AAM S&P 500 High Dividend Value ETF

AAM S&P 500 High Dividend Value ETF (SPDV) tracks the S&P 500 Dividend and Free Cash Flow Yield Index. It holds about 50 S&P 500 companies with high dividend and free cash flow yields, up to five from each sector, in equal amounts. Its 0.29% expense ratio is below the 0.36% average of similar funds. It pays monthly, and its trailing yield was 3.28% as of October 27, 2026.

• Over the year to Oct 27, 2026, SPDV returned +23.0%, 6th of 9 among similar funds.
• Its 5-year annualized return was +10.8%.
• In the 2020 COVID crash it fell 43.3% and regained its old high 10.5 months after the low.
• Its worst full calendar year was 2018 (-6.6%); its best was 2021 (+29.5%).
• The deepest fall in its price history was 43.8% (Jan 17, 2020 to Mar 23, 2020), recovered by Feb 8, 2021.

As of Jul 31, 2026, the fund held 50 securities; the ten largest made up 24.86% of assets. It also reported 7.01% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

By sector

• Over the three months to Jul 31, 2026, investors added a net $36.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.64%, -1.47%, +5.37%.

SPDV follows an index built by S&P Dow Jones Indices. The index starts with every stock in the S&P 500 and measures two things for each one. The first is dividend yield. The second is free cash flow yield: cash from operations minus capital spending, divided by the company's market value. Extreme values in the top or bottom 2.5% are pulled back to that cutoff so outliers don't skew the results. Only stocks with a positive figure on both measures stay in. Each is then scored from zero to one on both yields, and the two scores are multiplied together. The top five in each of 11 sectors make the cut.

The index is equal-weighted, which means each stock starts with the same share of the fund rather than a share based on company size. That spreads money widely. As of July 31, 2026, the largest holding, NetApp, was 3.3% of assets, and the top 10 together made up 24.86%. Holdings and weights reset twice a year, after the last business day of January and July. A stock that leaves the S&P 500 is dropped right away. New stocks join only at those resets. Portfolio turnover was 51%.

The fund generally buys every stock in the index. It is passive, so it won't sell a stock that is struggling or has cut its dividend until the index removes it. It uses no leverage, options or swaps.

• SPDV charges 0.29% a year, versus an average of 0.36% for the similar funds below (3rd of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $30 in the first year and $368 over 10 years (assuming a 5% annual return).

SPDV pays monthly dividends from S&P 500 companies, with a 3.28% trailing yield as of October 27, 2026, though it carries full stock-market risk.

SPDV could add a monthly stream of stock dividends. Its trailing 12-month yield was 3.28%, or $1.36 per share, as of October 27, 2026. Costs are modest: in the SEC's standard example, $10,000 would cost $30 in the first year. The trade-off is stock-market risk. The fund launched in November 2017, so it has no record from 2008. In the 2020 COVID crash it fell 43.3% in about a month and took about 10.5 months to recover. In 2022 it fell 21.3% and needed about 17.3 months to regain its peak. Its worst calendar year was 2020, at -6.16%. Anyone forced to sell shares during a drop like that would lock in losses, and high-yield companies can cut their dividends. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.