AAM SLC Low Duration Income ETF
Schedule of Investments
July 31, 2026 (Unaudited)
ASSET-BACKED SECURITIES - 29.1%									Par						Value
Affirm, Inc.
Series 2024-X2, Class D, 6.08%, 12/17/2029 (a)									$        694,733						$        696,802
Series 2025-X1, Class D, 6.11%, 04/15/2030 (a)									215,000						215,835
American Credit Acceptance Receivables Trust
Series 2025-1, Class E, 7.39%, 12/13/2032 (a)									500,000						511,493
Series 2025-4, Class D, 5.25%, 09/12/2031 (a)									315,000						313,431
Series 2026-1, Class D, 5.10%, 01/12/2033 (a)									205,000						202,768
Series 2026-2, Class D, 5.18%, 06/08/2032 (a)									855,000						845,811
BHG Owner Loan Trust, Series 2026-1CON, Class C, 5.68%, 06/17/2037 (a)									230,000						225,810
Bridgecrest Lending Auto Securitization Trust
Series 2025-2, Class D, 5.62%, 03/17/2031									545,000						547,118
Series 2025-2, Class E, 7.74%, 06/15/2032 (a)									750,000						762,099
Series 2025-3, Class E, 6.62%, 05/17/2032 (a)									590,000						581,985
Series 2026-2, Class D, 5.19%, 02/17/2032									255,000						252,295
Carvana Auto Receivables Trust, Series 2024-P4, Class D, 5.60%, 12/10/2032									395,000						392,945
CPS Auto Trust
Series 2024-A, Class D, 6.13%, 04/15/2030 (a)									1,000,000						1,012,753
Series 2025-B, Class D, 5.56%, 07/15/2031 (a)									635,000						637,085
Series 2025-C, Class E, 6.59%, 02/15/2033 (a)									510,000						499,238
Series 2025-D, Class D, 5.45%, 02/17/2032 (a)									215,000						214,818
Series 2026-A, Class D, 4.98%, 06/15/2032 (a)									480,000						471,885
Series 2026-B, Class D, 5.20%, 07/15/2032 (a)									1,390,000						1,371,472
Series 2026-C, Class D, 5.72%, 10/15/2032 (a)									540,000						538,971
Exeter Automobile Receivables Trust
Series 2023-5A, Class D, 7.13%, 02/15/2030									180,000						183,939
Series 2024-5A, Class D, 5.06%, 02/18/2031									500,000						499,515
Series 2025-2A, Class E, 7.81%, 10/15/2032 (a)									500,000						516,336
Series 2025-3A, Class D, 5.57%, 10/15/2031									365,000						367,180
Series 2025-4A, Class E, 6.99%, 04/15/2033 (a)									950,000						945,403
Series 2025-5A, Class D, 5.16%, 03/15/2032									765,000						758,495
Series 2026-1A, Class D, 5.00%, 05/17/2032									165,000						162,259
Series 2026-2A, Class D, 5.51%, 08/16/2032									380,000						379,174
Series 2026-2A, Class E, 7.54%, 11/15/2033 (a)									250,000						250,790
Foundation Finance Trust
Series 2021-1A, Class D, 4.96%, 05/15/2041 (a)									123,865						119,911
Series 2021-2A, Class D, 5.73%, 01/15/2042 (a)									130,809						128,718
Series 2025-3A, Class D, 5.71%, 08/15/2052 (a)									465,644						458,024
GLS Auto Receivables Trust
Series 2025-1A, Class E, 7.19%, 03/15/2032 (a)									1,150,000						1,156,882
Series 2025-2A, Class D, 5.59%, 01/15/2031 (a)									165,000						165,562
Series 2025-4A, Class D, 5.13%, 08/15/2031 (a)									370,000						364,833
Series 2026-1A, Class D, 5.02%, 12/15/2031 (a)									515,000						505,344
Marriott Vacations Worldwide Corp., C Series 2021-1WA, Class C, 1.94%, 01/22/2041 (a)									90,960						88,800
Metronet Systems Holdings LLC, Series 2026-1A, Class C, 7.10%, 04/20/2056 (a)									250,000						249,223
MVW Owner Trust, C Series 2024-1A, Class C, 6.20%, 02/20/2043 (a)									91,551						92,875
Pagaya AI Debt Selection Trust, E Series 2024-5, Class E, 8.00%, 10/15/2031 (a)									127,108						127,215
Pagaya AI Debt Selection Trust, C Series 2024-5, Class C, 7.27%, 10/15/2031 (a)									319,750						319,963
Pagaya AI Debt Selection Trust, D
Series 2024-11, Class D, 6.31%, 07/15/2032 (a)									509,044						510,342
Series 2025-1, Class D, 6.28%, 07/15/2032 (a)									76,514						76,701
Series 2025-3, Class D, 6.99%, 12/15/2032 (a)									108,012						108,678
Series 2025-4, Class D, 6.57%, 01/17/2033 (a)									199,993						200,795
Series 2025-5, Class D, 5.87%, 03/15/2033 (a)									129,995						129,904
Series 2025-R2, Class D, 5.80%, 10/15/2032 (a)									176,986						173,794

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Pagaya AI Debt Selection Trust
Series 2025-6, Class B, 4.88%, 04/15/2033 (a)									639,941						633,734
Series 2025-R3, Class D, 5.66%, 01/18/2033 (a)									351,887						350,281
Series 2026-3, Class B, 6.20%, 12/15/2033 (a)									320,000						319,875
Pagaya Technologies Ltd., Series 2025-1, Class E, 11.28%, 01/20/2034 (a)									500,000						501,401
Pagaya Technologies Ltd., D Series 2025-1, Class D, 6.74%, 01/20/2034 (a)									145,000						145,696
Research-Driven Pagaya Motor Asset Trust
Series 2026-2A, Class A4, 5.62%, 02/26/2035 (a)									180,000						179,619
Series 2026-3A, Class B, 6.76%, 03/26/2035 (a)									210,000						210,967
Santander Consumer USA Holdings, Inc.
Series 2024-2, Class D, 6.28%, 08/15/2031									1,000,000						1,019,398
Series 2025-4, Class D, 4.95%, 01/15/2032									90,000						88,932
Series 2026-1, Class D, 4.75%, 04/15/2032									240,000						234,663
Santander Consumer USA, Inc.
Series 2025-2, Class D, 4.90%, 12/15/2032									310,000						305,627
Series 2025-S1, Class R2, 6.26%, 06/16/2029 (a)									275,410						275,519
Sierra Timeshare Conduit Receivables Funding LLC
Series 2025-3A, Class C, 4.98%, 08/22/2044 (a)									173,404						171,938
Series 2026-2A, Class C, 5.63%, 05/20/2043 (a)									215,000						214,726
SoFi Consumer Loan Program Trust
Series 2025-4, Class D, 5.27%, 08/25/2035 (a)									490,000						484,871
Series 2026-1, Class D, 5.06%, 12/26/2035 (a)									480,000						471,138
Series 2026-3, Class D, 5.64%, 06/25/2035 (a)									670,000						667,464
Verus Securitization Trust, Series 2025-12, Class M1, 5.76%, 12/25/2070 (a)(b)									220,000						217,914
Verus Securitization Trust, A3 Series 2025-1, Class A3, 5.98%, 01/25/2070 (a)(c)									172,716						173,013
Westgate Resorts LLC, Series 2023-1A, Class C, 7.49%, 12/20/2037 (a)									344,543						346,533
Westlake Automobile Receivables Trust
Series 2023-4A, Class D, 7.19%, 07/16/2029 (a)									155,000						158,988
Series 2024-1A, Class D, 6.02%, 10/15/2029 (a)									1,000,000						1,012,003
Series 2025-1A, Class D, 5.54%, 11/15/2030 (a)									225,000						227,060
Series 2025-2A, Class D, 5.08%, 05/15/2031 (a)									55,000						54,761
Series 2026-2A, Class D, 5.25%, 03/15/2032 (a)									490,000						487,006
TOTAL ASSET-BACKED SECURITIES (Cost $28,468,521)															28,288,396
COLLATERALIZED MORTGAGE OBLIGATIONS - 29.0%									Par						Value
A&D Mortgage LLC, Series 2024-NQM6, Class B2, 7.25%, 01/25/2070 (a)(b)									750,000						736,945
ALA Trust, D Series 2025-OANA, Class D, 6.77% (1 mo. Term SOFR + 3.09%), 06/15/2040 (a)									190,000						190,135
ALA Trust, C Series 2025-OANA, Class C, 5.77% (1 mo. Term SOFR + 2.09%), 06/15/2040 (a)									120,000						120,449
Banc of America Re-Remic Trust, C Series 2024-FRR3, Class C, 0.61%, 01/27/2050 (a)(b)									750,000						724,255
Banc of America Re-Remic Trust, Series 2026-FRR7, Class EK97, 1.31%, 07/27/2052 (a)(b)									750,000						647,886
BANK-2017, Series 2017-BNK5, Class D, 3.08%, 06/15/2060 (a)(b)									455,000						406,892
BANK5 Trust, Series 2024-5YR8, Class D, 4.00%, 08/15/2057 (a)									705,000						632,843
BBCMS Trust, D
Series 2018-TALL, Class D, 5.32% (1 mo. Term SOFR + 1.65%), 03/15/2037 (a)									500,000						453,301
Series 2024-5C25, Class D, 4.00%, 03/15/2057 (a)									400,000						361,945
Series 2024-5C31, Class D, 4.25%, 12/15/2057 (a)									930,000						795,784
BBCMS Trust, Series 2018-C2, Class D, 3.00%, 12/15/2051 (a)									530,000						455,401
BBCMS Trust, A Series 2018-TALL, Class A, 4.60% (1 mo. Term SOFR + 0.92%), 03/15/2037 (a)									330,000						313,523
Benchmark Mortgage Trust, C Series 2025-V13, Class C, 5.91%, 02/15/2058 (b)									300,000						292,426
Benchmark Mortgage Trust, B Series 2024-V6, Class B, 6.79%, 03/15/2057									600,000						617,012
Benchmark Mortgage Trust, Series 2022-B35, Class B, 4.44%, 05/15/2055 (b)									845,000						715,866
BMO Mortgage Trust, D
Series 2024-5C5, Class D, 4.50%, 02/15/2057 (a)									500,000						432,952
Series 2024-5C8, Class D, 4.50%, 12/15/2057 (a)									500,000						439,915
BRAVO Residential Funding Trust
Series 2025-NQM9, Class A1, 5.04%, 09/25/2065 (a)(c)									468,239						464,186
Series 2026-NQM5, Class M1, 5.96%, 06/25/2066 (a)(b)									275,000						274,723
BRCK Trust 2025-830B
Series 2025-830B, Class B, 5.18%, 12/10/2042 (a)(b)									140,000						137,612

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Series 2025-830B, Class D, 6.20%, 12/10/2042 (a)(b)									500,000						497,499
BWAY Mortgage Trust, B Series 2013-1515, Class B, 3.47%, 03/10/2033 (a)									325,000						307,954
CHI Commercial Mortgage Trust, Series 2025-110W, Class A, 5.10%, 12/13/2040 (a)(b)									235,000						231,113
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class C, 4.76%, 05/10/2049 (b)									80,057						79,314
COLT Funding LLC
Series 2024-5, Class M1, 5.66%, 08/25/2069 (a)(b)									450,000						449,108
Series 2026-1, Class A2, 4.96%, 02/25/2071 (a)(c)									355,941						350,351
Computershare Corporate Trust, B Series 2016-C37, Class B, 4.30%, 12/15/2049 (b)									600,000						596,075
Computershare Corporate Trust, D Series 2016-C37, Class D, 3.17%, 12/15/2049 (a)(b)									400,000						381,451
Computershare Corporate Trust
Series 2018-C47, Class C, 4.91%, 09/15/2061 (b)									180,000						167,049
Series 2018-C47, Class D, 3.00%, 09/15/2061 (a)									150,000						127,334
CSAIL Commercial Mortgage Trust, C Series 2021-C20, Class C, 3.71%, 03/15/2054 (b)									375,000						297,879
DLIC Re-REMIC Trust, Series 2025-FRR1, Class CK57, 0.50%, 08/27/2049 (a)(b)									320,000						318,736
FIVE 2023-V1 Mortgage Trust
Series 2023-V1, Class C, 6.35%, 02/10/2056 (b)									450,000						451,030
Series 2023-V1, Class D, 6.35%, 02/10/2056 (a)(b)									300,000						290,303
FS Commercial Mortgage Trust, B Series 2023-4SZN, Class B, 7.54%, 11/10/2039 (a)(b)									670,000						674,136
GAM Resecuritization Trust
Series 2021-FRR1, Class 1C, 0.00%, 11/29/2050 (a)(d)									285,000						268,528
Series 2021-FRR2, Class AK78, 2.85%, 09/27/2051 (a)(b)									255,000						226,324
Series 2022-FRR3, Class AK89, 0.00%, 01/27/2052 (a)(d)									275,000						242,647
Series 2022-FRR3, Class BK71, 1.93%, 11/27/2050 (a)(b)									350,000						323,720
Series 2022-FRR3, Class CK71, 1.33%, 11/27/2050 (a)(b)									980,000						892,965
GGP Commercial Mortgage Trust, Series 2026-SSP, Class B, 5.36%, 07/05/2043 (a)(b)									320,000						316,644
GGP Retail LLC, C Series 2024-SHOW, Class C, 6.07%, 10/10/2041 (a)(b)									500,000						495,220
GS Mortgage Securities Corp. II
Series 2017-GS8, Class B, 3.95%, 11/10/2050 (b)									170,000						159,258
Series 2017-GS8, Class C, 4.31%, 11/10/2050 (b)									500,000						467,113
Hudson Yards Mortgage Trust, E Series 2025-SPRL, Class E, 6.68%, 01/13/2040 (a)(b)									400,000						407,216
Hudson Yards Mortgage Trust, D Series 2025-SPRL, Class D, 6.34%, 01/13/2040 (a)(b)									375,000						380,158
JPMBB Commercial Mortgage Securities Trust, D Series 2015-C28, Class D, 3.78%, 10/15/2048 (a)(b)									400,000						383,865
JW Commercial Mortgage Trust, Series 2026-MRCO, Class D, 6.13% (1 mo. Term SOFR + 2.45%), 06/15/2039 (a)									500,000						502,810
Madison Avenue Trust
Series 2025-11MD, Class C, 5.63%, 10/15/2042 (a)(b)									570,000						565,321
Series 2025-11MD, Class D, 6.36%, 10/15/2042 (a)(b)									415,000						412,452
Morgan Stanley Capital I, Inc., Series 2018-L1, Class D, 3.00%, 10/15/2051 (a)									845,000						715,858
Morgan Stanley Capital I, Inc., C Series 2018-L1, Class C, 4.78%, 10/15/2051 (b)									386,000						351,063
NXPA Re-REMIC Trust, Series 2026-FRR1, Class D, 0.00%, 12/27/2049 (a)(d)									500,000						483,714
One William Street Capital Management LP, A Series 2025-MARG2, Class A, 7.75% (1 mo. Term SOFR + 4.00%), 08/15/2034 (a)									235,000						235,076
Onslow Bay Mortgage Loan Trust
Series 2025-NQM17, Class M1, 5.82%, 08/25/2065 (a)(b)									630,000						621,500
Series 2026-NQM7, Class A3, 5.64%, 04/25/2066 (a)(c)									219,665						218,476
RFM Reremic Trust, AK64 Series 2022-FRR1, Class AK64, 2.73%, 03/01/2050 (a)(b)									350,000						340,315
RIDE Trust, D Series 2025-SHRE, Class D, 6.75%, 02/14/2047 (a)(b)									235,000						235,132
TCO Commercial Mortgage Trust, C Series 2024-DPM, Class C, 5.67% (1 mo. Term SOFR + 1.99%), 12/15/2039 (a)									575,000						574,845
UBS Commercial Mortgage Trust, C Series 2017-C3, Class C, 4.35%, 08/15/2050 (b)									600,000						567,327
VEGAS Trust, Series 2024-GCS, Class D, 6.22%, 07/10/2036 (a)(b)									500,000						494,805
Verus Securitization Trust
Series 2024-1, Class B1, 7.91%, 01/25/2069 (a)(b)									585,000						588,590
Series 2024-2, Class B1, 7.86%, 02/25/2069 (a)(b)									250,000						251,795
Series 2024-2, Class B2, 8.67%, 02/25/2069 (a)(b)									300,000						301,764
Series 2024-4, Class B1, 7.64%, 06/25/2069 (a)(b)									363,800						367,764
Series 2025-11, Class A3, 5.27%, 11/25/2070 (a)(c)									476,574						471,566
Series 2026-1, Class M1, 5.67%, 01/25/2071 (a)(b)									225,000						222,721
Series 2026-6, Class B1, 6.74%, 07/27/2071 (a)(b)									620,000						615,770
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $28,120,291)															28,135,705

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CORPORATE BONDS - 21.7%									Par						Value
Basic Materials - 0.4%
Glencore Funding LLC, 4.91%, 04/01/2028 (a)									390,000						390,923
Consumer, Cyclical - 2.2%
AS Mileage Plan IP Ltd., 5.02%, 10/20/2029 (a)									520,000						512,665
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/2028 (a)									483,750						482,836
Ford Motor Credit Co. LLC, 2.70%, 08/10/2026									260,000						259,877
Las Vegas Sands Corp., 5.90%, 06/01/2027									250,000						252,076
Volkswagen Group of America Finance LLC, 5.05%, 03/27/2028 (a)									650,000						651,613
															2,159,067
Consumer, Non-cyclical - 0.3%
Mobility Global, Inc., 5.05%, 06/15/2029 (a)									305,000						303,630
Energy - 3.0%
Columbia Pipelines Holding Co. LLC, 6.04%, 08/15/2028 (a)									545,000						557,436
DT Midstream, Inc., 4.13%, 06/15/2029 (a)									545,000						531,586
Expand Energy Corp., 5.38%, 02/01/2029									720,000						719,739
Repsol E&P Capital Markets US LLC, 4.81%, 09/16/2028 (a)									285,000						284,849
South Bow USA Infrastructure Holdings LLC, 5.03%, 10/01/2029									475,000						473,582
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029 (a)									360,000						342,738
															2,909,930
Financials - 12.5%
Ally Financial, Inc., 5.74% (SOFR + 1.96%), 05/15/2029									365,000						369,103
American National Group, Inc., 5.75%, 10/01/2029									370,000						374,652
Ares Strategic Income Fund, 5.70%, 03/15/2028									760,000						759,966
Avolon Holdings Funding Ltd., 2.53%, 11/18/2027 (a)									303,000						294,276
Barclays PLC, 5.67% to 03/12/2027 then SOFR + 1.49%, 03/12/2028									500,000						502,929
Blackstone Private Credit Fund, 2.63%, 12/15/2026									530,000						525,113
Blue Owl Credit Income Corp., 7.75%, 09/16/2027									475,000						484,711
Citadel Finance LLC, 4.75%, 02/14/2029 (a)									1,005,000						985,600
Corebridge Financial, Inc., 6.88% (5 yr. CMT Rate + 3.85%), 12/15/2052									1,200,000						1,214,187
Fifth Third Bancorp, 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030 (a)									515,000						526,818
Goldman Sachs Group, Inc., 3.62% (SOFR + 1.85%), 03/15/2028									510,000						507,185
Huntington Bancshares, Inc., 4.44% (SOFR + 1.97%), 08/04/2028									500,000						498,311
Jackson National Life Global Funding, 5.35%, 01/13/2030 (a)									885,000						885,928
LPL Holdings, Inc., 4.90%, 04/03/2028									650,000						649,714
NatWest Group PLC, 3.07% (1 yr. CMT Rate + 2.55%), 05/22/2028									550,000						543,425
Prudential Financial, Inc., 4.50% to 09/15/2027 then 3 mo. LIBOR USD + 2.38%, 09/15/2047 (e)(f)									1,190,000						1,175,177
Santander Holdings USA, Inc.
2.49% (SOFR + 1.25%), 01/06/2028									560,000						554,596
5.35% (SOFR + 1.94%), 09/06/2030									500,000						502,615
Synchrony Financial
5.02% (SOFR + 1.40%), 07/29/2029									245,000						244,317
5.45% (SOFR + 1.35%), 10/15/2030									260,000						260,303
VICI Properties LP / VICI Note Co., Inc., 3.75%, 02/15/2027 (a)									265,000						263,448
															12,122,374
Technology - 0.7%
Booz Allen Hamilton, Inc., 5.38%, 01/30/2030									500,000						499,947
Oracle Corp., 4.80%, 08/03/2028									150,000						148,649
															648,596
Utilities - 2.6%
NextEra Energy Capital Holdings, Inc., 6.70% (5 yr. CMT Rate + 2.36%), 09/01/2054									850,000						862,174
NRG Energy, Inc., 4.45%, 06/15/2029 (a)									955,000						937,099

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Pacific Gas and Electric Co., 2.10%, 08/01/2027									595,000						578,761
Sempra, 6.63% to 04/01/2030 then 5 yr. CMT Rate + 2.35%, 04/01/2055 (e)									160,000						160,468
															2,538,502
TOTAL CORPORATE BONDS (Cost $21,068,171)															21,073,022
COLLATERALIZED LOAN OBLIGATIONS - 11.9%									Par						Value
AGL CLO Ltd., DR Series 2021-16A, Class DR, 6.13% (3 mo. Term SOFR + 2.40%), 01/20/2035 (a)									510,000						491,660
AGL CLO Ltd., Series 2021-11A, Class CR, 5.70% (3 mo. Term SOFR + 1.95%), 10/15/2038 (a)									345,000						346,017
Antares CLO Ltd., Series 2023-1A, Class A2R, 5.51% (3 mo. Term SOFR + 1.70%), 07/25/2037 (a)									605,000						605,111
Blackrock CLO Ltd., A1 Series 2024-1A, Class A1, 5.60% (3 mo. Term SOFR + 1.85%), 07/15/2036 (a)									900,000						900,566
CarVal CLO, Series 2025-1A, Class C, 5.63% (3 mo. Term SOFR + 1.90%), 07/20/2038 (a)									340,000						340,751
CBAM Ltd., Series 2017-2A, Class CRR, 5.64% (3 mo. Term SOFR + 1.95%), 04/17/2039 (a)									285,000						285,823
CBAMR Ltd., Series 2019-11RA, Class CR, 5.53% (3 mo. Term SOFR + 1.80%), 03/20/2038 (a)									275,000						275,361
CIFC Funding Ltd., Series 2017-1A, Class DR3, 6.83% (3 mo. Term SOFR + 3.10%), 04/21/2037 (a)									645,000						645,341
CIFC Funding Ltd., CR2 Series 2019-3A, Class CR2, 5.59% (3 mo. Term SOFR + 1.80%), 01/16/2038 (a)									1,000,000						1,001,235
Dryden Senior Loan Fund, Series 2024-119A, Class CR, 5.45% (3 mo. Term SOFR + 1.70%), 07/15/2039 (a)									410,000						409,868
Golub Capital Partners CLO Ltd., A1R Series 2019-45A, Class A1R, 5.35% (3 mo. Term SOFR + 1.62%), 07/20/2037 (a)									1,000,000						1,000,132
Golub Capital Partners CLO Ltd.
Series 2019-42RA, Class CR2, 5.89% (3 mo. Term SOFR + 2.05%), 01/28/2038 (a)									640,000						631,518
Series 2023-67A, Class CR, 5.85% (3 mo. Term SOFR + 2.20%), 05/09/2036 (a)									295,000						293,754
Series 2026-91A, Class C, 5.93% (3 mo. Term SOFR + 2.30%), 08/05/2040 (a)									345,000						343,599
Series 2026-92A, Class C, 5.87% (3 mo. Term SOFR + 2.20%), 08/09/2039 (a)									735,000						733,475
Golub Capital Partners CLO Ltd., C Series 2025-78A, Class C, 5.73% (3 mo. Term SOFR + 2.00%), 04/21/2039 (a)									195,000						194,071
Madison Park Funding Ltd., D1RR Series 2019-36A, Class D1RR, 6.30% (3 mo. Term SOFR + 2.55%), 04/15/2035 (a)									1,000,000						965,477
Madison Park Funding Ltd.
Series 2016-22A, Class CR2, 5.70% (3 mo. Term SOFR + 1.95%), 01/15/2038 (a)									260,000						260,130
Series 2021-39A, Class CR, 5.78% (3 mo. Term SOFR + 2.05%), 10/22/2034 (a)									335,000						334,330
Montauk Park CLO Ltd., Series 2026-1A, Class D1, 6.87% (3 mo. Term SOFR + 3.15%), 04/24/2039 (a)									515,000						516,813
Neuberger Berman CLO Ltd., DR Series 2019-35A, Class DR, 6.88% (3 mo. Term SOFR + 3.15%), 01/19/2033 (a)									535,000						535,000
Point Au Roche Park CLO, Series 2021-1A, Class CR, 5.43% (3 mo. Term SOFR + 1.70%), 01/20/2039 (a)									440,000						439,843
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $11,622,024)															11,549,875
U.S. TREASURY SECURITIES - 4.1%									Par						Value
United States Treasury Note/Bond
4.63%, 04/30/2029									3,850,000						3,879,477
3.75%, 05/31/2030									115,000						112,457
TOTAL U.S. TREASURY SECURITIES (Cost $4,027,213)															3,991,934
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 3.8%									Shares						Value
Invesco Government & Agency Portfolio - Institutional Class, 3.65% (g)									3,683,306						3,683,306
TOTAL MONEY MARKET FUNDS (Cost $3,683,306)															3,683,306
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.3%									Units						Value
Mount Vernon Liquid Assets Portfolio, LLC, 3.79% (g)									1,220,607						1,220,607
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,220,607)															1,220,607
TOTAL INVESTMENTS - 100.9% (Cost $98,210,133)															97,942,845
Liabilities in Excess of Other Assets - (0.9)%												(0.00945)			(916,662)
TOTAL NET ASSETS - 100.0%															$        97,026,183
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.

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CMT - Constant Maturity Treasury
LIBOR - London Interbank Offered Rate
REMIC - Real Estate Mortgage Investment Conduit
SOFR - Secured Overnight Financing Rate

(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 July 31, 2026, the value of these securities total $65,972,469 or 68.0% of the Fund’s net assets.
(b)						Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of July 31, 2026.
(c)						Step coupon bond. The rate disclosed is as of July 31, 2026.
(d)						Principal only security.
(e)						All or a portion of this security is on loan as of July 31, 2026. The fair value of these securities was $1,196,056.
(f)						Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(g)						The rate shown represents the 7-day annualized yield as of July 31, 2026.

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Summary of Fair Value Disclosure as of July 31, 2026 (Unaudited)

 

AAM SLC Low Duration Income 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:

Asset-Backed Securities

$        –

$        28,288,396

$        –

$        28,288,396

Collateralized Mortgage Obligations

–

28,135,705

–

28,135,705

Corporate Bonds

–

21,073,022

–

21,073,022

Collateralized Loan Obligations

–

11,549,875

–

11,549,875

U.S. Treasury Securities

–

3,991,934

–

3,991,934

Money Market Funds

3,683,306

–

–

3,683,306

Investments Purchased with Proceeds from Securities Lending (a)

–

–

–

1,220,607

Total Investments

$        3,683,306

$        93,038,932

$        –

$        97,942,845

						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.