PFLD vs. IPPP ETF Comparison

Comparison of AAM Low Duration Preferred and Income Securities ETF (PFLD) to Preferred-Plus ETF (IPPP)

PFLD

AAM Low Duration Preferred and Income Securities ETF

PFLD Description

The investment seeks to track the total return performance, before fees and expenses, of the 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 5 years. Under normal circumstances, at least 80% of the fund's total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the index.

Grade (RS Rating)

Last Trade

$21.21

Average Daily Volume

112,361

Number of Holdings ^*

* may have additional holdings in another (foreign) market

IPPP

Preferred-Plus ETF

IPPP Description

The investment seeks to provide income. The fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in a portfolio of preferred securities issued by U.S. and non-U.S. companies. It may invest in preferred securities of all issuer capitalizations. The fund may also invest in publicly-traded partnerships (“PTPs”). The Advisor intends to maintain approximately 10% asset exposure to a credit spread options strategy, although market conditions may dictate additional exposure.

Grade (RS Rating)

Last Trade

$10.01

Average Daily Volume

509

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	PFLD	IPPP
30 Days	0.91%	1.47%
60 Days	2.90%	3.56%
90 Days	1.25%	2.04%
12 Months	9.33%	15.54%

11 Overlapping Holdings

Symbol	Grade	Weight in PFLD	Weight in IPPP	Overlap
AGNC	A	1.08%	1.42%	1.08%
AQNB	A	0.68%	1.29%	0.68%
CHSCL	A	1.03%	1.0%	1.0%
CMSD	B	1.19%	0.61%	0.61%
ESGRP	C	0.77%	1.25%	0.77%
FITBI	A	0.91%	0.39%	0.39%
NRUC	A	0.48%	1.03%	0.48%
PRS	A	1.08%	0.6%	0.6%
RZB	A	0.77%	0.59%	0.59%
UNMA	A	0.58%	0.63%	0.58%
WTFCP	C	0.55%	1.27%	0.55%

PFLD Overweight 19 Positions Relative to IPPP

Symbol	Grade	Weight
RZC	B	1.43%
QRTEP	D	1.07%
CHSCM	B	0.95%
CHSCN	B	0.83%
AGNCN	A	0.65%
CMSC	B	0.53%
DDT	A	0.4%
SLMBP	B	0.36%
TVE	B	0.35%
NYMTM	A	0.34%
RILYN	D	0.27%
ZIONO	B	0.27%
NYMTN	B	0.26%
WTFCM	A	0.24%
NYMTL	A	0.22%
VLYPP	A	0.2%
BPOPM	A	0.2%
VLYPO	D	0.18%
CSSEP	F	0.02%

PFLD Underweight 5 Positions Relative to IPPP

Symbol	Grade	Weight
UZE	C	-1.28%
SREA	C	-1.17%
T	A	-0.95%
TBC	B	-0.59%
SOJD	B	-0.56%

IPPP: Top Represented Industries & Keywords

Industries: Other Banks - Regional Banks - Regional - US Farm Products Insurance - Diversified REIT - Residential Telecom Services