AAM S&P 500 High Dividend Value ETF
      
Schedule of Investments
      
July 31, 2022 (Unaudited)
      
           
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Security Description
  
Value
  
   
COMMON STOCKS - 99.8%
      
   
Communication Services - 9.0%
      
 
65,392
  
AT&T, Inc.
  
$
1,228,062
  
 
40,800
  
Interpublic Group of Companies, Inc.
    
1,218,696
  
 
114,048
  
Lumen Technologies, Inc.
    
1,241,983
  
 
17,448
  
Omnicom Group, Inc.
    
1,218,568
  
 
27,068
  
Verizon Communications, Inc.
    
1,250,271
  
           
6,157,580
  
     
Consumer Discretionary - 9.2%
        
 
35,948
  
Bath & Body Works, Inc.
    
1,277,592
  
 
93,827
  
Ford Motor Company
    
1,378,318
  
 
12,411
  
Ralph Lauren Corporation
    
1,224,097
  
 
35,440
  
Tapestry, Inc.
    
1,191,847
  
 
7,171
  
Whirlpool Corporation
    
1,239,651
  
           
6,311,505
  
     
Consumer Staples - 8.9
        
 
27,923
  
Altria Group, Inc.
    
1,224,703
  
 
31,400
  
Kraft Heinz Company
    
1,156,462
  
 
20,778
  
Molson Coors Brewing Company - Class B
    
1,241,485
  
 
12,543
  
Philip Morris International, Inc.
    
1,218,552
  
 
31,122
  
Walgreens Boots Alliance, Inc.
    
1,233,054
  
           
6,074,256
  
     
Energy - 9.4%
        
 
8,345
  
Chevron Corporation
    
1,366,744
  
 
13,818
  
Exxon Mobil Corporation
    
1,339,379
  
 
68,171
  
Kinder Morgan, Inc.
    
1,226,396
  
 
14,231
  
Phillips 66
    
1,266,559
  
 
11,567
  
Valero Energy Corporation
    
1,281,277
  
           
6,480,355
  
     
Financials - 9.0%
        
 
23,180
  
Citigroup, Inc.
    
1,203,042
  
 
32,370
  
Citizens Financial Group, Inc.
    
1,229,089
  
 
92,412
  
Huntington Bancshares, Inc.
    
1,228,156
  
 
18,826
  
Principal Financial Group, Inc.
    
1,260,212
  
 
12,597
  
Prudential Financial, Inc.
    
1,259,574
  
           
6,180,073
  
     
Health Care - 8.7%
        
 
8,105
  
AbbVie, Inc.
    
1,163,148
  
 
19,789
  
Gilead Sciences, Inc.
    
1,182,393
  
 
37,648
  
Organon & Company
    
1,194,195
  
 
23,486
  
Pfizer, Inc.
    
1,186,278
  
 
125,990
  
Viatris, Inc.
    
1,220,843
  
           
5,946,857
  
     
Industrials - 9.2%
        
 
8,971
  
3M Company
    
1,285,006
  
 
5,551
  
General Dynamics Corporation
    
1,258,245
  
 
3,049
  
Lockheed Martin Corporation
    
1,261,707
  
 
5,642
  
Snap-on, Inc.
    
1,264,090
  
 
6,400
  
United Parcel Service, Inc. - Class B
    
1,247,296
  
           
6,316,344
  
     
Information Technology - 9.0%
        
 
27,062
  
Cisco Systems, Inc.
    
1,227,803
  
 
87,379
  
Hewlett Packard Enterprise Company
    
1,244,277
  
 
37,057
  
HP, Inc.
    
1,237,333
  
 
9,382
  
International Business Machines Corporation
    
1,227,072
  
 
15,660
  
Seagate Technology Holdings plc
    
1,252,487
  
           
6,188,972
  
     
Materials - 9.0%
        
 
95,492
  
Amcor plc
    
1,236,621
  
 
23,666
  
Dow, Inc.
    
1,259,268
  
 
27,855
  
International Paper Company
    
1,191,358
  
 
13,862
  
LyondellBasell Industries NV - Class A
    
1,235,382
  
 
29,113
  
WestRock Company
    
1,233,227
  
           
6,155,856
  
     
Real Estate - 9.1%
        
 
13,587
  
Boston Properties, Inc.
    
1,238,591
  
 
19,153
  
Regency Centers Corporation
    
1,234,028
  
 
11,605
  
Simon Property Group, Inc.
    
1,260,767
  
 
36,394
  
VICI Properties, Inc.
    
1,244,311
  
 
40,607
  
Vornado Realty Trust
    
1,234,046
  
           
6,211,743
  
     
Utilities - 9.3%
        
 
31,400
  
FirstEnergy Corporation
    
1,290,540
  
 
14,994
  
NextEra Energy, Inc.
    
1,266,843
  
 
33,769
  
NRG Energy, Inc.
    
1,274,780
  
 
44,026
  
PPL Corporation
    
1,280,276
  
 
12,296
  
WEC Energy Group, Inc.
    
1,276,448
  
           
6,388,887
  
     
TOTAL COMMON STOCKS (Cost $69,865,163)
    
68,412,428
  
               
               
     
SHORT-TERM INVESTMENTS - 0.5%
        
 
326,781
  
Invesco Government & Agency Portfolio, Institutional Class - 1.88% (a)
    
326,781
  
     
TOTAL SHORT-TERM INVESTMENTS (Cost $326,781)
    
326,781
  
     
TOTAL INVESTMENTS (Cost $70,191,944) - 100.3%
    
68,739,209
  
     
Liabilities in Excess of Other Assets - (0.3)%
    
(223,240
)
     
NET ASSETS - 100.0%
  
$
68,515,969
  
               
     
Percentages are stated as a percent of net assets.
        
     
 
        
(a)
  
Rate shown is the annualized seven-day yield as of July 31, 2022.
        
               
     
The Global Industry Classifications Standard (GICS®) was developed by and/or is exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). 
GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund’s Administrator, U.S. Bancorp Fund Services, LLC.
  


Summary of Fair Value Disclosure at July 31, 2022 (Unaudited)
            
                 
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis.  Accounting principles generally accepted in the United
States of America ("U.S. GAAP") establishes a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:
                 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 Fund's 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.

The following is a summary of the inputs used to value the Fund's investments as of July 31, 2022:
  

Assets^
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
68,412,428
    
$
-
    
$
-
    
$
68,412,428
  
Short-Term Investments
    
326,781
      
-
      
-
      
326,781
  
Total Investments in Securities
  
$
68,739,209
    
$
-
    
$
-
    
$
68,739,209
  
                   
^See Schedule of Investments for breakout of investments by sector classifications.
                  
For the period ended July 31, 2022, the Fund did not recognize any transfers to or from Level 3.