KBWY vs USRT: Grades, Fees and Holdings Compared

Invesco KBW Premium Yield Equity REIT ETF

KBWYBNasdaq

iShares Core U.S. REIT ETF

USRTANYSE Arca

Overlap

6.6%by weight

Expense ratio

USRT −0.27pt a year

KBWY0.35%USRT0.08%

Avg volume · 30D

USRT 3.5×the volume

KBWY227KUSRT789K

10Y return · a year

USRT +6.5pt

KBWY+0.7%USRT+7.2%

KBWY vs USRT Performance

Nov 9, 2021 – Nov 9, 2026

+3.5%KBWY+20.0%USRT

Expense ratio: KBWY 0.35%; USRT 0.08%, better
Fund size: KBWY $286M; USRT $4.24B
1Y total return: KBWY +18.7%, better; USRT +16.3%
Yield (12M): KBWY 8.75%, better; USRT 2.65%
Holdings: KBWY 30; USRT 125
Avg volume (30D): KBWY 227K sh; USRT 789K sh, better
NAV per share: KBWY $16.62; USRT $65.09
52W range

ETF.net Grade

Pillar letters and Scores for KBWY, USRT, with each pillar’s weight
Pillar	KBWY	USRT
Cost30% weight	C50	A93Higher
Mission25% weight	A87	A100Higher
Risk15% weight	D29	B59Higher
Tradability15% weight	C48	A82Higher
Holdings10% weight	A74Higher	C53
Durability5% weight	B56	A78Higher

Rank among US Real Estate funds

How we build Categories ›

Same Category. KBWY 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 KBWY 11th 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 81
Rank 10BRDOGALPS REIT Dividend Dogs ETFScore 61
Rank 11BKBWYInvesco KBW Premium Yield Equity REIT ETFScore 58
Rank 12BIYRiShares U.S. Real Estate ETFScore 56

Our read on each fund

ETF.net Research

KBWYBInvesco KBW Premium Yield Equity REIT ETF

USRTAiShares Core U.S. REIT ETF

In short

KBWY Most real estate ETFs own the sector by size. KBWY goes yield hunting instead: a tight basket of roughly 30 equity REITs picked for premium payouts, with cash out the door monthly.

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

KBWY The fund seeks to track, before fees and expenses, the performance of the MSCI US REIT Index.

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

Why people hold it

KBWY A yield-first slice of the REIT market rather than a cap-weighted mirror of it: around 30 equity REITs screened for premium payouts, distributing monthly.
At 0.35% a year, the fee sits a shade under the typical US real estate ETF, which is unusual for a screened, non-vanilla strategy.
Live since 2010 and a close reader of its own rulebook: it stays tightly aligned with its stated yield mandate, and lands in the upper half of its real estate peer group.

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

KBWY Roughly 30 holdings, so one landlord's bad quarter shows up here far louder than in broad REIT funds holding hundreds of names.
Plain cap-weighted REIT trackers cost far less: SCHH at 0.07% and VNQ at 0.13% versus 0.35% here. You are paying for the yield screen.
Moderately traded rather than a category heavyweight, so spreads can run wider than the largest real estate ETFs, especially in fast markets.

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 KBWY profile⁠

Full USRT profile⁠

KBWY vs USRT Holdings

How KBWY and USRT differ

Overlap by weight

6.6%

Shared holdings make up 97.5% of KBWY and 6.6% of USRT.

Level by level

Asset classAlternatives, Real Estate0.0%
Sector11 Sectors0.0%
Holdings27 in both6.6%
Countryby domicile100%

Sector

Sector weights in KBWY and USRT, widest gap first
Sector	Gap	KBWY	USRT
Real Estate	KBWY +100.0 points	100.0%	0.0%
Health Care REITs	USRT +21.8 points	0.0%	21.8%
Retail Reits	USRT +19.6 points	0.0%	19.6%
Industrial REITs	USRT +12.1 points	0.0%	12.1%
Data Center REITs	USRT +11.0 points	0.0%	11.0%
Multi-Family Residential REITs	USRT +9.9 points	0.0%	9.9%
Self Storage REITs	USRT +9.3 points	0.0%	9.3%
Single-Family Residential REITs	USRT +5.2 points	0.0%	5.2%
Hotel & Resort REITs	USRT +4.2 points	0.0%	4.2%
Office REITs	USRT +4.1 points	0.0%	4.1%
Diversified REIT's	USRT +2.7 points	0.0%	2.7%

Country, concentration and asset class

Country by domicile

Country weights in KBWY and USRT, widest gap first
Country	More in KBWYMore in USRT	Gap	KBWY	USRT
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

KBWY44.7%
USRT50.5%

Securities held

KBWY29
USRT122

Asset class

KBWY: Alternatives
USRT: Real Estate

Holdings

Only in KBWY2
In both27
Only in USRT95

Only in KBWY

2 securities, 2.3% of KBWY by weight

Chiron Real Estate Inc2.34%
Invesco Government & Agency Portfolio<0.01%

Only in USRT

95 securities, 93.3% of USRT by weight

Welltower9.28%
Prologis Reit6.77%
Equinix Reit6.02%
Simon Property Group Reit Inc4.87%
Public Storage Reit4.57%
Digital Realty Trust Reit4.13%
Realty Income Reit4.11%
Vivmark Residential4.02%
Ventas Reit3.88%
Extra Space Storage Reit2.86%
Iron Mountain Inc2.70%
Vici Pptys Inc2.31%
Essex Property Trust Reit1.49%
Kimco Realty Reit Corp1.45%
Host Hotels & Resorts Reit1.43%
Invitation Homes1.38%
W. P. Carey Reit1.26%
Omega Healthcare Investors Reit1.25%
Sun Communities Reit Inc1.24%
Mid America Apartment Communities1.18%
Regency Centers Reit Corp1.17%
Lamar Advertising Company Clas1.14%
Equity Lifestyle Properties Reit I1.04%
Udr Reit1.01%
American Healthcare Reit0.95%
American Homes Rent Reit Class A0.93%
Eastgroup Properties Reit0.89%
Bxp0.88%
Cubesmart Reit0.87%
Camden Property Trust Reit0.84%
Federal Realty Investment Trust Re0.83%
Brixmor Property Group Reit Inc0.78%
Caretrust Reit0.77%
Ryman Hospitality Properties Reit0.75%
Agree Realty Reit0.73%
Rexford Industrial Realty Reit0.72%
Nnn Reit0.67%
Macerich Reit0.61%
First Industrial Realty Trust0.61%
Stag Industrial Reit0.60%
Terreno Realty Reit0.59%
Healthcare Realty Trust Inc Class0.54%
Vornado Realty Trust Reit0.54%
Essential Properties Realty Trust0.52%
Sabra Health Care Reit0.45%
Phillips Edison and Company0.45%
Kite Realty Group Trust Reit0.43%
Outfront Media0.42%
Cousins Properties Reit Inc0.41%
Tanger0.37%

Weight gaps

All 27 Holdings in both funds, largest gap first.

Holding weights in KBWY and USRT, widest gap first
Holding	Gap	KBWY	USRT
Innovative Industrial Properties IncIIPR	KBWY +7.04 points	7.17%	0.13%
Community Healthcare Trust IncCHCT	KBWY +4.97 points	5.00%	0.03%
Millrose Properties IncMRP	KBWY +4.47 points	4.81%	0.34%
AH Realty Trust IncAHRT	KBWY +4.20 points	4.24%	0.04%
Gladstone Commercial CorpGOOD	KBWY +4.00 points	4.04%	0.04%
CTO Realty Growth IncCTO	KBWY +3.75 points	3.81%	0.06%
Easterly Government Properties IncDEA	KBWY +3.72 points	3.80%	0.08%
Apple Hospitality REIT IncAPLE	KBWY +3.67 points	4.02%	0.35%
Park Hotels & Resorts IncPK	KBWY +3.55 points	3.80%	0.25%
Highwoods Properties IncHIW	KBWY +3.51 points	3.80%	0.29%
NexPoint Residential Trust IncNXRT	KBWY +3.39 points	3.42%	0.03%
RLJ Lodging TrustRLJ	KBWY +3.35 points	3.49%	0.14%
Americold Realty Trust IncCOLD	KBWY +3.33 points	3.72%	0.39%
EPR PropertiesEPR	KBWY +3.25 points	3.63%	0.38%
American Assets Trust IncAAT	KBWY +3.19 points	3.28%	0.09%
Alpine Income Property Trust IncPINE	KBWY +3.15 points	3.17%	0.02%
Douglas Emmett IncDEI	KBWY +3.14 points	3.27%	0.13%
Global Net Lease IncGNL	KBWY +3.09 points	3.21%	0.12%
Gaming and Leisure Properties IncGLPI	KBWY +3.05 points	3.98%	0.93%
Four Corners Property Trust IncFCPT	KBWY +2.91 points	3.13%	0.22%
Getty Realty CorpGTY	KBWY +2.84 points	2.98%	0.14%
UMH Properties IncUMH	KBWY +2.70 points	2.80%	0.10%
FrontView REIT IncFVR	KBWY +2.46 points	2.49%	0.03%
Postal Realty Trust IncPSTL	KBWY +2.18 points	2.23%	0.05%
Alexandria Real Estate Equities IncARE	KBWY +2.11 points	2.77%	0.66%
Healthpeak Properties IncDOC	KBWY +2.01 points	3.22%	1.21%
SL Green Realty CorpSLG	KBWY +1.95 points	2.26%	0.31%

All 29 KBWY holdings⁠All 122 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.

KBWY vs USRT Cost

Overpaying KBWY vs USRT

$5,437

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

KBWY 0.35%
$7,126
USRT 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

KBWY 0.35%
USRT 0.08%
Overpaying

Year by year

Year	KBWY	USRT	Overpaying
10	$634	$147	$487
20	$2,454	$575	$1,879
30	$7,126	$1,689	$5,437

Expense ratio

0.35%KBWY
0.08%USRT, cheaper

USRT0.08%KBWY0.35%

0.07%0.65%

Middle half of US Real Estate funds
Median 0.35%

USRT 2nd cheapest of 21 funds

KBWY 11th cheapest of 21 funds

KBWY vs USRT Dividends

Last 12 months to Nov 9, 2026

Yield (12M): KBWY 8.75%, better; USRT 2.65%
Payout (12M): KBWY $1.47; USRT $1.75
Last payment: KBWY $0.12; USRT $0.47
Ex-dividend: KBWY Oct 19, 2026; USRT Sep 15, 2026
Paid on: KBWY Oct 23, 2026; USRT Sep 18, 2026
Frequency: KBWY Monthly; USRT Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

KBWYMonthly · 46 paymentsAll KBWY payments⁠

USRTQuarterly · 15 paymentsAll USRT payments⁠

KBWY vs USRT Risk

Fall from peak · 5 years

KBWY
USRT

Risk facts

VolatilityStd dev, 3 years: KBWY 20.1%USRT 16.1%, better
Return per unit of riskSharpe ratio, 3 years: KBWY 0.30USRT 0.70, better
Worst fallMax drawdown, 5 years: KBWY −32.3%USRT −31.0%, better
Market sensitivityBeta, 5 years: KBWY 1.01USRT 0.96; Market = 1

KBWY 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

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KBWY vs USRT

In short

Stated mandate

Why people hold it