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.
01/16/2026
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 12/31/2025) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | 1 Month | -1.85% | -1.84% |
| 2 | 3 Month | -2.01% | -1.90% |
| 3 | Year To Date | -3.82% | -3.48% |
| 4 | Since Inception* | 57.56% | 57.77% |
| 5 | Average Annual | ||
| 6 | 1 Year | -3.82% | -3.48% |
| 7 | 3 Year | 6.07% | 6.11% |
| 8 | 5 Year | 4.34% | 4.38% |
| 9 | 10 Year | 0.00% | 0.00% |
| 10 | Since Inception* | 6.03% | 6.05% |
| 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 | Prologis Inc | PLD | 74340W103 | 4.80% | 10,695 |
| 1 | Equinix Inc | EQIX | 29444U700 | 3.85% | 1,427 |
| 2 | Four Corners Property Trust Inc | FCPT | 35086T109 | 3.66% | 43,831 |
| 3 | AvalonBay Communities Inc | AVB | 053484101 | 3.40% | 5,534 |
| 4 | Welltower Inc | WELL | 95040Q104 | 3.20% | 4,961 |
| 5 | Digital Realty Trust Inc | DLR | 253868103 | 3.18% | 5,779 |
| 6 | Kilroy Realty Corp | KRC | 49427F108 | 2.98% | 23,439 |
| 7 | Terreno Realty Corp | TRNO | 88146M101 | 2.97% | 14,088 |
| 8 | Simon Property Group Inc | SPG | 828806109 | 2.72% | 4,372 |
| 9 | Equity Residential | EQR | 29476L107 | 2.64% | 12,630 |
| 10 | STAG Industrial Inc | STAG | 85254J102 | 2.45% | 19,234 |
| 11 | Marriott International Inc/MD | MAR | 571903202 | 2.34% | 2,135 |
| 12 | Highwoods Properties Inc | HIW | 431284108 | 2.22% | 23,893 |
| 13 | American Homes 4 Rent | AMH | 02665T306 | 2.10% | 19,288 |
| 14 | EastGroup Properties Inc | EGP | 277276101 | 2.10% | 3,325 |
| 15 | BXP Inc | BXP | 101121101 | 2.01% | 8,798 |
| 16 | COPT Defense Properties | CDP | 22002T108 | 1.93% | 18,612 |
| 17 | Hilton Worldwide Holdings Inc | HLT | 43300A203 | 1.92% | 1,890 |
| 18 | Alexandria Real Estate Equities Inc | ARE | 015271109 | 1.90% | 9,745 |
| 19 | WP Carey Inc | WPC | 92936U109 | 1.90% | 8,049 |
| 20 | UDR Inc | UDR | 902653104 | 1.86% | 14,694 |
| 21 | Essex Property Trust Inc | ESS | 297178105 | 1.78% | 2,050 |
| 22 | Cousins Properties Inc | CUZ | 222795502 | 1.69% | 18,594 |
| 23 | Innovative Industrial Properties Inc | IIPR | 45781V101 | 1.69% | 9,905 |
| 24 | First Industrial Realty Trust Inc | FR | 32054K103 | 1.66% | 8,222 |
| 25 | Mid-America Apartment Communities Inc | MAA | 59522J103 | 1.66% | 3,585 |
| 26 | Federal Realty Investment Trust | FRT | 313745101 | 1.64% | 4,684 |
| 27 | Independence Realty Trust Inc | IRT | 45378A106 | 1.61% | 27,676 |
| 28 | Regency Centers Corp | REG | 758849103 | 1.51% | 6,285 |
| 29 | Camden Property Trust | CPT | 133131102 | 1.44% | 3,896 |
| 30 | Acadia Realty Trust | AKR | 004239109 | 1.34% | 18,913 |
| 31 | Ventas Inc | VTR | 92276F100 | 1.34% | 5,075 |
| 32 | Vornado Realty Trust | VNO | 929042109 | 1.24% | 10,909 |
| 33 | Kimco Realty Corp | KIM | 49446R109 | 1.19% | 16,827 |
| 34 | Sun Communities Inc | SUI | 866674104 | 1.07% | 2,429 |
| 35 | U.S. Bank Money Market Deposit Account 06/01/2031 | USBFS03 | 8AMMF0A84 | 0.93% | 277,008 |
| 36 | Brixmor Property Group Inc | BRX | 11120U105 | 0.91% | 10,148 |
| 37 | Public Storage | PSA | 74460D109 | 0.91% | 915 |
| 38 | Tanger Inc | SKT | 875465106 | 0.84% | 7,402 |
| 39 | Getty Realty Corp | GTY | 374297109 | 0.83% | 8,227 |
| 40 | Kite Realty Group Trust | KRG | 49803T300 | 0.83% | 10,445 |
| 41 | Invitation Homes Inc | INVH | 46187W107 | 0.80% | 8,558 |
| 42 | Phillips Edison & Co Inc | PECO | 71844V201 | 0.78% | 6,457 |
| 43 | Equity LifeStyle Properties Inc | ELS | 29472R108 | 0.76% | 3,542 |
| 44 | Empire State Realty Trust Inc | ESRT | 292104106 | 0.74% | 33,605 |
| 45 | Agree Realty Corp | ADC | 008492100 | 0.72% | 2,940 |
| 46 | Extra Space Storage Inc | EXR | 30225T102 | 0.69% | 1,386 |
| 47 | Realty Income Corp | O | 756109104 | 0.69% | 3,327 |
| 48 | Hyatt Hotels Corp | H | 448579102 | 0.68% | 1,201 |
| 49 | Host Hotels & Resorts Inc | HST | 44107P104 | 0.66% | 10,494 |
| 50 | Omega Healthcare Investors Inc | OHI | 681936100 | 0.66% | 4,381 |
| 51 | DigitalBridge Group Inc | DBRG | 25401T603 | 0.65% | 12,511 |
| 52 | American Healthcare REIT Inc | AHR | 398182303 | 0.53% | 3,271 |
| 53 | CareTrust REIT Inc | CTRE | 14174T107 | 0.46% | 3,615 |
| 54 | HEALTHPEAK PROPERTIES INC. | DOC | 42250P103 | 0.45% | 7,501 |
| 55 | InvenTrust Properties Corp | IVT | 46124J201 | 0.45% | 4,549 |
| 56 | Ryman Hospitality Properties Inc | RHP | 78377T107 | 0.43% | 1,353 |
| 57 | NETSTREIT Corp | NTST | 64119V303 | 0.42% | 6,831 |
| 58 | Sabra Health Care REIT Inc | SBRA | 78573L106 | 0.41% | 6,317 |
| 59 | American Assets Trust Inc | AAT | 024013104 | 0.40% | 6,631 |
| 60 | Easterly Government Properties Inc | DEA | 27616P301 | 0.40% | 5,116 |
| 61 | National HealthCare Corp | NHC | 635906100 | 0.40% | 873 |
| 62 | National Health Investors Inc | NHI | 63633D104 | 0.39% | 1,447 |
| 63 | Wyndham Hotels & Resorts Inc | WH | 98311A105 | 0.39% | 1,434 |
| 64 | Apple Hospitality REIT Inc | APLE | 03784Y200 | 0.35% | 8,437 |
| 65 | Choice Hotels International Inc | CHH | 169905106 | 0.34% | 939 |
| 66 | CubeSmart | CUBE | 229663109 | 0.34% | 2,575 |
| 67 | DiamondRock Hospitality Co | DRH | 252784301 | 0.32% | 10,129 |
| 68 | LTC Properties Inc | LTC | 502175102 | 0.32% | 2,596 |
| 69 | Sunstone Hotel Investors Inc | SHO | 867892101 | 0.32% | 10,519 |
| 70 | Douglas Emmett Inc | DEI | 25960P109 | 0.30% | 8,100 |
| 71 | Sila Realty Trust Inc | SILA | 146280508 | 0.28% | 3,502 |
| 72 | UMH Properties Inc | UMH | 903002103 | 0.27% | 4,902 |
| 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 | Broadstone Net Lease Inc | BNL | 11135E203 | 0.13% | 2,078 |
| 77 | Centerspace | CSR | 15202L107 | 0.11% | 507 |
| 78 | Healthcare Realty Trust Inc | HR | 42226K105 | 0.11% | 1,829 |
| 79 | Rexford Industrial Realty Inc | REXR | 76169C100 | 0.11% | 775 |
| 80 | Xenia Hotels & Resorts Inc | XHR | 984017103 | 0.11% | 2,182 |
| 81 | Armada Hoffler Properties Inc | AHH | 04208T108 | 0.10% | 4,121 |
| 82 | Essential Properties Realty Trust Inc | EPRT | 29670E107 | 0.10% | 940 |
| 83 | NNN REIT Inc | NNN | 637417106 | 0.10% | 680 |
| 84 | Alexanders Inc | ALX | 014752109 | 0.09% | 112 |
| 85 | SL Green Realty Corp | SLG | 78440X887 | 0.09% | 541 |
| 86 | Urban Edge Properties | UE | 91704F104 | 0.09% | 1,467 |
| 87 | Americold Realty Trust Inc | COLD | 03064D108 | 0.08% | 1,764 |
| 88 | Cash & Other | Cash&Other | Cash&Other | 0.08% | 23,966 |
| 89 | Apartment Investment and Management Co | AIV | 03748R747 | 0.07% | 3,330 |
| 90 | Elme Communities | ELME | 939653101 | 0.02% | 1,829 |
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 |
