BBRE vs USRT: Grades, Fees and Holdings Compared

JPMorgan BetaBuilders MSCI US REIT ETF

BBREACboe

iShares Core U.S. REIT ETF

USRTANYSE Arca

Overlap

86.7%by weight

Expense ratio

USRT −0.03pt a year

BBRE0.11%USRT0.08%

Avg volume · 30D

USRT 18.0×the volume

BBRE43.7KUSRT787K

5Y return · a year

USRT +0.3pt

BBRE+3.0%USRT+3.3%

BBRE vs USRT Performance

Oct 29, 2021 – Oct 30, 2026

+16.1%BBRE+17.7%USRT

Expense ratio: BBRE 0.11%; USRT 0.08%, better
Fund size: BBRE $1.29B; USRT $4.29B
1Y total return: BBRE +13.3%; USRT +13.9%, better
Yield (12M): BBRE 2.84%, better; USRT 2.75%
Holdings: BBRE 105; USRT 126
Avg volume (30D): BBRE 43.7K sh; USRT 787K sh, better
NAV per share: BBRE $103.06; USRT $63.78
52W range

ETF.net Grade

Pillar letters and Scores for BBRE, USRT, with each pillar’s weight
Pillar	BBRE	USRT
Cost30% weight	A81	A93Higher
Mission25% weight	A100	A100
Risk15% weight	B61	B61
Tradability15% weight	D33	A81Higher
Holdings10% weight	B57Higher	C53
Durability5% weight	C47	A78Higher

Rank among US Real Estate funds

How we build Categories ›

Same Category. BBRE and USRT are both graded against the same 21 US Real Estate funds, so their Grades compare head to head.

US Real Estate⁠

Category · 21 funds

See all 21 ›

USRT ranks 1st and BBRE 8th of 21 funds in the US Real Estate Category.

Rank 1ASCHHSchwab U.S. REIT ETFScore 83
Rank 1AUSRTiShares Core U.S. REIT ETFScore 83
Rank 3AFRELFidelity MSCI Real Estate Index ETFScore 80
Rank 7ARWRState Street SPDR Dow Jones REIT ETFScore 73
Rank 8ABBREJPMorgan BetaBuilders MSCI US REIT ETFScore 71
Rank 9AICFiShares Select U.S. REIT ETFScore 70

Our read on each fund

ETF.net Research

BBREAJPMorgan BetaBuilders MSCI US REIT ETF

USRTAiShares Core U.S. REIT ETF

In short

BBRE A no-frills way to own the MSCI US REIT index: about 100 US landlords for 0.11% a year, roughly a third of what the typical real estate ETF charges, with tracking that has stayed tight to the benchmark.

USRT Cheap, plain-vanilla ownership of U.S. landlords: roughly 130 equity REITs for eight basis points, running since 2007. One of the least expensive doors into the real estate aisle.

Stated mandate

BBRE The Fund seeks to track, before fees and expenses, the performance of the MSCI US REIT.

USRT The fund seeks to track an index composed of U.S. real estate equities.

Why people hold it

BBRE 0.11% a year versus a category median near 0.37%. On fees it sits well under the average real estate fund without doing anything clever to get there.
The mandate is simple: match the MSCI US REIT index before fees. It has tracked that benchmark about as tightly as anything in its peer group.
About 100 REITs in one line item, with distributions paid quarterly. Rent collection, outsourced.
Running since 2018 with a billion-dollar-plus asset base behind it, so this is an established fund rather than a launch still finding its footing.

USRT 0.08% a year against a 0.37% median for U.S. real estate funds. Among the category's heavyweights, only SCHH (0.07%) is cheaper.
Tracks the FTSE Nareit Equity REITs 40 Act Capped Index with very little drift, one of the tightest index jobs in its peer group.ishares.com
Live since 2007, a multi-billion-dollar fund from iShares, holding about 130 REITs across the U.S. property market.ishares.com

Worth knowing

BBRE It trades lighter than the category's household names like VNQ and SCHH, so spreads can matter more, particularly in size or in a fast market.
A few rivals shave the fee further: SCHH at 0.07%, USRT and FREL at 0.08%. The gap is small in basis points but it is real.
One sector, roughly 100 companies. When the property cycle turns, there is no other corner of the fund to cushion it.

USRT One sector, one country. Real estate swings with rates and property cycles, so expect a bumpier ride than a broad U.S. stock fund.
Actively traded, but the aisle's largest funds (VNQ, SCHH) turn over more shares. Worth watching the spread on chunky orders.
Income arrives quarterly, not monthly.ishares.com

Full BBRE profile⁠

Full USRT profile⁠

BBRE vs USRT Holdings

How BBRE and USRT differ

Overlap by weight

86.7%

Shared holdings make up 95.0% of BBRE and 93.2% of USRT.

Level by level

Asset classEquity, Real Estate0.0%
Sector12 Sectors0.0%
Holdings97 in both86.7%
Countryby domicile100%

Sector

Sector weights in BBRE and USRT, widest gap first
Sector	More in BBREMore in USRT	BBRE	USRT
Real Estate	BBRE +100.0 points	100.0%	0.0%
Health Care REITs	USRT +21.2 points	0.0%	21.2%
Retail Reits	USRT +19.3 points	0.0%	19.3%
Industrial REITs	USRT +12.7 points	0.0%	12.7%
Data Center REITs	USRT +11.5 points	0.0%	11.5%
Multi-Family Residential REITs	USRT +9.9 points	0.0%	9.9%
Self Storage REITs	USRT +8.8 points	0.0%	8.8%
Single-Family Residential REITs	USRT +5.2 points	0.0%	5.2%
Hotel & Resort REITs	USRT +4.5 points	0.0%	4.5%
Office REITs	USRT +4.1 points	0.0%	4.1%
Diversified REIT's	USRT +2.7 points	0.0%	2.7%
Financials	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in BBRE and USRT, widest gap first
Country	More in BBREMore in USRT	BBRE	USRT
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

BBRE51.8%
USRT50.3%

Securities held

BBRE103
USRT123

Asset class

BBRE: Equity
USRT: Real Estate

Holdings

Only in BBRE6
In both97
Only in USRT26

Only in BBRE

6 securities, 5.0% of BBRE by weight

Vivmark Residential Reit3.62%
JPMorgan U.s. Government1.17%
Medical Properties Trust0.15%
Blackstone Digital0.03%
Fermi Inc Common Stock0.02%
Dj Us Real 12/18/20260.02%

Only in USRT

26 securities, 6.6% of USRT by weight

Vivmark Residential3.86%
Lamar Advertising Company Clas1.17%
Outfront Media0.44%
Lxp Industrial Trust0.31%
Medical Properties Trust Reit0.10%
Summit Hotel Properties Reit0.06%
Cto Realty Growth0.06%
Chatham Lodging Trust Reit0.06%
Postal Realty Trust Class A0.05%
Hudson Pacific Properties Reit0.05%
Universal Health Realty Income Tru0.04%
Ah Realty Inc0.04%
National Healthcare Properties0.04%
Frontview Reit0.03%
One Liberty Properties Reit Inc0.03%
Chiron Real Estate Inc0.03%
Industrial Logistics Properties Tr0.03%
Community Healthcare Trust Inc0.03%
Farmland Partners Inc0.03%
Gladstone Land Reit0.03%
Alpine Income Property Trust Inc0.02%
Site Centers0.02%
Nexpoint Diversified Real Estate T0.01%
Net Lease Office Properties0.01%
Brt Apartments Corp0.01%
Braemar Hotels Resorts Inc<0.01%

Weight gaps

All 97 Holdings in both funds, largest gap first.

Holding weights in BBRE and USRT, widest gap first
Holding	More in BBREMore in USRT	BBRE	USRT
Welltower IncWELL	BBRE +3.26 points	12.29%	9.03%
Equinix Inc Reit USDEQIX	USRT +1.94 points	4.18%	6.12%
Prologis Inc Reit USDPLD	BBRE +1.94 points	8.87%	6.93%
Ventas Inc Reit USD 0.25VTR	USRT +0.77 points	3.00%	3.77%
American Healthcare ReitAHR	USRT +0.43 points	0.46%	0.89%
Millrose Properties IncMRP	USRT +0.28 points	0.06%	0.34%
Caretrust Reit IncCTRE	USRT +0.26 points	0.48%	0.74%
Realty Income Corp ReitO	USRT +0.23 points	3.80%	4.03%
Omega HealthcareOHI	USRT +0.22 points	1.02%	1.24%
Vici Properties Inc ReitVICI	USRT +0.18 points	2.13%	2.31%
Iron Mountain Inc ReitIRM	USRT +0.17 points	2.83%	3.00%
Lineage Inc Reit USDLINE	USRT +0.16 points	0.06%	0.22%
Agree Realty Corp ReitADC	USRT +0.15 points	0.57%	0.72%
Janus Living Inc Reit USDJAN	USRT +0.14 points	0.04%	0.18%
Pebblebrook Hotel TrustPEB	BBRE +0.14 points	0.35%	0.21%
Park Hotels & ResortsPK	BBRE +0.14 points	0.41%	0.27%
Simon Property Group IncSPG	USRT +0.14 points	4.58%	4.72%
Xenia Hotels & ResortsXHR	BBRE +0.13 points	0.29%	0.16%
Rlj Lodging Trust ReitRLJ	BBRE +0.13 points	0.27%	0.14%
Digital Realty Trust IncDLR	USRT +0.12 points	4.23%	4.35%
Invitation Homes Inc ReitINVH	USRT +0.12 points	1.25%	1.37%
Extra Space Storage IncEXR	USRT +0.12 points	2.64%	2.76%
Essential PropertiesEPRT	USRT +0.12 points	0.38%	0.50%
Sunstone Hotel InvestorsSHO	BBRE +0.11 points	0.31%	0.20%
Eastgroup Properties IncEGP	USRT +0.10 points	0.82%	0.92%
Diamondrock HospitalityDRH	BBRE +0.11 points	0.36%	0.25%
Smartstop Self StorageSMA	USRT +0.11 points	0.07%	0.18%
Terreno Realty Corp ReitTRNO	USRT +0.10 points	0.50%	0.60%
Kite Realty Group TrustKRG	BBRE +0.10 points	0.54%	0.44%
Jbg Smith PropertiesJBGS	BBRE +0.09 points	0.15%	0.06%
Regency Centers CorpREG	USRT +0.09 points	1.10%	1.19%
Rexford Industrial RealtyREXR	USRT +0.08 points	0.67%	0.75%
Apple Hospitality ReitAPLE	BBRE +0.08 points	0.43%	0.35%
Ryman HospitalityRHP	USRT +0.09 points	0.68%	0.77%
Healthcare Realty TrustHR	BBRE +0.08 points	0.61%	0.53%
Douglas Emmett Inc ReitDEI	BBRE +0.07 points	0.20%	0.13%
Piedmont Realty Trust IncPDM	BBRE +0.08 points	0.18%	0.10%
Alexander's Inc Reit USDALX	BBRE +0.07 points	0.12%	0.05%
American Assets Trust IncAAT	BBRE +0.07 points	0.16%	0.09%
Inventrust PropertiesIVT	BBRE +0.07 points	0.27%	0.20%
Cbl & AssociatesCBL	BBRE +0.06 points	0.15%	0.09%
Epr Properties Reit USDEPR	BBRE +0.06 points	0.44%	0.38%
Copt Defense PropertiesCDP	BBRE +0.06 points	0.39%	0.33%
Global Net Lease IncGNL	BBRE +0.06 points	0.19%	0.13%
Federal Realty Invs TrustFRT	USRT +0.06 points	0.76%	0.82%
Highwoods Properties IncHIW	BBRE +0.06 points	0.35%	0.29%
Public Storage Reit USDPSA	USRT +0.05 points	4.42%	4.47%
Diversified HealthcareDHC	BBRE +0.05 points	0.20%	0.15%
First Industrial RealtyFR	BBRE +0.05 points	0.68%	0.63%
Saul Centers Inc Reit USDBFS	BBRE +0.06 points	0.09%	0.03%
CenterspaceCSR	BBRE +0.05 points	0.14%	0.09%
Brandywine Realty TrustBDN	BBRE +0.05 points	0.09%	0.04%
Wp Carey Inc Reit USDWPC	USRT +0.05 points	1.21%	1.26%
Cubesmart Reit USD 0.01CUBE	BBRE +0.05 points	0.89%	0.84%
Innovative IndustrialIIPR	BBRE +0.05 points	0.18%	0.13%
Gladstone Commercial CorpGOOD	BBRE +0.04 points	0.09%	0.05%
Curbline Properties CorpCURB	BBRE +0.05 points	0.31%	0.26%
Urban Edge PropertiesUE	BBRE +0.04 points	0.26%	0.22%
Udr Inc Reit USD 0.01UDR	USRT +0.04 points	0.95%	0.99%
Empire State RealtyESRT	BBRE +0.04 points	0.10%	0.06%
Easterly GovernmentDEA	BBRE +0.03 points	0.12%	0.09%
Independence RealtyIRT	BBRE +0.04 points	0.34%	0.30%
Ltc Properties Inc ReitLTC	BBRE +0.03 points	0.23%	0.20%
Cousins Properties IncCUZ	BBRE +0.04 points	0.46%	0.42%
Equity LifestyleELS	USRT +0.03 points	0.96%	0.99%
Nexpoint ResidentialNXRT	BBRE +0.03 points	0.07%	0.04%
Service Properties TrustSVC	USRT +0.04 points	0.03%	0.07%
Safehold Inc ReitSAFE	BBRE +0.04 points	0.09%	0.05%
Camden Property TrustCPT	BBRE +0.04 points	0.90%	0.86%
Sabra Health Care ReitSBRA	BBRE +0.03 points	0.46%	0.43%
Broadstone Net Lease IncBNL	BBRE +0.04 points	0.32%	0.28%
Americold Realty TrustCOLD	BBRE +0.03 points	0.39%	0.36%
Sl Green Realty Corp ReitSLG	BBRE +0.03 points	0.34%	0.31%
Gaming and LeisureGLPI	USRT +0.03 points	0.92%	0.95%
National HealthNHI	BBRE +0.03 points	0.31%	0.28%
Tanger Inc Reit USD 0.01SKT	BBRE +0.03 points	0.40%	0.37%
Sun Communities Inc ReitSUI	BBRE +0.03 points	1.22%	1.19%
Kilroy Realty Corp ReitKRC	BBRE +0.03 points	0.39%	0.36%
Brixmor Property GroupBRX	BBRE +0.03 points	0.80%	0.77%
Kimco Realty Corp ReitKIM	BBRE +0.03 points	1.44%	1.41%
Host Hotels & ResortsHST	BBRE +0.02 points	1.52%	1.50%
Alexandria Real EstateARE	USRT +0.02 points	0.58%	0.60%
Phillips Edison & Co IncPECO	BBRE +0.03 points	0.46%	0.43%
Vornado Realty LpVNO	BBRE +0.02 points	0.55%	0.53%
Healthpeak PropertiesDOC	BBRE +0.02 points	1.17%	1.15%
Umh Properties Inc ReitUMH	BBRE +0.02 points	0.13%	0.11%
Stag Industrial Inc ReitSTAG	BBRE +0.02 points	0.63%	0.61%
Nnn Reit Inc USDNNN	BBRE +0.01 points	0.69%	0.68%
Acadia Realty Trust ReitAKR	USRT +0.02 points	0.21%	0.23%
Getty Realty Corp ReitGTY	BBRE +0.01 points	0.15%	0.14%
Mid-America ApartmentMAA	BBRE +0.01 points	1.19%	1.18%
American Homes 4 RentAMH	BBRE +0.01 points	0.92%	0.91%
Macerich Co/The Reit USDMAC	USRT +0.01 points	0.60%	0.61%
Essex Property Trust IncESS	Same weight	1.47%	1.47%
Four Corners PropertyFCPT	BBRE +0.01 points	0.22%	0.21%
Netstreit Corp Reit USDNTST	BBRE +0.01 points	0.15%	0.14%
Bxp Inc Reit USD 0.01BXP	USRT +0.01 points	0.86%	0.87%

All 102 BBRE holdings⁠All 123 USRT holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BBRE vs USRT Cost

Overpaying BBRE vs USRT

$624

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BBRE 0.11%
$2,313
USRT 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

BBRE 0.11%
USRT 0.08%
Overpaying

Year by year

Year	BBRE	USRT	Overpaying
10	$201	$147	$54
20	$788	$575	$213
30	$2,313	$1,689	$624

Expense ratio

0.11%BBRE
0.08%USRT, cheaper

USRT0.08%BBRE0.11%

0.07%0.65%

Middle half of US Real Estate funds
Median 0.35%

USRT 2nd cheapest of 21 funds

BBRE 5th cheapest of 21 funds

BBRE vs USRT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BBRE 2.84%, better; USRT 2.75%
Payout (12M): BBRE $2.93; USRT $1.75
Last payment: BBRE $0.82; USRT $0.47
Ex-dividend: BBRE Sep 22, 2026; USRT Sep 15, 2026
Paid on: BBRE Sep 24, 2026; USRT Sep 18, 2026
Frequency: BBRE Quarterly; USRT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

BBREQuarterly · 34 paymentsAll BBRE payments⁠

USRTQuarterly · 39 paymentsAll USRT payments⁠

BBRE vs USRT Risk

Fall from peak · 5 years

BBRE
USRT

Risk facts

VolatilityStd dev, 3 years: BBRE 16.0%, betterUSRT 16.1%
Return per unit of riskSharpe ratio, 3 years: BBRE 0.68USRT 0.70, better
Worst fallMax drawdown, 5 years: BBRE −31.1%USRT −31.0%, better
Market sensitivityBeta, 5 years: BBRE 0.96USRT 0.96; Market = 1

BBRE and USRT in the news

All news⁠

Category Review
Vanguard's property fund lost a first-half lead over stocks
Updated Oct 8, 2026USRT
Deep Dive
Vanguard's property fund is up 4% this year. Mortgage funds are down 15%
Oct 5, 2026USRT
ETF Filings
PGIM files for a CLO fund at 0.28% and a real estate fund at 0.49%
Sep 28, 2026USRT
Deep Dive
Equity REIT funds fell 1.3%. VanEck's mortgage REIT fund hit a 52-week low
Sep 12, 2026USRT
Deep Dive
September's $2.74 billion CMBS wall is half of August's, with more already in special servicing
Sep 5, 2026USRT

Popular comparisons

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BBRE vs USRT

In short

Stated mandate

Why people hold it