iShares International Developed Property ETF
WPS
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- iShares International Developed Property ETF (WPS) is an exchange-traded fund that seeks to track the investment results of the S&P Developed ex-U.S. Property Index, which measures the performance of publicly traded real estate companies domiciled in developed markets outside the United States. The fund provides exposure to a diversified portfolio of international real estate equities and real estate investment trusts (REITs), including property sectors such as real estate operating companies, diversified real estate activities, industrial REITs, retail REITs, diversified REITs, office REITs, multi-family residential REITs, real estate development, health care REITs, hotel and resort REITs, and self-storage REITs; top holdings as of mid-2024 include Goodman Group, Mitsui Fudosan Co Ltd, Vonovia SE, Mitsubishi Estate Co Ltd, and Daiwa House Industry Co Ltd. Launched on July 30, 2007, and managed by BlackRock Fund Advisors, a subsidiary of BlackRock, Inc., the ETF is listed on NYSE Arca with an expense ratio of 0.48% and targets institutional and retail investors seeking international real estate diversification outside the U.S., with geographic exposure spanning developed markets in Europe, Asia Pacific, and other regions. In a significant recent development announced by BlackRock on June 7, 2024, the iShares International Developed Property ETF was slated for termination and liquidation, ceasing trading after market close on August 12, 2024, with proceeds distributed to shareholders on or around August 15, 2024; this move was part of BlackRock's broader product rationalization efforts amid low assets under management, which stood at approximately $29-40 million prior to closure. The fund, previously distributed by BlackRock Investments, LLC, underwent no major partnerships, acquisitions, funding rounds, or new product launches in the 1-2 years leading up to its closure, reflecting a strategic shift by the issuer to streamline its ETF lineup and focus on higher-conviction offerings. Prior to liquidation, the ETF maintained a portfolio of around 27-366 holdings with a focus on large- and mid-cap real estate firms, exhibiting characteristics such as a 3-year beta of 0.90 versus the S&P 500 and a weighted average price-to-book ratio of 0.83.