# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001398344-23-000449
**Filing Date:** 2023-1
**Character Count:** 279744
**Document Hash:** abf634f77117e9f8fb5c9ea5c3702d4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-000449.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001398344-23-000449

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305
- **IRS NUMBER:** 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:** 23518016

**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 S&P Emerging Markets High Dividend Value ETF (Series ID: S000059243)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000194427 | AAM S&P Emerging Markets High Dividend Value ETF | EEMD            |

### AAM S&P Developed Markets High Dividend Value ETF (Series ID: S000063481)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000205668 | AAM S&P Developed Markets High Dividend Value ETF | DMDV            |

### 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 Bahl & Gaynor Small/Mid Cap Income Growth ETF (Series ID: S000072560)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000228893 | AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF | SMIG            |

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

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

As filed with the U.S. Securities and Exchange Commission on January 9, 2023

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED <br> MANAGEMENT INVESTMENT COMPANIES**

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

**<u>ETF Series Solutions</u>**<br> (Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**<br> (Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**<br> (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, 2022</u>**

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

(a) **Annual Report**<br> **October 31, 2022** 

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

**Ticker: SPDV** 

**AAM S&P Emerging Markets High Dividend Value ETF** 

**Ticker: EEMD** 

**AAM S&P Developed Markets High Dividend Value ETF** 

**Ticker: DMDV** 

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

**Ticker: PFLD** 

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**Ticker: SMIG** 

**AAM Transformers ETF** 

**Ticker: TRFM** 

**AAM ETFs**

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| Management Discussion of Fund Performance  | 1 |
| Performance Summaries  | 8 |
| Portfolio Allocations  | 14 |
| Schedules of Investments  | 17 |
| Statements of Assets and Liabilities  | 48 |
| Statements of Operations  | 50 |
| Statements of Changes in Net Assets  | 52 |
| Financial Highlights  | 58 |
| Notes to Financial Statements  | 65 |
| Report of Independent Registered Public Accounting Firm  | 81 |
| Trustees and Officers  | 83 |
| Expense Example  | 85 |
| Review of Liquidity Risk Management Program  | 88 |
| Approval of Advisory Agreements & Board Considerations  | 89 |
| Federal Tax Information  | 106 |
| Federal Tax Credit Pass Through  | 107 |
| Information About Portfolio Holdings  | 107 |
| Information About Proxy Voting  | 108 |
| Frequency Distribution of Premiums and Discounts  | 108 |

---

**AAM ETFs** 

**Management Discussion of Fund Performance**<br> (Unaudited)

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

The AAM S&P 500 High Dividend Value ETF ("SPDV" or the "Fund") seeks to track the total return performance, before fees and expenses, of its underlying index, the S&P 500 Dividend and Free Cash Flow Yield Index (the "Index'). Through the Index, SPDV, is passively managed using a rules-based, equal-weighted strategy that is designed to provide exposure to constituents of the S&P 500<sup>®</sup> Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining a diversified sector exposure.

Due to its added focus on cash flows and sector diversification, SPDVs portfolio remained positioned towards attractively valued companies, and insulated from those with stretched valuations, such as technology and consumer discretionary. As a result, SPDV generated a total return of -1.37% (NAV) and -1.21% (Market Price), while the underlying index for SPDV generated a total return of -1.06% between November 1, 2021, and October 31, 2022 ("current fiscal period"). Over the same current fiscal period, the benchmark index, the S&P 500<sup>®</sup> index, achieved a total return of -14.61%.

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

Individual stocks attributable to SPDV's return over the same fiscal period were Lockheed Martin Corporation (+5,088 bps), Exxon Mobile Corporation (+4,276 bps), and Chevron Corporation (+3,900 bps). Stocks dragging down SPDV's return were Seagate Technology Holdings (-5,134 bps), Vornado Realty Trust (-4,350 bps), and Ford Motor Company (-3,408 bps).

**The AAM S&P Emerging Markets High Dividend Value ETF** 

The AAM S&P Emerging Markets High Dividend Value ETF ("EEMD" or the "Fund") seeks to track the total return performance, before fees and expenses, of its underlying index, the S&P Emerging Markets Dividend and Free Cash Flow Yield Index (the "Index"). Through the Index, EEMD, is passively managed using a rules-based, equal-weighted strategy that is designed to provide exposure to constituents of the S&P Emerging Plus LargeMidCap<sup>®</sup> Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining a diversified sector exposure.

Through its value-rooted focus, EEMDs portfolio of quality companies provided strong protection against broad market declines. Accordingly, EEMD generated a total return of -25.14% (NAV) and -24.72% (Market Price) between November 1, 2021, and October 31, 2022 ("current fiscal period"). This compares to the -24.82% for the underlying Index, and a -29.73% total return for the benchmark index, the S&P Emerging Plus LargeMidCap<sup>®</sup> Index, for the same current fiscal period.

**AAM ETFs** 

**Management Discussion of Fund Performance**<br> (Unaudited) (Continued)

Top performing sectors attributable to EEMD's return over the current fiscal period were Energy, Utilities, and Communication Services. The worst performing sectors included and Health Care, Materials, and Real Estate.

Individual stocks attributable to EEMD's return over the same fiscal period were Adaro Energy Indonesia Tbk PT (+12,687 bps), CPFL Energia SA (+7,086 bps), and Centrais Electricas Brasilier (+5,916 bps). Stocks dragging down EEMD's return were X5 Retail Group N.V. (-9,839 bps), Sri Trang Gloves Thailand PCL (-6,246 bps), and Top Glove Corporation BHD (-6,498 bps),

**The AAM S&P Developed Markets High Dividend Value ETF** 

The AAM S&P Developed Markets High Dividend Value ETF ("DMDV" or the "Fund") seeks to track the total return performance, before fees and expenses, of its underlying index, the S&P Developed Markets ex-US Dividend and Free Cash Flow Yield Index (the "Index'). Through the Index, DMDV, is passively managed using a rules-based, equal-weighted strategy that is designed to provide exposure to constituents of the S&P Developed BMI Ex-US & Korea LargeMidCap<sup>®</sup> Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining a diversified sector exposure.

Benefiting from its equal weight approach, DMDVs sector diversity provided better defense against the broad market declines, as the Fund was relatively less exposed to overvalued sectors such as technology. As a result, DMDV generated a total return of -19.34% (NAV) and -19.48% (Market Price) between November 1, 2021, and October 31, 2022 (the "current fiscal period" since DMDV's inception). This compares to the -19.27% for the underlying Index, and an -22.64% total return for the benchmark index, the S&P Developed BMI Ex-US & Korea LargeMidCap<sup>®</sup> Index, for the same current fiscal period.

Top performing sectors attributable to DMDV's return over the current fiscal period were Energy, Consumer Staples, and Real Estate. The worst performing sectors included Industrials, and Information Technology, and Consumer Discretionary.

Individual stocks attributable to DMDV's return over the same fiscal period were Inpex Corporation (+2,883 bps), Orient Overseas Intl LTD (-979 bps), and Imperial Brands PLC (+2,422 bps). Stocks dragging down DMDV's return were Ericsson LM-B SHS (-5,364 bps), Fresenius SE & Co KGAA (-4,898 bps), and Hapag-Lloyd AG (-4,634 bps).

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

The AAM Low Duration Preferred and Income Securities ETF ("PFLD" or the "Fund") seeks to track the total return performance, before fees and expenses, of the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index (the "Index"). Through the Index, PFLD, is passively managed using a rules-based, strategy

**AAM ETFs** 

**Management Discussion of Fund Performance**<br> (Unaudited) (Continued)

that is designed to provide exposure to exchange-listed, U.S. dollar-denominated preferred securities and hybrid securities listed on the New York Stock Exchange ("NYSE") or NASDAQ Capital Market ("NASDAQ") with an option-adjusted duration of less than five years.

By focusing on low duration preferred securities, PFLD was more protected from the impact of rising interest rates on bond prices. PFLD generated a total return of -13.72% (NAV) and -13.48% (Market Price), while the underlying index for PFLD generated a total return of -13.50% between November 1, 2021, and October 31, 2022 ("current fiscal period"). Over the same current fiscal period, the benchmark index, the ICE Exchange-Listed Preferred & Hybrid Securities Index, achieved a total return of -18.22%.

Top performing industries attributable to PFLD's return during the current fiscal period were Energy, Retail, and Technology & Electronics. The worst performing industries included Banking, Utility, and Insurance.

Individual securities attributable to PFLD's return over the same fiscal period were NSUS Float 01/15/43 (+602 bps), PNC Float PERP (+166 bps), and FITB 6 5/8th (+390 bps). Securities dragging down PFLD's return were BAC Float Perp (-9,923 bps), GS Float PERP (-2,262 bps), and USB Float PERP (-2,498 bps).

**The AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

The AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF ("SMIG" or the "Fund") generated a total return of -6.13%/-6.16% (Market Price/NAV) versus the Russell 2500 return of -17.58% between November 1, 2021, and October 31, 2022 ("current fiscal period"). Throughout the current fiscal period, non-profitable and long duration equities saw pressure as investors repriced these securities amid a challenged macro environment, including higher inflation for longer, weaker consumer spending and the beginning of quantitative tightening. Investors instead favored profitable companies that generated a current cash flow stream and returned capital to shareholders through a dividend or buyback program. We believe the outlook for active small/mid cap managers, with a focus on sustainable dividends and stable fundamentals, in this environment remains positive.

Assessing attribution on a sector basis, the largest contributors to relative performance were Information Technology, Industrials and Health Care. Within Technology, owning enterprise technology hardware and software vendors with current cash flow streams while avoiding unprofitable software and internet names contributed to outperformance. In the Industrials sector, stock selection within electrical components and industrial support consulting industries that continue to

**AAM ETFs** 

**Management Discussion of Fund Performance**<br> (Unaudited) (Continued)

see steady end-market demand contributed to outperformance. Finally, no exposure to highly volatile or unprofitable biotechnology companies, in addition to strong stock selection within health care facilities contributed to outperformance for the sector.

The largest detractors to relative performance included Energy and Materials. Within Energy lower exposure to risky, commodity-levered companies within the sector, amid surging prices across the commodity complex from both geopolitical interference and global supply chain issues, contributed to relative underperformance versus the benchmark. In the Materials sector, specialty chemicals and the cannabis markets experienced headwinds due to weakening near-term demand despite long-term growth opportunities.

Assessing attribution on a security basis, the largest contributors to performance include CSG Systems (CSGS), Hubbell (HUBB), and Booz Allen Hamilton (BAH). CSGS is a global managed service provider with an entertainment and media industry heritage but has targeted expansion in telecom and adjacent services market. Through an integrated software platform and outsourcing capabilities, CSGS helps manage and improve client customer service, revenue retention and growth. The company is leveraged to cloud re-platforming among service provider clients and positioned to focus on 5G investments to drive growth. HUBB engages in the design, manufacture and sale of electrical and electronic products for residential and non-residential construction, industrial and utility applications. The company is well-positioned within ongoing grid hardening efforts and electrification trends across utility and industrial end markets. Finally, BAH provides management and technology consulting, engineering, analytics, digital, mission operations and cyber solutions to governments, corporations and non-for-profit organizations in the U.S. and globally. BAH demonstrates a high new contract win rate and an even higher re-compete success rate which drives continued growth.

The largest detractors to performance include Rent-A-Center (RCII), Scotts Miracle-Gro (SMG), and Evercore (EVR). RCII offers durable goods through flexible rental agreements via its brick-and-mortar, ecommerce and third-party retail partners. Discontinued fiscal stimulus payments, elevated inflation levels and a pronounced shift in the consumer wallet share towards services, versus goods, weighed on the company's sales and put pressure on earnings during this period. SMG primarily manufactures, markets and sells consumer lawn and garden products and also owns an adjacent segment, Hawthorne, that managers the company's hydroponic gardening business. SMG faced fundamental headwinds during the period due to double digit sales decline in both segments reflecting retail partners trimming inventory levels on the consumer side and over supply within Hawthorne's end market. EVR operates as an investment banking company that provides advisory services on corporate transactions. While revenues have been in-line with consensus, the company has been plagued by a slightly higher expense build and investor concern over a slowing economic environment.

**AAM ETFs** 

**Management Discussion of Fund Performance**<br> (Unaudited) (Continued)

We remain committed to our foundational philosophy and objectives, which focus on the compounding growth of cash flow income, downside protection, and long-term capital appreciation, all through the ownership of companies of high intrinsic quality and growth potential. We thank you for your partnership and look forward to the opportunities in the years ahead.

**The AAM Transformers ETF** 

The AAM Transformers ETF ("TRFM" or the "Fund") seeks to track the total return performance, before fees and expenses, of its underlying index, the Pence Transformers Index (the "Index"). The Index follows a rules-based methodology that aims to target companies whose products and services show compelling potential to transform consumer behavior, technological innovation, and the global economy.

The Index mainly focuses on companies with over $2 billion market cap which are estimated to grow their toplines at a double-digit rate and have a minimum of 3.0% projected R&D and/or Capex spending to net sales. 75% of the Index is in US-based companies, while 25% is in internationals. These two geographies are split into multiple segments based on market cap and each segment is equally weighted. In terms of sector exposure, about 57% of the Index is in Information Technology. As a result, TRFM can be highly sensitive to market volatility in both bull and bear markets. Between the Fund's inception date of July 11, 2022, and October 31, 2022 ("current fiscal period"), TRFM generated a total return of -6.20% (NAV) and -6.19% (Market Price), while the Index generated a total return of -6.03% and the benchmark index, the S&P 500<sup>®</sup> index, generated a total return of 0.93%.

On a sector basis, the largest contributors to performance were Energy, Materials, and Industrials. The worst performing sectors were Consumer Discretionary and Communications Services. The worst performing country was China (-4200 bps). China accounted for between 8% to 10% of TRFM.

Assessing attribution on a security basis, the largest contributors to TRFM's return over the period were First Solar, Inc. (US) (+11,276 bps), Calix, Inc. (US) (+8,853 bps), and Archaea Energy, Inc. (US) (+8,528 bps). The largest detractor to TRFM's performance were XPeng, Inc. (China) (-7,760 bps), GDS Holdings Ltd (China) (-6,841 bps), and Bilibili, Inc. (China) (-6,322 bps).

We remain committed to our fundamental theme that the world is constantly evolving towards a more efficient future as we develop new technologies, and we aim to target companies whose products and services to take us there.

**AAM ETFs** 

**Management Discussion of Fund Performance**<br> (Unaudited) (Continued)

*Must be preceded or accompanied by a prospectus.* 

The AAM S&P 500 High Dividend Value ETF, AAM S&P Emerging Markets High Dividend Value ETF, AAM S&P Developed Markets High Dividend Value ETF, AAM Low Duration Preferred and Income Securities ETF, AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, and AAM Transformers ETF are distributed by Quasar Distributors, LLC.

**Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Funds and may only be acquired or redeemed from the Funds in creation units. Brokerage commissions will reduce returns. Companies with high yield or payout ratio may underperform other securities in certain market conditions and reduce or discontinue paying dividends entirely while included in the Index. The Funds' return may not match or achieve a high degree of correlation with the return of the underlying Index. To the extent the Funds utilize a sampling approach, they may experience tracking error to a greater extent than if the Funds had sought to replicate the Index. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for emerging markets investments. Investments in mid-cap companies may involve less liquidity and greater volatility than larger companies. Diversification does not assure a profit or protect against a loss in a declining market.** 

S&P 500<sup>®</sup> Dividend and Free Cash Flow Yield index is a rules-based, equal-weighted index that is designed to provide exposure to the constituents of the S&P 500<sup>®</sup> Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining diversified sector exposure.

S&P 500<sup>®</sup> Index is a widely recognized capitalization-weighted index of 500 common stock prices in U.S. companies.

S&P Emerging Markets Dividend and Free Cash Flow Yield Index is rules-based, equal-weighted index that is designed to provide exposure to the constituents of the S&P Emerging Plus LargeMidCap<sup>®</sup> Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining diversified sector exposure.

S&P Emerging Plus LargeMidCap<sup>®</sup> Index is designed to measure the performance of large- and mid-capitalization securities in emerging markets.

S&P Developed Ex-U.S. Dividend and Free Cash Flow Index is a rules-based, equal-weighted index that is designed to provide exposure to the constituents of the S&P Developed BMI Ex-U.S. & Korea LargeMidcap<sup>®</sup> Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining diversified sector exposure.

S&P Developed BMI Ex-U.S. & Korea LargeMidcap<sup>®</sup> Index is a comprehensive benchmark including stocks from developed markets excluding the United States and Korea.

ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index is designed to measure the performance of exchange-listed, U.S. dollar-denominated preferred securities and hybrid securities listed on the New York Stock Exchange ("NYSE") or NASDAQ Capital Market ("NASDAQ") with an option-adjusted duration of less than 5 years. The Index was developed by ICE Data Indices, LLC ("IDI"), the Fund's index provider (the "Index Provider") and an affiliate of the NYSE.

ICE Exchange-Listed Preferred & Hybrid Securities Index is designed to measure the performance of a select group of exchange-listed, U.S. dollar denominated preferred securities, hybrid securities and convertible preferred securities listed on the New York Stock Exchange ("NYSE") or NASDAQ Capital Market ("NASDAQ").

**AAM ETFs** 

**Management Discussion of Fund Performance**<br> (Unaudited) (Continued)

Russell 2500 Index is a market-cap-weighted index that includes the smallest 2,500 companies covered in the broad-based Russell 3000 sphere of United States-based listed equities. All 2,500 of the companies included in the Index cover the small- and mid-cap market capitalizations.

Pence Transformers Index is a rules-based index that measures the performance of U.S.-listed common equity securities, including American Depositary Receipts ("ADRs") for foreign securities, of companies poised to benefit from a significant disruption and/or transformation of consumer behavior and technological innovation.

Basis Point (bps) refers to a unit of measurement for interest rates and other percentages. One basis point is equal to 1/100th of 1%, or 0.01%.

Duration is a measure that helps approximate the degree of price sensitivity of a bond to changes in interest rates and is adjusted to account for the change in cash flows of the bond's embedded option.

It is not possible to invest directly in an index.

For a complete list of Fund holdings please see the Schedules of Investments on page 17 of the report. Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

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

**PERFORMANCE SUMMARY**<br> (Unaudited)

**Growth of $10,000**![](fp0080825-3_8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns<br> October 31, 2022** | **1 Year** | **3 Years** | **Since <br> Inception <br> (11/28/2017)** |
| AAM S&P 500 High Dividend Value ETF — NAV | -1.37% | 6.40% | 6.43% |
| AAM S&P 500 High Dividend Value ETF — Market | -1.21% | 6.41% | 6.42% |
| S&P 500<sup>®</sup> Dividend and Free Cash Flow Yield Index | -1.06% | 6.74% | 6.77% |
| S&P 500<sup>®</sup> Index | -14.61% | 10.22% | 10.12% |

---

This chart illustrates the performance of a hypothetical $10,000 investment made on November 28, 2017 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

*The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund's website at www.aamlive.com. The gross expense ratio as of the prospectus dated 2/28/22 was 0.29%.*

**AAM S&P Emerging Markets High Dividend Value ETF** 

**PERFORMANCE SUMMARY**<br> (Unaudited)

**Growth of $10,000**![](fp0080825-3_9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns<br> October 31, 2022** | **1 Year** | **3 Years** | **Since <br> Inception <br> (11/28/2017)** |
| AAM S&P Emerging Markets High Dividend Value ETF — NAV | -25.14% | -4.67% | -4.40% |
| AAM S&P Emerging Markets High Dividend Value ETF — Market | -24.72% | -4.27% | -4.17% |
| S&P Emerging Markets Dividend and Free Cash Flow Yield Index | -24.82% | -4.01% | -3.67% |
| S&P Emerging Plus LargeMidCap<sup>®</sup> Index | -29.73% | -3.71% | -3.00% |

---

This chart illustrates the performance of a hypothetical $10,000 investment made on November 28, 2017 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

*The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund's website at www.aamlive.com. The gross expense ratio as of the prospectus dated 2/28/22 was 0.49%.*

**AAM S&P Developed Markets High Dividend Value ETF** 

**PERFORMANCE SUMMARY**<br> (Unaudited)

**Growth of $10,000**![](fp0080825-3_10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Returns<br> October 31, 2022** | **1 Year** | **3 Years** | **Since <br> Inception <br> (11/27/2018)** |
| AAM S&P Developed Markets High Dividend Value ETF — NAV | -19.34% | -5.52% | -2.90% |
| AAM S&P Developed Markets High Dividend Value ETF — Market | -19.48% | -5.56% | -2.91% |
| S&P Developed Ex-US Dividend and Free Cash Flow Yield Index | -19.27% | -5.24% | -2.56% |
| S&P Developed BMI Ex-U.S. & Korea LargeMidCap Index | -22.64% | -0.53% | 2.48% |

---

This chart illustrates the performance of a hypothetical $10,000 investment made on November 27, 2018 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

*The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund's website at www.aamlive.com. The gross expense ratio as of the prospectus dated 2/28/22 was 0.39%.*

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

**PERFORMANCE SUMMARY**<br> (Unaudited)

**Growth of $10,000**![](fp0080825-3_11.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Returns<br> October 31, 2022** | **1 Year** | **Since <br> Inception <br> (11/19/2019)** |
| AAM Low Duration Preferred and Income Securities ETF — NAV | -13.72% | -1.41% |
| AAM Low Duration Preferred and Income Securities ETF — Market | -13.48% | -1.34% |
| ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index | -13.50% | -1.03% |
| ICE Exchange-Listed Preferred & Hybrid Securities Index | -18.22% | -1.28% |

---

This chart illustrates the performance of a hypothetical $10,000 investment made on November 19, 2019 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

*The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund's website at www.aamlive.com. The gross expense ratio as of the prospectus dated 2/28/22 was 0.45%.*

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**PERFORMANCE SUMMARY**<br> (Unaudited)

**Growth of $10,000**![](fp0080825-3_12.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Returns<br> October 31, 2022** | **1 Year** | **Since <br> Inception <br> (8/25/2021)** |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF — NAV | -6.16% | -5.45% |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF — Market | -6.13% | -5.39% |
| Russell 2500 Total Return Index | -17.58% | -13.20% |

---

This chart illustrates the performance of a hypothetical $10,000 investment made on August 25, 2021 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

*The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund's website at www.aamlive.com. The gross expense ratio as of the prospectus dated 2/28/22 was 0.60%.* 

**AAM Transformers ETF** 

**PERFORMANCE SUMMARY**<br> (Unaudited)

**Growth of $10,000**![](fp0080825-3_13.jpg)

---

| | |
|:---|:---|
| **Cumulative Returns<br> October 31, 2022** | **Since <br> Inception <br> (7/11/2022)** |
| AAM Transformers ETF— NAV | -6.20% |
| AAM Transformers ETF— Market | -6.19% |
| Pence Transformers Index | -6.03% |
| S&P 500<sup>®</sup> Index | 0.93% |

---

This chart illustrates the performance of a hypothetical $10,000 investment made on July 11, 2022 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

*The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund's website at www.aamlive.com. The gross expense ratio as of the prospectus dated 6/15/22 was 0.49%.*

**AAM ETFs** 

**Portfolio Allocations**<br> As of October 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **Sector** | **Percentage of <br> Net Assets** |
| Energy | 10.9% |
| Financials | 10.2 |
| Industrials | 9.6 |
| Utilities | 9.3 |
| Health Care | 9.2 |
| Consumer Staples | 8.8 |
| Consumer Discretionary | 8.6 |
| Information Technology | 8.4 |
| Real Estate | 8.4 |
| Communication Services | 8.4 |
| Materials | 7.9 |
| Short-Term Investments | 0.5 |
| Liabilities in Excess of Other Assets | (0.2) |
| Total | 100.0% |

---

**AAM S&P Emerging Markets High Dividend Value ETF** 

---

| | |
|:---|:---|
| **Sector** | **Percentage of <br> Net Assets** |
| Energy | 10.8% |
| Consumer Staples | 10.6 |
| Utilities | 10.3 |
| Communication Services | 10.2 |
| Consumer Discretionary | 9.2 |
| Information Technology | 9.0 |
| Real Estate | 8.5 |
| Financials | 8.1 |
| Materials | 8.0 |
| Health Care | 7.5 |
| Industrials | 7.3 |
| Short-Term Investments | 0.7 |
| Liabilities in Excess of Other Assets | (0.2) |
| Total | 100.0% |

---

**AAM ETFs** 

**Portfolio Allocations**<br> As of October 31, 2022 (Unaudited) (Continued)

**AAM S&P Developed Markets High Dividend Value ETF** 

---

| | |
|:---|:---|
| **Sector** | **Percentage of <br> Net Assets** |
| Energy | 11.0% |
| Financials | 10.8 |
| Consumer Staples | 9.6 |
| Consumer Discretionary | 9.5 |
| Real Estate | 9.0 |
| Utilities | 9.0 |
| Materials | 8.9 |
| Health Care | 8.8 |
| Information Technology | 8.6 |
| Communication Services | 8.1 |
| Industrials | 6.1 |
| Short-Term Investments | 0.6 |
| Other Assets in Excess of Liabilities+ | 0.0 |
| Total | 100.0% |

---

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

---

| | |
|:---|:---|
| **Sector** | **Percentage of <br> Net Assets** |
| Financials ♦ | 76.0% |
| Energy | 7.5 |
| Utilities | 5.0 |
| Consumer Staples | 3.8 |
| Consumer Discretionary | 3.3 |
| Industrials | 3.2 |
| Short-Term Investments | 0.8 |
| Real Estate | 0.7 |
| Information Technology | 0.2 |
| Liabilities in Excess of Other Assets | (0.5) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| + | Represents less than 0.05% of net assets. |
| ♦ | To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in Notes to Financial Statements. |

---

**AAM ETFs** 

**Portfolio Allocations**<br> As of October 31, 2022 (Unaudited) (Continued)

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

---

| | |
|:---|:---|
| **Sector** | **Percentage of <br> Net Assets** |
| Financials | 17.8% |
| Industrials | 17.7 |
| Information Technology | 16.9 |
| Consumer Discretionary | 9.4 |
| Health Care | 8.2 |
| Consumer Staples | 7.6 |
| Materials | 7.0 |
| Real Estate | 6.6 |
| Utilities | 5.5 |
| Communication Services | 2.2 |
| Energy | 0.8 |
| Short-Term Investments | 0.2 |
| Other Assets in Excess of Liabilities | 0.1 |
| Total | 100.0% |

---

**AAM Transformers ETF** 

---

| | |
|:---|:---|
| **Sector** | **Percentage of <br> Net Assets** |
| Information Technology ♦ | 59.7% |
| Consumer Discretionary | 14.2 |
| Industrials | 11.4 |
| Communication Services | 10.7 |
| Materials | 1.9 |
| Utilities | 1.8 |
| Energy | 0.4 |
| Short-Term Investments+ | 0.0 |
| Liabilities in Excess of Other Assets | (0.1) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| ♦ | To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in Notes to Financial Statements. |
| + | Represents less than 0.05% of net assets. |

---

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

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

**Schedule of Investments** <br> October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **Communication Services — 8.4%**  |  |
| 66798 | AT&T, Inc.  | $1217728 |
| 41678 | Interpublic Group of Companies, Inc.  | 1241588 |
| 116500 | Lumen Technologies, Inc.  | 857440 |
| 17824 | Omnicom Group, Inc.  | 1296696 |
| 27650 | Verizon Communications, Inc.  | 1033281 |
|  |  | 5646733 |
|  | **Consumer Discretionary — 8.6%**  |  |
| 36722 | Bath & Body Works, Inc.  | 1225780 |
| 95845 | Ford Motor Company  | 1281448 |
| 12677 | Ralph Lauren Corporation  | 1175031 |
| 36202 | Tapestry, Inc.  | 1146879 |
| 7325 | Whirlpool Corporation  | 1012608 |
|  |  | 5841746 |
|  | **Consumer Staples — 8.8%**  |  |
| 28523 | Altria Group, Inc.  | 1319759 |
| 32076 | Kraft Heinz Company  | 1233964 |
| 21224 | Molson Coors Brewing Company — Class B  | 1070326 |
| 12813 | Philip Morris International, Inc.  | 1176874 |
| 31792 | Walgreens Boots Alliance, Inc.  | 1160408 |
|  |  | 5961331 |
|  | **Energy — 10.9%**  |  |
| 8525 | Chevron Corporation  | 1542173 |
| 14116 | Exxon Mobil Corporation  | 1564194 |
| 69637 | Kinder Morgan, Inc.  | 1261822 |
| 14537 | Phillips 66  | 1516064 |
| 11815 | Valero Energy Corporation  | 1483373 |
|  |  | 7367626 |
|  | **Financials — 10.2%**  |  |
| 23678 | Citigroup, Inc.  | 1085873 |
| 33066 | Citizens Financial Group, Inc.  | 1352399 |
| 94400 | Huntington Bancshares, Inc.  | 1432992 |
| 19230 | Principal Financial Group, Inc.  | 1694740 |
| 12867 | Prudential Financial, Inc.  | 1353480 |
|  |  | 6919484 |

---

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

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

**Schedule of Investments** <br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** | **COMMON STOCKS — 99.7% (Continued)** |
|  | **Health Care — 9.2%**  |  |
| 8279 | AbbVie, Inc.  | $1212046 |
| 20215 | Gilead Sciences, Inc.  | 1586069 |
| 38458 | Organon & Company  | 1006830 |
| 23992 | Pfizer, Inc.  | 1116828 |
| 128700 | Viatris, Inc.  | 1303731 |
|  |  | 6225504 |
|  | **Industrials — 9.6%**  |  |
| 9163 | 3M Company  | 1152614 |
| 5671 | General Dynamics Corporation  | 1416616 |
| 3115 | Lockheed Martin Corporation  | 1516008 |
| 5764 | Snap—on, Inc.  | 1279896 |
| 6538 | United Parcel Service, Inc. — Class B  | 1096880 |
|  |  | 6462014 |
|  | **Information Technology — 8.4%**  |  |
| 27644 | Cisco Systems, Inc.  | 1255867 |
| 89259 | Hewlett Packard Enterprise Company  | 1273726 |
| 37853 | HP, Inc.  | 1045500 |
| 9584 | International Business Machines Corporation  | 1325371 |
| 15996 | Seagate Technology Holdings plc  | 794361 |
|  |  | 5694825 |
|  | **Materials — 7.9%**  |  |
| 97546 | Amcor plc  | 1129583 |
| 24174 | Dow, Inc.  | 1129893 |
| 28455 | International Paper Company  | 956372 |
| 14160 | LyondellBasell Industries NV — Class A  | 1082532 |
| 29739 | WestRock Company  | 1012910 |
|  |  | 5311290 |
|  | **Real Estate — 8.4%**  |  |
| 13879 | Boston Properties, Inc.  | 1009003 |
| 19565 | Regency Centers Corporation  | 1183878 |
| 11855 | Simon Property Group, Inc.  | 1291958 |
| 37176 | VICI Properties, Inc.  | 1190376 |
| 41481 | Vornado Realty Trust  | 978537 |
|  |  | 5653752 |

---

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

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

**Schedule of Investments** <br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** | **COMMON STOCKS — 99.7% (Continued)** |
|  | **Utilities — 9.3%**  |  |
| 32076 | FirstEnergy Corporation  | $1209586 |
| 15316 | NextEra Energy, Inc.  | 1186990 |
| 34495 | NRG Energy, Inc.  | 1531578 |
| 44972 | PPL Corporation  | 1191308 |
| 12560 | WEC Energy Group, Inc.  | 1147105 |
|  |  | 6266567 |
|  | TOTAL COMMON STOCKS (Cost $71,487,638)  | 67350872 |
|  | **SHORT-TERM INVESTMENTS — 0.5%** |  |
| 321652 | Invesco Government & Agency Portfolio, Institutional Class — 3.07% <sup>(a)</sup>  | 321652 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $321,652)  | 321652 |
|  | TOTAL INVESTMENTS (Cost $71,809,290) — 100.2%  | 67672524 |
|  | Liabilities in Excess of Other Assets — (0.2)%  | (104219) |
|  | NET ASSETS — 100.0%  | $67568305 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | Rate shown is the annualized seven-day yield as of October 31, 2022. |

---

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

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

**AAM S&P Emerging Markets High Dividend Value ETF** 

**Schedule of Investments** <br> October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 93.2%** |  |
|  | **Brazil — 4.0%**  |  |
| 19244 | CPFL Energia SA  | $130011 |
| 20169 | JBS SA  | 95978 |
|  |  | 225989 |
|  | **Chile — 4.2%**  |  |
| 82967 | Cencosud SA  | 111640 |
| 48499 | Quinenco SA  | 128928 |
|  |  | 240568 |
|  | **China — 16.8%**  |  |
| 346000 | Agile Group Holdings, Ltd. <sup>(a)</sup>  | 65675 |
| 749000 | China Cinda Asset Management Company, Ltd. - H Shares  | 69654 |
| 368000 | China Everbright Bank Company, Ltd. - H Shares  | 95166 |
| 636000 | China Evergrande Group <sup>(a)(b)(c)</sup>  | 0 |
| 113000 | China Hongqiao Group, Ltd.  | 80181 |
| 344000 | China Minsheng Banking Corporation, Ltd. - H Shares  | 99915 |
| 40500 | China Shenhua Energy Company, Ltd. - H Shares  | 106540 |
| 201000 | Chongqing Changan Automobile Company, Ltd. - Class B  | 87059 |
| 324000 | Chongqing Rural Commercial Bank Company, Ltd. - H Shares  | 98234 |
| 74000 | COSCO SHIPPING Holdings Company, Ltd. - H Shares  | 79846 |
| 285000 | Country Garden Holdings Company, Ltd.  | 36670 |
| 158000 | Dongfeng Motor Group Company, Ltd. - H Shares  | 71454 |
| 426000 | Maanshan Iron & Steel Company, Ltd. - H Shares  | 68378 |
| 111000 | Sunac China Holdings, Ltd. <sup>(a)(b)(c)</sup>  | 0 |
|  |  | 958772 |
|  | **Czech Republic — 1.4%**  |  |
| 2494 | CEZ AS  | 81554 |
|  | **Greece — 1.4%**  |  |
| 4459 | Star Bulk Carriers Corporation **—** ADR  | 77676 |
|  | **Hong Kong — 0.0%**  |  |
| 184500 | Shimao Group Holdings, Ltd. <sup>(a)(b)(c)</sup>  | 0 |

---

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

**AAM S&P Emerging Markets High Dividend Value ETF** 

**Schedule of Investments** <br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 93.2% (Continued)** | **COMMON STOCKS — 93.2% (Continued)** |
|  | **India — 4.4%** | **India — 4.4%** |
| 45972 | Coal India, Ltd.  | $136593 |
| 120224 | Steel Authority of India, Ltd.  | 114302 |
|  |  | 250895 |
|  | **Indonesia — 6.9%**  |  |
| 566000 | Adaro Energy Indonesia Tbk PT  | 144426 |
| 1759100 | Hanjaya Mandala Sampoerna Tbk PT  | 113345 |
| 1068500 | Perusahaan Gas Negara Tbk PT  | 135296 |
|  |  | 393067 |
|  | **Kuwait — 2.0%**  |  |
| 10704 | Humansoft Holding Company KSC  | 116180 |
|  | **Malaysia — 3.2%**  |  |
| 183500 | Hartalega Holdings Bhd  | 83832 |
| 382900 | Kossan Rubber Industries Bhd  | 101232 |
|  |  | 185064 |
|  | **Mexico — 2.4%**  |  |
| 114891 | Fibra Uno Administracion SA de CV  | 133882 |
|  | **Poland — 1.7%**  |  |
| 25384 | Cyfrowy Polsat SA  | 95230 |
|  | **Qatar — 2.2%**  |  |
| 47384 | Ooredoo QPSC  | 127121 |
|  | **Republic of Korea — 6.9%**  |  |
| 22371 | BNK Financial Group, Inc.  | 100669 |
| 1844 | KT&G Corporation  | 123887 |
| 12329 | LG Uplus Corporation  | 99103 |
| 3510 | Seegene, Inc.  | 70720 |
|  |  | 394379 |
|  | **Russian Federation — 0.0%**  |  |
| 17776 | Mobile TeleSystems PJSC — ADR <sup>(a)(b)(c)</sup>  | 0 |

---

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

**AAM S&P Emerging Markets High Dividend Value ETF** 

**Schedule of Investments** <br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 93.2% (Continued)** | **COMMON STOCKS — 93.2% (Continued)** |
|  | **Russian Federation — 0.0% (Continued)** | **Russian Federation — 0.0% (Continued)** |
| 5978 | X5 Retail Group NV — GDR <sup>(b)(c)</sup>  | $0 |
|  |  | 0 |
|  | **South Africa — 6.8%**  |  |
| 9682 | Exxaro Resources, Ltd.  | 107749 |
| 142117 | Growthpoint Properties, Ltd.  | 100145 |
| 4162 | Kumba Iron Ore, Ltd.  | 78357 |
| 16013 | MultiChoice Group  | 104587 |
|  |  | 390838 |
|  | **Taiwan, Province of China — 12.7%**  |  |
| 65000 | China Motor Corporation  | 84219 |
| 14400 | Evergreen Marine Corporation Taiwan, Ltd.  | 61448 |
| 16071 | Himax Technologies, Inc. - ADR  | 90962 |
| 63000 | Nanya Technology Corporation  | 106556 |
| 56000 | Pegatron Corporation  | 102537 |
| 39000 | Radiant Opto-Electronics Corporation  | 119097 |
| 12000 | Simplo Technology Company, Ltd.  | 95523 |
| 36000 | Yang Ming Marine Transport Corporation  | 67257 |
|  |  | 727599 |
|  | **Thailand — 5.1%**  |  |
| 207400 | Bangkok Chain Hospital pcl - NVDR  | 100812 |
| 109000 | Ratch Group pcl - NVDR  | 117420 |
| 251100 | Sri Trang Gloves Thailand pcl - NVDR  | 73232 |
|  |  | 291464 |
|  | **Turkey — 11.1%**  |  |
| 63075 | Anadolu Efes Biracilik Ve Malt Sanayii AS  | 162613 |
| 637530 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS  | 151132 |
| 31091 | Tofas Turk Otomobil Fabrikasi AS  | 164456 |
| 112625 | Turkcell Iletisim Hizmetleri AS  | 155229 |
|  |  | 633430 |
|  | TOTAL COMMON STOCKS (Cost $7,338,933)  | 5323708 |

---

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

**AAM S&P Emerging Markets High Dividend Value ETF** 

**Schedule of Investments** <br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **PREFERRED STOCKS — 6.3%** |  |
|  | **Brazil — 6.3%**  |  |
| 18056 | Braskem SA - Class A  | $115034 |
| 58077 | Cia Energetica de Minas Gerais  | 125733 |
| 21053 | Petroleo Brasileiro SA  | 119563 |
|  |  | 360330 |
|  | TOTAL PREFERRED STOCKS (Cost $358,603)  | 360330 |
|  | **SHORT-TERM INVESTMENTS — 0.7%** |  |
| 39521 | Invesco Government & Agency Portfolio, Institutional Class — 3.07% <sup>(d)</sup>  | 39521 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $39,521)  | 39521 |
|  | TOTAL INVESTMENTS (Cost $7,737,057) — 100.2%  | 5723559 |
|  | Liabilities in Excess of Other Assets — (0.2)%  | (10213) |
|  | NET ASSETS — 100.0%  | $5713346 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| ADR  | American Depositary Receipt. |
| GDR | Global Depositary Receipt. |
| NVDR | Non-Voting Depositary Receipt. |
| (a) | Non-income producing security. |
| (b) | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
| (c) | This security has been deemed illiquid according to the Fund's liquidity guidelines. The value of these securities is $0 which represents 0.00% of net assets. |
| (d) | Rate shown is the annualized seven-day yield as of October 31, 2022. |

---

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

**AAM S&P Developed Markets High Dividend Value ETF** 

**Schedule of Investments**<br> October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 95.5%** |  |
|  | **Australia — 11.9%**  |  |
| 6328 | AGL Energy, Ltd.  | $27556 |
| 5626 | Dexus  | 27917 |
| 2953 | Fortescue Metals Group, Ltd.  | 27758 |
| 552 | Rio Tinto, Ltd.  | 31132 |
| 1531 | Sonic Healthcare, Ltd.  | 32082 |
| 13932 | Stockland  | 32072 |
| 1718 | Woodside Energy Group, Ltd.  | 39527 |
|  |  | 218044 |
|  | **Austria — 4.4%**  |  |
| 824 | BAWAG Group AG <sup>(a)</sup>  | 39840 |
| 875 | OMV AG  | 40335 |
|  |  | 80175 |
|  | **Denmark — 1.7%**  |  |
| 15 | AP Moller - Maersk A/S - Class B  | 31384 |
|  | **Finland — 2.4%**  |  |
| 3190 | Fortum Oyj  | 44912 |
|  | **France — 8.3%**  |  |
| 826 | BNP Paribas SA  | 38774 |
| 4255 | Credit Agricole SA  | 38631 |
| 3581 | Orange SA  | 34087 |
| 747 | TotalEnergies SE  | 40680 |
|  |  | 152172 |
|  | **Germany — 7.0%**  |  |
| 1083 | Covestro AG <sup>(a)</sup>  | 36864 |
| 1327 | Fresenius SE & Company KGaA  | 30559 |
| 127 | Hapag-Lloyd AG <sup>(a)</sup>  | 22958 |
| 662 | Mercedes-Benz Group AG  | 38341 |
|  |  | 128722 |
|  | **Hong Kong — 6.3%**  |  |
| 6000 | CK Infrastructure Holdings, Ltd.  | 28510 |
| 26000 | HKT Trust & HKT, Ltd. - SS  | 29379 |

---

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

**AAM S&P Developed Markets High Dividend Value ETF** 

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 95.5% (Continued)** |  |
|  | **Hong Kong — 6.3% (Continued)** |  |
| 1000 | Orient Overseas International, Ltd.  | $14612 |
| 6500 | Swire Pacific, Ltd. - Class A  | 43017 |
|  |  | 115518 |
|  | **Israel — 1.1%**  |  |
| 819 | ZIM Integrated Shipping Services, Ltd.  | 19238 |
|  | **Italy — 8.5%**  |  |
| 2534 | Assicurazioni Generali SpA  | 38043 |
| 5806 | Banca Mediolanum SpA  | 43496 |
| 3302 | Eni SpA  | 43255 |
| 13319 | Hera SpA  | 31751 |
|  |  | 156545 |
|  | **Japan — 18.2%**  |  |
| 1700 | BIPROGY, Inc.  | 36771 |
| 1900 | Brother Industries, Ltd.  | 32354 |
| 400 | Daito Trust Construction Company, Ltd.  | 39587 |
| 3700 | Inpex Corporation  | 37788 |
| 2100 | Japan Tobacco, Inc.  | 34813 |
| 1500 | Kawasaki Kisen Kaisha, Ltd.  | 22817 |
| 1100 | Lawson, Inc.  | 35153 |
| 500 | SCREEN Holdings Company, Ltd.  | 27551 |
| 2400 | Seiko Epson Corporation  | 32714 |
| 1300 | Takeda Pharmaceutical Company, Ltd.  | 34268 |
|  |  | 333816 |
|  | **Luxembourg — 1.3%**  |  |
| 11623 | Aroundtown SA  | 23067 |
|  | **Netherlands — 2.1%**  |  |
| 2864 | Stellantis NV  | 38666 |
|  | **Norway — 1.6%**  |  |
| 3148 | Telenor ASA  | 28613 |

---

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

**AAM S&P Developed Markets High Dividend Value ETF** 

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 95.5% (Continued)** | **COMMON STOCKS — 95.5% (Continued)** |
|  | **Spain — 3.3%**  |  |
| 1977 | Red Electrica Corporation SA  | $31947 |
| 8263 | Telefonica SA  | 28461 |
|  |  | 60408 |
|  | **Sweden — 1.5%**  |  |
| 4987 | Telefonaktiebolaget LM Ericsson - Class B  | 27709 |
|  | **Switzerland — 1.9%**  |  |
| 431 | Novartis AG  | 34842 |
|  | **United Kingdom — 14.0%**  |  |
| 1154 | Anglo American plc  | 34658 |
| 6155 | Barratt Developments plc  | 26660 |
| 900 | British American Tobacco plc  | 35578 |
| 1765 | GSK plc  | 29032 |
| 1659 | Imperial Brands plc  | 40570 |
| 644 | Rio Tinto plc  | 33640 |
| 11860 | Tesco plc  | 29372 |
| 23846 | Vodafone Group plc  | 27905 |
|  |  | 257415 |
|  | TOTAL COMMON STOCKS (Cost $2,183,953)  | 1751246 |
|  | **PREFERRED STOCKS — 3.9%** |  |
|  | **Germany — 3.9%**  |  |
| 498 | Bayerische Motoren Werke AG  | 36767 |
| 269 | Volkswagen AG  | 34387 |
|  |  | 71154 |
|  | TOTAL PREFERRED STOCKS (Cost $75,230)  | 71154 |

---

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

**AAM S&P Developed Markets High Dividend Value ETF** 

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **SHORT-TERM INVESTMENTS — 0.6%** |  |
| 11443 | Invesco Government & Agency Portfolio, Institutional Class — 3.07% <sup>(b)</sup>  | $11443 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $11,443)  | 11443 |
|  | TOTAL INVESTMENTS (Cost $2,270,626) — 100.0%  | 1833843 |
|  | Other Assets in Excess of Liabilities — 0.0% <sup>(c)</sup>  | 93 |
|  | NET ASSETS — 100.0%  | $1833936 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| SS | Stapled Security. |
| (a) | Restricted security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At October 31, 2022, the market value of these securities total $99,662, which represents 5.43% of total net assets. |
| (b) | Rate shown is the annualized seven-day yield as of October 31, 2022. |
| (c)  | Represents less than 0.05% of net assets. |

---

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

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

**Schedule of Investments**<br> October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **PREFERRED STOCKS — 99.7%** |  |
|  | **Consumer Discretionary — 3.3%**  |  |
|  | Brunswick Corporation  |  |
| 22366 | &nbsp;&nbsp;&nbsp;6.500%, 10/15/2048  | $545283 |
| 15112 | &nbsp;&nbsp;&nbsp;6.625%, 01/15/2049  | 388379 |
| 27806 | &nbsp;&nbsp;&nbsp;6.375%, 04/15/2049  | 634811 |
|  | Dillard's Capital Trust I  |  |
| 24180 | &nbsp;&nbsp;&nbsp;7.500%, 08/01/2038  | 624328 |
|  | Fossil Group, Inc.  |  |
| 18133 | &nbsp;&nbsp;&nbsp;7.000%, 11/30/2026  | 229020 |
|  | Qurate Retail, Inc.  |  |
| 38288 | &nbsp;&nbsp;&nbsp;8.000%, 03/15/2031  | 1846247 |
|  | TravelCenters of America, Inc.  |  |
| 13297 | &nbsp;&nbsp;&nbsp;8.250%, 01/15/2028  | 336946 |
| 14508 | &nbsp;&nbsp;&nbsp;8.000%, 12/15/2029  | 367633 |
| 12090 | &nbsp;&nbsp;&nbsp;8.000%, 10/15/2030  | 305151 |
|  |  | 5277798 |
|  | **Consumer Staples — 3.8%**  |  |
|  | CHS, Inc. |  |
| 64858 | &nbsp;&nbsp;&nbsp;Series 1, 7.875%, Perpetual  | 1664256 |
| 50776 | &nbsp;&nbsp;&nbsp;Series 2, 7.100%, Perpetual <sup>(a)</sup>  | 1271939 |
| 59542 | &nbsp;&nbsp;&nbsp;Series 3, 6.750%, Perpetual <sup>(a)</sup>  | 1454611 |
| 62564 | &nbsp;&nbsp;&nbsp;Series 4, 7.500%, Perpetual  | 1606644 |
|  |  | 5997450 |
|  | **Energy — 7.5%**  |  |
|  | Altera Infrastructure LP |  |
| 14520 | &nbsp;&nbsp;&nbsp;Series A, 7.250%, Perpetual <sup>(b)(e)(f)</sup>  | 0 |
| 12088 | &nbsp;&nbsp;&nbsp;Series B, 8.500%, Perpetual <sup>(b)(e)(f)</sup>  | 0 |
| 11613 | &nbsp;&nbsp;&nbsp;Series E, 8.875%, Perpetual <sup>(a)(b)(e)(f)</sup>  | 0 |
|  | DCP Midstream LP  |  |
| 19493 | &nbsp;&nbsp;&nbsp;Series B, 7.875%, Perpetual <sup>(a)</sup>  | 469781 |
| 13297 | &nbsp;&nbsp;&nbsp;Series C, 7.950%, Perpetual <sup>(a)</sup>  | 315006 |
|  | Enbridge, Inc.  |  |
| 72538 | &nbsp;&nbsp;&nbsp;Series B, 6.375%, 04/15/2078 <sup>(a)</sup>  | 1722778 |

---

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

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

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **PREFERRED STOCKS — 99.7% (Continued)** | **PREFERRED STOCKS — 99.7% (Continued)** |
|  | **Energy — 7.5% (Continued)** | **Energy — 7.5% (Continued)** |
|  | Energy Transfer LP  |  |
| 54404 | &nbsp;&nbsp;&nbsp;Series C, 7.375%, Perpetual <sup>(a)</sup>  | $1218650 |
| 53800 | &nbsp;&nbsp;&nbsp;Series D, 7.625%, Perpetual <sup>(a)</sup>  | 1229868 |
| 96718 | &nbsp;&nbsp;&nbsp;Series E, 7.600%, Perpetual <sup>(a)</sup>  | 2227415 |
|  | NGL Energy Partners LP  |  |
| 38039 | &nbsp;&nbsp;&nbsp;Series B, 11.653%, Perpetual <sup>(a)(f)</sup>  | 387617 |
|  | NuStar Energy LP  |  |
| 27382 | &nbsp;&nbsp;&nbsp;Series A, 10.249%, Perpetual <sup>(a)</sup>  | 634167 |
| 46546 | &nbsp;&nbsp;&nbsp;Series B, 9.126%, Perpetual <sup>(a)</sup>  | 988637 |
| 20853 | &nbsp;&nbsp;&nbsp;Series C, 9.000%, Perpetual <sup>(a)</sup>  | 488794 |
|  | NuStar Logistics LP  |  |
| 48659 | &nbsp;&nbsp;&nbsp;10.813%, 01/15/2043 <sup>(a)</sup>  | 1212096 |
|  | Seapeak LLC  |  |
| 20551 | &nbsp;&nbsp;&nbsp;Series B, 8.500%, Perpetual <sup>(a)</sup>  | 484593 |
| 15112 | &nbsp;&nbsp;&nbsp; 9.000%, Perpetual  | 366466 |
|  |  | 11745868 |
|  | **Financials — 76.0% <sup>(c)</sup>** |  |
|  | ACRES Commercial Realty Corporation  |  |
| 14508 | &nbsp;&nbsp;&nbsp;Series C, 8.625%, Perpetual <sup>(a)</sup>  | 304813 |
|  | AGNC Investment Corporation  |  |
| 39292 | &nbsp;&nbsp;&nbsp;Series C, 9.190%, Perpetual <sup>(a)</sup>  | 927291 |
| 28409 | &nbsp;&nbsp;&nbsp;Series D, 6.875%, Perpetual <sup>(a)</sup>  | 522441 |
| 48659 | &nbsp;&nbsp;&nbsp;Series E, 6.500%, Perpetual <sup>(a)</sup>  | 953716 |
| 69516 | &nbsp;&nbsp;&nbsp;Series F, 6.125%, Perpetual <sup>(a)</sup>  | 1292998 |
| 18133 | &nbsp;&nbsp;&nbsp;Series G, 7.750%, Perpetual <sup>(a)(f)</sup>  | 376804 |
|  | Allstate Corporation  |  |
| 60448 | &nbsp;&nbsp;&nbsp;5.100%, 01/15/2053 <sup>(a)</sup>  | 1461633 |
|  | American Equity Investment Life Holding Company  |  |
| 48358 | &nbsp;&nbsp;&nbsp;Series A, 5.950%, Perpetual <sup>(a)</sup>  | 1089506 |
| 36270 | &nbsp;&nbsp;&nbsp;Series B, 6.625%, Perpetual <sup>(a)</sup>  | 840013 |
|  | Annaly Capital Management, Inc.  |  |
| 87046 | &nbsp;&nbsp;&nbsp;Series F, 8.667%, Perpetual <sup>(a)</sup>  | 2096938 |
| 51382 | &nbsp;&nbsp;&nbsp;Series G, 6.500%, Perpetual <sup>(a)</sup>  | 1050248 |
| 53496 | &nbsp;&nbsp;&nbsp;Series I, 6.750%, Perpetual <sup>(a)</sup>  | 1113787 |

---

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

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

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **PREFERRED STOCKS — 99.7% (Continued)** | **PREFERRED STOCKS — 99.7% (Continued)** |
|  | **Financials — 76.0% <sup>(c)</sup>** **(Continued)** | **Financials — 76.0% <sup>(c)</sup>** **(Continued)** |
|  | Arbor Realty Trust, Inc. |  |
| 33700 | &nbsp;&nbsp;&nbsp;Series F, 6.250%, Perpetual <sup>(a)</sup>  | $630190 |
|  | Argo Group International Holdings, Ltd.  |  |
| 18133 | &nbsp;&nbsp;&nbsp;7.000%, Perpetual <sup>(a)</sup>  | 362660 |
|  | Aspen Insurance Holdings, Ltd.  |  |
| 33245 | &nbsp;&nbsp;&nbsp;5.950%, Perpetual <sup>(a)</sup>  | 758318 |
|  | Athene Holding, Ltd.  |  |
| 104274 | &nbsp;&nbsp;&nbsp;Series A, 6.350%, Perpetual <sup>(a)</sup>  | 2482764 |
| 72538 | &nbsp;&nbsp;&nbsp;Series C, 6.375%, Perpetual <sup>(a)</sup>  | 1808372 |
|  | Atlanticus Holdings Corporation  |  |
| 18133 | &nbsp;&nbsp;&nbsp;6.125%, 11/30/2026  | 376985 |
|  | B. Riley Financial, Inc.  |  |
| 13444 | &nbsp;&nbsp;&nbsp;6.750%, 05/31/2024  | 322656 |
| 17228 | &nbsp;&nbsp;&nbsp;6.375%, 02/28/2025  | 376604 |
| 25074 | &nbsp;&nbsp;&nbsp;5.500%, 03/31/2026  | 533575 |
| 20213 | &nbsp;&nbsp;&nbsp;6.500%, 09/30/2026  | 414771 |
| 39013 | &nbsp;&nbsp;&nbsp;5.000%, 12/31/2026  | 780650 |
| 27806 | &nbsp;&nbsp;&nbsp;6.000%, 01/31/2028  | 512186 |
| 38234 | &nbsp;&nbsp;&nbsp;5.250%, 08/31/2028  | 648831 |
|  | Bank of America Corporation  |  |
| 27080 | &nbsp;&nbsp;&nbsp;Series 2, 3.693%, Perpetual <sup>(a)</sup>  | 511270 |
| 19045 | &nbsp;&nbsp;&nbsp;Series 4, 5.190%, Perpetual <sup>(a)</sup>  | 358617 |
| 38189 | &nbsp;&nbsp;&nbsp;Series 5, 4.000%, Perpetual <sup>(a)</sup>  | 727501 |
| 28734 | &nbsp;&nbsp;&nbsp;Series E, 4.790%, Perpetual <sup>(a)</sup>  | 531579 |
| 95096 | &nbsp;&nbsp;&nbsp;Series K, 6.450%, 12/15/2066 <sup>(a)</sup>  | 2415438 |
| 122267 | &nbsp;&nbsp;&nbsp;Series GG, 6.000%, Perpetual  | 2909955 |
|  | Chimera Investment Corporation  |  |
| 39292 | &nbsp;&nbsp;&nbsp;Series B, 8.000%, Perpetual <sup>(a)</sup>  | 730831 |
| 31434 | &nbsp;&nbsp;&nbsp;Series C, 7.750%, Perpetual <sup>(a)</sup>  | 534378 |
| 24180 | &nbsp;&nbsp;&nbsp;Series D, 8.000%, Perpetual <sup>(a)</sup>  | 432822 |
|  | Citigroup, Inc.  |  |
| 114852 | &nbsp;&nbsp;&nbsp;Series J, 7.125%, Perpetual <sup>(a)</sup>  | 2866706 |
| 180741 | &nbsp;&nbsp;&nbsp;Series K, 6.875%, Perpetual <sup>(a)</sup>  | 4561903 |
|  | Citizens Financial Group, Inc.  |  |
| 36270 | &nbsp;&nbsp;&nbsp;Series D, 6.350%, Perpetual <sup>(a)</sup>  | 850532 |

---

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

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

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **PREFERRED STOCKS — 99.7% (Continued)** | **PREFERRED STOCKS — 99.7% (Continued)** |
|  | **Financials — 76.0% <sup>(c)</sup>** **(Continued)** | **Financials — 76.0% <sup>(c)</sup>** **(Continued)** |
|  | Compass Diversified Holdings |  |
| 12090 | &nbsp;&nbsp;&nbsp;Series B, 7.875%, Perpetual <sup>(a)</sup>  | $295359 |
|  | ConnectOne Bancorp, Inc.  |  |
| 13904 | &nbsp;&nbsp;&nbsp;Series A, 5.250%, Perpetual <sup>(a)</sup>  | 286005 |
|  | Cowen, Inc.  |  |
| 12090 | &nbsp;&nbsp;&nbsp;7.750%, 06/15/2033  | 306965 |
|  | Dynex Capital, Inc.  |  |
| 13481 | &nbsp;&nbsp;&nbsp;Series C, 6.900%, Perpetual <sup>(a)</sup>  | 278787 |
|  | Ellington Financial, Inc.  |  |
| 13904 | &nbsp;&nbsp;&nbsp;6.750%, Perpetual <sup>(a)</sup>  | 280027 |
| 14508 | &nbsp;&nbsp;&nbsp;Series B, 6.250%, Perpetual <sup>(a)</sup>  | 263175 |
|  | Enstar Group, Ltd. |  |
| 48358 | &nbsp;&nbsp;&nbsp;Series D, 7.000%, Perpetual <sup>(a)</sup>  | 1062909 |
|  | Fifth Third Bancorp  |  |
| 54404 | &nbsp;&nbsp;&nbsp;Series I, 6.625%, Perpetual <sup>(a)</sup>  | 1372069 |
|  | First Eagle Alternative Capital BDC, Inc.  |  |
| 13492 | &nbsp;&nbsp;&nbsp;5.000%, 05/25/2026  | 317602 |
|  | First Horizon Corporation  |  |
| 12090 | &nbsp;&nbsp;&nbsp;Series D, 6.100%, Perpetual <sup>(a)</sup>  | 272509 |
|  | FNB Corporation |  |
| 13405 | &nbsp;&nbsp;&nbsp;7.250%, Perpetual <sup>(a)</sup> | 332578 |
|  | Gladstone Investment Corporation |  |
| 15467 | &nbsp;&nbsp;&nbsp;5.000%, 05/01/2026  | 352647 |
| 16266 | &nbsp;&nbsp;&nbsp;4.875%, 11/01/2028  | 336869 |
|  | Goldman Sachs Group, Inc.  |  |
| 66145 | &nbsp;&nbsp;&nbsp;Series A, 3.750%, Perpetual <sup>(a)</sup>  | 1208469 |
| 17641 | &nbsp;&nbsp;&nbsp;Series C, 5.190%, Perpetual <sup>(a)</sup>  | 330239 |
| 119060 | &nbsp;&nbsp;&nbsp;Series D, 4.000%, Perpetual <sup>(a)</sup>  | 2190704 |
| 88196 | &nbsp;&nbsp;&nbsp;Series J, 5.500%, Perpetual <sup>(a)</sup>  | 2170504 |
| 61735 | &nbsp;&nbsp;&nbsp;Series K, 6.375%, Perpetual <sup>(a)</sup>  | 1527941 |
|  | Granite Point Mortgage Trust, Inc.  |  |
| 24874 | &nbsp;&nbsp;&nbsp;Series A, 7.000%, Perpetual <sup>(a)</sup>  | 494246 |
|  | Hartford Financial Services Group, Inc.  |  |
| 41710 | &nbsp;&nbsp;&nbsp;Series G, 6.000%, Perpetual  | 1023563 |

---

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

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

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **PREFERRED STOCKS — 99.7% (Continued)** | **PREFERRED STOCKS — 99.7% (Continued)** |
|  | **Financials — 76.0% <sup>(c)</sup>** **(Continued)** | **Financials — 76.0% <sup>(c)</sup>** **(Continued)** |
|  | Heartland Financial USA, Inc. |  |
| 13904 | &nbsp;&nbsp;&nbsp;Series E, 7.000%, Perpetual <sup>(a)</sup>  | $350659 |
|  | Invesco Mortgage Capital, Inc.  |  |
| 13715 | &nbsp;&nbsp;&nbsp;Series B, 7.750%, Perpetual <sup>(a)</sup>  | 263328 |
| 23624 | &nbsp;&nbsp;&nbsp;Series C, 7.500%, Perpetual <sup>(a)</sup>  | 428067 |
|  | JPMorgan Chase & Company  |  |
| 223662 | &nbsp;&nbsp;&nbsp;Series EE, 6.000%, Perpetual  | 5457353 |
|  | Kemper Corporation  |  |
| 18133 | &nbsp;&nbsp;&nbsp;5.875%, 03/15/2062 <sup>(a)</sup>  | 378798 |
|  | KeyCorp |  |
| 60448 | &nbsp;&nbsp;&nbsp;Series E, 6.125%, Perpetual <sup>(a)</sup>  | 1410856 |
| 72538 | &nbsp;&nbsp;&nbsp;6.200%, Perpetual <sup>(a)(f)</sup>  | 1768477 |
|  | M&T Bank Corporation  |  |
| 30224 | &nbsp;&nbsp;&nbsp;Series H, 5.625%, Perpetual <sup>(a)</sup>  | 687294 |
|  | Merchants Bancorp  |  |
| 15112 | &nbsp;&nbsp;&nbsp;Series B, 6.000%, Perpetual <sup>(a)</sup>  | 332313 |
| 15715 | &nbsp;&nbsp;&nbsp;8.250%, Perpetual <sup>(a)(f)</sup>  | 412519 |
|  | MetLife, Inc.  |  |
| 72538 | &nbsp;&nbsp;&nbsp;Series A, 4.293%, Perpetual <sup>(a)</sup>  | 1489205 |
|  | MFA Financial, Inc.  |  |
| 33245 | &nbsp;&nbsp;&nbsp;Series C, 6.500%, Perpetual <sup>(a)</sup>  | 591096 |
|  | Midland States Bancorp, Inc.  |  |
| 13904 | &nbsp;&nbsp;&nbsp;7.750%, Perpetual <sup>(a)(f)</sup>  | 351910 |
|  | Morgan Stanley  |  |
| 74152 | &nbsp;&nbsp;&nbsp;Series A, 5.140%, Perpetual <sup>(a)</sup>  | 1390350 |
| 58143 | &nbsp;&nbsp;&nbsp;Series E, 7.125%, Perpetual <sup>(a)</sup>  | 1456482 |
| 57299 | &nbsp;&nbsp;&nbsp;Series F, 6.875%, Perpetual <sup>(a)</sup>  | 1433621 |
| 67411 | &nbsp;&nbsp;&nbsp;Series I, 6.375%, Perpetual <sup>(a)</sup>  | 1637413 |
| 67411 | &nbsp;&nbsp;&nbsp;Series K, 5.850%, Perpetual <sup>(a)</sup>  | 1544386 |
|  | New York Community Bancorp, Inc. |  |
| 62262 | &nbsp;&nbsp;&nbsp;Series A, 6.375%, Perpetual <sup>(a)</sup>  | 1331784 |
|  | New York Mortgage Trust, Inc.  |  |
| 18509 | &nbsp;&nbsp;&nbsp;Series D, 8.000%, Perpetual <sup>(a)</sup>  | 337049 |
| 22400 | &nbsp;&nbsp;&nbsp;Series E, 7.875%, Perpetual <sup>(a)</sup>  | 407008 |
| 17377 | &nbsp;&nbsp;&nbsp;Series F, 6.875%, Perpetual <sup>(a)</sup>  | 297494 |

---

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

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

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **PREFERRED STOCKS — 99.7% (Continued)** | **PREFERRED STOCKS — 99.7% (Continued)** |
|  | **Financials — 76.0% <sup>(c)</sup>** **(Continued)** | **Financials — 76.0% <sup>(c)</sup>** **(Continued)** |
|  | Newtek Business Services Corporation |  |
| 12090 | &nbsp;&nbsp;&nbsp;5.500%, 02/01/2026  | $296568 |
|  | Old National Bancorp  |  |
| 14810 | &nbsp;&nbsp;&nbsp;Series C, 7.000%, Perpetual <sup>(a)</sup>  | 384912 |
|  | PacWest Bancorp  |  |
| 62050 | &nbsp;&nbsp;&nbsp;Series A, 7.750%, Perpetual <sup>(a)</sup>  | 1540081 |
|  | PennyMac Mortgage Investment Trust |  |
| 13904 | &nbsp;&nbsp;&nbsp;Series A, 8.125%, Perpetual <sup>(a)</sup>  | 299631 |
| 23573 | &nbsp;&nbsp;&nbsp;Series B, 8.000%, Perpetual <sup>(a)</sup>  | 506820 |
|  | PNC Financial Services Group, Inc.  |  |
| 159883 | &nbsp;&nbsp;&nbsp;Series P, 8.507%, Perpetual <sup>(a)</sup>  | 4069022 |
|  | Popular Capital Trust II  |  |
| 15715 | &nbsp;&nbsp;&nbsp;6.125%, 12/01/2034  | 402147 |
|  | Ready Capital Corporation  |  |
| 24335 | &nbsp;&nbsp;&nbsp;5.750%, 02/15/2026  | 531720 |
| 12392 | &nbsp;&nbsp;&nbsp;6.200%, 07/30/2026  | 278820 |
|  | Regions Financial Corporation |  |
| 60448 | &nbsp;&nbsp;&nbsp;Series B, 6.375%, Perpetual <sup>(a)</sup>  | 1493066 |
| 60448 | &nbsp;&nbsp;&nbsp;Series C, 5.700%, Perpetual <sup>(a)</sup>  | 1258527 |
|  | Reinsurance Group of America, Inc.  |  |
| 30097 | &nbsp;&nbsp;&nbsp;7.663%, 09/15/2042 <sup>(a)</sup>  | 762056 |
| 84628 | &nbsp;&nbsp;&nbsp;7.125%, 10/15/2052 <sup>(a)(f)</sup>  | 2143627 |
| 48358 | &nbsp;&nbsp;&nbsp;5.750%, 06/15/2056 <sup>(a)</sup>  | 1135930 |
|  | Rithm Capital Corporation |  |
| 18768 | &nbsp;&nbsp;&nbsp;Series A, 7.500%, Perpetual <sup>(a)</sup>  | 344768 |
| 34154 | &nbsp;&nbsp;&nbsp;Series B, 7.125%, Perpetual <sup>(a)</sup>  | 595646 |
| 48629 | &nbsp;&nbsp;&nbsp;Series C, 6.375%, Perpetual <sup>(a)</sup>  | 783899 |
| 56216 | &nbsp;&nbsp;&nbsp;Series D, 7.000%, Perpetual <sup>(a)</sup>  | 986591 |
|  | SiriusPoint, Ltd. |  |
| 24180 | &nbsp;&nbsp;&nbsp;Series B, 8.000%, Perpetual <sup>(a)</sup>  | 570648 |
|  | SLM Corporation  |  |
| 12090 | &nbsp;&nbsp;&nbsp;Series B, 4.993%, Perpetual <sup>(a)</sup>  | 698077 |
|  | State Street Corporation  |  |
| 90672 | &nbsp;&nbsp;&nbsp;Series D, 5.900%, Perpetual <sup>(a)</sup>  | 2209677 |
| 60448 | &nbsp;&nbsp;&nbsp;Series G, 5.350%, Perpetual <sup>(a)</sup>  | 1453774 |

---

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

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

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **PREFERRED STOCKS — 99.7% (Continued)** | **PREFERRED STOCKS — 99.7% (Continued)** |
|  | **Financials — 76.0% <sup>(c)</sup>** **(Continued)** | **Financials — 76.0% <sup>(c)</sup>** **(Continued)** |
|  | Synovus Financial Corporation |  |
| 24180 | &nbsp;&nbsp;&nbsp;Series D, 6.300%, Perpetual <sup>(a)</sup>  | $565812 |
| 42314 | &nbsp;&nbsp;&nbsp;Series E, 5.875%, Perpetual <sup>(a)</sup>  | 935139 |
|  | Trinity Capital, Inc. |  |
| 21155 | &nbsp;&nbsp;&nbsp;7.000%, 01/16/2025  | 521471 |
|  | Truist Financial Corporation  |  |
| 20856 | &nbsp;&nbsp;&nbsp;Series I, 4.970%, Perpetual <sup>(a)</sup>  | 367066 |
|  | Two Harbors Investment Corporation  |  |
| 17377 | &nbsp;&nbsp;&nbsp;Series A, 8.125%, Perpetual <sup>(a)</sup>  | 317999 |
| 34758 | &nbsp;&nbsp;&nbsp;Series B, 7.625%, Perpetual <sup>(a)</sup>  | 620778 |
| 35664 | &nbsp;&nbsp;&nbsp;Series C, 7.250%, Perpetual <sup>(a)</sup>  | 649798 |
|  | U.S. Bancorp  |  |
| 1740 | &nbsp;&nbsp;&nbsp;Series A, 5.099%, Perpetual <sup>(a)</sup>  | 1319790 |
| 120896 | &nbsp;&nbsp;&nbsp;Series B, 4.679%, Perpetual <sup>(a)</sup>  | 2162829 |
|  | Valley National Bancorp  |  |
| 13904 | &nbsp;&nbsp;&nbsp;Series A, 6.250%, Perpetual <sup>(a)</sup>  | 308808 |
| 12090 | &nbsp;&nbsp;&nbsp;Series B, 7.856%, Perpetual <sup>(a)</sup>  | 291611 |
|  | Voya Financial, Inc.  |  |
| 36270 | &nbsp;&nbsp;&nbsp;Series B, 5.350%, Perpetual <sup>(a)</sup>  | 768561 |
|  | Wells Fargo & Company  |  |
| 208547 | &nbsp;&nbsp;&nbsp;Series Q, 5.850%, Perpetual <sup>(a)</sup>  | 4744444 |
| 101555 | &nbsp;&nbsp;&nbsp;Series R, 6.625%, Perpetual <sup>(a)</sup>  | 2539891 |
|  | WesBanco, Inc.  |  |
| 18133 | &nbsp;&nbsp;&nbsp;Series A, 6.750%, Perpetual <sup>(a)</sup>  | 454413 |
|  | Western Alliance Bancorp  |  |
| 36270 | &nbsp;&nbsp;&nbsp;Series A, 4.250%, Perpetual <sup>(a)</sup>  | 725400 |
|  | Wintrust Financial Corporation  |  |
| 15112 | &nbsp;&nbsp;&nbsp;Series D, 6.500%, Perpetual <sup>(a)</sup>  | 371151 |
| 34758 | &nbsp;&nbsp;&nbsp;Series E, 6.875%, Perpetual <sup>(a)</sup>  | 880420 |
|  | Zions Bancorp NA  |  |
| 16731 | &nbsp;&nbsp;&nbsp;Series G, 6.300%, Perpetual <sup>(a)</sup>  | 422123 |
|  |  | 119644422 |

---

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

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

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **PREFERRED STOCKS — 99.7% (Continued)** | **PREFERRED STOCKS — 99.7% (Continued)** |
|  | **Industrials — 3.2%**  |  |
|  | Air Lease Corporation |  |
| 30224 | &nbsp;&nbsp;&nbsp;Series A, 6.150%, Perpetual <sup>(a)</sup>  | $649816 |
|  | Atlas Corporation  |  |
| 15394 | &nbsp;&nbsp;&nbsp;Series D, 7.950%, Perpetual  | 376999 |
| 18133 | &nbsp;&nbsp;&nbsp;Series I, 8.000%, Perpetual <sup>(a)</sup>  | 389316 |
|  | Babcock & Wilcox Enterprises, Inc.  |  |
| 19344 | &nbsp;&nbsp;&nbsp;8.125%, 02/28/2026  | 442204 |
| 18308 | &nbsp;&nbsp;&nbsp;6.500%, 12/31/2026  | 378792 |
|  | Charah Solutions, Inc.  |  |
| 16322 | &nbsp;&nbsp;&nbsp;8.500%, 08/31/2026  | 316647 |
|  | Fortress Transportation & Infrastructure Investors, LLC  |  |
| 12634 | &nbsp;&nbsp;&nbsp;Series A, 8.250%, Perpetual <sup>(a)</sup>  | 256470 |
| 14931 | &nbsp;&nbsp;&nbsp;Series B, 8.000%, Perpetual <sup>(a)</sup>  | 297426 |
| 12694 | &nbsp;&nbsp;&nbsp;Series C, 8.250%, Perpetual <sup>(a)</sup>  | 238012 |
|  | Global Ship Lease, Inc.  |  |
| 13176 | &nbsp;&nbsp;&nbsp;8.750%, Perpetual  | 331508 |
|  | Steel Partners Holdings LP  |  |
| 19409 | &nbsp;&nbsp;&nbsp;Series A, 6.000%, 02/07/2026  | 447378 |
|  | Textainer Group Holdings, Ltd.  |  |
| 18133 | &nbsp;&nbsp;&nbsp;7.000%, Perpetual <sup>(a)</sup>  | 417059 |
|  | Triton International, Ltd.  |  |
| 17377 | &nbsp;&nbsp;&nbsp;8.000%, Perpetual  | 424346 |
|  |  | 4965973 |
|  | **Information Technology — 0.2%**  |  |
|  | Synchronoss Technologies, Inc.  |  |
| 15112 | &nbsp;&nbsp;&nbsp;8.375%, 06/30/2026  | 287430 |
|  | **Real Estate — 0.7%**  |  |
|  | Brookfield DTLA Fund Office Trust Investor, Inc. |  |
| 29408 | &nbsp;&nbsp;&nbsp;Series A, 7.625%, Perpetual <sup>(f)</sup>  | 202915 |
|  | Cedar Realty Trust, Inc.  |  |
| 15112 | &nbsp;&nbsp;&nbsp;Series C, 6.500%, Perpetual  | 127696 |
|  | Gladstone Land Corporation  |  |
| 18001 | &nbsp;&nbsp;&nbsp;Series B, 6.000%, Perpetual  | 443545 |

---

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

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

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **PREFERRED STOCKS — 99.7% (Continued)** | **PREFERRED STOCKS — 99.7% (Continued)** |
|  | **Real Estate — 0.7% (Continued)** |  |
|  | iStar, Inc. |  |
| 12090 | &nbsp;&nbsp;&nbsp;Series D, 8.000%, Perpetual  | $294875 |
|  | Pennsylvania Real Estate Investment Trust  |  |
| 20853 | &nbsp;&nbsp;&nbsp;Series C, 7.200%, Perpetual <sup>(f)</sup>  | 40663 |
| 15112 | &nbsp;&nbsp;&nbsp;Series D, 6.875%, Perpetual <sup>(f)</sup>  | 29922 |
|  |  | 1139616 |
|  | **Utilities — 5.0%** |  |
|  | Algonquin Power & Utilities Corporation |  |
| 42314 | &nbsp;&nbsp;&nbsp;Series 19-A, 6.200%, 07/01/2079 <sup>(a)</sup>  | 959259 |
| 34758 | &nbsp;&nbsp;&nbsp;6.875%, 10/17/2078 <sup>(a)</sup>  | 780317 |
|  | Duke Energy Corporation  |  |
| 60448 | &nbsp;&nbsp;&nbsp;5.625%, 09/15/2078  | 1432013 |
|  | NiSource, Inc.  |  |
| 60448 | &nbsp;&nbsp;&nbsp;Series B, 6.500%, Perpetual <sup>(a)</sup>  | 1493670 |
|  | SCE Trust III  |  |
| 33245 | &nbsp;&nbsp;&nbsp;Series H, 5.750%, Perpetual <sup>(a)</sup>  | 642958 |
|  | SCE Trust IV  |  |
| 39292 | &nbsp;&nbsp;&nbsp;Series J, 5.375%, Perpetual <sup>(a)</sup>  | 704899 |
|  | SCE Trust V  |  |
| 36270 | &nbsp;&nbsp;&nbsp;Series K, 5.450%, Perpetual <sup>(a)</sup>  | 695659 |
|  | Tennessee Valley Authority  |  |
| 25145 | &nbsp;&nbsp;&nbsp;Series A, 2.216%, 05/01/2029 <sup>(a)</sup>  | 517735 |
| 30949 | &nbsp;&nbsp;&nbsp;Series D, 2.134%, 06/01/2028 <sup>(a)</sup>  | 668808 |
|  |  | 7895318 |
|  | &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCKS (Cost $172,053,924)  | 156953875 |

---

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

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

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **SHORT-TERM INVESTMENTS** — **0.8%** |  |
| 1182365 | Invesco Government & Agency Portfolio, Institutional Class — 3.07% <sup>(d)</sup>  | $1182365 |
|  | TOTAL SHORT—TERM INVESTMENTS (Cost $1,182,365)  | 1182365 |
|  | TOTAL INVESTMENTS (Cost $173,236,289) — 100.5%  | 158136240 |
|  | Liabilities in Excess of Other Assets — (0.5)%  | (772182) |
|  | NET ASSETS — 100.0%  | $157364058 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | Variable or floating rate security based on a reference index and spread. Certain securities are fixed to variable and currently in the fixed phase. Rate disclosed is the rate in effect as of October 31, 2022. |
| (b) | Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy. |
| (c) | To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in the Notes to Financial Statements. |
| (d) | Rate shown is the annualized seven-day yield as of October 31, 2022. |
| (e) | This security has been deemed illiquid according to the Fund's liquidity guidelines. The value of these securities is $0 which represents 0.00% of net assets.  |
| (f) | Non-income producing security. |

---

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

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

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**Schedule of Investments**<br> October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
| | **COMMON STOCKS — 99.7%** | |
| | **Communication Services — 2.2%** | |
| 17951 | Nexstar Media Group, Inc. — Class A | $3075006 |
|  | **Consumer Discretionary — 9.4%** |  |
| 17247 | Advance Auto Parts, Inc. | 3275550 |
| 17538 | Brunswick Corporation | 1239410 |
| 31814 | Hasbro, Inc. | 2075864 |
| 25886 | LCI Industries | 2746763 |
| 85736 | MDC Holdings, Inc. | 2611519 |
| 12780 | Penske Automotive Group, Inc. | 1426504 |
|  |  | 13375610 |
|  | **Consumer Staples — 7.6%** |  |
| 48636 | Inter Parfums, Inc. | 3933679 |
| 17232 | Lancaster Colony Corporation | 3106585 |
| 120609 | Reynolds Consumer Products, Inc. | 3683399 |
|  |  | 10723663 |
|  | **Energy — 0.8%** |  |
| 43530 | World Fuel Services Corporation | 1109580 |
|  | **Financials — 17.8%** |  |
| 51862 | Evercore, Inc. - Class A | 5450696 |
| 101174 | First Financial Bancorp | 2637606 |
| 83904 | First Interstate BancSystem, Inc. - Class A | 3826861 |
| 168018 | Home BancShares, Inc. | 4282779 |
| 53524 | Horace Mann Educators Corporation | 2112057 |
| 145192 | Huntington Bancshares, Inc. | 2204015 |
| 129745 | Regions Financial Corporation | 2847903 |
| 64830 | Victory Capital Holdings, Inc. - Class A | 1874884 |
|  |  | 25236801 |
|  | **Health Care — 8.2%** |  |
| 43123 | Patterson Companies, Inc. | 1119904 |
| 123210 | Perrigo Company plc - ADR | 4962899 |
| 38746 | Quest Diagnostics, Inc. | 5565863 |
|  |  | 11648666 |

---

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

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 99.7% (Continued)** |  |
|  | **Industrials — 17.7%** |  |
| 59328 | Booz Allen Hamilton Holding Corporation | $6457853 |
| 25377 | Hubbell, Inc. | 6026530 |
| 33044 | Insperity, Inc. | 3899853 |
| 19378 | Snap-on, Inc. | 4302885 |
| 15998 | Watsco, Inc. | 4334818 |
|  |  | 25021939 |
|  | **Information Technology — 16.9%** |  |
| 65467 | Amdocs, Ltd. - ADR | 5650457 |
| 53257 | Avnet, Inc. | 2140399 |
| 33569 | Broadridge Financial Solutions, Inc. | 5037364 |
| 80814 | CSG Systems International, Inc. | 5226241 |
| 50800 | NetApp, Inc. | 3518916 |
| 43690 | Silicon Motion Technology Corporation - ADR | 2336978 |
|  |  | 23910355 |
|  | **Materials — 7.0%** |  |
| 15982 | Avery Dennison Corporation | 2709748 |
| 92263 | Avient Corporation | 3182151 |
| 25227 | RPM International, Inc. | 2385718 |
| 26065 | Sonoco Products Company | 1618115 |
|  |  | 9895732 |
|  | **Real Estate — 6.6%** |  |
| 65491 | Agree Realty Corporation | 4499231 |
| 30302 | Equity LifeStyle Properties, Inc. | 1938116 |
| 50234 | Terreno Realty Corporation | 2870371 |
|  |  | 9307718 |
|  | **Utilities — 5.5%** |  |
| 61212 | Alliant Energy Corporation | 3193430 |
| 21974 | Atmos Energy Corporation | 2341329 |
| 86188 | NiSource, Inc. | 2214170 |
|  |  | 7748929 |
|  | TOTAL COMMON STOCKS (Cost $140,819,351) | 141053999 |

---

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

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par** | | **Effective <br> Yield** | **Maturity** | **Value** |
|  | **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
|  | **U.S. Treasury Bills — 0.2%** |  |  |  |
| $100000 | United States Treasury Bill <sup>(a)</sup>  | 2.70% | 12/1/2022 | $99716 |
| 151000 | United States Treasury Bill <sup>(a)</sup>  | 3.04% | 12/15/2022 | 150356 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $250,206)  |  |  | 250072 |
|  | TOTAL INVESTMENTS (Cost $141,069,557) — 99.9%  |  |  | 141304071 |
|  | Other Assets in Excess of Liabilities — 0.1%  |  |  | 186157 |
|  | NET ASSETS — 100.0%  |  |  | $141490228 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| ADR  | American Depositary Receipt. |
| (a) | Zero coupon bond. |

---

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

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

**AAM Transformers ETF** 

**Schedule of Investments**<br> October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 100.1%** |  |
|  | **Communication Services — 10.7%**  |  |
| 525 | Alphabet, Inc. - Class A <sup>(a)</sup>  | $49618 |
| 217 | Baidu, Inc. - ADR <sup>(a)</sup>  | 16616 |
| 654 | Bilibili, Inc. - ADR <sup>(a)</sup>  | 5834 |
| 389 | Bumble, Inc. - Class A <sup>(a)</sup>  | 9880 |
| 505 | Cargurus, Inc. <sup>(a)</sup>  | 7353 |
| 705 | Kanzhun, Ltd. - ADR <sup>(a)</sup>  | 7705 |
| 176 | Match Group, Inc. <sup>(a)</sup>  | 7603 |
| 349 | Meta Platforms, Inc. - Class A <sup>(a)</sup>  | 32513 |
| 353 | NetEase, Inc. - ADR  | 19634 |
| 428 | Pinterest, Inc. - Class A <sup>(a)</sup>  | 10529 |
| 1042 | ROBLOX Corporation - Class A <sup>(a)</sup>  | 46619 |
| 507 | Sea, Ltd. - ADR <sup>(a)</sup>  | 25188 |
| 835 | Snap, Inc. - Class A <sup>(a)</sup>  | 8275 |
| 332 | Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 39335 |
| 758 | Tencent Holdings, Ltd. - ADR  | 19920 |
| 649 | Trade Desk, Inc. - Class A <sup>(a)</sup>  | 34553 |
| 412 | TripAdvisor, Inc. <sup>(a)</sup>  | 9731 |
| 230 | ZoomInfo Technologies, Inc. <sup>(a)</sup>  | 10242 |
|  |  | 361148 |
|  | **Consumer Discretionary — 14.2%** |  |
| 333 | Alibaba Group Holding, Ltd. - ADR <sup>(a)</sup>  | 21172 |
| 452 | Amazon.com, Inc. <sup>(a)</sup>  | 46303 |
| 531 | BYD Company, Ltd. - ADR  | 24012 |
| 974 | Coupang, Inc. <sup>(a)</sup>  | 16821 |
| 682 | DoorDash, Inc. - Class A <sup>(a)</sup>  | 29687 |
| 93 | Etsy, Inc. <sup>(a)</sup>  | 8734 |
| 1643 | Farfetch, Ltd. - Class A <sup>(a)</sup>  | 13933 |
| 1113 | Fisker, Inc. <sup>(a)</sup>  | 9071 |
| 532 | Global-e Online, Ltd. <sup>(a)</sup>  | 13454 |
| 582 | Li Auto, Inc. - ADR <sup>(a)</sup>  | 7927 |
| 2610 | Lucid Group, Inc. <sup>(a)</sup>  | 37297 |
| 687 | Meituan - ADR <sup>(a)</sup>  | 22046 |
| 37 | MercadoLibre, Inc. <sup>(a)</sup>  | 33360 |

---

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

**AAM Transformers ETF** 

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 100.1% (Continued)** |  |
|  | **Consumer Discretionary — 14.2% (Continued)**  |  |
| 1144 | Naspers, Ltd. - ADR  | $23360 |
| 1655 | NIO, Inc. - ADR <sup>(a)</sup>  | 16004 |
| 435 | Pinduoduo, Inc. - ADR <sup>(a)</sup>  | 23851 |
| 2616 | Prosus NV - ADR  | 22445 |
| 1257 | Rivian Automotive, Inc. - Class A <sup>(a)</sup>  | 43957 |
| 207 | Tesla, Inc. <sup>(a)</sup>  | 47101 |
| 194 | Xometry, Inc. - Class A <sup>(a)</sup>  | 11652 |
| 936 | XPeng, Inc. - ADR <sup>(a)</sup>  | 6196 |
|  |  | 478383 |
|  | **Energy — 0.4%**  |  |
| 518 | Archaea Energy, Inc. <sup>(a)</sup>  | 13370 |
|  | **Industrials — 11.4%**  |  |
| 1146 | ABB, Ltd. - ADR  | 31905 |
| 56 | Accelleron Industries AG - ADR <sup>(a)</sup>  | 947 |
| 116 | AeroVironment, Inc. <sup>(a)</sup>  | 10614 |
| 1307 | Airbus SE - ADR  | 35328 |
| 85 | Axon Enterprise, Inc. <sup>(a)</sup>  | 12363 |
| 394 | Bloom Energy Corporation - Class A <sup>(a)</sup>  | 7372 |
| 261 | Boeing Company <sup>(a)</sup>  | 37195 |
| 635 | ChargePoint Holdings, Inc. <sup>(a)</sup>  | 8877 |
| 53 | Chart Industries, Inc. <sup>(a)</sup>  | 11813 |
| 538 | Fluence Energy, Inc. <sup>(a)</sup>  | 8032 |
| 41 | Generac Holdings, Inc. <sup>(a)</sup>  | 4752 |
| 63 | HEICO Corporation  | 10246 |
| 167 | Hexcel Corporation  | 9302 |
| 278 | Howmet Aerospace, Inc.  | 9883 |
| 191 | MTU Aero Engines AG - ADR  | 17146 |
| 361 | Plug Power, Inc. <sup>(a)</sup> | 5769 |
| 40 | RBC Bearings, Inc. <sup>(a)</sup>  | 10141 |
| 1845 | Rocket Lab USA, Inc. <sup>(a)</sup>  | 9391 |
| 168 | Rockwell Automation, Inc.  | 42890 |
| 1251 | Safran SA - ADR  | 34803 |

---

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

**AAM Transformers ETF** 

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 100.1% (Continued)** |  |
|  | **Industrials — 11.4% (Continued)**  |  |
| 1322 | Schneider Electric SE - ADR  | $33433 |
| 337 | Spirit AeroSystems Holdings, Inc. - Class A  | 7805 |
| 675 | Stem, Inc. <sup>(a)</sup>  | 9180 |
| 302 | Sunrun, Inc. <sup>(a)</sup>  | 6798 |
| 790 | Symbotic, Inc. <sup>(a)</sup>  | 9749 |
|  |  | 385734 |
|  | **Information Technology — 59.7% <sup>(b)</sup>** |  |
| 156 | Adobe, Inc. <sup>(a)</sup>  | 49686 |
| 700 | Advanced Micro Devices, Inc. <sup>(a)</sup>  | 42042 |
| 420 | Affirm Holdings, Inc. <sup>(a)</sup>  | 8429 |
| 441 | Allegro MicroSystems, Inc. <sup>(a)</sup>  | 11206 |
| 159 | Alteryx, Inc. - Class A <sup>(a)</sup>  | 7748 |
| 321 | Amadeus IT Group SA - ADR <sup>(a)</sup>  | 16724 |
| 151 | Ambarella, Inc. <sup>(a)</sup>  | 8264 |
| 266 | Analog Devices, Inc.  | 37937 |
| 365 | Apple, Inc.  | 55969 |
| 343 | Arista Networks, Inc. <sup>(a)</sup>  | 41455 |
| 544 | Asana, Inc. - Class A <sup>(a)</sup>  | 11206 |
| 133 | Atlassian Corporation - Class A <sup>(a)</sup>  | 26963 |
| 202 | Autodesk, Inc. <sup>(a)</sup>  | 43289 |
| 153 | Axcelis Technologies, Inc. <sup>(a)</sup>  | 8874 |
| 65 | Bill.com Holdings, Inc. <sup>(a)</sup>  | 8668 |
| 149 | Blackline, Inc. <sup>(a)</sup>  | 8344 |
| 584 | Block, Inc. <sup>(a)</sup>  | 35081 |
| 250 | Braze, Inc. - Class A <sup>(a)</sup>  | 7403 |
| 237 | Cadence Design Systems, Inc. <sup>(a)</sup>  | 35879 |
| 169 | Calix, Inc. <sup>(a)</sup>  | 12445 |
| 362 | Canadian Solar, Inc. <sup>(a)</sup>  | 12272 |
| 1935 | Chindata Group Holdings, Ltd. - ADR <sup>(a)</sup>  | 10275 |
| 165 | Cloudflare, Inc. - Class A <sup>(a)</sup>  | 9293 |
| 229 | Cognex Corporation  | 10587 |
| 219 | Coherent Corporation <sup>(a)</sup>  | 7361 |
| 378 | Confluent, Inc. - Class A <sup>(a)</sup>  | 10161 |
| 171 | Coupa Software, Inc. <sup>(a)</sup>  | 9102 |

---

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

**AAM Transformers ETF** 

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 100.1%** |  |
|  | **Information Technology 59.7% <sup>(b)</sup>** **— (Continued)** |  |
| 231 | Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup>  | $37237 |
| 116 | CyberArk Software, Ltd. <sup>(a)</sup>  | 18202 |
| 414 | Datadog, Inc. - Class A <sup>(a)</sup>  | 33331 |
| 253 | DigitalOcean Holdings, Inc. <sup>(a)</sup>  | 9088 |
| 658 | Dlocal, Ltd. <sup>(a)</sup>  | 14673 |
| 374 | DoubleVerify Holdings, Inc. <sup>(a)</sup>  | 10932 |
| 267 | Dynatrace, Inc. <sup>(a)</sup>  | 9409 |
| 120 | Elastic NV <sup>(a)</sup>  | 7674 |
| 142 | Enphase Energy, Inc. <sup>(a)</sup>  | 43594 |
| 105 | Entegris, Inc.  | 8331 |
| 98 | EPAM Systems, Inc. <sup>(a)</sup>  | 34300 |
| 76 | First Solar, Inc. <sup>(a)</sup>  | 11063 |
| 101 | Five9, Inc. <sup>(a)</sup>  | 6086 |
| 406 | Flywire Corporation <sup>(a)</sup>  | 8912 |
| 827 | Fortinet, Inc. <sup>(a)</sup>  | 47271 |
| 644 | GDS Holdings, Ltd. - ADR <sup>(a)</sup>  | 5558 |
| 193 | Gitlab, Inc. - Class A <sup>(a)</sup>  | 9353 |
| 80 | Globant SA <sup>(a)</sup>  | 15094 |
| 321 | HashiCorp, Inc. - Class A <sup>(a)</sup>  | 9864 |
| 32 | HubSpot, Inc. <sup>(a)</sup>  | 9490 |
| 110 | Impinj, Inc. <sup>(a)</sup>  | 12609 |
| 137 | Intuit, Inc.  | 58568 |
| 284 | JinkoSolar Holding Company, Ltd. - ADR <sup>(a)</sup>  | 13484 |
| 605 | Lasertec Corporation - ADR <sup>(a)</sup>  | 16734 |
| 187 | Lattice Semiconductor Corporation <sup>(a)</sup>  | 9071 |
| 1322 | Marqeta, Inc. - Class A <sup>(a)</sup>  | 10417 |
| 873 | Marvell Technology, Inc.  | 34641 |
| 284 | MaxLinear, Inc. <sup>(a)</sup>  | 8770 |
| 224 | Microsoft Corporation  | 51997 |
| 147 | Monday.com, Ltd. <sup>(a)</sup>  | 15720 |
| 40 | MongoDB, Inc. <sup>(a)</sup>  | 7321 |
| 94 | Monolithic Power Systems, Inc.  | 31908 |
| 165 | Nova, Ltd. <sup>(a)</sup>  | 12162 |
| 74 | Novanta, Inc. <sup>(a)</sup>  | 10464 |

---

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

**AAM Transformers ETF** 

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 100.1%** |  |
|  | **Information Technology 59.7% <sup>(b)</sup>** **— (Continued)** |  |
| 414 | NVIDIA Corporation  | $55878 |
| 159 | Okta, Inc. <sup>(a)</sup>  | 8923 |
| 143 | Onto Innovation, Inc. <sup>(a)</sup>  | 9558 |
| 1076 | Pagseguro Digital, Ltd. - Class A <sup>(a)</sup>  | 14720 |
| 1298 | Palantir Technologies, Inc. - Class A <sup>(a)</sup>  | 11409 |
| 220 | Palo Alto Networks, Inc. <sup>(a)</sup>  | 37750 |
| 119 | Paycom Software, Inc. <sup>(a)</sup>  | 41174 |
| 41 | Paylocity Holding Corporation <sup>(a)</sup>  | 9503 |
| 1455 | Payoneer Global, Inc. <sup>(a)</sup>  | 11276 |
| 183 | Procore Technologies, Inc. <sup>(a)</sup>  | 10003 |
| 345 | Pure Storage, Inc. - Class A <sup>(a)</sup>  | 10647 |
| 107 | Qorvo, Inc. <sup>(a)</sup>  | 9211 |
| 444 | QUALCOMM, Inc.  | 52241 |
| 179 | Rapid7, Inc. <sup>(a)</sup>  | 8103 |
| 227 | RingCentral, Inc. - Class A <sup>(a)</sup>  | 8063 |
| 1364 | Sabre Corporation <sup>(a)</sup>  | 7925 |
| 375 | Salesforce, Inc. <sup>(a)</sup>  | 60971 |
| 752 | Samsara, Inc. - Class A <sup>(a)</sup>  | 9257 |
| 146 | Seagate Technology Holdings plc  | 7250 |
| 379 | SentinelOne, Inc. - Class A <sup>(a)</sup>  | 8656 |
| 92 | ServiceNow, Inc. <sup>(a)</sup>  | 38708 |
| 225 | Shift4 Payments, Inc. - Class A <sup>(a)</sup>  | 10343 |
| 81 | Silicon Laboratories, Inc. <sup>(a)</sup>  | 9309 |
| 97 | SiTime Corporation <sup>(a)</sup>  | 8712 |
| 314 | Smartsheet, Inc. - Class A <sup>(a)</sup>  | 10965 |
| 232 | Snowflake, Inc. - Class A <sup>(a)</sup>  | 37190 |
| 61 | SolarEdge Technologies, Inc. <sup>(a)</sup>  | 14032 |
| 111 | Splunk, Inc. <sup>(a)</sup>  | 9225 |
| 170 | Sprout Social, Inc. - Class A <sup>(a)</sup>  | 10256 |
| 468 | Squarespace, Inc. - Class A <sup>(a)</sup>  | 10394 |
| 121 | Synopsys, Inc. <sup>(a)</sup>  | 35399 |
| 380 | Taiwan Semiconductor Manufacturing Company, Ltd. - ADR  | 23389 |
| 260 | Tenable Holdings, Inc. <sup>(a)</sup>  | 10566 |
| 116 | Teradyne, Inc.  | 9437 |

---

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

**AAM Transformers ETF** 

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS — 100.1%** |  |
|  | **Information Technology 59.7% <sup>(b)</sup>** **— (Continued)** |  |
| 524 | Toast, Inc. - Class A <sup>(a)</sup>  | $11575 |
| 143 | Twilio, Inc. - Class A <sup>(a)</sup>  | 10635 |
| 602 | UiPath, Inc. - Class A <sup>(a)</sup>  | 7615 |
| 236 | Unity Software, Inc. <sup>(a)</sup>  | 6962 |
| 89 | Universal Display Corporation  | 8475 |
| 291 | Visa, Inc. - Class A  | 60284 |
| 87 | Wolfspeed, Inc. <sup>(a)</sup>  | 6851 |
| 251 | Workday, Inc. - Class A <sup>(a)</sup>  | 39111 |
| 275 | Zscaler, Inc. <sup>(a)</sup>  | 42378 |
|  |  | 2014320 |
|  | **Materials** — **1.9%**  |  |
| 156 | Albemarle Corporation  | 43660 |
| 3545 | Ginkgo Bioworks Holdings, Inc. <sup>(a)</sup>  | 9678 |
| 317 | Livent Corporation <sup>(a)</sup>  | 10007 |
|  |  | 63345 |
|  | **Utilities** — **1.8%**  |  |
| 499 | Atlantica Sustainable Infrastructure plc  | 13827 |
| 260 | Clearway Energy, Inc. - Class C  | 9032 |
| 119 | NextEra Energy Partners LP  | 8814 |
| 105 | Ormat Technologies, Inc.  | 9497 |
| 2318 | ReNew Energy Global plc - Class A <sup>(a)</sup>  | 13468 |
| 399 | Sunnova Energy International, Inc. <sup>(a)</sup>  | 7398 |
|  |  | 62036 |
|  | TOTAL COMMON STOCKS (Cost $3,941,148)  | 3378336 |

---

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

**AAM Transformers ETF** 

**Schedule of Investments**<br> October 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | **Security Description** | **Value** |
|  | **SHORT-TERM INVESTMENTS** — **0.0% <sup>(c)</sup>** |  |
| 1440 | Invesco Government & Agency Portfolio, Institutional Class — 3.07% <sup>(d)</sup>  | $1440 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $1,440)  | 1440 |
|  | TOTAL INVESTMENTS (Cost $3,942,588) — 100.1%  | 3379776 |
|  | Liabilities in Excess of Other Assets — (0.1)%  | (3025) |
|  | NET ASSETS — 100.0%  | $3376751 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| ADR  | American Depositary Receipt. |
| (a) | Non-income producing security. |
| (b) | To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in the Notes to Financial Statements. |
| (c) | Represents less than 0.05% of net assets. |
| (d) | Rate shown is the annualized seven-day yield as of October 31, 2022. |

---

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

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

**AAM ETFs** 

**Statements of Assets and Liabilities** <br> October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **AAM S&P 500 <br> High Dividend <br> Value ETF** | **AAM S&P <br> Emerging <br> Markets High <br> Dividend <br> Value ETF** | **AAM S&P <br> Developed <br> Markets High <br> Dividend <br> Value ETF** |
| **ASSETS** |  |  |  |
| Investments in securities, at value\*  | $67672524 | $5723559 | $1833843 |
| Foreign currency, at value\*  |  | 2683 |  |
| Dividends and interest receivable  | 89641 | 28443 | 7685 |
| Receivable for capital shares sold  |  |  |  |
| Receivable for securities sold  |  | 6776 |  |
| Cash  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets  | 67762165 | 5761461 | 1841528 |
| **LIABILITIES** |  |  |  |
| Payable for securities purchased  |  |  |  |
| Distribution payable  | 178000 | 45000 | 7000 |
| Payable for capital shares redeemed  |  |  |  |
| Deferred foreign capital gains tax  |  | 767 |  |
| Management fees payable  | 15860 | 2348 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 193860 | 48115 | 7592 |
| **NET ASSETS**  | $67568305 | $5713346 | $1833936 |
| **Net Assets Consist of:** |  |  |  |
| Paid-in capital  | $73758146 | $9055663 | $2645471 |
| Total distributable earnings (accumulated deficit)  | (6189841) | (3342317) | (811535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets  | $67568305 | $5713346 | $1833936 |
| **Net Asset Value:** |  |  |  |
| Net assets  | $67568305 | $5713346 | $1833936 |
| Shares outstanding ^  | 2375000 | 375000 | 100000 |
| Net asset value, offering and redemption price per share  | $28.45 | $15.24 | $18.34 |
| \* Identified Cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities  | $71809290 | $7737057 | $2270626 |
| &nbsp;&nbsp;&nbsp;Foreign Currency  |  | 2704 |  |

---

^ No par value, unlimited number of shares authorized.

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

**AAM ETFs** 

**Statements of Assets and Liabilities** <br> October 31, 2022 (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **AAM Low <br> Duration <br> Preferred <br> and Income <br> Securities ETF** | **AAM Bahl & <br> Gaynor <br> Small/Mid <br> Cap Income <br> Growth ETF** | **AAM <br> Transformers <br> ETF** |
| **ASSETS** |  |  |  |
| Investments in securities, at value\*  | $158136240 | $141304071 | $3379776 |
| Foreign currency, at value\*  |  |  |  |
| Dividends and interest receivable  | 604377 | 89601 | 6 |
| Receivable for capital shares sold  |  | 4352642 |  |
| Receivable for securities sold  | 23281986 | 1824890 | 1124429 |
| Cash  |  | 303782 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets  | 182022603 | 147874986 | 4504211 |
| **LIABILITIES** |  |  |  |
| Payable for securities purchased  | 24057837 | 5144272 |  |
| Distribution payable  | 540000 | 258000 |  |
| Payable for capital shares redeemed  |  | 920304 | 1125595 |
| Deferred foreign capital gains tax  |  |  |  |
| Management fees payable  | 60708 | 62182 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 24658545 | 6384758 | 1127460 |
| **NET ASSETS**  | $157364058 | $141490228 | $3376751 |
| **Net Assets Consist of:** |  |  |  |
| Paid-in capital  | $187961536 | $146896636 | $4058768 |
| Total distributable earnings (accumulated deficit)  | (30597478) | (5406408) | (682017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets  | $157364058 | $141490228 | $3376751 |
| **Net Asset Value:** |  |  |  |
| Net assets  | $157364058 | $141490228 | $3376751 |
| Shares outstanding ^  | 7600000 | 6150000 | 150000 |
| Net asset value, offering and redemption price per share  | $20.71 | $23.01 | $22.51 |
| \* Identified Cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Securities  | $173236289 | $141069557 | $3942588 |
| &nbsp;&nbsp;&nbsp;Foreign Currency  |  |  |  |

---

^ No par value, unlimited number of shares authorized.

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

**AAM ETFs** 

**Statements of Operations** <br> For the Period Ended October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **AAM S&P 500 <br> High Dividend <br> Value ETF** | **AAM S&P <br> Emerging <br> Markets High <br> Dividend <br> Value ETF** | **AAM S&P <br> Developed <br> Markets High <br> Dividend <br> Value ETF** |
| **INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends^  | $2331959 | $545751 | $122939 |
| &nbsp;&nbsp;&nbsp;Interest  | 1918 | 346 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income  | 2333877 | 546097 | 123009 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees  | 175436 | 33654 | 8548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses  | 175436 | 33654 | 8548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)**  | 2158441 | 512443 | 114461 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | 2622119 | (676503)<sup>(1)</sup> | (75116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency  |  | (23351) | (396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by sub-adviser (Note 4)  |  | 47299 |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | (7543894) | (1706406)<sup>(2)</sup> | (487888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency  |  | 522 | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments**  | (4921775) | (2358439) | (563488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | $(2763334) | $(1845996) | $(449027) |
| ^ Net of foreign withholding taxes | $2717 | $58174 | $17377 |

---

(1) Net of foreign capital gains tax of $16,842.

(2) Net of change in deferred foreign capital gains tax of $(13,201).

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

**AAM ETFs** 

**Statements of Operations** <br> For the Period Ended October 31, 2022 (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **AAM Low <br> Duration <br> Preferred <br> and Income <br> Securities ETF** | **AAM Bahl <br> & Gaynor <br> Small/Mid <br> Cap Income <br> Growth ETF** | **AAM <br> Transformers <br> ETF\*** |
| **INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends^  | $8125984 | $1819748 | $2072 |
| &nbsp;&nbsp;&nbsp;Interest  | 6178 | 2657 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income  | 8132162 | 1822405 | 2086 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees  | 652554 | 407424 | 6984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses  | 652554 | 407424 | 6984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)**  | 7479608 | 1414981 | (4898) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | (14610582) | (4100513) | (25004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by sub-adviser (Note 4)  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | (15422799) | 270223 | (562812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments**  | (30033381) | (3830290) | (587816) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | $(22553773) | $(2415309) | $(592714) |
| ^ Net of foreign withholding taxes | $1589 | $— | $66 |

---

\* Fund commenced operations on July 11, 2022. The information presented is for the period from July 11, 2022 to October 31, 2022.

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

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

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> October 31, <br> 2022** | **Year Ended <br> October 31, <br> 2021** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $2158441 | $1135551 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments  | 2622119 | 3520139 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments  | (7543894) | 5461526 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (2763334) | 10117216 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net distributions to shareholders  | (2174972) | (1144279) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders**  | (2174972) | (1144279) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 31157055 | 30128277 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (4250803) | (17288578) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions <sup>(a)</sup>**  | 26906252 | 12839699 |
| **Net increase (decrease) in net assets**  | $21967946 | $21812636 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year  | $45600359 | $23787723 |
| &nbsp;&nbsp;&nbsp;End of year  | $67568305 | $45600359 |

---

(a) A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Shares** |
| Shares sold  | 1000000 | 1000000 |
| Shares redeemed  | (150000) | (600000) |
| Net increase (decrease)  | 850000 | 400000 |

---

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

**AAM S&P Emerging Markets High Dividend Value ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> October 31, <br> 2022** | **Year Ended <br> October 31, <br> 2021** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $512443 | $378701 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency  | (652555) | 785749 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments and foreign currency  | (1705884) | 75302 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (1845996) | 1239752 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net distributions to shareholders  | (526722) | (340332) |
| &nbsp;&nbsp;&nbsp;Tax return of capital to shareholders  | (17084) |  |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders**  | (543806) | (340332) |
| **CAPITAL SHARE TRANSACTIONS**  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 806693 | 6079493 |
| &nbsp;&nbsp;&nbsp;Transaction fees (Note 6)  | 72 | 8651 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (428448) | (4948485) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions <sup>(a)</sup>**  | 378317 | 1139659 |
| **Net increase (decrease) in net assets**  | $(2011485) | $2039079 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year  | $7724831 | $5685752 |
| &nbsp;&nbsp;&nbsp;End of year  | $5713346 | $7724831 |

---

(a) A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Shares** |
| Shares sold  | 50000 | 275000 |
| Shares redeemed  | (25000) | (250000) |
| Net increase (decrease)  | 25000 | 25000 |

---

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

**AAM S&P Developed Markets High Dividend Value ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> October 31, <br> 2022** | **Year Ended <br> October 31, <br> 2021** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $114461 | $98754 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency  | (75512) | 158678 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments and foreign currency  | (487976) | 385552 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (449027) | 642984 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net distributions to shareholders  | (116160) | (102252) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders**  | (116160) | (102252) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  |  | 570108 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  |  | (560217) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions <sup>(a)</sup>**  |  | 9891 |
| **Net increase (decrease) in net assets**  | $(565187) | $550623 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year  | $2399123 | $1848500 |
| &nbsp;&nbsp;&nbsp;End of year  | $1833936 | $2399123 |

---

(a) A summary of capital share transactions is as follows:

---

| | |
|:---|:---|
| | **Shares** |
| Shares sold  | 25000 |
| Shares redeemed  | (25000) |
| Net increase (decrease)  |  |

---

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

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

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> October 31, <br> 2022** | **Year Ended <br> October 31, <br> 2021** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $7479608 | $1369533 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments  | (14610582) | 26512 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments  | (15422799) | 333023 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (22553773) | 1729068 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net distributions to shareholders  | (7310796) | (1403869) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders**  | (7310796) | (1403869) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 101584732 | 114586072 |
| &nbsp;&nbsp;&nbsp;Transaction fees (Note 6)  |  | 928 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (9588535) | (23290595) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions (a)**  | 91996197 | 91296405 |
| **Net increase (decrease) in net assets**  | $62131628 | $91621604 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year  | $95232430 | $3610826 |
| &nbsp;&nbsp;&nbsp;End of year  | $157364058 | $95232430 |

---

(a) A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Shares** |
| Shares sold  | 4225000 | 4550000 |
| Shares redeemed  | (400000) | (925000) |
| Net increase (decrease)  | 3825000 | 3625000 |

---

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

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> October 31, <br> 2022** | **Period Ended <br> October 31, <br> 2021\*** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $1414981 | $16647 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments  | (4100513) | (4989) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments  | 270223 | (35709) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (2415309) | (24051) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net distributions to shareholders  | (1410389) | (16600) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders**  | (1410389) | (16600) |
| **CAPITAL SHARE TRANSACTIONS**  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 159020886 | 7521220 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (20444657) | (740872) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions (a)**  | 138576229 | 6780348 |
| **Net increase (decrease) in net assets**  | $134750531 | $6739697 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period  | $6739697 | $— |
| &nbsp;&nbsp;&nbsp;End of year/period  | $141490228 | $6739697 |

---

(a) A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Shares** |
| Shares sold  | 6730000 | 300000 |
| Shares redeemed  | (850000) | (30000) |
| Net increase (decrease)  | 5880000 | 270000 |

---

\* Fund commenced operations on August 25, 2021. The information presented is for the period from August 25, 2021 to October 31, 2021.

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

**AAM Transformers ETF** 

**Statements of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period Ended<br> October 31, <br> 2022\*** |
| **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $(4898) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments  | (25004) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments  | (562812) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (592714) |
| **CAPITAL SHARE TRANSACTIONS**  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 6380855 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (2411390) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions (a)**  | 3969465 |
| **Net increase (decrease) in net assets**  | $3376751 |
| **NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | $— |
| &nbsp;&nbsp;&nbsp;End of period  | $3376751 |

---

(a) A summary of capital share transactions is as follows:

---

| | |
|:---|:---|
| | **Shares** |
| Shares sold  | 250000 |
| Shares redeemed  | (100000) |
| Net increase (decrease)  | 150000 |

---

\* Fund commenced operations on July 11, 2022. The information presented is for the period from July 11, 2022 to October 31, 2022.

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

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

**Financial Highlights** <br> For a capital share outstanding throughout the year/period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **2022** | **2021** | **2020** | **2019** | **Period <br> Ended <br> October 31,**<br>**2018<sup>(1)</sup>** |
| Net asset value, beginning of year/period  | $29.90 | $21.14 | $26.54 | $25.83 | $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) <sup>(2)</sup>  | 1.07 | 0.91 | 0.95 | 0.97 | 0.75 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(3)</sup>  | (1.44) | 8.79 | (5.28) | 0.64 | 0.76 |
| Total from investment operations  | (0.37) | 9.70 | (4.33) | 1.61 | 1.51 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income  | (1.08) | (0.94) | (1.07) | (0.90) | (0.68) |
| Total distributions to shareholders  | (1.08) | (0.94) | (1.07) | (0.90) | (0.68) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |
| Transaction fees (Note 6)  |  |  |  |  | 0.00<sup>(4)</sup> |
| Net asset value, end of year/period  | $28.45 | $29.90 | $21.14 | $26.54 | $25.83 |
| Total return  | -1.37% | 46.23% | -16.47% | 6.44% | 5.98%<sup>(5)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets at end of year/period (000's)  | $67568 | $45600 | $23788 | $37150 | $19370 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Expenses to average net assets  | 0.29% | 0.29% | 0.29% | 0.29% | 0.29%<sup>(6)</sup> |
| Net investment income (loss) to average net assets  | 3.57% | 3.19% | 4.06% | 3.78% | 3.05%<sup>(6)</sup> |
| Portfolio turnover rate <sup>(7)</sup>  | 68% | 69% | 84% | 42% | 38%<sup>(5)</sup> |

---

<sup>(1)</sup> Commencement of operations on November 28, 2017.

<sup>(2)</sup> Calculated based on average shares outstanding during the period.

<sup>(3)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(4)</sup> Less than $0.005.

<sup>(5)</sup> Not annualized.

<sup>(6)</sup> Annualized

<sup>(7)</sup> Excludes the impact of in-kind transactions.

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

**AAM S&P Emerging Markets High Dividend Value ETF** 

**Financial Highlights** <br> For a capital share outstanding throughout the year/period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **2022** | **2021** | **2020** | **2019** | **Period <br> Ended <br> October <br> 31,**<br>**2018<sup>(1)</sup>** |
| Net asset value, beginning of year/period  | $22.07 | $17.49 | $21.39 | $21.75 | $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) <sup>(2)</sup>  | 1.47 | 1.32 | 0.93 | 1.01 | 1.13 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(3)</sup>  | (6.74)<sup>(4)</sup> | 4.36 | (3.57) | (0.51) | (3.55) |
| Total from investment operations  | (5.27) | 5.68 | (2.64) | 0.50 | (2.42) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income  | (1.51) | (1.13) | (1.26) | (0.87) | (0.93) |
| &nbsp;&nbsp;Tax return of capital to shareholders  | (0.05) |  |  |  |  |
| Total distributions to shareholders  | (1.56) | (1.13) | (1.26) | (0.87) | (0.93) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |
| Transaction fees (Note 6)  | 0.00<sup>(5)</sup> | 0.03 |  | 0.01 | 0.10 |
| Net asset value, end of year/period  | $15.24 | $22.07 | $17.49 | $21.39 | $21.75 |
| Total return  | -25.14%<sup>(6)</sup> | 32.74% | -12.83% | 2.40% | -9.65%<sup>(7)</sup> |

---

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

**AAM S&P Emerging Markets High Dividend Value ETF** 

**Financial Highlights** <br> For a capital share outstanding throughout the year/period (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **2022** | **2021** | **2020** | **2019** | **Period <br> Ended <br> October <br> 31,**<br>**2018<sup>(1)</sup>** |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets at end of year/period (000's)  | $5713 | $7725 | $5686 | $3209 | $2175 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Expenses to average net assets  | 0.49% | 0.49% | 0.49% | 0.49% | 0.49%<sup>(8)</sup> |
| Net investment income (loss) to average net assets  | 7.46% | 5.89% | 4.99% | 4.61% | 4.95%<sup>(8)</sup> |
| Portfolio turnover rate <sup>(9)</sup>  | 123% | 139% | 121% | 124% | 104%<sup>(7)</sup> |

---

<sup>(1)</sup> Commencement of operations on November 28, 2017.

<sup>(2)</sup> Calculated based on average shares outstanding during the period.

<sup>(3)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(4)</sup> Includes $0.14 gain per share derived from payment from Sub-Adviser.

<sup>(5)</sup> Less than $0.005.

<sup>(6)</sup> The Fund had a trade error during the year resulting in a loss to the Fund of $47,299, which was subsequently reimbursed to the Fund by the Sub-Adviser. The total return for the year would have been -25.80% before the reimbursement.

<sup>(7)</sup> Not annualized.

<sup>(8)</sup> Annualized.

<sup>(9)</sup> Excludes the impact of in-kind transactions.

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

**AAM S&P Developed Markets High Dividend Value ETF** 

**Financial Highlights** <br> For a capital share outstanding throughout the year/period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **2022** | **2021** | **2020** | **Period <br> Ended <br> October 31,**<br>**2019<sup>(1)</sup>** |
| Net asset value, beginning of year/period  | $23.99 | $18.49 | $25.35 | $24.83 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) <sup>(2)</sup>  | 1.14 | 0.99 | 0.64 | 1.07 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(3)</sup>  | (5.63) | 5.53 | (6.18) | 0.29 |
| Total from investment operations  | (4.49) | 6.52 | (5.54) | 1.36 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Distributions from: |  |  |  |  |
| &nbsp;&nbsp;Net investment income  | (1.16) | (1.02) | (1.32) | (0.84) |
| Total distributions to shareholders  | (1.16) | (1.02) | (1.32) | (0.84) |
| Net asset value, end of year/period  | $18.34 | $23.99 | $18.49 | $25.35 |
| Total return  | -19.34% | 35.49% | -22.83% | 5.64%<sup>(4)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets at end of year/period (000's)  | $1834 | $2399 | $1849 | $2535 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |
| Expenses to average net assets  | 0.39% | 0.39% | 0.39% | 0.39%<sup>(5)</sup> |
| Net investment income (loss) to average net assets  | 5.22% | 4.14% | 3.03% | 4.65%<sup>(5)</sup> |
| Portfolio turnover rate <sup>(6)</sup>  | 100% | 96% | 106% | 87%<sup>(4)</sup> |

---

<sup>(1)</sup> Commencement of operations on November 27, 2018.

<sup>(2)</sup> Calculated based on average shares outstanding during the period.

<sup>(3)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Excludes the impact of in-kind transactions.

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

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

**Financial Highlights** <br> For a capital share outstanding throughout the year/period

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | |
|  | **2022** | **2021** | **Period <br> Ended <br> October 31,**<br>**2020<sup>(1)</sup>** |
| Net asset value, beginning of year/period  | $25.23 | $24.07 | $24.97 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) <sup>(2)</sup>  | 1.18 | 1.05 | 1.17 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(3)</sup>  | (4.56) | 1.35 | (0.98) |
| Total from investment operations  | (3.38) | 2.40 | 0.19 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| Distributions from: |  |  |  |
| &nbsp;&nbsp;Net investment income  | (1.14) | (1.24) | (1.10) |
| Total distributions to shareholders  | (1.14) | (1.24) | (1.10) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Transaction fees (Note 6)  |  | 0.00<sup>(4)</sup> | 0.01 |
| Net asset value, end of year/period  | $20.71 | $25.23 | $24.07 |
| Total return  | -13.72% | 10.08% | 0.98%<sup>(5)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |
| Net assets at end of year/period (000's)  | $157364 | $95232 | $3611 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |
| Expenses to average net assets  | 0.45% | 0.45% | 0.45%<sup>(6)</sup> |
| Net investment income (loss) to average net assets  | 5.74% | 4.33% | 5.15%<sup>(6)</sup> |
| Portfolio turnover rate <sup>(7)</sup>  | 154% | 199% | 202%<sup>(5)</sup> |

---

<sup>(1)</sup> Commencement of operations on November 19, 2019.

<sup>(2)</sup> Calculated based on average shares outstanding during the period.

<sup>(3)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(4)</sup> Less than $0.005.

<sup>(5)</sup> Not annualized.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Excludes the impact of in-kind transactions.

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

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**Financial Highlights** <br> For a capital share outstanding throughout the year/period

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> October 31, <br> 2022** | **Period <br> Ended <br> October 31, <br> 2021<sup>(1)</sup>** |
| Net asset value, beginning of year/period  | $24.96 | $25.10 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| &nbsp;&nbsp;Net investment income (loss) <sup>(2)</sup>  | 0.48 | 0.08 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(3)</sup>  | (2.01) | (0.15) |
| Total from investment operations  | (1.53) | (0.07) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributions from: |  |  |
| &nbsp;&nbsp;Net investment income  | (0.42) | (0.07) |
| Total distributions to shareholders  | (0.42) | (0.07) |
| Net asset value, end of year/period  | $23.01 | $24.96 |
| Total return  | -6.16% | -0.27%<sup>(4)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |
| Net assets at end of year/period (000's)  | $141490 | $6740 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |
| Expenses to average net assets  | 0.60% | 0.60%<sup>(5)</sup> |
| Net investment income (loss) to average net assets  | 2.08% | 1.70%<sup>(5)</sup> |
| Portfolio turnover rate <sup>(6)</sup>  | 31% | 5%<sup>(4)</sup> |

---

<sup>(1)</sup> Commencement of operations on August 25, 2021.

<sup>(2)</sup> Calculated based on average shares outstanding during the period.

<sup>(3)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Excludes the impact of in-kind transactions.

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

**AAM Transformers ETF** 

**Financial Highlights** <br> For a capital share outstanding throughout the period

---

| | |
|:---|:---|
|  | **Period <br> Ended <br> October 31, <br> 2022<sup>(1)</sup>** |
| Net asset value, beginning of period  | $24.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;Net investment income (loss) <sup>(2)</sup>  | (0.03) |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments <sup>(3)</sup>  | (1.46) |
| Total from investment operations  | (1.49) |
| Net asset value, end of period  | $22.51 |
| Total return  | -6.20%<sup>(4)</sup> |
| **SUPPLEMENTAL DATA:** |  |
| Net assets at end of period (000's)  | $3377 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |
| Expenses to average net assets  | 0.49%<sup>(5)</sup> |
| Net investment income (loss) to average net assets  | -0.34%<sup>(5)</sup> |
| Portfolio turnover rate <sup>(6)</sup>  | 27%<sup>(4)</sup> |

---

<sup>(1)</sup> Commencement of operations on July 11, 2022.

<sup>(2)</sup> Calculated based on average shares outstanding during the period.

<sup>(3)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Excludes the impact of in-kind transactions.

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

**AAM ETFs** 

**Notes to Financial Statements** <br> October 31, 2022

**NOTE 1 – ORGANIZATION** 

AAM S&P 500 High Dividend Value ETF, AAM S&P Emerging Markets High Dividend Value ETF, AAM S&P Developed Markets High Dividend Value ETF, AAM Low Duration Preferred and Income Securities ETF, AAM Bahl & Gaynor Small/Mid Cap Income Growth 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 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 S&P Emerging Markets High Dividend Value ETF is to track the performance, before fees and expenses, of the S&P Emerging Markets Dividend and Free Cash Flow Yield Index. The investment objective of the AAM S&P Developed Markets High Dividend Value ETF is to track the performance, before fees and expenses, of the S&P Developed Ex-US Dividend and Free Cash Flow Yield Index. 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 Bahl & Gaynor Small/Mid Cap Income Growth ETF is to seek current and growing dividend income, downside protection, and long-term 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 S&P 500 High Dividend Value ETF | November 28, 2017 |
| AAM S&P Emerging Markets High Dividend Value ETF | November 28, 2017 |
| AAM S&P Developed Markets High Dividend Value ETF | November 27, 2018 |
| AAM Low Duration Preferred and Income Securities ETF | November 19, 2019 |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF | August 25, 2021 |
| AAM Transformers ETF | July 11, 2022 |

---

The end of the reporting period for the Funds is October 31, 2022. The period covered by these Notes to Financial Statements is the fiscal period from November 1, 2021 to October 31, 2022 (the "current fiscal period"). The period covered by these Notes to Financial Statements for the AAM Transformers ETF is the period from July 11, 2022 to October 31, 2022 (the "current fiscal period").

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

**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.

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;&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

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

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  | – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the 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.

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (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 S&P 500 High Dividend Value ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $67350872 | $— | $— | $67350872 |
| Short-Term Investments | 321652 |  |  | 321652 |
| Total Investments in Securities | $67672524 | $— | $— | $67672524 |

---

^ See Schedule of Investments for breakout of investments by sector classification.

**AAM S&P Emerging Markets High Dividend Value ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $5323708 | $— | $0 | $5323708 |
| Preferred Stocks | 360330 |  |  | 360330 |
| Short-Term Investments | 39521 |  |  | 39521 |
| Total Investments in Securities | $5723559 | $— | $— | $5723559 |

---

^ See Schedule of Investments for breakout of investments by country.

**AAM S&P Developed Markets High Dividend Value ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1751246 | $— | $— | $1751246 |
| Preferred Stocks | 71154 |  |  | 71154 |
| Short-Term Investments | 11443 |  |  | 11443 |
| Total Investments in Securities | $1833843 | $— | $— | $1833843 |

---

^ See Schedule of Investments for breakout of investments by country.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Preferred Stocks | $156953875 | $— | $0 | $156953875 |
| Short-Term Investments | 1182365 |  |  | 1182365 |
| Total Investments in Securities | $158136240 | $— | $— | $158136240 |

---

^ See Schedule of Investments for breakout of investments by sector classification.

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $141053999 | $— | $— | $141053999 |
| Short-Term Investments |  | 250072 |  | 250072 |
| Total Investments in Securities | $141053999 | $250072 | $— | $141304071 |

---

^ See Schedule of Investments for breakout of investments by sector classification.

**AAM Transformers ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $3378336 | $— | $— | $3378336 |
| Short-Term Investments | 1440 |  |  | 1440 |
| Total Investments in Securities | $3379776 | $— | $— | $3379776 |

---

^ See Schedule of Investments for breakout of investments by sector classification.

During the current fiscal period AAM S&P 500 High Dividend Value ETF, AAM S&P Developed Markets High Dividend Value ETF, AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF and AAM Transformers ETF did not recognize any transfers to or from Level 3.

AAM S&P Emerging Markets High Dividend Value ETF held securities valued at $0 that were recognized as transfers in to Level 3. The transfers occurred due to a halt in trading of Russian securities as a result of the ongoing Ukrainian/Russian conflict and the restrictions to the Russian foreign exchange and a halt in trading due to ongoing debt default. The Level 3 securities recognized $(740,220) as change in unrealized appreciation (depreciation) included in the change in unrealized appreciation (depreciation) on investments in the Statements of Operations.

AAM Low Duration Preferred and Income Securities ETF held securities valued at $0 that were recognized as transfers in to Level 3. The transfers occurred due to a halt in trading due to the issuer filing for bankruptcy. The Level 3 securities recognized $(66,388) as change in unrealized appreciation (depreciation) included in the change in unrealized appreciation (depreciation) on investments in the Statements of Operations.

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&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. 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;&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, 2022, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&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 and currency gains or losses realized between the trade and settlement dates on securities transactions 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 foreign currency 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;&nbsp;&nbsp;&nbsp;&nbsp;F. *Distributions to Shareholders.* Distributions to shareholders from net investment income on securities are declared and paid by the Funds on a monthly basis. 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;&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

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

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;&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;&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;&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, distribution in-excess, net operating losses, and trust preferred adjustments. For the current fiscal period, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable <br> Earnings <br> (Accumulated <br> Deficit)** | **Paid-In <br> Capital** |
| AAM S&P 500 High Dividend Value ETF | $(320661) | $320661 |
| AAM S&P Emerging Markets High Dividend Value ETF | 22644 | (22644) |
| AAM S&P Developed Markets High Dividend Value ETF |  |  |
| AAM Low Duration Preferred and Income Securities ETF | (423049) | 423049 |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF | (1511187) | 1511187 |
| AAM Transformers ETF | (89303) | 89303 |

---

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

During the current fiscal period, the Funds realized the following net capital gains (losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains (losses) are not taxable to the Funds, and gains are not distributed to shareholders, they have been reclassified from distributable earnings (accumulated deficit) to paid in capital.

---

| | |
|:---|:---|
| AAM S&P 500 High Dividend Value ETF | $333684 |
| AAM S&P Emerging Markets High Dividend Value ETF | (22674) |
| AAM S&P Developed Markets High Dividend Value ETF |  |
| AAM Low Duration Preferred and Income Securities ETF | (171615) |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF | 1511187 |
| AAM Transformers ETF | 94201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. *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 Investment Advisory, LLC serves as the sub-adviser for AAM S&P 500 High Dividend Value ETF, AAM S&P Emerging Markets High Dividend Value ETF, AAM S&P Developed Markets High Dividend Value ETF, AAM Low Duration Preferred and Income Securities ETF and AAM Transformers ETF. Bahl & Gaynor, Inc. serves as the sub-adviser for AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF (each, respectively, the "Sub-Adviser"). 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

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

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.

---

| | |
|:---|:---|
| AAM S&P 500 High Dividend Value ETF | 0.29% |
| AAM S&P Emerging Markets High Dividend Value ETF | 0.49% |
| AAM S&P Developed Markets High Dividend Value ETF | 0.39% |
| AAM Low Duration Preferred and Income Securities ETF | 0.45% |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF | 0.6% |
| AAM Transformers ETF | 0.49% |

---

Pursuant to a merger agreement signed on September 1, 2022, a subsidiary of Sun Life Financial Inc. ("Sun Life") is expected to acquire a majority interest in AAM Holdings, Inc. ("AAM Holdings"), the Adviser's parent company. The Transaction is expected to be completed during the first half of 2023, subject to the satisfaction of customary closing conditions, including shareholder approval of the proposals to approve new Advisory and Sub-Advisory agreements for the Funds. If approved, the new Advisory and Sub-advisory Agreements will be identical in all material respects, to the current Advisory and Sub-Advisory Agreements except for their effective and termination dates. The shareholder meeting is scheduled to be held on January 19, 2023.

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.

A Trustee and all officers of the Trust are affiliated with the Administrator and Custodian.

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

**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 S&P 500 High Dividend Value ETF | $40618736 | $40366769 |
| AAM S&P Emerging Markets High Dividend Value ETF | 8647463 | 8330672 |
| AAM S&P Developed Markets High Dividend Value ETF | 2160674 | 2155293 |
| AAM Low Duration Preferred and Income Securities ETF | 224494467 | 221602892 |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF | 21254348 | 23098289 |
| AAM Transformers ETF | 1148012 | 1128969 |

---

During the current fiscal period, there were no purchases or sales of long-term U.S. Government securities by the Funds. The Funds held U.S. Treasury Bills during the current fiscal period which are considered short-term securities.

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 S&P 500 High Dividend Value ETF | $31049851 | $4233454 |
| AAM S&P Emerging Markets High Dividend Value ETF | 296109 | 235417 |
| AAM S&P Developed Markets High Dividend Value ETF |  |  |
| AAM Low Duration Preferred and Income Securities ETF | 99939505 | 9534084 |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF | 157376613 | 17358244 |
| AAM Transformers ETF | 6366300 | 2419100 |

---

During the current fiscal period AAM S&P Emerging Markets High Dividend Value ETF had a trade error during a regularly scheduled rebalance. This resulted in a loss to the Fund in the amount of $47,299 which was subsequently reimbursed to the Fund by the Sub-Adviser.

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

**NOTE 5 – INCOME TAX INFORMATION** 

The components of distributable earnings (accumulated deficit) and cost basis of investments and net unrealized appreciation (depreciation) for federal income tax purposes at October 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **AAM S&P <br> 500 High <br> Dividend <br> Value ETF** | **AAM S&P <br> Emerging <br> Markets <br> High <br> Dividend <br> Value ETF** | **AAM S&P <br> Developed <br> Markets <br> High <br> Dividend <br> Value ETF** |
| Tax cost of investments | $72258882 | $7787838 | $2283944 |
| Gross tax unrealized appreciation | $4535734 | $264157 | $42159 |
| Gross tax unrealized depreciation | (9122092) | (2328542) | (492381) |
| Net tax unrealized appreciation (depreciation) | (4586358) | (2064385) | (450222) |
| Undistributed ordinary income |  |  | 473 |
| Undistributed long-term capital gains |  |  |  |
| Other accumulated gain (loss) | (1603483) | (1277932) | (361786) |
| Distributable earnings (accumulated deficit) | $(6189841) | $(3342317) | $(811535) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **AAM Low <br> Duration <br> Preferred <br> and Income <br> Securities <br> ETF** | **AAM Bahl <br> & Gaynor <br> Small/Mid <br> Cap Income <br> Growth ETF** | **AAM <br> Transformers <br> ETF** |
| Tax cost of investments | $178372350 | $143279270 | $3957112 |
| Gross tax unrealized appreciation | $255847 | $7378512 | $77895 |
| Gross tax unrealized depreciation | (20491957) | (9353711) | (655231) |
| Net tax unrealized appreciation (depreciation) | (20236110) | (1975199) | (577336) |
| Undistributed ordinary income | 260614 | 4639 |  |
| Undistributed long-term capital gains |  |  |  |
| Other accumulated gain (loss) | (10621982) | (3435848) | (104681) |
| Distributable earnings (accumulated deficit) | $(30597478) | $(5406408) | $(682017) |

---

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

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

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, 2022, the Funds did not elect to defer any post-October capital losses or late-year ordinary losses.

As of October 31, 2022, the Funds had the following capital loss carryforwards with an indefinite expiration:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
| AAM S&P 500 High Dividend Value ETF | $162640 | $1440843 |
| AAM S&P Emerging Markets High Dividend Value ETF | 721833 | 556099 |
| AAM S&P Developed Markets High Dividend Value ETF | 255089 | 106697 |
| AAM Low Duration Preferred and Income Securities ETF | 10352067 | 269915 |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF | 3134509 | 301339 |
| AAM Transformers ETF | 104681 |  |

---

During the year/period ended October 31, 2022, the Funds utilized the following capital loss carryforward that was available as of October 31, 2021:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long- Term** |
| AAM S&P 500 High Dividend Value ETF | $66202 | 1953795 |
| AAM S&P Emerging Markets High Dividend Value ETF |  |  |
| AAM S&P Developed Markets High Dividend Value ETF |  | 48972 |
| AAM Low Duration Preferred and Income Securities ETF |  |  |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF |  |  |
| AAM Transformers ETF | N/A | N/A |

---

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

The tax character of distributions declared by the Funds during the year/period ended October 31, 2022 and October 31, 2021, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year/Period Ended October 31, 2022** | **Year/Period Ended October 31, 2022** | **Year/Period Ended October 31, 2022** |
| <br>**Fund** | **Ordinary <br> Income** | **Long Term <br> Capital Gain** | **Return of <br> Capital** |
| AAM S&P 500 High Dividend Value ETF | $2174972 | $— | $— |
| AAM S&P Emerging Markets High Dividend Value ETF | 526722 |  | 17084 |
| AAM S&P Developed Markets High Dividend Value ETF | 116160 |  |  |
| AAM Low Duration Preferred and Income Securities ETF | 7310796 |  |  |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF | 1410389 |  |  |
| AAM Transformers ETF |  |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Year/Period Ended <br> October 31, 2021** | **Year/Period Ended <br> October 31, 2021** |
| <br>**Fund** | **Ordinary <br> Income** | **Long Term <br> Capital Gain** |
| AAM S&P 500 High Dividend Value ETF | $1144279 | $— |
| AAM S&P Emerging Markets High Dividend Value ETF | 340332 |  |
| AAM S&P Developed Markets High Dividend Value ETF | 102252 |  |
| AAM Low Duration Preferred and Income Securities ETF | 1403869 |  |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF  | 16600 |  |
| AAM Transformers ETF  | N/A | N/A |

---

**NOTE 6 – 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 AAM S&P 500 High Dividend Value ETF, AAM S&P Emerging Markets High Dividend Value ETF, AAM S&P Developed Markets High Dividend Value ETF, AAM Low Duration Preferred and Income Securities ETF and AAM Transformers ETF issue and redeem shares on a continuous basis at NAV generally in blocks of 25,000 shares and AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF issues and redeems shares on a continuous basis at NAV generally in blocks of 10,000 shares, called "Creation Units." Creation Units are issued and redeemed

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

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.

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 S&P 500 High Dividend Value ETF | $300 |
| AAM S&P Emerging Markets High Dividend Value ETF | 1000 |
| AAM S&P Developed Markets High Dividend Value ETF | 500 |
| AAM Low Duration Preferred and Income Securities ETF | 500 |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth 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 Shares 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 7 – RISKS** 

*Geographic Investment Risk.* To the extent that a Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.

**AAM ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> October 31, 2022 (Continued)

*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.

*COVID-19 Risk.* The recent global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the Fund invests depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Funds' investments

*Russia/Ukraine Conflict.* On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

**AAM ETFs** 

**Report of Independent Registered Public Accounting Firm** 

<br> To the Shareholders of AAM ETFs and<br> Board of Trustees of ETF Series Solutions

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of AAM S&P 500 High Dividend Value ETF, AAM S&P Emerging Markets High Dividend Value ETF, AAM S&P Developed Markets High Dividend Value ETF, AAM Low Duration Preferred and Income Securities ETF, AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, and AAM Transformers ETF (the "Funds"), each a series of ETF Series Solutions, as of October 31, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (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, 2022, 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 <br> Operations**  | **Statements <br> of Changes in <br> Net Assets** | **Financial Highlights** |
| AAM S&P 500 High Dividend Value ETF and AAM S&P Emerging Markets High Dividend Value ETF | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021  | For the years ended October 31, 2022, 2021, 2020 and 2019 and for the period from November 28, 2017 (commencement of operations) to October 31, 2018 |
| AAM S&P Developed Markets High Dividend Value ETF | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021  | For the years ended October 31, 2022, 2021 and 2020 and for the period from November 27, 2018 (commencement of operations) to October 31, 2019 |
| AAM Low Duration Preferred and Income Securities ETF | For the year ended October 31, 2022 | For the years ended October 31, 2022 and 2021 | For the years ended October 31, 2022 and 2021 and for the period from November 19, 2019 (commencement of operations) to October 31, 2020 |

---

**AAM ETFs** 

**Report of Independent Registered Public Accounting Firm** <br> (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of <br> Operations**  | **Statements <br> of Changes in <br> Net Assets** | **Financial Highlights** |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF | For the year ended October 31, 2022  | For the year ended October 31, 2022 and for the period from August 25, 2021 (commencement of operations) to October 31, 2021 | For the year ended October 31, 2022 and for the period from August 25, 2021 (commencement of operations) to October 31, 2021 |
| AAM Transformers ETF | For the period from July 11, 2022 (commencement of operations) to October 31, 2022 | For the period from July 11, 2022 (commencement of operations) to October 31, 2022 | For the period from July 11, 2022 (commencement of operations) to October 31, 2022 |

---

<u><u>Basis for Opinion</u></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 audit 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, 2022, by correspondence with the custodian and brokers; 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.

![](fp0080825-3_82.jpg)

COHEN & COMPANY, LTD.<br> Milwaukee, Wisconsin<br> December 30, 2022

**AAM ETFs** 

**Trustees and Officers** <br> (Unaudited)

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o U.S. Bank Global Fund Services, 615 E. Michigan Street, Milwaukee, WI 53202.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and<br> Year of Birth** | **Position <br> Held with <br> the Trust** | **Term of <br> Office and Length of <br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of Portfolios <br> in Fund <br> Complex Overseen by Trustee** | **Other<br> Directorships<br> Held by <br> Trustee <br> During Past<br> 5 Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Leonard M. Rush, CPA <br> Born: 1946 | Lead Independent Trustee and Audit Committee Chairman | Indefinite term; since 2012 | Retired; formerly Chief Financial Officer, Robert W. Baird & Co. Incorporated (wealth management firm) (2000–2011). | 56 | Independent Trustee, Managed Portfolio Series (34 portfolios) (since 2011). |
| David A. Massart <br> Born: 1967 | Trustee | Indefinite term; since 2012 | Partner and Managing Director, Beacon Pointe Advisors, LLC (since 2022); Co-Founder, President, and Chief Investment Strategist, Next Generation Wealth Management, Inc. (2005–2021). | 56 | Independent Trustee, Managed Portfolio Series (34 portfolios) (since 2011). |
| Janet D. Olsen <br> Born: 1956 | Trustee | Indefinite term; since 2018 | Retired; formerly Managing Director and General Counsel, Artisan Partners Limited Partnership (investment adviser) (2000–2013); Executive Vice President and General Counsel, Artisan Partners Asset Management Inc. (2012–2013); Vice President and General Counsel, Artisan Funds, Inc. (investment company) (2001–2012). | 56 | Independent Trustee, PPM Funds (2 portfolios) (since 2018). |
| **Interested Trustee** |  |  |  |  |  |
| Michael A. Castino <br> Born: 1967 | Trustee and Chairman | Indefinite term; Trustee since 2014; Chairman since 2013 | Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2013); Managing Director of Index Services, Zacks Investment Management (2011–2013). | 56 |  |

---

**AAM ETFs** 

**Trustees and Officers** <br> (Unaudited) (Continued)

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust is c/o U.S. Bank Global Fund Services, 615 E. Michigan Street, Milwaukee, WI 53202. Additional information about the Trust's officers is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Name and<br> Year of Birth** | **Position(s)<br> Held with<br> the Trust** | **Term of Office <br> and Length of <br> Time Served** | **Principal Occupation(s) During Past 5 Years** |
| **Principal Officers of the Trust** | **Principal Officers of the Trust** | **Principal Officers of the Trust** | **Principal Officers of the Trust** |
| Kristina R. Nelson <br> Born: 1982 | President | Indefinite term; since 2019 | Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2020); Vice President, U.S. Bancorp Fund Services, LLC (2014–2020). |
| Alyssa M. Bernard <br> Born: 1988 | Vice <br> President | Indefinite term; since 2021 | Vice President, U.S. Bancorp Fund Services, LLC (since 2021); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2018–2021); Attorney, Waddell & Reed Financial, Inc. (2017–2018). |
| Cynthia L. Andrae <br> Born: 1971 | Chief Compliance Officer and Anti-Money Laundering Officer | Indefinite term; since 2022 (other roles since 2021) | Vice President, U.S. Bancorp Fund Services, LLC (since 2019); Compliance Officer, U.S. Bancorp Fund Services, LLC (2015-2019). |
| Kristen M. Weitzel <br> Born: 1977 | Treasurer | Indefinite term; since 2014 (other roles since 2013) | Vice President, U.S. Bancorp Fund Services, LLC (since 2015); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2011–2015). |
| Isabella K. Zoller <br> Born: 1994 | Secretary | Indefinite term; since 2021 (other roles since 2020) | Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2021); Regulatory Administration Attorney, U.S. Bancorp Fund Services, LLC (since 2019); Regulatory Administration Intern, U.S. Bancorp Fund Services, LLC (2018–2019); Law Student (2016–2019). |
| Vladimir V. Gurevich<br> Born: 1983 | Assistant Treasurer | Indefinite term; since 2022 | Officer, U.S. Bancorp Fund Services, LLC (since 2021); Fund Administrator, UMB Fund Services, Inc. (2015-2021). |
| Jason E. Shlensky <br> Born: 1987 | Assistant Treasurer | Indefinite term; since 2019 | Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2019); Officer, U.S. Bancorp Fund Services, LLC (2014–2019). |
| Jessica L. Vorbeck <br> Born: 1984 | Assistant Treasurer | Indefinite term; since 2020 | Officer, U.S. Bancorp Fund Services, LLC (since 2018; 2014-2017). |

---

The Statement of Additional Information ("SAI") includes additional information about the Trustees and is available without charge, upon request, by calling toll free (800) 617-0004, by accessing the SEC's website at <u>www.sec.gov</u>, or by accessing the Funds' website at <u>www.aamlive.com</u>.

**AAM ETFs** 

**Expense Example** <br> For the Six-Months Ended October 31, 2022 (Unaudited)

As a shareholder of the Funds you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated in the Expense Example Tables.

**Actual Expenses** 

The first line of the table provides information about actual account values based on actual returns and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period'' to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line of the table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

**AAM ETFs** 

**Expense Example** <br> For the Six-Months Ended October 31, 2022 (Unaudited) (Continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account Value <br> May 1, 2022** | **Ending<br> Account Value <br> October 31, 2022** | **Expenses<br> Paid During <br> the Period<sup>(1)</sup>** |
| Actual  | $1000.00 | $942.70 | $1.42 |
| Hypothetical (5% annual return before expenses)  | $1000.00 | $1023.74 | $1.48 |

---

<sup>(1)</sup> The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.29%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the one-half year period.

**AAM S&P Emerging Markets High Dividend Value ETF** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account Value <br> May 1, 2022** | **Ending<br> Account Value <br> October 31, 2022** | **Expenses<br> Paid During <br> the Period<sup>(2)</sup>** |
| Actual  | $1000.00 | $768.40 | $2.18 |
| Hypothetical (5% annual return before expenses)  | $1000.00 | $1022.74 | $2.50 |

---

<sup>(2)</sup> The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.49%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the one-half year period.

**AAM S&P Developed Markets High Dividend Value ETF** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account Value <br> May 1, 2022** | **Ending<br> Account Value <br> October 31, 2022** | **Expenses<br> Paid During <br> the Period<sup>(3)</sup>** |
| Actual  | $1000.00 | $845.20 | $1.81 |
| Hypothetical (5% annual return before expenses)  | $1000.00 | $1023.24 | $1.99 |

---

<sup>(3)</sup> The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.39%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the one-half year period.

**AAM ETFs** 

**Expense Example** <br> For the Six-Months Ended October 31, 2022 (Unaudited) (Continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account Value <br> May 1, 2022** | **Ending<br> Account Value <br> October 31, 2022** | **Expenses<br> Paid During <br> the Period<sup>(4)</sup>** |
| Actual  | $1000.00 | $923.00 | $2.18 |
| Hypothetical (5% annual return before expenses)  | $1000.00 | $1022.94 | $2.29 |

---

<sup>(4)</sup> The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.45%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the one-half year period.

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning<br> Account Value <br> May 1, 2022** | **Ending<br> Account Value <br> October 31, 2022** | **Expenses<br> Paid During <br> the Period<sup>(5)</sup>** |
| Actual  | $1000.00 | $1014.20 | $3.05 |
| Hypothetical (5% annual return before expenses)  | $1000.00 | $1022.18 | $3.06 |

---

<sup>(5)</sup> The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.60%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the one-half year period.

**AAM Transformers ETF** 

---

| | | |
|:---|:---|:---|
|  | **Beginning<br> Account Value <br> July 11, 2022<sup>(6)</sup>** | **Ending<br> Account Value <br> October 31, 2022** |
| Actual  | $1000.00 | $938.00<br>$1.46<sup>(7)</sup> |
| Hypothetical (5% annual return before expenses)  | $1000.00 | $1022.74<br>$2.50<sup>(8)</sup> |

---

<sup>(6)</sup> Fund commencement.

<sup>(7)</sup> The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.49%, multiplied by the average account value during the period, multiplied by 112/365, to reflect the current fiscal period.

<sup>(8)</sup> The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.49%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the one-half year period.

**AAM ETFs** 

**Review of Liquidity Risk Management Program**<br> (Unaudited)

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the series of the Trust covered by this shareholder report (the "Series"), has adopted a liquidity risk management program to govern the Trust's approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust's liquidity risk management program is tailored to reflect the Series' particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of such Series.

The investment adviser to the Series has adopted and implemented its own written liquidity risk management program (the "Program") tailored specifically to assess and manage the liquidity risk of the Series.

At a recent meeting of the Board of Trustees of the Trust, the Trustees received a report pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the period ended December 31, 2021. The report concluded that the Program is reasonably designed to assess and manage the Series' liquidity risk and has operated adequately and effectively to manage such risk. The report reflected that there were no liquidity events that impacted the Series' ability to timely meet redemptions without dilution to existing shareholders. The report further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Series' exposure to liquidity risk and other principal risks to which an investment in the Series may be subject.

**AAM Transformers ETF** 

**Approval of Advisory Agreements & Board Considerations**<br> (Unaudited)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on January 19-20, 2022 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") considered the approval of the Investment Advisory Agreement (the "Advisory Agreement") between Advisors Asset Management, Inc. (the "Adviser") and the Trust, on behalf of AAM Transformers ETF (the "Fund"), and the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement") (together, the "Agreements") among the Adviser, the Trust, on behalf of the Fund, and Vident Investment Advisory, LLC (the "Sub-Adviser"), 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 from the Adviser and Sub-Adviser (the "Materials") regarding, among other things: (i) the nature, extent, and quality of the services to be provided by the Adviser and Sub-Adviser; (ii) the cost of the services to be provided and the profits expected to be realized by the Adviser, Sub-Adviser, 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; (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; and (v) any other financial benefits to the Adviser, Sub-Adviser, and their affiliates resulting from services rendered to the Fund.

The Board also considered that the Adviser and Sub-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 their roles as investment adviser and sub-adviser to other series in the Trust, and the Board considered that information alongside the Materials in its evaluation of the Adviser's and Sub-Adviser's fees and other aspects of the Agreements. Additionally, a representative from the Adviser provided an oral overview of the Fund's strategy, the services to be provided to the Fund by the Adviser, and additional information about the Adviser's personnel and operations. The Board then discussed the Materials, the Adviser's oral presentation, and any other information that the Board received at the Meeting and deliberated on the approval of the Agreements in light of this information.

<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 past reports from the Trust's Chief Compliance Officer ("CCO") regarding the CCO's review of the

**AAM Transformers ETF** 

**APPROVAL OF ADVISORY AGREEMENTs & BOARD CONSIDERATIONs**<br> (Unaudited) (Continued)

Adviser's compliance program, as well as the Board's experience with the Adviser as the investment adviser to other series of the Trust. The Board noted that it had 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, the firm's compliance policies, marketing practices, and brokerage information, as well as details about the Fund, its underlying index, and the index provider.

The Board also considered the services to be provided to the Fund, such as monitoring adherence to the Fund's investment restrictions, oversight of the Fund's proposed sub-adviser, monitoring the Fund's compliance with various Fund policies and applicable securities regulations, and monitoring the extent to which the Fund achieves its investment objective as a passively managed fund.

*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 designed to track the performance of an index. Consequently, with respect to the Fund's future performance, the Board will focus on the Adviser's services, including its oversight of the Sub-Adviser's day-to-day management of the Fund in seeking to track the index as closely as possible.

*Cost of Services to be Provided and Economies of Scale.* The Board then reviewed the Fund's proposed net expense ratio, the full amount of which was anticipated to be the "unified fee" described below, and compared the Fund's net expense ratio to its Category Peer Group and Selected Peer Group (each defined below). The Board noted that the Fund's proposed net expense ratio was slightly lower than the median net expense ratio of other funds in the universe of U.S. Technology ETFs as reported by Morningstar (the "Category Peer Group"). The Board also noted that the Fund's proposed expense ratio was within the range of expense ratios for the Fund's competitors identified by the Adviser (i.e., passively managed index ETFs focused on the securities of companies creating disruptive and innovative technologies) (the "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 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 and paying the Fund's other expenses out of its own fee and resources. The Board also evaluated the compensation and benefits expected to be received by the Adviser from its relationship

**AAM Transformers ETF** 

**APPROVAL OF ADVISORY AGREEMENTs & BOARD CONSIDERATIONs**<br> (Unaudited) (Continued)

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 expressed the view that the Adviser might realize economies of scale in managing the Fund as assets grow in size. The Board noted that, should the Adviser realize economies of scale in the future, the amount and structure of the Fund's unitary fee might result in a sharing of those economies with Fund shareholders in the initial period of the Fund's operations. The Board noted its intention to monitor fees as each Fund grows in size and assess whether 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 a majority of the Independent Trustees, determined that the Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to the Fund. The Board, including a majority of the Independent Trustees, therefore 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 the Sub-Adviser</u>

*Nature, Extent, and Quality of Services to be Provided*. The Board considered the scope of services to be provided to the Fund under the Sub-Advisory Agreement, noting that the Sub-Adviser will be providing investment management services to the Fund and currently serves as sub-adviser to other series in the Trust. The Board noted the responsibilities that the Sub-Adviser would have as the Fund's investment sub-adviser, including: responsibility for the general management of the day-to-day investment and reinvestment of the assets of the Fund; determining the daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of the Fund's shares conducted on a cash-in-lieu basis; oversight of general portfolio compliance with applicable securities laws, regulations, and investment restrictions; responsibility for daily monitoring of tracking error and quarterly reporting to the Board; and implementation of Board directives as they relate to the Fund.

In considering the nature, extent, and quality of the services to be provided by the Sub-Adviser, the Board considered reports of the Trust's CCO with respect to the Sub-Adviser's compliance program and the Sub-Adviser's experience providing investment management services to other ETFs, including other series of the Trust.

**AAM Transformers ETF** 

**APPROVAL OF ADVISORY AGREEMENTs & BOARD CONSIDERATIONs**<br> (Unaudited) (Continued)

The Trustees further noted that they had received and reviewed the Sub-Adviser's Materials, including the Sub-Adviser's response to a detailed series of questions regarding its business operations, key personnel, investment decision-making process, and compliance policies, and they had reviewed additional detailed information about the Sub-Adviser at previous Board meetings. The Board also considered the Sub-Adviser's resources and capacity with respect to portfolio management, compliance, and operations given the number of funds for which it would serve as sub-adviser.

*Historical Performance.* The Board noted that the Fund had not yet commenced operations. Consequently, the Board determined that performance was not a relevant consideration in the context of the Board's deliberations on the Sub-Advisory Agreement. The Board also considered that the Fund is designed to track the performance of an index. Consequently, with respect to the Fund's future performance, the Board will focus on the Sub-Adviser's services, including whether the Fund's performance exhibits significant tracking error.

*Costs of Services to be Provided and Economies of Scale.* The Board reviewed the advisory fee to be paid by the Adviser to the Sub-Adviser 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 further determined the sub-advisory fee reflects an appropriate allocation of the advisory fee paid to the Adviser given the work performed by each firm and noted that the sub-advisory fees were generally in line with those charged by the Sub-Adviser in connection with other funds managed by the Sub-Adviser. 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 Fund asset levels.

The Board expressed the view that the Sub-Adviser might realize economies of scale in managing the Fund as assets grow in size. The Board further noted that 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 Fund shareholders. Consequently, the Board determined that it would monitor 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 a majority of the Independent Trustees, determined that the Sub-Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to the Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

**AAM S&P 500 High Dividend Value ETF<br> AAM S&P Emerging Markets High Dividend Value ETF<br> AAM S&P Developed Markets High Dividend Value ETF<br> AAM Low Duration Preferred and Income Securities ETF<br> AAM Transformers ETF<br> AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS**<br> (Unaudited)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a special meeting held on October 7, 2022 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") approved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the continuance of the current Investment Advisory Agreement (the "Current Advisory Agreement") between Advisors Asset Management, Inc. ("AAM" or the "Adviser") and the Trust, on behalf of AAM S&P 500 High Dividend Value ETF, AAM S&P Emerging Markets High Dividend Value ETF, AAM S&P Developed Markets High Dividend Value ETF, AAM Low Duration Preferred and Income Securities ETF, AAM Transformers ETF, and AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF (each, a "Fund" and, collectively, the "Funds");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the continuance of the current Investment Sub-Advisory Agreement (the "Current B&G Sub-Advisory Agreement") among the Adviser, the Trust, on behalf of AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF (the "AAM Bahl & Gaynor Fund"), and Bahl & Gaynor, Inc. ("Bahl & Gaynor" or a "Sub-Adviser");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a new investment advisory agreement (the "New Advisory Agreement" and, together with the Current Advisory Agreement, the "Advisory Agreements") between the Adviser and the Trust, on behalf of the Funds, that is identical in all material respects, except for its effective date and termination date, to the Current Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a new investment sub-advisory agreement (the "New B&G Sub-Advisory Agreement") among the Adviser, the Trust, on behalf of AAM Bahl & Gaynor Fund, and Bahl & Gaynor, that is identical in all material respects, except for its effective date and termination date, to the Current B&G Sub-Advisory Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a new investment sub-advisory agreement (the "New VIA Sub-Advisory Agreement") among the Adviser, the Trust, on behalf of each Fund except AAM Bahl & Gaynor Fund (the "VIA Sub-Advised Funds"), and Vident Investment Advisory, LLC ("VIA" or a "Sub-Advisor" and, together with Bahl & Gaynor, the "Sub-Advisers"), that is identical in all material respects, except for its effective date and termination date, to the current investment sub-advisory agreement among the Adviser, the Trust, on behalf of the VIA Sub-Advised Funds, and VIA (the "Current VIA Sub-Advisory Agreement").

**AAM S&P 500 High Dividend Value ETF<br> AAM S&P Emerging Markets High Dividend Value ETF<br> AAM S&P Developed Markets High Dividend Value ETF<br> AAM Low Duration Preferred and Income Securities ETF<br> AAM Transformers ETF<br> AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS**<br> (Unaudited) (Continued)

Pursuant to a merger agreement signed on September 1, 2022, during the first half of 2023, Sun Life Financial Inc., through its subsidiaries, is expected to acquire a majority interest in AAM's parent company, AAM Holdings, Inc. ("AAM Holdings"), and receive call options to acquire the remaining interest in AAM Holdings beginning in 2028, with AAM Holdings' remaining stockholders to receive put options to sell their remaining interests in AAM Holdings beginning in 2028 (the "Transaction"). The Transaction will constitute an "assignment" under the Investment Company Act of 1940, as amended, which will result in the automatic termination of the Current Advisory Agreement, which in turn will result in the automatic termination of the Current B&G Sub-Advisory Agreement and the Current VIA Sub-Advisory Agreement. If approved by Fund shareholders at a special meeting of shareholders, the New Advisory Agreement, the New B&G Sub-Advisory Agreement, and the New VIA Sub-Advisory Agreement (collectively, the "New Agreements") will become effective upon the close of the Transaction.

Prior to the Meeting, the Board, including the Trustees who are not parties to the New Agreements, the Current Advisory Agreement or the Current B&G Sub-Advisory Agreement (collectively, 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 Adviser and the Sub-Advisers (together, the "Advisers") regarding, among other things: (i) the nature, extent, and quality of the services provided, and to be provided, by the Advisers; (ii) the historical performance of each Fund; (iii) the cost of the services provided and the profits realized by the Advisers or their affiliates from services rendered to the Funds as well as the estimated costs of the services to be provided by the Advisers and the profits expected to be realized by the Advisers from providing such services under the New Agreements; (iv) comparative fee and expense data for the Funds and other investment companies with similar investment objectives, including a report prepared by Barrington Partners, an independent third party, that compares each Fund's investment performance, fees and expenses to relevant market benchmarks and peer groups (the "Barrington Report"); (v) the extent to which any economies of scale realized by the Advisers in connection with their services to the Funds are shared with Fund shareholders; (vi) any other financial benefits to the Advisers and their affiliates resulting from services rendered to the Funds; and (vii) other factors the Board deemed to be relevant.

**AAM S&P 500 High Dividend Value ETF<br> AAM S&P Emerging Markets High Dividend Value ETF<br> AAM S&P Developed Markets High Dividend Value ETF<br> AAM Low Duration Preferred and Income Securities ETF<br> AAM Transformers ETF<br> AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS**<br> (Unaudited) (Continued)

The Board also considered that the Advisers, 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 their roles as investment adviser and sub-adviser, respectively, to the Funds, and the Board considered that information alongside the Materials in its consideration of whether the Agreements should be continued and/or approved. Among other things, representatives from the Adviser provided an overview of the Transaction and the effect it would have on the management of the Funds. Additionally, representatives from the Adviser provided an oral overview of the Funds' strategies, the services provided to each Fund by the Advisers, and additional information about the Advisers' personnel and business operations. The Board then discussed the Materials and the Adviser's oral presentation, as well as any other relevant information received by the Board at the Meeting and at prior meetings, including VIA's 15(c) presentation at the July 21, 2022 quarterly Board meeting, and deliberated on the approval of the continuation and/or approval of the Agreements in light of this information.

<u><u>**Approval of the New Advisory Agreement and Continuation of the Current Advisory Agreement**</u></u>

*Nature, Extent, and Quality of Services Provided.* The Trustees considered the scope of services provided under the Advisory Agreements, noting that the Adviser had provided and would continue to provide investment management services to the Funds. The Trustees also considered that the services to be provided under the New Advisory Agreement were identical in all material respects to those services provided under the Current Advisory Agreement. In considering the nature, extent, and quality of the services provided by the Adviser, the Board considered the quality of the Adviser's compliance program and past 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 the Funds. 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, and the firm's compliance policies, marketing practices, and brokerage information. The Board also considered the Adviser's statements that the scope and quality of services provided to the Funds by the Adviser would not diminish as a result of the Transaction.

**AAM S&P 500 High Dividend Value ETF<br> AAM S&P Emerging Markets High Dividend Value ETF<br> AAM S&P Developed Markets High Dividend Value ETF<br> AAM Low Duration Preferred and Income Securities ETF<br> AAM Transformers ETF<br> AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS**<br> (Unaudited) (Continued)

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

*Historical Performance.* The Trustees next considered each Fund's performance. The Board observed that additional information regarding each Fund's past investment performance, for periods ended June 30, 2022, had been included in the Materials, including the Barrington Report, which compared the performance results of each Fund with the returns of a group of ETFs selected by Barrington Partners as most comparable (the "Peer Group") as well as with funds in the Fund's Morningstar category (the "Category Peer Group"). Additionally, at the Board's request, the Adviser identified the funds the Adviser considered to be each Fund's most direct competitors (each, a "Selected Peer Group") and provided the Selected Peer Group's performance results.

<u>AAM S&P 500 High Dividend Value ETF:</u> The Board noted that, for each of the one-year, three-year, and since inception periods ended June 30, 2022, the 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 the Fund tracked its underlying index closely and in an appropriate manner. The Board also noted that the Fund outperformed its broad-based benchmark, the S&P 500 Index, for the one-year period, but the Fund underperformed the same benchmark for the three-year and since inception periods. The benchmark index provides an indication of the performance of U.S. large-cap companies.

The Board noted that, for the one-year and since inception periods ended June 30, 2022, the Fund outperformed the median return of its Category Peer Group (US Fund Large Value) but underperformed its Peer Group, and, for the three-year period, the Fund underperformed both its Category Peer Group and Peer Group. The Board also noted that the Fund performed within the range of returns for the Selected Peer Group for the three-year period but underperformed each of the funds from the Selected Peer Group over the one-year period ended June 30, 2022. The funds included by the Adviser in the Selected Peer Group include domestic, large market capitalization dividend funds.

**AAM S&P 500 High Dividend Value ETF<br> AAM S&P Emerging Markets High Dividend Value ETF<br> AAM S&P Developed Markets High Dividend Value ETF<br> AAM Low Duration Preferred and Income Securities ETF<br> AAM Transformers ETF<br> AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS**<br> (Unaudited) (Continued)

<u>AAM S&P Emerging Markets High Dividend Value ETF:</u> The Board noted that, for each of the one-year, three-year, and since inception periods ended June 30, 2022, the 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 the Fund tracked its underlying index closely and in an appropriate manner. The Board also noted that the Fund outperformed its broad-based benchmark, the S&P Emerging Plus LargeMidCap Index, for the one-year period, but the Fund underperformed the same benchmark for the three-year and since inception periods. The benchmark index is designed to measure the performance of large- and mid-cap securities in emerging markets, including South Korea.

The Board noted that, for the one-year period ended June 30, 2022, the Fund outperformed the median return of its Peer Group and Category Peer Group (US Fund Diversified Emerging Markets), and, for the three-year and since inception periods, the Fund performed in line with the median return of its Peer Group and Category Peer Group. The Board also noted that the Fund generally performed within the range of the Selected Peer Group for the one- and three-year periods ended June 30, 2022. The funds included by the Adviser in the Selected Peer Group include emerging market dividend funds with management fees under 65 basis points.

<u>AAM S&P Developed Markets High Dividend Value ETF:</u> The Board noted that, for each of the one-year, three-year, and since inception periods ended June 30, 2022, the 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 the Fund tracked its underlying index closely and in an appropriate manner. The Board also noted that the Fund outperformed its broad-based benchmark, the S&P Developed BMI Ex-U.S. & Korea LargeMidCap Index, for the one-year period, but the Fund underperformed the same benchmark for the three-year and since inception periods. The benchmark index is designed to measure the performance of large- and mid-cap securities in developed markets, excluding the U.S. and Korea.

The Board noted that, for the one-year period ended June 30, 2022, the Fund performed in line with the median return of its Peer Group and Category Peer Group (US Fund Foreign Large Value), but the Fund underperformed its Peer Group and Category Peer Group for the three-year and since inception periods. The Board also noted that the Fund generally performed within the range of the Selected Peer Group for the one-year period but underperformed each of the funds from the Selected Peer

**AAM S&P 500 High Dividend Value ETF<br> AAM S&P Emerging Markets High Dividend Value ETF<br> AAM S&P Developed Markets High Dividend Value ETF<br> AAM Low Duration Preferred and Income Securities ETF<br> AAM Transformers ETF<br> AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS**<br> (Unaudited) (Continued)

Group over the three-year period ended June 30, 2022. The funds included by the Adviser in the Selected Peer Group include passively managed, international dividend funds.

<u>AAM Low Duration Preferred and Income Securities ETF:</u> The Board noted that, for each of the one-year and since inception periods ended June 30, 2022, the 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 the Fund tracked its underlying index closely and in an appropriate manner. The Board also noted that the Fund outperformed its broad-based benchmark, the ICE Exchange-Listed Preferred & Hybrid Securities Index, for the one-year period, but the Fund underperformed the same benchmark for the since inception period. The 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 noted that, for the one-year and since inception periods ended June 30, 2022, the Fund outperformed the median return of its Peer Group and Category Peer Group (US Fund Preferred Stock). The Board also noted that the Fund outperformed each of the funds in the Selected Peer Group for the one-year period ended June 30, 2022. The funds included by the Adviser in the Selected Peer Group include ETFs that invest in preferred securities.

The Board also considered that the Fund commenced operations on November 19, 2019, and thus had been operating for less than three years as of June 30, 2022, which was a relatively short period of time over which to evaluate the Fund's performance and draw meaningful conclusions.

<u>AAM Transformers ETF:</u> The Board noted that the Fund commenced operations on July 11, 2022, and thus had not commenced operations prior to June 30, 2022. In addition, because the Fund did not have performance returns as of June 30, 2022, the Board did not evaluate the Fund's returns relative to those of the Fund's Peer Group, Category Peer Group or Selected Peer Group, but the Board did consider the overall performance of the Selected Peer Group over the last five years. The funds included by the Adviser in the Selected Peer Group include passively managed ETFs that provide exposure to companies driving innovation and transforming the global economy through the use of emerging technologies, automation and artificial intelligence.

**AAM S&P 500 High Dividend Value ETF<br> AAM S&P Emerging Markets High Dividend Value ETF<br> AAM S&P Developed Markets High Dividend Value ETF<br> AAM Low Duration Preferred and Income Securities ETF<br> AAM Transformers ETF<br> AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS**<br> (Unaudited) (Continued)

<u>AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF:</u> The Board noted that, for the since inception period ended June 30, 2022, the Fund, which is actively managed, outperformed its broad-based benchmark, the Russell 2500 Index. The benchmark index measures the performance of small- to mid-cap companies in the U.S. equity market.

The Board also considered that the Fund commenced operations on August 25, 2021, and thus had been operating for slightly less than one year as of June 30, 2022, which was a relatively short period of time over which to evaluate the Fund's performance and draw meaningful conclusions. Because the Fund did not have performance returns for a full one-year period, the Board did not evaluate the Fund's returns relative to those of its Peer Group, Category Peer Group (US Fund Mid-Cap Blend) and Selected Peer Group, but the Board did consider the overall performance of the Peer Group, Category Peer Group and Selected Peer Group over the last five years. The funds included by the Adviser in the Selected Peer Group include small- and mid-cap dividend funds that focus on growth factors.

*Cost of Services Provided and Economies of Scale.* The Board then reviewed each Fund's fees and expenses, noting that the advisory fees to be paid to the Adviser for its services to the Funds under the New Advisory Agreement were identical to those in the Current Advisory Agreement. In addition, the Board took into consideration that the Adviser had charged, and would continue to charge, a "unified fee," meaning each Fund pays 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 had been and would continue to be responsible for compensating the Trust's other service providers and paying the Funds' other expenses out of the Adviser's own fee and resources. The Board also noted that each Fund's net expense ratio was equal to its unified fee.

The Board also compared each Fund's net expense ratio to its Peer Group and Category Peer Group, as shown in the Barrington Report, and its Selected Peer Group.

<u>AAM S&P 500 High Dividend Value ETF:</u> The Board noted that the Fund's net expense ratio was lower than the median net expense ratio of the funds in the Peer Group and Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was within the range of net expense ratios of the funds in its Selected Peer Group.

**AAM S&P 500 High Dividend Value ETF<br> AAM S&P Emerging Markets High Dividend Value ETF<br> AAM S&P Developed Markets High Dividend Value ETF<br> AAM Low Duration Preferred and Income Securities ETF<br> AAM Transformers ETF<br> AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS**<br> (Unaudited) (Continued)

<u>AAM S&P Emerging Markets High Dividend Value ETF:</u> The Board noted that the Fund's net expense ratio was lower than the median net expense ratio of the funds in the Peer Group and Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was within the range of net expense ratios of the funds in its Selected Peer Group.

<u>AAM S&P Developed Markets High Dividend Value ETF:</u> The Board noted that the Fund's net expense ratio was lower than the median net expense ratio of the funds in the Peer Group and Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was within the range of net expense ratios of the funds in its Selected Peer Group.

<u>AAM Low Duration Preferred and Income Securities ETF:</u> The Board noted that the Fund's net expense ratio was higher than the median net expense ratio, but within the range, of the funds in the Peer Group and lower than the median net expense ratio of the Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was within the range of net expense ratios of the funds in its Selected Peer Group.

<u>AAM Transformers ETF:</u> The Board noted that the Fund's net expense ratio was within the range of the funds in the Peer Group. In addition, the Board noted that the Fund's net expense ratio was lower than the median net expense ratio of the funds in its Selected Peer Group. Because the Fund commenced operations on July 11, 2022, and thus had not commenced operations prior to June 30, 2022, the Fund had not been assigned a Category Peer Group to be used for comparative purposes.

<u>AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF:</u> The Board noted that the Fund's net expense ratio was lower than the median net expense ratio of the Peer Group and Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was higher than the net expense ratios of the two funds in its Selected Peer Group.

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 received, and expected to be received, by the Adviser from its relationship with the Funds, taking into account an analysis of the Adviser's profitability, and expected profitability, with respect to each Fund at various actual and projected Fund asset levels.

**AAM S&P 500 High Dividend Value ETF<br> AAM S&P Emerging Markets High Dividend Value ETF<br> AAM S&P Developed Markets High Dividend Value ETF<br> AAM Low Duration Preferred and Income Securities ETF<br> AAM Transformers ETF<br> AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONs**<br> (Unaudited) (Continued)

The Board expressed the view that it currently appeared that the Adviser might realize economies of scale in managing the Funds as assets grow in size. The Board noted that, should the Adviser realize economies of scale in the future, the Board would evaluate whether those economies were appropriately shared with Fund shareholders, whether through the structure and amount of the fee or by other means.

*Conclusion.* No single factor was determinative of the Board's decision to approve the New Advisory Agreements; 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, determined that the Advisory Agreements, including the compensation payable under the agreements, was fair and reasonable to each Fund. The Board, including the Independent Trustees, determined that the approval of the continuation of the Current Advisory Agreement and the approval of the New Advisory Agreement was in the best interests of each Fund and its shareholders.

<u><u>**Approval of the New B&G Sub-Advisory Agreement and Continuation of the Current B&G Sub-Advisory Agreement**</u></u>

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

The Board noted the responsibilities that Bahl & Gaynor has as the Fund's investment sub-adviser, including: responsibility for the general management of the day-to-day investment and reinvestment of the assets of the Fund; determining the daily basket of deposit securities and cash components; executing portfolio security

**AAM S&P 500 High Dividend Value ETF<br> AAM S&P Emerging Markets High Dividend Value ETF<br> AAM S&P Developed Markets High Dividend Value ETF<br> AAM Low Duration Preferred and Income Securities ETF<br> AAM Transformers ETF<br> AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONs**<br> (Unaudited) (Continued)

trades for purchases and redemptions of the Fund's 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 Fund. The Board also considered Bahl & Gaynor'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 reviewed the Fund's performance, noting that Bahl & Gaynor's portfolio managers actively manage the Fund's investments. The Board considered the same performance information that it reviewed as part of its due diligence with respect to the Adviser's performance, noting that the Fund commenced operations slightly less than one year before June 30, 2022, which was a relatively short period of time over which to evaluate the Fund's performance and draw meaningful conclusions about its management.

*Cost of Services Provided and Economies of Scale.* The Board reviewed the sub-advisory fees paid by the Adviser to Bahl & Gaynor for its services to the Fund. The Board considered that the fees paid to Bahl & Gaynor are paid by the Adviser and noted that the fee reflected an arm's-length negotiation between the Adviser and Bahl & Gaynor. 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 were generally lower than or in line with those charged by Bahl & Gaynor in connection with other exchange-traded funds managed by Bahl & Gaynor. The Board also evaluated the compensation and benefits received by Bahl & Gaynor from its relationship with the Fund, taking into account an analysis of Bahl & Gaynor's profitability with respect to the Fund at various actual and projected Fund asset levels.

The Board expressed the view that it currently appeared that Bahl & Gaynor might realize economies of scale in managing the Fund as assets grow in size, noting that the Fund's sub-advisory fee rate increases when Fund assets under management rise above specified levels. As a result, any benefits from the existing sub-advisory fee schedule would accrue to Bahl & Gaynor; whereas, if the sub-advisory fee schedule included breakpoints, any benefits from an increase in assets under management would accrue to the Adviser due to its unified fee. 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.

**AAM S&P 500 High Dividend Value ETF<br> AAM S&P Emerging Markets High Dividend Value ETF<br> AAM S&P Developed Markets High Dividend Value ETF<br> AAM Low Duration Preferred and Income Securities ETF<br> AAM Transformers ETF<br> AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS**<br> (Unaudited) (Continued)

*Conclusion.* No single factor was determinative of the Board's decision to approve the New B&G Sub-Advisory Agreement or the continuation of the Current B&G 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, determined that the Sub-Advisory Agreements, including the compensation payable under the agreements, was fair and reasonable to the Fund. The Board, including the Independent Trustees, determined that the approval of the New B&G Sub-Advisory Agreement and the continuation of the Current B&G Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

<u><u>**Approval of the New VIA Sub-Advisory Agreement**</u></u>

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

The Board noted the responsibilities that VIA has as the Funds' investment sub-adviser, including: responsibility for the general management of the day-to-day investment and reinvestment of the assets of the Funds; determining the daily basket 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 VIA'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.

**AAM S&P 500 High Dividend Value ETF<br> AAM S&P Emerging Markets High Dividend Value ETF<br> AAM S&P Developed Markets High Dividend Value ETF<br> AAM Low Duration Preferred and Income Securities ETF<br> AAM Transformers ETF<br> AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS**<br> (Unaudited) (Continued)

*Historical Performance.* The Trustees next reviewed each Fund's performance, except that of AAM Transformers ETF, which had not commenced operations as of June 30, 2022, noting that each Fund is passively managed and VIA's portfolio managers attempt to track the total return performance of the Funds' underlying indices. The Board considered the same performance information that it reviewed as part of its due diligence with respect to the Adviser's performance. In particular, the Board considered the Barrington Report, which compared each Fund's performance with the returns of the Peer Group and the Category Peer Group for the periods ended June 30, 2022, as applicable, as well as other relevant information contained in the Materials, including a comparison of each Fund's performance with the returns of the Selected Peer Group, as applicable. The Board considered the Sub-Adviser's performance with respect to each Fund's past investment performance in light of these reports.

The Board also noted that the AAM Low Duration Preferred and Income Securities ETF commenced operations less than three years before June 30, 2022, which was a relatively short period of time over which to evaluate the Fund's performance and draw meaningful conclusions about its management.

*Cost of Services Provided and Economies of Scale.* The Board reviewed the sub-advisory fees paid by the Adviser to VIA for its services to the Funds. The Board considered that the fees paid to VIA are paid by the Adviser and noted that the fee reflected an arm's-length negotiation between the Adviser and VIA. 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 were generally lower than or in line with those charged by VIA in connection with other exchange-traded funds managed by VIA. The Board also evaluated the compensation and benefits received by VIA from its relationship with the Funds, taking into account an analysis of VIA's profitability with respect to the Funds at various actual and projected Fund asset levels.

The Board expressed the view that it currently appeared that VIA might realize economies of scale in managing the Funds as assets grow in size, noting that the Funds' sub-advisory fee rates increase when Fund assets under management rise above specified levels. As a result, any benefits from the existing sub-advisory fee schedule would accrue to VIA; whereas, if the sub-advisory fee schedule included breakpoints, any benefits from an increase in assets under management would accrue to the Adviser

**AAM S&P 500 High Dividend Value ETF<br> AAM S&P Emerging Markets High Dividend Value ETF<br> AAM S&P Developed Markets High Dividend Value ETF<br> AAM Low Duration Preferred and Income Securities ETF<br> AAM Transformers ETF<br> AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**APPROVAL OF ADVISORY AGREEMENTS & BOARD CONSIDERATIONS**<br> (Unaudited) (Continued)

due to its unified fee. Consequently, the Board determined that it would monitor advisory and sub-advisory 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 New VIA 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, determined that the New VIA Sub-Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to the Funds. The Board, including the Independent Trustees, determined that the approval of the New VIA Sub-Advisory Agreement was in the best interests of the Funds and its shareholders.

**AAM ETFs** 

**Federal Tax Information**<br> (Unaudited)

For the fiscal period ended October 31, 2022, 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 S&P 500 High Dividend Value ETF  | 97.80% |
| AAM S&P Emerging Markets High Dividend Value ETF | 55.17% |
| AAM S&P Developed Markets High Dividend Value ETF | 91.10% |
| AAM Low Duration Preferred and Income Securities ETF | 68.44% |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF | 100.00% |
| 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, 2022 was as follows:

---

| | |
|:---|:---|
| AAM S&P 500 High Dividend Value ETF | 90.79% |
| AAM S&P Emerging Markets High Dividend Value ETF | 0.00% |
| AAM S&P Developed Markets High Dividend Value ETF | 0.00% |
| AAM Low Duration Preferred and Income Securities ETF | 66.39% |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF | 100.00% |
| 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 S&P 500 High Dividend Value ETF | 0.00% |
| AAM S&P Emerging Markets High Dividend Value ETF | 0.00% |
| AAM S&P Developed Markets High Dividend Value ETF | 0.00% |
| AAM Low Duration Preferred and Income Securities ETF | 0.00% |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF | 0.00% |
| AAM Transformers ETF | 0.00% |

---

**AAM ETFs** 

**Federal Tax Credit Pass Through**<br> (Unaudited)

Pursuant to Section 853 of the Internal Revenue code, The Funds designate the following amounts as foreign taxes paid for the period ended October 31, 2022. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Creditable <br> Foreign Tax <br> Credit Paid** | **Per Share <br> Amount** | **Portion of Ordinary <br> Income Distribution <br> Derived from Foreign <br> Sourced Income** |
| AAM S&P 500 High Dividend Value ETF | $— | $— | 0.00% |
| AAM S&P Emerging Markets High Dividend Value ETF | 58175 | 0.15513 | 100.00% |
| AAM S&P Developed Markets High Dividend Value ETF | 17078 | 0.17078 | 100.00% |
| AAM Low Duration Preferred and Income Securities ETF |  |  | 0.00% |
| AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF |  |  | 0.00% |
| AAM Transformers ETF |  |  | 0.00% |

---

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

**Information About Portfolio Holdings**<br> (Unaudited)

The Funds file their complete schedules of portfolio holdings for their first and third fiscal quarters with the SEC on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004. Furthermore, you may obtain the Part F of Form N-PORT on the SEC's website at <u>www.sec.gov</u>. Each Fund's portfolio holdings are posted on their website at <u>www.aamlive.com</u>.

**AAM ETFs** 

**Information About Proxy Voting**<br> (Unaudited)

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information ("SAI"). The SAI is available without charge, upon request, by calling toll-free at (800) 617-0004, by accessing the SEC's website at <u>www.sec.gov</u>, or by accessing the Funds' website at <u>www.aamlive.com</u>.

Information regarding how the Funds voted proxies relating to portfolio securities during the period ending June 30 is available by calling toll-free at (800) 617-0004 or by accessing the SEC's website at <u>www.sec.gov</u>.

**Frequency Distribution of Premiums and Discounts** <br> (Unaudited)

Information regarding how often shares of the Funds trade on the exchange at a price above (i.e. at a premium) or below (i.e. at a discount) the NAV of the Funds are available, without charge on the Funds' website at <u>www.aamlive.com</u>.

This page intentionally left blank.

***Advisor***

Advisors Asset Management, Inc.

18925 Base Camp Road, Suite 203

Monument, Colorado 80132

***Sub-Adviser***

***(SPDV, EEMD, DMDV, PFLD, TRFM)***

Vident Investment Advisory, LLC

1125 Sanctuary Parkway, Suite 515

Alpharetta, Georgia 30009

***Sub-Adviser (SMIG)***

Bahl & Gaynor, Inc.

255 East Fifth Street, Suite 2700

Cincinnati, Ohio 45202

***Index Provider (SPDV, EEMD, DMDV)***

S&P Opco, LLC c/o S&P Dow Jones Indices LLC

55 Water Street

New York, New York 10041

***Index Provider (PFLD)***

ICE Data Indices, LLC

5660 New Northside Drive NW, 3rd Floor

Atlanta, Georgia 30328

***Index Provider (TRFM)***

Pence Capital Management, LLC

5000 Birch Street

West Tower, Suite 8000-817

Newport Beach, CA 92660

***Distributor***

Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, Wisconsin 53202

***Custodian***

U.S. Bank National Association

1555 North Rivercenter Drive, Suite 302

Milwaukee, Wisconsin 53212

***Transfer Agent***

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

***Independent Registered Public Accounting Firm***

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, Wisconsin 53202

***Legal Counsel***

Morgan, Lewis, & Bockius, LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

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

Symbol – SPDV

CUSIP – 26922A594

**AAM S&P Emerging Markets High Dividend Value ETF** 

Symbol – EEMD

CUSIP – 26922A586

**AAM S&P Developed Markets High Dividend Value ETF** 

Symbol – DMDV

CUSIP – 26922A347

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

Symbol – PFLD

CUSIP – 26922A198

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

Symbol – SMIG

CUSIP – 26922B832

**AAM Transformers ETF** 

Symbol – TRFM

CUSIP – 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, if applicable. "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 the last two fiscal years, if applicable, for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

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

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit Fees | $13500 | $13500 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $3500 | $3500 |
| All Other Fees | N/A | N/A |

---

**AAM S&P Emerging Markets High Dividend Value ETF**

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit Fees | $14500 | $14500 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $3500 | $3500 |
| All Other Fees | N/A | N/A |

---

**AAM S&P Developed Markets High Dividend Value ETF**

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit Fees | $14000 | $14000 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $3500 | $3500 |
| All Other Fees | N/A | N/A |

---

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

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit Fees | $14000 | $14000 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $3500 | $3500 |
| All Other Fees | N/A | N/A |

---

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF**

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit Fees | $13500 | $10800 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $3500 | $3500 |
| All Other Fees | N/A | N/A |

---

**AAM Transformers ETF**

---

| | |
|:---|:---|
| | FYE 10/31/2022 |
| Audit Fees | $13500 |
| Audit-Related Fees | N/A |
| Tax Fees | $3500 |
| All Other Fees | N/A |

---

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.

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

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

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

**AAM S&P Emerging Markets High Dividend Value ETF**

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

**AAM S&P Developed Markets High Dividend Value ETF**

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

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

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF**

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2022 | FYE 10/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

**AAM Transformers ETF**

---

| | |
|:---|:---|
| | FYE 10/31/2022 |
| Audit-Related Fees | 0% |
| Tax Fees | 0% |
| All Other Fees | 0% |

---

All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

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, if applicable.

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

<u>Non-Audit Related Fees</u> <u>FYE 10/31/2022</u> <u>FYE 10/31/2021</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u> N/A </u> <u> N/A </u>

**AAM S&P Emerging Markets High Dividend Value ETF**

<u>Non-Audit Related Fees</u> <u>FYE 10/31/2022</u> <u>FYE 10/31/2021</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u> N/A </u> <u> N/A </u>

**AAM S&P Developed Markets High Dividend Value ETF**

<u>Non-Audit Related Fees</u> <u>FYE 10/31/2022</u> <u>FYE 10/31/2021</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u> N/A </u> <u> N/A </u>

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

<u>Non-Audit Related Fees</u> <u>FYE 10/31/2022</u> <u>FYE 10/31/2021</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u> N/A </u> <u> N/A </u>

**AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF**

<u>Non-Audit Related Fees</u> <u>FYE 10/31/2022</u> <u>FYE 10/31/2021</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u> N/A </u> <u> N/A </u>

**AAM Transformers ETF**

<u>Non-Audit Related Fees</u> <u>FYE 10/31/2022</u> <br> Registrant N/A <br> <u>Registrant's Investment Adviser</u> <u> N/A </u>

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.

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.

The registrant is not a foreign issuer.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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, and Janet D. Olsen.

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

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

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 10. 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 11. Controls and Procedures.</u>**

(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.

(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 has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Exhibits.</u>**

(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.](fp0080825-3_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* [Filed herewith.](fp0080825-3_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *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;(4) *Change in registrant's independent public accountant.* There was no change in the registrant's public accountant for the period covered by this report.

 

*(b)* *Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* [Furnished herewith.](fp0080825-3_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 | 1/5/23 |

---

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 | 1/5/23 |
| By (Signature and Title)\* | /s/ Kristen M. Weitzel |
|  | Kristen M. Weitzel, Treasurer (principal financial officer) |
| Date | 1/5/23 |

---

*\** *Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

**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;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;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;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;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;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;• 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;• 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;• 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;• 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:

1. I have reviewed this report on Form N-CSR of ETF Series Solutions;

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;

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;

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;(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;(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;(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;(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

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: | 1/5/23 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson<br> President (principal executive officer)<br> ETF Series Solutions |

---

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Kristen M. Weitzel, certify that:

1. I have reviewed this report on Form N-CSR of ETF Series Solutions;

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;

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;

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;(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;(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;(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;(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

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: | 1/5/23 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel<br> Treasurer (principal financial officer)<br> 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, 2022 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/ Kristina R. Nelson | /s/ Kristen M. Weitzel |
| Kristina R. Nelson<br> President (principal executive officer)<br> ETF Series Solutions | Kristina R. Nelson<br> President (principal executive officer)<br> ETF Series Solutions | Kristen M. Weitzel<br> Treasurer (principal financial officer)<br> ETF Series Solutions |
| Dated: | 1/5/23 |  |

---

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.