Vident’s proprietary investment philosophy is expressed through distinct fundamentals that we believe should be top of mind when it comes to investing. These fundamentals are woven through the construction of the USREX – U.S. Diversified Real Estate Index™ (USREX) and the U.S. Diversified Real Estate ETF that tracks it. The application of Vident’s investment methodology seeks to produce a portfolio that emphasizes four primary factors — location, property type, leverage, and governance – while employing a rules-based methodology that seeks to generate diversified exposure to the liquid U.S. real estate market.
08/14/2026
LOCATION
We believe location is a key driver of real estate performance. The index employs stable property allocation targets to obtain diversified geographic exposure that favors dynamic, high-growth, and productive areas in the U.S.
U.S. PROPERTY TYPE
Apartment or office? Industrial or retail? Differences between property types matter. Fixed allocations seek to ensure diversification and balance across total assets and companies.
LEVERAGE
In our opinion, the responsible use of leverage can enhance returns, but too much debt is concerning. The index favors companies with prudent leverage and optimizes the portfolio to direct capital away from highly levered companies.
GOVERNANCE
The governance factor model is used to avoid certain real estate risks. The index considers alignment between shareholder and management, derivation of revenue, and other governance indicators. Firms with significant governance risks are excluded from the portfolio.
| index | Month End Performance (As of 07/31/2026) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | 1 Month | 1.75% | 1.69% |
| 2 | 3 Month | 7.41% | 7.57% |
| 3 | Year To Date | 16.64% | 16.63% |
| 4 | Since Inception* | 83.77% | 84.01% |
| 5 | Average Annual | ||
| 6 | 1 Year | 19.53% | 19.69% |
| 7 | 3 Year | 8.56% | 8.61% |
| 8 | 5 Year | 2.65% | 2.68% |
| 9 | 10 Year | 0.00% | 0.00% |
| 10 | Since Inception* | 7.56% | 7.58% |
| index | Quarter End Performance (As of 06/30/2026) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | Quarter | 14.45% | 14.68% |
| 2 | Year To Date | 14.63% | 14.69% |
| 3 | Since Inception* | 80.62% | 80.95% |
| 4 | Average Annual | ||
| 5 | 1 Year | 15.58% | 15.84% |
| 6 | 3 Year | 9.43% | 9.52% |
| 7 | 5 Year | 3.39% | 3.42% |
| 8 | 10 Year | 0.00% | 0.00% |
| 9 | Since Inception* | 7.42% | 7.44% |
*Fund Inception Date: 3/26/2018
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Short term performance is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.
As of DATE
| index | Name | Ticker | CUSIP or Other Identifier | Weight | Shares |
|---|---|---|---|---|---|
| 0 | Equinix Inc | EQIX | 29444U700 | 4.43% | 1,023 |
| 1 | Four Corners Property Trust Inc | FCPT | 35086T109 | 4.03% | 40,694 |
| 2 | Prologis Inc | PLD | 74340W103 | 3.98% | 7,190 |
| 3 | AvalonBay Communities Inc | AVB | 053484101 | 3.86% | 5,347 |
| 4 | Digital Realty Trust Inc | DLR | 253868103 | 3.76% | 4,791 |
| 5 | Welltower Inc | WELL | 95040Q104 | 3.07% | 3,318 |
| 6 | Equity Residential | EQR | 29476L107 | 3.01% | 11,628 |
| 7 | Kilroy Realty Corp | KRC | 49427F108 | 2.79% | 19,592 |
| 8 | American Homes 4 Rent | AMH | 02665T306 | 2.64% | 19,706 |
| 9 | Simon Property Group Inc | SPG | 828806109 | 2.61% | 3,024 |
| 10 | Easterly Government Properties Inc | DEA | 27616P301 | 2.55% | 26,159 |
| 11 | Terreno Realty Corp | TRNO | 88146M101 | 2.54% | 9,476 |
| 12 | BXP Inc | BXP | 101121101 | 2.26% | 8,422 |
| 13 | UDR Inc | UDR | 902653104 | 2.10% | 14,129 |
| 14 | Marriott International Inc/MD | MAR | 571903202 | 2.09% | 1,493 |
| 15 | Mid-America Apartment Communities Inc | MAA | 59522J103 | 2.08% | 3,971 |
| 16 | Essex Property Trust Inc | ESS | 297178105 | 2.06% | 1,825 |
| 17 | Highwoods Properties Inc | HIW | 431284108 | 2.00% | 16,462 |
| 18 | Alexandria Real Estate Equities Inc | ARE | 015271109 | 1.97% | 10,404 |
| 19 | STAG Industrial Inc | STAG | 85254J102 | 1.87% | 12,944 |
| 20 | WP Carey Inc | WPC | 92936U109 | 1.84% | 6,555 |
| 21 | Hilton Worldwide Holdings Inc | HLT | 43300A203 | 1.79% | 1,391 |
| 22 | Camden Property Trust | CPT | 133131102 | 1.69% | 3,892 |
| 23 | EastGroup Properties Inc | EGP | 277276101 | 1.59% | 1,999 |
| 24 | Innovative Industrial Properties Inc | IIPR | 45781V101 | 1.58% | 7,196 |
| 25 | COPT Defense Properties | CDP | 22002T108 | 1.57% | 10,856 |
| 26 | Federal Realty Investment Trust | FRT | 313745101 | 1.47% | 3,158 |
| 27 | Cousins Properties Inc | CUZ | 222795502 | 1.46% | 12,534 |
| 28 | Regency Centers Corp | REG | 758849103 | 1.46% | 4,839 |
| 29 | LXP INDUSTRIAL TRUST | LXP | 529043408 | 1.40% | 5,898 |
| 30 | Vornado Realty Trust | VNO | 929042109 | 1.35% | 8,814 |
| 31 | Independence Realty Trust Inc | IRT | 45378A106 | 1.29% | 19,367 |
| 32 | Kimco Realty Corp | KIM | 49446R109 | 1.19% | 12,395 |
| 33 | First Industrial Realty Trust Inc | FR | 32054K103 | 1.18% | 4,783 |
| 34 | Acadia Realty Trust | AKR | 004239109 | 1.13% | 13,868 |
| 35 | Ventas Inc | VTR | 92276F100 | 1.07% | 2,968 |
| 36 | Brixmor Property Group Inc | BRX | 11120U105 | 1.03% | 8,742 |
| 37 | Invitation Homes Inc | INVH | 46187W107 | 1.01% | 8,517 |
| 38 | Public Storage | PSA | 74460D109 | 0.98% | 764 |
| 39 | Sun Communities Inc | SUI | 866674104 | 0.93% | 1,929 |
| 40 | Getty Realty Corp | GTY | 374297109 | 0.84% | 6,431 |
| 41 | Equity LifeStyle Properties Inc | ELS | 29472R108 | 0.83% | 3,217 |
| 42 | Phillips Edison & Co Inc | PECO | 71844V201 | 0.82% | 5,203 |
| 43 | Agree Realty Corp | ADC | 008492100 | 0.79% | 2,709 |
| 44 | Kite Realty Group Trust | KRG | 49803T300 | 0.79% | 7,576 |
| 45 | Tanger Inc | SKT | 875465106 | 0.78% | 5,184 |
| 46 | Extra Space Storage Inc | EXR | 30225T102 | 0.71% | 1,221 |
| 47 | Realty Income Corp | O | 756109104 | 0.69% | 2,801 |
| 48 | Empire State Realty Trust Inc | ESRT | 292104106 | 0.64% | 34,543 |
| 49 | Hyatt Hotels Corp | H | 448579102 | 0.63% | 886 |
| 50 | DigitalBridge Group Inc | DBRG | 25401T603 | 0.57% | 9,103 |
| 51 | Host Hotels & Resorts Inc | HST | 44107P104 | 0.57% | 6,354 |
| 52 | Omega Healthcare Investors Inc | OHI | 681936100 | 0.51% | 2,770 |
| 53 | InvenTrust Properties Corp | IVT | 46124J201 | 0.46% | 3,509 |
| 54 | Ryman Hospitality Properties Inc | RHP | 78377T107 | 0.46% | 943 |
| 55 | American Healthcare REIT Inc | AHR | 398182303 | 0.41% | 1,941 |
| 56 | Wyndham Hotels & Resorts Inc | WH | 98311A105 | 0.41% | 1,409 |
| 57 | American Assets Trust Inc | AAT | 024013104 | 0.38% | 4,209 |
| 58 | Choice Hotels International Inc | CHH | 169905106 | 0.37% | 894 |
| 59 | CareTrust REIT Inc | CTRE | 14174T107 | 0.37% | 2,452 |
| 60 | Apple Hospitality REIT Inc | APLE | 03784Y200 | 0.36% | 5,698 |
| 61 | Healthcare Realty Trust Inc | HR | 42226K105 | 0.36% | 4,702 |
| 62 | CubeSmart | CUBE | 229663109 | 0.35% | 2,138 |
| 63 | Sabra Health Care REIT Inc | SBRA | 78573L106 | 0.35% | 4,368 |
| 64 | DiamondRock Hospitality Co | DRH | 252784301 | 0.33% | 6,731 |
| 65 | National Health Investors Inc | NHI | 63633D104 | 0.31% | 1,094 |
| 66 | Sunstone Hotel Investors Inc | SHO | 867892101 | 0.31% | 7,281 |
| 67 | UMH Properties Inc | UMH | 903002103 | 0.31% | 4,904 |
| 68 | National HealthCare Corp | NHC | 635906100 | 0.30% | 343 |
| 69 | HEALTHPEAK PROPERTIES INC. | DOC | 42250P103 | 0.29% | 3,542 |
| 70 | LTC Properties Inc | LTC | 502175102 | 0.29% | 1,863 |
| 71 | SL Green Realty Corp | SLG | 78440X887 | 0.27% | 1,221 |
| 72 | Cash & Other | Cash&Other | Cash&Other | 0.12% | 29,606 |
| 73 | Alexanders Inc | ALX | 014752109 | 0.11% | 100 |
| 74 | Broadstone Net Lease Inc | BNL | 11135E203 | 0.10% | 1,211 |
| 75 | Centerspace | CSR | 15202L107 | 0.10% | 472 |
| 76 | Douglas Emmett Inc | DEI | 25960P109 | 0.10% | 2,202 |
| 77 | Essential Properties Realty Trust Inc | EPRT | 29670E107 | 0.10% | 823 |
| 78 | Macerich Co/The | MAC | 554382101 | 0.10% | 997 |
| 79 | NNN REIT Inc | NNN | 637417106 | 0.10% | 538 |
| 80 | NETSTREIT Corp | NTST | 64119V303 | 0.10% | 1,206 |
| 81 | Piedmont Realty Trust Inc | PDM | 720190206 | 0.10% | 2,749 |
| 82 | Rexford Industrial Realty Inc | REXR | 76169C100 | 0.10% | 682 |
| 83 | Urban Edge Properties | UE | 91704F104 | 0.10% | 1,144 |
| 84 | Xenia Hotels & Resorts Inc | XHR | 984017103 | 0.09% | 1,212 |
| 85 | JBG SMITH Properties | JBGS | 46590V100 | 0.08% | 1,840 |
| 86 | U.S. Bank Money Market Deposit Account 06/01/2031 | USBFS03 | 8AMMF0A84 | 0.04% | 9,928 |
As of DATE
As of DATE
| index | Name | Weight |
|---|---|---|
| 0 | Multi-Family Residential REITs | 15.92% |
| 1 | Office REITs | 15.45% |
| 2 | Retail REITs | 15.00% |
| 3 | Industrial REITs | 14.47% |
| 4 | Health Care REITs | 9.14% |
| 5 | Data Center REITs | 7.51% |
| 6 | Single-Family Residential REITs | 5.53% |
| 7 | Hotels, Resorts & Cruise Lines | 5.25% |
| 8 | Other Specialized REITs | 4.02% |
| 9 | Diversified REITs | 2.44% |
| 10 | Hotel & Resort REITs | 2.24% |
| 11 | Self-Storage REITs | 1.99% |
| 12 | Asset Management & Custody Banks | 0.56% |
| 13 | Health Care Facilities | 0.30% |
| 14 | Money Market Deposit Account | 0.18% |
As of DATE
As of DATE
| index | Ex-Dividend Date | Income | ST Cap Gains | MD Cap Gains | LT Cap Gains |
|---|---|---|---|---|---|
| 0 | 07/16/2026 | 0.293587530 | |||
| 1 | 04/16/2026 | 0.254282030 | |||
| 2 | 10/21/2025 | 0.303784420 | |||
| 3 | 07/17/2025 | 0.310831060 | |||
| 4 | 04/16/2025 | 0.300089690 | |||
| 5 | 10/16/2024 | 0.544170460 | |||
| 6 | 07/16/2024 | 0.271142530 | |||
| 7 | 04/16/2024 | 0.240887590 | |||
| 8 | 12/15/2023 | 0.291009660 | |||
| 9 | 10/17/2023 | 0.303018850 | |||
| 10 | 07/11/2023 | 0.298152720 | |||
| 11 | 04/11/2023 | 0.341218040 | |||
| 12 | 12/16/2022 | 0.2681998 | |||
| 13 | 10/18/2022 | 0.36100839 | |||
| 14 | 07/19/2022 | 0.28340514 | |||
| 15 | 04/19/2022 | 0.29128418 | |||
| 16 | 12/30/2021 | 0.28264844 | |||
| 17 | 12/17/2021 | 0.04984024 | |||
| 18 | 10/19/2021 | 0.26184459 | |||
| 19 | 07/20/2021 | 0.26397021 | |||
| 20 | 04/20/2021 | 0.27559982 | |||
| 21 | 12/18/2020 | 0.24391827 | |||
| 22 | 10/20/2020 | 0.25226808 | |||
| 23 | 07/21/2020 | 0.19973977 | |||
| 24 | 04/21/2020 | 0.30084733 | |||
| 25 | 12/19/2019 | 0.25217751 | |||
| 26 | 10/15/2019 | 0.29728635 | |||
| 27 | 07/16/2019 | 0.26251215 | |||
| 28 | 04/09/2019 | 0.20977681 | |||
| 29 | 03/19/2019 | 0.05033794 | |||
| 30 | 12/19/2018 | 0.03715127 | 0.04776 | 0.02467085 | |
| 31 | 09/18/2018 | 0.029251481 | |||
| 32 | 06/19/2018 | 0.012199864 |
