What Is the ICF ETF? Returns, Expense Ratio, Holdings, and Alternative ETFs Explained
An ETF that tracks the Cohen & Steers index and selects large US REITs, giving concentrated exposure to core, sector-diversified REIT companies.
SubscribeWhat Is This ETF?
The fund tracks the Cohen & Steers Realty Majors Index and holds a selection of large, liquid US REITs. It has fewer holdings than a broad all-REIT index, and a cap on each holding's weight limits excessive concentration.
It suits investors who want diversified exposure to the US real estate market while focusing on proven, large REIT companies.
It is a passive (index-tracking) ETF launched by BlackRock (iShares) in 2001.
How Does It Invest?
| Item | Details |
|---|---|
| Tracked Index | Cohen & Steers Realty Majors Index |
| Management Style | Passive (index tracking) |
| Rebalancing Frequency | Quarterly |
| Dividend Frequency | Quarterly |
| Expense Ratio | 0.32% |
| Number of Holdings | About 30 (selective, concentrated portfolio) |
The ETF tracks an index designed by Cohen & Steers. Rather than simply holding REITs in order of market capitalization, the index selects them after a comprehensive review of management quality, portfolio quality, capital structure, and sector and regional diversification. A weight cap on individual holdings reduces the tilt toward any single REIT.
- A selective, concentrated composition compared with a broad all-REIT index
- Individual weight caps that reduce excessive concentration
Size and Costs
Assets under management (AUM) are $2.0B, and the expense ratio is 0.32% per year.
Fees are somewhat higher than those of comparable REIT ETFs such as VNQ, SCHH, and IYR, but the fund stands out for its concentrated portfolio built on Cohen & Steers' selection criteria.
Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeUS REITs are an asset class that reacts sensitively to the interest rate environment, and their relative returns versus bonds tend to fall when rates rise. When expectations for stable or falling rates increase, the relative appeal of dividend yields has tended to recover.
Fund flows into REIT ETFs overall are closely tied to the path of interest rates. When concerns about the commercial real estate market emerge, REITs in specific sectors such as data centers, healthcare, and logistics can play a defensive role, and ICF holds REITs in those sectors, so it tends to be affected fairly evenly by changes in the market environment.
Strengths and Weaknesses
By concentrating on selected large REITs, the fund offers sector diversity, but investors should weigh its fee level and interest rate sensitivity.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products
The comparison ETFs shown in the table, VNQ, SCHH, XLRE, IYR, and USRT, each differ in strategy and fees. VNQ is a Vanguard ETF that tracks a broad REIT index and is known for its low fees, while SCHH is managed by Schwab and carries a relatively low fee burden. XLRE holds only the real estate sector within the S&P 500, so its holdings differ, IYR is a BlackRock ETF tracking a broad REIT and real estate index, and USRT is an iShares ETF that selects only core REITs. For additional leveraged exposure, investors can consider DRN (3x leveraged REITs), and for an inverse strategy, DRV.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 VNQ | Vanguard Real Estate Index Fund ETF | $93.94 | +0.1% | $37.6B | 0.13% | 3.63% | +5.6% |
 SCHH | Schwab U.S. REIT ETF | $23.05 | +0.0% | $11.0B | 0.07% | 2.94% | +9.7% |
 XLRE | State Street Real Estate Select Sector SPDR ETF | $43.17 | +0.3% | $8.1B | 0.08% | 3.34% | +5.6% |
 USRT | iShares Core U.S. REIT ETF | $63.77 | -0.1% | $4.3B | 0.08% | 2.75% | +11.0% |
 IYR | iShares U.S. Real Estate ETF | $99.66 | +0.2% | $4.0B | 0.37% | 2.39% | +5.6% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| EQIX | Equinix Inc | 0.17% | $1013.70 | -2.2% | $100.3B | 60.9 | 2.04% |
| WELL | Welltower Inc | 0.17% | $234.60 | +0.6% | $172.1B | - | 1.35% |
| PLD | Prologis Inc | 0.16% | $127.98 | -0.0% | $124.1B | 28.2 | 3.34% |
| AMT | American Tower Corp | 0.14% | $187.78 | +1.0% | $87.1B | 26.5 | 3.81% |
| SPG | Simon Property Group Inc | 0.12% | $217.75 | +0.9% | $70.5B | 41.3 | 4.13% |
Investor Checkpoints
These are the key points to review before investing in ICF. Checking the interest rate environment, fee level, and sector composition in advance helps you make a more reasoned decision on whether to add it to your portfolio.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the difference in accumulated costs versus similar ETFs over a long holding period | Somewhat higher than peers |
| 📊 Interest Rate Environment | Compare the current rate path with the appeal of REIT yields | Rate trends need monitoring |
| 🏢 Sector Composition | Check the weight of growth sectors such as data centers, logistics, and healthcare | Includes a variety of sectors |
| 💱 Exchange Rate Impact | Check how dividends and returns converted from dollars fluctuate | No currency hedge applied |
Interest rate changes structurally affect the entire REIT asset class. Because the fund holds relatively few stocks, earnings changes at a specific large REIT can feed fairly directly into the ETF's price, and exposure to commercial real estate related sectors can also be a source of short-term losses when those sectors struggle.
If you are looking for a selective ETF that concentrates on large US REITs, ICF is one option. If low fees are your priority, VNQ or SCHH can serve as alternatives, and if you want greater exposure to growth sectors within REITs, it helps to compare it with XLRE or USRT.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
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