GABF vs PSR

GABFFGabelli Financial Services Opportunities ETF

PSRAInvesco Active U.S. Real Estate ETF

In short

GABF Mario Gabelli's deal-hunting playbook, pointed at one sector: GABF runs an actively managed, concentrated book of financial-services stocks picked on what a strategic buyer would pay and what might unlock that value.

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

GABF The Fund seeks concentrated exposure to companies principally engaged in financial-services industries, investing at least 80% of net assets in those companies' securities under normal conditions.

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

• GABF Private Market Value with a Catalyst: holdings are sized against what a strategic buyer would pay for the whole company, with an eye on the trigger (buyout, management change) that could surface it.gabelli.com
• Active and fully transparent: holdings are disclosed daily, so the concentrated, non-diversified portfolio is visible rather than inferred from quarterly reports.gabelli.comgabelli.com 2
• A narrow, clearly drawn mandate: at least 80% of net assets in financial-services companies under normal conditions, run with a value discipline instead of as an index clone.

• 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

• GABF Costs 1.24% net of a waiver through April 30, 2027 (1.64% gross), above the category median; index-style rivals such as TRUT (0.14%) and AVRE (0.17%) sit far below.
• A small fund that trades lightly, which can mean wider bid-ask spreads and more price impact on larger orders than the category's household names.
• Non-diversified and tied to one sector, so a single issuer or a financials-wide swing moves it hard; cash goes out once or twice a year, not monthly.gabelli.com

• 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 GABF profile⁠

Full PSR profile⁠