At a glance
BBRE charges 0.11% a year, below the 0.21% average of the 8 funds most like it (the 4th cheapest of 9). It has $1.26B in assets, the 8th largest of that group; it paid 2.88% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +8.1% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +15.4% a year. At its worst it fell 43.6% in the 2020 crash (S&P 500: 33.7%) and 30.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 23 months after the lows. Its ten largest positions make up 52.1% of the fund, out of 100 in all.
The short version
JPMorgan BetaBuilders MSCI US REIT ETF (BBRE) is an index fund that tracks the MSCI US REIT Custom Capped Index. The index weights about 100 US real estate investment trusts (REITs), which are companies that own property and collect rent, by market value. Its 0.11% expense ratio is about half the 0.21% average of similar funds, though Schwab's SCHH and iShares' USRT cost less. The fund is top-heavy: Welltower alone was 12% of assets as of August 31, 2026.
Price history
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BBRE +8.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BBRE official prospectus, to Dec 31, 2025 | — | +1.86% | — | +6.23% | — | +5.78% |
| BBRE price data to Oct 27, 2026 | +11.9% | +8.1% | +15.4% | +2.8% | — | +6.7% |
- Over the year to Oct 27, 2026, BBRE returned +8.1%, 4th of 9 among similar funds.
- Its 5-year annualized return was +2.8%.
- In the 2020 COVID crash it fell 43.6% and regained its old high 12.9 months after the low.
- Its worst full calendar year was 2022 (-24.6%); its best was 2021 (+43.0%).
- The deepest fall in its price history was 43.6% (Feb 21, 2020 to Mar 23, 2020), recovered by Apr 20, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.9% | — |
| 2025 | +2.1% | +1.86% |
| 2024 | +8.3% | +8.37% |
| 2023 | +13.9% | +13.76% |
| 2022 | -24.6% | -24.61% |
| 2021 | +43.0% | +42.86% |
| 2020 | -7.6% | -7.54% |
| 2019 | +26.1% | +25.74% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.6% over that stretch · deepest drop along the way 43.6%, back to its old high 12.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.2% over that stretch · deepest drop along the way 30.8%, back to its old high 23.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.9100 | |
| 2025 | $3.0000 | +0.3% |
| 2024 | $2.9900 | -9.4% |
| 2023 | $3.3000 | +53.5% |
| 2022 | $2.1500 | +13.8% |
| 2021 | $1.8900 | -25.0% |
| 2020 | $2.5200 | +29.9% |
| 2019 | $1.9400 |
What's inside
As of Aug 31, 2026, the fund held 100 securities; the ten largest made up 52.13% of assets.
| Holding | Weight | |
|---|---|---|
| Welltower, Inc. | 12.00% | |
| Prologis, Inc. | 9.40% | |
| Equinix, Inc. | 4.34% | |
| Simon Property Group, Inc. | 4.34% | |
| Digital Realty Trust, Inc. | 4.30% | |
| Public Storage | 4.17% | |
| Realty Income Corp. | 3.97% | |
| Vivmark Residential | 3.78% | |
| Ventas, Inc. | 3.12% | |
| Iron Mountain, Inc. | 2.72% | |
| Extra Space Storage, Inc. | 2.39% | |
| VICI Properties, Inc. | 2.16% | |
| Essex Property Trust, Inc. | 1.52% | |
| Kimco Realty Corp. | 1.34% | |
| Invitation Homes, Inc. | 1.33% |
By country
United States 99.05%By asset type
Stocks 99.05%By sector
Sectors of the companies held, for the 40.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $11.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.46%, +2.28%, -3.34%.
How it works
BBRE tracks the MSCI US REIT Custom Capped Index, built by MSCI Inc. The index holds publicly traded US equity REITs. These are trusts that own buildings and earn mostly rent, unlike mortgage REITs, which hold real estate loans. To get into the index, a REIT must pass minimum tests for size and how often its shares trade. Bigger companies get bigger weights, counting only shares the public can buy (called free-float market value). As of May 29, 2026, the index had 105 securities, with market values from $673.75 million to $135.12 billion.
A capping rule is meant to keep any one company, and the combined weight of companies above 5%, from going over 25% of the index. This lets the fund count as "diversified" under federal fund law. Large positions are still possible: Welltower and Prologis together were about 21% of assets as of August 31, 2026. The index covers health care, hotel, industrial, office, residential, retail, diversified and specialized REITs, and many of them are small and mid-sized companies.
JPMorgan tries to hold nearly every stock in the index at about the same weight. It may instead hold a representative sample, as long as at least 80% of assets stay in index securities. It may put up to 20% of assets in exchange-traded futures, though that position was tiny as of August 31, 2026. The fund rebalances every quarter along with the index, and turnover was 8%. It never shifts into cash to protect itself when markets fall.
What it really costs
- BBRE charges 0.11% a year, versus an average of 0.21% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $11 in the first year and $141 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BBRE | $11 | $35 | $62 | $141 |
In a retirement portfolio
It adds a low-cost slice of US commercial real estate, a part of the market that broad stock funds hold only lightly, rather than serving as a portfolio's foundation.
BBRE moved only loosely with the broad market over the year to October 27, 2026: its one-year beta was 0.26. Beta measures how much a fund tends to move when the market moves. But the fund has not held up in crashes. It fell 43.6% in the 2020 COVID crash and took about 13 months to recover. In the 2022 bear market it dropped 30.8% and took about 23 months to get back. Its worst calendar year was 2022, at -24.61%. It launched in 2018, so it has no 2008 record. Anyone who had to sell shares in years like those would have locked in deep losses. The trailing 12-month yield was 2.88% as of October 27, 2026, paid quarterly. In the SEC's standard $10,000 example, costs total $141 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting low-cost US REIT exposure: the 0.11% expense ratio is below the 0.21% average of similar funds.
- Those wanting a passive, market-value-weighted mix of about 100 REITs, led by Welltower, Prologis and Equinix as of August 31, 2026.
- Long-term holders who can sit through deep drops, like the 43.6% fall in 2020, and accept quarterly income that varies.
Look elsewhere if
- Cost-focused investors: Schwab US REIT ETF (SCHH) charges 0.07% and iShares Core U.S. REIT ETF (USRT) 0.08%, with heavily overlapping holdings.
- People who need stable value in bad markets: BBRE fell 30.8% in 2022 and took about 23 months to recover.
- Investors uneasy with concentration: the top 10 holdings were 52% of assets as of August 31, 2026, with Welltower alone at 12%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BBRE this fund | — | 0.11% | $1.26B | +8.1% | +15.4% |
| USRT iShares Core U.S. REIT ETF | 89% | 0.08% | $4.66B | +8.5% | +15.9% |
| RWR SPDR Dow Jones REIT ETF | 87% | 0.25% | $1.84B | +8.6% | +15.6% |
| SCHH Schwab US REIT ETF | 87% | 0.07% | $11.20B | +7.1% | +14.1% |
| FRI First Trust S&P REIT Index Fund | 87% | 0.5% | $180.5M | +8.3% | +15.4% |
| DFAR Dimensional US Real Estate ETF | 84% | 0.19% | $1.78B | +7.6% | +14.0% |
| FREL Fidelity MSCI Real Estate Index ETF | 79% | 0.084% | $1.49B | +3.2% | +13.3% |
| IYR iShares U.S. Real Estate ETF | 78% | 0.39% | $4.67B | +1.9% | +12.7% |
Questions investors ask
Is BBRE good for retirement income?
It provides some income, but it is not a high-yield fund. The trailing 12-month yield was 2.88% as of October 27, 2026, or $2.93 per share, paid quarterly. REIT payouts depend on rents and can be cut. REIT dividends are also often taxed as ordinary income rather than at the lower qualified-dividend rate. The share price swings widely too: the fund fell 30.8% in 2022. It may suit investors who want real estate income as one part of a broader portfolio.
What's the difference between BBRE and USRT?
Both are low-cost index funds of US REITs, and about 89% of their holdings overlap, but they track different indexes and charge different fees. BBRE follows the MSCI US REIT Custom Capped Index and charges 0.11% a year. iShares Core U.S. REIT ETF (USRT) charges 0.08%. As of October 27, 2026, one-year returns were 8.1% for BBRE and 8.5% for USRT. Three-year annualized returns were 15.4% and 15.9%. USRT is also larger, with about $4.7 billion in net assets as of July 31, 2026.
What is BBRE's expense ratio?
BBRE charges 0.11% a year, according to its prospectus filed June 23, 2026. That is about half the 0.21% average among similar REIT funds and ranks 4th lowest of 9. In the SEC's standard example, where $10,000 earns 5% a year, costs would total about $11 after one year, $62 after five and $141 after ten. SCHH (0.07%), USRT (0.08%) and FREL (0.084%) charge less. RWR (0.25%) and IYR (0.39%) charge more.
Does BBRE pay monthly dividends?
No. BBRE pays distributions quarterly, not monthly. Over the 12 months through October 27, 2026, it paid $2.93 per share, a trailing yield of 2.88%. Payments can change from quarter to quarter because the fund passes along what its REITs pay, and REIT payouts rise and fall with rental income. Investors who want a smoother monthly cash flow from this fund would need to set money aside between payments or sell shares.
What are BBRE's top holdings?
As of August 31, 2026, Welltower was the largest holding at 12.0% of the fund. Next came Prologis (9.4%), Equinix (4.3%), Simon Property Group (4.3%), Digital Realty Trust (4.3%), Public Storage (4.2%) and Realty Income (4.0%). The top 10 made up about 52% of a portfolio of 100 companies. The index covers many property types, but a handful of large REITs drive much of the fund's return.