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.
09/16/2025
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 08/31/2025) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | 1 Month | 5.02% | 5.05% |
| 2 | 3 Month | 3.40% | 3.33% |
| 3 | Year To Date | -1.43% | -1.20% |
| 4 | Since Inception* | 61.47% | 61.50% |
| 5 | Average Annual | ||
| 6 | 1 Year | -4.11% | -4.07% |
| 7 | 3 Year | 4.32% | 4.26% |
| 8 | 5 Year | 6.63% | 6.59% |
| 9 | 10 Year | 0.00% | 0.00% |
| 10 | Since Inception* | 6.66% | 6.66% |
| index | Quarter End Performance (As of 06/30/2025) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | Quarter | -2.54% | -2.68% |
| 2 | Year To Date | -4.61% | -4.44% |
| 3 | Since Inception* | 56.28% | 56.20% |
| 4 | Average Annual | ||
| 5 | 1 Year | 3.77% | 3.78% |
| 6 | 3 Year | 3.40% | 3.47% |
| 7 | 5 Year | 6.80% | 6.78% |
| 8 | 10 Year | 0.00% | 0.00% |
| 9 | Since Inception* | 6.34% | 6.33% |
*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 | 4.12% | 12,938 |
| 1 | Equinix Inc | EQIX | 29444U700 | 3.75% | 1,726 |
| 2 | Four Corners Property Trust Inc | FCPT | 35086T109 | 3.75% | 53,023 |
| 3 | AvalonBay Communities Inc | AVB | 053484101 | 3.59% | 6,695 |
| 4 | Kilroy Realty Corp | KRC | 49427F108 | 3.50% | 28,354 |
| 5 | Digital Realty Trust Inc | DLR | 253868103 | 3.39% | 6,992 |
| 6 | Alexandria Real Estate Equities Inc | ARE | 015271109 | 2.82% | 11,789 |
| 7 | Terreno Realty Corp | TRNO | 88146M101 | 2.79% | 17,043 |
| 8 | Welltower Inc | WELL | 95040Q104 | 2.77% | 6,003 |
| 9 | Equity Residential | EQR | 29476L107 | 2.76% | 15,280 |
| 10 | Simon Property Group Inc | SPG | 828806109 | 2.68% | 5,289 |
| 11 | Highwoods Properties Inc | HIW | 431284108 | 2.60% | 28,904 |
| 12 | BXP Inc | BXP | 101121101 | 2.34% | 10,644 |
| 13 | STAG Industrial Inc | STAG | 85254J102 | 2.33% | 23,258 |
| 14 | American Homes 4 Rent | AMH | 02665T306 | 2.17% | 23,334 |
| 15 | Marriott International Inc/MD | MAR | 571903202 | 1.93% | 2,585 |
| 16 | COPT Defense Properties | CDP | 22002T108 | 1.92% | 22,516 |
| 17 | Innovative Industrial Properties Inc | IIPR | 45781V101 | 1.91% | 11,982 |
| 18 | EastGroup Properties Inc | EGP | 277276101 | 1.87% | 4,023 |
| 19 | UDR Inc | UDR | 902653104 | 1.85% | 17,776 |
| 20 | WP Carey Inc | WPC | 92936U109 | 1.85% | 9,737 |
| 21 | Cousins Properties Inc | CUZ | 222795502 | 1.84% | 22,498 |
| 22 | Essex Property Trust Inc | ESS | 297178105 | 1.84% | 2,481 |
| 23 | Hilton Worldwide Holdings Inc | HLT | 43300A203 | 1.75% | 2,286 |
| 24 | Mid-America Apartment Communities Inc | MAA | 59522J103 | 1.69% | 4,337 |
| 25 | Federal Realty Investment Trust | FRT | 313745101 | 1.58% | 5,667 |
| 26 | Independence Realty Trust Inc | IRT | 45378A106 | 1.58% | 33,480 |
| 27 | Vornado Realty Trust | VNO | 929042109 | 1.55% | 13,196 |
| 28 | Regency Centers Corp | REG | 758849103 | 1.49% | 7,603 |
| 29 | First Industrial Realty Trust Inc | FR | 32054K103 | 1.45% | 9,960 |
| 30 | Camden Property Trust | CPT | 133131102 | 1.41% | 4,714 |
| 31 | Acadia Realty Trust | AKR | 004239109 | 1.29% | 22,879 |
| 32 | Kimco Realty Corp | KIM | 49446R109 | 1.26% | 20,356 |
| 33 | Ventas Inc | VTR | 92276F100 | 1.17% | 6,141 |
| 34 | Sun Communities Inc | SUI | 866674104 | 1.05% | 2,938 |
| 35 | Brixmor Property Group Inc | BRX | 11120U105 | 0.96% | 12,278 |
| 36 | Public Storage | PSA | 74460D109 | 0.88% | 1,108 |
| 37 | Empire State Realty Trust Inc | ESRT | 292104106 | 0.87% | 40,652 |
| 38 | Invitation Homes Inc | INVH | 46187W107 | 0.85% | 10,354 |
| 39 | Tanger Inc | SKT | 875465106 | 0.84% | 8,955 |
| 40 | Kite Realty Group Trust | KRG | 49803T300 | 0.78% | 12,636 |
| 41 | Getty Realty Corp | GTY | 374297109 | 0.77% | 9,952 |
| 42 | Phillips Edison & Co Inc | PECO | 71844V201 | 0.77% | 7,811 |
| 43 | Equity LifeStyle Properties Inc | ELS | 29472R108 | 0.73% | 4,285 |
| 44 | Agree Realty Corp | ADC | 008492100 | 0.72% | 3,556 |
| 45 | Extra Space Storage Inc | EXR | 30225T102 | 0.67% | 1,676 |
| 46 | Realty Income Corp | O | 756109104 | 0.67% | 4,025 |
| 47 | Host Hotels & Resorts Inc | HST | 44107P104 | 0.63% | 12,696 |
| 48 | Omega Healthcare Investors Inc | OHI | 681936100 | 0.62% | 5,301 |
| 49 | Hyatt Hotels Corp | H | 448579102 | 0.58% | 1,454 |
| 50 | DigitalBridge Group Inc | DBRG | 25401T603 | 0.50% | 15,137 |
| 51 | American Healthcare REIT Inc | AHR | 398182303 | 0.47% | 3,958 |
| 52 | American Assets Trust Inc | AAT | 024013104 | 0.46% | 8,004 |
| 53 | HEALTHPEAK PROPERTIES INC. | DOC | 42250P103 | 0.46% | 9,075 |
| 54 | InvenTrust Properties Corp | IVT | 46124J201 | 0.46% | 5,503 |
| 55 | Douglas Emmett Inc | DEI | 25960P109 | 0.45% | 9,800 |
| 56 | Ryman Hospitality Properties Inc | RHP | 78377T107 | 0.45% | 1,638 |
| 57 | CareTrust REIT Inc | CTRE | 14174T107 | 0.42% | 4,374 |
| 58 | NETSTREIT Corp | NTST | 64119V303 | 0.42% | 8,265 |
| 59 | Wyndham Hotels & Resorts Inc | WH | 98311A105 | 0.41% | 1,735 |
| 60 | EASTERLY GOVT PPTYS INC | DEA | 27616P301 | 0.40% | 6,190 |
| 61 | Sabra Health Care REIT Inc | SBRA | 78573L106 | 0.40% | 7,643 |
| 62 | National Health Investors Inc | NHI | 63633D104 | 0.38% | 1,751 |
| 63 | Apple Hospitality REIT Inc | APLE | 03784Y200 | 0.36% | 10,210 |
| 64 | CubeSmart | CUBE | 229663109 | 0.36% | 3,115 |
| 65 | Choice Hotels International Inc | CHH | 169905106 | 0.35% | 1,136 |
| 66 | Sunstone Hotel Investors Inc | SHO | 867892101 | 0.35% | 12,726 |
| 67 | National HealthCare Corp | NHC | 635906100 | 0.34% | 1,056 |
| 68 | LTC Properties Inc | LTC | 502175102 | 0.31% | 3,141 |
| 69 | Sila Realty Trust Inc | SILA | 146280508 | 0.30% | 4,238 |
| 70 | DiamondRock Hospitality Co | DRH | 252784301 | 0.28% | 12,253 |
| 71 | JBG SMITH Properties | JBGS | 46590V100 | 0.27% | 3,939 |
| 72 | UMH Properties Inc | UMH | 903002103 | 0.25% | 5,930 |
| 73 | Alexander & Baldwin Inc | ALEX | 014491104 | 0.19% | 3,737 |
| 74 | Cash & Other | Cash&Other | Cash&Other | 0.18% | 65,524 |
| 75 | Broadstone Net Lease Inc | BNL | 11135E203 | 0.13% | 2,515 |
| 76 | LXP Industrial Trust | LXP | 529043101 | 0.12% | 4,839 |
| 77 | Healthcare Realty Trust Inc | HR | 42226K105 | 0.11% | 2,212 |
| 78 | Paramount Group Inc | PGRE | 69924R108 | 0.11% | 5,553 |
| 79 | Rexford Industrial Realty Inc | REXR | 76169C100 | 0.11% | 937 |
| 80 | SL Green Realty Corp | SLG | 78440X887 | 0.11% | 619 |
| 81 | U.S. Bank Money Market Deposit Account 06/01/2031 | USBFS03 | 8AMMF0A84 | 0.11% | 38,512 |
| 82 | Xenia Hotels & Resorts Inc | XHR | 984017103 | 0.11% | 2,645 |
| 83 | Armada Hoffler Properties Inc | AHH | 04208T108 | 0.10% | 4,986 |
| 84 | Centerspace | CSR | 15202L107 | 0.10% | 614 |
| 85 | Elme Communities | ELME | 939653101 | 0.10% | 2,213 |
| 86 | NNN REIT Inc | NNN | 637417106 | 0.10% | 824 |
| 87 | Urban Edge Properties | UE | 91704F104 | 0.10% | 1,776 |
| 88 | Apartment Investment and Management Co | AIV | 03748R747 | 0.09% | 4,026 |
| 89 | Alexanders Inc | ALX | 014752109 | 0.09% | 135 |
| 90 | Essential Properties Realty Trust Inc | EPRT | 29670E107 | 0.09% | 1,138 |
| 91 | Americold Realty Trust Inc | COLD | 03064D108 | 0.08% | 2,135 |
As of DATE
As of DATE
| index | Name | Weight |
|---|---|---|
| 0 | Multi-Family Residential REITs | 15.56% |
| 1 | Office REITs | 15.22% |
| 2 | Retail REITs | 15.1% |
| 3 | Industrial REITs | 14.84% |
| 4 | Health Care REITs | 10.2% |
| 5 | Data Center REITs | 7.07% |
| 6 | Single-Family Residential REITs | 5.26% |
| 7 | Hotels, Resorts & Cruise Lines | 5.08% |
| 8 | Other Specialized REITs | 3.84% |
| 9 | Diversified REITs | 2.83% |
| 10 | Hotel & Resort REITs | 2.17% |
| 11 | Self-Storage REITs | 1.94% |
| 12 | Asset Management & Custody Banks | 0.48% |
| 13 | Health Care Facilities | 0.33% |
| 14 | Money Market Deposit Account | 0.08% |
As of DATE
As of DATE
| index | Ex-Dividend Date | Income | ST Cap Gains | MD Cap Gains | LT Cap Gains |
|---|---|---|---|---|---|
| 0 | 07/17/2025 | 0.310831060 | |||
| 1 | 04/16/2025 | 0.300089690 | |||
| 2 | 10/16/2024 | 0.544170460 | |||
| 3 | 07/16/2024 | 0.271142530 | |||
| 4 | 04/16/2024 | 0.240887590 | |||
| 5 | 12/15/2023 | 0.291009660 | |||
| 6 | 10/17/2023 | 0.303018850 | |||
| 7 | 07/11/2023 | 0.298152720 | |||
| 8 | 04/11/2023 | 0.341218040 | |||
| 9 | 12/16/2022 | 0.2681998 | |||
| 10 | 10/18/2022 | 0.36100839 | |||
| 11 | 07/19/2022 | 0.28340514 | |||
| 12 | 04/19/2022 | 0.29128418 | |||
| 13 | 12/30/2021 | 0.28264844 | |||
| 14 | 12/17/2021 | 0.04984024 | |||
| 15 | 10/19/2021 | 0.26184459 | |||
| 16 | 07/20/2021 | 0.26397021 | |||
| 17 | 04/20/2021 | 0.27559982 | |||
| 18 | 12/18/2020 | 0.24391827 | |||
| 19 | 10/20/2020 | 0.25226808 | |||
| 20 | 07/21/2020 | 0.19973977 | |||
| 21 | 04/21/2020 | 0.30084733 | |||
| 22 | 12/19/2019 | 0.25217751 | |||
| 23 | 10/15/2019 | 0.29728635 | |||
| 24 | 07/16/2019 | 0.26251215 | |||
| 25 | 04/09/2019 | 0.20977681 | |||
| 26 | 03/19/2019 | 0.05033794 | |||
| 27 | 12/19/2018 | 0.03715127 | 0.04776 | 0.02467085 | |
| 28 | 09/18/2018 | 0.029251481 | |||
| 29 | 06/19/2018 | 0.012199864 |
