ETF Research Center

The AAM S&P 500 High Dividend Value ETF seeks to provide investment results that, before fees and expenses, track the total return performance of the S&P 500 Dividend and Free Cash Flow Yield Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Advisors Asset Mgmt
Website	www.aamlive.com
Inception date	Nov 28, 2017
Assets (mns)	$39
Currency	USD
Expense ratio	29 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Equal
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	54
Wgt avg mkt cap (mns)	$47,651
Large cap (>$10bn)	79.7%
Mid cap ($2-10bn)	20.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	22.2 %
CVS CAREMARK CORP	2.4 %
AMGEN INC	2.4 %
WESTERN UNION CO	2.3 %
ABBVIE INC	2.3 %
CENTURYTEL INC	2.2 %
CARDINAL HEALTH INC	2.2 %
SEAGATE TECHNOLOGY	2.2 %
CAMPBELL SOUP CO	2.1 %
AT&T INC	2.1 %
KIMCO REALTY CORP	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.5 %
	IRELAND	4.2 %
	BRITAIN	1.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
18.8%	6.7%	--	--	6.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	87%
MSCI EAFE	1.09	75%
MSCI Emg. Mkts.	0.81	64%

Technical Indicators
Recent close	$27.10
30d moving avg.	$27.11
Annualized volatility	15.9%
Short interest (ETF)	0.5%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.3%
Bid/Ask (% of price)	0.19%
ADV underlying (mns)	$13,722

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the AAM S&P 500 High Dividend Value ETF based on the alternatives' overlap in portfolio holdings with SPDV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SPDV

Expense:

29 bp

ALTAR Score™:

10.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPDV
Ticker	Fund Name	Overlap¹ vs SPDV (%)	Expense ratio (bp)	Savings vs SPDV (bp)	ALTAR Score™ (%)	ALTAR vs SPDV (%)
SDOG	ALPS Sector Dividend Dogs	51.7	40	-11	9.2	-1.6
SPYD	SPDR Portfolio S&P 500 High Dividend	48.8	7	22	9.1	-1.6
SPHD	Invesco S&P 500 High Dividend	46.2	30	-1	7.7	-3.0
DVY	iShares Select Dividend	37.9	39	-10	7.9	-2.8
DTN	WisdomTree Dividend Ex-Financials	36.0	38	-9	7.8	-3.0
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	33.3	35	-6	7.7	-3.1
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd	33.3	35	-6	7.7	-3.1
FDL	First Trust Morningstar Dividend Leaders	33.1	45	-16	8.5	-2.3
WBIY	WBI Power Factor High Dividend	29.8	70	-41	9.6	-1.1
RDIV	Invesco S&P Ultra Dividend Revenue ETF	28.7	39	-10	10.3	-0.4
RNDV	US Equity Dividend Select	27.6	50	-21	7.7	-3.1
ESGL	Invesco ESG Revenue ETF	27.2	40	-11	7.7	-3.0
QDIV	Global X S&P 500 Quality Dividend	27.0	20	9	7.0	-3.8
LVHD	Legg Mason Low Volatility High Dividend ETF	25.5	27	2	6.7	-4.0
COWZ	Pacer US Cash Cows 100	25.4	49	-20	9.7	-1.1
VLUE	iShares MSCI USA Value Factor	25.4	15	14	10.8	+0.1
RPV	Invesco S&P 500 Pure Value ETF	25.4	35	-6	9.7	-1.1
DHS	WisdomTree Equity Income	25.3	38	-9	7.2	-3.6
ESGS	Columbia Sustainable U.S. Equity Income	25.3	35	-6	8.2	-2.5
SPVU	Invesco S&P 500 Value	25.2	13	16	10.9	+0.1

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	AAM S&P 500 High Dividend Value
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	18.0	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	10.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.71	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.