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 811-22668

ETF Series Solutions
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Kristina R. Nelson

ETF Series Solutions

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

(414) 765-6076

Registrant's telephone number, including area code

Date of fiscal year end: October 31

Date of reporting period: April 30, 2021

Item 1. Reports to Stockholders.

(a)

Semi-Annual Report

April 30, 2021

AAM S&P 500 High Dividend Value ETF

Ticker: SPDV

AAM S&P Emerging Markets High Dividend Value ETF

Ticker: EEMD

AAM S&P Developed Markets High Dividend Value ETF

Ticker: DMDV

AAM Low Duration Preferred and Income Securities ETF

Ticker: PFLD

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the Funds’ reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Please contact your financial intermediary to elect to receive shareholder reports and other Fund communications electronically.

You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.

AAM ETFs

TABLE OF CONTENTS

	Page
Management Discussion of Fund Performance	1
Portfolio Allocations	5
Schedules of Investments	7
Statements of Assets and Liabilities	28
Statements of Operations	29
Statements of Changes in Net Assets	30
Financial Highlights	34
Notes to Financial Statements	38
Expense Example	50
Review of Liquidity Risk Management Program	52
Approval of Sub-Advisory Agreement and Board Consideration	53
Federal Tax Information	56
Federal Tax Credit Pass Through	57
Information About Portfolio Holdings	57
Information About Proxy Voting	58
Information About the Funds’ Trustees	58
Frequency Distribution of Premiums and Discounts	58

AAM ETFs

Management Discussion of Fund Performance
(Unaudited)

The AAM S&P 500 High Dividend Value ETF

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

SPDV generated a total return of 45.18% (NAV) and 45.62% (market price), while the underlying index for SPDV generated a total return of 45.59% between November 1, 2020 and April 30, 2021 (the “current fiscal period”). Over the current fiscal period, the benchmark index, the S&P 500^® Index, achieved a total return of 28.85%.

Top performing sectors contributing to SPDV’s return during the current fiscal period were Real Estate, Information Technology, and Financials. Worst performing sectors were Utilities, Health Care and Consumer Discretionary.

Individual leaders contributing to SPDV’s return over the same current fiscal period were Seagate Technology plc (166 bps) and Regency Centers Corporation (139 bps) and ViacomCBS, Inc. (131 bps). Individual performance laggards WEC Energy Group, Inc. (-23 bps), Verizon Communication, Inc. (-5 bps) and Best Buy Company, Inc. (-5 bps).

The AAM S&P Emerging Markets High Dividend Value ETF

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

EEMD generated a total return of 34.68% (NAV) and 34.61% (market price) between November 1, 2020, and April 30, 2021 (the “current fiscal period”). This compares to the 35.54% of the Index, and a 23.34% total return for the benchmark index, the S&P Emerging Plus LargeMidCap^® Index, for the current fiscal period.

Top performing sectors contributing to EEMD’s return over the current fiscal period were Consumer Discretionary, Materials and Industrials. Worst performing sectors included Consumer Staples, Communication Services and Utilities.

1

AAM ETFs

Management Discussion of Fund Performance
(Unaudited) (Continued)

Individual leaders contributing to EEMD’s return were Great Wall Motor Company (297 bps), Lenovo Group Ltd (202 bps) and Evraz plc (181 bps). The individual performance laggards over the current fiscal period were Eastern Company SAE (-46 bps), Enerjisa Enerji AS (-41 bps) and Amadolu Efes Biracilik Ve (-39 bps).

The AAM S&P Developed Markets High Dividend Value ETF

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

DMDV generated a total return of 34.86% (NAV) and 34.74% (market price) between November 1, 2020 and April 30, 2021 (the “current fiscal period”). This compares to the 35.21% of the Index, and a 29.11% total return for the benchmark index, the S&P Developed BMI Ex-US & Korea LargeMidCap^® Index, for the current fiscal period.

Top performing sectors contributing to DMDV’s return over the current fiscal period were Materials, Industrials, and Energy. Worst performing sectors included Consumer Staples, Health Care and Information Technology.

Individual leaders contributing to DMDV’s return were Marks & Spencer Group plc (128 bps), Glencore plc (121 bps) and Marubeni Corporation (117 bps). The individual performance laggards over the current fiscal period were AGL Energy, Ltd. (-34 bps), Lawson, Inc. (-13 bps) and Avast plc (-2 bps).

The AAM Low Duration Preferred and Income Securities ETF

The AAM Low Duration Preferred and Income Securities ETF (“PFLD” or the “Fund”) seeks to track the total return performance, before fees and expenses, of the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index (the “Index”). Through the Index, PFLD is passively managed using a rules-based strategy that is designed to provide exposure to exchange-listed, U.S. dollar-denominated preferred securities and hybrid securities listed on the New York Stock Exchange (“NYSE”) or NASDAQ Capital Market (“NASDAQ”) with an option-adjusted duration of less than five years.

2

AAM ETFs

Management Discussion of Fund Performance
(Unaudited) (Continued)

PFLD generated a total return of 7.41% (NAV) and 7.93% (market price), while the underlying index for PFLD generated a total return of 7.65% between November 1, 2020, and April 30, 2021 (the “current fiscal period”). Over the current fiscal period, the benchmark index, the ICE Exchange-Listed Preferred & Hybrid Securities Index, achieved a total return of 9.02%.

Top performing industries contributing to PFLD’s return during the current fiscal period were Banking, Utility, and Insurance. Worst performing industries included Quasi Government and Retail.

Individual leaders contributing to PFLD’s return over the current fiscal period were NSUS Float 01/15/43 (23 bps) and ETP 7.6 Perp (21 bps) and NRZ 6 3/8 Perp (16 bps). Individual performance laggards Solarwinds Corp (-9 bps), GS 6.3 Perp (-8 bps) and MS Float Perp (-7 bps).

Must be preceded or accompanied by a prospectus.

The AAM S&P 500 High Dividend Value ETF, AAM S&P Emerging Markets High Dividend Value ETF, AAM S&P Developed Markets High Dividend Value ETF and AAM Low Duration Preferred and Income Securities ETF are distributed by Quasar Distributors, LLC.

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

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

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

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

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

3

AAM ETFs

Management Discussion of Fund Performance
(Unaudited) (Continued)

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

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

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

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

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

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

It is not possible to invest directly in an index.

For a complete list of Fund holdings please see the Schedules of Investments on page 7 of the report. Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

4

AAM ETFs

Portfolio Allocations
As of April 30, 2021 (Unaudited)

AAM S&P 500 High Dividend Value ETF

Sector	Percentage of Net Assets
Industrials	10.2%
Consumer Discretionary	9.7
Financials	9.6
Consumer Staples	9.5
Materials	9.5
Communication Services	9.3
Energy	8.8
Information Technology	8.5
Utilities	8.5
Real Estate	8.2
Health Care	8.1
Short-Term Investments	0.2
Liabilities in Excess of Other Assets	(0.1)
Total	100.0%

AAM S&P Emerging Markets High Dividend Value ETF

Sector	Percentage of Net Assets
Industrials	10.7%
Materials	10.6
Real Estate	9.9
Energy	9.6
Information Technology	9.2
Financials	8.9
Consumer Discretionary	8.8
Health Care	8.4
Communication Services	8.0
Utilities	8.0
Consumer Staples	7.5
Short-Term Investments	0.6
Liabilities in Excess of Other Assets	(0.2)
Total	100.0%

5

AAM ETFs

Portfolio Allocations
As of April 30, 2021 (Unaudited) (Continued)

AAM S&P Developed Markets High Dividend Value ETF

Sector	Percentage of Net Assets
Industrials	9.9%
Real Estate	9.7
Financials	9.5
Consumer Discretionary	9.1
Communication Services	9.1
Materials	9.0
Utilities	8.9
Energy	8.7
Health Care	8.6
Information Technology	8.5
Consumer Staples	8.2
Short-Term Investments	0.5
Other Assets in Excess of Liabilities	0.3
Total	100.0%

AAM Low Duration Preferred and Income Securities ETF

Sector	Percentage of Net Assets
Financials ♦	62.8%
Utilities	12.9
Real Estate	12.2
Energy	6.4
Industrials	3.7
Short-Term Investments	2.4
Communication Services	1.5
Consumer Discretionary	0.3
Liabilities in Excess of Other Assets	(2.2)
Total	100.0%

♦ To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in Notes to Financial Statements.

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

6

AAM S&P 500 High Dividend Value ETF

Schedule of Investments
April 30, 2021 (Unaudited)

Shares		Security Description	Value
		COMMON STOCKS — 99.9%
		Communication Services — 9.3%
	19,730	AT&T, Inc.	$	619,719
	23,260	Interpublic Group of Companies, Inc.		738,505
	51,096	Lumen Technologies, Inc.		655,562
	9,136	Omnicom Group, Inc.		751,527
	12,536	ViacomCBS, Inc. - Class B		514,227
				3,279,540
		Consumer Discretionary — 9.7%
	5,625	Genuine Parts Company		702,956
	36,630	Hanesbrands, Inc.		771,428
	12,938	Leggett & Platt, Inc.		642,631
	23,014	Newell Brands, Inc.		620,457
	2,880	Whirlpool Corporation		680,976
				3,418,448
		Consumer Staples — 9.5%
	13,644	Altria Group, Inc.		651,501
	17,342	Kraft Heinz Company		716,051
	7,075	Philip Morris International, Inc.		672,125
	8,595	Tyson Foods, Inc. - Class A		665,683
	12,029	Walgreens Boots Alliance, Inc.		638,740
				3,344,100
		Energy — 8.8%
	25,798	Baker Hughes Company		518,024
	19,654	HollyFrontier Corporation		687,890
	37,211	Kinder Morgan, Inc.		634,447
	23,416	Schlumberger NV		633,403
	26,423	Williams Companies, Inc.		643,664
				3,117,428
		Financials — 9.6%
	41,167	Huntington Bancshares, Inc.		630,679
	40,672	People’s United Financial, Inc.		737,383
	10,676	Principal Financial Group, Inc.		681,876
	6,906	Prudential Financial, Inc.		693,086
	22,470	Unum Group		635,002
				3,378,026

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

7

AAM S&P 500 High Dividend Value ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.9% (Continued)
		Health Care — 8.1%
	5,157	AbbVie, Inc.	$	575,006
	8,841	Bristol-Myers Squibb Company		551,855
	10,304	Cardinal Health, Inc.		621,743
	7,714	CVS Health Corporation		589,350
	8,526	Gilead Sciences, Inc.		541,145
				2,879,099
		Industrials — 10.2%
	3,371	3M Company		664,559
	3,730	General Dynamics Corporation		709,558
	3,410	Huntington Ingalls Industries, Inc.		724,011
	8,356	Robert Half International, Inc.		732,069
	3,204	Snap-on, Inc.		761,271
				3,591,468
		Information Technology — 8.5%
	22,570	HP, Inc.		769,863
	4,812	International Business Machines Corporation		682,726
	9,514	Seagate Technology plc		883,280
	25,872	Western Union Company		666,463
				3,002,332
		Materials — 9.5%
	13,145	CF Industries Holdings, Inc.		639,241
	9,920	Dow, Inc.		620,000
	5,380	Eastman Chemical Company		620,798
	11,042	International Paper Company		640,436
	10,414	Nucor Corporation		856,656
				3,377,131
		Real Estate — 8.2%
	6,262	Boston Properties, Inc.		684,749
	34,316	Kimco Realty Corporation		720,636
	12,177	Regency Centers Corporation		775,188
	5,977	Simon Property Group, Inc.		727,640
				2,908,213

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

8

AAM S&P 500 High Dividend Value ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.9% (Continued)
		Utilities — 8.5%
	21,061	AES Corporation	$	585,917
	7,896	Dominion Energy, Inc.		630,890
	10,609	Evergy, Inc.		678,658
	13,743	NRG Energy, Inc.		492,274
	9,780	Public Service Enterprise Group, Inc.		617,705
				3,005,444
		TOTAL COMMON STOCKS (Cost $29,609,919)		35,301,229
		SHORT-TERM INVESTMENTS — 0.2%
	85,344	Invesco Government & Agency Portfolio, Institutional Class — 0.03% *		85,344
		TOTAL SHORT-TERM INVESTMENTS (Cost $85,344)		85,344
		TOTAL INVESTMENTS (Cost $29,695,263) — 100.1%		35,386,573
		Liabilities in Excess of Other Assets — (0.1)%		(44,534	)
		NET ASSETS — 100.0%	$	35,342,039

Percentages are stated as a percent of net assets.
*	Rate shown is the annualized seven-day yield as of April 30, 2021.

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

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

9

AAM S&P Emerging Markets High Dividend Value ETF

Schedule of Investments
April 30, 2021 (Unaudited)

Shares		Security Description	Value
		COMMON STOCKS — 99.6%
		Brazil — 3.4%
	21,180	CPFL Energia SA	$	114,777
	18,607	Hypera SA		118,290
				233,067
		Chile — 3.2%
	679,335	AES Gener SA		111,086
	756,986	Enel Americas SA		107,229
				218,315
		China — 23.4%
	315,500	BAIC Motor Corporation, Ltd. - H Shares		114,146
	343,000	Bank of China, Ltd. - H Shares		136,461
	264,000	China CITIC Bank Corporation, Ltd. - H Shares		138,342
	280,000	China Everbright Bank Company, Ltd. - H Shares		117,165
	92,000	China National Building Material Company, Ltd. - H Shares		133,377
	60,500	China Shenhua Energy Company, Ltd. - H Shares		126,190
	268,000	Chongqing Rural Commercial Bank Company, Ltd. - H Shares		113,869
	151,000	CITIC, Ltd.		159,032
	568,000	Metallurgical Corporation of China, Ltd. - H Shares		133,830
	123,000	Seazen Group, Ltd.		131,443
	316,000	Sinotrans, Ltd. - H Shares		144,434
	142,000	Yanzhou Coal Mining Company, Ltd. - H Shares		169,482
				1,617,771
		Egypt — 1.4%
	126,982	Eastern Company SAE		94,547
		Hong Kong — 2.0%
	592,000	Yuexiu Property Company, Ltd.		137,198
		India — 8.0%
	92,708	Oil & Natural Gas Corporation, Ltd.		135,359
	44,346	Power Grid Corporation of India, Ltd.		131,740
	61,425	REC, Ltd.		106,227
	52,614	Vedanta, Ltd.		182,726
				556,052

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

10

AAM S&P Emerging Markets High Dividend Value ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.6% (Continued)
		Indonesia — 4.7%
	1,243,600	Adaro Energy Tbk PT	$	107,185
	251,600	Indofood Sukses Makmur Tbk PT		113,651
	1,039,500	Kalbe Farma Tbk PT		103,626
				324,462
		Kuwait — 1.6%
	56,970	Mobile Telecommunications Company KSCP		114,016
		Malaysia — 1.5%
	76,200	Top Glove Corporation Bhd		105,100
		Mexico — 1.9%
	107,660	Fibra Uno Administracion SA de CV		133,411
		Poland — 1.8%
	6,589	Asseco Poland SA		122,510
		Qatar — 1.4%
	50,937	Ooredoo QPSC		99,468
		Republic of Korea — 5.9%
	3,337	GS Holdings Corporation		129,148
	1,123	Lotte Shopping Company, Ltd.		125,187
	8,056	Posco International Corporation		152,089
				406,424
		Romania — 1.9%
	19,720	NEPI Rockcastle plc		132,803
		Russian Federation — 3.0%
	13,215	Mobile TeleSystems PJSC - ADR		111,931
	3,201	X5 Retail Group NV - GDR		98,271
				210,202

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

11

AAM S&P Emerging Markets High Dividend Value ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.6% (Continued)
		South Africa — 5.6%
	148,598	Growthpoint Properties, Ltd.	$	148,726
	2,640	Kumba Iron Ore, Ltd.		119,800
	13,680	MultiChoice Group		117,672
				386,198
		Taiwan, Province of China — 15.8%
	81,000	Asia Cement Corporation		144,845
	17,000	Catcher Technology Company, Ltd.		120,198
	157,000	Compal Electronics, Inc.		140,515
	125,000	Far Eastern New Century Corporation		148,794
	113,000	Formosa Taffeta Company, Ltd.		133,903
	27,000	Hon Hai Precision Industry Company, Ltd.		112,125
	116,000	Pou Chen Corporation		147,839
	77,000	WPG Holdings, Ltd.		141,965
				1,090,184
		Thailand — 7.1%
	28,700	Bumrungrad Hospital pcl - NVDR		123,510
	90,200	Sri Trang Gloves Thailand pcl - NVDR		128,184
	252,700	Thai Union Group pcl - NVDR		122,546
	107,900	Total Access Communication pcl - NVDR		113,488
				487,728
		Turkey — 3.8%
	32,713	Anadolu Efes Biracilik Ve Malt Sanayii AS		92,000
	70,883	Enerjisa Enerji AS		88,048
	23,447	Tofas Turk Otomobil Fabrikasi AS		84,378
				264,426
		United Kingdom — 2.2%
	16,821	Evraz plc		149,611
		TOTAL COMMON STOCKS (Cost $6,323,443)		6,883,493

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

12

AAM S&P Emerging Markets High Dividend Value ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		SHORT-TERM INVESTMENTS — 0.6%
	38,665	Invesco Government & Agency Portfolio, Institutional Class — 0.03%*	$	38,665
		TOTAL SHORT-TERM INVESTMENTS (Cost $38,665)		38,665
		TOTAL INVESTMENTS (Cost $6,362,108) — 100.2%		6,922,158
		Liabilities in Excess of Other Assets — (0.2)%		(15,336	)
		NET ASSETS — 100.0%	$	6,906,822

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
*	Rate shown is the annualized seven-day yield as of April 30, 2021.

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

13

AAM S&P Developed Markets High Dividend Value ETF

Schedule of Investments
April 30, 2021 (Unaudited)

Shares		Security Description	Value
		COMMON STOCKS — 99.2%
		Australia — 9.5%
	4,591	AGL Energy, Ltd.	$	31,669
	3,734	Computershare, Ltd.		40,727
	2,225	Fortescue Metals Group, Ltd.		38,825
	10,342	Harvey Norman Holdings, Ltd.		42,100
	11,914	Stockland		43,070
	2,037	Woodside Petroleum, Ltd.		35,970
				232,361
		Austria — 1.9%
	939	OMV AG		46,357
		Belgium — 1.6%
	927	Telenet Group Holding NV		39,749
		Canada — 10.0%
	311	Canadian Tire Corporation, Ltd. - Class A		49,529
	1,755	Great-West Lifeco, Inc.		50,844
	893	Open Text Corporation		42,015
	1,723	Power Corporation of Canada		50,141
	3,032	RioCan Real Estate Investment Trust		51,807
				244,336
		Czech Republic — 1.6%
	5,840	Avast plc		38,625
		France — 1.8%
	422	Sanofi		44,334
		Germany — 5.3%
	656	Bayer AG		42,501
	899	Fresenius SE & Company KGaA		44,241
	1,148	Uniper SE		41,929
				128,671
		Hong Kong — 7.7%
	8,000	CK Asset Holdings, Ltd.		50,213
	5,500	CK Hutchison Holdings, Ltd.		45,108

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

14

AAM S&P Developed Markets High Dividend Value ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.2% (Continued)
		Hong Kong — 7.7%(Continued)
	32,000	Sino Land Company, Ltd.	$	47,546
	3,000	Sun Hung Kai Properties, Ltd.		45,308
				188,175
		Italy — 6.1%
	25,509	A2A SpA		49,962
	12,068	Hera SpA		48,595
	86,625	Telecom Italia SpA		50,888
				149,445
		Japan — 23.4%
	10,100	ENEOS Holdings, Inc.		43,540
	1,800	Iida Group Holdings Company, Ltd.		43,853
	2,100	Japan Tobacco, Inc.		39,270
	900	Lawson, Inc.		40,346
	6,000	Marubeni Corporation		49,875
	6,000	Mitsubishi Chemical Holdings Corporation		44,655
	3,000	Mizuho Financial Group, Inc.		42,130
	2,000	Sekisui House, Ltd.		40,419
	3,200	SoftBank Corporation		41,264
	17,600	Sojitz Corporation		52,492
	3,100	Sumitomo Corporation		42,201
	1,300	Sumitomo Mitsui Financial Group, Inc.		45,218
	2,500	Yokohama Rubber Company, Ltd		46,453
				571,716
		Netherlands — 3.3%
	1,453	Koninklijke Ahold Delhaize NV		39,163
	2,249	Royal Dutch Shell plc - Class B		40,449
				79,612
		Norway — 2.0%
	914	Yara International ASA		47,822
		Singapore — 1.7%
	2,700	Venture Corporation, Ltd.		40,894

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

15

AAM S&P Developed Markets High Dividend Value ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.2% (Continued)
		Spain — 3.7%
	1,782	Naturgy Energy Group SA	$	45,757
	9,444	Telefonica SA		43,809
				89,566
		Sweden — 4.0%
	1,515	Intrum AB		52,227
	1,450	Lundin Energy AB		46,506
				98,733
		Switzerland — 3.4%
	737	LafargeHolcim, Ltd.		45,494
	431	Novartis AG		36,841
				82,335
		United Kingdom — 12.2%
	1,117	British American Tobacco plc		41,478
	2,230	GlaxoSmithKline plc		41,360
	1,854	Imperial Brands plc		38,697
	11,533	Legal & General Group plc		43,497
	521	Rio Tinto plc		43,829
	5,037	Sage Group, plc		44,494
	24,012	Vodafone Group plc		45,480
				298,835
		TOTAL COMMON STOCKS (Cost $2,169,518)		2,421,566
		RIGHTS — 0.0% (a)
		Australia
	424	Computershare, Ltd. (b)		187
		TOTAL RIGHTS (Cost $353)		187

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

16

AAM S&P Developed Markets High Dividend Value ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		SHORT-TERM INVESTMENTS — 0.5%
	10,998	Invesco Government & Agency Portfolio, Institutional Class — 0.03%*	$	10,998
		TOTAL SHORT-TERM INVESTMENTS (Cost $10,998)		10,998
		TOTAL INVESTMENTS (Cost $2,180,869) — 99.7%		2,432,751
		Other Assets in Excess of Liabilities — 0.3%		8,100
		NET ASSETS — 100.0%	$	2,440,851

Percentages are stated as a percent of net assets.
(a)	Represents less than 0.05% of net assets.
(b)	Non-income producing security.
*	Rate shown is the annualized seven-day yield as of April 30, 2021.

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

17

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
April 30, 2021 (Unaudited)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.8%
		Communication Services — 1.5%
		Qwest Corporation
	2,546	6.500%, 09/01/2056	$	64,974
	1,719	6.750%, 06/15/2057		44,952
		Telephone & Data Systems, Inc.
	303	6.625%, 03/31/2045		7,863
	586	6.875%, 11/15/2059		14,873
	781	7.000%, 03/15/2060		19,712
	508	5.875%, 12/01/2061		13,040
		United States Cellular Corporation
	890	6.950%, 05/15/2060		22,784
	716	7.250%, 12/01/2063		18,129
	781	7.250%, 12/01/2064		20,002
				226,329
		Consumer Discretionary — 0.3%
		Dillard’s Capital Trust I
	521	7.500%, 08/01/2038		13,385
		TravelCenters of America, Inc.
	313	8.000%, 12/15/2029		8,229
	1,068	8.000%, 10/15/2030		27,522
				49,136
		Energy — 6.4%
		Altera Infrastructure LP
	1,281	Series E, 8.875%, Perpetual (b)		29,847
		DCP Midstream LP
	1,722	Series B, 7.875%, Perpetual (b)		41,759
	1,174	Series C, 7.950%, Perpetual (b)		28,528
		Energy Transfer LP
	4,806	Series C, 7.375%, Perpetual (b)		115,488
	4,753	Series D, 7.625%, Perpetual (b)		115,308
	8,544	Series E, 7.600%, Perpetual (b)		207,448
		NGL Energy Partners LP
	3,360	Series B, 9.000%, Perpetual (b)		48,418

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

18

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.8% (Continued)
		Energy — 6.4% (Continued)
		NuStar Energy LP
	2,419	Series A, 8.500%, Perpetual (b)	$	57,040
	4,112	Series B, 7.625%, Perpetual (b)		85,530
	1,842	Series C, 9.000%, Perpetual (b)		45,626
		NuStar Logistics LP
	6,272	6.918%, 01/15/2043 (b)		151,657
		Teekay LNG Partners LP
	1,335	9.000%, Perpetual		34,657
				961,306
		Financials — 62.8% ♦
		ACRES Commercial Realty Corporation
	1,281	8.625%, Perpetual (b)		32,192
		Aegon NV
	3,895	Series 1, 4.000%, Perpetual (b)		98,115
		AGNC Investment Corporation
	3,471	Series C, 7.000%, Perpetual (b)		89,309
	2,510	Series D, 6.875%, Perpetual (b)		63,578
	4,299	Series E, 6.500%, Perpetual (b)		107,604
	6,141	Series F, 6.125%, Perpetual (b)		147,507
		Annaly Capital Management, Inc.
	7,690	Series F, 6.950%, Perpetual (b)		194,711
	4,539	Series G, 6.500%, Perpetual (b)		113,792
	4,726	Series I, 6.750%, Perpetual (b)		122,309
		Apollo Global Management, Inc.
	2,937	Series A, 6.375%, Perpetual		76,479
		Arch Capital Group, Ltd.
	4,806	Series E, 5.250%, Perpetual		122,024
		Ares Management Corporation
	3,310	Series A, 7.000%, Perpetual		84,074
		Argo Group US, Inc.
	375	6.500%, 09/15/2042		9,660
		Assured Guaranty Municipal Holdings, Inc.
	599	6.250%, 11/01/2102		15,915
	260	5.600%, 07/15/2103		6,802

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

19

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.8% (Continued)
		Financials — 62.8% ♦ (Continued)
		Axis Capital Holdings, Ltd.
	5,874	Series E, 5.500%, Perpetual	$	149,493
		B. Riley Financial, Inc.
	332	7.375%, 05/31/2023		8,549
	295	6.875%, 09/30/2023		7,585
	1,179	6.750%, 05/31/2024		30,501
	1,398	6.375%, 02/28/2025		35,999
	1,602	5.500%, 03/31/2026		40,034
	1,438	6.500%, 09/30/2026		37,172
	1,308	7.250%, 12/31/2027		33,092
	2,456	6.000%, 01/31/2028		61,621
		Bank of America Corporation
	3,193	Series 2, 3.000%, Perpetual (b)		70,342
	2,246	Series 4, 4.000%, Perpetual (b)		57,924
	4,503	Series 5, 4.000%, Perpetual (b)		114,917
	3,388	Series E, 4.000%, Perpetual (b)		85,716
		BOK Financial Corporation
	391	5.375%, 06/30/2056		9,928
		Brightsphere Investment Group, Inc.
	326	5.125%, 08/01/2031		8,241
		Capital One Financial Corporation
	6,408	Series G, 5.200%, Perpetual		163,661
	5,340	Series H, 6.000%, Perpetual		137,932
		Capstead Mortgage Corporation
	2,757	Series E, 7.500%, Perpetual		69,476
		Charles Schwab Corporation
	6,408	Series C, 6.000%, Perpetual		162,443
	8,010	Series D, 5.950%, Perpetual		204,495
		Chimera Investment Corporation
	1,548	Series A, 8.000%, Perpetual		39,598
	3,471	Series B, 8.000%, Perpetual (b)		86,081
	2,776	Series C, 7.750%, Perpetual (b)		66,929
	2,136	Series D, 8.000%, Perpetual (b)		52,396
		Compass Diversified Holdings
	1,068	Series A, 7.250%, Perpetual		27,127

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

20

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.8% (Continued)
		Financials — 62.8% ♦ (Continued)
	1,068	Series B, 7.875%, Perpetual (b)	$	27,587
		Dynex Capital, Inc.
	1,190	Series C, 6.900%, Perpetual (b)		30,405
		Ellington Financial, Inc.
	1,228	6.750%, Perpetual (b)		31,498
		First Horizon National Corporation
	1,068	Series A, 6.200%, Perpetual		27,127
		First Republic Bank
	2,136	Series H, 5.125%, Perpetual		55,835
		Gladstone Investment Corporation
	1,366	5.000%, 05/01/2026		35,584
		Globe Life, Inc.
	4,674	6.125%, 06/15/2056		120,542
		Global Indemnity Group, LLC
	1,388	7.875%, 04/15/2047		36,421
		GMAC Capital Trust I
	28,112	Series 2, 5.983%, 02/15/2040 (b)		720,792
		Goldman Sachs Group, Inc.
	7,380	Series A, 3.750%, Perpetual (b)		176,308
	1,968	Series C, 4.000%, Perpetual (b)		48,433
	13,284	Series D, 4.000%, Perpetual (b)		324,794
	6,642	Series N, 6.300%, Perpetual		166,116
		Hancock Whitney Corporation
	391	5.950%, 06/15/2045		9,978
		Huntington Bancshares, Inc.
	1,068	Series C, 5.875%, Perpetual		27,896
	6,408	Series D, 6.250%, Perpetual		162,443
		Invesco Mortgage Capital, Inc.
	1,495	Series A, 7.750%, Perpetual		37,226
	1,655	Series B, 7.750%, Perpetual (b)		40,845
	3,070	Series C, 7.500%, Perpetual (b)		73,772
		JPMorgan Chase & Company
	15,220	Series AA, 6.100%, Perpetual		385,066
	12,283	Series BB, 6.150%, Perpetual		311,006

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

21

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.8% (Continued)
		Financials — 62.8% ♦ (Continued)
		KKR & Company, Inc.
	3,685	Series A, 6.750%, Perpetual	$	94,373
	1,655	Series B, 6.500%, Perpetual		42,500
		MetLife, Inc.
	6,408	Series A, 4.000%, Perpetual (b)		162,699
		MFA Financial, Inc.
	2,937	Series C, 6.500%, Perpetual (b)		67,140
		Morgan Stanley
	11,749	Series A, 4.000%, Perpetual (b)		289,965
		New Residential Investment Corporation
	1,658	Series A, 7.500%, Perpetual (b)		41,583
	3,017	Series B, 7.125%, Perpetual (b)		73,403
	4,299	Series C, 6.375%, Perpetual (b)		97,888
		New York Mortgage Trust, Inc.
	1,635	Series D, 8.000%, Perpetual (b)		40,058
	1,978	Series E, 7.875%, Perpetual (b)		48,065
		Newtek Business Services Corporation
	1,068	5.500%, 02/01/2026 (a)		27,768
		PartnerRe, Ltd.
	1,702	Series G, 6.500%, Perpetual		43,044
	3,118	Series H, 7.250%, Perpetual		78,885
	1,942	Series I, 5.875%, Perpetual		49,094
		PennyMac Mortgage Investment Trust
	1,228	Series A, 8.125%, Perpetual (b)		31,854
	2,082	Series B, 8.000%, Perpetual (b)		54,153
		Popular Capital Trust I
	471	6.700%, 11/01/2033		12,241
		Popular Capital Trust II
	339	6.125%, 12/01/2034		8,709
		Ready Capital Corporation
	2,150	5.750%, 02/15/2026		55,578
	1,094	6.200%, 07/30/2026		28,400
		Regions Financial Corporation
	5,340	Series A, 6.375%, Perpetual		135,476

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

22

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.8% (Continued)
		Financials — 62.8% ♦ (Continued)
		RenaissanceRe Holdings, Ltd.
	2,937	Series E, 5.375%, Perpetual	$	74,629
		SLM Corporation
	1,068	Series B, 1.884%, Perpetual (b)		61,015
		Stifel Financial Corporation
	1,602	Series A, 6.250%, Perpetual		40,851
		Texas Capital Bancshares, Inc.
	289	6.500%, 09/21/2042		7,341
	1,602	Series A, 6.500%, Perpetual		40,931
		Truist Financial Corporation
	4,966	Series H, 5.625%, Perpetual		125,739
	1,842	Series I, 4.000%, Perpetual (b)		47,745
		Two Harbors Investment Corporation
	1,535	Series A, 8.125%, Perpetual (b)		40,294
	3,070	Series B, 7.625%, Perpetual (b)		76,320
	3,150	Series C, 7.250%, Perpetual (b)		76,828
		US Bancorp
	154	Series A, 3.500%, Perpetual (b)		142,505
	10,680	Series B, 3.500%, Perpetual (b)		259,524
	11,749	Series F, 6.500%, Perpetual (b)		305,709
		Valley National Bancorp
	1,068	Series B, 5.500%, Perpetual (b)		27,501
		W.R. Berkley Corporation
	4,518	5.750%, 06/01/2056		114,396
		Wells Fargo & Company
	3,738	5.200%, Perpetual		96,515
	6,942	Series O, 5.125%, Perpetual		179,937
	12,283	Series X, 5.500%, Perpetual		316,656
		Western Alliance Bancorp
	456	6.250%, 07/01/2056		11,692
		Zions Bancorp
	1,348	Series H, 5.750%, Perpetual		34,482
				9,458,483

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

23

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.8% (Continued)
		Industrials — 3.7%
		Atlas Corporation
	1,360	Series D, 7.950%, Perpetual	$	35,006
	1,446	Series E, 8.250%, Perpetual		37,307
	2,082	Series G, 8.200%, Perpetual		52,862
	2,409	Series H, 7.875%, Perpetual		60,972
		Babcock & Wilcox Enterprises, Inc.
	1,708	8.125%, 02/28/2026		44,562
		Fortress Transportation and Infrastructure Investors, LLC
	1,116	Series A, 8.250%, Perpetual (b)		29,183
	1,319	Series B, 8.000%, Perpetual (b)		34,030
		GATX Corporation
	2,337	5.625%, 05/30/2066		59,243
		Hillman Group Capital Trust
	275	11.600%, 09/30/2027		7,158
		Pitney Bowes, Inc.
	6,622	6.700%, 03/07/2043		165,219
		Steel Partners Holdings LP
	1,689	Series A, 6.000%, 02/07/2026		36,854
				562,396
		Real Estate — 12.2%
		American Homes 4 Rent
	2,870	Series D, 6.500%, Perpetual		72,496
	2,456	Series E, 6.350%, Perpetual		62,333
	1,655	Series F, 5.875%, Perpetual		43,675
	1,228	Series G, 5.875%, Perpetual		32,432
		Brookfield Property REIT, Inc.
	2,670	Series A, 6.375%, Perpetual		66,964
		City Office REIT, Inc.
	1,196	Series A, 6.625%, Perpetual		30,941
		Colony Capital, Inc.
	3,070	Series H, 7.125%, Perpetual		76,228
		Digital Realty Trust, Inc.
	2,149	Series C, 6.625%, Perpetual		54,133

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

24

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.8% (Continued)
		Real Estate — 12.2% (Continued)
		Gladstone Land Corporation
	1,590	Series B, 6.000%, Perpetual	$	41,117
		iStar, Inc.
	1,068	Series D, 8.000%, Perpetual		27,522
	1,335	Series I, 7.500%, Perpetual		34,710
		Monmouth Real Estate Investment Corporation
	5,870	Series C, 6.125%, Perpetual		149,979
		National Retail Properties, Inc.
	3,685	Series F, 5.200%, Perpetual		95,073
		Office Properties Income Trust
	4,830	5.875%, 05/01/2046		121,474
		PS Business Parks, Inc.
	2,026	Series W, 5.200%, Perpetual		52,230
		Pebblebrook Hotel Trust
	1,335	Series C, 6.500%, Perpetual		33,789
	1,335	Series D, 6.375%, Perpetual		33,709
	1,174	Series E, 6.375%, Perpetual		30,054
	1,602	Series F, 6.300%, Perpetual		40,451
		Pennsylvania Real Estate Investment Trust
	1,842	Series C, 7.200%, Perpetual		17,241
	1,335	Series D, 6.875%, Perpetual		12,763
		Public Storage
	2,136	Series C, 5.125%, Perpetual		54,254
	3,471	Series D, 4.950%, Perpetual		88,059
	3,738	Series E, 4.900%, Perpetual		96,441
		SL Green Realty Corporation
	2,456	Series I, 6.500%, Perpetual		63,070
		Sunstone Hotel Investors, Inc.
	1,228	Series E, 6.950%, Perpetual		31,240
		UMH Properties, Inc.
	2,639	Series C, 6.750%, Perpetual		68,614
		Urstadt Biddle Properties, Inc.
	1,228	Series H, 6.250%, Perpetual		32,235

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

25

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.8% (Continued)
		Real Estate — 12.2% (Continued)
		VEREIT, Inc.
	3,981	Series F, 6.700%, Perpetual	$	101,078
		Vornado Realty Trust
	3,204	Series K, 5.700%, Perpetual		82,086
	3,204	Series L, 5.400%, Perpetual		82,503
		Washington Prime Group, Inc.
	1,068	Series H, 7.500%, Perpetual		7,925
				1,836,819
		Utilities — 12.9%
		Dominion Energy, Inc.
	12,466	Series A, 5.250%, 07/30/2076		315,515
		DTE Energy Company
	4,674	Series B, 5.375%, 06/01/2076		118,252
		Entergy Arkansas, LLC
	6,388	4.875%, 09/01/2066		162,766
		Entergy Louisiana, LLC
	4,207	4.875%, 09/01/2066		107,236
		Entergy Mississippi, LLC
	4,051	4.900%, 10/01/2066		104,516
		Entergy New Orleans, LLC
	1,714	5.500%, 04/01/2066		43,553
		NextEra Energy Capital Holdings, Inc.
	8,882	Series K, 5.250%, 06/01/2076		224,981
		PPL Capital Funding, Inc.
	7,012	Series B, 5.900%, 04/30/2073		178,806
		SCE Trust III
	4,285	Series H, 5.750%, Perpetual (b)		108,839
		SCE Trust IV
	5,064	Series J, 5.375%, Perpetual (b)		127,106
		SCE Trust V
	4,674	Series K, 5.450%, Perpetual (b)		119,234

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

26

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
April 30, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.8% (Continued)
		Utilities — 12.9% (Continued)
		Southern Company
	12,466	5.250%, 10/01/2076	$	318,756
		Tennessee Valley Authority
	714	Series D, 2.134%, 06/01/2028		18,485
				1,948,045
		TOTAL PREFERRED STOCKS (Cost $14,980,537)		15,042,514
		SHORT-TERM INVESTMENTS — 2.4%
	358,541	Invesco Government & Agency Portfolio, Institutional Class — 0.03%*		358,541
		TOTAL SHORT-TERM INVESTMENTS (Cost $358,541)		358,541
		TOTAL INVESTMENTS (Cost $15,339,078) — 102.2%		15,401,055
		Liabilities in Excess of Other Assets — (2.2)%		(332,851	)
		NET ASSETS — 100.0%	$	15,068,204

Percentages are stated as a percent of net assets.
(a)	Non-income producing security.
(b)	Variable or floating rate security based on a reference index and spread. Certain securities are fixed to variable and currently in the fixed phase. Rate disclosed is the rate in effect as of April 30, 2021.
♦	To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in the Notes to Financial Statements.
*	Rate shown is the annualized seven-day yield as of April 30, 2021.

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

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

27

AAM ETFs

Statements of Assets and Liabilities
April 30, 2021 (Unaudited)

	AAM S&P 500 High Dividend Value ETF		AAM S&P Emerging Markets High Dividend Value ETF			AAM S&P Developed Markets High Dividend Value ETF			AAM Low Duration Preferred and Income Securities ETF
ASSETS
Investments in securities, at value*	$	35,386,573	$	6,922,158		$	2,432,751		$	15,401,055
Foreign currency, at value*		—		—			409			—
Dividends and interest receivable		63,063		12,428			16,571			34,413
Receivable for capital shares sold		758,525		—			—			630,320
Receivables for securities sold		—		—			—			1,324,562
Total assets		36,208,161	$	6,934,586		$	2,449,731		$	17,390,350
LIABILITIES
Foreign currency due to broker, at value*		—		2,503			—			—
Payable for securities purchased		757,730		—			—			1,638,414
Distribution payable		100,500		22,500			8,100			50,200
Payable for capital shares redeemed		—		—			—			627,905
Management fees payable		7,892		2,761			780			5,627
Total liabilities		866,122		27,764			8,880			2,322,146
NET ASSETS	$	35,342,039	$	6,906,822		$	2,440,851		$	15,068,204
Net assets consist of:
Paid-in capital	$	32,810,660	$	6,930,145		$	2,540,921		$	14,814,996
Total distributable earnings (accumulated deficit)	$	2,531,379	$	(23,323	)	$	(100,070	)	$	253,208
Net assets	$	35,342,039	$	6,906,822		$	2,440,851		$	15,068,204
Net asset value:
Net assets	$	35,342,039	$	6,906,822		$	2,440,851		$	15,068,204
Shares outstanding^		1,175,000		300,000			100,000			600,000
Net asset value, offering and redemption price per share	$	30.08	$	23.02		$	24.41		$	25.11
* Identified Cost:
Investments in securities	$	29,695,263	$	6,362,108		$	2,180,869		$	15,339,078
Foreign currency	$	—	$	(2,511	)	$	409		$	—

^ No par value, unlimited number of shares authorized

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

28

AAM ETFs

Statements of Operations
For the Six-Months Ended April 30, 2021 (Unaudited)

	AAM S&P 500 High Dividend Value ETF		AAM S&P Emerging Markets High Dividend Value ETF			AAM S&P Developed Markets High Dividend Value ETF			AAM Low Duration Preferred and Income Securities ETF
INCOME
Dividends ^	$	546,924	$	100,235		$	48,751		$	305,636
Interest		5		2			—			49
Total investment income		546,929		100,237			48,751			305,685
EXPENSES
Management fees		41,103		13,375			4,436			23,449
Total expenses		41,103		13,375			4,436			23,449
Net investment income (loss)		505,826		86,862			44,315			282,236
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		1,836,074		326,425			(418	)		294,058
Foreign currency		—		(5,350	)		524			—
Change in unrealized appreciation (depreciation) on:
Investments		7,745,708		943,867			586,507			72,250
Foreign currency		—		704			40			—
Net realized and unrealized gain (loss) on investments		9,581,782		1,265,646			586,653			366,308
Net increase (decrease) in net assets resulting from operations	$	10,087,608	$	1,352,508		$	630,968		$	648,544

^ Net of foreign taxes withheld of $ 0, $16,585, $4,657 and $0 respectively.

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

29

AAM S&P 500 High Dividend Value ETF

Statements of Changes in Net Assets

	Six-Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	505,826		$	1,155,151
Net realized gain (loss) on investments		1,836,074			(6,039,906	)
Change in unrealized appreciation (depreciation) on investments		7,745,708			(2,571,259	)
Net increase (decrease) in net assets resulting from operations		10,087,608			(7,456,014	)
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(588,002	)		(1,317,853	)
Total distributions to shareholders		(588,002	)		(1,317,853	)
CAPITAL SHARE TRANSACTIONS
Proceeds from subscriptions		6,686,745			14,727,138
Payments for shares redeemed		(4,632,035	)		(19,315,982	)
Net increase (decrease) in net assets derived from capital share transactions (a)		2,054,710			(4,588,844	)
Net increase (decrease) in net assets		11,554,316			(13,362,711	)
NET ASSETS
Beginning of period/year	$	23,787,723		$	37,150,434
End of period/year	$	35,342,039		$	23,787,723

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

	Shares			Shares
Subscriptions		225,000			600,000
Redemptions		(175,000	)		(875,000	)
Net increase (decrease)		50,000			(275,000	)

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

30

AAM S&P Emerging Markets High Dividend Value ETF

Statements of Changes in Net Assets

	Six-Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	86,862		$	206,759
Net realized gain (loss) on investments and foreign currency		321,075			(461,263	)
Change in unrealized appreciation (depreciation) on investments and foreign currency		944,571			(95,524	)
Net increase (decrease) in net assets resulting from operations		1,352,508			(350,028	)
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(136,467	)		(253,796	)
Total distributions to shareholders		(136,467	)		(253,796	)
CAPITAL SHARE TRANSACTIONS
Proceeds from subscriptions		3,805,457			3,081,008
Transaction fees (Note 6)		7,257			—
Payments for shares redeemed		(3,807,685	)		—
Net increase (decrease) in net assets derived from capital share transactions (a)		5,029			3,081,008
Net increase (decrease) in net assets		1,221,070			2,477,184
NET ASSETS
Beginning of period/year	$	5,685,752		$	3,208,568
End of period/year	$	6,906,822		$	5,685,752

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

	Shares			Shares
Subscriptions		175,000			175,000
Redemptions		(200,000	)		—
Net increase (decrease)		(25,000	)		175,000

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

31

AAM S&P Developed Markets High Dividend Value ETF

Statements of Changes in Net Assets

	Six-Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	44,315		$	57,957
Net realized gain (loss) on investments and foreign currency		106			(259,967	)
Change in unrealized appreciation (depreciation) on investments and foreign currency		586,547			(321,738	)
Net increase (decrease) in net assets resulting from operations		630,968			(523,748	)
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(48,508	)		(97,167	)
Total distributions to shareholders		(48,508	)		(97,167	)
CAPITAL SHARE TRANSACTIONS
Proceeds from subscriptions		570,108			1,762,595
Payments for shares redeemed		(560,217	)		(1,828,438	)
Net increase (decrease) in net assets derived from capital share transactions (a)		9,891			(65,843	)
Net increase (decrease) in net assets		592,351			(686,758	)
NET ASSETS
Beginning of period/year	$	1,848,500		$	2,535,258
End of period/year	$	2,440,851		$	1,848,500

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

	Shares			Shares
Subscriptions		25,000			75,000
Redemptions		(25,000	)		(75,000	)
Net increase (decrease)		—			—

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

32

AAM Low Duration Preferred and Income Securities ETF

Statements of Changes in Net Assets

	Six-Months Ended April 30, 2021 (Unaudited)			Period Ended October 31, 2020*
OPERATIONS
Net investment income (loss)	$	282,236		$	126,877
Net realized gain (loss) on investments		294,058			(92,249	)
Change in unrealized appreciation (depreciation) on investments		72,250			(10,273	)
Net increase (decrease) in net assets resulting from operations		648,544			24,355
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(277,262	)		(117,674	)
Total distributions to shareholders		(277,262	)		(117,674	)
CAPITAL SHARE TRANSACTIONS
Proceeds from subscriptions		23,009,790			5,562,873
Transaction fees (Note 6)		929			807
Payments for shares redeemed		(11,924,623	)		(1,859,535	)
Net increase (decrease) in net assets derived from capital share transactions (a)		11,086,096			3,704,145
Net increase (decrease) in net assets		11,457,378			3,610,826
NET ASSETS
Beginning of period	$	3,610,826		$	—
End of period	$	15,068,204		$	3,610,826

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

	Shares			Shares
Subscriptions		925,000			225,000
Redemptions		(475,000	)		(75,000	)
Net increase (decrease)		450,000			150,000

* Fund commenced operations on November 19, 2019. The information presented is for the period from November 19, 2019 to October 31, 2020.

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

33

AAM S&P 500 High Dividend Value ETF

Financial Highlights
For a capital share outstanding throughout the period/year

	Six-Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Year Ended October 31, 2019			Period Ended October 31, 2018(1)
Net asset value, beginning of period/year	$	21.14		$	26.54		$	25.83		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (2)		0.47			0.95			0.97			0.75
Net realized and unrealized gain (loss) on investments (3)		9.01			(5.28	)		0.64			0.76
Total from investment operations		9.48			(4.33	)		1.61			1.51
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from:
Net investment income		(0.54	)		(1.07	)		(0.90	)		(0.68	)
Total distributions		(0.54	)		(1.07	)		(0.90	)		(0.68	)
CAPITAL SHARE TRANSACTIONS:
Transaction fees (Note 6)		—			—			—			0.00	(4)
Net asset value, end of period/year	$	30.08		$	21.14		$	26.54		$	25.83
Total return		45.18	%(5)		-16.47	%		6.44	%		5.98	%(5)
SUPPLEMENTAL DATA:
Net assets at end of period/year (000’s)	$	35,342		$	23,788		$	37,150		$	19,370
RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.29	%(6)		0.29	%		0.29	%		0.29	%(6)
Net investment income (loss) to average net assets		3.57	%(6)		4.06	%		3.78	%		3.05	%(6)
Portfolio turnover rate (7)		41	%(5)		84	%		42	%		38	%(5)

(1)	Commencement of operations on November 28, 2017.
(2)	Calculated based on average shares outstanding during the period.
(3)	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(4)	Less than $0.005.
(5)	Not annualized.
(6)	Annualized
(7)	Excludes the impact of in-kind transactions.

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

34

AAM S&P Emerging Markets High Dividend Value ETF

Financial Highlights
For a capital share outstanding throughout the period/year

	Six-Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Year Ended October 31, 2019			Period Ended October 31, 2018(1)
Net asset value, beginning of period/year	$	17.49		$	21.39		$	21.75		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (2)		0.34			0.93			1.01			1.13
Net realized and unrealized gain (loss) on investments and foreign currency (3)		5.66			(3.57	)		(0.51	)		(3.55	)
Total from investment operations		6.00			(2.64	)		0.50			(2.42	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from:
Net investment income		(0.50	)		(1.26	)		(0.87	)		(0.93	)
Total distributions		(0.50	)		(1.26	)		(0.87	)		(0.93	)
CAPITAL SHARE TRANSACTIONS:
Transaction fees (Note 6)		0.03			—			0.01			0.10
Net asset value, end of period/year	$	23.02		$	17.49		$	21.39		$	21.75
Total return		34.68	%(4)		-12.83	%		2.40	%		-9.65	%(4)
SUPPLEMENTAL DATA:
Net assets at end of period/year (000’s)	$	6,907		$	5,686		$	3,209		$	2,175
RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.49	%(5)		0.49	%		0.49	%		0.49	%(5)
Net investment income (loss) to average net assets		3.18	%(5)		4.99	%		4.61	%		4.95	%(5)
Portfolio turnover rate (6)		82	%(4)		121	%		124	%		104	%(4)

(1)	Commencement of operations on November 28, 2017.
(2)	Calculated based on average shares outstanding during the period.
(3)	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(4)	Not annualized.
(5)	Annualized.
(6)	Excludes the impact of in-kind transactions.

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

35

AAM S&P Developed Markets High Dividend Value ETF

Financial Highlights
For a capital share outstanding throughout the period/year

	Six-Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020			Period Ended October 31, 2019(1)
Net asset value, beginning of period/year	$	18.49		$	25.35		$	24.83
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (2)		0.44			0.64			1.07
Net realized and unrealized gain (loss) on investments and foreign currency (3)		5.97			(6.18	)		0.29
Total from investment operations		6.41			(5.54	)		1.36
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from:
Net investment income		(0.49	)		(1.32	)		(0.84	)
Total distributions		(0.49	)		(1.32	)		(0.84	)
CAPITAL SHARE TRANSACTIONS:
Transaction fees (Note 6)		—			—			—
Net asset value, end of period/year	$	24.41		$	18.49		$	25.35
Total return		34.86	%(4)		-22.83	%		5.64	%(4)
SUPPLEMENTAL DATA:
Net assets at end of period/year (000’s)	$	2,441		$	1,849		$	2,535
RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.39	%(5)		0.39	%		0.39	%(5)
Net investment income (loss) to average net assets		3.90	%(5)		3.03	%		4.65	%(5)
Portfolio turnover rate (6)		44	%(4)		106	%		87	%(4)

(1)	Commencement of operations on November 27, 2018.
(2)	Calculated based on average shares outstanding during the period.
(3)	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(4)	Not annualized.
(5)	Annualized.
(6)	Excludes the impact of in-kind transactions.

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

36

AAM Low Duration Preferred and Income Securities ETF

Financial Highlights
For a capital share outstanding throughout the period

	Six-Months Ended April 30, 2021 (Unaudited)			Period Ended October 31, 2020(1)
Net asset value, beginning of period	$	24.07		$	24.97
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (2)		0.67			1.17
Net realized and unrealized gain (loss) on investments (3)		1.09			(0.98	)
Total from investment operations		1.76			0.19
DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from:
Net investment income		(0.72	)		(1.10	)
Total distributions		(0.72	)		(1.10	)
CAPITAL SHARE TRANSACTIONS:
Transaction fees (Note 6)		0.00	(4)		0.01
Net asset value, end of period	$	25.11		$	24.07
Total return		7.41	%(5)		0.98	%(5)
SUPPLEMENTAL DATA:
Net assets at end of period (000’s)	$	15,068		$	3,611
RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.45	%(6)		0.45	%(6)
Net investment income (loss) to average net assets		5.42	%(6)		5.15	%(6)
Portfolio turnover rate (7)		83	%(5)		202	%(5)

(1)	Commencement of operations on November 19, 2019.
(2)	Calculated based on average shares outstanding during the period.
(3)	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(4)	Less than $0.005.
(5)	Not annualized.
(6)	Annualized
(7)	Excludes the impact of in-kind transactions.

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

37

AAM ETFs

Notes to Financial Statements
April 30, 2021 (Unaudited)

NOTE 1 – ORGANIZATION

AAM S&P 500 High Dividend Value ETF, AAM S&P Emerging Markets High Dividend Value ETF, AAM S&P Developed Markets High Dividend Value ETF and AAM Low Duration Preferred and Income Securities ETF (individually each a “Fund” or collectively the “Funds”) are diversified series of ETF Series Solutions (“ESS” or the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares is registered under the Securities Act of 1933, as amended (the “Securities Act”). The investment objective of the AAM S&P 500 High Dividend Value ETF is to track the performance, before fees and expenses, of the S&P 500 Dividend and Free Cash Flow Yield Index. The investment objective of the AAM S&P Emerging Markets High Dividend Value ETF is to track the performance, before fees and expenses, of the S&P Emerging Markets Dividend and Free Cash Flow Yield Index. The investment objective of the AAM S&P Developed Markets High Dividend Value ETF is to track the performance, before fees and expenses, of the S&P Developed Markets Ex-US Dividend and Free Cash Flow Yield Index. The investment objective of the AAM Low Duration Preferred and Income Securities ETF is to track the total return performance, before fees and expenses, of the ICE 0-5 Year Duration Exchange-Listed Preferred and Hybrid Securities Index. AAM S&P 500 High Dividend Value ETF and AAM S&P Emerging Markets High Dividend Value ETF commenced operations on November 28, 2017, AAM S&P Developed Markets High Dividend Value ETF commenced operations on November 27, 2018 and AAM Low Duration Preferred and Income Securities ETF commenced operations on November 19, 2019.

The end of the reporting period for the Funds is April 30, 2021. The period covered by these Notes to Financial Statements is the fiscal period from November 1, 2020 to April 30, 2021 (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”).

38

AAM ETFs

NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Unaudited) (Continued)

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^®, Nasdaq Global Select Markets^® and Nasdaq Capital Market Exchange^® (collectively, “Nasdaq”) are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value.

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

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

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would

39

AAM ETFs

NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Unaudited) (Continued)

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.

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

AAM S&P 500 High Dividend Value ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	35,301,229	$	—	$	—	$	35,301,229
Short-Term Investments		85,344		—		—		85,344
Total Investments in Securities	$	35,386,573	$	—	$	—	$	35,386,573

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

AAM S&P Emerging Markets High Dividend Value ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	6,883,493	$	—	$	—	$	6,883,493
Short-Term Investments		38,665		—		—		38,665
Total Investments in Securities	$	6,922,158	$	—	$	—	$	6,922,158

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

40

AAM ETFs

NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Unaudited) (Continued)

AAM S&P Developed Markets High Dividend Value ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,421,566	$	—	$	—	$	2,421,566
Rights		—		187		—		187
Short-Term Investments		10,998		—		—		10,998
Total Investments in Securities	$	2,432,564	$	187	$	—	$	2,432,751

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

AAM Low Duration Preferred and Income Securities ETF

Assets^	Level 1		Level 2		Level 3		Total
Preferred Stocks	$	15,042,514	$	—	$	—	$	15,042,514
Short-Term Investments		358,541		—		—		358,541
Total Investments in Securities	$	15,401,055	$	—	$	—	$	15,401,055

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

During the current fiscal period the Funds did not recognize any transfers to or from Level 3.

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

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

41

AAM ETFs

NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Unaudited) (Continued)

C. 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. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations.

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.

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

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

42

AAM ETFs

NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Unaudited) (Continued)

E. Distributions to Shareholders. Distributions to shareholders from net investment income on securities are declared and paid by the Funds on a monthly basis. Distributions to shareholders from net realized gains on securities are declared and paid by the Funds on, at least, an annual basis. Distributions are recorded on the ex-dividend date.

F. 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.

G. 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.

H. 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.

I. 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.

43

AAM ETFs

NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Unaudited) (Continued)

The permanent differences primarily relate to redemptions in-kind. For the period ended October 31, 2020, the following table shows the reclassifications made:

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
AAM S&P 500 High Dividend Value ETF	$	1,850,827		$	(1,850,827	)
AAM S&P Emerging Markets High Dividend Value ETF	$	—		$	—
AAM S&P Developed Markets High Dividend Value ETF	$	61,076		$	(61,076	)
AAM Low Duration Preferred and Income Securities ETF	$	(24,755	)	$	24,755

During the period ended October 31, 2020 the Funds realized the following net capital gains (losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains (losses) are not taxable to the Funds, and gains are not distributed to shareholders, they have been reclassified from distributable earnings (accumulated deficit) to paid in capital.

AAM S&P 500 High Dividend Value ETF	$	(1,850,827	)
AAM S&P Emerging Markets High Dividend Value ETF	$	—
AAM S&P Developed Markets High Dividend Value ETF	$	(61,076	)
AAM Low Duration Preferred and Income Securities ETF	$	24,755

J. 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

44

AAM ETFs

NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Unaudited) (Continued)

Trust. Under the Advisory Agreement, the Adviser is also responsible for arranging, in consultation with Vident Investment Advisory, LLC (the “Sub-Advisor”), transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. 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 services provided to the Funds, AAM S&P 500 High Dividend Value ETF pays the Adviser 0.29%, AAM S&P Emerging Markets High Dividend Value ETF pays the Adviser 0.49%, AAM S&P Developed Markets High Dividend Value ETF pays the adviser 0.39% and AAM Low Duration Preferred and Income Securities ETF pays the adviser 0.45% at an annual rate based on each Fund’s average daily net assets.

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

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

NOTE 4 – PURCHASES AND SALES OF SECURITIES

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

	Purchases		Sales
AAM S&P 500 High Dividend Value ETF	$	11,424,075	$	11,518,890
AAM S&P Emerging Markets High Dividend Value ETF		4,826,105		4,545,219
AAM S&P Developed Markets High Dividend Value ETF		978,944		995,233
AAM Low Duration Preferred and Income Securities ETF		11,097,112		9,235,426

45

AAM ETFs

NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Unaudited) (Continued)

During the current fiscal period, there were no purchases or sales of U.S. Government securities by the Funds.

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

	In-kind Purchases		In-kind Sales
AAM S&P 500 High Dividend Value ETF	$	6,660,513	$	4,506,749
AAM S&P Emerging Markets High Dividend Value ETF		2,048,571		2,384,676
AAM S&P Developed Markets High Dividend Value ETF		570,415		555,000
AAM Low Duration Preferred and Income Securities ETF		21,060,654		11,801,944

NOTE 5 – INCOME TAX INFORMATION

The amount and 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.

The components of distributable earnings (accumulated deficit) and cost basis of investments and net unrealized appreciation (depreciation) for federal income tax purposes at October 31, 2020 were as follows:

	AAM S&P 500 High Dividend Value ETF			AAM S&P Emerging Markets High Dividend Value ETF			AAM S&P Developed Markets High Dividend Value ETF			AAM Low Duration Preferred and Income Securities ETF
Tax cost of investments	$	26,064,365		$	6,141,061		$	2,182,340		$	3,837,107
Gross tax unrealized appreciation	$	980,890		$	374,626		$	70,957		$	60,821
Gross tax unrealized depreciation		(3,264,785	)		(841,709	)		(413,440	)		(126,103	)
Net tax unrealized appreciation (depreciation)		(2,283,895	)		(467,083	)		(342,483	)		(65,282	)
Undistributed ordinary income		4,667			16,093			2,930			5,762
Undistributed long-term capital gains		—			—			—			—
Other accumulated gain (loss)		(4,688,999	)		(788,374	)		(342,977	)		(58,554	)
Distributable earnings (accumulated deficit)	$	(6,968,227	)	$	(1,239,364	)	$	(682,530	)	$	(118,074	)

46

AAM ETFs

NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Unaudited) (Continued)

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

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, 2020, the Funds did not elect to defer any post-October capital losses or late-year ordinary losses.

As of October 31, 2020, the Funds had the following capital loss carryforwards with an indefinite expiration:

	Short-Term		Long-Term
AAM S&P 500 High Dividend Value ETF	$	1,583,695	$	3,105,304
AAM S&P Emerging Markets High Dividend Value ETF	$	468,383	$	319,991
AAM S&P Developed Markets High Dividend Value ETF	$	271,692	$	71,285
AAM Low Duration Preferred and Income Securities ETF	$	58,554	$	—

The tax character of distributions declared by the Funds during current fiscal period were as follows:

	Year Ended October 31, 2020
Fund	Ordinary Income		Long Term Capital Gain
AAM S&P 500 High Dividend Value ETF	$	1,317,853	$	—
AAM S&P Emerging Markets High Dividend Value ETF		253,796		—
AAM S&P Developed Markets High Dividend Value ETF		97,167		—
AAM Low Duration Preferred and Income Securities ETF		117,674		—

	Year/Period Ended October 31, 2019
Fund	Ordinary Income		Long Term Capital Gain
AAM S&P 500 High Dividend Value ETF	$	1,010,297	$	5,012
AAM S&P Emerging Markets High Dividend Value ETF		118,717		—
AAM S&P Developed Markets High Dividend Value ETF		84,118		—

47

AAM ETFs

NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Unaudited) (Continued)

NOTE 6 – SHARE TRANSACTIONS

Shares of each Fund are listed and trade on the New York Stock Exchange Arca, Inc. (“NYSE Arca”). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in blocks of 25,000 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 standard fixed transaction fee for AAM S&P 500 High Dividend Value ETF is $250, for AAM S&P Emerging Markets High Dividend Value ETF is $1,000, and AAM S&P Developed Markets High Dividend Value ETF and AAM Low Duration Preferred and Income Securities ETF is $500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the creation order costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee, payable to the Fund, may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by the Funds, if any, are displayed in the Capital Shares Transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

48

AAM ETFs

NOTES TO FINANCIAL STATEMENTS
April 30, 2021 (Unaudited) (Continued)

NOTE 7 – RISKS

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

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

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

49

AAM ETFs

Expense Example
For the Six-Months Ended April 30, 2021 (Unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

AAM S&P 500 High Dividend Value ETF

	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expenses Paid During the Period(1)
Actual	$1,000.00	$ 1,451.80	$1.76
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,023.36	$1.45

⁽¹⁾ The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.29%, multiplied by the average account value during the period, multiplied by 181/365, to reflect one-half year period.

50

AAM ETFs

Expense Example
For the Six-Months Ended April 30, 2021 (Unaudited) (Continued)

AAM S&P Emerging Markets High Dividend Value ETF

	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expenses Paid During the Period(2)
Actual	$1,000.00	$ 1,346.80	$2.85
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,022.36	$2.46

⁽²⁾ The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.49%, multiplied by the average account value during the period, multiplied by 181/365, to reflect one-half year period.

AAM S&P Developed Markets High Dividend Value ETF

	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expenses Paid During the Period(3)
Actual	$1,000.00	$ 1,348.60	$2.27
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,022.86	$1.96

⁽³⁾ The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.39%, multiplied by the average account value during the period, multiplied by 181/365, to reflect one-half year period.

AAM Low Duration Preferred and Income Securities ETF

	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expenses Paid During the Period(4)
Actual	$1,000.00	$ 1,074.10	$2.31
Hypothetical (5% annual return before expenses)	$1,000.00	$ 1,022.56	$2.26

⁽⁴⁾ The dollar amounts shown as expenses paid during the period are equal to the annualized six-month net expense ratio, 0.45%, multiplied by the average account value during the period, multiplied by 181/365, to reflect one-half year period.

51

AAM ETFs

Review of Liquidity Risk Management Program
(Unaudited)

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

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

At a recent meeting of the Board of Trustees of the Trust, the Trustees received a report pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the period ended December 31, 2020. The report concluded that the Program is reasonably designed to assess and manage the Series’ liquidity risk and has operated adequately and effectively to manage such risk. The report reflected that there were no liquidity events that impacted the Series’ ability to timely meet redemptions without dilution to existing shareholders. The report further noted that no material changes have been made to the Program since its implementation.

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

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AAM ETFs

Approval of Sub-Advisory Agreement & Board Consideration
(Unaudited)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held April 20-21, 2021 (the “Meeting”), the Board of Trustees (the “Board”) of ETF Series Solutions (the “Trust”) considered the approval of the continuation of the Investment Sub-Advisory Agreement (the “Agreement”) among the Trust, on behalf of the AAM S&P 500 High Dividend Value ETF, AAM S&P Emerging Markets High Dividend Value ETF, AAM S&P Developed Markets High Dividend Value ETF, and AAM Low Duration Preferred and Income Securities ETF (each, a “Fund”, and together, the “Funds”), Advisors Asset Management, Inc. (the “Adviser”), and Vident Investment Advisory, LLC (the “Sub-Adviser”).

Prior to the Meeting, the Board, including the Trustees who are not parties to the Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), reviewed written materials from the Sub-Adviser (the “Materials”) regarding, among other things: (i) the nature, extent, and quality of the services provided by the Sub-Adviser; (ii) the historical performance of each Fund; (iii) the cost of the services provided and the profits realized by the Sub-Adviser from services rendered to each Fund; (iv) the extent to which the sub-advisory fee for each Fund reflects economies of scale shared with such Fund’s respective shareholders; and (v) other factors the Board deemed to be relevant.

The Board also considered that the Sub-Adviser, along with other service providers of the Funds, presented written information to help the Board evaluate the Sub-Adviser’s fees and other aspects of the Agreement. Additionally, representatives from the Sub-Adviser provided an oral overview of the services provided to the Funds by the Sub-Adviser and additional information about the Sub-Adviser’s personnel and operations. The Board then discussed the written materials and oral presentation that it had received and any other information that the Board received at the Meeting and deliberated on the approval of the Agreement in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important or controlling.

Approval of the Sub-Advisory Agreement with the Sub-Adviser

Nature, Extent, and Quality of Services Provided. The Board considered the scope of services provided to each Fund under the Agreement, noting the Sub-Adviser would continue to provide investment management services to the Funds. The Board noted the responsibilities that the Sub-Adviser has as each Fund’s investment sub-adviser, including: responsibility for the general management of the day-to-day investment and reinvestment of the assets of each Fund; determining the daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of each Fund’s shares conducted on a cash-in-lieu basis; oversight of general portfolio compliance with relevant law; responsibility for quarterly reporting to the Board; and implementation of Board directives as they relate to the Funds.

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AAM ETFs

Approval of Sub-Advisory Agreement & Board Consideration
(Unaudited) (Continued)

In considering the nature, extent, and quality of the services 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 ETFs, including other series of the Trust. The Board also considered the Sub-Adviser’s resources and capacity with respect to portfolio management, compliance, and operations given the number of funds it sub-advises. The Board further considered information provided by the Sub-Adviser with respect to the impact of the COVID-19 pandemic on the Sub-Adviser’s operations.

Historical Performance. The Board noted that it had received information regarding each Fund’s performance for various time periods in the Materials and primarily considered each Fund’s performance for periods ended December 31, 2020, unless otherwise noted. Because each Fund is designed to track the performance of an index provided by a third-party, the Board considered the extent to which each Fund tracked its index before fees and expenses.

AAM S&P 500 High Dividend Value ETF: The Board noted that the Fund performed in line with its underlying index before fees and expenses