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.
08/07/2026
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 07/31/2026) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | 1 Month | 1.75% | 1.69% |
| 2 | 3 Month | 7.41% | 7.57% |
| 3 | Year To Date | 16.64% | 16.63% |
| 4 | Since Inception* | 83.77% | 84.01% |
| 5 | Average Annual | ||
| 6 | 1 Year | 19.53% | 19.69% |
| 7 | 3 Year | 8.56% | 8.61% |
| 8 | 5 Year | 2.65% | 2.68% |
| 9 | 10 Year | 0.00% | 0.00% |
| 10 | Since Inception* | 7.56% | 7.58% |
| index | Quarter End Performance (As of 06/30/2026) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | Quarter | 14.45% | 14.68% |
| 2 | Year To Date | 14.63% | 14.69% |
| 3 | Since Inception* | 80.62% | 80.95% |
| 4 | Average Annual | ||
| 5 | 1 Year | 15.58% | 15.84% |
| 6 | 3 Year | 9.43% | 9.52% |
| 7 | 5 Year | 3.39% | 3.42% |
| 8 | 10 Year | 0.00% | 0.00% |
| 9 | Since Inception* | 7.42% | 7.44% |
*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 | 4.17% | 1,023 |
| 1 | Four Corners Property Trust Inc | FCPT | 35086T109 | 3.99% | 40,694 |
| 2 | Prologis Inc | PLD | 74340W103 | 3.94% | 7,190 |
| 3 | AvalonBay Communities Inc | AVB | 053484101 | 3.92% | 5,347 |
| 4 | Digital Realty Trust Inc | DLR | 253868103 | 3.63% | 4,791 |
| 5 | Welltower Inc | WELL | 95040Q104 | 3.07% | 3,318 |
| 6 | Equity Residential | EQR | 29476L107 | 3.05% | 11,628 |
| 7 | Kilroy Realty Corp | KRC | 49427F108 | 2.91% | 19,592 |
| 8 | American Homes 4 Rent | AMH | 02665T306 | 2.67% | 19,706 |
| 9 | Simon Property Group Inc | SPG | 828806109 | 2.64% | 3,024 |
| 10 | Terreno Realty Corp | TRNO | 88146M101 | 2.55% | 9,476 |
| 11 | Easterly Government Properties Inc | DEA | 27616P301 | 2.51% | 26,159 |
| 12 | BXP Inc | BXP | 101121101 | 2.30% | 8,422 |
| 13 | UDR Inc | UDR | 902653104 | 2.12% | 14,129 |
| 14 | Mid-America Apartment Communities Inc | MAA | 59522J103 | 2.10% | 3,971 |
| 15 | Marriott International Inc/MD | MAR | 571903202 | 2.07% | 1,493 |
| 16 | Essex Property Trust Inc | ESS | 297178105 | 2.06% | 1,825 |
| 17 | Alexandria Real Estate Equities Inc | ARE | 015271109 | 2.02% | 10,404 |
| 18 | Highwoods Properties Inc | HIW | 431284108 | 2.02% | 16,462 |
| 19 | STAG Industrial Inc | STAG | 85254J102 | 1.89% | 12,944 |
| 20 | WP Carey Inc | WPC | 92936U109 | 1.84% | 6,555 |
| 21 | Hilton Worldwide Holdings Inc | HLT | 43300A203 | 1.73% | 1,391 |
| 22 | Camden Property Trust | CPT | 133131102 | 1.70% | 3,892 |
| 23 | Innovative Industrial Properties Inc | IIPR | 45781V101 | 1.66% | 7,196 |
| 24 | COPT Defense Properties | CDP | 22002T108 | 1.58% | 10,856 |
| 25 | EastGroup Properties Inc | EGP | 277276101 | 1.58% | 1,999 |
| 26 | Federal Realty Investment Trust | FRT | 313745101 | 1.47% | 3,158 |
| 27 | Regency Centers Corp | REG | 758849103 | 1.46% | 4,839 |
| 28 | Cousins Properties Inc | CUZ | 222795502 | 1.45% | 12,534 |
| 29 | LXP INDUSTRIAL TRUST | LXP | 529043408 | 1.40% | 5,898 |
| 30 | Vornado Realty Trust | VNO | 929042109 | 1.36% | 8,814 |
| 31 | Independence Realty Trust Inc | IRT | 45378A106 | 1.31% | 19,367 |
| 32 | First Industrial Realty Trust Inc | FR | 32054K103 | 1.19% | 4,783 |
| 33 | Kimco Realty Corp | KIM | 49446R109 | 1.19% | 12,395 |
| 34 | Acadia Realty Trust | AKR | 004239109 | 1.12% | 13,868 |
| 35 | Ventas Inc | VTR | 92276F100 | 1.08% | 2,968 |
| 36 | Brixmor Property Group Inc | BRX | 11120U105 | 1.04% | 8,742 |
| 37 | Invitation Homes Inc | INVH | 46187W107 | 1.01% | 8,517 |
| 38 | Public Storage | PSA | 74460D109 | 0.98% | 764 |
| 39 | Sun Communities Inc | SUI | 866674104 | 0.91% | 1,929 |
| 40 | Getty Realty Corp | GTY | 374297109 | 0.84% | 6,431 |
| 41 | Phillips Edison & Co Inc | PECO | 71844V201 | 0.83% | 5,203 |
| 42 | Equity LifeStyle Properties Inc | ELS | 29472R108 | 0.82% | 3,217 |
| 43 | Agree Realty Corp | ADC | 008492100 | 0.80% | 2,709 |
| 44 | Tanger Inc | SKT | 875465106 | 0.80% | 5,184 |
| 45 | Kite Realty Group Trust | KRG | 49803T300 | 0.79% | 7,576 |
| 46 | Extra Space Storage Inc | EXR | 30225T102 | 0.71% | 1,221 |
| 47 | Realty Income Corp | O | 756109104 | 0.68% | 2,801 |
| 48 | Empire State Realty Trust Inc | ESRT | 292104106 | 0.65% | 34,543 |
| 49 | Hyatt Hotels Corp | H | 448579102 | 0.62% | 886 |
| 50 | Host Hotels & Resorts Inc | HST | 44107P104 | 0.58% | 6,354 |
| 51 | DigitalBridge Group Inc | DBRG | 25401T603 | 0.57% | 9,103 |
| 52 | Omega Healthcare Investors Inc | OHI | 681936100 | 0.52% | 2,770 |
| 53 | InvenTrust Properties Corp | IVT | 46124J201 | 0.46% | 3,509 |
| 54 | Ryman Hospitality Properties Inc | RHP | 78377T107 | 0.45% | 943 |
| 55 | American Healthcare REIT Inc | AHR | 398182303 | 0.43% | 1,941 |
| 56 | Wyndham Hotels & Resorts Inc | WH | 98311A105 | 0.41% | 1,409 |
| 57 | CareTrust REIT Inc | CTRE | 14174T107 | 0.40% | 2,452 |
| 58 | American Assets Trust Inc | AAT | 024013104 | 0.38% | 4,209 |
| 59 | Choice Hotels International Inc | CHH | 169905106 | 0.37% | 894 |
| 60 | Healthcare Realty Trust Inc | HR | 42226K105 | 0.37% | 4,702 |
| 61 | Apple Hospitality REIT Inc | APLE | 03784Y200 | 0.36% | 5,698 |
| 62 | Sabra Health Care REIT Inc | SBRA | 78573L106 | 0.36% | 4,368 |
| 63 | CubeSmart | CUBE | 229663109 | 0.35% | 2,138 |
| 64 | DiamondRock Hospitality Co | DRH | 252784301 | 0.33% | 6,731 |
| 65 | National Health Investors Inc | NHI | 63633D104 | 0.32% | 1,094 |
| 66 | Sunstone Hotel Investors Inc | SHO | 867892101 | 0.32% | 7,281 |
| 67 | HEALTHPEAK PROPERTIES INC. | DOC | 42250P103 | 0.30% | 3,542 |
| 68 | UMH Properties Inc | UMH | 903002103 | 0.30% | 4,904 |
| 69 | LTC Properties Inc | LTC | 502175102 | 0.29% | 1,863 |
| 70 | National HealthCare Corp | NHC | 635906100 | 0.29% | 343 |
| 71 | SL Green Realty Corp | SLG | 78440X887 | 0.27% | 1,221 |
| 72 | Alexanders Inc | ALX | 014752109 | 0.11% | 100 |
| 73 | Broadstone Net Lease Inc | BNL | 11135E203 | 0.10% | 1,211 |
| 74 | Centerspace | CSR | 15202L107 | 0.10% | 472 |
| 75 | Douglas Emmett Inc | DEI | 25960P109 | 0.10% | 2,202 |
| 76 | Essential Properties Realty Trust Inc | EPRT | 29670E107 | 0.10% | 823 |
| 77 | Macerich Co/The | MAC | 554382101 | 0.10% | 997 |
| 78 | NNN REIT Inc | NNN | 637417106 | 0.10% | 538 |
| 79 | NETSTREIT Corp | NTST | 64119V303 | 0.10% | 1,206 |
| 80 | Piedmont Realty Trust Inc | PDM | 720190206 | 0.10% | 2,749 |
| 81 | Rexford Industrial Realty Inc | REXR | 76169C100 | 0.10% | 682 |
| 82 | Urban Edge Properties | UE | 91704F104 | 0.10% | 1,144 |
| 83 | JBG SMITH Properties | JBGS | 46590V100 | 0.09% | 1,840 |
| 84 | Xenia Hotels & Resorts Inc | XHR | 984017103 | 0.09% | 1,212 |
| 85 | Cash & Other | Cash&Other | Cash&Other | 0.08% | 19,937 |
| 86 | U.S. Bank Money Market Deposit Account 06/01/2031 | USBFS03 | 8AMMF0A84 | 0.02% | 4,329 |
As of DATE
As of DATE
| index | Name | Weight |
|---|---|---|
| 0 | Multi-Family Residential REITs | 15.51% |
| 1 | Retail REITs | 15.45% |
| 2 | Office REITs | 14.76% |
| 3 | Industrial REITs | 14.08% |
| 4 | Health Care REITs | 9.69% |
| 5 | Data Center REITs | 8.10% |
| 6 | Hotels, Resorts & Cruise Lines | 5.54% |
| 7 | Single-Family Residential REITs | 4.96% |
| 8 | Other Specialized REITs | 3.64% |
| 9 | Hotel & Resort REITs | 2.58% |
| 10 | Diversified REITs | 2.41% |
| 11 | Self-Storage REITs | 1.97% |
| 12 | Health Care Facilities | 0.45% |
| 13 | Asset Management & Custody Banks | 0.44% |
| 14 | Money Market Deposit Account | 0.42% |
As of DATE
As of DATE
| index | Ex-Dividend Date | Income | ST Cap Gains | MD Cap Gains | LT Cap Gains |
|---|---|---|---|---|---|
| 0 | 07/16/2026 | 0.293587530 | |||
| 1 | 04/16/2026 | 0.254282030 | |||
| 2 | 10/21/2025 | 0.303784420 | |||
| 3 | 07/17/2025 | 0.310831060 | |||
| 4 | 04/16/2025 | 0.300089690 | |||
| 5 | 10/16/2024 | 0.544170460 | |||
| 6 | 07/16/2024 | 0.271142530 | |||
| 7 | 04/16/2024 | 0.240887590 | |||
| 8 | 12/15/2023 | 0.291009660 | |||
| 9 | 10/17/2023 | 0.303018850 | |||
| 10 | 07/11/2023 | 0.298152720 | |||
| 11 | 04/11/2023 | 0.341218040 | |||
| 12 | 12/16/2022 | 0.2681998 | |||
| 13 | 10/18/2022 | 0.36100839 | |||
| 14 | 07/19/2022 | 0.28340514 | |||
| 15 | 04/19/2022 | 0.29128418 | |||
| 16 | 12/30/2021 | 0.28264844 | |||
| 17 | 12/17/2021 | 0.04984024 | |||
| 18 | 10/19/2021 | 0.26184459 | |||
| 19 | 07/20/2021 | 0.26397021 | |||
| 20 | 04/20/2021 | 0.27559982 | |||
| 21 | 12/18/2020 | 0.24391827 | |||
| 22 | 10/20/2020 | 0.25226808 | |||
| 23 | 07/21/2020 | 0.19973977 | |||
| 24 | 04/21/2020 | 0.30084733 | |||
| 25 | 12/19/2019 | 0.25217751 | |||
| 26 | 10/15/2019 | 0.29728635 | |||
| 27 | 07/16/2019 | 0.26251215 | |||
| 28 | 04/09/2019 | 0.20977681 | |||
| 29 | 03/19/2019 | 0.05033794 | |||
| 30 | 12/19/2018 | 0.03715127 | 0.04776 | 0.02467085 | |
| 31 | 09/18/2018 | 0.029251481 | |||
| 32 | 06/19/2018 | 0.012199864 |
