HVAC vs PSR

HVACFAdvisorShares HVAC and Industrials ETF

PSRAInvesco Active U.S. Real Estate ETF

In short

HVAC Air conditioners, furnaces, heat pumps. HVAC is the rare fund built around the machines that keep buildings livable, plus the industrials around them: actively managed, roughly two dozen US-listed names, 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

HVAC The Fund seeks long-term capital appreciation. It is actively managed and invests in U.S.-traded common stocks and ADRs across HVAC-related businesses and industrial-sector 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

• HVAC A genuinely unusual mandate: US-listed HVAC makers, suppliers and distributors alongside broader industrial companies, in a compact book of roughly 27 stocks and ADRs.
• Actively managed, so the manager can move across equipment, components and distribution names rather than track a fixed thematic index.
• The prospectus objective is plain: long-term capital appreciation from US HVAC-related and industrial businesses. You know exactly what you own.

• 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

• HVAC The fee is the headline trade-off. It sits far above what active US equity ETFs such as DFAU or AVLC charge, and the portfolio has to clear that cost every year.
• A small asset base and light trading mean wider bid-ask spreads than mainstream funds, so the price you pay can drift from the fund's underlying value.
• Around two dozen names in one slice of industrials: individual stocks and the building cycle swing this portfolio hard, and the record only starts in 2025.

• 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 HVAC profile⁠

Full PSR profile⁠