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.
12/24/2025
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 | 4.81% | 10,695 |
| 1 | Equinix Inc | EQIX | 29444U700 | 3.77% | 1,427 |
| 2 | Four Corners Property Trust Inc | FCPT | 35086T109 | 3.58% | 43,831 |
| 3 | AvalonBay Communities Inc | AVB | 053484101 | 3.53% | 5,534 |
| 4 | Welltower Inc | WELL | 95040Q104 | 3.24% | 4,961 |
| 5 | Digital Realty Trust Inc | DLR | 253868103 | 3.13% | 5,779 |
| 6 | Kilroy Realty Corp | KRC | 49427F108 | 3.10% | 23,439 |
| 7 | Terreno Realty Corp | TRNO | 88146M101 | 2.97% | 14,088 |
| 8 | Simon Property Group Inc | SPG | 828806109 | 2.87% | 4,372 |
| 9 | Equity Residential | EQR | 29476L107 | 2.76% | 12,630 |
| 10 | STAG Industrial Inc | STAG | 85254J102 | 2.50% | 19,234 |
| 11 | Marriott International Inc/MD | MAR | 571903202 | 2.34% | 2,135 |
| 12 | American Homes 4 Rent | AMH | 02665T306 | 2.14% | 19,288 |
| 13 | Highwoods Properties Inc | HIW | 431284108 | 2.13% | 23,893 |
| 14 | BXP Inc | BXP | 101121101 | 2.12% | 8,798 |
| 15 | EastGroup Properties Inc | EGP | 277276101 | 2.10% | 3,325 |
| 16 | Hilton Worldwide Holdings Inc | HLT | 43300A203 | 1.93% | 1,890 |
| 17 | Essex Property Trust Inc | ESS | 297178105 | 1.87% | 2,050 |
| 18 | UDR Inc | UDR | 902653104 | 1.87% | 14,694 |
| 19 | COPT Defense Properties | CDP | 22002T108 | 1.84% | 18,612 |
| 20 | WP Carey Inc | WPC | 92936U109 | 1.81% | 8,049 |
| 21 | Innovative Industrial Properties Inc | IIPR | 45781V101 | 1.76% | 9,905 |
| 22 | Mid-America Apartment Communities Inc | MAA | 59522J103 | 1.72% | 3,585 |
| 23 | First Industrial Realty Trust Inc | FR | 32054K103 | 1.67% | 8,222 |
| 24 | Federal Realty Investment Trust | FRT | 313745101 | 1.67% | 4,684 |
| 25 | Independence Realty Trust Inc | IRT | 45378A106 | 1.67% | 27,676 |
| 26 | Alexandria Real Estate Equities Inc | ARE | 015271109 | 1.66% | 9,745 |
| 27 | Cousins Properties Inc | CUZ | 222795502 | 1.66% | 18,594 |
| 28 | Regency Centers Corp | REG | 758849103 | 1.52% | 6,285 |
| 29 | Camden Property Trust | CPT | 133131102 | 1.47% | 3,896 |
| 30 | Ventas Inc | VTR | 92276F100 | 1.41% | 5,075 |
| 31 | Acadia Realty Trust | AKR | 004239109 | 1.38% | 18,913 |
| 32 | Vornado Realty Trust | VNO | 929042109 | 1.28% | 10,909 |
| 33 | Kimco Realty Corp | KIM | 49446R109 | 1.20% | 16,827 |
| 34 | Sun Communities Inc | SUI | 866674104 | 1.05% | 2,429 |
| 35 | Brixmor Property Group Inc | BRX | 11120U105 | 0.93% | 10,148 |
| 36 | Tanger Inc | SKT | 875465106 | 0.88% | 7,402 |
| 37 | Kite Realty Group Trust | KRG | 49803T300 | 0.87% | 10,445 |
| 38 | Public Storage | PSA | 74460D109 | 0.84% | 915 |
| 39 | Invitation Homes Inc | INVH | 46187W107 | 0.81% | 8,558 |
| 40 | Phillips Edison & Co Inc | PECO | 71844V201 | 0.81% | 6,457 |
| 41 | Getty Realty Corp | GTY | 374297109 | 0.79% | 8,227 |
| 42 | Equity LifeStyle Properties Inc | ELS | 29472R108 | 0.76% | 3,542 |
| 43 | Empire State Realty Trust Inc | ESRT | 292104106 | 0.76% | 33,605 |
| 44 | Agree Realty Corp | ADC | 008492100 | 0.74% | 2,940 |
| 45 | Hyatt Hotels Corp | H | 448579102 | 0.69% | 1,201 |
| 46 | Host Hotels & Resorts Inc | HST | 44107P104 | 0.68% | 10,494 |
| 47 | Omega Healthcare Investors Inc | OHI | 681936100 | 0.68% | 4,381 |
| 48 | Realty Income Corp | O | 756109104 | 0.66% | 3,327 |
| 49 | Extra Space Storage Inc | EXR | 30225T102 | 0.63% | 1,386 |
| 50 | DigitalBridge Group Inc | DBRG | 25401T603 | 0.59% | 12,511 |
| 51 | American Healthcare REIT Inc | AHR | 398182303 | 0.55% | 3,271 |
| 52 | CareTrust REIT Inc | CTRE | 14174T107 | 0.47% | 3,615 |
| 53 | InvenTrust Properties Corp | IVT | 46124J201 | 0.46% | 4,549 |
| 54 | Ryman Hospitality Properties Inc | RHP | 78377T107 | 0.46% | 1,353 |
| 55 | American Assets Trust Inc | AAT | 024013104 | 0.44% | 6,631 |
| 56 | HEALTHPEAK PROPERTIES INC. | DOC | 42250P103 | 0.42% | 7,501 |
| 57 | National HealthCare Corp | NHC | 635906100 | 0.42% | 873 |
| 58 | NETSTREIT Corp | NTST | 64119V303 | 0.42% | 6,831 |
| 59 | Sabra Health Care REIT Inc | SBRA | 78573L106 | 0.41% | 6,317 |
| 60 | National Health Investors Inc | NHI | 63633D104 | 0.39% | 1,447 |
| 61 | Easterly Government Properties Inc | DEA | 27616P301 | 0.38% | 5,116 |
| 62 | Wyndham Hotels & Resorts Inc | WH | 98311A105 | 0.38% | 1,434 |
| 63 | Apple Hospitality REIT Inc | APLE | 03784Y200 | 0.36% | 8,437 |
| 64 | DiamondRock Hospitality Co | DRH | 252784301 | 0.33% | 10,129 |
| 65 | Sunstone Hotel Investors Inc | SHO | 867892101 | 0.33% | 10,519 |
| 66 | CubeSmart | CUBE | 229663109 | 0.32% | 2,575 |
| 67 | Douglas Emmett Inc | DEI | 25960P109 | 0.32% | 8,100 |
| 68 | Choice Hotels International Inc | CHH | 169905106 | 0.31% | 939 |
| 69 | LTC Properties Inc | LTC | 502175102 | 0.31% | 2,596 |
| 70 | Sila Realty Trust Inc | SILA | 146280508 | 0.28% | 3,502 |
| 71 | UMH Properties Inc | UMH | 903002103 | 0.27% | 4,902 |
| 72 | Cash & Other | Cash&Other | Cash&Other | 0.23% | 66,003 |
| 73 | Alexander & Baldwin Inc | ALEX | 014491104 | 0.22% | 3,089 |
| 74 | JBG SMITH Properties | JBGS | 46590V100 | 0.19% | 3,256 |
| 75 | LXP INDUSTRIAL TRUST | LXP | 529043408 | 0.14% | 799 |
| 76 | U.S. Bank Money Market Deposit Account 06/01/2031 | USBFS03 | 8AMMF0A84 | 0.14% | 41,182 |
| 77 | Broadstone Net Lease Inc | BNL | 11135E203 | 0.13% | 2,078 |
| 78 | Centerspace | CSR | 15202L107 | 0.12% | 507 |
| 79 | Elme Communities | ELME | 939653101 | 0.11% | 1,829 |
| 80 | Healthcare Realty Trust Inc | HR | 42226K105 | 0.11% | 1,829 |
| 81 | Rexford Industrial Realty Inc | REXR | 76169C100 | 0.11% | 775 |
| 82 | Xenia Hotels & Resorts Inc | XHR | 984017103 | 0.11% | 2,182 |
| 83 | Essential Properties Realty Trust Inc | EPRT | 29670E107 | 0.10% | 940 |
| 84 | Urban Edge Properties | UE | 91704F104 | 0.10% | 1,467 |
| 85 | Armada Hoffler Properties Inc | AHH | 04208T108 | 0.09% | 4,121 |
| 86 | Alexanders Inc | ALX | 014752109 | 0.09% | 112 |
| 87 | NNN REIT Inc | NNN | 637417106 | 0.09% | 680 |
| 88 | SL Green Realty Corp | SLG | 78440X887 | 0.09% | 541 |
| 89 | Americold Realty Trust Inc | COLD | 03064D108 | 0.08% | 1,764 |
| 90 | Apartment Investment and Management Co | AIV | 03748R747 | 0.07% | 3,330 |
As of DATE
As of DATE
| index | Name | Weight |
|---|---|---|
| 0 | Industrial REITs | 15.99% |
| 1 | Retail REITs | 15.17% |
| 2 | Multi-Family Residential REITs | 14.81% |
| 3 | Office REITs | 14.8% |
| 4 | Health Care REITs | 10.47% |
| 5 | Data Center REITs | 6.85% |
| 6 | Hotels, Resorts & Cruise Lines | 5.41% |
| 7 | Single-Family Residential REITs | 5.04% |
| 8 | Other Specialized REITs | 3.61% |
| 9 | Diversified REITs | 2.79% |
| 10 | Hotel & Resort REITs | 2.18% |
| 11 | Self-Storage REITs | 1.82% |
| 12 | Asset Management & Custody Banks | 0.42% |
| 13 | Health Care Facilities | 0.41% |
| 14 | Money Market Deposit Account | 0.23% |
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 |
