AAM Transformers ETF
Schedule of Investments
July 31, 2026 (Unaudited)

COMMON STOCKS - 99.9%

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Value  
Communication Services - 6.3%

Alphabet, Inc. - Class A

            4,020

    $        1,431,643
AppLovin Corp. - Class A (a)

            2,687

             1,063,783
Bilibili, Inc. - ADR (a)(b)

            30,490

             582,359
JOYY, Inc. - ADR

            8,074

             594,004
Meta Platforms, Inc. - Class A

            2,388

             1,329,423
NetEase, Inc. - ADR

            6,323

             842,666
Netflix, Inc. (a)

            18,360

             1,316,596
Pinterest, Inc. - Class A (a)

            24,570

             589,926
REA Group Ltd. - ADR

            19,477

             547,012
Reddit, Inc. - Class A (a)

            9,566

             1,345,649
ROBLOX Corp. - Class A (a)

            40,556

             1,443,794
Roku, Inc. (a)

            4,232

             613,682
Snap, Inc. - Class A (a)

            87,379

             409,808
Spotify Technology SA (a)

            1,568

             783,906
Take-Two Interactive Software, Inc. (a)

            8,110

             1,970,081
Tencent Holdings Ltd. - ADR

            13,317

             818,063




             15,682,395






Consumer Discretionary - 7.5%

Airbnb, Inc. - Class A (a)

            13,138

             1,990,670
Alibaba Group Holding, Ltd. - ADR

            6,160

             753,060
Amazon.com, Inc. (a)

            5,892

             1,600,149
Coupang, Inc. (a)

            46,914

             767,044
DoorDash, Inc. - Class A (a)

            10,984

             2,154,621
Global-e Online Ltd. (a)

            16,697

             656,359
Hesai Group - ADR (a)(b)

            27,129

             458,480
Li Auto, Inc. - ADR (a)(b)

            37,693

             513,756
Meituan - ADR (a)(b)

            38,761

             919,799
MercadoLibre, Inc. (a)

            480

             901,416
MINISO Group Holding Ltd. - ADR

            41,267

             536,471
Mobileye Global, Inc. - Class A (a)

            52,111

             413,761
Navan, Inc. - Class A (a)

            23,837

             634,541
NIO, Inc. - ADR (a)(b)

            96,523

             471,032
Ollie's Bargain Outlet Holdings, Inc. (a)

            7,113

             522,592
Pattern Group, Inc. - Class A (a)

            26,096

             600,730
PDD Holdings, Inc. - ADR (a)

            9,018

             798,634
Rivian Automotive, Inc. - Class A (a)

            29,267

             445,444
Sea Ltd. - ADR (a)

            8,421

             898,858
Tesla, Inc. (a)

            3,581

             1,114,443
Trip.com Group Ltd. - ADR (a)

            11,418

             536,760
WeRide, Inc. - ADR (a)(b)

            75,748

             440,853
XPeng, Inc. - ADR (a)(b)

            32,674

             424,762




             18,554,235






Financials - 4.7%

Adyen NV - ADR (a)

            74,842

             755,904
Affirm Holdings, Inc. (a)(b)

            7,722

             552,200
Block, Inc. (a)

            24,794

             2,014,265
Chime Financial, Inc. - Class A (a)

            29,210

             671,538
Corpay, Inc. (a)

            1,492

             570,108
Dlocal, Ltd.

            46,658

             703,603
Global Payments, Inc.

            7,811

             656,749


Klarna Group PLC (a)(b)

            31,443

             595,530
Paymentus Holdings, Inc. - Class A (a)

            25,061

             854,580
Remitly Global, Inc. (a)

            26,781

             609,803
Shift4 Payments, Inc. - Class A (a)(b)

            13,489

             714,917
Toast, Inc. - Class A (a)

            21,025

             678,477
Visa, Inc. - Class A

            4,678

             1,712,756
Wise Group PLC - Class A (a)

            49,666

             595,992




             11,686,422






Industrials - 23.9%

ABB Ltd. - ADR

            7,219

             711,938
Acuity, Inc.

            1,721

             565,159
AeroVironment, Inc. (a)(b)

            2,593

             387,316
Airbus SE - ADR

            15,143

             884,654
Alliance Laundry Holdings, Inc. (a)

            21,274

             560,995
AMETEK, Inc.

            7,681

             1,856,575
Archer Aviation, Inc. - Class A (a)

            83,127

             385,709
Astronics Corp. - Class B (a)

            1

             41
Atlas Copco AB - ADR

            39,796

             845,665
Axon Enterprise, Inc. (a)

            3,426

             1,808,106
Beta Technologies, Inc. - Class A (a)

            29,253

             553,759
Bloom Energy Corp. - Class A (a)

            6,031

             1,241,240
Boeing Co. (a)

            6,884

             1,487,908
BWX Technologies, Inc.

            2,776

             468,311
Carpenter Technology Corp.

            1,071

             556,556
Contemporary Amperex Technology Co. Ltd. - ADR (b)

            23,633

             470,060
DiDi Global, Inc. - ADR (a)(b)

            153,420

             543,107
Dover Corp.

            2,475

             506,435
Eaton Corp. PLC

            1,857

             771,026
Elbit Systems Ltd.

            917

             741,532
Embraer SA - ADR (b)

            9,729

             664,783
Eos Energy Enterprises, Inc. (a)(b)

            65,650

             221,897
FANUC Corp. - ADR

            31,832

             646,826
Firefly Aerospace, Inc. (a)

            12,841

             261,058
Flowserve Corp.

            7,034

             534,514
Fluence Energy, Inc. (a)(b)

            19,544

             272,248
Forgent Power Solutions, Inc. - Class A (a)

            8,217

             273,380
Fujikura Ltd. - ADR

            50,971

             646,822
Full Truck Alliance Co. Ltd. - Class A - ADR

            61,921

             587,630
GE Vernova, Inc.

            1,555

             1,539,901
Generac Holdings, Inc. (a)

            1,905

             375,495
General Electric Co.

            4,577

             1,648,040
Grab Holdings Ltd. - Class A (a)

            158,742

             555,597
Graco, Inc.

            7,127

             565,741
HEICO Corp.

            5,279

             1,881,224
Helios Technologies, Inc.

            6,174

             481,016
Howmet Aerospace, Inc.

            7,050

             1,989,933
IDEX Corp.

            2,446

             563,681
IHI Corp. - ADR (b)

            34,355

             605,679
Intuitive Machines, Inc. (a)(b)

            15,777

             194,688
ITT, Inc.

            2,745

             537,965
Karman Holdings, Inc. (a)(b)

            9,758

             469,848
Kawasaki Heavy Industries Ltd. - ADR

            75,974

             523,461
Kone Oyj - ADR

            26,490

             763,442
Kratos Defense & Security Solutions, Inc. (a)

            8,373

             390,182
Legrand SA - ADR

            22,502

             679,560
Leonardo SpA - ADR

            25,765

             813,659
Lincoln Electric Holdings, Inc.

            2,016

             526,801
Loar Holdings, Inc. (a)

            8,194

             560,879


Lyft, Inc. - Class A (a)

            37,555

             595,622
MDA Space Ltd. (a)

            13,372

             404,503
Mercury Systems, Inc. (a)

            4,498

             436,756
Mitsubishi Electric Corp. - ADR

            10,329

             750,505
Mitsubishi Heavy Industries Ltd. - ADR (b)

            66,730

             782,743
MTU Aero Engines AG - ADR

            3,136

             657,776
Nextpower, Inc. - Class A (a)

            3,538

             317,960
NuScale Power Corp. (a)

            44,200

             372,164
nVent Electric PLC

            3,151

             484,718
Parker-Hannifin Corp.

            2,018

             1,970,638
Plug Power, Inc. (a)(b)

            147,341

             303,522
Prysmian SpA - ADR

            8,824

             608,856
RBC Bearings, Inc. (a)

            894

             492,871
Redwire Corp. (a)(b)

            24,752

             213,362
Rheinmetall AG - ADR

            2,798

             736,154
Rocket Lab Corp. (a)(b)

            14,632

             950,348
Rolls-Royce Holdings PLC - ADR

            45,537

             903,454
Safran SA - ADR

            8,886

             877,759
Sandvik AB - ADR

            18,884

             705,506
Schneider Electric SE - ADR

            11,794

             791,142
Siemens Energy AG - ADR

            20,965

             715,535
SMC Corp. - ADR

            26,889

             585,105
Snap-on, Inc.

            1,396

             572,932
SPX Technologies, Inc. (a)

            2,244

             492,827
Sunrun, Inc. (a)

            35,787

             351,071
Symbotic, Inc. (a)

            11,186

             481,557
Techtronic Industries Co. Ltd. - ADR

            7,149

             596,298
TransDigm Group, Inc.

            1,425

             1,787,492
Uber Technologies, Inc. (a)

            24,302

             1,709,889
Vertiv Holdings Co. - Class A

            5,429

             1,311,484
Vestas Wind Systems AS - ADR

            61,090

             544,923
Voyager Technologies, Inc. - Class A (a)(b)

            11,126

             272,921
Watts Water Technologies, Inc. - Class A

            1,687

             583,348
Woodward, Inc.

            1,481

             534,271
York Space Systems, Inc. (a)(b)

            17,877

             263,328




             59,281,382






Information Technology - 48.0% (c)

ACM Research, Inc. - Class A (a)

            5,876

             461,090
Advanced Energy Industries, Inc.

            1,660

             480,603
Advanced Micro Devices, Inc. (a)

            2,868

             1,365,598
Advantest Corp. - ADR

            4,370

             863,818
Agilysys, Inc. (a)

            5,921

             622,652
Allegro MicroSystems, Inc. (a)(b)

            9,902

             410,933
Ambarella, Inc. (a)

            7,365

             633,390
Amkor Technology, Inc.

            7,189

             358,515
Amphenol Corp. - Class A

            10,193

             1,638,015
Analog Devices, Inc. (b)

            3,485

             1,280,424
Appfolio, Inc. - Class A (a)

            3,244

             584,536
Apple, Inc.

            4,810

             1,485,857
Applied Digital Corp. (a)

            12,016

             329,118
Applied Materials, Inc.

            2,981

             1,513,364
Applied Optoelectronics, Inc. (a)(b)

            2,610

             246,175
Arista Networks, Inc. (a)

            9,039

             1,630,184
ARM Holdings PLC - ADR (a)

            1,961

             470,032
ASE Technology Holding Co. Ltd. - ADR (b)

            20,184

             709,871
ASML Holding NV

            433

             705,357
Astera Labs, Inc. (a)

            4,913

             1,529,073
Atlassian Corp. - Class A (a)

            5,401

             545,582


Aurora Innovation, Inc. (a)(b)

            77,546

             500,172
Autodesk, Inc. (a)

            7,520

             1,761,184
AvePoint, Inc. (a)

            48,701

             634,574
AXT, Inc. (a)

            5,002

             302,271
Broadcom, Inc.

            3,578

             1,392,844
Cadence Design Systems, Inc. (a)

            4,268

             1,451,205
Calix, Inc. (a)

            13,824

             496,282
Camtek, Ltd. (a)(b)

            3,039

             402,546
Celestica, Inc. (a)

            1,831

             606,867
ChipMOS Technologies, Inc. - ADR

            8,592

             407,261
Ciena Corp. (a)

            3,276

             1,235,216
Circle Internet Group, Inc. (a)(b)

            5,856

             366,644
Clear Secure, Inc. - Class A

            9,743

             538,203
Cloudflare, Inc. - Class A (a)

            6,534

             1,822,855
Cognex Corp.

            8,208

             535,490
Coherent Corp. (a)

            4,156

             1,092,571
Cohu, Inc. (a)

            9,487

             455,281
CoreWeave, Inc. - Class A (a)(b)

            16,239

             1,165,473
Corning, Inc.

            7,581

             1,048,073
Credo Technology Group Holding Ltd. (a)

            8,082

             1,672,893
Crowdstrike Holdings, Inc. - Class A (a)

            8,330

             1,589,864
Datadog, Inc. - Class A (a)

            7,217

             1,933,940
Dell Technologies, Inc. - Class C

            3,554

             1,440,685
DigitalOcean Holdings, Inc. (a)

            2,936

             344,980
Disco Corp. - ADR

            17,223

             614,861
Everpure, Inc. - Class A (a)

            6,749

             520,820
Extreme Networks, Inc. (a)

            17,909

             539,777
Fabrinet (a)

            758

             330,041
Fair Isaac Corp. (a)

            462

             518,812
Figma, Inc. - Class A (a)(b)

            23,562

             573,028
First Solar, Inc. (a)

            1,688

             356,219
Flex Ltd. (a)

            11,005

             1,251,819
FormFactor, Inc. (a)

            4,181

             444,022
Fortinet, Inc. (a)

            11,740

             1,901,293
Fujitsu Ltd. - ADR

            35,205

             805,138
GDS Holdings Ltd. - ADR (a)(b)

            15,156

             496,208
Gitlab, Inc. - Class A (a)

            17,198

             593,503
GLOBALFOUNDRIES, Inc.

            20,714

             1,035,493
Guidewire Software, Inc. (a)

            3,500

             531,790
Himax Technologies, Inc. - ADR

            22,942

             287,693
HubSpot, Inc. (a)

            2,406

             571,088
Ichor Holdings Ltd. (a)

            7,455

             561,138
Impinj, Inc. (a)

            3,902

             590,607
Infineon Technologies AG - ADR

            7,814

             556,591
Intel Corp. (a)

            13,411

             1,209,672
International Business Machines Corp.

            4,963

             1,109,975
Intuit, Inc.

            5,817

             1,838,579
IonQ, Inc. (a)(b)

            8,078

             294,362
IPG Photonics Corp. (a)

            4,325

             367,885
JFrog Ltd. (a)

            6,160

             491,506
Keysight Technologies, Inc. (a)

            5,121

             1,634,009
Kingsoft Cloud Holdings Ltd. - ADR (a)(b)

            43,837

             488,783
Kioxia Holdings Corp. - ADR (a)

            15,810

             439,518
KLA Corp.

            7,027

             1,284,676
Klaviyo, Inc. - Class A (a)

            33,603

             599,478
Kulicke & Soffa Industries, Inc.

            5,114

             456,169
Lam Research Corp.

            4,452

             1,304,525
Lasertec Corp. - ADR

            10,282

             474,617
Lattice Semiconductor Corp. (a)

            3,485

             433,081
Life360, Inc. (a)(b)

            11,106

             600,279


Lumentum Holdings, Inc. (a)

            1,861

             1,328,642
MACOM Technology Solutions Holdings, Inc. (a)

            1,384

             347,993
Marvell Technology, Inc.

            4,741

             889,222
MaxLinear, Inc. (a)

            5,635

             376,531
Microchip Technology, Inc.

            18,229

             1,354,232
Micron Technology, Inc.

            1,508

             1,241,129
Microsoft Corp.

            3,490

             1,621,873
Mirion Technologies, Inc. (a)

            29,105

             435,993
MKS, Inc.

            1,599

             475,623
MongoDB, Inc. (a)

            1,392

             469,772
Monolithic Power Systems, Inc.

            1,060

             1,511,592
Murata Manufacturing Co. Ltd. - ADR

            24,758

             575,624
Nebius Group NV (a)(b)

            2,978

             567,041
Netskope, Inc. - Class A (a)

            52,871

             665,646
nLight, Inc. (a)

            7,078

             486,966
Nova Ltd. (a)(b)

            1,052

             411,195
NVIDIA Corp.

            6,850

             1,375,138
NXP Semiconductors NV

            2,406

             551,359
Obic Co. Ltd. - ADR (b)

            44,105

             627,945
ON Semiconductor Corp. (a)

            13,307

             1,085,984
Ondas, Inc. (a)(b)

            44,318

             331,942
Onto Innovation, Inc. (a)

            1,925

             497,767
Oracle Corp.

            6,337

             822,986
Ouster, Inc. (a)

            11,253

             438,980
Palantir Technologies, Inc. - Class A (a)

            10,555

             1,298,898
Palo Alto Networks, Inc. (a)

            5,364

             1,779,936
Penguin Solutions, Inc. (a)

            7,446

             391,883
Pony AI, Inc. - ADR (a)

            57,451

             452,139
Rambus, Inc. (a)

            3,127

             284,651
Renesas Electronics Corp. - ADR

            51,235

             523,622
Rubrik, Inc. - Class A (a)

            6,887

             498,343
SailPoint, Inc. (a)

            28,506

             478,046
Salesforce, Inc.

            9,298

             1,711,018
Samsara, Inc. - Class A (a)

            15,072

             561,734
Sandisk Corp. (a)

            852

             1,035,035
SAP SE - ADR (b)

            4,141

             760,370
Seagate Technology Holdings PLC

            1,611

             1,379,225
Semtech Corp. (a)

            3,127

             368,423
SentinelOne, Inc. - Class A (a)

            32,096

             611,750
ServiceNow, Inc. (a)

            14,717

             1,636,972
ServiceTitan, Inc. - Class A (a)

            7,125

             591,803
Shopify, Inc. - Class A (a)

            6,685

             783,148
Silicon Laboratories, Inc. (a)

            2,420

             526,350
Silicon Motion Technology Corp. - ADR

            1,867

             473,471
SiTime Corp. (a)

            742

             397,118
Snowflake, Inc. - Class A (a)

            7,193

             2,109,563
SoundHound AI, Inc. - Class A (a)(b)

            66,217

             405,910
Super Micro Computer, Inc. (a)

            11,314

             321,318
Synaptics, Inc. (a)

            3,762

             403,738
Synopsys, Inc. (a)

            3,557

             1,382,819
T1 Energy, Inc. (a)

            45,478

             189,643
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

            1,740

             703,395
Teradyne, Inc.

            4,312

             1,585,479
Texas Instruments, Inc.

            4,891

             1,348,644
Tokyo Electron Ltd. - ADR

            3,857

             645,546
TTM Technologies, Inc. (a)

            2,876

             332,006
Ultra Clean Holdings, Inc. (a)

            5,662

             471,701
United Microelectronics Corp. - ADR

            37,300

             709,819
Universal Display Corp.

            5,876

             471,020
Vnet Group, Inc. - ADR (a)(b)

            56,567

             405,585


Western Digital Corp.

            2,602

             1,417,674
Workday, Inc. - Class A (a)

            11,868

             1,902,915
Xiaomi Corp. - ADR (a)(b)

            42,932

             786,514
Zeta Global Holdings Corp. - Class A (a)(b)

            22,906

             494,770
Zscaler, Inc. (a)

            3,925

             593,460




             118,885,245






Utilities - 9.5%

Alliant Energy Corp. (b)

            7,425

             525,542
American Electric Power Co., Inc.

            13,739

             1,756,531
Axia Energia SA - ADR

            77,701

             813,529
Cia Paranaense de Energia - Copel - ADR (b)

            48,008

             563,134
Clearway Energy, Inc. - Class C

            13,127

             416,520
Constellation Energy Corp.

            6,643

             1,745,448
Emera, Inc.

            10,670

             575,006
Enel SpA - ADR

            69,611

             783,124
Enlight Renewable Energy Ltd. (a)(b)

            5,788

             488,854
Entergy Corp.

            16,094

             1,732,036
Evergy, Inc.

            6,484

             538,237
Fortis, Inc.

            9,948

             567,036
IDACORP, Inc. (b)

            3,821

             546,059
NextEra Energy, Inc.

            17,480

             1,519,362
Ormat Technologies, Inc.

            3,730

             363,973
Pampa Energia SA - ADR (a)

            6,502

             574,257
Pinnacle West Capital Corp. (b)

            5,285

             533,732
Portland General Electric Co.

            10,676

             526,647
PPL Corp.

            15,091

             531,354
ReNew Energy Global PLC - Class A (a)

            87,041

             541,395
RWE AG - ADR

            11,915

             786,033
Southern Co.

            19,195

             1,814,695
SSE PLC - ADR

            23,932

             752,901
Talen Energy Corp. (a)

            1,399

             467,406
TransAlta Corp.

            42,371

             529,638
Vistra Corp.

            11,428

             1,693,515
Xcel Energy, Inc. (b)

            22,567

             1,764,739




             23,450,703
TOTAL COMMON STOCKS (Cost $238,587,820)

             247,540,382






SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.9%
Units  

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

            19,677,941

             19,677,941
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $19,677,941)

             19,677,941






MONEY MARKET FUNDS - 0.1%
Shares  

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

            237,106

             237,106
TOTAL MONEY MARKET FUNDS (Cost $237,106)

             237,106






TOTAL INVESTMENTS - 107.9% (Cost $258,502,867)

             267,455,429
Liabilities in Excess of Other Assets - (7.9)%
(0.07925)
            (19,640,125)
TOTAL NET ASSETS - 100.0%




    $        247,815,304


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)

Non-income producing security.
(b)

All or a portion of this security is on loan as of July 31, 2026. The fair value of these securities was $18,839,554.
(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 Transformers 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
    $        247,540,382

    $        –

    $        –

    $        247,540,382
  Investments Purchased with Proceeds from Securities Lending (a)
            –

            –

            –

            19,677,941
  Money Market Funds
            237,106

            –

            –

            237,106
Total Investments
    $        247,777,488

    $        –

    $        –

    $        267,455,429




 

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.