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.
02/06/2026
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 01/31/2026) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | 1 Month | 1.91% | 1.81% |
| 2 | 3 Month | 3.12% | 3.06% |
| 3 | Year To Date | 1.91% | 1.81% |
| 4 | Since Inception* | 60.58% | 60.62% |
| 5 | Average Annual | ||
| 6 | 1 Year | -1.89% | -1.86% |
| 7 | 3 Year | 3.27% | 3.29% |
| 8 | 5 Year | 4.98% | 4.93% |
| 9 | 10 Year | 0.00% | 0.00% |
| 10 | Since Inception* | 6.22% | 6.22% |
| index | Quarter End Performance (As of 12/31/2025) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | Quarter | -2.01% | -1.90% |
| 2 | Year To Date | -3.82% | -3.48% |
| 3 | Since Inception* | 57.56% | 57.77% |
| 4 | Average Annual | ||
| 5 | 1 Year | -3.82% | -3.48% |
| 6 | 3 Year | 6.07% | 6.11% |
| 7 | 5 Year | 4.34% | 4.38% |
| 8 | 10 Year | 0.00% | 0.00% |
| 9 | Since Inception* | 6.03% | 6.05% |
*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 | Prologis Inc | PLD | 74340W103 | 4.13% | 8,544 |
| 1 | Equinix Inc | EQIX | 29444U700 | 4.07% | 1,359 |
| 2 | Four Corners Property Trust Inc | FCPT | 35086T109 | 4.04% | 45,210 |
| 3 | AvalonBay Communities Inc | AVB | 053484101 | 3.62% | 5,903 |
| 4 | Digital Realty Trust Inc | DLR | 253868103 | 3.57% | 5,896 |
| 5 | Equity Residential | EQR | 29476L107 | 2.94% | 13,034 |
| 6 | Kilroy Realty Corp | KRC | 49427F108 | 2.93% | 23,694 |
| 7 | Welltower Inc | WELL | 95040Q104 | 2.83% | 4,094 |
| 8 | Simon Property Group Inc | SPG | 828806109 | 2.81% | 3,996 |
| 9 | Terreno Realty Corp | TRNO | 88146M101 | 2.77% | 11,890 |
| 10 | Alexandria Real Estate Equities Inc | ARE | 015271109 | 2.46% | 12,464 |
| 11 | American Homes 4 Rent | AMH | 02665T306 | 2.24% | 20,618 |
| 12 | Marriott International Inc/MD | MAR | 571903202 | 2.19% | 1,864 |
| 13 | WP Carey Inc | WPC | 92936U109 | 2.12% | 8,442 |
| 14 | Highwoods Properties Inc | HIW | 431284108 | 2.11% | 22,944 |
| 15 | Easterly Government Properties Inc | DEA | 27616P301 | 2.04% | 23,925 |
| 16 | STAG Industrial Inc | STAG | 85254J102 | 2.04% | 14,712 |
| 17 | Essex Property Trust Inc | ESS | 297178105 | 2.02% | 2,216 |
| 18 | UDR Inc | UDR | 902653104 | 2.02% | 15,232 |
| 19 | Hilton Worldwide Holdings Inc | HLT | 43300A203 | 1.80% | 1,626 |
| 20 | Mid-America Apartment Communities Inc | MAA | 59522J103 | 1.80% | 3,857 |
| 21 | COPT Defense Properties | CDP | 22002T108 | 1.79% | 15,616 |
| 22 | EastGroup Properties Inc | EGP | 277276101 | 1.62% | 2,424 |
| 23 | Regency Centers Corp | REG | 758849103 | 1.61% | 6,081 |
| 24 | Independence Realty Trust Inc | IRT | 45378A106 | 1.60% | 27,319 |
| 25 | Innovative Industrial Properties Inc | IIPR | 45781V101 | 1.58% | 9,230 |
| 26 | Federal Realty Investment Trust | FRT | 313745101 | 1.57% | 4,203 |
| 27 | Camden Property Trust | CPT | 133131102 | 1.53% | 4,060 |
| 28 | Cousins Properties Inc | CUZ | 222795502 | 1.51% | 16,664 |
| 29 | Vornado Realty Trust | VNO | 929042109 | 1.47% | 13,305 |
| 30 | BXP Inc | BXP | 101121101 | 1.41% | 6,169 |
| 31 | Kimco Realty Corp | KIM | 49446R109 | 1.31% | 17,024 |
| 32 | Acadia Realty Trust | AKR | 004239109 | 1.27% | 17,185 |
| 33 | LXP INDUSTRIAL TRUST | LXP | 529043408 | 1.27% | 6,979 |
| 34 | Ventas Inc | VTR | 92276F100 | 1.22% | 4,177 |
| 35 | First Industrial Realty Trust Inc | FR | 32054K103 | 1.20% | 5,669 |
| 36 | Empire State Realty Trust Inc | ESRT | 292104106 | 0.93% | 38,937 |
| 37 | Kite Realty Group Trust | KRG | 49803T300 | 0.92% | 10,538 |
| 38 | Public Storage | PSA | 74460D109 | 0.92% | 908 |
| 39 | Phillips Edison & Co Inc | PECO | 71844V201 | 0.90% | 6,778 |
| 40 | Getty Realty Corp | GTY | 374297109 | 0.88% | 8,112 |
| 41 | Invitation Homes Inc | INVH | 46187W107 | 0.88% | 9,438 |
| 42 | Sun Communities Inc | SUI | 866674104 | 0.88% | 1,975 |
| 43 | Agree Realty Corp | ADC | 008492100 | 0.87% | 3,286 |
| 44 | Tanger Inc | SKT | 875465106 | 0.87% | 7,342 |
| 45 | Equity LifeStyle Properties Inc | ELS | 29472R108 | 0.80% | 3,482 |
| 46 | Extra Space Storage Inc | EXR | 30225T102 | 0.70% | 1,422 |
| 47 | Realty Income Corp | O | 756109104 | 0.70% | 3,143 |
| 48 | Hyatt Hotels Corp | H | 448579102 | 0.66% | 1,149 |
| 49 | Omega Healthcare Investors Inc | OHI | 681936100 | 0.62% | 3,925 |
| 50 | Host Hotels & Resorts Inc | HST | 44107P104 | 0.60% | 8,854 |
| 51 | InvenTrust Properties Corp | IVT | 46124J201 | 0.50% | 4,670 |
| 52 | American Healthcare REIT Inc | AHR | 398182303 | 0.48% | 2,795 |
| 53 | Brixmor Property Group Inc | BRX | 11120U105 | 0.48% | 4,811 |
| 54 | DigitalBridge Group Inc | DBRG | 25401T603 | 0.47% | 8,557 |
| 55 | CareTrust REIT Inc | CTRE | 14174T107 | 0.46% | 3,353 |
| 56 | Ryman Hospitality Properties Inc | RHP | 78377T107 | 0.46% | 1,343 |
| 57 | Wyndham Hotels & Resorts Inc | WH | 98311A105 | 0.41% | 1,519 |
| 58 | Choice Hotels International Inc | CHH | 169905106 | 0.40% | 1,038 |
| 59 | National Health Investors Inc | NHI | 63633D104 | 0.40% | 1,333 |
| 60 | National HealthCare Corp | NHC | 635906100 | 0.38% | 658 |
| 61 | Sabra Health Care REIT Inc | SBRA | 78573L106 | 0.37% | 5,512 |
| 62 | CubeSmart | CUBE | 229663109 | 0.36% | 2,651 |
| 63 | Apple Hospitality REIT Inc | APLE | 03784Y200 | 0.35% | 8,085 |
| 64 | LTC Properties Inc | LTC | 502175102 | 0.35% | 2,637 |
| 65 | Sila Realty Trust Inc | SILA | 146280508 | 0.33% | 3,697 |
| 66 | DiamondRock Hospitality Co | DRH | 252784301 | 0.32% | 9,586 |
| 67 | Sunstone Hotel Investors Inc | SHO | 867892101 | 0.32% | 9,889 |
| 68 | UMH Properties Inc | UMH | 903002103 | 0.29% | 5,089 |
| 69 | Alexander & Baldwin Inc | ALEX | 014491104 | 0.21% | 2,872 |
| 70 | HEALTHPEAK PROPERTIES INC. | DOC | 42250P103 | 0.21% | 3,525 |
| 71 | Veris Residential Inc | VRE | 554489104 | 0.14% | 2,387 |
| 72 | Broadstone Net Lease Inc | BNL | 11135E203 | 0.13% | 1,931 |
| 73 | Urban Edge Properties | UE | 91704F104 | 0.11% | 1,435 |
| 74 | American Assets Trust Inc | AAT | 024013104 | 0.10% | 1,523 |
| 75 | Alexanders Inc | ALX | 014752109 | 0.10% | 112 |
| 76 | Centerspace | CSR | 15202L107 | 0.10% | 428 |
| 77 | Douglas Emmett Inc | DEI | 25960P109 | 0.10% | 2,614 |
| 78 | Essential Properties Realty Trust Inc | EPRT | 29670E107 | 0.10% | 911 |
| 79 | Global Net Lease Inc | GNL | 379378201 | 0.10% | 2,911 |
| 80 | Healthcare Realty Trust Inc | HR | 42226K105 | 0.10% | 1,643 |
| 81 | JBG SMITH Properties | JBGS | 46590V100 | 0.10% | 1,632 |
| 82 | NNN REIT Inc | NNN | 637417106 | 0.10% | 652 |
| 83 | NETSTREIT Corp | NTST | 64119V303 | 0.10% | 1,518 |
| 84 | Piedmont Realty Trust Inc | PDM | 720190206 | 0.10% | 3,305 |
| 85 | Rexford Industrial Realty Inc | REXR | 76169C100 | 0.10% | 698 |
| 86 | Xenia Hotels & Resorts Inc | XHR | 984017103 | 0.10% | 1,849 |
| 87 | SL Green Realty Corp | SLG | 78440X887 | 0.09% | 612 |
| 88 | U.S. Bank Money Market Deposit Account 06/01/2031 | USBFS03 | 8AMMF0A84 | 0.07% | 18,885 |
| 89 | Cash & Other | Cash&Other | Cash&Other | -0.03% | -9,029 |
As of DATE
As of DATE
| index | Name | Weight |
|---|---|---|
| 0 | Industrial REITs | 15.91% |
| 1 | Retail REITs | 15.44% |
| 2 | Multi-Family Residential REITs | 15.37% |
| 3 | Office REITs | 13.87% |
| 4 | Health Care REITs | 9.93% |
| 5 | Data Center REITs | 6.99% |
| 6 | Hotels, Resorts & Cruise Lines | 5.61% |
| 7 | Single-Family Residential REITs | 5.10% |
| 8 | Other Specialized REITs | 3.56% |
| 9 | Diversified REITs | 2.81% |
| 10 | Hotel & Resort REITs | 2.21% |
| 11 | Self-Storage REITs | 1.80% |
| 12 | Asset Management & Custody Banks | 0.68% |
| 13 | Health Care Facilities | 0.42% |
| 14 | Money Market Deposit Account | 0.30% |
As of DATE
As of DATE
| index | Ex-Dividend Date | Income | ST Cap Gains | MD Cap Gains | LT Cap Gains |
|---|---|---|---|---|---|
| 0 | 10/21/2025 | 0.303784420 | |||
| 1 | 07/17/2025 | 0.310831060 | |||
| 2 | 04/16/2025 | 0.300089690 | |||
| 3 | 10/16/2024 | 0.544170460 | |||
| 4 | 07/16/2024 | 0.271142530 | |||
| 5 | 04/16/2024 | 0.240887590 | |||
| 6 | 12/15/2023 | 0.291009660 | |||
| 7 | 10/17/2023 | 0.303018850 | |||
| 8 | 07/11/2023 | 0.298152720 | |||
| 9 | 04/11/2023 | 0.341218040 | |||
| 10 | 12/16/2022 | 0.2681998 | |||
| 11 | 10/18/2022 | 0.36100839 | |||
| 12 | 07/19/2022 | 0.28340514 | |||
| 13 | 04/19/2022 | 0.29128418 | |||
| 14 | 12/30/2021 | 0.28264844 | |||
| 15 | 12/17/2021 | 0.04984024 | |||
| 16 | 10/19/2021 | 0.26184459 | |||
| 17 | 07/20/2021 | 0.26397021 | |||
| 18 | 04/20/2021 | 0.27559982 | |||
| 19 | 12/18/2020 | 0.24391827 | |||
| 20 | 10/20/2020 | 0.25226808 | |||
| 21 | 07/21/2020 | 0.19973977 | |||
| 22 | 04/21/2020 | 0.30084733 | |||
| 23 | 12/19/2019 | 0.25217751 | |||
| 24 | 10/15/2019 | 0.29728635 | |||
| 25 | 07/16/2019 | 0.26251215 | |||
| 26 | 04/09/2019 | 0.20977681 | |||
| 27 | 03/19/2019 | 0.05033794 | |||
| 28 | 12/19/2018 | 0.03715127 | 0.04776 | 0.02467085 | |
| 29 | 09/18/2018 | 0.029251481 | |||
| 30 | 06/19/2018 | 0.012199864 |
