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.
05/04/2026
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 04/30/2026) | PPTY Nav Returns | PPTY Market Price Returns |
|---|---|---|---|
| 0 | Cumulative | ||
| 1 | 1 Month | 8.42% | 8.41% |
| 2 | 3 Month | 6.55% | 6.49% |
| 3 | Year To Date | 8.59% | 8.42% |
| 4 | Since Inception* | 71.10% | 71.05% |
| 5 | Average Annual | ||
| 6 | 1 Year | 11.93% | 12.02% |
| 7 | 3 Year | 8.75% | 8.76% |
| 8 | 5 Year | 2.75% | 2.71% |
| 9 | 10 Year | 0.00% | 0.00% |
| 10 | Since Inception* | 6.86% | 6.86% |
| 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 | 5.02% | 1,133 |
| 1 | Prologis Inc | PLD | 74340W103 | 4.11% | 7,134 |
| 2 | Digital Realty Trust Inc | DLR | 253868103 | 3.98% | 4,924 |
| 3 | Four Corners Property Trust Inc | FCPT | 35086T109 | 3.90% | 37,755 |
| 4 | AvalonBay Communities Inc | AVB | 053484101 | 3.75% | 4,930 |
| 5 | Welltower Inc | WELL | 95040Q104 | 3.01% | 3,418 |
| 6 | Equity Residential | EQR | 29476L107 | 2.96% | 10,885 |
| 7 | Simon Property Group Inc | SPG | 828806109 | 2.77% | 3,337 |
| 8 | Kilroy Realty Corp | KRC | 49427F108 | 2.72% | 19,780 |
| 9 | Terreno Realty Corp | TRNO | 88146M101 | 2.65% | 9,929 |
| 10 | American Homes 4 Rent | AMH | 02665T306 | 2.28% | 17,218 |
| 11 | Marriott International Inc/MD | MAR | 571903202 | 2.27% | 1,556 |
| 12 | WP Carey Inc | WPC | 92936U109 | 2.12% | 7,050 |
| 13 | Essex Property Trust Inc | ESS | 297178105 | 2.03% | 1,851 |
| 14 | Highwoods Properties Inc | HIW | 431284108 | 1.98% | 19,169 |
| 15 | UDR Inc | UDR | 902653104 | 1.93% | 12,720 |
| 16 | STAG Industrial Inc | STAG | 85254J102 | 1.92% | 12,285 |
| 17 | Easterly Government Properties Inc | DEA | 27616P301 | 1.91% | 19,980 |
| 18 | Innovative Industrial Properties Inc | IIPR | 45781V101 | 1.91% | 7,707 |
| 19 | Alexandria Real Estate Equities Inc | ARE | 015271109 | 1.87% | 10,409 |
| 20 | Hilton Worldwide Holdings Inc | HLT | 43300A203 | 1.74% | 1,357 |
| 21 | Mid-America Apartment Communities Inc | MAA | 59522J103 | 1.72% | 3,221 |
| 22 | EastGroup Properties Inc | EGP | 277276101 | 1.67% | 2,024 |
| 23 | COPT Defense Properties | CDP | 22002T108 | 1.66% | 13,040 |
| 24 | Federal Realty Investment Trust | FRT | 313745101 | 1.66% | 3,509 |
| 25 | Regency Centers Corp | REG | 758849103 | 1.64% | 5,077 |
| 26 | Independence Realty Trust Inc | IRT | 45378A106 | 1.55% | 22,813 |
| 27 | Cousins Properties Inc | CUZ | 222795502 | 1.49% | 13,915 |
| 28 | Camden Property Trust | CPT | 133131102 | 1.46% | 3,390 |
| 29 | Vornado Realty Trust | VNO | 929042109 | 1.38% | 11,110 |
| 30 | Kimco Realty Corp | KIM | 49446R109 | 1.37% | 14,217 |
| 31 | Acadia Realty Trust | AKR | 004239109 | 1.30% | 14,350 |
| 32 | BXP Inc | BXP | 101121101 | 1.24% | 5,151 |
| 33 | LXP INDUSTRIAL TRUST | LXP | 529043408 | 1.24% | 5,828 |
| 34 | Ventas Inc | VTR | 92276F100 | 1.24% | 3,487 |
| 35 | First Industrial Realty Trust Inc | FR | 32054K103 | 1.20% | 4,733 |
| 36 | Kite Realty Group Trust | KRG | 49803T300 | 0.96% | 8,800 |
| 37 | Invitation Homes Inc | INVH | 46187W107 | 0.93% | 7,882 |
| 38 | Phillips Edison & Co Inc | PECO | 71844V201 | 0.93% | 5,661 |
| 39 | Public Storage | PSA | 74460D109 | 0.93% | 757 |
| 40 | Getty Realty Corp | GTY | 374297109 | 0.92% | 6,773 |
| 41 | Tanger Inc | SKT | 875465106 | 0.91% | 6,131 |
| 42 | Agree Realty Corp | ADC | 008492100 | 0.86% | 2,744 |
| 43 | Sun Communities Inc | SUI | 866674104 | 0.85% | 1,648 |
| 44 | Equity LifeStyle Properties Inc | ELS | 29472R108 | 0.75% | 2,907 |
| 45 | Empire State Realty Trust Inc | ESRT | 292104106 | 0.74% | 32,517 |
| 46 | Realty Income Corp | O | 756109104 | 0.69% | 2,624 |
| 47 | Extra Space Storage Inc | EXR | 30225T102 | 0.68% | 1,187 |
| 48 | Host Hotels & Resorts Inc | HST | 44107P104 | 0.65% | 7,393 |
| 49 | Hyatt Hotels Corp | H | 448579102 | 0.64% | 959 |
| 50 | Omega Healthcare Investors Inc | OHI | 681936100 | 0.62% | 3,277 |
| 51 | InvenTrust Properties Corp | IVT | 46124J201 | 0.51% | 3,900 |
| 52 | Brixmor Property Group Inc | BRX | 11120U105 | 0.50% | 4,016 |
| 53 | Ryman Hospitality Properties Inc | RHP | 78377T107 | 0.50% | 1,121 |
| 54 | American Healthcare REIT Inc | AHR | 398182303 | 0.48% | 2,333 |
| 55 | DigitalBridge Group Inc | DBRG | 25401T603 | 0.46% | 7,145 |
| 56 | CareTrust REIT Inc | CTRE | 14174T107 | 0.45% | 2,799 |
| 57 | Wyndham Hotels & Resorts Inc | WH | 98311A105 | 0.42% | 1,268 |
| 58 | Sabra Health Care REIT Inc | SBRA | 78573L106 | 0.39% | 4,602 |
| 59 | Sila Realty Trust Inc | SILA | 146280508 | 0.39% | 3,087 |
| 60 | Apple Hospitality REIT Inc | APLE | 03784Y200 | 0.38% | 6,751 |
| 61 | National HealthCare Corp | NHC | 635906100 | 0.38% | 548 |
| 62 | Choice Hotels International Inc | CHH | 169905106 | 0.37% | 867 |
| 63 | CubeSmart | CUBE | 229663109 | 0.36% | 2,213 |
| 64 | DiamondRock Hospitality Co | DRH | 252784301 | 0.35% | 8,004 |
| 65 | LTC Properties Inc | LTC | 502175102 | 0.35% | 2,202 |
| 66 | Sunstone Hotel Investors Inc | SHO | 867892101 | 0.34% | 8,257 |
| 67 | National Health Investors Inc | NHI | 63633D104 | 0.33% | 1,112 |
| 68 | UMH Properties Inc | UMH | 903002103 | 0.27% | 4,250 |
| 69 | HEALTHPEAK PROPERTIES INC. | DOC | 42250P103 | 0.20% | 2,943 |
| 70 | U.S. Bank Money Market Deposit Account 06/01/2031 | USBFS03 | 8AMMF0A84 | 0.19% | 45,607 |
| 71 | Veris Residential Inc | VRE | 554489104 | 0.16% | 1,994 |
| 72 | Broadstone Net Lease Inc | BNL | 11135E203 | 0.13% | 1,612 |
| 73 | American Assets Trust Inc | AAT | 024013104 | 0.11% | 1,271 |
| 74 | Healthcare Realty Trust Inc | HR | 42226K105 | 0.11% | 1,371 |
| 75 | NETSTREIT Corp | NTST | 64119V303 | 0.11% | 1,267 |
| 76 | Urban Edge Properties | UE | 91704F104 | 0.11% | 1,197 |
| 77 | Xenia Hotels & Resorts Inc | XHR | 984017103 | 0.11% | 1,543 |
| 78 | Alexanders Inc | ALX | 014752109 | 0.10% | 96 |
| 79 | Centerspace | CSR | 15202L107 | 0.10% | 356 |
| 80 | Douglas Emmett Inc | DEI | 25960P109 | 0.10% | 2,182 |
| 81 | Essential Properties Realty Trust Inc | EPRT | 29670E107 | 0.10% | 760 |
| 82 | NNN REIT Inc | NNN | 637417106 | 0.10% | 544 |
| 83 | Piedmont Realty Trust Inc | PDM | 720190206 | 0.10% | 2,759 |
| 84 | Global Net Lease Inc | GNL | 379378201 | 0.09% | 2,429 |
| 85 | SL Green Realty Corp | SLG | 78440X887 | 0.09% | 511 |
| 86 | JBG SMITH Properties | JBGS | 46590V100 | 0.08% | 1,362 |
| 87 | Rexford Industrial Realty Inc | REXR | 76169C100 | 0.08% | 582 |
| 88 | Cash & Other | Cash&Other | Cash&Other | -0.02% | -5,858 |
As of DATE
As of DATE
| index | Name | Weight |
|---|---|---|
| 0 | Retail REITs | 15.67% |
| 1 | Multi-Family Residential REITs | 15.35% |
| 2 | Industrial REITs | 14.77% |
| 3 | Office REITs | 12.96% |
| 4 | Health Care REITs | 9.82% |
| 5 | Data Center REITs | 8.89% |
| 6 | Hotels, Resorts & Cruise Lines | 5.57% |
| 7 | Single-Family Residential REITs | 5.02% |
| 8 | Other Specialized REITs | 3.97% |
| 9 | Diversified REITs | 2.57% |
| 10 | Hotel & Resort REITs | 2.20% |
| 11 | Self-Storage REITs | 1.97% |
| 12 | Asset Management & Custody Banks | 0.49% |
| 13 | Health Care Facilities | 0.39% |
| 14 | Money Market Deposit Account | 0.36% |
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 |
