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Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

AAM Low Duration Preferred and Income Securities ETF

PFLD | ETF

$21.04

$310 M

5.70%

$1.20

0.46%

Vitals

YTD Return

6.5%

1 yr return

10.1%

3 Yr Avg Return

0.5%

5 Yr Avg Return

2.3%

Net Assets

$310 M

Holdings in Top 10

17.9%

52 WEEK LOW AND HIGH

$21.1
$20.64
$21.42

Expenses

OPERATING FEES

Expense Ratio 0.46%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 199.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

AAM Low Duration Preferred and Income Securities ETF

PFLD | ETF

$21.04

$310 M

5.70%

$1.20

0.46%

PFLD - Profile

Distributions

  • YTD Total Return 6.5%
  • 3 Yr Annualized Total Return 0.5%
  • 5 Yr Annualized Total Return 2.3%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 4.33%
DIVIDENDS
  • Dividend Yield 5.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    AAM Low Duration Preferred and Income Securities ETF
  • Fund Family Name
    AAM
  • Inception Date
    Nov 19, 2019
  • Shares Outstanding
    6850000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Rafael Zayas

Fund Description

The Fund uses a “passive management” (or indexing) approach to track the total return performance, before fees and expenses, of the Index.
ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index
The Index measures the performance of exchange-listed, U.S. dollar-denominated preferred securities and hybrid securities listed on the New York Stock Exchange (“NYSE”) or NASDAQ Capital Market (“NASDAQ”) with an option-adjusted duration of less than five years. The Index was developed by ICE Data Indices, LLC (“IDI”), the Fund’s index provider (the “Index Provider”) and an affiliate of the NYSE.
Duration is a measure of a security’s price sensitivity to changes in yields or interest rates and a lower duration indicates less sensitivity to interest rates. For example, the price of a security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. A security’s “option-adjusted duration” is a measure of its sensitivity to changes in interest rates, while factoring in the call features associated with such security.
Preferred stock generally refers to a unit of ownership in a company (like common stock) that has preference over common stock in the payment of dividends and in the event of a company’s liquidation. Unlike common stocks, preferred stocks are generally not entitled to vote on corporate matters. Preferred stock in the Index includes U.S.-listed preferred stock and American Depositary Receipts (“ADRs”) representing preferred stock issued by non-U.S. companies.
“Hybrid” securities are those that have characteristics of both equity and fixed income securities. Hybrid securities typically have preference over an issuer’s common stock with respect to the payment of dividends and in the event of a company’s liquidation and are issued and traded in a similar manner to traditional preferred stock. Holders of hybrid securities may be eligible to receive fixed, periodic payments from the issuer of a hybrid security, although the issuer may have the right to defer such payments or extend the
hybrid security’s maturity date. Preferred stocks and hybrid securities generally are issued with a fixed par value and pay dividends based on a percentage of that par value at a fixed or variable rate.
Additionally, preferred stocks and hybrid securities often have a liquidation value that generally equals the original purchase price of such security at the date of issuance. The Index may include many different categories of preferred stock and hybrid securities, such as floating and fixed rate preferreds, fixed-to-floating rate securities, callable preferreds, convertible preferreds, cumulative and non-cumulative preferreds, certain capital securities, preferred real estate investment trusts (“REITs”) or hybrid REITs, trust preferreds or various other preferred stock and hybrid securities. The Index may include preferred and hybrid securities of any quality, including high-yield securities (also known as junk bonds), and securities that are not rated by any rating agencies. The Index uses a market capitalization weighted methodology subject to certain constraints and is rebalanced monthly.
At the time of each monthly rebalance and reconstitution of the Index, the Index includes issuances of preferred stocks and notes with at least $100 million face amount outstanding and hybrid securities with at least $250 million face amount outstanding that meet minimum price, liquidity, trading volume, maturity, and other requirements, as applicable, as determined by the Index methodology. To be eligible for inclusion in the Index, corporate hybrid debt must have at least 18 months to final maturity at the time of issuance. Additionally, to qualify for inclusion in the Index a security must be priced at no more than 105% of its face value. Once included in the Index, a security remains eligible for inclusion so long as its option-adjusted duration is less than six years.
The Index may include large-, mid- or small-capitalization companies and includes preferred stocks of non-U.S. issuers. As of December 31, 2023, a significant portion of the Index was represented by securities of companies in the real estate and financials service sectors. Also as of December 31, 2023, the Index was comprised of 189 components and had an effective duration of 1.53 years.
The Index uses a market capitalization weighted methodology subject to certain constraints, including a maximum allocation of 4.75% to any individual issuer. The Index is rebalanced on the last calendar day of each month, based on closing prices as of three business days prior to the last business day of the month.
The Fund’s Investment Strategy
The Fund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund generally will invest in all of the component securities of the Index in approximately the same proportion as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Fund’s sub-adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index).
The Fund generally may invest in securities or other investments not included in the Index, but which the Fund’s sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions and deletions).
To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index.
Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in preferred and income securities.
Read More

PFLD - Performance

Return Ranking - Trailing

Period PFLD Return Category Return Low Category Return High Rank in Category (%)
YTD 6.5% 3.9% 17.8% 96.15%
1 Yr 10.1% 8.8% 30.9% 96.15%
3 Yr 0.5%* -7.4% 6.6% 62.50%
5 Yr 2.3%* -4.9% 11.2% 61.54%
10 Yr N/A* 0.7% 5.1% 18.64%

* Annualized

Return Ranking - Calendar

Period PFLD Return Category Return Low Category Return High Rank in Category (%)
2023 0.8% -3.6% 14.2% 48.72%
2022 -17.3% -29.4% -9.6% 50.00%
2021 -0.1% -3.4% 17.2% 51.39%
2020 0.2% -24.8% 9.0% 69.57%
2019 N/A 6.4% 19.1% N/A

Total Return Ranking - Trailing

Period PFLD Return Category Return Low Category Return High Rank in Category (%)
YTD 6.5% 3.9% 17.8% 96.15%
1 Yr 10.1% 8.8% 30.9% 96.15%
3 Yr 0.5%* -7.4% 6.6% 62.50%
5 Yr 2.3%* -4.9% 11.2% 61.54%
10 Yr N/A* 0.7% 5.1% N/A

* Annualized

Total Return Ranking - Calendar

Period PFLD Return Category Return Low Category Return High Rank in Category (%)
2023 8.2% -1.9% 26.5% 25.64%
2022 -12.7% -26.0% -5.8% 47.22%
2021 4.5% -2.5% 27.4% 36.11%
2020 5.4% -19.2% 12.3% 53.62%
2019 N/A 10.0% 32.0% N/A

PFLD - Holdings

Concentration Analysis

PFLD Category Low Category High PFLD % Rank
Net Assets 310 M 24.1 M 14.5 B 70.51%
Number of Holdings 175 49 439 71.79%
Net Assets in Top 10 63.5 M 13.2 M 1.89 B 71.79%
Weighting of Top 10 17.90% 11.3% 48.1% 62.82%

Top 10 Holdings

  1. JPMorgan Chase Co 2.51%
  2. Goldman Sachs Group Inc/The 2.31%
  3. JPMorgan Chase Co 2.30%
  4. Duke Energy Corp 1.87%
  5. US Bancorp 1.63%
  6. Athene Holding Ltd 1.57%
  7. Bank of America Corp 1.47%
  8. MetLife Inc 1.46%
  9. Charles Schwab Corp/The 1.40%
  10. Annaly Capital Management Inc 1.38%

Asset Allocation

Weighting Return Low Return High PFLD % Rank
Preferred Stocks 		99.22% 0.00% 125.69% 11.54%
Cash 		1.24% -0.02% 11.04% 75.64%
Stocks 		0.00% 0.00% 41.20% 56.41%
Other 		0.00% -4.41% 10.15% 35.90%
Convertible Bonds 		0.00% 0.00% 31.65% 84.00%
Bonds 		0.00% 0.00% 97.75% 80.77%

PFLD - Expenses

Operational Fees

PFLD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.46% 0.05% 4.46% 89.61%
Management Fee 0.45% 0.00% 1.00% 7.69%
12b-1 Fee N/A 0.00% 1.00% 19.44%
Administrative Fee N/A 0.01% 0.55% N/A

Sales Fees

PFLD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

PFLD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PFLD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 199.00% 12.00% 199.00% 100.00%

PFLD - Distributions

Dividend Yield Analysis

PFLD Category Low Category High PFLD % Rank
Dividend Yield 5.70% 0.00% 9.59% 5.13%

Dividend Distribution Analysis

PFLD Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

PFLD Category Low Category High PFLD % Rank
Net Income Ratio 4.33% 0.88% 7.54% 39.19%

Capital Gain Distribution Analysis

PFLD Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

PFLD - Fund Manager Analysis

Managers

Rafael Zayas

Start Date

Tenure

Tenure Rank

Jun 23, 2020

1.94

1.9%

Rafael Zayas, CFA, is Senior Vice President, Head of Portfolio Management and Trading at Vident Investment Advisory, LLC since June 2020. Mr. Zayas became SVP, Head of Portfolio Management and Trading in June 2020. From 2017 to 2020, he was a Senior Portfolio Manager – International Equity at Vident and has over 15 years of experience that includes managing international equity portfolios, including in emerging and frontier markets. Prior to joining Vident, he was a Portfolio Manager – Direct Investments for seven years at Russell Investments, a global asset manager, where he co-managed more than $4 billion in quantitative strategies across global markets, including the Russell Strategic Call Overwriting Fund, a mutual fund. Mr. Zayas also helped Russell Investments launch its sponsored ETF initiative and advised on index methodologies. Prior to joining Russell Investments, Mr. Zayas was a Portfolio Manager – Equity Indexing at Mellon Capital Management, where he managed assets for internationally listed global equity ETFs. Mr. Zayas graduated with a B.S. in Electrical Engineering from Cornell University and obtained a Certificate in Computational Finance and Risk Management from the University of Washington. He also attained the Chartered Financial Analyst designation in 2010.

Austin Wen

Start Date

Tenure

Tenure Rank

Jun 23, 2020

1.94

1.9%

Austin Wen, CFA has seven years of investment management experience. Mr. Wen is a Portfolio Manager at Vident, specializing in portfolio management and trading of equity portfolios and commodities based portfolios, as well as risk monitoring and investment analysis. Previously, Mr. Wen was an analyst for Vident Financial, working on the development and review of investment solutions. He began his career as a State Examiner for the Georgia Department of Banking and Finance. Mr. Wen obtained a BA in Finance from the University of Georgia and holds the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 30.32 7.8 11.42

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