This ETF was priced 50' at its inception in May 2007, it's around 14.6 the last time I checked this morning. Does it mean good or bad when an ETF bevaves like this despite producing very nice devident?
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.
This appears to be a ROC (return of capital). I'm not sure as I did no research. This was recommended in a newsletter. I would certainly question someone about this massive downward trend. I saw no splits either. Usually if it's a ROC, that would explain the decrease in the asset value. I'm staying out of this. Good luck on your research.