Real estate stocks finally became the eleventh GICS sector at the close of U.S. markets yesterday and while the group has been one of the best-performing areas of the equity market this year thanks to an accomodative Federal Reserve, some market observers are concerned real estate equities are primed for a pullback.

Real estate investment trusts and sector-related exchange traded funds have been among the most popular investments in an extended low-rate environment. However, after this year’s run, REITs may be starting to look pricey.

The Vanguard REIT ETF (NYSEArca: VNQ) is the eighth most popular ETF of 2016, adding $4.6 billion in net inflows year-to-date, according to ETF.com.

SEE MORE: Preparing for Big Changes to a Popular Financial ETF

S&P Dow Jones Indices stated it would add an 11th sector to its Global Industry Classification Standard, creating a new Real Estate Sector from the Financial Sector. The changes to the S&P 500 index will be implemented after the close of business on September 16, 2016.

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However, some market participants believe active managers are already positioned for real estate becoming its own sector, which could keep a lid on the impact the transition will have on ETFs such as VNQ.

“REITs have outperformed the market this year and still retain their place as one of the top-performing asset classes among all industries. But real estate’s heyday could be winding to a close, according to Eddy Elfenbein, editor of the Crossing Wall Street blog,” reports CNBC.

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