AAM S&P Emerging Markets High Dividend Value ETF | |||||||
Schedule of Investments | |||||||
July 31, 2021 (Unaudited) | |||||||
Shares | Security Description | Value | |||||
COMMON STOCKS - 94.7% | |||||||
Brazil - 9.2% | |||||||
26,475 | CPFL Energia SA | 130,289 | |||||
23,100 | JBS SA | 144,064 | |||||
25,900 | Petroleo Brasileiro SA | 138,882 | |||||
17,300 | Telefonica Brasil SA | 138,276 | |||||
6,200 | Vale SA | 132,141 | |||||
683,652 | |||||||
China - 18.4% | |||||||
383,000 | Bank of China, Ltd. - H Shares | 133,068 | |||||
710,000 | BBMG Corporation - H Shares | 125,167 | |||||
746,000 | China Cinda Asset Management Company, Ltd. - H Shares | 126,714 | |||||
288,000 | China CITIC Bank Corporation, Ltd. - H Shares | 128,969 | |||||
374,000 | China Everbright Bank Company, Ltd. - H Shares | 127,535 | |||||
143,000 | China Evergrande Group | 96,791 | |||||
112,000 | China National Building Material Company, Ltd. - H Shares | 121,062 | |||||
346,000 | Chongqing Rural Commercial Bank Company, Ltd. - H Shares | 129,118 | |||||
198,000 | CIFI Holdings Group Company, Ltd. | 119,240 | |||||
130,000 | CITIC, Ltd. | 140,519 | |||||
127,600 | Guangzhou R&F Properties Company, Ltd. - H Shares | 111,817 | |||||
1,360,000 | |||||||
Hong Kong - 3.3% | |||||||
416,000 | China Jinmao Holdings Group, Ltd. | 116,162 | |||||
133,400 | Yuexiu Property Company, Ltd. | 124,110 | |||||
240,272 | |||||||
India - 5.4% | |||||||
8,990 | Hindustan Aeronautics, Ltd. | 134,865 | |||||
93,635 | Indian Oil Corporation, Ltd. | 129,792 | |||||
380,830 | NHPC, Ltd. | 134,338 | |||||
398,995 | |||||||
Indonesia - 3.5% | |||||||
1,482,700 | Adaro Energy Tbk PT | 136,865 | |||||
298,900 | Indofood Sukses Makmur Tbk PT | 125,553 | |||||
262,418 | |||||||
Malaysia - 7.0% | |||||||
73,200 | Hartalega Holdings Bhd | 122,116 | |||||
161,500 | Kossan Rubber Industries, Bhd. | 132,415 | |||||
258,600 | Sime Darby, Bhd. | 131,751 | |||||
136,200 | Top Glove Corporation Bhd | 128,454 | |||||
514,736 | |||||||
Poland - 1.8% | |||||||
6,451 | Asseco Poland SA | 134,384 | |||||
Republic of Korea - 5.3% | |||||||
3,509 | GS Holdings Corporation | 130,567 | |||||
1,852 | KT&G Corporation | 132,510 | |||||
1,390 | Lotte Shopping Company, Ltd. | 129,907 | |||||
392,984 | |||||||
Russian Federation - 5.5% | |||||||
2,239,900 | Inter RAO UES PJSC | 133,203 | |||||
16,138 | Mobile TeleSystems PJSC - ADR | 138,625 | |||||
4,215 | X5 Retail Group NV - GDR | 136,482 | |||||
408,310 | |||||||
Singapore - 1.7% | |||||||
139,600 | Riverstone Holdings, Ltd. | 124,744 | |||||
South Africa - 1.9% | |||||||
11,288 | Exxaro Resources, Ltd. | 139,904 | |||||
Taiwan, Province of China - 11.0% | |||||||
138,000 | Acer, Inc. | 134,225 | |||||
47,000 | Chicony Electronics Company, Ltd. | 135,294 | |||||
97,000 | CTCI Corporation | 132,675 | |||||
113,000 | Formosa Taffeta Company, Ltd. | 131,527 | |||||
31,000 | General Interface Solution Holding Ltd. | 129,143 | |||||
65,000 | Lite-On Technology Corporation | 148,990 | |||||
811,854 | |||||||
Thailand - 5.7% | |||||||
26,800 | Siam City Cement pcl - NVDR | 131,687 | |||||
115,500 | Sri Trang Gloves Thailand pcl - NVDR | 131,779 | |||||
135,100 | Total Access Communication pcl - NVDR | 155,169 | |||||
418,635 | |||||||
Turkey - 13.2% | |||||||
52,363 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 138,151 | |||||
34,887 | Arcelik AS | 136,781 | |||||
6,719 | Ford Otomotiv Sanayi AS | 137,858 | |||||
57,857 | KOC Holding AS | 141,242 | |||||
37,649 | Tofas Turk Otomobil Fabrikasi AS | 146,537 | |||||
180,904 | Turk Telekomunikasyon AS | 140,049 | |||||
74,853 | Turkcell Iletisim Hizmetleri AS | 136,694 | |||||
977,312 | |||||||
United Kingdom - 1.8% | |||||||
15,981 | Evraz plc | 136,471 | |||||
TOTAL COMMON STOCKS (Cost $7,105,945) | 7,004,671 | ||||||
PREFERRED STOCKS - 3.6% | |||||||
Brazil - 3.6% | |||||||
16,800 | Centrais Eletricas Brasileiras SA | 131,408 | |||||
58,400 | Cia Energetica de Minas Gerais | 135,700 | |||||
TOTAL PREFERRED STOCKS (Cost $268,126) | 267,108 | ||||||
RIGHTS - 0.5% | |||||||
India - 0.5% | |||||||
16,173 | Power Grid Corporation of India - BNS (a) | 37,198 | |||||
TOTAL RIGHTS (Cost $0) | 37,198 | ||||||
TOTAL INVESTMENTS (Cost $7,374,071) - 98.8% | 7,308,977 | ||||||
Other Assets in Excess of Liabilities - 1.2% | 91,777 | ||||||
NET ASSETS - 100.0% | $ | 7,400,754 | |||||
Percentages are stated as a percent of net assets. | |||||||
ADR | American Depositary Receipt | ||||||
GDR | Global Depositary Receipt | ||||||
NVDR | Non-Voting Depositary Receipt | ||||||
(a) | Non-income producing security. |
Summary of Fair Value Disclosure at July 31, 2021 (Unaudited)
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principals generally accepted in the United States of America (“U.S. GAAP”) establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security.
To the extent that the 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 Fund’s investments as of July 31, 2021:
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principals generally accepted in the United States of America (“U.S. GAAP”) establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security.
To the extent that the 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 Fund’s investments as of July 31, 2021:
AAM S&P Emerging Markets High Dividend Value ETF | |||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Common Stocks | $ | 7,004,671 | $ | - | $ | - | $ | 7,004,671 | |||||||
Preferred Stocks | 267,108 | - | - | 267,108 | |||||||||||
Rights | - | 37,198 | - | 37,198 | |||||||||||
Total Investments in Securities | $ | 7,271,779 | $ | 37,198 | $ | - | $ | 7,308,977 | |||||||
For the period ended July 31, 2021, the Fund did not recognize any transfers to or from Level 3. |