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had to take the gain on those from 10 to 40 cents
just luck
Here's a chart showing that 3.00 April call. To illustrate the volume here. Also a real time chart of the underlying ETF URE
I guess the key thing here is to remember there are two sides to every trade and that 15,000 contracts (1.5 million shares) could have been a short term hedge... hard to say.
18,500 3.00 April URE calls have traded. volume just came into those holy cow that's more than the open interest
looks like 15,000 at the bid -- so someone sold those most likely to take the vig, assuming URE closes next week 3 or lower
Time & Sales
Price Size Exch Time
0.25 20 PHO 11:15:29
0.20 40 PHO 11:05:21
0.25 20 BOX 10:53:05
0.20 5 PHO 10:51:23
0.20 5 PHO 10:50:48
0.25 20 BOX 10:45:23
0.20 15000 IOE 10:28:25
0.20 100 CBO 10:21:34
0.20 100 CBO 10:21:27
0.20 100 CBO 10:21:24
0.20 100 CBO 10:21:21
0.20 50 CBO 10:17:45
0.20 42 PHO 10:06:45
0.25 10 NYO 10:05:43
0.25 10 CBO 10:05:43
0.25 265 PHO 10:05:22
0.25 35 PHO 10:05:22
0.25 15 PHO 10:05:13
0.20 2000 CBO 10:00:46
0.20 10 PHO 09:58:11
0.20 43 BOX 09:55:21
0.20 20 CBO 09:54:17
0.15 195 PHO 09:54:05
0.20 4 CBO 09:54:04
0.20 1 CBO 09:53:32
0.20 261 PHO 09:51:54
0.20 20 PHO 09:51:41
0.15 3 PHO 09:46:40
0.22 13 CBO 09:46:30
0.20 15 PHO 09:44:58
it's that bb hit thing the 60 min chart just doing that
Don't feel bad. I sold URE for a small loss and it went into the 3's the next day. I was in at 2.70 at the time.
FAS scares the crap out of me. but i sold my URE position already and I am already regretting that
up some pre-mkt lol
going long at close on 60m BB hit
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=36870632
Oh thanks I see it. I looked at that chart, but didn't scroll down to see the rest of it.
the masterdata info i posted has all the index components listed
According to this profile from TDA, they are well over 90% tied to the financial service sector.
more tied to financials i agree
You are correct about the index. My post was more about a general sector move, not a particular company. I was thinking with "less bad" numbers the entire sector would have done well.
As I watch the past weeks, it almost seems tied more to financials than real estate. I guess because they are closely related.
URE is 2x the commercial real estate index, unless I am mistaken, I don't see any companies with much residential real estate exposure
#msg-35830873
Investor's don't believe the numbers are suggesting a bottom is in. Market karma still bad...
When this ETF rallys hard off of bad commercial real estate news, the bottoming process will most likely have started.
Hey guys. I have a question. Recent data concerning homes was pretty good concidering it has been so bad for so long. These were some positive numbers for the first time in a while.
Granted, none of them mean a trend change will be tomorrow or that the bottom is in, but at least it's good for sentiment. At least that's what I would have expected in this sector.
So, why didn't URE seem to respond to the numbers?
Revised charts in iBox locks
I didnt know they had a dividend of 6%------------After hours quotePrev. Close:2.69Open:2.51High:2.75Low:2.50Volume:18,642,127Volume Avg.:22,138,00052wk Range:2.50 - 39.18Market Cap (mil):143.91P/E Ratio:0.00Dividend Yield:6.00% 1d 5d 6m YTD 1y 3y 5y all data Advanced Charting Create Alert at: $2 $3 $3 ...
Thanks for the listing of URE components Generic.
Next daily Parabolic SAR signal and this pup's ready for a counter trend rally. Also noted we are getting close to the P&F price objective of 2.25. Got an eyeball on this one...
Suggest keeping an eye on DYY too. #msg-35954070
DJ Real Estate Index ($DJUSRE) $DJUSRE from Masterdata
AMB Property Corp. AMB
Alexandria Real Estate Equities Inc. ARE
American Campus Communities Inc. ACC
Annaly Capital Management Inc. NLY
Apartment Investment & Management Co. AIV
Avalonbay Communities Inc. AVB
BRE Properties Inc. BRE
BioMed Realty Trust Inc. BMR
Boston Properties Inc. BXP
Brandywine Realty Trust BDN
Brookfield Properties Corp. BPO
CB Richard Ellis Group Inc. Cl A CBG
CBL & Associates Properties Inc. CBL
Camden Property Trust CPT
Colonial Properties Trust CLP
Corporate Office Properties Trust OFC
Cousins Properties Inc. CUZ
DCT Industrial Trust Inc. DCT
Developers Diversified Realty Corp. DDR
Diamondrock Hospitality Co. DRH
Digital Realty Trust Inc. DLR
Douglas Emmett Inc. DEI
Duke Realty Corp. DRE
Entertainment Properties Trust EPR
Equity Lifestyle Properties Inc. ELS
Equity Residential EQR
Essex Property Trust Inc. ESS
Federal Realty Investment Trust FRT
Felcor Lodging Trust Inc. FCH
First Industrial Realty Trust Inc. FR
Forest City Enterprises Inc. Cl A FCE.A
Forestar Group Inc. FOR
Franklin Street Properties Corp. FSP
HCP Inc. HCP
HRPT Properties Trust HRP
Health Care REIT Inc. HCN
Healthcare Realty Trust Inc. HR
Highwoods Properties Inc. HIW
Home Properties Inc. HME
Hospitality Properties Trust HPT
Host Hotels & Resorts Inc. HST
IStar Financial Inc. SFI
Jones Lang LaSalle Inc. JLL
Kilroy Realty Corp. KRC
Kimco Realty Corp. KIM
LaSalle Hotel Properties LHO
Lexington Realty Trust LXP
Liberty Property Trust LRY
MFA Financial Inc. MFA
Macerich Co. MAC
Mack-Cali Realty Corp. CLI
Maguire Properties Inc. MPG
Mid-America Apartment Communities Inc. MAA
National Retail Properties Inc. NNN
Nationwide Health Properties Inc. NHP
Newcastle Investment Corp. NCT
Omega Healthcare Investors Inc. OHI
Pennsylvania Real Estate Investment Trust PEI
Plum Creek Timber Co. Inc. REIT PCL
Post Properties Inc. PPS
Potlatch Corp. REIT PCH
ProLogis PLD
Public Storage PSA
RAIT Financial Trust RAS
Rayonier Inc. REIT RYN
Realty Income Corp. O
Redwood Trust Inc. RWT
Regency Centers Corp. REG
SL Green Realty Corp. SLG
Senior Housing Properties Trust SNH
Simon Property Group Inc. SPG
St. Joe Co. JOE
Strategic Hotels & Resorts Inc. BEE
Sunstone Hotel Investors Inc. SHO
Tanger Factory Outlet Centers Inc. SKT
Taubman Centers Inc. TCO
UDR Inc. UDR
Ventas Inc. VTR
Vornado Realty Trust VNO
Washington Real Estate Investment Trust WRE
Weingarten Realty Investors WRI
http://www.masterdata.com/Downloads/ConstituentLists/$DJUSRE.csv
http://www.masterdata.com/Downloads/ConstituentLists/URE.csv
ProShares Ultra Real Estate (URE) URE
AMB Property Corp. AMB
Alexandria Real Estate Equities Inc. ARE
American Campus Communities Inc. ACC
Annaly Capital Management Inc. NLY
Apartment Investment & Management Co. AIV
Avalonbay Communities Inc. AVB
BRE Properties Inc. BRE
BioMed Realty Trust Inc. BMR
Boston Properties Inc. BXP
Brandywine Realty Trust BDN
Brookfield Properties Corp. BPO
CB Richard Ellis Group Inc. Cl A CBG
CBL & Associates Properties Inc. CBL
Camden Property Trust CPT
Colonial Properties Trust CLP
Corporate Office Properties Trust OFC
Cousins Properties Inc. CUZ
DCT Industrial Trust Inc. DCT
Developers Diversified Realty Corp. DDR
Diamondrock Hospitality Co. DRH
Digital Realty Trust Inc. DLR
Douglas Emmett Inc. DEI
Duke Realty Corp. DRE
Entertainment Properties Trust EPR
Equity Lifestyle Properties Inc. ELS
Equity Residential EQR
Essex Property Trust Inc. ESS
Federal Realty Investment Trust FRT
Felcor Lodging Trust Inc. FCH
First Industrial Realty Trust Inc. FR
Forest City Enterprises Inc. Cl A FCE.A
Forestar Group Inc. FOR
Franklin Street Properties Corp. FSP
HCP Inc. HCP
HRPT Properties Trust HRP
Health Care REIT Inc. HCN
Healthcare Realty Trust Inc. HR
Highwoods Properties Inc. HIW
Home Properties Inc. HME
Hospitality Properties Trust HPT
Host Hotels & Resorts Inc. HST
IStar Financial Inc. SFI
Jones Lang LaSalle Inc. JLL
Kilroy Realty Corp. KRC
Kimco Realty Corp. KIM
LaSalle Hotel Properties LHO
Lexington Realty Trust LXP
Liberty Property Trust LRY
MFA Financial Inc. MFA
Macerich Co. MAC
Mack-Cali Realty Corp. CLI
Maguire Properties Inc. MPG
Mid-America Apartment Communities Inc. MAA
National Retail Properties Inc. NNN
Nationwide Health Properties Inc. NHP
Newcastle Investment Corp. NCT
Omega Healthcare Investors Inc. OHI
Pennsylvania Real Estate Investment Trust PEI
Plum Creek Timber Co. Inc. REIT PCL
Post Properties Inc. PPS
Potlatch Corp. REIT PCH
ProLogis PLD
Public Storage PSA
RAIT Financial Trust RAS
Rayonier Inc. REIT RYN
Realty Income Corp. O
Redwood Trust Inc. RWT
Regency Centers Corp. REG
SL Green Realty Corp. SLG
Senior Housing Properties Trust SNH
Simon Property Group Inc. SPG
St. Joe Co. JOE
Strategic Hotels & Resorts Inc. BEE
Sunstone Hotel Investors Inc. SHO
Tanger Factory Outlet Centers Inc. SKT
Taubman Centers Inc. TCO
UDR Inc. UDR
Ventas Inc. VTR
Vornado Realty Trust VNO
Washington Real Estate Investment Trust WRE
Weingarten Realty Investors WRI
Yup, might go soon.
Potential double bottom forming on the 30-minute URE chart. Problem is longer-term charts suggest it will not hold. FAS seems to be a better short-term speculation.
looks about ready
A Cure for the Real-Estate Blues
Marty Cohen, Co-Chief Executive Officer, Cohen & Steers
By NEIL A. MARTIN
AN INTERVIEW WITH MARTY COHEN: The real-estate veteran sees a rare opportunity to buy quality REITs at fire-sale prices.
WHEN WE TALKED WITH REAL-ESTATE VETERAN Marty Cohen two years ago, the good times were rolling for real-estate investment trusts, or REITs, which invest in commercial, industrial and consumer properties and pay out nearly all of their taxable income as dividends.
Then, last year, the bottom fell out. Property values sank as the subprime-mortgage crisis mushroomed, and REIT stocks plummeted, with many now trading 60% below their former highs. When might the industry recover, and which REITs look most promising now? We put these and other questions to Marty -- whose Cohen & Steers manages mutual funds that invest in REITs worldwide -- in a recent follow-up interview. For a pro's answers, read on.
"Paying dividends in stock instead of cash is the industry's single worst idea in a long time." -- Marty Cohen
Barron's: What a difference two years makes. What happened to seemingly rock-solid REITs?
Cohen: The record decline in prices happened in two waves. In early 2007, most REITs were trading in line with their net asset values. Those values reflected the plentiful and low-cost capital that had been offered to real-estate investors, that resulted in a massive privatization wave of REITs. About $200 billion of takeovers occurred in the prior two years.
When credit began to constrict, demand for real estate and public REITs disappeared. For a while REIT prices stabilized, but by fall, it appeared that the economy was falling off a cliff and the financial system was collapsing; the second down-wave was steep and swift. Without credit, and with great uncertainty about the future of occupancies and rents, real estate and REITs became impossible to value.
What is the immediate outlook? How long will it take to stop the bleeding?
Property transactions have come to nearly a complete halt. The market has discounted REIT shares to levels that anticipate a drawn-out period of deteriorating fundamentals. They are trading at steep discounts to asset values, even using our reduced estimates of value, historically high dividend yields and low price-to-cash-flow multiples. The single most important factor affecting a recovery will be the course of the economy. Fortunately, in this cycle there hasn't been a great deal of overbuilding, which would have worsened the outlook considerably, as it did in the early 1990s. We expect the record fiscal and monetary stimulation being put in place worldwide to at least stem the economy's decline. We should start seeing evidence of this by the end of 2009, when economic statistics begin to suggest a bottom. REITs tend to be early-cycle stocks, so they could start to perform well sometime between now and then. Meantime, it is hard to imagine valuations getting much worse.
So the worst is over?
It is likely things will get a bit worse before they get better. When you are going through a recession, sentiment is always bad, and things always seem worst near the bottom. The "it's never coming back" chorus is getting louder. On the other hand, there has never been more fiscal and monetary stimulus thrown at the world's economies. Mortgage rates are down. Mortgage refinancing is up. Spreads are starting to narrow between different grades of securities. But it is going to take time because the economic and financial crisis is just too big.
How has all of this affected your business?
Our assets under management have declined considerably. But because of our strong financial position-no debt and lots of cash-we have seen no reason to retrench or reduce our commitment to the sector. On the contrary, this is an extraordinary opportunity to gain market share and to participate in an industry recovery.
The one fact of life that we need to reconcile is the extreme volatility REIT shares have experienced. Daily moves of 5% to 10% or more have become routine. Much of this volatility is due to industry participants using options, ETFs [exchange-traded funds] and other derivatives -- and in a market that is less liquid than many other industries. Once confidence is restored, a strong bid will appear that will dampen downside volatility.
Have you had many redemptions?
There have been modest, if any, redemptions from mutual funds, and almost no loss of institutional assets. The decline in assets primarily has been the result of asset depreciation. The client or two that we may have lost was obligated to fund another commitment or just needed cash.
Has demand finally caught up with supply in the office market?
Supply and demand were in pretty good balance until recently. Vacancy rates in the New York office market and elsewhere have begun rising at alarming levels. We don't have the major overbuilding that occurred in other cycles, which is positive. You won't see new construction for a long while because builders can't get financing. And in this economy, even if they could get it, landlords wouldn't be able to get the rents to justify new space. If there is vacant space that can be leased at $80 a square foot, why would you build a building where you need $120 to break even? Existing owners are operating under a "rent umbrella," or a gap between market rents and required rents on new buildings. You won't see construction for several years.
You are speaking of office buildings?
Pretty much everything. We have seen mall projects canceled, residential projects suspended and few office buildings even being planned. Again, banks aren't lending, and if they do, they are requiring very high cash commitments by owners -- which owners are unable or unwilling to provide.
Many REITs have eliminated or cut their dividends. Given that income has always been the main selling point for REITs, what lies ahead in payouts?
Two years ago the REIT industry was trading at a 4% dividend yield. Recently, that yield was 12%, but for the first time ever a lot of dividends are being cut. In the past four months, more than 39 companies have reduced or eliminated their dividends. Some companies have used the dividend-cut strategy as an opportunity to preserve capital. Some boards and CEOs have simply panicked and are doing their shareholders a major disservice by cutting dividends. Investors value real estate for its income. Once you interrupt that stream of dividends, you have impaired investor confidence for a long time.
Won't REITs be able to retain cash now that an expanded IRS rule allows dividends to be paid in stock?
Payment in stock instead of cash is the single worst idea hatched in the industry in a long time. Under the expanded rule, a REIT may issue up to 80% of its dividend in stock instead of cash to satisfy its dividend-payout requirement. Given a choice, there is no reason any investor would want stock instead of cash. Pay-in-kind dividends and interest are normally associated with companies that can't pay in cash. Paying PIK dividends sends a damaging signal.
If a company is truly cash-constrained, this could be a viable alternative, and it should be made clear to shareholders. But many companies that are able to maintain dividend payments in cash are choosing stock instead to retain their liquidity. Some others are reducing dividends. This is short-term thinking that will impair the company's long-term cost of capital.
Will most REIT CEOs take advantage of the switch to stock dividends?
There is a danger that more and more companies will fall prey to this mentality, further alienating their shareholders. Also, bear in mind that taxable investors and mutual funds, which are major holders of REITs, would have to sell the stock they receive in order to satisfy their own tax or distribution requirements. This can create pressure on share prices.
Retailers like Circuit City are liquidating and vacating space in shopping centers. Won't this hurt REITs further?
The pain will be felt throughout the retail- real-estate market, which is already hurting. It means more vacant space, and there are too few retailers who need that space. Rents are going to fall as retailers renegotiate their leases to cut costs, and landlords, facing more empty space, are likely to go along with them. It isn't a good situation.
It is a bad one, in fact, for investors in commercial-mortgage-backed securities, who have already seen prices slide.
The CMBS market came to a grinding halt early last year, and there has been no new issuance since. And there is unlikely to be any new issuance for a long time. Current CMBS pricing is factoring in a very high default rate, even though to date there have been very few defaults. It is possible the market's worst fears are overblown.
Given the state of things, should investors keep their distance from REITs, or step in while prices are down?
I have never seen REITs cheaper than they are today. The three largest REITs I would recommend are Simon Property Group [ticker: SPG], the biggest owner of malls and other retail properties in the country; Boston Properties [BXP], a large owner of Class A offices in New York, Washington, Boston and San Francisco; and AvalonBay Communities , [AVB], one of the largest owners of rental apartments in the most vibrant rental markets on the east and west coasts. All three are well capitalized, in the Standard & Poor's 500, extremely well managed, well positioned from a property standpoint, and with a lot of capital so they aren't going to be caught in a liquidity crunch. Here is an illustration: Simon is trading in the mid-40s with a dividend yield of about 8%. Its high was over 100 per share. When the economy turns, retail will start growing again. There is no reason Simon's share price couldn't get back to its old high in the next few years. In the meantime, the dividend pays you to wait. Similar metrics apply to Boston and AvalonBay.
What about other REITs?
There is a second group with much greater financial and operating leverage, although there is no guarantee they are going to make it through hard times. But if they do, there is a chance you could make a multiple on your money in REITs such as Macerich [MAC] and Developers Diversified Realty [DDR].
Host Hotels & Resorts [HST] is a leading owner of hotels, a business that is going to be in the doldrums for a while. But the lodging industry is extremely sensitive to changes in the economy and has huge operating leverage. Finally, we really like Brookfield Properties [BPO], a major owner of office buildings, which is suffering from the fallout of the financial industry, particularly since it is heavily exposed to downtown New York. But the company is soundly financed and managed and reasonably diversified, so we see limited downside from here.
Some REITs have issued convertible debt. What's that all about?
There has been a massive market for converts, and a number of REITs issued them in the past couple of years, but I never understood why. They were priced at low yields and big premiums to share prices. It was paper with a put back to the company in year five, and many companies are regretting it now because the put is equivalent to a looming large-debt maturity. The convert market has collapsed along with everything else, and the prices of these converts have tumbled to well below par, with attractive current yields. Some companies are trying to buy them back at a discount. It is another free lunch gone for the companies, but an opportunity for investors.
Give us some examples.
One interesting issuer is SL Green Realty [SLG], a New York REIT that primarily owns office properties in New York City. One of its converts carries a 3% coupon but is trading well below par with a 19% yield to put. Prologis [PLD], a Denver-based REIT that develops and operates the largest portfolio of industrial and distribution properties in the world, has a convert with a 2% coupon and a 21% yield to put. Weingarten Realty Investors [WRI], which invests in shopping centers, has a convert with a 3.95% coupon and an 19% yield to put. All three have about three years remaining until the put is exercisable.
Then there is an unsecured bond we really like, issued by Healthcare Property Investors [HCP] , which carries a 6% coupon. It is a straight bond, but it has six years to go and trades at a 14.3% yield to maturity. So if you don't like the equities, you can get enormous yields on the debt.
What's interesting outside the U.S.?
The best plays are in the U.S. It will be the first to recover, while Europe is only beginning to recognize its problems. But having said that, we found two interesting closed-end funds, aside from our own Cohen & Steers funds, that invest in real estate outside the U.S. One is ING Clarion Global Real Estate Income [IGR], which invests in common and preferred stocks of real-estate companies around the world. It is leveraged and owns stocks that are trading at a 20% discount to their NAVs, while the fund itself is trading at a 20% discount to its own NAV. The other, Alpine Global Premier Properties [AWP], is trading at a big discount but it isn't leveraged. There probably is a little less risk in a nonleveraged fund, but you still have a big yield. It is a good way to go global.
Thanks, Marty.
Looks good bro.
URE < 3.96 = buy. It will be oversold and ready to bounce again.
thanks for your opinion...
URE looking good
in 30-minute Renko Chart
Whatcha thinkin about URE nowadays 3xBuBa?
WARNING: The 16%-yielding Asset that
You Should NOT Invest In
Note the forecast in the last paragraph of the article.
http://www.sovereignsociety.com/2009Archives1stHalf/011609WARNINGThe16yieldingAssetthatYou/tabid/5166/Default.aspx
It will be URE's time when SRS gets overbought. I'm keeping one-eye each on URE and SRS. In the land of the blind, the one eyed are king! <BG>
More pain again today..
The P&F charts for both SRS #board-10459 and URE are currently showing positive price projections. See ibox on each board.
Which one is wrong?
30-minute Renko Chart
Indeed it was short. Got out this a.m. because of retail sales much worse than expected...
Thanks...
I don't expect my stay in URE to be long lived as the fundamentals for commercial real estate are bad. If URE doesn't close > 5 today, my stay could be very short...
Well done. When you can play the bull/bear flip/flop you are making money both ways wtg!
Been watching it and SRS all day. Got out SRS at 63 this a.m. because of the sell signal on the 15-minute chart and waited for the retracement in URE before pulling the trigger. Used the 10-min chart for the entry earlier this afternoon...
4.70 is a kickass entry IMO. GL
Hello FD, looking for a short pop window on URE. Objective 5.60. Stop 4.47. Entry 4.70.
Pessimism hard to find from Rochester commercial real estate brokers
Jim Stinson • Staff writer • January 11, 2009
An influx of new investment from New York City and national consolidations could blend to make 2009 a better year for Rochester's commercial real estate business.
"2009 is looking positive," said Tom Thaney, the new president of the upstate New York chapter of the NAIOP Commercial Real Estate Development Association.
NAIOP promotes and represents those who work in the area of industrial and office properties.
Thaney said commercial real estate looks good so far in the areas surrounding Rochester, Buffalo and Niagara Falls.
He said he also expects a stream of new investment in Rochester from New York City developers.
Thaney, a sales manager at WebTitle Agency in Rochester, said developers and property purchasers cannot get the rents in upstate that they can get in Manhattan, but they get more property per dollar in Rochester.
The Rochester area will also see some absorption, or new use of unleased space, caused by some companies pulling back from far-flung regions, said Joe Rowley, vice president of CB Richard Ellis of Rochester.
With the economy in recession, employers will move some operations back to the Rochester area, Rowley said, consolidating existing Rochester operations with ones from other regions.
"It's somewhat contrary to what we've seen in the past," said Rowley.
Rowley said many of the industrial operations he expects will focus on distribution of goods, and he expects announcements later this year.
In other news, NAIOP kicked off 2009 by changing its moniker.
NAIOP, with 56 U.S. chapters, said it rebranded to help clearly represent its membership's expansion into a broader scope of commercial real estate development.
The association was formerly known as the National Association of Industrial and Office Properties.
Here's my W@G relative to next week--the up trend-line on the below weekly chart will be broken. Why?
1) SPX is almost up against a key Fib resistance level of 38.2%.
2) SPX is up aginst the 13-week EMA which has acted as resistance since June 08.
3) The Chaikin Oscillator has flashed a new sell signal on the weekly chart.
4) The SPX is now trading below the 18-day price MA.
Relative to Monday I'm expecting URE to be down along with the broader US stock indexes. Relative to next week in general, I'll give you a W@G later this weekend after I soak up some more info and synthesize it..
I'm sidelined with alot of powder frenchee also. I figured today would be a red day. Expirations next week,getting closer to the inauguration, I consider you a pretty sharp trader do you expect a green or red Monday and next week? I also agree with your price target but you never know lately.
5.17 next target for URE.
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General Information
ProShares Ultra Real Estate (the Fund) seeks daily investment results that correspond to twice the daily performance of the Dow Jones U.S. Real Estate Index (the Index). The Index measures the performance of the real estate sector of the United States equity market. Component companies include those that invest directly or indirectly through development, management or ownership of shopping malls, apartment buildings and housing developments, and real estate investment trusts (REITs) that invest in apartments, office and retail properties. The Fund takes positions in securities and/or financial instruments that, in combination, should have similar daily return characteristics as +200% of the daily return of the Index. The Index is a price return index. The Fund's investment advisor is ProShare Advisors LLC. If you are positive about commercial real estate, this is the ETF for you. If not, SRS should be your choice. See #board-10459 | 7501 Wisconsin Avenue Suite 1000 East Tower Bethesda, MD 20814 (240) 497-6400 |
URE Holdings: http://www.proshares.com/funds/ure.html?Daily%20Holdings=y&show=all
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