BYRE vs PSR

BYRECPrincipal Real Estate Active Opportunities ETF

PSRAInvesco Active U.S. Real Estate ETF

In short

BYRE Active US real estate: about 50 names hand-picked instead of a whole REIT index, priced under what the typical active equity fund charges. Small and thinly traded, so it's a niche tool rather than a crowd favorite.

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

BYRE The Fund seeks total return.

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

• BYRE Roughly 50 US real estate stocks, actively chosen rather than index-assigned. A concentrated way to own the sector, aimed at total return: income plus price.
• 0.60% a year, which undercuts what the typical active US equity fund charges. Lean pricing for single-sector stock picking.
• Plain 1940 Act fund wrapper with quarterly distributions. A 1099 at tax time, not a K-1.

• 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

• BYRE Small asset base and light volume. Spreads can widen and larger orders can move the price more than in a heavily traded fund.
• One sector, one country, about 50 names. Rate moves and property cycles hit the whole basket at once, with no diversification cushion.
• Launched in 2022, so the track record is short, and it sits in the lower half of our active US equity coverage.

• 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 BYRE profile⁠

Full PSR profile⁠