Vident Financial


As of 5/22/2019

VBND Holdings

Top Holdings Weight Shares
1. FIRST AMERN FDS INC GOVT OBLIGS X 2.32% 12/01/2031 8.99% 47562652.93
2. FNMA TBA 30YR 4% JUN 4% 06/15/2040 2.33% 12000000
3. UNITED STATES TREAS NTS 3.5% 05/15/2020 2.17% 11365000
4. UNITED STATES TREAS BDS 8.75% 08/15/2020 2.12% 10200000
5. FNMA TBA 30YR TBA 4.50% JUN 4.5% 06/15/2041 1.93% 9820000
6. UNITED STATES TREAS NTS 1.5% 05/31/2020 1.9% 10060000
7. UNITED STATES TREAS NTS 1.5% 05/15/2020 1.85% 9890000
8. UNITED STATES TREAS NTS 1.38% 05/31/2020 1.81% 9630000
9. UNITED STATES TREAS NTS 2.5% 05/31/2020 1.81% 9445000
10. UNITED STATES TREAS NTS 1.5% 06/15/2020 1.68% 8935000
11. FNMA TBA 30YR 5% JUN 5% 06/15/2041 1.6% 8000000
12. UNITED STATES TREAS NTS 1.88% 06/30/2020 1.59% 8430000
13. UNITED STATES TREAS NTS 1.63% 07/31/2020 1.54% 8165000
14. UNITED STATES TREAS NTS 2.63% 07/31/2020 1.5% 7880000
15. UNITED STATES TREAS NTS 2.63% 08/15/2020 1.44% 7525000
16. UNITED STATES TREAS NTS 1.38% 08/31/2020 1.41% 7525000
17. UNITED STATES TREAS NTS 2% 07/31/2020 1.4% 7405000
18. TSY INFL IX N/B 0.13% 04/15/2021 1.08% 5798382
19. UNITED STATES TREAS BDS 3.75% 11/15/2043 0.92% 4175000
20. UNITED STATES TREAS BDS 4.38% 05/15/2041 0.91% 3770000
21. UNITED STATES TREAS BDS 3.63% 08/15/2043 0.89% 4075000
22. UNITED STATES TREAS BDS 3.63% 02/15/2044 0.89% 4050000
23. UNITED STATES TREAS BDS 4.75% 02/15/2041 0.85% 3345000
24. UNITED STATES TREAS NTS 0.13% 04/15/2022 0.84% 4529050.4
25. UNITED STATES TREAS BDS 3.75% 08/15/2041 0.84% 3780000
26. UNITED STATES TREAS BDS 4.25% 11/15/2040 0.82% 3445000
27. FNMA TBA 30YR 3.50% JUN 3.5% 06/15/2041 0.81% 4225000
28. UNITED STATES TREAS BDS 3.13% 02/15/2043 0.77% 3805000
29. TSY INFL IX N/B 1.125% 1/15/2021 1.13% 01/15/2021 0.73% 3816926.4
30. UNITED STATES TREAS BDS 2.88% 05/15/2043 0.71% 3725000
31. UNITED STATES TREAS BDS TIPS 01/15/22 0.13% 01/15/2022 0.68% 3616160.25
32. UNITED STATES TREAS BDS 2.75% 08/15/2042 0.68% 3590000
33. UNITED STATES TREAS BDS 3.63% 04/15/2028 0.66% 2753788.05
34. TSY INFL IX N/B 0.63% 04/15/2023 0.63% 3315513.85
35. UNITED STATES TREAS BDS 3.88% 04/15/2029 0.62% 2477782.95
36. TI 0 1/8 01/15/23 0.13% 01/15/2023 0.58% 3095092.5
37. UNITED STATES TREAS BDS 6.13% 11/15/2027 0.58% 2365000
38. UNITED STATES TREAS BDS 2.38% 01/15/2027 0.55% 2567278.8
39. UNITED STATES TREAS BDS 2% 01/15/2026 0.55% 2621273.5
40. UNITED STATES TREAS BDS 5.5% 08/15/2028 0.55% 2275000
41. UNITED STATES TREAS BDS 2.38% 01/15/2025 0.54% 2585049.6
42. UNITED STATES TREAS BDS 5.25% 11/15/2028 0.52% 2230000
43. TSY INFL IX N/B 0.63% 01/15/2026 0.51% 2696902
44. UNITED STATES TREAS BDS 1.75% 01/15/2028 0.51% 2465239.7
45. US TSY INFL IX N/B 2.5% 1/15/2029 2.5% 01/15/2029 0.5% 2240003.7
46. UNITED STATES TREAS BDS 6% 02/15/2026 0.49% 2090000
47. GNMAII JUMBO TBA 30YR TBA 4.50% JUN 4.5% 06/15/2041 0.48% 2450000
48. UNITED STATES TREAS BDS 6.5% 11/15/2026 0.47% 1950000
49. UNITED STATES TREAS NTS 0.25% 01/15/2025 0.47% 2534097.5
50. TSY INFL IX N/B 0.38% 01/15/2027 0.45% 2411172.9
51. UNITED STATES TREAS BDS TIPS 01/15/24 0.63% 01/15/2024 0.45% 2354827.2
52. DISH DBS CORP 5.88% 11/15/2024 0.45% 2655000
53. UNITED STATES TREAS BDS TIPS 02/15/40 2.13% 02/15/2040 0.44% 1855220.2
54. TSY INFL IX N/B 0.5% 01/15/2028 0.41% 2176060.05
55. UNITED STATES TREAS BDS TIPS 2.125% 41 2.13% 02/15/2041 0.4% 1680405
56. FNMA TBA 30YR TBA 3% JUN 3% 06/15/2042 0.39% 2095000
57. UNITED STATES TREAS BDS 3.38% 04/15/2032 0.39% 1544173.2
58. SUNCOKE ENERGY INC 7.5% 06/15/2025 0.39% 2000000
59. TUTOR PERINI CORP 6.88% 05/01/2025 0.37% 2000000
60. LIBERTY MEDIA CORP 8.25% 02/01/2030 0.38% 1900000
61. L BRANDS INC 6.75% 07/01/2036 0.38% 2300000
62. M D C HLDGS INC 6% 01/15/2043 0.36% 2125000
63. GULFPORT ENERGY CORP 6% 10/15/2024 0.34% 2040000
64. ADIENT GLOBAL HLDGS LTD 4.88% 08/15/2026 0.34% 2300000
65. WASHINGTON PRIME GROUP LP 5.95% 08/15/2024 0.33% 1850000
66. FIFTH THIRD BANCORP 8.25% 03/01/2038 0.32% 1175000
67. W & T OFFSHORE INC 9.75% 11/01/2023 0.31% 1660000
68. WILLIAMS PARTNERS L P 5.4% 03/04/2044 0.31% 1560000
69. PBF HLDG CO LLC / PBF FIN CORP FR 7.25% 061525 7.25% 06/15/2025 0.32% 1600000
70. SPIRIT AEROSYSTEMS INC 4.6% 06/15/2028 0.32% 1610000
71. VULCAN MATLS CO 4.5% 06/15/2047 0.32% 1750000
72. MARTIN MARIETTA MATLS INC 4.25% 12/15/2047 0.31% 1800000
73. AT&T INC 5.3% 08/15/2058 0.31% 1550000
74. GNMA TBA 30YR TBA 4.50% JUN 4.5% 06/15/2041 0.31% 1550000
75. AMERISOURCEBERGEN CORP 3.45% 12/15/2027 0.31% 1650000
76. PATTERSON UTI ENERGY INC 3.95% 02/01/2028 0.3% 1655000
77. HEWLETT PACKARD CO 6% 09/15/2041 0.3% 1500000
78. BRIGHTHOUSE FINL INC 3.7% 06/22/2027 0.31% 1730000
79. KIRBY CORP 4.2% 03/01/2028 0.3% 1585000
80. MICRON TECHNOLOGY INC 5.33% 02/06/2029 0.3% 1575000
81. CARDINAL HEALTH INC 4.37% 06/15/2047 0.3% 1800000
82. COACH INC 4.13% 07/15/2027 0.3% 1595000
83. INTERPUBLIC GROUP COS INC 5.4% 10/01/2048 0.3% 1495000
84. HOLLYFRONTIER CORP 5.88% 04/01/2026 0.29% 1440000
85. LEGG MASON INC 5.63% 01/15/2044 0.3% 1450000
86. DEVON FING CORP U L C 7.88% 09/30/2031 0.29% 1157000
87. WESTINGHOUSE AIR BRAKE CO NEW 4.7% 28 4.7% 09/15/2028 0.29% 1475000
88. EDISON INTL 4.13% 03/15/2028 0.29% 1580000
89. DOLLAR TREE INC 4.2% 05/15/2028 0.28% 1490000
90. HASBRO INC 6.35% 03/15/2040 0.29% 1300000
91. CONAGRA BRANDS INC 5.4% 11/01/2048 0.28% 1450000
92. MARKEL CORP 5% 04/05/2046 0.28% 1475000
93. INTL PAPER CO 7.3% 11/15/2039 0.28% 1200000
94. MURPHY OIL CORP 6.88% 08/15/2024 0.29% 1430000
95. CARE CAP PPTYS LP 5.13% 08/15/2026 0.29% 1500000
96. UNUM GROUP 5.75% 08/15/2042 0.29% 1350000
97. OWENS CORNING NEW 4.3% 07/15/2047 0.29% 1800000
98. TSY INFL IX N/B 0.38% 07/15/2027 0.28% 1504360.5
99. JABIL INC 3.95% 01/12/2028 0.28% 1550000
100. NORDSTROM INC 5% 01/15/2044 0.28% 1650000
101. UNITED STATES TREAS NTS 2% 11/15/2026 0.28% 1510000
102. HEWLETT PACKARD ENTERPRISE CO SR GLBL NT 45 6.35% 10/15/2045 0.28% 1400000
103. VERISIGN INC 4.75% 07/15/2027 0.28% 1450000
104. WESTERN DIGITAL CORP 4.75% 02/15/2026 0.28% 1550000
105. BROWN & BROWN INC 4.2% 09/15/2024 0.28% 1425000
106. EXELON GENERATION CO LLC 6.25% 10/01/2039 0.28% 1280000
107. AXA EQUITABLE HLDGS INC 5% 04/20/2048 0.28% 1475000
108. GLP CAP LP/GLP FING II INC 5.75% 06/01/2028 0.28% 1350000
109. VIACOM INC 6.88% 04/30/2036 0.28% 1230000
110. BUNGE LTD FIN CORP 3.25% 08/15/2026 0.28% 1550000
111. DOW CHEM CO 9.4% 05/15/2039 0.27% 950000
112. TECH DATA CORP 4.95% 02/15/2027 0.28% 1400000
113. WHIRLPOOL CORP 4.5% 06/01/2046 0.28% 1575000
114. SYNCHRONY FINL 3.7% 08/04/2026 0.28% 1500000
115. SMUCKER J M CO 3.38% 12/15/2027 0.28% 1460000
116. BROADCOM CORP/BROADCOM CAYMAN SR GLBL NT 27 3.88% 01/15/2027 0.28% 1525000
117. MACYS RETAIL HLDGS INC 3.63% 06/01/2024 0.28% 1475000
118. TYSON FOODS INC 3.55% 06/02/2027 0.28% 1435000
119. MARATHON OIL CORP 4.4% 07/15/2027 0.27% 1380000
120. CAPITAL ONE FINL CORP 4.2% 10/29/2025 0.27% 1395000
121. DELTA AIR LINES INC DEL 4.38% 04/19/2028 0.27% 1435000
122. CONTINENTAL RESOURCES INC 4.38% 01/15/2028 0.27% 1390000
123. SEAGATE HDD CAYMAN 4.88% 06/01/2027 0.28% 1480000
124. VALERO ENERGY PARTNERS LP 4.38% 12/15/2026 0.27% 1365000
125. BED BATH & BEYOND INC 5.17% 08/01/2044 0.27% 1900000
126. NASDAQ INC 3.85% 06/30/2026 0.27% 1395000
127. PLAINS ALL AMERN PIPELINE L P SR NT 6.65% 37 6.65% 01/15/2037 0.27% 1250000
128. DOLLAR GEN CORP NEW 3.88% 04/15/2027 0.27% 1395000
129. BROADRIDGE FINL SOLUTIONS INC SR GLBL NT3.4% 26 3.4% 06/27/2026 0.27% 1425000
130. INGREDION INC 3.2% 10/01/2026 0.27% 1460000
131. SM ENERGY CO 6.63% 01/15/2027 0.27% 1535000
132. MPLX LP 4.13% 03/01/2027 0.27% 1395000
133. HESS CORP 6% 01/15/2040 0.27% 1325000
134. SOUTHWESTERN ENERGY CO 6.2% 01/23/2025 0.27% 1460000
135. LEAR CORP 3.8% 09/15/2027 0.27% 1470000
136. PACKAGING CORP AMER 3.4% 12/15/2027 0.27% 1425000
137. US WEST COMMUNICATIONS INC 6.88% 09/15/2033 0.27% 1425000
138. OLD REP INTL CORP 3.88% 08/26/2026 0.27% 1400000
139. APACHE CORP 6% 01/15/2037 0.27% 1275000
140. MASCO CORP 4.38% 04/01/2026 0.27% 1360000
141. CONCHO RES INC 3.75% 10/01/2027 0.27% 1390000
142. MPT OPERATING PARTNERSHIP L.P SR GLBL NT 5% 27 5% 10/15/2027 0.26% 1400000
143. ENABLE MIDSTREAM PARTNERS LP SR NT 4.4% 27 4.4% 03/15/2027 0.27% 1430000
144. WALGREENS BOOTS ALLIANCE INC SR GLBL NT 26 3.45% 06/01/2026 0.27% 1430000
145. TSY INFL IX N/B 0.75% 07/15/2028 0.26% 1354793.6
146. HUNTINGTON INGALLS INDS INC 3.48% 12/01/2027 0.26% 1410000
147. UNITED STATES TREAS NTS 0.13% 07/15/2026 0.26% 1402870.25
148. TENNESSEE VALLEY AUTH 5.88% 04/01/2036 0.26% 1005000
149. NATIONAL OILWELL VARCO INC 3.95% 12/01/2042 0.26% 1600000
150. ECLIPSE RES CORP 8.88% 07/15/2023 0.26% 1415000
151. CIMAREX ENERGY CO 3.9% 05/15/2027 0.25% 1325000
152. DARDEN RESTAURANTS INC 3.85% 05/01/2027 0.25% 1305000
153. CNX RESOURCES CORPORATION 7.25% 03/14/2027 0.25% 1400000
154. RAYONIER A.M. PRODS INC 5.5% 06/01/2024 0.26% 1550000
155. KROGER CO 5.4% 01/15/2049 0.25% 1245000
156. TSY INFL IX N/B 0.38% 07/15/2025 0.25% 1305631.8
157. MOSAIC CO NEW 5.63% 11/15/2043 0.24% 1250000
158. WESTERN GAS PARTNERS LP 5.45% 04/01/2044 0.24% 1350000
159. ALTRIA GROUP INC 5.38% 01/31/2044 0.24% 1250000
160. GNMA TBA 30YR TBA 3% JUN 3% 06/15/2043 0.24% 1250000
161. GENESIS ENERGY LP/ GENESIS FIN SR GLBL NT6.5% 25 6.5% 10/01/2025 0.23% 1275000
162. GNMAII JUMBO TBA 30YR TBA 3.00% JUN 3% 06/15/2045 0.23% 1200000
163. PEABODY SECS FIN CORP 6.38% 03/31/2025 0.22% 1155000
164. SRC ENERGY INC 6.25% 12/01/2025 0.22% 1200000
165. GNMA TBA 30YR TBA 4% JUN 4% 06/15/2041 0.2% 1000000
166. GNMAII JUMBO TBA 30YR TBA 4% JUN 4% 06/15/2042 0.2% 1000000
167. GNMA TBA 30YR TBA 3.50% JUN 3.5% 06/15/2042 0.19% 1000000
168. FREEPORT-MCMORAN INC 5.4% 11/14/2034 0.19% 1100000
169. AVON INTERNATIONAL OPERATION SR SEC 144A NT22 7.88% 08/15/2022 0.19% 945000
170. GNMA II SINGLE FAMILY 3.5% 06/15/2045 0.18% 910000
171. CALPINE CORP 5.75% 01/15/2025 0.17% 890000
172. TENNESSEE VALLEY AUTH 6.15% 01/15/2038 0.17% 620000
173. UNITED STATES CELLULAR CORP 6.7% 12/15/2033 0.17% 800000
174. UNITED STATES TREAS BDS TIPS 02/15/40 1.38% 02/15/2044 0.16% 762258
175. CARRIZO OIL & GAS INC 6.25% 04/15/2023 0.15% 800000
176. CF INDS INC 5.38% 03/15/2044 0.14% 800000
177. SUBURBAN PROPANE PARTNERS L P SR GLBL NT5.5% 24 5.5% 06/01/2024 0.14% 715000
178. CALLON PETE CO DEL 6.13% 10/01/2024 0.13% 700000
179. TENNESSEE VALLEY AUTH 5.25% 09/15/2039 0.13% 540000
180. MEREDITH CORP 6.88% 02/01/2026 0.13% 650000
181. WI INFL IDX N/B 0 1/8 07/22 0.13% 07/15/2022 0.13% 673196
182. TENNESSEE VALLEY AUTH 7.13% 05/01/2030 0.12% 470000
183. UNITED STATES TREAS NTS 2.25% 02/15/2027 0.12% 660000
184. WI TREASURY SEC 07/15/23 0.38% 07/15/2023 0.12% 654324
185. ACTAVIS FUNDING SCS 4.85% 06/15/2044 0.12% 650000
186. TSY INFL IX N/B 0 1/8 07/15/24 0.13% 07/15/2024 0.12% 635947.9
187. AUTOZONE INC 3.75% 06/01/2027 0.12% 595000
188. SALLY HLDGS LLC 5.63% 12/01/2025 0.12% 600000
189. FEDERAL HOME LOAN BANKS 3.38% 06/12/2020 0.1% 525000
190. FEDERAL HOME LOAN BANKS 2.63% 05/28/2020 0.1% 525000
191. ALLEGHENY TECHNOLOGIES INC 7.88% 08/15/2023 0.1% 490000
192. FEDERAL HOME LOAN BANKS 1.75% 06/12/2020 0.1% 525000
193. GOODYEAR TIRE & RUBR CO 5% 05/31/2026 0.1% 540000
194. TEMPUR SEALY INTL INC 5.5% 06/15/2026 0.1% 500000
195. CARLISLE COS INC 3.75% 12/01/2027 0.1% 515000
196. US Dollars 0% 0.09% 500000
197. FEDERAL NATL MTG ASSN 1.5% 06/22/2020 0.09% 500000
198. TENNESSEE VALLEY AUTH 3.5% 12/15/2042 0.09% 475000
199. CHANGE HEALTHCARE HLDGS LLC/ SR GLBL 144A 25 5.75% 03/01/2025 0.09% 500000
200. FEDERAL NATL MTG ASSN 7.13% 01/15/2030 0.09% 340000
201. FEDERAL HOME LOAN BANKS 2.88% 09/11/2020 0.09% 475000
202. WHITING PETE CORP NEW 6.63% 01/15/2026 0.09% 500000
203. TENNESSEE VALLEY AUTH 3.88% 02/15/2021 0.09% 460000
204. ONEOK PARTNERS LP 6.65% 10/01/2036 0.09% 400000
205. FEDERAL NATL MTG ASSN 1.5% 07/30/2020 0.09% 475000
206. QEP RES INC 5.63% 03/01/2026 0.09% 500000
207. NUANCE COMMUNICATIONS INC 5.63% 12/15/2026 0.09% 450000
208. FEDERAL NATL MTG ASSN 1.5% 11/30/2020 0.09% 455000
209. FEDERAL HOME LOAN BANKS 1.63% 09/11/2020 0.08% 450000
210. FEDERAL NATL MTG ASSN 5.63% 07/15/2037 0.08% 325000
211. FEDERAL HOME LOAN BANKS 2.63% 10/01/2020 0.08% 440000
212. OLIN CORP 5% 02/01/2030 0.08% 450000
213. TENNESSEE VALLEY AUTH 2.88% 02/01/2027 0.08% 430000
214. FEDERAL HOME LN MTG CORP 1.88% 11/17/2020 0.08% 440000
215. TENNESSEE VALLEY AUTH 6.75% 11/01/2025 0.07% 300000
216. UNITED STATES TREAS NTS 2.25% 11/15/2025 0.06% 340000
217. FEDERAL NATL MTG ASSN 6.63% 11/15/2030 0.06% 230000
218. FEDERAL NATL MTG ASSN 7.25% 05/15/2030 0.06% 220000
219. ZAYO GROUP LLC/ZAYO CAP INC 5.75% 01/15/2027 0.06% 300000
220. COMMSCOPE FIN LLC 8.25% 03/01/2027 0.06% 300000
221. UNITED STATES TREAS BDS TIPS .75% 02/15/42 0.75% 02/15/2042 0.06% 314482
222. FEDERAL NATL MTG ASSN 1.88% 12/28/2020 0.06% 305000
223. CLIFFS NAT RES INC 5.75% 03/01/2025 0.06% 305000
224. FEDERAL HOME LOAN BANKS 1.38% 02/18/2021 0.06% 305000
225. FEDERAL HOME LN BKS 5.5% 07/15/2036 0.06% 220000
226. STATION CASINOS LLC 5% 10/01/2025 0.06% 300000
227. POST HLDGS INC 5.63% 01/15/2028 0.06% 290000
228. FEDERAL HOME LN MTG CORP 6.75% 03/15/2031 0.05% 200000
229. CHEMOURS CO 5.38% 05/15/2027 0.05% 300000
230. SINCLAIR TELEVISION GROUP 5.63% 08/01/2024 0.05% 275000
231. NEXSTAR ESCROW CORP 5.63% 08/01/2024 0.05% 275000
232. UNITED STATES TREAS NTS 2.75% 08/31/2025 0.05% 265000
233. SIX FLAGS ENTMT CORP NEW 5.5% 04/15/2027 0.05% 260000
234. TALLGRASS ENERGY PARTNERS LP/ SR GLBL 144A 28 5.5% 01/15/2028 0.05% 250000
235. UNITED STATES TREAS NTS 1.63% 05/15/2026 0.05% 255000
236. FEDERAL NATL MTG ASSN 1.38% 02/26/2021 0.04% 235000
237. FEDERAL HOME LN MTG CORP 2.38% 02/16/2021 0.04% 205000
238. FEDERAL HOME LN MTG CORP 6.75% 09/15/2029 0.04% 150000
239. ESH HOSPITALITY INC 5.25% 05/01/2025 0.04% 200000
240. FEDERAL NATL MTG ASSN 2.5% 04/13/2021 0.04% 200000
241. FEDERAL NATL MTG ASSN 6.25% 05/15/2029 0.04% 150000
242. AMKOR TECHNOLOGY INC 6.63% 09/15/2027 0.04% 200000
243. TENNESSEE VALLEY AUTH 1.88% 08/15/2022 0.04% 195000
244. GRAY TELEVISION INC 5.88% 07/15/2026 0.03% 155000
245. NIELSEN FIN LLC/ NIELSEN FIN 5% 22 5% 04/15/2022 0.03% 155000
246. TSY INFL IX N/B 0.63% 02/15/2043 0.03% 154539
247. FEDERAL HOME LN MTG CORP 6.25% 07/15/2032 0.03% 100000
248. TSY INFL IX N/B TII 0 5/8 07/15/21 0.63% 07/15/2021 0.02% 112603
249. NRG YIELD OPER LLC 5.38% 08/15/2024 0.02% 100000
250. BERRY GLOBAL INC 4.5% 02/15/2026 0.01% 80000
251. FEDERAL NATL MTG ASSN 1.25% 05/06/2021 0.01% 75000
252. FEDERAL NATL MTG ASSN 2.75% 06/22/2021 0.01% 60000

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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