ETFs do not have ROC. ETF's are designed to trade at or about NAV (See REM.NV). ETF's are rebalanced each day. You are thinking about CEF's or REIT products, REM is an actual ETF. Went public in 2007 - just before the big meltdown. Lots of $$$ lost in the mortgage market at that time. Performing as the underlying securities are, just as it should.