BMED vs PSR

BMEDBiShares Health Innovation Active ETF

PSRAInvesco Active U.S. Real Estate ETF

In short

BMED Most health ETFs are a shelf of mega-cap pharma. BMED's stock pickers hunt the other end: roughly 60 innovative and emerging health names tilted to mid and small caps worldwide, 0.55% net of a waiver through June 30, 2027.

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

BMED The Fund seeks to maximize total return through active investment in innovative and emerging healthcare companies.

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

• BMED Mandate is specific: at least 80% of net assets in health sciences stocks, with the focus on mid- and small-cap innovators anywhere in the world, emerging markets included.sec.gov
• 0.55% net of a waiver through June 30, 2027 (0.77% gross), below the median fee among the 35 active sector funds in its group.
• Reach goes past drugmakers: devices, diagnostics, REITs that own hospitals, even animal and plant health sit inside the prospectus definition.sec.gov
• About 60 names means each pick carries weight, and the portfolio matches the innovation mandate it advertises, one of the stronger builds in its active sector peer group.

• 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

• BMED Small fund, light trading. Spreads can widen and the market price can drift from net asset value, which bites hardest on bigger orders.sec.gov
• Mid caps, small caps and emerging-market names in a book of about 60 stocks move harder in both directions than mega-cap pharma.sec.gov
• That 0.55% leans on a waiver running to June 30, 2027; gross is 0.77%. Active healthcare peer TMED charges 0.44% with no waiver attached.

• 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 BMED profile⁠

Full PSR profile⁠