BCTK vs PSR

BCTKDBaron Technology ETF

PSRAInvesco Active U.S. Real Estate ETF

In short

BCTK Baron made its name picking growth stocks and holding on. BCTK is that playbook in an ETF wrapper: an actively chosen, global technology portfolio built around companies the manager thinks have durable growth, not whatever an index prints.

PSR Active REIT stock-picking without the active price tag: since 2008, PSR has run a tight book of about 30 US property names for 0.35% a year, roughly half the median fee among active US equity ETFs.

Stated mandate

BCTK The Fund seeks capital appreciation by investing primarily in U.S. and non-U.S. technology companies selected for durable growth potential associated with technological development and use.

PSR The Fund seeks high total return through capital appreciation and current income, investing principally in equity real estate investment trusts.

Why people hold it

• BCTK Genuinely global tech mandate. The manager can own non-US names alongside US ones, so the portfolio isn't fenced into the usual American megacap roster.
• A narrow, legible job: capital appreciation from technology companies picked for durable growth. You know exactly what you own and exactly what to judge it against.
• High-conviction active management, not a closet index. Stock selection, not index weights, drives what's in the portfolio.
• Live since a December 2021 launch, so there's a real track record to inspect rather than a backtest.

• PSR 0.35% a year against a 0.65% median for active US equity ETFs. Active management without the usual active-management markup.
• Running since 2008, across multiple rate regimes and property cycles, and it sits in the upper half of its active US equity peer group.
• Concentrated by design: about 30 equity REITs, so each holding carries real weight instead of being diluted across the entire property market.invesco.com
• The mandate targets capital appreciation plus current income from equity REITs, and the fund distributes quarterly.invesco.com

Worth knowing

• BCTK 0.75% a year is the price of the stock picker, and it sits above the typical active US equity ETF. The picks have to clear that bar.
• Thinly traded next to the index giants. Spreads can widen, so how you place the order matters more here than in a mega-fund.
• One sector, concentrated. Against active US equity peers it lands in the bottom quartile on our overall read, with cost and volatility the main drags.

• PSR Thinly traded. Spreads can widen and larger orders can move the price more than they would in a heavily traded index fund.
• One sector, one economy: US property. When rates jolt REITs, the portfolio has no other sector to lean on.
• Assets stay modest next to the giant index REIT funds, and smaller ETFs generally face a higher bar to stay open over the long haul.

Full BCTK profile⁠

Full PSR profile⁠