---
title: "Global real estate ETFs that are up for 2026 are built mostly of U.S. REITs"
url: "https://etf.net/news/global-real-estate-etfs-that-are-up-for-2026-are-built-mostly-of-u-s-reits-2026-10-14"
published_at: "2026-10-14T15:10:03.949Z"
updated_at: "2026-10-14T15:10:03.949Z"
byline: "ETF.net Research"
---

# Global real estate ETFs that are up for 2026 are built mostly of U.S. REITs

The biggest global REIT fund was still about three-quarters American property as of October 12, and the funds that leave the United States out were down for 2026 through September.

By ETF.net Research. Published Oct 14, 2026.

The large global real estate funds are up for 2026, and they are built mostly of U.S. REITs. The funds that leave the United States out are down. That gap was already wide at the end of July. September's decline did not close it.

iShares Global REIT ETF REET is the largest fund in the group. It holds $4.7 billion and charges 0.14%. iShares listed the United States at **73.22%** of the portfolio as of October 12. Japan was 4.6%, the United Kingdom 3.8%, and Australia 5.7%. The index it tracks, the FTSE EPRA Nareit Global REITs Index, was 73.23% United States at September 30.

Share prices from the last close of 2025 to September 30 sort the funds into two groups.

Table: Fund, Mandate, Fee, Share-price return through September 30

iShares reported a 5.43% total return for REET through September 30, including distributions. State Street reported 5.41% for RWO.

## The American portfolio inside the global label

REET's largest holdings are American property companies. As of October 14, Welltower was 9.6% of the fund, Prologis 7.3%, and Equinix 5.8%. Those three were 22.7% of assets.

On July 27 Welltower described its business as rental housing for aging seniors in the United States, the United Kingdom and Canada. Prologis describes its business as logistics real estate. Equinix says it operates data centers.

Vanguard Real Estate ETF VNQ tracks the MSCI US Investable Market Real Estate 25/50 Index. On October 13 it held the same three names at higher weights: Welltower 10.2%, Prologis 8.1%, and Equinix 6.4%. Its share price rose 1.3% from the last close of 2025 to September 30, behind REET's 3.3%.

State Street SPDR Dow Jones Global Real Estate ETF RWO tracks the Dow Jones Global Select Real Estate Securities Index. It holds the same large names at close to the same weights. Welltower was 10.3% of RWO as of October 13, and Welltower, Prologis and Equinix together were 24.5%.

If you count only the smaller of the two weights in each company the two funds both own, you get 78%. The shared companies are held at close to the same size, so most of each fund is in the same names. RWO charges 0.50%, against 0.14% for REET, and holds $1.2 billion.

Dimensional Global Real Estate ETF DFGR launched on December 6, 2022, charges 0.22%, and holds $3.7 billion. On October 14 its largest position was Welltower, at 8.9%, followed by Prologis and Equinix. The share price was up 2.4% through September 30.

Chart: Welltower, Prologis and Equinix lead the global funds and **VNQ**

## A different set of businesses

Vanguard Global ex-U.S. Real Estate ETF VNQI holds property companies outside the United States. It tracks the S&P Global ex-U.S. Property Index. Vanguard reported $3.3 billion in the ETF as of September 30, and the fee is 0.12%.

At the end of August, Japan was 22% of the fund and Australia 11%.

The largest holdings are a different set of companies from the American REITs at the top of REET. As of October 13, Goodman Group, which owns and develops logistics property and data centers, was the largest position at 3.9%. Mitsubishi Estate, which develops and leases offices, retail, hotels and logistics, was 2.8%. Mitsui Fudosan, which leases property and sells homes, was 2.5%.

Chart: No holding in the ex-U.S. fund exceeds **4%**

REET's top ten holdings were 43% of that fund. VNQI's largest holding was 3.9%.

Xtrackers International Real Estate ETF HAUZ holds a similar book. Count the smaller weight in each company the two funds both own and you get 77%, with the shared companies at nearly the same size. Goodman Group is 3.9% of VNQI and 4.3% of HAUZ. HAUZ charges 0.10% and holds $1.0 billion.

## September did not close the gap

The regional gap was already wide at the end of July. Nareit, the National Association of Real Estate Investment Trusts, said on August 6 that the FTSE EPRA Nareit Developed Extended Index was up 11.9% for 2026 through July. North America was up 20.0%. Developed Europe was up 4.1%. Developed Asia was down 0.3%.

Those July figures are for the Developed Extended index. REET tracks a different benchmark, the FTSE EPRA Nareit Global REITs Index.

Nareit, writing on October 5, said the FTSE Nareit All Equity REITs Index fell 5.7% in September and was still up 7.9% for 2026, which put it up 14.4% going into the month. That trailed the 12.6% total return Nareit cited for the Dow Jones U.S. Total Stock Market.

Nareit reported that the Developed Extended index fell 5.9% in September and was up 2.4% for the year, which put it up 8.8% going into September. It had been up 11.9% through July. The U.S. equity REIT index had the larger gain going in.

On September 16 the Federal Reserve raised the target range for the federal funds rate by 25 basis points, to 3.75% to 4%. Nareit, writing on October 5, reported the climb in Treasury yields that month.

"The 10-year Treasury yield continued to climb in September, closing at 5.27%, a level not seen in nearly a quarter century, and up from 4.18% at the end of 2025."

From the August 31 close to the September 30 close, REET fell 6.3%, RWO 6.2%, and DFGR 6.5%. VNQI fell 5.0%, HAUZ 5.8%, and IFGL fell 7.0%.

The year's gap was already wide at the end of July. September did not close it.

Chart: The 2026 gap was **wide by July**; September did not close it

The gap was still there on October 13. REET was up 3.5% for 2026 on price and VNQI was down 8.3%. The 10-year Treasury yield was 5.21% that day, against 4.18% at the end of 2025.

## What a holder of both actually owns

If you count only the smaller weight in each company REET and VNQI both own, you get 24%. REET holds those shared companies at about half VNQI's weight, so the 24% is REET's stake in the overlap. Goodman Group, the largest holding in VNQI, is 3.9% of that fund and 2.1% of REET.

Welltower, Prologis and Equinix are not in VNQI. A holder who owns both funds gets those American REITs only through REET. The shared international names are in both funds, and REET's weight in each of those names is about half VNQI's.

Source: etf.net, https://etf.net/news/global-real-estate-etfs-that-are-up-for-2026-are-built-mostly-of-u-s-reits-2026-10-14. Please cite the page URL.