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.
05/06/2026
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 04/30/2026) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | 1 Month | 8.42% | 8.41% |
| 2 | 3 Month | 6.55% | 6.49% |
| 3 | Year To Date | 8.59% | 8.42% |
| 4 | Since Inception* | 71.10% | 71.05% |
| 5 | Average Annual | ||
| 6 | 1 Year | 11.93% | 12.02% |
| 7 | 3 Year | 8.75% | 8.76% |
| 8 | 5 Year | 2.75% | 2.71% |
| 9 | 10 Year | 0.00% | 0.00% |
| 10 | Since Inception* | 6.86% | 6.86% |
| index | Quarter End Performance (As of 03/31/2026) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | Quarter | 0.16% | 0.01% |
| 2 | Year To Date | 0.16% | 0.01% |
| 3 | Since Inception* | 57.81% | 57.79% |
| 4 | Average Annual | ||
| 5 | 1 Year | -1.59% | -1.70% |
| 6 | 3 Year | 5.92% | 5.95% |
| 7 | 5 Year | 2.65% | 2.53% |
| 8 | 10 Year | 0.00% | 0.00% |
| 9 | Since Inception* | 5.86% | 5.86% |
*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 | 4.93% | 1,133 |
| 1 | Prologis Inc | PLD | 74340W103 | 4.14% | 7,134 |
| 2 | Four Corners Property Trust Inc | FCPT | 35086T109 | 3.92% | 37,755 |
| 3 | Digital Realty Trust Inc | DLR | 253868103 | 3.91% | 4,924 |
| 4 | AvalonBay Communities Inc | AVB | 053484101 | 3.74% | 4,930 |
| 5 | Welltower Inc | WELL | 95040Q104 | 2.97% | 3,418 |
| 6 | Equity Residential | EQR | 29476L107 | 2.92% | 10,885 |
| 7 | Kilroy Realty Corp | KRC | 49427F108 | 2.79% | 19,780 |
| 8 | Simon Property Group Inc | SPG | 828806109 | 2.74% | 3,337 |
| 9 | Terreno Realty Corp | TRNO | 88146M101 | 2.69% | 9,929 |
| 10 | American Homes 4 Rent | AMH | 02665T306 | 2.28% | 17,218 |
| 11 | Marriott International Inc/MD | MAR | 571903202 | 2.23% | 1,556 |
| 12 | WP Carey Inc | WPC | 92936U109 | 2.12% | 7,050 |
| 13 | Essex Property Trust Inc | ESS | 297178105 | 2.02% | 1,851 |
| 14 | Highwoods Properties Inc | HIW | 431284108 | 2.00% | 19,169 |
| 15 | STAG Industrial Inc | STAG | 85254J102 | 1.94% | 12,285 |
| 16 | Alexandria Real Estate Equities Inc | ARE | 015271109 | 1.93% | 10,409 |
| 17 | UDR Inc | UDR | 902653104 | 1.92% | 12,720 |
| 18 | Easterly Government Properties Inc | DEA | 27616P301 | 1.90% | 19,980 |
| 19 | Innovative Industrial Properties Inc | IIPR | 45781V101 | 1.78% | 7,707 |
| 20 | Hilton Worldwide Holdings Inc | HLT | 43300A203 | 1.77% | 1,357 |
| 21 | Mid-America Apartment Communities Inc | MAA | 59522J103 | 1.71% | 3,221 |
| 22 | COPT Defense Properties | CDP | 22002T108 | 1.69% | 13,040 |
| 23 | EastGroup Properties Inc | EGP | 277276101 | 1.68% | 2,024 |
| 24 | Federal Realty Investment Trust | FRT | 313745101 | 1.66% | 3,509 |
| 25 | Regency Centers Corp | REG | 758849103 | 1.61% | 5,077 |
| 26 | Independence Realty Trust Inc | IRT | 45378A106 | 1.52% | 22,813 |
| 27 | Cousins Properties Inc | CUZ | 222795502 | 1.49% | 13,915 |
| 28 | Vornado Realty Trust | VNO | 929042109 | 1.45% | 11,110 |
| 29 | Camden Property Trust | CPT | 133131102 | 1.44% | 3,390 |
| 30 | Kimco Realty Corp | KIM | 49446R109 | 1.36% | 14,217 |
| 31 | Acadia Realty Trust | AKR | 004239109 | 1.28% | 14,350 |
| 32 | BXP Inc | BXP | 101121101 | 1.25% | 5,151 |
| 33 | LXP INDUSTRIAL TRUST | LXP | 529043408 | 1.23% | 5,828 |
| 34 | Ventas Inc | VTR | 92276F100 | 1.23% | 3,487 |
| 35 | First Industrial Realty Trust Inc | FR | 32054K103 | 1.20% | 4,733 |
| 36 | Kite Realty Group Trust | KRG | 49803T300 | 0.96% | 8,800 |
| 37 | Public Storage | PSA | 74460D109 | 0.95% | 757 |
| 38 | Invitation Homes Inc | INVH | 46187W107 | 0.93% | 7,882 |
| 39 | Phillips Edison & Co Inc | PECO | 71844V201 | 0.92% | 5,661 |
| 40 | Getty Realty Corp | GTY | 374297109 | 0.91% | 6,773 |
| 41 | Tanger Inc | SKT | 875465106 | 0.91% | 6,131 |
| 42 | Agree Realty Corp | ADC | 008492100 | 0.85% | 2,744 |
| 43 | Sun Communities Inc | SUI | 866674104 | 0.85% | 1,648 |
| 44 | Equity LifeStyle Properties Inc | ELS | 29472R108 | 0.75% | 2,907 |
| 45 | Empire State Realty Trust Inc | ESRT | 292104106 | 0.74% | 32,517 |
| 46 | Extra Space Storage Inc | EXR | 30225T102 | 0.69% | 1,187 |
| 47 | Hyatt Hotels Corp | H | 448579102 | 0.67% | 959 |
| 48 | Realty Income Corp | O | 756109104 | 0.66% | 2,624 |
| 49 | Host Hotels & Resorts Inc | HST | 44107P104 | 0.65% | 7,393 |
| 50 | Omega Healthcare Investors Inc | OHI | 681936100 | 0.62% | 3,277 |
| 51 | InvenTrust Properties Corp | IVT | 46124J201 | 0.50% | 3,900 |
| 52 | Ryman Hospitality Properties Inc | RHP | 78377T107 | 0.50% | 1,121 |
| 53 | Brixmor Property Group Inc | BRX | 11120U105 | 0.49% | 4,016 |
| 54 | American Healthcare REIT Inc | AHR | 398182303 | 0.47% | 2,333 |
| 55 | DigitalBridge Group Inc | DBRG | 25401T603 | 0.46% | 7,145 |
| 56 | CareTrust REIT Inc | CTRE | 14174T107 | 0.45% | 2,799 |
| 57 | Wyndham Hotels & Resorts Inc | WH | 98311A105 | 0.43% | 1,268 |
| 58 | Sabra Health Care REIT Inc | SBRA | 78573L106 | 0.39% | 4,602 |
| 59 | Apple Hospitality REIT Inc | APLE | 03784Y200 | 0.38% | 6,751 |
| 60 | Choice Hotels International Inc | CHH | 169905106 | 0.38% | 867 |
| 61 | National HealthCare Corp | NHC | 635906100 | 0.38% | 548 |
| 62 | Sila Realty Trust Inc | SILA | 146280508 | 0.38% | 3,087 |
| 63 | CubeSmart | CUBE | 229663109 | 0.36% | 2,213 |
| 64 | DiamondRock Hospitality Co | DRH | 252784301 | 0.35% | 8,004 |
| 65 | LTC Properties Inc | LTC | 502175102 | 0.35% | 2,202 |
| 66 | Sunstone Hotel Investors Inc | SHO | 867892101 | 0.35% | 8,257 |
| 67 | National Health Investors Inc | NHI | 63633D104 | 0.34% | 1,112 |
| 68 | UMH Properties Inc | UMH | 903002103 | 0.28% | 4,250 |
| 69 | HEALTHPEAK PROPERTIES INC. | DOC | 42250P103 | 0.24% | 2,943 |
| 70 | Veris Residential Inc | VRE | 554489104 | 0.15% | 1,994 |
| 71 | U.S. Bank Money Market Deposit Account 06/01/2031 | USBFS03 | 8AMMF0A84 | 0.14% | 35,312 |
| 72 | Broadstone Net Lease Inc | BNL | 11135E203 | 0.13% | 1,612 |
| 73 | American Assets Trust Inc | AAT | 024013104 | 0.11% | 1,271 |
| 74 | Douglas Emmett Inc | DEI | 25960P109 | 0.11% | 2,182 |
| 75 | Healthcare Realty Trust Inc | HR | 42226K105 | 0.11% | 1,371 |
| 76 | NETSTREIT Corp | NTST | 64119V303 | 0.11% | 1,267 |
| 77 | Urban Edge Properties | UE | 91704F104 | 0.11% | 1,197 |
| 78 | Xenia Hotels & Resorts Inc | XHR | 984017103 | 0.11% | 1,543 |
| 79 | Alexanders Inc | ALX | 014752109 | 0.10% | 96 |
| 80 | Centerspace | CSR | 15202L107 | 0.10% | 356 |
| 81 | Essential Properties Realty Trust Inc | EPRT | 29670E107 | 0.10% | 760 |
| 82 | NNN REIT Inc | NNN | 637417106 | 0.10% | 544 |
| 83 | Piedmont Realty Trust Inc | PDM | 720190206 | 0.10% | 2,759 |
| 84 | Global Net Lease Inc | GNL | 379378201 | 0.09% | 2,429 |
| 85 | JBG SMITH Properties | JBGS | 46590V100 | 0.09% | 1,362 |
| 86 | Rexford Industrial Realty Inc | REXR | 76169C100 | 0.09% | 582 |
| 87 | SL Green Realty Corp | SLG | 78440X887 | 0.09% | 511 |
| 88 | Cash & Other | Cash&Other | Cash&Other | 0.05% | 11,986 |
As of DATE
As of DATE
| index | Name | Weight |
|---|---|---|
| 0 | Retail REITs | 15.67% |
| 1 | Multi-Family Residential REITs | 15.35% |
| 2 | Industrial REITs | 14.77% |
| 3 | Office REITs | 12.96% |
| 4 | Health Care REITs | 9.82% |
| 5 | Data Center REITs | 8.89% |
| 6 | Hotels, Resorts & Cruise Lines | 5.57% |
| 7 | Single-Family Residential REITs | 5.02% |
| 8 | Other Specialized REITs | 3.97% |
| 9 | Diversified REITs | 2.57% |
| 10 | Hotel & Resort REITs | 2.20% |
| 11 | Self-Storage REITs | 1.97% |
| 12 | Asset Management & Custody Banks | 0.49% |
| 13 | Health Care Facilities | 0.39% |
| 14 | Money Market Deposit Account | 0.36% |
As of DATE
As of DATE
| index | Ex-Dividend Date | Income | ST Cap Gains | MD Cap Gains | LT Cap Gains |
|---|---|---|---|---|---|
| 0 | 04/16/2026 | 0.254282030 | |||
| 1 | 10/21/2025 | 0.303784420 | |||
| 2 | 07/17/2025 | 0.310831060 | |||
| 3 | 04/16/2025 | 0.300089690 | |||
| 4 | 10/16/2024 | 0.544170460 | |||
| 5 | 07/16/2024 | 0.271142530 | |||
| 6 | 04/16/2024 | 0.240887590 | |||
| 7 | 12/15/2023 | 0.291009660 | |||
| 8 | 10/17/2023 | 0.303018850 | |||
| 9 | 07/11/2023 | 0.298152720 | |||
| 10 | 04/11/2023 | 0.341218040 | |||
| 11 | 12/16/2022 | 0.2681998 | |||
| 12 | 10/18/2022 | 0.36100839 | |||
| 13 | 07/19/2022 | 0.28340514 | |||
| 14 | 04/19/2022 | 0.29128418 | |||
| 15 | 12/30/2021 | 0.28264844 | |||
| 16 | 12/17/2021 | 0.04984024 | |||
| 17 | 10/19/2021 | 0.26184459 | |||
| 18 | 07/20/2021 | 0.26397021 | |||
| 19 | 04/20/2021 | 0.27559982 | |||
| 20 | 12/18/2020 | 0.24391827 | |||
| 21 | 10/20/2020 | 0.25226808 | |||
| 22 | 07/21/2020 | 0.19973977 | |||
| 23 | 04/21/2020 | 0.30084733 | |||
| 24 | 12/19/2019 | 0.25217751 | |||
| 25 | 10/15/2019 | 0.29728635 | |||
| 26 | 07/16/2019 | 0.26251215 | |||
| 27 | 04/09/2019 | 0.20977681 | |||
| 28 | 03/19/2019 | 0.05033794 | |||
| 29 | 12/19/2018 | 0.03715127 | 0.04776 | 0.02467085 | |
| 30 | 09/18/2018 | 0.029251481 | |||
| 31 | 06/19/2018 | 0.012199864 |
