# iShares MSCI Target UK Real Estate UCITS ETF (UKRE)

**Page:** https://fundology.uk/fund/ukre · ISIN IE00BRHZ0398

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 13/11/2026, UKRE (iShares MSCI Target UK Real Estate UCITS ETF, ISIN IE00BRHZ0398) closed at £3.69 on the London Stock Exchange. Its ongoing charge is 0.40% a year (about £40 on £10,000). Over the five years to 13/11/2026 its total return was −11.4%, or −30.9% after UK CPIH inflation.

## Summary

iShares MSCI Target UK Real Estate UCITS ETF is an exchange-traded fund (ETF) from iShares, launched in 2015. It tracks the MSCI UK IMI (NET) LIQUID REAL ESTATE. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.4% a year — about £40 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is paid out to holders as cash, usually a few times a year.

Latest close: **£3.69** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | UKRE |
| ISIN | IE00BRHZ0398 |
| Category | Property & infrastructure |
| Type | ETF |
| Provider | iShares |
| Tracks | MSCI UK IMI (NET) LIQUID REAL ESTATE |
| Income | Distributing |
| Ongoing charge | 0.40% a year (£40 per £10,000) |
| Fund size | £152m |
| Launched | 2015 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 18/03/2015 |

## Past returns (periods to 13/11/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | +5.95% | +2.20% | income reinvested |
| 3 years | +15.55% | +4.39% | income reinvested |
| 5 years | -11.43% | -30.87% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of iShares MSCI Target UK Real Estate UCITS ETF in pounds (price only, income paid out not included): 2022 −25.5%, 2023 +1.3%, 2024 −13.7%, 2025 −1.2%; 2026 to 13/11/2026 +0.4%. Returns of iShares MSCI Target UK Real Estate UCITS ETF in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −1.3%; to 30/09/2025: −12.5%; to 30/09/2024: +7.6%; to 30/09/2023: −4.3%; to 30/09/2022: −23.1%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -25.5% | -31.8% | Price |
| 2023 | +1.3% | -2.8% | Price |
| 2024 | -13.7% | -16.6% | Price |
| 2025 | -1.2% | -4.6% | Price |
| 2026 to 13/11/2026 | +0.4% | -2.9% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 12.53% | -11.51% |
| 3 years | 11.41% | -20.90% |
| 5 years | 13.89% | -40.22% |

## Largest fall

Volatility of iShares MSCI Target UK Real Estate UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 12.5% over 1 year, 11.4% over 3 years, 13.9% over 5 years. Largest fall in the price of iShares MSCI Target UK Real Estate UCITS ETF since November 2021, in pounds: −40.2% from 31/12/2021 to 27/03/2026. The lowest 12-month return of iShares MSCI Target UK Real Estate UCITS ETF in pounds (price only, income paid out not included) since January 2021 was −26.6% (12 months to 14/10/2022); the highest was +16.5% (12 months to 07/01/2022). On 13/11/2026 the price of iShares MSCI Target UK Real Estate UCITS ETF was 35.4% below its highest weekly close since November 2021 (31/12/2021), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares MSCI Target UK Real Estate UCITS ETF 0.40% a year. Compared on 14/11/2026, 25 of the 45 other property and infrastructure funds charge more, 9 the same and 11 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.40%** per year (as of 13/11/2026)
- Stocks and shares ISA eligible: usually (check with your platform)
- SIPP eligible: usually (check with your provider)
- ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify.

## What it holds

As of 06/11/2026, UKRE holds 25 positions, according to its published holdings. The largest is UK I/L GILT RegS at 39.51% of the fund; the ten largest make up 85.8%.

### Top holdings

Largest positions (as of 06/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | UK I/L GILT RegS | — | 39.51% |
| 2 | Segro | [SGRO](https://fundology.uk/stock/SGRO) | 13.41% |
| 3 | LondonMetric Property | [LMP](https://fundology.uk/stock/LMP) | 6.39% |
| 4 | Land Securities Group | [LAND](https://fundology.uk/stock/LAND) | 6.33% |
| 5 | Tritax Big Box REIT | [BBOX](https://fundology.uk/stock/BBOX) | 4.49% |
| 6 | British Land | [BLND](https://fundology.uk/stock/BLND) | 4.26% |
| 7 | Primary Health Properties | [PHP](https://fundology.uk/stock/PHP) | 3.62% |
| 8 | UNITE Group | [UTG](https://fundology.uk/stock/UTG) | 2.92% |
| 9 | Shaftesbury Capital | [SHC](https://fundology.uk/stock/LSE:SHC) | 2.70% |
| 10 | Derwent London | [DLN](https://fundology.uk/stock/DLN) | 2.18% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.

### By sector

As published for the fund, as of 06/11/2026.

| Sector | Weight |
|---|---|
| Industrial REITs | 24.3% |
| Diversified REIT's | 15.4% |
| Health Care REITs | 4.6% |
| Multi-Family Residential REITs | 4.6% |
| Retail Reits | 3.7% |
| Office REITs | 3.7% |
| Self Storage REITs | 2.8% |
| Real Estate Operating Companies | 0.9% |
| Other sectors | 39.9% |

### By type of asset

Added up from the fund’s published holdings, as of 06/11/2026.

| Type of asset | Weight |
|---|---|
| Equity | 60.1% |
| Bonds | 39.5% |
| Cash and money market | 0.4% |

All 25 holdings: https://fundology.uk/fund/ukre/holdings

## Questions people ask

**What is the ongoing charge of UKRE?**

The ongoing charge of UKRE is 0.40% a year — about £40 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of iShares MSCI Target UK Real Estate UCITS ETF 0.40% a year. Compared on 14/11/2026, 25 of the 45 other property and infrastructure funds charge more, 9 the same and 11 less (share classes counted once).

**What does UKRE track?**

UKRE tracks the MSCI UK IMI (NET) LIQUID REAL ESTATE.

**Is UKRE accumulating or distributing?**

UKRE is distributing: income is paid out to holders as cash, usually a few times a year. It pays out quarterly.

**What is the ISIN of UKRE?**

The ISIN of UKRE is IE00BRHZ0398. An ISIN identifies one exact share class of a fund; UKRE is its ticker on the London Stock Exchange.

**What does UKRE hold?**

As of 06/11/2026, UKRE holds 25 positions, according to its published holdings. The largest is UK I/L GILT RegS at 39.51% of the fund; the ten largest make up 85.8%. Its ten largest holdings are UK I/L GILT RegS (39.51%), Segro (13.41%), LondonMetric Property (6.39%), Land Securities Group (6.33%), Tritax Big Box REIT (4.49%), British Land (4.26%), Primary Health Properties (3.62%), UNITE Group (2.92%), Shaftesbury Capital (2.70%) and Derwent London (2.18%).

**What were UKRE’s returns in each of the last five years?**

Calendar-year returns of UKRE in pounds (price only, income paid out not included): 2022 −25.5%, 2023 +1.3%, 2024 −13.7%, 2025 −1.2%; 2026 to 13/11/2026 +0.4%. Past performance is not a guide to future returns.

**How has UKRE done after inflation?**

Over the five years to 13/11/2026 UKRE’s total return was −11.4%, or −30.9% after UK CPIH inflation. Past performance is not a guide to future returns.

## Fund documents

- [Fund page at iShares](https://www.ishares.com/uk/individual/en/products/272400/ishares-msci-target-uk-real-estate-fund)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-msci-target-uk-real-estate-ucits-etf-gbp-dist-gb-ie00brhz0398-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/ukre-ishares-msci-target-uk-real-estate-ucits-etf-fund-fact-sheet-en-gb.pdf)
- Links checked 12/10/2026.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.