active path
SCHH broad cap-weight
ICF size/liquidity screen
SCHH · Dow Jones US Select REIT · ~121 names
How ICF's size/liquidity screen concentrates the same mega-cap REITs SCHH already holds
equity-REIT universe
residential · retail · industrial · healthcare
data center · net lease · self-storage
SCHH path
Dow Jones US Select
REIT Index
cap-weighted
~121 names · broad
ICF path
Cohen & Steers
Realty Majors
size/liquidity
~30 dominant · liquid
liquidity
gate
tail cut
same mega-cap top-10
WELL · PLD · EQIX · AMT · SPG
DLR · PSA · O · VTR · IRM
same issuers, SCHH holds less
SCHH outcome
~50.6% top-10 · tail kept
3.16% yield · 0.07% fee
ICF outcome
~57.6% top-10 · tail cut
2.36% yield · 0.33% fee
growth-tilt
data centers · towers
industrial · lower payout
caveat: ICF's 10Y edge (+5.1% vs +3.8%) is the payoff of this growth tilt
but it has reversed over 1Y and 3Y · small-sample / regime risk