Vident Financial


As of 7/22/2019

VBND Holdings

Top Holdings Weight Shares
1. UNITED STATES TREAS NTS 1.88% 06/30/2020 9.83% 52755000
2. FIRST AMERN FDS INC 2.26% 12/01/2031 8.89% 47640968.55
3. UNITED STATES TREAS BDS 8.75% 08/15/2020 2.35% 11375000
4. FNMA TBA 30YR 4% AUG 4% 08/15/2040 2.25% 11650000
5. FNMA TBA 30YR TBA 4.50% AUG 4.5% 08/15/2040 1.92% 9820000
6. UNITED STATES TREAS NTS 1.63% 07/31/2020 1.78% 9530000
7. UNITED STATES TREAS NTS 2.63% 07/31/2020 1.75% 9210000
8. UNITED STATES TREAS NTS 2.63% 08/15/2020 1.67% 8800000
9. UNITED STATES TREAS NTS 2% 07/31/2020 1.63% 8685000
10. UNITED STATES TREAS NTS 1.38% 08/31/2020 1.61% 8645000
11. FNMA TBA 30YR TBA 5% AUG 5% 08/15/2040 1.59% 8000000
12. UNITED STATES TREAS BDS 3.75% 11/15/2043 1.1% 4810000
13. TSY INFL IX N/B 0.13% 04/15/2021 1.08% 5847441.9
14. UNITED STATES TREAS BDS 4.38% 05/15/2041 1.04% 4175000
15. UNITED STATES TREAS BDS 3.63% 02/15/2044 1.03% 4525000
16. UNITED STATES TREAS BDS 3.63% 08/15/2043 1.02% 4490000
17. UNITED STATES TREAS BDS 3.75% 08/15/2041 0.99% 4315000
18. UNITED STATES TREAS BDS 4.75% 02/15/2041 0.99% 3770000
19. UNITED STATES TREAS BDS 4.25% 11/15/2040 0.98% 3990000
20. UNITED STATES TREAS BDS 3.13% 02/15/2043 0.92% 4395000
21. UNITED STATES TREAS BDS 2.88% 05/15/2043 0.86% 4315000
22. UNITED STATES TREAS NTS 0.13% 04/15/2022 0.84% 4567329.2
23. FNMA TBA 30 YR 3.5 3.5% 08/15/2040 0.81% 4225000
24. UNITED STATES TREAS BDS 2.75% 08/15/2042 0.77% 3935000
25. TSY INFL IX N/B 1.125% 1/15/2021 1.13% 01/15/2021 0.72% 3849201.3
26. UNITED STATES TREAS BDS 6.13% 11/15/2027 0.69% 2775000
27. UNITED STATES TREAS BDS TIPS 01/15/22 0.13% 01/15/2022 0.68% 3646765.5
28. UNITED STATES TREAS BDS 3.63% 04/15/2028 0.67% 2777076.9
29. UNITED STATES TREAS BDS 5.5% 08/15/2028 0.65% 2675000
30. TSY INFL IX N/B 0.63% 04/15/2023 0.63% 3343550.65
31. UNITED STATES TREAS BDS 5.25% 11/15/2028 0.63% 2625000
32. UNITED STATES TREAS BDS 3.88% 04/15/2029 0.61% 2413102
33. TI 0 1/8 01/15/23 0.13% 01/15/2023 0.58% 3121243.85
34. UNITED STATES TREAS BDS 6.5% 11/15/2026 0.57% 2305000
35. UNITED STATES TREAS BDS 2.38% 01/15/2027 0.56% 2588984.4
36. UNITED STATES TREAS BDS 2% 01/15/2026 0.55% 2643454.5
37. UNITED STATES TREAS BDS 2.38% 01/15/2025 0.54% 2606899.2
38. UNITED STATES TREAS BDS 1.75% 01/15/2028 0.52% 2486078.1
39. TSY INFL IX N/B 0.63% 01/15/2026 0.52% 2719702.75
40. US TSY INFL IX N/B 2.5% 1/15/2029 2.5% 01/15/2029 0.51% 2258953.7
41. UNITED STATES TREAS NTS 0.25% 01/15/2025 0.48% 2555524.4
42. GNMAII JUMBO TBA 30YR TBA 4.50% AUG 4.5% 08/15/2040 0.48% 2450000
43. TSY INFL IX N/B 0.38% 01/15/2027 0.46% 2431575.45
44. UNITED STATES TREAS BDS TIPS 01/15/24 0.63% 01/15/2024 0.45% 2374723.55
45. DISH DBS CORP 5.88% 11/15/2024 0.44% 2465000
46. UNITED STATES TREAS BDS 6% 02/15/2026 0.44% 1850000
47. UNITED STATES TREAS BDS TIPS 02/15/40 2.13% 02/15/2040 0.43% 1782100.6
48. TSY INFL IX N/B 0.5% 01/15/2028 0.42% 2194460.55
49. FNMA TBA 30YR TBA 3% AUG 3% 08/15/2042 0.41% 2195000
50. UNITED STATES TREAS BDS TIPS 2.125% 41 2.13% 02/15/2041 0.39% 1601119
51. M D C HLDGS INC 6% 01/15/2043 0.39% 2125000
52. L BRANDS INC 6.75% 07/01/2036 0.38% 2300000
53. FEDERAL NATL MTG ASSN 1.5% 07/30/2020 0.38% 2025000
54. SUNCOKE ENERGY INC 7.5% 06/15/2025 0.37% 2000000
55. TUTOR PERINI CORP 6.88% 05/01/2025 0.37% 2000000
56. UNITED STATES TREAS BDS 3.38% 04/15/2032 0.36% 1413042.4
57. LIBERTY MEDIA CORP 8.25% 02/01/2030 0.37% 1900000
58. WASHINGTON PRIME GROUP LP 5.95% 08/15/2024 0.35% 1850000
59. FIFTH THIRD BANCORP 8.25% 03/01/2038 0.33% 1175000
60. ADIENT GLOBAL HLDGS LTD 4.88% 08/15/2026 0.33% 2300000
61. WILLIAMS PARTNERS L P 5.4% 03/04/2044 0.33% 1560000
62. VULCAN MATLS CO 4.5% 06/15/2047 0.32% 1750000
63. INTERPUBLIC GROUP COS INC 5.4% 10/01/2048 0.32% 1495000
64. AT&T INC 5.3% 08/15/2058 0.32% 1550000
65. LEGG MASON INC 5.63% 01/15/2044 0.32% 1550000
66. MARTIN MARIETTA MATLS INC 4.25% 12/15/2047 0.32% 1800000
67. DOW CHEM CO 9.4% 05/15/2039 0.32% 1050000
68. VIACOM INC 6.88% 04/30/2036 0.32% 1330000
69. MICRON TECHNOLOGY INC 5.33% 02/06/2029 0.32% 1575000
70. PBF HLDG CO LLC / PBF FIN CORP FR 7.25% 061525 7.25% 06/15/2025 0.31% 1600000
71. UNUM GROUP 5.75% 08/15/2042 0.32% 1450000
72. HEWLETT PACKARD ENTERPRISE CO SR GLBL NT 45 6.35% 10/15/2045 0.32% 1500000
73. HEWLETT PACKARD CO 6% 09/15/2041 0.32% 1500000
74. WHIRLPOOL CORP 4.5% 06/01/2046 0.31% 1700000
75. GNMA TBA 30YR 4.5% AUG 4.5% 08/15/2040 0.3% 1550000
76. AXA EQUITABLE HLDGS INC 5% 04/20/2048 0.31% 1575000
77. MARKEL CORP 5% 04/05/2046 0.31% 1475000
78. DEVON FING CORP U L C 7.88% 09/30/2031 0.31% 1157000
79. PATTERSON UTI ENERGY INC 3.95% 02/01/2028 0.31% 1655000
80. CONAGRA BRANDS INC 5.4% 11/01/2048 0.3% 1450000
81. EDISON INTL 4.13% 03/15/2028 0.3% 1580000
82. AMERISOURCEBERGEN CORP 3.45% 12/15/2027 0.3% 1550000
83. WESTINGHOUSE AIR BRAKE CO NEW 4.7% 28 4.7% 09/15/2028 0.3% 1475000
84. W & T OFFSHORE INC 9.75% 11/01/2023 0.3% 1660000
85. INTL PAPER CO 7.3% 11/15/2039 0.3% 1200000
86. CARE CAP PPTYS LP 5.13% 08/15/2026 0.3% 1500000
87. DOLLAR TREE INC 4.2% 05/15/2028 0.29% 1490000
88. KIRBY CORP 4.2% 03/01/2028 0.29% 1485000
89. EXELON GENERATION CO LLC 6.25% 10/01/2039 0.29% 1280000
90. WESTERN DIGITAL CORP 4.75% 02/15/2026 0.29% 1550000
91. GULFPORT ENERGY CORP 6% 10/15/2024 0.29% 2040000
92. TSY INFL IX N/B 0.38% 07/15/2027 0.29% 1517077
93. NORDSTROM INC 5% 01/15/2044 0.29% 1650000
94. JABIL INC 3.95% 01/12/2028 0.29% 1550000
95. HASBRO INC 6.35% 03/15/2040 0.29% 1300000
96. VERISIGN INC 4.75% 07/15/2027 0.29% 1450000
97. OWENS CORNING NEW 4.3% 07/15/2047 0.28% 1800000
98. GLP CAP LP/GLP FING II INC 5.75% 06/01/2028 0.28% 1350000
99. COACH INC 4.13% 07/15/2027 0.28% 1485000
100. FEDERAL NATL MTG ASSN 1.5% 11/30/2020 0.08% 455000
101. TENNESSEE VALLEY AUTH 2.88% 02/01/2027 0.08% 430000
102. FEDERAL HOME LOAN BANKS 1.63% 09/11/2020 0.08% 450000
103. FEDERAL HOME LOAN BANKS 2.63% 10/01/2020 0.08% 440000
104. FEDERAL HOME LN MTG CORP 1.88% 11/17/2020 0.08% 440000
105. OLIN CORP 5% 02/01/2030 0.08% 450000
106. QEP RES INC 5.63% 03/01/2026 0.08% 500000
107. FEDERAL NATL MTG ASSN 7.13% 01/15/2030 0.08% 290000
108. UNITED STATES TREAS NTS 2.25% 11/15/2025 0.08% 400000
109. TENNESSEE VALLEY AUTH 6.75% 11/01/2025 0.07% 300000
110. UNITED STATES TREAS NTS 2.75% 08/31/2025 0.06% 325000
111. FEDERAL NATL MTG ASSN 6.63% 11/15/2030 0.06% 230000
112. FEDERAL NATL MTG ASSN 7.25% 05/15/2030 0.06% 220000
113. UNITED STATES TREAS BDS TIPS .75% 02/15/42 0.75% 02/15/2042 0.06% 317142
114. CLIFFS NAT RES INC 5.75% 03/01/2025 0.06% 305000
115. NUANCE COMMUNICATIONS INC 5.63% 12/15/2026 0.06% 295000
116. ZAYO GROUP LLC/ZAYO CAP INC 5.75% 01/15/2027 0.06% 300000
117. FEDERAL NATL MTG ASSN 1.88% 12/28/2020 0.06% 305000
118. FEDERAL HOME LN BKS 5.5% 07/15/2036 0.06% 220000
119. UNITED STATES TREAS NTS 1.63% 05/15/2026 0.06% 310000
120. STATION CASINOS LLC 5% 10/01/2025 0.06% 300000
121. POST HLDGS INC 5.63% 01/15/2028 0.06% 290000
122. COMMSCOPE FIN LLC 8.25% 03/01/2027 0.06% 300000
123. FEDERAL HOME LN MTG CORP 6.75% 03/15/2031 0.05% 200000
124. NEXSTAR ESCROW CORP 5.63% 08/01/2024 0.05% 275000
125. SINCLAIR TELEVISION GROUP 5.63% 08/01/2024 0.05% 275000
126. SIX FLAGS ENTMT CORP NEW 5.5% 04/15/2027 0.05% 260000
127. CHEMOURS CO 5.38% 05/15/2027 0.05% 300000
128. TALLGRASS ENERGY PARTNERS LP/ SR GLBL 144A 28 5.5% 01/15/2028 0.05% 250000
129. FEDERAL HOME LOAN BANKS 1.38% 02/18/2021 0.04% 235000
130. FEDERAL NATL MTG ASSN 1.38% 02/26/2021 0.04% 235000
131. FEDERAL HOME LN MTG CORP 6.75% 09/15/2029 0.04% 150000
132. ESH HOSPITALITY INC 5.25% 05/01/2025 0.04% 200000
133. AMKOR TECHNOLOGY INC 6.63% 09/15/2027 0.04% 200000
134. FEDERAL HOME LN MTG CORP 2.38% 02/16/2021 0.04% 205000
135. FEDERAL NATL MTG ASSN 6.25% 05/15/2029 0.04% 150000
136. FEDERAL NATL MTG ASSN 2.5% 04/13/2021 0.04% 200000
137. TENNESSEE VALLEY AUTH 1.88% 08/15/2022 0.04% 195000
138. GRAY TELEVISION INC 5.88% 07/15/2026 0.03% 155000
139. NIELSEN FIN LLC/ NIELSEN FIN 5% 22 5% 04/15/2022 0.03% 155000
140. TSY INFL IX N/B 0.63% 02/15/2043 0.03% 155846.6
141. FEDERAL HOME LN MTG CORP 6.25% 07/15/2032 0.03% 100000
142. TSY INFL IX N/B TII 0 5/8 07/15/21 0.63% 07/15/2021 0.02% 113555
143. NRG YIELD OPER LLC 5.38% 08/15/2024 0.02% 100000
144. BERRY GLOBAL INC 4.5% 02/15/2026 0.02% 80000
145. FEDERAL NATL MTG ASSN 1.25% 05/06/2021 0.01% 75000
146. FEDERAL NATL MTG ASSN 2.75% 06/22/2021 0.01% 60000
147. CARDINAL HEALTH INC 4.37% 06/15/2047 0.28% 1645000
148. BROWN & BROWN INC 4.2% 09/15/2024 0.28% 1425000
149. SYNCHRONY FINL 3.7% 08/04/2026 0.28% 1500000
150. BUNGE LTD FIN CORP 3.25% 08/15/2026 0.28% 1550000
151. SMUCKER J M CO 3.38% 12/15/2027 0.28% 1460000
152. SPIRIT AEROSYSTEMS INC 4.6% 06/15/2028 0.28% 1410000
153. MURPHY OIL CORP 6.88% 08/15/2024 0.29% 1430000
154. KROGER CO 5.4% 01/15/2049 0.28% 1345000
155. DELTA AIR LINES INC DEL 4.38% 04/19/2028 0.28% 1435000
156. TYSON FOODS INC 3.55% 06/02/2027 0.28% 1435000
157. HOLLYFRONTIER CORP 5.88% 04/01/2026 0.28% 1340000
158. SEAGATE HDD CAYMAN 4.88% 06/01/2027 0.28% 1480000
159. TSY INFL IX N/B 0.75% 07/15/2028 0.27% 1412132.15
160. BROADCOM CORP/BROADCOM CAYMAN SR GLBL NT 27 3.88% 01/15/2027 0.28% 1525000
161. TECH DATA CORP 4.95% 02/15/2027 0.28% 1400000
162. CAPITAL ONE FINL CORP 4.2% 10/29/2025 0.28% 1395000
163. NASDAQ INC 3.85% 06/30/2026 0.27% 1395000
164. VALERO ENERGY PARTNERS LP 4.38% 12/15/2026 0.27% 1365000
165. DOLLAR GEN CORP NEW 3.88% 04/15/2027 0.28% 1395000
166. BRIGHTHOUSE FINL INC 3.7% 06/22/2027 0.27% 1530000
167. MACYS RETAIL HLDGS INC 3.63% 06/01/2024 0.27% 1475000
168. BROADRIDGE FINL SOLUTIONS INC SR GLBL NT3.4% 26 3.4% 06/27/2026 0.27% 1425000
169. LEAR CORP 3.8% 09/15/2027 0.28% 1470000
170. MARATHON OIL CORP 4.4% 07/15/2027 0.27% 1380000
171. MPLX LP 4.13% 03/01/2027 0.27% 1395000
172. INGREDION INC 3.2% 10/01/2026 0.27% 1460000
173. PLAINS ALL AMERN PIPELINE L P SR NT 6.65% 37 6.65% 01/15/2037 0.27% 1250000
174. WALGREENS BOOTS ALLIANCE INC SR GLBL NT 26 3.45% 06/01/2026 0.27% 1430000
175. HESS CORP 6% 01/15/2040 0.27% 1325000
176. PACKAGING CORP AMER 3.4% 12/15/2027 0.27% 1425000
177. HUNTINGTON INGALLS INDS INC 3.48% 12/01/2027 0.27% 1410000
178. MPT OPERATING PARTNERSHIP L.P SR GLBL NT 5% 27 5% 10/15/2027 0.27% 1400000
179. MASCO CORP 4.38% 04/01/2026 0.27% 1360000
180. CONTINENTAL RESOURCES INC 4.38% 01/15/2028 0.27% 1390000
181. OLD REP INTL CORP 3.88% 08/26/2026 0.27% 1400000
182. ENABLE MIDSTREAM PARTNERS LP SR NT 4.4% 27 4.4% 03/15/2027 0.27% 1430000
183. CONCHO RES INC 3.75% 10/01/2027 0.27% 1390000
184. US WEST COMMUNICATIONS INC 6.88% 09/15/2033 0.27% 1425000
185. ALTRIA GROUP INC 5.38% 01/31/2044 0.27% 1300000
186. UNITED STATES TREAS NTS 0.13% 07/15/2026 0.26% 1414729
187. NATIONAL OILWELL VARCO INC 3.95% 12/01/2042 0.26% 1600000
188. MOSAIC CO NEW 5.63% 11/15/2043 0.26% 1250000
189. TENNESSEE VALLEY AUTH 5.88% 04/01/2036 0.26% 1005000
190. DARDEN RESTAURANTS INC 3.85% 05/01/2027 0.25% 1305000
191. CIMAREX ENERGY CO 3.9% 05/15/2027 0.25% 1325000
192. SM ENERGY CO 6.63% 01/15/2027 0.25% 1535000
193. TSY INFL IX N/B 0.38% 07/15/2025 0.25% 1316672.8
194. SOUTHWESTERN ENERGY CO 6.2% 01/23/2025 0.25% 1460000
195. GNMA TBA 30YR TBA 3% AUG 3% 08/15/2042 0.24% 1250000
196. CARLISLE COS INC 3.75% 12/01/2027 0.24% 1240000
197. GENESIS ENERGY LP/ GENESIS FIN SR GLBL NT6.5% 25 6.5% 10/01/2025 0.24% 1275000
198. BED BATH & BEYOND INC 5.17% 08/01/2044 0.24% 1900000
199. WESTERN GAS PARTNERS LP 5.45% 04/01/2044 0.24% 1350000
200. RAYONIER A.M. PRODS INC 5.5% 06/01/2024 0.23% 1550000
201. GNMAII JUMBO TBA 30YR TBA 3% AUG 3% 08/15/2042 0.23% 1200000
202. CNX RESOURCES CORPORATION 7.25% 03/14/2027 0.23% 1400000
203. PEABODY SECS FIN CORP 6.38% 03/31/2025 0.23% 1155000
204. ECLIPSE RES CORP 8.88% 07/15/2023 0.2% 1415000
205. TENNESSEE VALLEY AUTH 6.15% 01/15/2038 0.2% 755000
206. FREEPORT-MCMORAN INC 5.4% 11/14/2034 0.2% 1100000
207. SRC ENERGY INC 6.25% 12/01/2025 0.2% 1200000
208. GNMA TBA 30YR TBA 4% AUG 4% 08/15/2040 0.19% 1000000
209. GNMAII JUMBO TBA 30YR TBA 4% AUG 4% 08/15/2042 0.19% 1000000
210. GNMA TBA 30YR TBA 3.50% AUG 3.5% 08/15/2042 0.19% 1000000
211. TENNESSEE VALLEY AUTH 5.25% 09/15/2039 0.2% 780000
212. AVON INTERNATIONAL OPERATION SR SEC 144A NT22 7.88% 08/15/2022 0.19% 945000
213. G2SF 3.5 8/14 3.5% 08/15/2043 0.18% 910000
214. CALPINE CORP 5.75% 01/15/2025 0.17% 890000
215. UNITED STATES CELLULAR CORP 6.7% 12/15/2033 0.16% 800000
216. TENNESSEE VALLEY AUTH 7.13% 05/01/2030 0.15% 550000
217. UNITED STATES TREAS BDS TIPS 02/15/40 1.38% 02/15/2044 0.15% 686343.75
218. CARRIZO OIL & GAS INC 6.25% 04/15/2023 0.15% 800000
219. UNITED STATES TREAS NTS 2.25% 02/15/2027 0.14% 735000
220. CF INDS INC 5.38% 03/15/2044 0.14% 800000
221. SUBURBAN PROPANE PARTNERS L P SR GLBL NT5.5% 24 5.5% 06/01/2024 0.14% 715000
222. MEREDITH CORP 6.88% 02/01/2026 0.13% 650000
223. WI INFL IDX N/B 0 1/8 07/22 0.13% 07/15/2022 0.13% 678893.4
224. ACTAVIS FUNDING SCS 4.85% 06/15/2044 0.13% 650000
225. UNITED STATES TREAS NTS 2% 11/15/2026 0.12% 665000
226. WI TREASURY SEC 07/15/23 0.38% 07/15/2023 0.12% 659856
227. TSY INFL IX N/B 0 1/8 07/15/24 0.13% 07/15/2024 0.12% 641326.7
228. AUTOZONE INC 3.75% 06/01/2027 0.12% 595000
229. SALLY HLDGS LLC 5.63% 12/01/2025 0.11% 600000
230. TENNESSEE VALLEY AUTH 3.5% 12/15/2042 0.1% 525000
231. GOODYEAR TIRE & RUBR CO 5% 05/31/2026 0.1% 540000
232. ALLEGHENY TECHNOLOGIES INC 7.88% 08/15/2023 0.1% 490000
233. TEMPUR SEALY INTL INC 5.5% 06/15/2026 0.1% 500000
234. CALLON PETE CO DEL 6.13% 10/01/2024 0.1% 525000
235. CHANGE HEALTHCARE HLDGS LLC/ SR GLBL 144A 25 5.75% 03/01/2025 0.1% 500000
236. US Dollars 0% 0.09% 500000
237. ONEOK PARTNERS LP 6.65% 10/01/2036 0.09% 400000
238. FEDERAL HOME LOAN BANKS 2.88% 09/11/2020 0.09% 475000
239. TENNESSEE VALLEY AUTH 3.88% 02/15/2021 0.09% 460000
240. WHITING PETE CORP NEW 6.63% 01/15/2026 0.09% 500000
241. FEDERAL NATL MTG ASSN 5.63% 07/15/2037 0.09% 325000

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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