This mutual fund is just generating income to the managers in the form of fee's... This mutual fund is inversely coorrelated to that of IYR. Most of the holdings in IYR are that of REIT's and Commercial property - Not residential real estate, which everyone is watching and expects to tumble. I lost quite a bit shorting IYR... I am now realizing that this is going to be a long term drop in real estate prices, not a sudden one like we saw in the stock market. Give it 4-5 years, and we'll see the bottom. As for this mutual fund... I don't see any positive growth for some time until the real estate gets hit hard.