CSRE vs PSR

CSRECCohen & Steers Real Estate Active ETF

PSRAInvesco Active U.S. Real Estate ETF

In short

CSRE Active real estate, run by a house that specializes in it. Cohen & Steers holds a tight book of listed property names picked bottom-up on relative value, not by index weight. Launched in 2025.

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

CSRE The Fund seeks total return through publicly traded real estate securities. It is actively managed using a bottom-up, relative-value process to select investments.

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

• CSRE Genuinely active, not an index in disguise: a bottom-up, relative-value process using a proprietary valuation model to pick listed real estate securities.
• Roughly 40 holdings, so a single conviction call carries real weight instead of being diluted across hundreds of names.
• The portfolio lines up closely with what the prospectus promises: real estate equity, actively selected, no drift into whatever sector is hot.
• Trades tightly for a fund this young, and distributions come on a quarterly schedule.

• 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

• CSRE 0.70% a year is above the typical active equity ETF, and a large multiple of low-cost core options like DFAU and DFAC. Active selection has to earn that gap.
• Launched in 2025, so the live record is short and risk measures rest on thin history.
• One sector, concentrated: property cycles and interest rates drive the ride here, on a very different path from a broad equity fund.

• 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 CSRE profile⁠

Full PSR profile⁠