N-CSR 1 fp0071570_ncsr.htm

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: October 31, 2021

Item 1. Reports to Stockholders.

(a)

Annual Report

October 31, 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

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

Ticker: SMIG

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
Performance Summaries	6
Portfolio Allocations	11
Schedules of Investments	14
Statements of Assets and Liabilities	36
Statements of Operations	38
Statements of Changes in Net Assets	40
Financial Highlights	45
Notes to Financial Statements	50
Report of Independent Registered Public Accounting Firm	64
Trustees and Officers	66
Expense Example	69
Review of Liquidity Risk Management Program	72
Approval of Advisory Agreements & Board Consideration	73
Federal Tax Information	82
Federal Tax Credit Pass Through	83
Information About Portfolio Holdings	83
Information About Proxy Voting	84
Frequency Distribution of Premiums and Discounts	84

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 46.23% (NAV) and 46.55% (market price), while the underlying index for SPDV generated a total return of 46.89% between November 1, 2020, and October 31, 2021 (“current fiscal period”). Over the same current fiscal period, the benchmark index, the S&P 500^® index, achieved a total return of 42.91%.

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

Individual stocks attributable to SPDV’s return over the same fiscal period were Simon Property Group Inc (+221 bps), Nucor Corp (+198 bps), and CF Industries Holdings Inc (+171 bps). Stocks dragging down SPDV’s return were Western Union (-34 bps), Newmont Corp (-27 bps), and WEC Energy Group Inc (-23 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 32.74% (NAV) and 33.99% (market price) between November 1, 2020, and October 31, 2021 (“current fiscal period”). This compares to the 34.74% of the underlying Index, and a 17.54% total return for the benchmark index, the S&P Emerging Plus LargeMidCap^® Index, for the same current fiscal period.

Top performing sectors attributable to EEMD’s return over the current fiscal period were Consumer Discretionary, Industrials, and Materials. The worst performing sectors included Health Care, Utilities and Consumer Staples.

AAM ETFs

Management Discussion of Fund Performance
(Unaudited) (Continued)

Individual stocks attributable to EEMD’s return over the same fiscal period were Great Wall Motor Company (+297 bps), Yanzhou Coal Mining (+224 bps), and Lenovo Group (+202 bps). Stocks dragging down EEMD’s return were Top Glove Corp (-136 bps), China Evergrande Group (-95 bps), and Vale SA (-68 bps).

The AAM S&P Developed Markets High Dividend Value ETF

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

DMDV generated a total return of 35.49% (NAV) and 35.10% (market price) between November 1, 2020 and October 31, 2021 (the “current fiscal period”). This compares to the 36.14% of the underlying Index, and a 35.47% total return for the benchmark index, the S&P Developed BMI Ex-US & Korea LargeMidCap^® Index, for the same current fiscal period.

Top performing sectors attributable to DMDV’s return over the current fiscal period were Energy, Financials, and Industrials. The worst performing sectors included Health Care, Consumer Staples, and Communication Services.

Individual stocks attributable to DMDV’s return over the same fiscal period were Power Corp Of Canada (+132 bps), RioCan Real Estate Investment Trust (+132 bps), and Marubeni Corp (+129 bps). Stocks dragging down DMDV’s return were AGL Energy Ltd (-99 bps), Yamada Holdings Co Ltd (-43 bps), and HeidelbergCement AG (-32 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.

AAM ETFs

Management Discussion of Fund Performance
(Unaudited) (Continued)

PFLD generated a total return of 10.08% (NAV) and 10.07% (market price), while the underlying index for PFLD generated a total return of 10.44% between November 1, 2020, and October 31, 2021 (“current fiscal period”). Over the same current fiscal period, the benchmark index, the ICE Exchange-Listed Preferred & Hybrid Securities Index, achieved a total return of 13.87%.

Top performing industries attributable to PFLDs return during the current fiscal period were Banking, Utility, and Energy. The worst performing industries included Retail, Quasi Government, and Transportation.

Individual securities attributable to PFLD’s return over the same fiscal period were NSUS Float 01/15/43 (+32 bps), GS Float Perp (+26 bps), and Ally Float 02/15/40 (+23 bps). Securities dragging down PFLD’s return were ALINFR 8.875 Per (-16 bps), Solarwinds Corp (-9 bps), and T 5.35 11/01/66 (-2 bps).

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

The AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) incepted on August 25, 2021. As such, our first annual letter to you, our valued partners and shareholders, describes a relatively short period of history at just over 2 months. From SMIG’s inception through October 31, 2021, the Fund generated a total return of -0.23%/-0.27% (market/NAV) versus the Russell 2500 return of +2.61% for the period. We believe the shortfall was a microcosm of the condition of the market during that period of time, which was characterized by the favorable performance of low-quality companies within the benchmark (defined as companies with a S&P Quality Ranking of B or Worse), which returned +3.90% versus high-quality constituents (S&P Quality Ranking of B+ or Better) returning just 1.04%. This result is not surprising given the Fund’s highly active, differentiated approach and focus on companies of lower-risk and high intrinsic quality, against a more speculative market context that rewarded lower quality, less profitable investments.

Assessing attribution on a security basis, the largest contributors to performance include Evercore (EVR), Penske Automotive (PAG), and NetApp (NTAP). The largest detractors to performance include Rent-A-Center (RCII), McAfee (MCFE), and Encompass Health (EHC). Assessing attribution on a sector basis, the largest detractor to relative performance was our underweight to the Energy sector. As of 10/31/21, the fund had no exposure to the Energy sector.

Bahl & Gaynor does not alter its process or philosophy during short-term periods when returns may lag the benchmark. We remain committed to our foundational philosophy and objectives, which focus on the compounding growth of cash flow income, downside protection, and long-term capital appreciation, all through the

AAM ETFs

Management Discussion of Fund Performance
(Unaudited) (Continued)

ownership of companies of high intrinsic quality and growth potential that we feel are underappreciated by the market. We thank you for your partnership and look forward to the opportunities in the years ahead.

Must be preceded or accompanied by a prospectus.

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

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.

AAM ETFs

Management Discussion of Fund Performance
(Unaudited) (Continued)

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”).

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

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 14 of the report. Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

AAM S&P 500 High Dividend Value ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

Average Annual Returns October 31, 2021	1 Year	3 Years	Since Inception (11/28/2017)
AAM S&P 500 High Dividend Value ETF — NAV	46.23%	9.14%	8.51%
AAM S&P 500 High Dividend Value ETF — Market	46.55%	9.01%	8.46%
S&P 500^® Dividend and Free Cash Flow Yield Index	46.89%	9.50%	8.87%
S&P 500^® Index	42.91%	21.48%	17.50%

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

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be based solely on returns. For the most recent month end performance please visit the fund’s website at www.aamlive.com. The gross expense ratio as of the prospectus dated 2/28/21 was 0.29%.

AAM S&P Emerging Markets High Dividend Value ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

Average Annual Returns October 31, 2021	1 Year	3 Years	Since Inception (11/28/2017)
AAM S&P Emerging Markets High Dividend Value ETF — NAV	32.74%	5.82%	1.75%
AAM S&P Emerging Markets High Dividend Value ETF — Market	33.99%	5.86%	1.91%
S&P Emerging Markets Dividend and Free Cash Flow Yield Index	34.74%	6.61%	2.62%
S&P Emerging Plus LargeMidCap^® Index	17.54%	12.66%	5.31%

AAM S&P Developed Markets High Dividend Value ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

Average Annual Returns October 31, 2021	1 Year	Since Inception (11/27/2018)
AAM S&P Developed Markets High Dividend Value ETF — NAV	35.49%	3.45%
AAM S&P Developed Markets High Dividend Value ETF — Market	35.10%	3.50%
S&P Developed Ex-US Dividend and Free Cash Flow Yield Index	36.14%	3.92%
S&P Developed BMI Ex-U.S. & Korea LargeMidCap Index	35.47%	12.82%

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

AAM Low Duration Preferred and Income Securities ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

Average Annual Returns October 31, 2021	1 Year	Since Inception (11/19/2019)
AAM Low Duration Preferred and Income Securities ETF — NAV	10.08%	5.58%
AAM Low Duration Preferred and Income Securities ETF — Market	10.07%	5.53%
ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index	10.44%	6.05%
ICE Exchange-Listed Preferred & Hybrid Securities Index	13.87%	8.72%

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

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

Cumulative Returns October 31, 2021	Since Inception (8/25/2021)
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF — NAV	-0.27%
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF — Market	-0.23%
Russell 2500 Total Return Index	2.61%

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

AAM ETFs

Portfolio Allocations
As of October 31, 2021 (Unaudited)

AAM S&P 500 High Dividend Value ETF

Sector	Percentage of Net Assets
Energy	10.6%
Financials	10.0
Real Estate	9.5
Materials	9.0
Utilities	9.0
Consumer Staples	8.8
Information Technology	8.8
Communication Services	8.5
Consumer Discretionary	8.5
Industrials	8.5
Health Care	8.2
Short-Term Investments	0.7
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
Consumer Discretionary	10.3%
Energy	10.1
Communication Services	9.9
Industrials	9.9
Consumer Staples	9.7
Information Technology	9.5
Utilities	9.3
Financials	9.0
Materials	8.6
Health Care	6.7
Real Estate	6.6
Short-Term Investments	0.8
Liabilities in Excess of Other Assets	(0.4)
Total	100.0%

AAM ETFs

Portfolio Allocations
As of October 31, 2021 (Unaudited) (Continued)

AAM S&P Developed Markets High Dividend Value ETF

Sector	Percentage of Net Assets
Energy	9.9%
Financials	9.8
Information Technology	9.5
Real Estate	9.3
Consumer Staples	9.2
Industrials	9.2
Communication Services	9.0
Utilities	8.8
Consumer Discretionary	8.6
Health Care	8.2
Materials	7.8
Short-Term Investments	0.7
Other Assets in Excess of Liabilities +	0.0
Total	100.0%

AAM Low Duration Preferred and Income Securities ETF

Sector	Percentage of Net Assets
Financials ♦	59.1%
Real Estate	14.8
Utilities	10.0
Energy	7.0
Short-Term Investments	5.5
Communication Services	3.8
Industrials	2.7
Mining, Quarrying, and Oil and Gas Extraction	0.9
Consumer Discretionary	0.8
Information Technology	0.3
Liabilities in Excess of Other Assets	(4.9)
Total	100.0%

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

AAM ETFs

Portfolio Allocations
As of October 31, 2021 (Unaudited) (Continued)

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

Sector	Percentage of Net Assets
Information Technology	20.8%
Consumer Discretionary	15.7
Financials	15.6
Materials	12.4
Industrials	9.7
Health Care	8.1
Real Estate	8.1
Utilities	4.3
Consumer Staples	3.4
Communication Services	1.6
Short-Term Investments	0.4
Liabilities in Excess of Other Assets	(0.1)
Total	100.0%

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.

AAM S&P 500 High Dividend Value ETF

Schedule of Investments
October 31, 2021

Shares		Security Description	Value
		COMMON STOCKS — 99.4%
		Communication Services — 8.5%
	29,129	AT&T, Inc.	$	735,799
	23,235	Interpublic Group of Companies, Inc.		849,704
	64,921	Lumen Technologies, Inc.		769,963
	11,342	Omnicom Group, Inc.		772,163
	20,004	ViacomCBS, Inc. - Class B		724,545
				3,852,174
		Consumer Discretionary — 8.5%
	6,352	Genuine Parts Company		832,811
	45,452	Hanesbrands, Inc.		774,502
	16,920	Leggett & Platt, Inc.		792,702
	30,003	Newell Brands, Inc.		686,769
	3,735	Whirlpool Corporation		787,450
				3,874,234
		Consumer Staples — 8.8%
	17,266	Altria Group, Inc.		761,603
	6,283	J.M. Smucker Company		771,929
	20,907	Kraft Heinz Company		750,352
	11,496	Tyson Foods, Inc. - Class A		919,335
	17,623	Walgreens Boots Alliance, Inc.		828,634
				4,031,853
		Energy — 10.6%
	40,572	Baker Hughes Company		1,017,546
	51,961	Coterra Energy, Inc.		1,107,808
	47,216	Kinder Morgan, Inc.		790,868
	15,349	Marathon Petroleum Corporation		1,011,960
	32,602	Williams Companies, Inc.		915,790
				4,843,972
		Financials — 10.0%
	12,290	Citigroup, Inc.		849,976
	14,227	MetLife, Inc.		893,455
	53,733	People’s United Financial, Inc.		920,984
	13,185	Principal Financial Group, Inc.		884,582

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

AAM S&P 500 High Dividend Value ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.4% (Continued)
		Financials — 10.0% (Continued)
	42,929	Regions Financial Corporation	$	1,016,559
				4,565,556
		Health Care — 8.2%
	6,939	AbbVie, Inc.		795,695
	11,999	Bristol-Myers Squibb Company		700,742
	13,851	Cardinal Health, Inc.		662,216
	11,881	Gilead Sciences, Inc.		770,839
	58,905	Viatris, Inc.		786,382
				3,715,874
		Industrials — 8.5%
	4,090	3M Company		730,801
	4,275	General Dynamics Corporation		866,756
	4,025	Huntington Ingalls Industries, Inc.		815,988
	2,152	Lockheed Martin Corporation		715,153
	3,652	Snap-on, Inc.		742,196
				3,870,894
		Information Technology — 8.8%
	1,697	Broadcom, Inc.		902,244
	58,151	Hewlett Packard Enterprise Company		851,912
	29,087	HP, Inc.		882,209
	5,802	International Business Machines Corporation		725,830
	35,313	Western Union Company		643,403
				4,005,598
		Materials — 9.0%
	72,562	Amcor plc		875,823
	17,332	CF Industries Holdings, Inc.		984,458
	13,642	Dow, Inc.		763,543
	14,120	International Paper Company		701,340
	13,643	Newmont Corporation		736,722
	1,283	Sylvamo Corporation ^(a)		36,119
				4,098,005
		Real Estate — 9.5%
	7,137	Boston Properties, Inc.		811,049

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

AAM S&P 500 High Dividend Value ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.4% (Continued)
		Real Estate — 9.5% (Continued)
	39,411	Kimco Realty Corporation	$	890,689
	12,606	Regency Centers Corporation		887,588
	6,604	Simon Property Group, Inc.		968,014
	18,628	Vornado Realty Trust		794,112
				4,351,452
		Utilities — 9.0%
	34,307	AES Corporation		862,135
	7,047	DTE Energy Company		798,777
	7,849	Duke Energy Corporation		800,677
	20,000	NRG Energy, Inc.		797,800
	13,395	Public Service Enterprise Group, Inc.		854,601
				4,113,990
		TOTAL COMMON STOCKS (Cost $41,916,474)		45,323,602


		SHORT-TERM INVESTMENTS — 0.7%
	306,525	Invesco Government & Agency Portfolio - Institutional Class — 0.03% ^(b)		306,525
		TOTAL SHORT-TERM INVESTMENTS (Cost $306,525)		306,525
		TOTAL INVESTMENTS (Cost $42,222,999) — 100.1%		45,630,127
		Liabilities in Excess of Other Assets — (0.1)%		(29,768	)
		NET ASSETS — 100.0%	$	45,600,359

Percentages are stated as a percent of net assets.
(a)	Non-income producing security.
(b)	Rate shown is the annualized seven-day yield as of October 31, 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.

AAM S&P Emerging Markets High Dividend Value ETF

Schedule of Investments
October 31, 2021

Shares		Security Description	Value
		COMMON STOCKS — 96.3%
		Brazil — 8.8%
	28,512	CPFL Energia SA	$	132,924
	24,877	JBS SA		172,864
	27,892	Petroleo Brasileiro SA		137,357
	18,631	Telefonica Brasil SA		150,416
	6,677	Vale SA		85,047
				678,608
		China — 17.7%
	413,000	Bank of China, Ltd. - H Shares		146,001
	779,000	BBMG Corporation - H Shares		131,184
	817,000	China Cinda Asset Management Company, Ltd. - H Shares		136,533
	310,000	China CITIC Bank Corporation, Ltd. - H Shares		136,289
	410,000	China Everbright Bank Company, Ltd. - H Shares		144,414
	154,000	China Evergrande Group		45,929
	120,000	China National Building Material Company, Ltd. - H Shares		150,867
	373,000	Chongqing Rural Commercial Bank Company, Ltd. - H Shares		134,258
	214,000	CIFI Holdings Group Company, Ltd.		118,842
	140,000	CITIC, Ltd.		140,377
	137,600	Guangzhou R&F Properties Company, Ltd. - H Shares		86,320
				1,371,014
		Hong Kong — 3.4%
	456,000	China Jinmao Holdings Group, Ltd.		133,651
	143,400	Yuexiu Property Company, Ltd.		126,458
				260,109
		India — 6.7%
	9,866	Hindustan Aeronautics, Ltd.		172,151
	102,759	Indian Oil Corporation, Ltd.		175,585
	417,942	NHPC, Ltd.		171,349
				519,085
		Indonesia — 4.4%
	1,626,000	Adaro Energy Tbk PT		192,813
	321,900	Indofood Sukses Makmur Tbk PT		144,279
				337,092

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

AAM S&P Emerging Markets High Dividend Value ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.3% (Continued)
		Malaysia — 6.0%
	78,800	Hartalega Holdings Bhd	$	111,511
	173,900	Kossan Rubber Industries Bhd		99,108
	283,800	Sime Darby Bhd		155,573
	146,700	Top Glove Corporation Bhd		96,359
				462,551
		Poland — 2.2%
	7,083	Asseco Poland SA		174,559

		Republic of Korea — 5.4%
	3,852	GS Holdings Corporation		139,273
	2,032	KT&G Corporation		141,025
	1,497	Lotte Shopping Company, Ltd.		134,513
				414,811
		Russian Federation — 6.2%
	2,412,200	Inter RAO UES PJSC		163,320
	17,379	Mobile TeleSystems PJSC - ADR		159,713
	4,626	X5 Retail Group NV - GDR		157,469
				480,502
		Singapore — 1.2%
	150,300	Riverstone Holdings, Ltd.		95,853

		South Africa — 1.8%
	12,381	Exxaro Resources, Ltd.		136,232

		Taiwan, Province of China — 10.7%
	149,000	Acer, Inc.		139,310
	51,000	Chicony Electronics Company, Ltd.		145,617
	104,000	CTCI Corporation		136,318
	122,000	Formosa Taffeta Company, Ltd.		131,615
	34,000	General Interface Solution Holding, Ltd.		118,719
	70,000	Lite-On Technology Corporation		154,305
				825,884

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

AAM S&P Emerging Markets High Dividend Value ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 96.3% (Continued)
		Thailand — 5.6%
	28,900	Siam City Cement pcl - NVDR	$	147,625
	124,400	Sri Trang Gloves Thailand pcl - NVDR		114,343
	148,000	Total Access Communication pcl - NVDR		170,602
				432,570
		Turkey — 14.3%
	57,487	Anadolu Efes Biracilik Ve Malt Sanayii AS		132,729
	38,302	Arcelik AS		134,164
	7,376	Ford Otomotiv Sanayi AS		142,378
	63,519	KOC Holding AS		155,773
	41,333	Tofas Turk Otomobil Fabrikasi AS		252,766
	198,610	Turk Telekomunikasyon AS		155,539
	82,179	Turkcell Iletisim Hizmetleri AS		130,681
				1,104,030
		United Kingdom — 1.9%
	17,210	Evraz plc		146,639
		TOTAL COMMON STOCKS (Cost $7,699,358)		7,439,539

		PREFERRED STOCKS — 3.3%
		Brazil — 3.3%
	18,092	Centrais Eletricas Brasileiras SA		108,610
	62,892	Cia Energetica de Minas Gerais		142,810
				251,420
		TOTAL PREFERRED STOCKS (Cost $286,168)		251,420

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

AAM S&P Emerging Markets High Dividend Value ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		SHORT-TERM INVESTMENTS- 0.8%
	64,593	Invesco Government & Agency Portfolio - Institutional Class — 0.03% ^(a)	$	64,593
		TOTAL SHORT-TERM INVESTMENTS (Cost $64,593)		64,593
		TOTAL INVESTMENTS (Cost $8,050,119) — 100.4%		7,755,552
		Liabilities in Excess of Other Assets — (0.4)%		(30,721	)
		NET ASSETS — 100.0%	$	7,724,831

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
(a) Rate shown is the annualized seven-day yield as of October 31, 2021.

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

AAM S&P Developed Markets High Dividend Value ETF

Schedule of Investments
October 31, 2021

Shares		Security Description	Value
		COMMON STOCKS — 99.3%
		Australia — 14.3%
	7,552	AGL Energy, Ltd.	$	32,446
	3,753	Computershare, Ltd.		52,882
	2,389	Fortescue Metals Group, Ltd.		24,996
	10,775	Harvey Norman Holdings, Ltd.		40,142
	13,320	Origin Energy, Ltd.		50,523
	13,776	Stockland		47,079
	39,830	Vicinity Centres		51,606
	5,363	Worley, Ltd.		43,585
				343,259
		Austria — 2.1%
	824	OMV AG		49,967

		Canada — 5.8%
	11,294	B2Gold Corporation		46,559
	1,419	Pembina Pipeline Corporation		46,902
	2,489	RioCan Real Estate Investment Trust		44,758
				138,219
		France — 6.1%
	1,733	AXA SA		50,459
	1,165	Bouygues SA		47,187
	3,233	Credit Agricole SA		48,787
				146,433
		Germany — 4.7%
	544	Fresenius Medical Care AG & Company KGaA		36,174
	836	Fresenius SE & Company KGaA		37,987
	507	HeidelbergCement AG		38,219
				112,380
		Hong Kong — 5.0%
	6,500	CK Asset Holdings, Ltd.		40,149
	6,000	CK Hutchison Holdings, Ltd.		40,378
	3,000	Sun Hung Kai Properties, Ltd.		39,915
				120,442

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

AAM S&P Developed Markets High Dividend Value ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.3% (Continued)
		Italy — 3.4%
	21,411	A2A SpA	$	45,046
	94,533	Telecom Italia SpA		35,937
				80,983
		Japan — 23.4%
	2,200	Brother Industries, Ltd.		42,408
	1,900	Canon, Inc.		42,624
	3,700	Chubu Electric Power Company, Inc.		38,257
	10,800	ENEOS Holdings, Inc.		43,532
	6,500	Inpex Corporation		54,269
	2,300	Japan Tobacco, Inc.		45,092
	900	Lawson, Inc.		43,491
	2,600	Seiko Epson Corporation		46,197
	3,300	SoftBank Corporation		44,989
	3,300	Sumitomo Corporation		46,798
	3,400	Sumitomo Rubber Industries, Ltd.		41,775
	1,300	Takeda Pharmaceutical Company, Ltd.		36,517
	9,500	Yamada Holdings Company, Ltd.		36,242
				562,191
		Luxembourg — 2.1%
	5,496	SES SA - FDR		49,406

		Netherlands — 4.0%
	1,460	Koninklijke Ahold Delhaize NV		47,528
	913	NN Group NV		48,940
				96,468
		Norway — 1.8%
	839	Yara International ASA		43,719

		Singapore — 3.9%
	2,900	Jardine Cycle & Carriage, Ltd.		48,387
	3,200	Venture Corporation, Ltd.		44,636
				93,023

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

AAM S&P Developed Markets High Dividend Value ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.3% (Continued)
		Spain — 5.3%
	2,920	Grifols SA - ADR	$	38,281
	1,674	Naturgy Energy Group SA		44,033
	10,037	Telefonica SA		43,726
				126,040
		Sweden — 5.2%
	1,701	Electrolux AB - Class B		38,601
	1,472	Intrum AB		41,682
	2,690	Securitas AB - Class B		44,476
				124,759
		United Kingdom — 12.2%
	8,383	Aviva plc		45,355
	1,166	British American Tobacco plc		40,700
	2,280	GlaxoSmithKline plc		47,148
	2,058	Imperial Brands plc		43,500
	4,700	Phoenix Group Holdings plc		42,302
	544	Rio Tinto plc		34,007
	27,173	Vodafone Group plc		40,242
				293,254
		TOTAL COMMON STOCKS (Cost $2,329,438)		2,380,543

		SHORT-TERM INVESTMENTS — 0.7%
	17,562	Invesco Government & Agency Portfolio- Institutional Class — 0.03% ^(a)		17,562
		TOTAL SHORT-TERM INVESTMENTS (Cost $17,562)		17,562
		TOTAL INVESTMENTS (Cost $2,347,000) — 100.0%		2,398,105
		Other Assets in Excess of Liabilities — 0.0% ^(b)		1,018
		NET ASSETS — 100.0%	$	2,399,123

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
FDR	Fiduciary Depositary Receipt
(a)	Rate shown is the annualized seven-day yield as of October 31, 2021.
(b)	Represents less than 0.05% of net assets.

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

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2021

Shares		Security Description	Value
		PREFERRED STOCKS — 99.4%
		Communication Services — 3.8%
		Qwest Corporation
	55,950	6.750%, 06/15/2057	$	1,472,044
	82,879	6.500%, 09/01/2056		2,127,504
				3,599,548
		Consumer Discretionary — 0.8%
		TravelCenters of America, Inc.
	9,325	8.250%, 01/15/2028		243,476
	10,175	8.000%, 12/15/2029		272,283
	8,475	8.000%, 10/15/2030		223,740
				739,499
		Energy — 7.0%
		Altera Infrastructure LP
	12,730	Series A, 7.250%, Perpetual		76,889
	10,604	Series B, 8.500%, Perpetual		64,048
	10,180	Series E, 8.875%, Perpetual ^(a)		61,080
		DCP Midstream LP
	13,685	Series B, 7.875%, Perpetual ^(a)		345,273
	9,343	Series C, 7.950%, Perpetual ^(a)		235,350
		Energy Transfer LP
	38,168	Series C, 7.375%, Perpetual ^(a)		963,360
	37,728	Series D, 7.625%, Perpetual ^(a)		944,709
	67,838	Series E, 7.600%, Perpetual ^(a)		1,731,226
		NGL Energy Partners LP
	26,676	Series B, 9.000%, Perpetual ^(a)		371,330
		NuStar Energy LP
	19,212	Series A, 8.500%, Perpetual ^(a)		470,886
	32,636	Series B, 7.625%, Perpetual ^(a)		739,206
	14,624	Series C, 9.000%, Perpetual ^(a)		380,370
		Teekay LNG Partners LP
	10,607	9.000%, Perpetual		269,418
				6,653,145
		Financials — 59.1% ^(b)
		ACRES Commercial Realty Corporation
	10,181	8.625%, Perpetual ^(a)		264,401

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

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.4% (Continued)
		Financials — 59.1% ^(b) (Continued)
		AG Mortgage Investment Trust, Inc.
	8,836	Series B, 8.000%, Perpetual	$	225,318
		AGNC Investment Corporation
	27,551	Series C, 7.000%, Perpetual ^(a)		699,244
	19,945	Series D, 6.875%, Perpetual ^(a)		511,190
	34,136	Series E, 6.500%, Perpetual ^(a)		885,147
	48,747	Series F, 6.125%, Perpetual ^(a)		1,234,762
		Annaly Capital Management, Inc.
	61,040	Series F, 6.950%, Perpetual ^(a)		1,547,364
	36,034	Series G, 6.500%, Perpetual ^(a)		916,705
	37,528	Series I, 6.750%, Perpetual ^(a)		986,611
		Apollo Global Management, Inc.
	23,322	Series A, 6.375%, Perpetual		607,538
		Arbor Realty Trust, Inc.
	14,850	Series F, 6.250%, Perpetual ^(a)		374,368
		Arch Capital Group, Ltd.
	27,991	Series F, 5.450%, Perpetual		728,606
		Argo Group US, Inc.
	12,208	6.500%, 09/15/2042		317,896
		Axis Capital Holdings, Ltd.
	46,635	Series E, 5.500%, Perpetual		1,176,135
		B. Riley Financial, Inc.
	9,372	6.750%, 05/31/2024		242,641
	11,111	6.375%, 02/28/2025		290,997
	19,523	6.000%, 01/31/2028		509,550
		Bank of America Corporation
	22,971	Series 2, 0.779%, Perpetual ^(a)		548,548
	16,166	Series 4, 0.879%, Perpetual ^(a)		413,203
	32,391	Series 5, 4.000%, Perpetual ^(a)		824,999
	24,370	Series E, 4.000%, Perpetual ^(a)		615,586
	80,625	Series K, 6.450%, 12/15/2066 ^(a)		2,142,206
		Brightsphere Investment Group, Inc.
	10,607	5.125%, 08/01/2031		266,872

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

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.4% (Continued)
		Financials — 59.1% ^(b) (Continued)
		Capital One Financial Corporation
	50,864	Series G, 5.200%, Perpetual	$	1,287,876
	42,396	Series H, 6.000%, Perpetual		1,076,011
		Charles Schwab Corporation
	63,587	Series D, 5.950%, Perpetual		1,633,550
		Chimera Investment Corporation
	27,553	Series B, 8.000%, Perpetual ^(a)		710,592
	22,064	Series C, 7.750%, Perpetual ^(a)		566,383
	16,956	Series D, 8.000%, Perpetual ^(a)		435,091
		Compass Diversified Holdings
	8,492	Series A, 7.250%, Perpetual		218,075
		Dynex Capital, Inc.
	9,458	Series C, 6.900%, Perpetual ^(a)		244,773
		Ellington Financial, Inc.
	9,750	6.750%, Perpetual ^(a)		258,277
		First Republic Bank
	16,976	Series H, 5.125%, Perpetual		441,206
		Franklin BSP Realty Trust, Inc.
	21,903	Series E, 7.500%, Perpetual		550,422
		Gladstone Investment Corporation
	10,859	5.000%, 05/01/2026		283,963
	11,404	4.875%, 11/01/2028		299,355
		Global Indemnity Group, LLC.
	11,025	7.875%, 04/15/2047		284,445
		Goldman Sachs Group, Inc.
	58,740	Series A, 3.750%, Perpetual ^(a)		1,482,598
	15,674	Series C, 4.000%, Perpetual ^(a)		395,141
	105,725	Series D, 4.000%, Perpetual ^(a)		2,669,556
		Hartford Financial Services Group, Inc.
	50,875	7.875%, 04/15/2042 ^(a)		1,325,802
		Invesco Mortgage Capital, Inc.
	13,162	Series B, 7.750%, Perpetual ^(a)		334,973
	24,387	Series C, 7.500%, Perpetual ^(a)		624,795
		Merchants Bancorp
	10,599	Series B, 6.000%, Perpetual ^(a)		278,542

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

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.4% (Continued)
		Financials — 59.1% ^(b) (Continued)
		MetLife, Inc.
	50,882	Series A, 4.000%, Perpetual ^(a)	$	1,292,403
		MFA Financial, Inc.
	16,955	Series B, 7.500%, Perpetual		430,318
	23,330	Series C, 6.500%, Perpetual ^(a)		562,486
		Morgan Stanley
	93,267	Series A, 4.000%, Perpetual		2,354,059
		Navient Corporation
	25,454	6.000%, 12/15/2043		650,859
		Newtek Business Services Corporation
	8,478	5.500%, 02/01/2026		217,630
		New Residential Investment Corporation
	13,166	Series A, 7.500%, Perpetual ^(a)		337,708
	23,959	Series B, 7.125%, Perpetual ^(a)		601,371
	34,134	Series C, 6.375%, Perpetual ^(a)		801,808
	39,430	Series D, 7.000%, Perpetual ^(a)		995,607
		New York Mortgage Trust, Inc.
	12,995	Series D, 8.000%, Perpetual ^(a)		339,819
	15,708	Series E, 7.875%, Perpetual ^(a)		406,523
	10,613	Series F, 6.875%, Perpetual ^(a)		264,476
		PennyMac Mortgage Investment Trust
	16,539	Series B, 8.000%, Perpetual ^(a)		437,622
		PNC Financial Services Group, Inc.
	127,157	Series P, 6.125%, Perpetual ^(a)		3,270,478
		Popular Capital Trust II
	11,025	6.125%, 12/01/2034		286,099
		Prudential plc
	21,208	6.750%, Perpetual ^(c)		541,864
	25,451	6.500%, Perpetual ^(c)		651,037
		Ready Capital Corporation
	8,689	6.200%, 07/30/2026		224,611
	17,066	5.750%, 02/15/2026		435,524
		SLM Corporation
	8,457	Series B, 1.816%, Perpetual ^(a)		522,220

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

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.4% (Continued)
		Financials — 59.1% ^(b) (Continued)
		Sterling Bancorp
	11,454	Series A, 6.500%, Perpetual	$	300,553
		Truist Financial Corporation
	14,625	Series I, 4.000%, Perpetual ^(a)		378,349
		Two Harbors Investment Corporation
	24,389	Series B, 7.625%, Perpetual ^(a)		628,748
	25,013	Series C, 7.250%, Perpetual ^(a)		630,328
		US Bancorp
	67,998	Series B, 3.500%, Perpetual ^(a)		1,679,550
	74,778	Series F, 6.500%, Perpetual ^(a)		1,897,866
	990	Series A, 3.500%, Perpetual ^(a)		955,350
		Valley National Bancorp
	8,475	Series B, 5.500%, Perpetual ^(a)		219,333
		Webster Financial Corporation
	12,725	Series F, 5.250%, Perpetual		332,759
		Wells Fargo & Company
	58,511	Series Y, 5.625%, Perpetual		1,517,190
		Western Alliance Bancorp
	14,855	6.250%, 07/01/2056		374,495
				56,270,356
		Industrials — 2.7%
		Atlas Corporation
	19,136	Series H, 7.875%, Perpetual		485,672
		Babcock & Wilcox Enterprises, Inc.
	13,564	8.125%, 02/28/2026		357,004
		Charah Solutions, Inc.
	11,460	8.500%, 08/31/2026		281,457
		Fortress Transportation & Infrastructure Investors, LLC.
	10,477	Series B, 8.000%, Perpetual ^(a)		278,164
		Pitney Bowes, Inc.
	36,049	6.700%, 03/07/2043		909,877
		Steel Partners Holdings LP
	13,432	Series A, 6.000%, 02/07/2026		318,876
				2,631,050

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

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.4% (Continued)
		Information Technology — 0.3%
		Synchronoss Technologies, Inc.
	10,609	8.375%, 06/30/2026	$	256,526

		Mining, Quarrying, and Oil and Gas Extraction — 0.9%
		NuStar Logistics LP
	34,125	6.863%, 01/15/2043 ^(a)		860,974

		Real Estate — 14.8%
		American Homes 4 Rent
	13,162	Series F, 5.875%, Perpetual		341,027
	9,764	Series G, 5.875%, Perpetual		255,817
		Cedar Realty Trust, Inc.
	10,613	Series C, 6.500%, Perpetual		273,285
		City Office REIT, Inc.
	9,491	Series A, 6.625%, Perpetual		240,407
		Digital Realty Trust, Inc.
	16,955	Series J, 5.250%, Perpetual		441,847
		DigitalBridge Group, Inc.
	24,392	Series H, 7.125%, Perpetual		621,264
	29,251	Series I, 7.150%, Perpetual		760,526
	26,726	Series J, 7.125%, Perpetual		702,092
		Diversified Healthcare Trust
	21,208	6.250%, 02/01/2046		534,017
		EPR Properties
	12,724	Series G, 5.750%, Perpetual		332,096
		Federal Realty Investment Trust
	12,731	Series C, 5.000%, Perpetual		332,152
		Gladstone Land Corporation
	12,627	Series B, 6.000%, Perpetual		329,565
		Global Net Lease, Inc.
	14,425	Series A, 7.250%, Perpetual		381,974
		iStar, Inc.
	10,602	Series I, 7.500%, Perpetual		274,592

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

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.4% (Continued)
		Real Estate — 14.8% (Continued)
		Kimco Realty Corporation
	19,081	Series L, 5.125%, Perpetual	$	496,679
	22,425	Series M, 5.250%, Perpetual		598,523
		Monmouth Real Estate Investment Corporation
	46,611	Series C, 6.125%, Perpetual		1,189,047
		National Storage Affiliates Trust
	18,525	Series A, 6.000%, Perpetual		490,727
		Pebblebrook Hotel Trust
	9,343	Series E, 6.375%, Perpetual		234,977
	12,737	Series F, 6.300%, Perpetual		321,227
		PS Business Parks, Inc.
	14,803	Series W, 5.200%, Perpetual		371,851
	16,960	Series Y, 5.200%, Perpetual		446,557
		Public Storage
	29,681	Series E, 4.900%, Perpetual		752,117
	23,752	Series F, 5.150%, Perpetual		614,939
		SITE Centers Corporation
	14,858	Series A, 6.375%, Perpetual		390,468
		SL Green Realty Corporation
	19,500	Series I, 6.500%, Perpetual		508,365
		Spirit Realty Capital, Inc.
	14,633	Series A, 6.000%, Perpetual		381,775
		UMH Properties, Inc.
	20,972	Series C, 6.750%, Perpetual		551,354
		Urstadt Biddle Properties, Inc.
	9,768	Series H, 6.250%, Perpetual		257,387
		Vornado Realty Trust
	25,450	Series L, 5.400%, Perpetual		662,718
				14,089,372
		Utilities — 10.0%
		Alabama Power Company
	21,208	Series A, 5.000%, Perpetual		552,468

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

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		PREFERRED STOCKS — 99.4% (Continued)
		Utilities — 10.0% (Continued)
		DTE Energy Company
	33,927	Series E, 5.250%, 12/01/2077	$	887,870
	23,748	Series F, 6.000%, 12/15/2076		605,811
		Entergy Arkansas, LLC.
	34,765	4.875%, 09/01/2066		877,121
		Entergy Louisiana, LLC.
	22,903	4.875%, 09/01/2066		578,301
		Entergy Mississippi, LLC.
	22,046	4.900%, 10/01/2066		564,157
		Entergy New Orleans, LLC.
	9,331	5.500%, 04/01/2066		240,273
		Interstate Power & Light Company
	16,978	Series D, 5.100%, Perpetual		442,107
		NextEra Energy Capital Holdings, Inc.
	48,340	Series K, 5.250%, 06/01/2076		1,228,803
		SCE Trust II
	18,669	5.100%, Perpetual		469,525
		SCE Trust III
	23,336	Series H, 5.750%, Perpetual ^(a)		601,369
		SCE Trust IV
	27,573	Series J, 5.375%, Perpetual ^(a)		690,979
		SCE Trust V
	25,454	Series K, 5.450%, Perpetual ^(a)		658,750
		Tennessee Valley Authority
	19,675	Series A, 2.216%, 05/01/2029 ^(a)		527,880
	23,250	Series D, 2.134%, 06/01/2028 ^(a)		629,842
				9,555,256
		TOTAL PREFERRED STOCKS (Cost $94,332,976)		94,655,726

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

AAM Low Duration Preferred and Income Securities ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		SHORT-TERM INVESTMENTS — 5.5%
	5,225,432	Invesco Government & Agency Portfolio - Class X, - 0.03% ^(d)	$	5,225,432
		TOTAL SHORT-TERM INVESTMENTS (Cost $5,225,432)		5,225,432
		TOTAL INVESTMENTS (Cost $99,558,408) — 104.9%		99,881,158
		Liabilities in Excess of Other Assets — (4.9)%		(4,648,728	)
		NET ASSETS — 100.0%	$	95,232,430

Percentages are stated as a percent of net assets.
(a)	Variable or floating rate security based on a reference index and spread. Certain securities are fixed to variable and currently in the fixed phase. Rate disclosed is the rate in effect as of October 31, 2021.
(b)	To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in Notes to Financial Statements.
(c)	Convertible security.
(d)	Rate shown is the annualized seven-day yield as of October 31, 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.

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

Schedule of Investments
October 31, 2021

Shares		Security Description	Value
		COMMON STOCKS — 99.7%
		Communication Services — 1.6%
	711	Nexstar Media Group, Inc. - Class A	$	106,600

		Consumer Discretionary — 15.7%
	655	Advance Auto Parts, Inc.		147,716
	1,407	Hasbro, Inc.		134,734
	926	LCI Industries		129,307
	3,922	MDC Holdings, Inc.		192,099
	1,624	Penske Automotive Group, Inc.		172,225
	2,916	PetMed Express, Inc.		82,902
	3,764	Rent-A-Center, Inc.		200,471
				1,059,454
		Consumer Staples — 3.4%
	497	Lancaster Colony Corporation		84,490
	5,318	Reynolds Consumer Products, Inc.		143,480
				227,970
		Financials — 15.6%
	1,318	Community Bank System, Inc.		94,461
	2,358	Evercore, Inc. - Class A		358,039
	4,254	First Financial Bancorp		101,160
	3,753	First Interstate BancSystem, Inc. - Class A		156,012
	6,358	Home BancShares, Inc.		151,066
	2,374	Horace Mann Educators Corporation		93,013
	6,371	Huntington Bancshares, Inc.		100,280
				1,054,031
		Health Care — 8.1%
	2,130	Encompass Health Corporation		135,383
	1,901	Patterson Companies, Inc.		59,425
	2,157	Perrigo Company, plc.		97,388
	1,738	Quest Diagnostics, Inc.		255,104
				547,300
		Industrials — 9.7%
	1,145	Hubbell, Inc.		228,279
	1,514	ManTech International Corporation - Class A		130,537
	689	Snap-on, Inc.		140,025

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

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

Schedule of Investments
October 31, 2021 (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 99.7% (Continued)
		Industrials — 9.7% (Continued)
	527	Watsco, Inc.	$	152,609
				651,450
		Information Technology — 20.8%
	2,455	Amdocs, Ltd.		191,097
	1,253	Broadridge Financial Solutions, Inc.		223,548
	4,298	CSG Systems International, Inc.		215,115
	2,539	Juniper Networks, Inc.		74,951
	7,558	McAfee Corporation - Class A		161,514
	2,297	NetApp, Inc.		205,122
	2,570	Progress Software Corporation		132,124
	2,805	Silicon Motion Technology Corporation - ADR		200,305
				1,403,776
		Materials — 12.4%
	715	Avery Dennison Corporation		155,670
	2,949	Avient Corporation		158,892
	1,063	Celanese Corporation		171,685
	1,132	RPM International, Inc.		98,710
	1,035	Scotts Miracle-Gro Company		153,656
	1,667	Sonoco Products Company		96,603
				835,216
		Real Estate — 8.1%
	2,966	Agree Realty Corporation		210,764
	468	CoreSite Realty Corporation		66,671
	1,468	Equity LifeStyle Properties, Inc.		124,061
	279	Innovative Industrial Properties, Inc.		73,402
	975	Terreno Realty Corporation		71,302
				546,200
		Utilities — 4.3%
	1,821	Alliant Energy Corporation		103,014
	973	Atmos Energy Corporation		89,633
	3,797	NiSource, Inc.		93,672
				286,319
		TOTAL COMMON STOCKS (Cost $6,754,023)		6,718,316

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

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

Schedule of Investments
October 31, 2021 (Continued)

Par			Effective Yield			Maturity		Value
		SHORT-TERM INVESTMENTS — 0.4%
		U.S. Treasury Bills — 0.4%
	3,000	United States Cash Management Bill ^(a)		0.02	%		1/18/2022	$	3,000
	1,000	United States Treasury Bill ^(a)		0.02	%		12/9/2021		1,000
	2,000	United States Treasury Bill ^(a)		0.02	%		12/16/2021		2,000
	2,000	United States Treasury Bill ^(a)		0.01	%		12/23/2021		2,000
	4,000	United States Treasury Bill ^(a)		0.02	%		1/13/2022		4,000
	6,000	United States Treasury Bill ^(a)		0.02	%		1/20/2022		5,999
	12,000	United States Treasury Bill ^(a)		0.02	%		1/27/2022		11,998
		TOTAL SHORT-TERM INVESTMENTS (Cost $29,999)							29,997
		TOTAL INVESTMENTS (Cost $6,784,022) — 100.1%							6,748,313
		Liabilities in Excess of Other Assets — (0.1)%							(8,616	)
		NET ASSETS — 100.0%						$	6,739,697

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

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

AAM ETFs

Statements of Assets and Liabilities
October 31, 2021

	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
ASSETS
Investments in securities, at value*	$	45,630,127		$	7,755,552		$	2,398,105
Foreign currency, at value*		—			1,077			417
Receivable for securities sold		—			—			—
Receivable for capital shares sold		—			551,785			—
Dividends and interest receivable		71,480			25,799			10,137
Cash		—			—			—
Total assets		45,701,607			8,334,213			2,408,659

LIABILITIES
Payable for investments purchased		—			552,345			—
Distribution payable		90,000			40,000			8,734
Deferred foreign capital gains tax		—			13,968			—
Management fees payable		11,248			3,069			802
Total liabilities		101,248			609,382			9,536
NET ASSETS	$	45,600,359		$	7,724,831		$	2,399,123

Net Assets Consist of:
Paid-in capital	$	46,531,233		$	8,717,074		$	2,645,471
Total distributable earnings (accumulated deficit)		(930,874	)		(992,243	)		(246,348	)
Net assets	$	45,600,359		$	7,724,831		$	2,399,123

Net Asset Value:
Net assets	$	45,600,359		$	7,724,831		$	2,399,123
Shares outstanding ^		1,525,000			350,000			100,000
Net asset value, offering and redemption price per share	$	29.90		$	22.07		$	23.99
* Identified Cost:
Investments in Securities	$	42,222,999		$	8,050,119		$	2,347,000
Foreign Currency		—			1,076			414

^	No par value, unlimited number of shares authorized.

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

AAM ETFs

Statements of Assets and Liabilities
October 31, 2021 (Continued)

	AAM Low Duration Preferred and Income Securities ETF			AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF
ASSETS
Investments in securities, at value*	$	99,881,158		$	6,748,313
Foreign currency, at value*		—			—
Receivable for securities sold		11,177,258			7,633
Receivable for capital shares sold		1,258,185			—
Dividends and interest receivable		300,018			4,397
Cash		—			489
Total assets		112,616,619			6,760,832

LIABILITIES
Payable for investments purchased		17,060,322			11,235
Distribution payable		290,000			7,000
Deferred foreign capital gains tax		—			—
Management fees payable		33,867			2,900
Total liabilities		17,384,189			21,135
NET ASSETS	$	95,232,430		$	6,739,697

Net Assets Consist of:
Paid-in capital	$	95,542,290		$	6,809,220
Total distributable earnings (accumulated deficit)		(309,860	)		(69,523	)
Net assets	$	95,232,430		$	6,739,697

Net Asset Value:
Net assets	$	95,232,430		$	6,739,697
Shares outstanding ^		3,775,000			270,000
Net asset value, offering and redemption price per share	$	25.23		$	24.96
* Identified Cost:
Investments in Securities	$	99,558,408		$	6,784,022
Foreign Currency		—			—

^	No par value, unlimited number of shares authorized.

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

AAM ETFs

Statements of Operations
For the Period Ended October 31, 2021

		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
INCOME
Dividends^		$	1,238,825	$	410,189		$	108,060
Interest			19		6			1
Total investment income			1,238,844		410,195			108,061

EXPENSES
Management fees			103,293		31,494			9,307
Total expenses			103,293		31,494			9,307
Net investment income (loss)			1,135,551		378,701			98,754

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments			3,520,139		785,051	⁽¹⁾		156,922
Foreign currency			—		698			1,756
Change in unrealized appreciation (depreciation) on:
Investments			5,461,526		75,281	⁽²⁾		385,730
Foreign currency			—		21			(178	)
Net realized and unrealized gain (loss) on investments			8,981,665		861,051			544,230
Net increase (decrease) in net assets resulting from operations		$	10,117,216	$	1,239,752		$	642,984
^{^}	Net of foreign withholding taxes	$	—	$	48,976		$	13,135

⁽¹⁾

Net of foreign capital gains tax of $25,023.

⁽²⁾

Net of change in deferred foreign capital gains tax of $13,969.

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

AAM ETFs

Statements of Operations
For the Period Ended October 31, 2021 (Continued)

		AAM Low Duration Preferred and Income Securities ETF		AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF*
INCOME
Dividends^		$	1,516,566	$	22,533
Interest			354		1
Total investment income			1,516,920		22,534

EXPENSES
Management fees			147,387		5,887
Total expenses			147,387		5,887
Net investment income (loss)			1,369,533		16,647

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments			26,512		(4,989	)
Foreign currency			—		—
Change in unrealized appreciation (depreciation) on:
Investments			333,023		(35,709	)
Foreign currency			—		—
Net realized and unrealized gain (loss) on investments			359,535		(40,698	)
Net increase (decrease) in net assets resulting from operations		$	1,729,068	$	(24,051	)
^	Net of foreign withholding taxes	$	84	$	—

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

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

AAM S&P 500 High Dividend Value ETF

Statements of Changes in Net Assets

	Year Ended October 31, 2021			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	1,135,551		$	1,155,151
Net realized gain (loss) on investments		3,520,139			(6,039,906	)
Change in unrealized appreciation (depreciation) on investments		5,461,526			(2,571,259	)
Net increase (decrease) in net assets resulting from operations		10,117,216			(7,456,014	)

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(1,144,279	)		(1,317,853	)
Total distributions to shareholders		(1,144,279	)		(1,317,853	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		30,128,277			14,727,138
Payments for shares redeemed		(17,288,578	)		(19,315,982	)
Net increase (decrease) in net assets derived from capital share transactions (a)		12,839,699			(4,588,844	)
Net increase (decrease) in net assets		21,812,636			(13,362,711	)

NET ASSETS
Beginning of year	$	23,787,723		$	37,150,434
End of year	$	45,600,359		$	23,787,723

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

	Shares			Shares
Shares sold		1,000,000			600,000
Shares redeemed		(600,000	)		(875,000	)
Net increase (decrease)		400,000			(275,000	)

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

AAM S&P Emerging Markets High Dividend Value ETF

Statements of Changes in Net Assets

	Year Ended October 31, 2021			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	378,701		$	206,759
Net realized gain (loss) on investments and foreign currency		785,749			(461,263	)
Change in unrealized appreciation (depreciation) on investments and foreign currency		75,302			(95,524	)
Net increase (decrease) in net assets resulting from operations		1,239,752			(350,028	)

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(340,332	)		(253,796	)
Total distributions to shareholders		(340,332	)		(253,796	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		6,079,493			3,081,008
Transaction fees (Note 6)		8,651			—
Payments for shares redeemed		(4,948,485	)		—
Net increase (decrease) in net assets derived from capital share transactions (a)		1,139,659			3,081,008
Net increase (decrease) in net assets		2,039,079			2,477,184

NET ASSETS
Beginning of year	$	5,685,752		$	3,208,568
End of year	$	7,724,831		$	5,685,752

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

	Shares			Shares
Shares sold		275,000			175,000
Shares redeemed		(250,000	)		—
Net increase (decrease)		25,000			175,000

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

AAM S&P Developed Markets High Dividend Value ETF

Statements of Changes in Net Assets

	Year Ended October 31, 2021			Year Ended October 31, 2020
OPERATIONS
Net investment income (loss)	$	98,754		$	57,957
Net realized gain (loss) on investments and foreign currency		158,678			(259,967	)
Change in unrealized appreciation (depreciation) on investments and foreign currency		385,552			(321,738	)
Net increase (decrease) in net assets resulting from operations		642,984			(523,748	)

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(102,252	)		(97,167	)
Total distributions to shareholders		(102,252	)		(97,167	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		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		550,623			(686,758	)

NET ASSETS
Beginning of year	$	1,848,500		$	2,535,258
End of year	$	2,399,123		$	1,848,500

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

	Shares			Shares
Shares sold		25,000			75,000
Shares redeemed		(25,000	)		(75,000	)
Net increase (decrease)		—			—

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

AAM Low Duration Preferred and Income Securities ETF

Statements of Changes in Net Assets

	Year Ended October 31, 2021			Period Ended October 31, 2020*
OPERATIONS
Net investment income (loss)	$	1,369,533		$	126,877
Net realized gain (loss) on investments		26,512			(92,249	)
Change in unrealized appreciation (depreciation) on investments		333,023			(10,273	)
Net increase (decrease) in net assets resulting from operations		1,729,068			24,355

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(1,403,869	)		(117,674	)
Total distributions to shareholders		(1,403,869	)		(117,674	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		114,586,072			5,562,873
Transaction fees (Note 6)		928			807
Payments for shares redeemed		(23,290,595	)		(1,859,535	)
Net increase (decrease) in net assets derived from capital share transactions (a)		91,296,405			3,704,145
Net increase (decrease) in net assets		91,621,604			3,610,826

NET ASSETS
Beginning of year/period	$	3,610,826		$	—
End of year/period	$	95,232,430		$	3,610,826

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

	Shares			Shares
Shares sold		4,550,000			225,000
Shares redeemed		(925,000	)		(75,000	)
Net increase (decrease)		3,625,000			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.

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

Statements of Changes in Net Assets

	Period Ended October 31, 2021*
OPERATIONS
Net investment income (loss)	$	16,647
Net realized gain (loss) on investments		(4,989	)
Change in unrealized appreciation (depreciation) on investments		(35,709	)
Net increase (decrease) in net assets resulting from operations		(24,051	)

DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(16,600	)
Total distributions to shareholders		(16,600	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		7,521,220
Payments for shares redeemed		(740,872	)
Net increase (decrease) in net assets derived from capital share transactions (a)		6,780,348
Net increase (decrease) in net assets		6,739,697

NET ASSETS
Beginning of period	$	—
End of period	$	6,739,697

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

	Shares
Shares sold		300,000
Shares redeemed		(30,000	)
Net increase (decrease)		270,000

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

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

AAM S&P 500 High Dividend Value ETF

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

	Year Ended October 31,									Period Ended October 31,
	2021			2020			2019			2018⁽¹⁾
Net asset value, beginning of year/period	$	21.14		$	26.54		$	25.83		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾		0.91			0.95			0.97			0.75
Net realized and unrealized gain (loss) on investments ⁽³⁾		8.79			(5.28	)		0.64			0.76
Total from investment operations		9.70			(4.33	)		1.61			1.51

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from:
Net investment income		(0.94	)		(1.07	)		(0.90	)		(0.68	)
Total distributions to shareholders		(0.94	)		(1.07	)		(0.90	)		(0.68	)

CAPITAL SHARE TRANSACTIONS:
Transaction fees (Note 6)		—			—			—			0.00	⁽⁴⁾
Net asset value, end of year/period	$	29.90		$	21.14		$	26.54		$	25.83

Total return		46.23	%		-16.47	%		6.44	%		5.98	%⁽⁵⁾

SUPPLEMENTAL DATA:
Net assets at end of year/period (000’s)	$	45,600		$	23,788		$	37,150		$	19,370

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.29	%		0.29	%		0.29	%		0.29	%⁽⁶⁾
Net investment income (loss) to average net assets		3.19	%		4.06	%		3.78	%		3.05	%⁽⁶⁾
Portfolio turnover rate ⁽⁷⁾		69	%		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.

AAM S&P Emerging Markets High Dividend Value ETF

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

	Year Ended October 31,									Period Ended October 31,
	2021			2020			2019			2018⁽¹⁾
Net asset value, beginning of year/period	$	17.49		$	21.39		$	21.75		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾		1.32			0.93			1.01			1.13
Net realized and unrealized gain (loss) on investments ⁽³⁾		4.36			(3.57	)		(0.51	)		(3.55	)
Total from investment operations		5.68			(2.64	)		0.50			(2.42	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from:
Net investment income		(1.13	)		(1.26	)		(0.87	)		(0.93	)
Total distributions to shareholders		(1.13	)		(1.26	)		(0.87	)		(0.93	)

CAPITAL SHARE TRANSACTIONS:
Transaction fees (Note 6)		0.03			—			0.01			0.10
Net asset value, end of year/period	$	22.07		$	17.49		$	21.39		$	21.75

Total return		32.74	%		-12.83	%		2.40	%		-9.65	%⁽⁴⁾

SUPPLEMENTAL DATA:
Net assets at end of year/period (000’s)	$	7,725		$	5,686		$	3,209		$	2,175

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.49	%		0.49	%		0.49	%		0.49	%⁽⁵⁾
Net investment income (loss) to average net assets		5.89	%		4.99	%		4.61	%		4.95	%⁽⁵⁾
Portfolio turnover rate ⁽⁶⁾		139	%		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.

AAM S&P Developed Markets High Dividend Value ETF

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

	Year Ended October 31,						Period Ended October 31,
	2021			2020			2019⁽¹⁾
Net asset value, beginning of year/period	$	18.49		$	25.35		$	24.83

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾		0.99			0.64			1.07
Net realized and unrealized gain (loss) on investments ⁽³⁾		5.53			(6.18	)		0.29
Total from investment operations		6.52			(5.54	)		1.36

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from:
Net investment income		(1.02	)		(1.32	)		(0.84	)
Total distributions to shareholders		(1.02	)		(1.32	)		(0.84	)

CAPITAL SHARE TRANSACTIONS
Transaction fees (Note 6)		—			—			—
Net asset value, end of year/period	$	23.99		$	18.49		$	25.35

Total return		35.49	%		-22.83	%		5.64	%⁽⁴⁾

SUPPLEMENTAL DATA:
Net assets at end of year/period (000’s)	$	2,399		$	1,849		$	2,535

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.39	%		0.39	%		0.39	%⁽⁵⁾
Net investment income (loss) to average net assets		4.14	%		3.03	%		4.65	%⁽⁵⁾
Portfolio turnover rate ⁽⁶⁾		96	%		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.

AAM Low Duration Preferred and Income Securities ETF

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

	Year Ended October 31, 2021			Period Ended October 31, 2020⁽¹⁾
Net asset value, beginning of year/period	$	24.07		$	24.97

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾		1.05			1.17
Net realized and unrealized gain (loss) on investments⁽³⁾		1.35			(0.98	)
Total from investment operations		2.40			0.19

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from:
Net investment income		(1.24	)		(1.10	)
Total distributions to shareholders		(1.24	)		(1.10	)

CAPITAL SHARE TRANSACTIONS:
Transaction fees (Note 6)		0.00	⁽⁴⁾		0.01
Net asset value, end of year/period	$	25.23		$	24.07

Total return		10.08	%		0.98	%⁽⁵⁾

SUPPLEMENTAL DATA:
Net assets at end of year/period (000’s)	$	95,232		$	3,611

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.45	%		0.45	%⁽⁶⁾
Net investment income (loss) to average net assets		4.33	%		5.15	%⁽⁶⁾
Portfolio turnover rate ⁽⁷⁾		199	%		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.

AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF

Financial Highlights
For a capital share outstanding throughout the period

	Period Ended October 31, 2021⁽¹⁾
Net asset value, beginning of period	$	25.10

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) ⁽²⁾		0.08
Net realized and unrealized gain (loss) on investments ⁽³⁾		(0.15	)
Total from investment operations		(0.07	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from:
Net investment income		(0.07	)
Total distributions to shareholders		(0.07	)

Net asset value, end of period	$	24.96

Total return		-0.27	%⁽⁴⁾

SUPPLEMENTAL DATA:
Net assets at end of period (000’s)	$	6,740

RATIOS TO AVERAGE NET ASSETS:
Expenses to average net assets		0.60	%⁽⁵⁾
Net investment income (loss) to average net assets		1.70	%⁽⁵⁾
Portfolio turnover rate ⁽⁶⁾		5	%⁽⁴⁾

⁽¹⁾	Commencement of operations on August 25, 2021.
⁽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.

AAM ETFs

Notes to Financial Statements
October 31, 2021

NOTE 1 – ORGANIZATION

AAM S&P 500 High Dividend Value ETF, AAM S&P Emerging Markets High Dividend Value ETF, AAM S&P Developed Markets High Dividend Value ETF, AAM Low Duration Preferred and Income Securities ETF and AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF (individually each a “Fund” or collectively the “Funds”) are each a diversified series of ETF Series Solutions (“ESS” or the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares is registered under the Securities Act of 1933, as amended (the “Securities Act”). The investment objective of the AAM S&P 500 High Dividend Value ETF is to track the performance, before fees and expenses, of the S&P 500 Dividend and Free Cash Flow Yield Index. The investment objective of the AAM S&P Emerging Markets High Dividend Value ETF is to track the performance, before fees and expenses, of the S&P Emerging Markets Dividend and Free Cash Flow Yield Index. The investment objective of the AAM S&P Developed Markets High Dividend Value ETF is to track the performance, before fees and expenses, of the S&P Developed Ex-US Dividend and Free Cash Flow Yield Index. The investment objective of the AAM Low Duration Preferred and Income Securities ETF is to track the total return performance, before fees and expenses, of the ICE 0-5 Year Duration Exchange-Listed Preferred and Hybrid Securities Index. The investment objective of the AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF is to seek current and growing dividend income, downside protection, and long-term capital appreciation. The Funds commenced operations on the following dates:

AAM S&P 500 High Dividend Value ETF	November 28, 2017
AAM S&P Emerging Markets High Dividend Value ETF	November 28, 2017
AAM S&P Developed Markets High Dividend Value ETF	November 27, 2018
AAM Low Duration Preferred and Income Securities ETF	November 19, 2019
AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF	August 25, 2021

The end of the reporting period for the Funds is October 31, 2021. The period covered by these Notes to Financial Statements is the fiscal period from November 1, 2020 to October 31, 2021 (the “current fiscal period”). The period covered by these Notes to Financial Statements for the AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF is the period from August 25, 2021 to October 31, 2021 (the “current fiscal period”).

AAM ETFs

NOTES TO FINANCIAL STATEMENTS
October 31, 2021 (Continued)

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

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

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

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.

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

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