PPTY vs USRT: Grades, Fees and Holdings Compared

US Diversified Real Estate ETF

PPTYCNYSE Arca

iShares Core U.S. REIT ETF

USRTANYSE Arca

Overlap

51.6%by weight

Expense ratio

USRT −0.45pt a year

PPTY0.53%USRT0.08%

Avg volume · 30D

USRT 300.7×the volume

PPTY2.62KUSRT787K

5Y return · a year

USRT +2.7pt

PPTY+0.6%USRT+3.3%

PPTY vs USRT Performance

Oct 29, 2021 – Oct 30, 2026

+3.2%PPTY+17.7%USRT

Expense ratio: PPTY 0.53%; USRT 0.08%, better
Fund size: PPTY $23M; USRT $4.29B
1Y total return: PPTY +10.9%; USRT +13.9%, better
Yield (12M): PPTY 2.60%; USRT 2.75%, better
Holdings: PPTY 84; USRT 126
Avg volume (30D): PPTY 2.62K sh; USRT 787K sh, better
NAV per share: PPTY $32.16; USRT $63.78
52W range

ETF.net Grade

Pillar letters and Scores for PPTY, USRT, with each pillar’s weight
Pillar	PPTY	USRT
Cost30% weight	F10	A93Higher
Mission25% weight	A100	A100
Risk15% weight	C45	B61Higher
Tradability15% weight	F23	A81Higher
Holdings10% weight	A83Higher	C53
Durability5% weight	D37	A78Higher

Rank among US Real Estate funds

How we build Categories ›

Same Category. PPTY 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 PPTY 15th 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 13CRSPRInvesco S&P 500 Equal Weight Real Estate ETFScore 53
Rank 15CPPTYUS Diversified Real Estate ETFScore 48
Rank 16CRIETHoya Capital High Dividend Yield ETFScore 44

Our read on each fund

ETF.net Research

PPTYCUS Diversified Real Estate ETF

USRTAiShares Core U.S. REIT ETF

In short

PPTY Most US real estate ETFs copy the same cap-weighted REIT list. PPTY runs its own custom index instead, a boutique take on American property that charges more than the giants for the privilege.

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

PPTY The fund uses a passive, index-tracking approach intended to follow the PPTYX – U.S. Diversified Real Estate Index before fees and expenses.

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

Why people hold it

PPTY Tracks a bespoke benchmark, the PPTYX U.S. Diversified Real Estate Index, that no other fund in its peer group follows. A different basket, not another copy of the standard REIT list.
Passive by design, and it has hugged that index about as closely as anything in the US real estate group.
The portfolio is one of the better spread-out books in the category rather than a top-heavy handful of names.
Straight US property exposure, no foreign landlords, with cash paid out quarterly.

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

PPTY The 0.53% fee sits above the 0.37% peer median and far above index heavyweights like SCHH (0.07%) and VNQ (0.13%). Cost is the main reason it lands in the lower half of its group.
It has stayed one of the smaller, thinner-traded funds in the category since its 2018 launch, so the bid/ask spread is a real part of the cost.
One sector, one country. Real estate moves on its own rate-driven cycle, and there is nothing here 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 PPTY profile⁠

Full USRT profile⁠

PPTY vs USRT Holdings

How PPTY and USRT differ

Overlap by weight

51.6%

Shared holdings make up 87.8% of PPTY and 84.0% of USRT.

Level by level

Asset classEquity, Real Estate0.0%
Sector13 Sectors0.0%
Holdings76 in both51.6%
Countryby domicile100%

Sector

Sector weights in PPTY and USRT, widest gap first
Sector	More in PPTYMore in USRT	PPTY	USRT
Real Estate	PPTY +94.1 points	94.1%	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%
Consumer Discretionary	PPTY +5.6 points	5.6%	0.0%
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%
Health Care	PPTY +0.3 points	0.3%	0.0%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

PPTY37.2%
USRT50.3%

Securities held

PPTY83
USRT123

Asset class

PPTY: Equity
USRT: Real Estate

Holdings

Only in PPTY7
In both76
Only in USRT47

Only in PPTY

7 securities, 13.6% of PPTY by weight

Vivmark Residential7.12%
Marriott International Inc/MD2.51%
Hilton Worldwide Holdings Inc2.09%
Hyatt Hotels Corp0.69%
Wyndham Hotels & Resorts Inc0.46%
Choice Hotels International Inc0.42%
National HealthCare Corp0.31%

Only in USRT

47 securities, 15.7% of USRT by weight

Vivmark Residential3.86%
Iron Mountain Inc3.00%
Vici Pptys Inc2.31%
Lamar Advertising Company Clas1.17%
Gaming and Leisure Properties Reit0.95%
Outfront Media0.44%
Epr Properties Reit0.38%
Americold Realty Inc Trust0.36%
Millrose Properties Inc Class A0.34%
Park Hotels Resorts Inc0.27%
Curbline Properties0.26%
Lineage0.22%
Pebblebrook Hotel Trust Reit0.21%
Janus Living Inc Class A0.18%
Smartstop Self Storage Reit Inc0.18%
Diversified Healthcare Trust0.15%
Rlj Lodging Trust Reit0.14%
Global Net Lease Inc0.13%
Medical Properties Trust Reit0.10%
Cbl Associates Properties0.09%
Service Properties Trust0.07%
Summit Hotel Properties Reit0.06%
Cto Realty Growth0.06%
Chatham Lodging Trust Reit0.06%
Safehold Inc0.05%
Postal Realty Trust Class A0.05%
Gladstone Commercial Reit Corp0.05%
Hudson Pacific Properties Reit0.05%
Brandywine Realty Trust Reit0.04%
Universal Health Realty Income Tru0.04%
Ah Realty Inc0.04%
National Healthcare Properties0.04%
Nexpoint Residential Trust Inc0.04%
Saul Centers Reit Inc0.03%
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 76 Holdings in both funds, largest gap first.

Holding weights in PPTY and USRT, widest gap first
Holding	More in PPTYMore in USRT	PPTY	USRT
Welltower IncWELL	USRT +5.77 points	3.26%	9.03%
Four Corners Property Trust IncFCPT	PPTY +3.62 points	3.83%	0.21%
Public StoragePSA	USRT +3.45 points	1.02%	4.47%
Realty Income CorpO	USRT +3.36 points	0.67%	4.03%
Prologis IncPLD	USRT +3.05 points	3.88%	6.93%
Ventas IncVTR	USRT +2.72 points	1.05%	3.77%
Kilroy Realty CorpKRC	PPTY +2.64 points	3.00%	0.36%
Easterly Government Properties IncDEA	PPTY +2.40 points	2.49%	0.09%
Terreno Realty CorpTRNO	PPTY +2.02 points	2.62%	0.60%
Extra Space Storage IncEXR	USRT +1.99 points	0.77%	2.76%
Simon Property Group IncSPG	USRT +1.97 points	2.75%	4.72%
Highwoods Properties IncHIW	PPTY +1.82 points	2.11%	0.29%
American Homes 4 RentAMH	PPTY +1.71 points	2.62%	0.91%
Equinix IncEQIX	USRT +1.66 points	4.46%	6.12%
Innovative Industrial Properties IncIIPR	PPTY +1.49 points	1.62%	0.13%
STAG Industrial IncSTAG	PPTY +1.42 points	2.03%	0.61%
BXP IncBXP	PPTY +1.37 points	2.24%	0.87%
COPT Defense PropertiesCDP	PPTY +1.24 points	1.57%	0.33%
LXP Industrial TrustLXP	PPTY +1.19 points	1.50%	0.31%
Alexandria Real Estate Equities IncARE	PPTY +1.18 points	1.78%	0.60%
Cousins Properties IncCUZ	PPTY +1.12 points	1.54%	0.42%
UDR IncUDR	PPTY +1.12 points	2.11%	0.99%
Independence Realty Trust IncIRT	PPTY +0.91 points	1.21%	0.30%
Acadia Realty TrustAKR	PPTY +0.88 points	1.11%	0.23%
Healthpeak Properties Inc.DOC	USRT +0.87 points	0.28%	1.15%
Host Hotels & Resorts IncHST	USRT +0.81 points	0.69%	1.50%
Mid-America Apartment Communities IncMAA	PPTY +0.80 points	1.98%	1.18%
Camden Property TrustCPT	PPTY +0.79 points	1.65%	0.86%
Vornado Realty TrustVNO	PPTY +0.78 points	1.31%	0.53%
EastGroup Properties IncEGP	PPTY +0.76 points	1.68%	0.92%
Omega Healthcare Investors IncOHI	USRT +0.69 points	0.55%	1.24%
Empire State Realty Trust IncESRT	PPTY +0.67 points	0.73%	0.06%
Federal Realty Investment TrustFRT	PPTY +0.66 points	1.48%	0.82%
Digital Realty Trust IncDLR	USRT +0.66 points	3.69%	4.35%
Rexford Industrial Realty IncREXR	USRT +0.64 points	0.11%	0.75%
Getty Realty CorpGTY	PPTY +0.62 points	0.76%	0.14%
NNN REIT IncNNN	USRT +0.59 points	0.09%	0.68%
Essex Property Trust IncESS	PPTY +0.57 points	2.04%	1.47%
WP Carey IncWPC	PPTY +0.53 points	1.79%	1.26%
Macerich Co/TheMAC	USRT +0.51 points	0.10%	0.61%
First Industrial Realty Trust IncFR	PPTY +0.48 points	1.11%	0.63%
CubeSmartCUBE	USRT +0.47 points	0.37%	0.84%
American Healthcare REIT IncAHR	USRT +0.46 points	0.43%	0.89%
Tanger IncSKT	PPTY +0.44 points	0.81%	0.37%
Invitation Homes IncINVH	USRT +0.41 points	0.96%	1.37%
Phillips Edison & Co IncPECO	PPTY +0.42 points	0.85%	0.43%
Essential Properties Realty Trust IncEPRT	USRT +0.41 points	0.09%	0.50%
CareTrust REIT IncCTRE	USRT +0.37 points	0.37%	0.74%
Kite Realty Group TrustKRG	PPTY +0.36 points	0.80%	0.44%
Regency Centers CorpREG	PPTY +0.34 points	1.53%	1.19%
American Assets Trust IncAAT	PPTY +0.31 points	0.40%	0.09%
Brixmor Property Group IncBRX	PPTY +0.30 points	1.07%	0.77%
Sun Communities IncSUI	USRT +0.28 points	0.91%	1.19%
InvenTrust Properties CorpIVT	PPTY +0.26 points	0.46%	0.20%
Ryman Hospitality Properties IncRHP	USRT +0.24 points	0.53%	0.77%
UMH Properties IncUMH	PPTY +0.20 points	0.31%	0.11%
Sunstone Hotel Investors IncSHO	PPTY +0.20 points	0.40%	0.20%
Equity LifeStyle Properties IncELS	USRT +0.19 points	0.80%	0.99%
Broadstone Net Lease IncBNL	USRT +0.19 points	0.09%	0.28%
Healthcare Realty Trust IncHR	USRT +0.17 points	0.36%	0.53%
DiamondRock Hospitality CoDRH	PPTY +0.16 points	0.41%	0.25%
LTC Properties IncLTC	PPTY +0.15 points	0.35%	0.20%
Kimco Realty CorpKIM	USRT +0.14 points	1.27%	1.41%
Urban Edge PropertiesUE	USRT +0.13 points	0.09%	0.22%
Apple Hospitality REIT IncAPLE	PPTY +0.10 points	0.45%	0.35%
Sabra Health Care REIT IncSBRA	USRT +0.07 points	0.36%	0.43%
Xenia Hotels & Resorts IncXHR	USRT +0.05 points	0.11%	0.16%
Alexanders IncALX	PPTY +0.05 points	0.10%	0.05%
Agree Realty CorpADC	PPTY +0.05 points	0.77%	0.72%
NETSTREIT CorpNTST	USRT +0.05 points	0.09%	0.14%
SL Green Realty CorpSLG	USRT +0.05 points	0.26%	0.31%
JBG SMITH PropertiesJBGS	PPTY +0.03 points	0.09%	0.06%
Douglas Emmett IncDEI	USRT +0.04 points	0.09%	0.13%
CenterspaceCSR	PPTY +0.03 points	0.12%	0.09%
National Health Investors IncNHI	PPTY +0.03 points	0.31%	0.28%
Piedmont Realty Trust IncPDM	PPTY +0.01 points	0.11%	0.10%

All PPTY 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.

PPTY vs USRT Cost

Overpaying PPTY vs USRT

$8,847

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

PPTY 0.53%
$10,536
USRT 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

PPTY 0.53%
USRT 0.08%
Overpaying

Year by year

Year	PPTY	USRT	Overpaying
10	$953	$147	$806
20	$3,658	$575	$3,083
30	$10,536	$1,689	$8,847

Expense ratio

0.53%PPTY
0.08%USRT, cheaper

USRT0.08%PPTY0.53%

0.07%0.65%

Middle half of US Real Estate funds
Median 0.35%

USRT 2nd cheapest of 21 funds

PPTY 19th cheapest of 21 funds

PPTY vs USRT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PPTY 2.60%; USRT 2.75%, better
Payout (12M): PPTY $0.84; USRT $1.75
Last payment: PPTY $0.29; USRT $0.47
Ex-dividend: PPTY Oct 20, 2026; USRT Sep 15, 2026
Paid on: PPTY Oct 21, 2026; USRT Sep 18, 2026
Frequency: PPTY Quarterly; USRT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PPTYQuarterly · 34 paymentsAll PPTY payments⁠

USRTQuarterly · 39 paymentsAll USRT payments⁠

PPTY vs USRT Risk

Fall from peak · 5 years

PPTY
USRT

Risk facts

VolatilityStd dev, 3 years: PPTY 14.9%, betterUSRT 16.1%
Return per unit of riskSharpe ratio, 3 years: PPTY 0.52USRT 0.70, better
Worst fallMax drawdown, 5 years: PPTY −32.4%USRT −31.0%, better
Market sensitivityBeta, 5 years: PPTY 0.92USRT 0.96; Market = 1

PPTY 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

PPTYCvsSCHHA
US Diversified Real Estate ETF · Schwab U.S. REIT ETF
Expense ratio
0.53% · 0.07%
Category
USRTAvsSCHHA
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PPTYCvsFRELA
US Diversified Real Estate ETF · Fidelity MSCI Real Estate Index ETF
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USRTAvsFRELA
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PPTYCvsXLREA
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iShares Core U.S. REIT ETF · State Street Real Estate Select Sector SPDR ETF
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0.08% · 0.08%
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PPTY vs USRT

In short

Stated mandate

Why people hold it