Core Viewpoint - AAM S&P 500 High Dividend Value ETF (SPDV) aims to provide targeted exposure to U.S. large-cap companies that offer above-market income while maintaining valuation discipline, focusing on companies capable of supporting dividends through strong cash generation [1] Group 1: Investment Strategy - The ETF systematically selects dividend-paying stocks from major sectors and equal-weights holdings to minimize single-sector dominance, balancing income capture with diversification [1] - The portfolio typically leans towards value, income, and quality proxies, such as free cash flow strength, and is designed to behave defensively compared to purely growth-oriented investments while remaining sensitive to equity beta [1] Group 2: Market Conditions and Performance - SPDV tends to perform well when inflation, real yields, or economic reopenings boost cyclicals and financials, but may underperform during momentum-driven, duration-sensitive growth rallies [1] Group 3: Use Cases and Target Investors - Potential use cases for SPDV include serving as an equity-income sleeve, a value-tilt satellite to a broad U.S. core, or a factor-completion sleeve for income plus valuation [1] - Suitable investors include those focused on income-oriented allocations seeking diversified dividend exposure and multi-factor strategists who prefer systematic, sector-balanced value [1] Group 4: Risks - A key risk to monitor is the durability of dividends and the potential concentration in companies whose payouts may later prove unsustainable [1]