ETF Risk Report: SPDV Buyer beware: Every ETF holds the full risk of its underlying equities Disclosures in the best interest of investors

AAM S&P 500 High Dividend Value ETF Gray Swan Event Risks exist for every equity held by SPDV. Gray swan events include accounting fraud, management failures, failed internal controls, M&A problems, restatements, etc. These risks occur infrequently, but Gray Swan Event Factor for SPDV 1.17% consistently for all equities. Equities account for 87.77% of SPDV’s assets. Most investors ignore these risks until after they are disclosed; whereupon a stock’s price drops precipitously. Just as insurance companies can predict likely costs for a ETF's Governance Risk Statement: "The Fund is not actively managed, and its sub- driver’s future car accidents based on the driver’s history, adviser would not sell shares of an equity security due to current or projected we predict the likely cost (price drop) for SPDV following underperformance of a security, industry, or sector, unless that security is removed gray swan disclosures within its holdings. The expected from the Index or the selling of shares of that security is otherwise required upon a price decrease across the SPDV equity portfolio is 1.17%. reconstitution or rebalancing of the Index." However, individual equity risks vary signicantly. This report helps investors know their risk exposure.

Inception Date: 11/28/2020 Year-to-Date Return: 18.59% The AAM S&P 500 High Dividend Value ETF seeks current cash ow and capital growth by tracking the investment Net Assets: $31.9m 1-Year Return: 66.02% results of the S&P 500 Dividend and Free Cash Flow Yield Index, an equal-weighted index composed of 55 Price: $28.98 3-Year Return: 7.85% attractively-valued stocks of large-cap U.S. companies Net Asset Value (NAV): $28.99 5-Year Return: NA from all sectors with high dividend yield, sustainable dividend distribution and high free cash ow yield. The Net Expense Ratio: 0.29% Yield: 3.52% Fund is managed passively, investing in stocks of the Index with a replication or representative sampling As of: 03/31/2021 strategy (sample with a similar investment prole to the Index). The Index reconstitutes semi-annually.

Company Ticker Held Current GSEF Category Value Top Holdings by Value

Nucor Corp. NUE Long 1.65% Low $1.17m This table shows Gray Swan Event Factors for the top ten equity holdings by dollar-value, as of Sep 24, 2021. Seagate Technology ... STX Long 1.21% Low $979k Investors should invest in ETFs only when they adequately Interpublic Group O... IPG Long 0.68% Low $883k understand an ETF’s risks. Buyer beware. ETF prospectuses generally acknowledge that ETF managers Schlumberger Limited SLB Long 0.43% Low $876k do NO traditional risk analysis on equities in their fund. Robert Half Interna... RHI Long 1.02% Low $870k Our Gray Swan Event Factors are meant to inform investors of signicant traditional accounting and Omnicom Group Inc. OMC Long 0.38% Low $854k managerial risks for the equities in each ETF.

Huntington Ingalls ... HII Long 1.79% Low $840k ETF Risk Reports are published quarterly on dedicated Snap On Inc. SNA Long 0.87% Low $838k platforms like Factset, Renitiv, Capital IQ etc. Weekly updates are available for a paid subscription. Genuine Parts Co. GPC Long 0.84% Low $831k For more details contact: [email protected] Prudential Financia... PRU Long 0.48% Low $828k

Company Ticker Held Current GSEF Category Value Riskiest Holdings

Tyson Foods Inc. TSN Long 2.90% Mid $740k This table shows the individual Gray Swan Event Factors for this ETF’s most at-risk equities as of Sep 24, 2021. Newell Brands Inc. NWL Long 2.57% Mid $740k The average equity GSEF across 6,500 public equities is Philip Morris Inter... PM Long 2.44% Mid $820k 1.25%. Equities with a GSEF between 5% and 10% are considered high risk. Equities with a GSEF above 10% are Bristol Myers Squib... BMY Long 2.24% Mid $689k extreme risks. Gray Swan Event Factors are derived from skilled analysts Gilead Sciences Inc. GILD Long 2.15% Mid $684k charting 15 years of negative gray swan event disclosures Altria Group, Inc. MO Long 2.11% Mid $761k against stock price declines following such disclosures. A Gray Swan Event Factor is an assessment of the Hanesbrands Inc. HBI Long 2.10% Mid $800k likelihood of, and 12-month price risk for, gray swan Hp Inc. HPQ Long 1.92% Low $798k events for each equity.

Cardinal Health Inc. CAH Long 1.87% Low $686k

Huntington Ingalls ... HII Long 1.79% Low $840k

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This table lists the equity holdings for AAM S&P 500 High Dividend Value ETF ranked by highest GSE Factor (riskiest rst). We list all equities (US and foreign) for this ETF. However, some foreign listings only show via a ticker.

To further evaluate risks, you can access details for each company by opening its Brief Watchdog Report available for viewing and pdf download. The report is free to readers for their personal consumption and it includes the executive summary data pulled from the full Watchdog Report.

To learn more about the full Watchdog and GSEF Reports go to last page or visit watchdogresearch.com.

Company Access Details Ticker Held Current GSEF Category Value

Tyson Foods Inc. Watchdogresearch.com/watchdog/$TSN TSN Long 2.90% Mid $740k

Newell Brands Inc. Watchdogresearch.com/watchdog/$NWL NWL Long 2.57% Mid $740k

Philip Morris International Inc. Watchdogresearch.com/watchdog/$PM PM Long 2.44% Mid $820k

Bristol Myers Squibb Co. Watchdogresearch.com/watchdog/$BMY BMY Long 2.24% Mid $689k

Gilead Sciences Inc. Watchdogresearch.com/watchdog/$GILD GILD Long 2.15% Mid $684k

Altria Group, Inc. Watchdogresearch.com/watchdog/$MO MO Long 2.11% Mid $761k

Hanesbrands Inc. Watchdogresearch.com/watchdog/$HBI HBI Long 2.10% Mid $800k

Hp Inc. Watchdogresearch.com/watchdog/$HPQ HPQ Long 1.92% Low $798k

Cardinal Health Inc. Watchdogresearch.com/watchdog/$CAH CAH Long 1.87% Low $686k

Huntington Ingalls Industries, Inc. Watchdogresearch.com/watchdog/$HII HII Long 1.79% Low $840k

Nucor Corp. Watchdogresearch.com/watchdog/$NUE NUE Long 1.65% Low $1.17m

3m Co. Watchdogresearch.com/watchdog/$MMM MMM Long 1.56% Low $785k

Kraft Heinz Co. Watchdogresearch.com/watchdog/$KHC KHC Long 1.50% Low $828k

International Business Machines Corp. (Ibm) Watchdogresearch.com/watchdog/$IBM IBM Long 1.43% Low $825k

Seagate Technology Plc. Watchdogresearch.com/watchdog/$STX STX Long 1.21% Low $979k

Cvs Health Corp. Watchdogresearch.com/watchdog/$CVS CVS Long 1.04% Low $752k

Whirlpool Corp. Watchdogresearch.com/watchdog/$WHR WHR Long 1.04% Low $734k

Robert Half International Inc. Watchdogresearch.com/watchdog/$RHI RHI Long 1.02% Low $870k

International Paper Co. Watchdogresearch.com/watchdog/$IP IP Long 1.01% Low $793k

Evergy, Inc. Watchdogresearch.com/watchdog/$EVRG EVRG Long 0.97% Low $750k

Cf Industries Holdings, Inc. Watchdogresearch.com/watchdog/$CF CF Long 0.97% Low $792k

Kinder Morgan, Inc. Watchdogresearch.com/watchdog/$KMI KMI Long 0.94% Low $795k

Abbvie Inc. Watchdogresearch.com/watchdog/$ABBV ABBV Long 0.92% Low $676k

Snap On Inc. Watchdogresearch.com/watchdog/$SNA SNA Long 0.87% Low $838k

Dow Inc. Watchdogresearch.com/watchdog/$DOW DOW Long 0.86% Low $735k

Walgreens Boots Alliance, Inc. Watchdogresearch.com/watchdog/$WBA WBA Long 0.85% Low $740k

Genuine Parts Co. Watchdogresearch.com/watchdog/$GPC GPC Long 0.84% Low $831k

General Dynamics Corp. Watchdogresearch.com/watchdog/$GD GD Long 0.80% Low $823k

Leggett & Platt Inc. Watchdogresearch.com/watchdog/$LEG LEG Long 0.76% Low $783k

Unum Group Watchdogresearch.com/watchdog/$UNM UNM Long 0.72% Low $747k

At&T Inc. Watchdogresearch.com/watchdog/$T T Long 0.70% Low $662k

Interpublic Group Of Companies, Inc. Watchdogresearch.com/watchdog/$IPG IPG Long 0.68% Low $883k

Western Union Co. Watchdogresearch.com/watchdog/$WU WU Long 0.67% Low $695k

People's United Financial, Inc. Watchdogresearch.com/watchdog/$PBCT PBCT Long 0.66% Low $815k

Nrg Energy, Inc. Watchdogresearch.com/watchdog/$NRG NRG Long 0.63% Low $645k

Dominion Energy Inc. Watchdogresearch.com/watchdog/$D D Long 0.60% Low $677k

Principal Financial Group Inc. Watchdogresearch.com/watchdog/$PFG PFG Long 0.50% Low $789k

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value

Williams Companies Inc. Watchdogresearch.com/watchdog/$WMB WMB Long 0.49% Low $821k

Prudential Financial Inc. Watchdogresearch.com/watchdog/$PRU PRU Long 0.48% Low $828k

Huntington Bancshares Inc. Watchdogresearch.com/watchdog/$HBAN HBAN Long 0.46% Low $688k

Schlumberger Limited Watchdogresearch.com/watchdog/$SLB SLB Long 0.43% Low $876k

Public Service Enterprise Group Inc. Watchdogresearch.com/watchdog/$PEG PEG Long 0.42% Low $684k

Omnicom Group Inc. Watchdogresearch.com/watchdog/$OMC OMC Long 0.38% Low $854k

Lumen Technologies Inc - LUMN Long - NA $813k

Baker Hughes A Ge Co - BHGE Long - NA $689k

Viacomcbs Inc - VIAC Long - NA $659k

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This is a story about four people investing in ETFs. They are named Everybody, Somebody, Anybody and Nobody.

Everybody wanted to buy ETFs because ETFs are such great investments. “Not so fast,” said Somebody. “Nobody should buy an ETF without rst understanding the accounting and disclosure risks for the ETF’s basket of stocks.”

Everybody scoffed: “Don’t be silly! What could go wrong? Let’s just BUY immediately! Somebody at the ETF must have done that work for us.” Anybody explained how Everybody was wrong in their thinking: “Most ETF prospectuses specically say Nobody at the ETF actually does traditional stock risk analysis.” Everybody read many ETF prospectuses, and, sure enough, Anybody was right! So, while Everybody should know the risks before buying an ETF, Nobody was actually doing it.

Until this report was created.

Watchdog Research, Inc. educates investors on accounting and disclosure risks.

Full Watchdog and Gray Swan Event Factor Reports offer in-depth information about identied risks. See more about Watchdog Research Inc. and available subscriptions below.

Watchdog Research, Inc. is an independent research organization that does not make "buy", "sell" or "hold" recommendations and does not trade in public stocks.

About Watchdog Research, Inc.

Watchdog Research, Inc. is an independent research provider and publisher of Watchdog Reports.

Watchdog Research analysts track gray swan events and critical disclosures for over 4,500 public companies. Gray swan events are reliably predictable, yet infrequent disclosures that expose a company's failures in accounting, internal controls, management integrity and which negatively impact stock prices or increase probabilities for a lawsuit.

Watchdog Reports identify red ags, issues, and other anomalies in nancial reporting. The reports contain warning signs, red ags, material disclosures, and peer analysis for use in valuation, risk analysis, due diligence research, and idea generation. Watchdog Reports are designed to assist investment professionals fulll their duciary or suitability obligations and to help investors, executives, board members, regulators and educators learn what they need to know about publicly traded companies.

Watchdog Research, Inc. is headquartered in Ave Maria, FL, and it utilizes over 75 specialists and analysts to provide accurate and timely information to its readers. So far, it has delivered 300,000 public company reports to over 27,000 individuals, from over 9,000 investment rms and to 4,000+ public company corporate board members.

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An annual subscription to Watchdog Reports costs $5,000 per year per individual subscriber (group subscription rates available). Subscriptions provide unlimited access to 4,500+ public company Watchdog Reports. Reports are updated weekly. A subscription can also entitle users to download the reports weekly on Factset, Renitiv (ex Thomson Reuters), Capital IQ or other platforms. Each company Watchdog Report identies red and yellow ags, issues and other risks for the named company. A full report includes in-depth details and lists original SEC lings and source documents. Reports contain warning signs, attention ags, material disclosures, and peer analysis for use in valuation, risk analysis, due diligence research, and D&O insurance underwriting.

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An annual subscription to our Gray Swan Event Factor Reports costs $8,000 per year per individual subscriber (group subscription rates available). A GSEF annual subscription automatically includes a subscription to our Watchdog Reports. The GSEF is a forward looking valuation factor. It identies the percent a stock’s price is overstated when accounting for the likelihood of a future negative accounting or disclosure event. These risks are dicult to quantify and tend to be ignored or disregarded as negligible. However, they often lead to substantial losses with each underlying stock. Before buying, selling or recommending a stock, anyone with a duciary or suitability obligation should review the stock’s Gray Swan Event Factor to quantify the stock’s potential losses for future accounting and disclosure risks. GSEF Reports are updated weekly on our website and quarterly on Factset, Renitiv (ex Thomson Reuters), Capital IQ and other platforms. The full paid version includes detailed break-outs of contributing risk factors, with links to original source materials.

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