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.
02/13/2026
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 01/31/2026) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | 1 Month | 1.91% | 1.81% |
| 2 | 3 Month | 3.12% | 3.06% |
| 3 | Year To Date | 1.91% | 1.81% |
| 4 | Since Inception* | 60.58% | 60.62% |
| 5 | Average Annual | ||
| 6 | 1 Year | -1.89% | -1.86% |
| 7 | 3 Year | 3.27% | 3.29% |
| 8 | 5 Year | 4.98% | 4.93% |
| 9 | 10 Year | 0.00% | 0.00% |
| 10 | Since Inception* | 6.22% | 6.22% |
| 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 | Equinix Inc | EQIX | 29444U700 | 4.50% | 1,283 |
| 1 | Prologis Inc | PLD | 74340W103 | 4.22% | 8,069 |
| 2 | Four Corners Property Trust Inc | FCPT | 35086T109 | 3.95% | 42,698 |
| 3 | Digital Realty Trust Inc | DLR | 253868103 | 3.69% | 5,568 |
| 4 | AvalonBay Communities Inc | AVB | 053484101 | 3.65% | 5,575 |
| 5 | Welltower Inc | WELL | 95040Q104 | 3.07% | 3,867 |
| 6 | Equity Residential | EQR | 29476L107 | 2.88% | 12,310 |
| 7 | Simon Property Group Inc | SPG | 828806109 | 2.81% | 3,774 |
| 8 | Terreno Realty Corp | TRNO | 88146M101 | 2.74% | 11,229 |
| 9 | Kilroy Realty Corp | KRC | 49427F108 | 2.62% | 22,378 |
| 10 | Alexandria Real Estate Equities Inc | ARE | 015271109 | 2.36% | 11,772 |
| 11 | Marriott International Inc/MD | MAR | 571903202 | 2.34% | 1,760 |
| 12 | American Homes 4 Rent | AMH | 02665T306 | 2.26% | 19,473 |
| 13 | WP Carey Inc | WPC | 92936U109 | 2.18% | 7,973 |
| 14 | UDR Inc | UDR | 902653104 | 2.02% | 14,386 |
| 15 | Easterly Government Properties Inc | DEA | 27616P301 | 2.00% | 22,596 |
| 16 | STAG Industrial Inc | STAG | 85254J102 | 1.97% | 13,895 |
| 17 | Essex Property Trust Inc | ESS | 297178105 | 1.96% | 2,093 |
| 18 | Highwoods Properties Inc | HIW | 431284108 | 1.83% | 21,669 |
| 19 | Mid-America Apartment Communities Inc | MAA | 59522J103 | 1.81% | 3,643 |
| 20 | Hilton Worldwide Holdings Inc | HLT | 43300A203 | 1.80% | 1,536 |
| 21 | COPT Defense Properties | CDP | 22002T108 | 1.73% | 14,748 |
| 22 | EastGroup Properties Inc | EGP | 277276101 | 1.63% | 2,289 |
| 23 | Regency Centers Corp | REG | 758849103 | 1.63% | 5,743 |
| 24 | Independence Realty Trust Inc | IRT | 45378A106 | 1.56% | 25,801 |
| 25 | Federal Realty Investment Trust | FRT | 313745101 | 1.55% | 3,969 |
| 26 | Camden Property Trust | CPT | 133131102 | 1.53% | 3,834 |
| 27 | Innovative Industrial Properties Inc | IIPR | 45781V101 | 1.48% | 8,717 |
| 28 | Kimco Realty Corp | KIM | 49446R109 | 1.37% | 16,078 |
| 29 | Cousins Properties Inc | CUZ | 222795502 | 1.35% | 15,738 |
| 30 | Vornado Realty Trust | VNO | 929042109 | 1.34% | 12,566 |
| 31 | BXP Inc | BXP | 101121101 | 1.30% | 5,826 |
| 32 | Ventas Inc | VTR | 92276F100 | 1.26% | 3,945 |
| 33 | Acadia Realty Trust | AKR | 004239109 | 1.23% | 16,230 |
| 34 | First Industrial Realty Trust Inc | FR | 32054K103 | 1.19% | 5,354 |
| 35 | LXP INDUSTRIAL TRUST | LXP | 529043408 | 1.18% | 6,591 |
| 36 | Getty Realty Corp | GTY | 374297109 | 0.96% | 7,661 |
| 37 | Public Storage | PSA | 74460D109 | 0.96% | 858 |
| 38 | Kite Realty Group Trust | KRG | 49803T300 | 0.95% | 9,953 |
| 39 | Agree Realty Corp | ADC | 008492100 | 0.91% | 3,103 |
| 40 | Phillips Edison & Co Inc | PECO | 71844V201 | 0.91% | 6,401 |
| 41 | Sun Communities Inc | SUI | 866674104 | 0.90% | 1,865 |
| 42 | Invitation Homes Inc | INVH | 46187W107 | 0.89% | 8,914 |
| 43 | Tanger Inc | SKT | 875465106 | 0.89% | 6,934 |
| 44 | Empire State Realty Trust Inc | ESRT | 292104106 | 0.87% | 36,774 |
| 45 | Equity LifeStyle Properties Inc | ELS | 29472R108 | 0.82% | 3,289 |
| 46 | Extra Space Storage Inc | EXR | 30225T102 | 0.73% | 1,343 |
| 47 | Realty Income Corp | O | 756109104 | 0.73% | 2,968 |
| 48 | Hyatt Hotels Corp | H | 448579102 | 0.68% | 1,085 |
| 49 | Omega Healthcare Investors Inc | OHI | 681936100 | 0.65% | 3,707 |
| 50 | Host Hotels & Resorts Inc | HST | 44107P104 | 0.62% | 8,362 |
| 51 | American Healthcare REIT Inc | AHR | 398182303 | 0.52% | 2,640 |
| 52 | InvenTrust Properties Corp | IVT | 46124J201 | 0.51% | 4,411 |
| 53 | Brixmor Property Group Inc | BRX | 11120U105 | 0.50% | 4,544 |
| 54 | CareTrust REIT Inc | CTRE | 14174T107 | 0.48% | 3,167 |
| 55 | Ryman Hospitality Properties Inc | RHP | 78377T107 | 0.48% | 1,268 |
| 56 | DigitalBridge Group Inc | DBRG | 25401T603 | 0.46% | 8,082 |
| 57 | Wyndham Hotels & Resorts Inc | WH | 98311A105 | 0.43% | 1,435 |
| 58 | National Health Investors Inc | NHI | 63633D104 | 0.42% | 1,259 |
| 59 | Choice Hotels International Inc | CHH | 169905106 | 0.40% | 980 |
| 60 | Sabra Health Care REIT Inc | SBRA | 78573L106 | 0.40% | 5,206 |
| 61 | National HealthCare Corp | NHC | 635906100 | 0.38% | 621 |
| 62 | LTC Properties Inc | LTC | 502175102 | 0.37% | 2,490 |
| 63 | CubeSmart | CUBE | 229663109 | 0.36% | 2,504 |
| 64 | Apple Hospitality REIT Inc | APLE | 03784Y200 | 0.35% | 7,636 |
| 65 | Sila Realty Trust Inc | SILA | 146280508 | 0.34% | 3,492 |
| 66 | DiamondRock Hospitality Co | DRH | 252784301 | 0.33% | 9,053 |
| 67 | Sunstone Hotel Investors Inc | SHO | 867892101 | 0.32% | 9,340 |
| 68 | UMH Properties Inc | UMH | 903002103 | 0.29% | 4,806 |
| 69 | Alexander & Baldwin Inc | ALEX | 014491104 | 0.21% | 2,712 |
| 70 | HEALTHPEAK PROPERTIES INC. | DOC | 42250P103 | 0.21% | 3,329 |
| 71 | Veris Residential Inc | VRE | 554489104 | 0.14% | 2,254 |
| 72 | Broadstone Net Lease Inc | BNL | 11135E203 | 0.13% | 1,824 |
| 73 | Healthcare Realty Trust Inc | HR | 42226K105 | 0.11% | 1,552 |
| 74 | NETSTREIT Corp | NTST | 64119V303 | 0.11% | 1,434 |
| 75 | American Assets Trust Inc | AAT | 024013104 | 0.10% | 1,438 |
| 76 | Essential Properties Realty Trust Inc | EPRT | 29670E107 | 0.10% | 860 |
| 77 | Global Net Lease Inc | GNL | 379378201 | 0.10% | 2,749 |
| 78 | NNN REIT Inc | NNN | 637417106 | 0.10% | 616 |
| 79 | Urban Edge Properties | UE | 91704F104 | 0.10% | 1,355 |
| 80 | Xenia Hotels & Resorts Inc | XHR | 984017103 | 0.10% | 1,746 |
| 81 | Alexanders Inc | ALX | 014752109 | 0.09% | 106 |
| 82 | Centerspace | CSR | 15202L107 | 0.09% | 404 |
| 83 | Douglas Emmett Inc | DEI | 25960P109 | 0.09% | 2,469 |
| 84 | JBG SMITH Properties | JBGS | 46590V100 | 0.09% | 1,541 |
| 85 | Piedmont Realty Trust Inc | PDM | 720190206 | 0.09% | 3,121 |
| 86 | Rexford Industrial Realty Inc | REXR | 76169C100 | 0.09% | 659 |
| 87 | SL Green Realty Corp | SLG | 78440X887 | 0.08% | 578 |
| 88 | U.S. Bank Money Market Deposit Account 06/01/2031 | USBFS03 | 8AMMF0A84 | 0.05% | 13,506 |
| 89 | Cash & Other | Cash&Other | Cash&Other | 0.03% | 7,938 |
As of DATE
As of DATE
| index | Name | Weight |
|---|---|---|
| 0 | Industrial REITs | 15.91% |
| 1 | Retail REITs | 15.44% |
| 2 | Multi-Family Residential REITs | 15.37% |
| 3 | Office REITs | 13.87% |
| 4 | Health Care REITs | 9.93% |
| 5 | Data Center REITs | 6.99% |
| 6 | Hotels, Resorts & Cruise Lines | 5.61% |
| 7 | Single-Family Residential REITs | 5.10% |
| 8 | Other Specialized REITs | 3.56% |
| 9 | Diversified REITs | 2.81% |
| 10 | Hotel & Resort REITs | 2.21% |
| 11 | Self-Storage REITs | 1.80% |
| 12 | Asset Management & Custody Banks | 0.68% |
| 13 | Health Care Facilities | 0.42% |
| 14 | Money Market Deposit Account | 0.30% |
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 |
