GTOP vs PSR

GTOPCGoldman Sachs Technology Opportunities ETF

PSRAInvesco Active U.S. Real Estate ETF

In short

GTOP A 1999-vintage tech stock picker wrapped in an ETF: at least 80% in technology names, free to roam from US mega caps to emerging markets, and measured against the Nasdaq Composite.

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

GTOP The Fund seeks long-term growth of capital. It invests at least 80% of its net assets in technology-company equity investments and generally targets companies expected to benefit from the proliferation of technology.

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

• GTOP Genuinely active. Managers hunt companies set to benefit from the spread of technology across US, international and emerging markets instead of tracking a fixed list.
• The 0.65% fee sits right at the median for active US equity ETFs. You pay the going rate for stock picking, not a premium for it.
• The strategy dates to 1999, so its record runs through the dot-com bust and every tech cycle since. Few tech mandates have that much road behind them.
• Scored against the Nasdaq Composite Total Return Index, a demanding yardstick that makes the manager's contribution easy to judge.

• 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

• GTOP Thinly traded. Spreads can widen, so order type and timing matter more here than with the market's busiest funds.
• One sector, concentrated book. A technology-only portfolio moves harder than a broad market fund, in both directions.
• Broad active core rivals cost far less (DFAU 0.12%, AVLC 0.15%). The extra fee here buys concentrated tech research, not diversification.

• 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 GTOP profile⁠

Full PSR profile⁠