AAM Todd International Intrinsic Value ETF
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 97.1%

Shares  

Value  
Communication Services - 2.5%

Deutsche Telekom AG - ADR (a)

            12,202

    $        376,188
NetEase, Inc. - ADR

            3,326

             443,256




             819,444






Consumer Discretionary - 6.3%

Alibaba Group Holding, Ltd. - ADR (a)

            2,893

             353,669
Naspers, Ltd. - ADR (a)

            42,906

             452,229
PDD Holdings, Inc. - ADR (b)

            2,849

             252,308
Vipshop Holdings Ltd. - ADR

            30,168

             462,777
Yum China Holdings, Inc.

            11,008

             530,365




             2,051,348






Consumer Staples - 5.1%

British American Tobacco PLC - ADR (a)

            9,468

             574,234
Japan Tobacco, Inc. - ADR

            29,121

             647,069
Koninklijke Ahold Delhaize NV - ADR

            11,769

             462,051




             1,683,354






Energy - 7.6%

Petroleo Brasileiro SA - Petrobras - ADR

            22,230

             431,262
Repsol SA - ADR

            21,633

             661,753
Shell PLC - ADR

            4,419

             406,460
TechnipFMC PLC

            8,654

             620,146
TotalEnergies SE (a)

            4,108

             360,929




             2,480,550






Financials - 33.7% (c)

Allianz SE - ADR

            10,141

             504,616
AXA SA - ADR

            11,293

             584,977
Banco Santander SA - ADR (a)

            53,086

             748,513
Barclays PLC - ADR

            26,644

             732,710
BNP Paribas SA - ADR

            8,588

             543,019
Chubb Ltd.

            1,733

             607,728
DBS Group Holdings Ltd. - ADR (a)

            2,579

             594,975
Erste Group Bank AG - ADR

            2,405

             156,662
ING Groep NV - ADR

            22,014

             768,949
Intesa Sanpaolo SpA - ADR

            11,920

             539,022
Itau Unibanco Holding SA - ADR

            78,345

             662,799
KB Financial Group, Inc. - ADR (a)

            5,383

             634,225
Manulife Financial Corp.

            12,699

             564,344
Mitsubishi UFJ Financial Group, Inc. - ADR (a)

            32,230

             723,564
NatWest Group PLC (b)

            37,889

             717,618
ORIX Corp. - ADR (a)

            17,612

             709,940
Powszechna Kasa Oszczednosci Bank Polski SA - ADR

            5,646

             179,345
Standard Bank Group Ltd. - ADR

            28,647

             576,378
Standard Chartered PLC - ADR

            8,565

             508,161




             11,057,545






Health Care - 8.7%

Fresenius Medical Care AG - ADR

            14,239

             365,373
Medtronic PLC

            3,808

             325,165
Novartis AG - ADR (a)

            3,145

             491,092


Sanofi SA - ADR (a)

            6,875

             296,175
Shionogi & Co. Ltd. - ADR

            41,169

             372,168
Smith & Nephew PLC - ADR (a)

            10,644

             335,924
Teva Pharmaceutical Industries Ltd. - ADR (b)

            19,331

             676,778




             2,862,675






Industrials - 18.5%

AerCap Holdings NV (a)

            4,845

             731,111
BAE Systems PLC - ADR

            3,765

             427,591
Brambles Ltd. - ADR

            12,667

             347,709
Cie de Saint-Gobain SA - ADR (a)

            29,590

             279,034
Daimler Truck Holding AG - ADR

            13,708

             387,937
Hitachi Ltd. - ADR

            10,922

             357,150
ITOCHU Corp. - ADR

            44,943

             562,237
Komatsu Ltd. - ADR

            8,147

             353,335
Marubeni Corp. - ADR (a)

            17,960

             580,826
Prysmian SpA - ADR

            8,577

             591,813
Techtronic Industries Co. Ltd. - ADR

            6,966

             581,034
Vinci SA - ADR

            11,926

             420,570
ZTO Express Cayman, Inc. - ADR

            18,612

             447,060




             6,067,407






Information Technology - 7.8%

Fujitsu Ltd. - ADR (a)

            18,967

             433,775
Lenovo Group Ltd. - ADR

            8,418

             515,097
NXP Semiconductors NV

            1,925

             441,133
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

            2,038

             823,862
Tokyo Electron Ltd. - ADR

            2,053

             343,611




             2,557,478






Materials - 4.8%

CRH PLC

            4,110

             390,491
Heidelberg Materials AG - ADR

            9,172

             341,474
Rio Tinto PLC - ADR

            4,285

             415,002
Vale SA - ADR

            29,406

             442,854




             1,589,821






Real Estate - 0.7%

Daiwa House Industry Co. Ltd. - ADR

            7,796

             228,111






Utilities - 1.4%

Veolia Environnement SA - ADR (a)

            23,593

             471,624
TOTAL COMMON STOCKS (Cost $22,885,924)

             31,869,357






SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 18.3%
Units  

Value  
Mount Vernon Liquid Assets Portfolio, LLC, 3.79% (d)

            6,003,356

             6,003,356
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,003,356)

             6,003,356






MONEY MARKET FUNDS - 2.8%
Shares  

Value  
First American Government Obligations Fund - Class X, 3.58% (d)

            917,858

             917,858
TOTAL MONEY MARKET FUNDS (Cost $917,858)

             917,858






TOTAL INVESTMENTS - 118.2% (Cost $29,807,138)

             38,790,571
Liabilities in Excess of Other Assets - (18.2)%
(0.18227)
            (5,980,273)
TOTAL NET ASSETS - 100.0%




    $        32,810,298
Percentages are stated as a percent of net assets.






ADR - American Depositary Receipt
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)

All or a portion of this security is on loan as of July 31, 2026. The fair value of these securities was $5,813,276.
(b)

Non-income producing security.
(c)

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.
(d)

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












Summary of Fair Value Disclosure as of July 31, 2026 (Unaudited)
 
AAM Todd International Intrinsic Value 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
    $        31,869,357

    $        –

    $        –

    $        31,869,357
  Investments Purchased with Proceeds from Securities Lending (a)
            –

            –

            –

            6,003,356
  Money Market Funds
            917,858

            –

            –

            917,858
Total Investments
    $        32,787,215

    $        –

    $        –

    $        38,790,571




 

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

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.