按二月初ETF.com資料彙整全球前36大REITs ETF如下:
一、按市值排名(如下表一所示)，全球前三大REITs ETF分別為Vanguard發行的VNQ(追蹤MSCI US REIT
Index)資產規模為268億美元、BlackRock 發行的IYR(追蹤Dow Jones U.S. Real Estate Index) 資產規模為44億美元，及SSgA 發行的RWX(追蹤Dow Jones Global
ex-U.S. Select Real Estate Securities Index) 資產規模為42億美元。
二、主要追蹤標的區域(表二)，以北美(現有21檔)、全球未含美國(5檔) 、全球(4檔)為前三大，其次為已開發國家(3檔)及亞太地區(2檔)。
三、主要的發行商(表三)，分別為BlackRock(現發行9檔)、SSgA(現發行3檔)及Vanguard(2檔)。
四、主要追蹤標的指數(表四)，分別為MSCI US REIT Index(現有4檔)、Dow Jones U.S. Real Estate Index(4檔)、Dow Jones Global ex-U.S. Select Real Estate Securities Index(2檔)及Dow Jones U.S.
Select REIT Index(2檔)。
五、全球前36大REITs ETF的平均費用率為0.56%，其中以具有槓桿/反向型的REITs ETF費用率最高(平均為0.93%)，如UBS發行的RWXL(追蹤Dow Jones Global
ex-U.S. Select Real Estate Securities Index)1.00%、Direxion發行的DRV及DRN(追蹤MSCI US REIT Index)分別為0.99%及0.98%；而非槓桿/反向的REITs ETF平均費用率為0.45%。
六、REITs ETF亦有槓桿/反向產品掛牌交易。槓桿型REITs ETF以ProShares發行的URE(追蹤Dow Jones U.S.
Real Estate Index)規模202.3百萬美元最大，其次為UBS發行的MORL(追蹤Market Vectors Global Mortgage REITs Index)規模201.6美元次之，Direxion發行的DRN(追蹤MSCI US REIT
Index)規模84百萬美元位居第三；反向REITs ETF則以ProShares的SRS(追蹤Dow Jones U.S. Real Estate Index)規模28.6百萬美元及REK(追蹤Dow Jones U.S. Real Estate Index)規模28.6百萬美元分居一、二位，其次為UBS發行的LRET(追蹤MSCI US REIT
Index)規模23百萬美元(如表五)。
綜上所述，產品規格及流動性可參考VNQ，產品發行經驗則可師法BlackRock，標的指數建議可從MSCI US REIT Index及Dow Jones U.S. Real Estate Index開始研究起。
表一. 全球前十大REITs ETF列表
|
Ranking
by AUM
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread
%
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
MSCI US REIT Index
|
Vanguard
|
0.12%
|
$26.78B
|
0.01%
|
North America
|
Market Cap
|
4.14%
|
|||
|
2
|
Dow Jones U.S. Real Estate Index
|
BlackRock
|
0.45%
|
$4.39B
|
0.01%
|
North America
|
Market Cap
|
4.18%
|
|||
|
3
|
Dow Jones Global ex-U.S. Select Real Estate
Securities Index
|
SSgA
|
0.59%
|
$4.19B
|
0.07%
|
Global Ex-U.S.
|
Market Cap
|
3.12%
|
|||
|
4
|
Cohen
& Steers Realty Majors Index
|
BlackRock
|
0.35%
|
$3.45B
|
0.05%
|
North
America
|
Committee
|
3.48%
|
|||
|
5
|
Dow
Jones U.S. Select REIT Index
|
SSgA
|
0.25%
|
$3.14B
|
0.05%
|
North
America
|
Market
Cap
|
3.37%
|
|||
|
6
|
S&P
Global ex-U.S. Property Index
|
Vanguard
|
0.24%
|
$2.81B
|
0.13%
|
Global
Ex-U.S.
|
Market
Cap
|
3.10%
|
|||
|
7
|
Dow
Jones Global Select Real Estate Securities Index
|
SSgA
|
0.50%
|
$1.93B
|
0.14%
|
Global
|
Market
Cap
|
3.16%
|
|||
|
8
|
Dow
Jones U.S. Select REIT Index
|
Charles
Schwab
|
0.07%
|
$1.79B
|
0.05%
|
North
America
|
Market
Cap
|
2.63%
|
|||
|
9
|
FTSE
NAREIT All Mortgage Capped
|
BlackRock
|
0.48%
|
$728.25M
|
0.10%
|
North
America
|
Market
Cap
|
13.08%
|
|||
|
10
|
FTSE
EPRA/NAREIT Developed Real Estate ex-U.S. Index
|
BlackRock
|
0.48%
|
$559.87M
|
0.17%
|
Developed
Markets
|
Market
Cap
|
3.98%
|
表二.By標的區域列表
1.
North America
|
Ranking
by Territory-North America
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread %
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
MSCI
US REIT Index
|
Vanguard
|
0.12%
|
$26.78B
|
0.01%
|
North
America
|
Market
Cap
|
4.14%
|
|||
|
2
|
Dow
Jones U.S. Real Estate Index
|
BlackRock
|
0.45%
|
$4.39B
|
0.01%
|
North
America
|
Market
Cap
|
4.18%
|
|||
|
3
|
Cohen
& Steers Realty Majors Index
|
BlackRock
|
0.35%
|
$3.45B
|
0.05%
|
North
America
|
Committee
|
3.48%
|
|||
|
4
|
Dow
Jones U.S. Select REIT Index
|
SSgA
|
0.25%
|
$3.14B
|
0.05%
|
North
America
|
Market
Cap
|
3.37%
|
|||
|
5
|
Dow
Jones U.S. Select REIT Index
|
Charles
Schwab
|
0.07%
|
$1.79B
|
0.05%
|
North
America
|
Market
Cap
|
2.63%
|
|||
|
6
|
FTSE
NAREIT All Mortgage Capped
|
BlackRock
|
0.48%
|
$728.25M
|
0.10%
|
North
America
|
Market
Cap
|
13.08%
|
|||
|
7
|
FTSE
NAREIT All Residential Capped Index
|
BlackRock
|
0.48%
|
$377.77M
|
0.07%
|
North
America
|
Market
Cap
|
3.35%
|
|||
|
8
|
S&P
United States REIT Index
|
First
Trust
|
0.50%
|
$218.92M
|
0.08%
|
North
America
|
Market
Cap
|
2.82%
|
|||
|
9
|
Dow
Jones U.S. Real Estate Index
|
ProShares
|
0.95%
|
$202.27M
|
0.07%
|
Leveraged
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
0.92%
|
||
|
10
|
Market
Vectors Global Mortgage REITs Index
|
UBS
|
0.80%
|
$201.64M
|
0.30%
|
Leveraged
Equity: U.S. Mortgages
|
North
America
|
Market
Cap
|
21.56%
|
||
|
11
|
KBW
Nasdaq Premium Yield Equity REIT Index
|
Invesco
PowerShares
|
0.35%
|
$100.04M
|
0.27%
|
North
America
|
Multi-Factor
|
6.27%
|
|||
|
12
|
Market
Vectors Global Mortgage REITs Index
|
Van
Eck
|
0.41%
|
$88.57M
|
0.24%
|
North
America
|
Market
Cap
|
10.91%
|
|||
|
13
|
MSCI
US REIT Index
|
Direxion
|
0.98%
|
$84.12M
|
0.12%
|
Leveraged
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
||
|
14
|
IQ
US Real Estate Small Cap Index
|
IndexIQ
|
0.69%
|
$74.30M
|
0.17%
|
North
America
|
Market
Cap
|
6.26%
|
|||
|
15
|
FTSE
NAREIT Real Estate 50 Index
|
BlackRock
|
0.48%
|
$73.80M
|
0.21%
|
North
America
|
Market
Cap
|
3.82%
|
|||
|
16
|
No
Underlying Index
|
Invesco
PowerShares
|
0.80%
|
$51.59M
|
0.39%
|
North
America
|
Proprietary
|
3.43%
|
|||
|
17
|
Dow
Jones U.S. Real Estate Index
|
ProShares
|
0.95%
|
$29.55M
|
0.07%
|
Inverse
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
||
|
18
|
Dow
Jones U.S. Real Estate Index
|
ProShares
|
0.95%
|
$28.56M
|
0.07%
|
Inverse
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
||
|
19
|
MSCI
US REIT Index
|
UBS
|
0.85%
|
$23.04M
|
0.87%
|
Leveraged
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
||
|
20
|
Wilshire
US Real Estate Investment Trust Index
|
Guggenheim
|
0.32%
|
$17.37M
|
0.35%
|
North
America
|
Market
Cap
|
3.56%
|
|||
|
21
|
MSCI
US REIT Index
|
Direxion
|
0.99%
|
$11.16M
|
0.18%
|
Inverse
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
2.
Global ex US
|
Ranking
by Territory-Global ex US
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread %
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
Dow
Jones Global ex-U.S. Select Real Estate Securities Index
|
SSgA
|
0.59%
|
$4.19B
|
0.07%
|
Global
Ex-U.S.
|
Market
Cap
|
3.12%
|
|||
|
2
|
S&P
Global ex-U.S. Property Index
|
Vanguard
|
0.24%
|
$2.81B
|
0.13%
|
Global
Ex-U.S.
|
Market
Cap
|
3.10%
|
|||
|
3
|
WisdomTree
Global ex-US Real Estate Index
|
WisdomTree
|
0.58%
|
$84.35M
|
0.35%
|
Global
Ex-U.S.
|
Dividends
|
5.03%
|
|||
|
4
|
Dow
Jones Global ex-U.S. Select Real Estate Securities Index
|
UBS
|
1.00%
|
$10.19M
|
2.86%
|
Leveraged
Equity: Global Ex-U.S. Real Estate
|
Global
Ex-U.S.
|
Market
Cap
|
5.44%
|
||
|
5
|
|
Deutsche
Bank
|
0.48%
|
$6.49M
|
0.14%
|
Global
Ex-U.S.
|
|
--
|
3.
Global
|
Ranking
by Territory-Global
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread %
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
Dow
Jones Global Select Real Estate Securities Index
|
SSgA
|
0.50%
|
$1.93B
|
0.14%
|
Global
|
Market
Cap
|
3.16%
|
|||
|
2
|
Northern
Trust Global Quality Real Estate Index
|
Northern
Trust
|
0.45%
|
$151.99M
|
0.10%
|
Global
|
Multi-Factor
|
2.47%
|
|||
|
3
|
FTSE
EPRA/NAREIT Global REIT Index
|
BlackRock
|
0.14%
|
$94.25M
|
0.15%
|
Global
|
Market
Cap
|
3.76%
|
|||
|
4
|
Cohen
& Steers Global Realty Majors Index
|
ALPS
|
0.55%
|
$90.02M
|
0.68%
|
Global
|
Committee
|
3.67%
|
4.
DM
|
Ranking
by Territory-DM
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread %
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
FTSE
EPRA/NAREIT Developed Real Estate ex-U.S. Index
|
BlackRock
|
0.48%
|
$559.87M
|
0.17%
|
Developed
Markets
|
Market
Cap
|
3.98%
|
|||
|
2
|
S&P
Developed ex US Property Index
|
BlackRock
|
0.48%
|
$130.56M
|
0.35%
|
Developed
Markets
|
Market
Cap
|
3.44%
|
|||
|
3
|
FTSE
EPRA/NAREIT Developed Index
|
First
Trust
|
0.60%
|
$92.02M
|
0.44%
|
Equity:
Developed Markets Real Estate
|
Developed
Markets
|
Market
Cap
|
1.86%
|
5. Asia
Pacific
|
Ranking
by Territory-Asia Pacific
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread %
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
WisdomTree
Japan Hedged Real Estate Index
|
WisdomTree
|
0.48%
|
$77.50M
|
0.14%
|
Equity:
Japan Real Estate
|
Asia-Pacific
|
Market
Cap
|
5.91%
|
||
|
2
|
AlphaShares
China Real Estate Index
|
Guggenheim
|
0.71%
|
$13.49M
|
0.74%
|
Equity:
China Real Estate
|
Asia-Pacific
|
Market
Cap
|
5.78%
|
表三. 前三大發行商列表
1.
BlackRock
|
Ranking
by Issuer
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread %
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
Dow Jones U.S. Real Estate Index
|
BlackRock
|
0.45%
|
$4.39B
|
0.01%
|
North America
|
Market Cap
|
4.18%
|
|||
|
2
|
Cohen
& Steers Realty Majors Index
|
BlackRock
|
0.35%
|
$3.45B
|
0.05%
|
North
America
|
Committee
|
3.48%
|
|||
|
3
|
FTSE
NAREIT All Mortgage Capped
|
BlackRock
|
0.48%
|
$728.25M
|
0.10%
|
North
America
|
Market
Cap
|
13.08%
|
|||
|
4
|
FTSE
EPRA/NAREIT Developed Real Estate ex-U.S. Index
|
BlackRock
|
0.48%
|
$559.87M
|
0.17%
|
Developed
Markets
|
Market
Cap
|
3.98%
|
|||
|
5
|
FTSE
NAREIT All Residential Capped Index
|
BlackRock
|
0.48%
|
$377.77M
|
0.07%
|
North
America
|
Market
Cap
|
3.35%
|
|||
|
6
|
S&P
Developed ex US Property Index
|
BlackRock
|
0.48%
|
$130.56M
|
0.35%
|
Developed
Markets
|
Market
Cap
|
3.44%
|
|||
|
7
|
FTSE
EPRA/NAREIT Global REIT Index
|
BlackRock
|
0.14%
|
$94.25M
|
0.15%
|
Global
|
Market
Cap
|
3.76%
|
|||
|
8
|
FTSE
NAREIT Real Estate 50 Index
|
BlackRock
|
0.48%
|
$73.80M
|
0.21%
|
North
America
|
Market
Cap
|
3.82%
|
|||
|
9
|
FTSE
EPRA/NAREIT Developed Europe Index
|
BlackRock
|
0.48%
|
$64.07M
|
0.90%
|
Equity:
Developed Europe Real Estate
|
Europe
|
Market
Cap
|
3.73%
|
2.
SSgA
|
Ranking
by Issuer
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread %
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
Dow Jones Global ex-U.S. Select Real
Estate Securities Index
|
SSgA
|
0.59%
|
$4.19B
|
0.07%
|
Global Ex-U.S.
|
Market Cap
|
3.12%
|
|||
|
2
|
Dow
Jones U.S. Select REIT Index
|
SSgA
|
0.25%
|
$3.14B
|
0.05%
|
North
America
|
Market
Cap
|
3.37%
|
|||
|
3
|
Dow
Jones Global Select Real Estate Securities Index
|
SSgA
|
0.50%
|
$1.93B
|
0.14%
|
Global
|
Market
Cap
|
3.16%
|
3. Vanguard
|
Ranking
by Issuer
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread %
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
MSCI US REIT Index
|
Vanguard
|
0.12%
|
$26.78B
|
0.01%
|
North America
|
Market Cap
|
4.14%
|
|||
|
2
|
S&P
Global ex-U.S. Property Index
|
Vanguard
|
0.24%
|
$2.81B
|
0.13%
|
Global
Ex-U.S.
|
Market
Cap
|
3.10%
|
表四.主要追蹤標的指數列表
1.
MSCI US REIT Index
|
Ranking
by Index
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread %
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
MSCI US REIT Index
|
Vanguard
|
0.12%
|
$26.78B
|
0.01%
|
North America
|
Market Cap
|
4.14%
|
|||
|
2
|
MSCI
US REIT Index
|
Direxion
|
0.98%
|
$84.12M
|
0.12%
|
Leveraged
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
||
|
3
|
MSCI
US REIT Index
|
UBS
|
0.85%
|
$23.04M
|
0.87%
|
Leveraged
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
||
|
4
|
MSCI
US REIT Index
|
Direxion
|
0.99%
|
$11.16M
|
0.18%
|
Inverse
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
2.
Dow Jones U.S. Real Estate
Index
|
Ranking
by Index
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread %
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
Dow Jones U.S. Real Estate Index
|
BlackRock
|
0.45%
|
$4.39B
|
0.01%
|
North America
|
Market Cap
|
4.18%
|
|||
|
2
|
Dow
Jones U.S. Real Estate Index
|
ProShares
|
0.95%
|
$202.27M
|
0.07%
|
Leveraged
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
0.92%
|
||
|
3
|
Dow
Jones U.S. Real Estate Index
|
ProShares
|
0.95%
|
$29.55M
|
0.07%
|
Inverse
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
||
|
4
|
Dow
Jones U.S. Real Estate Index
|
ProShares
|
0.95%
|
$28.56M
|
0.07%
|
Inverse
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
3.
Dow Jones Global ex-U.S.
Select Real Estate Securities Index
|
Ranking
by Index
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread %
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
Dow Jones Global ex-U.S. Select Real Estate
Securities Index
|
SSgA
|
0.59%
|
$4.19B
|
0.07%
|
Global Ex-U.S.
|
Market Cap
|
3.12%
|
|||
|
2
|
Dow
Jones Global ex-U.S. Select Real Estate Securities Index
|
UBS
|
1.00%
|
$10.19M
|
2.86%
|
Leveraged
Equity: Global Ex-U.S. Real Estate
|
Global
Ex-U.S.
|
Market
Cap
|
5.44%
|
4.
Dow Jones U.S. Select
REIT Index
|
Ranking
by Index
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread %
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
Dow
Jones U.S. Select REIT Index
|
SSgA
|
0.25%
|
$3.14B
|
0.05%
|
North
America
|
Market
Cap
|
3.37%
|
|||
|
2
|
Dow
Jones U.S. Select REIT Index
|
Charles
Schwab
|
0.07%
|
$1.79B
|
0.05%
|
North
America
|
Market
Cap
|
2.63%
|
表五.槓桿反向型REITs ETF
|
Ranking
by L/I AUM
|
Ticker
|
Fund
Name
|
Index
Tracked
|
Issuer
|
Expense
Ratio
|
AUM
|
Spread %
|
Segment
|
Focus
|
Index
Weight Methodology
|
Distribution
Yield
|
|
1
|
Dow
Jones U.S. Real Estate Index
|
ProShares
|
0.95%
|
$202.27M
|
0.07%
|
Leveraged
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
0.92%
|
||
|
2
|
Market
Vectors Global Mortgage REITs Index
|
UBS
|
0.80%
|
$201.64M
|
0.30%
|
Leveraged
Equity: U.S. Mortgages
|
North
America
|
Market
Cap
|
21.56%
|
||
|
3
|
MSCI
US REIT Index
|
Direxion
|
0.98%
|
$84.12M
|
0.12%
|
Leveraged
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
||
|
4
|
Dow
Jones U.S. Real Estate Index
|
ProShares
|
0.95%
|
$29.55M
|
0.07%
|
Inverse
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
||
|
5
|
Dow
Jones U.S. Real Estate Index
|
ProShares
|
0.95%
|
$28.56M
|
0.07%
|
Inverse
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
||
|
6
|
MSCI
US REIT Index
|
UBS
|
0.85%
|
$23.04M
|
0.87%
|
Leveraged
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
||
|
7
|
MSCI
US REIT Index
|
Direxion
|
0.99%
|
$11.16M
|
0.18%
|
Inverse
Equity: U.S. Real Estate
|
North
America
|
Market
Cap
|
--
|
||
|
8
|
Dow
Jones Global ex-U.S. Select Real Estate Securities Index
|
UBS
|
1.00%
|
$10.19M
|
2.86%
|
Leveraged
Equity: Global Ex-U.S. Real Estate
|
Global
Ex-U.S.
|
Market
Cap
|
5.44%
|
