JDOC vs PSR

JDOCCJPMorgan Healthcare Leaders ETF

PSRAInvesco Active U.S. Real Estate ETF

In short

JDOC Most healthcare ETFs just buy the sector list. JDOC is the stock-picker's version: about 60 names chosen by J.P. Morgan healthcare specialists hunting companies whose future growth the market underrates, with the whole globe in bounds.

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

JDOC Seeks long-term capital appreciation by investing primarily in healthcare companies that the adviser considers leaders, particularly where future growth is underappreciated by the market.

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

• JDOC Concentrated by design: about 60 healthcare stocks rather than the full sector roster, so the managers' picks actually shape the portfolio.jpmorgan.com
• The mandate is global, so European and Asian drugmakers and device firms are as eligible as US-listed ones.jpmorgan.com
• Run by J.P. Morgan portfolio managers who specialize in healthcare inside its equity research groups, leaning on the firm's global bench of sector analysts.sec.govjpmorgan.com
• 0.65% a year for specialist active research sits right at the median fee for actively managed US equity ETFs, not a markup for the J.P. Morgan name.

• 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

• JDOC A small fund that trades thinly since its 2023 launch, so spreads can run wider than on the giant healthcare index ETFs and execution matters more.
• One sector, roughly 60 names. Drug pricing rules, patent cliffs and trial outcomes land harder here than in a diversified fund.prnewswire.com
• Broad active core rivals like DFAC and AVLC charge under 0.2% for far wider portfolios. JDOC's fee reflects a narrow specialist mandate, not a core holding's price.

• 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 JDOC profile⁠

Full PSR profile⁠