AAM S&P 500 High Dividend Value ETF | |||||||
Schedule of Investments | |||||||
January 31, 2024 (Unaudited) | |||||||
Shares | Security Description | Value | |||||
COMMON STOCKS — 99.9% | |||||||
Communication Services — 9.7% | |||||||
68,124 | AT&T, Inc. | $ | 1,205,114 | ||||
25,936 | Comcast Corporation - Class A | 1,207,061 | |||||
35,246 | Interpublic Group of Companies, Inc. | 1,162,766 | |||||
12,743 | Omnicom Group, Inc. | 1,151,712 | |||||
27,522 | Verizon Communications, Inc. | 1,165,557 | |||||
5,892,210 | |||||||
Consumer Discretionary — 9.6% | |||||||
27,613 | Bath & Body Works, Inc. | 1,177,971 | |||||
15,491 | Best Buy Company, Inc. | 1,122,943 | |||||
27,300 | eBay, Inc. | 1,121,211 | |||||
102,989 | Ford Motor Company | 1,207,031 | |||||
30,260 | Tapestry, Inc. | 1,173,785 | |||||
5,802,941 | |||||||
Consumer Staples — 9.5% | |||||||
28,448 | Altria Group, Inc. | 1,141,334 | |||||
38,625 | Conagra Brands, Inc. | 1,125,919 | |||||
9,623 | Kimberly-Clark Corporation | 1,164,094 | |||||
30,852 | Kraft Heinz Company | 1,145,535 | |||||
18,588 | Molson Coors Beverage Company - Class B | 1,148,553 | |||||
5,725,435 | |||||||
Energy — 9.6% | |||||||
45,403 | Coterra Energy, Inc. | 1,129,627 | |||||
67,257 | Kinder Morgan, Inc. | 1,137,988 | |||||
16,496 | ONEOK, Inc. | 1,125,852 | |||||
8,498 | Phillips 66 | 1,226,346 | |||||
8,729 | Valero Energy Corporation | 1,212,458 | |||||
5,832,271 | |||||||
Financials — 9.2% | |||||||
33,729 | Citizens Financial Group, Inc. | 1,102,938 | |||||
86,848 | Huntington Bancshares, Inc. | 1,105,575 | |||||
78,642 | KeyCorp | 1,142,668 | |||||
30,252 | Truist Financial Corporation | 1,121,139 | |||||
26,741 | US Bancorp | 1,110,821 | |||||
5,583,141 | |||||||
Health Care — 9.3% | |||||||
6,918 | AbbVie, Inc. | 1,137,319 | |||||
22,610 | Bristol-Myers Squibb Company | 1,104,951 | |||||
15,312 | CVS Health Corporation | 1,138,753 | |||||
14,283 | Gilead Sciences, Inc. | 1,117,788 | |||||
96,926 | Viatris, Inc. | 1,140,819 | |||||
5,639,630 | |||||||
Industrials — 9.4% | |||||||
12,183 | 3M Company | 1,149,466 | |||||
13,275 | CH Robinson Worldwide, Inc. | 1,116,295 | |||||
4,817 | Cummins, Inc. | 1,152,708 | |||||
14,009 | Robert Half, Inc. | 1,114,276 | |||||
12,229 | Stanley Black & Decker, Inc. | 1,140,966 | |||||
5,673,711 | |||||||
Information Technology — 9.3% | |||||||
22,140 | Cisco Systems, Inc. | 1,110,985 | |||||
72,079 | Hewlett Packard Enterprise Company | 1,102,088 | |||||
38,429 | HP, Inc. | 1,103,297 | |||||
6,533 | International Business Machines Corporation | 1,199,851 | |||||
10,537 | Skyworks Solutions, Inc. | 1,100,695 | |||||
5,616,916 | |||||||
Materials — 9.4% | |||||||
122,016 | Amcor plc | 1,150,611 | |||||
14,798 | CF Industries Holdings, Inc. | 1,117,397 | |||||
21,398 | Dow, Inc. | 1,146,933 | |||||
31,398 | International Paper Company | 1,124,990 | |||||
12,160 | LyondellBasell Industries NV - Class A | 1,144,499 | |||||
5,684,430 | |||||||
Real Estate — 9.1% | |||||||
16,119 | Boston Properties, Inc. | 1,071,913 | |||||
59,381 | Healthpeak Properties, Inc. | 1,098,548 | |||||
58,375 | Host Hotels & Resorts, Inc. | 1,121,967 | |||||
56,209 | Kimco Realty Corporation | 1,135,422 | |||||
8,029 | Simon Property Group, Inc. | 1,112,900 | |||||
5,540,750 | |||||||
Utilities — 5.8% | |||||||
10,244 | Atmos Energy Corporation | 1,167,201 | |||||
19,936 | Public Service Enterprise Group, Inc. | 1,156,089 | |||||
14,368 | WEC Energy Group, Inc. | 1,160,360 | |||||
3,483,650 | |||||||
TOTAL COMMON STOCKS (Cost $61,662,649) | 60,475,085 | ||||||
SHORT-TERM INVESTMENTS — 0.2% | |||||||
133,650 | Invesco Government & Agency Portfolio - Class Institutional, 5.24% (a) | 133,650 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $133,650) | 133,650 | ||||||
TOTAL INVESTMENTS (Cost $61,796,299) — 100.1% | 60,608,735 | ||||||
Liabilities in Excess of Other Assets — (0.1)% | (46,177 | ) | |||||
NET ASSETS — 100.0% | $ | 60,562,558 | |||||
Percentages are stated as a percent of net assets. | |||||||
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. |
(a) Rate shown is the annualized seven-day yield as of January 31, 2024. |
Summary of Fair Value Disclosure at January 31, 2024 (Unaudited)
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles 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 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 Fund's investments as of January 31, 2024:
AAM S&P 500 High Dividend Value ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets(a) | ||||||||||||||||
Common Stocks | $ | 60,475,085 | $ | – | $ | – | $ | 60,475,085 | ||||||||
Short-Term Investments | 133,650 | – | – | 133,650 | ||||||||||||
Total Investments in Securities | $ | 60,608,735 | $ | – | $ | – | $ | 60,608,735 |
(a) See Schedule of Investments for further disaggregation of investment categories. |
For the period ended January 31, 2024, the Fund did not recognize any transfers to or from Level 3.