ITB rose 7% in one week but remains about 4% lower year to date and roughly 7% below a month ago. The ETF tracks the Dow Jones U.S. Select Home Construction Index, charges a 0.38% expense ratio, and holds about $2.39 billion in net assets. D.R. Horton is 15% of the fund, PulteGroup 9%, Lennar 8%, NVR 8%, and Toll Brothers 5%, with the top five near 45% of net assets. Lennar cited high mortgage rates, constrained affordability, cautious consumer sentiment, and geopolitical uncertainty as margins fell to 15% from 19% a year earlier. The 10-year Treasury closed at 4.56% on May 22, up 26 basis points in a month and near the 97th percentile of its 12-month range, with 4.67% as the May 19 intraday high. A sustained break above 4.70% would squeeze incentive budgets and compress margins, while a move toward the February low of 3.97% would likely reverse that pressure.
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