# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-25-007164
**Filing Date:** 2025-7
**Character Count:** 240962
**Document Hash:** b4156fbafa5fe140d673735be9bf35b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007164.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001133228-25-007164

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251108778

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-05-07192137_AAMBrentviewDividendGrowthETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

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

(Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>April 30, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](i202412181858990.jpg) | **AAM Brentview Dividend Growth ETF**  | ![image](i202506241844343.jpg) |
| ![image](i202412181858990.jpg) | BDIV (Principal U.S. Listing Exchange: NYSE) | ![image](i202506241844343.jpg) |
| ![image](i202412181858990.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202506241844343.jpg) |

---

This semi-annual shareholder report contains important information about the AAM Brentview Dividend Growth ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/BDIV . You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| AAM Brentview Dividend Growth ETF | $24 | 0.49% |

---

\* Annualized

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

U.S. equity markets were volatile during the current fiscal period due to escalating trade tensions and higher than expected tariffs coming out of the Trump Administration. Waiting to assess the economic impact, the Federal Reserve decided to maintain a more cautious stance towards interest rate policy during the report period. The Fund's tilt towards dividend growers with lower betas and elevated dividend yields resulted in lower exposure towards more volatile, mega-cap large cap technology equities. This resulted in the Fund outperforming the Benchmark index, the S&P 500® Index, over the course of the reporting period.

Assessing attribution on a sector basis, the largest contributors to relative performance were our underweight in Information Technology, and our overweight to Financials and Consumer Staples. Better relative sector returns in all three of these sectors contributed to our sector outperformance as well. The largest detractors to relative performance included our overweight in Materials and Health Care, as well as our underweight in Communication Services.

Assessing attribution on a security basis, the largest contributors to performance include Philip Morris International, Inc., McKesson Corporation, and CME Group, Inc. Meanwhile, the largest detractors to performance include UnitedHealth Group, Inc., Oracle Corporation, and Mondelez International, Inc.

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

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

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

![image](ts4285img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(07/30/2025)** |
| **AAM Brentview Dividend Growth ETF NAV**  | 4.22 |
| **S&P 500 TR**  | 3.48 |

---

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

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

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3873089 |
| **Number of Holdings** | 38 |
| **Portfolio Turnover** | 4% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Microsoft Corporation  | 7.3% |
|  Apple, Inc.  | 5.1% |
|  Trane Technologies PLC  | 4.4% |
|  Philip Morris International, Inc.  | 4.0% |
|  Costco Wholesale Corporation  | 3.6% |
|  JPMorgan Chase & Company  | 3.5% |
|  Chevron Corporation  | 3.1% |
|  Linde PLC  | 3.0% |
|  Visa, Inc.  | 3.0% |
|  UnitedHealth Group, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 21.0% |
|  Financials  | 17.6% |
|  Industrials  | 12.0% |
|  Health Care  | 11.9% |
|  Consumer Staples  | 9.3% |
|  Utilities  | 6.3% |
|  Materials  | 5.4% |
|  Consumer Discretionary  | 5.3% |
|  Real Estate  | 3.3% |
|  Cash & Other  | 7.9% |

---

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412181900308.jpg) | **AAM Low Duration Preferred and Income** **Securities ETF**  | ![image](i202506241844343.jpg) |
| ![image](i202412181900308.jpg) | PFLD (Principal U.S. Listing Exchange: NYSE) | ![image](i202506241844343.jpg) |
| ![image](i202412181900308.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202506241844343.jpg) |

---

This semi-annual shareholder report contains important information about the AAM Low Duration Preferred and Income Securities ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/PFLD . You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| AAM Low Duration Preferred and Income Securities ETF | $22 | 0.45% |

---

\* Annualized

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

Sticky inflation and less than expected deterioration of economic conditions in the U.S. resulted in a widespread belief that the Federal Reserve would keep interest rates higher for longer, which assisted PFLD in outperforming its higher-duration, broad benchmark. However, tariff concerns, geopolitical risks, lingering inflation and decreased earnings expectations shifted sentiment to favor "risk-off" assets, and a widespread selloff ensued. Although preferred securities share many characteristics with bonds, they also exhibit qualities of equity shares, which hampered their ability to be shielded from the selloff. Nonetheless, by focusing on low duration preferred securities, PFLD was able to mitigate a level of downside losses that the broad preferred asset class suffered, as the market priced in the likelihood of delayed rate cuts. Therefore, PFLD outperformed the benchmark index, the ICE Exchange-Listed Preferred & Hybrid Securities Index throughout the current fiscal period.

Top performing industries attributable to PFLD's return during the current fiscal period were Quasi-Government, Transportation, and Telecommunications. The worst performing industries included Banking, Insurance, and Real Estate.

Individual securities attributable to PFLD's return over the same fiscal period were AGNC Investment Corporation - Series C, Morgan Stanley - Series E, and Flagstar Financial, Inc. - Series A. Securities dragging down PFLD's return were QVC Group Inc. 03/15/2031, B Riley Financial, Inc. 08/31/2028, and B Riley Financial, Inc. 12/31/2026.

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

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

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

![image](ts4286img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/19/2019)** |
| **AAM Low Duration Preferred and Income Securities** **ETF NAV**  | 2.34 | 2.85 | 1.69 |
| **Bloomberg U.S. Aggregate Bond Index**  | 8.02 | -0.67 | 0.30 |
| **ICE 0-5Yr Duration Ex-Listed Preferred & Hybrid** **Securities**  | 2.80 | 3.23 | 2.09 |

---

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

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

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $501383641 |
| **Number of Holdings** | 160 |
| **Portfolio Turnover** | 45% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Bank of America Corporation  | 4.7% |
|  Morgan Stanley  | 4.7% |
|  Athene Holding Ltd.  | 4.7% |
|  JPMorgan Chase & Company  | 4.7% |
|  Goldman Sachs Group, Inc.  | 4.4% |
|  AGNC Investment Corporation  | 3.6% |
|  Annaly Capital Management, Inc.  | 3.4% |
|  Duke Energy Corporation  | 3.2% |
|  CHS, Inc.  | 3.1% |
|  US Bancorp  | 2.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 82.8% |
|  Utilities  | 6.7% |
|  Industrials  | 3.5% |
|  Consumer Staples  | 3.1% |
|  Consumer Discretionary  | 1.6% |
|  Energy  | 1.3% |
|  Real Estate  | 0.6% |
|  Information Technology  | 0.3% |
|  Cash & Other  | 0.1% |

---

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412181907656.jpg) | **AAM S&P 500 High Dividend Value ETF**  | ![image](i202506241844343.jpg) |
| ![image](i202412181907656.jpg) | SPDV (Principal U.S. Listing Exchange: NYSE) | ![image](i202506241844343.jpg) |
| ![image](i202412181907656.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202506241844343.jpg) |

---

This semi-annual shareholder report contains important information about the AAM S&P 500 High Dividend Value ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/SPDV . You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| AAM S&P 500 High Dividend Value ETF | $14 | 0.29% |

---

\* Annualized

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

SPDV moderately underperformed its benchmark index, the S&P 500 Index, throughout the current fiscal period as growth style equities continued to drive returns in the aftermath of the U.S. presidential election. Furthermore, newly introduced trade policies enacted towards the end of the fiscal period resulted in a steeper drawdown for equities whose price returns were more exposed to the U.S. economic cycle. The Fund held such companies in its portfolio in which its energy infrastructure and technology hardware exposures had a negative selection effect on performance, upon the initial tariff rollout. SPDV's equal-weighting scheme resulted in an underweight towards large-cap, technology companies who rebounded more so than value-style equities as frequent trade policy updates occurred after the initial tariff policy announcements.

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

Individual stocks attributable to SPDV's return over the same fiscal period were Tapestry, Inc., Vistra Corporation, and AT&T, Inc. Stocks dragging down SPDV's return were Stanley Black & Decker, Inc., Alexandria Real Estate Equities, Inc., and LyondellBassell Industries NV - Class A.

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

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

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

![image](ts4287img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/28/2017)** |
| **AAM S&P 500 High Dividend Value ETF NAV**  | 6.76 | 12.74 | 6.59 |
| **S&P 500 TR**  | 12.10 | 15.61 | 12.53 |
| **S&P 500 Dividend and Free Cash Flow Yield Index TR**  | 7.15 | 13.16 | 6.95 |

---

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

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

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $63922762 |
| **Number of Holdings** | 54 |
| **Portfolio Turnover** | 27% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  AT&T, Inc.  | 2.5% |
|  Gilead Sciences, Inc.  | 2.4% |
|  Altria Group, Inc.  | 2.4% |
|  WEC Energy Group, Inc.  | 2.3% |
|  Verizon Communications, Inc.  | 2.3% |
|  Southern Company  | 2.3% |
|  Hasbro, Inc.  | 2.3% |
|  International Business Machines Corporation  | 2.2% |
|  Johnson & Johnson  | 2.2% |
|  Molson Coors Beverage Company  | 2.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Consumer Staples  | 10.7% |
|  Communication Services  | 10.3% |
|  Consumer Discretionary  | 10.1% |
|  Health Care  | 10.0% |
|  Utilities  | 9.9% |
|  Industrials  | 8.9% |
|  Financials  | 8.7% |
|  Real Estate  | 8.7% |
|  Information Technology  | 8.6% |
|  Cash & Other  | 14.1% |

---

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412181859721.jpg) | **AAM Sawgrass U.S. Large Cap Quality** **Growth ETF**  | ![image](i202506241844343.jpg) |
| ![image](i202412181859721.jpg) | SAWG (Principal U.S. Listing Exchange: NYSE) | ![image](i202506241844343.jpg) |
| ![image](i202412181859721.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202506241844343.jpg) |

---

This semi-annual shareholder report contains important information about the AAM Sawgrass U.S. Large Cap Quality Growth ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/SAWG . You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | $24 | 0.49% |

---

\* Annualized

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

Equity markets declined sharply during 2025, erasing all of last year's fourth quarter gains. Large cap stocks increased higher for the month of November following President Trump's election victory then started 2025 with trepidation about a waning artificial intelligence (AI) trade and proposed trade policies. Starting in February, continued uncertainty around tariffs and Fed policy turned investor sentiment more cautious and the market began a deep sell off in April as President Trump announced broad reaching tariffs on the second day of the month. Announcements of a United Kingdom (UK) trade deal and progressing trade talks with China helped markets rebound to a much more modest level for the reporting period.

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

Underperformance in the Health Care, Communications, and Consumer Staples sectors were the biggest detractors of returns. At the security level, the largest contributors to performance were AutoZone, Inc., Broadcom, Inc., and Cboe Global Markets, Inc. The largest detractors of performance were Lululemon Athletica, Inc., IQVIA Holdings, Inc., and Adobe, Inc..

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

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

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

![image](ts4288img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(07/30/2025)** |
| **AAM Sawgrass U.S. Large Cap Quality Growth ETF NAV**  | -0.18 |
| **S&P 500 TR**  | 3.48 |
| **Russell 1000 Growth Total Return**  | 5.65 |

---

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

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

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1868674 |
| **Number of Holdings** | 46 |
| **Portfolio Turnover** | 31% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Microsoft Corporation  | 8.4% |
|  Alphabet, Inc.  | 6.8% |
|  Apple, Inc.  | 5.8% |
|  Amazon.com, Inc.  | 5.5% |
|  Broadcom, Inc.  | 4.3% |
|  NVIDIA Corporation  | 4.1% |
|  McDonald's Corporation  | 2.7% |
|  Johnson & Johnson  | 2.6% |
|  Mastercard, Inc.  | 2.6% |
|  Adobe, Inc.  | 2.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 37.5% |
|  Health Care  | 16.5% |
|  Consumer Discretionary  | 13.6% |
|  Communication Services  | 12.0% |
|  Financials  | 8.4% |
|  Industrials  | 7.5% |
|  Consumer Staples  | 4.0% |
|  Cash & Other  | 0.5% |

---

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](i202412181904211.jpg) | **AAM Sawgrass U.S. Small Cap Quality** **Growth ETF**  | ![image](i202506241844343.jpg) |
| ![image](i202412181904211.jpg) | SAWS (Principal U.S. Listing Exchange: NYSE) | ![image](i202506241844343.jpg) |
| ![image](i202412181904211.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202506241844343.jpg) |

---

This semi-annual shareholder report contains important information about the AAM Sawgrass U.S. Small Cap Quality Growth ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/SAWS . You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | $27 | 0.55% |

---

\* Annualized

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

Equity markets gave ground in a volatile fashion during the fiscal period. Small cap stocks surged in November following President Trump's election victory but gave back the majority of those gains in December as the Fed indicated it would slow down the pace of future rate cuts. 2025 began with trepidation about a waning artificial intelligence (AI) trade and proposed trade policies. Starting in February, continued uncertainty around tariffs and Fed policy turned investor sentiment more cautious and the market began a deep sell off in April as President Trump announced broad reaching tariffs on the second day of the month. Announcements of a United Kingdom (UK) trade deal and progressing trade talks with China helped the small cap market rebound, and SAWS's focus on small caps with stable earnings, low volatility and attractive valuations allowed the strategy to exhibit considerable outperformance to its benchmark during the fiscal period.

Regarding sector performance, Financials were a clear standout with Investment Services and Insurance being the strongest performers. Health Care, Technology and Energy were also strong performers. Health Care was propelled by holdings in the Biotech industry, which were all profitable. Technology matched Health Care's contribution with Cyber Security stocks generating outstanding returns. Finally, pressurization services led our Energy holdings. The Materials sector was the largest laggard.

The largest contributors to return were ADMA Biologics, Inc., StoneX Group, Inc., and Archrock, Inc. Varonis Systems, Inc., Astrana Health, Inc., and RadNet, Inc. were the largest detractors.

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

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

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

------

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

![image](ts4289img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(07/30/2025)** |
| **AAM Sawgrass U.S. Small Cap Quality Growth ETF NAV**  | -1.11 |
| **S&P 500 TR**  | 3.48 |
| **Russell 2000 Growth Total Return**  | -9.35 |

---

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

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

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $936712 |
| **Number of Holdings** | 71 |
| **Portfolio Turnover** | 41% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  ADMA Biologics, Inc.  | 4.5% |
|  StoneX Group, Inc.  | 4.2% |
|  Invesco Government & Agency Portfolio  | 3.6% |
|  Archrock, Inc.  | 3.1% |
|  Commvault Systems, Inc.  | 2.9% |
|  CorVel Corporation  | 2.8% |
|  Integer Holdings Corporation  | 2.5% |
|  Artivion, Inc.  | 2.5% |
|  Huron Consulting Group, Inc.  | 2.4% |
|  Mueller Water Products, Inc.  | 2.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Health Care  | 26.5% |
|  Industrials  | 22.0% |
|  Information Technology  | 18.6% |
|  Financials  | 15.8% |
|  Consumer Discretionary  | 8.7% |
|  Energy  | 3.9% |
|  Materials  | 0.5% |
|  Consumer Staples  | 0.4% |
|  Cash & Other  | 3.6% |

---

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

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

------

**HOUSEHOLDING**

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

AAM Sawgrass U.S. Small Cap Quality Growth ETF PAGE 3 TSR-SAR-26922B485

------

---

| | | |
|:---|:---|:---|
| ![image](i202506231918653.jpg) | **AAM SLC Low Duration Income ETF**  | ![image](i202506241844343.jpg) |
| ![image](i202506231918653.jpg) | LODI (Principal U.S. Listing Exchange: NYSE) | ![image](i202506241844343.jpg) |
| ![image](i202506231918653.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202506241844343.jpg) |

---

This semi-annual shareholder report contains important information about the AAM SLC Low Duration Income ETF for the period of December 3, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/LODI. You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| AAM SLC Low Duration Income ETF | $6 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

Much of the reporting period was relatively quiet and continued trends set in late 2024. However, announcements of increased tariffs during the latter end of the reporting period resulted in heightened volatility and threw into question the future path of inflation and economic growth. Wider credit spreads across securitized sectors ensued.

Through the first quarter, the Fund opportunistically took gains on outperforming issues and moved the proceeds to higher quality issues within the ABS and CMBS sectors. As market stress increased, lower rated securitized tranches within ABS, CMBS, RMBS, and CLO subsectors significantly widened, largely because of cross asset correlations to liquid credit markets and the stock market rather than on any fundamental deterioration. Additionally, ABS and CMBS new issues priced materially wider in the days prior to tariff announcements.

Since the Fund's inception of 12/3/2025 through 4/30/2025, LODI returned 1.79% versus the Bloomberg U.S. 1-3 Year Gov/Credit Index return of 2.59%, underperforming the benchmark by 80 basis points (bps). Underperformance for the period was primarily driven by an overweight allocation to asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). Additionally, while issue selection within Financials was detractive, an overweight allocation to Financials was additive. Bottom performing issues for the period include Global Atlantic Financial Company 10/15/2051, and BBCMS Trust 12/15/2057. Top performing issues for the quarter include Hudson Yards Mortgage Trust Class E, 01/13/2040, and Benchmark Mortgage Trust 03/15/2057.

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

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

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

![image](ts4290img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/03/2025)** |
| **AAM SLC Low Duration Income ETF NAV**  | 1.79 |
| **Bloomberg U.S. Aggregate Bond Index**  | 1.64 |
| **Bloomberg 1-3 Year US Government/Credit**  | 2.59 |

---

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

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

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $56047898 |
| **Number of Holdings** | 101 |
| **Portfolio Turnover** | 50% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  United States Treasury Note/Bond  | 6.9% |
|  Westlake Automobile Receivables Trust  | 6.1% |
|  Pagaya AI Debt Selection Trust  | 5.4% |
|  BBCMS Trust  | 3.6% |
|  American Credit Acceptance Receivables Trust  | 3.6% |
|  Benchmark Mortgage Trust  | 2.5% |
|  Exeter Automobile Receivables Trust  | 2.5% |
|  Global Atlantic Financial Company  | 2.2% |
|  Corebridge Financial, Inc.  | 2.2% |
|  Golub Capital Partners CLO Ltd.  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Asset Backed Securities  | 22.0% |
|  Financial  | 19.4% |
|  Mortgage Securities  | 8.3% |
|  Government  | 6.9% |
|  Consumer, Cyclical  | 4.5% |
|  Energy  | 3.1% |
|  Utilities  | 2.7% |
|  Communications  | 0.9% |
|  Basic Materials  | 0.8% |
|  Cash & Other  | 31.4% |

---

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](is20241218190871.jpg) | **AAM Transformers ETF**  | ![image](i202506241844343.jpg) |
| ![image](is20241218190871.jpg) | TRFM (Principal U.S. Listing Exchange: NYSE) | ![image](i202506241844343.jpg) |
| ![image](is20241218190871.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202506241844343.jpg) |

---

This semi-annual shareholder report contains important information about the AAM Transformers ETF for the period of November 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.aamlive.com/ETF/Detail/TRFM . You can also request this information by contacting us at (800)-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| AAM Transformers ETF | $24 | 0.49% |

---

\* Annualized

**HOW DID THE FUND PERFORM DURING THE PERIOD?**

TRFM demonstrated respectable performance relative to its benchmark throughout the current fiscal period supported by its international exposure, as domestic risks in the U.S. accelerated. Legislative risk following the inauguration of President Donald Trump resulted in a widespread shift away from U.S. assets as the second quarter of 2025 begun. A weaker U.S.-dollar also positively impacted the Fund's international holdings, as investors sought to abandon uncertainty surrounding tariffs, inflation and economic stability in the United States. Furthermore, global central bank loosening of monetary policy followed by fiscal stimulus in China & Europe, resulted in positive sentiment towards those segments of TRFM's holdings. By including disruptive, evolving & growing companies outside of a lagging U.S. equity market and, more specifically, the Information Technology sector, TRFM was able to boast a modest level of outperformance relative to its benchmark index, the S&P 500® Index, for the same current fiscal period.

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

Individual securities attributable to TRFM's return over the current fiscal period were Applovin Corporation – Class A, Rocket Lab USA, Inc., and Rheinmetall AG - ADR. The largest detractors to TRFM's performance were Advanced Micro Devices, Inc., Fluence Energy, Inc, and First Solar, Inc.

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

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

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

AAM Transformers ETF PAGE 1 TSR-SAR-26922B683

------

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

![image](ts4291img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/11/2022)** |
| **AAM Transformers ETF NAV**  | 11.56 | 15.06 |
| **S&P 500 TR**  | 12.10 | 15.78 |
| **Pence Transformers Index Total Return**  | 12.26 | 15.75 |

---

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

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

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $50673337 |
| **Number of Holdings** | 206 |
| **Portfolio Turnover** | 41% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Palantir Technologies, Inc.  | 1.1% |
|  Crowdstrike Holdings, Inc.  | 1.0% |
|  GE Vernova, Inc.  | 1.0% |
|  Cadence Design Systems, Inc.  | 1.0% |
|  Amphenol Corporation  | 1.0% |
|  ROBLOX Corporation  | 0.9% |
|  Axon Enterprise, Inc.  | 0.9% |
|  Boeing Company  | 0.9% |
|  Take-Two Interactive Software, Inc.  | 0.9% |
|  Vistra Corporation  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 56.1% |
|  Industrials  | 19.5% |
|  Consumer Discretionary  | 9.2% |
|  Financials  | 6.5% |
|  Communication Services  | 5.8% |
|  Utilities  | 2.7% |
|  Cash & Other  | 0.2% |

---

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

AAM Transformers ETF PAGE 2 TSR-SAR-26922B683

------

**HOUSEHOLDING**

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

AAM Transformers ETF PAGE 3 TSR-SAR-26922B683

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

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

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

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

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

**AAM ETFS** 

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

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

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

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

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

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

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

Semi-Annual Financial Statements and Additional Information

April 30, 2025 (Unaudited)

------

**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| Schedule of Investments <br>|  |
| &nbsp;&nbsp;&nbsp; [AAM Brentview Dividend Growth ETF](#tsoi1) | [1](#tsoi1) |
| &nbsp;&nbsp;&nbsp; [AAM Low Duration Preferred and Income Securities ETF](#tsoi2) | [2](#tsoi2) |
| &nbsp;&nbsp;&nbsp; [AAM S&P 500 High Dividend Value ETF](#tsoi3) | [6](#tsoi3) |
| &nbsp;&nbsp;&nbsp; [AAM Sawgrass U.S. Large Cap Quality Growth ETF](#tsoi4) | [7](#tsoi4) |
| &nbsp;&nbsp;&nbsp; [AAM Sawgrass U.S. Small Cap Quality Growth ETF](#tsoi5) | [8](#tsoi5) |
| &nbsp;&nbsp;&nbsp; [AAM SLC Low Duration Income ETF](#soi6) | [10](#soi6) |
| &nbsp;&nbsp;&nbsp; [AAM Transformers ETF](#soi7) | [13](#soi7) |
| [Statements of Assets and Liabilities](#tsal) | [16](#tsal) |
| [Statements of Operations](#tsop) | [18](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [20](#tscna) |
| [Financial Highlights](#fihi) | [24](#fihi) |
| [Notes to Financial Statements](#tnotes) | [31](#tnotes) |
| [Approval of Advisory Agreements & Board Considerations](#tapp) | [42](#tapp) |
| [Federal Tax Information](#tax) | [48](#tax) |
| [Additional Information](#add) | [49](#add) |

---

------

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

**AAM Brentview Dividend Growth ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.2%**<br>|  |  |
| **Communication Services - 3.0%**<br>|  |  |
| T-Mobile US, Inc. | 463 | $114338  |
| **Consumer Discretionary - 5.3%**<br>|  |  |
| Lowe's Companies, Inc. | 460 | 102838  |
| TJX Companies, Inc. | 780 | 100370  |
|  |  | 203208  |
| **Consumer Staples - 9.3%**<br>|  |  |
| Costco Wholesale Corporation | 140 | 139230  |
| PepsiCo, Inc. | 500 | 67790  |
| Philip Morris International, Inc. | 900 | 154224  |
|  |  | 361244  |
| **Energy - 3.1%**<br>|  |  |
| Chevron Corporation | 880 | 119733  |
| **Financials - 17.6%**<br>|  |  |
| Blackrock, Inc. | 80 | 73141  |
| CME Group, Inc. | 360 | 99749  |
| Corebridge Financial, Inc. | 2385 | 70667  |
| JPMorgan Chase & Company | 560 | 136987  |
| Marsh & McLennan Companies, Inc. | 380 | 85679  |
| Morgan Stanley | 860 | 99261  |
| Visa, Inc. - Class A | 340 | 117470  |
|  |  | 682954  |
| **Health Care - 11.9%**<br>|  |  |
| Eli Lilly & Company | 100 | 89895  |
| Johnson & Johnson | 520 | 81281  |
| McKesson Corporation | 140 | 99791  |
| Medtronic PLC | 860 | 72894  |
| UnitedHealth Group, Inc. | 280 | 115203  |
|  |  | 459064  |
| **Industrials - 12.0%**<br>|  |  |
| Ferguson Enterprises, Inc. | 459 | 77874  |
| Parker-Hannifin Corporation | 100 | 60506  |
| Trane Technologies PLC | 440 | 168656  |
| Union Pacific Corporation | 340 | 73324  |
| Waste Management, Inc. | 346 | 80743  |
|  |  | 461103  |
| **Information Technology - 21.0%**<br>|  |  |
| Accenture PLC - Class A | 260 | 77779  |
| Apple, Inc. | 937 | 199112  |
| Broadcom, Inc. | 482 | 92770  |
| Lam Research Corporation | 1000 | 71670  |
| Microsoft Corporation | 720 | 284587  |
| Oracle Corporation | 657 | 92453  |
|  |  | 818371  |
| **Materials - 5.4%**<br>|  |  |
| CRH PLC | 980 | 93512  |
| Linde PLC | 260 | 117840  |
|  |  | 211352  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate - 3.3%**<br>|  |  |
| Extra Space Storage, Inc. | 440 | $64469  |
| Realty Income Corporation | 1060 | 61332  |
|  |  | 125801  |
| **Utilities - 6.3%**<br>|  |  |
| Constellation Energy Corporation | 320 | 71501  |
| NextEra Energy, Inc. | 1431 | 95705  |
| WEC Energy Group, Inc. | 720 | 78854  |
|  |  | 246060  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,863,790)** |  | 3803228  |
| **SHORT-TERM INVESTMENTS - 1.9%**<br>|  |  |
| **Money Market Funds - 1.9%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Class Institutional, 4.26%<sup>(a)</sup> | 72499 | 72499  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $72,499)** |  | 72499  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $3,936,289)** |  | $3875727  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (2638)  |
| **TOTAL NET ASSETS - 100.0%** |  | $3873089 |

---

Percentages are stated as a percent of net assets.

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

PLC - Public Limited Company

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

1<br>

------

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

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

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 99.9%**<br>|  |  |
| **Consumer Discretionary - 1.6%**<br>|  |  |
|  Dillard's Capital Trust I, 7.50%, 08/01/2038 | 87000 | $2276790  |
|  FAT Brands, Inc., Series B, 8.25%, Perpetual | 91441 | 638258  |
| Fossil Group, Inc., 7.00%, 11/30/2026 | 65254 | 941615  |
| QVC Group, Inc., 8.00%, 03/15/2031 | 138310 | 3770331  |
|  |  | 7626994  |
| **Consumer Staples - 3.1%**<br>|  |  |
| CHS, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2, 7.10%, Perpetual<sup>(b)</sup> | 182700 | 4613175  |
| &nbsp;&nbsp;&nbsp; Series 3, 6.75%, Perpetual<sup>(b)</sup> | 214236 | 5242355  |
| &nbsp;&nbsp;&nbsp; Series 4, 7.50%, Perpetual | 225118 | 5766398  |
|  |  | 15621928  |
| **Energy - 1.3%**<br>|  |  |
|  NGL Energy Partners LP, Series B, 11.74% (3 mo. Term SOFR + 7.47%), Perpetual | 136874 | 2894885  |
| Seapeak LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, Perpetual | 53645 | 1355073  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 8.50% to 10/15/2027 then <br>3 mo. LIBOR US + 6.24%, Perpetual<sup>(a)</sup> | 71734 | 1796937  |
|  |  | 6046895  |
| **Financials - 82.8%<sup>(c)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ACRES Commercial Realty Corporation, Series C, 10.19% <br>(3 mo. Term SOFR + 5.93%), Perpetual | 52200 | 1291950  |
| AGNC Investment Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 9.63% (3 mo. Term <br>SOFR + 5.37%), Perpetual | 141382 | 3591103  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, 8.85% (3 mo. Term <br>SOFR + 4.59%), Perpetual | 101857 | 2489385  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 9.51% (3 mo. Term <br>SOFR + 5.25%), Perpetual | 175091 | 4386030  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, 9.21% (3 mo. Term <br>SOFR + 4.96%), Perpetual | 250127 | 6180638  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, 7.75% to 10/15/2027 then <br>5 yr. CMT Rate + 4.39%, Perpetual | 65254 | 1620257  |
| &nbsp;&nbsp;&nbsp; Allstate Corporation, 7.69% (3 mo. <br>Term SOFR + 3.43%), <br>01/15/2053 | 217509 | 5579106  |
| &nbsp;&nbsp;&nbsp; American National Group, Inc., Series B, 6.63% to 09/01/2025 then <br>5 yr. CMT Rate + 6.30%, <br>Perpetual | 130500 | 3283380  |
| Annaly Capital Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, 9.52% (3 mo. Term <br>SOFR + 5.25%), Perpetual | 313210 | 7892892  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, 8.70% (3 mo. Term <br>SOFR + 4.43%), Perpetual | 184882 | 4512970  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, 9.52% (3 mo. Term <br>SOFR + 5.25%), Perpetual | 191727 | 4810430  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., <br>7.63% to 12/15/2028 then 5 yr. <br>CMT Rate + 3.23%, 09/15/2053 | 260412 | $6913939  |
| &nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc., Series F, <br>6.25% to 10/12/2026 then 3 mo. <br>Term SOFR + 5.44%, Perpetual | 123350 | 2649558  |
| &nbsp;&nbsp;&nbsp; Argo Group International Holdings, Inc., 7.00% to 09/15/2025 then <br>5 yr. CMT Rate + 6.71%, <br>Perpetual | 65254 | 1632655  |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corporation, 6.63% <br>to 03/01/2028 then 5 yr. CMT <br>Rate + 2.81%, 03/01/2033 | 130500 | 3086325  |
| Athene Holding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25% to 3/30/2029 then 5 yr. CMT Rate + 2.99%, 03/30/2064 | 217865 | 5392159  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.35% to 6/30/2029 then <br>3 mo. LIBOR US + 4.25%, Perpetual<sup>(a)</sup> | 326792 | 7660004  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 6.38% to 9/30/2025 then <br>5 yr. CMT Rate + 5.97%, Perpetual | 227340 | 5694867  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 7.75% to 12/30/2027 then <br>5 yr. CMT Rate + 3.96%, Perpetual | 189448 | 4757039  |
|  Atlantic Union Bankshares Corporation, Series A, 6.88%, Perpetual | 75036 | 1830128  |
| Atlanticus Holdings Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/30/2026 | 62820 | 1518988  |
| &nbsp;&nbsp;&nbsp; Series \*, 9.25%, 01/31/2029 | 70145 | 1766251  |
| B Riley Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/31/2026 | 57044 | 795764  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/2026 | 78529 | 814738  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2026 | 122222 | 1164776  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/31/2028 | 111387 | 775254  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/31/2028 | 175540 | 1118190  |
| &nbsp;&nbsp;&nbsp; Banc of California, Inc., Series F, <br>7.75% to 09/01/2027 then 5 yr. <br>CMT Rate + 4.82%, Perpetual | 223271 | 5532655  |
| Bank of America Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02, 5.22% (3 mo. Term <br>SOFR + 0.91%), Perpetual | 66571 | 1424619  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4, 5.32% (3 mo. Term <br>SOFR + 1.01%), Perpetual | 46819 | 1052959  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5, 5.09% (3 mo. Term <br>SOFR + 0.76%), Perpetual | 89041 | 1960683  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.93% (3 mo. Term <br>SOFR + 0.61%), Perpetual | 68551 | 1504009  |
| &nbsp;&nbsp;&nbsp; Series GG, 6.00%, Perpetual | 297265 | 7378117  |
| &nbsp;&nbsp;&nbsp; Series HH, 5.88%, Perpetual | 187439 | 4481666  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K\*, 6.45% (3 mo. LIBOR <br>US + 1.33%), 12/15/2066<sup>(a)</sup> | 231206 | 5879569  |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corporation, Series K, 6.15% to 03/20/2030 <br>then 5 yr. CMT Rate + 2.16%, <br>Perpetual | 217509 | 5463826  |
|  Charles Schwab Corporation, Series D, 5.95%, Perpetual | 326255 | 8140062  |

---

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

2<br>

------

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

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

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  |
| **Financials - (Continued)** <br>|  |  |
| Chimera Investment Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 10.35% (3 mo. Term <br>SOFR + 6.05%), Perpetual | 141382 | $3479411  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 7.75% to 9/30/2025 then <br>3 mo. LIBOR US + 4.74%, Perpetual<sup>(a)</sup> | 113100 | 2619396  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, 9.90% (3 mo. Term <br>SOFR + 5.60%), Perpetual | 87000 | 2144550  |
| &nbsp;&nbsp;&nbsp; CION Investment Corporation, <br>7.50%, 12/30/2029 | 65254 | 1621562  |
|  Compass Diversified Holdings, Series B, 7.88% to 04/30/2028 then 3 mo. LIBOR US + 4.99%, Perpetual<sup>(a)</sup> | 81822 | 1910544  |
| &nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc., Series A, 5.25% to 09/01/2026 then 5 yr. <br>CMT Rate + 4.42%, Perpetual | 50027 | 1100594  |
| &nbsp;&nbsp;&nbsp; Crescent Capital BDC, Inc., <br>5.00%, 05/25/2026<sup>(d)</sup> | 48543 | 1205808  |
| &nbsp;&nbsp;&nbsp; Dynex Capital, Inc., Series C, 9.98% <br>(3 mo. Term SOFR + 5.72%), Perpetual | 47259 | 1199906  |
| Ellington Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.05% (3 mo. LIBOR US + 5.20%), Perpetual<sup>(a)</sup> | 50027 | 1242671  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.25% to 1/30/2027 then <br>5 yr. CMT Rate + 4.99%, Perpetual | 52420 | 1185216  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 8.63% to 4/30/2028 then <br>5 yr. CMT Rate + 5.13%, Perpetual | 43500 | 1071405  |
| &nbsp;&nbsp;&nbsp; Enstar Group Ltd., Series D, 7.00% to 09/01/2028 then 3 mo. LIBOR <br>US + 4.02%, Perpetual<sup>(a)</sup> | 174000 | 3709680  |
| Fifth Third Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.00%, Perpetual | 87218 | 2126375  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, 8.30% to 3/30/2025 then <br>3 mo. Term SOFR + 3.97%, Perpetual | 195755 | 4999583  |
| &nbsp;&nbsp;&nbsp; Flagstar Financial, Inc., Series A., <br>6.38% to 03/17/2027 then 3 mo. LIBOR US + 3.82%, Perpetual<sup>(a)</sup> | 224027 | 4991322  |
| Gladstone Investment Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2026 | 55655 | 1391375  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/01/2028 | 58526 | 1332052  |
| &nbsp;&nbsp;&nbsp; 7.88%, 02/01/2030 | 55033 | 1384630  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.31% (3 mo. Term <br>SOFR + 1.01%), Perpetual | 326245 | 7210014  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.31% (3 mo. Term <br>SOFR + 1.01%), Perpetual | 87000 | 1966200  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.23% (3 mo. Term <br>SOFR + 0.93%), Perpetual | 587255 | 13072296  |
|  Granite Point Mortgage Trust, Inc., Series A, 7.00% to 01/15/2027 then SOFR + 5.83%, Perpetual | 89498 | 1529521  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Hartford Insurance Group, Inc., Series G, 6.00%, Perpetual | 150082 | $3758053  |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., Series J, 6.88% to 04/15/2028 then 5 yr. <br>CMT Rate + 2.70%, Perpetual | 141382 | 3572723  |
| &nbsp;&nbsp;&nbsp; Invesco Mortgage Capital, Inc., Series C, 7.50% to 09/27/2027 then <br>3 mo. LIBOR US + 5.29%, Perpetual<sup>(a)</sup> | 77132 | 1866594  |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc., 8.00% to 03/30/2028 then 5 yr. CMT <br>Rate + 3.73%, Perpetual | 238329 | 6184638  |
| JPMorgan Chase & Company<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series DD, 5.75%, Perpetual | 453339 | 11124939  |
| &nbsp;&nbsp;&nbsp; Series EE, 6.00%, Perpetual | 494427 | 12375508  |
|  Kemper Corporation, 5.88% to 03/15/2027 then 5 yr. CMT Rate + 4.14%, 03/15/2062 | 65254 | 1447334  |
| KeyCorp<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% to 12/15/2027 then 5 yr. <br>CMT Rate + 3.13%, Perpetual | 261010 | 6402575  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.13% to 12/15/2026 then <br>3 mo. Term SOFR + 4.15%, Perpetual | 217509 | 5494277  |
| &nbsp;&nbsp;&nbsp; M&T Bank Corporation, Series H, 5.63% to 12/15/2026 then 3 mo. <br>Term SOFR + 4.28%, Perpetual | 108754 | 2650335  |
| &nbsp;&nbsp;&nbsp; Merchants Bancorp, 8.25% to 10/01/2027 then 5 yr. CMT <br>Rate + 4.34%, Perpetual | 61991 | 1568372  |
| &nbsp;&nbsp;&nbsp; MetLife, Inc., Series A, 5.56% <br>(3 mo. Term SOFR + 1.26%), Perpetual | 261010 | 6230309  |
| MFA Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.88%, 02/15/2029 | 50027 | 1260680  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 9.91% (3 mo. Term <br>SOFR + 5.61%), Perpetual | 119627 | 2961965  |
| &nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc., 7.75% <br>to 09/30/2027 then 5 yr. CMT <br>Rate + 4.71%, Perpetual | 50027 | 1178136  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.22% (3 mo. Term <br>SOFR + 0.96%), Perpetual | 226198 | 5066835  |
| &nbsp;&nbsp;&nbsp; Series E, 7.13%, Perpetual<sup>(b)</sup> | 177364 | 4469573  |
| &nbsp;&nbsp;&nbsp; Series F, 6.88%, Perpetual<sup>(b)</sup> | 174678 | 4384418  |
| &nbsp;&nbsp;&nbsp; Series I, 6.38%, Perpetual<sup>(b)</sup> | 205484 | 4989152  |
| &nbsp;&nbsp;&nbsp; Series K, 5.85%, Perpetual<sup>(b)</sup> | 205636 | 4667937  |
|  New Mountain Finance Corporation, 8.25%, 11/15/2028 | 50027 | 1282692  |
| New York Mortgage Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, 8.00% to 10/15/2027 then <br>3 mo. LIBOR US + 5.70%, Perpetual<sup>(a)</sup> | 66422 | 1431394  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 11.28% (3 mo. LIBOR <br>US + 6.43%), Perpetual<sup>(a)</sup> | 78343 | 1928021  |
| &nbsp;&nbsp;&nbsp; Series F, 6.88% to 10/15/2026 then SOFR + 6.13%, Perpetual | 62421 | 1330816  |

---

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

3<br>

------

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

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

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  |
| **Financials - (Continued)** <br>|  |  |
| NewtekOne, Inc., 5.50%, 02/01/2026 | 50027 | $1233166  |
| Old National Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 7.00%, Perpetual | 46983 | 1186791  |
| &nbsp;&nbsp;&nbsp; Series C, 7.00%, Perpetual | 53291 | 1330143  |
| PennyMac Mortgage Investment Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/15/2030 | 75036 | 1913418  |
| &nbsp;&nbsp;&nbsp; Series B, 8.00%, Perpetual<sup>(b)</sup> | 84827 | 2076565  |
|  Pinnacle Financial Partners, Inc., Series B, 6.75%, Perpetual | 97882 | 2388321  |
|  Popular Capital Trust II, 6.13%, 12/01/2034 | 43949 | 1132566  |
| Ready Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2026 | 89727 | 2209079  |
| &nbsp;&nbsp;&nbsp; 6.20%, 07/30/2026 | 45509 | 1114060  |
|  Ready Capital Corporation, 9.00%, 12/15/2029 | 56554 | 1361820  |
| Regions Financial Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95% to 9/15/2029 then 5 yr. CMT Rate + 2.77%, Perpetual | 217509 | 5437725  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.70% to 8/15/2029 then <br>3 mo. Term SOFR + 3.41%, Perpetual | 217510 | 5007080  |
| Reinsurance Group of America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75% to 6/15/2026 then 3 mo. LIBOR US + 4.04%, 06/15/2056<sup>(a)</sup> | 174000 | 4306500  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% to 10/15/2027 then 5 yr. <br>CMT Rate + 3.46%, <br>10/15/2052 | 304510 | 7819817  |
| Rithm Capital Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 10.39% (3 mo. Term <br>SOFR + 6.06%), Perpetual | 44997 | 1155523  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 10.22% (3 mo. Term <br>SOFR + 5.90%), Perpetual | 122460 | 3116607  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 9.55% (3 mo. Term <br>SOFR + 5.23%), Perpetual | 172957 | 4322195  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, 7.00% to 11/15/2026 then <br>5 yr. CMT Rate + 6.22%, Perpetual | 202282 | 4935681  |
|  Saratoga Investment Corporation, Series 2027, 6.00%, 04/30/2027 | 45892 | 1132156  |
| &nbsp;&nbsp;&nbsp; SiriusPoint Ltd., Series B, 8.00% <br>to 02/26/2026 then 5 yr. CMT <br>Rate + 7.30%, Perpetual | 87000 | 2199360  |
| &nbsp;&nbsp;&nbsp; SLM Corporation, Series B, 6.26% <br>(3 mo. Term SOFR + 1.96%), Perpetual | 26612 | 1981263  |
|  State Street Corporation, Series G, 5.35%, Perpetual<sup>(b)</sup> | 217509 | 4813474  |
| &nbsp;&nbsp;&nbsp; Synchrony Financial, Series B, 8.25% to 05/15/2029 then 5 yr. CMT <br>Rate + 4.04%, Perpetual | 217509 | 5487752  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Synovus Financial Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, 7.88% (3 mo. Term <br>SOFR + 3.61%), Perpetual | 87000 | $2161080  |
| &nbsp;&nbsp;&nbsp; Series E, 8.40% to 7/1/2029 then 5 yr. CMT Rate + 4.13%, Perpetual | 152255 | 3880980  |
| Trinity Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/30/2029 | 51702 | 1311680  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/30/2029 | 50142 | 1265584  |
|  Truist Financial Corporation, Series I, 4.00% (3 mo. Term SOFR + 0.79%), Perpetual | 75045 | 1722283  |
| Two Harbors Investment Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 8.13% to 4/27/2027 then <br>3 mo. LIBOR US + 5.66%, Perpetual<sup>(a)</sup> | 54918 | 1302655  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.63% to 7/27/2027 then <br>3 mo. LIBOR US + 5.35%, Perpetual<sup>(a)</sup> | 110487 | 2547830  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 9.56% (3 mo. Term <br>SOFR + 5.27%), Perpetual | 105070 | 2567911  |
| &nbsp;&nbsp;&nbsp; UMB Financial Corporation, 7.00% to 07/15/2025 then 5 yr. CMT <br>Rate + 6.68%, Perpetual | 50027 | 1257679  |
| Unum Group, 6.25%, 06/15/2058 | 130500 | 3195945  |
| US Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.54% (3 mo. Term <br>SOFR + 1.28%), Perpetual | 6094 | 5143336  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B\*, 5.12% (3 mo. Term <br>SOFR + 0.86%), Perpetual | 435010 | 9326614  |
| Valley National Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.25% to 6/30/2025 then <br>3 mo. Term SOFR + 4.11%, Perpetual | 50027 | 1256178  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 8.43% (3 mo. LIBOR <br>US + 3.58%), Perpetual<sup>(a)</sup> | 43500 | 1082715  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 8.25% to 9/30/2029 then <br>5 yr. CMT Rate + 4.18%, Perpetual | 65254 | 1631350  |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc., Series B, 5.35% <br>to 09/15/2029 then 5 yr. CMT <br>Rate + 3.21%, Perpetual | 130500 | 3167235  |
| &nbsp;&nbsp;&nbsp; WesBanco, Inc., Series A, 6.75% <br>to 08/15/2025 then 5 yr. <br>CMT Rate + 6.56%, Perpetual | 65254 | 1645053  |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorp, Series A, 4.25% to 09/30/2026 then 5 yr. <br>CMT Rate + 3.45%, Perpetual | 129874 | 2701379  |
| Wintrust Financial Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, 6.50% to 7/15/2025 then <br>3 mo. Term SOFR + 4.32%, Perpetual | 54372 | 1359844  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.88% to 7/15/2025 then <br>5 yr. CMT Rate + 6.51%, Perpetual | 125063 | 3140332  |
|  |  | 415477053  |

---

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

4<br>

------

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

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

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  |
| **Industrials - 3.5%**<br>|  |  |
| Atlas Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, 7.95%, Perpetual | 55396 | $1373267  |
| &nbsp;&nbsp;&nbsp; Series H, 7.88%, Perpetual | 98150 | 2399767  |
| Babcock & Wilcox Enterprises, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/28/2026 | 83975 | 1580410  |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/31/2026 | 65877 | 1041515  |
| &nbsp;&nbsp;&nbsp; Series A, 7.75%, Perpetual | 83401 | 221013  |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Ltd., Series C, 8.25% <br>to 06/15/2026 then 5 yr. CMT <br>Rate + 7.38%, Perpetual | 45672 | 1147737  |
|  Global Ship Lease, Inc., 8.75%, Perpetual | 47405 | 1236322  |
|  Steel Partners Holdings LP, Series A, 6.00%, 02/07/2026 | 63867 | 1540472  |
| &nbsp;&nbsp;&nbsp; Triton International Ltd., <br>8.00%, Perpetual | 62536 | 1507118  |
|  WESCO International, Inc., Series A, 10.63% to 06/22/2025 then 5 yr. CMT Rate + 10.33%, Perpetual | 234240 | 5956723  |
|  |  | 18004344  |
| **Information Technology - 0.3%**<br>|  |  |
|  Soluna Holdings, Inc., Series A, 9.00%, Perpetual | 53875 | 233817  |
|  Synchronoss Technologies, Inc., 8.38%, 06/30/2026 | 51456 | 1301322  |
|  |  | 1535139  |
| **Real Estate - 0.6%**<br>|  |  |
|  American Homes 4 Rent, Series H, 6.25%, Perpetual | 49001 | 1215225  |
|  DiamondRock Hospitality Company, 8.25%, Perpetual | 51769 | 1296296  |
|  Office Properties Income Trust, Series 0000, 6.38%, 06/23/2050 | 67847 | 590269  |
|  |  | 3101790  |
| **Utilities - 6.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corporation, Series 19-A, 8.86% <br>(3 mo. LIBOR US + 4.01%), 07/01/2079<sup>(a)</sup> | 152255 | 3829213  |
| Duke Energy Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/2078 | 217509 | 5357247  |
| &nbsp;&nbsp;&nbsp; Series A, 5.75%, Perpetual | 435010 | 10853499  |
| &nbsp;&nbsp;&nbsp; SCE Trust IV, Series J, 5.38% <br>to 09/15/2025 then 3 mo. Term <br>SOFR + 3.39%, Perpetual | 141382 | 3130197  |
| &nbsp;&nbsp;&nbsp; SCE Trust V, Series K, 5.45% <br>to 03/15/2026 then 3 mo. Term <br>SOFR + 4.05%, Perpetual | 130500 | 2971485  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; Spire, Inc., Series A, <br>5.90%, Perpetual | 108755 | $2604682  |
| Tennessee Valley Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50% (30 yr. CMT <br>Rate + 0.84%), 05/01/2029 | 90092 | 2098243  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, 2.13% (30 yr. CMT <br>Rate + 0.94%), 06/01/2028 | 111568 | 2641930  |
|  |  | 33486496  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $504,769,445)** |  | 500900639  |
| **SHORT-TERM INVESTMENTS - 0.6%**<br>|  |  |
| **Money Market Funds - 0.6%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Class Institutional, 4.26%<sup>(e)</sup> | 3047869 | 3047869  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,047,869)** |  | 3047869  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.5%** <br>**(Cost $507,817,313)** |  | $503948508  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.5)% |  | (2564867)  |
| **TOTAL NET ASSETS - 100.0%** |  | $501383641 |

---

Percentages are stated as a percent of net assets.

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

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities referencing
 LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(b)</sup> Variable rate security. Rate disclosed is the rate in effect as of April 30, 2025.

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. See Note 8 in Notes to Financial Statements.

<sup>(d)</sup> Affiliated security as defined by the Investment Company Act of 1940. See Note 5 in the Notes to Financial Statements.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

5<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Communication Services - 10.3%**<br>|  |  |
| AT&T, Inc. | 58766 | $1627818  |
| Comcast Corporation - Class A | 35491 | 1213792  |
| Interpublic Group of Companies, Inc. | 46782 | 1175164  |
| Omnicom Group, Inc. | 15424 | 1174692  |
| Verizon Communications, Inc. | 33767 | 1487774  |
|  |  | 6679240  |
| **Consumer Discretionary - 10.1%**<br>|  |  |
| Best Buy Company, Inc. | 15758 | 1050901  |
| Ford Motor Company | 131934 | 1320659  |
| Hasbro, Inc. | 23252 | 1439299  |
| LKQ Corporation | 34824 | 1330625  |
| Tapestry, Inc. | 17885 | 1263575  |
|  |  | 6405059  |
| **Consumer Staples - 10.7%**<br>|  |  |
| Altria Group, Inc. | 25651 | 1517257  |
| Archer-Daniels-Midland Company | 26434 | 1262224  |
| Conagra Brands, Inc. | 51781 | 1279509  |
| Kraft Heinz Company | 45553 | 1325592  |
|  Molson Coors Beverage Company - Class B | 24205 | 1392514  |
|  |  | 6777096  |
| **Energy - 8.5%**<br>|  |  |
| APA Corporation | 57254 | 889727  |
| Chevron Corporation | 8578 | 1167123  |
| EOG Resources, Inc. | 10128 | 1117422  |
| Kinder Morgan, Inc. | 44109 | 1160067  |
| Valero Energy Corporation | 9562 | 1110053  |
|  |  | 5444392  |
| **Financials - 8.7%**<br>|  |  |
| Citizens Financial Group, Inc. | 28132 | 1037789  |
| Invesco Ltd. | 75733 | 1054961  |
| Principal Financial Group, Inc. | 16316 | 1209831  |
| Prudential Financial, Inc. | 11381 | 1168943  |
| Regions Financial Corporation | 54564 | 1113651  |
|  |  | 5585175  |
| **Health Care - 10.0%**<br>|  |  |
| Bristol-Myers Squibb Company | 22376 | 1123275  |
| Gilead Sciences, Inc. | 14344 | 1528210  |
| Johnson & Johnson | 9094 | 1421483  |
| Pfizer, Inc. | 51176 | 1249206  |
| Viatris, Inc. | 119212 | 1003765  |
|  |  | 6325939  |
| **Industrials - 8.9%**<br>|  |  |
| Lockheed Martin Corporation | 2686 | 1283237  |
| RTX Corporation | 10655 | 1343915  |
| Snap-on, Inc. | 3809 | 1195302  |
| Stanley Black & Decker, Inc. | 15144 | 908943  |
| United Parcel Service, Inc. - Class B | 10036 | 956431  |
|  |  | 5687828  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **Information Technology - 8.6%**<br>|  |  |
| Cisco Systems, Inc. | 21455 | $1238597  |
| Hewlett Packard Enterprise Company | 54787 | 888645  |
| HP, Inc. | 40793 | 1043077  |
|  International Business Machines Corporation | 5939 | 1436169  |
| Skyworks Solutions, Inc. | 14640 | 941059  |
|  |  | 5547547  |
| **Materials - 5.5%**<br>|  |  |
| Amcor PLC | 136801 | 1258569  |
| CF Industries Holdings, Inc. | 15155 | 1187697  |
| LyondellBasell Industries NV - Class A | 17259 | 1004646  |
|  |  | 3450912  |
| **Real Estate - 8.7%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 13137 | 954534  |
| BXP, Inc. | 18150 | 1156700  |
| Healthpeak Properties, Inc. | 64098 | 1143508  |
| Host Hotels & Resorts, Inc. | 78872 | 1113673  |
| Simon Property Group, Inc. | 7662 | 1205846  |
|  |  | 5574261  |
| **Utilities - 9.9%**<br>|  |  |
| NextEra Energy, Inc. | 18332 | 1226044  |
| NRG Energy, Inc. | 11882 | 1302030  |
| Southern Company | 15994 | 1469689  |
| Vistra Corporation | 6986 | 905595  |
| WEC Energy Group, Inc. | 13622 | 1491881  |
|  |  | 6395239  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $67,898,429)** |  | 63872688  |
| **SHORT-TERM INVESTMENTS - 0.3%** | **SHORT-TERM INVESTMENTS - 0.3%** |  |
| **Money Market Funds - 0.3%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Class Institutional, 4.26%<sup>(a)</sup> | 185622 | 185622  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $185,622)** |  | 185622  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $68,084,051)** |  | $64058310  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (0.2)% |  | (135548)  |
| **TOTAL NET ASSETS - 100.0%** |  | $63922762 |

---

Percentages are stated as a percent of net assets.

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

PLC - Public Limited Company

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

6<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.5%**<br>|  |  |
| **Communication Services - 12.0%**<br>|  |  |
| Alphabet, Inc. - Class A | &nbsp;&nbsp; 796 | $126405  |
| Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 47 | 25803  |
| Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 31 | 35083  |
| T-Mobile US, Inc. | &nbsp;&nbsp; 142 | 35067  |
|  |  | 222358  |
| **Consumer Discretionary - 13.6%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 553 | 101984  |
| AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12 | 45151  |
| Home Depot, Inc. | &nbsp;&nbsp; 99 | 35689  |
| McDonald's Corporation | &nbsp;&nbsp; 158 | 50505  |
| TJX Companies, Inc. | &nbsp;&nbsp; 163 | 20975  |
|  |  | 254304  |
| **Consumer Staples - 4.0%**<br>|  |  |
| Costco Wholesale Corporation | &nbsp;&nbsp; 22 | 21879  |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 797 | 27568  |
| PepsiCo, Inc. | &nbsp;&nbsp; 178 | 24133  |
|  |  | 73580  |
| **Financials - 8.4%**<br>|  |  |
| Cboe Global Markets, Inc. | &nbsp;&nbsp; 146 | 32383  |
| CME Group, Inc. | &nbsp;&nbsp; 95 | 26323  |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 156 | 35173  |
| Mastercard, Inc. - Class A | &nbsp;&nbsp; 87 | 47681  |
| S&P Global, Inc. | &nbsp;&nbsp; 30 | 15001  |
|  |  | 156561  |
| **Health Care - 16.5%**<br>|  |  |
| Abbott Laboratories | &nbsp;&nbsp; 293 | 38310  |
| Amgen, Inc. | &nbsp;&nbsp; 104 | 30256  |
| Danaher Corporation | &nbsp;&nbsp; 203 | 40464  |
| Eli Lilly & Company | &nbsp;&nbsp; 38 | 34160  |
| Exelixis, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 711 | 27836  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 124 | 19229  |
| Johnson & Johnson | &nbsp;&nbsp; 313 | 48925  |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 56 | 23041  |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp; 90 | 19016  |
| Zoetis, Inc. | &nbsp;&nbsp; 195 | 30498  |
|  |  | 311735  |
| **Industrials - 7.5%**<br>|  |  |
| AMETEK, Inc. | &nbsp;&nbsp; 277 | 46974  |
| Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 403 | 24595  |
| HEICO Corporation | &nbsp;&nbsp; 77 | 19309  |
| Republic Services, Inc. | &nbsp;&nbsp; 74 | 18555  |
| Union Pacific Corporation | &nbsp;&nbsp; 149 | 32133  |
|  |  | 141566  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 37.5%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 127 | $47622  |
| Akamai Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 362 | 29170  |
| Apple, Inc. | &nbsp;&nbsp; 508 | 107950  |
| Applied Materials, Inc. | &nbsp;&nbsp; 262 | 39486  |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 75 | 20569  |
| Broadcom, Inc. | &nbsp;&nbsp; 420 | 80837  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 78 | 23224  |
| Cisco Systems, Inc. | &nbsp;&nbsp; 343 | 19801  |
| Microsoft Corporation | &nbsp;&nbsp; 396 | 156523  |
| NVIDIA Corporation | &nbsp;&nbsp; 701 | 76353  |
| Oracle Corporation | &nbsp;&nbsp; 140 | 19701  |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 43 | 41065  |
| Workday, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 151 | 36995  |
|  |  | 699296  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,875,536)** |  | 1859400  |
| **SHORT-TERM INVESTMENTS - 0.5%**<br>|  |  |
| **Money Market Funds - 0.5%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Class Institutional, 4.26%<sup>(c)</sup> | &nbsp;&nbsp; 9223 | 9223  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $9,223)** |  | 9223  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $1,884,758)** |  | $1868623  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(d)</sup> |  | 51  |
| **TOTAL NET ASSETS - 100.0%** |  | $1868674 |

---

Percentages are stated as a percent of net assets.

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

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

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. See Note 8 in Notes to the Financial Statements.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

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

7<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.4%**<br>|  |  |
| **Consumer Discretionary - 8.7%**<br>|  |  |
| Acushnet Holdings Corporation | 101 | $6688  |
| Boyd Gaming Corporation | 56 | 3872  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 37 | 6600  |
| Group 1 Automotive, Inc. | 55 | 22200  |
| Laureate Education, Inc.<sup>(a)</sup> | 383 | 7687  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 118 | 3618  |
| Mister Car Wash, Inc.<sup>(a)</sup> | 909 | 6236  |
| Monarch Casino & Resort, Inc. | 130 | 10165  |
| Texas Roadhouse, Inc. | 87 | 14438  |
|  |  | 81504  |
| **Consumer Staples - 0.4%**<br>|  |  |
| Oil-Dri Corporation of America | 84 | 3536  |
| **Energy - 3.9%**<br>|  |  |
| Archrock, Inc. | 1222 | 28754  |
| PrimeEnergy Resources Corporation<sup>(a)</sup> | 43 | 7304  |
|  |  | 36058  |
| **Financials - 15.8%**<br>|  |  |
| Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 236 | 9485  |
| Bread Financial Holdings, Inc. | 175 | 8304  |
| Enova International, Inc.<sup>(a)</sup> | 103 | 9454  |
| Kinsale Capital Group, Inc. | 29 | 12623  |
| NMI Holdings, Inc.<sup>(a)</sup> | 401 | 14504  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 118 | 17112  |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 339 | 17997  |
| StoneX Group, Inc.<sup>(a)</sup> | 442 | 39146  |
| Tiptree, Inc. | 925 | 20637  |
|  |  | 149262  |
| **Health Care - 26.5%<sup>(b)</sup>**<br>|  |  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 1761 | 41912  |
| Artivion, Inc.<sup>(a)</sup> | 969 | 22956  |
| Axogen, Inc.<sup>(a)</sup> | 394 | 6410  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 644 | 15643  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 54 | 3881  |
| CorVel Corporation<sup>(a)</sup> | 241 | 26211  |
| Ensign Group, Inc. | 104 | 13415  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 77 | 4729  |
| Integer Holdings Corporation<sup>(a)</sup> | 188 | 23746  |
| iRadimed Corporation | 391 | 20492  |
| LeMaitre Vascular, Inc. | 228 | 20689  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 16 | 4934  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 207 | 19551  |
| RadNet, Inc.<sup>(a)</sup> | 244 | 12781  |
| Vericel Corporation<sup>(a)</sup> | 273 | 10379  |
|  |  | 247729  |
| **Industrials - 22.0%**<br>|  |  |
| Allison Transmission Holdings, Inc. | 135 | 12452  |
| Applied Industrial Technologies, Inc. | 58 | 14110  |
| Arcosa, Inc. | 63 | 5044  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Barrett Business Services, Inc. | 123 | $4989  |
| CBIZ, Inc.<sup>(a)</sup> | 261 | 17774  |
| Comfort Systems USA, Inc. | 11 | 4373  |
| CSW Industrials, Inc. | 48 | 14999  |
| Enerpac Tool Group Corporation | 317 | 12797  |
| ESCO Technologies, Inc. | 29 | 4537  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 103 | 4993  |
| Federal Signal Corporation | 100 | 8143  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 169 | 22779  |
| IBEX Holdings Ltd.<sup>(a)</sup> | 192 | 4808  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 120 | 4054  |
| Leonardo DRS, Inc. | 331 | 12234  |
| Liquidity Services, Inc.<sup>(a)</sup> | 343 | 10901  |
| Mueller Industries, Inc. | 221 | 16257  |
| Mueller Water Products, Inc. - Class A | 861 | 22593  |
| Rush Enterprises, Inc. - Class A | 90 | 4589  |
| Willdan Group, Inc.<sup>(a)</sup> | 115 | 4508  |
|  |  | 206934  |
| **Information Technology - 18.6%**<br>|  |  |
| A10 Networks, Inc. | 1187 | 19562  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 179 | 9551  |
| Advanced Energy Industries, Inc. | 88 | 8572  |
| AvePoint, Inc.<sup>(a)</sup> | 1155 | 18884  |
| Badger Meter, Inc. | 22 | 4858  |
| Box, Inc. - Class A<sup>(a)</sup> | 340 | 10615  |
| Commvault Systems, Inc.<sup>(a)</sup> | 162 | 27075  |
| Hackett Group, Inc. | 609 | 15554  |
| InterDigital, Inc. | 65 | 13065  |
| OneSpan, Inc. | 226 | 3361  |
| Progress Software Corporation | 332 | 19907  |
| Red Violet, Inc. | 353 | 13788  |
| Sanmina Corporation<sup>(a)</sup> | 120 | 9215  |
|  |  | 174007  |
| **Materials - 0.5%**<br>|  |  |
| Knife River Corporation<sup>(a)</sup> | 49 | 4576  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $876,772)** |  | 903606  |
| **SHORT-TERM INVESTMENTS - 3.6%**<br>|  |  |
| **Money Market Funds - 3.6%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Class Institutional, 4.26%<sup>(c)</sup> | 33418 | 33418  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $33,418)** |  | 33418  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $910,190)** |  | 937024 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(d)</sup> |  | (312)  |
| **TOTAL NET ASSETS - 100.0%** |  | $936712 |

---

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

8<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

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

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

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. See Note 8 in Notes to the Financial Statements.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

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

9<br>

------

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

**AAM SLC LOW DURATION INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 31.9%**<br>|  |  |
| **Basic Materials - 0.8%**<br>|  |  |
|  Celanese US Holdings LLC, 6.42%, 07/15/2027 | $80000 | $80625  |
|  Glencore Funding LLC, 4.91%, 04/01/2028<sup>(a)</sup> | 390000 | 393650  |
|  |  | 474275  |
| **Communications - 0.9%**<br>|  |  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 6.15%, 11/10/2026 | 375000 | 382370  |
|  Discovery Communications LLC, 3.95%, 03/20/2028 | 130000 | 124336  |
|  |  | 506706  |
| **Consumer, Cyclical - 4.5%**<br>|  |  |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/2028<sup>(a)</sup> | 645000 | 639359  |
|  Ford Motor Credit Company LLC, 2.70%, 08/10/2026 | 260000 | 249610  |
|  General Motors Financial Company, Inc., 5.40%, 05/08/2027 | 130000 | 131315  |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corporation, <br>5.90%, 06/01/2027 | 250000 | 252952  |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027<sup>(a)</sup> | 699750 | 701974  |
|  Volkswagen Group of America Finance LLC, 5.05%, 03/27/2028<sup>(a)</sup> | 550000 | 551461  |
|  |  | 2526671  |
| **Energy - 3.1%**<br>|  |  |
|  Columbia Pipelines Holding Company LLC, 6.04%, 08/15/2028<sup>(a)</sup> | 500000 | 515743  |
| &nbsp;&nbsp;&nbsp; Expand Energy Corporation, <br>5.38%, 02/01/2029 | 720000 | 717688  |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc., <br>3.95%, 02/01/2028 | 525000 | 503609  |
|  |  | 1737040  |
| **Financial - 19.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ares Strategic Income Fund, <br>5.70%, 03/15/2028<sup>(a)</sup> | 760000 | 759246  |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., <br>2.53%, 11/18/2027<sup>(a)</sup> | 650000 | 609570  |
|  Barclays PLC, 5.67% to 03/12/2027 then SOFR + 1.49%, 03/12/2028 | 500000 | 509956  |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, <br>2.63%, 12/15/2026 | 530000 | 508350  |
|  Blue Owl Credit Income Corporation, 7.75%, 09/16/2027 | 475000 | 492706  |
|  Corebridge Financial, Inc., 6.88% (5 yr. CMT Rate + 3.85%), 12/15/2052 | 1200000 | 1213951  |
|  Global Atlantic Financial Company, 4.70% (5 yr. CMT Rate + 3.80%), 10/15/2051<sup>(a)</sup> | 1280000 | 1217900  |
|  Goldman Sachs Group, Inc., 3.62% (SOFR + 1.85%), 03/15/2028 | 510000 | 501847  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Huntington Bancshares, Inc., 4.44% (SOFR + 1.97%), 08/04/2028 | $500000 | $496765  |
|  Jackson National Life Global Funding, 5.55%, 07/02/2027<sup>(a)</sup> | 240000 | 244946  |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, 5.99% <br>(1 yr. CMT Rate + 1.48%), 08/07/2027 | 500000 | 507901  |
| &nbsp;&nbsp;&nbsp; LPL Holdings, Inc., <br>4.90%, 04/03/2028 | 570000 | 572625  |
|  Manufacturers & Traders Trust Company, 4.70%, 01/27/2028 | 500000 | 501774  |
|  NatWest Group PLC, 3.07% (1 yr. CMT Rate + 2.55%), 05/22/2028 | 550000 | 533752  |
| &nbsp;&nbsp;&nbsp; Oaktree Strategic Credit Fund, <br>8.40%, 11/14/2028 | 725000 | 779970  |
|  Santander Holdings USA, Inc., 2.49% (SOFR + 1.25%), 01/06/2028 | 560000 | 537132  |
|  Santander UK Group Holdings PLC, 1.53% (1 yr. CMT Rate + 1.25%), 08/21/2026 | 525000 | 519457  |
| &nbsp;&nbsp;&nbsp; VICI Properties LP / VICI Note Company, Inc., 3.75%, <br>02/15/2027<sup>(a)</sup> | 265000 | 260183  |
|  |  | 10768031  |
| **Industrial - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Boeing Company, <br>6.26%, 05/01/2027 | 250000 | 257550  |
| **Utilities - 2.7%**<br>|  |  |
|  NextEra Energy Capital Holdings, Inc., 6.70% (5 yr. CMT Rate + 2.36%), 09/01/2054 | 510000 | 516614  |
|  Pacific Gas and Electric Company, 2.10%, 08/01/2027 | 595000 | 560483  |
|  Southern Company, 4.00% (5 yr. CMT Rate + 3.73%), 01/15/2051 | 470000 | 463732  |
|  |  | 1540829  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $17,808,618)** |  | 17811102  |
| **ASSET-BACKED SECURITIES - 30.2%**<br>|  |  |
|  Affirm, Inc., Series 2024-X2, Class D, 6.08%, 12/17/2029<sup>(a)</sup> | 750000 | 749829  |
|  American Credit Acceptance Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class E, <br>3.64%, 03/13/2028<sup>(a)</sup> | 1000000 | 993876  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, <br>5.63%, 01/14/2030<sup>(a)</sup> | 1000000 | 1002591  |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2024-P4, Class D, <br>5.60%, 12/10/2032 | 395000 | 397716  |
|  CPS Auto Trust, Series 2024-A, Class D, 6.13%, 04/15/2030<sup>(a)</sup> | 1000000 | 1013920  |
| DT Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3A, Class E, 2.65%, 09/15/2028<sup>(a)</sup> | 175000 | 170225  |

---

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

10<br>

------

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

**AAM SLC LOW DURATION INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, 1.99%, 09/15/2027<sup>(a)</sup> | $775000 | $759015  |
| Exeter Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-5A, Class D, 7.40%, 02/15/2029 | 195000 | 199427  |
| &nbsp;&nbsp;&nbsp; Series 2022-6A, Class D, 8.03%, 04/06/2029 | 500000 | 518806  |
| &nbsp;&nbsp;&nbsp; Series 2023-5A, Class D, 7.13%, 02/15/2030 | 180000 | 186674  |
| &nbsp;&nbsp;&nbsp; Series 2024-5A, Class D, 5.06%, 02/18/2031 | 500000 | 494515  |
|  GLS Auto Receivables Trust, Series 2022-1A, Class D, 3.97%, 01/18/2028<sup>(a)</sup> | 1000000 | 991338  |
|  Marriott Vacations Worldwide Corporation, Series 2021-1WA, Class C, 1.94%, 01/22/2041<sup>(a)</sup> | 151211 | 143474  |
| Metronet Systems Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 6.56%, 04/20/2053<sup>(a)</sup> | 180000 | 183699  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 6.23%, 04/20/2054<sup>(a)</sup> | 600000 | 616340  |
| &nbsp;&nbsp;&nbsp; Octane Receivables Trust, <br>Series 2023-2A, Class D, 7.38%, 06/20/2031<sup>(a)</sup> | 750000 | 774845  |
| PagayaAI Debt Selection Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-8, Class B, 7.96%, 06/16/2031<sup>(a)</sup> | 501891 | 506757  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class D, 6.31%, 07/15/2032<sup>(a)</sup> | 999885 | 1002310  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class C, 7.27%, 10/15/2031<sup>(a)</sup> | 781513 | 789788  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class E, 8.00%, 10/15/2031<sup>(a)</sup> | 399928 | 397300  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 6.28%, 07/15/2032<sup>(a)</sup> | 160000 | 159546  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class D, 6.99%, 12/15/2032<sup>(a)</sup> | 170000 | 170448  |
| &nbsp;&nbsp;&nbsp; Santander Consumer USA Holdings, Inc., Series 2024-2, Class D, <br>6.28%, 08/15/2031 | 1000000 | 1023623  |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, <br>Series 2025-1, Class A3, <br>5.98%, 01/25/2070<sup>(a)(b)</sup> | 245984 | 247084  |
| Westlake Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 6.47%, 03/15/2029<sup>(a)</sup> | 2000000 | 2034633  |
| &nbsp;&nbsp;&nbsp; Series 2023-4A, Class D, 7.19%, 07/16/2029<sup>(a)</sup> | 155000 | 159889  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 6.02%, 10/15/2029<sup>(a)</sup> | 1000000 | 1016671  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.54%, 11/15/2030<sup>(a)</sup> | 225000 | 225289  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $16,947,053)** |  | 16929628  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 20.9%**<br>|  |  |
|  Banc of America Re-Remic Trust, Series 2024-FRR3, Class C, 0.65%, 01/27/2050<sup>(a)(c)</sup> | $750000 | $676473  |
| BBCMS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 5.24% (1 mo. Term SOFR + 0.92%), 03/15/2037<sup>(a)</sup> | 330000 | 312089  |
| &nbsp;&nbsp;&nbsp; Series 2018-TALL, Class D, 5.97% (1 mo. Term SOFR + 1.65%), 03/15/2037<sup>(a)</sup> | 500000 | 422639  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C25, Class D, 4.00%, 03/15/2057<sup>(a)</sup> | 400000 | 356308  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C27, Class C, 6.70%, 07/15/2057<sup>(c)</sup> | 135000 | 136482  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C31, Class D, 4.25%, 12/15/2057<sup>(a)</sup> | 930000 | 792096  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-V5, Class C, 7.20%, 01/10/2057<sup>(c)</sup> | 500000 | 508632  |
| &nbsp;&nbsp;&nbsp; Series 2024-V6, Class B, 6.79%, 03/15/2057 | 600000 | 623402  |
| &nbsp;&nbsp;&nbsp; Series 2025-V13, Class C, 5.91%, 02/15/2058<sup>(c)</sup> | 300000 | 294946  |
| BMO Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C5, Class D, 4.50%, 02/15/2057<sup>(a)</sup> | 500000 | 438164  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C8, Class D, 4.50%, 12/15/2057<sup>(a)</sup> | 500000 | 438789  |
|  Brookfield Properties Retail Holding LLC, Series 2024-SHOW, Class C, 6.28%, 10/10/2041<sup>(a)(c)</sup> | 500000 | 500484  |
| &nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, <br>Series 2013-1515, Class B, 3.47%, 03/10/2033<sup>(a)</sup> | 325000 | 296309  |
|  Commercial Mortgage Pass Through Certificates, Series 2015-CR24, Class B, 4.50%, 08/10/2048<sup>(c)</sup> | 250000 | 245730  |
| Computershare Corporate Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C35, Class AS, 3.18%, 07/15/2048 | 500000 | 487251  |
| &nbsp;&nbsp;&nbsp; Series 2016-C37, Class B, 4.44%, 12/15/2049<sup>(c)</sup> | 600000 | 587919  |
|  FS Commercial Mortgage Trust, Series 2023-4SZN, Class B, 7.80%, 11/10/2039<sup>(a)(c)</sup> | 670000 | 684598  |
|  Great Wolf Trust 2024-WOLF, Series 2024-WOLF, Class D, 7.21% (1 mo. Term SOFR + 2.89%), 03/15/2039<sup>(a)</sup> | 500000 | 496479  |
| Hudson Yards Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class D, 6.55%, 01/13/2040<sup>(a)(c)</sup> | 375000 | 384489  |
| &nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class E, 6.90%, 01/13/2040<sup>(a)(c)</sup> | 400000 | 406705  |

---

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

11<br>

------

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

**AAM SLC LOW DURATION INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** <br>|  |  |
|  JPMBB Commercial Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-C28, Class B, 3.99%, 10/15/2048 | $414620 | $410785  |
| &nbsp;&nbsp;&nbsp; Series 2015-C28, Class D, 3.87%, 10/15/2048<sup>(a)(c)</sup> | 400000 | 348087  |
|  Morgan Stanley Capital I, Inc., Series 2018-L1, Class C, 4.94%, 10/15/2051<sup>(c)</sup> | 250000 | 226468  |
| RFM ReremicTrust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-FRR1, Class AK55, 0.00%, 03/28/2049<sup>(a)(d)</sup> | 260000 | 246199  |
| &nbsp;&nbsp;&nbsp; Series 2022-FRR1, Class AK64, 2.80%, 03/01/2050<sup>(a)(c)</sup> | 350000 | 327802  |
|  TCO Commercial Mortgage Trust, Series 2024-DPM, Class C, 6.31% (1 mo. Term SOFR + 1.99%), 12/15/2039<sup>(a)</sup> | 575000 | 558712  |
|  UBS Commercial Mortgage Trust, Series 2017-C3, Class C, 4.50%, 08/15/2050<sup>(c)</sup> | 600000 | 566705  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $11,870,742)** |  | 11774742  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 9.1%**<br>|  |  |
|  AGL CLO Ltd., Series 2021-16A, Class DR, 6.67% (3 mo. Term SOFR + 2.40%), 01/20/2035<sup>(a)</sup> | 510000 | 492036  |
|  Blackrock CLO Ltd., Series 2024-1A, Class A1, 6.11% (3 mo. Term SOFR + 1.85%), 07/15/2036<sup>(a)</sup> | 900000 | 902480  |
|  CIFC Funding Ltd., Series 2019-3A, Class CR2, 6.06% (3 mo. Term SOFR + 1.80%), 01/16/2038<sup>(a)</sup> | 1000000 | 978780  |
| Golub Capital Partners CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-45A, Class A1R, 5.89% (3 mo. Term SOFR + 1.62%), 07/20/2037<sup>(a)</sup> | 1000000 | 998539  |
| &nbsp;&nbsp;&nbsp; Series 2025-78A, Class C, 6.31% (3 mo. Term SOFR + 2.00%), 04/21/2039<sup>(a)</sup> | 195000 | 192914  |
|  Madison Park Funding Ltd., Series 2019-36A, Class D1RR, 6.81% (3 mo. Term SOFR + 2.55%), 04/15/2035<sup>(a)</sup> | 1000000 | 980144  |
|  Neuberger Berman CLO Ltd., Series 2019-35A, Class DR, 7.42% (3 mo. Term SOFR + 3.15%), 01/19/2033<sup>(a)(e)</sup> | 535000 | 535000  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $5,150,235)** |  | 5079893  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 6.9%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 | $2000000 | $2018281  |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 | 600000 | 607734  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028 | 1245000 | 1255407  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,847,505)** |  | 3881422  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 1.1%**<br>|  |  |
| **Money Market Funds - 1.1%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Class Institutional, 4.26%<sup>(f)</sup> | 613748 | 613748  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $613,748)** |  | 613748  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $56,237,901)** |  | $56090535  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (42637)  |
| **TOTAL NET ASSETS - 100.0%** |  | $56047898 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2025, the value of these securities total $32,769,214 or 58.5% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of April 30, 2025.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of April 30, 2025.

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

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $535,000 or 1.0% of net assets as of April 30, 2025.

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

12<br>

------

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

**AAM Transformers ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Communication Services - 5.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 2199 | $349201  |
| Kanzhun Ltd. - ADR<sup>(a)</sup> | 8254 | 126286  |
| Meta Platforms, Inc. - Class A | 612 | 335988  |
| Nintendo Company Ltd. - ADR | 15686 | 326818  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 11572 | 293003  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 2961 | 345164  |
| ROBLOX Corporation - Class A<sup>(a)</sup> | 6942 | 465461  |
| Sea Ltd. - ADR<sup>(a)</sup> | 2038 | 273194  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 1942 | 453107  |
|  |  | 2968222  |
| **Consumer Discretionary - 9.2%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 2954 | 360152  |
| Amazon.com, Inc.<sup>(a)</sup> | 1919 | 353902  |
| BYD Co. Ltd. - ADR | 3055 | 290622  |
| Coupang, Inc.<sup>(a)</sup> | 17445 | 407690  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 2229 | 429952  |
| Global-e Online Ltd.<sup>(a)</sup> | 3799 | 136422  |
| Hesai Group - ADR<sup>(a)</sup> | 8453 | 159001  |
| Li Auto, Inc. - ADR<sup>(a)</sup> | 9525 | 232315  |
| Meituan - ADR<sup>(a)</sup> | 5874 | 194841  |
| MercadoLibre, Inc.<sup>(a)</sup> | 137 | 319326  |
| Mobileye Global, Inc. - Class A<sup>(a)</sup> | 9454 | 137839  |
| NIO, Inc. - ADR<sup>(a)</sup> | 32977 | 133557  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 2306 | 243444  |
| Prosus NV - ADR | 28631 | 265352  |
| Rivian Automotive, Inc. - Class A<sup>(a)</sup> | 15192 | 207523  |
| Tesla, Inc.<sup>(a)</sup> | 1455 | 410543  |
| Trip.com Group Ltd. - ADR | 4330 | 255427  |
| XPeng, Inc. - ADR<sup>(a)</sup> | 6247 | 116194  |
|  |  | 4654102  |
| **Financials - 6.5%**<br>|  |  |
| Adyen NV - ADR<sup>(a)</sup> | 15793 | 254741  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 3265 | 162466  |
| Block, Inc.<sup>(a)</sup> | 6613 | 386662  |
| Corpay, Inc.<sup>(a)</sup> | 1183 | 384913  |
| Dlocal, Ltd.<sup>(a)</sup> | 16270 | 143990  |
| Mastercard, Inc. - Class A | 699 | 383094  |
| Paymentus Holdings, Inc. - Class A<sup>(a)</sup> | 6437 | 208945  |
| Remitly Global, Inc.<sup>(a)</sup> | 8048 | 162731  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 1890 | 154602  |
| StoneCo Ltd. - Class A<sup>(a)</sup> | 15180 | 213431  |
| Toast, Inc. - Class A<sup>(a)</sup> | 11431 | 406715  |
| Visa, Inc. - Class A | 1105 | 381777  |
|  |  | 3244067  |
| **Industrials - 19.5%**<br>|  |  |
| ABB Ltd. - ADR | 4885 | 257000  |
| Acuity, Inc. | 602 | 146653  |
| AeroVironment, Inc.<sup>(a)</sup> | 1283 | 194400  |
| Airbus SE - ADR | 5856 | 252218  |
| AMETEK, Inc. | 2158 | 365954  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 753 | 461815  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Bloom Energy Corporation - Class A<sup>(a)</sup> | 7352 | $134689  |
| Boeing Company<sup>(a)</sup> | 2479 | 454252  |
| BWX Technologies, Inc. | 1704 | 185940  |
| Chart Industries, Inc.<sup>(a)</sup> | 1134 | 153067  |
| Eaton Corporation PLC | 1342 | 395045  |
| Embraer SA - ADR<sup>(a)</sup> | 2890 | 132767  |
| Emerson Electric Company | 3347 | 351803  |
|  Full Truck Alliance Company Ltd. - Class A - ADR | 11193 | 127152  |
| GE Vernova, Inc. | 1371 | 508394  |
| Generac Holdings, Inc.<sup>(a)</sup> | 1242 | 142060  |
| General Electric Company | 1973 | 397638  |
| Grab Holdings Ltd. - Class A<sup>(a)</sup> | 32115 | 156721  |
| Hubbell, Inc. | 478 | 173600  |
| JBT Marel Corporation | 1275 | 134207  |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 6219 | 210109  |
| Legrand SA - ADR | 11816 | 260188  |
| Mitsubishi Heavy Industries Ltd. - ADR | 8078 | 318758  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 4084 | 165851  |
| nVent Electric PLC | 2677 | 146994  |
| Prysmian SpA - ADR | 4964 | 135716  |
| RBC Bearings, Inc.<sup>(a)</sup> | 480 | 157714  |
| Rheinmetall AG - ADR | 1139 | 385574  |
| Rocket Lab USA, Inc.<sup>(a)</sup> | 9020 | 196546  |
| Rockwell Automation, Inc. | 1434 | 355173  |
| Saab AB - ADR | 8171 | 190057  |
| Schneider Electric SE - ADR | 5610 | 259575  |
| Siemens Energy AG - ADR<sup>(a)</sup> | 4491 | 346885  |
| SMC Corporation - ADR | 7820 | 126919  |
|  Spirit AeroSystems Holdings, Inc. - Class A<sup>(a)</sup> | 5117 | 184212  |
| Standex International Corporation | 910 | 128692  |
| Symbotic, Inc.<sup>(a)</sup> | 7286 | 157232  |
| Techtronic Industries Company Ltd. - ADR | 2228 | 112024  |
| Uber Technologies, Inc.<sup>(a)</sup> | 5011 | 405941  |
| Vestas Wind Systems AS - ADR | 29241 | 127491  |
| Woodward, Inc. | 963 | 180630  |
|  |  | 9677656  |
| **Information Technology - 56.1%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 851 | 319108  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 3810 | 370903  |
| Advantest Corporation - ADR | 5360 | 223887  |
| Agilysys, Inc.<sup>(a)</sup> | 2174 | 161637  |
| Alkami Technology, Inc.<sup>(a)</sup> | 6215 | 165878  |
| Allegro MicroSystems, Inc.<sup>(a)</sup> | 6125 | 116804  |
| Ambarella, Inc.<sup>(a)</sup> | 3197 | 153424  |
| Amphenol Corporation - Class A | 6306 | 485247  |
| Analog Devices, Inc. | 1692 | 329805  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 769 | 158814  |
| Apple, Inc. | 1599 | 339787  |
| AppLovin Corporation - Class A<sup>(a)</sup> | 1467 | 395078  |
| Arista Networks, Inc.<sup>(a)</sup> | 4586 | 377290  |
| ARM Holdings PLC - ADR<sup>(a)</sup> | 2202 | 251138  |

---

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

13<br>

------

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

**AAM Transformers ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |  |
|  ASE Technology Holding Company Ltd. - ADR | 14668 | $128052  |
| ASML Holding NV | 379 | 253202  |
| Astera Labs, Inc.<sup>(a)</sup> | 2536 | 165626  |
| Atlassian Corporation - Class A<sup>(a)</sup> | 1157 | 264155  |
| Autodesk, Inc.<sup>(a)</sup> | 1528 | 419054  |
| AvePoint, Inc.<sup>(a)</sup> | 11818 | 193224  |
| Badger Meter, Inc. | 801 | 176877  |
| BILL Holdings, Inc.<sup>(a)</sup> | 3592 | 163687  |
| Braze, Inc. - Class A<sup>(a)</sup> | 5029 | 156553  |
| Broadcom, Inc. | 1960 | 377241  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 1632 | 485912  |
| Camtek, Ltd. | 2144 | 140089  |
| Celestica, Inc.<sup>(a)</sup> | 1684 | 143729  |
| Cellebrite DI Ltd.<sup>(a)</sup> | 8391 | 166058  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 5906 | 134302  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 3131 | 378162  |
| Cognex Corporation | 4997 | 136418  |
| Coherent Corporation<sup>(a)</sup> | 2550 | 164016  |
| Confluent, Inc. - Class A<sup>(a)</sup> | 6377 | 151836  |
| Corning, Inc. | 8640 | 383443  |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 3882 | 167120  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 1191 | 510784  |
| CyberArk Software Ltd.<sup>(a)</sup> | 440 | 154950  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 3621 | 369921  |
| Dell Technologies, Inc. - Class C | 4339 | 398147  |
| Disco Corporation - ADR | 6655 | 128774  |
| Dynatrace, Inc.<sup>(a)</sup> | 3251 | 152699  |
| Elastic NV<sup>(a)</sup> | 1785 | 153867  |
| Enphase Energy, Inc.<sup>(a)</sup> | 2754 | 122801  |
| Entegris, Inc. | 1648 | 130390  |
| Fair Isaac Corporation<sup>(a)</sup> | 216 | 429771  |
| First Solar, Inc.<sup>(a)</sup> | 1219 | 153375  |
| Fortinet, Inc.<sup>(a)</sup> | 3919 | 406635  |
| GDS Holdings Ltd. - ADR<sup>(a)</sup> | 4054 | 102201  |
| Gitlab, Inc. - Class A<sup>(a)</sup> | 3010 | 140477  |
| GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | 9920 | 347894  |
| Globant SA<sup>(a)</sup> | 1049 | 123331  |
| Guidewire Software, Inc.<sup>(a)</sup> | 980 | 200675  |
| Halma PLC - ADR | 2108 | 159028  |
| HubSpot, Inc.<sup>(a)</sup> | 620 | 379130  |
| Impinj, Inc.<sup>(a)</sup> | 1690 | 155700  |
| Infosys Ltd. - ADR | 13918 | 244957  |
|  International Business Machines Corporation | 1461 | 353299  |
| Intuit, Inc. | 627 | 393424  |
| JFrog Ltd.<sup>(a)</sup> | 4917 | 166047  |
| Kingsoft Cloud Holdings Ltd. - ADR<sup>(a)</sup> | 8405 | 114224  |
| KLA Corporation | 559 | 392804  |
| Klaviyo, Inc. - Class A<sup>(a)</sup> | 4980 | 151591  |
| Lattice Semiconductor Corporation<sup>(a)</sup> | 2661 | 130203  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Life360, Inc.<sup>(a)</sup> | 3861 | $165637  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 2732 | 161297  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 1651 | 171291  |
| Marvell Technology, Inc. | 5603 | 327047  |
| Micron Technology, Inc. | 4111 | 316341  |
| Microsoft Corporation | 972 | 384193  |
| Monday.com Ltd.<sup>(a)</sup> | 584 | 164098  |
| MongoDB, Inc.<sup>(a)</sup> | 905 | 155814  |
| Monolithic Power Systems, Inc. | 666 | 395005  |
| Nova Ltd.<sup>(a)</sup> | 652 | 127929  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 2410 | 165567  |
| NVIDIA Corporation | 3393 | 369566  |
| Onestream, Inc.<sup>(a)</sup> | 7274 | 155664  |
| Onto Innovation, Inc.<sup>(a)</sup> | 1276 | 155634  |
| Oracle Corporation | 2463 | 346593  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 4495 | 532388  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 2112 | 394796  |
| PAR Technology Corporation<sup>(a)</sup> | 2640 | 154176  |
| Pony AI, Inc. - ADR<sup>(a)</sup> | 9681 | 88000  |
| Power Integrations, Inc. | 2705 | 132870  |
| Procore Technologies, Inc.<sup>(a)</sup> | 2317 | 148497  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 3449 | 156447  |
| Rambus, Inc.<sup>(a)</sup> | 3092 | 150859  |
| Renesas Electronics Corporation - ADR | 33704 | 197842  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 2959 | 208698  |
| Salesforce, Inc. | 1352 | 363296  |
| Samsara, Inc. - Class A<sup>(a)</sup> | 11222 | 445065  |
| SAP SE - ADR | 1000 | 292190  |
| Seagate Technology Holdings PLC | 1929 | 175597  |
| Semtech Corporation<sup>(a)</sup> | 5065 | 158281  |
| SentinelOne, Inc. - Class A<sup>(a)</sup> | 8553 | 158230  |
| ServiceNow, Inc.<sup>(a)</sup> | 450 | 429754  |
| ServiceTitan, Inc. - Class A<sup>(a)</sup> | 1916 | 221509  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 2762 | 262390  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 1225 | 124656  |
| SiTime Corporation<sup>(a)</sup> | 970 | 142454  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 2497 | 398247  |
| SoundHound AI, Inc. - Class A<sup>(a)</sup> | 17425 | 161878  |
| SPS Commerce, Inc.<sup>(a)</sup> | 1323 | 189864  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 10379 | 330675  |
| Synopsys, Inc.<sup>(a)</sup> | 879 | 403470  |
|  Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1560 | 260036  |
| Teradyne, Inc. | 1563 | 115990  |
| Texas Instruments, Inc. | 2005 | 320900  |
| Tokyo Electron Ltd. - ADR | 3819 | 286043  |
| Tower Semiconductor Ltd.<sup>(a)</sup> | 3750 | 134175  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 676 | 367271  |
| United Microelectronics Corporation - ADR | 21837 | 153732  |
| Universal Display Corporation | 1064 | 133670  |
| Vertex, Inc. - Class A<sup>(a)</sup> | 5222 | 209037  |
| Workday, Inc. - Class A<sup>(a)</sup> | 1574 | 385630  |
| Workiva, Inc.<sup>(a)</sup> | 1976 | 148734  |

---

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

14<br>

------

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

**AAM Transformers ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |  |
| Xiaomi Corporation - ADR<sup>(a)</sup> | 7933 | $253221  |
|  Zeta Global Holdings Corporation - Class A<sup>(a)</sup> | 10728 | 140108  |
| Zscaler, Inc.<sup>(a)</sup> | 1901 | 429949  |
|  |  | 28586956  |
| **Utilities - 2.7%**<br>|  |  |
| AES Corporation | 15084 | 150840  |
| Ormat Technologies, Inc. | 2402 | 174385  |
| Orsted AS - ADR<sup>(a)</sup> | 9497 | 126120  |
| ReNew Energy Global PLC - Class A<sup>(a)</sup> | 24206 | 154434  |
| RWE AG - ADR | 4360 | 169648  |
| Talen Energy Corporation<sup>(a)</sup> | 963 | 207122  |
| Vistra Corporation | 3471 | 449946  |
|  |  | 1432495  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $47,533,669)** |  | 50563498  |
| **SHORT-TERM INVESTMENTS - 0.2%**<br>|  |  |
| **Money Market Funds - 0.2%**<br>|  |  |
|  Invesco Government & Agency Portfolio - Class Institutional, 4.26%<sup>(c)</sup> | 108657 | 108657  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $108,657)** |  | 108657  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $47,642,326)** |  | $50672155  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(d)</sup> |  | 1182  |
| **TOTAL NET ASSETS - 100.0%** |  | $50673337 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. See Note 8 in Notes to Financial Statements.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

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

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

15<br>

------

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

**AAM ETFs** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AAM** <br>**Brentview** <br>**Dividend** <br>**Growth ETF** | **AAM** <br>**Low Duration** <br>**Preferred and** <br>**Income** <br>**Securities ETF** | **AAM** <br>**S&P 500 High** <br>**Dividend** <br>**Value ETF** | **AAM** <br>**Sawgrass** <br>**U.S. Large Cap** <br>**Quality** <br>**Growth ETF** | **AAM** <br>**Sawgrass** <br>**U.S. Small Cap** <br>**Quality** <br>**Growth ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
|  Investments in unaffiliated securities, at value | $3875727 | $502742700 | $64058310 | $1868623 | &nbsp;&nbsp; $937024  |
|  Investments in affiliated securities, at value |  | 1205808 |  |  | &nbsp;&nbsp; —  |
| Dividends receivable | 2371 | 484024 | 110212 | 718 | &nbsp;&nbsp; 13  |
| Dividend tax reclaims receivable | 337 | 7900 |  |  | &nbsp;&nbsp; —  |
| Interest receivable | 172 | 4931 | 299 | 59 | &nbsp;&nbsp; 87  |
| Receivable for investments sold |  | 21237391 |  |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 3878607 | 525682754 | 64168821 | 1869400 | &nbsp;&nbsp; 937124  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Distributions payable | 4000 | 3033000 | 231000 |  | &nbsp;&nbsp; —  |
| Payable to adviser | 1518 | 184652 | 15059 | 726 | &nbsp;&nbsp; 412  |
| Payable for investments purchased |  | 21081461 |  |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 5518 | 24299113 | 246059 | 726 | &nbsp;&nbsp; 412  |
| **NET ASSETS** | $3873089 | $501383641 | $63922762 | $1868674 | &nbsp;&nbsp; $936712  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $3958765 | $559102434 | $72973819 | $1927016 | &nbsp;&nbsp; $963593  |
| Total accumulated losses | (85676) | (57718793) | (9051057) | (58342) | &nbsp;&nbsp; (26881)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $3873089 | $501383641 | $63922762 | $1868674 | &nbsp;&nbsp; $936712  |
| Net assets | $3873089 | $501383641 | $63922762 | $1868674 | &nbsp;&nbsp; $936712  |
| Shares issued and outstanding<sup>(a)</sup> | 200000 | 25275000 | 2100000 | 100000 | &nbsp;&nbsp; 50000  |
| Net asset value per share | $19.37 | $19.84 | $30.44 | $18.69 | &nbsp;&nbsp; $18.73  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $3936289 | $506646233 | $68084051 | $1884758 | &nbsp;&nbsp; $910190  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $— | $1171080 | $— | $— | &nbsp;&nbsp; $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

16<br>

------

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

**AAM ETFs** 

**Statements of Assets and Liabilities** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **AAM SLC Low** <br>**Duration Income** <br>**ETF** | **AAM** <br>**Transformers** <br>**ETF**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $56090535 | $50672155  |
| Interest receivable | 349028 | 378  |
| Dividends receivable |  | 17658  |
| Dividend tax reclaims receivable |  | 2174  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 56439563 | 50692365  |
| **LIABILITIES:**<br>|  |  |
| Distributions payable | 247500 | —  |
| Payable for investments purchased | 137315 | —  |
| Payable to adviser | 6850 | 19028  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 391665 | 19028  |
| **NET ASSETS** | $56047898 | $50673337  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | $56260033 | $48048712  |
| Total distributable earnings/(accumulated losses) | (212135) | 2624625  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $56047898 | $50673337  |
| Net assets | $56047898 | $50673337  |
| Shares issued and outstanding<sup>(a)</sup> | 2250000 | 1425000  |
| Net asset value per share | $24.91 | $35.56  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $56237901 | $47642326 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

17<br>

------

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

**AAM ETFs** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AAM** <br>**Brentview** <br>**Dividend** <br>**Growth ETF** | **AAM** <br>**Low Duration** <br>**Preferred and** <br>**Income** <br>**Securities ETF** | **AAM** <br>**S&P 500 High** <br>**Dividend** <br>**Value ETF** | **AAM** <br>**Sawgrass** <br>**U.S. Large Cap** <br>**Quality** <br>**Growth ETF** | **AAM** <br>**Sawgrass** <br>**U.S. Small Cap** <br>**Quality** <br>**Growth ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
|  Dividend income from unaffiliated securities | $23815 | $16816011 | $1300008 | &nbsp;&nbsp;&nbsp; $8753 | &nbsp;&nbsp;&nbsp; $2109  |
| Dividend income from affiliated securities |  | 24444 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Less: Dividend withholding taxes |  | (14548) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Less: Issuance fees | (1) |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Interest income | 682 | 89870 | 1965 | &nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; 300  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 24496 | 16915777 | 1301973 | &nbsp;&nbsp;&nbsp; 9007 | &nbsp;&nbsp;&nbsp; 2409  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 6174 | 1079517 | 93873 | &nbsp;&nbsp;&nbsp; 4503 | &nbsp;&nbsp;&nbsp; 2433  |
| &nbsp;&nbsp;&nbsp; Total expenses | 6174 | 1079517 | 93873 | &nbsp;&nbsp;&nbsp; 4503 | &nbsp;&nbsp;&nbsp; 2433  |
| **NET INVESTMENT INCOME/(LOSS)** | 18322 | 15836260 | 1208100 | &nbsp;&nbsp;&nbsp; 4504 | &nbsp;&nbsp;&nbsp; (24)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (23290) | (12448497) | (2015693) | &nbsp;&nbsp;&nbsp; (44028) | &nbsp;&nbsp;&nbsp; (46559)  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  | 2311 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities |  | 1486633 | 4824553 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions in affiliated securities |  | 2672 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Net realized gain (loss) | (23290) | (10956881) | 2808860 | &nbsp;&nbsp;&nbsp; (44028) | &nbsp;&nbsp;&nbsp; (46559)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (85904) | (16331203) | (8554408) | &nbsp;&nbsp;&nbsp; (54584) | &nbsp;&nbsp;&nbsp; 13263  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  | 20642 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | (85904) | (16310561) | (8554408) | &nbsp;&nbsp;&nbsp; (54584) | &nbsp;&nbsp;&nbsp; 13263  |
| **Net realized and unrealized gain (loss)** | (109194) | (27267442) | (5745548) | &nbsp;&nbsp;&nbsp; (98612) | &nbsp;&nbsp;&nbsp; (33296)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(90872) | $(11431182) | $(4537448) | &nbsp;&nbsp;&nbsp; $(94108) | &nbsp;&nbsp;&nbsp; $(33320) |

---

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

18<br>

------

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

**AAM ETFs** 

**Statements of Operations** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **AAM SLC Low** <br>**Duration Income** <br>**ETF<sup>(a)</sup>** | **AAM** <br>**Transformers** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | &nbsp;&nbsp; $1400 | $81594  |
| Less: Dividend withholding taxes | &nbsp;&nbsp; — | (3760)  |
| Less: Issuance fees | &nbsp;&nbsp; — | (3752)  |
| Interest income | &nbsp;&nbsp; 1135108 | 1197  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 1136508 | 75279  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | &nbsp;&nbsp; 83275 | 125350  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 83275 | 125350  |
| Expense reimbursement by Adviser | &nbsp;&nbsp; (51246) | —  |
| Net expenses | &nbsp;&nbsp; 32029 | 125350  |
| **NET INVESTMENT INCOME/(LOSS)** | &nbsp;&nbsp; 1104479 | (50071)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (24591) | (2838673)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; — | 6098158  |
| Net realized gain (loss) | &nbsp;&nbsp; (24591) | 3259485  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (147366) | (2687796)  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (147366) | (2687796)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; (171957) | 571688  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $932522 | $521618 |

---

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

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

19<br>

------

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

**AAM ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AAM Brentview** <br>**Dividend Growth** <br>**ETF** | **AAM Brentview** <br>**Dividend Growth** <br>**ETF** | **AAM Low Duration Preferred** <br>**and Income Securities** <br>**ETF**  | **AAM Low Duration Preferred** <br>**and Income Securities** <br>**ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $18322 | &nbsp;&nbsp; $2702 | $15836260 | $18726874  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (23290) | (708) | (10956881) | (8639323)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (85904) | &nbsp;&nbsp; 25342 | (16310561) | 21563381  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from** <br>**operations** | (90872) | &nbsp;&nbsp; 27336 | (11431182) | 31650932  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (19540) | &nbsp;&nbsp; (2600) | (18046616) | (21136371)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | &nbsp;&nbsp; — |  | (947809)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (19540) | &nbsp;&nbsp; (2600) | (18046616) | (22084180)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3007471 | &nbsp;&nbsp; 951294 | 100033330 | 246386207  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp; — | (18024040) | (4205373)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 3007471 | &nbsp;&nbsp; 951294 | 82009290 | 242180834  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 2897059 | &nbsp;&nbsp; 976030 | 52531492 | 251747586  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 976030 | &nbsp;&nbsp; — | 448852149 | 197104563  |
| &nbsp;&nbsp;&nbsp; End of the period | $3873089 | &nbsp;&nbsp; $976030 | $501383641 | $448852149  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 150000 | &nbsp;&nbsp; 50000 | 4850000 | 11700000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp; — | (900000) | (200000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 150000 | &nbsp;&nbsp; 50000 | 3950000 | 11500000 |

---

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

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

20<br>

------

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

**AAM ETFs** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AAM S&P 500** <br>**High Dividend Value** <br>**ETF** | **AAM S&P 500** <br>**High Dividend Value** <br>**ETF** | **AAM Sawgrass** <br>**U.S. Large Cap Quality** <br>**Growth ETF**  | **AAM Sawgrass** <br>**U.S. Large Cap Quality** <br>**Growth ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1208100 | $2327946 | $4504 | $1072  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2808860 | 606723 | (44028) | (925)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (8554408) | 14463600 | (54584) | 38449  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (4537448) | 17398269 | (94108) | 38596  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1395141) | (2316011) | (2830) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1395141) | (2316011) | (2830) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 26208375 | 12698162 | 408710 | 1518306  |
| &nbsp;&nbsp;&nbsp; Redemptions | (18469188) | (26507245) |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 7739187 | (13809083) | 408710 | 1518306  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 1806598 | 1273175 | 311772 | 1556902  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 62116164 | 60842989 | 1556902 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $63922762 | $62116164 | $1868674 | $1556902  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 775000 | 400000 | 20000 | 80000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (550000) | (875000) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 225000 | (475000) | 20000 | 80000 |

---

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

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

21<br>

------

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

**AAM ETFs** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **AAM Sawgrass U.S. Small Cap** <br>**Quality Growth ETF** | **AAM Sawgrass U.S. Small Cap** <br>**Quality Growth ETF** | **AAM SLC Low** <br>**Duration Income ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**April 30, 2025<sup>(b)</sup>** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(24) | &nbsp;&nbsp; $80 | &nbsp;&nbsp;&nbsp;&nbsp; $1104479  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (46559) | &nbsp;&nbsp; (6952) | &nbsp;&nbsp;&nbsp;&nbsp; (24591)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 13263 | &nbsp;&nbsp; 13572 | &nbsp;&nbsp;&nbsp;&nbsp; (147366)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (33320) | &nbsp;&nbsp; 6700 | &nbsp;&nbsp;&nbsp;&nbsp; 932522  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (261) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1144657)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (261) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1144657)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 205593 | &nbsp;&nbsp; 758000 | &nbsp;&nbsp;&nbsp;&nbsp; 56254290  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 7) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5743  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 205593 | &nbsp;&nbsp; 758000 | &nbsp;&nbsp;&nbsp;&nbsp; 56260033  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; 172012 | &nbsp;&nbsp; 764700 | &nbsp;&nbsp;&nbsp;&nbsp; 56047898  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 764700 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $936712 | &nbsp;&nbsp; $764700 | &nbsp;&nbsp;&nbsp;&nbsp; $56047898  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 |

---

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

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

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

22<br>

------

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

**AAM ETFs** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **AAM Transformers ETF**  | **AAM Transformers ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(50071) | $(19263)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3259485 | 2754276  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2687796) | 6691296  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 521618 | 9426309  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 23500002 | 33857425  |
| &nbsp;&nbsp;&nbsp; Redemptions | (18980109) | (17882508)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 4519893 | 15974917  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 5041511 | 25401226  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 45631826 | 20230600  |
| &nbsp;&nbsp;&nbsp; End of the period | $50673337 | $45631826  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 625000 | 1050000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (500000) | (550000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 125000 | 500000 |

---

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

23<br>

------

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

**AAM BRENTVIEW DIVIDEND GROWTH ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $19.52 | &nbsp;&nbsp;&nbsp; $18.77  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.74  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.81  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (0.06)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (0.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $19.37 | &nbsp;&nbsp;&nbsp; $19.52  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; -0.09% | &nbsp;&nbsp;&nbsp; 4.32%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3873 | &nbsp;&nbsp;&nbsp; $976  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.49%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp; 1.36%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 2% |

---

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

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

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

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

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

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

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

24<br>

------

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

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

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025**<br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2020<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025**<br>(Unaudited) | **2024** | **2023** | **2022** | **2021**  | **Period Ended** <br>**October 31,** <br>**2020<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $21.05 | $20.06 | $20.71 | $25.23 | $24.07 | &nbsp;&nbsp;&nbsp; $24.97  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.67 | 1.33 | 1.43 | 1.18 | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.17  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (1.12) | 1.23 | (0.74) | (4.56) | 1.35 | &nbsp;&nbsp;&nbsp; (0.98)  |
| **Total from investment operations** | &nbsp;&nbsp; (0.45) | 2.56 | 0.69 | (3.38) | 2.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.19  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.76) | (1.50) | (1.34) | (1.14) | (1.24) | &nbsp;&nbsp;&nbsp; (1.10)  |
| Return of capital | &nbsp;&nbsp; — | (0.07) |  |  |  | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.76) | (1.57) | (1.34) | (1.14) | (1.24) | &nbsp;&nbsp;&nbsp; (1.10)  |
| ETF transaction fees per share | &nbsp;&nbsp; — |  | 0.00<sup>(d)</sup> |  | 0.00<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp; $19.84 | $21.05 | $20.06 | $20.71 | $25.23 | &nbsp;&nbsp;&nbsp; $24.07  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; -2.21% | 13.07% | 3.30% | -13.72% | 10.08% | &nbsp;&nbsp;&nbsp; 0.98%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $501384 | $448852 | $197105 | $157364 | $95232 | &nbsp;&nbsp;&nbsp; $3611  |
|  Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.45% | 0.45% | 0.46% | 0.45% | 0.45% | &nbsp;&nbsp;&nbsp; 0.45%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 6.60% | 6.31% | 6.83% | 5.74% | 4.33% | &nbsp;&nbsp;&nbsp; 5.15%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; 45% | 103% | 100% | 154% | 199% | &nbsp;&nbsp;&nbsp; 202% |

---

<sup>(a)</sup> Inception date of the Fund was November 19, 2019.

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

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

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

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

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

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

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

25<br>

------

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

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

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $33.13 | $25.89 | $28.45 | $29.90 | $21.14 | $26.54  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | 1.16 | 1.14 | 1.07 | 0.91 | 0.95  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (2.60) | 7.24 | (2.57) | (1.44) | 8.79 | (5.28)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (1.99) | 8.40 | (1.43) | (0.37) | 9.70 | (4.33)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.70) | (1.16) | (1.13) | (1.08) | (0.94) | (1.07)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.70) | (1.16) | (1.13) | (1.08) | (0.94) | (1.07)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $30.44 | $33.13 | $25.89 | $28.45 | $29.90 | $21.14  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; -6.14% | 32.92% | -5.29%<sup>(f)</sup> | -1.37% | 46.23% | -16.47%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $63923 | $62116 | $60843 | $67568 | $45600 | $23788  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net <br>assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.29% | 0.29% | 0.29% | 0.29% | 0.29% | 0.29%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.73% | 3.83% | 4.02% | 3.57% | 3.19% | 4.06%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp; 27% | 57% | 63% | 68% | 69% | 84% |

---

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

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

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

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

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

<sup>(f)</sup> The Fund had a trade error during the year resulting in a loss to the Fund of $11,153, which was subsequently reimbursed to the Fund by the Sub-Adviser. The total return for the year would have been -5.31% before the reimbursement. 

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

26<br>

------

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

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

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $19.46 | &nbsp;&nbsp;&nbsp; $18.75  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.79) | &nbsp;&nbsp;&nbsp;&nbsp;0.69  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp;&nbsp;0.71  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $18.69 | &nbsp;&nbsp;&nbsp; $19.46  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; -3.83% | &nbsp;&nbsp;&nbsp; 3.79%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1869 | &nbsp;&nbsp;&nbsp; $1557  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.49%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.40%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 31% | &nbsp;&nbsp;&nbsp; 8% |

---

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

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

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

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

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

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

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

27<br>

------

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

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

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $19.12 | &nbsp;&nbsp;&nbsp; $18.95  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.00)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $18.73 | &nbsp;&nbsp;&nbsp; $19.12  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -1.97% | &nbsp;&nbsp;&nbsp; 0.88%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $937 | &nbsp;&nbsp;&nbsp; $765  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 0.55%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp; 0.04%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 41% | &nbsp;&nbsp;&nbsp; 12% |

---

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

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

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

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

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

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

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

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

28<br>

------

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

**AAM SLC LOW DURATION INCOME ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.52  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.08)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.44  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.53)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.53)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $24.91  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.79%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $56048  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.39%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.14%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50% |

---

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

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

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

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

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

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

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

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

29<br>

------

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

**AAM TRANSFORMERS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** | **Year Ended** <br>**October 31,** | **Period Ended** <br>**October 31,** <br>**2022<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023**  | **Period Ended** <br>**October 31,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $35.10 | $25.29 | $22.51 | &nbsp;&nbsp;&nbsp; $24.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.04) | (0.02) | (0.06) | &nbsp;&nbsp;&nbsp; (0.03)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 9.83 | 2.84 | &nbsp;&nbsp;&nbsp; (1.46)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 9.81 | 2.78 | &nbsp;&nbsp;&nbsp; (1.49)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; — |  | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $35.56 | $35.10 | $25.29 | &nbsp;&nbsp;&nbsp; $22.51  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.31% | 38.80% | 12.33% | &nbsp;&nbsp;&nbsp; -6.20%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $50673 | $45632 | $20231 | &nbsp;&nbsp;&nbsp; $3377  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.49% | 0.49% | 0.49% | &nbsp;&nbsp;&nbsp; 0.49%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.20)% | (0.05)% | (0.22)% | &nbsp;&nbsp;&nbsp; (0.34)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 41% | 84% | 82% | &nbsp;&nbsp;&nbsp; 27% |

---

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

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

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

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

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

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

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

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

30<br>

------

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

**AAM ETFs** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

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

---

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

---

The end of the reporting period for the Funds is April 30, 2025. The period covered by these Notes to Financial Statements for the AAM Brentview Dividend Growth ETF, AAM Low Duration Preferred and Income Securities ETF, AAM S&P 500 High Dividend Value ETF, AAM Sawgrass U.S. Large Cap Quality Growth ETF, AAM Sawgrass U.S. Small Cap Quality Growth ETF, and AAM Transformers ETF is the period from November 1, 2024 to April 30, 2025 (the "current fiscal period"). The period covered by these Notes to Financial Statements for the AAM SLC Low Duration Income ETF is the period from December 3, 2024 to April 30, 2025 (the "current fiscal period").

**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;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

31<br>

------

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

**AAM ETFs** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value.

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

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

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

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

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

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

32<br>

------

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

**AAM ETFs** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

**AAM Brentview Dividend Growth ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3803228 | $— | $— | $3803228  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 72499 |  |  | 72499  |
| **Total Investments** | $3875727 | $— | $— | $3875727 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | $500900639 | $— | $— | $500900639  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3047869 |  |  | 3047869  |
| **Total Investments** | $503948508 | $— | $— | $503948508 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $63872688 | $— | $— | $63872688  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 185622 |  |  | 185622  |
| **Total Investments** | $64058310 | $— | $— | $64058310 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1859400 | $— | $— | $1859400  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 9223 |  |  | 9223  |
| **Total Investments** | $1868623 | $— | $— | $1868623 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $903606 | $— | $— | $903606  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 33418 |  |  | 33418  |
| **Total Investments** | $937024 | $— | $— | $937024 |

---

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

33<br>

------

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

**AAM ETFs** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

**AAM SLC Low Duration Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $17811102 | $— | $17811102  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | 397300 | 16532328 |  | 16929628  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 11774742 |  | 11774742  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 4544893 | 535000 | 5079893  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 3881422 |  | 3881422  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 613748 |  |  | 613748  |
| **Total Investments** | $1011048 | $54544487 | $535000 | $56090535 |

---

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

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

---

| | |
|:---|:---|
|  | **Collateralized** <br>**Loan Obligations**  |
| Balance as of 12/03/2024 | &nbsp;&nbsp; $—  |
| Net Realized Gain (Loss) | &nbsp;&nbsp; —  |
| Change in Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp; —  |
| Purchases | &nbsp;&nbsp; 535000  |
| Sales | &nbsp;&nbsp; —  |
| Transfers Into Level 3 | &nbsp;&nbsp; —  |
| Transfers Out of Level 3 | &nbsp;&nbsp; —  |
| Balance as of 4/30/2025 | &nbsp;&nbsp; $535000 |

---

The following is a summary of qualitative information about Level 3 valued measurements.

---

| | |
|:---|:---|
|  | **Collateralized** <br>**Loan Obligations**  |
| Fair Value as of 4/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $535000  |
| Valuation Techniques | Acquisition Cost |

---

**AAM Transformers ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $50563498 | $— | $— | $50563498  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 108657 |  |  | 108657  |
| **Total Investments** | $50672155 | $— | $— | $50672155 |

---

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

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

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained upon examination by tax authorities. Management has analyzed each Fund's uncertain tax

34<br>

------

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

**AAM ETFs** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Foreign Taxes.* The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized
 capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with Management's
 understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These
 foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or
 deferred as of October 31, 2024, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

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

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

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

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

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

35<br>

------

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

**AAM ETFs** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

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

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

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

The permanent differences primarily relate to redemptions in-kind, distribution in-excess, net operating losses, and trust preferred adjustments. For the year/period ended October 31, 2024, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings** <br>**(Accumulated Losses)** | **Paid-In** <br>**Capital**  |
| AAM Brentview Dividend Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; $— | $—  |
| AAM Low Duration Preferred and Income Securities ETF | &nbsp;&nbsp;&nbsp;&nbsp; (35531) | 35531  |
| AAM S&P 500 High Dividend Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; (2291236) | 2291236  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| AAM SLC Low Duration Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; N/A | N/A  |
| AAM Transformers ETF | &nbsp;&nbsp;&nbsp;&nbsp; (5061476) | 5061476 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. ---

| | |
|:---|:---|
| *New Accounting Pronouncement*. In November 2023, the FASB issued ASU 2023-07, Segment Reporting  | (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. <br>|

---

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

36<br>

------

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

**AAM ETFs** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

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

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

---

| | |
|:---|:---|
| AAM Brentview Dividend Growth ETF | 0.49%  |
| AAM Low Duration Preferred and Income Securities ETF | 0.45%  |
| AAM S&P 500 High Dividend Value ETF | 0.29%  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 0.49%  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 0.55%  |
| AAM SLC Low Duration Income ETF | 0.39%\*  |
| AAM Transformers ETF | 0.49% |

---

\* The Fund's Adviser has contractually agreed to waive a portion of its management fee equal to 0.24% the Fund's average daily net assets on the first $100 million of Fund assets until at least December 31, 2025. This agreement may be terminated by the Fund's Board of Trustees or the Fund's investment adviser upon 60 days' notice to the other party. 

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

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

37<br>

------

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

**AAM ETFs** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(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 Brentview Dividend Growth ETF | $105978 | $127933  |
| AAM Low Duration Preferred and Income Securities ETF | 216916502 | 217334557  |
| AAM S&P 500 High Dividend Value ETF | 17450264 | 17443916  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 580601 | 571855  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 357822 | 385334  |
| AAM SLC Low Duration Income ETF | 43903976 | 26343847  |
| AAM Transformers ETF | 20831911 | 21015479 |

---

During the current fiscal period, AAM SLC Low Duration Income ETF had $4,944,147 of purchases and $1,095,214 of sales of U.S. Government securities. No other fund had purchases or sales of U.S. Government securities during the current fiscal period.

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

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases** | **In-kind** <br>**Sales**  |
| AAM Brentview Dividend Growth ETF | $2966186 | $—  |
| AAM Low Duration Preferred and Income Securities ETF | 99017586 | 17869944  |
| AAM S&P 500 High Dividend Value ETF | 26198555 | 18581577  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 402599 | —  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 202157 | —  |
| AAM SLC Low Duration Income ETF | 38097730 | —  |
| AAM Transformers ETF | 23417186 | 18804612 |

---

**NOTE 5 – TRANSACTIONS WITH AFFILIATED SECURITIES** 

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

---

| | |
|:---|:---|
| **Investments in Crescent Capital BDC, Inc.** | **AAM Low Duration** <br>**Preferred and Income** <br>**Securities ETF**  |
| Value at October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $754272  |
| Purchases at Cost | &nbsp;&nbsp;&nbsp;&nbsp; 543696  |
| Proceeds from Sales | &nbsp;&nbsp;&nbsp;&nbsp; (115114)  |
| Net Realized Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp; 2311  |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 20643  |
| Value at April 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $1205808  |
| Shares Held at April 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; 48543  |
| Dividend Income | &nbsp;&nbsp;&nbsp;&nbsp; $24444 |

---

**NOTE 6 – INCOME TAX INFORMATION** 

The amount and tax character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period.

38<br>

------

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

**AAM ETFs** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **AAM Brentview** <br>**Dividend** <br>**Growth ETF** | **AAM Low** <br>**Duration Preferred** <br>**and Income** <br>**Securities ETF** | **AAM S&P 500** <br>**High Dividend** <br>**Value ETF**  |
| Tax cost of investments | &nbsp;&nbsp;&nbsp; $951481 | &nbsp;&nbsp; $450853372 | $58532943  |
| Gross tax unrealized appreciation | &nbsp;&nbsp;&nbsp; $48488 | &nbsp;&nbsp; $16636138 | $6932940  |
| Gross tax unrealized depreciation | &nbsp;&nbsp;&nbsp; (23146) | &nbsp;&nbsp; (15111537) | (3267642)  |
| Net tax unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 25342 | &nbsp;&nbsp; 1524601 | 3665298  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp; — | 33290  |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Other accumulated gain (loss) | &nbsp;&nbsp;&nbsp; (708) | &nbsp;&nbsp; (29765596) | (6817056)  |
| Distributable earnings (accumulated losses) | &nbsp;&nbsp;&nbsp; $24736 | &nbsp;&nbsp; $(28240995) | $(3118468) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **AAM Sawgrass** <br>**U.S. Large Cap** <br>**Quality Growth** <br>**ETF** | **AAM Sawgrass** <br>**U.S. Small Cap** <br>**Quality Growth** <br>**ETF** | **AAM** <br>**Transformers** <br>**ETF**  |
| Tax cost of investments | &nbsp;&nbsp; $1516566 | &nbsp;&nbsp;&nbsp; $751428 | $40631617  |
| Gross tax unrealized appreciation | &nbsp;&nbsp; $63271 | &nbsp;&nbsp;&nbsp; $51798 | $7641532  |
| Gross tax unrealized depreciation | &nbsp;&nbsp; (24995) | &nbsp;&nbsp;&nbsp; (38226) | (2631833)  |
| Net tax unrealized appreciation (depreciation) | &nbsp;&nbsp; 38276 | &nbsp;&nbsp;&nbsp; 13572 | 5009699  |
| Undistributed ordinary income | &nbsp;&nbsp; 1072 | &nbsp;&nbsp;&nbsp; 80 | —  |
| Undistributed long-term capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| Other accumulated gain (loss) | &nbsp;&nbsp; (752) | &nbsp;&nbsp;&nbsp; (6952) | (2906692)  |
| Distributable earnings (accumulated losses) | &nbsp;&nbsp; $38596 | &nbsp;&nbsp;&nbsp; $6700 | $2103007 |

---

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.

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, 2024, the Funds did not elect to defer any post-October capital losses or late-year ordinary losses.

As of October 31, 2024, the Funds had the following capital loss carryforwards with an indefinite expiration:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  |
| AAM Brentview Dividend Growth ETF | $708 | $—  |
| AAM Low Duration Preferred and Income Securities ETF | 23074166 | 6409447  |
| AAM S&P 500 High Dividend Value ETF | 2317250 | 4499806  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 752 | —  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 6952 | —  |
| AAM SLC Low Duration Income ETF | N/A | N/A  |
| AAM Transformers ETF | 2194585 | 712107 |

---

39<br>

------

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

**AAM ETFs** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

During the year/period ended October 31, 2024, the Funds utilized no capital loss carryforward that was available as of October 31, 2023:

The tax character of distributions declared by the Funds during the year/period ended October 31, 2024 and October 31, 2023, were as follows:

---

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

---

---

| | |
|:---|:---|
| | **10/31/2023**  |
| <br>**Fund** | **Ordinary** <br>**Income** |
| AAM Brentview Dividend Growth ETF | N/A  |
| AAM Low Duration Preferred and Income Securities ETF | $12430912  |
| AAM S&P 500 High Dividend Value ETF | 2853002  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | N/A  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | N/A  |
| AAM SLC Low Duration Income ETF | N/A  |
| AAM Transformers ETF |  |

---

**NOTE 7 – SHARE TRANSACTIONS** 

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

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

---

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

---

40<br>

------

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

**AAM ETFs** 

**Notes to Financial Statements** 

**April 30, 2025 (Unaudited)(Continued)** 

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

**NOTE 8 – RISKS** 

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

41<br>

------

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

**AAM ETFs** 

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

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

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

**AAM Transformers ETF (TRFM)** 

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on January 15-16, 2025 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") approved the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between Advisors Asset Management, Inc. (the "Adviser") and the Trust, on behalf of AAM S&P 500 High Dividend Value ETF, AAM Low Duration Preferred and Income Securities ETF, and AAM Transformers ETF (each, a "Fund" and, collectively, the "Funds").

Prior to the Meeting, the Board, including the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), reviewed written materials (the "Materials"), including information from the Adviser regarding, among other things: (i) the nature, extent, and quality of the services provided to the Funds by the Adviser; (ii) the historical performance of the Funds; (iii) the cost of the services provided and the profits realized by the Adviser or its affiliates from services rendered to each Fund; (iv) comparative performance, 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 Adviser in connection with its services to each Fund are shared with Fund shareholders; (vi) any other financial benefits to the Adviser and its affiliates resulting from services rendered to the Fund; and (vii) other factors the Board deemed to be relevant. The Board also met via videoconference approximately ten days before the Meeting to discuss their initial thoughts regarding the Materials and communicate to Trust officers their follow up questions, if any, that they would like the Adviser to address at the Meeting and/or through revised or supplemental Materials.

The Board also considered that the Adviser, along with other service providers of the Funds, had provided written and oral updates on the firm over the course of the year with respect to its role as investment adviser to the Funds as well as other series of the Trust. The Board considered that information alongside the Materials in its consideration of whether the Advisory Agreement should be continued. Additionally, Adviser representatives provided an oral overview of each Fund's strategy, the services provided to each Fund by the Adviser, and additional information about the Adviser's 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, and deliberated, in light of this information, on the approval of the continuation of the Advisory Agreement.

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

Nature, Extent, and Quality of Services Provided. The Trustees considered the scope of services provided under the Advisory Agreement, noting that the Adviser had provided and would continue to provide investment management services to the Funds. In considering the nature, extent, and quality of the services provided by the 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 and other series of the Trust. The Board noted that it had received a copy of the Adviser's registration form and financial statements, as well as the Adviser's response to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, the background and experience of the firm's key personnel, and the firm's compliance policies, marketing practices, and brokerage information.

The Board also considered other services provided by the Adviser to the Funds, including oversight of the Funds' sub-adviser, 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 each Fund achieves its investment objective as an index-based fund. Additionally, the Board considered that the Adviser does not serve as the index provider to the Funds; rather, each Fund tracks an index created and owned by a third-party index provider.

Historical Performance. The Trustees next considered each Fund's performance. The Board observed that information regarding each Fund's past investment performance, for periods ended September 30, 2024, had been included in the Materials, including the Barrington Report, which compared the performance results of each Fund with

42<br>

------

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

**AAM ETFs** 

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

the returns of a group of ETFs selected by Barrington Partners as most comparable (each, a "Peer Group") as well as with funds in the Fund's Morningstar category (each, a "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. The funds included by the Adviser in each Selected Peer Group include funds that, based on a combination of quantitative and qualitative considerations made by the Adviser, have similar investment objectives and/or principal investment strategies as the relevant Fund.

In addition, the Board noted that, for each applicable period ended September 30, 2024, each Fund's performance on a gross of fees basis (*i.e.*, excluding the effect of fees and expenses on Fund performance) was generally consistent with the performance of its underlying index, indicating that each Fund tracked its underlying index closely and in an appropriate manner.

<u>AAM S&P 500 High Dividend Value ETF</u>: The Board observed that the Fund underperformed its broad-based benchmark, the S&P 500<sup>®</sup> Index, over the one-, three-, five-year, and since inception periods ended September 30, 2024. The Board noted, however, that the Fund seeks to provide investors with exposure to large-cap companies that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining diversified sector exposure, not broad exposure to the large-cap U.S. equity market. The Board noted that, for the one-, three-, and five-year periods ended September 30, 2024, the Fund slightly underperformed the median return of its Peer Group. With respect to the Category Peer Group, which is comprised of funds in the Morningstar U.S. Fund Mid-Cap Value category, the Board noted that although the Fund slightly outperformed the Category Peer Group's median return over the one- and three-year periods, the Fund slightly underperformed the Category Peer Group over the five-year period. The Board took into consideration that the Peer Group is comprised of large-cap value ETFs that seek to provide dividend yield, but the Category Peer Group is comprised exclusively of mid-cap value ETFs. The Board also considered the Fund's performance relative to that of the ETFs in its Selected Peer Group, which included a mix of index-based, U.S. large-cap, high dividend ETFs. The Board noted that the Fund generally performed within the range of funds in the Selected Peer Group for each of the one- and five-year periods ended September 30, 2024, but the Fund underperformed all of its Selected Peer ETFs over the three-year period.

<u>AAM Low Duration Preferred and Income Securities ETF</u>: The Board observed that the Fund underperformed its broad-based benchmark, the ICE Exchange-Listed Preferred & Hybrid Securities Index, over the one-, three-year, and since inception periods ended September 30, 2024. The Board noted that both the underlying index tracked by the Fund and the benchmark index measure the performance of a select group of exchange-listed, U.S. dollar denominated preferred securities and hybrid securities; however, the underlying index also screens for securities with an option-adjusted duration of less than five years. The Board noted that, for the one-year period ended September 30, 2024, the Fund significantly underperformed the median return of its Peer Group and Category Peer Group, which is comprised of funds in the Morningstar U.S. Fund Preferred Stock category. In addition, the Board noted that, over the three-year period, the Fund slightly underperformed its Peer Group and Category Peer Group. The Board took into consideration that the Peer Group is comprised of ETFs that focus their investments in preferred securities but do not screen for the same characteristics, such as duration, as the Fund. The Board also considered the Fund's performance relative to that of the ETFs in its Selected Peer Group, which was comprised primarily of index-based ETFs that invest in preferred securities. The Board noted that the Fund significantly underperformed the funds in its Selected Peer Group over the one-year period ended September 30, 2024, and performed within the range of funds in its Selected Peer Group over the three-year period.

<u>AAM Transformers ETF</u>: The Board observed that the Fund underperformed its broad-based benchmark, the S&P 500<sup>®</sup> Index, for each of the one- and three-year periods ended September 30, 2024. The Board further noted, however, that the Fund seeks to provide investors with exposure to companies poised to benefit from a significant disruption and/or transformation of consumer behavior and technological innovation, not broad exposure to the large-cap U.S. equity market. The Board noted that, for the one-year period ended September 30, 2024, the Fund slightly underperformed the median return of its Peer Group and underperformed the median return of its Category Peer Group, which is comprised of funds in the Morningstar U.S. Fund Technology category. The Board took into consideration that the Peer Group is comprised of ETFs in the technology sector, including ETFs that focus on companies in various industries, including cybersecurity, cloud computing, internet, nanotechnology, and other innovative, disruptive technologies. The Board also considered the Fund's performance relative to that of the ETFs in its Selected Peer Group, which included index-based ETFs that provide exposure to companies driving innovation and transforming the global

43<br>

------

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

**AAM ETFs** 

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

economy through the use of emerging technologies, automation, and artificial intelligence. The Board noted that the Fund performed within the range of funds in its Selected Peer Group over the one-year period ended September 30, 2024. The Board also considered that the AAM Transformers ETF commenced operations on July 11, 2022, less than three years prior to September 30, 2024, 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 then reviewed each Fund's fees and expenses. 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 noted that each Fund's net expense ratio was equal to its unified fee.

The Board then compared each Fund's net expense ratio, as of September 30, 2024, with those of the funds in 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 its 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 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 lower than the median net expense ratio of the funds in its Category Peer Group and equal to the median net expense ratio of the funds in its Peer Group. In addition, the Board noted that the Fund's net expense ratio was higher than the net expense ratio of each fund in its Selected Peer Group.

<u>AAM Transformers ETF</u>: The Board noted that the Fund's net expense ratio was lower than the median net expense ratio of the funds in its Peer Group and Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was higher than the net expense ratio of each fund 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 by the Adviser from its relationship with the Funds, taking into account an analysis of the Adviser's profitability with respect to each Fund at various actual and projected Fund asset levels.

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

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

44<br>

------

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

**AAM ETFs** 

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

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

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on July 10-11, 2024 (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 SLC Low Duration Income ETF (the "Fund"), and the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement" and, together with the Advisory Agreement, the "Agreements") among the Adviser, the Trust, on behalf of the Fund, and Sun Life Capital Management (U.S.), LLC d/b/a SLC Management (the "Sub-Adviser" and, together with the Adviser, the "Advisers"), 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 Advisers (the "Materials") regarding, among other things: (i) the nature, extent, and quality of the services to be provided by the Advisers; (ii) the cost of the services to be provided and the profits expected to be realized by the Advisers or their affiliates from services rendered to the Fund; (iii) comparative fee and expense data for the Fund and other investment companies with similar investment objectives, including a report prepared by Barrington Partners, an independent third party, that compares the Fund's proposed management fee and expenses to those of relevant peer groups (the "Barrington Report"); (iv) the extent to which any economies of scale might be realized as the Fund grows and whether the advisory fee for the Fund reflects these economies of scale for the benefit of the Fund; (v) any other financial benefits to the Advisers or their affiliates that may result from services to be rendered to the Fund; and (vi) other factors the Board deemed to be relevant.

The Board also considered that the Adviser, along with other service providers of the Fund, had provided written updates on the firm over the course of the year with respect to its role as investment adviser to other series in the Trust, and the Board considered that information alongside the Materials in its evaluation of the proposed advisory fee and other aspects of the Advisory Agreement. Additionally, at the Meeting, representatives from the Advisers provided an oral overview of the Fund's strategy, the services to be provided to the Fund by the Advisers, and additional information about the Advisers' personnel and operations. The Board then discussed the Materials, the oral presentation, and any other information that the Board received at the Meeting and at prior meetings 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 program. The Board also 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.

The Board also considered the services to be provided by the Adviser to the Fund, including monitoring the Fund's adherence to its investment restrictions, sub-adviser oversight, 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 an actively 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 actively managed. 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.

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. The Board compared the Fund's expense ratio to its Peer Group and Selected Peer Group (each defined below). The Board noted that the peer group selected by Barrington Partners was comprised of actively managed ETFs with similar, but different, low duration

45<br>

------

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

**AAM ETFs** 

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

income investment strategies (the "Peer Group"). In particular, the Board noted that the Fund's net expense ratio was slightly higher than the median net expense ratio, but within the range of net expense ratios, of the ETFs in the Peer Group. The Board also compared the Fund's proposed expense ratio to that of certain competitor ETFs identified by the Adviser (the "Selected Peer Group"), which was comprised of actively managed ETFs focused on securities with exposure to broad investment grade low duration debt. The Board observed that the Fund's proposed net expense ratio was within the range of net expense ratios for 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 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 the Fund's fee structure did not contain any breakpoint reductions as the Fund's assets grow but considered that the Fund's fee structure is a unified fee. The Board concluded that the unified fee structure reflects a sharing of economies of scale between the Adviser and the Fund based on the Fund's expected asset level growth during its initial two-year period. The Board also noted its intention to monitor fees as the Fund grows in size and assess whether advisory fee breakpoints may be warranted.

Conclusion. No single factor was determinative of the Board's decision to approve the Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including 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 would provide investment management services to the Fund. 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 law, regulations, and investment restrictions; responsibility for daily monitoring of portfolio exposures 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 Chief Compliance Officer with respect to the Sub-Adviser's compliance program and the Sub-Adviser's experience providing investment management services to other registered investment companies. 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. 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 an investment adviser or sub-adviser.

Historical Performance. The Board noted that the Fund had not yet commenced operations and concluded that the performance of the Fund, thus, was not a relevant factor in the context of the Board's deliberations on the Sub-Advisory Agreement. The Board also considered that the Fund is actively managed but designed to outperform an index.

46<br>

------

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

**AAM ETFs** 

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

Consequently, with respect to the Fund's future performance, the Board will focus on the Sub-Adviser's services, including whether the Fund outperforms the relevant index on a total return basis.

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 separately managed accounts 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.

47<br>

------

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

**AAM ETFs** 

**FEDERAL TAX INFORMATION (Unaudited)** 

For the fiscal period ended October 31, 2024, certain dividends paid by the Funds may be subject to the maximum rate of 23.8%, as provided for by the Jobs and Growth Tax relief Reconciliation Act of 2003.

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

---

| | |
|:---|:---|
| AAM Brentview Dividend Growth ETF | 100.00%  |
| AAM Low Duration Preferred and Income Securities ETF | 75.35  |
| AAM S&P 500 High Dividend Value ETF | 94.81  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 0.00  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 0.00  |
| AAM SLC Low Duration Income ETF | N/A  |
| AAM Transformers ETF | 0.00 |

---

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

---

| | |
|:---|:---|
| AAM Brentview Dividend Growth ETF | 100.00%  |
| AAM Low Duration Preferred and Income Securities ETF | 74.81%  |
| AAM S&P 500 High Dividend Value ETF | 89.73%  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 0.00  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 0.00  |
| AAM SLC Low Duration Income ETF | N/A  |
| AAM Transformers ETF | 0.00 |

---

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

---

| | |
|:---|:---|
| AAM Brentview Dividend Growth ETF | 0.00%  |
| AAM Low Duration Preferred and Income Securities ETF | 0.00%  |
| AAM S&P 500 High Dividend Value ETF | 0.00%  |
| AAM Sawgrass U.S. Large Cap Quality Growth ETF | 0.00%  |
| AAM Sawgrass U.S. Small Cap Quality Growth ETF | 0.00%  |
| AAM SLC Low Duration Income ETF | N/A  |
| AAM Transformers ETF | 0.00% |

---

48<br>

------

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

**AAM ETFs** 

**ADDITIONAL INFORMATION (Unaudited)** 

**Changes in and Disagreements with Accountants** 

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

**Proxy Disclosure** 

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

**Remuneration Paid to Directors, Officers, and Others** 

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

49<br>

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

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

See Item 7(a).

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

See Item 7(a).

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

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

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

See Item 7(a).

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

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

Not applicable to open-end investment companies.

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

(a) Not Applicable.

(b) Not Applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](asa-efp16507_ex99cert.htm)

 

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

 

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

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](asa-efp16507_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) ETF Series Solutions

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>7/3/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>7/3/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristen M. Weitzel |
|  | Kristen M. Weitzel, Treasurer (principal financial officer) |

---

Date <u>7/3/2025</u>

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

## Ex-99.Cert

**EX.99.CERT**

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

I, Kristina R. Nelson, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 7/3/2025 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson |
|  |  | President (principal executive officer) ETF Series Solutions |

---

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

I, Kristen M. Weitzel, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 7/3/2025 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel |
|  |  | Treasurer (principal financial officer) ETF Series Solutions |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of ETF Series Solutions, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of ETF Series Solutions for the period ended April 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of ETF Series Solutions for the stated period.

---

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

---

Dated: <u>7/3/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by ETF Series Solutions for purposes of Section 18 of the Securities Exchange Act of 1934.