ETF Evaluator: AAM S&P 500 High Dividend Value ETF () Follow This ETF

AAM S&P 500 High Dividend Value ETF Overview

AAM S&P 500 High Dividend Value ETF (SPDV) is a passively managed U.S. Equity Mid-Cap Value exchange-traded fund (ETF). AAM launched the ETF in 2017.

The investment seeks to track the total return performance, before fees and expenses, of the S&P 500 Dividend and Free Cash Flow Yield Index. The index is a rules-based, equal-weighted index that is designed to provide exposure to the constituents of the S&P 500® Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining diversified sector exposure. At least 80% of the fund’s net assets, plus borrowings for investment purposes, will be invested in equity securities that (i) are included in the S&P 500 Index and (ii) have had a positive indicated annual dividend yield within the past year.

About AAM S&P 500 High Dividend Value ETF (SPDV)

There are 3 members of the management team with an average tenure of 5.07 years: Rafael Zayas (2020), Austin Wen (2017) and Devin Ryder (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P 500 Div and Free CF Yield TR USD index with a weighting of 100%. AAM S&P 500 High Dividend Value ETF has 53 securities in its portfolio. The top 10 holdings constitute 24.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

AAM S&P 500 High Dividend Value ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. AAM S&P 500 High Dividend Value ETF has 3.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.8% There is 3.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AAM S&P 500 High Dividend Value ETF has 1.9% of the portfolio in cash.

Assets Under Management

The fund has $131 million in total assets, which is below the $2 billion average for the Mid-Cap Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

SPDV Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The AAM S&P 500 High Dividend Value ETF expense ratio is below average compared to funds in the Mid-Cap Value category. AAM S&P 500 High Dividend Value ETF has an expense ratio of 0.29%, which is 38% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. AAM S&P 500 High Dividend Value ETF has a portfolio turnover rate of 51%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 72% for the Mid-Cap Value category.

Recently, in the month of July 2026, AAM S&P 500 High Dividend Value ETF returned 5.4%, which earned it a grade of A, as the Mid-Cap Value category had an average return of 3.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

AAM S&P 500 High Dividend Value ETF has a trailing yield of 3.23%, which is above the 2.05% category average. The fund normally distributes its income monthly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

AAM S&P 500 High Dividend Value ETF Grades

Year to date, the ETF has returned 19.3%, 3.9 percentage points better than the category, which translates into a grade of A. The fund has returned 28.4% over the past year (grade of B), 15.6% over the past three years (grade of B) and 10.4% per year over the past five years (grade of C).

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