At a glance
REZ charges 0.48% a year, above the 0.33% average of the 8 funds most like it (the 7th cheapest of 9). It has $874.7M in assets, the 5th largest of that group; it paid 2.17% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +7.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +16.2% a year. At its worst it fell 44.1% in the 2020 crash (S&P 500: 33.7%) and 31.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 40 months after the lows. Its ten largest positions make up 68.2% of the fund, out of 39 in all.
The short version
iShares Residential and Multisector Real Estate ETF (REZ) tracks the FTSE Nareit All Residential Capped Index. The index holds U.S. real estate companies, mostly real estate investment trusts (REITs), that own apartments, manufactured homes, healthcare properties and self-storage. One name dominates: Welltower made up 23.5% of assets as of June 30, 2026. The fund's 0.48% expense ratio is above the 0.33% average of similar funds.
Price history
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REZ +7.5% 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 | |
|---|---|---|---|---|---|---|
| REZ official prospectus, to Dec 31, 2025 | — | +4.80% | — | +6.82% | +6.07% | — |
| Russell 3000 Index index, same period | — | +17.15% | — | +13.15% | +14.29% | — |
| REZ price data to Oct 27, 2026 | +9.9% | +7.5% | +16.2% | +2.3% | +7.2% | +6.9% |
- Over the year to Oct 27, 2026, REZ returned +7.5%, 6th of 9 among similar funds.
- Its 5-year annualized return was +2.3% and its 10-year +7.2%.
- In the 2020 COVID crash it fell 44.1% and regained its old high 12.9 months after the low.
- Its worst full calendar year was 2022 (-28.3%); its best was 2021 (+47.8%).
- The deepest fall in its price history was 66.9% (May 30, 2007 to Mar 5, 2009), recovered by Apr 28, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.9% | — |
| 2025 | +4.8% | +4.80% |
| 2024 | +12.7% | +12.86% |
| 2023 | +11.0% | +10.88% |
| 2022 | -28.3% | -28.20% |
| 2021 | +47.8% | +47.68% |
| 2020 | -6.7% | -6.69% |
| 2019 | +24.5% | +24.49% |
| 2018 | +4.0% | +4.10% |
| 2017 | +3.9% | +3.83% |
| 2016 | +3.2% | +3.29% |
| 2015 | +11.4% | — |
| 2014 | +35.2% | — |
| 2013 | -3.5% | — |
| 2012 | +13.2% | — |
| 2011 | +16.0% | — |
| 2010 | +31.6% | — |
| 2009 | +20.7% | — |
| 2008 | -24.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.9% over that stretch · deepest drop along the way 64.9%, back to its old high 23.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.2% over that stretch · deepest drop along the way 44.1%, back to its old high 12.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.2% over that stretch · deepest drop along the way 31%, back to its old high 40.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0400 | |
| 2025 | $2.2700 | +24.0% |
| 2024 | $1.8300 | -15.7% |
| 2023 | $2.1700 | -5.7% |
| 2022 | $2.3000 | +29.2% |
| 2021 | $1.7800 | -17.2% |
| 2020 | $2.1500 | -1.4% |
| 2019 | $2.1800 | -4.0% |
| 2018 | $2.2700 | +2.3% |
| 2017 | $2.2200 | -35.5% |
| 2016 | $3.4400 | +71.1% |
| 2015 | $2.0100 | +9.2% |
| 2014 | $1.8400 | +4.5% |
| 2013 | $1.7600 | +17.3% |
| 2012 | $1.5000 | +8.7% |
| 2011 | $1.3800 | +16.0% |
| 2010 | $1.1900 | +0.8% |
| 2009 | $1.1800 | -50.8% |
| 2008 | $2.4000 |
What's inside
As of Jun 30, 2026, the fund held 39 securities; the ten largest made up 68.17% of assets.
| Holding | Weight | |
|---|---|---|
| WELLTOWER INC | 23.52% | |
| PUBLIC STORAGE | 9.05% | |
| VENTAS INC | 7.74% | |
| EXTRA SPACE STORAGE INC | 5.48% | |
| EQUITY RESIDENTIAL | 4.27% | |
| AVALONBAY COMMUNITIES INC | 4.26% | |
| ESSEX PROPERTY TRUST INC | 3.83% | |
| INVITATION HOMES INC | 3.67% | |
| MID-AMERICA APARTMENT COMMUNITIES INC | 3.30% | |
| HEALTHPEAK PROPERTIES INC | 3.04% | |
| SUN COMMUNITIES INC | 3.00% | |
| OMEGA HEALTHCARE INVESTORS INC | 2.91% | |
| UDR INC | 2.66% | |
| EQUITY LIFESTYLE PROPERTIES INC | 2.55% | |
| CAMDEN PROPERTY TRUST | 2.31% |
By country
United States 99.37%By asset type
Stocks 99.37%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $18.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.45%, -0.50%, +5.95%.
How it works
REZ tracks the FTSE Nareit All Residential Capped Index, which is built by FTSE International Limited. The index covers four parts of U.S. real estate: residential apartments, manufactured homes, healthcare and self-storage. A company needs a full market value above $100 million to get in, and most members are REITs. FTSE, not BlackRock, decides which companies are in the index and how much each one weighs.
BlackRock Fund Advisors (BFA) runs the fund using representative sampling. This means it can hold a sample of index stocks picked to match the index's overall traits, such as company size, sector mix and yield, instead of owning every member. At least 80% of net assets must be in index components. The fund can also use derivatives and hold cash. As of June 30, 2026, it had a small futures position on a U.S. real estate index, worth about −0.02% of assets, and 0.26% in cash. It may lend out securities worth up to one-third of its total assets.
The fund concentrates its holdings to the same degree as its index, so a few names dominate. As of June 30, 2026, it held 39 companies, and the top ten made up about 68% of assets, led by Welltower at 23.5%. Portfolio turnover was 14%. The fund does not take defensive positions when markets fall.
What it really costs
- REZ charges 0.48% a year, versus an average of 0.33% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $49 in the first year and $604 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| REZ | $49 | $154 | $269 | $604 |
In a retirement portfolio
It covers a narrow, concentrated corner of real estate, with Welltower at 23.5% of assets, and it has fallen as much as 66.9% in the past.
REZ adds a narrow slice of real estate: apartment, manufactured-home, healthcare and storage landlords. It has not held up well in crashes. It fell 64.9% in the 2008 financial crisis. Its deepest drop, 66.9% from May 2007 to March 2009, was not made back until April 2011. It lost 44.1% in the 2020 COVID crash and 31% in 2022, which took about 40 months to recover. Its worst calendar year was 2022, at −28.2%. Selling shares in years like those would lock in deep losses.
Its income is modest. The trailing yield was 2.17% as of October 27, 2026, and the fund pays twice a year. In the SEC's standard example, costs on $10,000 come to about $604 over ten years. 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 targeted exposure to apartment, manufactured-home, healthcare and self-storage REITs, not the whole real estate market.
- People comfortable with heavy concentration: Welltower alone was 23.5% of assets, and the top ten were about 68%, as of June 30, 2026.
- Long-term holders who can wait out slumps; the 2022 decline of 31% took about 40 months to recover.
Look elsewhere if
- Cost-focused investors: the 0.48% expense ratio compares with 0.08% for iShares Core U.S. REIT ETF (USRT) and 0.11% for BBRE.
- Those who want frequent income: the 2.17% trailing yield (as of October 27, 2026) is paid only twice a year.
- Investors who could not hold through a drop like the 66.9% decline from May 2007 to March 2009.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| REZ this fund | — | 0.48% | $874.7M | +7.5% | +16.2% |
| HAUS Residential REIT ETF | 55% | 0.6% | $8.0M | +3.3% | +11.6% |
| NURE Nuveen Short-Term REIT ETF | 46% | 0.36% | $35.6M | +15.6% | +12.6% |
| RWR SPDR Dow Jones REIT ETF | 46% | 0.25% | $1.84B | +8.6% | +15.6% |
| RITA ETFB Green SRI REITs ETF | 42% | 0.5% | $8.7M | +3.9% | +10.8% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 42% | 0.11% | $1.26B | +8.1% | +15.4% |
| USRT iShares Core U.S. REIT ETF | 41% | 0.08% | $4.66B | +8.5% | +15.9% |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 39% | 0.4% | $100.3M | +0.4% | +11.8% |
Questions investors ask
What does REZ invest in?
REZ owns U.S. real estate companies, mostly REITs, in four property types: apartments, manufactured homes, healthcare and self-storage. It tracks the FTSE Nareit All Residential Capped Index. As of June 30, 2026, it held 39 companies, and the top ten made up about 68% of assets. Welltower was the largest at 23.5%, followed by Public Storage at 9.1%, Ventas at 7.7% and Extra Space Storage at 5.5%.
Does REZ pay monthly dividends?
No. REZ pays distributions twice a year, not monthly. Its trailing 12-month yield was 2.17% as of October 27, 2026, or about $1.95 per share. The fund holds dividend-paying REITs, but the prospectus warns that companies don't have to keep paying dividends, so payouts can shrink. Investors who rely on monthly cash flow would need to plan around the two payment dates.
How has REZ performed over the long term?
It has trailed the broad U.S. stock market by a wide margin. As of December 31, 2025, REZ returned an average of 6.07% a year over 10 years and 6.82% a year over five years. The Russell 3000 Index returned 14.29% and 13.15% over the same periods. REZ's best year in that decade was 2021, at 47.68%, and its worst was 2022, at −28.2%. Its worst quarter was a 26% drop in early 2020.
What's the difference between REZ and HAUS?
Both focus on residential real estate, and their holdings overlapped by about 55% in the latest N-PORT reports. REZ is far larger, with about $874.7 million in net assets as of June 30, 2026, against about $8 million for HAUS (Residential REIT ETF) as of July 31, 2026. REZ costs less: 0.48% a year against 0.60%. As of October 27, 2026, REZ returned 7.5% over one year and 16.2% a year over three years. HAUS returned 3.3% and 11.6%.
Is REZ expensive compared with other REIT ETFs?
Yes, compared with most similar funds. REZ's 0.48% expense ratio ranks 7th of 9 on cost in its peer group, where the average is 0.33%. iShares Core U.S. REIT ETF (USRT) charges 0.08%, and JPMorgan BetaBuilders MSCI US REIT ETF (BBRE) charges 0.11%. USRT's holdings overlap with REZ's by only about 41%, so the two funds are far from identical. In the SEC's standard example, $10,000 in REZ costs about $49 in the first year and $604 over ten years.