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

$21.20

Average Daily Volume

135,719

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

$10.44

Average Daily Volume

1,747

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	PFLD	IPPP
30 Days	1.10%	3.41%
60 Days	1.43%	6.56%
90 Days	1.87%	6.87%
12 Months	10.52%	25.53%

9 Overlapping Holdings

Symbol	Grade	Weight in PFLD	Weight in IPPP	Overlap
AGNC	C	0.95%	1.37%	0.95%
AQNB	C	0.6%	1.25%	0.6%
CMSD	B	1.05%	0.59%	0.59%
NRUC	B	0.42%	0.99%	0.42%
PRS	B	0.95%	0.57%	0.57%
RZB	A	0.67%	0.56%	0.56%
SREA	A	1.26%	1.18%	1.18%
TBC	B	1.4%	0.59%	0.59%
WTFCP	A	0.49%	1.22%	0.49%

PFLD Overweight 28 Positions Relative to IPPP

Symbol	Grade	Weight
RZC	C	1.26%
QRTEP	B	0.91%
CHSCL	A	0.89%
CHSCM	B	0.85%
DUKB	B	0.84%
FITBI	A	0.78%
CHSCN	C	0.73%
AGNCN	A	0.55%
UNMA	C	0.52%
ESGRP	F	0.52%
CMSC	A	0.47%
GPJA	D	0.45%
TVC	B	0.39%
CMSA	A	0.34%
DDT	B	0.34%
SLMBP	D	0.32%
TVE	A	0.31%
NYMTM	A	0.3%
ZIONO	A	0.24%
NYMTN	A	0.23%
NYMTL	C	0.21%
AFGB	A	0.21%
WTFCM	A	0.21%
VLYPP	B	0.19%
BPOPM	B	0.18%
VLYPO	A	0.17%
RILYN	F	0.15%
FATBP	F	0.13%

PFLD Underweight 3 Positions Relative to IPPP

Symbol	Grade	Weight
UZE	B	-1.28%
T	A	-0.97%
SOJD	C	-0.57%

IPPP: Top Represented Industries & Keywords

Industries: Other Banks - Regional REIT - Residential Telecom Services