iShares Select U.S. REIT ETF

ICF

Market cap $2.07B

The REIT sector roared back into positive territory after a very brutal March. REITs averaged a remarkable 8.9% April gain and now have a +6.31% year-to-date total return. Small-cap REITs (+11.35%) soared in April as large caps (+9.05%) and mid caps (+8.13%) also saw strong gains. Micro caps (+4.49%) were also in the black but badly lagged. 91.33% of REIT securities had a positive total return in April.

Surging oil prices and hotter inflation reports reignited rate-hike concerns, sending Treasury yields to one-year highs as the Iran conflict remained stalemated despite the highly anticipated Trump-Xi summit.

U.S. equity markets advanced for a fifth straight week - their longest winning streak since 2024 - as strong earnings, resilient data, and hopes for lasting Iran peace fueled optimism. Investors looked through another oil-price surge and inflationary pressure, focusing instead on corporate resilience and economic strength despite a complex macro backdrop shaped by geopolitical and policy uncertainty. The Fed held rates steady in an unusually fractured 8-4 vote, while Powell's plan to remain on the Board broke precedent and raised politically charged succession questions.

iShares Select U.S. REIT ETF (ICF) Tracks the Cohen & Steers Realty Majors Index and presently offers a dividend yield near 2.4%, closely matching its SEC yield of 2.64%. ICF's recent five-year total returns have been subdued, primarily due to a significant interest rate hikes during the period. ICF appears relatively better placed versus broad based equity markets in terms of current valuations and forward expectations.

After 1,078 trading days, U.S. REITs (FTSE NAREIT All Equity Total Return Index) reached new all-time highs on Friday, April 17. Commercial real estate (CRE) has already undergone a significant valuation reset, while many other public and private markets have yet to experience a comparable repricing. Signals from the U.S. listed REIT market indicate that real estate is transitioning from recovery to expansion, as valuations move above prior cycle highs.

GQRE charges a higher expense ratio but offers a notably higher dividend yield than ICF ICF has delivered stronger five-year growth, while GQRE provides broader diversification across more holdings Both funds focus on real estate, but GQRE includes global exposure and a larger number of REITs

ICF charges a higher expense ratio and offers a lower dividend yield than VNQ ICF has outperformed VNQ over the past five years but holds far fewer stocks Both funds share top REIT holdings, but ICF is more concentrated

After a solid January performance, the REIT sector recovery gained steam in February with a stronger +3.70% return. Large cap REITs (+5.80%) led the REIT sector in February with strong gains from mid caps (+5.26%) and small caps (+4.94%). Micro caps (-6.12%) badly underperformed again in February. 71.71% of REIT securities had a positive total return in February.

ICF charges a higher expense ratio and yields less than REET ICF is more concentrated, holding just 30 U.S. REITs versus REET's 325 global holdings Over five years, ICF showed stronger growth but experienced a deeper drawdown than REET

HAUZ charges a lower expense ratio and delivers a higher dividend yield than ICF. ICF outperformed HAUZ over five years, but HAUZ has delivered stronger one-year returns and holds more international diversification.