 | 1,897,481 | ||||||
|
Series B, 6.63% to 09/01/2025 then 5 yr. CMT Rate + 6.30%, Perpetual |
59,027 | 1,450,293 | ||||||
|
Annaly Capital Management, Inc. |
||||||||
|
Series F, 10.56% (3 mo. Term SOFR + 5.25%), Perpetual |
141,663 | 3,582,657 | ||||||
|
Series G, 9.74% (3 mo. Term SOFR + 4.43%), Perpetual |
83,620 | 2,104,715 | ||||||
|
Series I, 6.75% to 09/30/2024 then 3 mo. Term SOFR + 5.25%, Perpetual |
87,064 | 2,184,436 | ||||||
|
Arbor Realty Trust, Inc., Series F, 6.25% to 10/12/2026 then 3 mo. Term SOFR + 5.44%, Perpetual |
55,790 | 1,063,915 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
PREFERRED STOCKS - 100.1% (Continued) |
||||||||
|
Financials - 72.8%(a) (Continued) |
||||||||
|
Argo Group International Holdings, Inc., 7.00% to 09/15/2025 then 5 yr. CMT Rate + 6.71%, Perpetual |
29,511 | $ | 717,117 | |||||
|
Aspen Insurance Holdings Ltd., 9.62% to 04/01/2024 then 3 mo. Term SOFR + 4.32%, Perpetual |
54,104 | 1,386,145 | ||||||
|
Associated Banc-Corp., 6.63% to 03/01/2028 then 5 yr. CMT Rate + 2.81%, 03/01/2033 |
59,027 | 1,322,205 | ||||||
|
Athene Holding, Ltd. |
||||||||
|
7.25% to 03/30/2029 then 5 yr. CMT Rate + 2.99%, 03/30/2064 |
113,132 | 2,818,118 | ||||||
|
Series A, 6.35% to 06/30/2029 then 3 mo. Term SOFR + 4.52%, Perpetual |
169,704 | 3,989,741 | ||||||
|
Series C, 6.38% to 09/30/2025 then 5 yr. CMT Rate + 5.97%, Perpetual |
118,055 | 2,954,917 | ||||||
|
Series E, 7.75% to 12/30/2027 then 5 yr. CMT Rate + 3.96%, Perpetual |
98,376 | 2,617,785 | ||||||
|
Atlanticus Holdings Corporation, 6.13%, 11/30/2026 |
29,156 | 644,056 | ||||||
|
B Riley Financial, Inc. |
||||||||
|
6.38%, 02/28/2025 |
28,814 | 693,265 | ||||||
|
5.50%, 03/31/2026 |
42,783 | 933,953 | ||||||
|
6.50%, 09/30/2026 |
35,522 | 741,699 | ||||||
|
5.00%, 12/31/2026 |
63,887 | 1,229,186 | ||||||
|
6.00%, 01/31/2028 |
52,346 | 985,675 | ||||||
|
5.25%, 08/31/2028 |
79,780 | 1,373,014 | ||||||
|
Banc of California, Inc., Series F, 7.75% to 09/01/2027 then 5 yr. CMT Rate + 4.82%, Perpetual |
100,983 | 2,295,344 | ||||||
|
Bank of America Corporation |
||||||||
|
Series 02, 6.25% (3 mo. Term SOFR + 0.91%), Perpetual |
36,114 | 768,867 | ||||||
|
Series 4, 6.35% (3 mo. Term SOFR + 1.01%), Perpetual |
25,401 | 566,442 | ||||||
|
Series 5, 6.08% (3 mo. Term SOFR + 0.76%), Perpetual |
50,456 | 1,092,877 | ||||||
|
Series E, 5.92% (3 mo. Term SOFR + 0.61%), Perpetual |
37,186 | 856,394 | ||||||
|
Series GG, 6.00%, Perpetual |
161,675 | 3,982,055 | ||||||
|
Series HH, 5.88%, Perpetual |
101,598 | 2,480,007 | ||||||
|
Series K, 6.45%, 12/15/2066 |
125,747 | 3,168,824 | ||||||
|
Charles Schwab Corporation, Series D, 5.95%, Perpetual |
147,566 | 3,674,393 | ||||||
|
Chimera Investment Corporation |
||||||||
|
Series B, 11.35% (3 mo. Term SOFR + 6.05%), Perpetual |
63,941 | 1,585,097 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
PREFERRED STOCKS - 100.1% (Continued) |
||||||||
|
Financials - 72.8%(a) (Continued) |
||||||||
|
Series C, 7.75% to 09/30/2025 then 3 mo. Term SOFR + 5.01%, Perpetual |
51,155 | $ | 1,063,001 | |||||
|
Series D, 10.90% (3 mo. Term SOFR + 5.60%), Perpetual |
39,353 | 955,097 | ||||||
|
Citizens Financial Group, Inc., Series D, 9.21% to 07/06/2024 then 3 mo. Term SOFR + 3.90%, Perpetual |
59,027 | 1,491,612 | ||||||
|
Compass Diversified Holdings |
||||||||
|
Series A, 7.25%, Perpetual |
19,777 | 479,592 | ||||||
|
Series B, 7.88% to 04/30/2028 then 3 mo. Term SOFR + 5.25%, Perpetual |
19,845 | 504,063 | ||||||
|
Series C, 7.88%, Perpetual |
22,934 | 573,350 | ||||||
|
ConnectOne Bancorp, Inc., Series A, 5.25% to 09/01/2026 then 5 yr. CMT Rate + 4.42%, Perpetual |
22,628 | 452,334 | ||||||
|
Crescent Capital BDC, Inc., 5.00%, 05/25/2026(b) |
21,958 | 530,066 | ||||||
|
Dynex Capital, Inc., Series C, 6.90% to 04/15/2025 then 3 mo. Term SOFR + 5.72%, Perpetual |
21,936 | 531,290 | ||||||
|
Ellington Financial, Inc. |
||||||||
|
6.75% to 10/30/2024 then 3 mo. Term SOFR + 5.46%, Perpetual |
22,628 | 541,941 | ||||||
|
Series B, 6.25% to 01/30/2027 then 5 yr. CMT Rate + 4.99%, Perpetual |
23,711 | 490,818 | ||||||
|
Series C, 8.63% to 04/30/2028 then 5 yr. CMT Rate + 5.13%, Perpetual |
19,674 | 458,798 | ||||||
|
Enstar Group Ltd. |
||||||||
|
Series D, 7.00% to 09/01/2028 then 3 mo. Term SOFR + 4.28%, Perpetual |
78,701 | 2,006,876 | ||||||
|
Series E, 7.00%, Perpetual |
21,643 | 523,328 | ||||||
|
Fifth Third Bancorp, Series I, 9.30% to 06/30/2024 then 3 mo. Term SOFR + 3.97%, Perpetual |
88,539 | 2,249,776 | ||||||
|
First Horizon Corporation, Series D, 6.10% to 05/01/2024 then 3 mo. Term SOFR + 4.12%, Perpetual |
17,649 | 441,049 | ||||||
|
Gladstone Investment Corporation |
||||||||
|
5.00%, 05/01/2026 |
25,172 | 602,618 | ||||||
|
4.88%, 11/01/2028 |
26,472 | 601,179 | ||||||
|
Goldman Sachs Group, Inc. |
||||||||
|
Series A, 6.31% (3 mo. Term SOFR + 1.01%), Perpetual |
141,281 | 3,205,666 | ||||||
|
Series C, 6.31% (3 mo. Term SOFR + 1.01%), Perpetual |
37,676 | 879,735 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
PREFERRED STOCKS - 100.1% (Continued) |
||||||||
|
Financials - 72.8%(a) (Continued) |
||||||||
|
Series D, 6.23% (3 mo. Term SOFR + 0.93%), Perpetual |
254,305 | $ | 5,749,836 | |||||
|
Series K, 6.38% to 05/10/2024 then 3 mo. Term SOFR + 3.81%, Perpetual |
122,721 | 3,065,571 | ||||||
|
Granite Point Mortgage Trust, Inc., Series A, 7.00% to 01/15/2027 then SOFR + 5.83%, Perpetual |
40,477 | 688,109 | ||||||
|
Hartford Financial Services Group, Inc., Series G, 6.00%, Perpetual |
67,880 | 1,694,964 | ||||||
|
Heartland Financial USA, Inc., Series E, 7.00% to 07/15/2025 then 5 yr. CMT Rate + 6.68%, Perpetual |
22,628 | 567,963 | ||||||
|
Huntington Bancshares, Inc./OH, Series J, 6.88% to 04/15/2028 then 5 yr. CMT Rate + 2.70%, Perpetual |
63,941 | 1,588,294 | ||||||
|
Invesco Mortgage Capital, Inc. |
||||||||
|
Series B, 7.75% to 12/27/2024 then 3 mo. Term SOFR + 5.44%, Perpetual |
20,995 | 507,449 | ||||||
|
Series C, 7.50% to 09/27/2027 then 3 mo. Term SOFR + 5.55%, Perpetual |
36,476 | 803,202 | ||||||
|
Jackson Financial, Inc., 8.00% to 03/30/2028 then 5 yr. CMT Rate + 3.73%, Perpetual |
108,213 | 2,833,016 | ||||||
|
JPMorgan Chase & Company |
||||||||
|
Series DD, 5.75%, Perpetual |
250,425 | 6,195,515 | ||||||
|
Series EE, 6.00%, Perpetual |
273,125 | 6,869,094 | ||||||
|
Kemper Corporation, 5.88% to 03/15/2027 then 5 yr. CMT Rate + 4.14%, 03/15/2062 |
29,511 | 659,571 | ||||||
|
KeyCorp |
||||||||
|
6.20% to 12/15/2027 then 5 yr. CMT Rate + 3.13%, Perpetual |
118,055 | 2,644,432 | ||||||
|
Series E, 6.13% to 12/15/2026 then 3 mo. Term SOFR + 4.15%, Perpetual |
98,376 | 2,268,551 | ||||||
|
M&T Bank Corporation, Series H, 5.63% to 12/15/2026 then 3 mo. Term SOFR + 4.28%, Perpetual |
49,190 | 1,131,370 | ||||||
|
Merchants Bancorp |
||||||||
|
8.25% to 10/01/2027 then 5 yr. CMT Rate + 4.34%, Perpetual |
28,036 | 728,936 | ||||||
|
Series B, 6.00% to 10/01/2024 then 3 mo. Term SOFR + 4.83%, Perpetual |
24,593 | 606,463 | ||||||
|
MetLife, Inc., Series A, 6.59% (3 mo. Term SOFR + 1.26%), Perpetual |
118,055 | 2,860,473 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
PREFERRED STOCKS - 100.1% (Continued) |
||||||||
|
Financials - 72.8%(a) (Continued) |
||||||||
|
MFA Financial, Inc. |
||||||||
|
8.88%, 02/15/2029 |
22,628 | $ | 567,510 | |||||
|
Series C, 6.50% to 03/31/2025 then 3 mo. Term SOFR + 5.61%, Perpetual |
54,104 | 1,198,404 | ||||||
|
Midland States Bancorp, Inc., 7.75% to 09/30/2027 then 5 yr. CMT Rate + 4.71%, Perpetual |
22,628 | 566,605 | ||||||
|
Morgan Stanley |
||||||||
|
Series A, 6.29% (3 mo. Term SOFR + 0.96%), Perpetual |
122,947 | 2,724,506 | ||||||
|
Series E, 7.13%, Perpetual |
95,389 | 2,406,664 | ||||||
|
Series F, 6.88%, Perpetual |
94,017 | 2,365,468 | ||||||
|
Series I, 6.38%, Perpetual |
111,770 | 2,785,308 | ||||||
|
Series K, 5.85%, Perpetual |
111,770 | 2,678,009 | ||||||
|
National Rural Utilities Cooperative Finance Corporation, Series US, 5.50%, 05/15/2064 |
49,190 | 1,210,074 | ||||||
|
New Mountain Finance Corporation, 8.25%, 11/15/2028 |
22,628 | 577,693 | ||||||
|
New York Community Bancorp, Inc., Series A, 6.38% to 03/17/2027 then 3 mo. Term SOFR + 4.08%, Perpetual |
101,329 | 1,582,759 | ||||||
|
New York Mortgage Trust, Inc. |
||||||||
|
Series D, 8.00% to 10/15/2027 then 3 mo. Term SOFR + 5.96%, Perpetual |
30,042 | 642,298 | ||||||
|
Series E, 7.88% to 01/15/2025 then 3 mo. Term SOFR + 6.69%, Perpetual |
36,120 | 847,375 | ||||||
|
Series F, 6.88% to 10/15/2026 then SOFR + 6.13%, Perpetual |
28,238 | 554,877 | ||||||
|
NewtekOne, Inc., 5.50%, 02/01/2026 |
22,628 | 541,941 | ||||||
|
Old National Bancorp |
||||||||
|
Series A, 7.00%, Perpetual |
21,247 | 533,300 | ||||||
|
Series C, 7.00%, Perpetual |
24,102 | 615,806 | ||||||
|
Popular Capital Trust II, 6.13%, 12/01/2034 |
19,876 | 502,465 | ||||||
|
Prudential Financial, Inc., 5.63%, 08/15/2058 |
111,167 | 2,669,120 | ||||||
|
Ready Capital Corporation |
||||||||
|
5.75%, 02/15/2026 |
40,585 | 981,345 | ||||||
|
6.20%, 07/30/2026 |
20,582 | 496,232 | ||||||
|
Regions Financial Corporation |
||||||||
|
Series B, 6.38% to 09/15/2024 then 3 mo. Term SOFR + 3.80%, Perpetual |
98,376 | 2,445,627 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
PREFERRED STOCKS - 100.1% (Continued) |
||||||||
|
Financials - 72.8%(a) (Continued) |
||||||||
|
Series C, 5.70% to 08/15/2029 then 3 mo. Term SOFR + 3.41%, Perpetual |
98,376 | $ | 2,150,499 | |||||
|
Reinsurance Group of America, Inc. |
||||||||
|
7.13% to 10/15/2027 then 5 yr. CMT Rate + 3.46%, 10/15/2052 |
137,729 | 3,607,123 | ||||||
|
5.75% to 06/15/2026 then 3 mo. Term SOFR + 4.30%, 06/15/2056 |
78,701 | 1,965,164 | ||||||
|
Rithm Capital Corporation |
||||||||
|
Series A, 7.50% to 08/15/2024 then 3 mo. Term SOFR + 6.06%, Perpetual |
30,496 | 757,521 | ||||||
|
Series B, 7.13% to 08/15/2024 then 3 mo. Term SOFR + 5.90%, Perpetual |
55,390 | 1,368,687 | ||||||
|
Series C, 6.38% to 02/15/2025 then 3 mo. Term SOFR + 5.23%, Perpetual |
78,225 | 1,773,361 | ||||||
|
Series D, 7.00% to 11/15/2026 then 5 yr. CMT Rate + 6.22%, Perpetual |
91,492 | 2,054,910 | ||||||
|
Saratoga Investment Corporation, Series 2027, 6.00%, 04/30/2027 |
20,757 | 503,357 | ||||||
|
SiriusPoint Ltd., Series B, 8.00% to 02/26/2026 then 5 yr. CMT Rate + 7.30%, Perpetual |
39,353 | 1,001,534 | ||||||
|
SLM Corporation, Series B, 7.29% (3 mo. Term SOFR + 1.96%), Perpetual |
12,350 | 981,702 | ||||||
|
State Street Corporation, Series G, 5.35%, Perpetual |
98,376 | 2,339,381 | ||||||
|
Stifel Financial Corporation, Series B, 6.25%, Perpetual |
31,480 | 760,242 | ||||||
|
Synchrony Financial, Series B, 8.25% to 05/15/2029 then 5 yr. CMT Rate + 4.04%, Perpetual |
98,376 | 2,472,189 | ||||||
|
Synovus Financial Corporation |
||||||||
|
Series D, 8.94% (3 mo. Term SOFR + 3.61%), Perpetual |
39,353 | 983,431 | ||||||
|
Series E, 5.88% to 07/01/2024 then 5 yr. CMT Rate + 4.13%, Perpetual |
68,864 | 1,710,582 | ||||||
|
Trinity Capital, Inc. |
||||||||
|
7.00%, 01/16/2025 |
35,904 | 910,525 | ||||||
|
7.88%, 03/30/2029 |
22,628 | 578,145 | ||||||
|
Truist Financial Corporation, Series I, 6.12% (3 mo. Term SOFR + 0.79%), Perpetual |
33,944 | 735,906 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
PREFERRED STOCKS - 100.1% (Continued) |
||||||||
|
Financials - 72.8%(a) (Continued) |
||||||||
|
Two Harbors Investment Corporation |
||||||||
|
Series A, 8.13% to 04/27/2027 then 3 mo. Term SOFR + 5.92%, Perpetual |
24,840 | $ | 569,084 | |||||
|
Series B, 7.63% to 07/27/2027 then 3 mo. Term SOFR + 5.61%, Perpetual |
49,968 | 1,129,277 | ||||||
|
Series C, 7.25% to 01/27/2025 then 3 mo. Term SOFR + 5.27%, Perpetual |
47,522 | 1,127,697 | ||||||
|
Unum Group, 6.25%, 06/15/2058 |
59,027 | 1,466,821 | ||||||
|
US Bancorp |
||||||||
|
Series A, 6.61% (3 mo. Term SOFR + 1.28%), Perpetual |
2,824 | 2,434,288 | ||||||
|
Series B, 6.19% (3 mo. Term SOFR + 0.86%), Perpetual |
196,756 | 3,915,444 | ||||||
|
Valley National Bancorp |
||||||||
|
Series A, 6.25% to 06/30/2025 then 3 mo. Term SOFR + 4.11%, Perpetual |
22,628 | 496,232 | ||||||
|
Series B, 9.14% (3 mo. Term SOFR + 3.84%), Perpetual |
19,674 | 476,898 | ||||||
|
Voya Financial, Inc., Series B, 5.35% to 09/15/2029 then 5 yr. CMT Rate + 3.21%, Perpetual |
59,027 | 1,419,009 | ||||||
|
WesBanco, Inc., Series A, 6.75% to 08/15/2025 then 5 yr. CMT Rate + 6.56%, Perpetual |
29,511 | 708,854 | ||||||
|
Western Alliance Bancorp, Series A, 4.25% to 09/30/2026 then 5 yr. CMT Rate + 3.45%, Perpetual |
59,027 | 1,056,583 | ||||||
|
Wintrust Financial Corporation |
||||||||
|
Series D, 6.50% to 07/15/2025 then 3 mo. Term SOFR + 4.32%, Perpetual |
24,593 | 592,937 | ||||||
|
Series E, 6.88% to 07/15/2025 then 5 yr. CMT Rate + 6.51%, Perpetual |
56,568 | 1,420,988 | ||||||
|
Zions Bancorp NA, Series G, 9.83% (3 mo. Term SOFR + 4.50%), Perpetual |
27,231 | 697,114 | ||||||
| 200,035,730 | ||||||||
|
Health Care - 0.0%(c) |
||||||||
|
CareCloud, Inc., Series A, 11.00%, Perpetual |
19,985 | 106,720 | ||||||
|
Industrials - 3.3% |
||||||||
|
Air Lease Corporation, Series A, 9.24% to 06/15/2024 then 3 mo. Term SOFR + 3.91%, Perpetual |
49,190 | 1,253,853 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
PREFERRED STOCKS - 100.1% (Continued) |
||||||||
|
Industrials - 3.3% (Continued) |
||||||||
|
Atlas Corporation |
||||||||
|
Series D, 7.95%, Perpetual |
25,051 | $ | 619,010 | |||||
|
Series H, 7.88%, Perpetual |
44,393 | 1,078,306 | ||||||
|
Babcock & Wilcox Enterprises, Inc. |
||||||||
|
8.13%, 02/28/2026 |
37,977 | 721,563 | ||||||
|
6.50%, 12/31/2026 |
29,799 | 494,068 | ||||||
|
Series A, 7.75%, Perpetual |
37,725 | 394,226 | ||||||
|
FTAI Aviation Ltd. |
||||||||
|
Series A, 8.25% to 09/15/2024 then 3 mo. Term SOFR + 7.15%, Perpetual |
20,559 | 519,526 | ||||||
|
Series B, 8.00% to 12/15/2024 then 3 mo. Term SOFR + 6.71%, Perpetual |
24,300 | 616,005 | ||||||
|
Series C, 8.25% to 06/15/2026 then 5 yr. CMT Rate + 7.38%, Perpetual |
20,658 | 520,375 | ||||||
|
Global Ship Lease, Inc., 8.75%, Perpetual |
21,441 | 560,897 | ||||||
|
Steel Partners Holdings LP, Series A, 6.00%, 02/07/2026 |
30,793 | 734,413 | ||||||
|
Triton International Ltd. |
||||||||
|
7.38%, Perpetual |
34,430 | 843,535 | ||||||
|
8.00%, Perpetual |
28,283 | 718,388 | ||||||
| 9,074,165 | ||||||||
|
Information Technology - 0.2% |
||||||||
|
Synchronoss Technologies, Inc., 8.38%, 06/30/2026 |
27,757 | 582,897 | ||||||
|
Real Estate - 1.0% |
||||||||
|
DiamondRock Hospitality Company, 8.25%, Perpetual |
23,415 | 594,272 | ||||||
|
Public Storage, Series H, 5.60%, Perpetual |
56,073 | 1,383,321 | ||||||
|
Realty Income Corporation, Series A, 6.00%, Perpetual |
33,944 | 801,418 | ||||||
| 2,779,011 | ||||||||
|
Utilities - 9.2% |
||||||||
|
Algonquin Power & Utilities Corporation, Series 19-A, 6.20% to 07/01/2024 then 3 mo. Term SOFR + 4.27%, 07/01/2079 |
68,864 | 1,718,157 | ||||||
|
CMS Energy Corporation |
||||||||
|
5.88%, 10/15/2078 |
55,089 | 1,326,543 | ||||||
|
5.88%, 03/01/2079 |
123,953 | 3,012,058 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
PREFERRED STOCKS - 100.1% (Continued) |
||||||||
|
Utilities - 9.2% (Continued) |
||||||||
|
Duke Energy Corporation, Series A, 5.75%, Perpetual |
196,756 | $ | 4,869,711 | |||||
|
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 03/01/2079 |
135,270 | 3,297,883 | ||||||
|
SCE Trust III, Series H, 8.58% (3 mo. Term SOFR + 3.25%), Perpetual |
54,104 | 1,367,208 | ||||||
|
SCE Trust IV, Series J, 5.38% to 09/15/2025 then 3 mo. Term SOFR + 3.39%, Perpetual |
63,941 | 1,508,368 | ||||||
|
SCE Trust V, Series K, 5.45% to 03/15/2026 then 3 mo. Term SOFR + 4.05%, Perpetual |
59,027 | 1,449,703 | ||||||
|
Sempra, 5.75%, 07/01/2079 |
149,041 | 3,588,907 | ||||||
|
Spire, Inc., Series A, 5.90%, Perpetual |
49,190 | 1,184,003 | ||||||
|
Tennessee Valley Authority |
||||||||
|
Series A, 5.59% (30 Year CMT Rate + 0.84%), 05/01/2029 |
40,994 | 883,831 | ||||||
|
Series D, 2.13% (30 Year CMT Rate + 0.94%), 06/01/2028 |
50,458 | 1,109,067 | ||||||
| 25,315,439 | ||||||||
|
TOTAL PREFERRED STOCKS (Cost $271,047,846) |
275,309,419 |
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, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
SHORT-TERM INVESTMENTS - 1.2% |
||||||||
|
Money Market Funds - 1.2% |
||||||||
|
Invesco Government & Agency Portfolio - Institutional Class, 4.68%(d) |
3,212,991 | $ | 3,212,991 | |||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $3,212,991) |
3,212,991 | |||||||
|
TOTAL INVESTMENTS - 101.3% (Cost $274,260,837) |
278,522,410 | |||||||
|
Liabilities in Excess of Other Assets - (1.3)% |
(3,588,257 | ) | ||||||
|
TOTAL NET ASSETS - 100.0% |
$ | 274,934,153 |
|
Percentages are stated as a percent of net assets. |
|
|
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
|
|
CMT - Constant Maturity Treasury Rate |
|
|
SOFR - Secured Overnight Financing Rate |
|
|
(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. |
|
(b) |
Affiliated security. |
|
(c) |
Represents less than 0.05% of net assets. |
|
(d) |
The rate shown represents the 7-day effective yield as of April 30, 2024. |
The accompanying notes are an integral part of these financial statements.
30
AAM Transformers ETF
Schedule of Investments
April 30, 2024 (Unaudited)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 99.9% |
||||||||
|
Communication Services - 7.7% |
||||||||
|
Alphabet, Inc. - Class A(a) |
2,327 | $ | 378,788 | |||||
|
Bilibili, Inc. - ADR(a) |
10,586 | 133,807 | ||||||
|
Bumble, Inc. - Class A(a) |
11,466 | 115,807 | ||||||
|
Kanzhun, Ltd. - ADR |
6,511 | 128,853 | ||||||
|
Meta Platforms, Inc. - Class A |
635 | 273,158 | ||||||
|
NetEase, Inc. - ADR |
2,260 | 211,242 | ||||||
|
Pinterest, Inc. - Class A(a) |
7,699 | 257,532 | ||||||
|
ROBLOX Corporation - Class A(a) |
6,783 | 241,203 | ||||||
|
Sea, Ltd. - ADR(a) |
2,083 | 131,625 | ||||||
|
Snap, Inc. - Class A(a) |
11,659 | 175,468 | ||||||
|
Take-Two Interactive Software, Inc.(a) |
1,863 | 266,055 | ||||||
|
Tencent Holdings, Ltd. - ADR |
7,082 | 309,837 | ||||||
|
ZoomInfo Technologies, Inc.(a) |
7,775 | 123,312 | ||||||
| 2,746,687 | ||||||||
|
Consumer Discretionary - 10.9% |
||||||||
|
Airbnb, Inc. - Class A(a) |
1,998 | 316,822 | ||||||
|
Amadeus IT Group SA - ADR |
1,724 | 109,405 | ||||||
|
Amazon.com, Inc.(a) |
1,791 | 313,425 | ||||||
|
BYD Compant, Ltd. - ADR |
5,008 | 272,786 | ||||||
|
Coupang, Inc.(a) |
14,789 | 332,752 | ||||||
|
DoorDash, Inc. - Class A(a) |
2,199 | 284,243 | ||||||
|
Global-e Online, Ltd.(a) |
3,131 | 104,982 | ||||||
|
Li Auto, Inc. - ADR(a) |
5,736 | 150,742 | ||||||
|
Meituan - ADR(a) |
10,970 | 299,921 | ||||||
|
MercadoLibre, Inc.(a) |
154 | 224,640 | ||||||
|
Mobileye Global, Inc. - Class A(a) |
3,932 | 108,327 | ||||||
|
NIO, Inc. - ADR(a) |
18,231 | 86,050 | ||||||
|
Ollie's Bargain Outlet Holdings, Inc.(a) |
1,661 | 121,486 | ||||||
|
PDD Holdings, Inc. - ADR(a) |
1,969 | 246,479 | ||||||
|
Polestar Automotive Holding UK plc - Class A - ADR(a) |
53,725 | 74,678 | ||||||
|
Prosus NV - ADR |
42,555 | 285,331 | ||||||
|
Rivian Automotive, Inc. - Class A(a) |
11,548 | 102,777 | ||||||
|
Tesla, Inc.(a) |
1,575 | 288,666 | ||||||
|
Trip.com Group, Ltd. - ADR(a) |
2,369 | 114,328 |
The accompanying notes are an integral part of these financial statements.
31
AAM Transformers ETF
Schedule of Investments
April 30, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 99.9% (Continued) |
||||||||
|
Consumer Discretionary - 10.9% (Continued) |
||||||||
|
XPeng, Inc. - ADR(a) |
10,703 | $ | 87,015 | |||||
| 3,924,855 | ||||||||
|
Financials - 5.0% |
||||||||
|
Adyen NV - ADR(a) |
15,740 | 187,936 | ||||||
|
AvidXchange Holdings, Inc.(a) |
9,997 | 116,565 | ||||||
|
Block, Inc.(a) |
3,536 | 258,128 | ||||||
|
Dlocal, Ltd. (a) |
6,291 | 89,395 | ||||||
|
EVERTEC, Inc. |
2,887 | 108,349 | ||||||
|
Flywire Corporation(a) |
4,643 | 95,182 | ||||||
|
Mastercard, Inc. - Class A |
669 | 301,853 | ||||||
|
Remitly Global, Inc.(a) |
6,401 | 114,130 | ||||||
|
StoneCo, Ltd. - Class A(a) |
6,152 | 95,971 | ||||||
|
Toast, Inc. - Class A(a) |
5,610 | 132,564 | ||||||
|
Visa, Inc. - Class A |
1,127 | 302,723 | ||||||
| 1,802,796 | ||||||||
|
Industrials - 18.7% |
||||||||
|
ABB, Ltd. - ADR |
5,409 | 263,418 | ||||||
|
AeroVironment, Inc.(a) |
1,019 | 162,826 | ||||||
|
Airbus SE - ADR |
6,046 | 248,128 | ||||||
|
AMETEK, Inc. |
1,550 | 270,723 | ||||||
|
Axon Enterprise, Inc.(a) |
892 | 279,785 | ||||||
|
Bloom Energy Corporation - Class A(a) |
14,446 | 160,784 | ||||||
|
Boeing Company(a) |
1,595 | 267,705 | ||||||
|
Chart Industries, Inc.(a) |
895 | 128,934 | ||||||
|
Eaton Corporation plc |
1,086 | 345,630 | ||||||
|
Embraer SA - ADR(a) |
5,103 | 130,382 | ||||||
|
Emerson Electric Company |
2,592 | 279,366 | ||||||
|
Fluence Energy, Inc.(a) |
8,490 | 151,462 | ||||||
|
Full Truck Alliance Company, Ltd. - Class A - ADR |
15,975 | 137,545 | ||||||
|
Generac Holdings, Inc.(a) |
1,149 | 156,218 | ||||||
|
Grab Holdings, Ltd. - Class A(a) |
34,321 | 120,124 | ||||||
|
HEICO Corporation |
1,445 | 299,692 | ||||||
|
Hexcel Corporation |
1,750 | 112,368 | ||||||
|
Hubbell, Inc. |
728 | 269,739 |
The accompanying notes are an integral part of these financial statements.
32
AAM Transformers ETF
Schedule of Investments
April 30, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 99.9% (Continued) |
||||||||
|
Industrials - 18.7% (Continued) |
||||||||
|
Kratos Defense & Security Solutions, Inc.(a) |
7,275 | $ | 129,641 | |||||
|
Legrand SA - ADR |
5,279 | 108,431 | ||||||
|
Lyft, Inc. - Class A(a) |
8,020 | 125,433 | ||||||
|
nVent Electric plc |
1,547 | 111,492 | ||||||
|
Plug Power, Inc.(a) |
33,720 | 77,893 | ||||||
|
Rocket Lab USA, Inc.(a) |
28,892 | 108,634 | ||||||
|
Rolls-Royce Holdings plc - ADR(a) |
52,923 | 269,907 | ||||||
|
Safran SA - ADR |
4,773 | 258,362 | ||||||
|
Schneider Electric SE - ADR |
5,480 | 250,436 | ||||||
|
Sensata Technologies Holding plc |
3,777 | 144,697 | ||||||
|
Spirit AeroSystems Holdings, Inc. - Class A(a) |
3,976 | 127,232 | ||||||
|
Sunrun, Inc.(a) |
10,769 | 110,813 | ||||||
|
Symbotic, Inc.(a) |
6,847 | 264,089 | ||||||
|
TransDigm Group, Inc. |
236 | 294,534 | ||||||
|
Uber Technologies, Inc.(a) |
3,939 | 261,038 | ||||||
|
Xylem, Inc. |
2,190 | 286,232 | ||||||
| 6,713,693 | ||||||||
|
Information Technology - 55.4%(b) |
||||||||
|
Adobe, Inc.(a) |
558 | 258,259 | ||||||
|
Advanced Energy Industries, Inc. |
1,266 | 121,333 | ||||||
|
Advanced Micro Devices, Inc.(a) |
1,574 | 249,290 | ||||||
|
Agilysys, Inc.(a) |
1,694 | 140,687 | ||||||
|
Alkami Technology, Inc.(a) |
5,285 | 127,210 | ||||||
|
Ambarella, Inc.(a) |
2,294 | 105,455 | ||||||
|
ANSYS, Inc.(a) |
824 | 267,701 | ||||||
|
Appfolio, Inc. - Class A(a) |
541 | 122,688 | ||||||
|
Apple, Inc. |
1,776 | 302,506 | ||||||
|
Applied Materials, Inc. |
1,518 | 301,551 | ||||||
|
AppLovin Corporation - Class A(a) |
4,501 | 317,636 | ||||||
|
Arista Networks, Inc.(a) |
974 | 249,889 | ||||||
|
ARM Holdings plc - ADR(a) |
1,763 | 178,433 | ||||||
|
ASE Technology Holding Company, Ltd. - ADR |
10,736 | 107,789 | ||||||
|
ASML Holding NV |
252 | 219,862 | ||||||
|
Atlassian Corporation - Class A(a) |
1,194 | 205,726 |
The accompanying notes are an integral part of these financial statements.
33
AAM Transformers ETF
Schedule of Investments
April 30, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 99.9% (Continued) |
||||||||
|
Information Technology - 55.4%(b) (Continued) |
||||||||
|
Autodesk, Inc.(a) |
1,059 | $ | 225,408 | |||||
|
BILL Holdings, Inc.(a) |
1,987 | 123,909 | ||||||
|
Braze, Inc. - Class A(a) |
2,296 | 96,202 | ||||||
|
Broadcom, Inc. |
228 | 296,462 | ||||||
|
Cadence Design Systems, Inc.(a) |
889 | 245,035 | ||||||
|
Camtek, Ltd. |
1,289 | 104,370 | ||||||
|
Cellebrite DI, Ltd.(a) |
8,568 | 92,620 | ||||||
|
Cleanspark, Inc.(a) |
7,350 | 120,393 | ||||||
|
Cloudflare, Inc. - Class A(a) |
2,804 | 245,070 | ||||||
|
Cognex Corporation |
3,293 | 136,791 | ||||||
|
Coherent Corporation(a) |
2,066 | 112,866 | ||||||
|
Confluent, Inc. - Class A(a) |
3,824 | 107,531 | ||||||
|
Credo Technology Group Holding, Ltd.(a) |
5,837 | 104,307 | ||||||
|
Crowdstrike Holdings, Inc. - Class A(a) |
891 | 260,653 | ||||||
|
CyberArk Software, Ltd.(a) |
397 | 94,982 | ||||||
|
Datadog, Inc. - Class A(a) |
2,152 | 270,076 | ||||||
|
Disco Corporation - ADR |
7,344 | 211,654 | ||||||
|
DoubleVerify Holdings, Inc.(a) |
4,171 | 122,210 | ||||||
|
Dynatrace, Inc.(a) |
2,673 | 121,114 | ||||||
|
Elastic NV(a) |
1,121 | 114,589 | ||||||
|
Enphase Energy, Inc.(a) |
1,011 | 109,956 | ||||||
|
Entegris, Inc. |
2,022 | 268,764 | ||||||
|
Fair Isaac Corporation(a) |
216 | 244,799 | ||||||
|
First Solar, Inc.(a) |
829 | 146,153 | ||||||
|
Five9, Inc.(a) |
2,105 | 121,185 | ||||||
|
Fortinet, Inc.(a) |
3,978 | 251,330 | ||||||
|
Freshworks, Inc. - Class A(a) |
6,474 | 115,561 | ||||||
|
Gitlab, Inc. - Class A(a) |
1,772 | 92,977 | ||||||
|
GLOBALFOUNDRIES, Inc.(a) |
5,035 | 246,111 | ||||||
|
Globant SA(a) |
475 | 84,830 | ||||||
|
HubSpot, Inc.(a) |
442 | 267,353 | ||||||
|
Impinj, Inc.(a) |
1,164 | 185,518 | ||||||
|
Infineon Technologies AG - ADR |
6,740 | 234,080 | ||||||
|
Intel Corporation |
7,285 | 221,974 | ||||||
|
Intuit, Inc. |
479 | 299,672 |
The accompanying notes are an integral part of these financial statements.
34
AAM Transformers ETF
Schedule of Investments
April 30, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 99.9% (Continued) |
||||||||
|
Information Technology - 55.4%(b) (Continued) |
||||||||
|
JFrog, Ltd.(a) |
2,340 | $ | 93,319 | |||||
|
KLA Corporation |
390 | 268,823 | ||||||
|
Klaviyo, Inc. - Class A(a) |
4,718 | 105,683 | ||||||
|
Kulicke & Soffa Industries, Inc. |
2,176 | 100,705 | ||||||
|
Lam Research Corporation |
324 | 289,789 | ||||||
|
LG Display Company, Ltd. - ADR(a) |
25,332 | 102,341 | ||||||
|
Lightspeed Commerce, Inc.(a) |
7,375 | 96,465 | ||||||
|
Littelfuse, Inc. |
548 | 126,391 | ||||||
|
Lumentum Holdings, Inc.(a) |
2,598 | 113,688 | ||||||
|
Marathon Digital Holdings, Inc.(a) |
4,810 | 77,249 | ||||||
|
Marvell Technology, Inc. |
3,611 | 238,001 | ||||||
|
Micron Technology, Inc. |
3,355 | 378,982 | ||||||
|
Microsoft Corporation |
768 | 299,005 | ||||||
|
MKS Instruments, Inc. |
1,036 | 123,263 | ||||||
|
Monday.com, Ltd.(a) |
460 | 87,092 | ||||||
|
MongoDB, Inc.(a) |
641 | 234,080 | ||||||
|
Monolithic Power Systems, Inc. |
376 | 251,668 | ||||||
|
Nova, Ltd.(a) |
574 | 97,523 | ||||||
|
Nutanix, Inc. - Class A(a) |
2,036 | 123,585 | ||||||
|
NVIDIA Corporation |
388 | 335,241 | ||||||
|
NXP Semiconductors NV |
970 | 248,505 | ||||||
|
Okta, Inc.(a) |
1,209 | 112,413 | ||||||
|
Onto Innovation, Inc.(a) |
680 | 126,133 | ||||||
|
Open Text Corporation |
2,709 | 95,655 | ||||||
|
Palo Alto Networks, Inc.(a) |
927 | 269,655 | ||||||
|
Power Integrations, Inc. |
1,802 | 120,229 | ||||||
|
Procore Technologies, Inc.(a) |
1,662 | 113,714 | ||||||
|
PTC, Inc.(a) |
1,492 | 264,740 | ||||||
|
QUALCOMM, Inc. |
1,956 | 324,402 | ||||||
|
Rambus, Inc.(a) |
2,033 | 111,449 | ||||||
|
Riot Platforms, Inc.(a) |
8,999 | 90,980 | ||||||
|
Salesforce, Inc. |
1,006 | 270,554 | ||||||
|
Samsara, Inc. - Class A(a) |
3,748 | 130,918 | ||||||
|
SAP SE - ADR |
1,324 | 239,922 | ||||||
|
Seagate Technology Holdings plc |
2,884 | 247,765 |
The accompanying notes are an integral part of these financial statements.
35
AAM Transformers ETF
Schedule of Investments
April 30, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 99.9% (Continued) |
||||||||
|
Information Technology - 55.4%(b) (Continued) |
||||||||
|
SentinelOne, Inc. - Class A(a) |
4,701 | $ | 99,332 | |||||
|
ServiceNow, Inc.(a) |
412 | 285,652 | ||||||
|
Shopify, Inc. - Class A(a) |
3,260 | 228,852 | ||||||
|
Silicon Laboratories, Inc.(a) |
926 | 112,500 | ||||||
|
Silicon Motion Technology Corporation - ADR |
1,473 | 108,722 | ||||||
|
Smartsheet, Inc. - Class A(a) |
3,050 | 115,382 | ||||||
|
Snowflake, Inc. - Class A(a) |
1,500 | 232,800 | ||||||
|
Sprout Social, Inc. - Class A(a) |
2,051 | 103,473 | ||||||
|
SPS Commerce, Inc.(a) |
693 | 120,492 | ||||||
|
Squarespace, Inc. - Class A(a) |
4,053 | 141,288 | ||||||
|
Super Micro Computer, Inc.(a) |
309 | 265,369 | ||||||
|
Synopsys, Inc.(a) |
474 | 251,500 | ||||||
|
Taiwan Semiconductor Manufacturing Compant, Ltd. - ADR |
1,865 | 256,140 | ||||||
|
Tenable Holdings, Inc.(a) |
2,727 | 122,633 | ||||||
|
Teradyne, Inc. |
1,239 | 144,120 | ||||||
|
UiPath, Inc. - Class A(a) |
5,550 | 105,284 | ||||||
|
United Microelectronics Corporation - ADR |
13,623 | 104,897 | ||||||
|
Unity Software, Inc.(a) |
4,537 | 110,113 | ||||||
|
Universal Display Corporation |
751 | 118,643 | ||||||
|
Viasat, Inc.(a) |
6,642 | 105,674 | ||||||
|
Western Digital Corporation(a) |
4,358 | 308,677 | ||||||
|
Wolfspeed, Inc.(a) |
4,614 | 124,716 | ||||||
|
Workday, Inc. - Class A(a) |
959 | 234,696 | ||||||
|
Zeta Global Holdings Corporation - Class A(a) |
12,698 | 156,947 | ||||||
|
Zscaler, Inc.(a) |
1,277 | 220,844 | ||||||
| 19,861,193 | ||||||||
|
Materials - 0.5% |
||||||||
|
Albemarle Corporation |
918 | 110,445 | ||||||
|
Arcadium Lithium plc(a) |
19,042 | 83,785 | ||||||
| 194,230 | ||||||||
|
Utilities - 1.7% |
||||||||
|
AES Corporation |
8,478 | 151,757 | ||||||
|
Atlantica Sustainable Infrastructure plc |
5,970 | 116,833 | ||||||
|
Ormat Technologies, Inc. |
1,992 | 127,149 |
The accompanying notes are an integral part of these financial statements.
36
AAM Transformers ETF
Schedule of Investments
April 30, 2024 (Unaudited) (Continued)
|
Shares |
Value |
|||||||
|
COMMON STOCKS - 99.9% (Continued) |
||||||||
|
Utilities - 1.7% (Continued) |
||||||||
|
ReNew Energy Global plc - Class A(a) |
16,102 | $ | 90,815 | |||||
|
RWE AG - ADR |
3,195 | 111,186 | ||||||
| 597,740 | ||||||||
|
TOTAL COMMON STOCKS (Cost $33,965,704) |
35,841,194 | |||||||
|
SHORT-TERM INVESTMENTS - 0.1% |
||||||||
|
Money Market Funds - 0.1% |
||||||||
|
Invesco Government & Agency Portfolio - Institutional Class, 4.68%(c) |
22,716 | 22,716 | ||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $22,716) |
22,716 | |||||||
|
TOTAL INVESTMENTS - 100.0% (Cost $33,988,420) |
35,863,910 | |||||||
|
Liabilities in Excess of Other Assets - 0.0%(d) |
(2,992 | ) | ||||||
|
TOTAL NET ASSETS - 100.0% |
$ | 35,860,918 |
|
The Global Industry Classification Standard (GICS®) was developed by and/or is the 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 U.S. Bank Global Fund Services. |
|
|
Percentages are stated as a percent of net assets. |
|
|
ADR - American Depositary Receipt |
|
|
AG - Aktiengesellschaft |
|
|
NV - Naamloze Vennootschap |
|
|
PLC - Public Limited Company |
|
|
SA - Sociedad Anónima |
|
|
(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. |
|
(c) |
The rate shown represents the 7-day effective yield as of April 30, 2024. |
|
(d) |
Represents less than 0.05% of net assets. |
The accompanying notes are an integral part of these financial statements.
37
AAM ETFs
Statements of Assets and Liabilities
April 30, 2024 (Unaudited)
|
AAM S&P 500 |
AAM S&P |
AAM S&P |
||||||||||
|
ASSETS |
||||||||||||
|
Investments in unaffiliated securities, at value* |
$ | 59,259,720 | $ | 7,714,579 | $ | 1,992,265 | ||||||
|
Investments in affiliated securities, at value* |
- | - | - | |||||||||
|
Dividends and interest receivable |
146,512 | 66,815 | 22,794 | |||||||||
|
Receivable for capital shares sold |
- | - | - | |||||||||
|
Receivable for securities sold |
- | 13,757 | - | |||||||||
|
Total Assets |
59,406,232 | 7,795,151 | 2,015,059 | |||||||||
|
LIABILITIES |
||||||||||||
|
Foreign currency due to custodian, at value* |
- | 8 | - | |||||||||
|
Payable for securities purchased |
- | - | - | |||||||||
|
Distribution payable |
190,000 | 38,250 | 9,000 | |||||||||
|
Management fees payable |
14,427 | 3,103 | 641 | |||||||||
|
Total Liabilities |
204,427 | 41,361 | 9,641 | |||||||||
|
NET ASSETS |
$ | 59,201,805 | $ | 7,753,790 | $ | 2,005,418 | ||||||
|
Net Assets Consist of: |
||||||||||||
|
Paid-in capital |
$ | 66,854,524 | $ | 10,237,350 | $ | 2,431,249 | ||||||
|
Total distributable earnings (accumulated deficit) |
(7,652,719 | ) | (2,483,560 | ) | (425,831 | ) | ||||||
|
Net assets |
$ | 59,201,805 | $ | 7,753,790 | $ | 2,005,418 | ||||||
|
Net asset value: |
||||||||||||
|
Net assets |
$ | 59,201,805 | $ | 7,753,790 | $ | 2,005,418 | ||||||
|
Shares outstanding ^ |
2,000,000 | 425,000 | 90,000 | |||||||||
|
Net asset value, offering and redemption price per share |
$ | 29.60 | $ | 18.24 | $ | 22.28 | ||||||
|
* Identified Cost: |
||||||||||||
|
Investments in unaffiliated securities |
$ | 59,693,923 | $ | 7,779,122 | $ | 2,002,684 | ||||||
|
Investments in affiliated securities |
- | - | - |
|
^ |
No par value, unlimited number of shares authorized. |
The accompanying notes are an integral part of these financial statements.
38
AAM ETFs
Statements of Assets and Liabilities
April 30, 2024 (Unaudited) (Continued)
|
AAM Low |
AAM |
|||||||
|
ASSETS |
||||||||
|
Investments in unaffiliated securities, at value* |
$ | 277,992,344 | $ | 35,863,910 | ||||
|
Investments in affiliated securities, at value* |
530,066 | - | ||||||
|
Dividends and interest receivable |
712,689 | 11,551 | ||||||
|
Receivable for capital shares sold |
2,078,704 | - | ||||||
|
Receivable for securities sold |
30,584,928 | - | ||||||
|
Total Assets |
311,898,731 | 35,875,461 | ||||||
|
LIABILITIES |
||||||||
|
Payable for securities purchased |
35,294,830 | - | ||||||
|
Distribution payable |
1,572,000 | - | ||||||
|
Management fees payable |
97,748 | 14,543 | ||||||
|
Total Liabilities |
36,964,578 | 14,543 | ||||||
|
NET ASSETS |
$ | 274,934,153 | $ | 35,860,918 | ||||
|
Net Assets Consist of: |
||||||||
|
Paid-in capital |
$ | 307,305,702 | $ | 32,482,668 | ||||
|
Total distributable earnings (accumulated deficit) |
(32,371,549 | ) | 3,378,250 | |||||
|
Net assets |
$ | 274,934,153 | $ | 35,860,918 | ||||
|
Net asset value: |
||||||||
|
Net assets |
$ | 274,934,153 | $ | 35,860,918 | ||||
|
Shares outstanding ^ |
13,225,000 | 1,125,000 | ||||||
|
Net asset value, offering and redemption price per share |
$ | 20.79 | $ | 31.88 | ||||
|
* Identified Cost: |
||||||||
|
Investments in unaffiliated securities |
$ | 273,742,069 | $ | 33,988,420 | ||||
|
Investments in affiliated securities |
518,768 | - |
|
^ |
No par value, unlimited number of shares authorized. |
The accompanying notes are an integral part of these financial statements.
39
AAM ETFs
Statements of Operations
For the Six-Months Ended April 30, 2024 (Unaudited)
|
AAM S&P 500 |
AAM S&P |
AAM S&P |
||||||||||
|
INCOME |
||||||||||||
|
Dividends from unaffiliated investments^ |
$ | 1,313,537 | $ | 157,702 | $ | 43,868 | ||||||
|
Dividends from affiliated investments |
- | - | - | |||||||||
|
Interest |
2,542 | 1,024 | 159 | |||||||||
|
Total investment income |
1,316,079 | 158,726 | 44,027 | |||||||||
|
EXPENSES |
||||||||||||
|
Management fees |
87,947 | 18,772 | 3,867 | |||||||||
|
Total expenses |
87,947 | 18,772 | 3,867 | |||||||||
|
Net investment income (loss) |
1,228,132 | 139,954 | 40,160 | |||||||||
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||||||
|
Net realized gain (loss) on: |
||||||||||||
|
Investments in unaffiliated securities |
(1,497,700 | ) | (143,815 | ) | 33,215 | |||||||
|
Investments in affiliated securities |
- | - | - | |||||||||
|
Foreign currency |
- | (31,550 | ) | 399 | ||||||||
|
In-kind Redemptions |
363,245 | 2,540 | - | |||||||||
|
Change in unrealized appreciation (depreciation) on: |
||||||||||||
|
Investments in unaffiliated securities |
9,500,730 | 817,962 | 225,803 | |||||||||
|
Investments in affiliated securities |
- | - | - | |||||||||
|
Foreign currency |
- | (1,824 | ) | (61 | ) | |||||||
|
Net realized and unrealized gain (loss) on investments |
8,366,275 | 643,313 | 259,356 | |||||||||
|
Net increase (decrease) in net assets resulting from operations |
$ | 9,594,407 | $ | 783,267 | $ | 299,516 |
|
^ |
Net of foreign withholding taxes |
$ | - | $ | 20,369 | $ | 4,979 |
The accompanying notes are an integral part of these financial statements.
40
AAM ETFs
Statements of Operations
For the Six-Months Ended April 30, 2024 (Unaudited) (Continued)
|
AAM Low |
AAM |
|||||||
|
INCOME |
||||||||
|
Dividends from unaffiliated investments^ |
$ | 8,005,394 | $ | 50,955 | ||||
|
Dividends from affiliated investments |
11,290 | - | ||||||
|
Interest |
75,280 | 851 | ||||||
|
Total investment income |
8,091,964 | 51,806 | ||||||
|
EXPENSES |
||||||||
|
Management fees |
522,018 | 75,370 | ||||||
|
Total expenses |
522,018 | 75,370 | ||||||
|
Net investment income (loss) |
7,569,946 | (23,564 | ) | |||||
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |
||||||||
|
Net realized gain (loss) on: |
||||||||
|
Investments in unaffiliated securities |
(4,993,295 | ) | (984,055 | ) | ||||
|
Investments in affiliated securities |
(186,757 | ) | - | |||||
|
Foreign currency |
- | - | ||||||
|
In-kind Redemptions |
341,064 | 3,798,534 | ||||||
|
Change in unrealized appreciation (depreciation) on: |
||||||||
|
Investments in unaffiliated securities |
13,363,570 | 2,849,161 | ||||||
|
Investments in affiliated securities |
19,628 | - | ||||||
|
Foreign currency |
- | - | ||||||
|
Net realized and unrealized gain (loss) on investments |
8,544,210 | 5,663,640 | ||||||
|
Net increase (decrease) in net assets resulting from operations |
$ | 16,114,156 | $ | 5,640,076 |
|
^ |
Net of foreign withholding taxes |
$ | 3,945 | $ | 3,011 |
The accompanying notes are an integral part of these financial statements.
41
AAM S&P 500 High Dividend Value ETF
Statements of Changes in Net Assets
|
Six-Months |
Year Ended |
|||||||
|
OPERATIONS |
||||||||
|
Net investment income (loss) |
$ | 1,228,132 | $ | 2,887,380 | ||||
|
Net realized gain (loss) on investments |
(1,134,455 | ) | (1,034,848 | ) | ||||
|
Change in unrealized appreciation (depreciation) on investments |
9,500,730 | (5,798,167 | ) | |||||
|
Net increase (decrease) in net assets resulting from operations |
9,594,407 | (3,945,635 | ) | |||||
|
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
|
Net distributions to shareholders |
(1,337,636 | ) | (2,853,002 | ) | ||||
|
Total distributions to shareholders |
(1,337,636 | ) | (2,853,002 | ) | ||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Proceeds from shares sold |
730,337 | 32,940,323 | ||||||
|
Payments for shares redeemed |
(10,628,292 | ) | (32,867,002 | ) | ||||
|
Net increase (decrease) in net assets derived from capital share transactions (a) |
(9,897,955 | ) | 73,321 | |||||
|
Net increase (decrease) in net assets |
$ | (1,641,184 | ) | $ | (6,725,316 | ) | ||
|
NET ASSETS |
||||||||
|
Beginning of period/year |
$ | 60,842,989 | $ | 67,568,305 | ||||
|
End of period/year |
$ | 59,201,805 | $ | 60,842,989 |
|
(a) |
A summary of capital share transactions is as follows: |
|
Shares |
Shares |
|||||||
|
Subscriptions |
25,000 | 1,125,000 | ||||||
|
Redemptions |
(375,000 | ) | (1,150,000 | ) | ||||
|
Net increase (decrease) |
(350,000 | ) | (25,000 | ) |
The accompanying notes are an integral part of these financial statements.
42
AAM S&P Emerging Markets High Dividend Value ETF
Statements of Changes in Net Assets
|
Six-Months |
Year Ended |
|||||||
|
OPERATIONS |
||||||||
|
Net investment income (loss) |
$ | 139,954 | $ | 620,471 | ||||
|
Net realized gain (loss) on investments and foreign currency |
(172,825 | ) | (324,434 | ) | ||||
|
Change in unrealized appreciation (depreciation) on investments and foreign currency |
816,138 | 1,132,474 | ||||||
|
Net increase (decrease) in net assets resulting from operations |
783,267 | 1,428,511 | ||||||
|
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
|
Net distributions to shareholders |
(501,123 | ) | (574,982 | ) | ||||
|
Total distributions to shareholders |
(501,123 | ) | (574,982 | ) | ||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Proceeds from shares sold |
468,288 | 11,624,707 | ||||||
|
Transaction fees (Note 7) |
154 | 24,614 | ||||||
|
Payments for shares redeemed |
- | (11,212,992 | ) | |||||
|
Net increase (decrease) in net assets derived from capital share transactions (a) |
468,442 | 436,329 | ||||||
|
Net increase (decrease) in net assets |
$ | 750,586 | $ | 1,289,858 | ||||
|
NET ASSETS |
||||||||
|
Beginning of period/year |
$ | 7,003,204 | $ | 5,713,346 | ||||
|
End of period/year |
$ | 7,753,790 | $ | 7,003,204 |
|
(a) |
A summary of capital share transactions is as follows: |
|
Shares |
Shares |
|||||||
|
Shares sold |
25,000 | 650,000 | ||||||
|
Shares redeemed |
- | (625,000 | ) | |||||
|
Net increase (decrease) |
25,000 | 25,000 |
The accompanying notes are an integral part of these financial statements.
43
AAM S&P Developed Markets High Dividend Value ETF
Statements of Changes in Net Assets
|
Six-Months |
Year Ended |
|||||||
|
OPERATIONS |
||||||||
|
Net investment income (loss) |
$ | 40,160 | $ | 137,635 | ||||
|
Net realized gain (loss) on investments and foreign currency |
33,614 | (48,249 | ) | |||||
|
Change in unrealized appreciation (depreciation) on investments and foreign currency |
225,742 | 200,508 | ||||||
|
Net increase (decrease) in net assets resulting from operations |
299,516 | 289,894 | ||||||
|
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
|
Net distributions to shareholders |
(82,367 | ) | (123,414 | ) | ||||
|
Total distributions to shareholders |
(82,367 | ) | (123,414 | ) | ||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Payments for shares redeemed |
- | (212,147 | ) | |||||
|
Net increase (decrease) in net assets derived from capital share transactions (a) |
- | (212,147 | ) | |||||
|
Net increase (decrease) in net assets |
$ | 217,149 | $ | (45,667 | ) | |||
|
NET ASSETS |
||||||||
|
Beginning of period/year |
$ | 1,788,269 | $ | 1,833,936 | ||||
|
End of period/year |
$ | 2,005,418 | $ | 1,788,269 |
|
(a) |
A summary of capital share transactions is as follows: |
|
Shares |
Shares |
|||||||
|
Shares sold |
- | - | ||||||
|
Shares redeemed |
- | (10,000 | ) | |||||
|
Net increase (decrease) |
- | (10,000 | ) |
The accompanying notes are an integral part of these financial statements.
44
AAM Low Duration Preferred and Income Securities ETF
Statements of Changes in Net Assets
|
Six-Months |
Year Ended |
|||||||
|
OPERATIONS |
||||||||
|
Net investment income (loss) |
$ | 7,569,946 | $ | 13,141,023 | ||||
|
Net realized gain (loss) on investments |
(4,838,988 | ) | (14,528,238 | ) | ||||
|
Change in unrealized appreciation (depreciation) on investments |
13,383,198 | 5,978,424 | ||||||
|
Net increase (decrease) in net assets resulting from operations |
16,114,156 | 4,591,209 | ||||||
|
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||
|
Net distributions to shareholders |
(9,765,680 | ) | (12,430,912 | ) | ||||
|
Total distributions to shareholders |
(9,765,680 | ) | (12,430,912 | ) | ||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Proceeds from shares sold |
75,686,487 | 75,194,940 | ||||||
|
Transaction fees (Note 7) |
- | 43 | ||||||
|
Payments for shares redeemed |
(4,205,373 | ) | (27,614,775 | ) | ||||
|
Net increase (decrease) in net assets derived from capital share transactions (a) |
71,481,114 | 47,580,208 | ||||||
|
Net increase (decrease) in net assets |
$ | 77,829,590 | $ | 39,740,505 | ||||
|
NET ASSETS |
||||||||
|
Beginning of period/year |
$ | 197,104,563 | $ | 157,364,058 | ||||
|
End of period/year |
$ | 274,934,153 | $ | 197,104,563 |
|
(a) |
A summary of capital share transactions is as follows: |
|
Shares |
Shares |
|||||||
|
Shares sold |
3,600,000 | 3,550,000 | ||||||
|
Shares redeemed |
(200,000 | ) | (1,325,000 | ) | ||||
|
Net increase (decrease) |
3,400,000 | 2,225,000 |
The accompanying notes are an integral part of these financial statements.
45
AAM Transformers ETF
Statements of Changes in Net Assets
|
Six-Months |
Year Ended |
|||||||
|
OPERATIONS |
||||||||
|
Net investment income (loss) |
$ | (23,564 | ) | $ | (30,218 | ) | ||
|
Net realized gain (loss) on investments |
2,814,479 | 643,336 | ||||||
|
Change in unrealized appreciation (depreciation) on investments |
2,849,161 | (410,859 | ) | |||||
|
Net increase (decrease) in net assets resulting from operations |
5,640,076 | 202,259 | ||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||
|
Proceeds from shares sold |
22,808,405 | 25,419,608 | ||||||
|
Transaction fees (Note 7) |
- | 2 | ||||||
|
Payments for shares redeemed |
(12,818,163 | ) | (8,768,020 | ) | ||||
|
Net increase (decrease) in net assets derived from capital share transactions (a) |
9,990,242 | 16,651,590 | ||||||
|
Net increase (decrease) in net assets |
$ | 15,630,318 | $ | 16,853,849 | ||||
|
NET ASSETS |
||||||||
|
Beginning of period |
$ | 20,230,600 | $ | 3,376,751 | ||||
|
End of period |
$ | 35,860,918 | $ | 20,230,600 |
|
(a) |
A summary of capital share transactions is as follows: |
|
Shares |
Shares |
|||||||
|
Shares sold |
725,000 | 975,000 | ||||||
|
Shares redeemed |
(400,000 | ) | (325,000 | ) | ||||
|
Net increase (decrease) |
325,000 | 650,000 |
The accompanying notes are an integral part of these financial statements.
46
AAM S&P 500 High Dividend Value ETF
Financial Highlights
For a capital share outstanding throughout the period/year
|
Six-Months 2024 |
Year Ended October 31, |
|||||||||||||||||||||||
|
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
|
Net asset value, beginning of period/year |
$ | 25.89 | $ | 28.45 | $ | 29.90 | $ | 21.14 | $ | 26.54 | $ | 25.83 | ||||||||||||
|
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
|
Net investment income (loss) (1) |
0.59 | 1.14 | 1.07 | 0.91 | 0.95 | 0.97 | ||||||||||||||||||
|
Net realized and unrealized gain (loss) on investments (2) |
3.77 | (2.57 | ) | (1.44 | ) | 8.79 | (5.28 | ) | 0.64 | |||||||||||||||
|
Total from investment operations |
4.36 | (1.43 | ) | (0.37 | ) | 9.70 | (4.33 | ) | 1.61 | |||||||||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||||||||||
|
Distributions from: |
||||||||||||||||||||||||
|
Net investment income |
(0.65 | ) | (1.13 | ) | (1.08 | ) | (0.94 | ) | (1.07 | ) | (0.90 | ) | ||||||||||||
|
Total distributions to shareholders |
(0.65 | ) | (1.13 | ) | (1.08 | ) | (0.94 | ) | (1.07 | ) | (0.90 | ) | ||||||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
|
Transaction fees (Note 6) |
- | - | - | - | - | - | ||||||||||||||||||
|
Net asset value, end of period/year |
$ | 29.60 | $ | 25.89 | $ | 28.45 | $ | 29.90 | $ | 21.14 | $ | 26.54 | ||||||||||||
|
Total return |
16.87 | %(5) | -5.29 | %(3) | -1.37 | % | 46.23 | % | -16.47 | % | 6.44 | % | ||||||||||||
The accompanying notes are an integral part of these financial statements.
47
AAM S&P 500 High Dividend Value ETF
Financial Highlights
For a capital share outstanding throughout the period/year (Continued)
|
Six-Months 2024 |
Year Ended October 31, |
|||||||||||||||||||||||
|
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
|
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
|
Net assets at end of period/year (000's) |
$ | 59,202 | $ | 60,843 | $ | 67,568 | $ | 45,600 | $ | 23,788 | $ | 37,150 | ||||||||||||
|
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
|
Expenses to average net assets |
0.29 | %(6) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||||
|
Net investment income (loss) to average net assets |
4.05 | %(6) | 4.02 | % | 3.57 | % | 3.19 | % | 4.06 | % | 3.78 | % | ||||||||||||
|
Portfolio turnover rate (4) |
32 | %(5) | 63 | % | 68 | % | 69 | % | 84 | % | 42 | % |
|
(1) |
Calculated based on average shares outstanding during the period. |
|
(2) |
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
|
(3) |
The Fund had a trade error during the year resulting in a loss to the Fund of $11,153, which was subsequently reimbursed to the Fund by the Sub-Adviser. The total return for the year would have been -5.31% before the reimbursement. |
|
(4) |
Excludes the impact of in-kind transactions. |
|
(5) |
Not annualized. |
|
(6) |
Annualized. |
The accompanying notes are an integral part of these financial statements.
48
AAM S&P Emerging Markets High Dividend Value ETF
Financial Highlights
For a capital share outstanding throughout the period/year
|
Six-Months 2024 |
Year Ended October 31, |
|||||||||||||||||||||||
|
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
|
Net asset value, beginning of period/year |
$ | 17.51 | $ | 15.24 | $ | 22.07 | $ | 17.49 | $ | 21.39 | $ | 21.75 | ||||||||||||
|
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
|
Net investment income (loss) (1) |
0.34 | 1.13 | 1.47 | 1.32 | 0.93 | 1.01 | ||||||||||||||||||
|
Net realized and unrealized gain (loss) on investments (2) |
1.62 | 2.12 | (6.74 | )(3) | 4.36 | (3.57 | ) | (0.51 | ) | |||||||||||||||
|
Total from investment operations |
1.96 | 3.25 | (5.27 | ) | 5.68 | (2.64 | ) | 0.50 | ||||||||||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||||||||||
|
Distributions from: |
||||||||||||||||||||||||
|
Net investment income |
(1.23 | ) | (1.02 | ) | (1.51 | ) | (1.13 | ) | (1.26 | ) | (0.87 | ) | ||||||||||||
|
From realized gains |
- | - | (0.05 | ) | - | - | - | |||||||||||||||||
|
Total distributions to shareholders |
(1.23 | ) | (1.02 | ) | (1.56 | ) | (1.13 | ) | (1.26 | ) | (0.87 | ) | ||||||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
|
Transaction fees (Note 6) |
0.00 | (4) | 0.04 | 0.00 | (4) | 0.03 | - | 0.01 | ||||||||||||||||
|
Net asset value, end of period/year |
$ | 18.24 | $ | 17.51 | $ | 15.24 | $ | 22.07 | $ | 17.49 | $ | 21.39 | ||||||||||||
|
Total return |
11.14 | %(7) | 21.71 | % | -25.14 | %(5) | 32.74 | % | -12.83 | % | 2.40 | % | ||||||||||||
The accompanying notes are an integral part of these financial statements.
49
AAM S&P Emerging Markets High Dividend Value ETF
Financial Highlights
For a capital share outstanding throughout the period/year (Continued)
|
Six-Months 2024 |
Year Ended October 31, |
|||||||||||||||||||||||
|
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||||||||||||||||
|
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
|
Net assets at end of period/year (000's) |
$ | 7,754 | $ | 7,003 | $ | 5,713 | $ | 7,725 | $ | 5,686 | $ | 3,209 | ||||||||||||
|
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
|
Expenses to average net assets |
0.49 | %(8) | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||||
|
Net investment income (loss) to average net assets |
3.65 | %(8) | 6.37 | % | 7.46 | % | 5.89 | % | 4.99 | % | 4.61 | % | ||||||||||||
|
Portfolio turnover rate (6) |
50 | %(7) | 183 | % | 123 | % | 139 | % | 121 | % | 124 | % |
|
(1) |
Calculated based on average shares outstanding during the period. |
|
(2) |
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
|
(3) |
Includes $0.14 gain per share derived from payment from Sub-Adviser. |
|
(4) |
Less than $0.005. |
|
(5) |
The Fund had a trade error during the year resulting in a loss to the Fund of $47,299, which was subsequently reimbursed to the Fund by the Sub-Adviser. The total return for the year would have been -25.80% before the reimbursement. |
|
(6) |
Excludes the impact of in-kind transactions. |
|
(7) |
Not annualized. |
|
(8) |
Annualized. |
The accompanying notes are an integral part of these financial statements.
50
AAM S&P Developed Markets High Dividend Value ETF
Financial Highlights
For a capital share outstanding throughout the period/year
|
Six-Months 2024 |
Year Ended October 31, |
Period |
||||||||||||||||||||||
|
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019(1) |
|||||||||||||||||||
|
Net asset value, beginning of period/year |
$ | 19.87 | $ | 18.34 | $ | 23.99 | $ | 18.49 | $ | 25.35 | $ | 24.83 | ||||||||||||
|
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||||||
|
Net investment income (loss) (2) |
0.45 | 1.40 | 1.14 | 0.99 | 0.64 | 1.07 | ||||||||||||||||||
|
Net realized and unrealized gain (loss) on investments (3) |
2.88 | 1.41 | (5.63 | ) | 5.53 | (6.18 | ) | 0.29 | ||||||||||||||||
|
Total from investment operations |
3.33 | 2.81 | (4.49 | ) | 6.52 | (5.54 | ) | 1.36 | ||||||||||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||||||||||
|
Distributions from: |
||||||||||||||||||||||||
|
Net investment income |
(0.92 | ) | (1.28 | ) | (1.16 | ) | (1.02 | ) | (1.32 | ) | (0.84 | ) | ||||||||||||
|
Total distributions to shareholders |
(0.92 | ) | (1.28 | ) | (1.16 | ) | (1.02 | ) | (1.32 | ) | (0.84 | ) | ||||||||||||
|
Net asset value, end of period/year |
$ | 22.28 | $ | 19.87 | $ | 18.34 | $ | 23.99 | $ | 18.49 | $ | 25.35 | ||||||||||||
|
Total return |
16.77 | %(4) | 15.05 | % | -19.34 | % | 35.49 | % | -22.83 | % | 5.64 | %(4) | ||||||||||||
The accompanying notes are an integral part of these financial statements.
51
AAM S&P Developed Markets High Dividend Value ETF
Financial Highlights
For a capital share outstanding throughout the period/year (Continued)
|
Six-Months 2024 |
Year Ended October 31, |
Period |
||||||||||||||||||||||
|
(Unaudited) |
2023 |
2022 |
2021 |
2020 |
2019(1) |
|||||||||||||||||||
|
SUPPLEMENTAL DATA: |
||||||||||||||||||||||||
|
Net assets at end of period/year (000's) |
$ | 2,005 | $ | 1,788 | $ | 1,834 | $ | 2,399 | $ | 1,849 | $ | 2,535 | ||||||||||||
|
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||||||
|
Expenses to average net assets |
0.39 | %(5) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | %(5) | ||||||||||||
|
Net investment income (loss) to average net assets |
4.05 | %(5) | 6.54 | % | 5.22 | % | 4.14 | % | 3.03 | % | 4.65 | %(5) | ||||||||||||
|
Portfolio turnover rate (6) |
41 | %(4) | 93 | % | 100 | % | 96 | % | 106 | % | 87 | %(4) |
|
(1) |
Commencement of operations on November 27, 2018. |
|
(2) |
Calculated based on average shares outstanding during the period. |
|
(3) |
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
|
(4) |
Not annualized. |
|
(5) |
Annualized |
|
(6) |
Excludes the impact of in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
52
AAM Low Duration Preferred and Income Securities ETF
Financial Highlights
For a capital share outstanding throughout the period/year
|
Six-Months |
Year Ended October 31, |
Period |
||||||||||||||||||
|
(Unaudited) |
2023 |
2022 |
2021 |
2020(1) |
||||||||||||||||
|
Net asset value, beginning of period/year |
$ | 20.06 | $ | 20.71 | $ | 25.23 | $ | 24.07 | $ | 24.97 | ||||||||||
|
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||||||||||
|
Net investment income (loss) (2) |
0.68 | 1.43 | 1.18 | 1.05 | 1.17 | |||||||||||||||
|
Net realized and unrealized gain (loss) on investments (3) |
0.92 | (0.74 | ) | (4.56 | ) | 1.35 | (0.98 | ) | ||||||||||||
|
Total from investment operations |
1.60 | 0.69 | (3.38 | ) | 2.40 | 0.19 | ||||||||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||||||||||||
|
Distributions from: |
||||||||||||||||||||
|
Net investment income |
(0.87 | ) | (1.34 | ) | (1.14 | ) | (1.24 | ) | (1.10 | ) | ||||||||||
|
Total distributions to shareholders |
(0.87 | ) | (1.34 | ) | (1.14 | ) | (1.24 | ) | (1.10 | ) | ||||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
|
Transaction fees (Note 6) |
- | 0.00 | (4) | - | 0.00 | (4) | 0.01 | |||||||||||||
|
Net asset value, end of period/year |
$ | 20.79 | $ | 20.06 | $ | 20.71 | $ | 25.23 | $ | 24.07 | ||||||||||
|
Total return |
8.04 | %(5) | 3.30 | % | -13.72 | % | 10.08 | % | 0.98 | %(5) | ||||||||||
|
SUPPLEMENTAL DATA: |
||||||||||||||||||||
|
Net assets at end of period/year (000's) |
$ | 274,934 | $ | 197,105 | $ | 157,364 | $ | 95,232 | $ | 3,611 | ||||||||||
|
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||||||||||
|
Expenses to average net assets |
0.45 | %(6) | 0.46 | % | 0.45 | % | 0.45 | % | 0.45 | %(6) | ||||||||||
|
Net investment income (loss) to average net assets |
6.53 | %(6) | 6.83 | % | 5.74 | % | 4.33 | % | 5.15 | %(6) | ||||||||||
|
Portfolio turnover rate (7) |
57 | %(5) | 100 | % | 154 | % | 199 | % | 202 | %(5) |
|
(1) |
Commencement of operations on November 19, 2019. |
|
(2) |
Calculated based on average shares outstanding during the period. |
|
(3) |
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
|
(4) |
Less than $0.005. |
|
(5) |
Not annualized. |
|
(6) |
Annualized |
|
(7) |
Excludes the impact of in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
53
AAM Transformers ETF
Financial Highlights
For a capital share outstanding throughout the period/year
|
Six-Months |
Year |
Period |
||||||||||
|
Net asset value, beginning of period/year |
$ | 25.29 | $ | 22.51 | $ | 24.00 | ||||||
|
INCOME (LOSS) FROM INVESTMENT OPERATIONS: |
||||||||||||
|
Net investment income (loss) (2) |
(0.02 | ) | (0.06 | ) | (0.03 | ) | ||||||
|
Net realized and unrealized gain (loss) on investments (3) |
6.61 | 2.84 | (1.46 | ) | ||||||||
|
Total from investment operations |
6.59 | 2.78 | (1.49 | ) | ||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||
|
Transaction fees (Note 6) |
- | 0.00 | (7) | - | ||||||||
|
Net asset value, end of period/year |
$ | 31.88 | $ | 25.29 | $ | 22.51 | ||||||
|
Total return |
26.05 | %(4) | 12.33 | % | -6.20 | %(4) | ||||||
|
SUPPLEMENTAL DATA: |
||||||||||||
|
Net assets at end of period/year (000's) |
$ | 35,861 | $ | 20,231 | $ | 3,377 | ||||||
|
RATIOS TO AVERAGE NET ASSETS: |
||||||||||||
|
Expenses to average net assets |
0.49 | %(5) | 0.49 | % | 0.49 | %(5) | ||||||
|
Net investment income (loss) to average net assets |
-0.15 | %(5) | -0.22 | % | -0.34 | %(5) | ||||||
|
Portfolio turnover rate (6) |
45 | %(4) | 82 | % | 27 | %(4) |
|
(1) |
Commencement of operations on July 11, 2022. |
|
(2) |
Calculated based on average shares outstanding during the period. |
|
(3) |
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. |
|
(4) |
Not annualized. |
|
(5) |
Annualized |
|
(6) |
Excludes the impact of in-kind transactions. |
|
(7) |
Less than $0.005 |
The accompanying notes are an integral part of these financial statements.
54
AAM ETFs
Notes to Financial Statements
April 30, 2024 (Unaudited)
NOTE 1 - ORGANIZATION
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 Transformers ETF (individually each a "Fund" or collectively the "Funds") are each a diversified series of ETF Series Solutions ("ESS" or the "Trust"), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The investment objective of the AAM S&P 500 High Dividend Value ETF is to track the performance, before fees and expenses, of the S&P 500 Dividend and Free Cash Flow Yield Index. The investment objective of the AAM S&P Emerging Markets High Dividend Value ETF is to track the performance, before fees and expenses, of the S&P Emerging Markets Dividend and Free Cash Flow Yield Index. The investment objective of the AAM S&P Developed Markets High Dividend Value ETF is to track the performance, before fees and expenses, of the S&P Developed Ex-US Dividend and Free Cash Flow Yield Index. The investment objective of the AAM Low Duration Preferred and Income Securities ETF is to track the total return performance, before fees and expenses, of the ICE 0-5 Year Duration Exchange-Listed Preferred and Hybrid Securities Index. The investment objective of the AAM Transformers ETF is to track the total return performance, before fees and expenses, of the Pence Transformers Index. The Funds commenced operations on the following dates:
|
AAM S&P 500 High Dividend Value ETF |
November 28, 2017 | |||
|
AAM S&P Emerging Markets High Dividend Value ETF |
November 28, 2017 | |||
|
AAM S&P Developed Markets High Dividend Value ETF |
November 27, 2018 | |||
|
AAM Low Duration Preferred and Income Securities ETF |
November 19, 2019 | |||
|
AAM Transformers ETF |
July 11, 2022 |
The end of the reporting period for the Funds is April 30, 2024. The period covered by these Notes to Financial Statements is the fiscal period from November 1, 2023 to April 30, 2024 (the "current fiscal period").
55
AAM ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 Financial Services-Investment Companies.
The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").
|
A. |
Security Valuation. All equity securities, including domestic and foreign common stocks, preferred stocks, and exchange traded funds that are traded on a national securities exchange, except those listed on The Nasdaq Stock Market®, Nasdaq Global Select Markets® and Nasdaq Capital Market Exchange® (collectively, "Nasdaq") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. |
Investments in mutual funds, including money market funds, are valued at their net asset value ("NAV") per share.
Debt securities, including short-term debt instruments, are valued in accordance with prices provided by a pricing service. Pricing services may use various valuation methodologies such as the mean between the bid and asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations.
Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Funds' Board of Trustees (the "Board"). When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Funds may cause the NAV of their shares to differ significantly from the NAV that would be calculated without regard to such considerations.
56
AAM ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:
|
Level 1 - |
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
|
Level 2 - |
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
|
Level 3 - |
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
57
AAM ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
The following is a summary of the inputs used to value the Funds' investments as of the end of the current fiscal period:
AAM S&P 500 High Dividend Value ETF
|
Assets(a) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
|
Common Stocks |
$ | 59,045,514 | $ | - | $ | - | $ | 59,045,514 | ||||||||
|
Short-Term Investments |
214,206 | - | - | 214,206 | ||||||||||||
|
Total Investments in Securities |
$ | 59,259,720 | $ | - | $ | - | $ | 59,259,720 |
|
(a) |
See Schedule of Investments for breakout of investments by sector classification. |
AAM S&P Emerging Markets High Dividend Value ETF
|
Assets(a) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
|
Common Stocks |
$ | 7,394,513 | $ | - | $ | 0 | $ | 7,394,513 | ||||||||
|
Preferred Stocks |
287,271 | - | - | 287,271 | ||||||||||||
|
Short-Term Investments |
32,795 | - | - | 32,795 | ||||||||||||
|
Total Investments in Securities |
$ | 7,714,579 | $ | - | $ | - | $ | 7,714,579 |
|
(a) |
See Schedule of Investments for breakout of investments by country. |
AAM S&P Developed Markets High Dividend Value ETF
|
Assets(a) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
|
Common Stocks |
$ | 1,984,704 | $ | - | $ | - | $ | 1,984,704 | ||||||||
|
Short-Term Investments |
7,561 | - | - | 7,561 | ||||||||||||
|
Total Investments in Securities |
$ | 1,992,265 | $ | - | $ | - | $ | 1,992,265 |
|
(a) |
See Schedule of Investments for breakout of investments by country. |
AAM Low Duration Preferred and Income Securities ETF
|
Assets(a) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
|
Preferred Stocks |
$ | 275,309,419 | $ | - | $ | - | $ | 275,309,419 | ||||||||
|
Short-Term Investments |
3,212,991 | - | - | 3,212,991 | ||||||||||||
|
Total Investments in Securities |
$ | 278,522,410 | $ | - | $ | - | $ | 278,522,410 |
|
(a) |
See Schedule of Investments for further disaggregation of investment categories. |
58
AAM ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
AAM Transformers ETF
|
Assets(a) |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
|
Common Stocks |
$ | 35,841,194 | $ | - | $ | - | $ | 35,841,194 | ||||||||
|
Short-Term Investments |
22,716 | - | - | 22,716 | ||||||||||||
|
Total Investments in Securities |
$ | 35,863,910 | $ | - | $ | - | $ | 35,863,910 |
|
(a) |
See Schedule of Investments for breakout of investments by sector classification. |
During the current fiscal period the Funds did not recognize any transfers to or from Level 3. Transfers are recognized at the end of the current fiscal period.
|
B. |
Federal Income Taxes. The Funds' policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Each Fund plans to file U.S. Federal and applicable state and local tax returns. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.
|
C. |
Foreign Taxes. The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with Management's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of April 30, 2024, if any, are disclosed in the Funds' Statements of Assets and Liabilities. |
59
AAM ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
|
D. |
Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Withholding taxes on foreign dividends and foreign capital gain taxes, if any, have been provided for in accordance with the Funds' understanding of the applicable tax rules and regulations. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized using the effective yield method. |
Distributions received from investments in real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of income and distributions received during the current calendar year for financial statement purposes. The actual character of distributions to a Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a Fund's shareholders may represent a return of capital.
|
E. |
Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. |
The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
60
AAM ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
|
F. |
Distributions to Shareholders. Distributions to shareholders from net investment income on securities are declared and paid by the Funds on a monthly basis. Distributions to shareholders from net realized gains on securities are declared and paid by the Funds on an annual basis. Distributions are recorded on the ex-dividend date. |
|
G. |
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from those estimates. |
|
H. |
Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of outstanding shares for each Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for trading. The offering and redemption price per share of each Fund is equal to each Fund's NAV per share. |
|
I. |
Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote. |
|
J. |
Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. |
61
AAM ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
The permanent differences primarily relate to redemptions in-kind, net operating losses, and trust preferred adjustments. For the year ended October 31, 2023, the following table shows the reclassifications made:
|
Distributable |
Paid-In |
|||||||
|
AAM S&P 500 High Dividend Value ETF |
$ | (2,921,012 | ) | $ | 2,921,012 | |||
|
AAM S&P Emerging Markets High Dividend Value ETF |
(276,916 | ) | 276,916 | |||||
|
AAM S&P Developed Markets High Dividend Value ETF |
2,075 | (2,075 | ) | |||||
|
AAM Low Duration Preferred and Income Securities ETF |
(282,844 | ) | 282,844 | |||||
|
AAM Transformers ETF |
(1,782,068 | ) | 1,782,068 |
|
K. |
Subsequent Events. In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in each Fund's financial statements. |
NOTE 3 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS
Advisors Asset Management, Inc. (the "Adviser"), serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement ("Advisory Agreement") between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is also responsible for arranging, in consultation with Vident Asset Management, (the "Sub-Adviser"), transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of each Fund, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. For the services it provides to the Funds,
62
AAM ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
the Funds pay the Adviser a unified management fee, which is calculated daily and paid monthly, at the annual rates of each Fund's average daily net assets listed below. The Adviser is responsible for paying the Sub-Adviser.
|
AAM S&P 500 High Dividend Value ETF |
0.29 | % | ||
|
AAM S&P Emerging Markets High Dividend Value ETF |
0.49 | % | ||
|
AAM S&P Developed Markets High Dividend Value ETF |
0.39 | % | ||
|
AAM Low Duration Preferred and Income Securities ETF |
0.45 | % | ||
|
AAM Transformers ETF |
0.49 | % |
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator"), acts as the Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; monitors the activities of the Funds' Custodian, transfer agent and fund accountants. Fund Services also serves as the transfer agent and fund accountants to the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' Custodian.
All officers of the Trust are affiliated with the Administrator and Custodian.
NOTE 4 - PURCHASES AND SALES OF SECURITIES
During the current fiscal period, purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, were as follows:
|
Purchases |
Sales |
|||||||
|
AAM S&P 500 High Dividend Value ETF |
$ | 19,101,843 | $ | 19,294,505 | ||||
|
AAM S&P Emerging Markets High Dividend Value ETF |
3,825,469 | 3,779,386 | ||||||
|
AAM S&P Developed Markets High Dividend Value ETF |
809,289 | 861,164 | ||||||
|
AAM Low Duration Preferred and Income Securities ETF |
138,737,402 | 133,574,427 | ||||||
|
AAM Transformers ETF |
13,971,052 | 13,794,435 |
During the current fiscal period, there were no purchases or sales of U.S. Government securities by the Funds.
63
AAM ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
During the current fiscal period, in-kind transactions associated with creations and redemptions for the Funds were as follows:
|
In-kind |
In-kind |
|||||||
|
AAM S&P 500 High Dividend Value ETF |
$ | 727,737 | $ | 10,587,016 | ||||
|
AAM S&P Emerging Markets High Dividend Value ETF |
138,184 | - | ||||||
|
AAM S&P Developed Markets High Dividend Value ETF |
- | - | ||||||
|
AAM Low Duration Preferred and Income Securities ETF |
69,585,674 | 4,177,520 | ||||||
|
AAM Transformers ETF |
22,590,094 | 12,799,223 |
NOTE 5 - TRANSACTIONS WITH AFFILIATED SECURITIES
Investments in issuers considered to be affiliate(s) of the Funds during the current fiscal period for purposes of Section 2(a)(3) of the 1940 Act were as follows:
|
Investments in Crescent Capital BDC, Inc. |
AAM Low |
|||
|
Value at October 31, 2023 |
$ | 446,940 | ||
|
Purchases at Cost |
199,719 | |||
|
Proceeds from Sales |
(128,804 | ) | ||
|
Net Realized Gain (Loss) |
(7,417 | ) | ||
|
Change in Unrealized Appreciation (Depreciation) |
19,628 | |||
|
Value at April 30, 2024 |
$ | 530,066 | ||
|
Shares Held at April 30, 2024 |
21,958 | |||
|
Dividend Income |
$ | 11,290 |
NOTE 6 - INCOME TAX INFORMATION
The amount and character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period.
64
AAM ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
The components of distributable earnings (accumulated deficit) and cost basis of investments and net unrealized appreciation (depreciation) for federal income tax purposes at October 31, 2023 were as follows:
|
AAM S&P |
AAM S&P |
AAM S&P |
||||||||||
|
Tax cost of investments |
$ | 72,036,947 | $ | 8,032,342 | $ | 2,056,475 | ||||||
|
Gross tax unrealized appreciation |
$ | 1,415,701 | $ | 325,685 | $ | 58,567 | ||||||
|
Gross tax unrealized depreciation |
(12,569,764 | ) | (1,431,206 | ) | (323,638 | ) | ||||||
|
Net tax unrealized appreciation (depreciation) |
(11,154,063 | ) | (1,105,521 | ) | (265,071 | ) | ||||||
|
Undistributed ordinary income |
21,355 | 234,370 | 35,049 | |||||||||
|
Undistributed long-term capital gains |
- | - | - | |||||||||
|
Other accumulated gain (loss) |
(4,776,782 | ) | (1,894,553 | ) | (412,958 | ) | ||||||
|
Distributable earnings (accumulated deficit) |
$ | (15,909,490 | ) | $ | (2,765,704 | ) | $ | (642,980 | ) |
|
AAM Low |
AAM |
|||||||
|
Tax cost of investments |
$ | 214,494,215 | $ | 21,646,724 | ||||
|
Gross tax unrealized appreciation |
$ | 2,253,198 | $ | 1,290,715 | ||||
|
Gross tax unrealized depreciation |
(18,851,254 | ) | (2,699,143 | ) | ||||
|
Net tax unrealized appreciation (depreciation) |
(16,598,056 | ) | (1,408,428 | ) | ||||
|
Undistributed ordinary income |
1,354,377 | - | ||||||
|
Undistributed long-term capital gains |
- | - | ||||||
|
Other accumulated gain (loss) |
(23,476,346 | ) | (853,398 | ) | ||||
|
Distributable earnings (accumulated deficit) |
$ | (38,720,025 | ) | $ | (2,261,826 | ) |
The differences between the cost basis for financial statement and federal income tax purposes are primarily due to timing differences in recognizing wash sales, Passive Foreign Investment Companies ("PFICs") and partnerships.
65
AAM ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Funds' taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended October 31, 2023, AAM Transformers ETF deferred $13,657 of late-year ordinary losses. The Funds did not elect to defer any post-October capital losses.
As of October 31, 2023, the Funds had the following capital loss carryforwards with an indefinite expiration:
|
Short-Term |
Long-Term |
|||||||
|
AAM S&P 500 High Dividend Value ETF |
$ | 1,939,888 | $ | 2,836,894 | ||||
|
AAM S&P Emerging Markets High Dividend Value ETF |
285,069 | 1,609,484 | ||||||
|
AAM S&P Developed Markets High Dividend Value ETF |
298,045 | 114,913 | ||||||
|
AAM Low Duration Preferred and Income Securities ETF |
19,215,977 | 4,260,369 | ||||||
|
AAM Transformers ETF |
795,366 | 44,375 |
During the year ended October 31, 2023, the Funds utilized the following capital loss carryforward that was available as of October 31, 2022:
|
Short-Term |
Long- Term |
|||||||
|
AAM S&P 500 High Dividend Value ETF |
$ | - | $ | - | ||||
|
AAM S&P Emerging Markets High Dividend Value ETF |
436,764 | - | ||||||
|
AAM S&P Developed Markets High Dividend Value ETF |
- | - | ||||||
|
AAM Low Duration Preferred and Income Securities ETF |
- | - | ||||||
|
AAM Transformers ETF |
- | - |
The tax character of distributions declared by the Funds during the year/period ended October 31, 2023 and October 31, 2022, were as follows:
|
Fund |
Ordinary |
Long Term |
||||||
|
AAM S&P 500 High Dividend Value ETF |
$ | 2,853,002 | $ | - | ||||
|
AAM S&P Emerging Markets High Dividend Value ETF |
574,982 | - | ||||||
|
AAM S&P Developed Markets High Dividend Value ETF |
123,414 | - | ||||||
|
AAM Low Duration Preferred and Income Securities ETF |
12,430,912 | - | ||||||
|
AAM Transformers ETF |
- | - |
66
AAM ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
|
Year/Period Ended October 31, 2022 |
||||||||||||
|
Fund |
Ordinary |
Long Term |
Return of |
|||||||||
|
AAM S&P 500 High Dividend Value ETF |
$ | 2,174,972 | $ | - | $ | - | ||||||
|
AAM S&P Emerging Markets High Dividend Value ETF |
526,722 | - | 17,084 | |||||||||
|
AAM S&P Developed Markets High Dividend Value ETF |
116,160 | - | - | |||||||||
|
AAM Low Duration Preferred and Income Securities ETF |
7,310,796 | - | - | |||||||||
|
AAM Transformers ETF |
- | - | - |
NOTE 7 - SHARE TRANSACTIONS
Shares of each Fund are listed and trade on the New York Stock Exchange Arca, Inc. ("NYSE Arca"). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
67
AAM ETFs
NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Unaudited) (Continued)
The Funds each currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The following is the standard fixed transaction fee for each Fund:
|
AAM S&P 500 High Dividend Value ETF |
$ | 300 | ||
|
AAM S&P Emerging Markets High Dividend Value ETF |
1,000 | |||
|
AAM S&P Developed Markets High Dividend Value ETF |
500 | |||
|
AAM Low Duration Preferred and Income Securities ETF |
500 | |||
|
AAM Transformers ETF |
300 |
The transaction fee is payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the creation order costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee, payable to the Fund, may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by the Funds, if any, are displayed in the Capital Shares Transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.
NOTE 8 - RISKS
Geographic Investment Risk. To the extent that a Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.
Concentration Risk. To the extent that a Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.
Russia/Ukraine Conflict. On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.
68
AAM ETFs
Expense Example
For the Six-Months Ended April 30, 2024 (Unaudited)
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated in the Expense Example Tables.
Actual Expenses
The first line of the table provides information about actual account values based on actual returns and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period'' to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.
69
AAM ETFs
Expense Example
For the Six-Months Ended April 30, 2024 (Unaudited) (Continued)
AAM S&P 500 High Dividend Value ETF
|
Beginning |
Ending |
Expenses |
||||||||||
|
Actual |
$1,000.00 | $ | 1,168.70 | $1.56 | ||||||||
|
Hypothetical (5% annual return before expenses) |
$1,000.00 | $ | 1,023.42 | $1.46 |
|
(1) |
The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.29%, multiplied by the average account value during the period, multiplied by 182/366, to reflect the one-half year period. |
AAM S&P Emerging Markets High Dividend Value ETF
|
Beginning |
Ending |
Expenses |
||||||||||
|
Actual |
$1,000.00 | $ | 1,111.40 | $2.57 | ||||||||
|
Hypothetical (5% annual return before expenses) |
$1,000.00 | $ | 1,022.43 | $2.46 |
|
(2) |
The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.49%, multiplied by the average account value during the period, multiplied by 182/366, to reflect the one-half year period. |
AAM S&P Developed Markets High Dividend Value ETF
|
Beginning |
Ending |
Expenses |
||||||||||
|
Actual |
$1,000.00 | $ | 1,167.70 | $2.10 | ||||||||
|
Hypothetical (5% annual return before expenses) |
$1,000.00 | $ | 1,022.92 | $1.96 |
|
(3) |
The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.39%, multiplied by the average account value during the period, multiplied by 182/366, to reflect the one-half year period. |
70
AAM ETFs
Expense Example
For the Six-Months Ended April 30, 2024 (Unaudited) (Continued)
AAM Low Duration Preferred and Income Securities ETF
|
Beginning |
Ending |
Expenses |
||||||||||
|
Actual |
$1,000.00 | $ | 1,080.40 | $2.33 | ||||||||
|
Hypothetical (5% annual return before expenses) |
$1,000.00 | $ | 1,022.63 | $2.26 |
|
(4) |
The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.45%, multiplied by the average account value during the period, multiplied by 182/366, to reflect the one-half year period. |
AAM Transformers ETF
|
Beginning |
Ending |
Expenses |
||||||||||
|
Actual |
$1,000.00 | $ | 1,260.50 | $2.75 | ||||||||
|
Hypothetical (5% annual return before expenses) |
$1,000.00 | $ | 1,022.43 | $2.46 |
|
(6) |
The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.49%, multiplied by the average account value during the period, multiplied by 182/366, to reflect the one-half year period. |
71
AAM ETFs
Review of Liquidity Risk Management Program
(Unaudited)
Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the series of the Trust covered by this shareholder report (the "Series"), has adopted a liquidity risk management program to govern the Trust's approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust's liquidity risk management program is tailored to reflect the Series' particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of such Series.
The investment adviser to the Series has adopted and implemented its own written liquidity risk management program (the "Program") tailored specifically to assess and manage the liquidity risk of the Series.
At a recent meeting of the Board of Trustees of the Trust, the Trustees received a report pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the period ended December 31, 2023. The report concluded that the Program is reasonably designed to assess and manage the Series' liquidity risk and has operated adequately and effectively to manage such risk. The report reflected that there were no liquidity events that impacted the Series' ability to timely meet redemptions without dilution to existing shareholders. The report further noted that no material changes have been made to the Program since its implementation.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Series' exposure to liquidity risk and other principal risks to which an investment in the Series may be subject.
72
AAM ETFs
Federal Tax Information
(Unaudited)
For the fiscal period ended October 31, 2023, certain dividends paid by the Funds may be subject to the maximum rate of 23.8%, as provided for by the Jobs and Growth Tax relief Reconciliation Act of 2003.
The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
|
AAM S&P 500 High Dividend Value ETF |
95.48% |
|
AAM S&P Emerging Markets High Dividend Value ETF |
48.17% |
|
AAM S&P Developed Markets High Dividend Value ETF |
85.66% |
|
AAM Low Duration Preferred and Income Securities ETF |
76.07% |
|
AAM Transformers ETF |
0.00% |
For corporate shareholders, the percentage of ordinary income distributions qualified for the corporate dividend received deduction for the fiscal year ended October 31, 2023 was as follows:
|
AAM S&P 500 High Dividend Value ETF |
91.49% |
|
AAM S&P Emerging Markets High Dividend Value ETF |
0.00% |
|
AAM S&P Developed Markets High Dividend Value ETF |
0.00% |
|
AAM Low Duration Preferred and Income Securities ETF |
76.21% |
|
AAM Transformers ETF |
0.00% |
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:
|
AAM S&P 500 High Dividend Value ETF |
0.00% |
|
AAM S&P Emerging Markets High Dividend Value ETF |
0.00% |
|
AAM S&P Developed Markets High Dividend Value ETF |
0.00% |
|
AAM Low Duration Preferred and Income Securities ETF |
0.00% |
|
AAM Transformers ETF |
0.00% |
73
AAM ETFs
Federal Tax Credit Pass Through
(Unaudited)
Pursuant to Section 853 of the Internal Revenue code, The Funds designate the following amounts as foreign taxes paid for the period ended October 31, 2023. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.
|
Creditable |
Per Share |
Portion of Ordinary |
||||||||||
|
AAM S&P 500 High Dividend Value ETF |
$ | - | $ | - | 0.00 | % | ||||||
|
AAM S&P Emerging Markets High Dividend Value ETF |
118,576 | 0.29644 | 100.00 | % | ||||||||
|
AAM S&P Developed Markets High Dividend Value ETF |
23,522 | 0.26136 | 100.00 | % | ||||||||
|
AAM Low Duration Preferred and Income Securities ETF |
- | - | 0.00 | % | ||||||||
|
AAM Transformers ETF |
- | - | 0.00 | % |
Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.
Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. GAAP purposes and Internal Revenue Service purposes.
Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.
Information About Portfolio Holdings
(Unaudited)
The Funds file their complete schedules of portfolio holdings for their first and third fiscal quarters with the SEC on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004. Furthermore, you may obtain the Part F of Form N-PORT on the SEC's website at www.sec.gov. Each Fund's portfolio holdings are posted on their website at www.aamlive.com.
74
AAM ETFs
Information About Proxy Voting
(Unaudited)
A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information ("SAI"). The SAI is available without charge, upon request, by calling toll-free at (800) 617-0004, by accessing the SEC's website at www.sec.gov, or by accessing the Funds' website at www.aamlive.com.
Information regarding how the Funds voted proxies relating to portfolio securities during the period ending June 30 is available by calling toll-free at (800) 617-0004 or by accessing the SEC's website at www.sec.gov.
Frequency Distribution of Premiums and Discounts
(Unaudited)
Information regarding how often shares of the Funds trade on the exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the NAV of the Funds are available, without charge on the Funds' website at www.aamlive.com.
Information About the Funds' Trustees
(Unaudited)
The SAI includes additional information about the Funds' Trustees and is available without charge, upon request, by calling (800) 617-0004 by accessing the SEC's website at www.sec.gov, or by accessing the Funds' website at www.aamlive.com.
75
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Adviser
Advisors Asset Management, Inc.
18925 Base Camp Road, Suite 203
Monument, Colorado 80132
Sub-Adviser
Vident Asset Management
1125 Sanctuary Parkway, Suite 515
Alpharetta, Georgia 30009
Index Provider (SPDV, EEMD, DMDV)
S&P Opco, LLC c/o S&P Dow Jones Indices LLC
55 Water Street
New York, New York 10041
Index Provider (PFLD)
ICE Data Indices, LLC
5660 New Northside Drive NW, 3rd Floor
Atlanta, Georgia 30328
Index Provider (TRFM)
Pence Capital Management, LLC
5000 Birch Street
West Tower, Suite 8000-817
Newport Beach, CA 92660
Distributor
Quasar Distributors, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
Custodian
U.S. Bank National Association
1555 North Rivercenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Transfer Agent
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, Wisconsin 53202
Legal Counsel
Morgan, Lewis, & Bockius, LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
AAM S&P 500 High Dividend Value ETF
Symbol - SPDV
CUSIP - 26922A594
AAM S&P Emerging Markets High Dividend Value ETF
Symbol - EEMD
CUSIP - 26922A586
AAM S&P Developed Markets High Dividend Value ETF
Symbol - DMDV
CUSIP - 26922A347
AAM Low Duration Preferred and Income Securities ETF
Symbol - PFLD
CUSIP - 26922A198
AAM Transformers ETF
Symbol - TRFM
CUSIP - 26922B683
| (b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 11. Controls and Procedures.
| (a) | The Registrant's President (principal executive officer) and Treasurer (principal financial officer) have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
| (a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable |
(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(4) Change in the registrant's independent public accountant. There was no change in the registrant's independent public accountant for the period covered by this report.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | ETF Series Solutions | |
| By (Signature and Title)* | /s/ Kristina R. Nelson | |
| Kristina R. Nelson, President (principal executive officer) | ||
| Date | 7/8/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Kristina R. Nelson | |
| Kristina R. Nelson, President (principal executive officer) | ||
| Date | 7/8/2024 | |
| By (Signature and Title)* | /s/ Kristen M. Weitzel | |
| Kristen M. Weitzel, Treasurer (principal financial officer) | ||
| Date | 7/8/2024 |
| * | Print the name and title of each signing officer under his or her signature. |