At a glance
BLDG charges 0.59% a year, above the 0.13% average of the 6 funds most like it (the most expensive of 7). It has $67.2M in assets, the 7th largest of that group; it paid 5.67% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +3.4% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds; over three years it returned +11.7% a year. At its worst it fell 26.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 39 months after the low. Its ten largest positions make up 16.3% of the fund, out of 77 in all.
The short version
Cambria Global Real Estate ETF (BLDG) is an actively managed fund. It holds 50 to 100 real estate companies and REITs from the US and abroad, picked by Cambria's quantitative screen for value, quality and momentum and held in roughly equal weights. It charges 0.59% a year, far above the 0.13% average of similar funds. Its trailing 12-month yield was 5.67% as of October 27, 2026.
Price history
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BLDG +3.4% 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 | |
|---|---|---|---|---|---|---|
| BLDG official prospectus, to Dec 31, 2025 | — | +4.65% | — | +3.76% | — | +6.56% |
| BLDG price data to Oct 27, 2026 | +5.4% | +3.4% | +11.7% | +1.7% | — | +3.6% |
- Over the year to Oct 27, 2026, BLDG returned +3.4%, 6th of 7 among similar funds.
- Its 5-year annualized return was +1.7%.
- Its worst full calendar year was 2022 (-14.7%); its best was 2024 (+8.2%).
- The deepest fall in its price history was 27.2% (Mar 29, 2022 to Oct 27, 2023), recovered by Jan 16, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.4% | — |
| 2025 | +4.2% | +4.65% |
| 2024 | +8.2% | +7.92% |
| 2023 | +1.8% | +2.54% |
| 2022 | -14.7% | -14.92% |
| 2021 | — | +22.08% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.2% over that stretch · deepest drop along the way 26.7%, back to its old high 39.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7400 | |
| 2025 | $1.8200 | -9.9% |
| 2024 | $2.0200 | +60.3% |
| 2023 | $1.2600 | +20.0% |
| 2022 | $1.0500 |
What's inside
As of Jul 31, 2026, the fund held 77 securities; the ten largest made up 16.26% of assets, and 5.37% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Chatham Lodging Trust | 1.96% | |
| Highwoods Properties Inc | 1.83% | |
| Piedmont Realty Trust Inc | 1.74% | |
| Kilroy Realty Corp | 1.64% | |
| DiamondRock Hospitality Co | 1.62% | |
| Panora Gayrimenkul Yatirim Ort | 1.62% | |
| LXP Industrial Trust | 1.57% | |
| Postal Realty Trust Inc | 1.47% | |
| CBL & Associates Properties In | 1.42% | |
| Fibra Uno Administracion SA de | 1.41% | |
| Welltower Inc | 1.41% | |
| Xenia Hotels & Resorts Inc | 1.40% | |
| COPT Defense Properties | 1.40% | |
| Yeni Gimat Gayrimenkul Ortakli | 1.39% | |
| Broadstone Net Lease Inc | 1.38% |
By country
United States 59.62%Turkey 8.77%Japan 4.66%South Africa 3.67%Belgium 3.64%By asset type
Stocks 96.58%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $13.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.95%, +3.07%, +1.99%.
How it works
BLDG does not track an index. Its adviser, Cambria Investment Management, starts with the global universe of real estate companies. That means exchange-listed REITs, plus companies in the real estate sector under the GICS industry system. A REIT (real estate investment trust) owns income-producing property and passes most of its taxable income to shareholders. Cambria first drops stocks that are too small or trade too thinly. It then scores the rest with its own algorithm.
The score blends three things. Value measures include price-to-earnings, price-to-sales, funds from operations (FFO, a common REIT earnings measure) and dividend yield. Quality measures include debt-to-assets. Momentum is the trailing 12-month total return. Cambria scores US and non-US companies separately and picks about the top 20% from each group. At least 80% of net assets must be in real estate companies, and at least 40% is normally expected to be listed outside the US. Still, the fund reported significant US exposure as of August 3, 2026, and 59.62% of assets were in US stocks as of July 31, 2026.
Holdings are kept at roughly equal weights and rebalanced at least once a year. Turnover was 82%, which means a lot of trading. As of July 31, 2026, the fund held no derivatives and kept 5.37% in cash. Because of equal weighting, the top 10 holdings made up only 16.26% of assets.
What it really costs
- BLDG charges 0.59% a year, versus an average of 0.13% for the similar funds below (7th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BLDG | $60 | $189 | $329 | $738 |
In a retirement portfolio
It is a single-sector, actively managed real estate fund with emerging-market exposure and a high fee, so it fits better as a small add-on than as a foundation.
BLDG could add global property exposure and a sizable income stream. Its trailing 12-month yield was 5.67% as of October 27, 2026, paid quarterly. The fund launched in September 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell 26.7%. Its official 2022 return of -14.92% was its worst calendar year. Its deepest drop was 27.2%, from March 2022 to October 2023, and it did not recover until January 2026. Anyone selling shares during that stretch would have sold at low prices for years. Cost is also a drag: 0.59% a year, or $738 over 10 years on $10,000 in the SEC's standard example. 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 global real estate picked for value, quality and momentum, rather than a market-cap index dominated by the largest REITs.
- Income seekers comfortable with quarterly payouts that can vary; the trailing yield was 5.67% as of October 27, 2026.
- Those who want smaller REITs such as Chatham Lodging Trust and Highwoods Properties weighted about equally with giants like Welltower.
Look elsewhere if
- Cost-focused investors: the 0.59% fee ranks 7th of 7 against similar funds averaging 0.13%, such as Schwab US REIT ETF at 0.07%.
- Anyone uneasy with emerging-market risk: Turkish real estate stocks made up 8.77% of assets as of July 31, 2026.
- Those who prefer a large fund with a long record: net assets were about $67 million as of July 31, 2026, and it launched in 2020.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BLDG this fund | — | 0.59% | $67.2M | +3.4% | +11.7% |
| USRT iShares Core U.S. REIT ETF | 20% | 0.08% | $4.66B | +8.5% | +15.9% |
| DFAR Dimensional US Real Estate ETF | 18% | 0.19% | $1.78B | +7.6% | +14.0% |
| SCHH Schwab US REIT ETF | 16% | 0.07% | $11.20B | +7.1% | +14.1% |
| FREL Fidelity MSCI Real Estate Index ETF | 15% | 0.084% | $1.49B | +3.2% | +13.3% |
| REET iShares Global REIT ETF | 15% | 0.14% | $5.13B | +4.1% | +13.5% |
| DFGR Dimensional Global Real Estate ETF | 14% | 0.22% | $3.86B | +3.7% | +13.2% |
Questions investors ask
Is BLDG good for retirement income?
It pays a sizable income, but with real risk. The trailing 12-month yield was 5.67% as of October 27, 2026, or $1.42 per share, paid quarterly. REIT payouts can fall when property income drops. At its deepest point, between March 2022 and October 2023, the fund lost 27.2%. It also charges 0.59% a year. It may suit income seekers who can hold through long slumps and treat it as one part of a broader mix.
How often does BLDG pay dividends?
BLDG pays quarterly. Over the 12 months to October 27, 2026, it paid $1.42 per share, a 5.67% yield on its price. Much of that income comes from REITs, which must pass most of their taxable income to shareholders to avoid corporate tax. REIT dividends are often taxed as ordinary income rather than at the lower qualified-dividend rate. That is one reason many investors hold REIT funds in IRAs or other tax-advantaged accounts.
What's the difference between BLDG and REET?
Both hold real estate stocks from around the world, but they cost and work differently. iShares Global REIT ETF (REET) charges 0.14% a year. BLDG charges 0.59%. It is actively managed, picks stocks with Cambria's value, quality and momentum model and holds them in roughly equal weights. Only about 15% of their holdings overlap. As of October 27, 2026, REET returned 13.5% a year over three years, compared with 11.7% for BLDG.
Is BLDG's expense ratio high?
Yes, compared with similar funds. BLDG's expense ratio is 0.59% a year, according to its prospectus filed August 28, 2026. Six similar real estate ETFs average 0.13%, and BLDG ranks 7th of 7 on cost. In the SEC's standard example, $10,000 earning 5% a year would cost $60 in fees in the first year and $738 over 10 years. The higher fee pays for model-driven stock picking. The fund also trades a lot, with 82% turnover.
What are BLDG's top holdings?
No single stock dominates. As of July 31, 2026, the largest positions were Chatham Lodging Trust (1.96%), Highwoods Properties (1.83%), Piedmont Realty Trust (1.74%), Kilroy Realty (1.64%), DiamondRock Hospitality (1.62%) and Turkey's Panora Gayrimenkul (1.62%). The fund held 77 stocks, and the top 10 made up 16.26% of assets. Several of the largest names are hotel and office REITs. By country, 59.62% was in the US, 8.77% in Turkey and 4.66% in Japan.