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.
06/12/2026
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 05/31/2026) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | 1 Month | 1.39% | 1.55% |
| 2 | 3 Month | 3.99% | 4.18% |
| 3 | Year To Date | 10.09% | 10.10% |
| 4 | Since Inception* | 73.47% | 73.70% |
| 5 | Average Annual | ||
| 6 | 1 Year | 11.08% | 11.14% |
| 7 | 3 Year | 10.25% | 10.31% |
| 8 | 5 Year | 2.88% | 2.89% |
| 9 | 10 Year | 0.00% | 0.00% |
| 10 | Since Inception* | 6.96% | 6.98% |
| 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 | 4.67% | 1,135 |
| 1 | Prologis Inc | PLD | 74340W103 | 4.14% | 7,144 |
| 2 | Four Corners Property Trust Inc | FCPT | 35086T109 | 3.72% | 37,808 |
| 3 | AvalonBay Communities Inc | AVB | 053484101 | 3.60% | 4,937 |
| 4 | Digital Realty Trust Inc | DLR | 253868103 | 3.51% | 4,931 |
| 5 | Kilroy Realty Corp | KRC | 49427F108 | 2.96% | 19,815 |
| 6 | Equity Residential | EQR | 29476L107 | 2.86% | 10,900 |
| 7 | Welltower Inc | WELL | 95040Q104 | 2.86% | 3,423 |
| 8 | Simon Property Group Inc | SPG | 828806109 | 2.85% | 3,341 |
| 9 | Terreno Realty Corp | TRNO | 88146M101 | 2.61% | 9,943 |
| 10 | Marriott International Inc/MD | MAR | 571903202 | 2.44% | 1,558 |
| 11 | Highwoods Properties Inc | HIW | 431284108 | 2.23% | 19,196 |
| 12 | American Homes 4 Rent | AMH | 02665T306 | 2.21% | 17,242 |
| 13 | Alexandria Real Estate Equities Inc | ARE | 015271109 | 2.16% | 10,423 |
| 14 | WP Carey Inc | WPC | 92936U109 | 2.11% | 7,060 |
| 15 | Essex Property Trust Inc | ESS | 297178105 | 2.05% | 1,853 |
| 16 | UDR Inc | UDR | 902653104 | 1.95% | 12,738 |
| 17 | Easterly Government Properties Inc | DEA | 27616P301 | 1.87% | 20,007 |
| 18 | STAG Industrial Inc | STAG | 85254J102 | 1.86% | 12,302 |
| 19 | Hilton Worldwide Holdings Inc | HLT | 43300A203 | 1.83% | 1,359 |
| 20 | Innovative Industrial Properties Inc | IIPR | 45781V101 | 1.82% | 7,718 |
| 21 | COPT Defense Properties | CDP | 22002T108 | 1.76% | 13,058 |
| 22 | Mid-America Apartment Communities Inc | MAA | 59522J103 | 1.75% | 3,226 |
| 23 | Federal Realty Investment Trust | FRT | 313745101 | 1.72% | 3,514 |
| 24 | Vornado Realty Trust | VNO | 929042109 | 1.66% | 11,126 |
| 25 | EastGroup Properties Inc | EGP | 277276101 | 1.62% | 2,027 |
| 26 | Regency Centers Corp | REG | 758849103 | 1.59% | 5,085 |
| 27 | Cousins Properties Inc | CUZ | 222795502 | 1.57% | 13,934 |
| 28 | Camden Property Trust | CPT | 133131102 | 1.52% | 3,395 |
| 29 | Independence Realty Trust Inc | IRT | 45378A106 | 1.50% | 22,845 |
| 30 | Kimco Realty Corp | KIM | 49446R109 | 1.44% | 14,237 |
| 31 | BXP Inc | BXP | 101121101 | 1.33% | 5,158 |
| 32 | Acadia Realty Trust | AKR | 004239109 | 1.24% | 14,370 |
| 33 | LXP INDUSTRIAL TRUST | LXP | 529043408 | 1.21% | 5,837 |
| 34 | First Industrial Realty Trust Inc | FR | 32054K103 | 1.17% | 4,740 |
| 35 | Ventas Inc | VTR | 92276F100 | 1.15% | 3,492 |
| 36 | Kite Realty Group Trust | KRG | 49803T300 | 1.00% | 8,812 |
| 37 | Tanger Inc | SKT | 875465106 | 0.97% | 6,139 |
| 38 | Public Storage | PSA | 74460D109 | 0.95% | 758 |
| 39 | Phillips Edison & Co Inc | PECO | 71844V201 | 0.92% | 5,668 |
| 40 | Invitation Homes Inc | INVH | 46187W107 | 0.91% | 7,892 |
| 41 | Getty Realty Corp | GTY | 374297109 | 0.88% | 6,783 |
| 42 | Sun Communities Inc | SUI | 866674104 | 0.82% | 1,651 |
| 43 | Agree Realty Corp | ADC | 008492100 | 0.81% | 2,748 |
| 44 | Hyatt Hotels Corp | H | 448579102 | 0.75% | 960 |
| 45 | Equity LifeStyle Properties Inc | ELS | 29472R108 | 0.74% | 2,911 |
| 46 | Host Hotels & Resorts Inc | HST | 44107P104 | 0.72% | 7,403 |
| 47 | Empire State Realty Trust Inc | ESRT | 292104106 | 0.69% | 32,562 |
| 48 | Extra Space Storage Inc | EXR | 30225T102 | 0.69% | 1,189 |
| 49 | Realty Income Corp | O | 756109104 | 0.64% | 2,628 |
| 50 | Omega Healthcare Investors Inc | OHI | 681936100 | 0.58% | 3,281 |
| 51 | Ryman Hospitality Properties Inc | RHP | 78377T107 | 0.54% | 1,122 |
| 52 | InvenTrust Properties Corp | IVT | 46124J201 | 0.53% | 3,905 |
| 53 | Brixmor Property Group Inc | BRX | 11120U105 | 0.51% | 4,022 |
| 54 | DigitalBridge Group Inc | DBRG | 25401T603 | 0.44% | 7,155 |
| 55 | American Healthcare REIT Inc | AHR | 398182303 | 0.43% | 2,336 |
| 56 | Apple Hospitality REIT Inc | APLE | 03784Y200 | 0.43% | 6,761 |
| 57 | National HealthCare Corp | NHC | 635906100 | 0.42% | 549 |
| 58 | CareTrust REIT Inc | CTRE | 14174T107 | 0.40% | 2,803 |
| 59 | Wyndham Hotels & Resorts Inc | WH | 98311A105 | 0.39% | 1,271 |
| 60 | Sunstone Hotel Investors Inc | SHO | 867892101 | 0.38% | 8,269 |
| 61 | Choice Hotels International Inc | CHH | 169905106 | 0.37% | 868 |
| 62 | DiamondRock Hospitality Co | DRH | 252784301 | 0.37% | 8,016 |
| 63 | CubeSmart | CUBE | 229663109 | 0.36% | 2,217 |
| 64 | Sila Realty Trust Inc | SILA | 146280508 | 0.36% | 3,091 |
| 65 | Sabra Health Care REIT Inc | SBRA | 78573L106 | 0.34% | 4,609 |
| 66 | LTC Properties Inc | LTC | 502175102 | 0.32% | 2,205 |
| 67 | National Health Investors Inc | NHI | 63633D104 | 0.31% | 1,114 |
| 68 | UMH Properties Inc | UMH | 903002103 | 0.25% | 4,256 |
| 69 | HEALTHPEAK PROPERTIES INC. | DOC | 42250P103 | 0.24% | 2,947 |
| 70 | U.S. Bank Money Market Deposit Account 06/01/2031 | USBFS03 | 8AMMF0A84 | 0.23% | 60,048 |
| 71 | Cash & Other | Cash&Other | Cash&Other | 0.15% | 38,617 |
| 72 | Broadstone Net Lease Inc | BNL | 11135E203 | 0.13% | 1,614 |
| 73 | American Assets Trust Inc | AAT | 024013104 | 0.12% | 1,273 |
| 74 | Xenia Hotels & Resorts Inc | XHR | 984017103 | 0.12% | 1,545 |
| 75 | Healthcare Realty Trust Inc | HR | 42226K105 | 0.11% | 1,373 |
| 76 | Urban Edge Properties | UE | 91704F104 | 0.11% | 1,199 |
| 77 | Alexanders Inc | ALX | 014752109 | 0.10% | 96 |
| 78 | Douglas Emmett Inc | DEI | 25960P109 | 0.10% | 2,185 |
| 79 | NNN REIT Inc | NNN | 637417106 | 0.10% | 545 |
| 80 | NETSTREIT Corp | NTST | 64119V303 | 0.10% | 1,269 |
| 81 | Piedmont Realty Trust Inc | PDM | 720190206 | 0.10% | 2,762 |
| 82 | SL Green Realty Corp | SLG | 78440X887 | 0.10% | 511 |
| 83 | Essential Properties Realty Trust Inc | EPRT | 29670E107 | 0.09% | 761 |
| 84 | Global Net Lease Inc | GNL | 379378201 | 0.09% | 2,432 |
| 85 | Centerspace | CSR | 15202L107 | 0.08% | 357 |
| 86 | JBG SMITH Properties | JBGS | 46590V100 | 0.08% | 1,364 |
| 87 | Rexford Industrial Realty Inc | REXR | 76169C100 | 0.08% | 583 |
As of DATE
As of DATE
| index | Name | Weight |
|---|---|---|
| 0 | Retail REITs | 15.37% |
| 1 | Multi-Family Residential REITs | 15.28% |
| 2 | Industrial REITs | 14.68% |
| 3 | Office REITs | 13.86% |
| 4 | Health Care REITs | 9.46% |
| 5 | Data Center REITs | 8.72% |
| 6 | Hotels, Resorts & Cruise Lines | 5.69% |
| 7 | Single-Family Residential REITs | 5.00% |
| 8 | Other Specialized REITs | 3.82% |
| 9 | Diversified REITs | 2.57% |
| 10 | Hotel & Resort REITs | 2.45% |
| 11 | Self-Storage REITs | 1.99% |
| 12 | Asset Management & Custody Banks | 0.46% |
| 13 | Health Care Facilities | 0.41% |
| 14 | Money Market Deposit Account | 0.24% |
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 |
