AAM Sawgrass U.S. Large Cap Quality Growth ETF
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 97.8%

Shares  

Value  
Communication Services - 9.5%

Alphabet, Inc. - Class A

            526

    $        187,324
Meta Platforms, Inc. - Class A

            110

             61,238
Walt Disney Co.

            245

             23,567




             272,129






Consumer Discretionary - 6.9%

Amazon.com, Inc. (a)

            174

             47,255
AutoZone, Inc. (a)

            21

             63,341
Home Depot, Inc.

            93

             30,872
McDonald's Corp.

            122

             33,018
O'Reilly Automotive, Inc. (a)

            285

             25,465




             199,951






Consumer Staples - 5.7%

Casey's General Stores, Inc.

            68

             59,228
Keurig Dr Pepper, Inc.

            2,273

             70,736
Procter & Gamble Co.

            236

             34,099




             164,063






Financials - 8.5%

Cboe Global Markets, Inc.

            231

             71,663
CME Group, Inc.

            252

             67,483
S&P Global, Inc.

            43

             17,713
Visa, Inc. - Class A

            243

             88,970




             245,829






Health Care - 13.6%

Eli Lilly & Co.

            76

             87,312
Exelixis, Inc. (a)

            1,934

             102,560
Incyte Corp. (a)

            792

             94,660
Stryker Corp.

            98

             31,918
United Therapeutics Corp. (a)

            148

             76,621




             393,071






Industrials - 9.2%

AMETEK, Inc.

            217

             52,451
Emerson Electric Co.

            199

             29,814
HEICO Corp.

            126

             44,902
Hubbell, Inc.

            60

             28,353
ITT, Inc.

            144

             28,221
TransDigm Group, Inc.

            20

             25,088
Union Pacific Corp.

            194

             56,673




             265,502






Information Technology - 44.4% (b)

Advanced Micro Devices, Inc. (a)

            213

             101,420
Amphenol Corp. - Class A

            298

             47,889
Apple, Inc.

            610

             188,435
Applied Materials, Inc.

            141

             71,581
Arista Networks, Inc. (a)

            287

             51,760
Autodesk, Inc. (a)

            167

             39,111


Broadcom, Inc.

            314

             122,234
Cadence Design Systems, Inc. (a)

            140

             47,603
Fortinet, Inc. (a)

            364

             58,950
KLA Corp.

            340

             62,159
Micron Technology, Inc.

            72

             59,258
Microsoft Corp.

            286

             132,910
NVIDIA Corp.

            977

             196,133
QUALCOMM, Inc.

            231

             34,098
VeriSign, Inc.

            229

             66,415




             1,279,956
TOTAL COMMON STOCKS (Cost $2,349,108)

             2,820,501






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 2.2%
Shares  

Value  
Invesco Government & Agency Portfolio - Institutional Class, 3.65% (c)

            62,846

             62,846
TOTAL MONEY MARKET FUNDS (Cost $62,846)

             62,846






TOTAL INVESTMENTS - 100.0% (Cost $2,411,954)

             2,883,347
Liabilities in Excess of Other Assets - (0.0)% (d)
(0.00024)
            (704)
TOTAL NET ASSETS - 100.0%




    $        2,882,643


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.


(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 that industry or sector.
(c)

The rate shown represents the 7-day annualized yield as of July 31, 2026.
(d)

Represents less than 0.05% of net assets.




























Summary of Fair Value Disclosure as of July 31, 2026 (Unaudited)
 
AAM Sawgrass U.S. Large Cap Quality Growth ETF has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
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 based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of July 31, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        2,820,501

    $        –

    $        –

    $        2,820,501
  Money Market Funds
            62,846

            –

            –

            62,846
Total Investments
    $        2,883,347

    $        –

    $        –

    $        2,883,347




 

Refer to the Schedule of Investments for further disaggregation of investment categories.