DMDV — AAM S&P Developed Markets High Dividend Value ETF

DMDV Fund Overview

DMDV — AAM S&P Developed Markets High Dividend Value ETF is a US ETF managed by ETF Series Solutions, categorised as Europe Multi-Cap / All-Cap Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: ETF Series Solutions
• Category: Europe Multi-Cap / All-Cap Value Equity
• Assets under management: $2.06M
• 1-year return: 8.2%
• Ticker: DMDV
• SEC CIK: 0001540305
• SEC series ID: S000063481
• Share class ID: C000205668

DMDV Investment Objective and Strategy

AAM S&P Developed Markets High Dividend Value ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by ETF Series Solutions.

Investment objective

The AAM S&P Developed Markets High Dividend Value ETF (the Fund) seeks to track the total return performance, before fees and expenses, of the S&P Developed Ex-U.S. Dividend and Free Cash Flow Yield Index (the Index).

Principal investment strategy

The Fund uses a passive management (or indexing) approach to track the total return performance, before fees and expenses, of the Index. The Index is a rules-based, equal-weighted index that is designed to provide exposure to the constituents of the S&P Developed BMI Ex-U.S. & Korea LargeMidcap Index (the BMI Index) that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining diversified sector exposure. The Index was developed in 2018 by S&P Dow Jones Indices, a division of S&P Global. S&P Developed Ex-U.S. Dividend and Free Cash Flow Yield Index The Index is designed to provide exposure to a subset of the constituents of the BMI Index. The BMI Index is a comprehensive benchmark including stocks from developed markets excluding the United States and Korea.

The BMI Index includes equity securities that are listed in Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom (collectively, the Developed ex-U.S. & Korea Markets). Construction of the Index begins with the universe of equity securities that are included in the BMI Index, have a minimum float-adjusted market capitalization of US$1 billion, and have a median daily traded value of at least US$5 million. For each equity security in the BMI Index, the securitys dividend yield and free-cash-flow yield (i.e., a companys cash flow from operations less capital expenditures divided by its market capitalization) are then adjusted to account for outliers.

If a securitys dividend yield or free-cash-flow yield is in the top or bottom 2.5% of the BMI Index, the dividend yield or free-cash-flow yield, as applicable, for such security is replaced with the dividend yield or free-cash-flow yield of the security nearest to such top or bottom 2.5% threshold. The universe is then screened to keep only equity securities with a positive realized dividend yield (i.e., yield based on the total dividends paid for the most recent 12-month period) and free-cash-flow yield. These remaining securities are referred to as the Selection Pool. For each security in the Selection Pool, the securitys dividend yield or free-cash-flow yield are then scored using a statistical normalization model (i.e., a tool to compare how close each yield is to the average yield for the Selection Pool) to assign a dividend yield score and free-cash-flow yield score from zero to one for each company.

The equity securities in the Selection Pool are then ranked by the product of their dividend yield score and free-cash-flow yield score, and the top five scoring securities are selected from each of the eleven sectors for a total of 55 securities (collectively, the Index Constituents). The Index uses Standard & Poors Global Industry Classification Standards to define companies within one of the following sectors: communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities. Fewer than five securities may be selected if there are fewer than five securities in the Selection Pool for a given sector. At the time of each reconstitution of the Index, up to 25% of the Indexs weight (i.e., 13 stocks) may be from any individual country.

The Index is reconstituted (i.e., Index Constituents are added or deleted and weights are reset to equal-weight) semi-annually after the close of the third business day in January and July. At the time of each reconstitution of the Index, Index Constituents are added or deleted based on company data as of the last business day of December and June, respectively, and the Index Constituents are equally-weighted based on closing prices as of five business days prior to the last business day of the reconstitution month. If an Index Constituent is removed from the BMI Index, such security will simultaneously be removed from the Index. Additions to the Index Constituents only take place during the semi-annual reconstitutions. If multiple share classes of a single company qualify for inclusion in the Index, only the share class with the highest liquidity, measured by median daily value traded, is selected.

The Funds Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Funds total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index and depositary receipts representing Index components. The Funds investment adviser expects that, over time, the correlation between the Funds performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a replication strategy to achieve its investment objective, meaning the Fund generally will invest in all of the component securities of the Index in approximately the same proportions as in the Index. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Funds sub-adviser believes it is in the best interests of the Fund ( e.g.

, when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Funds sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index.

DMDV Holdings

Top 10 holdings of AAM S&P Developed Markets High Dividend Value ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all DMDV holdings

DMDV Portfolio Allocation

Asset-class allocation of AAM S&P Developed Markets High Dividend Value ETF by percentage of net assets, from the latest SEC N-PORT filing.

DMDV Performance

Total returns for DMDV (as of 2026-10-01), from SEC filings.

DMDV Risk Information

Risk metrics for DMDV, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 16.1%

DMDV Costs and Fees

DMDV costs about $39 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.39%
• Gross expense ratio: 0.39%
• Portfolio turnover: 93%
• Brokerage commissions: 10.84 bps of average net assets (SEC N-CEN)

DMDV Cashflows

Over the 12 months to 2024-07, AAM S&P Developed Markets High Dividend Value ETF had net inflows of $212.15K, from monthly SEC N-PORT filings.

DMDV Debt Constituents

No individual debt constituents are reported in AAM S&P Developed Markets High Dividend Value ETF's latest SEC N-PORT filing.

DMDV Prospectus and SEC Filings

Official AAM S&P Developed Markets High Dividend Value ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2024-02-26
• Prospectus (485BPOS) — filed 2023-02-24
• Prospectus (485BPOS) — filed 2022-02-24
• Portfolio holdings (N-PORT) — filed 2024-09-30
• Portfolio holdings (N-PORT) — filed 2024-06-13
• Portfolio holdings (N-PORT) — filed 2024-04-01
• Annual census (N-CEN) — filed 2024-01-16
• Annual census (N-CEN) — filed 2023-01-17

Related Funds

Other Europe Multi-Cap / All-Cap Value Equity funds tracked on ABC INVEST:

• iShares MSCI EAFE Value ETF (EFV)
• Fidelity SAI International Value Index Fund (FIWCX)
• Franklin International Core Dividend Tilt Index ETF (DIVI)
• Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)
• WisdomTree Dynamic Currency Hedged International Equity Fund (DDWM)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.