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Name

As of 12/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

U.S. Diversified Real Estate ETF

PPTY | ETF

$32.36

$86.4 M

6.73%

$2.18

0.53%

Vitals

YTD Return

10.5%

1 yr return

10.2%

3 Yr Avg Return

-1.8%

5 Yr Avg Return

4.0%

Net Assets

$86.4 M

Holdings in Top 10

33.4%

52 WEEK LOW AND HIGH

$32.1
$27.93
$34.72

Expenses

OPERATING FEES

Expense Ratio 0.53%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 29.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 12/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

U.S. Diversified Real Estate ETF

PPTY | ETF

$32.36

$86.4 M

6.73%

$2.18

0.53%

PPTY - Profile

Distributions

  • YTD Total Return 10.5%
  • 3 Yr Annualized Total Return -1.8%
  • 5 Yr Annualized Total Return 4.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.45%
DIVIDENDS
  • Dividend Yield 6.7%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    U.S. Diversified Real Estate ETF
  • Fund Family Name
    Vident Financial
  • Inception Date
    Mar 26, 2018
  • Shares Outstanding
    4050000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Austin Wen

Fund Description

The Fund uses a “passive management” – or indexing – investment approach to track the performance, before fees and expenses, of the Index.
USREX – U.S. Diversified Real Estate Index
The Index uses a rules-based methodology to provide diversified exposure to the liquid U.S. real estate market.
Construction of the Index begins with the universe of U.S.-listed equity securities with a market capitalization of at least $750 million and meeting certain liquidity thresholds (the “Equity Universe”). Companies in the Equity Universe are then screened to keep only those that derive at least 85% of their income from ownership or management of real property. Companies that meet this criterion are then screened to remove companies that are externally managed or that have a low percentage of their shares directly or indirectly available to the public. The companies remaining after the above screens constitute the Index’s investment universe.
The Index is designed to ensure diversification by property type and by location, while favoring companies with prudent leverage (i.e., the debt-to-enterprise value ratio of real estate investments). Companies in the Index’s investment universe may not be included in the Index due to certain leverage levels. Individual securities are subject to a maximum weighting of 4% at the time of each reconstitution of the Index.
The Index rules assign each company in the Index a classification (each, a “Property Type”) based on the percentage of the company’s assets invested in a particular property type. The Property Types included in the Index and the weight allocated to each Property Type, as of each Index reconstitution date, are as follows:
Residential 19.7  %
Hotel
 7.9  %
Manufactured Home
 2.0  %
Office 16.9  %
Health Care
 7.5  %
Self-Storage
 2.0  %
Industrial 14.4  %
Data Center
 7.4  %
Retail
 14.4  %
Diversified
 7.0  %
Alternative and specialty Property Types not shown above, e.g., infrastructure, casinos, billboards, prisons, are excluded from the Index.
The Index seeks to diversify the geographic exposure of each Property Type by weighting each company within a Property Type based on the value and location of each property owned by such company. For each of the Residential, Office, Industrial, Retail, and Diversified Property Types, the Index calculates a target weight for each of the largest metropolitan areas in the United States based on factors related to population and productivity (each, a “Metro Area”), generally assigning higher target weights to Metro Areas with larger populations and greater productivity. The Index seeks to weight companies in each such Property Type so as to allocate the target weight assigned to each Metro Area, if any.
The Index also establishes target leverage levels by Property Type. Allocations to a company are reduced in proportion to the extent to which such company’s leverage level exceeds the greater of (i) the target leverage level for the applicable Property Type or (ii) the weighted average leverage level for the applicable Property Type.
The Index is reconstituted and rebalanced semi-annually in January and July. To reduce turnover, lower market capitalization and liquidity thresholds apply to companies included in the Index with respect to whether they are removed at the time of a reconstitution.
The Index is expected to be primarily composed of companies that qualify as real estate investment trusts (“REITs”) but may also include real estate companies that are not tax-qualified REITs.
The Index was created on January 9, 2018 by Vident Financial, LLC, the former parent company of Vident Asset Management (“Vident” or the “Adviser”), for use by the Fund. The Adviser now also serves as the Index provider.
The Fund’s Investment Strategy
Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in real estate companies principally traded on a U.S. exchange. The foregoing policy may be changed without shareholder approval upon 60 days’ written notice to shareholders. For purposes of the foregoing policy, the Fund defines “real estate companies” to mean companies that (i) earn a majority of their revenue or income from or have a majority of their assets invested in owning or managing real estate properties or (ii) are structured as REITs.
The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index in approximately the same proportion as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Fund’s adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index).
The Fund generally may invest in securities or other investments not included in the Index, but which the Fund’s adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions).
To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is expected to generally be concentrated in real estate-related industries.
Read More

PPTY - Performance

Return Ranking - Trailing

Period PPTY Return Category Return Low Category Return High Rank in Category (%)
YTD 10.5% -12.5% 17.2% 7.98%
1 Yr 10.2% -12.5% 17.8% 10.92%
3 Yr -1.8%* -13.7% 4.8% 22.46%
5 Yr 4.0%* -12.6% 12.7% 34.68%
10 Yr N/A* -2.5% 13.4% 41.25%

* Annualized

Return Ranking - Calendar

Period PPTY Return Category Return Low Category Return High Rank in Category (%)
2023 7.9% -16.2% 24.6% 52.74%
2022 -29.0% -51.3% 2.5% 30.51%
2021 36.0% -7.7% 52.3% 25.11%
2020 -10.7% -42.2% 35.0% 68.47%
2019 25.8% 0.0% 43.1% 11.63%

Total Return Ranking - Trailing

Period PPTY Return Category Return Low Category Return High Rank in Category (%)
YTD 10.5% -12.5% 17.2% 7.98%
1 Yr 10.2% -12.5% 17.8% 10.92%
3 Yr -1.8%* -13.7% 4.8% 22.46%
5 Yr 4.0%* -12.6% 12.7% 34.68%
10 Yr N/A* -2.5% 13.4% N/A

* Annualized

Total Return Ranking - Calendar

Period PPTY Return Category Return Low Category Return High Rank in Category (%)
2023 12.6% -13.7% 25.0% 34.18%
2022 -26.1% -40.7% 7.8% 50.00%
2021 40.3% 7.8% 54.6% 57.02%
2020 -7.2% -36.6% 44.3% 72.97%
2019 30.2% 4.1% 46.4% 26.51%

PPTY - Holdings

Concentration Analysis

PPTY Category Low Category High PPTY % Rank
Net Assets 86.4 M 2.26 M 70.8 B 82.25%
Number of Holdings 95 22 548 20.17%
Net Assets in Top 10 46.6 M 1.29 M 32.8 B 80.67%
Weighting of Top 10 33.36% 13.2% 82.2% 94.12%

Top 10 Holdings

  1. Equinix Inc 4.04%
  2. AvalonBay Communities Inc 4.02%
  3. Prologis Inc 3.96%
  4. Alexandria Real Estate Equities Inc 3.84%
  5. Four Corners Property Trust Inc 3.44%
  6. Digital Realty Trust Inc 3.36%
  7. Equity Residential 2.96%
  8. Simon Property Group Inc 2.70%
  9. Easterly Government Properties Inc 2.59%
  10. Welltower Inc 2.45%

Asset Allocation

Weighting Return Low Return High PPTY % Rank
Stocks 		99.66% 0.00% 100.25% 15.55%
Cash 		0.34% -42.50% 24.34% 88.66%
Preferred Stocks 		0.00% 0.00% 31.13% 58.82%
Other 		0.00% -82.45% 106.21% 59.24%
Convertible Bonds 		0.00% 0.00% 10.95% 53.59%
Bonds 		0.00% 0.00% 149.68% 56.30%

Stock Sector Breakdown

Weighting Return Low Return High PPTY % Rank
Real Estate 		94.17% 34.46% 100.00% 90.27%
Consumer Cyclical 		5.52% 0.00% 45.29% 6.19%
Healthcare 		0.31% 0.00% 0.53% 2.65%
Utilities 		0.00% 0.00% 3.55% 50.00%
Technology 		0.00% 0.00% 12.02% 61.50%
Industrials 		0.00% 0.00% 7.39% 54.87%
Financial Services 		0.00% 0.00% 37.05% 56.64%
Energy 		0.00% 0.00% 33.11% 52.21%
Communication Services 		0.00% 0.00% 11.61% 55.31%
Consumer Defense 		0.00% 0.00% 0.93% 50.00%
Basic Materials 		0.00% 0.00% 13.69% 53.54%

Stock Geographic Breakdown

Weighting Return Low Return High PPTY % Rank
US 		99.66% 0.00% 100.25% 12.18%
Non US 		0.00% 0.00% 36.61% 55.04%

PPTY - Expenses

Operational Fees

PPTY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.53% 0.07% 8.91% 88.94%
Management Fee 0.53% 0.00% 1.50% 18.49%
12b-1 Fee 0.00% 0.00% 1.00% 7.76%
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

PPTY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

PPTY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PPTY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 29.00% 0.11% 380.00% 32.88%

PPTY - Distributions

Dividend Yield Analysis

PPTY Category Low Category High PPTY % Rank
Dividend Yield 6.73% 0.00% 13.03% 18.49%

Dividend Distribution Analysis

PPTY Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annual Monthly Quarterly

Net Income Ratio Analysis

PPTY Category Low Category High PPTY % Rank
Net Income Ratio 1.45% -1.14% 6.05% 29.79%

Capital Gain Distribution Analysis

PPTY Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

PPTY - Fund Manager Analysis

Managers

Austin Wen

Start Date

Tenure

Tenure Rank

Mar 26, 2018

4.18

4.2%

Austin Wen, CFA has seven years of investment management experience. Mr. Wen is a Portfolio Manager at Vident, specializing in portfolio management and trading of equity portfolios and commodities based portfolios, as well as risk monitoring and investment analysis. Previously, Mr. Wen was an analyst for Vident Financial, working on the development and review of investment solutions. He began his career as a State Examiner for the Georgia Department of Banking and Finance. Mr. Wen obtained a BA in Finance from the University of Georgia and holds the Chartered Financial Analyst designation.

Rafael Zayas

Start Date

Tenure

Tenure Rank

Jun 19, 2020

1.95

2.0%

Rafael Zayas, CFA, is Senior Vice President, Head of Portfolio Management and Trading at Vident Investment Advisory, LLC since June 2020. Mr. Zayas became SVP, Head of Portfolio Management and Trading in June 2020. From 2017 to 2020, he was a Senior Portfolio Manager – International Equity at Vident and has over 15 years of experience that includes managing international equity portfolios, including in emerging and frontier markets. Prior to joining Vident, he was a Portfolio Manager – Direct Investments for seven years at Russell Investments, a global asset manager, where he co-managed more than $4 billion in quantitative strategies across global markets, including the Russell Strategic Call Overwriting Fund, a mutual fund. Mr. Zayas also helped Russell Investments launch its sponsored ETF initiative and advised on index methodologies. Prior to joining Russell Investments, Mr. Zayas was a Portfolio Manager – Equity Indexing at Mellon Capital Management, where he managed assets for internationally listed global equity ETFs. Mr. Zayas graduated with a B.S. in Electrical Engineering from Cornell University and obtained a Certificate in Computational Finance and Risk Management from the University of Washington. He also attained the Chartered Financial Analyst designation in 2010.

Ryan Dofflemeyer

Start Date

Tenure

Tenure Rank

Dec 22, 2020

1.44

1.4%

Ryan Dofflemeyer, ProShare Advisors: Portfolio Manager since January 2011, and a registered associated person and an NFA associate member of ProShares Capital Management LLC since October 2010.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 28.42 8.32 2.68

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