TSRS vs USRT: Grades, Fees and Holdings Compared

Truth Social American Red State REITs ETF

TSRSFNYSE Arca

iShares Core U.S. REIT ETF

USRTANYSE Arca

Overlap

19.6%by weight

Expense ratio

USRT −0.57pt a year

TSRS0.65%USRT0.08%

Avg volume · 30D

USRT 936.7×the volume

TSRS842USRT789K

TSRS vs USRT Performance

Dec 31, 2025 – Nov 9, 2026

+6.3%TSRS+18.1%USRT

Expense ratio: TSRS 0.65%; USRT 0.08%, better
Fund size: TSRS $3M; USRT $4.24B
1Y total return: TSRS No data; USRT +16.3%
Yield (12M): TSRS No data; USRT 2.65%
Holdings: TSRS 27; USRT 125
Avg volume (30D): TSRS 842 sh; USRT 789K sh, better
NAV per share: TSRS $25.61; USRT $65.09
52W range

ETF.net Grade

Pillar letters and Scores for TSRS, USRT, with each pillar’s weight
Pillar	TSRS	USRT
Cost30% weight	F0	A93Higher
Mission25% weight	Not scored	A100
Risk15% weight	D36	B59Higher
Tradability15% weight	F12	A82Higher
Holdings10% weight	D33	C53Higher
Durability5% weight	F23	A78Higher

Rank among US Real Estate funds

How we build Categories ›

Same Category. TSRS 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 TSRS 21st 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 20FNETLColterpoint Net Lease Real Estate ETFScore 19
Rank 21FTSRSTruth Social American Red State REITs ETFScore 15

Our read on each fund

ETF.net Research

TSRSFTruth Social American Red State REITs ETF

USRTAiShares Core U.S. REIT ETF

In short

TSRS Most REIT funds sort landlords by property type. This one sorts by politics, tracking a MarketVector index built on a red-state theme. Plain passive plumbing wrapped around a very unplain idea.

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

TSRS The Fund seeks to deliver returns that generally correspond to the price and yield performance of the MarketVectorTM–iREIT® Red State REITs Index.

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

Why people hold it

TSRS The idea is the product: a rules-based index of US real estate stocks built on a red-state theme, delivered in one ticket instead of assembled name by name.
Boring machinery under a loud label: a registered 1940 Act fund that replicates a published index rather than following a manager's hunches.
Exposure stays home and stays simple. US equity real estate, tracking an index measured on price and yield, not foreign property or mortgage paper.

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

TSRS At 0.65% a year, the fee sits well above the real estate category median, and the broad heavyweights (SCHH, VNQ, USRT) charge a small fraction of it.
Small and thinly traded, with a track record that only starts at the end of 2025. Wider spreads come with that territory, so limit orders earn their keep.
The political screen narrows the field, so results can drift from the broad US REIT market in either direction. Payouts have come irregularly, not on a set calendar.

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 TSRS profile⁠

Full USRT profile⁠

TSRS vs USRT Holdings

How TSRS and USRT differ

Overlap by weight

19.6%

Shared holdings make up 92.1% of TSRS and 19.6% of USRT.

Level by level

Asset classStocks, Real Estate0.0%
Sector11 Sectors0.0%
Holdings25 in both19.6%
Countryby domicile100%

Sector

Sector weights in TSRS and USRT, widest gap first
Sector	Gap	TSRS	USRT
Real Estate	TSRS +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 TSRS and USRT, widest gap first
Country	More in TSRSMore in USRT	Gap	TSRS	USRT
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

TSRS61.1%
USRT50.5%

Securities held

TSRS25
USRT122

Asset class

TSRS: Stocks
USRT: Real Estate

Holdings

Only in TSRS0
In both25
Only in USRT97

Only in TSRS

0 securities, 0.0% of TSRS by weight

Only in USRT

97 securities, 80.2% 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%
Vivmark Residential4.02%
Ventas Reit3.88%
Extra Space Storage Reit2.86%
Iron Mountain Inc2.70%
Essex Property Trust Reit1.49%
Kimco Realty Reit Corp1.45%
Host Hotels & Resorts Reit1.43%
W. P. Carey Reit1.26%
Omega Healthcare Investors Reit1.25%
Sun Communities Reit Inc1.24%
Healthpeak Properties Inc1.21%
Regency Centers Reit Corp1.17%
Udr Reit1.01%
Gaming and Leisure Properties Reit0.93%
Bxp0.88%
Cubesmart Reit0.87%
Federal Realty Investment Trust Re0.83%
Brixmor Property Group Reit Inc0.78%
Caretrust Reit0.77%
Ryman Hospitality Properties Reit0.75%
Rexford Industrial Realty Reit0.72%
Alexandria Real Estate Equities Re0.66%
Macerich Reit0.61%
First Industrial Realty Trust0.61%
Terreno Realty Reit0.59%
Healthcare Realty Trust Inc Class0.54%
Vornado Realty Trust Reit0.54%
Sabra Health Care Reit0.45%
Phillips Edison and Company0.45%
Outfront Media0.42%
Cousins Properties Reit Inc0.41%
Americold Realty Inc Trust0.39%
Epr Properties Reit0.38%
Tanger0.37%
Kilroy Realty Reit0.35%
Apple Hospitality Reit Inc0.35%
Millrose Properties Inc Class A0.34%
Copt Defense Properties0.32%
Sl Green Realty Reit Corp0.31%
Highwoods Properties Reit0.29%
Park Hotels Resorts Inc0.25%
Diamondrock Hospitality0.24%
Lineage0.23%
Acadia Realty Trust Reit0.23%

Weight gaps

All 25 Holdings in both funds, largest gap first.

Holding weights in TSRS and USRT, widest gap first
Holding	Gap	TSRS	USRT
Four Corners Property Trust IncFCPT	TSRS +7.27 points	7.49%	0.22%
Broadstone Net Lease IncBNL	TSRS +6.50 points	6.79%	0.29%
NNN REIT IncNNN	TSRS +6.11 points	6.78%	0.67%
National Health Investors IncNHI	TSRS +5.39 points	5.68%	0.29%
VICI Properties IncVICI	TSRS +5.18 points	7.49%	2.31%
UMH Properties IncUMH	TSRS +4.28 points	4.38%	0.10%
NETSTREIT CorpNTST	TSRS +3.08 points	3.25%	0.17%
Kite Realty Group TrustKRG	TSRS +2.98 points	3.41%	0.43%
Mid-America Apartment Communities IncMAA	TSRS +2.93 points	4.11%	1.18%
Independence Realty Trust IncIRT	TSRS +2.92 points	3.22%	0.30%
Lamar Advertising CoLAMR	TSRS +2.77 points	3.91%	1.14%
Realty Income CorpO	TSRS +2.65 points	6.76%	4.11%
Agree Realty CorpADC	TSRS +2.44 points	3.17%	0.73%
Essential Properties Realty Trust IncEPRT	TSRS +2.30 points	2.82%	0.52%
STAG Industrial IncSTAG	TSRS +2.29 points	2.89%	0.60%
American Homes 4 RentAMH	TSRS +2.10 points	3.03%	0.93%
Camden Property TrustCPT	TSRS +1.97 points	2.81%	0.84%
Invitation Homes IncINVH	TSRS +1.88 points	3.26%	1.38%
InvenTrust Properties CorpIVT	TSRS +1.49 points	1.69%	0.20%
Farmland Partners IncFPI	TSRS +1.38 points	1.41%	0.03%
Curbline Properties CorpCURB	TSRS +1.16 points	1.43%	0.27%
Equity LifeStyle Properties IncELS	TSRS +1.09 points	2.13%	1.04%
EastGroup Properties IncEGP	TSRS +0.87 points	1.76%	0.89%
FrontView REIT IncFVR	TSRS +0.84 points	0.87%	0.03%
American Healthcare REIT IncAHR	TSRS +0.66 points	1.61%	0.95%

All 27 TSRS 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.

TSRS vs USRT Cost

Overpaying TSRS vs USRT

$11,028

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

TSRS 0.65%
$12,717
USRT 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

TSRS 0.65%
USRT 0.08%
Overpaying

Year by year

Year	TSRS	USRT	Overpaying
10	$1,163	$147	$1,016
20	$4,440	$575	$3,865
30	$12,717	$1,689	$11,028

Expense ratio

0.65%TSRS
0.08%USRT, cheaper

USRT0.08%TSRS0.65%

0.07%0.65%

Middle half of US Real Estate funds
Median 0.35%

USRT 2nd cheapest of 21 funds

TSRS 21st cheapest of 21 funds

TSRS vs USRT Dividends

Last 12 months to Nov 9, 2026

Yield (12M): TSRS No data; USRT 2.65%
Payout (12M): TSRS No data; USRT $1.75
Last payment: TSRS $0.02; USRT $0.47
Ex-dividend: TSRS Oct 28, 2026; USRT Sep 15, 2026
Paid on: TSRS Oct 29, 2026; USRT Sep 18, 2026
Frequency: TSRS Monthly; USRT Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

TSRSMonthly · 10 paymentsAll TSRS payments⁠

USRTQuarterly · 15 paymentsAll USRT payments⁠

TSRS vs USRT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: TSRS No dataUSRT 16.1%
Return per unit of riskSharpe ratio, 3 years: TSRS No dataUSRT 0.70
Worst fallMax drawdown, 5 years: TSRS No dataUSRT −31.0%
Market sensitivityBeta, 5 years: TSRS 0.53USRT 0.96; Market = 1

TSRS 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

TSRSFvsSCHHA
Truth Social American Red State REITs ETF · Schwab U.S. REIT ETF
Expense ratio
0.65% · 0.07%
Category
USRTAvsVNQA
iShares Core U.S. REIT ETF · Vanguard Real Estate ETF
Expense ratio
0.08% · 0.13%
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TSRSFvsFRELA
Truth Social American Red State REITs ETF · Fidelity MSCI Real Estate Index ETF
Expense ratio
0.65% · 0.08%
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USRTAvsSCHHA
iShares Core U.S. REIT ETF · Schwab U.S. REIT ETF
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0.08% · 0.07%
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TSRSFvsXLREA
Truth Social American Red State REITs ETF · State Street Real Estate Select Sector SPDR ETF
Expense ratio
0.65% · 0.08%
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USRTAvsFRELA
iShares Core U.S. REIT ETF · Fidelity MSCI Real Estate Index ETF
Expense ratio
0.08% · 0.08%
Category

TSRS vs USRT

In short

Stated mandate

Why people hold it