Vident Financial
As of 10/11/2019

All Holdings

Name Country Code Weight Shares
1. AVALONBAY CMNTYS INC US 3.64% 20759
2. PROLOGIS INC US 3.57% 51642
3. EQUITY RESIDENTIAL US 3.26% 46224
4. EQUINIX INC US 3.12% 6847
5. MID AMER APT CMNTYS INC US 3.09% 29146
6. TERRENO RLTY CORP US 3.07% 72260
7. PS BUSINESS PKS INC CALIF US 2.58% 17465
8. DIGITAL RLTY TR INC US 2.39% 22946
9. APARTMENT INVT & MGMT CO US 2.24% 51852
10. AMERICAN HOMES 4 RENT US 2.23% 106227
11. SIMON PPTY GROUP INC NEW US 1.94% 16224
12. PIEDMONT OFFICE REALTY TR INC COM CL A US 1.93% 116874
13. UDR INC US 1.87% 48487
14. EASTERLY GOVT PPTYS INC US 1.86% 107279
15. VEREIT INC US 1.82% 231173
16. WELLTOWER INC US 1.75% 23831
17. CAMDEN PPTY TR US 1.56% 17150
18. STAG INDL INC US 1.54% 63200
19. BOSTON PROPERTIES INC US 1.53% 14841
20. ESSEX PPTY TR INC US 1.53% 5810
21. FEDERAL REALTY INVT TR US 1.48% 13509
22. AMERICAN ASSETS TR INC US 1.48% 39296
23. MARRIOTT INTL INC NEW US 1.43% 14624
24. HIGHWOODS PPTYS INC US 1.42% 40619
25. DUKE REALTY CORP US 1.41% 52078
26. HUDSON PAC PPTYS INC US 1.39% 51807
27. W P CAREY INC US 1.38% 18933
28. ALEXANDRIA REAL ESTATE EQ INC COM US 1.33% 10711
29. VENTAS INC US 1.31% 22573
30. REALTY INCOME CORP US 1.21% 19333
31. KILROY RLTY CORP US 1.18% 18728
32. LIBERTY PPTY TR US 1.14% 27729
33. SUN CMNTYS INC US 1.12% 9140
34. CYRUSONE INC US 1.09% 17760
35. RETAIL OPPORTUNITY INVTS CORP COM US 1.09% 73173
36. REGENCY CTRS CORP US 1.06% 19296
37. VORNADO RLTY TR US 1.06% 21048
38. EASTGROUP PPTY INC US 1.06% 10390
39. HILTON WORLDWIDE HLDGS INC US 1.05% 14023
40. EQUITY LIFESTYLE PPTYS INC US 1.02% 9341
41. FIRST INDUSTRIAL REALTY TRUST COM US 1.01% 31632
42. EQUITY COMWLTH US 0.97% 38768
43. ACADIA RLTY TR US 0.95% 41301
44. HCP INC US 0.95% 32471
45. MONMOUTH REAL ESTATE INVT CORP CL A US 0.93% 80117
46. CORPORATE OFFICE PPTYS TR US 0.93% 39549
47. DOUGLAS EMMETT INC US 0.88% 25924
48. PUBLIC STORAGE US 0.88% 4440
49. NATIONAL RETAIL PPTYS INC US 0.79% 17212
50. COUSINS PPTYS INC US 0.73% 24828
51. QTS RLTY TR INC US 0.72% 17125
52. CORESITE RLTY CORP US 0.70% 7376
53. OMEGA HEALTHCARE INVS INC US 0.66% 19275
54. SPIRIT RLTY CAP INC NEW US 0.65% 16595
55. GETTY RLTY CORP NEW US 0.61% 23366
56. KIMCO RLTY CORP US 0.56% 33669
57. COLUMBIA PPTY TR INC US 0.56% 34218
58. EMPIRE ST RLTY TR INC US 0.56% 50545
59. HOST HOTELS & RESORTS INC US 0.56% 41669
60. RETAIL PPTYS AMER INC US 0.56% 54334
61. ALEXANDERS INC US 0.56% 1954
62. ESSENTIAL PPTYS RLTY TR INC US 0.50% 26328
63. WEINGARTEN RLTY INVS US 0.49% 21136
64. AMERICAN CAMPUS CMNTYS INC US 0.49% 12534
65. PARK HOTELS RESORTS INC US 0.49% 25494
66. HEALTHCARE TR AMER INC US 0.48% 20478
67. EXTRA SPACE STORAGE INC US 0.46% 4984
68. URSTADT BIDDLE PPTYS INC US 0.41% 21722
69. HYATT HOTELS CORP US 0.40% 6886
70. HEALTHCARE RLTY TR US 0.38% 14031
71. SITE CENTERS CORP US 0.37% 30326
72. RYMAN HOSPITALITY PPTYS INC US 0.36% 5474
73. PHYSICIANS RLTY TR US 0.36% 25358
74. NATIONAL HEALTH INVS INC US 0.36% 5365
75. CHOICE HOTELS INTL INC US 0.34% 4717
76. APPLE HOSPITALITY REIT INC US 0.33% 25253
77. WYNDHAM HOTELS & RESORTS INC COM US 0.32% 8047
78. LTC PPTYS INC US 0.31% 7537
79. MEDICAL PPTYS TRUST INC US 0.29% 18437
80. AGREE REALTY CORP US 0.29% 4851
81. SUNSTONE HOTEL INVS INC NEW US 0.29% 26125
82. CARETRUST REIT INC US 0.28% 14822
83. XENIA HOTELS & RESORTS INC US 0.28% 16280
84. CUBESMART US 0.27% 9681
85. DIAMONDROCK HOSPITALITY CO US 0.27% 33360
86. COMMUNITY HEALTHCARE TR INC US 0.26% 7016
87. LIFE STORAGE INC US 0.25% 2948
88. REXFORD INDL RLTY INC US 0.25% 6748
89. NATIONAL HEALTHCARE CORP US 0.23% 3553
90. INVITATION HOMES INC US 0.19% 7833
91. ALEXANDER & BALDWIN INC NEW US 0.14% 7311
92. JBG SMITH PPTYS US 0.14% 4408
93. EXTENDED STAY AMER INC US 0.12% 9872
94. NATIONAL STORAGE AFFILIATES TR COM SHS BEN IN US 0.11% 4095
95. URBAN EDGE PPTYS US 0.11% 6893
96. SAUL CTRS INC US 0.11% 2506
97. RPT REALTY US 0.11% 9935
98. SL GREEN RLTY CORP US 0.11% 1666
99. AMERICOLD RLTY TR US 0.11% 3558
100. BRIXMOR PPTY GROUP INC US 0.11% 6381
101. SABRA HEALTH CARE REIT INC US 0.10% 5660
102. SERITAGE GROWTH PPTYS US 0.10% 2936
103. LEXINGTON REALTY TRUST US 0.10% 12125
104. ARMADA HOFFLER PPTYS INC US 0.10% 7008
105. SUMMIT HOTEL PPTYS INC US 0.10% 10219
106. WASHINGTON REAL ESTATE INVT TR SH BEN INT US 0.10% 4252
107. PEBBLEBROOK HOTEL TR US 0.09% 4302
108. BRANDYWINE RLTY TR US 0.09% 7974
109. RLJ LODGING TR US 0.09% 6697
110. CHATHAM LODGING TR US 0.09% 6292
111. TANGER FACTORY OUTLET CTRS INC COM US 0.09% 7058
112. PARAMOUNT GROUP INC US 0.09% 8476
113. MACK CALI RLTY CORP US 0.09% 4963
114. MACERICH CO US 0.08% 3531
115. INNOVATIVE INDL PPTYS INC US 0.07% 1122

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus and summary prospectus (VIDI, VUSE, VBND) contains this and other important information about the investment company, and a free hardcopy of the prospectus may be obtained by calling 1-800-617-0004. Read carefully before investing. Holdings information for each fund as follows: VIDI, VUSE, VBND, PPTY.

Investments involve risk. Principal loss is possible. The Funds have the same risks as the underlying securities traded on the exchange throughout the day at market price. Redemptions are limited and often commissions are charged on each trade. VIDI is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. A fund that concentrates its investments in the securities of a particular industry or geographic area may be more volatile than a fund that invests in a broader range of industries. VIDI and VBND may invest in illiquid or thinly traded securities which involve additional risks such as limited liquidity and greater volatility. VBND may make investments in debt securities. The Fund's investments in high yield securities expose it to a substantial degree of credit risk. These investments are considered speculative under traditional investment standards. Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. During periods of rising interest rates, certain debt obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund's income and potentially in the value of the Fund's investments. VBND may also invest in asset backed and mortgage backed securities which include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The performance of the funds may diverge from that of the Index. Because the Funds employ a representative sampling strategy and may also invest up to 20% of its assets in securities that are not included in the Index, the Funds may experience tracking error to a greater extent than a fund that seeks to replicate an index. The Funds are not actively managed and may be affected by a general decline in market segments related to the index. The Funds invest in securities included in, or representative of securities included in, the index, regardless of their investment merits. Small and medium-capitalization companies tend to have more limited liquidity and greater price volatility than large-capitalization companies. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Market vs. NAV Returns. The total return of an ETF based on its market price and its NAV at the beginning and end of the holding period. The market return, not the NAV return, is the return actually earned by ETF investors, except for those who hold creation units. The NAV is the value of each share of a fund as determined by the value of its underlying holdings, including any cash in the portfolio. NAV is calculated by dividing a fund's total net assets by its number of shares outstanding.

The Vident Funds are distributed by Quasar Distributors, LLC. The fund's investment advisor is Vident Advisory, LLC. VIDI, VBND, and VUSE's sub-advisor is Vident Investment Advisory (VIA). Vident Financial owns the indexes that underline the funds. Quasar is not affiliated with Vident Financial, Vident Advisory, LLC, or Vident Investment Advisory. Quasar is not the distributor of FLAG ETF.

Diversification does not guarantee a profit or protect from loss in a declining market.

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