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)	$41
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	55
Wgt avg mkt cap (mns)	$45,692
Large cap (>$10bn)	81.0%
Mid cap ($2-10bn)	19.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	19.8 %
L BRANDS, INC.	2.1 %
ABBVIE INC	2.1 %
CARDINAL HEALTH INC	2.0 %
GILEAD SCIENCES INC	2.0 %
MARATHON PETROLEUM	2.0 %
EATON CORP PLC	2.0 %
VENTAS INC	1.9 %
UNUM GROUP	1.9 %
DOMINION RESOURCES INC/VA	1.9 %
HELMERICH & PAYNE	1.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.4 %
	IRELAND	3.5 %
	BRITAIN	1.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-4.5%	6.5%	--	--	4.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	85%
MSCI EAFE	1.08	74%
MSCI Emg. Mkts.	0.75	61%

Technical Indicators
Recent close	$26.33
30d moving avg.	$27.07
Annualized volatility	15.6%
Short interest (ETF)	1.2%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	9
Turnover	0.6%
Bid/Ask (% of price)	0.19%
ADV underlying (mns)	$13,147

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the AAM S&P 500 High Dividend Value ETF 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™:

10.4%

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 ETF	56.0	40	-11	9.7	-0.7
SPYD	SPDR S&P 500 High Dividend ETF	47.4	7	22	9.0	-1.4
DTN	WisdomTree U.S. Dividend ex-Financials Fund	39.0	38	-9	8.0	-2.4
SPHD	Invesco S&P 500 High Dividend Low Volatility ETF	35.5	30	-1	7.9	-2.5
DVY	iShares Select Dividend ETF	34.2	39	-10	7.8	-2.6
RNDV	US Equity Dividend Select ETF	34.1	50	-21	8.0	-2.3
GBDV	Global Beta Smart Income ETF	34.0	29	0	11.3	+1.0
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF	31.3	35	-6	8.0	-2.3
CDL	Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E	31.3	35	-6	8.0	-2.3
FDL	First Trust Morningstar Dividend Leaders Index Fund	30.1	45	-16	8.7	-1.6
DHS	WisdomTree U.S. High Dividend Fund	30.1	38	-9	7.9	-2.4
DVOP	Source Dividend Opportunity ETF	29.0	50	-21	9.3	-1.1
USDY	Pacific Global US Equity Income ETF	27.5	29	0	7.7	-2.6
QDIV	Global X S&P 500 Quality Dividend ETF	27.0	20	9	7.9	-2.5
WBIY	WBI Power Factor High Dividend ETF	26.2	70	-41	11.5	+1.2
COWZ	Pacer US Cash Cows 100 ETF	26.0	49	-20	10.2	-0.1
FLAG	FLAG-Forensic Accounting Long Short ETF	25.9	152	-123	8.7	-1.7
RPV	Invesco S&P 500 Pure Value ETF	25.7	35	-6	11.2	+0.8
OYLD	Invesco Russell 1000 Yield Factor ETF	24.8	19	10	7.4	-3.0
VALQ	American Century STOXX U.S. Quality Value ETF	24.5	29	0	9.2	-1.2

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 ETF
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	17.0	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	10.4	%

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.