{"id":9585,"date":"2021-11-13T08:02:51","date_gmt":"2021-11-13T07:02:51","guid":{"rendered":"https:\/\/schweizerfinanzblog.ch\/real-estate-etfs-the-easiest-way-to-invest-in-concrete-gold\/"},"modified":"2021-11-13T00:00:00","modified_gmt":"2021-11-12T23:00:00","slug":"real-estate-etfs-the-easiest-way-to-invest-in-concrete-gold","status":"publish","type":"post","link":"https:\/\/schweizerfinanzblog.ch\/en\/real-estate-etfs-the-easiest-way-to-invest-in-concrete-gold\/","title":{"rendered":"Real Estate ETFs: The Easiest Way to Invest in Bricks and Mortar"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Real estate has always been a popular alternative asset class among Swiss investors. Right now, though, the media focus is mainly on ever-rising property prices and the dream of owning a home that this has (all but) shattered for the Swiss middle class.  <\/strong><\/p>\n\n<p class=\"wp-block-paragraph\"><strong>What&#8217;s less well known is that real estate investments don&#8217;t necessarily require a lot of capital <\/strong><strong>or have to mean concentration risk. That&#8217;s why this article is all about real estate ETFs. We&#8217;ll show you why real estate ETFs can be an interesting investment for you, which products have established themselves on the <\/strong><strong>Swiss <\/strong><strong>market, what the high dividends are all about and what you should look out for before buying.  <\/strong><\/p>\n\n<link rel=\"stylesheet\" href=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/themes\/schweizerfinanzblog\/components\/post-info-component\/post-info-component.css?v=3\">\n<div class=\"post-info-component sfb-post-info-autoren\">\n\t\t<span class=\"sfb-post-info-bilder\">\n\t\t<img decoding=\"async\" class=\"sfb-autor-bild\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/07\/stefan_bw_round-autor-240.webp\" alt=\"Stefan Huser\" width=\"40\" height=\"40\" loading=\"lazy\"><img decoding=\"async\" class=\"sfb-autor-bild\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2026\/07\/toni_bw_round-1-autor-240.webp\" alt=\"Antun Brcina\" width=\"40\" height=\"40\" loading=\"lazy\">\t<\/span>\n\t\t<div class=\"sfb-post-info-text\">\n\t\t<div class=\"von-and-comments sfb-post-info-namen\">\n\t\tBy <a href=\"https:\/\/schweizerfinanzblog.ch\/en\/author\/stefan-huser\/\">Stefan Huser<\/a> and <a href=\"https:\/\/schweizerfinanzblog.ch\/en\/author\/antun-brcina\/\">Antun Brcina<\/a>\t<\/div>\n\t\t\t<div class=\"post-dates\">Published on <time class=\"entry-date published\" datetime=\"2021-11-13T08:02:51+01:00\">13.11.2021<\/time><\/div>\t\t<\/div>\n\t\t<a class=\"sfb-post-info-kommentare\" href=\"#comments\">10 Comments<\/a>\n\t<\/div>\n\n<div id=\"toc_container\" class=\"no_bullets\"><p class=\"toc_title\">Contents<\/p><ul class=\"toc_list\"><li><a href=\"#How_can_I_invest_in_real_estate_in_the_first_place\">How can I invest in real estate in the first place?<\/a><ul><li><a href=\"#Direct_real_estate_investment_as_a_buy-to-let_property\">Direct real estate investment (as a buy-to-let property)<\/a><\/li><li><a href=\"#Indirect_real_estate_investment\">Indirect real estate investment<\/a><\/li><\/ul><\/li><li><a href=\"#What_are_real_estate_ETFs\">What are real estate ETFs?<\/a><\/li><li><a href=\"#What_are_REITs\">What are REITs?<\/a><\/li><li><a href=\"#Who_are_real_estate_ETFs_suitable_for\">Who are real estate ETFs suitable for?<\/a><\/li><li><a href=\"#Which_real_estate_ETFs_are_available_on_the_Swiss_market\">Which real estate ETFs are available on the Swiss market?<\/a><\/li><li><a href=\"#Cross-regional_real_estate_ETFs_compared\">Cross-regional real estate ETFs compared<\/a><ul><li><a href=\"#Market_overview_Switzerland\">Market overview Switzerland<\/a><\/li><li><a href=\"#iShares_raises_the_most_money_with_the_most_expensive_product\">iShares raises the most money with the most expensive product<\/a><\/li><li><a href=\"#Differences_in_performance_and_costs\">Differences in performance and costs<\/a><\/li><li><a href=\"#Credit_Suisse_back_in_the_ETF_business_after_a_change_of_strategy\">Credit Suisse back in the ETF business after a change of strategy<\/a><\/li><li><a href=\"#Strong_US_dominance\">Strong US dominance<\/a><\/li><li><a href=\"#Conclusion\">Conclusion<\/a><\/li><\/ul><\/li><li><a href=\"#Profile_of_the_8220FTSE_EPRANAREIT_Developed_Index8221\">Profile of the &#8220;FTSE EPRA\/NAREIT Developed Index&#8221;<\/a><ul><li><a href=\"#Top_10_companies\">Top 10 companies<\/a><\/li><li><a href=\"#Country_breakdown_strong_US_dominance\">Country breakdown: strong US dominance<\/a><\/li><li><a href=\"#Real_estate_sectors_focus_on_REITs_and_commercial_use\">Real estate sectors: focus on REITs and commercial use<\/a><\/li><\/ul><\/li><li><a href=\"#High_dividend_income_possible_with_real_estate_ETFs\">High dividend income possible with real estate ETFs<\/a><\/li><li><a href=\"#Don8217t_underestimate_the_risks_of_real_estate_ETFs\">Don&#8217;t underestimate the risks of real estate ETFs<\/a><\/li><li><a href=\"#Better_riskreturn_ratio_thanks_to_low_correlation_with_the_overall_market\">Better risk\/return ratio thanks to low correlation with the overall market<\/a><\/li><li><a href=\"#Final_conclusion\">Final conclusion<\/a><\/li><li><a href=\"#You_might_also_be_interested_in\">You might also be interested in<\/a><\/li><li><a href=\"#Disclaimer\">Disclaimer<\/a><\/li><\/ul><\/div>\n<h2 class=\"wp-block-heading\"><span id=\"How_can_I_invest_in_real_estate_in_the_first_place\">How can I invest in real estate in the first place?<\/span><\/h2>\n\n<p class=\"wp-block-paragraph\">First, you need to distinguish between <strong>direct <\/strong>and<strong> indirect real estate investments<\/strong>. We don&#8217;t see an owner-occupied home as a real estate investment; to us it&#8217;s more of a lifestyle decision. Unlike a buy-to-let property, your own home neither generates cash flow nor is its value growth the main focus.<\/p>\n\n<h3 class=\"wp-block-heading\"><span id=\"Direct_real_estate_investment_as_a_buy-to-let_property\">Direct real estate investment (as a buy-to-let property)<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">With a direct real estate investment, you invest directly in one or more specific properties. This &#8220;bricks and mortar&#8221; \u2013 as real estate investments are often glorified \u2013 is usually financed with a combination of equity and a mortgage. Financing can also be done via crowdfunding, which splits ownership among several investors. Examples of direct real estate investments include:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Apartment buildings<\/li>\n\n\n\n<li>Condominiums<\/li>\n\n\n\n<li>Single-family homes<\/li>\n\n\n\n<li>Commercial properties<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">Such a direct investment often comes with the following <strong>aspects<\/strong>:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Strong identification with the property or properties<\/li>\n\n\n\n<li>Direct interaction with tenants and tradespeople<\/li>\n\n\n\n<li>High administrative effort (official formalities such as land register entries, property-specific tax returns, coordinating tenant management and property maintenance)<\/li>\n\n\n\n<li>High capital outlay<\/li>\n\n\n\n<li>Usually a leverage effect thanks to a high share of borrowed capital at currently low interest rates<\/li>\n\n\n\n<li>As (co-)owner, far-reaching decision-making powers and development options (within the legal framework)<\/li>\n\n\n\n<li>Taxes due on gains from a sale (unlike shares)<\/li>\n\n\n\n<li>Not very transparent market and harder to trade (and therefore subjectively less volatile)<\/li>\n\n\n\n<li>Concentration risk<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">As rational investors, we steer clear of direct investments in buy-to-let properties because of the effort involved and the concentration risk. What&#8217;s more, we don&#8217;t consider the sharp rise in property prices in urban centres over recent years to be a law of nature. In the past, there have always been market phases in which individual properties in prime locations (&#8220;location, location, location&#8221;) were subject to sharp fluctuations and suffered heavy losses in value.<\/p>\n\n<h3 class=\"wp-block-heading\"><span id=\"Indirect_real_estate_investment\">Indirect real estate investment<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">With indirect real estate investments, the investor holds a stake in real estate through a separate legal entity (for example a fund). You don&#8217;t become the owner of any properties yourself, but you do participate in their performance.<\/p>\n\n<p class=\"wp-block-paragraph\">The two most important indirect investment options are:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Real estate funds (incl. REITs)<\/li>\n\n\n\n<li>Real estate stocks<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">Indirect real estate investments often come with the <strong>opposite aspects <\/strong>to direct investments:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>No identification with specific properties<\/li>\n\n\n\n<li>No direct interaction with tenants and tradespeople<\/li>\n\n\n\n<li>No or hardly any administrative effort<\/li>\n\n\n\n<li>No large capital outlay required<\/li>\n\n\n\n<li>Usually no leverage effect (unless you take out a securities-backed loan)<\/li>\n\n\n\n<li>No property-specific decision-making powers<\/li>\n\n\n\n<li>No property taxes<\/li>\n\n\n\n<li>Transparent market and easy to trade (and therefore subjectively more volatile)<\/li>\n\n\n\n<li>No concentration risk<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">In our view, indirect real estate investments <strong>only make sense if simple, transparent market access<\/strong> is ensured and a <strong>broadly diversified approach<\/strong> is chosen as well.<\/p>\n\n<p class=\"wp-block-paragraph\">In concrete terms, this means investing in numerous real estate companies from different countries and regions with a single transaction on the stock exchange. And for that, we find the real estate ETF unbeatable as an investment vehicle.<\/p>\n\n<h2 class=\"wp-block-heading\"><span id=\"What_are_real_estate_ETFs\">What are real estate ETFs?<\/span><\/h2>\n\n<p class=\"wp-block-paragraph\">As we&#8217;ve already explained, a real estate ETF is an indirect real estate investment. You invest in an ETF. In our article <a href=\"%20Die%20Revolution%20der%20Geldanlage\" target=\"_blank\" rel=\"noopener\">&#8220;ETFs: the investment revolution&#8221;<\/a>, you&#8217;ll find a detailed description of this brilliant investment vehicle.<\/p>\n\n<p class=\"wp-block-paragraph\">When you buy a real estate ETF, you invest exclusively in <strong>listed companies<\/strong> that belong to the real estate sector. This way, you participate directly in their performance.<\/p>\n\n<p class=\"wp-block-paragraph\">Like a &#8220;normal&#8221;, i.e. cross-sector ETF, a real estate ETF is a <strong>passive investment based on an index<\/strong>.<\/p>\n\n<p class=\"wp-block-paragraph\">The two most important index providers that real estate ETFs and their providers follow are <a href=\"https:\/\/www.ftserussell.com\/\" target=\"_blank\" rel=\"noopener\"><strong>FTSE Russell<\/strong><\/a> and <a href=\"https:\/\/de.wikipedia.org\/wiki\/S%26P_Global\" target=\"_blank\" rel=\"noopener\"><strong>S&amp;P Global<\/strong><\/a>.<\/p>\n\n<p class=\"wp-block-paragraph\">Real estate ETFs are mainly made up of real estate companies that operate on the market as so-called <strong>REITs<\/strong>.<\/p>\n\n<h2 class=\"wp-block-heading\"><span id=\"What_are_REITs\">What are REITs?<\/span><\/h2>\n\n<p class=\"wp-block-paragraph\">REITs (Real Estate Investment Trusts) were launched in the USA back in 1960 and have been very popular with private investors ever since. The aim was \u2013 and still is today \u2013 to give a broad range of investors easy access to real estate investments and thus to <strong>regular retirement income in the form of dividends<\/strong>.<\/p>\n\n<p class=\"wp-block-paragraph\">REIT structures currently exist in around 20 countries \u2013 besides the USA, these include the UK, Japan, Germany and France. In Switzerland, there is no legal basis for REITs.<\/p>\n\n<p class=\"wp-block-paragraph\">REITs enjoy <strong>tax advantages<\/strong>, which is also why they are more strictly regulated than &#8220;normal&#8221; real estate companies. The key features of REITs are:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Obligation to make a <strong>minimum distribution of up to 90%<\/strong> of profits to shareholders<\/li>\n\n\n\n<li>Real estate as the main investment focus<\/li>\n\n\n\n<li>Minimum spread of shareholdings<\/li>\n\n\n\n<li>Additional country-specific requirements, such as excluding property trading and residential properties<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">There are three basic types of REITs:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Equity REITs, which mainly invest in properties with a wide variety of uses<\/li>\n\n\n\n<li>Mortgage REITs, which mainly invest in real estate loans<\/li>\n\n\n\n<li>Hybrid REITs, which invest in both<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\"><span id=\"Who_are_real_estate_ETFs_suitable_for\">Who are real estate ETFs suitable for?<\/span><\/h2>\n\n<p class=\"wp-block-paragraph\">If you count yourself among at least one of the following groups, real estate ETFs are an option worth considering:<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Dividend hunters:<\/strong> Real estate ETFs usually achieve a higher dividend yield than a market-neutral ETF (see <a href=\"https:\/\/schweizerfinanzblog.ch\/en\/real-estate-etfs-the-easiest-way-to-invest-in-concrete-gold\/#Hohe_Dividendenertraege_bei_Immobilien-ETFs_moeglich\">this chapter<\/a>). Besides sector-specific reasons, regulatory requirements for REITs, such as the minimum payout ratio of up to 90% mentioned above, play a key role.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>&#8220;Easy-going&#8221; real estate fans:<\/strong> There&#8217;s no doubt that real estate has something fascinating about it. We encounter it every single day, whether at home and at work or during leisure, sport and culture. And there&#8217;s no getting around real estate in political debate either. Just think of the ever-present debates about rents, the disagreements about what good architecture is, the shadows cast by high-rise buildings\u2026 By investing in real estate ETFs, you participate indirectly in the income generated by properties with all kinds of uses \u2013 without having to deal with difficult tradespeople and\/or tiresome tenants. It doesn&#8217;t get any easier than that!<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Rational investors:<\/strong> As hinted at in the previous point, real estate ETFs eliminate both the interpersonal and the property-specific emotions that naturally come with direct investments in &#8220;bricks and mortar&#8221;. But rational investors don&#8217;t care about that anyway. They simply add real estate stocks to their portfolio because they hope this will give them a better risk\/return ratio (see also <a href=\"https:\/\/schweizerfinanzblog.ch\/en\/real-estate-etfs-the-easiest-way-to-invest-in-concrete-gold\/#Besseres_Rendite-Risiko-Verhaeltnis_dank_geringer_Korrelation_zum_Gesamtmarkt\">this chapter<\/a>).<\/p>\n\n<h2 class=\"wp-block-heading\"><span id=\"Which_real_estate_ETFs_are_available_on_the_Swiss_market\">Which real estate ETFs are available on the Swiss market?<\/span><\/h2>\n\n<p class=\"wp-block-paragraph\">According to <a href=\"https:\/\/justetf.com\/ch\/find-etf.html?assetClass=class-realEstate&amp;groupField=index&amp;ls=XSWX\" target=\"_blank\" rel=\"nofollow noopener\">justetf.ch<\/a>, <strong>19 real estate ETFs<\/strong> were available on the <strong>Swiss stock exchange SIX<\/strong> as of 12 November 2021. Here are the <strong>key facts<\/strong>:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>The vast majority (17) have <strong><a href=\"https:\/\/de.wikipedia.org\/wiki\/OGAW-Richtlinie\" target=\"_blank\" rel=\"noopener\">UCITS<\/a> approval.<\/strong> This means these ETFs are subject to minimum regulatory requirements that better protect investors, such as independent supervision or rules on the mandatory information provided to investors.<\/li>\n\n\n\n<li>The vast majority (15) are <strong>distributing ETFs.<\/strong><\/li>\n\n\n\n<li>Two ETFs, both from UBS, are limited to <strong>Swiss real estate.<\/strong> One invests only in real estate funds, the other also in listed real estate companies. These two products are the most expensive and the only ones without UCITS approval.<\/li>\n\n\n\n<li>Although there are numerous REIT indices, no real estate ETFs that invest exclusively in REITs are available on the Swiss exchange SIX. In most cases, they are a <strong>combination of REITs and listed real estate companies<\/strong> without REIT status (Real Estate Operating Companies \/ REOCs), with REITs accounting for the lion&#8217;s share. We consider this mix a positive, as it diversifies the investment more broadly. Investing in REOCs makes it possible to include or adequately cover markets where REITs are not allowed (e.g. Switzerland) or are only allowed under strict conditions (e.g. Germany, where trading in residential properties is prohibited).<\/li>\n<\/ul>\n\n<h2 class=\"wp-block-heading\"><span id=\"Cross-regional_real_estate_ETFs_compared\">Cross-regional real estate ETFs compared<\/span><\/h2>\n\n<h3 class=\"wp-block-heading\"><span id=\"Market_overview_Switzerland\">Market overview Switzerland<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">Among real estate ETFs, we consider the cross-regional ones to be the most attractive. With just one ETF, you&#8217;re invested globally or at least in the most important industrialised countries.<\/p>\n\n<p class=\"wp-block-paragraph\">In Figure 1, we&#8217;ve compared the five largest cross-regional ETFs (fund assets &gt; CHF 100 million) that can be bought on the <strong>Swiss stock exchange SIX<\/strong>.<\/p>\n<div class=\"wp-block-image wp-image-2873\">\n<figure class=\"alignleft\"><img loading=\"lazy\" decoding=\"async\" width=\"1842\" height=\"628\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2021\/11\/Marktvergleich-Schweiz_Screenshot-2021-11-12-120229-2.gif\" alt=\"Real estate ETFs\" class=\"wp-image-2873\"\/><figcaption class=\"wp-element-caption\">Figure 1: The five largest real estate ETFs with a cross-regional focus.<\/figcaption><\/figure>\n<\/div>\n<p class=\"wp-block-paragraph\">What stands out is that each ETF is based on a different benchmark index. It&#8217;s also unusual that the two global real estate ETFs, which cover both developed and emerging markets, invest in fewer companies than the other three ETFs (no. 3\u20135), which only cover the developed world (industrialised countries).<\/p>\n\n<p class=\"wp-block-paragraph\">These three indices are the parent index &#8220;FTSE EPRA\/NAREIT Developed Index&#8221; (no. 3) and the two more selective sub-indices &#8220;FTSE EPRA\/NAREIT Developed Dividend+ Index&#8221; (no. 4, with a dividend focus) and &#8220;FTSE EPRA\/Developed Green Index&#8221; (no. 5, with a sustainability focus on green building certification and energy use).<\/p>\n\n<h3 class=\"wp-block-heading\"><span id=\"iShares_raises_the_most_money_with_the_most_expensive_product\">iShares raises the most money with the most expensive product<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">In terms of money raised, the iShares product (no. 4), with fund assets of just under CHF 2 billion, is by far the most successful real estate ETF available on the Swiss stock exchange. That&#8217;s actually surprising, given that it&#8217;s the most expensive, with a hefty TER of 0.59%. Perhaps many investors find the underlying index attractive, as it focuses on companies with an expected dividend yield of at least 2%. But the fact that this ETF was launched back in 2006 certainly also plays a role in its high fund volume.<\/p>\n\n<h3 class=\"wp-block-heading\"><span id=\"Differences_in_performance_and_costs\">Differences in performance and costs<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">In terms of performance over the past five years (incl. distributions), the ETF from Dutch niche provider VanEck (no. 2) is the most successful, with a gain of around 33 percent. It&#8217;s closely followed by the HSBC product (no. 3), which is the most broadly diversified, with 376 index constituents.<\/p>\n\n<p class=\"wp-block-paragraph\">On the plus side: the cheapest cross-regional ETFs are available from a TER of just 0.25% (no. 2 + 5).<\/p>\n\n<h3 class=\"wp-block-heading\"><span id=\"Credit_Suisse_back_in_the_ETF_business_after_a_change_of_strategy\">Credit Suisse back in the ETF business after a change of strategy<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.credit-suisse.com\/about-us-news\/de\/articles\/media-releases\/42101-201301.html\" target=\"_blank\" rel=\"nofollow noopener\">CS<\/a>, which sold its ETF business to market leader BlackRock (provider of the iShares products) in 2013, has been offering its own ETFs again since 2020 \u2013 following a <a href=\"https:\/\/www.credit-suisse.com\/about-us-news\/de\/articles\/media-releases\/credit-suisse-asset-management-launching-exchange-traded-funds---202002.html?t=776_0.24408400674444874\" target=\"_blank\" rel=\"nofollow noopener\">change of strategy<\/a>. These include the real estate ETF launched in June 2020 (no. 5). It&#8217;s the only product in our comparison that focuses on sustainability and doesn&#8217;t distribute dividends but reinvests them.<\/p>\n\n<h3 class=\"wp-block-heading\"><span id=\"Strong_US_dominance\">Strong US dominance<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">For all their differences, the five ETFs we looked at have one thing in common: a <strong>strong US dominance<\/strong> (&gt;50%) (see also chap. 7.2). In this respect, they&#8217;re no different from sector-neutral indices such as the MSCI ACWI or MSCI World, which have a similarly high US weighting.<\/p>\n\n<p class=\"wp-block-paragraph\">If that share is too high for you, you can switch to <strong>regional real estate ETFs<\/strong> \u2013 although the <a href=\"https:\/\/justetf.com\/ch\/find-etf.html?assetClass=class-realEstate&amp;groupField=index&amp;ls=XSWX\" target=\"_blank\" rel=\"nofollow noopener\">range available in Switzerland<\/a> \u2013 unlike in the USA \u2013 is very limited, and emerging markets are currently not covered.<\/p>\n\n<p class=\"wp-block-paragraph\">Alternatively, it can be worth looking across the Atlantic. US exchanges offer numerous so-called <strong>&#8220;ex-US&#8221; ETFs<\/strong>. These cover the whole world excluding the USA. Combined with a US ETF, this gives you a global investment with your own individual US weighting. Stefan chose this route in 2016 and, at the time this article was published, is invested in the following two real estate ETFs:<\/p>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/investor.vanguard.com\/etf\/profile\/VNQI\" target=\"_blank\" rel=\"nofollow noopener\">Vanguard Global ex-US Real Estate ETF (VNQI):<\/a> ISIN US9220426764<strong> \/ <\/strong>TER 0.12% \/ exchange Nasdaq (note\/drawback: as this ETF is US-domiciled, reclaiming withholding tax on dividends means extra work on your tax return; the ETF isn&#8217;t offered by DEGIRO)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.ishares.com\/ch\/privatkunden\/de\/produkte\/251803\/ishares-us-property-yield-ucits-etf\" target=\"_blank\" rel=\"nofollow noopener\">iShares US Property Yield UCITS ETF (IUSP):<\/a> ISIN IE00B1FZSF77 \/ TER 0.40% \/ exchanges incl. SIX<\/li>\n<\/ul>\n\n<h3 class=\"wp-block-heading\"><span id=\"Conclusion\">Conclusion<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">All five ETFs examined above are established on the Swiss market and each has its own positive unique selling points. In the end, the choice depends on your individual preferences. To help you decide, you could ask yourself the following questions:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Global (no. 1 + 2) or developed world only (3\u20135)?<\/li>\n\n\n\n<li>Conventional (no. 1\u20134) or sustainable (no. 5)?<\/li>\n\n\n\n<li>Distributing (no. 1\u20134) or accumulating (no. 5)?<\/li>\n\n\n\n<li>Paid or free ETF (see partner offer below)?<\/li>\n<\/ul>\n\n<p class=\"has-text-align-center wp-block-paragraph\"><span style=\"color: #37c392;\"><strong><em>&#8211; P a r t n e r   o f f e r<\/em><\/strong> <strong><em>&#8211;<\/em><\/strong><\/span><\/p>\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>In our experience, one broker that&#8217;s particularly attractive for ETFs in terms of cost is &#8220;DEGIRO&#8221;. <strong>DEGIRO offers all five real estate ETFs listed above.<\/strong> No. 1, 2, 4 and 5 via the Swiss stock exchange SIX. No. 2 and 4 even particularly cheaply (core selection) via the Euronext Amsterdam (EAM) exchange. If you&#8217;re interested, you can sign up with DEGIRO by clicking on the ad below \u2013 you&#8217;ll get a trading credit of <strong>CHF 100<\/strong> while supporting our blog at the same time.<\/em><\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/www.degiro.ch\/?tap_a=55321-c5c085&amp;tap_s=1016265-b529be&amp;utm_source=schweizerfinanzblog&amp;utm_campaign=DEGIRO+Switzerland&amp;utm_medium=a&amp;utm_content=shares_lp\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2024\/07\/DEGIRO_Banner_EN.png\" alt=\"\" class=\"wp-image-6721\"\/><\/a><\/figure>\n<\/div>\n<p class=\"has-text-align-center wp-block-paragraph\"><span style=\"color: #37c392;\"><strong><em>&#8211; &#8211; &#8211; &#8211; &#8211;<\/em><\/strong><\/span><\/p>\n\n<h2 class=\"wp-block-heading\"><span id=\"Profile_of_the_8220FTSE_EPRANAREIT_Developed_Index8221\">Profile of the &#8220;FTSE EPRA\/NAREIT Developed Index&#8221;<\/span><\/h2>\n\n<p class=\"wp-block-paragraph\">In this chapter, we want to take a closer look at the &#8220;FTSE EPRA\/NAREIT Developed Index&#8221;, on which the HSBC ETF presented above is based (see Figure 1, ETF no. 3). The other four indices have similar characteristics and don&#8217;t differ significantly from what follows.<\/p>\n\n<h3 class=\"wp-block-heading\"><span id=\"Top_10_companies\"><strong>Top 10 companies<\/strong><\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">Figure 2 shows the ten largest real estate companies in the index by market capitalisation. Together, they account for just under <strong>24 percent<\/strong>, with the largest position at around 5 percent. In terms of diversification and any concentration risk, we consider these to be acceptable values.<\/p>\n<div class=\"wp-block-image wp-image-2852 size-full\">\n<figure class=\"alignleft\"><img loading=\"lazy\" decoding=\"async\" width=\"1385\" height=\"743\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2021\/11\/Profil_FTSE_ERPA_Nareit_Developed_Top10_Positionen_29.10.2021.gif\" alt=\"Real estate ETFs\" class=\"wp-image-2852\"\/><figcaption class=\"wp-element-caption\">Figure 2: Top 10 with strong US dominance (source: FTSE Russell, 29.10.2021).<\/figcaption><\/figure>\n<\/div>\n<p class=\"wp-block-paragraph\">The sector leader, i.e. the company with the highest weighting in the index at around 5 percent, is <a href=\"https:\/\/www.prologis.com\/what-we-do\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Prologis<\/strong><\/a>, a global owner, operator and developer of logistics real estate. The US company Prologis is a REIT and, despite being the global market leader, is hardly known to the wider public. The following company portrait in the form of a (promotional) video outlines Prologis&#8217;s business model.<\/p>\n\n<p class=\"wp-block-paragraph\"><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/d-hZY_Ep6qg\" width=\"1280\" height=\"720\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n\n<h3 class=\"wp-block-heading\"><span id=\"Country_breakdown_strong_US_dominance\">Country breakdown: strong US dominance<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">As with sector-neutral indices, there&#8217;s a clear US dominance in the real estate sector too (see Figure 3). In the index examined, US companies have a weighting of over 59 percent, followed by Japan with just under 10 percent. In third and fourth place are the UK (4.72%) and Germany (3.49%).<\/p>\n<div class=\"wp-block-image size-full wp-image-2853\">\n<figure class=\"alignleft is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"806\" height=\"790\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2021\/11\/Profil_FTSE_ERPA_Nareit_Developed_Laenderverteilung_29.10.2021.gif\" alt=\"Real estate ETFs\" class=\"wp-image-2853\" style=\"width:813px;height:auto\"\/><figcaption class=\"wp-element-caption\">Figure 3: Strong dominance of US real estate companies (source: FTSE Russell, 29.10.2021).<\/figcaption><\/figure>\n<\/div>\n<p class=\"wp-block-paragraph\">Switzerland, with its seven real estate companies in the index, accounts for just 1 percent. The largest of them is <a href=\"https:\/\/de.wikipedia.org\/wiki\/Swiss_Prime_Site\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Swiss Prime Site<\/strong><\/a>, with a share of 0.4 percent.<\/p>\n\n<p class=\"wp-block-paragraph\">Below are the seven Swiss companies, sorted by index weighting (source: FTSE Russell, August 2021):<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Swiss Prime Site (0.4%)<\/li>\n\n\n\n<li>PSP Swiss Property (0.29%)<\/li>\n\n\n\n<li>Allreal Hld (0.15%)<\/li>\n\n\n\n<li>Mobimo (0.11%)<\/li>\n\n\n\n<li>Intershop I (0.02%)<\/li>\n\n\n\n<li>Peach Property Group AG (0.03%)<\/li>\n\n\n\n<li>Hiag Immobilien AG (0.02%)<\/li>\n<\/ul>\n\n<h3 class=\"wp-block-heading\"><span id=\"Real_estate_sectors_focus_on_REITs_and_commercial_use\">Real estate sectors: focus on REITs and commercial use<\/span><\/h3>\n\n<p class=\"wp-block-paragraph\">Figure 4 shows that REITs make up the lion&#8217;s share, at around 84 percent. The rest are real estate companies without REIT status (see the first two positions in the table). These include, for example, all Swiss companies in the index (see Fig. 3).<\/p>\n<div class=\"wp-block-image size-full wp-image-2854\">\n<figure class=\"alignleft\"><img loading=\"lazy\" decoding=\"async\" width=\"1384\" height=\"809\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2021\/11\/Profil_FTSE_ERPA_Nareit_Developed_Sub-Sektoren_29.10.2021.gif\" alt=\"\" class=\"wp-image-2854\"\/><figcaption class=\"wp-element-caption\">Figure 4: REITs and commercial uses dominate the index (source: FTSE Russell, 29.10.2021).<\/figcaption><\/figure>\n<\/div>\n<p class=\"wp-block-paragraph\">Within REITs, there&#8217;s a broad spread in terms of use, with commercial uses and commercial properties dominating. Investments in purely residential properties (&#8220;residential REITs&#8221;) play a rather marginal role, at just under 15 percent.<\/p>\n<div class=\"wp-block-image wp-image-2858 size-full\">\n<figure class=\"alignleft\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2021\/11\/Residential_house-1477041.jpg\" alt=\"Real estate ETFs\" class=\"wp-image-2858\" srcset=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2021\/11\/Residential_house-1477041.jpg 1920w, https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2021\/11\/Residential_house-1477041-768x432.jpg 768w, https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2021\/11\/Residential_house-1477041-1536x864.jpg 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><figcaption class=\"wp-element-caption\">Figure 5: Residential properties usually play only a minor role in real estate ETFs.<\/figcaption><\/figure>\n<\/div>\n<h2 class=\"wp-block-heading\" id=\"Hohe_Dividendenertraege_bei_Immobilien-ETFs_moeglich\"><span id=\"High_dividend_income_possible_with_real_estate_ETFs\">High dividend income possible with real estate ETFs<\/span><\/h2>\n\n<p class=\"wp-block-paragraph\">Real estate ETFs should be especially interesting for dividend hunters. Compared with the sector-neutral overall market, they consistently delivered higher dividends over the past five years (see Figure 6).<\/p>\n<div class=\"wp-block-image size-full wp-image-2856\">\n<figure class=\"alignleft\"><img loading=\"lazy\" decoding=\"async\" width=\"1390\" height=\"659\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2021\/11\/Profil_FTSE_ERPA_Nareit_Developed_Dividend_Dividenden_29.10.2021.gif\" alt=\"Real estate ETFs\" class=\"wp-image-2856\"\/><figcaption class=\"wp-element-caption\">Figure 6: Above-average dividends in the real estate sector (source: FTSE Russell, 29.10.2021).<\/figcaption><\/figure>\n<\/div>\n<p class=\"wp-block-paragraph\">The grey and blue curves show the dividend development of two real estate indices, while the red curve refers to the overall market. All three indices focus on the developed world, i.e. excluding emerging markets.<\/p>\n\n<p class=\"wp-block-paragraph\">Bear in mind, however, that the actual dividend paid out by the ETF is generally somewhat lower than Figure 6 suggests because of taxes (see also Figure 1).<\/p>\n\n<h2 class=\"wp-block-heading\"><span id=\"Don8217t_underestimate_the_risks_of_real_estate_ETFs\">Don&#8217;t underestimate the risks of real estate ETFs<\/span><\/h2>\n\n<p class=\"wp-block-paragraph\">Real estate ETFs can fluctuate sharply. On the one hand, this is because they&#8217;re traded on the stock exchange. On the other hand, they depend heavily on the economic cycle since \u2013 as we showed in chapter 7 \u2013 they mostly consist of commercially used properties.<\/p>\n\n<p class=\"wp-block-paragraph\">Their at times high volatility was strikingly demonstrated during the last, pandemic-related <a href=\"https:\/\/schweizerfinanzblog.ch\/en\/stock-market-crash-2020-what-should-investors-do-now\/\" target=\"_blank\" rel=\"noopener\">stock market crash in 2020<\/a>.<\/p>\n\n<p class=\"wp-block-paragraph\">Figure 7 shows that over the past five years, the real estate index &#8220;FTSE EPRA Nareit Developed&#8221; underperformed the market-neutral &#8220;FTSE Developed&#8221; index. It&#8217;s also striking that the pandemic-related crash in 2020 was more pronounced and the subsequent recovery more hesitant than in the overall market.<\/p>\n<div class=\"wp-block-image size-full wp-image-2855\">\n<figure class=\"alignleft\"><img loading=\"lazy\" decoding=\"async\" width=\"1376\" height=\"654\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2021\/11\/Wertentwicklung_Index-FTSE-ERPA-Nareit-Developed_Screenshot-Okt-2021.gif\" alt=\"Real estate ETFs\" class=\"wp-image-2855\"\/><figcaption class=\"wp-element-caption\">Figure 7: Underperformance of the real estate index &#8220;FTSE EPRA Nareit Developed&#8221; versus the sector-neutral &#8220;FTSE Developed&#8221; index from 10.2016 to 10.2021 (source: FTSE Russell, 29.10.2021).<\/figcaption><\/figure>\n<\/div>\n<p class=\"wp-block-paragraph\">If you look at a longer period, however, the performance picture is quite different.<\/p>\n\n<p class=\"wp-block-paragraph\">Figure 8 shows the real price development, including distributions, of the real estate ETF &#8220;iShares Developed Markets Property Yield&#8221; (based on the &#8220;FTSE EPRA Nareit Developed Dividend+&#8221; index) compared with the sector-neutral ETF &#8220;iShares Core MSCI World UCITS&#8221; (based on the &#8220;MSCI World Index&#8221;).<\/p>\n\n<p class=\"wp-block-paragraph\">What stands out is that the real estate ETF performed better from September 2009 to August 2016. Only after that did the tide turn in favour of the sector-neutral index.<\/p>\n<div class=\"wp-block-image size-full wp-image-2857\">\n<figure class=\"alignleft\"><img loading=\"lazy\" decoding=\"async\" width=\"869\" height=\"522\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2021\/11\/Wertentwicklung_ETF-Vergleich_Screenshot-2021-11-01-112635.gif\" alt=\"Real estate ETFs\" class=\"wp-image-2857\"\/><figcaption class=\"wp-element-caption\">Figure 8: While the real estate ETF performed better from 09.2009 to 08.2016, the tide turned after that (source: justETF.com, 29.10.2021).<\/figcaption><\/figure>\n<\/div>\n<h2 class=\"wp-block-heading\" id=\"Besseres_Rendite-Risiko-Verhaeltnis_dank_geringer_Korrelation_zum_Gesamtmarkt\"><span id=\"Better_riskreturn_ratio_thanks_to_low_correlation_with_the_overall_market\">Better risk\/return ratio thanks to low correlation with the overall market<\/span><\/h2>\n\n<p class=\"wp-block-paragraph\">Whether adding the &#8220;real estate&#8221; asset class makes sense depends not only on the long-term expected return, but also on how strongly real estate correlates with the overall market.<\/p>\n\n<p class=\"wp-block-paragraph\">Here, we turn to Gerd Kommer, whom we often quote. In the 5th edition of his standard work &#8220;Souver\u00e4n investieren mit Indexfonds und ETFs&#8221;, he sums it up as follows:<\/p>\n\n<p class=\"wp-block-paragraph\"><em>&#8220;In the 27 years from 1990 to 2016, the S&amp;P Global REIT Index produced a higher return than the global equity market, as measured by the MSCI ACWI. At +0.66, the correlation between the two indices was pleasingly low. All in all, adding a globally or at least Europe-wide diversified real estate component to the world portfolio seems worth considering.&#8221;<\/em><\/p>\n\n<p class=\"wp-block-paragraph\">You can find out how to structure your assets across different asset classes in our article <a href=\"https:\/\/schweizerfinanzblog.ch\/en\/asset-allocation\/\" target=\"_blank\" rel=\"noopener\">&#8220;Asset allocation: the be-all and end-all of investing&#8221;<\/a>.<\/p>\n\n<h2 class=\"wp-block-heading\"><span id=\"Final_conclusion\">Final conclusion<\/span><\/h2>\n\n<p class=\"wp-block-paragraph\">Compared with other real estate investments, we consider buying real estate ETFs to be the most suitable investment. <strong>Simplicity<\/strong>, <strong>low costs<\/strong>, <strong>high liquidity<\/strong>, <strong>broad diversification<\/strong> and <strong>low capital commitment<\/strong> (no concentration risk) are strong arguments in favour of real estate ETFs.<\/p>\n\n<p class=\"wp-block-paragraph\">Compared with investing in a global, cross-sector equity ETF, the advantages mentioned above no longer count as unique selling points. However, thanks to the <strong>relatively low correlation with the overall market<\/strong>, we see \u2013 in line with portfolio theory \u2013 an opportunity to achieve a better risk\/return ratio in the overall portfolio.<\/p>\n\n<p class=\"wp-block-paragraph\">We&#8217;re also positive about the range of products on offer. The Swiss stock exchange SIX now has a <strong>sufficient<\/strong>, if not lavish, <strong>range<\/strong> of well-established, cross-regional real estate ETFs at <strong>fair prices <\/strong>from a TER of 0.25%.<\/p>\n\n<p class=\"wp-block-paragraph\">For the reasons set out above, we consider real estate ETFs <strong>worth considering <\/strong>as an <strong>addition<\/strong> (max. 20%) to a global, cross-sector equity (ETF) portfolio.<\/p>\n\n<h2 class=\"wp-block-heading\"><span id=\"You_might_also_be_interested_in\">You might also be interested in<\/span><\/h2>\n\n<link rel=\"stylesheet\" href=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/themes\/schweizerfinanzblog\/components\/post-list-component\/post-list-component.css\">\n\n<div class=\"post-list-componenet pt-2 pb-4\">\n\t<div class=\"row\">\n\t\t\t\t\t\t\n\t\t <div class=\"col-xl-6\">\n\t\t\t <a class=\"text-decoration-none\" href=\"https:\/\/schweizerfinanzblog.ch\/en\/splint-invest-reviews-investing-starting-at-50-eur\/\">\n\t\t\t\t<div class=\"d-flex post-list-card\">\n\t\t\t\t\t<div class=\"post-list-image \">\n\t\t\t\t\t\t<div class=\"image-wrapper\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/schweizerfinanzblog.ch\/wp-content\/uploads\/2023\/03\/Splint-Invest-Titelbild_neu_ohne-EUR.png\" class=\"attachment-1920x1297 size-1920x1297 wp-post-image\" alt=\"Splint Invest review\" \/>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div class=\"post-list-title px-2 d-flex align-items-center\">\n\t\t\t\t\t\t<p class=\"\">Splint Invest Review: Invest in Rolex &amp; 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You have to decide for yourself whether or not you want to take on these risks.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Errors excepted:<\/strong> We have written this article to the best of our knowledge and belief. Our goal is to provide you, as a private investor, with information about finance that&#8217;s as objective and meaningful as possible. If we have nevertheless made any mistakes, forgotten important aspects and\/or if information is no longer up to date, we&#8217;d be grateful if you let us know.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong data-rich-text-format-boundary=\"true\">Transparency notice:<\/strong> At the time of publication, the Schweizer Finanzblog team is invested in real estate ETFs from the providers iShares and Vanguard. Apart from these investments, there are no business relationships (commissions or similar) with any of the index or ETF providers mentioned in this report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Real estate has always been a popular alternative asset class among Swiss investors. Right now, though, the media focus is mainly on ever-rising property prices and the dream of owning a home that this has (all but) shattered for the Swiss middle class. What&#8217;s less well known is that real estate investments don&#8217;t necessarily require [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10435,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[177,176,209],"tags":[],"class_list":["post-9585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-etfs-en","category-passive-investing","category-real-estate"],"acf":[],"_links":{"self":[{"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/posts\/9585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/comments?post=9585"}],"version-history":[{"count":16,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/posts\/9585\/revisions"}],"predecessor-version":[{"id":18730,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/posts\/9585\/revisions\/18730"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/media\/10435"}],"wp:attachment":[{"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/media?parent=9585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/categories?post=9585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/schweizerfinanzblog.ch\/en\/wp-json\/wp\/v2\/tags?post=9585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}