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.
03/19/2026
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 02/28/2026) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | 1 Month | 3.88% | 3.81% |
| 2 | 3 Month | 3.90% | 3.74% |
| 3 | Year To Date | 5.87% | 5.69% |
| 4 | Since Inception* | 66.81% | 66.74% |
| 5 | Average Annual | ||
| 6 | 1 Year | -0.71% | -0.74% |
| 7 | 3 Year | 6.51% | 6.50% |
| 8 | 5 Year | 4.56% | 4.50% |
| 9 | 10 Year | 0.00% | 0.00% |
| 10 | Since Inception* | 6.67% | 6.66% |
| 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 | Equinix Inc | EQIX | 29444U700 | 4.87% | 1,133 |
| 1 | Four Corners Property Trust Inc | FCPT | 35086T109 | 4.11% | 37,755 |
| 2 | Prologis Inc | PLD | 74340W103 | 4.09% | 7,134 |
| 3 | Digital Realty Trust Inc | DLR | 253868103 | 3.83% | 4,924 |
| 4 | AvalonBay Communities Inc | AVB | 053484101 | 3.57% | 4,930 |
| 5 | Welltower Inc | WELL | 95040Q104 | 3.00% | 3,418 |
| 6 | Equity Residential | EQR | 29476L107 | 2.83% | 10,885 |
| 7 | Simon Property Group Inc | SPG | 828806109 | 2.76% | 3,337 |
| 8 | Terreno Realty Corp | TRNO | 88146M101 | 2.69% | 9,929 |
| 9 | Kilroy Realty Corp | KRC | 49427F108 | 2.50% | 19,780 |
| 10 | Marriott International Inc/MD | MAR | 571903202 | 2.23% | 1,556 |
| 11 | Alexandria Real Estate Equities Inc | ARE | 015271109 | 2.21% | 10,409 |
| 12 | WP Carey Inc | WPC | 92936U109 | 2.14% | 7,050 |
| 13 | American Homes 4 Rent | AMH | 02665T306 | 2.11% | 17,218 |
| 14 | STAG Industrial Inc | STAG | 85254J102 | 2.02% | 12,285 |
| 15 | Essex Property Trust Inc | ESS | 297178105 | 1.99% | 1,851 |
| 16 | Easterly Government Properties Inc | DEA | 27616P301 | 1.95% | 19,980 |
| 17 | UDR Inc | UDR | 902653104 | 1.95% | 12,720 |
| 18 | COPT Defense Properties | CDP | 22002T108 | 1.82% | 13,040 |
| 19 | Hilton Worldwide Holdings Inc | HLT | 43300A203 | 1.78% | 1,357 |
| 20 | Innovative Industrial Properties Inc | IIPR | 45781V101 | 1.78% | 7,707 |
| 21 | Highwoods Properties Inc | HIW | 431284108 | 1.77% | 19,169 |
| 22 | Mid-America Apartment Communities Inc | MAA | 59522J103 | 1.76% | 3,221 |
| 23 | Regency Centers Corp | REG | 758849103 | 1.70% | 5,077 |
| 24 | EastGroup Properties Inc | EGP | 277276101 | 1.66% | 2,024 |
| 25 | Federal Realty Investment Trust | FRT | 313745101 | 1.62% | 3,509 |
| 26 | Independence Realty Trust Inc | IRT | 45378A106 | 1.55% | 22,813 |
| 27 | Camden Property Trust | CPT | 133131102 | 1.48% | 3,390 |
| 28 | Kimco Realty Corp | KIM | 49446R109 | 1.42% | 14,217 |
| 29 | Cousins Properties Inc | CUZ | 222795502 | 1.36% | 13,915 |
| 30 | Ventas Inc | VTR | 92276F100 | 1.29% | 3,487 |
| 31 | Vornado Realty Trust | VNO | 929042109 | 1.27% | 11,110 |
| 32 | Acadia Realty Trust | AKR | 004239109 | 1.25% | 14,350 |
| 33 | LXP INDUSTRIAL TRUST | LXP | 529043408 | 1.22% | 5,828 |
| 34 | First Industrial Realty Trust Inc | FR | 32054K103 | 1.21% | 4,733 |
| 35 | BXP Inc | BXP | 101121101 | 1.20% | 5,151 |
| 36 | Getty Realty Corp | GTY | 374297109 | 0.97% | 6,773 |
| 37 | Kite Realty Group Trust | KRG | 49803T300 | 0.97% | 8,800 |
| 38 | Sun Communities Inc | SUI | 866674104 | 0.96% | 1,648 |
| 39 | Agree Realty Corp | ADC | 008492100 | 0.94% | 2,744 |
| 40 | Tanger Inc | SKT | 875465106 | 0.94% | 6,131 |
| 41 | Phillips Edison & Co Inc | PECO | 71844V201 | 0.93% | 5,661 |
| 42 | Public Storage | PSA | 74460D109 | 0.90% | 757 |
| 43 | Invitation Homes Inc | INVH | 46187W107 | 0.86% | 7,882 |
| 44 | Equity LifeStyle Properties Inc | ELS | 29472R108 | 0.84% | 2,907 |
| 45 | Empire State Realty Trust Inc | ESRT | 292104106 | 0.74% | 32,517 |
| 46 | Realty Income Corp | O | 756109104 | 0.72% | 2,624 |
| 47 | Extra Space Storage Inc | EXR | 30225T102 | 0.69% | 1,187 |
| 48 | Omega Healthcare Investors Inc | OHI | 681936100 | 0.66% | 3,277 |
| 49 | Host Hotels & Resorts Inc | HST | 44107P104 | 0.62% | 7,393 |
| 50 | Hyatt Hotels Corp | H | 448579102 | 0.61% | 959 |
| 51 | InvenTrust Properties Corp | IVT | 46124J201 | 0.53% | 3,900 |
| 52 | Brixmor Property Group Inc | BRX | 11120U105 | 0.52% | 4,016 |
| 53 | American Healthcare REIT Inc | AHR | 398182303 | 0.50% | 2,333 |
| 54 | DigitalBridge Group Inc | DBRG | 25401T603 | 0.49% | 7,145 |
| 55 | CareTrust REIT Inc | CTRE | 14174T107 | 0.45% | 2,799 |
| 56 | Ryman Hospitality Properties Inc | RHP | 78377T107 | 0.45% | 1,121 |
| 57 | Wyndham Hotels & Resorts Inc | WH | 98311A105 | 0.43% | 1,268 |
| 58 | National Health Investors Inc | NHI | 63633D104 | 0.41% | 1,112 |
| 59 | Sabra Health Care REIT Inc | SBRA | 78573L106 | 0.40% | 4,602 |
| 60 | National HealthCare Corp | NHC | 635906100 | 0.39% | 548 |
| 61 | Choice Hotels International Inc | CHH | 169905106 | 0.38% | 867 |
| 62 | CubeSmart | CUBE | 229663109 | 0.36% | 2,213 |
| 63 | LTC Properties Inc | LTC | 502175102 | 0.36% | 2,202 |
| 64 | Apple Hospitality REIT Inc | APLE | 03784Y200 | 0.35% | 6,751 |
| 65 | DiamondRock Hospitality Co | DRH | 252784301 | 0.33% | 8,004 |
| 66 | Sunstone Hotel Investors Inc | SHO | 867892101 | 0.33% | 8,257 |
| 67 | Sila Realty Trust Inc | SILA | 146280508 | 0.33% | 3,087 |
| 68 | UMH Properties Inc | UMH | 903002103 | 0.27% | 4,250 |
| 69 | HEALTHPEAK PROPERTIES INC. | DOC | 42250P103 | 0.22% | 2,943 |
| 70 | U.S. Bank Money Market Deposit Account 06/01/2031 | USBFS03 | 8AMMF0A84 | 0.19% | 43,313 |
| 71 | Veris Residential Inc | VRE | 554489104 | 0.17% | 1,994 |
| 72 | Cash & Other | Cash&Other | Cash&Other | 0.15% | 34,009 |
| 73 | Broadstone Net Lease Inc | BNL | 11135E203 | 0.13% | 1,612 |
| 74 | Essential Properties Realty Trust Inc | EPRT | 29670E107 | 0.11% | 760 |
| 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 | American Assets Trust Inc | AAT | 024013104 | 0.10% | 1,271 |
| 79 | Alexanders Inc | ALX | 014752109 | 0.10% | 96 |
| 80 | Global Net Lease Inc | GNL | 379378201 | 0.10% | 2,429 |
| 81 | NNN REIT Inc | NNN | 637417106 | 0.10% | 544 |
| 82 | Xenia Hotels & Resorts Inc | XHR | 984017103 | 0.10% | 1,543 |
| 83 | Centerspace | CSR | 15202L107 | 0.09% | 356 |
| 84 | Douglas Emmett Inc | DEI | 25960P109 | 0.09% | 2,182 |
| 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 | Piedmont Realty Trust Inc | PDM | 720190206 | 0.08% | 2,759 |
As of DATE
As of DATE
| index | Name | Weight |
|---|---|---|
| 0 | Retail REITs | 15.62% |
| 1 | Multi-Family Residential REITs | 15.51% |
| 2 | Industrial REITs | 14.92% |
| 3 | Office REITs | 12.87% |
| 4 | Health Care REITs | 10.02% |
| 5 | Data Center REITs | 8.26% |
| 6 | Hotels, Resorts & Cruise Lines | 5.46% |
| 7 | Single-Family Residential REITs | 5.05% |
| 8 | Other Specialized REITs | 4.03% |
| 9 | Diversified REITs | 2.85% |
| 10 | Hotel & Resort REITs | 2.17% |
| 11 | Self-Storage REITs | 2.10% |
| 12 | Asset Management & Custody Banks | 0.46% |
| 13 | Health Care Facilities | 0.38% |
| 14 | Equity Real Estate Investment Trusts (REITs) | 0.24% |
| 15 | Money Market Deposit Account | 0.06% |
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 |
