At a glance
PPTY charges 0.53% a year, above the 0.22% average of the 8 funds most like it (the most expensive of 9). It has $24.6M in assets, the 9th largest of that group; it paid 2.6% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +6.0% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +12.3% a year. At its worst it fell 41.7% in the 2020 crash (S&P 500: 33.7%) and 31.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 44 months after the lows. Its ten largest positions make up 34.3% of the fund, out of 86 in all.
The short version
U.S. Diversified Real Estate ETF (PPTY) tracks the USREX – U.S. Diversified Real Estate Index, a basket of U.S.-listed real estate companies, mostly REITs (real estate investment trusts). The index sets target weights for each property type, spreads holdings across large metro areas and trims companies with heavy debt. It costs 0.53% a year, against a 0.22% average for similar funds, and is small, with $24.6 million in assets as of May 31, 2026.
Price history
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PPTY +6.0% 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 | |
|---|---|---|---|---|---|---|
| PPTY official prospectus, to Dec 31, 2025 | — | -3.82% | — | +4.34% | — | +6.03% |
| PPTY price data to Oct 27, 2026 | +8.8% | +6.0% | +12.3% | +0.5% | — | +6.3% |
- Over the year to Oct 27, 2026, PPTY returned +6.0%, 7th of 9 among similar funds.
- Its 5-year annualized return was +0.5%.
- In the 2020 COVID crash it fell 41.7% and regained its old high 12.9 months after the low.
- Its worst full calendar year was 2022 (-26.1%); its best was 2021 (+40.3%).
- The deepest fall in its price history was 41.7% (Feb 21, 2020 to Mar 23, 2020), recovered by Apr 20, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.8% | — |
| 2025 | -3.5% | -3.82% |
| 2024 | +9.8% | +10.08% |
| 2023 | +12.6% | +12.73% |
| 2022 | -26.1% | -26.06% |
| 2021 | +40.3% | +40.13% |
| 2020 | -7.3% | -7.06% |
| 2019 | +30.2% | +29.75% |
| 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 41% over that stretch · deepest drop along the way 41.7%, back to its old high 12.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.8% over that stretch · deepest drop along the way 31.9%, back to its old high 44 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8300 | |
| 2025 | $0.9100 | -13.3% |
| 2024 | $1.0500 | -14.6% |
| 2023 | $1.2300 | +2.5% |
| 2022 | $1.2000 | +6.2% |
| 2021 | $1.1300 | +14.1% |
| 2020 | $0.9900 | -7.5% |
| 2019 | $1.0700 |
What's inside
As of May 31, 2026, the fund held 86 securities; the ten largest made up 34.29% of assets.
| Holding | Weight | |
|---|---|---|
| Equinix Inc | 4.92% | |
| Prologis Inc | 4.16% | |
| Four Corners Property Trust In | 3.82% | |
| Digital Realty Trust Inc | 3.80% | |
| AvalonBay Communities Inc | 3.66% | |
| Equity Residential | 2.89% | |
| Welltower Inc | 2.85% | |
| Simon Property Group Inc | 2.78% | |
| Kilroy Realty Corp | 2.76% | |
| Terreno Realty Corp | 2.65% | |
| Marriott International Inc/MD | 2.37% | |
| American Homes 4 Rent | 2.24% | |
| WP Carey Inc | 2.13% | |
| Alexandria Real Estate Equitie | 2.10% | |
| Essex Property Trust Inc | 2.05% |
By country
United States 99.72%By asset type
Stocks 99.72%What changed recently
- Over the three months to May 31, 2026, investors withdrew a net $1.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -5.40%, +8.42%, +1.39%.
How it works
PPTY is an index fund: it aims to match the USREX – U.S. Diversified Real Estate Index before fees, generally by holding every index stock in roughly the same proportions. The index starts with U.S.-listed companies worth at least $750 million that trade often enough. It keeps only those earning at least 85% of their income from owning or managing property. It then drops externally managed companies (run by an outside firm for a fee) and those with few publicly available shares. Vident Asset Management, the fund's adviser, also runs the index.
In January and July the index is rebuilt and rebalanced. Each time, it sets property-type targets: residential 21.1%, office 16.2%, industrial 13.9% and retail 13.2%, with smaller slices for health care, data centers, hotels, self-storage and manufactured homes. Casinos, prisons and billboards are excluded. Within residential, office, industrial and retail, it tilts toward large, productive metro areas. Across all types, it trims companies whose debt runs above a target level. No stock may top 4% at each rebuild, though positions drift: Equinix was 4.9% as of May 31, 2026.
Being passive, the fund keeps a lagging stock until the index drops it. The debt screen applies to the companies it owns; the fund itself is not leveraged. Turnover was a modest 13%.
What it really costs
- PPTY charges 0.53% a year, versus an average of 0.22% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $54 in the first year and $665 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PPTY | $54 | $170 | $296 | $665 |
In a retirement portfolio
It adds a single slice of the economy, U.S. real estate, whose one-year beta (sensitivity to stock market swings) was a low 0.31 as of October 27, 2026, but it is too narrow to anchor a portfolio.
PPTY could add a real estate slice to a broad stock and bond mix, but its drops have been steep. Launched in 2018, it has no 2008 record. In the 2020 COVID crash it lost 41.7% in about a month and needed about 13 months to regain its high. In the 2022 bear market it fell 31.9% and did not recover until June 2026, 44 months later. Its worst calendar year was 2022, a 26.1% loss. Drawing income or cash in such a stretch would mean cashing out shares at low prices.
Income is modest: about 2.6% based on the past 12 months' payouts as of October 27, 2026, paid twice a year. It charges 0.53% a year, more than any of eight similar funds, which average 0.22%. Past results don't predict future returns, and a retirement plan rests on the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting real estate stocks spread across property types and major metro areas, with smaller weights for heavily indebted companies.
- Investors who want spread-out holdings: 86 stocks as of May 31, 2026, with the largest, Equinix, at 4.9% and the top 10 at 34%.
- Patient long-term holders who can sit through deep drops, such as its 31.9% fall in 2022 that took 44 months to recover.
Look elsewhere if
- Cost-focused investors: at 0.53% a year, it costs far more than Schwab US REIT ETF (0.07%) or iShares Core U.S. REIT ETF (0.08%).
- Retirees wanting monthly income: it pays twice a year, with a yield of about 2.6% over the 12 months to October 27, 2026.
- Those wanting scale and stronger results: it is the smallest of its peers and trailed all eight over 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 |
|---|---|---|---|---|---|
| PPTY this fund | — | 0.53% | $24.6M | +6.0% | +12.3% |
| RWR SPDR Dow Jones REIT ETF | 58% | 0.25% | $1.84B | +8.6% | +15.6% |
| USRT iShares Core U.S. REIT ETF | 56% | 0.08% | $4.66B | +8.5% | +15.9% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 55% | 0.11% | $1.26B | +8.1% | +15.4% |
| DFAR Dimensional US Real Estate ETF | 53% | 0.19% | $1.78B | +7.6% | +14.0% |
| FRI First Trust S&P REIT Index Fund | 50% | 0.5% | $180.5M | +8.3% | +15.4% |
| SCHH Schwab US REIT ETF | 50% | 0.07% | $11.20B | +7.1% | +14.1% |
| FREL Fidelity MSCI Real Estate Index ETF | 50% | 0.084% | $1.49B | +3.2% | +13.3% |
Questions investors ask
Does PPTY pay monthly dividends?
No. PPTY pays distributions twice a year, not monthly. Over the 12 months to October 27, 2026, it paid about $0.83 per share, a yield of about 2.6% on the share price. The fund mainly holds REITs (real estate investment trusts), companies that must pay out most of their taxable income to shareholders. Retirees who want a monthly paycheck would have to rely on other holdings between payments.
What is PPTY's expense ratio?
PPTY's expense ratio, the yearly fee deducted from fund assets, is 0.53%, according to its prospectus filed June 24, 2026. That is higher than all eight similar real estate ETFs it was compared with, which average 0.22%. Schwab US REIT ETF charges 0.07%, and iShares Core U.S. REIT ETF charges 0.08%. In the SEC's standard example, $10,000 earning 5% a year would cost about $54 after one year and $665 after 10 years, assuming the shares are cashed out at the end.
What are PPTY's top holdings?
As of May 31, 2026, PPTY's largest holdings were Equinix (4.9%), Prologis (4.2%), Four Corners Property Trust (3.8%), Digital Realty Trust (3.8%) and AvalonBay Communities (3.7%). The fund held 86 stocks, and the top 10 made up about 34% of assets. Its index targets roughly 21% residential, 16% office, 14% industrial and 13% retail, with the rest in health care, data centers, hotels, self-storage and other property types.
What's the difference between PPTY and RWR?
RWR (SPDR Dow Jones REIT ETF), the closest match by holdings with about 58% overlap, is cheaper, far larger and has returned more. RWR charges 0.25% a year versus 0.53% for PPTY and held about $1.8 billion as of June 30, 2026, against PPTY's $24.6 million as of May 31, 2026. Through October 27, 2026, RWR returned 8.6% over one year and 15.6% a year over three years, versus 6.0% and 12.3% for PPTY. PPTY's index weights by property type, metro area and debt.
How much did PPTY drop in 2022?
PPTY lost 26.06% in calendar 2022, its worst full year, according to its prospectus. From its peak on January 4, 2022, to its low on October 10, 2022, it fell 31.9%, and it did not climb back to that peak until June 9, 2026, 44 months later. Its deepest drop came earlier: a 41.7% plunge in the 2020 COVID crash, which took about 13 months to recover.