CRN: 2020-0221-8048 R
QE represents Quantitative Easing. MLPs represents Master Limited Partnerships, REITs represents Real Estate Investment Trusts.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity within the meaning of the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisers.

The funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus for each fund contains this and other important information about the investment company, and it may be obtained by calling 800.617.0004 or visiting www.aamlive.com. Read it carefully before investing.

Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results. Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may be only be acquired or redeemed from the fund in creation units. Brokerage commissions will reduce returns. Companies with high yield or payout ratio may underperform other securities in certain market conditions and reduce or discontinue paying dividends entirely while included in the index. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for emerging markets investments. Investments in mid-cap companies may involve less liquidity and greater volatility than larger companies. The Fund’s return may not match or achieve a high degree of correlation with the return of the underlying Index. To the extent the Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if the Fund had sought to replicate the Index.

Index performance is not indicative of fund performance. To obtain fund performance, call 800.617.0004 or visit aamlive.com.

References to other funds should not be interpreted as an offer of these securities. Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security. An investment cannot be made directly in an index. Diversification does not assure a profit or protect against a loss in a declining market. Companies with high yields or payout ratios may underperform other securities in certain market conditions and reduce or discontinue paying dividends entirely while included in the index.

Definitions

Alpha measures the excess return of an investment relative to a benchmark index. Basis points are 0.01 percent of 1 percent. Bond yield is the return an investor realizes on a bond. The simplest way to calculate a bond yield is to divide its coupon payment by the fact value of the bond. Cash flow is the net amount of cash and cash-equivalents moving into and out of a business. Correlation is a statistical measure of how two variables move in relation to each other with coefficients ranging from +1 to -1. A correlation coefficient of +1 implies that as one variable moves, the other will move in exact lockstep. Alternatively, a correlation coefficient of -1 implies that if one variable moves, the other moves in the same amount in the opposite direction. If the correlation is 0, the movements of the variables are completely random. A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity. Dividend yield is a stock’s annual dividend relative to the stock price. Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. It measures how long it takes, in years, for an investor to be repaid the bond’s price by the bond’s total cash flows. Earnings per share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock. Earnings per share serve as an indicator of a company’s profitability. Free cash flow is the excess cash that a business has after paying all of the operations and capital expenditures. Free cash flow yield is a stock’s free cash flow per share relative to the stock price. The price/earnings ratio (often shortened to the P/E ratio or the PER) is the ratio of a company’s stock price to the company’s earnings per share. A special purpose acquisition company (SPAC) is a publicly-traded company created for the purpose of acquiring or merging with an existing company. A yield curve is a graph in which the yield of fixed-interest securities with equal credit quality is plotted against the length of time to maturity from shortest to longest.

Index Definitions:

The Bloomberg US Aggregate Bond Index is an unmanaged, broad based index of U.S. dollar denominated, investment grade, fixed rate taxable bonds with at least $250 million par amount outstanding and at least one year to final maturity.

The Consumer Price Index (CPI) is released by the Bureau of Labor Statistics as a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Dow Jones Industrial Average (DJIA or Dow) is a price weighted average of 30 actively traded blue-chip stocks. DJIA covers all industries with the exception of transportation and utilities.

MSCI Emerging Markets are represented by 25 countries including Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The Nasdaq Composite Index (Nasdaq) is a market capitalization-weighted index of more than 3,700 stocks listed on the Nasdaq stock exchange. It is a broad index heavily weighted toward the technology sector.

S&P 500 Index is an unmanaged market capitalization weighted index used to measure 500 companies chosen for market size, liquidity and industry grouping, among other factors.