ICF

ICF aims to capture the top end of the US real estate market, thanks to its exposure to relatively large and liquid REITs that may benefit from future consolidation and securitization of the industry. Its limited scope also produces notable sub-sector tilts. Index constituents are selected based on a review of several factors including management, portfolio quality, capital structure, as well as sector and geographic diversification. Moreover, these are weighted according to the total free-float adjusted market value of each REIT's outstanding shares and are further adjusted quarterly, to ensure that no REIT holds more than 8% weight of the underlying index. Overall, ICF provides access to the "realty majors” even if it doesn't capture the full flavor of the US real estate market.