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.
11/12/2025
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 10/31/2025) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | 1 Month | -3.15% | -3.09% |
| 2 | 3 Month | 1.28% | 1.38% |
| 3 | Year To Date | -4.94% | -4.65% |
| 4 | Since Inception* | 55.72% | 55.86% |
| 5 | Average Annual | ||
| 6 | 1 Year | -7.52% | -7.66% |
| 7 | 3 Year | 5.39% | 5.42% |
| 8 | 5 Year | 7.72% | 7.78% |
| 9 | 10 Year | 0.00% | 0.00% |
| 10 | Since Inception* | 6.00% | 6.01% |
| 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 | 4.64% | 10,669 |
| 1 | Equinix Inc | EQIX | 29444U700 | 4.03% | 1,424 |
| 2 | Four Corners Property Trust Inc | FCPT | 35086T109 | 3.65% | 43,698 |
| 3 | Kilroy Realty Corp | KRC | 49427F108 | 3.44% | 23,367 |
| 4 | AvalonBay Communities Inc | AVB | 053484101 | 3.42% | 5,517 |
| 5 | Welltower Inc | WELL | 95040Q104 | 3.30% | 4,948 |
| 6 | Digital Realty Trust Inc | DLR | 253868103 | 3.29% | 5,762 |
| 7 | Terreno Realty Corp | TRNO | 88146M101 | 2.98% | 14,046 |
| 8 | Simon Property Group Inc | SPG | 828806109 | 2.79% | 4,360 |
| 9 | Equity Residential | EQR | 29476L107 | 2.61% | 12,593 |
| 10 | STAG Industrial Inc | STAG | 85254J102 | 2.61% | 19,177 |
| 11 | Highwoods Properties Inc | HIW | 431284108 | 2.41% | 23,820 |
| 12 | BXP Inc | BXP | 101121101 | 2.19% | 8,774 |
| 13 | American Homes 4 Rent | AMH | 02665T306 | 2.17% | 19,230 |
| 14 | Marriott International Inc/MD | MAR | 571903202 | 2.16% | 2,130 |
| 15 | EastGroup Properties Inc | EGP | 277276101 | 2.05% | 3,316 |
| 16 | COPT Defense Properties | CDP | 22002T108 | 1.88% | 18,557 |
| 17 | WP Carey Inc | WPC | 92936U109 | 1.88% | 8,026 |
| 18 | Alexandria Real Estate Equities Inc | ARE | 015271109 | 1.82% | 9,717 |
| 19 | Essex Property Trust Inc | ESS | 297178105 | 1.82% | 2,046 |
| 20 | Hilton Worldwide Holdings Inc | HLT | 43300A203 | 1.80% | 1,885 |
| 21 | UDR Inc | UDR | 902653104 | 1.78% | 14,650 |
| 22 | Innovative Industrial Properties Inc | IIPR | 45781V101 | 1.74% | 9,875 |
| 23 | Cousins Properties Inc | CUZ | 222795502 | 1.69% | 18,539 |
| 24 | Mid-America Apartment Communities Inc | MAA | 59522J103 | 1.64% | 3,574 |
| 25 | First Industrial Realty Trust Inc | FR | 32054K103 | 1.60% | 8,209 |
| 26 | Federal Realty Investment Trust | FRT | 313745101 | 1.59% | 4,671 |
| 27 | Independence Realty Trust Inc | IRT | 45378A106 | 1.59% | 27,591 |
| 28 | Regency Centers Corp | REG | 758849103 | 1.53% | 6,268 |
| 29 | Camden Property Trust | CPT | 133131102 | 1.39% | 3,885 |
| 30 | Ventas Inc | VTR | 92276F100 | 1.36% | 5,062 |
| 31 | Vornado Realty Trust | VNO | 929042109 | 1.34% | 10,876 |
| 32 | Acadia Realty Trust | AKR | 004239109 | 1.32% | 18,857 |
| 33 | Kimco Realty Corp | KIM | 49446R109 | 1.20% | 16,777 |
| 34 | Sun Communities Inc | SUI | 866674104 | 1.07% | 2,422 |
| 35 | Brixmor Property Group Inc | BRX | 11120U105 | 0.94% | 10,118 |
| 36 | Public Storage | PSA | 74460D109 | 0.88% | 915 |
| 37 | Tanger Inc | SKT | 875465106 | 0.88% | 7,379 |
| 38 | Invitation Homes Inc | INVH | 46187W107 | 0.86% | 8,532 |
| 39 | Empire State Realty Trust Inc | ESRT | 292104106 | 0.84% | 33,504 |
| 40 | Kite Realty Group Trust | KRG | 49803T300 | 0.82% | 10,415 |
| 41 | Getty Realty Corp | GTY | 374297109 | 0.78% | 8,203 |
| 42 | Phillips Edison & Co Inc | PECO | 71844V201 | 0.78% | 6,438 |
| 43 | Equity LifeStyle Properties Inc | ELS | 29472R108 | 0.76% | 3,532 |
| 44 | Agree Realty Corp | ADC | 008492100 | 0.75% | 2,931 |
| 45 | Host Hotels & Resorts Inc | HST | 44107P104 | 0.66% | 10,463 |
| 46 | Realty Income Corp | O | 756109104 | 0.66% | 3,318 |
| 47 | Omega Healthcare Investors Inc | OHI | 681936100 | 0.66% | 4,368 |
| 48 | Hyatt Hotels Corp | H | 448579102 | 0.65% | 1,198 |
| 49 | Extra Space Storage Inc | EXR | 30225T102 | 0.64% | 1,383 |
| 50 | American Healthcare REIT Inc | AHR | 398182303 | 0.54% | 3,262 |
| 51 | HEALTHPEAK PROPERTIES INC. | DOC | 42250P103 | 0.46% | 7,479 |
| 52 | CareTrust REIT Inc | CTRE | 14174T107 | 0.45% | 3,605 |
| 53 | DigitalBridge Group Inc | DBRG | 25401T603 | 0.45% | 12,474 |
| 54 | American Assets Trust Inc | AAT | 024013104 | 0.44% | 6,606 |
| 55 | InvenTrust Properties Corp | IVT | 46124J201 | 0.44% | 4,535 |
| 56 | Ryman Hospitality Properties Inc | RHP | 78377T107 | 0.44% | 1,349 |
| 57 | NETSTREIT Corp | NTST | 64119V303 | 0.43% | 6,812 |
| 58 | Sabra Health Care REIT Inc | SBRA | 78573L106 | 0.41% | 6,299 |
| 59 | National HealthCare Corp | NHC | 635906100 | 0.39% | 871 |
| 60 | Easterly Government Properties Inc | DEA | 27616P301 | 0.38% | 5,100 |
| 61 | National Health Investors Inc | NHI | 63633D104 | 0.38% | 1,442 |
| 62 | Wyndham Hotels & Resorts Inc | WH | 98311A105 | 0.36% | 1,430 |
| 63 | Apple Hospitality REIT Inc | APLE | 03784Y200 | 0.35% | 8,412 |
| 64 | Sunstone Hotel Investors Inc | SHO | 867892101 | 0.35% | 10,489 |
| 65 | Douglas Emmett Inc | DEI | 25960P109 | 0.34% | 8,077 |
| 66 | CubeSmart | CUBE | 229663109 | 0.33% | 2,568 |
| 67 | Choice Hotels International Inc | CHH | 169905106 | 0.32% | 936 |
| 68 | DiamondRock Hospitality Co | DRH | 252784301 | 0.32% | 10,098 |
| 69 | LTC Properties Inc | LTC | 502175102 | 0.32% | 2,589 |
| 70 | Sila Realty Trust Inc | SILA | 146280508 | 0.28% | 3,493 |
| 71 | UMH Properties Inc | UMH | 903002103 | 0.26% | 4,888 |
| 72 | JBG SMITH Properties | JBGS | 46590V100 | 0.20% | 3,248 |
| 73 | Alexander & Baldwin Inc | ALEX | 014491104 | 0.17% | 3,081 |
| 74 | Broadstone Net Lease Inc | BNL | 11135E203 | 0.13% | 2,073 |
| 75 | LXP INDUSTRIAL TRUST | LXP | 529043408 | 0.13% | 797 |
| 76 | U.S. Bank Money Market Deposit Account 06/01/2031 | USBFS03 | 8AMMF0A84 | 0.13% | 38,481 |
| 77 | Centerspace | CSR | 15202L107 | 0.12% | 506 |
| 78 | Healthcare Realty Trust Inc | HR | 42226K105 | 0.12% | 1,824 |
| 79 | Elme Communities | ELME | 939653101 | 0.11% | 1,824 |
| 80 | Rexford Industrial Realty Inc | REXR | 76169C100 | 0.11% | 773 |
| 81 | Xenia Hotels & Resorts Inc | XHR | 984017103 | 0.11% | 2,180 |
| 82 | Essential Properties Realty Trust Inc | EPRT | 29670E107 | 0.10% | 937 |
| 83 | NNN REIT Inc | NNN | 637417106 | 0.10% | 679 |
| 84 | Paramount Group Inc | PGRE | 69924R108 | 0.10% | 4,584 |
| 85 | Urban Edge Properties | UE | 91704F104 | 0.10% | 1,463 |
| 86 | Armada Hoffler Properties Inc | AHH | 04208T108 | 0.09% | 4,109 |
| 87 | Alexanders Inc | ALX | 014752109 | 0.09% | 111 |
| 88 | SL Green Realty Corp | SLG | 78440X887 | 0.09% | 541 |
| 89 | Apartment Investment and Management Co | AIV | 03748R747 | 0.07% | 3,321 |
| 90 | Americold Realty Trust Inc | COLD | 03064D108 | 0.07% | 1,761 |
| 91 | Cash & Other | Cash&Other | Cash&Other | 0.07% | 20,253 |
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 |
