IYR Fund Description

The iShares Dow Jones U.S. Real Estate ETF tracks a market-cap-weighted index of US real estate equities listed on the major US exchanges.

IYR ETF.com Insight

IYR was among the first US real estate ETFs, and its early launch into the space is evident in its AUM: IYR currently hosts over $4B in assets. In turn, its large asset base has facilitatedIYR offers very deep liquidity and top-to-bottom access to real estate IYR's abundant liquidity: IYR is among the most traded real estate ETFs. The fund's largest drawback is that, at 0.46% annually, it's a bit pricey. Moreover, it doesn't provide any particular investment edge for the extra holding cost—it tracks a typical broad-based real estate index. Still, there's nothing wrong with that, and IYR's index does indeed capture much of the real estate space, but several ETFs tracking comparable indexes are less expensive. Overall, IYR offers deep liquidity and top-to-bottom access to the broader real estate market, but given its expense ratio, it may be coasting on its early-adopter advantage rather than competing to be the best in today's market. (Insight updated 04/22/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 07/30/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

IYR (Mkt)
1.35% 5.24% 17.65% 11.99% 10.56% 19.72% 8.2%

IYR (NAV)

1.27% 5.18% 17.61% 11.92% 10.59% 19.70% 8.2%

Dow Jones U.S. Real Estate Index

1.31% 5.33% 17.94% 12.39% 11.20% 20.32% 8.6%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

IYR Top 10 Countries

IYR Top 10 Sectors

IYR Top 10 Holdings View All

IYR Summary Data

BlackRock

A company that produces and manages ETFs.

06/12/00

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.46%

The net total annual fee a fund holder pays to the issuer.

$5.33 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$612.74 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.01%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

IYR Portfolio Data

$16.12 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

48.65

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.34

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

3.53%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

09/24/14

The date on which a security's price excludes an upcoming dividend.

101

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

IYR Index Data

Dow Jones U.S.
Real Estate Index

This is the benchmark an ETF is desigend to track or replicate.

Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

Thomson Reuters US
Residential & Commercial REITs

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to IYR

VNQ, RWR, ICF, SCHH, FRI

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

IYR ETF.com Efficiency Insight

The only blight on IYR is its high holding cost: iShares charges 0.46% annually, expensive for a US REIT ETF. Its median tracking difference is higher still: Typical annual costs have been closer to 70 bps. Otherwise the fund does well in our analysis. The fund significantly lags its index as noted above, but avoids excessive variation. The fund has huge AUM and well over a decade of history— a stalwart of the space. (Insight updated 04/22/2014)


Total Return
  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 07/30/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

IYR (Mkt)
1.35% 5.24% 17.65% 11.99% 10.56% 19.72% 8.2%

IYR (NAV)
1.27% 5.18% 17.61% 11.92% 10.59% 19.70% 8.2%

Dow Jones U.S. Real Estate Index
1.31% 5.33% 17.94% 12.39% 11.20% 20.32% 8.6%

Thomson Reuters US Residential & Commercial REITs
1.41% 5.69% 18.96% 13.33% 10.42% 23.72% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

IYR Portfolio Management

0.46%

The net annual fee a fund holder pays to the issuer.

-0.73%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.44%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.84%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

IYR Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Ordinary income

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

IYR Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

70% / 30%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

N/A

The multiple of the underlying index which the fund aims to deliver. For funds that reset, the leverage factor holds true only for the reset period, often just 1 day.

N/A

The time period at which the fund “trues up” its leverage factor. For funds that reset, the reset period–often just 1 day–is the length of time over which the fund delivers its leverage factor.

IYR ETF.com Tradability Insight

IYR is about as liquid as ETFs get. Its median daily dollar volume is about $700M and bid/ask spreads are consistently about 2 bps. Liquid US holdings and the phenomenal on-screen liquidity make it easy for APs to hedge their position, which means premiums and discounts to NAV are nearly nonexistent. In all, IYR is easy and cheap to trade for investors of all stripes. (Insight updated 04/22/2014)

Average Spread

Premium/Discount

Volume

IYR ETF.com/ Block LiquidityAs of 07/31/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of IYR. IYR is rated a 5 out of 5.

IYR Tradability

8,508,573

The average number of shares traded during a 60 day period.

$612.74 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

7,629,536

Median number of shares traded over the past 45 trading days.

$549.1 M

Median dollar value of shares traded over the past 45 trading days.

0.01%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

$0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 60 days, in dollars.

-0.01%

The middle value in the ranked set of all premium/discount values over a 12-month period.

0.17% / -0.17%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

152.59

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.01%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.11%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

980,682

The total number of net outstanding options contracts for an ETF.

$72.75

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

IYR ETF.com Fit Insight

IYR provides excellent access to US real estate, holding roughly 100 companies and covering all the biggest names. The fund dabbles into industries outside of our benchmark such as forest & wood products (Weyerhaeuser Company) and real estate operations & development firms. Still, its overall portfolio characteristics and performance align well with our benchmark. In all, IYR’s coverage of US real estate is tough to beat in an ETF wrapper. (Insight updated 04/22/2014)

IYR Geographic Exposure

IYR Segment Benchmark
100.00% 100.00%

IYR Segment Benchmark
100.00% 100.00%
100.00% / 0% 100.00% / 0%

IYR Performance Statistics

0.99

The degree to which the fund and its segment benchmark move up and down in unison.

0.98

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

0.99

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.98

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.05%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Thomson Reuters US
Residential & Commercial REITs

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

IYR Benchmark Comparison

IYR
101 Holdings
Segment Benchmark
116 Constituents
Shared Holdings
81 (Count)
 
83.31% (Weight)
IYRSegment Benchmark
$16.25 B$16.12 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

48%48%
39%45%
13%7%
0%0%
51.7148.65

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.212.34

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

4.09%3.64%

The weighted average of the current yield on the portfolio’s holdings.

116101

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

MediumMedium

The level of return contribution attributable to the average portfolio constituent.