At a glance
INDS charges 0.49% a year, above the 0.38% average of the 8 funds most like it (the 5th cheapest of 9). It has $118.0M in assets, the 5th largest of that group; it paid 4.53% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +2.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +10.3% a year. At its worst it fell 36.8% in the 2020 crash (S&P 500: 33.7%) and 36.9% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 72.6% of the fund, out of 30 in all.
The short version
Pacer Industrial Real Estate ETF (INDS) is an index fund that tracks the Solactive GPR Industrial Real Estate Index. It holds about 30 warehouse, logistics and self-storage property companies, most of them US real estate investment trusts (REITs). It covers this one corner of real estate rather than the whole REIT market, and its rules keep self-storage at about a fifth of the index or more. Its 0.49% expense ratio is above the 0.38% average of similar funds.
Price history
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INDS +2.4% 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 | |
|---|---|---|---|---|---|---|
| INDS official prospectus, to Dec 31, 2025 | — | +8.16% | — | +3.00% | — | +8.22% |
| INDS price data to Oct 27, 2026 | +7.7% | +2.4% | +10.3% | -1.5% | — | +8.4% |
- Over the year to Oct 27, 2026, INDS returned +2.4%, 9th of 9 among similar funds.
- Its 5-year annualized return was -1.5%.
- In the 2020 COVID crash it fell 36.8% and regained its old high 6.7 months after the low.
- Its worst full calendar year was 2022 (-32.6%); its best was 2021 (+54.6%).
- The deepest fall in its price history was 40.1% (Dec 31, 2021 to Oct 27, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.7% | — |
| 2025 | +7.8% | +8.16% |
| 2024 | -12.7% | -12.45% |
| 2023 | +17.9% | +17.10% |
| 2022 | -32.6% | -32.24% |
| 2021 | +54.6% | +54.28% |
| 2020 | +12.7% | +12.60% |
| 2019 | +42.2% | +42.10% |
| 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 36.2% over that stretch · deepest drop along the way 36.8%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36% over that stretch · deepest drop along the way 36.9%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8600 | |
| 2025 | $1.3600 | +3.8% |
| 2024 | $1.3100 | +0.8% |
| 2023 | $1.3000 | +32.7% |
| 2022 | $0.9800 | +42.0% |
| 2021 | $0.6900 | +11.3% |
| 2020 | $0.6200 | -17.3% |
| 2019 | $0.7500 |
What's inside
As of Jul 31, 2026, the fund held 30 securities; the ten largest made up 72.6% of assets. It also reported 7.77% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Public Storage | 15.87% | |
| Extra Space Storage Inc | 14.41% | |
| Prologis Inc | 14.25% | |
| Segro PLC | 5.68% | |
| EastGroup Properties Inc | 4.45% | |
| WP Carey Inc | 4.22% | |
| CubeSmart | 3.78% | |
| First Industrial Realty Trust | 3.48% | |
| Rexford Industrial Realty Inc | 3.44% | |
| Terreno Realty Corp | 3.02% | |
| STAG Industrial Inc | 2.94% | |
| LondonMetric Property PLC | 2.28% | |
| Tritax Big Box REIT PLC | 2.04% | |
| Warehouses De Pauw CVA | 1.97% | |
| GLP J-Reit | 1.68% |
By country
United States 72.02%United Kingdom 11.61%Singapore 4.19%Japan 4.13%Canada 2.83%By asset type
Stocks 99.53%By sector
Sectors of the companies held, for the 44.5% 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 Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $2.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.06%, +0.72%, +4.78%.
How it works
INDS is run by Pacer Advisors. It is passively managed, which means it copies an index instead of picking stocks. The index is the Solactive GPR Industrial Real Estate Index, built by Global Property Research and Solactive. To get in, a company must belong to the GPR 250 Index, be based in a developed market and earn at least 85% of its revenue or earnings from industrial or self-storage real estate. It also needs a market value above $200 million and must trade at least 10,000 shares a day on average. Most holdings are REITs, which are companies that own property and pass most of their income to shareholders. Some of them borrow heavily.
Holdings are weighted by free-float market value, meaning only the shares available to the public count. Non-storage industrial companies are capped at 80% of the index, and self-storage companies make up the rest. No single company can exceed 15%, and companies weighing more than 4.5% can't add up to more than 45% together. Weights can drift between resets: Public Storage was 15.9% as of July 31, 2026.
The index is rebalanced every quarter, on the third Friday of March, June, September and December. The fund aims to own every stock in the index. It is non-diversified, which means it can put more money into a few companies than a diversified fund can. Turnover was 15%.
What it really costs
- INDS charges 0.49% a year, versus an average of 0.38% for the similar funds below (5th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $616 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| INDS | $50 | $157 | $274 | $616 |
In a retirement portfolio
It is a narrow, concentrated bet on industrial and self-storage property, with drops of more than 35% in both 2020 and 2022.
INDS could add a focused slice of warehouse and self-storage property to a portfolio. Its trailing 12-month yield was 4.53% as of October 27, 2026, paid quarterly. The swings have been large. It fell 36.8% in the 2020 COVID crash and took about 6.7 months to recover. It dropped 36.9% in the 2022 bear market, and 2022 was its worst calendar year, down 32.24%. Its deepest drop was 40.1%, from December 31, 2021 to October 27, 2023, and it had not recovered as of October 27, 2026. The fund launched in 2018, so it has no 2008 record. Someone drawing money in a bad year could have had to sell shares well below their earlier value. Costs are 0.49% a year, or $616 over 10 years in the SEC's $10,000 example. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want targeted exposure to warehouse, logistics and self-storage REITs like Prologis, Public Storage and Extra Space Storage.
- People seeking quarterly real estate income, with a trailing yield of 4.53% as of October 27, 2026, who can live with deep price swings.
- Those who want some non-US property exposure, as about 28% of holdings were outside the US as of July 31, 2026.
Look elsewhere if
- Cost-conscious investors: broad REIT funds like iShares Core U.S. REIT ETF charge 0.08% versus INDS's 0.49%.
- Anyone uneasy with concentration: the top three holdings were about 44% of the fund and the top 10 were 72.6%.
- Retirees who can't absorb a 40% drop that, as of October 27, 2026, had not recovered since its December 2021 peak.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| INDS this fund | — | 0.49% | $118.0M | +2.4% | +10.3% |
| DTRE First Trust Alerian Disruptive Technology R… | 46% | 0.6% | $14.2M | +3.6% | +8.5% |
| RWR SPDR Dow Jones REIT ETF | 23% | 0.25% | $1.84B | +8.6% | +15.6% |
| PSR Invesco Active U.S. Real Estate Fund | 23% | 0.35% | $60.4M | +8.6% | +13.1% |
| RITA ETFB Green SRI REITs ETF | 22% | 0.5% | $8.7M | +3.9% | +10.8% |
| REIT ALPS Active REIT ETF | 22% | 0.68% | $56.4M | +7.9% | +14.2% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 22% | 0.11% | $1.26B | +8.1% | +15.4% |
| USRT iShares Core U.S. REIT ETF | 20% | 0.08% | $4.66B | +8.5% | +15.9% |
Questions investors ask
Does INDS pay monthly dividends?
No. INDS pays dividends quarterly, not monthly. Over the 12 months to October 27, 2026, it paid $1.75 per share, a trailing yield of 4.53%. That income comes mostly from the REITs it holds, which must pass most of their taxable income on to shareholders. Payouts can rise or fall from quarter to quarter, depending on what the underlying companies pay and how the fund's holdings change at each quarterly rebalance.
What's the difference between INDS and DTRE?
Both hold real estate stocks, and about 46% of their holdings overlap. INDS tracks an industrial and self-storage index. DTRE is the First Trust Alerian Disruptive Technology Real Estate ETF. INDS costs 0.49% a year and DTRE costs 0.60%. As of October 27, 2026, INDS returned 2.4% over one year and 10.3% a year over three years. DTRE returned 3.6% and 8.5% over the same periods. INDS is also larger, with $118 million in assets against DTRE's $14 million.
What are the top holdings in INDS?
As of July 31, 2026, the three largest holdings were Public Storage (15.9%), Extra Space Storage (14.4%) and Prologis (14.3%). Next came Segro (5.7%), EastGroup Properties (4.4%), W. P. Carey (4.2%) and CubeSmart (3.8%). The fund held 30 companies, and the top 10 made up 72.6% of assets. About 72% was in US companies and 11.6% in UK companies. The rest was spread across Singapore, Japan, Canada and Sweden.
Is INDS good for retirement income?
It can provide income, but with high risk for the size of the payout. Its trailing yield was 4.53% as of October 27, 2026, paid quarterly. The fund fell 36.9% during the 2022 bear market. Its deepest drop, 40.1%, had not been recovered as of October 27, 2026. Over the five years to December 31, 2025, it returned 3.00% a year, according to its prospectus. Its narrow focus makes it more of a small add-on than a main income source.
How much does INDS cost compared with other REIT ETFs?
INDS charges 0.49% a year, ranking 5th of 9 among similar funds, where the average is 0.38%. Broad REIT index funds cost far less: iShares Core U.S. REIT ETF charges 0.08% and JPMorgan BetaBuilders MSCI US REIT ETF charges 0.11%. In the SEC's standard example, $10,000 earning 5% a year would cost about $50 in fees after one year, $274 after five years and $616 after 10 years.