At a glance
ERET charges 0.3% a year, above the 0.19% average of the 8 funds most like it (the 8th cheapest of 9). It has $14.2M in assets, the 9th largest of that group; it paid 3.49% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +1.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +12.4% a year. Its ten largest positions make up 36.0% of the fund, out of 348 in all.
The short version
BlackRock's iShares Environmentally Aware Real Estate ETF (ERET) tracks the FTSE EPRA Nareit Developed Green Target Index: real estate investment trusts (REITs) and property companies in developed countries. It tilts toward owners whose buildings carry LEED or BREEAM green certifications and use less energy. It charges 0.30% a year, above the 0.19% average of similar funds, and held just $14 million as of July 31, 2026.
Price history
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ERET +1.9% 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 | |
|---|---|---|---|---|---|---|
| ERET official prospectus, to Dec 31, 2025 | — | +10.06% | — | — | — | +6.21% |
| FTSEEPRA Nareit Developed Green Target Index Net index, same period | — | +9.42% | — | — | — | +5.66% |
| ERET price data to Oct 27, 2026 | +4.0% | +1.9% | +12.4% | — | — | +6.4% |
- Over the year to Oct 27, 2026, ERET returned +1.9%, 9th of 9 among similar funds.
- Its worst full calendar year was 2024 (+0.6%); its best was 2023 (+10.3%).
- The deepest fall in its price history was 20.3% (Feb 2, 2023 to Oct 27, 2023), recovered by Jul 17, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.0% | — |
| 2025 | +10.3% | +10.06% |
| 2024 | +0.6% | +0.70% |
| 2023 | +10.3% | +10.21% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2800 | |
| 2025 | $1.0100 | -5.6% |
| 2024 | $1.0700 | +11.5% |
| 2023 | $0.9600 |
What's inside
As of Jul 31, 2026, the fund held 348 securities; the ten largest made up 36% of assets.
| Holding | Weight | |
|---|---|---|
| WELLTOWER INC. | 6.91% | |
| PROLOGIS, INC. | 5.79% | |
| REALTY INCOME CORPORATION | 4.90% | |
| EQUINIX, INC. | 4.23% | |
| SIMON PROPERTY GROUP, INC. | 3.65% | |
| PUBLIC STORAGE. | 2.86% | |
| DIGITAL REALTY TRUST, INC. | 2.50% | |
| VENTAS, INC. | 1.81% | |
| GOODMAN GROUP Other | 1.79% | |
| EXTRA SPACE STORAGE INC. | 1.57% | |
| Mitsubishi Estate Company, Limited | 1.52% | |
| Mitsui Fudosan Co., Ltd. | 1.35% | |
| AVALONBAY COMMUNITIES, INC. | 1.34% | |
| IRON MOUNTAIN INCORPORATED | 1.32% | |
| EQUITY RESIDENTIAL | 1.30% |
By country
United States 63.43%Japan 9.99%Australia 5.21%United Kingdom 3.67%Singapore 2.83%By asset type
Stocks 89.13%Other 10.63%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.20%, +1.14%, +2.79%.
How it works
ERET is a BlackRock index fund. Its benchmark, the FTSE EPRA Nareit Developed Green Target Index, starts from a parent index of real estate investment trusts (REITs, companies that own and lease property) and other property companies in developed markets. FTSE first screens out companies tied to tobacco, controversial weapons, civilian firearms, thermal coal or oil sands. It also removes companies flagged for controversies under the United Nations Global Compact principles.
FTSE then reweights the remaining companies to hit targets for the index as a whole. The index must have at least 10% green certification, meaning the share of building area certified under the LEED or BREEAM green-building standards. It also aims for 30% more green certification and 10% less estimated energy use than the parent index. Its carbon intensity (emissions relative to company size) can be no worse than the parent's. Country and sector weights must stay within 2% of the parent's, and no company can top 10% of the index. Some targets can be relaxed if they can't all be met.
The index is rebuilt each September, and the screens are rechecked quarterly. BlackRock uses representative sampling: it holds a sample meant to behave like the index rather than every name. On July 31, 2026, the fund had 348 holdings, and its two futures contracts carried near-zero weight. Energy and emissions figures are third-party estimates, not measured readings.
What it really costs
- ERET charges 0.3% a year, versus an average of 0.19% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $31 in the first year and $381 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ERET | $31 | $97 | $169 | $381 |
In a retirement portfolio
It adds a dedicated slice of developed-market real estate, mostly U.S. but with Japanese, Australian and British stocks, alongside broad stock and bond funds.
ERET launched on November 15, 2022, so it has no record through the 2008 crash, the 2020 COVID drop or the 2022 bear market. Its deepest fall was 20.3%, from February 2, 2023 to October 27, 2023. It took about nine months from that low to recover, on July 17, 2024. No full calendar year has been negative. The weakest was 2024, up 0.70%, though the fourth quarter of that year lost 9.84%. Anyone selling shares for spending during a drop like 2023's would lock in losses. The trailing 12-month yield was 3.49% as of October 27, 2026, paid twice a year, which makes it a lumpy source of income. The 0.30% fee comes to $381 over 10 years in the SEC's standard $10,000 example, more than most similar funds charge. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want developed-market REITs and property stocks tilted toward LEED- or BREEAM-certified, lower-energy buildings, with tobacco and thermal coal businesses screened out.
- Holders comfortable with a mostly U.S. portfolio led by Welltower and Prologis, plus Japanese, Australian and British stocks and the currency swings they bring.
- Long-term holders who can wait out drops like the 20.3% fall in 2023 and are fine with dividends arriving twice a year rather than monthly.
Look elsewhere if
- Cost-focused investors: the 0.30% fee ranks 8th of 9 similar funds, while iShares Global REIT ETF (REET), with 82% holdings overlap, charges 0.14%.
- Investors wary of tiny funds: ERET held about $14 million as of July 31, 2026, smallest of its peers, which can mean wider trading spreads.
- Anyone wanting a longer, stronger record: ERET launched in November 2022 and trailed all eight peers over one and three years to October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ERET this fund | — | 0.3% | $14.2M | +1.9% | +12.4% |
| REET iShares Global REIT ETF | 82% | 0.14% | $5.13B | +4.1% | +13.5% |
| DFGR Dimensional Global Real Estate ETF | 79% | 0.22% | $3.86B | +3.7% | +13.2% |
| RWO SPDR Dow Jones Global Real Estate ETF | 78% | 0.5% | $1.25B | +5.2% | +13.8% |
| AVRE Avantis Real Estate ETF | 74% | 0.17% | $861.1M | +3.5% | +12.6% |
| USRT iShares Core U.S. REIT ETF | 63% | 0.08% | $4.66B | +8.5% | +15.9% |
| DFAR Dimensional US Real Estate ETF | 63% | 0.19% | $1.78B | +7.6% | +14.0% |
| FREL Fidelity MSCI Real Estate Index ETF | 62% | 0.084% | $1.49B | +3.2% | +13.3% |
Questions investors ask
What does ERET invest in?
ERET invests in real estate investment trusts (REITs) and other property companies in developed markets. As of July 31, 2026, it had 348 holdings, and the 10 largest made up 36% of the fund. The biggest were Welltower (6.9%), Prologis (5.8%), Realty Income (4.9%), Equinix (4.2%) and Simon Property Group (3.6%). U.S. companies made up 63%, followed by Japan (10%), Australia (5.2%), the U.K. (3.7%), Singapore (2.8%) and Hong Kong (2.6%).
ERET vs REET: what's the difference?
The main difference is ERET's environmental tilt. Both are iShares real estate ETFs that reach beyond the U.S., and about 82% of their holdings overlap, but ERET's index reweights companies toward green-certified, lower-energy buildings. REET is cheaper, at 0.14% a year versus 0.30%. It is also far larger, with $5.13 billion in net assets against about $14 million for ERET as of July 31, 2026. Through October 27, 2026, REET returned 4.1% over one year and 13.5% a year over three years, versus 1.9% and 12.4% for ERET.
Does ERET pay monthly dividends?
No. ERET pays dividends twice a year (semiannually), not monthly. Over the 12 months through October 27, 2026, it paid $0.96 per share, a trailing yield of 3.49%. The payouts come from the REITs and property companies it owns. The prospectus notes that those companies aren't required to keep paying dividends, so the amount can change from one payment to the next. Retirees who rely on monthly cash flow would need to budget around the gaps.
What is ERET's expense ratio?
ERET's expense ratio, the yearly fee taken out of fund assets, is 0.30%, according to the prospectus filed August 21, 2026. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end. On that basis, total costs would be about $31 after one year, $169 after five years and $381 after 10 years. That's above the 0.19% average for similar funds and ranks 8th of 9 on cost. Fees in that group range from 0.08% to 0.50%.
Is ERET good for retirement?
ERET could fill a small real estate slot in a retirement portfolio, but it has drawbacks. Its record is short: it launched in November 2022. As of December 31, 2025, it returned 10.06% over one year and 6.21% a year since inception, slightly ahead of its index. Its deepest drop was 20.3% in 2023, and it recovered by July 2024. It pays dividends only twice a year, costs more than most similar funds and held only about $14 million as of July 31, 2026.