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.
12/03/2025
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 11/30/2025) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | 1 Month | 3.09% | 3.13% |
| 2 | 3 Month | -0.58% | -0.48% |
| 3 | Year To Date | -2.00% | -1.67% |
| 4 | Since Inception* | 60.54% | 60.73% |
| 5 | Average Annual | ||
| 6 | 1 Year | -8.52% | -8.55% |
| 7 | 3 Year | 4.75% | 4.87% |
| 8 | 5 Year | 5.28% | 5.31% |
| 9 | 10 Year | 0.00% | 0.00% |
| 10 | Since Inception* | 6.36% | 6.37% |
| index | Quarter End Performance (As of 09/30/2025) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | Quarter | 2.89% | 2.96% |
| 2 | Year To Date | -1.85% | -1.61% |
| 3 | Since Inception* | 60.80% | 60.82% |
| 4 | Average Annual | ||
| 5 | 1 Year | -6.40% | -6.44% |
| 6 | 3 Year | 8.34% | 8.32% |
| 7 | 5 Year | 7.57% | 7.49% |
| 8 | 10 Year | 0.00% | 0.00% |
| 9 | Since Inception* | 6.52% | 6.53% |
*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 | 4.80% | 10,669 |
| 1 | Equinix Inc | EQIX | 29444U700 | 3.63% | 1,424 |
| 2 | Four Corners Property Trust Inc | FCPT | 35086T109 | 3.58% | 43,698 |
| 3 | AvalonBay Communities Inc | AVB | 053484101 | 3.49% | 5,517 |
| 4 | Welltower Inc | WELL | 95040Q104 | 3.48% | 4,948 |
| 5 | Kilroy Realty Corp | KRC | 49427F108 | 3.35% | 23,367 |
| 6 | Digital Realty Trust Inc | DLR | 253868103 | 3.20% | 5,762 |
| 7 | Terreno Realty Corp | TRNO | 88146M101 | 3.05% | 14,046 |
| 8 | Simon Property Group Inc | SPG | 828806109 | 2.77% | 4,360 |
| 9 | Equity Residential | EQR | 29476L107 | 2.72% | 12,593 |
| 10 | STAG Industrial Inc | STAG | 85254J102 | 2.61% | 19,177 |
| 11 | Marriott International Inc/MD | MAR | 571903202 | 2.27% | 2,130 |
| 12 | Highwoods Properties Inc | HIW | 431284108 | 2.25% | 23,820 |
| 13 | BXP Inc | BXP | 101121101 | 2.17% | 8,774 |
| 14 | American Homes 4 Rent | AMH | 02665T306 | 2.11% | 19,230 |
| 15 | EastGroup Properties Inc | EGP | 277276101 | 2.07% | 3,316 |
| 16 | COPT Defense Properties | CDP | 22002T108 | 1.93% | 18,557 |
| 17 | WP Carey Inc | WPC | 92936U109 | 1.86% | 8,026 |
| 18 | Essex Property Trust Inc | ESS | 297178105 | 1.85% | 2,046 |
| 19 | Hilton Worldwide Holdings Inc | HLT | 43300A203 | 1.84% | 1,885 |
| 20 | UDR Inc | UDR | 902653104 | 1.82% | 14,650 |
| 21 | Innovative Industrial Properties Inc | IIPR | 45781V101 | 1.77% | 9,875 |
| 22 | Mid-America Apartment Communities Inc | MAA | 59522J103 | 1.67% | 3,574 |
| 23 | Independence Realty Trust Inc | IRT | 45378A106 | 1.66% | 27,591 |
| 24 | Cousins Properties Inc | CUZ | 222795502 | 1.65% | 18,539 |
| 25 | Alexandria Real Estate Equities Inc | ARE | 015271109 | 1.64% | 9,717 |
| 26 | First Industrial Realty Trust Inc | FR | 32054K103 | 1.60% | 8,209 |
| 27 | Federal Realty Investment Trust | FRT | 313745101 | 1.59% | 4,671 |
| 28 | Regency Centers Corp | REG | 758849103 | 1.53% | 6,268 |
| 29 | Camden Property Trust | CPT | 133131102 | 1.43% | 3,885 |
| 30 | Ventas Inc | VTR | 92276F100 | 1.41% | 5,062 |
| 31 | Vornado Realty Trust | VNO | 929042109 | 1.36% | 10,876 |
| 32 | Acadia Realty Trust | AKR | 004239109 | 1.29% | 18,857 |
| 33 | Kimco Realty Corp | KIM | 49446R109 | 1.19% | 16,777 |
| 34 | Sun Communities Inc | SUI | 866674104 | 1.07% | 2,422 |
| 35 | Brixmor Property Group Inc | BRX | 11120U105 | 0.89% | 10,118 |
| 36 | Public Storage | PSA | 74460D109 | 0.89% | 915 |
| 37 | Tanger Inc | SKT | 875465106 | 0.84% | 7,379 |
| 38 | Empire State Realty Trust Inc | ESRT | 292104106 | 0.82% | 33,504 |
| 39 | Invitation Homes Inc | INVH | 46187W107 | 0.82% | 8,532 |
| 40 | Kite Realty Group Trust | KRG | 49803T300 | 0.82% | 10,415 |
| 41 | Getty Realty Corp | GTY | 374297109 | 0.81% | 8,203 |
| 42 | Phillips Edison & Co Inc | PECO | 71844V201 | 0.78% | 6,438 |
| 43 | Equity LifeStyle Properties Inc | ELS | 29472R108 | 0.77% | 3,532 |
| 44 | Agree Realty Corp | ADC | 008492100 | 0.76% | 2,931 |
| 45 | Omega Healthcare Investors Inc | OHI | 681936100 | 0.69% | 4,368 |
| 46 | Hyatt Hotels Corp | H | 448579102 | 0.67% | 1,198 |
| 47 | Realty Income Corp | O | 756109104 | 0.67% | 3,318 |
| 48 | Extra Space Storage Inc | EXR | 30225T102 | 0.64% | 1,383 |
| 49 | Host Hotels & Resorts Inc | HST | 44107P104 | 0.64% | 10,463 |
| 50 | American Healthcare REIT Inc | AHR | 398182303 | 0.57% | 3,262 |
| 51 | CareTrust REIT Inc | CTRE | 14174T107 | 0.47% | 3,605 |
| 52 | HEALTHPEAK PROPERTIES INC. | DOC | 42250P103 | 0.45% | 7,479 |
| 53 | InvenTrust Properties Corp | IVT | 46124J201 | 0.45% | 4,535 |
| 54 | American Assets Trust Inc | AAT | 024013104 | 0.44% | 6,606 |
| 55 | Ryman Hospitality Properties Inc | RHP | 78377T107 | 0.44% | 1,349 |
| 56 | DigitalBridge Group Inc | DBRG | 25401T603 | 0.43% | 12,474 |
| 57 | National HealthCare Corp | NHC | 635906100 | 0.42% | 871 |
| 58 | NETSTREIT Corp | NTST | 64119V303 | 0.42% | 6,812 |
| 59 | Sabra Health Care REIT Inc | SBRA | 78573L106 | 0.42% | 6,299 |
| 60 | National Health Investors Inc | NHI | 63633D104 | 0.40% | 1,442 |
| 61 | Easterly Government Properties Inc | DEA | 27616P301 | 0.39% | 5,100 |
| 62 | Wyndham Hotels & Resorts Inc | WH | 98311A105 | 0.37% | 1,430 |
| 63 | Apple Hospitality REIT Inc | APLE | 03784Y200 | 0.35% | 8,412 |
| 64 | Douglas Emmett Inc | DEI | 25960P109 | 0.34% | 8,077 |
| 65 | Sunstone Hotel Investors Inc | SHO | 867892101 | 0.34% | 10,489 |
| 66 | CubeSmart | CUBE | 229663109 | 0.33% | 2,568 |
| 67 | LTC Properties Inc | LTC | 502175102 | 0.32% | 2,589 |
| 68 | DiamondRock Hospitality Co | DRH | 252784301 | 0.31% | 10,098 |
| 69 | Choice Hotels International Inc | CHH | 169905106 | 0.30% | 936 |
| 70 | Sila Realty Trust Inc | SILA | 146280508 | 0.29% | 3,493 |
| 71 | UMH Properties Inc | UMH | 903002103 | 0.26% | 4,888 |
| 72 | U.S. Bank Money Market Deposit Account 06/01/2031 | USBFS03 | 8AMMF0A84 | 0.24% | 68,362 |
| 73 | JBG SMITH Properties | JBGS | 46590V100 | 0.20% | 3,248 |
| 74 | Alexander & Baldwin Inc | ALEX | 014491104 | 0.17% | 3,081 |
| 75 | Broadstone Net Lease Inc | BNL | 11135E203 | 0.13% | 2,073 |
| 76 | LXP INDUSTRIAL TRUST | LXP | 529043408 | 0.13% | 797 |
| 77 | Centerspace | CSR | 15202L107 | 0.12% | 506 |
| 78 | Elme Communities | ELME | 939653101 | 0.11% | 1,824 |
| 79 | Healthcare Realty Trust Inc | HR | 42226K105 | 0.11% | 1,824 |
| 80 | Paramount Group Inc | PGRE | 69924R108 | 0.11% | 4,584 |
| 81 | Rexford Industrial Realty Inc | REXR | 76169C100 | 0.11% | 773 |
| 82 | Essential Properties Realty Trust Inc | EPRT | 29670E107 | 0.10% | 937 |
| 83 | NNN REIT Inc | NNN | 637417106 | 0.10% | 679 |
| 84 | Urban Edge Properties | UE | 91704F104 | 0.10% | 1,463 |
| 85 | Xenia Hotels & Resorts Inc | XHR | 984017103 | 0.10% | 2,180 |
| 86 | Armada Hoffler Properties Inc | AHH | 04208T108 | 0.09% | 4,109 |
| 87 | SL Green Realty Corp | SLG | 78440X887 | 0.09% | 541 |
| 88 | Alexanders Inc | ALX | 014752109 | 0.08% | 111 |
| 89 | Americold Realty Trust Inc | COLD | 03064D108 | 0.07% | 1,761 |
| 90 | Apartment Investment and Management Co | AIV | 03748R747 | 0.06% | 3,321 |
| 91 | Cash & Other | Cash&Other | Cash&Other | 0.06% | 17,120 |
As of DATE
As of DATE
| index | Name | Weight |
|---|---|---|
| 0 | Industrial REITs | 15.87% |
| 1 | Office REITs | 15.2% |
| 2 | Retail REITs | 15.12% |
| 3 | Multi-Family Residential REITs | 14.45% |
| 4 | Health Care REITs | 10.1% |
| 5 | Data Center REITs | 7.74% |
| 6 | Single-Family Residential REITs | 5.1% |
| 7 | Hotels, Resorts & Cruise Lines | 4.95% |
| 8 | Other Specialized REITs | 3.66% |
| 9 | Diversified REITs | 2.82% |
| 10 | Hotel & Resort REITs | 2.05% |
| 11 | Self-Storage REITs | 1.9% |
| 12 | Asset Management & Custody Banks | 0.52% |
| 13 | Health Care Facilities | 0.37% |
| 14 | Money Market Deposit Account | 0.15% |
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 |
