AAM S&P Emerging Markets High Dividend Value ETF(AMEX:EEMD)

EEMD is a concentrated portfolio of emerging-market stocks, focusing on high, sustainable dividend yield and value characteristics. Eligible large- and mid-cap securities are scored by a combination of dividend yield and free-cash-flow yield, with limits on outlier values. Securities with negative values for either yield metric are eliminated. The equal-weighted portfolio includes the five highest-scoring securities in each GICS sector. Equal weighting avoids the sector biases that can arise from this type of strategy, but this also means that EEMD tends to underweight the largest sectors in the emerging-market spacetech and financials. The index is reconstituted and rebalanced semi-annually.