# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-26-000267
**Filing Date:** 2026-1
**Character Count:** 353540
**Document Hash:** 84d010fac07466d382033c74c78e0f40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000267.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001133228-26-000267

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1112

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 26522670

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### AAM S&P 500 High Dividend Value ETF (Series ID: S000059242)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000194426 | AAM S&P 500 High Dividend Value ETF | SPDV            |

### AAM Low Duration Preferred and Income Securities ETF (Series ID: S000066987)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000215601 | AAM Low Duration Preferred and Income Securities ETF | PFLD            |

### AAM Transformers ETF (Series ID: S000076555)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000236534 | AAM Transformers ETF | TRFM            |

### AAM BRENTVIEW DIVIDEND GROWTH ETF (Series ID: S000085981)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000251381 | AAM BRENTVIEW DIVIDEND GROWTH ETF | BDIV            |

### AAM SAWGRASS U.S. SMALL CAP QUALITY GROWTH ETF (Series ID: S000085982)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000251382 | AAM SAWGRASS U.S. SMALL CAP QUALITY GROWTH ETF | SAWS            |

### AAM SAWGRASS U.S. LARGE CAP QUALITY GROWTH ETF (Series ID: S000085983)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000251383 | AAM SAWGRASS U.S. LARGE CAP QUALITY GROWTH ETF | SAWG            |

### AAM SLC Low Duration Income ETF (Series ID: S000088945)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000255346 | AAM SLC Low Duration Income ETF | LODI            |

### AAM Todd International Intrinsic Value ETF (Series ID: S000093585)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000261974 | AAM Todd International Intrinsic Value ETF | TIIV            |

### AAM Crescent CLO ETF (Series ID: S000095835)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000264617 | AAM Crescent CLO ETF | CLOC            |

?xml version='1.0' encoding='ASCII'? 2025-08-07192137_AAMBrentviewDividendGrowthETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22668</u>**

**<u>ETF Series Solutions</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>414-516-1645</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>October 31</u>**

Date of reporting period: **<u>October 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img278335_202412181858990.jpg) | **AAM Brentview Dividend Growth ETF**  | ![image](img280169_202506241844343.jpg) |
| ![image](img278335_202412181858990.jpg) | BDIV (Principal U.S. Listing Exchange: NYSE) | ![image](img280169_202506241844343.jpg) |
| ![image](img278335_202412181858990.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img280169_202506241844343.jpg) |

---

This annual shareholder report contains important information about the AAM Brentview Dividend Growth ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/BDIV . You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| AAM Brentview Dividend Growth ETF | $53 | 0.49% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

U.S. equity markets advanced sharply during the fiscal year, driven by Federal Reserve interest rate cuts and robust earnings growth among mega-cap stocks with exposure to Artificial Intelligence (AI). The period was marked by volatility, reflecting ongoing uncertainty surrounding the Trump Administration's tariff policies and an ongoing government shutdown. Despite this backdrop, the S&P 500® Index reached a new all-time. However, returns were highly concentrated, with just 10 stocks accounting for more than 70% of the index's total return. The Fund's exposure to several of these leading stocks contributed positively to performance, though the Fund modestly underperformed its benchmark, the S&P 500® Index, over the reporting period.

Top performing sectors attributable to BDIV's return during the current fiscal period were Information Technology, Financials, and Industrials. The worst performing sectors were Real Estate, Health Care, and Consumer Staples.

Individual stocks attributable to BDIV's return over the same fiscal period were Broadcom Inc., Microsoft Corp, and Lam Research Corp. Stocks dragging down BDIV's return were UnitedHealth Group Inc, Accenture PLC-Class A, and Marsh & McLennan Co's.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5685img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/30/2024)** |
| **AAM Brentview Dividend Growth ETF NAV**  | 17.31 | 17.46 |
| **S&P 500 TR**  | 21.45 | 21.67 |

---

Visit https://www.aamlive.com/ETF/Detail/BDIV for more recent performance information.

AAM Brentview Dividend Growth ETF PAGE 1 TSR-AR-26922B469

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\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3844182 |
| **Number of Holdings** | 39 |
| **Net Advisory Fee** | $15285 |
| **Portfolio Turnover** | 12% |
| **30-Day SEC Yield** | 1.27% |
| **30-Day SEC Yield Unsubsidized** | 1.27% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Microsoft Corp.  | 8.2% |
|  Apple, Inc.  | 5.6% |
|  JPMorgan Chase & Co.  | 3.9% |
|  Trane Technologies PLC  | 3.9% |
|  Broadcom, Inc.  | 3.3% |
|  Morgan Stanley  | 3.1% |
|  Chevron Corp.  | 3.1% |
|  Lam Research Corp.  | 3.0% |
|  Philip Morris International, Inc.  | 2.9% |
|  Alphabet, Inc.  | 2.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 22.8% |
|  Financials  | 16.8% |
|  Industrials  | 12.3% |
|  Health Care  | 11.4% |
|  Utilities  | 7.6% |
|  Consumer Staples  | 7.3% |
|  Materials  | 5.0% |
|  Communication Services  | 5.0% |
|  Consumer Discretionary  | 4.8% |
|  Cash & Other  | 7.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aamlive.com/ETF/Detail/BDIV .

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Advisors Asset Management, Inc documents not be householded, please contact Advisors Asset Management, Inc at (800)-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Advisors Asset Management, Inc or your financial intermediary.

AAM Brentview Dividend Growth ETF PAGE 2 TSR-AR-26922B469

------

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| | | |
|:---|:---|:---|
| ![image](img599316_202512231842145.jpg) | **AAM Crescent CLO ETF**  | ![image](img280169_202506241844343.jpg) |
| ![image](img599316_202512231842145.jpg) | CLOC (Principal U.S. Listing Exchange: NYSE) | ![image](img280169_202506241844343.jpg) |
| ![image](img599316_202512231842145.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img280169_202506241844343.jpg) |

---

This annual shareholder report contains important information about the AAM Crescent CLO ETF for the period of October 22, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/CLOC. You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| AAM Crescent CLO ETF | $0 | 0.18% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

CLOC advanced by 5 bps for the period (10/22/2025 – 10/31/2025) versus the benchmark moving 13 bps higher. Performance of the Fund was positively impacted by the coupon income and negatively impacted by transaction cost spread over a short measurement period. Since the debut of the Fund on 10/22/2025 we have repositioned the portfolio increasing the average coupon by about 40 bps to 6.10%. We also rotated out of some of the higher rated tranches and increased our BBB exposure by about 20%. Additionally, we increased exposure to Private Credit/Middle Market CLOs to 33% at the end of the period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6683img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/22/2025)** |
| **AAM Crescent CLO ETF NAV**  | 0.12 |
| **JP Morgan CLOIE Investment Grade Total Return Index**  | 0.14 |

---

Visit https://www.aamlive.com/ETF/Detail/CLOC for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

AAM Crescent CLO ETF PAGE 1 TSR-AR-268961844

------

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $51305994 |
| **Number of Holdings** | 45 |
| **Net Advisory Fee** | $2004 |
| **Portfolio Turnover** | 32% |
| **30-Day SEC Yield** | 1.66% |
| **30-Day SEC Yield Unsubsidized** | 1.62% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Sector Breakdown (% of Net Assets)**

![image](ts6683img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Madison Park Funding Ltd.  | 7.3% |
|  Cerberus Loan Funding LP  | 5.4% |
|  Antares CLO Ltd.  | 4.4% |
|  Blackrock CLO Ltd.  | 3.9% |
|  Barings Private Credit Corp. CLO Ltd.  | 3.5% |
|  Sandstone Peak Ltd.  | 3.2% |
|  Diameter Capital CLO  | 3.1% |
|  Warwick Capital CLO Ltd.  | 2.9% |
|  Palmer Square CLO Ltd.  | 2.9% |
|  CTM CLO Ltd.  | 2.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aamlive.com/ETF/Detail/CLOC.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Advisors Asset Management, Inc documents not be householded, please contact Advisors Asset Management, Inc at (800)-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Advisors Asset Management, Inc or your financial intermediary.

AAM Crescent CLO ETF PAGE 2 TSR-AR-268961844

1000010012100001001497.42.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img278338_202412181900308.jpg) | **AAM Low Duration Preferred and Income** **Securities ETF**  | ![image](img280169_202506241844343.jpg) |
| ![image](img278338_202412181900308.jpg) | PFLD (Principal U.S. Listing Exchange: NYSE) | ![image](img280169_202506241844343.jpg) |
| ![image](img278338_202412181900308.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img280169_202506241844343.jpg) |

---

This annual shareholder report contains important information about the AAM Low Duration Preferred and Income Securities ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/PFLD . You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| AAM Low Duration Preferred and Income Securities ETF | $45 | 0.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Continued resolution of President Trump's aggressive tariff agenda, stable economic indicators and strong corporate earnings lifted risk assets sharply higher during the second half of the reporting period. Additionally, a downside shift in labor market strength coupled with lower, stable inflation led to the Federal Reserve conducting 100 bps of rate cuts during the fiscal period. Both factors contributed to PFLD's risk-conscious investment strategy to underperform its higher duration benchmark, the ICE Exchange-Listed Preferred & Hybrid Securities Index, as it was underexposed to much of the lower credit quality names and equity-sensitive convertibles found in the benchmark.

Top performing industries attributable to PFLD's return during the current fiscal period were Financial Services, Banking, and Utilities. The worst performing industries included Consumer Discretionary, Real Estate, and Automobiles.

Individual securities attributable to PFLD's return over the same fiscal period were AGNC Float PERP, MSTR 10 PERP, and JPM 6 PERP. Securities dragging down PFLD's return were GS Float PERP, GS Float PERP, and QVCGA 8 03/15/31.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5686img003.jpg)

AAM Low Duration Preferred and Income Securities ETF PAGE 1 TSR-AR-26922A198

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/19/2019)** |
| **AAM Low Duration Preferred and Income Securities** **ETF NAV**  | -0.03 | 2.09 | 1.92 |
| **Bloomberg U.S. Aggregate Bond Index**  | 6.16 | -0.24 | 0.86 |
| **ICE 0-5 Year Duration Preferred & Hybrid Securities** **Total Return Index**  | 7.05 | 6.81 | 6.17 |

---

Visit https://www.aamlive.com/ETF/Detail/PFLD for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $484756369 |
| **Number of Holdings** | 323 |
| **Net Advisory Fee** | $2200948 |
| **Portfolio Turnover** | 150% |
| **30-Day SEC Yield** | 5.30% |
| **30-Day SEC Yield Unsubsidized** | 5.30% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  JPMorgan Chase & Co.  | 4.8% |
|  Citigroup, Inc.  | 4.7% |
|  Bank of America Corp.  | 4.5% |
|  Goldman Sachs Group, Inc.  | 4.3% |
|  Charles Schwab Corp.  | 3.3% |
|  PNC Financial Services Group, Inc.  | 3.2% |
|  Morgan Stanley  | 2.8% |
|  Truist Financial Corp.  | 2.4% |
|  Bank of New York Mellon Corp.  | 2.3% |
|  Nextera Energy Capital  | 2.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 65.2% |
|  Utilities  | 17.3% |
|  Energy  | 10.2% |
|  Communication Services  | 1.7% |
|  Consumer Discretionary  | 1.6% |
|  Communications  | 0.8% |
|  Consumer Staples  | 0.8% |
|  Industrials  | 0.7% |
|  Cash & Other  | 1.7% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aamlive.com/ETF/Detail/PFLD .

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Advisors Asset Management, Inc documents not be householded, please contact Advisors Asset Management, Inc at (800)-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Advisors Asset Management, Inc or your financial intermediary.

AAM Low Duration Preferred and Income Securities ETF PAGE 2 TSR-AR-26922A198

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---

| | | |
|:---|:---|:---|
| ![image](img278340_202412181907656.jpg) | **AAM S&P 500 High Dividend Value ETF**  | ![image](img280169_202506241844343.jpg) |
| ![image](img278340_202412181907656.jpg) | SPDV (Principal U.S. Listing Exchange: NYSE) | ![image](img280169_202506241844343.jpg) |
| ![image](img278340_202412181907656.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img280169_202506241844343.jpg) |

---

This annual shareholder report contains important information about the AAM S&P 500 High Dividend Value ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/SPDV . You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| AAM S&P 500 High Dividend Value ETF | $30 | 0.29% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

SPDV underperformed its benchmark index, the S&P 500 index, throughout the current fiscal period as growth style equities continued to drive returns on successful tariff deals, strong corporate earnings and dovish Fed Policy. Furthermore, optimism on enhanced productivity and cost savings achieved with Artificial Intelligence drove excess returns in the technology sector and underperformance in SPDV, since the fund's equal-weight strategy resulted in an underweight allocation to the sector. Higher exposure to dividend paying sectors such as Consumer Staples, Materials, and Real Estate also contributed to underperformance, as dividend payers in general lagged the overall market.

Top performing sectors attributable to SPDV's return during the current fiscal period were Utilities, Consumer Discretionary, and Energy. The worst performing sectors were Materials, Consumer Staples, and Real Estate.

Individual stocks attributable to SPDV's return over the same fiscal period were Tapestry Inc., NRG Energy Inc., and Vistra Corp. Stocks dragging down SPDV's return were Alexandria Real Estate Equities, LyondellBassell Industries NV, and Conagra Brands Inc.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5687img003.jpg)

AAM S&P 500 High Dividend Value ETF PAGE 1 TSR-AR-26922A594

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/28/2017)** |
| **AAM S&P 500 High Dividend Value ETF NAV**  | 6.99 | 14.20 | 7.93 |
| **S&P 500 TR**  | 21.45 | 17.64 | 14.72 |
| **S&P 500 Dividend and Free Cash Flow Yield Index TR**  | 7.35 | 14.63 | 8.30 |

---

Visit https://www.aamlive.com/ETF/Detail/SPDV for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $74026167 |
| **Number of Holdings** | 57 |
| **Net Advisory Fee** | $197956 |
| **Portfolio Turnover** | 51% |
| **30-Day SEC Yield** | 3.89% |
| **30-Day SEC Yield Unsubsidized** | 3.89% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  CVS Health Corp.  | 2.4% |
|  Newmont Corporation  | 2.4% |
|  Best Buy Company, Inc.  | 2.2% |
|  Valero Energy Corp.  | 2.2% |
|  Halliburton Co.  | 2.2% |
|  APA Corp.  | 2.1% |
|  Lockheed Martin Corporation  | 2.1% |
|  Ford Motor Co.  | 2.1% |
|  QUALCOMM, Inc.  | 2.0% |
|  NextEra Energy, Inc.  | 2.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Energy  | 9.9% |
|  Information Technology  | 9.9% |
|  Consumer Discretionary  | 9.8% |
|  Health Care  | 9.6% |
|  Utilities  | 9.3% |
|  Industrials  | 9.2% |
|  Financials  | 9.1% |
|  Real Estate  | 8.5% |
|  Materials  | 8.2% |
|  Cash & Other  | 16.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aamlive.com/ETF/Detail/SPDV .

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Advisors Asset Management, Inc documents not be householded, please contact Advisors Asset Management, Inc at (800)-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Advisors Asset Management, Inc or your financial intermediary.

AAM S&P 500 High Dividend Value ETF PAGE 2 TSR-AR-26922A594

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| | | |
|:---|:---|:---|
| ![image](img278337_202412181859721.jpg) | **AAM Sawgrass U.S. Large Cap Quality** **Growth ETF**  | ![image](img280169_202506241844343.jpg) |
| ![image](img278337_202412181859721.jpg) | SAWG (Principal U.S. Listing Exchange: NYSE) | ![image](img280169_202506241844343.jpg) |
| ![image](img278337_202412181859721.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img280169_202506241844343.jpg) |

---

This annual shareholder report contains important information about the AAM Sawgrass U.S. Large Cap Quality Growth ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/SAWG . You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | $53 | 0.49% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Growth stocks, as measured by the Russell 1000 Growth index, advanced 30% during the period with euphoria surrounding AI deals and the large cap tech FOMO trade powering most of the gains. The AAM Sawgrass U.S. Large Cap Quality Growth ETF lagged during this period as most of the characteristics that the fund's Sub-Advisor, Sawgrass Asset Management, favors – consistent earnings growth, low price volatility, attractive valuations – underperformed the returns of stocks with opposing characteristics (low quality/consistency, high price volatility, high valuations).

Market concentration continues to be a headwind to portfolio returns as the top three stocks in the growth index (NVIDIA, Microsoft, and Apple) remained double-digit position weights in the index during the period. These stocks are the largest absolute positions in SAWG but remain large underweights to their index representation which has made relative outperformance tough to achieve as these stocks continue to rally higher. Despite this, the portfolio has performed as expected during the few periods of less frothy growth. The portfolio outperformed by 400 basis points during the volatile first quarter of 2025 and also outperformed in the broader rally that occurred during the month of October.

The portfolio's risk conscious nature struggled to keep up with the speculative post-election rally. The defensive posture that helped the Fund outperform in the first quarter of 2025 hurt the Fund's performance during the growth-oriented, late April bounce. This led to the Fund's relative underperformance to the Russell 1000 Growth index over the course of the reporting period.

Top performing sectors attributable to SAWG's return during the current fiscal period were Information Technology, Communication Services, and Consumer Discretionary. The worst performing sectors were Health Care, Industrials, and Consumer Staples.

Individual stocks attributable to SAWG's return over the same fiscal period were Broadcom Inc., Alphabet Inc- Class A., and Nvidia Corp. Stocks dragging down SAWG's return were Lululemon Athletica Inc, United Health Group Inc, and Comcast Corp-Class A.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

AAM Sawgrass U.S. Large Cap Quality Growth ETF PAGE 1 TSR-AR-26922B477

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5689img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/30/2024)** |
| **AAM Sawgrass U.S. Large Cap Quality Growth ETF NAV**  | 15.71 | 15.72 |
| **S&P 500 TR**  | 21.45 | 21.67 |
| **Russell 1000 Growth Total Return**  | 30.70 | 31.08 |

---

Visit https://www.aamlive.com/ETF/Detail/SAWG for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2248341 |
| **Number of Holdings** | 45 |
| **Net Advisory Fee** | $9650 |
| **Portfolio Turnover** | 85% |
| **30-Day SEC Yield** | 0.29% |
| **30-Day SEC Yield Unsubsidized** | 0.29% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Microsoft Corp.  | 8.2% |
|  NVIDIA Corp.  | 6.4% |
|  Apple, Inc.  | 6.1% |
|  Alphabet, Inc.  | 4.7% |
|  Amazon.com, Inc.  | 4.6% |
|  Meta Platforms, Inc.  | 3.3% |
|  Broadcom, Inc.  | 3.3% |
|  Eli Lilly & Co.  | 2.8% |
|  ServiceNow, Inc.  | 2.8% |
|  Comcast Corp.  | 2.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 45.6% |
|  Health Care  | 13.9% |
|  Communication Services  | 13.2% |
|  Financials  | 8.4% |
|  Industrials  | 7.7% |
|  Consumer Discretionary  | 7.6% |
|  Consumer Staples  | 3.3% |
|  Cash & Other  | 0.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aamlive.com/ETF/Detail/SAWG .

AAM Sawgrass U.S. Large Cap Quality Growth ETF PAGE 2 TSR-AR-26922B477

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Advisors Asset Management, Inc documents not be householded, please contact Advisors Asset Management, Inc at (800)-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Advisors Asset Management, Inc or your financial intermediary.

AAM Sawgrass U.S. Large Cap Quality Growth ETF PAGE 3 TSR-AR-26922B477

------

---

| | | |
|:---|:---|:---|
| ![image](img278339_202412181904211.jpg) | **AAM Sawgrass U.S. Small Cap Quality** **Growth ETF**  | ![image](img280169_202506241844343.jpg) |
| ![image](img278339_202412181904211.jpg) | SAWS (Principal U.S. Listing Exchange: NYSE) | ![image](img280169_202506241844343.jpg) |
| ![image](img278339_202412181904211.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img280169_202506241844343.jpg) |

---

This annual shareholder report contains important information about the AAM Sawgrass U.S. Small Cap Quality Growth ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/SAWS . You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | $57 | 0.55% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the fiscal period, the Russell 2000 Growth Index returned approximately 18.8% despite significant volatility. The index entered a bear market in late November 2024, falling nearly 28% by April 8, 2025, driven by heightened trade uncertainties from tariff discussions and a sharp decline in consumer sentiment. A powerful recovery followed, with the index surging 47.5% from its April low through October 31, 2025, reflecting renewed risk appetite and a rotation into small-cap growth stocks. This rally, while strong, remained below the intensity of the 2020 post-pandemic rebound. Gains were heavily concentrated in the most speculative segments—highly shorted stocks, penny stocks, unprofitable companies, and those with little or no revenue—revealing a momentum-driven, sentiment-fueled advance rather than a broad fundamental recovery.

The historically significant factors on which the SAWS strategy is built – low price volatility, stable growth, profitability, attractive valuation - all selected to provide the client with a high-quality portfolio - struggled for the overall period. While excellent downside preservation was provided during the bear market, the 48% rally, is not the type of market in which the strategy will excel.

Top performing sectors attributable to SAWS's return during the current fiscal period were Industrials, Information Technology, and Financials. The worst performing sectors were Consumer Discretionary, Materials, and Consumer Staples.

Individual stocks attributable to SAWS's return over the same fiscal period were Artivion Inc., StoneX Group Inc., and Interdigital Inc. Stocks dragging down SAWS's return were Progress Software Corp, Varonis Systems Inc., and Adma Biologics Inc.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5690img003.jpg)

AAM Sawgrass U.S. Small Cap Quality Growth ETF PAGE 1 TSR-AR-26922B485

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/30/2024)** |
| **AAM Sawgrass U.S. Small Cap Quality Growth ETF NAV**  | 9.00 | 7.86 |
| **S&P 500 TR**  | 21.45 | 21.67 |
| **Russell 2000 Growth Total Return**  | 18.81 | 14.34 |

---

Visit https://www.aamlive.com/ETF/Detail/SAWS for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1458197 |
| **Number of Holdings** | 71 |
| **Net Advisory Fee** | $6255 |
| **Portfolio Turnover** | 80% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Artivion, Inc.  | 4.2% |
|  StoneX Group, Inc.  | 3.9% |
|  iRadimed Corporation  | 2.9% |
|  InterDigital, Inc.  | 2.7% |
|  Huron Consulting Group, Inc.  | 2.7% |
|  Phibro Animal Health Corp.  | 2.5% |
|  Red Violet, Inc.  | 2.5% |
|  Archrock, Inc.  | 2.4% |
|  Sanmina Corporation  | 2.3% |
|  Mueller Industries, Inc.  | 2.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Industrials  | 30.7% |
|  Health Care  | 21.5% |
|  Information Technology  | 19.5% |
|  Financials  | 12.1% |
|  Consumer Discretionary  | 8.6% |
|  Consumer Staples  | 3.0% |
|  Energy  | 2.4% |
|  Materials  | 1.4% |
|  Cash & Other  | 0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aamlive.com/ETF/Detail/SAWS .

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Advisors Asset Management, Inc documents not be householded, please contact Advisors Asset Management, Inc at (800)-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Advisors Asset Management, Inc or your financial intermediary.

AAM Sawgrass U.S. Small Cap Quality Growth ETF PAGE 2 TSR-AR-26922B485

------

---

| | | |
|:---|:---|:---|
| ![image](img413039_202506231918653.jpg) | **AAM SLC Low Duration Income ETF**  | ![image](img280169_202506241844343.jpg) |
| ![image](img413039_202506231918653.jpg) | LODI (Principal U.S. Listing Exchange: NYSE) | ![image](img280169_202506241844343.jpg) |
| ![image](img413039_202506231918653.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img280169_202506241844343.jpg) |

---

This annual shareholder report contains important information about the AAM SLC Low Duration Income ETF for the period of December 3, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/LODI. You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| AAM SLC Low Duration Income ETF | $14 | 0.15% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

LODI's outperformance over its benchmark during the reporting period was primarily driven by an overweight allocation to CMBS, ABS, and CLO, as well as issue selection within Financials. Markets continue to be largely driven by trends related to potential tariff impact following initial widening in early April 2025. While Corporate credit sectors quickly rebounded, Securitized sectors lagged tightening, particularly within single A conduit CMBS levels, which still hover approximately 40 to 50 basis points wider than first quarter tights. Additionally, after recent negative headlines related to issuers in the ABS sector (to which LODI held no exposure), short duration Auto ABS spreads widened toward the end of the third quarter.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5691img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/03/2024)** |
| **AAM SLC Low Duration Income ETF NAV**  | 5.43 |
| **Bloomberg U.S. Aggregate Bond Index**  | 5.20 |
| **Bloomberg 1-3 Year US Government/Credit**  | 4.70 |

---

Visit https://www.aamlive.com/ETF/Detail/LODI for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

AAM SLC Low Duration Income ETF PAGE 1 TSR-AR-26922B428

------

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $70443265 |
| **Number of Holdings** | 131 |
| **Net Advisory Fee** | $78957 |
| **Portfolio Turnover** | 74% |
| **30-Day SEC Yield** | 4.92% |
| **30-Day SEC Yield Unsubsidized** | 4.68% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Sector Breakdown (% of Net Assets)**

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Government  | 15.8% |
|  Asset Backed Securities  | 15.4% |
|  Financial  | 14.3% |
|  Mortgage Securities  | 7.2% |
|  Energy  | 3.9% |
|  Consumer, Cyclical  | 3.5% |
|  Utilities  | 2.8% |
|  Basic Materials  | 0.5% |
|  Cash & Other  | 36.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Pagaya AI Debt Selection Trust  | 5.1% |
|  Westlake Automobile Receivables Trust  | 4.9% |
|  CPS Auto Trust  | 3.2% |
|  BBCMS Trust  | 2.9% |
|  Computershare Corporate Trust  | 2.7% |
|  Exeter Automobile Receivables Trust  | 2.5% |
|  Invesco Government & Agency Portfolio  | 2.3% |
|  Benchmark Mortgage Trust  | 2.1% |
|  Global Atlantic Financial Company  | 1.8% |
|  Corebridge Financial Inc  | 1.7% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aamlive.com/ETF/Detail/LODI.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Advisors Asset Management, Inc documents not be householded, please contact Advisors Asset Management, Inc at (800)-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Advisors Asset Management, Inc or your financial intermediary.

AAM SLC Low Duration Income ETF PAGE 2 TSR-AR-26922B428

------

---

| | | |
|:---|:---|:---|
| ![image](img599315_202512231841544.jpg) | **AAM Todd International Intrinsic Value ETF**  | ![image](img280169_202506241844343.jpg) |
| ![image](img599315_202512231841544.jpg) | TIIV (Principal U.S. Listing Exchange: NYSE) | ![image](img280169_202506241844343.jpg) |
| ![image](img599315_202512231841544.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img280169_202506241844343.jpg) |

---

This annual shareholder report contains important information about the AAM Todd International Intrinsic Value ETF for the period of July 24, 2025, to October 31, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/TIIV. You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| AAM Todd International Intrinsic Value ETF | $15 | 0.54% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

International markets reached new all-time highs for the first time in more than 15 years, suggesting that investors are beginning to recognize a structural shift in the global investment landscape and showing renewed confidence in reform efforts across several regions. While the strategy has participated in the forces driving international markets higher, TIIV underperformed the ACWI ex-US Index over the three months ending October 31, 2025. AI-related companies in Europe and Asia delivered exceptionally strong returns in the Technology sector, where the strategy remains underweight, causing the sector to outperform the broader market.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6560img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(07/24/2025)** |
| **AAM Todd International Intrinsic Value ETF NAV**  | 4.50 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 6.15 |

---

Visit https://www.aamlive.com/ETF/Detail/TIIV for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

AAM Todd International Intrinsic Value ETF PAGE 1 TSR-AR-268961802

------

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $21270869 |
| **Number of Holdings** | 68 |
| **Net Advisory Fee** | $30350 |
| **Portfolio Turnover** | 7% |
| **30-Day SEC Yield** | 2.22% |
| **30-Day SEC Yield Unsubsidized** | 2.22% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Financials  | 28.6% |
|  Industrials  | 18.9% |
|  Consumer Discretionary  | 10.1% |
|  Health Care  | 9.7% |
|  Information Technology  | 9.3% |
|  Materials  | 5.8% |
|  Energy  | 5.8% |
|  Consumer Staples  | 3.5% |
|  Communication Services  | 3.3% |
|  Cash & Other  | 5.0% |

---

---

| | |
|:---|:---|
| **Top 10 Equity Issuers** | **(% of** **Net** **Assets)**  |
|  Banco Santander SA  | 2.5% |
|  Barclays PLC  | 2.5% |
|  AerCap Holdings NV  | 2.4% |
|  Mitsubishi UFJ Financial Group, Inc.  | 2.3% |
|  Fujitsu Ltd.  | 2.2% |
|  ING Groep NV  | 2.2% |
|  NatWest Group PLC  | 2.2% |
|  DBS Group Holdings Ltd.  | 2.1% |
|  Taiwan Semiconductor Manufacturing Co Ltd  | 2.0% |
|  Marubeni Corp.  | 2.0% |

---

**Geographic Breakdown (% of Net** **Assets)**

---

| | |
|:---|:---|
| **Top Ten Countries** | **(% of** **Net** **Assets)**  |
|  Japan  | 17.5% |
|  United Kingdom  | 13.4% |
|  United States  | 11.9% |
|  France  | 10.0% |
|  China  | 7.5% |
|  Ireland  | 6.9% |
|  Netherlands  | 4.9% |
|  Germany  | 4.5% |
|  Spain  | 3.9% |
|  Cash & Other  | 19.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aamlive.com/ETF/Detail/TIIV.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Advisors Asset Management, Inc documents not be householded, please contact Advisors Asset Management, Inc at (800)-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Advisors Asset Management, Inc or your financial intermediary.

AAM Todd International Intrinsic Value ETF PAGE 2 TSR-AR-268961802

------

---

| | | |
|:---|:---|:---|
| ![image](img278341_s20241218190871.jpg) | **AAM Transformers ETF**  | ![image](img280169_202506241844343.jpg) |
| ![image](img278341_s20241218190871.jpg) | TRFM (Principal U.S. Listing Exchange: NYSE) | ![image](img280169_202506241844343.jpg) |
| ![image](img278341_s20241218190871.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img280169_202506241844343.jpg) |

---

This annual shareholder report contains important information about the AAM Transformers ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/TRFM . You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| AAM Transformers ETF | $60 | 0.49% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

TRFM handily outperformed its benchmark, the S&P 500, during the reporting period as global, growth-style equities benefitted from a strong economy, resilient corporate earnings, a dovish Federal Reserve, and tariff resolutions. TRFM's focus on innovative companies driving structural change allowed the fund to take part in the explosive Artificial Intelligence movement, as many of the strategy's components are major players in this space. The international sleeve of the portfolio also helped drive alpha, as foreign equities reached all-time highs for the first time in 15 years.

Top performing sectors attributable to TRFM's return over the current fiscal period were, Information Technology, Industrials and Consumer Discretionary. The worst performing sectors were Financials, Utilities and Communication Services.

Individual securities attributable to TRFM's return over the current fiscal period were AppLovin Corp-Class A, Bloom Energy Corp-A, and Rocket Lab Corp. The largest detractors to TRFM's performance were Globant SA, Fluence Energy Inc, and Meituan – UNSP ADR.

The top countries by contribution were the United States, followed by China and Germany. The country with the lowest contribution was Luxembourg.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5688img003.jpg)

AAM Transformers ETF PAGE 1 TSR-AR-26922B683

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/11/2022)** |
| **AAM Transformers ETF NAV**  | 44.93 | 25.51 |
| **S&P 500 TR**  | 21.45 | 20.71 |
| **Pence Transformers Index Net Total Return**  | 45.56 | 26.11 |

---

Visit https://www.aamlive.com/ETF/Detail/TRFM for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $108105212 |
| **Number of Holdings** | 216 |
| **Net Advisory Fee** | $317307 |
| **Portfolio Turnover** | 79% |
| **30-Day SEC Yield** | 0.13% |
| **30-Day SEC Yield Unsubsidized** | 0.13% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Advanced Micro Devices, Inc.  | 1.4% |
|  Palantir Technologies, Inc.  | 1.1% |
|  Tesla, Inc.  | 1.1% |
|  AppLovin Corp.  | 1.1% |
|  International Business Machines Corp.  | 1.0% |
|  NVIDIA Corp.  | 1.0% |
|  Alphabet, Inc.  | 1.0% |
|  Apple, Inc.  | 0.9% |
|  Oracle Corp.  | 0.9% |
|  GE AEROSPACE  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 53.5% |
|  Industrials  | 23.3% |
|  Consumer Discretionary  | 7.6% |
|  Utilities  | 6.9% |
|  Communication Services  | 4.9% |
|  Financials  | 3.7% |
|  Cash & Other  | 0.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aamlive.com/ETF/Detail/TRFM .

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Advisors Asset Management, Inc documents not be householded, please contact Advisors Asset Management, Inc at (800)-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Advisors Asset Management, Inc or your financial intermediary.

AAM Transformers ETF PAGE 2 TSR-AR-26922B683

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Leonard Rush is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $120500 | $88000 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $31500 | $21000 |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A.

 

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 10/31/2025</u> <u>FYE 10/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Leonard M. Rush, David A. Massart, Janet D. Olsen, and Michael A. Castino.

(b) Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](aam-logo.jpg)

**AAM ETFS** 

**AAM Brentview Dividend Growth ETF (Ticker: BDIV)** 

**AAM Crescent CLO ETF (Ticker: CLOC)** 

**AAM Low Duration Preferred and Income Securities ETF (Ticker: PFLD)** 

**AAM S&P 500 High Dividend Value ETF (Ticker: SPDV)** 

**AAM Sawgrass U.S. Large Cap Quality Growth ETF (Ticker: SAWG)** 

**AAM Sawgrass U.S. Small Cap Quality Growth ETF (Ticker: SAWS)** 

**AAM SLC Low Duration Income ETF (Ticker: LODI)** 

**AAM Todd International Intrinsic Value ETF (Ticker: TIIV)** 

**AAM Transformers ETF (Ticker: TRFM)** 

Annual Financial Statements and Additional Information

October 31, 2025

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#a_0101) <br>|  |
| &nbsp;&nbsp;&nbsp; [AAM Brentview Dividend Growth ETF](#tsoi1) | [1](#tsoi1) |
| &nbsp;&nbsp;&nbsp; [AAM Crescent CLO ETF](#tsoi2) | [2](#tsoi2) |
| &nbsp;&nbsp;&nbsp; [AAM Low Duration Preferred and Income Securities ETF](#tsoi3) | [4](#tsoi3) |
| &nbsp;&nbsp;&nbsp; [AAM S&P 500 High Dividend Value ETF](#tsoi4) | [12](#tsoi4) |
| &nbsp;&nbsp;&nbsp; [AAM Sawgrass U.S. Large Cap Quality Growth ETF](#soi5) | [14](#soi5) |
| &nbsp;&nbsp;&nbsp; [AAM Sawgrass U.S. Small Cap Quality Growth ETF](#tsoi6) | [15](#tsoi6) |
| &nbsp;&nbsp;&nbsp; [AAM SLC Low Duration Income ETF](#tsoi7) | [17](#tsoi7) |
| &nbsp;&nbsp;&nbsp; [AAM Todd International Intrinsic Value ETF](#soi8) | [21](#soi8) |
| &nbsp;&nbsp;&nbsp; [AAM Transformers ETF](#tsoi9) | [23](#tsoi9) |
| [Statements of Assets and Liabilities](#sal) | [26](#sal) |
| [Statements of Operations](#sop) | [28](#sop) |
| [Statements of Changes in Net Assets](#scna) | [30](#scna) |
| [Financial Highlights](#fihi) | [34](#fihi) |
| [Notes to Financial Statements](#notes) | [43](#notes) |
| [Report of Independent Registered Public Accounting Firm](#trept) | [55](#trept) |
| [Approval of Advisory Agreements & Board Considerations](#app1) | [57](#app1) |
| [Approval of Sub-Advisory Agreements & Board Considerations](#tapsub) | [67](#tapsub) |
| [Federal Tax Information](#tax) | [70](#tax) |
| [Additional Information](#ai1) | [71](#ai1) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM BRENTVIEW DIVIDEND GROWTH ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.8%**<br>|  |  |
| **Communication Services - 5.0%**<br>|  |  |
| Alphabet, Inc. - Class A | 386 | $108539  |
| T-Mobile US, Inc. | 394 | 82760  |
|  |  | 191299  |
| **Consumer Discretionary - 4.8%**<br>|  |  |
| Lowe's Cos., Inc. | 391 | 93109  |
| TJX Companies, Inc. | 663 | 92913  |
|  |  | 186022  |
| **Consumer Staples - 7.3%**<br>|  |  |
| Costco Wholesale Corp. | 119 | 108463  |
| PepsiCo, Inc. | 425 | 62088  |
| Philip Morris International, Inc. | 765 | 110412  |
|  |  | 280963  |
| **Energy - 3.1%**<br>|  |  |
| Chevron Corp. | 748 | 117974  |
| **Financials - 16.8%**<br>|  |  |
| Blackrock, Inc. | 68 | 73631  |
| CME Group, Inc. | 306 | 81240  |
| Corebridge Financial, Inc. | 2028 | 66032  |
| JPMorgan Chase & Co. | 476 | 148093  |
| Marsh & McLennan Companies, Inc. | 323 | 57542  |
| Morgan Stanley | 731 | 119884  |
| Visa, Inc. - Class A<sup>(a)</sup> | 289 | 98474  |
|  |  | 644896  |
| **Health Care - 11.4%**<br>|  |  |
| Eli Lilly & Co. | 110 | 94915  |
| Johnson & Johnson | 533 | 100668  |
| McKesson Corp.<sup>(a)</sup> | 119 | 96549  |
| Medtronic PLC | 731 | 66302  |
| UnitedHealth Group, Inc. | 238 | 81291  |
|  |  | 439725  |
| **Industrials - 12.3%**<br>|  |  |
| Mueller Industries, Inc. | 714 | 75591  |
| Parker-Hannifin Corp. | 108 | 83466  |
| Trane Technologies PLC | 330 | 148054  |
| Union Pacific Corp. | 378 | 83300  |
| Waste Management, Inc. | 409 | 81706  |
|  |  | 472117  |
| **Information Technology - 22.8%**<br>|  |  |
| Apple, Inc.<sup>(a)</sup> | 799 | 216026  |
| Broadcom, Inc. | 340 | 125674  |
| Lam Research Corp.<sup>(a)</sup> | 740 | 116520  |
| Microsoft Corp. | 612 | 316900  |
| Oracle Corp. | 388 | 101893  |
|  |  | 877013  |
| **Materials - 5.0%**<br>|  |  |
| CRH PLC | 833 | 99210  |
| Linde PLC | 221 | 92445  |
|  |  | 191655  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Real Estate - 2.7%**<br>|  |  |
| Extra Space Storage, Inc. | 374 | $49944  |
| Realty Income Corp.<sup>(a)</sup> | 901 | 52240  |
|  |  | 102184  |
| **Utilities - 7.6%**<br>|  |  |
| Constellation Energy Corp. | 272 | 102544  |
| NextEra Energy, Inc. | 1218 | 99145  |
| WEC Energy Group, Inc. | 827 | 92401  |
|  |  | 294090  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,367,423)** |  | 3797938  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 14.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.10%<sup>(b)</sup> | 568604 | 568604  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $568,604)** |  | 568604  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 1.3%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Institutional Class, 4.06%<sup>(b)</sup> | 49165 | 49165  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $49,165)** |  | 49165  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 114.9%** <br>**(Cost $3,985,192)** |  | $4415707  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (14.9)% |  | (571525)  |
| **TOTAL NET ASSETS - 100.0%** |  | $3844182 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $550,522, or 14.3% of Net Assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM CRESCENT CLO ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 97.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO LLC, Series 2024-17A, Class A2, 6.30% (3 mo. Term SOFR + 2.00%), <br>08/01/2036<sup>(a)</sup> | $1000000 | $1002801  |
|  AGL CLO Ltd., Series 2020-7A, Class D1R2, 6.70% (3 mo. Term SOFR + 2.80%), 10/15/2038<sup>(a)</sup> | 1000000 | 1001990  |
| Antares CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6A, Class A2, 5.63% <br>(3 mo. Term SOFR + 1.75%), <br>01/20/2037<sup>(a)</sup> | 1500000 | 1504818  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6A, Class D, 7.68% <br>(3 mo. Term SOFR + 3.80%), <br>01/20/2037<sup>(a)</sup> | 750000 | 757151  |
| &nbsp;&nbsp;&nbsp; ArrowMark Colorado Holdings, Series 2020-11A, Class BR, 5.90% (3 mo. Term SOFR + 2.00%), <br>10/15/2037<sup>(a)</sup> | 650000 | 652270  |
| &nbsp;&nbsp;&nbsp; Babson CLO Ltd./Cayman Islands, Series 2024-2A, Class A1, 5.33% <br>(3 mo. Term SOFR + 1.43%), 07/15/2039<sup>(a)</sup> | 250000 | 250659  |
|  Bain Capital Credit CLO, Series 2024-4A, Class D1, 6.96% (3 mo. Term SOFR + 3.10%), 10/23/2037<sup>(a)</sup> | 1000000 | 1004969  |
|  Balboa Bay Loan Funding Ltd., Series 2020-1A, Class A1RR, 5.17% (3 mo. Term SOFR + 1.29%), 10/20/2035<sup>(a)</sup> | 1500000 | 1501144  |
| Barings Private Credit Corporation CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A1AR, 5.53% (3 mo. Term SOFR + 1.63%), 10/15/2036<sup>(a)</sup> | 1500000 | 1503294  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A1BR, 5.80% (3 mo. Term SOFR + 1.90%), 10/15/2036<sup>(a)</sup> | 315000 | 315949  |
|  Birch Grove CLO, Series 2025-12A, Class A2, 5.21% (3 mo. Term SOFR + 1.35%), 04/22/2038<sup>(a)</sup> | 1050000 | 1048856  |
|  Blackrock CLO Ltd., Series 2025-1A, Class A1, 5.97% (3 mo. Term SOFR + 1.65%), 07/15/2037<sup>(a)</sup> | 2000000 | 2005999  |
|  Blueberry Park CLO Ltd., Series 2024-1A, Class D1, 6.78% (3 mo. Term SOFR + 2.90%), 10/20/2037<sup>(a)</sup> | 800000 | 801431  |
|  Bridge Street CLO Ltd., Series 2025-1A, Class D1A, 6.73% (3 mo. Term SOFR + 2.85%), 04/20/2038<sup>(a)</sup> | 1000000 | 1003991  |
|  BXDL Static CLO LLC, Series 2025-1A, Class C, 6.52% (3 mo. Term SOFR + 2.20%), 07/20/2035<sup>(a)</sup> | 1500000 | 1499250  |
|  Canyon Capital CLO Ltd., Series 2022-1A, Class C, 6.09% (3 mo. Term SOFR + 2.20%), 04/15/2035<sup>(a)</sup> | 1500000 | 1500400  |
|  Cedar Funding Ltd., Series 2024-19A, Class D1, 6.86% (3 mo. Term SOFR + 3.00%), 01/23/2038<sup>(a)</sup> | 500000 | 500158  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Cerberus Loan Funding LP<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.80% <br>(3 mo. Term SOFR + 1.90%), <br>04/15/2036<sup>(a)</sup> | $1750000 | $1749953  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 6.50% <br>(3 mo. Term SOFR + 2.60%), <br>07/15/2037<sup>(a)</sup> | 1000000 | 1013230  |
|  CTM CLO Ltd., Series 2025-1A, Class A1, 5.83% (3 mo. Term SOFR + 1.50%), 07/15/2038<sup>(a)</sup> | 1500000 | 1504956  |
| &nbsp;&nbsp;&nbsp; DIAMETER CAPITAL CLO, Series <br>2025-10A, Class A, 5.19% (3 mo. Term SOFR + 1.31%), 04/20/2038<sup>(a)</sup> | 1600000 | 1602904  |
|  Elmwood CLO Ltd., Series 2021-5A, Class D2R, 8.25% (3 mo. Term SOFR + 4.35%), 10/15/2037<sup>(a)</sup> | 1400000 | 1407677  |
|  Fortress Credit BSL Ltd., Series 2023-2A, Class C1R, 6.27% (3 mo. Term SOFR + 2.40%), 07/24/2036<sup>(a)</sup> | 1000000 | 1002995  |
|  Gallatin CLO Ltd., Series 2024-1A, Class B, 5.83% (3 mo. Term SOFR + 1.95%), 10/20/2037<sup>(a)</sup> | 725000 | 728066  |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd., Series 2021-59A, Class A2R, 5.48% (3 mo. Term SOFR + 1.60%), <br>04/20/2037<sup>(a)</sup> | 1500000 | 1502994  |
|  Golub Capital Partners Private Credit Fund CLO, Series 2023-1A, Class A2R, 5.81% (3 mo. Term SOFR + 1.65%), 10/26/2037<sup>(a)</sup> | 500000 | 502535  |
|  Invesco CLO Ltd., Series 2024-1RA, Class BR, 6.00% (3 mo. Term SOFR + 2.10%), 04/15/2037<sup>(a)</sup> | 1125000 | 1131176  |
| Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
| &nbsp;&nbsp;&nbsp; Series 2019-33A, Class CR, 6.10% (3 mo. Term SOFR + 2.20%), 10/15/2032<sup>(a)</sup> | 1500000 | 1499995  |
| &nbsp;&nbsp;&nbsp; Series 2024-69A, Class D2, 8.61% (3 mo. Term SOFR + 4.75%), 07/25/2037<sup>(a)</sup> | 1000000 | 1010048  |
| &nbsp;&nbsp;&nbsp; Series 2025-73A, Class D1, 6.71% (3 mo. Term SOFR + 2.75%), 10/17/2038<sup>(a)</sup> | 1250000 | 1257522  |
|  Magnetite CLO Ltd., Series 2016-17A, Class AR2, 5.38% (3 mo. Term SOFR + 1.50%), 04/20/2037<sup>(a)</sup> | 1000000 | 1003404  |
|  Maranon Loan Funding Ltd., Series 2022-1A, Class AR, 5.33% (3 mo. Term SOFR + 1.43%), 04/15/2037<sup>(a)</sup> | 1250000 | 1250310  |
| &nbsp;&nbsp;&nbsp; Monroe Capital Mml Clo XVI Ltd., Series 2024-1A, Class A, 5.56% <br>(3 mo. Term SOFR + 1.70%), 07/23/2036<sup>(a)</sup> | 1000000 | 1002745  |
|  Neuberger Berman CLO Ltd., Series 2022-47A, Class DR, 7.00% (3 mo. Term SOFR + 2.80%), 04/16/2035<sup>(a)</sup> | 1000000 | 1004490  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM CRESCENT CLO ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED LOAN** <br>**OBLIGATIONS - (Continued)** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED LOAN** <br>**OBLIGATIONS - (Continued)** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED LOAN** <br>**OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2017-14A, Class A1R, <br>5.25% (3 mo. Term SOFR + 1.37%), 07/20/2037<sup>(a)</sup> | $500000 | $501267  |
|  Owl Rock CLO Ltd., Series 2022-7A, Class AR, 5.28% (3 mo. Term SOFR + 1.40%), 04/20/2038<sup>(a)</sup> | 1000000 | 995000  |
|  OZLM Ltd., Series 2019-24A, Class A2AR, 5.85% (3 mo. Term SOFR + 1.96%), 07/20/2032<sup>(a)</sup> | 800000 | 799597  |
|  Palmer Square CLO Ltd., Series 2021-3A, Class D1R, 6.70% (3 mo. Term SOFR + 2.80%), 10/15/2038<sup>(a)</sup> | 1500000 | 1504995  |
|  ROMARK CLO LLC, Series 2021-5A, Class BR, 5.70% (3 mo. Term SOFR + 1.80%), 01/15/2035<sup>(a)</sup> | 1250000 | 1252803  |
|  Sandstone Peak Ltd., Series 2021-1A, Class B1R, 5.73% (3 mo. Term SOFR + 1.83%), 10/15/2034<sup>(a)</sup> | 1625000 | 1625770  |
|  Symphony CLO Ltd., Series 2020-22A, Class CR, 5.98% (3 mo. Term SOFR + 2.10%), 04/18/2033<sup>(a)</sup> | 1500000 | 1503832  |
|  Texas Debt Capital CLO Ltd., Series 2023-1A, Class D1R, 6.63% (3 mo. Term SOFR + 2.75%), 07/20/2038<sup>(a)</sup> | 1000000 | 1007492  |
|  TICP CLO Ltd., Series 2017-7A, Class BR2, 5.80% (3 mo. Term SOFR + 1.90%), 04/15/2033<sup>(a)</sup> | 1250000 | 1252436  |
|  Warwick Capital CLO Ltd., Series 2024-3A, Class A1, 5.53% (3 mo. Term SOFR + 1.65%), 04/20/2037<sup>(a)</sup> | 1500000 | 1506000  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $50,000,108)** |  | 49979322 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 2.2%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.03%<sup>(b)</sup> | 1112233 | $1112233  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,112,233)** |  | 1112233  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%** <br>**(Cost $51,112,341)** |  | $51091555  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.4% |  | 214439  |
| **TOTAL NET ASSETS - 100.0%** |  | $51305994 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> 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 October 31, 2025, the value of these securities total $49,979,322 or 97.4% of the Fund's net assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM LOW DURATION PREFERRED AND INCOME SECURITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 72.6%**<br>|  |  |
| **Communication Services - 2.3%**<br>|  |  |
|  Bell Telephone Co. of Canada or Bell Canada, 6.88% to 09/15/2030 then 5 yr. CMT Rate + 2.39%, 09/15/2055 | $2695000 | $2812502  |
| Paramount Global<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25% to 02/28/2027 then 3 mo. LIBOR US + 3.90%, 02/28/2057<sup>(a)</sup> | 1585000 | 1553300  |
| &nbsp;&nbsp;&nbsp; 6.38% to 03/30/2027 then 5 yr. CMT Rate + 4.00%, 03/30/2062 | 2540000 | 2502004  |
|  TELUS Corp., 6.63% to 10/15/2030 then 5 yr. CMT Rate + 2.77%, 10/15/2055 | 1775000 | 1831173  |
|  Vodafone Group PLC, 4.13% to 06/04/2031 then 5 yr. CMT Rate + 2.77%, 06/04/2081 | 2485000 | 2332884  |
|  |  | 11031863  |
| **Consumer Discretionary - 1.3%**<br>|  |  |
|  Aptiv Swiss Holdings Ltd., 6.88% to 12/15/2029 then 5 yr. CMT Rate + 3.39%, 12/15/2054 | 1295000 | 1322165  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75% to 09/30/2027 then 3 mo. LIBOR US + 3.60%, Perpetual<sup>(a)</sup> | 2540000 | 2514161  |
| &nbsp;&nbsp;&nbsp; 6.50% to 09/30/2028 then 3 mo. LIBOR US + 3.44%, Perpetual<sup>(a)(b)</sup> | 1295000 | 1296013  |
| &nbsp;&nbsp;&nbsp; 5.70% to 09/30/2030 then 5 yr. CMT Rate + 5.00%, Perpetual<sup>(b)</sup> | 1290000 | 1294120  |
|  |  | 6426459  |
| **Energy - 9.8%**<br>|  |  |
|  BP Capital Markets PLC, 4.88% to 06/22/2030 then 5 yr. CMT Rate + 4.40%, Perpetual | 6620000 | 6617698  |
| Enbridge, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00% to 01/15/2027 then 3 mo. Term SOFR + 4.15%, 01/15/2077 | 1890000 | 1895617  |
| &nbsp;&nbsp;&nbsp; 5.50% to 07/15/2027 then 3 mo. Term SOFR + 3.68%, 07/15/2077 | 2565000 | 2555975  |
| &nbsp;&nbsp;&nbsp; 6.25% to 03/01/2028 then 3 mo. Term SOFR + 3.90%, 03/01/2078 | 2150000 | 2172158  |
| &nbsp;&nbsp;&nbsp; 5.75% to 07/15/2030 then 5 yr. CMT Rate + 5.31%, 07/15/2080 | 2540000 | 2557211  |
| &nbsp;&nbsp;&nbsp; 7.38% to 01/15/2028 then 5 yr. CMT Rate + 3.71%, 01/15/2083 | 1295000 | 1334495  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50% to 11/15/2026 then 5 yr. CMT Rate + 5.69%, Perpetual | 2430000 | 2440216  |
| &nbsp;&nbsp;&nbsp; 6.63% to 02/15/2028 then 3 mo. LIBOR US + 4.16%, Perpetual<sup>(a)</sup> | 1425000 | 1422808  |
| &nbsp;&nbsp;&nbsp; 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054<sup>(b)</sup> | 1035000 | 1069662  |
| &nbsp;&nbsp;&nbsp; 6.50% to 02/15/2031 then 5 yr. CMT Rate + 2.68%, 02/15/2056 | 3250000 | 3220564  |
| Enterprise Products Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25% to 08/16/2027 then 3 mo. Term SOFR + 3.29%, 08/16/2077 | 2540000 | 2533090  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.38% to 02/15/2028 then 3 mo. Term SOFR + 2.83%, 02/15/2078 | $1710000 | $1701655  |
|  Phillips 66 Co., 5.88% to 03/15/2031 then 5 yr. CMT Rate + 2.28%, 03/15/2056 | 2725000 | 2708743  |
|  Plains All American Pipeline LP, 8.58% (3 mo. Term SOFR + 4.37%), Perpetual | 2000000 | 2002282  |
|  South Bow Canadian Infrastructure Holdings Ltd., 7.63% to 03/01/2030 then 5 yr. CMT Rate + 3.95%, 03/01/2055 | 1100000 | 1145154  |
|  TransCanada PipeLines Ltd., 7.00% to 06/01/2030 then 5 yr. CMT Rate + 2.61%, 06/01/2065 | 2045000 | 2107510  |
| Transcanada Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88% to 08/15/2026 then 3 mo. LIBOR US + 4.64%, 08/15/2076<sup>(a)</sup> | 3210000 | 3210170  |
| &nbsp;&nbsp;&nbsp; 5.30% to 03/15/2027 then 3 mo. LIBOR US + 3.21%, 03/15/2077<sup>(a)</sup> | 4005000 | 3982146  |
| &nbsp;&nbsp;&nbsp; 5.50% to 09/15/2029 then SOFR + 4.42%, 09/15/2079 | 2950000 | 2937444  |
|  |  | 47614598  |
| **Financials - 42.7%<sup>(c)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Aegon Ltd., 5.50% to 04/11/2028 then <br>6 mo. LIBOR US + 3.54%, 04/11/2048<sup>(a)</sup> | 2000000 | 2027704  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50% to 01/31/2031 then 5 yr. CMT Rate + 2.44%, 01/31/2056 | 1295000 | 1337887  |
| Ally Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70% to 05/15/2026 then 5 yr. CMT Rate + 3.87%, Perpetual<sup>(b)</sup> | 3630000 | 3554371  |
| &nbsp;&nbsp;&nbsp; 4.70% to 05/15/2028 then H157 yr. CMT Rate + 3.48%, Perpetual<sup>(b)</sup> | 2485000 | 2311343  |
|  American Express Co., 3.55% to 09/15/2026 then 5 yr. CMT Rate + 2.85%, Perpetual | 4260000 | 4180501  |
|  American International Group, Inc., 5.75% (3 mo. LIBOR US + 2.87%), 04/01/2048<sup>(a)</sup> | 820000 | 835908  |
|  American National Group, Inc., 7.00% to 12/01/2030 then 5 yr. CMT Rate + 3.18%, 12/01/2055 | 1225000 | 1251029  |
| Aon Corp., 8.21%, 01/01/2027 | 1300000 | 1352692  |
|  Assurant, Inc., 7.00% to 03/27/2028 then 3 mo. LIBOR US + 4.14%, 03/27/2048<sup>(a)</sup> | 1035000 | 1063261  |
|  BAC Capital Trust XIV, 4.70% (3 mo. Term SOFR + 0.66%), Perpetual | 655000 | 556554  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.30% to 03/10/2026 then 3 mo. Term SOFR + 4.81%, Perpetual | 1315000 | 1318974  |
| &nbsp;&nbsp;&nbsp; 4.38% to 01/27/2027 then 5 yr. CMT Rate + 2.76%, Perpetual | 2195000 | 2158803  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM LOW DURATION PREFERRED AND INCOME SECURITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13% to 04/27/2027 then 5 yr. CMT Rate + 3.23%, Perpetual | $2630000 | $2661110  |
| &nbsp;&nbsp;&nbsp; 5.88% to 03/15/2028 then 3 mo. Term SOFR + 3.19%, Perpetual | 2965000 | 2996850  |
| &nbsp;&nbsp;&nbsp; 6.63% to 05/01/2030 then 5 yr. CMT Rate + 2.68%, Perpetual | 3940000 | 4101540  |
| &nbsp;&nbsp;&nbsp; 6.25% to 07/26/2030 then 5 yr. CMT Rate + 2.35%, Perpetual | 3250000 | 3305965  |
| Bank of New York Mellon Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70% to 03/20/2026 then 5 yr. CMT Rate + 3.35%, Perpetual | 1510000 | 1497492  |
| &nbsp;&nbsp;&nbsp; 4.63% to 09/20/2026 then 3 mo. Term SOFR + 3.39%, Perpetual | 2490000 | 2475545  |
| &nbsp;&nbsp;&nbsp; 3.75% to 12/20/2026 then 5 yr. CMT Rate + 2.63%, Perpetual | 3505000 | 3434538  |
| &nbsp;&nbsp;&nbsp; 6.30% to 03/20/2030 then 5 yr. CMT Rate + 2.30%, Perpetual | 1295000 | 1333796  |
| &nbsp;&nbsp;&nbsp; 5.95% to 12/20/2030 then 5 yr. CMT Rate + 2.27%, Perpetual<sup>(b)</sup> | 1285000 | 1304626  |
| Capital One Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.95% to 09/01/2026 then 5 yr. CMT Rate + 3.16%, Perpetual<sup>(b)</sup> | 2730000 | 2682832  |
| &nbsp;&nbsp;&nbsp; 5.50% to 10/30/2027 then 3 mo. Term SOFR + 3.34%, Perpetual<sup>(b)</sup> | 1475000 | 1475118  |
| Charles Schwab Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00% to 06/01/2026 then 5 yr. CMT Rate + 3.17%, Perpetual | 5450000 | 5400357  |
| &nbsp;&nbsp;&nbsp; 5.00% to 06/01/2027 then 5 yr. CMT Rate + 3.26%, Perpetual | 1840000 | 1840624  |
| &nbsp;&nbsp;&nbsp; 5.00% to 12/01/2027 then 3 mo. LIBOR US + 2.58%, Perpetual<sup>(a)</sup> | 1265000 | 1237892  |
| &nbsp;&nbsp;&nbsp; 4.00% to 12/01/2030 then 10 yr. CMT Rate + 3.08%, Perpetual | 5905000 | 5537845  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00% to 12/10/2025 then 5 yr. CMT Rate + 3.60%, Perpetual | 1905000 | 1901230  |
| &nbsp;&nbsp;&nbsp; 3.88% to 02/18/2026 then 5 yr. CMT Rate + 3.42%, Perpetual | 2925000 | 2905985  |
| &nbsp;&nbsp;&nbsp; 6.25% to 08/15/2026 then 3 mo. Term SOFR + 4.78%, Perpetual | 1905000 | 1920829  |
| &nbsp;&nbsp;&nbsp; 4.15% to 11/15/2026 then 5 yr. CMT Rate + 3.00%, Perpetual | 1270000 | 1247684  |
| &nbsp;&nbsp;&nbsp; 7.38% to 05/15/2028 then 5 yr. CMT Rate + 3.21%, Perpetual<sup>(b)</sup> | 1585000 | 1642187  |
| &nbsp;&nbsp;&nbsp; 7.63% to 11/15/2028 then 5 yr. CMT Rate + 3.21%, Perpetual | 1905000 | 1993201  |
| &nbsp;&nbsp;&nbsp; 7.20% to 05/15/2029 then 5 yr. CMT Rate + 2.91%, Perpetual | 715000 | 740368  |
| &nbsp;&nbsp;&nbsp; 7.13% to 08/15/2029 then 5 yr. CMT Rate + 2.69%, Perpetual | 2220000 | 2289926  |
| &nbsp;&nbsp;&nbsp; 6.75% to 02/15/2030 then 5 yr. CMT Rate + 2.57%, Perpetual | 1900000 | 1933064  |
| &nbsp;&nbsp;&nbsp; 6.95% to 02/15/2030 then 5 yr. CMT Rate + 2.73%, Perpetual | 2540000 | 2612939  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.88% to 08/15/2030 then 5 yr. CMT Rate + 2.89%, Perpetual | $3400000 | $3503272  |
| Citizens Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.20% (3 mo. Term SOFR + 3.26%), Perpetual | 775000 | 772093  |
| &nbsp;&nbsp;&nbsp; 7.35% (3 mo. Term SOFR + 3.42%), Perpetual | 775000 | 770036  |
| &nbsp;&nbsp;&nbsp; 4.00% to 10/06/2026 then 5 yr. CMT Rate + 3.22%, Perpetual | 775000 | 763996  |
| CoBank ACB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25% to 01/01/2027 then 5 yr. CMT Rate + 3.05%, Perpetual | 1100000 | 1068373  |
| &nbsp;&nbsp;&nbsp; 6.45% to 10/01/2027 then 5 yr. CMT Rate + 3.49%, Perpetual | 1035000 | 1037233  |
| &nbsp;&nbsp;&nbsp; 7.25% to 07/01/2029 then 5 yr. CMT Rate + 2.88%, Perpetual | 775000 | 792139  |
| &nbsp;&nbsp;&nbsp; 7.13% to 01/01/2030 then 5 yr. CMT Rate + 2.82%, Perpetual | 775000 | 804063  |
|  Corebridge Financial, Inc., 6.88% (5 yr. CMT Rate + 3.85%), 12/15/2052 | 2690000 | 2754903  |
|  Enstar Finance LLC, 5.50% (5 yr. CMT Rate + 4.01%), 01/15/2042 | 1295000 | 1280012  |
|  Fifth Third Bancorp, 7.30% (3 mo. Term SOFR + 3.29%), Perpetual | 1550000 | 1553147  |
|  First Citizens BancShares, Inc./NC, 8.27% (3 mo. Term SOFR + 4.23%), Perpetual<sup>(b)</sup> | 840000 | 857850  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.19% to 02/10/2030 then 5 yr. CMT Rate + 2.85%, Perpetual | 905000 | 909614  |
| &nbsp;&nbsp;&nbsp; 7.38% to 08/10/2029 then 5 yr. CMT Rate + 3.62%, Perpetual | 1245000 | 1250794  |
| &nbsp;&nbsp;&nbsp; 7.56% to 02/10/2030 then 5 yr. CMT Rate + 3.22%, Perpetual | 1485000 | 1489847  |
| &nbsp;&nbsp;&nbsp; 3.80% to 05/10/2026 then 5 yr. CMT Rate + 2.97%, Perpetual | 1735000 | 1709484  |
| &nbsp;&nbsp;&nbsp; 3.65% to 08/10/2026 then 5 yr. CMT Rate + 2.92%, Perpetual | 1865000 | 1828045  |
| &nbsp;&nbsp;&nbsp; 4.13% to 11/10/2026 then 5 yr. CMT Rate + 2.95%, Perpetual | 1865000 | 1834366  |
| &nbsp;&nbsp;&nbsp; 5.30% to 11/10/2026 then 3 mo. Term SOFR + 4.10%, Perpetual | 1605000 | 1603485  |
| &nbsp;&nbsp;&nbsp; 6.85% to 02/10/2030 then 5 yr. CMT Rate + 2.46%, Perpetual | 5035000 | 5239174  |
| Huntington Bancshares, Inc./OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45% to 10/15/2027 then H157 yr. CMT Rate + 4.05%, Perpetual | 1290000 | 1264606  |
| &nbsp;&nbsp;&nbsp; 5.63% to 07/15/2030 then 10 yr. CMT Rate + 4.95%, Perpetual | 1295000 | 1309890  |
| &nbsp;&nbsp;&nbsp; 6.25% to 10/15/2030 then 5 yr. CMT Rate + 2.65%, Perpetual<sup>(b)</sup> | 1930000 | 1911881  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.73% (3 mo. Term SOFR + 2.75%), Perpetual<sup>(b)</sup> | 3065000 | 3066723  |
| &nbsp;&nbsp;&nbsp; 6.70% (3 mo. Term SOFR + 2.84%), Perpetual | 2610000 | 2621434  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM LOW DURATION PREFERRED AND INCOME SECURITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65% to 06/01/2026 then 5 yr. CMT Rate + 2.85%, Perpetual | $4100000 | $4049679  |
| &nbsp;&nbsp;&nbsp; 6.50% to 04/01/2030 then 5 yr. CMT Rate + 2.15%, Perpetual | 6125000 | 6357058  |
|  KeyCorp, 5.00% to 09/15/2026 then 3 mo. Term SOFR + 3.87%, Perpetual | 1355000 | 1344213  |
| M&T Bank Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.30% to 08/01/2029 then 5 yr. CMT Rate + 3.17%, Perpetual | 1035000 | 1039254  |
| &nbsp;&nbsp;&nbsp; 3.50% to 09/01/2026 then 5 yr. CMT Rate + 2.68%, Perpetual | 1295000 | 1248588  |
| &nbsp;&nbsp;&nbsp; 5.13% to 11/01/2026 then 3 mo. Term SOFR + 3.78%, Perpetual | 1295000 | 1288484  |
|  Mellon Capital IV, 4.83% (3 mo. Term SOFR + 0.83%), Perpetual | 1290000 | 1100299  |
|  MetLife, Inc., 5.88% to 03/15/2028 then 3 mo. Term SOFR + 3.22%, Perpetual<sup>(b)</sup> | 1295000 | 1327063  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.46% (3 mo. Term SOFR + 3.42%), Perpetual<sup>(b)</sup> | 775000 | 776211  |
| &nbsp;&nbsp;&nbsp; 5.88%, Perpetual<sup>(b)(d)</sup> | 1035000 | 1032880  |
|  National Rural Utilities Cooperative Finance Corp., 5.25% to 04/20/2026 then 3 mo. LIBOR US + 3.63%, 04/20/2046<sup>(a)</sup> | 905000 | 897906  |
|  Northern Trust Corp., 4.60% to 10/01/2026 then 3 mo. Term SOFR + 3.46%, Perpetual | 1290000 | 1284519  |
|  PartnerRe Finance B LLC, 4.50% to 10/01/2030 then 5 yr. CMT Rate + 3.82%, 10/01/2050 | 1295000 | 1230730  |
| PNC Financial Services Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.40% to 09/15/2026 then 5 yr. CMT Rate + 2.60%, Perpetual | 4005000 | 3888942  |
| &nbsp;&nbsp;&nbsp; 5.00% to 11/01/2026 then 3 mo. Term SOFR + 3.56%, Perpetual | 1355000 | 1353056  |
| &nbsp;&nbsp;&nbsp; 6.00% to 05/15/2027 then 5 yr. CMT Rate + 3.00%, Perpetual | 2690000 | 2704932  |
| &nbsp;&nbsp;&nbsp; 6.20% to 09/15/2027 then 5 yr. CMT Rate + 3.24%, Perpetual | 3385000 | 3439647  |
| &nbsp;&nbsp;&nbsp; 6.25% to 03/15/2030 then 7 yr. CMT Rate + 2.81%, Perpetual | 4005000 | 4109382  |
| Prudential Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50% to 09/15/2027 then 3 mo. LIBOR US + 2.38%, 09/15/2047<sup>(a)</sup> | 1860000 | 1831637  |
| &nbsp;&nbsp;&nbsp; 5.70% to 09/15/2028 then 3 mo. LIBOR US + 2.67%, 09/15/2048<sup>(a)</sup> | 2540000 | 2570140  |
| &nbsp;&nbsp;&nbsp; 3.70% to 10/01/2030 then 5 yr. CMT Rate + 3.04%, 10/01/2050 | 1970000 | 1835129  |
| State Street Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.70% to 03/15/2029 then 5 yr. CMT Rate + 2.61%, Perpetual | 4005000 | 4163141  |
| &nbsp;&nbsp;&nbsp; 6.70% to 09/15/2029 then 5 yr. CMT Rate + 2.63%, Perpetual | 2300000 | 2414020  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.45% to 09/15/2030 then 5 yr. CMT Rate + 2.14%, Perpetual | $2040000 | $2119631  |
| Truist Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95% to 12/01/2025 then 5 yr. CMT Rate + 4.61%, Perpetual | 2540000 | 2537411  |
| &nbsp;&nbsp;&nbsp; 6.67% to 09/01/2029 then 5 yr. CMT Rate + 3.00%, Perpetual | 4510000 | 4528676  |
| &nbsp;&nbsp;&nbsp; 5.13% to 12/15/2027 then 3 mo. Term SOFR + 3.05%, Perpetual | 1290000 | 1274898  |
| &nbsp;&nbsp;&nbsp; 5.10% to 09/01/2030 then 10 yr. CMT Rate + 4.35%, Perpetual | 2720000 | 2727643  |
| US Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70% to 01/15/2027 then 5 yr. CMT Rate + 2.54%, Perpetual<sup>(b)</sup> | 4005000 | 3889913  |
| &nbsp;&nbsp;&nbsp; 5.30% to 04/15/2027 then 3 mo. Term SOFR + 3.18%, Perpetual | 2540000 | 2540246  |
|  USB Capital IX, 5.19% (3 mo. Term SOFR + 1.28%), Perpetual | 1750000 | 1420287  |
|  Voya Financial, Inc., 4.70% (3 mo. LIBOR US + 2.08%), 01/23/2048<sup>(a)</sup> | 880000 | 840506  |
|  Wells Fargo & Co., 3.90% to 03/15/2026 then 5 yr. CMT Rate + 3.45%, Perpetual | 9270000 | 9201167  |
|  |  | 206786318  |
| **Health Care - 0.3%**<br>|  |  |
|  DENTSPLY SIRONA, Inc., 8.38% to 09/12/2030 then 5 yr. CMT Rate + 4.38%, 09/12/2055 | 1375000 | 1415874  |
| **Industrials - 0.5%**<br>|  |  |
| Air Lease Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65% to 06/15/2026 then 5 yr. CMT Rate + 4.08%, Perpetual | 775000 | 763492  |
| &nbsp;&nbsp;&nbsp; 4.13% to 12/15/2026 then 5 yr. CMT Rate + 3.15%, Perpetual | 775000 | 746205  |
| &nbsp;&nbsp;&nbsp; 6.00% to 12/15/2029 then 5 yr. CMT Rate + 2.56%, Perpetual | 775000 | 749582  |
|  |  | 2259279  |
| **Utilities - 15.7%**<br>|  |  |
| AES Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.60% to 01/15/2030 then 5 yr. CMT Rate + 3.20%, 01/15/2055 | 2560000 | 2613148  |
| &nbsp;&nbsp;&nbsp; 6.95% to 07/15/2030 then 5 yr. CMT Rate + 2.89%, 07/15/2055 | 1295000 | 1252898  |
|  Algonquin Power & Utilities Corp., 4.75% to 04/18/2027 then 5 yr. CMT Rate + 3.25%, 01/18/2082 | 1840000 | 1805349  |
|  Alliant Energy Corp., 5.75% to 04/01/2031 then 5 yr. CMT Rate + 2.08%, 04/01/2056 | 1865000 | 1871322  |
| American Electric Power Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80% to 03/15/2031 then 5 yr. CMT Rate + 2.13%, 03/15/2056 | 2980000 | 2985382  |
| &nbsp;&nbsp;&nbsp; 3.88% to 02/15/2027 then 5 yr. CMT Rate + 2.68%, 02/15/2062 | 1840000 | 1787261  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM LOW DURATION PREFERRED AND INCOME SECURITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Utilities - (Continued)**<br>|  |  |
|  Brookfield Infrastructure Finance ULC, 6.75% to 03/15/2030 then 5 yr. CMT Rate + 2.45%, 03/15/2055 | $775000 | $788429  |
| CenterPoint Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00% to 02/15/2030 then 5 yr. CMT Rate + 3.25%, 02/15/2055 | 1035000 | 1081811  |
| &nbsp;&nbsp;&nbsp; 6.70% to 05/15/2030 then 5 yr. CMT Rate + 2.59%, 05/15/2055 | 1290000 | 1332921  |
| &nbsp;&nbsp;&nbsp; 5.95% to 04/01/2031 then 5 yr. CMT Rate + 2.22%, 04/01/2056 | 1900000 | 1912110  |
| CMS Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75% to 06/01/2030 then 5 yr. CMT Rate + 4.12%, 06/01/2050 | 1295000 | 1272227  |
| &nbsp;&nbsp;&nbsp; 3.75% to 12/01/2030 then 5 yr. CMT Rate + 2.90%, 12/01/2050 | 1035000 | 955285  |
| Dominion Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.35% to 04/15/2027 then 5 yr. CMT Rate + 3.20%, Perpetual | 1840000 | 1809727  |
| &nbsp;&nbsp;&nbsp; 6.00% to 02/15/2031 then 5 yr. CMT Rate + 2.26%, 02/15/2056 | 3850000 | 3900289  |
|  Duke Energy Corp., 3.25% to 01/15/2027 then 5 yr. CMT Rate + 2.32%, 01/15/2082 | 1295000 | 1245916  |
| Edison International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38% to 03/15/2026 then 5 yr. CMT Rate + 4.70%, Perpetual | 2905000 | 2876174  |
| &nbsp;&nbsp;&nbsp; 5.00% to 03/15/2027 then 5 yr. CMT Rate + 3.90%, Perpetual | 1305000 | 1272834  |
| &nbsp;&nbsp;&nbsp; 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053<sup>(b)</sup> | 1290000 | 1331368  |
| &nbsp;&nbsp;&nbsp; 7.88% to 06/15/2029 then 5 yr. CMT Rate + 3.66%, 06/15/2054 | 1160000 | 1193888  |
| &nbsp;&nbsp;&nbsp; Emera, Inc., 6.75% to 06/15/2026 then <br>3 mo. LIBOR US + 5.44%, 06/15/2076<sup>(a)</sup> | 3210000 | 3225302  |
|  Entergy Corp., 7.13% to 12/01/2029 then 5 yr. CMT Rate + 2.67%, 12/01/2054 | 3210000 | 3372468  |
|  EUSHI Finance, Inc., 6.25% to 04/01/2031 then 5 yr. CMT Rate + 2.51%, 04/01/2056 | 2000000 | 1991103  |
| &nbsp;&nbsp;&nbsp; Evergy, Inc., 6.65% to 06/01/2030 then <br>5 yr. CMT Rate + 2.56%, 06/01/2055 | 1295000 | 1332142  |
|  Nevada Power Co., 6.25% to 05/15/2030 then 5 yr. CMT Rate + 1.94%, 05/15/2055 | 775000 | 789278  |
| NextEra Energy Capital Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.70% (5 yr. CMT Rate + 2.36%), 09/01/2054 | 2690000 | 2797543  |
| &nbsp;&nbsp;&nbsp; 6.38% to 08/15/2030 then 5 yr. CMT Rate + 2.05%, 08/15/2055 | 4005000 | 4168448  |
| &nbsp;&nbsp;&nbsp; 4.80% to 12/01/2027 then 3 mo. LIBOR US + 2.41%, 12/01/2077<sup>(a)(b)</sup> | 1420000 | 1389888  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.65% to 05/01/2029 then 3 mo. LIBOR US + 3.16%, 05/01/2079<sup>(a)(b)</sup> | $1290000 | $1302343  |
| &nbsp;&nbsp;&nbsp; 3.80% to 03/15/2027 then 5 yr. CMT Rate + 2.55%, 03/15/2082 | 1455000 | 1423181  |
|  NiSource, Inc., 6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054 | 1290000 | 1345892  |
| &nbsp;&nbsp;&nbsp; PG&E Corp., 7.38% to 03/15/2030 then <br>5 yr. CMT Rate + 3.88%, 03/15/2055 | 4005000 | 4119243  |
| Sempra<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 | 2490000 | 2428521  |
| &nbsp;&nbsp;&nbsp; 6.88% to 10/01/2029 then 5 yr. CMT Rate + 2.79%, 10/01/2054 | 2950000 | 3052577  |
| &nbsp;&nbsp;&nbsp; 6.63% to 04/01/2030 then 5 yr. CMT Rate + 2.35%, 04/01/2055 | 1035000 | 1051632  |
| &nbsp;&nbsp;&nbsp; 6.38% to 04/01/2031 then 5 yr. CMT Rate + 2.63%, 04/01/2056<sup>(b)</sup> | 2055000 | 2111533  |
|  Sierra Pacific Power Co., 6.20% to 12/15/2030 then 5 yr. CMT Rate + 2.55%, 12/15/2055 | 1155000 | 1153892  |
| Southern Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00% (5 yr. CMT Rate + 3.73%), 01/15/2051 | 3385000 | 3371090  |
| &nbsp;&nbsp;&nbsp; 3.75% to 09/15/2026 then 5 yr. CMT Rate + 2.92%, 09/15/2051 | 2540000 | 2506645  |
|  |  | 76221060  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $349,636,169)** |  | 351755451  |
|  | **Shares** |  |
| **PREFERRED STOCKS - 26.3%**<br>|  |  |
| **Communication Services - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., <br>6.25%, 09/01/2069 | 38201 | 953879  |
| **Consumer Discretionary - 0.3%**<br>|  |  |
| Brunswick Corp./DE<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/2049 | 21934 | 540234  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/2048 | 17195 | 430047  |
| &nbsp;&nbsp;&nbsp; Dillard's Capital Trust I, <br>7.50%, 08/01/2038 | 20358 | 524829  |
|  FAT Brands, Inc., Series B, 8.25%, Perpetual | 21399 | 49004  |
|  |  | 1544114  |
| **Consumer Staples - 0.8%**<br>|  |  |
| CHS, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2, 7.10% (3 mo. Term SOFR + 4.56%), Perpetual | 42751 | 1075615  |
| &nbsp;&nbsp;&nbsp; Series 3, 6.75% (3 mo. Term SOFR + 4.42%), Perpetual | 50129 | 1249215  |
| &nbsp;&nbsp;&nbsp; Series 4, 7.50%, Perpetual | 52679 | 1345948  |
|  |  | 3670778 |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM LOW DURATION PREFERRED AND INCOME SECURITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  |
| **Energy - 0.4%**<br>|  |  |
|  GasLog Partners LP, Series A, 8.63% to 06/15/2027 then 3 mo. LIBOR US + 6.31%, Perpetual<sup>(a)</sup> | 12938 | $331213  |
|  NGL Energy Partners LP, Series B, 11.36% (3 mo. Term SOFR + 7.47%), Perpetual | 32024 | 709331  |
| Seapeak LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, Perpetual | 12552 | 321206  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 8.50% to 10/15/2027 then <br>3 mo. LIBOR US + 6.24%, Perpetual<sup>(a)</sup> | 16785 | 429864  |
|  |  | 1791614  |
| **Financials - 22.5%** | **Financials - 22.5%** | **Financials - 22.5%** |
|  ACRES Commercial Realty Corp., Series C, 9.82% (3 mo. Term SOFR + 5.93%), Perpetual | 12213 | 306546  |
| Adamas Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, 8.00% to 10/15/2027 then <br>3 mo. LIBOR US + 5.70%, Perpetual<sup>(a)</sup> | 15586 | 337904  |
| &nbsp;&nbsp;&nbsp; Series E, 11.25% (3 mo. LIBOR US + 6.43%), Perpetual<sup>(a)</sup> | 17131 | 430845  |
| &nbsp;&nbsp;&nbsp; Series F, 6.88% to 10/15/2026 then SOFR + 6.13%, Perpetual | 14613 | 324701  |
| AGNC Investment Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 9.26% (3 mo. Term SOFR + 5.37%), Perpetual | 33083 | 842293  |
| &nbsp;&nbsp;&nbsp; Series D, 8.50% (3 mo. Term SOFR + 4.59%), Perpetual | 23921 | 587261  |
| &nbsp;&nbsp;&nbsp; Series E, 9.14% (3 mo. Term SOFR + 5.25%), Perpetual | 40974 | 1029677  |
| &nbsp;&nbsp;&nbsp; Series F, 8.85% (3 mo. Term SOFR + 4.96%), Perpetual | 58528 | 1455006  |
| &nbsp;&nbsp;&nbsp; Series G, 7.75% to 10/15/2027 then 5 yr. CMT Rate + 4.39%, Perpetual | 15268 | 377120  |
|  Allstate Corp., 7.73% (3 mo. Term SOFR + 3.43%), 01/15/2053 | 54000 | 1415880  |
| Annaly Capital Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series F, 9.14% (3 mo. Term SOFR + 5.25%), Perpetual | 73289 | 1861541  |
| &nbsp;&nbsp;&nbsp; Series G, 8.44% (3 mo. Term SOFR + 4.43%), Perpetual | 43260 | 1085393  |
| &nbsp;&nbsp;&nbsp; Series I, 9.25% (3 mo. Term SOFR + 5.25%), Perpetual | 45044 | 1145018  |
|  Arbor Realty Trust, Inc., Series F, 6.25% to 10/12/2026 then 3 mo. Term SOFR + 5.44%, Perpetual | 28869 | 636850  |
|  Associated Banc-Corp., 6.63% to 03/01/2028 then 5 yr. CMT Rate + 2.81%, 03/01/2033 | 30538 | 754289  |
| Athene Holding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25% to 3/30/2029 then 5 yr. CMT Rate + 2.99%, 03/30/2064 | 58528 | 1477832  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series A, 6.35% to 6/30/2029 then 3 mo. LIBOR US + 4.25%, Perpetual<sup>(a)</sup> | 87796 | $2190510  |
| &nbsp;&nbsp;&nbsp; Series E, 7.75% to 0 then 5 yr. CMT Rate + 3.96%, Perpetual | 50896 | 1306500  |
|  Atlantic Union Bankshares Corp., Series A, 6.88%, Perpetual | 15717 | 393082  |
| Atlanticus Holdings Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/30/2026 | 15087 | 372196  |
| &nbsp;&nbsp;&nbsp; Series\*, 9.25%, 01/31/2029 | 16844 | 430364  |
| B Riley Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/31/2028 | 40802 | 417404  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2026 | 20985 | 367237  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/2026 | 18373 | 356987  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/31/2028 | 22551 | 290908  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/31/2026 | 10341 | 250873  |
|  Banc of California, Inc., Series F, 7.75% to 09/01/2027 then 5 yr. CMT Rate + 4.82%, Perpetual | 52249 | 1301523  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 02, 5.12% (3 mo. Term SOFR + 0.91%), Perpetual | 14499 | 296070  |
| &nbsp;&nbsp;&nbsp; Series 4, 5.22% (3 mo. Term SOFR + 1.01%), Perpetual | 9712 | 205894  |
| &nbsp;&nbsp;&nbsp; Series 5, 4.98% (3 mo. Term SOFR + 0.76%), Perpetual | 20079 | 409411  |
| &nbsp;&nbsp;&nbsp; Series E, 4.82% (3 mo. Term SOFR + 0.61%), Perpetual | 15079 | 321635  |
| &nbsp;&nbsp;&nbsp; Series GG, 6.00%, Perpetual<sup>(b)</sup> | 69845 | 1771968  |
| &nbsp;&nbsp;&nbsp; Series HH, 5.88%, Perpetual<sup>(b)</sup> | 43769 | 1092037  |
| &nbsp;&nbsp;&nbsp; Series K\*, 6.45% (3 mo. LIBOR U.S. + 1.33%), 12/15/2066<sup>(a)</sup> | 54319 | 1406319  |
|  Bank of New York Mellon Corp., Series K, 6.15% to 03/20/2030 then 5 yr. CMT Rate + 2.16%, Perpetual | 50896 | 1311081  |
|  Charles Schwab Corp., Series D, 5.95%, Perpetual | 76342 | 1916948  |
| Chimera Investment Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.88%, 08/15/2030 | 12160 | 301933  |
| &nbsp;&nbsp;&nbsp; Series B, 10.05% (3 mo. Term SOFR + 6.05%), Perpetual | 33083 | 794323  |
| &nbsp;&nbsp;&nbsp; Series C, 8.89% (3 mo. Term SOFR + 5.00%), Perpetual | 26467 | 586244  |
| &nbsp;&nbsp;&nbsp; Series D, 9.60% (3 mo. Term SOFR + 5.60%), Perpetual | 20358 | 490424  |
| &nbsp;&nbsp;&nbsp; CION Investment Corp., <br>7.50%, 12/30/2029 | 15268 | 384143  |
|  Citizens Financial Group, Inc., Series I, 6.50% to 10/06/2030 then 5 yr. CMT Rate + 2.63%, Perpetual | 38682 | 981362  |
|  Comerica, Inc., Series B, 6.88% to 10/01/2030 then 5 yr. CMT Rate + 3.13%, Perpetual | 38682 | 992580  |
|  Compass Diversified Holdings, Series B, 7.88% to 04/30/2028 then 3 mo. LIBOR US + 4.99%, Perpetual<sup>(a)</sup> | 19150 | 354275  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM LOW DURATION PREFERRED AND INCOME SECURITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
|  ConnectOne Bancorp, Inc., Series A, 5.25% to 09/01/2026 then 5 yr. CMT Rate + 4.42%, Perpetual | 11669 | $281223  |
| &nbsp;&nbsp;&nbsp; Crescent Capital BDC, Inc., <br>5.00%, 05/25/2026<sup>(e)</sup> | 11359 | 283521  |
| &nbsp;&nbsp;&nbsp; Dynex Capital, Inc., Series C, 9.61% <br>(3 mo. Term SOFR + 5.72%), Perpetual | 10524 | 271414  |
| Ellington Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.05% (3 mo. LIBOR US + 5.20%), Perpetual<sup>(a)</sup> | 11704 | 295526  |
| &nbsp;&nbsp;&nbsp; Series B, 6.25% to 1/30/2027 then 5 yr. CMT Rate + 4.99%, Perpetual | 12265 | 288228  |
| &nbsp;&nbsp;&nbsp; Series C, 8.63% to 4/30/2028 then 5 yr. CMT Rate + 5.13%, Perpetual | 10182 | 257808  |
| Fifth Third Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, Perpetual | 20272 | 505178  |
| &nbsp;&nbsp;&nbsp; Series I, 7.97% to 12/31/2025 then 3 mo. Term SOFR + 3.97%, Perpetual | 45806 | 1168053  |
|  First Horizon Corp., Series E, 6.50%, Perpetual | 13751 | 340337  |
|  Flagstar Bank NA, Series A., 6.38% to 03/17/2027 then 3 mo. LIBOR US + 3.82%, Perpetual<sup>(a)</sup> | 52424 | 1139174  |
| Gladstone Investment Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/01/2028 | 13699 | 329324  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2026 | 13019 | 328209  |
| &nbsp;&nbsp;&nbsp; 7.88%, 02/01/2030 | 12876 | 328080  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.24% (3 mo. Term SOFR + 1.01%), Perpetual | 76062 | 1580568  |
| &nbsp;&nbsp;&nbsp; Series C, 5.24% (3 mo. Term SOFR + 1.01%), Perpetual | 20242 | 422046  |
| &nbsp;&nbsp;&nbsp; Series D, 5.16% (3 mo. Term SOFR + 0.93%), Perpetual | 143217 | 2921627  |
|  Granite Point Mortgage Trust, Inc., Series A, 7.00% to 01/15/2027 then SOFR + 5.83%, Perpetual | 20938 | 404732  |
|  Hartford Insurance Group, Inc., Series G, 6.00%, Perpetual | 35115 | 885600  |
|  Huntington Bancshares, Inc./OH, Series J, 6.88% to 04/15/2028 then 5 yr. CMT Rate + 2.70%, Perpetual | 33083 | 849571  |
|  Invesco Mortgage Capital, Inc., Series C, 7.50% to 09/27/2027 then 3 mo. LIBOR US + 5.29%, Perpetual<sup>(a)</sup> | 17875 | 439368  |
|  Jackson Financial, Inc., 8.00% to 03/30/2028 then 5 yr. CMT Rate + 3.73%, Perpetual | 59000 | 1551700  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series DD, 5.75%, Perpetual | 138828 | 3504019  |
| &nbsp;&nbsp;&nbsp; Series EE, 6.00%, Perpetual | 151466 | 3894191  |
| &nbsp;&nbsp;&nbsp; Kemper Corp., 5.88% to 03/15/2027 then 5 yr. CMT Rate + 4.14%, <br>03/15/2062 | 15268 | 361241  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| KeyCorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.20% to 12/15/2027 then 5 yr. CMT Rate + 3.13%, Perpetual<sup>(b)</sup> | 61072 | $1530464  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.13% to 12/15/2026 then <br>3 mo. Term SOFR + 4.15%, Perpetual | 50896 | 1265784  |
| M&T Bank Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, 5.63% to 12/15/2026 then <br>3 mo. Term SOFR + 4.28%, <br>Perpetual | 25448 | 636709  |
| &nbsp;&nbsp;&nbsp; Series K, 6.35%, Perpetual | 45000 | 1122300  |
|  Merchants Bancorp/IN, 8.25% to 10/01/2027 then 5 yr. CMT Rate + 4.34%, Perpetual | 14505 | 355082  |
| MetLife, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.30% (3 mo. Term SOFR + 1.26%), Perpetual | 61072 | 1458399  |
| &nbsp;&nbsp;&nbsp; Series E, 5.63%, Perpetual | 85454 | 2095332  |
| MFA Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.88%, 02/15/2029 | 11704 | 292249  |
| &nbsp;&nbsp;&nbsp; Series C, 9.50% (3 mo. Term SOFR + 5.61%), Perpetual | 27992 | 664810  |
|  Midland States Bancorp, Inc., 7.75% to 09/30/2027 then 5 yr. CMT Rate + 4.71%, Perpetual | 11704 | 276800  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.87% (3 mo. Term SOFR + 0.96%), Perpetual | 111969 | 2346870  |
| &nbsp;&nbsp;&nbsp; Series E, 7.13% (3 mo. LIBOR U.S. + 432.00%), Perpetual<sup>(a)</sup> | 87796 | 2245822  |
| &nbsp;&nbsp;&nbsp; Series F, 6.88% (3 mo. LIBOR U.S. + 394.00%), Perpetual<sup>(a)</sup> | 86519 | 2182009  |
| &nbsp;&nbsp;&nbsp; Series I, 6.38% (3 mo. LIBOR U.S. + 370.80%), Perpetual<sup>(a)(b)</sup> | 101792 | 2560069  |
| &nbsp;&nbsp;&nbsp; Series K, 5.85% (3 mo. LIBOR U.S. + 349.10%), Perpetual<sup>(a)</sup> | 101792 | 2482707  |
| &nbsp;&nbsp;&nbsp; New Mountain Finance Corp., <br>8.25%, 11/15/2028 | 11704 | 293068  |
| NewtekOne, Inc., 5.50%, 02/01/2026 | 11704 | 292132  |
| Old National Bancorp/IN<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, Perpetual | 10993 | 279222  |
| &nbsp;&nbsp;&nbsp; Series C, 7.00%, Perpetual | 12469 | 314967  |
| PennyMac Mortgage Investment Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/15/2030 | 17561 | 444293  |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/15/2030 | 10669 | 274620  |
| &nbsp;&nbsp;&nbsp; Series B, 8.00% (3 mo. LIBOR U.S. + 5.99%), Perpetual<sup>(a)</sup> | 19760 | 477599  |
|  Pinnacle Financial Partners, Inc., Series B, 6.75%, Perpetual | 21631 | 545534  |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc., <br>5.63%, 08/15/2058 | 55344 | 1350947  |
| Ready Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2026 | 13425 | 332940  |
| &nbsp;&nbsp;&nbsp; 9.00%, 12/15/2029 | 13232 | 313731  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM LOW DURATION PREFERRED AND INCOME SECURITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Regions Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95% to 9/15/2029 then 5 yr. CMT Rate + 2.77%, Perpetual | 50896 | $1304464  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.70% to 8/15/2029 then <br>3 mo. Term SOFR + 3.41%, Perpetual | 50896 | 1255604  |
| Reinsurance Group of America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75% to 6/15/2026 then 3 mo. LIBOR US + 4.04%, 06/15/2056<sup>(a)</sup> | 40714 | 1014593  |
| &nbsp;&nbsp;&nbsp; 7.13% to 10/15/2027 then 5 yr. CMT Rate + 3.46%, 10/15/2052 | 71253 | 1824077  |
| Rithm Capital Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 9.95% (3 mo. Term SOFR + 6.06%), Perpetual | 10717 | 271676  |
| &nbsp;&nbsp;&nbsp; Series B, 9.79% (3 mo. Term SOFR + 5.90%), Perpetual | 28651 | 717421  |
| &nbsp;&nbsp;&nbsp; Series C, 9.12% (3 mo. Term SOFR + 5.23%), Perpetual | 40475 | 991233  |
| &nbsp;&nbsp;&nbsp; Series D, 7.00% to 11/15/2026 then 5 yr. CMT Rate + 6.22%, Perpetual | 47333 | 1164865  |
|  Saratoga Investment Corp., Series 2027, 6.00%, 04/30/2027 | 10737 | 268103  |
|  SiriusPoint Ltd., Series B, 8.00% to 02/26/2026 then 5 yr. CMT Rate + 7.30%, Perpetual | 20358 | 518518  |
| &nbsp;&nbsp;&nbsp; State Street Corp., Series G, 5.35% <br>(3 mo. LIBOR U.S. + 370.90%), Perpetual<sup>(a)</sup> | 50896 | 1165518  |
| Stifel Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 6.25%, Perpetual | 14672 | 363866  |
| &nbsp;&nbsp;&nbsp; Series C, 6.13%, Perpetual | 25000 | 622500  |
|  Synovus Financial Corp., Series D, 7.50% (3 mo. Term SOFR + 3.61%), Perpetual | 20358 | 517297  |
| Trinity Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/30/2029 | 12136 | 308376  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/30/2029 | 11868 | 302397  |
|  Truist Financial Corp., Series I, 4.00% (3 mo. Term SOFR + 0.79%), Perpetual | 17561 | 388801  |
| Two Harbors Investment Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/15/2030 | 11704 | 300793  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 8.13% to 4/27/2027 then <br>3 mo. LIBOR US + 5.66%, Perpetual<sup>(a)</sup> | 12855 | 299522  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.63% to 7/27/2027 then <br>3 mo. LIBOR US + 5.35%, Perpetual<sup>(a)</sup> | 25856 | 579950  |
| &nbsp;&nbsp;&nbsp; Series C, 9.16% (3 mo. Term SOFR + 5.27%), Perpetual | 24584 | 579199  |
| US Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.19% (3 mo. Term SOFR + 1.28%), Perpetual | 1469 | 1160510  |
| &nbsp;&nbsp;&nbsp; Series B\*, 4.77% (3 mo. Term SOFR + 0.86%), Perpetual | 101792 | 1921833  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Valley National Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 8.11% (3 mo. Term SOFR + 4.11%), Perpetual | 11704 | $296930  |
| &nbsp;&nbsp;&nbsp; Series B, 8.43% (3 mo. LIBOR US + 3.58%), Perpetual<sup>(a)</sup> | 10182 | 257095  |
| &nbsp;&nbsp;&nbsp; Series C, 8.25% to 9/30/2029 then 5 yr. CMT Rate + 4.18%, Perpetual | 15268 | 391166  |
|  Voya Financial, Inc., Series B, 5.35% to 09/15/2029 then 5 yr. CMT Rate + 3.21%, Perpetual | 30538 | 744822  |
|  Webster Financial Corporation, Series G, 6.50%, Perpetual | 13621 | 334259  |
|  Wells Fargo & Company, Series Y, 5.63%, Perpetual<sup>(b)</sup> | 69972 | 1726909  |
| WesBanco, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.75% to 11/15/2025 then <br>5 yr. CMT Rate + 6.56%, <br>Perpetual | 15516 | 387124  |
| &nbsp;&nbsp;&nbsp; Series B, 7.38% to 10/1/2030 then 5 yr. CMT Rate + 3.80%, Perpetual | 26000 | 663520  |
|  Western Alliance Bancorp, Series A, 4.25% to 09/30/2026 then 5 yr. CMT Rate + 3.45%, Perpetual | 30538 | 646489  |
|  Wintrust Financial Corp., Series F, 7.88% to 07/15/2030 then 5 yr. CMT Rate + 3.88%, Perpetual | 46000 | 1207500  |
|  |  | 108924514  |
| **Industrials - 0.2%**<br>|  |  |
|  FTAI Aviation Ltd., Series C, 8.25% to 06/15/2026 then 5 yr. CMT Rate + 7.38%, Perpetual | 10694 | 273766  |
| Triton International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, Perpetual | 16142 | 400322  |
| &nbsp;&nbsp;&nbsp; 8.00%, Perpetual | 14640 | 369367  |
|  |  | 1043455  |
| **Information Technology - 0.0%<sup>(f)</sup>**<br>|  |  |
|  Soluna Holdings, Inc., Series A, 9.00%, Perpetual | 12604 | 138896  |
| **Real Estate - 0.3%**<br>|  |  |
| American Homes 4 Rent<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series G, 5.88%, Perpetual | 12500 | 308250  |
| &nbsp;&nbsp;&nbsp; Series H, 6.25%, Perpetual | 12500 | 310500  |
| &nbsp;&nbsp;&nbsp; City Office REIT, Inc., Series A, <br>6.63%, Perpetual | 9813 | 244835  |
| &nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co., <br>8.25%, Perpetual | 12115 | 307721  |
| &nbsp;&nbsp;&nbsp; Global Net Lease, Inc., Series D, <br>7.50%, Perpetual | 20077 | 484257  |
|  |  | 1655563  |
| **Utilities - 1.6%**<br>|  |  |
|  Algonquin Power & Utilities Corp., Series 19-A, 8.66% (3 mo. LIBOR US + 4.01%), 07/01/2079<sup>(a)</sup> | 35624 | 912331  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM LOW DURATION PREFERRED AND INCOME SECURITIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  |
| **Utilities - (Continued)** | **Utilities - (Continued)** | **Utilities - (Continued)** |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/2078 | 50709 | $1236285  |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, Perpetual | 101792 | 2548872  |
|  SCE Trust IV, Series J, 7.43% (3 mo. Term SOFR + 3.39%), Perpetual | 33083 | 785721  |
|  SCE Trust V, Series K, 5.45% to 03/15/2026 then 3 mo. Term SOFR + 4.05%, Perpetual | 30538 | 730164  |
| Spire, Inc., Series A, 5.90%, Perpetual | 23890 | 585066  |
| Tennessee Valley Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 2.22% (30 yr. CMT Rate + 0.84%), 05/01/2029 | 21210 | 509888  |
| &nbsp;&nbsp;&nbsp; Series D, 2.13% (30 yr. CMT Rate + 0.94%), 06/01/2028 | 26110 | 624812  |
|  |  | 7933139  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $122,109,648)** |  | 127655952 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, LLC, <br>4.10%<sup>(g)</sup> | 26941924 | 26941924  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $26,941,924)** |  | 26941924  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 1.3%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Institutional Class, 4.06%<sup>(g)</sup> | 6507644 | 6507644  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $6,507,644)** |  | 6507644  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.8%** <br>**(Cost $505,195,385)** |  | $512860971  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (5.8)% |  | (28104602)  |
| **TOTAL NET ASSETS - 100.0%** |  | $484756369 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $26,343,504, or 5.4% of Net Assets.

<sup>(c)</sup> To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of October 31, 2025.

<sup>(e)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(f)</sup> Represents less than 0.05% of net assets.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM S&P 500 High Dividend Value ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Communication Services - 8.2%**<br>|  |  |
| AT&T, Inc. | 47673 | $1179907  |
| Comcast Corp. - Class A | 37637 | 1047626  |
| Interpublic Group of Cos., Inc. | 50589 | 1298114  |
| Omnicom Group, Inc.<sup>(a)</sup> | 17273 | 1295820  |
| Verizon Communications, Inc. | 30892 | 1227648  |
|  |  | 6049115  |
| **Consumer Discretionary - 9.8%**<br>|  |  |
| Best Buy Company, Inc. | 19780 | 1624729  |
| Ford Motor Co. | 118154 | 1551362  |
| Hasbro, Inc. | 17735 | 1353358  |
| LKQ Corp. | 41948 | 1340658  |
| Lowe's Cos., Inc. | 5900 | 1404967  |
|  |  | 7275074  |
| **Consumer Staples - 8.0%**<br>|  |  |
| Altria Group, Inc. | 22330 | 1258965  |
| Conagra Brands, Inc. | 68963 | 1185474  |
| Kraft Heinz Co. | 46256 | 1143911  |
| Molson Coors Beverage Co. - Class B | 26166 | 1143978  |
| Target Corp. | 12578 | 1166232  |
|  |  | 5898560  |
| **Energy - 9.9%**<br>|  |  |
| APA Corp.<sup>(a)</sup> | 68964 | 1562035  |
| EOG Resources, Inc. | 11181 | 1183397  |
| Halliburton Co. | 59366 | 1593383  |
| SLB Ltd. | 37758 | 1361554  |
| Valero Energy Corp. | 9484 | 1608107  |
|  |  | 7308476  |
| **Financials - 9.1%**<br>|  |  |
| Fifth Third Bancorp | 31177 | 1297587  |
| Invesco Ltd. | 62109 | 1471983  |
| Principal Financial Group, Inc. | 16576 | 1393047  |
| Regions Financial Corporation | 50599 | 1224496  |
| US Bancorp | 28896 | 1348865  |
|  |  | 6735978  |
| **Health Care - 9.6%**<br>|  |  |
| Bristol-Myers Squibb Co. | 27197 | 1252966  |
| CVS Health Corp. | 22654 | 1770410  |
| Merck & Co., Inc. | 15824 | 1360548  |
| Pfizer, Inc. | 52516 | 1294519  |
| Viatris, Inc. | 142353 | 1474777  |
|  |  | 7153220  |
| **Industrials - 9.2%**<br>|  |  |
| FedEx Corp. | 5628 | 1428499  |
| Lockheed Martin Corporation | 3165 | 1556800  |
| Snap-on, Inc. | 4030 | 1352266  |
| Stanley Black & Decker, Inc. | 18311 | 1240021  |
| United Parcel Service, Inc. - Class B | 12980 | 1251532  |
|  |  | 6829118  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology - 9.9%**<br>|  |  |
| Cisco Systems, Inc. | 19488 | $1424768  |
| HP, Inc. | 51808 | 1433527  |
| NetApp, Inc. | 12716 | 1497691  |
| QUALCOMM, Inc. | 8378 | 1515580  |
| Skyworks Solutions, Inc. | 18399 | 1429970  |
|  |  | 7301536  |
| **Materials - 8.2%**<br>|  |  |
| Amcor PLC | 136372 | 1077339  |
| CF Industries Holdings, Inc.<sup>(a)</sup> | 14236 | 1185716  |
| Eastman Chemical Company | 17211 | 1024399  |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV - <br>Class A | 21925 | 1017758  |
| Newmont Corporation | 21636 | 1751867  |
|  |  | 6057079  |
| **Real Estate - 8.5%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 16221 | 944387  |
| BXP, Inc. | 18816 | 1339511  |
| Healthpeak Properties, Inc. | 70535 | 1266103  |
| Host Hotels & Resorts, Inc. | 80997 | 1297572  |
| Simon Property Group, Inc. | 8070 | 1418383  |
|  |  | 6265956  |
| **Utilities - 9.3%**<br>|  |  |
| NextEra Energy, Inc. | 18494 | 1505412  |
| NRG Energy, Inc. | 8427 | 1448264  |
| Southern Co. | 14011 | 1317594  |
| Vistra Corp. | 6783 | 1277239  |
| WEC Energy Group, Inc. | 12152 | 1357743  |
|  |  | 6906252  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $73,288,688)** |  | 73780364 |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.10%<sup>(b)</sup> | 3686967 | 3686967  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $3,686,967)** |  | 3686967  |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM S&P 500 High Dividend Value ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.5%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Institutional Class, 4.06%<sup>(b)</sup> | 371902 | $371902  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $371,902)** |  | 371902  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.2%** <br>**(Cost $77,347,557)** |  | $77839233  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (5.2)% |  | (3813066)  |
| **TOTAL NET ASSETS - 100.0%** |  | $74026167 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $3,616,176, or 4.9% of Net Assets.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM Sawgrass U.S. Large Cap Quality Growth ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Communication Services - 13.2%** | **Communication Services - 13.2%** | **Communication Services - 13.2%** |
| Alphabet, Inc. - Class A  | 372 | $104603  |
| Comcast Corporation - Class A  | 2108 | 58676  |
| Electronic Arts, Inc.  | 174 | 34810  |
| Meta Platforms, Inc. - Class A  | 113 | 73264  |
| Netflix, Inc.<sup>(a)</sup> | 23 | 25734  |
|  |  | 297087  |
| **Consumer Discretionary - 7.6%** | **Consumer Discretionary - 7.6%** | **Consumer Discretionary - 7.6%** |
| Amazon.com, Inc.<sup>(a)</sup> | 426 | 104038  |
| AutoZone, Inc.<sup>(a)</sup> | 10 | 36744  |
| McDonald's Corporation<sup>(b)</sup> | 102 | 30440  |
|  |  | 171222  |
| **Consumer Staples - 3.3%** | **Consumer Staples - 3.3%** | **Consumer Staples - 3.3%** |
| Keurig Dr Pepper, Inc.  | 1891 | 51359  |
| Kimberly-Clark Corporation  | 193 | 23104  |
|  |  | 74463  |
| **Financials - 8.4%** | **Financials - 8.4%** | **Financials - 8.4%** |
| Brown & Brown, Inc.  | 231 | 18420  |
| Cboe Global Markets, Inc.  | 192 | 47163  |
| CME Group, Inc.  | 210 | 55753  |
| Mastercard, Inc. - Class A  | 90 | 49679  |
| S&P Global, Inc.  | 35 | 17052  |
|  |  | 188067  |
| **Health Care - 13.9%** | **Health Care - 13.9%** | **Health Care - 13.9%** |
| Danaher Corporation  | 166 | 35753  |
| Eli Lilly & Company  | 74 | 63852  |
| Exelixis, Inc.<sup>(a)</sup> | 1454 | 56226  |
| Incyte Corporation<sup>(a)</sup> | 567 | 53003  |
| United Therapeutics Corporation<sup>(a)(b)</sup> | 114 | 50779  |
| Zoetis, Inc.  | 372 | 53601  |
|  |  | 313214  |
| **Industrials - 7.7%** | **Industrials - 7.7%** | **Industrials - 7.7%** |
| AMETEK, Inc.  | 181 | 36582  |
| Copart, Inc.<sup>(a)</sup> | 742 | 31913  |
| HEICO Corporation  | 85 | 27011  |
| IDEX Corporation  | 133 | 22804  |
| Paylocity Holding Corporation<sup>(a)</sup> | 140 | 19778  |
| Union Pacific Corporation  | 162 | 35700  |
|  |  | 173788  |
| **Information Technology - 45.6%<sup>(c)</sup>** | **Information Technology - 45.6%<sup>(c)</sup>** | **Information Technology - 45.6%<sup>(c)</sup>** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 177 | 45333  |
| Amphenol Corporation - Class A  | 248 | 34556  |
| Apple, Inc.<sup>(b)</sup> | 507 | 137078  |
| Applied Materials, Inc.  | 168 | 39161  |
| Arista Networks, Inc.<sup>(a)</sup> | 239 | 37688  |
| Broadcom, Inc.  | 198 | 73187  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 116 | 39288  |
| Cisco Systems, Inc.  | 295 | 21567  |
| Fortinet, Inc.<sup>(a)</sup> | 581 | 50216  |
| KLA Corporation  | 28 | 33845  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Microsoft Corporation  | 356 | $184340  |
| NVIDIA Corporation  | 711 | 143970  |
| Salesforce, Inc.  | 171 | 44530  |
| ServiceNow, Inc.<sup>(a)</sup> | 69 | 63430  |
| VeriSign, Inc.  | 127 | 30455  |
| Workday, Inc. - Class A<sup>(a)</sup> | 189 | 45345  |
|  |  | 1023989  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,903,697)** |  | 2241830 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 9.5%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.10%<sup>(d)</sup> | 212878 | 212878  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $212,878)** |  | 212878 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.3%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Institutional Class, 4.06%<sup>(d)</sup> | 7146 | 7146  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $7,146)** |  | 7146  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.5%** <br>**(Cost $2,123,721)** |  | $2461854  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (9.5)%  |  | (213513)  |
| **TOTAL NET ASSETS - 100.0%** |  | $2248341 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $206,804, or 9.2% of Net Assets. 

<sup>(c)</sup> 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 those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM Sawgrass U.S. Small Cap Quality Growth ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.2%** | **COMMON STOCKS - 99.2%** | **COMMON STOCKS - 99.2%** |
| **Consumer Discretionary - 8.6%** | **Consumer Discretionary - 8.6%** | **Consumer Discretionary - 8.6%** |
| Acushnet Holdings Corporation  | 141 | $10903  |
| Boyd Gaming Corporation  | 130 | 10123  |
| Cheesecake Factory, Inc.<sup>(a)</sup> | 169 | 8416  |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 100 | 18830  |
| Group 1 Automotive, Inc.  | 77 | 30611  |
| Laureate Education, Inc.<sup>(b)</sup> | 728 | 21134  |
| Life Time Group Holdings, Inc.<sup>(b)</sup> | 335 | 8285  |
| Monarch Casino & Resort, Inc. | 182 | 16393  |
|  |  | 124695  |
| **Consumer Staples - 3.0%** | **Consumer Staples - 3.0%** | **Consumer Staples - 3.0%** |
| Oil-Dri Corporation of America  | 230 | 12740  |
| PriceSmart, Inc.  | 274 | 31493  |
|  |  | 44233  |
| **Energy - 2.4%** | **Energy - 2.4%** | **Energy - 2.4%** |
| Archrock, Inc.<sup>(a)</sup> | 1381 | 34898  |
| **Financials - 12.1%** | **Financials - 12.1%** | **Financials - 12.1%** |
| Bread Financial Holdings, Inc.  | 245 | 15349  |
| Cadence Bank  | 160 | 6038  |
| Enova International, Inc.<sup>(b)</sup> | 167 | 19968  |
| Esquire Financial Holdings, Inc.  | 55 | 5159  |
| FirstCash Holdings, Inc.  | 119 | 18861  |
| NMI Holdings, Inc.<sup>(b)</sup> | 561 | 20437  |
| Palomar Holdings, Inc.<sup>(b)</sup> | 85 | 9691  |
| &nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, <br>Inc.<sup>(b)</sup> | 242 | 11033  |
| StoneX Group, Inc.<sup>(b)</sup> | 618 | 56807  |
| Victory Capital Holdings, Inc. - Class A | 202 | 12579  |
|  |  | 175922  |
| **Health Care - 21.5%** | **Health Care - 21.5%** | **Health Care - 21.5%** |
| ADMA Biologics, Inc.<sup>(a)(b)</sup> | 1121 | 17353  |
| Artivion, Inc.<sup>(b)</sup> | 1355 | 61476  |
| BrightSpring Health Services, Inc.<sup>(b)</sup> | 915 | 30241  |
| Corcept Therapeutics, Inc.<sup>(b)</sup> | 74 | 5437  |
| Ensign Group, Inc.  | 144 | 25934  |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 289 | 18840  |
| iRadimed Corporation  | 547 | 42015  |
| LeMaitre Vascular, Inc.  | 175 | 15157  |
| Medpace Holdings, Inc.<sup>(b)</sup> | 22 | 12868  |
| OptimizeRx Corporation<sup>(b)</sup> | 990 | 20285  |
| &nbsp;&nbsp;&nbsp; Phibro Animal Health Corporation - <br>Class A  | 879 | 36971  |
| Phreesia, Inc.<sup>(b)</sup> | 394 | 8920  |
| RadNet, Inc.<sup>(b)</sup> | 236 | 17934  |
|  |  | 313431  |
| **Industrials - 30.7%<sup>(c)</sup>** | **Industrials - 30.7%<sup>(c)</sup>** | **Industrials - 30.7%<sup>(c)</sup>** |
| Applied Industrial Technologies, Inc.  | 80 | 20567  |
| AZZ, Inc.  | 126 | 12581  |
| Barrett Business Services, Inc.  | 323 | 13072  |
| ESCO Technologies, Inc.  | 103 | 22606  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| ExlService Holdings, Inc.<sup>(b)</sup> | 143 | $5591  |
| Federal Signal Corporation<sup>(a)</sup> | 140 | 16524  |
| Gorman-Rupp Co.  | 396 | 17808  |
| Granite Construction, Inc.<sup>(a)</sup> | 243 | 25007  |
| Huron Consulting Group, Inc.<sup>(b)</sup> | 235 | 38643  |
| IBEX Holdings Ltd.<sup>(b)</sup> | 796 | 29747  |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 273 | 24734  |
| Leonardo DRS, Inc.  | 463 | 16927  |
| LSI Industries, Inc.  | 468 | 10713  |
| Matrix Service Company<sup>(b)</sup> | 810 | 12166  |
| Mueller Industries, Inc.  | 309 | 32714  |
| Mueller Water Products, Inc. - Class A  | 1205 | 30920  |
| OPENLANE, Inc.<sup>(b)</sup> | 701 | 18521  |
| Primoris Services Corporation  | 168 | 23775  |
| REV Group, Inc.<sup>(a)</sup> | 297 | 15227  |
| Sterling Infrastructure, Inc.<sup>(a)(b)</sup> | 37 | 13982  |
| Upwork, Inc.<sup>(b)</sup> | 1168 | 18618  |
| Willdan Group, Inc.<sup>(b)</sup> | 295 | 27881  |
|  |  | 448324  |
| **Information Technology - 19.5%** | **Information Technology - 19.5%** | **Information Technology - 19.5%** |
| A10 Networks, Inc.  | 1661 | 29632  |
| ACM Research, Inc. - Class A<sup>(b)</sup> | 158 | 6551  |
| Advanced Energy Industries, Inc.<sup>(a)</sup> | 122 | 24733  |
| AvePoint, Inc.<sup>(b)</sup> | 1617 | 22751  |
| Bel Fuse, Inc. - Class B  | 84 | 12935  |
| Belden, Inc.  | 69 | 8408  |
| Box, Inc. - Class A<sup>(a)(b)</sup> | 667 | 21404  |
| Calix, Inc.<sup>(b)</sup> | 241 | 16489  |
| Commvault Systems, Inc.<sup>(b)</sup> | 226 | 31464  |
| InterDigital, Inc.<sup>(a)</sup> | 108 | 39092  |
| Red Violet, Inc.  | 675 | 36200  |
| Sanmina Corporation<sup>(b)</sup> | 250 | 34262  |
|  |  | 283921  |
| **Materials - 1.4%** | **Materials - 1.4%** | **Materials - 1.4%** |
| Hawkins, Inc.  | 147 | 20852  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,253,400)** |  | 1446276 |

---

---

| | | |
|:---|:---|:---|
|  | **Units**  |  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 15.9%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.10%<sup>(d)</sup> | 232331 | 232331  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $232,331)** |  | 232331 |

---

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM Sawgrass U.S. Small Cap Quality Growth ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.9%**  | **MONEY MARKET FUNDS - 0.9%**  | **MONEY MARKET FUNDS - 0.9%**  |
|  Invesco Government & Agency Portfolio - Institutional Class, 4.06%<sup>(d)</sup> | 12519 | $12519  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $12,519)** |  | 12519  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 116.0%** <br>**(Cost $1,498,250)** |  | $1691126  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (16.0)%  |  | (232929)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1458197 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $223,300, or 15.3% of Net Assets. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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 those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM SLC Low Duration Income ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - 26.6%** | **ASSET-BACKED SECURITIES - 26.6%** | **ASSET-BACKED SECURITIES - 26.6%** |
| Affirm, Inc., D  | Affirm, Inc., D  | Affirm, Inc., D  |
| &nbsp;&nbsp;&nbsp; Series 2024-X2, Class D, 6.08%, 12/17/2029<sup>(a)</sup> | $750000 | $754353  |
| &nbsp;&nbsp;&nbsp; Series 2025-X1, Class D, 6.11%, 04/15/2030<sup>(a)</sup> | 215000 | 216590  |
|  American Credit Acceptance Receivables Trust, Series 2025-4, Class D, 5.25%, 09/12/2031<sup>(a)</sup> | 315000 | 314765  |
| Bridgecrest Lending Auto Securitization Trust  | Bridgecrest Lending Auto Securitization Trust  | Bridgecrest Lending Auto Securitization Trust  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 5.62%, 03/17/2031  | 545000 | 550160  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class E, 6.62%, 05/17/2032<sup>(a)</sup> | 340000 | 332370  |
|  Carvana Auto Receivables Trust, Series 2024-P4, Class D, 5.60%, 12/10/2032  | 395000 | 398231  |
| CPS Auto Trust  | CPS Auto Trust  | CPS Auto Trust  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 6.13%, 04/15/2030<sup>(a)</sup> | 1000000 | 1016339  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class D, 5.56%, 07/15/2031<sup>(a)</sup> | 530000 | 531472  |
| &nbsp;&nbsp;&nbsp; Series 2025-C, Class E, 6.59%, 02/15/2033<sup>(a)</sup> | 510000 | 494051  |
| &nbsp;&nbsp;&nbsp; Series 2025-D, Class D, 5.45%, 02/17/2032<sup>(a)</sup> | 215000 | 214596 |
| Drive Auto Receivables Trust,  | Drive Auto Receivables Trust,  | Drive Auto Receivables Trust,  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 4.90%, 12/15/2032  | 310000  | 307381  |
| &nbsp;&nbsp;&nbsp; Series 2025-S1, Class R2, 6.26%, 06/16/2029<sup>(a)</sup>  | 337904  | 339048  |
| DT Auto Owner Trust  | DT Auto Owner Trust  | DT Auto Owner Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-3A, Class E, 2.65%, 09/15/2028<sup>(a)</sup> | 175000 | 173666  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, 1.99%, 09/15/2027<sup>(a)</sup> | 490042 | 485585  |
| Exeter Automobile Receivables Trust  | Exeter Automobile Receivables Trust  | Exeter Automobile Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2022-5A, Class D, 7.40%, 02/15/2029  | 195000 | 198019  |
| &nbsp;&nbsp;&nbsp; Series 2022-6A, Class D, 8.03%, 04/06/2029  | 500000 | 512977  |
| &nbsp;&nbsp;&nbsp; Series 2023-5A, Class D, 7.13%, 02/15/2030  | 180000 | 185124  |
| &nbsp;&nbsp;&nbsp; Series 2024-5A, Class D, 5.06%, 02/18/2031  | 500000 | 498619  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class D, 5.57%, 10/15/2031  | 365000 | 367277  |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Trust, <br>Series 2025-2A, Class D, 5.59%, 01/15/2031<sup>(a)</sup> | 165000 | 166138  |
|  Marriott Vacations Worldwide Corporation, C Series 2021-1WA, Class C, 1.94%, 01/22/2041<sup>(a)</sup> | 123425 | 118100  |
|  MVW Owner Trust, C Series 2024-1A, Class C, 6.20%, 02/20/2043<sup>(a)</sup> | 127288 | 131583  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Octane Receivables Trust, D <br>Series 2023-2A, Class D, 7.38%, 06/20/2031<sup>(a)</sup> | $750000 | $777043  |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust, E <br>Series 2024-5, Class E, 8.00%, 10/15/2031<sup>(a)</sup> | 272261 | 273343  |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust, C <br>Series 2024-5, Class C, 7.27%, 10/15/2031<sup>(a)</sup> | 567055 | 571557  |
| Pagaya AI Debt Selection Trust, D <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class D, 6.31%, 07/15/2032<sup>(a)</sup> | 925675 | 930261  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 6.28%, 07/15/2032<sup>(a)</sup> | 159986 | 160737  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class D, 6.99%, 12/15/2032<sup>(a)</sup> | 169966 | 172222  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class D, 6.57%, 01/17/2033<sup>(a)</sup> | 200000 | 201901  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class D, 5.87%, 03/15/2033<sup>(a)</sup> | 130000 | 130337  |
| &nbsp;&nbsp;&nbsp; Series 2025-R2, Class D, 5.80%, 10/15/2032<sup>(a)</sup> | 480000 | 480159  |
|  Pagaya AI Debt Selection Trust, Series 2025-6, Class B, 4.88%, 04/15/2033<sup>(a)</sup> | 640000 | 637037  |
| &nbsp;&nbsp;&nbsp; Pagaya Technologies Ltd., <br>Series 2025-1, Class E, 11.28%, 01/20/2034<sup>(a)</sup> | 500000 | 514471  |
| &nbsp;&nbsp;&nbsp; Pagaya Technologies Ltd., D <br>Series 2025-1, Class D, 6.74%, 01/20/2034<sup>(a)</sup> | 145000 | 146604  |
|  Santander Consumer USA Holdings, Inc., Series 2024-2, Class D, 6.28%, 08/15/2031  | 1000000 | 1029325  |
|  Sierra Timeshare Conduit Receivables Funding LLC, Series 2025-3A, Class C, 4.98%, 08/22/2044<sup>(a)</sup> | 285000 | 285193  |
|  SoFi Consumer Loan Program Trust, Series 2025-4, Class D, 5.27%, 08/25/2035<sup>(a)</sup> | 490000 | 489512  |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, A3 <br>Series 2025-1, Class A3, 5.98%, 01/25/2070<sup>(a)(b)</sup> | 220851 | 222410  |
| Westlake Automobile Receivables Trust  | Westlake Automobile Receivables Trust  | Westlake Automobile Receivables Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 6.47%, 03/15/2029<sup>(a)</sup> | 2000000 | 2041246  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class D, 7.19%, 07/16/2029<sup>(a)</sup> | 155000 | 160134  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 6.02%, 10/15/2029<sup>(a)</sup> | 1000000 | 1015533  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.54%, 11/15/2030<sup>(a)</sup> | 225000 | 226815  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $18,735,191)** |  | 18772284  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM SLC Low Duration Income ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 25.0%**<br>|  |  |
| **Basic Materials - 0.5%** | **Basic Materials - 0.5%** | **Basic Materials - 0.5%** |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, <br>4.91%, 04/01/2028<sup>(a)</sup> | $390000 | $396214  |
| **Consumer, Cyclical - 3.5%** | **Consumer, Cyclical - 3.5%** | **Consumer, Cyclical - 3.5%** |
| &nbsp;&nbsp;&nbsp; AS Mileage Plan IP Ltd., <br>5.02%, 10/20/2029<sup>(a)</sup> | 520000 | 519387  |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/2028<sup>(a)</sup> | 645000 | 649144  |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Company LLC, <br>2.70%, 08/10/2026  | 260000 | 256167  |
|  General Motors Financial Company, Inc., 5.40%, 05/08/2027  | 130000 | 132099  |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corporation, <br>5.90%, 06/01/2027  | 250000 | 254690  |
|  Volkswagen Group of America Finance LLC, 5.05%, 03/27/2028<sup>(a)</sup> | 650000 | 658942  |
|  |  | 2470429  |
| **Energy - 3.9%** | **Energy - 3.9%** | **Energy - 3.9%** |
|  Columbia Pipelines Holding Company LLC, 6.04%, 08/15/2028<sup>(a)</sup> | 545000 | 567380  |
| &nbsp;&nbsp;&nbsp; Expand Energy Corporation, <br>5.38%, 02/01/2029  | 720000 | 720486  |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc., <br>3.95%, 02/01/2028  | 525000 | 515397  |
|  Repsol E&P Capital Markets US LLC, 4.81%, 09/16/2028<sup>(a)</sup> | 285000 | 285839  |
|  South Bow USA Infrastructure Holdings LLC, 5.03%, 10/01/2029  | 290000 | 292778  |
|  Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029<sup>(a)</sup> | 360000 | 340990  |
|  |  | 2722870  |
| **Financial - 14.3%** | **Financial - 14.3%** | **Financial - 14.3%** |
|  Ally Financial, Inc., 5.74% (SOFR + 1.96%), 05/15/2029  | 290000 | 295735  |
| &nbsp;&nbsp;&nbsp; Ares Strategic Income Fund, <br>5.70%, 03/15/2028  | 760000 | 769312  |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., <br>2.53%, 11/18/2027<sup>(a)</sup> | 303000 | 292031  |
|  Barclays PLC, 5.67% to 03/12/2027 then SOFR + 1.49%, 03/12/2028  | 500000 | 509106  |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, <br>2.63%, 12/15/2026  | 530000 | 518498  |
|  Blue Owl Credit Income Corporation, 7.75%, 09/16/2027  | 475000 | 496417  |
|  Comerica, Inc., 5.98% (SOFR + 2.16%), 01/30/2030  | 515000 | 535714  |
|  Corebridge Financial, Inc., 6.88% (5 yr. CMT Rate + 3.85%), 12/15/2052  | 1200000 | 1229676  |
| &nbsp;&nbsp;&nbsp; Global Atlantic Financial Company, <br>4.70% (5 yr. CMT Rate + 3.80%), 10/15/2051<sup>(a)</sup> | 1280000 | 1247258  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., 3.62% <br>(SOFR + 1.85%), 03/15/2028  | 510000 | 506222  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., 4.44% <br>(SOFR + 1.97%), 08/04/2028  | $500000 | $501585  |
|  Jackson National Life Global Funding, 5.55%, 07/02/2027<sup>(a)</sup> | 240000 | 244920  |
| LPL Holdings, Inc., 4.90%, 04/03/2028 | 650000 | 657488  |
|  NatWest Group PLC, 3.07% (1 yr. CMT Rate + 2.55%), 05/22/2028  | 550000 | 540851  |
| &nbsp;&nbsp;&nbsp; Oaktree Strategic Credit Fund, <br>8.40%, 11/14/2028  | 725000 | 781663  |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., <br>2.49% (SOFR + 1.25%), 01/06/2028  | 560000 | 546860  |
|  Synchrony Financial, 5.02% (SOFR + 1.40%), 07/29/2029  | 145000 | 145966  |
|  VICI Properties LP / VICI Note Company, Inc., 3.75%, 02/15/2027<sup>(a)</sup> | 265000 | 262374  |
|  |  | 10081676  |
| **Utilities - 2.8%** | **Utilities - 2.8%** | **Utilities - 2.8%** |
|  NextEra Energy Capital Holdings, Inc., 6.70% (5 yr. CMT Rate + 2.36%), 09/01/2054  | 550000 | 573427  |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Company, <br>2.10%, 08/01/2027  | 595000 | 572064  |
|  Sempra, 6.63% to 04/01/2030 then 5 yr. CMT Rate + 2.35%, 04/01/2055  | 160000 | 162722  |
| &nbsp;&nbsp;&nbsp; Southern Company, 4.00% (5 yr. CMT <br>Rate + 3.73%), 01/15/2051  | 470000 | 468780  |
| &nbsp;&nbsp;&nbsp; Vistra Operations Company LLC, <br>4.30%, 10/15/2028<sup>(a)</sup> | 185000 | 184363  |
|  |  | 1961356  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $17,452,754)** |  | 17632545  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 22.3%**<br>|  |  |
|  ALA Trust, D Series 2025-OANA, Class D, 7.12% (1 mo. Term SOFR + 3.09%), 06/15/2040<sup>(a)</sup> | 190000 | 191146  |
|  ALA Trust, C Series 2025-OANA, Class C, 6.13% (1 mo. Term SOFR + 2.09%), 06/15/2040<sup>(a)</sup> | 120000 | 120703  |
| &nbsp;&nbsp;&nbsp; Banc of America Re-Remic Trust, C Series 2024-FRR3, Class C, <br>0.64%, 01/27/2050<sup>(a)(c)</sup> | 750000 | 695060  |
|  BANK-2017, Series 2017-BNK5, Class D, 3.08%, 06/15/2060<sup>(a)(c)</sup> | 455000 | 401382  |
| BBCMS Trust, D  | BBCMS Trust, D  | BBCMS Trust, D  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class D, 5.68% <br>(1 mo. Term SOFR + 1.65%), 03/15/2037<sup>(a)</sup> | 500000 | 446817  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C25, Class D, 4.00%, 03/15/2057<sup>(a)</sup> | 400000 | 360055  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C31, Class D, 4.25%, 12/15/2057<sup>(a)</sup> | 930000 | 820568  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM SLC Low Duration Income ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** <br>|  |  |
|  BBCMS Trust, A Series 2018-TALL, Class A, 4.95% (1 mo. Term SOFR + 0.92%), 03/15/2037<sup>(a)</sup> | $330000 | $310760  |
|  BBCMS Trust, C Series 2024-5C27, Class C, 6.70%, 07/15/2057<sup>(c)</sup> | 135000 | 139096  |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, B <br>Series 2024-V6, Class B, 6.79%, 03/15/2057  | 600000 | 627713  |
| Benchmark Mortgage Trust, C  | Benchmark Mortgage Trust, C  | Benchmark Mortgage Trust, C  |
| &nbsp;&nbsp;&nbsp; Series 2024-V5, Class C, 6.97%, 01/10/2057<sup>(c)</sup> | 500000 | 513753  |
| &nbsp;&nbsp;&nbsp; Series 2025-V13, Class C, 5.91%, 02/15/2058<sup>(c)</sup> | 300000 | 297404  |
| &nbsp;&nbsp;&nbsp; Series 2025-V15, Class C, 6.27%, 06/15/2058  | 70000 | 71723  |
| BMO Mortgage Trust, D  | BMO Mortgage Trust, D  | BMO Mortgage Trust, D  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C5, Class D, 4.50%, 02/15/2057<sup>(a)</sup> | 500000 | 450894  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C8, Class D, 4.50%, 12/15/2057<sup>(a)</sup> | 500000 | 454206  |
|  BWAY Mortgage Trust, B Series 2013-1515, Class B, 3.47%, 03/10/2033<sup>(a)</sup> | 325000 | 303099  |
|  Citigroup Commercial Mortgage Trust, Series 2016-C1, Class C, 4.95%, 05/10/2049<sup>(c)</sup> | 175000 | 172468  |
|  CSAIL Commercial Mortgage Trust, C Series 2021-C20, Class C, 3.71%, 03/15/2054<sup>(c)</sup> | 375000 | 306390  |
|  DLIC Re-REMIC Trust, Series 2025-FRR1, Class CK57, 1.27%, 08/25/2049<sup>(a)(c)</sup> | 320000 | 308761  |
| FIVE 2023-V1 Mortgage Trust  | FIVE 2023-V1 Mortgage Trust  | FIVE 2023-V1 Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2023-V1, Class C, 6.30%, 02/10/2056<sup>(c)</sup> | 450000 | 452895  |
| &nbsp;&nbsp;&nbsp; Series 2023-V1, Class D, 6.30%, 02/10/2056<sup>(a)(c)</sup> | 300000 | 289273  |
|  FS Commercial Mortgage Trust, B Series 2023-4SZN, Class B, 7.54%, 11/10/2039<sup>(a)(c)</sup> | 670000 | 685389  |
| &nbsp;&nbsp;&nbsp; Great Wolf Trust 2024-WOLF, D Series 2024-WOLF, Class D, <br>6.92% (1 mo. Term SOFR + 2.89%), 03/15/2039<sup>(a)</sup> | 500000 | 503087  |
|  Hudson Yards Mortgage Trust, D Series 2025-SPRL, Class D, 6.34%, 01/13/2040<sup>(a)(c)</sup> | 375000 | 385795  |
|  Hudson Yards Mortgage Trust, E Series 2025-SPRL, Class E, 6.68%, 01/13/2040<sup>(a)(c)</sup> | 400000 | 413295  |
|  JPMBB Commercial Mortgage Securities Trust, D Series 2015-C28, Class D, 3.78%, 10/15/2048<sup>(a)(c)</sup> | 400000 | 370271 |
| &nbsp;&nbsp;&nbsp; LV Trust 2024-SHOW <br>Series 2024-SHOW, Class C, 6.07%, 10/10/2041<sup>(a)(c)</sup>  | 500000  | 503381  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  MAD Commercial Mortgage Trust, Series 2025-11MD, Class C, 5.63%, 10/15/2042<sup>(a)(c)</sup> | $570000 | $571040  |
|  Morgan Stanley Capital I, Inc., C Series 2018-L1, Class C, 4.79%, 10/15/2051<sup>(c)</sup> | 250000 | 228039  |
|  One William Street Capital Management LP, A Series 2025-MARG2, Class A, 8.03% (1 mo. Term SOFR + 4.00%), 08/15/2034<sup>(a)</sup> | 415000 | 414995  |
| &nbsp;&nbsp;&nbsp; RFM Reremic Trust, AK64 <br>Series 2022-FRR1, Class AK64, 2.78%, 03/01/2050<sup>(a)(c)</sup> | 350000 | 332463  |
| &nbsp;&nbsp;&nbsp; RFM Reremic Trust, AK55 <br>Series 2022-FRR1, Class AK55, 0.00%, 03/28/2049<sup>(a)(d)</sup> | 260000 | 253827  |
|  RIDE Trust, D Series 2025-SHRE, Class D, 6.75%, 02/14/2047<sup>(a)(c)</sup> | 235000 | 240462  |
| &nbsp;&nbsp;&nbsp; TCO Commercial Mortgage Trust, C Series 2024-DPM, Class C, 6.02% <br>(1 mo. Term SOFR + 1.99%), 12/15/2039<sup>(a)</sup> | 575000 | 575544  |
|  UBS Commercial Mortgage Trust, C Series 2017-C3, Class C, 4.36%, 08/15/2050<sup>(c)</sup> | 600000 | 572420 |
|  Wells Fargo Commercial Mortgage Trust, C Series 2016-C34, Class C, 5.05%, 06/15/2049<sup>(c)</sup>  | 470000  | 443127  |
|  Wells Fargo Commercial Mortgage, D Series 2016-C37, Class D, 3.16%, 12/15/2049<sup>(a)(c)</sup>  | 400000  | 372939  |
|  Wells Fargo Commercial Mortgage, B Series 2016-C37, Class B, 4.29%, 12/15/2049<sup>(c)</sup>  | 600000  | 593189  |
|  Wells Fargo Commercial Mortgage Trust, AS Series 2016-C35, Class AS, 3.18%, 07/15/2048  | 500000  | 491859  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $15,595,797)** |  | 15685288  |
| **U.S. TREASURY SECURITIES - 15.8%** | **U.S. TREASURY SECURITIES - 15.8%** | **U.S. TREASURY SECURITIES - 15.8%** |
| United States Treasury Note/Bond  | United States Treasury Note/Bond  | United States Treasury Note/Bond  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2027  | 1260000 | 1257637  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/31/2027  | 630000 | 628819  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028  | 6240000 | 6280950  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/15/2028  | 2360000 | 2376778  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/31/2030  | 590000 | 594471  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $11,104,360)** |  | 11138655 |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM SLC Low Duration Income ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 7.8%**<br>|  |  |
|  AGL CLO Ltd., DR Series 2021-16A, Class DR, 6.28% (3 mo. Term SOFR + 2.40%), 01/20/2035<sup>(a)</sup> | $510000 | $499812  |
|  AGL CLO Ltd., Series 2021-11A, Class CR, 5.91% (3 mo. Term SOFR + 1.95%), 10/15/2038<sup>(a)</sup> | 345000 | 345861  |
|  Blackrock CLO Ltd., A1 Series 2024-1A, Class A1, 5.75% (3 mo. Term SOFR + 1.85%), 07/15/2036<sup>(a)</sup> | 900000 | 903145  |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., CR2 Series 2019-3A, Class CR2, 5.69% (3 mo. Term <br>SOFR + 1.80%), 01/16/2038<sup>(a)</sup> | 1000000 | 1001562  |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd., A1R Series 2019-45A, Class A1R, 5.50% <br>(3 mo. Term SOFR + 1.62%), 07/20/2037<sup>(a)</sup> | 1000000 | 1004029  |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd., C Series 2025-78A, Class C, 5.87% <br>(3 mo. Term SOFR + 2.00%), 04/21/2039<sup>(a)</sup> | 195000 | 195638  |
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd., D1RR Series 2019-36A, Class D1RR, 6.45% <br>(3 mo. Term SOFR + 2.55%), 04/15/2035<sup>(a)</sup> | 1000000 | 993303  |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO Ltd., DR Series 2019-35A, Class DR, 7.03% <br>(3 mo. Term SOFR + 3.15%), 01/19/2033<sup>(a)</sup> | 535000 | 535000  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $5,494,370)** |  | 5478350 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **MONEY MARKET FUNDS - 2.3%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Institutional Class, 4.06%<sup>(e)</sup> | 1624028 | 1624028 |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,624,028)** |  | 1624028  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $70,006,500)** |  | $70331150  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2%  |  | 112115 |
| **TOTAL NET ASSETS - 100.0%** |  | $70443265 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> 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 October 31, 2025, the value of these securities total $36,627,575 or 52.0% of the Fund's net assets. 

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of October 31, 2025.

<sup>(c)</sup> 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 October 31, 2025. 

<sup>(d)</sup> Principal only security.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM TODD INTERNATIONAL INTRINSIC VALUE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.3%**<br>|  |  |
| **Communication Services - 3.3%**<br>|  |  |
| Deutsche Telekom AG - ADR | 11051 | $343465  |
| NetEase, Inc. - ADR | 2482 | 347728  |
|  |  | 691193  |
| **Consumer Discretionary - 10.1%**<br>|  |  |
| Alibaba Group Holding, Ltd. - ADR | 2437 | 415338  |
| JD.com, Inc. - ADR | 7853 | 259463  |
| Naspers, Ltd. - ADR | 26795 | 376738  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 2001 | 269875  |
| Sony Group Corp. - ADR | 9303 | 259460  |
| Vipshop Holdings Ltd. - ADR | 17292 | 302437  |
| Yum China Holdings, Inc. | 6176 | 267174  |
|  |  | 2150485  |
| **Consumer Staples - 3.5%**<br>|  |  |
|  British American Tobacco PLC - ADR<sup>(b)</sup> | 7178 | 367442  |
| &nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV - <br>ADR | 9375 | 383250  |
|  |  | 750692  |
| **Energy - 5.8%**<br>|  |  |
|  Petroleo Brasileiro SA - Petrobras - ADR | 22733 | 264612  |
| Repsol SA - ADR | 16399 | 300430  |
| Shell PLC - ADR | 2942 | 220415  |
| TechnipFMC PLC<sup>(b)</sup> | 5411 | 223745  |
| TotalEnergies SE - ADR | 3419 | 212798  |
|  |  | 1222000  |
| **Financials - 28.6%<sup>(c)</sup>**<br>|  |  |
| AXA SA - ADR | 8161 | 354187  |
| Banco Santander SA - ADR | 52686 | 534763  |
| Barclays PLC - ADR | 24369 | 523690  |
| BNP Paribas SA - ADR | 9968 | 383868  |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of <br>Commerce | 3941 | 326591  |
| Chubb Ltd. | 954 | 264201  |
| DBS Group Holdings Ltd. - ADR | 2754 | 455732  |
| HDFC Bank Ltd. - ADR | 5240 | 189793  |
| ING Groep NV - ADR | 19032 | 474468  |
| Itau Unibanco Holding SA - ADR<sup>(b)</sup> | 46985 | 345809  |
| KB Financial Group, Inc. - ADR | 4082 | 332356  |
| Manulife Financial Corporation | 9623 | 311496  |
|  Mitsubishi UFJ Financial Group, Inc. - ADR<sup>(b)</sup> | 32384 | 489970  |
| NatWest Group PLC | 29762 | 460418  |
| ORIX Corporation - ADR | 13785 | 337595  |
| Sony Financial Group, Inc. - ADR<sup>(a)</sup> | 1 | 3  |
| Standard Bank Group Ltd. - ADR | 19883 | 294268  |
|  |  | 6079208  |
| **Health Care - 9.7%**<br>|  |  |
| Fresenius Medical Care AG - ADR | 10552 | 283216  |
| Medtronic PLC | 2841 | 257679  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Novartis AG - ADR | 3269 | $404669  |
| Sanofi SA - ADR | 5100 | 257958  |
| Shionogi & Company Ltd. - ADR | 28061 | 231784  |
| Smith & Nephew PLC - ADR<sup>(b)</sup> | 7299 | 268749  |
|  Teva Pharmaceutical Industries Ltd. - ADR<sup>(a)</sup> | 17999 | 368620  |
|  |  | 2072675  |
| **Industrials - 18.9%**<br>|  |  |
| AerCap Holdings NV | 3910 | 509238  |
| Ashtead Group PLC - ADR | 571 | 154164  |
| BAE Systems PLC - ADR | 3151 | 311666  |
| Brambles Ltd. - ADR | 8081 | 261582  |
| Cie de Saint-Gobain SA - ADR | 12735 | 247314  |
| Hitachi Ltd. - ADR | 9050 | 312949  |
| ITOCHU Corporation - ADR | 3351 | 386538  |
| Komatsu Ltd. - ADR | 10617 | 355245  |
| Marubeni Corporation - ADR | 1726 | 425079  |
| Prysmian SpA - ADR | 7163 | 371187  |
|  Techtronic Industries Company Ltd. - ADR | 4179 | 244597  |
| Vinci SA - ADR | 7579 | 253059  |
| ZTO Express Cayman, Inc. - ADR | 10590 | 196868  |
|  |  | 4029486  |
| **Information Technology - 9.3%**<br>|  |  |
| Amdocs Ltd. | 3820 | 321873  |
| Capgemini SE - ADR | 5440 | 167335  |
| Fujitsu Ltd. - ADR | 18265 | 476169  |
| Lenovo Group Ltd. - ADR | 7173 | 209738  |
| NXP Semiconductors NV | 934 | 195318  |
|  Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1445 | 434121  |
| Tokyo Electron Ltd. - ADR | 1638 | 180295  |
|  |  | 1984849  |
| **Materials - 5.8%**<br>|  |  |
| CRH PLC | 3545 | 422209  |
| Heidelberg Materials AG - ADR | 7392 | 346020  |
| Rio Tinto PLC - ADR | 4048 | 290403  |
| Vale SA - ADR<sup>(b)</sup> | 14619 | 176744  |
|  |  | 1235376  |
| **Real Estate - 1.2%**<br>|  |  |
|  Daiwa House Industry Company Ltd. - ADR | 7336 | 248691  |
| **Utilities - 1.1%**<br>|  |  |
| Veolia Environnement SA - ADR | 13586 | 223965  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $14,894,281)** |  | 20688620 |

---

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM TODD INTERNATIONAL INTRINSIC VALUE ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **Investments Purchased With Proceeds From Securities Lending - 7.7%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.10%<sup>(d)</sup> | 1649893 | $1649893  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,649,893)** |  | 1649893  |
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 2.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.03%<sup>(d)</sup> | 566468 | 566468  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $566,468)** |  | 566468  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.7%**<br>**(Cost $17,110,642)** |  | $22904981  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (7.7)% |  | (1634112)  |
| **TOTAL NET ASSETS - 100.0%** |  | $21270869 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $1,614,894, or 7.6% of Net Assets.

<sup>(c)</sup> 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 those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM Transformers ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Communication Services - 4.9%**<br>|  |  |
| Alphabet, Inc. - Class A  | 3735 | $1050245  |
| Bilibili, Inc. - ADR<sup>(a)</sup> | 14848 | 449152  |
| Meta Platforms, Inc. - Class A  | 1169 | 757921  |
| Nintendo Company Ltd. - ADR<sup>(b)</sup> | 19577 | 419731  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 12511 | 414114  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 1976 | 412885  |
| ROBLOX Corporation - Class A<sup>(a)</sup> | 3720 | 423038  |
| Snap, Inc. - Class A<sup>(a)</sup> | 47842 | 373168  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 1979 | 507356  |
| Tencent Holdings Ltd. - ADR  | 5646 | 459415  |
|  |  | 5267025  |
| **Consumer Discretionary - 7.6%** | **Consumer Discretionary - 7.6%** | **Consumer Discretionary - 7.6%** |
| Amazon.com, Inc.<sup>(a)</sup> | 3775 | 921930  |
| BYD Company Ltd. - ADR  | 32736 | 423604  |
| Coupang, Inc.<sup>(a)</sup> | 16419 | 524915  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 1926 | 489917  |
| Global-e Online Ltd.<sup>(a)</sup> | 9300 | 338799  |
| Hesai Group - ADR<sup>(a)(b)</sup> | 12566 | 298191  |
| Li Auto, Inc. - ADR<sup>(a)(b)</sup> | 14076 | 293485  |
| Meituan - ADR<sup>(a)</sup> | 16696 | 440274  |
| MercadoLibre, Inc.<sup>(a)</sup> | 181 | 421234  |
| MINISO Group Holding Ltd. - ADR  | 13576 | 289305  |
| Mobileye Global, Inc. - Class A<sup>(a)</sup> | 22640 | 297716  |
| NIO, Inc. - ADR<sup>(a)(b)</sup> | 55988 | 405913  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 3518 | 474473  |
| Rivian Automotive, Inc. - Class A<sup>(a)</sup> | 24614 | 334012  |
| Sea Ltd. - ADR<sup>(a)</sup> | 2290 | 357812  |
| Tesla, Inc.<sup>(a)</sup> | 2500 | 1141400  |
| Trip.com Group Ltd. - ADR  | 6028 | 425878  |
| XPeng, Inc. - ADR<sup>(a)(b)</sup> | 16782 | 394209  |
|  |  | 8273067  |
| **Financials - 3.7%** | **Financials - 3.7%** | **Financials - 3.7%** |
| Adyen NV - ADR<sup>(a)(b)</sup> | 27059 | 464603  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 5435 | 390668  |
| Corpay, Inc.<sup>(a)</sup> | 1502 | 391046  |
| Dlocal, Ltd.  | 24803 | 363364  |
| Marqeta, Inc. - Class A<sup>(a)</sup> | 56866 | 257603  |
| Paymentus Holdings, Inc. - Class A<sup>(a)</sup> | 9486 | 271299  |
| Remitly Global, Inc.<sup>(a)</sup> | 17943 | 287806  |
| Shift4 Payments, Inc. - Class A<sup>(a)(b)</sup> | 3992 | 275847  |
| Toast, Inc. - Class A<sup>(a)</sup> | 11514 | 416116  |
| Visa, Inc. - Class A  | 2556 | 870931  |
|  |  | 3989283  |
| **Industrials - 23.3%** | **Industrials - 23.3%** | **Industrials - 23.3%** |
| ABB Ltd. - ADR  | 6351 | 470990  |
| Acuity, Inc.  | 1033 | 377097  |
| AeroVironment, Inc.<sup>(a)</sup> | 1546 | 571881  |
| Airbus SE - ADR  | 8153 | 500594  |
| AMETEK, Inc.  | 2534 | 512147  |
| Atlas Copco AB - ADR  | 26409 | 444463  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 654 | 478878  |
| BAE Systems PLC - ADR  | 4536 | 448656  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corporation - <br>Class A<sup>(a)(b)</sup> | 6127 | $809744  |
| Boeing Company<sup>(a)</sup> | 3822 | 768298  |
| BWX Technologies, Inc.  | 2137 | 456485  |
| Chart Industries, Inc.<sup>(a)(b)</sup> | 1756 | 350533  |
| Eaton Corporation PLC  | 1259 | 480384  |
| Embraer SA - ADR  | 5459 | 351996  |
| Emerson Electric Company  | 3581 | 499800  |
| Eos Energy Enterprises, Inc.<sup>(a)(b)</sup> | 48476 | 777070  |
| FANUC Corporation - ADR  | 24049 | 398011  |
| GE Vernova, Inc.  | 1509 | 882976  |
| Generac Holdings, Inc.<sup>(a)</sup> | 1932 | 324615  |
| General Electric Company  | 3143 | 971030  |
| Grab Holdings Ltd. - Class A<sup>(a)</sup> | 64452 | 387357  |
| Graco, Inc.  | 4072 | 332967  |
| Howmet Aerospace, Inc.  | 2662 | 548239  |
| Hubbell, Inc.  | 1090 | 512300  |
| Ingersoll Rand, Inc.<sup>(b)</sup> | 5861 | 447370  |
| ITT, Inc.  | 2045 | 378468  |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 5394 | 488696  |
| Leonardo SpA - ADR  | 15924 | 466414  |
| Mitsubishi Heavy Industries Ltd. - ADR | 17994 | 545758  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 4990 | 505088  |
| NuScale Power Corporation<sup>(a)</sup> | 10127 | 454398  |
| nVent Electric PLC  | 3583 | 409716  |
| Parker-Hannifin Corporation  | 621 | 479927  |
| Prysmian SpA - ADR  | 7413 | 384142  |
| RBC Bearings, Inc.<sup>(a)</sup> | 905 | 387820  |
| Rheinmetall AG - ADR  | 1080 | 424181  |
| Rocket Lab Corporation<sup>(a)</sup> | 10357 | 652284  |
| Rockwell Automation, Inc.  | 1396 | 514231  |
| Rolls-Royce Holdings PLC - ADR  | 29627 | 460700  |
| Schneider Electric SE - ADR  | 8560 | 485352  |
| Siemens Energy AG - ADR<sup>(a)</sup> | 4260 | 530498  |
| SMC Corporation - ADR<sup>(b)</sup> | 22121 | 380260  |
|  Spirit AeroSystems Holdings, Inc. - Class A<sup>(a)</sup> | 8565 | 314250  |
| Sunrun, Inc.<sup>(a)</sup> | 19234 | 399298  |
| Symbotic, Inc.<sup>(a)(b)</sup> | 9847 | 797115  |
| Thales SA - ADR | 8421 | 478986  |
| Uber Technologies, Inc.<sup>(a)</sup> | 9642 | 930453  |
| Woodward, Inc.  | 1441 | 377701  |
| Worthington Enterprises, Inc.  | 5373 | 301372  |
| Xylem, Inc.  | 3377 | 509420  |
|  |  | 25160409  |
| **Information Technology - 53.5%<sup>(c)</sup>** | **Information Technology - 53.5%<sup>(c)</sup>** | **Information Technology - 53.5%<sup>(c)</sup>** |
| Advanced Energy Industries, Inc.  | 2277 | 461616  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 5805 | 1486777  |
| Advantest Corporation - ADR  | 5658 | 848700  |
| Alkami Technology, Inc.<sup>(a)</sup> | 13861 | 281240  |
| Allegro MicroSystems, Inc.<sup>(a)(b)</sup> | 11443 | 342375  |
| Ambarella, Inc.<sup>(a)</sup> | 4225 | 360097  |
| Amphenol Corporation - Class A  | 4301 | 599301  |
| Analog Devices, Inc.  | 1925 | 450700  |

---

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM Transformers ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 1226 | $311931  |
| Apple, Inc.  | 3660 | 989554  |
| Applied Digital Corporation<sup>(a)(b)</sup> | 25177 | 872635  |
| AppLovin Corporation - Class A<sup>(a)</sup> | 1789 | 1140183  |
| Arista Networks, Inc.<sup>(a)</sup> | 6142 | 968532  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 3174 | 539009  |
|  ASE Technology Holding Company Ltd. - ADR<sup>(b)</sup> | 31791 | 508974  |
| ASML Holding NV  | 565 | 598465  |
| Astera Labs, Inc.<sup>(a)</sup> | 2482 | 463340  |
| Atlassian Corporation - Class A<sup>(a)</sup> | 2545 | 431174  |
| Autodesk, Inc.<sup>(a)</sup> | 1454 | 438148  |
| AvePoint, Inc.<sup>(a)</sup> | 21495 | 302435  |
| Broadcom, Inc.  | 2622 | 969170  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 1353 | 458248  |
| Calix, Inc.<sup>(a)</sup> | 5767 | 394578  |
| Camtek, Ltd.<sup>(a)(b)</sup> | 4229 | 523635  |
| Ciena Corporation<sup>(a)</sup> | 2986 | 567101  |
| Circle Internet Group, Inc.<sup>(a)(b)</sup> | 4145 | 526332  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 16837 | 309969  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 2214 | 560806  |
| Coherent Corporation<sup>(a)</sup> | 3574 | 471625  |
| Commvault Systems, Inc.<sup>(a)</sup> | 1951 | 271618  |
| Confluent, Inc. - Class A<sup>(a)</sup> | 18084 | 422623  |
| CoreWeave, Inc. - Class A<sup>(a)</sup> | 5330 | 712674  |
| Corning, Inc.  | 6666 | 593807  |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding <br>Ltd.<sup>(a)</sup> | 3374 | 633030  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 1134 | 615773  |
| CyberArk Software Ltd.<sup>(a)</sup> | 717 | 373399  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 3489 | 568044  |
| Dell Technologies, Inc. - Class C  | 3805 | 616448  |
| Dynatrace, Inc.<sup>(a)</sup> | 6993 | 353636  |
| Extreme Networks, Inc.<sup>(a)</sup> | 16119 | 306583  |
| Fabrinet<sup>(a)(b)</sup> | 896 | 394751  |
| Fair Isaac Corporation<sup>(a)</sup> | 313 | 519433  |
| First Solar, Inc.<sup>(a)(b)</sup> | 2312 | 617165  |
| Fortinet, Inc.<sup>(a)</sup> | 6023 | 520568  |
| Gitlab, Inc. - Class A<sup>(a)</sup> | 7648 | 372840  |
| Guidewire Software, Inc.<sup>(a)</sup> | 1819 | 424991  |
| Hewlett Packard Enterprise Company  | 20176 | 492698  |
| HubSpot, Inc.<sup>(a)</sup> | 972 | 478146  |
| Impinj, Inc.<sup>(a)(b)</sup> | 1834 | 370761  |
| Infineon Technologies AG - ADR  | 11768 | 466131  |
|  International Business Machines Corporation  | 3534 | 1086387  |
| Intuit, Inc.  | 1302 | 869150  |
| JFrog Ltd.<sup>(a)</sup> | 6980 | 331410  |
| &nbsp;&nbsp;&nbsp; Kingsoft Cloud Holdings Ltd. - <br>ADR<sup>(a)(b)</sup> | 24083 | 303446  |
| Klaviyo, Inc. - Class A<sup>(a)</sup> | 10866 | 282516  |
| Lam Research Corporation  | 4609 | 725733  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Lattice Semiconductor Corporation<sup>(a)</sup> | 5290 | $385958  |
| Life360, Inc.<sup>(a)(b)</sup> | 3743 | 369472  |
| Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 2344 | 472457  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 2696 | 399358  |
| Marvell Technology, Inc.  | 7495 | 702581  |
| Microchip Technology, Inc.  | 7203 | 449611  |
| Micron Technology, Inc.  | 3617 | 809376  |
| Microsoft Corporation  | 1775 | 919113  |
| Monday.com Ltd.<sup>(a)</sup> | 1791 | 367585  |
| MongoDB, Inc.<sup>(a)</sup> | 1461 | 525697  |
| Monolithic Power Systems, Inc.  | 546 | 548730  |
| Nebius Group NV<sup>(a)</sup> | 5084 | 665089  |
| Nova Ltd.<sup>(a)(b)</sup> | 1300 | 448032  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 5003 | 356414  |
| NVIDIA Corporation  | 5255 | 1064085  |
| Onestream, Inc.<sup>(a)</sup> | 17697 | 334296  |
| Oracle Corporation  | 3768 | 989515  |
| Pagaya Technologies Ltd. - Class A<sup>(a)</sup> | 9377 | 252148  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 5728 | 1148292  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 2443 | 538046  |
| Porch Group, Inc.<sup>(a)</sup> | 19177 | 288614  |
| Power Integrations, Inc.  | 7789 | 326281  |
| PTC, Inc.<sup>(a)</sup> | 2218 | 440362  |
| Pure Storage, Inc. - Class A<sup>(a)(b)</sup> | 5989 | 591114  |
| Rambus, Inc.<sup>(a)</sup> | 4675 | 480777  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 3844 | 289338  |
| SailPoint, Inc.<sup>(a)</sup> | 15910 | 344929  |
| Samsara, Inc. - Class A<sup>(a)</sup> | 11280 | 453118  |
| SAP SE - ADR<sup>(b)</sup> | 1630 | 423816  |
| Seagate Technology Holdings PLC  | 2525 | 646097  |
| Semtech Corporation<sup>(a)</sup> | 5766 | 391281  |
| SentinelOne, Inc. - Class A<sup>(a)</sup> | 18675 | 333349  |
| ServiceNow, Inc.<sup>(a)</sup> | 959 | 881590  |
| ServiceTitan, Inc. - Class A<sup>(a)(b)</sup> | 3068 | 289497  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 2988 | 519494  |
| Silicon Laboratories, Inc.<sup>(a)(b)</sup> | 2580 | 338186  |
|  Silicon Motion Technology Corporation - ADR  | 4044 | 396757  |
| SiTime Corporation<sup>(a)</sup> | 1493 | 432433  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 2106 | 578897  |
| SoundHound AI, Inc. - Class A<sup>(a)(b)</sup> | 24528 | 432183  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 11749 | 610478  |
| Synopsys, Inc.<sup>(a)</sup> | 792 | 359425  |
|  Taiwan Semiconductor Manufacturing Company Ltd. - ADR  | 1801 | 541074  |
| Teradyne, Inc.  | 2908 | 528558  |
| Texas Instruments, Inc.  | 4670 | 754018  |
| Tokyo Electron Ltd. - ADR  | 6408 | 705329  |
| Universal Display Corporation  | 2404 | 354061  |
| Varonis Systems, Inc.<sup>(a)</sup> | 6240 | 219835  |
| Vnet Group, Inc. - ADR<sup>(a)(b)</sup> | 42086 | 437694  |
| Workday, Inc. - Class A<sup>(a)</sup> | 2054 | 492796  |
| Xiaomi Corporation - ADR<sup>(a)</sup> | 12739 | 353635  |

---

The accompanying notes are an integral part of these financial statements.

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM Transformers ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
|  Zeta Global Holdings Corporation - Class A<sup>(a)</sup> | 18506 | $332923  |
| Zscaler, Inc.<sup>(a)</sup> | 1729 | 572541  |
|  |  | 57786746  |
| **Utilities - 6.9%** | **Utilities - 6.9%** | **Utilities - 6.9%** |
| American Electric Power Company, Inc. | 4394 | 528422  |
| &nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras SA - <br>ADR<sup>(b)</sup> | 39323 | 406993  |
| Constellation Energy Corporation  | 1579 | 595283  |
| Emera, Inc.  | 7116 | 338793  |
| Entergy Corporation  | 5413 | 520135  |
| Fortis, Inc./Canada  | 6763 | 339706  |
| Iberdrola SA - ADR  | 5938 | 481393  |
| IDACORP, Inc.<sup>(b)</sup> | 2790 | 359966  |
| NextEra Energy, Inc.  | 6695 | 544973  |
| Ormat Technologies, Inc.  | 3838 | 408248  |
| Pinnacle West Capital Corporation  | 3927 | 347618  |
| RWE AG - ADR  | 10682 | 528225  |
| SSE PLC - ADR  | 14755 | 375662  |
| Talen Energy Corporation<sup>(a)</sup> | 902 | 360602  |
| TXNM Energy, Inc.  | 6149 | 349263  |
| Vistra Corporation  | 2527 | 475834  |
| Xcel Energy, Inc.  | 6532 | 530203  |
|  |  | 7491319  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $87,421,716)** |  | 107967849 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.9%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.10%<sup>(d)</sup> | 11778134 | 11778134  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $11,778,134)** |  | 11778134 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.1%** | **MONEY MARKET FUNDS - 0.1%** | **MONEY MARKET FUNDS - 0.1%** |
|  Invesco Government & Agency Portfolio - Institutional Class, 4.06%<sup>(d)</sup> | 146147 | 146147  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $146,147)** |  | 146147  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 110.9%** <br>**(Cost $99,345,997)** |  | $119892130  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (10.9)%  |  | (11786918)  |
| **TOTAL NET ASSETS - 100.0%** |  | $108105212 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $11,772,122, or 10.9% of Net Assets. 

<sup>(c)</sup> 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 those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AAM** <br>**Brentview** <br>**Dividend** <br>**Growth ETF** | **AAM** <br>**Crescent** <br>**CLO ETF** | **AAM** <br>**Low Duration** <br>**Preferred and** <br>**Income** <br>**Securities ETF** | **AAM** <br>**S&P 500 High** <br>**Dividend** <br>**Value ETF** | **AAM Sawgrass** <br>**U.S. Large Cap** <br>**Quality Growth** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
|  Investments in unaffiliated securities, at value | $4415707 | $51091555 | $512577450 | $77839233 | &nbsp;&nbsp; $2461854  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at <br>value |  |  | 283521 |  | &nbsp;&nbsp; —  |
| Dividends receivable | 2043 | 991 | 311519 | 114554 | &nbsp;&nbsp; 276  |
| Security lending income receivable | 41 |  | 16419 | 492 | &nbsp;&nbsp; 20  |
| Receivable for investments sold |  | 1389 | 24169817 |  | &nbsp;&nbsp; —  |
| Receivable for fund shares sold |  |  |  | 850875 | &nbsp;&nbsp; —  |
| Interest receivable |  | 214063 | 3836203 |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 4417791 | 51307998 | 541194929 | 78805154 | &nbsp;&nbsp; 2462150  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable upon return of securities loaned | 568604 |  | 26941924 | 3686967 | &nbsp;&nbsp; 212878  |
| Distributions payable | 3400 |  | 2095250 | 225750 | &nbsp;&nbsp; —  |
| Payable to adviser | 1605 | 2004 | 187257 | 18238 | &nbsp;&nbsp; 931  |
| Payable for investments purchased |  |  | 27214129 | 848032 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 573609 | 2004 | 56438560 | 4778987 | &nbsp;&nbsp; 213809  |
| **NET ASSETS** | $3844182 | $51305994 | $484756369 | $74026167 | &nbsp;&nbsp; $2248341  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $3468611 | $51255707 | $545214979 | $84203188 | &nbsp;&nbsp; $2038287  |
|  Total distributable earnings/(accumulated losses) | 375571 | 50287 | (60458610) | (10177021) | &nbsp;&nbsp; 210054  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $3844182 | $51305994 | $484756369 | $74026167 | &nbsp;&nbsp; $2248341  |
| Net assets | $3844182 | $51305994 | $484756369 | $74026167 | &nbsp;&nbsp; $2248341  |
| Shares issued and outstanding<sup>(a)</sup> | 170000 | 2050000 | 24650000 | 2175000 | &nbsp;&nbsp; 100000  |
| Net asset value per share | $22.61 | $25.03 | $19.67 | $34.04 | &nbsp;&nbsp; $22.48  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $3985192 | $51112341 | $504928086 | $77347557 | &nbsp;&nbsp; $2123721  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $— | $— | $267299 | $— | &nbsp;&nbsp; $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $550522 | $— | $26343504 | $3616176 | &nbsp;&nbsp; $206804 |

---

<sup>(a)</sup> Unlimited shares authorized.

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AAM Sawgrass** <br>**U.S. Small Cap** <br>**Quality Growth** <br>**ETF** | **AAM** <br>**SLC Low** <br>**Duration** <br>**Income ETF** | **AAM Todd** <br>**International** <br>**Intrinsic Value** <br>**ETF** | **AAM** <br>**Transformers** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at value | &nbsp;&nbsp; $1691126 | $70331150 | $22904981 | $119892130  |
| Dividends receivable | &nbsp;&nbsp; 68 | 4327 | 21997 | 22586  |
| Security lending income receivable | &nbsp;&nbsp; 20 | 14 | 108 | 8183  |
| Dividend tax reclaims receivable | &nbsp;&nbsp; — |  | 3437 | 2992  |
| Interest receivable | &nbsp;&nbsp; — | 396624 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 1691214 | 70732115 | 22930523 | 119925891  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable upon return of securities loaned | &nbsp;&nbsp; 232331 |  | 1649893 | 11778134  |
| Payable to adviser | &nbsp;&nbsp; 686 | 8850 | 9761 | 42545  |
| Distributions payable | &nbsp;&nbsp; — | 280000 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 233017 | 288850 | 1659654 | 11820679  |
| **NET ASSETS** | &nbsp;&nbsp; $1458197 | $70443265 | $21270869 | $108105212  |
| **Net Assets Consists of:**<br>|  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $1389834 | $70123467 | $15392248 | $95326962  |
| Total distributable earnings | &nbsp;&nbsp; 68363 | 319798 | 5878621 | 12778250  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $1458197 | $70443265 | $21270869 | $108105212  |
| Net assets | &nbsp;&nbsp; $1458197 | $70443265 | $21270869 | $108105212  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 70000 | 2800000 | 814158 | 2125000  |
| Net asset value per share | &nbsp;&nbsp; $20.83 | $25.16 | $26.13 | $50.87  |
| **Cost:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $1498250 | $70006500 | $17110642 | $99345997  |
| **Loaned Securities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | &nbsp;&nbsp; $223300 | $— | $1614894 | $11772122 |

---

<sup>(a)</sup> Unlimited shares authorized.

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AAM** <br>**Brentview** <br>**Dividend** <br>**Growth ETF** | **AAM** <br>**Crescent** <br>**CLO ETF<sup>(a)</sup>** | **AAM** <br>**Low Duration** <br>**Preferred and** <br>**Income** <br>**Securities ETF** | **AAM** <br>**S&P 500 High** <br>**Dividend** <br>**Value ETF** | **AAM Sawgrass** <br>**U.S. Large Cap** <br>**Quality Growth** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income from unaffiliated <br>securities | $56861 | $990 | $26116554 | $2715587 | &nbsp;&nbsp; $16702  |
| Less: Issuance fees | (4) |  |  |  | &nbsp;&nbsp; —  |
| Less: Dividend withholding taxes | (90) |  | (4347) |  | &nbsp;&nbsp; —  |
| Dividend income from affiliated securities |  |  | 43101 |  | &nbsp;&nbsp; —  |
| Interest income |  | 73144 | 6466478 |  | &nbsp;&nbsp; —  |
| Securities lending income | 162 |  | 54665 | 3311 | &nbsp;&nbsp; 65  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 56929 | 74134 | 32676451 | 2718898 | &nbsp;&nbsp; 16767  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 15285 | 5455 | 2200948 | 197956 | &nbsp;&nbsp; 9650  |
| &nbsp;&nbsp;&nbsp; Total expenses | 15285 | 5455 | 2200948 | 197956 | &nbsp;&nbsp; 9650  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser |  | (3451) |  |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 15285 | 2004 | 2200948 | 197956 | &nbsp;&nbsp; 9650  |
| **Net investment income** | 41644 | 72130 | 30475503 | 2520942 | &nbsp;&nbsp; 7117  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (58223) | (1057) | (28655814) | (3389858) | &nbsp;&nbsp; (133158)  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  |  | 7305 |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities | 117870 |  | 2295827 | 9252204 | &nbsp;&nbsp; 114301  |
| &nbsp;&nbsp;&nbsp; In-Kind redemptions - affiliated issues |  |  | 4132 |  | &nbsp;&nbsp; —  |
| Net realized gain (loss) | 59647 | (1057) | (26348550) | 5862346 | &nbsp;&nbsp; (18857)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 405173 | (20786) | (4778306) | (4036991) | &nbsp;&nbsp; 299684  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  |  | 2136 |  | &nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | 405173 | (20786) | (4776170) | (4036991) | &nbsp;&nbsp; 299684  |
| **Net realized and unrealized gain (loss)** | 464820 | (21843) | (31124720) | 1825355 | &nbsp;&nbsp; 280827  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $506464 | $50287 | $(649217) | $4346297 | &nbsp;&nbsp; $287944 |

---

<sup>(a)</sup> Inception date of the Fund was October 22, 2025.

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AAM Sawgrass** <br>**U.S. Small Cap** <br>**Quality Growth** <br>**ETF** | **AAM** <br>**SLC Low** <br>**Duration** <br>**Income ETF<sup>(a)</sup>** | **AAM Todd** <br>**International** <br>**Intrinsic Value** <br>**ETF<sup>(b)</sup>** | **AAM** <br>**Transformers**<br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp; $5724 | $56153 | &nbsp;&nbsp; $150110 | $284777  |
| Less: Dividend withholding taxes | &nbsp;&nbsp; — |  | &nbsp;&nbsp; (11455) | (16602)  |
| Less: Issuance fees | &nbsp;&nbsp; — |  | &nbsp;&nbsp; (2902) | (13453)  |
| Interest income | &nbsp;&nbsp; — | 2742436 | &nbsp;&nbsp; — | —  |
| Securities lending income | &nbsp;&nbsp; 87 | 31 | &nbsp;&nbsp; 108 | 92806  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 5811 | 2798620 | &nbsp;&nbsp; 135861 | 347528  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 6255 | 205289 | &nbsp;&nbsp; 30350 | 317307  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 6255 | 205289 | &nbsp;&nbsp; 30350 | 317307  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | &nbsp;&nbsp; — | (126332) | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 6255 | 78957 | &nbsp;&nbsp; 30350 | 317307  |
| **Net investment income/(loss)** | &nbsp;&nbsp; (444) | 2719663 | &nbsp;&nbsp; 105511 | 30221  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (117737) | 14517 | &nbsp;&nbsp; (41463) | (4552408)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 30386 |  | &nbsp;&nbsp; 447839 | 16531071  |
| Net realized gain (loss) | &nbsp;&nbsp; (87351) | 14517 | &nbsp;&nbsp; 406376 | 11978663  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 179304 | 324650 | &nbsp;&nbsp; 449461 | 14828508  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 179304 | 324650 | &nbsp;&nbsp; 449461 | 14828508  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 91953 | 339167 | &nbsp;&nbsp; 855837 | 26807171  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $91509 | $3058830 | &nbsp;&nbsp; $961348 | $26837392 |

---

<sup>(a)</sup> Inception date of the Fund was December 3, 2024.

<sup>(b)</sup> Inception date of the Fund was July 24, 2025.

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **AAM Brentview** <br>**Dividend Growth** <br>**ETF** | **AAM Brentview** <br>**Dividend Growth** <br>**ETF** | **AAM Crescent** <br>**CLO ETF**  |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**October 31,** <br>**2025<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $41644 | &nbsp;&nbsp; $2702 | $72130  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 59647 | (708) | (1057)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 405173 | &nbsp;&nbsp; 25342 | (20786)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 506464 | &nbsp;&nbsp; 27336 | 50287  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (39940) | &nbsp;&nbsp; (2600) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (39940) | &nbsp;&nbsp; (2600) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3457999 | &nbsp;&nbsp; 951294 | 51249460  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1056371) | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 7) |  | &nbsp;&nbsp; — | 6247  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2401628 | &nbsp;&nbsp; 951294 | 51255707  |
| **Net increase (decrease) in net assets** | 2868152 | &nbsp;&nbsp; 976030 | 51305994  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 976030 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $3844182 | &nbsp;&nbsp; $976030 | $51305994  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 170000 | &nbsp;&nbsp; 50000 | 2050000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (50000) | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 120000 | &nbsp;&nbsp; 50000 | 2050000 |

---

<sup>(a)</sup> Inception date of the Fund was July 30, 2024.

<sup>(b)</sup> Inception date of the Fund was October 22, 2025.

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AAM Low Duration Preferred** <br>**and Income Securities** <br>**ETF** | **AAM Low Duration Preferred** <br>**and Income Securities** <br>**ETF** | **AAM S&P 500** <br>**High Dividend Value** <br>**ETF**  | **AAM S&P 500** <br>**High Dividend Value** <br>**ETF**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025**  | **2024**  | **2025**  | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $30475503 | $18726874 | $2520942 | $2327946  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (26348550) | (8639323) | 5862346 | 606723  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4776170) | 21563381 | (4036991) | 14463600  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (649217) | 31650932 | 4346297 | 17398269  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (30267396) | (21136371) | (2554232) | (2316011)  |
| &nbsp;&nbsp;&nbsp; Return of capital | (2983470) | (947809) | (214034) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (33250866) | (22084180) | (2768266) | (2316011)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 116823403 | 246386207 | 46809005 | 12698162  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (47019100) | (4205373) | (36477033) | (26507245)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 69804303 | 242180834 | 10331972 | (13809083)  |
| **Net increase (decrease) in net assets** | 35904220 | 251747586 | 11910003 | 1273175  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 448852149 | 197104563 | 62116164 | 60842989  |
| &nbsp;&nbsp;&nbsp; End of the year | $484756369 | $448852149 | $74026167 | $62116164  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5700000 | 11700000 | 1400000 | 400000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2375000) | (200000) | (1100000) | (875000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3325000 | 11500000 | 300000 | (475000) |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AAM Sawgrass** <br>**U.S. Large Cap Quality Growth** <br>**ETF** | **AAM Sawgrass** <br>**U.S. Large Cap Quality Growth** <br>**ETF** | **AAM Sawgrass** <br>**U.S. Small Cap Quality Growth** <br>**ETF**  | **AAM Sawgrass** <br>**U.S. Small Cap Quality Growth** <br>**ETF**  |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**October 31,** <br>**2025** | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $7117 | $1072 | $(444) | &nbsp;&nbsp;&nbsp; $80  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (18857) | (925) | (87351) | &nbsp;&nbsp;&nbsp; (6952)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 299684 | 38449 | 179304 | &nbsp;&nbsp;&nbsp; 13572  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 287944 | 38596 | 91509 | &nbsp;&nbsp;&nbsp; 6700  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (2830) |  | (71) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Return of capital |  |  | (190) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2830) |  | (261) | &nbsp;&nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1705527 | 1518306 | 797829 | &nbsp;&nbsp;&nbsp; 758000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1299202) |  | (195580) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 406325 | 1518306 | 602249 | &nbsp;&nbsp;&nbsp; 758000  |
| **Net increase (decrease) in net assets** | 691439 | 1556902 | 693497 | &nbsp;&nbsp;&nbsp; 764700  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1556902 |  | 764700 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $2248341 | $1556902 | $1458197 | &nbsp;&nbsp;&nbsp; $764700  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 80000 | 80000 | 40000 | &nbsp;&nbsp;&nbsp; 40000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (60000) |  | (10000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 20000 | 80000 | 30000 | &nbsp;&nbsp;&nbsp; 40000 |

---

<sup>(a)</sup> Inception date of the Fund was July 30, 2024.

The accompanying notes are an integral part of these financial statements.

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**AAM ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AAM SLC Low** <br>**Duration Income** <br>**ETF** | **AAM Todd** <br>**International** <br>**Intrinsic Value** <br>**ETF** | **AAM Transformers** <br>**ETF**  | **AAM Transformers** <br>**ETF**  |
|  | **Period Ended** <br>**October 31,** <br>**2025<sup>(a)</sup>** | **Period Ended** <br>**October 31,** <br>**2025 <sup>(b)</sup>** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Period Ended** <br>**October 31,** <br>**2025<sup>(a)</sup>** | **Period Ended** <br>**October 31,** <br>**2025 <sup>(b)</sup>** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2719663 | $105511 | $30221 | $(19263)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14517 | 406376 | 11978663 | 2754276  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 324650 | 449461 | 14828508 | 6691296  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 3058830 | 961348 | 26837392 | 9426309  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (2739032) |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2739032) |  |  | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 70107910 | 3490496 | 84267689 | 33857425  |
| &nbsp;&nbsp;&nbsp; Subscriptions in connection with in-kind contribution (Note 10) |  | 18103952 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | (1284927) | (48631695) | (17882508)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 7) | 15557 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 70123467 | 20309521 | 35635994 | 15974917  |
| **Net increase (decrease) in net assets** | 70443265 | 21270869 | 62473386 | 25401226  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  |  | 45631826 | 20230600  |
| &nbsp;&nbsp;&nbsp; End of the period | $70443265 | $21270869 | $108105212 | $45631826  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2800000 | 140000 | 1975000 | 1050000  |
| &nbsp;&nbsp;&nbsp; Subscriptions in connection with in-kind contribution (Note 10) |  | 724158 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | (50000) | (1150000) | (550000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 2800000 | 814158 | 825000 | 500000 |

---

<sup>(a)</sup> Inception date of the Fund was December 3, 2024.

<sup>(b)</sup> Inception date of the Fund was July 24, 2025.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM BRENTVIEW DIVIDEND GROWTH ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $19.52 | &nbsp;&nbsp;&nbsp; $18.77  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.74  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.81  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.06)  |
| **Total distributions** | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $22.61 | &nbsp;&nbsp;&nbsp; $19.52  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 17.31% | &nbsp;&nbsp;&nbsp; 4.32%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $3844 | &nbsp;&nbsp;&nbsp; $976  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.49%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 1.36%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp; 2% |

---

<sup>(a)</sup> Inception date of the Fund was July 30, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM CRESCENT CLO ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.01)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp; $25.03  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; 0.12%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $51306  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.49%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.18%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 6.48%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; 32% |

---

<sup>(a)</sup> Inception date of the Fund was October 22, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

35<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM LOW DURATION PREFERRED AND INCOME SECURITIES ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $21.05 | $20.06 | $20.71 | $25.23 | $24.07  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 1.25 | 1.33 | 1.43 | 1.18 | 1.05  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (1.27) | 1.23 | (0.74) | (4.56) | 1.35  |
| **Total from investment operations** | (0.02) | 2.56 | 0.69 | (3.38) | 2.40  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (1.24) | (1.50) | (1.34) | (1.14) | (1.24)  |
| Return of capital | (0.12) | (0.07) |  |  | —  |
| **Total distributions** | (1.36) | (1.57) | (1.34) | (1.14) | (1.24)  |
| ETF transaction fees per share |  |  | 0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup>  |
| **Net asset value, end of year** | $19.67 | $21.05 | $20.06 | $20.71 | $25.23  |
| Total return | -0.03% | 13.07% | 3.30% | -13.72% | 10.08%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $484756 | $448852 | $197105 | $157364 | $95232  |
| Ratio of expenses to average net assets | 0.45% | 0.45% | 0.46% | 0.45% | 0.45%  |
|  Ratio of net investment income (loss) to average net assets | 6.23% | 6.31% | 6.83% | 5.74% | 4.33%  |
| Portfolio turnover rate<sup>(d)</sup> | 150% | 103% | 100% | 154% | 199% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

36<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM S&P 500 HIGH DIVIDEND VALUE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $33.13 | $25.89 | $28.45 | $29.90 | $21.14  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 1.22 | 1.16 | 1.14 | 1.07 | 0.91  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.03 | 7.24 | (2.57) | (1.44) | 8.79  |
| **Total from investment operations** | 2.25 | 8.40 | (1.43) | (0.37) | 9.70  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (1.24) | (1.16) | (1.13) | (1.08) | (0.94) |
| Return of capital | (0.10) |  |  |  | —  |
| **Total distributions** | (1.34) | (1.16) | (1.13) | (1.08) | (0.94)  |
| **Net asset value, end of year** | $34.04 | $33.13 | $25.89 | $28.45 | $29.90  |
| Total return | 6.99% | 32.92% | -5.29% | -1.37% | 46.23%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $74026 | $62116 | $60843 | $67568 | $45600  |
| Ratio of expenses to average net assets | 0.29% | 0.29% | 0.29% | 0.29% | 0.29%  |
|  Ratio of net investment income (loss) to average net assets | 3.69% | 3.83% | 4.02% | 3.57% | 3.19%  |
| Portfolio turnover rate<sup>(c)</sup> | 51% | 57% | 63% | 68% | 69% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

37<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM SAWGRASS U.S. LARGE CAP QUALITY GROWTH ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $19.46 | &nbsp;&nbsp;&nbsp; $18.75  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.69  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.71  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $22.48 | &nbsp;&nbsp;&nbsp; $19.46  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 15.71% | &nbsp;&nbsp;&nbsp; 3.79%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $2248 | &nbsp;&nbsp;&nbsp; $1557  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.49%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp; 0.40%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 85% | &nbsp;&nbsp;&nbsp; 8% |

---

<sup>(a)</sup> Inception date of the Fund was July 30, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

38<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM SAWGRASS U.S. SMALL CAP QUALITY GROWTH ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $19.12 | &nbsp;&nbsp;&nbsp; $18.95  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.00)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $20.83 | &nbsp;&nbsp;&nbsp; $19.12  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp;&nbsp; 0.88%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $1458 | &nbsp;&nbsp;&nbsp; $765  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 0.55%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; (0.04)% | &nbsp;&nbsp;&nbsp; 0.04%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; 80% | &nbsp;&nbsp;&nbsp; 12% |

---

<sup>(a)</sup> Inception date of the Fund was July 30, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

39<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM SLC LOW DURATION INCOME ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.18  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.32  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (1.17)  |
| **Total distributions** | &nbsp;&nbsp; (1.17)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp; $25.16  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 5.43%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $70443  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.39%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.15%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 5.17%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 74% |

---

<sup>(a)</sup> Inception date of the Fund was December 3, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

40<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM TODD INTERNATIONAL INTRINSIC VALUE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025 <sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.13  |
| **Net asset value, end of period** | &nbsp;&nbsp; $26.13  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 4.50%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $21271  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.54%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.89%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 7% |

---

<sup>(a)</sup> Inception date of the Fund was July 24, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

41<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM TRANSFORMERS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2022<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023**  | **Period Ended** <br>**October 31,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $35.10 | $25.29 | $22.51 | &nbsp;&nbsp;&nbsp; $24.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.02 | (0.02) | (0.06) | &nbsp;&nbsp;&nbsp; (0.03)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 15.75 | 9.83 | 2.84 | &nbsp;&nbsp;&nbsp; (1.46)  |
| **Total from investment operations** | 15.77 | 9.81 | 2.78 | &nbsp;&nbsp;&nbsp; (1.49)  |
| ETF transaction fees per share |  |  | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $50.87 | $35.10 | $25.29 | &nbsp;&nbsp;&nbsp; $22.51  |
| Total return<sup>(e)</sup> | 44.93% | 38.80% | 12.33% | &nbsp;&nbsp;&nbsp; -6.20%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $108105 | $45632 | $20231 | &nbsp;&nbsp;&nbsp; $3377  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.49% | 0.49% | 0.49% | &nbsp;&nbsp;&nbsp; 0.49%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.05% | (0.05)% | (0.22)% | &nbsp;&nbsp;&nbsp; (0.34)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 79% | 84% | 82% | &nbsp;&nbsp;&nbsp; 27% |

---

<sup>(a)</sup> Inception date of the Fund was July 11, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

42<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025** 

**NOTE 1 – ORGANIZATION** 

AAM Brentview Dividend Growth ETF, AAM Crescent CLO ETF, AAM Low Duration Preferred and Income Securities ETF, AAM S&P 500 High Dividend Value ETF, AAM Sawgrass U.S. Large Cap Quality Growth ETF, AAM Sawgrass U.S. Small Cap Quality Growth ETF, AAM SLC Low Duration Income ETF, AAM Todd International Intrinsic Value ETF, and AAM Transformers ETF (individually each a "Fund" or collectively the "Funds") are each a diversified series of ETF Series Solutions ("ESS" or the "Trust"), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The investment objective of the AAM Brentview Dividend Growth ETF is to seek current dividend income and long-term capital appreciation. The investment objective of the AAM Crescent CLO ETF is to seek to provide capital preservation, low correlation to traditional asset classes, and current income. The investment objective of the AAM Low Duration Preferred and Income Securities ETF is to track the total return performance, before fees and expenses, of the ICE 0-5 Year Duration Exchange-Listed Preferred and Hybrid Securities Index. The investment objective of the AAM S&P 500 High Dividend Value ETF is to track the performance, before fees and expenses, of the S&P 500 Dividend and Free Cash Flow Yield Index. The investment objective of the AAM Sawgrass U.S. Large Cap Quality Growth ETF is to seek risk-adjusted returns, upside participation, downside protection, low standard deviation and long-term capital appreciation. The investment objective of the AAM Sawgrass U.S. Small Cap Quality Growth ETF is to seek risk-adjusted returns, upside participation, downside protection, low standard deviation and long-term capital appreciation. The investment objective of the AAM SLC Low Duration Income ETF is to outperform, after fees and expenses, the Bloomberg 1-3 Year Government/Credit Index on a total return basis. The investment objective of the AAM Todd International Intrinsic Value ETF is to provide total return primarily through capital appreciation. The investment objective of the AAM Transformers ETF is to track the total return performance, before fees and expenses, of the Pence Transformers Index. The Funds commenced operations on the following dates:

---

| | |
|:---|:---|
| AAM Brentview Dividend Growth ETF | July 30, 2024  |
| AAM Crescent CLO ETF | October 22, 2025  |
| AAM Low Duration Preferred and Income Securities ETF  | November 19, 2019  |
| AAM S&P 500 High Dividend Value ETF | November 28, 2017  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF  | July 30, 2024  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF  | July 30, 2024  |
| AAM SLC Low Duration Income ETF  | December 3, 2024  |
| AAM Todd International Intrinsic Value ETF | July 24, 2025  |
| AAM Transformers ETF | July 11, 2022 |

---

The end of the reporting period for the Funds is October 31, 2025. The current fiscal period for AAM Brentview Dividend Growth ETF, AAM Low Duration Preferred and Income Securities ETF, AAM S&P 500 High Dividend Value ETF, AAM Sawgrass U.S. Large Cap Quality Growth ETF, AAM Sawgrass U.S. Small Cap Quality Growth ETF, and AAM Transformers ETF is the period November 1, 2024 to October 31, 2025. The current fiscal period for AAM Crescent CLO ETF is the period from October 22, 2025 to October 31, 2025. The current fiscal period for AAM SLC Low Duration Income ETF is the period from December 3, 2024 to October 31, 2025. The current fiscal period for AAM Todd International Intrinsic Value ETF is the period from July 24, 2025 to October 31, 2025.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 Financial Services-Investment Companies.

43<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation.* All equity securities, including domestic and foreign common stocks, preferred stocks, and exchange traded funds that are traded
 on a national securities exchange, except those listed on The Nasdaq Stock Market<sup>®</sup>, Nasdaq Global Select Markets<sup>®</sup>
 and Nasdaq Capital Market Exchange<sup>®</sup> (collectively, "Nasdaq") are valued at the last reported sale price on
 the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price
 ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent
 quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price
 in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted
 closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current
 exchange rate, which approximates fair value.

Investments in mutual funds, including money market funds, are valued at their net asset value ("NAV") per share.

Debt securities, including short-term debt instruments, are valued in accordance with prices provided by a pricing service. Pricing services may use various valuation methodologies such as the mean between the bid and asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Funds' Board of Trustees (the "Board"). When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Funds may cause the NAV of their shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' 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.

44<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

The following is a summary of the inputs used to value the Funds' investments as of the end of the current fiscal period:

**AAM Brentview Dividend Growth ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3797938 | $— | $— | $3797938  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 568604  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 49165 |  |  | 49165  |
| **Total Investments** | $3847103 | $— | $— | $4415707 |

---

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

**AAM Crescent CLO ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | $— | $49979322 | $— | $49979322  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1112233 |  |  | 1112233  |
| **Total Investments** | $1112233 | $49979322 | $— | $51091555 |

---

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

**AAM Low Duration Preferred and Income Securities ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $351755451 | $— | $351755451  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 127655952 |  |  | 127655952  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 26941924  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 6507644 |  |  | 6507644  |
| **Total Investments** | $134163596 | $351755451 | $— | $512860971 |

---

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

**AAM S&P 500 High Dividend Value ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $73780364 | $— | $— | $73780364  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 3686967  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 371902 |  |  | 371902  |
| **Total Investments** | $74152266 | $— | $— | $77839233 |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**AAM Sawgrass U.S. Large Cap Quality Growth ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2241830 | $— | $— | $2241830  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 212878  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 7146 |  |  | 7146  |
| **Total Investments** | $2248976 | $— | $— | $2461854 |

---

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

**AAM Sawgrass U.S. Small Cap Quality Growth ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1446276 | $— | $— | $1446276  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 232331  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 12519 |  |  | 12519  |
| **Total Investments** | $1458795 | $— | $— | $1691126 |

---

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

**AAM SLC Low Duration Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $17632545 | $— | $17632545  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 18772284 |  | 18772284  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 15685288 |  | 15685288  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 5478350 |  | 5478350  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 11138655 |  | 11138655  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1624028 |  |  | 1624028  |
| **Total Investments** | $1624028 | $68707122 | $— | $70331150 |

---

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

**AAM Todd International Intrinsic Value ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $20688620 | $— | $— | $20688620  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 1649893  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 566468 |  |  | 566468  |
| **Total Investments** | $21255088 | $— | $— | $22904981 |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**AAM Transformers ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $107967849 | $— | $— | $107967849  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 11778134  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 146147 |  |  | 146147  |
| **Total Investments** | $108113996 | $— | $— | $119892130 |

---

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

<sup>(a)</sup> 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 are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes.* The Funds' policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended,
 applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains
 to shareholders. Therefore, no federal income tax provision is required. Each Fund plans to file U.S. Federal and applicable state and
 local tax returns.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained upon examination by tax authorities. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Foreign Taxes.* The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized
 capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with Management's
 understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These
 foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or
 deferred as of October 31, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales
 of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends
 included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Withholding taxes
 on foreign dividends and foreign capital gain taxes, if any, have been provided for in accordance with the Funds' understanding
 of the applicable tax rules and regulations. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased
 are accreted and amortized using the effective yield method.

Distributions received from investments in real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of income and distributions received during the current calendar year for financial statement purposes. The actual character of distributions to a Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a Fund's shareholders may represent a return of capital.

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;E. *Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts
 at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies
 are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results
 of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices
 of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Distributions to Shareholders.* Distributions to shareholders from net investment income on securities are declared and paid by the Funds at least
 annually. Distributions to shareholders from net realized gains on securities are declared and paid by the Funds on an annual basis. Distributions
 are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements, as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from
 those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Share Valuation.* The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and
 other assets, minus all liabilities (including estimated accrued expenses) by the total number of outstanding shares for each Fund, rounded
 to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange ("NYSE")
 is closed for trading. The offering and redemption price per share of each Fund is equal to each Fund's NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Guarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that
 may be against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;J. *Reclassification of Capital Accounts.* U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified
 between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share.

The permanent differences primarily relate to redemptions in-kind and distributions in-excess. For the year/period ended October 31, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings** <br>**(Accumulated Losses)** | **Paid-In** <br>**Capital**  |
| AAM Brentview Dividend Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; $(115689) | $115689  |
| AAM Crescent CLO ETF | &nbsp;&nbsp;&nbsp;&nbsp; — |  |
| AAM Low Duration Preferred and Income Securities ETF | &nbsp;&nbsp;&nbsp;&nbsp; (1301002) | 1301002  |
| AAM S&P 500 High Dividend Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; (8850618) | 8850618  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; (113656) | 113656  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; (29775) | 29775  |
| AAM SLC Low Duration Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| AAM Todd International Intrinsic Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; (427605) | 427605 |
| AAM Transformers ETF | &nbsp;&nbsp;&nbsp;&nbsp; (16162149) | 16162149 |

---

48<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;K. *New Accounting Pronouncements*. Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
 Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds.
 Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and
 assessed by the AAM ETF Committee of the Adviser, who serve as the chief operating decision makers, using the information presented in
 the financial statements and financial highlights.

In December 2023, the FASB issued Accounting Standards update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;L. *Subsequent Events.* In preparing these financial statements, management has evaluated events and transactions for potential recognition or
 disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period
 subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in each Fund's financial
 statements.

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

Advisors Asset Management, Inc. (the "Adviser"), serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement ("Advisory Agreement") between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is also responsible for arranging, in consultation with each Fund's respective sub-adviser: transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. Vident Advisory, LLC, doing business as Vident Asset Management, serves as the sub-adviser for the AAM Brentview Dividend Growth ETF, AAM Low Duration Preferred and Income Securities ETF, AAM S&P 500 High Dividend Value ETF, AAM Sawgrass U.S. Large Cap Quality Growth ETF, AAM Sawgrass U.S. Small Cap Quality Growth ETF, AAM Todd International Intrinsic Value ETF, and AAM Transformers ETF. Brentview Investment Management, LLC serves as the sub-adviser for the AAM Brentview Dividend Growth ETF. Sawgrass Asset Management, LLC serves as the sub-adviser for the AAM Sawgrass U.S. Large Cap Quality Growth ETF and the AAM Sawgrass U.S. Small Cap Quality Growth ETF (each, respectively, the "Sub-Adviser"). Todd Asset Management LLC serve as the sub-adviser for the AAM Todd International Intrinsic Value ETF. Crescent Capital Group LP serves as the sub-adviser for the AAM Crescent CLO ETF. Sun Life Capital Management (U.S.), LLC, doing business as SLC Management, serves as the sub-adviser for the AAM SLC Low Duration Income ETF. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of each Fund, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. For the services it provides to the Funds, the Funds pay the Adviser a unified management fee, which is calculated daily and paid monthly, at the annual rates of each Fund's average daily net assets listed below. The Adviser is responsible for paying the Sub-Advisers.

49<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
| AAM Brentview Dividend Growth ETF | 0.49%  |
| AAM Crescent CLO ETF  | 0.49%<sup>1</sup>  |
| AAM Low Duration Preferred and Income Securities ETF | 0.45%  |
| AAM S&P 500 High Dividend Value ETF | 0.29%  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 0.49%  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 0.55%  |
| AAM SLC Low Duration Income ETF  | 0.39%<sup>2</sup>  |
| AAM Todd International Intrinsic Value ETF  | 0.54%  |
| AAM Transformers ETF | 0.49% |

---

<sup>1</sup> The Fund's Adviser has contractually agreed to waive a portion of its management fee equal to 0.31% the Fund's average daily net assets on the first $100 million of Fund assets until at least December 31, 2026. This agreement may be terminated by the Fund's Board of Trustees or the Fund's investment adviser upon 60 days' notice to the other party. 

<sup>2</sup> The Fund's Adviser has contractually agreed to waive a portion of its management fee equal to 0.24% the Fund's average daily net assets on the first $100 million of Fund assets until at least February 28, 2027. This agreement may be terminated by the Fund's Board of Trustees or the Fund's investment adviser upon 60 days' notice to the other party. 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator"), acts as the Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; monitors the activities of the Funds' Custodian, transfer agent and fund accountants. Fund Services also serves as the transfer agent and fund accountants to the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' Custodian.

All officers of the Trust are affiliated with the Administrator and Custodian.

**NOTE 4 – PURCHASES AND SALES OF SECURITIES** 

During the current fiscal period, purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| AAM Brentview Dividend Growth ETF | $354146 | $727105  |
| AAM Crescent CLO ETF | 66201580 | 16199950  |
| AAM Low Duration Preferred and Income Securities ETF | 728001648 | 734684051  |
| AAM S&P 500 High Dividend Value ETF | 34411527 | 34486963  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 1663669 | 2482275  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 895277 | 892716  |
| AAM SLC Low Duration Income ETF | 65796928 | 42721171  |
| AAM Todd International Intrinsic Value ETF | 1422426 | 1790129  |
| AAM Transformers ETF | 51718619 | 52624780 |

---

During the current fiscal period, AAM SLC Low Duration Income ETF had $19,346,932 of purchases and $8,257,189 of sales of U.S. Government securities. No other fund had purchases or sales of U.S. Government securities during the current fiscal period.

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

During the current fiscal period, in-kind transactions associated with creations and redemptions for the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases** | **In-kind** <br>**Sales**  |
| AAM Brentview Dividend Growth ETF | $3409206 | $670394  |
| AAM Crescent CLO ETF |  |  |
| AAM Low Duration Preferred and Income Securities ETF | 115648187 | 45011517  |
| AAM S&P 500 High Dividend Value ETF | 46724172 | 36615082  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 1586916 | 352375  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 781559 | 192052  |
| AAM SLC Low Duration Income ETF | 45300103 | —  |
| AAM Todd International Intrinsic Value ETF | 2965374 | 868843  |
| AAM Transformers ETF | 84065589 | 47561556 |

---

**NOTE 5 – TRANSACTIONS WITH AFFILIATED SECURITIES** 

Investments in issuers considered to be affiliate(s) of the Funds during the current fiscal period for purposes of Section 2(a)(3) of the 1940 Act were as follows:

---

| | |
|:---|:---|
| **Investments in Crescent Capital BDC, Inc.** | **AAM Low Duration** <br>**Preferred and Income** <br>**Securities ETF**  |
| Value at October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $754272  |
| Purchases at Cost | &nbsp;&nbsp;&nbsp;&nbsp; 564217  |
| Proceeds from Sales | &nbsp;&nbsp;&nbsp;&nbsp; (1048541)  |
| Net Realized Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp; 11437  |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 2136  |
| Value at October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $283521  |
| Shares Held at October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11359  |
| Dividend Income | &nbsp;&nbsp;&nbsp;&nbsp; $43101 |

---

**NOTE 6 – INCOME TAX INFORMATION** 

The components of distributable earnings (accumulated losses) and cost basis of investments and net unrealized appreciation (depreciation) for federal income tax purposes at October 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **AAM Brentview** <br>**Dividend** <br>**Growth ETF** | **AAM** <br>**Crescent** <br>**CLO ETF** | **AAM Low** <br>**Duration Preferred** <br>**and Income** <br>**Securities ETF** |
| Tax cost of investments | &nbsp;&nbsp; $4010462 | $51112341 | &nbsp;&nbsp; $508474722 |
| Gross tax unrealized appreciation | &nbsp;&nbsp; $549577 | $16824  | &nbsp;&nbsp; $8983631 |
| Gross tax unrealized depreciation | &nbsp;&nbsp; (144332) | (37610)  | &nbsp;&nbsp; (4597382) |
| Net tax unrealized appreciation (depreciation) | &nbsp;&nbsp; 405245 | (20786)  | &nbsp;&nbsp; 4386249 |
| Undistributed ordinary income | &nbsp;&nbsp; 1806 | 72130  | &nbsp;&nbsp; — |
| Undistributed long-term capital gains | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |
| Other accumulated gain (loss) | &nbsp;&nbsp; (31480) | (1057)  | &nbsp;&nbsp; (64844859) |
| Distributable earnings (accumulated losses) | &nbsp;&nbsp; $375571 | $50287  | &nbsp;&nbsp; $(60458610) |

---

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**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **AAM S&P 500** <br>**High Dividend** <br>**Value ETF**  | **AAM Sawgrass** <br>**U.S. Large Cap** <br>**Quality Growth** <br>**ETF** | **AAM Sawgrass**<br>**U.S. Small Cap** <br>**Quality Growth**<br>**ETF** |
| Tax cost of investments | $79203318 | &nbsp;&nbsp; $2172986 | &nbsp;&nbsp; $1499426 |
| Gross tax unrealized appreciation | $6844234 | &nbsp;&nbsp; $375597 | &nbsp;&nbsp; $242154 |
| Gross tax unrealized depreciation | (8208319) | &nbsp;&nbsp; (86729) | &nbsp;&nbsp; (50454) |
| Net tax unrealized appreciation (depreciation) | (1364085) | &nbsp;&nbsp; 288868 | &nbsp;&nbsp; 191700 |
| Undistributed ordinary income |  | &nbsp;&nbsp; 5359 | &nbsp;&nbsp; — |
| Undistributed long-term capital gains |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other accumulated gain (loss) | (8812936)  | &nbsp;&nbsp; (84173) | &nbsp;&nbsp; (123337) |
| Distributable earnings (accumulated losses) | $(10177021) | &nbsp;&nbsp; $210054 | &nbsp;&nbsp; $68363 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **AAM SLC** <br>**Low Duration** <br>**Income ETF** | **AAM Todd** <br>**International** <br>**Intrinsic Value ETF** | **AAM** <br>**Transformers** <br>**ETF**  |
| Tax cost of investments | $70010380 | &nbsp;&nbsp;&nbsp; $17444733 | $100708207  |
| Gross tax unrealized appreciation | $442930 | &nbsp;&nbsp;&nbsp; $6146238 | $23025107  |
| Gross tax unrealized depreciation | (122160) | &nbsp;&nbsp;&nbsp; (685990) | (3841184)  |
| Net tax unrealized appreciation (depreciation) | 320770  | &nbsp;&nbsp;&nbsp; 5460248 | 19183923  |
| Undistributed ordinary income | 10475 | &nbsp;&nbsp;&nbsp; 362122 | 138268  |
| Undistributed long-term capital gains |  | &nbsp;&nbsp;&nbsp; 56251 | —  |
| Other accumulated gain (loss) | (11447) | &nbsp;&nbsp;&nbsp; — | (6543941)  |
| Distributable earnings (accumulated losses) | $319798 | &nbsp;&nbsp;&nbsp; $5878621 | $12778250 |

---

The differences between the cost basis for financial statement and federal income tax purposes are primarily due to timing differences in recognizing wash sales, partnerships, and passive foreign investment companies.

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Funds' taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended October 31, 2025, the Funds did not elect to defer any post-October capital losses. AAM Sawgrass U.S. Small Cap Quality Growth ETF elected to defer $435 of late-year ordinary losses.

As of October 31, 2025, the Funds had the following capital loss carryforwards with an indefinite expiration:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  |
| AAM Brentview Dividend Growth ETF | $26851 | $4629  |
| AAM Crescent CLO ETF | 1057 | —  |
| AAM Low Duration Preferred and Income Securities ETF | 44328667 | 20040750  |
| AAM S&P 500 High Dividend Value ETF | 3403746 | 5409190  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 84173 | —  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 118309 | 4593  |
| AAM SLC Low Duration Income ETF  | 11447 | —  |
| AAM Todd International Intrinsic Value ETF  |  | —  |
| AAM Transformers ETF | 5011520 | 1524145 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

The tax character of distributions declared by the Funds during the year/period ended October 31, 2025 and October 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| | **10/31/2025**  | **10/31/2025**  |
| <br>**Fund** | **Ordinary**<br>**Income** | **Return of** <br>**Capital**  |
| AAM Brentview Dividend Growth ETF | $39940 | $—  |
| AAM Crescent CLO ETF |  | —  |
| AAM Low Duration Preferred and Income Securities ETF  | 30267396 | 2983470  |
| AAM S&P 500 High Dividend Value ETF | 2554232 | 214034  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 2830 | —  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 71 | 190  |
| AAM SLC Low Duration Income ETF | 2739032 | —  |
| AAM Todd International Intrinsic Value ETF |  | —  |
| AAM Transformers ETF |  |  |

---

---

| | | |
|:---|:---|:---|
| | **10/31/2024** | **10/31/2024** |
| <br>**Fund** | **Ordinary** <br>**Income** | **Return of** <br>**Capital**  |
| AAM Brentview Dividend Growth ETF | $2600 | $—  |
| AAM Crescent CLO ETF | N/A | N/A  |
| AAM Low Duration Preferred and Income Securities ETF | 21136371 | 947809  |
| AAM S&P 500 High Dividend Value ETF | 2316011 | —  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF |  | —  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF |  | —  |
| AAM SLC Low Duration Income ETF | N/A | N/A  |
| AAM Todd International Intrinsic Value ETF | N/A | N/A  |
| AAM Transformers ETF |  |  |

---

**NOTE 7 – SHARE TRANSACTIONS** 

Shares of each Fund are listed and trade on the New York Stock Exchange Arca, Inc. ("NYSE Arca"). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

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**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

The Funds each currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The following is the standard fixed transaction fee for each Fund:

---

| | |
|:---|:---|
| AAM Brentview Dividend Growth ETF | $300  |
| AAM Crescent CLO ETF | 300 |
| AAM Low Duration Preferred and Income Securities ETF | 500  |
| AAM S&P 500 High Dividend Value ETF | 300  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 300  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 300  |
| AAM SLC Low Duration Income ETF | 300  |
| AAM Todd International Intrinsic Value ETF | 300 |
| AAM Transformers ETF | 300 |

---

The transaction fee is payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the creation order costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee, payable to the Fund, may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by the Funds, if any, are displayed in the Capital Transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

**NOTE 8 – BENEFICAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under section 2(a)(9) of the 1940 Act. As of October 31, 2025, one shareholder owned greater than 25% of the outstanding shares of the AAM Crescent CLO ETF and the AAM SLC Low Duration Income ETF, therefore, the shareholder may be deemed to control each respective Fund.

**NOTE 9 – RISKS** 

Concentration Risk. To the extent that a Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

**NOTE 10 – IN-KIND CONTRIBUTIONS** 

As part of the commencement of operations on July 24, 2025, the AAM Todd International Intrinsic Value ETF received in-kind contributions from accounts managed by the Sub-Adviser and other entities which consisted of $18,103,952 of securities which were recorded at their current value. The purpose of the transaction was to combine accounts with similar investment strategies into a single ETF with a comparable investment objective and investment strategy. As the transaction was determined to be a non-taxable transaction by management, the Fund elected to retain the securities' original cost basis for book and tax purposes. The cost of the contributed securities as of July 24, 2025, was $12,759,074, resulting in net unrealized appreciation on investments of $5,344,878 as of that date. As a result of the in-kind contribution, the AAM Todd International Intrinsic Value ETF issued 724,158 shares at a $25.00 per share net asset value. Because the combined investment portfolios have been managed as a single integrated portfolio since the transaction was completed, it is not practicable to separate the amounts of revenue and earnings of the contributing investment accounts that have been included in the Fund's Statement of Operations. All fees and expenses incurred in conjunction with the transaction were paid by the Adviser.

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**AAM ETFs** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of AAM ETFs and

Board of Trustees of ETF Series Solutions

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of AAM ETFs comprising the funds listed below (the "Funds"), each a series of ETF Series Solutions, as of October 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of Operations** | **Statements of Changes in Net Assets** | **Financial Highlights**  |
|  AAM Low Duration Preferred and Income Securities ETF and AAM S&P 500 High Dividend Value ETF  | For the year ended October 31, 2025  | For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022, and 2021  |
| AAM Transformers ETF  | For the year ended October 31, 2025  | For the years ended October 31, 2025 and 2024  | For the years ended October 31, 2025, 2024, 2023 and for the period from July 11, 2022 (commencement of operations) to October 31, 2022  |
|  AAM Brentview Dividend Growth ETF, AAM Sawgrass U.S. Large Cap Quality Growth ETF, and AAM Sawgrass U.S. Small Cap Quality Growth ETF  | For the year ended October 31, 2025  | For the year ended October 31, 2025, and for the period from July 30, 2024 (commencement of operations) to October 31, 2024  | For the year ended October 31, 2025, and for the period from July 30, 2024 (commencement of operations) to October 31, 2024  |
| AAM Crescent CLO ETF | For the period from October 22, 2025 (commencement of operations) to October 31, 2025 | For the period from October 22, 2025 (commencement of operations) to October 31, 2025 | For the period from October 22, 2025 (commencement of operations) to October 31, 2025 |
|  AAM SLC Low Duration Income ETF | For the period from December 3, 2024 (commencement of operations) to October 31, 2025 | For the period from December 3, 2024 (commencement of operations) to October 31, 2025 | For the period from December 3, 2024 (commencement of operations) to October 31, 2025 |
|  AAM Todd International Intrinsic Value ETF | For the period from July 24, 2025 (commencement of operations) to October 31, 2025 | For the period from July 24, 2025 (commencement of operations) to October 31, 2025 | For the period from July 24, 2025 (commencement of operations) to October 31, 2025 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers;

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**AAM ETFs** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2017.

![](efp-21048kaiserccsig.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

December 30, 2025

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**AAM Crescent CLO ETF (CLOC)** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS** 

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on July 9-10, 2025 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") considered the approval of (i) the investment advisory agreement (the "Advisory Agreement") between Advisors Asset Management, Inc. (the "Adviser") and the Trust, on behalf of the AAM Crescent CLO ETF (the "Fund"), and (ii) the investment sub-advisory agreement between the Adviser and Crescent Capital Group LP ("Crescent" or the "Sub-Adviser" and, together with the Adviser, the "Advisers") with respect to the Fund (the "Sub-Advisory Agreement" and, together with the Advisory Agreement, the "Agreements"), each for an initial two-year term.

Prior to the Meeting, the Board, including the Trustees who are not parties to the Agreements or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), reviewed written materials (the "Materials"), including information from the Advisers regarding, among other things: (i) the nature, extent, and quality of the services to be provided to the Fund by the Advisers; (ii) the cost of the services to be provided and the profits expected to be realized by the Advisers or their affiliates from services to be rendered to the Fund; (iii) comparative fee and expense data for the Fund and other investment companies with similar investment objectives, including a report prepared by Barrington Partners, an independent third party, that compares the Fund's proposed management fee and expenses to those of relevant peer groups (the "Barrington Report"); (iv) the extent to which any economies of scale might be realized as the Fund grows and whether the advisory fee for the Fund reflects these economies of scale for the benefit of the Fund; (v) any other financial benefits to the Advisers or their affiliates that may result from services to be rendered to the Fund; and (vi) other factors the Board deemed to be relevant. The Board also met via video conference approximately ten days before the Meeting to discuss their initial thoughts regarding the Materials and communicate to Trust officers their follow up questions, if any, that they would like the Advisers to address at the Meeting and/or through revised or supplemental Materials.

The Board also considered that the Adviser, along with other service providers of the Fund, had provided written updates on the firm over the course of the year with respect to its role as investment adviser to other series in the Trust. The Board considered that information alongside the Materials in its consideration of whether the Advisory Agreement should be approved. Additionally, the Advisers' representatives provided an oral overview of the services to be provided to the Fund by the Advisers, and additional information about the Advisers' personnel and operations. The Advisers' representative also described the Fund's investment objective and principal investment strategies and responded to questions from the Board related thereto. The Board discussed the Materials and the Advisers' oral presentations, as well as any other relevant information received by the Board at the Meeting and at prior meetings, and deliberated, in light of this information, on the approval of the Agreements.

**<u>Approval of the Advisory Agreement with the Adviser</u>** 

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreement, noting that the Adviser will be providing investment management services to the Fund. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance infrastructure and reports from the Trust's Chief Compliance Officer ("CCO") regarding the CCO's review of the Adviser's compliance program. The Board also considered its previous experience with the Adviser providing investment management services to other series of the Trust. The Board noted that it had received a copy of the Adviser's registration form and financial statements, as well as the Adviser's response to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, the background and experience of the firm's key personnel, the firm's compliance policies, marketing practices, and brokerage information, as well as details about the Fund.

The Board also considered other services to be provided by the Adviser to the Fund, including oversight of the Sub-Adviser and monitoring the extent to which the Fund achieves its investment objective as an actively managed fund. The Board also noted that the Adviser will monitor the Fund's adherence to its investment restrictions as well as its compliance with Fund policies and procedures and applicable securities regulations.

Historical Performance. The Board noted that the Fund had not yet commenced operations and concluded that the performance of the Fund, thus, was not a relevant factor in the context of the Board's deliberations on the Advisory Agreement. The Board also considered that the Fund is actively managed. Consequently, with respect to the Fund's future performance, the Board will focus on the Adviser's oversight of Crescent's day-to-day management of the Fund.

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM Crescent CLO ETF (CLOC)** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS(Continued)** 

Cost of Services to be Provided and Economies of Scale. The Board reviewed the Fund's proposed net expense ratio, the full amount of which was anticipated to be the "unified fee" described below, subject to a waiver. The Board noted that the Adviser had proposed to reduce the Fund's management fee by 31 basis points with respect to the first $100 million in assets under management. The Board then compared the Fund's expected net expense ratio (which reflects the fee waiver) to those of its Peer Group and Selected Peer Group (each defined below). The Board noted that the peer group selected by Barrington Partners was comprised of ETFs that invest primarily in AAA-rated collateral loan obligations ("CLOs") (the "Peer Group"); whereas, the competitor ETFs identified by the Adviser (the "Selected Peer Group") was comprised of a broader range of actively managed CLO ETFs, including ETFs that invest primarily in AAA-rated CLOs and ETFs that invest primarily in lower rated CLOs (e.g., AA-BBB, BBB-B).

The Board then noted that the Fund's expected net expense ratio would be lower than the net expense ratio of all but one of the funds in its Peer Group and all of the funds included in the Selected Peer Group. The Board also considered that the Fund's gross expense ratio (without fee waivers) would be higher than the net expense ratio of all the funds in its Peer Group and all but two of the funds in its Selected Peer Group. The Board then considered the Adviser's explanation for the Fund's higher gross expense ratio, noting that CLO ETFs that invest primarily in non-AAA-rated CLOs tend to have higher expense ratios than AAA-rated CLO ETFs.

The Board took into consideration that the Adviser would charge a "unified fee," meaning the Fund would pay no expenses other than the advisory fee and, if applicable, certain other costs such as interest, brokerage, acquired fund fees and expenses, extraordinary expenses and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers, including the Sub-Adviser, and paying the Fund's other expenses out of its own fee and resources.

The Board then considered the Adviser's financial resources and information regarding the Adviser's ability to support its management of the Funds and obligations under the unified fee arrangement, noting that the Adviser had provided its financial statements for the Board's review. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the Fund, taking into account an analysis of the Adviser's anticipated profitability with respect to the Fund at various Fund asset levels as well as the financial resources the Adviser had committed and proposed to commit to its business. The Board determined such analyses were not a significant factor given that the Fund had not yet commenced operations and, consequently, the future size of the Fund and the Adviser's future profitability were generally unpredictable.

The Board also considered the Fund's expenses and advisory fee structure in light of its potential economies of scale. The Board noted that the Fund's unitary fee structure did not contain any management fee breakpoint reductions as Fund assets grow. The Board determined, however, that the Fund's unitary fee structure reflects a sharing of economies of scale between the Adviser and the Fund at expected asset levels for the Fund. The Board also noted its intention to monitor fees as the Fund grows in size and assess whether advisory fee breakpoints may be warranted in the future should the Adviser realize economies of scale in its management of the Fund.

Conclusion. No single factor was determinative of the Board's decision to approve the Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to the Fund. The Board, including the Independent Trustees, therefore unanimously determined that the approval of the Advisory Agreement was in the best interests of the Fund and its shareholders.

**<u>Approval of the Sub-Advisory Agreement with Crescent</u>** 

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided to the Fund under the Sub-Advisory Agreement, noting that Crescent will be responsible for investment decisions and the day-to-day portfolio management of the Fund, trading portfolio securities on behalf of the Fund, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. In considering the nature, extent, and quality of the services to be provided by Crescent, the Board considered reports of the Trust's CCO with respect to Crescent's compliance program. The Trustees further noted that they had received and reviewed Crescent's Materials, including Crescent's response to a detailed series of questions

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM Crescent CLO ETF (CLOC)** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS(Continued)** 

regarding its business operations, key personnel, investment decision-making process, and compliance policies. The Board also considered Crescent's resources and capacity with respect to portfolio management, compliance, and operations.

Historical Performance. The Board noted that the Fund had not yet commenced operations and concluded that the performance of the Fund, thus, was not a relevant factor in the context of the Board's deliberations on the Sub-Advisory Agreement. The Board also considered that the Fund is an actively managed ETF. Consequently, with respect to the Fund's future performance, the Board will focus on Crescent's services, including the portfolio managers' day-to-day management of the Fund.

Costs of Services to be Provided and Economies of Scale. The Board then reviewed the proposed sub-advisory fee to be paid by the Adviser to Crescent for its services to the Fund. The Board considered the fees to be paid to the Sub-Adviser would be paid by the Adviser from the fee the Adviser receives from the Fund and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board determined the sub-advisory fee reflected an appropriate allocation of the advisory fee as between the Adviser and Sub-Adviser given the work to be performed by each firm.

The Board then considered Crescent's financial resources and information regarding its ability to support its management of the Fund, noting that Crescent had provided certain financial information for the Board's review. The Board also evaluated the compensation and benefits expected to be received by Crescent from its relationship with the Fund, taking into account an analysis of Crescent's estimated profitability with respect to the Fund at various projected Fund asset levels.

The Board expressed the view that it currently appeared that Crescent might realize economies of scale in managing the Fund as assets grow in size. The Board further noted that although the Fund's sub-advisory fee rate includes asset-level breakpoints, because the Fund pays the Adviser a unified fee, any benefits from breakpoints in the sub-advisory fee schedule would accrue to the Adviser, rather than the Fund's shareholders. Consequently, the Board determined that it would monitor advisory and sub-advisory fees as the Fund grows to determine whether economies of scale were being effectively shared with the Fund and its shareholders.

Conclusion. No single factor was determinative of the Board's decision to approve the Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Sub-Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to the Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM Todd International Intrinsic Value ETF (TIIV)** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS(Continued)** 

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on January 15-16, 2025 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") considered the approval of (i) the investment advisory agreement (the "Advisory Agreement") between Advisors Asset Management, Inc. (the "Adviser") and the Trust, on behalf of AAM Todd International Intrinsic Value ETF (the "Fund"), (ii) the investment sub-advisory agreement between the Adviser and Todd Asset Management ("Todd" or a "Sub-Adviser") with respect to TIIV (the "Todd Sub-Advisory Agreement"), and (iii) the investment sub-advisory agreement between the Adviser and Vident Asset Management ("Vident" or a "Sub-Adviser" and, collectively with Todd and the Adviser, the "Advisers") with respect to the Fund (the "Vident Sub-Advisory Agreement" and, collectively with the Advisory Agreement and Todd Sub-Advisory Agreement, the "Agreements"), each for an initial two-year term.

Prior to the Meeting, the Board, including the Trustees who are not parties to the Agreements or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), reviewed written materials (the "Materials"), including information from the Advisers regarding, among other things: (i) the nature, extent, and quality of the services to be provided to the Fund by the Advisers; (ii) the cost of the services to be provided and the profits expected to be realized by the Advisers or their affiliates from services rendered to the Fund; (iii) comparative fee and expense data for the Fund and other investment companies with similar investment objectives, including a report prepared by Barrington Partners, an independent third party, that compares the Fund's proposed management fee and expenses to those of relevant peer groups (the "Barrington Report"); (iv) the extent to which any economies of scale might be realized as the Fund grows and whether the advisory fee for the Fund reflects these economies of scale for the benefit of the Fund; (v) any other financial benefits to the Advisers or their affiliates that may result from services to be rendered to the Fund; and (vi) other factors the Board deemed to be relevant. The Board also met via videoconference approximately ten days before the Meeting to discuss their initial thoughts regarding the Materials and communicate to Trust officers their follow up questions, if any, that they would like the Advisers to address at the Meeting and/or through revised or supplemental Materials.

The Board also considered that the Adviser and Vident, along with other service providers of the Fund, had provided written updates on the firm over the course of the year with respect to their roles as adviser and sub-adviser, respectively, to other series in the Trust. The Board considered that information alongside the Materials in its consideration of whether the Agreements should be approved. Additionally, the Advisers' representatives provided an oral overview of the services to be provided to the Fund by the Advisers, and additional information about the Advisers' personnel and operations. The Advisers also described the Fund's investment objective and principal investment strategy and responded to questions from the Board related thereto. The Board discussed the Materials and the Advisers' oral presentations, as well as any other relevant information received by the Board at the Meeting and at prior meetings, and deliberated, in light of this information, on the approval of the Agreements.

**<u>Approval of the Advisory Agreement with the Adviser</u>** 

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the Advisory Agreement, noting that the Adviser will be providing investment management services to the Fund. In considering the nature, extent, and quality of the services to be provided by the Adviser, the Board considered the quality of the Adviser's compliance infrastructure and reports from the Trust's Chief Compliance Officer ("CCO") regarding the CCO's review of the Adviser's compliance program. The Board noted that it had also previously received copies of the Adviser's registration form and financial statements, as well as the Adviser's response to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, the background and experience of the firm's key personnel, and the firm's compliance policies, marketing practices, and brokerage information, as well as details about the Fund.

The Board also considered the services to be provided to the Fund, including oversight of the Fund's Sub-Advisers, monitoring the extent to which the Fund achieves its investment objective, and monitoring the Fund's adherence to its investment restrictions and compliance with the Fund's policies and procedures and applicable securities regulations.

Historical Performance. The Board noted that the Fund had not yet commenced operations and concluded that the performance of the Fund, thus, was not a relevant factor in the context of the Board's deliberations on the Advisory Agreement. The Board also considered that the Fund is actively managed. Consequently, with respect to the Fund's future performance, the Board will focus on the Adviser's oversight of Todd's day-to-day management of the Fund.

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM Todd International Intrinsic Value ETF (TIIV)** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS(Continued)** 

Cost of Services to be Provided and Economies of Scale. The Board then reviewed the Fund's fees and expenses. The Board noted that the peer group selected by Barrington Partners was comprised of actively managed, large-cap ETFs with international equity investment strategies (the "Peer Group"). In particular, the Board noted that the Fund's net expense ratio was lower than the median net expense ratio of the ETFs in its Peer Group. The Board also compared the Fund's proposed fees and expenses to those of certain competitor ETFs identified by the Adviser (the "Selected Peer Group"). The Selected Peer Group was comprised of actively managed ETFs focused on international equities. The Board observed that the Fund's proposed net expense ratio fell within the higher range of net expense ratios for funds in its Selected Peer Group.

The Board took into consideration that the Adviser would charge a "unified fee," meaning the Fund would pay no expenses other than the advisory fee and, if applicable, certain other costs such as interest, brokerage, acquired fund fees and expenses ("AFFE"), extraordinary expenses and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust's other service providers, including the Sub-Advisers, and paying the Fund's other expenses out of the Adviser's own fee and resources.

The Board then considered the Adviser's financial resources and information regarding the Adviser's ability to support its management of the Fund and obligations under the unified fee arrangement, noting that the Adviser had provided its financial statements for the Board's review. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the Fund, taking into account an analysis of the Adviser's anticipated profitability with respect to the Fund at various Fund asset levels as well as the financial resources the Adviser had committed and proposed to commit to its business. The Board determined such analyses were not a significant factor given that the Fund had not yet commenced operations and, consequently, the future size of the Fund and the Adviser's future profitability were generally unpredictable.

The Board also considered the Fund's expenses and the structure of the Fund's advisory fee with respect to potential economies of scale. The Board noted that the Fund's fee structure did not contain any breakpoint reductions as Fund assets grow but considered that the Fund's fee structure is a unified fee. The Board concluded that the unified fee structure reflects a sharing of economies of scale between the Adviser and the Fund based on the Fund's expected asset level growth during its initial two-year period. The Board also noted its intention to monitor fees as the Fund grows in size and assess whether advisory fee breakpoints may be warranted.

Conclusion. No single factor was determinative of the Board's decision to approve the Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to the Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the Advisory Agreement was in the best interests of the Fund and its shareholders.

**<u>Approval of the Sub-Advisory Agreement with Todd</u>** 

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided to the Fund under the Todd Sub-Advisory Agreement, noting that Todd will be responsible for investment decisions and the day-to-day portfolio management of the Fund, subject to the supervision of the Adviser and the Board. In considering the nature, extent, and quality of the services to be provided by Todd, the Board considered reports of the Trust's CCO with respect to Todd's compliance program. The Trustees further noted that they had received and reviewed Todd's Materials, including Todd's response to a detailed series of questions regarding its business operations, key personnel, investment decision-making process, and compliance policies. The Board also considered Todd's resources and capacity with respect to portfolio management, compliance, and operations.

Historical Performance. The Board noted that the Fund had not yet commenced operations and concluded that the performance of the Fund, thus, was not a relevant factor in the context of the Board's deliberations on the Todd Sub-Advisory Agreement. The Board also considered that the Fund is actively managed. Consequently, with respect to the Fund's future performance, the Board will focus on Todd's services, including the portfolio managers' day-to-day management of the Fund.

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**AAM Todd International Intrinsic Value ETF (TIIV)** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS(Continued)** 

Costs of Services to be Provided and Economies of Scale. The Board then reviewed the proposed sub-advisory fee to be paid by the Adviser to Todd for its services to the Fund. The Board considered the fees to be paid to Todd would be paid by the Adviser from the fee the Adviser receives from the Fund and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board determined the sub-advisory fee reflected an appropriate allocation of the advisory fee as between the Adviser and Sub-Adviser given the work to be performed by each firm.

The Board then considered Todd's financial resources and information regarding Todd's ability to support its management of the Fund, noting that Todd had provided certain financial information for the Board's review. The Board also evaluated the compensation and benefits expected to be received by the Sub-Adviser from its relationship with the Fund, taking into account an analysis of the Sub-Adviser's estimated profitability with respect to the Fund at various projected Fund asset levels.

The Board expressed the view that it currently appeared that Todd might realize economies of scale in managing the Fund as its assets grow in size. The Board further noted that although the Fund's sub-advisory fee rate does not include asset-level breakpoints, because the Fund pays the Adviser a unified fee, any benefits from breakpoints in the sub-advisory fee schedule would accrue to the Adviser, rather than the Fund's shareholders. Consequently, the Board determined that it would monitor advisory and sub-advisory fees as the Fund grows to determine whether economies of scale were being effectively shared with the Fund and its shareholders.

Conclusion. No single factor was determinative of the Board's decision to approve the Todd Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Todd Sub-Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to the Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the Todd Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

**<u>Approval of the Sub-Advisory Agreement with Vident</u>** 

Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided to the Fund under the Sub-Advisory Agreement, noting that Vident will be responsible for (i) trading portfolio securities for the Fund in accordance with instructions provided by Todd, and (ii) selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. In considering the nature, extent, and quality of the services to be provided by Vident, the Board considered reports of the Trust's CCO with respect to Vident's compliance program. The Trustees further noted that they had received and reviewed Vident's Materials, including Vident's response to a detailed series of questions regarding its business operations, key personnel, investment decision-making process, and compliance policies. The Board also considered Vident's resources and capacity with respect to portfolio management, compliance, and operations.

Historical Performance. The Board noted that the Fund had not yet commenced operations and concluded that the performance of the Fund, thus, was not a relevant factor in the context of the Board's deliberations on the Vident Sub-Advisory Agreement. The Board also considered that the Fund is actively managed. Consequently, with respect to the Fund's future performance, the Board will focus on Vident's portfolio trading execution and trade settlement services, including the Vident portfolio managers' day-to-day management of the Fund.

Costs of Services to be Provided and Economies of Scale. The Board then reviewed the proposed sub-advisory fee to be paid by the Adviser to Vident for its services to the Fund. The Board considered the fees to be paid to the Sub-Adviser would be paid by the Adviser from the fee the Adviser receives from the Fund and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board determined the sub-advisory fee reflected an appropriate allocation of the advisory fee as between the Adviser and Sub-Adviser given the work to be performed by each firm.

The Board then considered Vident's financial resources and information regarding Vident's ability to support its management of the Fund, noting that Vident had provided certain financial information for the Board's review. The Board also evaluated the compensation and benefits expected to be received by the Sub-Adviser from its relationship with the Fund, taking into account an analysis of the Sub-Adviser's estimated profitability with respect to the Fund at various projected Fund asset levels.

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**AAM Todd International Intrinsic Value ETF (TIIV)** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS(Continued)** 

The Board expressed the view that it currently appeared that Vident might realize economies of scale in managing the Fund as assets grow in size. The Board further noted that although the Fund's sub-advisory fee rates include asset-level breakpoints, because the Fund pays the Adviser a unified fee, any benefits from breakpoints in Vident's sub-advisory fee schedule would accrue to the Adviser, rather than the Fund's shareholders. Consequently, the Board determined that it would monitor advisory and sub-advisory fees as the Fund grow to determine whether economies of scale were being effectively shared with the Fund and its shareholders.

Conclusion. No single factor was determinative of the Board's decision to approve the Vident Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Vident Sub-Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to the Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the Vident Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

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**AAM ETFs** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS** 

**Appendix B** 

**AAM Brentview Dividend Growth ETF (BDIV)** 

**AAM Sawgrass U.S. Large Cap Quality Growth ETF (SAWG)** 

**AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS)** 

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on October 8-9, 2025 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") approved the continuance of the investment sub-advisory agreement (the "Sub-Advisory Agreement") among Advisors Asset Management, Inc. ("AAM" or the "Adviser"), the Trust, on behalf of AAM Brentview Dividend Growth ETF, AAM Sawgrass U.S. Large Cap Quality Growth ETF, and AAM Sawgrass U.S. Small Cap Quality Growth ETF (each, a "Fund" and, collectively, the "Funds"), and Vident Advisory, LLC d/b/a Vident Asset Management (the "Sub-Adviser").

Prior to the Meeting, the Board, including the Trustees who are not parties to the Sub-Advisory Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), reviewed written materials (the "Materials"), including information from the Sub-Adviser regarding, among other things: (i) the nature, extent, and quality of the services provided by the Sub-Adviser; (ii) the historical performance of each Fund relative to its benchmark; (iii) the cost of the services provided and the profits realized by the Sub-Adviser or its affiliates from services rendered to the Funds as well as the estimated costs of providing such services under the Sub-Advisory Agreement; (iv) a fee analysis comparing the Funds' sub-advisory fees to those of other accounts managed by the Sub-Adviser and similar ETFs in the market; (v) the extent to which any economies of scale realized by the Sub-Adviser in connection with its services to the Funds are shared with Fund shareholders; (vi) any other financial benefits to the Sub-Adviser and its affiliates resulting from services rendered to the Funds; and (vii) other factors the Board deemed to be relevant. The Board also met via videoconference approximately ten days before the Meeting to discuss their initial thoughts regarding the Materials and communicate to Trust officers their follow up questions, if any, that they would like the Sub-Adviser to address at the Meeting and/or through revised or supplemental Materials.

The Board also considered that the Sub-Adviser, along with other service providers of the Funds, had provided written and oral updates on the firm over the course of the year with respect to its role as investment sub-adviser to the Funds, and the Board considered that information alongside the Materials in its consideration of whether the Sub-Advisory Agreement should be continued. The Board also noted that the Sub-Adviser provides investment advisory and sub-advisory services to other series of the Trust and, over the course of the year, the Sub-Adviser provided written and oral updates to the Board with respect to its advisory and sub-advisory services to those Funds. Additionally, at the Meeting, Sub-Adviser representatives provided an oral overview of the services provided to the Funds by the Sub-Adviser and additional information about the Sub-Adviser's personnel and business operations.

The Board then discussed the Materials and the Sub-Adviser's oral presentation, as well as any other relevant information received by the Board at the Meeting and at prior meetings and deliberated, in light of this information, on the approval of the continuation of the Sub-Advisory Agreement.

**<u>Approval of the Continuation of the Sub-Advisory Agreement with the Sub-Adviser</u>** 

Nature, Extent, and Quality of Services Provided. The Trustees considered the scope of services provided under the Sub-Advisory Agreement, noting that the Sub-Adviser had provided and would continue to provide investment management services to the Funds. In considering the nature, extent, and quality of the services provided by the Sub-Adviser, the Board considered the quality of the Sub-Adviser's compliance program and past reports from the Trust's Chief Compliance Officer ("CCO") regarding the CCO's review of the Sub-Adviser compliance program. The Board also considered its previous experience with the Sub-Adviser providing investment management services to the Funds as well as other series of the Trust. The Board noted that it had received a copy of the Sub-Adviser's registration form and financial statements, as well as the Sub-Adviser's response to a detailed series of questions that included, among other things, information about the Sub-Adviser's decision-making process, the background and experience of the firm's key personnel, and the firm's compliance policies, marketing practices, and brokerage information.

The Board noted the responsibilities that the Sub-Adviser has as the Funds' investment sub-adviser, including: responsibility for the general management of the day-to-day investment and reinvestment of the Funds' assets, including the trading of portfolio securities for the Funds in accordance with instructions provided by Brentview

Investment Management, LLC ("Brentview") or Sawgrass Asset Management, LLC ("Sawgrass"), respectively;

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**AAM ETFs** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS (Continued)** 

determining the daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of the Funds' shares conducted on a cash-in-lieu basis; oversight of general portfolio compliance with applicable securities laws, regulations, and investment restrictions; responsibility for quarterly reporting to the Board; and implementation of Board directives as they relate to the Funds. The Board also considered the Sub-Adviser's resources and capacity with respect to portfolio management, compliance, and operations given the number of funds and/or accounts for which it provides sub-advisory services.

Historical Performance. The Trustees next considered each Fund's performance. Because each Fund's investment selection is actively managed by the Fund's other investment sub-adviser, Brentview or Sawgrass, respectively, the Board considered, among other things, the Sub-Adviser's portfolio trading execution and trade settlement services, including the portfolio managers' day-to-day management of the Funds. The Board also considered that each Fund's inception date was July 30, 2024, less than one year prior to June 30, 2025, which was a relatively short period of time over which to evaluate a Fund's performance and draw meaningful conclusions about its management.

<u>AAM Brentview Dividend Growth ETF</u>: The Board noted that the Fund underperformed its broad-based benchmark, the S&P 500 Index, for the since inception period ended June 30, 2025, which covered an 11-month period. The Board considered, however, that whereas the benchmark index provides an indication of the performance of U.S. large-cap companies, the Fund seeks current dividend income and long-term capital appreciation by investing in equity securities of U.S.-listed companies positioned to grow their dividend.

<u>AAM Sawgrass U.S. Large Cap Quality Growth ETF</u>: The Board noted that the Fund underperformed its broad-based benchmark, the S&P 500 Index, as well as its secondary benchmark, the Russell 1000 Growth Index, for the since inception period ended June 30, 2025, which covered an 11-month period. The Board considered, however, that whereas the benchmark index provides an indication of the performance of U.S. large-cap companies and the secondary benchmark measures the performance of large- and mid-capitalization growth sectors of the U.S. equity market, the Fund seeks risk-adjusted returns, upside participation, downside protection, low standard deviation, and long-term capital appreciation by investing in the equities of U.S.-listed large-capitalization companies selected by Sawgrass based on various fundamental factors.

<u>AAM Sawgrass U.S. Small Cap Quality Growth ETF</u>: The Board noted that the Fund underperformed its broad-based benchmark, the S&P 500 Index, but outperformed its secondary benchmark, the Russell 2000 Growth Index, for the since inception period ended June 30, 2025, which covered an 11-month period. The Board considered, however, that whereas the benchmark index provides an indication of the performance of U.S. large-cap companies and the secondary benchmark measures the performance of the small-capitalization growth sector of the U.S. equity market, the Fund seeks risk-adjusted returns, upside participation, downside protection, low standard deviation, and long-term capital appreciation by investing in the equities of U.S.-listed small-capitalization companies selected by Sawgrass based on various fundamental factors.

Cost of Services Provided and Economies of Scale. The Board then reviewed the sub-advisory fees paid by the Adviser to the Sub-Adviser for its services to the Funds. The Board considered that the fees paid to the Sub-Adviser are paid by the Adviser and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board further determined that the fees reflected an appropriate allocation of the advisory fee paid to each firm given the work performed by each firm and noted that the fees are competitive with the those paid by other accounts managed by the Sub-Adviser as well as those charged by similar ETFs in the market. The Board then noted that the Sub-Adviser had provided its financial statements for the Board's review. The Board also evaluated the compensation and benefits received by the Sub-Adviser from its relationship with the Funds, taking into account analyses of the Sub-Adviser's profitability with respect to each Fund at various actual and projected Fund asset levels.

The Board expressed the view that it currently appeared that the Sub-Adviser might realize economies of scale in managing the Funds as assets grow in size. The Board further noted that although each Fund's sub-advisory fee includes asset-level breakpoints, because each Fund pays the Adviser a unified fee, any benefits from the existing sub-advisory fee schedule would accrue to the Adviser, rather than the Fund's shareholders. Consequently, the Board determined that it would monitor fees as the Funds grow to determine whether economies of scale were being effectively shared with the Funds and their shareholders.

Conclusion. No single factor was determinative of the Board's decision to approve the continuation of the

Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it.

65<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS (Continued)** 

Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Sub-Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to each Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the continuation of the Sub-Advisory Agreement was in the best interests of each Fund and its shareholders.

66<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**APPROVAL OF SUB-ADVISORY AGREEMENT & BOARD CONSIDERATIONS** 

**AAM Low Duration Preferred and Income Securities ETF (PFLD)** 

**AAM S&P 500 High Dividend Value ETF (SPDV)** 

**AAM Transformers ETF (TRFM)** 

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on October 8-9, 2025 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") approved the continuance of the investment sub-advisory agreement (the "Sub-Advisory Agreement") among Advisors Asset Management, Inc. ("AAM" or the "Adviser"), the Trust, on behalf of AAM Low Duration Preferred and Income Securities ETF, AAM S&P 500 High Dividend Value ETF, and AAM Transformers ETF (each, a "Fund" and, collectively, the "Funds"), and Vident Advisory, LLC d/b/a Vident Asset Management (the "Sub-Adviser").

Prior to the Meeting, the Board, including the Trustees who are not parties to the Sub-Advisory Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), reviewed written materials (the "Materials"), including information from the Sub-Adviser regarding, among other things: (i) the nature, extent, and quality of the services provided by the Sub-Adviser; (ii) the historical performance of each Fund relative to its underlying index and benchmark; (iii) the cost of the services provided and the profits realized by the Sub-Adviser or its affiliates from services rendered to the Funds as well as the estimated costs of providing such services under the Sub-Advisory Agreement; (iv) a fee analysis comparing the Funds' sub-advisory fees to those of other accounts managed by the Sub-Adviser and similar ETFs in the market; (v) the extent to which any economies of scale realized by the Sub-Adviser in connection with its services to the Funds are shared with Fund shareholders; (vi) any other financial benefits to the Sub-Adviser and its affiliates resulting from services rendered to the Funds; and (vii) other factors the Board deemed to be relevant. The Board also met via videoconference approximately ten days before the Meeting to discuss their initial thoughts regarding the Materials and communicate to Trust officers their follow up questions, if any, that they would like the Sub-Adviser to address at the Meeting and/or through revised or supplemental Materials.

The Board also considered that the Sub-Adviser, along with other service providers of the Funds, had provided written and oral updates on the firm over the course of the year with respect to its role as investment sub-adviser to the Funds, and the Board considered that information alongside the Materials in its consideration of whether the Sub-Advisory Agreement should be continued. The Board also noted that the Sub-Adviser provides investment advisory and sub-advisory services to other series of the Trust and, over the course of the year, the Sub-Adviser provided written and oral updates to the Board with respect to its advisory and sub-advisory services to those Funds. Additionally, at the Meeting, Sub-Adviser representatives provided an oral overview of the services provided to the Funds by the Sub-Adviser and additional information about the Sub-Adviser's personnel and business operations.

The Board then discussed the Materials and the Sub-Adviser's oral presentation, as well as any other relevant information received by the Board at the Meeting and at prior meetings, including AAM's 15(c) presentation at the January 15-16, 2025, quarterly Board meeting, and deliberated, in light of this information, on the approval of the continuation of the Sub-Advisory Agreement.

**<u>Approval of the Continuation of the Sub-Advisory Agreement with the Sub-Adviser</u>** 

Nature, Extent, and Quality of Services Provided. The Trustees considered the scope of services provided under the Sub-Advisory Agreement, noting that the Sub-Adviser had provided and would continue to provide investment management services to the Funds. In considering the nature, extent, and quality of the services provided by the Sub-Adviser, the Board considered the quality of the Sub-Adviser's compliance program and past reports from the Trust's Chief Compliance Officer ("CCO") regarding the CCO's review of the Sub-Adviser compliance program. The Board also considered its previous experience with the Sub-Adviser providing investment management services to the Funds as well as other series of the Trust. The Board noted that it had received a copy of the Sub-Adviser's registration form and financial statements, as well as the Sub-Adviser's response to a detailed series of questions that included, among other things, information about the Sub-Adviser's decision-making process, the background and experience of the firm's key personnel, and the firm's compliance policies, marketing practices, and brokerage information.

The Board noted the responsibilities that the Sub-Adviser has as the Funds' investment sub-adviser, including: responsibility for the general management of the day-to-day investment and reinvestment of the Funds' assets; determining the daily baskets of deposit securities and cash components; executing portfolio security trades for

67<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**APPROVAL OF SUB-ADVISORY AGREEMENT & BOARD CONSIDERATIONS(Continued)** 

purchases and redemptions of the Funds' shares conducted on a cash-in-lieu basis; oversight of general portfolio compliance with applicable securities laws, regulations, and investment restrictions; responsibility for quarterly reporting to the Board; and implementation of Board directives as they relate to the Funds. The Board also considered the Sub-Adviser's resources and capacity with respect to portfolio management, compliance, and operations given the number of funds and/or accounts for which it provides sub-advisory services.

Historical Performance. The Trustees next considered each Fund's performance. Because each Fund is designed to track the performance of an index, the Board considered, among other things, the extent to which each Fund tracked its index, before fees and expenses. The Board noted that, for each of the one-year, three-year, five-year, and since inception periods ended June 30, 2025, as applicable, each Fund's performance on a gross of fees basis (i.e., excluding the effect of fees and expenses on Fund performance) was generally consistent with the performance of its underlying index, indicating that each Fund tracked its underlying index closely and in an appropriate manner.

<u>AAM S&P 500 High Dividend Value ETF</u>: The Board noted that the Fund underperformed its broad-based benchmark, the S&P 500 Index, for each of the one-, three-, five-year, and since inception periods ended June 30, 2025. The Board considered, however, that whereas the benchmark index provides an indication of the performance of U.S. large-cap companies, the Fund tracks an index comprised of companies that exhibit high dividend yields and free-cash-flow yields.

<u>AAM Low Duration Preferred and Income Securities ETF</u>: The Board noted that the Fund underperformed its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-year period ended June 30, 2025, but outperformed its broad-based benchmark over the three-year, five-year, and since inception periods. The Board further noted that the Fund underperformed its secondary benchmark, the ICE Exchange-Listed Preferred & Hybrid Securities Index, over each of the one-year, three-year, five-year, and since inception periods. The Board considered that the primary benchmark measures the overall U.S. investment-grade bond market and the secondary benchmark index measures the performance of a select group of exchange-listed, U.S. dollar denominated preferred securities, hybrid securities and convertible preferred securities. The Board also considered that, as of July 1, 2025, the Fund replaced its underlying index with the ICE 0-5 Year Duration Preferred & Hybrid Securities Index in conjunction with the addition of non-listed preferred securities to the Fund's investment strategy. Accordingly, the Board noted that the Fund's performance prior to July 1, 2025, does not reflect performance consistent with the Fund's new underlying index and the Fund's current principal investment strategy.

<u>AAM Transformers ETF</u>: The Board noted that the Fund outperformed its broad-based benchmark, the S&P 500 Index, for each of the one-year and since inception periods ended June 30, 2025. The Board considered, however, that whereas the benchmark index provides an indication of the performance of U.S. large-cap companies, the Fund tracks an index comprised of companies poised to benefit from a significant disruption and/or transformation of consumer behavior and technological innovation.

Cost of Services Provided and Economies of Scale. The Board then reviewed the sub-advisory fees paid by the Adviser to the Sub-Adviser for its services to the Funds. The Board considered that the fees paid to the Sub-Adviser are paid by the Adviser and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board further determined that the fees reflected an appropriate allocation of the advisory fee paid to each firm given the work performed by each firm and noted that the fees are competitive with the those paid by other accounts managed by the Sub-Adviser as well as those charged by similar ETFs in the market. The Board then noted that the Sub-Adviser had provided its financial statements for the Board's review. The Board also evaluated the compensation and benefits received by the Sub-Adviser from its relationship with the Funds, taking into account analyses of the Sub-Adviser's profitability with respect to each Fund at various actual and projected Fund asset levels.

The Board expressed the view that it currently appeared that the Sub-Adviser might realize economies of scale in managing the Funds as assets grow in size. The Board further noted that although each Fund's sub-advisory fee includes asset-level breakpoints, because each Fund pays the Adviser a unified fee, any benefits from the existing sub-advisory fee schedule would accrue to the Adviser, rather than the Fund's shareholders. Consequently, the Board determined that it would monitor fees as the Funds grow to determine whether economies of scale were being effectively shared with the Funds and their shareholders.

Conclusion.No single factor was determinative of the Board's decision to approve the continuation of the Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it.

68<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**APPROVAL OF SUB-ADVISORY AGREEMENT & BOARD CONSIDERATIONS(Continued)** 

Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Sub-Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to each Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the continuation of the Sub-Advisory Agreement was in the best interests of each Fund and its shareholders.

69<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**AAM ETFs** 

**FEDERAL TAX INFORMATION (Unaudited)** 

For the fiscal period ended October 31, 2025, certain dividends paid by the Funds may be subject to the maximum rate of 23.8%, as provided for by the Jobs and Growth Tax relief Reconciliation Act of 2003.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| AAM Brentview Dividend Growth ETF | 100.00%  |
| AAM Crescent CLO ETF | 0.00% |
| AAM Low Duration Preferred and Income Securities ETF | 64.09%  |
| AAM S&P 500 High Dividend Value ETF | 91.59%  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 100.00%  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 100.00%  |
| AAM SLC Low Duration Income ETF | 0.00%  |
| AAM Todd International Intrinsic Value ETF | 0.00% |
| AAM Transformers ETF | 0.00% |

---

For corporate shareholders, the percentage of ordinary income distributions qualified for the corporate dividend received deduction for the fiscal year ended October 31, 2024 was as follows:

---

| | |
|:---|:---|
| AAM Brentview Dividend Growth ETF | 100.00%  |
| AAM Crescent CLO ETF | 0.00%  |
| AAM Low Duration Preferred and Income Securities ETF | 62.39% |
| AAM S&P 500 High Dividend Value ETF | 87.90%  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 100.00%  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 100.00%  |
| AAM SLC Low Duration Income ETF | 0.00%  |
| AAM Todd International Intrinsic Value ETF | 0.00% |
| AAM Transformers ETF | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

---

| | |
|:---|:---|
| AAM Brentview Dividend Growth ETF | 0.00%  |
| AAM Crescent CLO ETF | 0.00% |
| AAM Low Duration Preferred and Income Securities ETF | 0.00%  |
| AAM S&P 500 High Dividend Value ETF | 0.00%  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 0.00%  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 0.00%  |
| AAM SLC Low Duration Income ETF | 0.00%  |
| AAM Todd International Intrinsic Value ETF | 0.00% |
| AAM Transformers ETF | 0.00% |

---

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**AAM ETFs** 

**ADDITIONAL INFORMATION (Unaudited)** 

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS** 

There were no changes in or disagreements with accountants during the period covered by this report.

**PROXY DISCLOSURE** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS** 

All fund expenses, including Trustee compensation are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Funds' Statement of Additional Information.

71<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President (principal executive officer) and Treasurer (principal financial officer) have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](aea-efp21048_ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](aea-efp21048_ex99cert.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Not applicable to open-end investment companies and ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](aea-efp21048_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ETF Series Solutions

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>1/8/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>1/8/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristen M. Weitzel |
|  | Kristen M. Weitzel, Treasurer (principal financial officer) |

---

Date <u>1/8/2026</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

**EX.99.CODE ETH**

**ETF Series Solutions**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

**I. Introduction/Covered Persons**

ETF Series Solutions (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Audit Committee of the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust's Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics. This Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

II. Code of Ethics Requirements

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not retaliate against any other Covered Person or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith.

III. Conflicts of Interest

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust's own fund shares) because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Person would benefit personally to the detriment of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than for the benefit of the Trust.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment, such as compensation or equity ownership.

**IV. Accurate, Complete, Timely and Understandable Information**

The Covered Persons are responsible for ensuring that Trust's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose. Each Covered Person shall also comply with the Trust's disclosure controls and procedures and the Trust's internal controls and procedures for financial reporting.

V. Waivers

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund's website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust's next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund's website, the Trust must have first disclosed in its most recent Form N-CSR relating to the applicable Fund that it intends to disclose these events on the Fund's website and website's address.

VI. Amendments

This Code of Ethics may be amended by the Audit Committee as it deems appropriate. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the Audit Committee shall direct the applicable Fund to (a) post a notice and description of the amendment on the Fund's website within five business days following the amendment, maintain such notice on the website for at least 12

months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust's next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund's website, the rules applicable to website postings of waivers, discussed in Section V above, apply. Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

VII. Violations

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation.

If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

VIII. Disclosure

The Audit Committee shall direct the Trust to make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust's annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund's website, provided that the Fund has first disclosed the website's address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund's website for as long as the Trust remains subject to the SEC's rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.

IX. Acknowledgement

Each Covered Person shall, in the form attached hereto as Appendix A, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as Appendix B, acknowledge receipt of and compliance with this Code of Ethics.

X. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.

XI. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**Adopted: March 27, 2012**

**Amended: April 21, 2022**

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Kristina R. Nelson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of ETF Series Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/8/2026 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson |
|  |  | President (principal executive officer) |
|  |  | ETF Series Solutions |

---

**<u>CERTIFICATIONS</u>**

I, Kristen M. Weitzel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of ETF Series Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/8/2026 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel |
|  |  | Treasurer (principal financial officer) |
|  |  | ETF Series Solutions |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of ETF Series Solutions, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of ETF Series Solutions for the year ended October 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of ETF Series Solutions for the stated period.

---

| | |
|:---|:---|
| /s/ Kristina R. Nelson | /s/ Kristen M. Weitzel |
| Kristina R. Nelson | Kristen M. Weitzel |
| President (principal executive officer), | Treasurer (principal financial officer), |
| ETF Series Solutions | ETF Series Solutions |

---

Dated: <u>1/8/2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by ETF Series Solutions for purposes of Section 18 of the Securities Exchange Act of 1934.