A concentrated REIT sector fund with a rising payout — the fee above the §7 band holds the grade at warn. The fund tracks the Cohen & Steers Realty Majors Index and has paid quarterly since 2001. Trailing distributions of $1.744 are slightly above the $1.717 paid in 2025, with last-twelve-months growth of +13.91%. The top-10 weight of 59.0% is reported only, not graded, as a sector ETF. The 0.33% expense ratio sits above the House §7 band (>0.30%) and is flagged below; the §7 expense-band ruling is open, so the card follows the library precedent for dividend ETFs above the band and is graded warn.
Key risk: Concentration — nearly 60% in ten names means a few large REITs drive the whole payout.
Changes if: The expense ratio falls to 0.30% or below.
- !Expense ratio (§7) 0.33% exceeds the 0.30% fail line in the §7 band; flagged here, graded with the fund’s record as other library dividend ETFs are.
- ✓Distribution trend (§7) Distributions slightly up: $1.744 TTM vs $1.717 in 2025; last-12-months growth +13.91%.
- !Concentration (report only) Top 10 59.0%, reported only and not graded — sector REIT ETF.
- ✓Yield / trap review (§8) 2.66% yield, no trigger: under 8%, no cut, distributions are regular dividends.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.