duETS are explicitly tied to the change in the NCREIF Index once every two years at their Valuation Dates. The two-year period reflects the fact that real estate is illiquid and trades infrequently. As a result, the value of real estate’s key indexes are relatively static and predictable on a daily, monthly and even quarterly basis. Between Valuation Dates, the values of the securities in the market are driven by market supply and demand. This can fluctuate based on market sentiment driven by changes in the index, economic and political events affecting future real estate prices and the need for liquidity of market participants.