At a glance
ICF charges 0.32% a year, above the 0.21% average of the 8 funds most like it (the 7th cheapest of 9). It has $2.10B in assets, the 5th largest of that group; it paid 2.65% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +7.6% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +14.2% a year. At its worst it fell 40.2% in the 2020 crash (S&P 500: 33.7%) and 31.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 42 months after the lows. Its ten largest positions make up 59.0% of the fund, out of 30 in all.
The short version
iShares Cohen & Steers REIT ETF (ICF) is a BlackRock index fund that tracks the Cohen & Steers Realty Majors Index. The index holds up to 30 large, heavily traded U.S. real estate investment trusts (REITs), which are companies that own and rent out property. The fund is a focused bet on big property owners, with 59% of assets in its top 10 holdings as of July 31, 2026. Its 0.32% expense ratio is higher than the 0.21% average of similar funds.
Price history
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ICF +7.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ICF official prospectus, to Dec 31, 2025 | — | +1.94% | — | +4.74% | +4.83% | — |
| SP Total Market Index index, same period | — | +17.05% | — | +13.07% | +14.22% | — |
| Cohen And Steers Realty Majors Index index, same period | — | +2.27% | — | +5.10% | +5.19% | — |
| ICF price data to Oct 27, 2026 | +11.8% | +7.6% | +14.2% | +1.4% | +6.0% | +6.2% |
- Over the year to Oct 27, 2026, ICF returned +7.6%, 4th of 9 among similar funds.
- Its 5-year annualized return was +1.4% and its 10-year +6.0%.
- In the 2020 COVID crash it fell 40.2% and regained its old high 12.9 months after the low.
- Its worst full calendar year was 2008 (-41.0%); its best was 2021 (+44.1%).
- The deepest fall in its price history was 77% (Feb 7, 2007 to Mar 6, 2009), recovered by Jun 5, 2014.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.8% | — |
| 2025 | +1.9% | +1.94% |
| 2024 | +5.3% | +5.30% |
| 2023 | +10.4% | +10.38% |
| 2022 | -26.1% | -26.10% |
| 2021 | +44.1% | +43.99% |
| 2020 | -5.5% | -5.42% |
| 2019 | +25.5% | +25.48% |
| 2018 | -2.5% | -2.45% |
| 2017 | +4.9% | +4.96% |
| 2016 | +4.7% | +4.57% |
| 2015 | +6.0% | — |
| 2014 | +33.9% | — |
| 2013 | -1.7% | — |
| 2012 | +15.3% | — |
| 2011 | +10.2% | — |
| 2010 | +29.1% | — |
| 2009 | +25.4% | — |
| 2008 | -41.0% | — |
| 2007 | -19.1% | — |
| 2006 | +36.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 72.6% over that stretch · deepest drop along the way 73.3%, back to its old high 40.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.2% over that stretch · deepest drop along the way 40.2%, back to its old high 12.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.8% over that stretch · deepest drop along the way 31.8%, back to its old high 42.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0500 | |
| 2025 | $1.7100 | +6.9% |
| 2024 | $1.6000 | -1.2% |
| 2023 | $1.6200 | +12.5% |
| 2022 | $1.4400 | +4.3% |
| 2021 | $1.3800 | +7.8% |
| 2020 | $1.2800 | -13.8% |
| 2019 | $1.4850 | -3.3% |
| 2018 | $1.5350 | -2.2% |
| 2017 | $1.5700 | -26.1% |
| 2016 | $2.1237 | +29.9% |
| 2015 | $1.6350 | +12.4% |
| 2014 | $1.4550 | +14.1% |
| 2013 | $1.2750 | +7.6% |
| 2012 | $1.1850 | +13.9% |
| 2011 | $1.0400 | +9.5% |
| 2010 | $0.9500 | -5.9% |
| 2009 | $1.0100 | -42.8% |
| 2008 | $1.7650 | +62.7% |
| 2007 | $1.0850 | +46.6% |
| 2006 | $0.7403 |
What's inside
As of Jul 31, 2026, the fund held 30 securities; the ten largest made up 59.04% of assets.
| Holding | Weight | |
|---|---|---|
| Welltower, Inc. | 8.45% | |
| Prologis, Inc. | 8.00% | |
| Equinix, Inc. | 7.35% | |
| American Tower Corp. | 6.95% | |
| Simon Property Group, Inc. | 6.39% | |
| Public Storage | 5.23% | |
| Realty Income Corp. | 4.40% | |
| Digital Realty Trust, Inc. | 4.35% | |
| Ventas, Inc. | 4.34% | |
| Iron Mountain, Inc. | 3.59% | |
| Crown Castle, Inc. | 3.28% | |
| Extra Space Storage, Inc. | 3.22% | |
| VICI Properties, Inc. | 2.93% | |
| AvalonBay Communities, Inc. | 2.76% | |
| Equity Residential | 2.47% |
By country
United States 99.76%By asset type
Stocks 99.76%By sector
Sectors of the companies held, for the 64.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $43.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.41%, +0.66%, +1.92%.
How it works
The fund tracks the Cohen & Steers Realty Majors Index. Cohen & Steers Capital Management, an investment firm independent of BlackRock, picks up to 30 large U.S. REITs that it believes may benefit from consolidation in the real estate industry. It judges each company on its management, the quality of its properties, its capital structure (how it is financed with debt and equity), and its spread across property types and regions. Each company must also meet minimum size and trading-volume rules. The fund's August 21, 2026 prospectus calls it the iShares Select U.S. REIT ETF.
Holdings are weighted by free-float market value, which counts only the shares available to the public. At each quarterly rebalance, no REIT may exceed 8%, and all REITs above 4.5% may make up no more than 45% combined. Weights can drift between rebalances. As of July 31, 2026, Welltower was 8.5% of the fund, followed by Prologis (8.0%), Equinix (7.3%), American Tower (6.9%) and Simon Property Group (6.4%).
BlackRock uses representative sampling: it may not hold every stock in the index, but it must keep at least 80% of net assets in index stocks. The fund may also use derivatives, hold cash, and lend out securities worth up to one-third of its total assets. As of July 31, 2026, stocks made up 99.76% of assets.
What it really costs
- ICF charges 0.32% a year, versus an average of 0.21% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $33 in the first year and $406 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ICF | $33 | $103 | $180 | $406 |
In a retirement portfolio
It adds a focused slice of large U.S. property owners next to a broader portfolio, though its history of deep crashes argues for a modest position.
ICF adds real estate exposure through large REITs. Over the year to October 27, 2026, it moved little with the stock market: its beta, a measure of how closely it follows the market, was 0.19. In crises, though, it fell hard. It dropped 73% in the 2008 financial crisis and took about 40 months to recover. It fell 40% in the 2020 COVID crash and 32% in 2022, and the 2022 drop took about 42 months to recover, until April 2026. Its worst calendar year was 2008, at -41%. Selling shares for spending money after drops like these would lock in losses.
The trailing 12-month yield was 2.65% as of October 27, 2026, and the fund pays quarterly. Under the SEC's standard example, $10,000 invested costs $33 in the first year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a concentrated group of about 30 large U.S. REITs, led by Welltower, Prologis and Equinix as of July 31, 2026.
- People seeking quarterly real estate income, with a trailing 12-month yield of 2.65% as of October 27, 2026.
- Those comfortable with an index whose provider, Cohen & Steers, picks REITs partly by judging management, property quality and finances.
Look elsewhere if
- Cost-focused investors: SCHH (0.07%), USRT (0.08%) and XLRE (0.08%) charge far less than ICF's 0.32% expense ratio.
- Anyone who may need to sell in a downturn: ICF fell 73% in 2008–09, and its 2022 drop took about 42 months to recover.
- Investors who want broad diversification: ICF holds about 30 REITs and put 59% of assets in its top 10 as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ICF this fund | — | 0.32% | $2.10B | +7.6% | +14.2% |
| XLRE Real Estate Select Sector SPDR Fund | 85% | 0.08% | $8.10B | +2.8% | +13.3% |
| DFAR Dimensional US Real Estate ETF | 74% | 0.19% | $1.78B | +7.6% | +14.0% |
| IYR iShares U.S. Real Estate ETF | 74% | 0.39% | $4.67B | +1.9% | +12.7% |
| USRT iShares Core U.S. REIT ETF | 71% | 0.08% | $4.66B | +8.5% | +15.9% |
| SCHH Schwab US REIT ETF | 70% | 0.07% | $11.20B | +7.1% | +14.1% |
| FREL Fidelity MSCI Real Estate Index ETF | 69% | 0.084% | $1.49B | +3.2% | +13.3% |
| RWR SPDR Dow Jones REIT ETF | 67% | 0.25% | $1.84B | +8.6% | +15.6% |
Questions investors ask
Is ICF good for retirement income?
ICF pays income, but the amount is modest. Its trailing 12-month yield was 2.65% as of October 27, 2026, about $1.74 per share, paid quarterly. Companies can cut or stop dividends, and the fund's price has swung widely: it fell 40% in the 2020 COVID crash and 32% in 2022. It may suit retirees as one part of a wider mix rather than as a main source of income.
What's the difference between ICF and XLRE?
Both hold large U.S. real estate companies, and about 85% of their holdings overlap. The biggest difference is cost: XLRE charges 0.08% a year, while ICF charges 0.32%. ICF tracks the Cohen & Steers Realty Majors Index, which holds up to 30 REITs chosen partly on judgments of quality. As of October 27, 2026, ICF returned 7.6% over one year and 14.2% a year over three years. XLRE returned 2.8% and 13.3% over the same periods.
How often does ICF pay dividends?
ICF pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $1.74 per share, a trailing yield of 2.65%. REITs must pay out most of their taxable income to shareholders, so income makes up a meaningful part of the fund's return. But payments vary from quarter to quarter, and the prospectus warns that the companies it holds are not required to keep paying dividends.
What are ICF's top holdings?
As of July 31, 2026, ICF's largest holdings were Welltower (8.5%), Prologis (8.0%), Equinix (7.3%), American Tower (6.9%), Simon Property Group (6.4%) and Public Storage (5.2%). Realty Income, Digital Realty, Ventas and Iron Mountain completed the top 10. Together the top 10 made up 59% of the fund, which held 30 companies. The index caps each REIT at 8% at every quarterly rebalance, but weights can drift above that between rebalances.
How has ICF performed over 10 years?
ICF's long-term returns have been modest. According to its prospectus, it returned 4.83% a year over the 10 years ended December 31, 2025. Its index returned 5.19% a year over that period, and the broad S&P Total Market Index returned 14.22%. Based on price data, the 10-year annualized return was 6.0% as of October 27, 2026. Over five years to that date, it returned just 1.4% a year.