iShares Select U.S. REIT ETF

ICF

市值 US$20.9億

iShares Select U.S. REIT ETF has a 0.32% expense ratio, while State Street Real Estate Select Sector SPDR ETF costs 0.08%. State Street Real Estate Select Sector SPDR ETF offers a 3.5% distribution yield, which is higher than the 2.7% provided by iShares Select U.S. REIT ETF.

REITs are refusing to break despite another rate shock: the 10-Year Treasury reached 5%, yet REITs remain higher by roughly 7% in 2026 as the once-dominant rate correlation weakens further. Solid fundamentals are increasingly doing the heavy lifting, with healthy property-level cash flows, improving earnings visibility, strong dividend coverage, and better balance sheets helping REITs absorb the rate shock. Cooling supply increasingly reinforces fundamentals: excluding Data Centers, REIT development pipelines are roughly 40% below their 2022 peak and 2019 levels; Data Centers remain the exception at seven times 2019 levels.

U.S. equity markets pulled back from record highs this week as long-term Treasury yields remained elevated, with renewed fiscal concerns after federal debt crossed $40T. Oil prices extended their rebound as stalled Iran negotiations and severely depressed Strait of Hormuz tanker traffic kept geopolitical risk elevated, pushing WTI crude another 5% higher to nearly $87/barrel. Housing data remained soft as starts, pending sales, and builder sentiment stayed depressed amid mortgage rates near 6.7%, but weak construction continued to reinforce the underlying housing shortage.

REITs concluded a surprisingly strong earnings season, with 83 REITs - or 83% - raising full-year FFO guidance, just 4% lowering, and the average outlook increasing 1.4% from prior guidance. Strong Fundamentals, Weak Tape: REITs slipped modestly during earnings season despite widespread guidance raises, as renewed interest-rate pressure outweighed improving property-level trends and earnings momentum. Upside standouts included Hotel, Industrial, Data Center, Billboard, Office, Senior Housing/Skilled Nursing, and Single-Family Rental REITs, while Self-Storage finally showed a convincing pricing inflection.

Schwab U.S. REIT ETF provides broader diversification with 121 holdings compared to the concentrated 30-stock portfolio of iShares Select U.S. REIT ETF. Schwab U.S. REIT ETF features a significantly lower expense ratio of 0.07% while offering a higher trailing-12-month dividend yield.

With low valuations for the sector overall, follow-on common equity offerings for US real estate investment trusts have declined significantly in recent years. US equity REITs have largely preferred issuing common stock through at-the-market offering programs as opposed to more standard follow-on equity offerings in recent years. US REITs raised $77.58 billion through common stock sold under their ATM programs between July 1, 2022, and March 31, 2026.

As REIT earnings season kicks into gear this week, we preview results and major sector trends based on recent operating indicators, company commentary, and real estate market data. REITs enter earnings season with solid momentum, outperforming the market despite elevated Treasury yields and geopolitical volatility, as investors refocus on earnings growth, property fundamentals, dividends, M&A, and capital allocation. Encouraging green shoots have become more plentiful, including resilient hotel demand, robust senior housing growth, improving apartment and industrial fundamentals, and a rebound in retail leasing following a softer Q1.

iShares Select US REIT ETF recently hit a 52-week high, signaling investor interest in the REIT space after several years of lackluster results. ICF is rather concentrated, with 30 holdings and the top ten comprising nearly 60% of assets, though these tend to be the highest quality in the sector. REITs more broadly appear attractively valued relative to the S&P 500 Index, creating a long-term buying opportunity.

iShares Select U.S. REIT ETF focuses on a concentrated group of 30 U.S. REITs, while Xtrackers International Real Estate ETF provides broad exposure to 419 international companies. The Xtrackers International Real Estate ETF maintains a lower expense ratio of 0.1% compared to 0.32% for the iShares fund.

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