PSR vs PYZ

PSRAInvesco Active U.S. Real Estate ETF

PYZBInvesco Dorsey Wright Basic Materials Momentum ETF

In short

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.

PYZ Materials, ranked by momentum. PYZ scores US basic-materials stocks on relative strength, holds at least 30 of the strongest, and weights them by momentum score rather than market cap. Reshuffled quarterly since 2006.

Stated mandate

PSR The Fund seeks high total return through capital appreciation and current income, investing principally in equity real estate investment trusts.

PYZ The fund normally invests at least 90% of its total assets in securities comprising its index. The index selects at least 30 Nasdaq US securities showing relative strength, or momentum.

Why people hold it

• 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

• PYZ The index scores materials stocks on relative strength, keeps the 30-plus highest, and lets top scorers carry the biggest weights. Market cap does not set the lineup.sec.gov
• A fresh read four times a year: fund and index are rebalanced and reconstituted quarterly, so names that lose relative strength drop out instead of lingering.sec.govnasdaq.com
• 0.60% net of a waiver through August 31, 2028 (0.79% gross), near the typical cost in its active sector peer group, where it stands in the upper half.
• Trading since 2006, so this momentum rotation has run through multiple commodity cycles. Pays quarterly.

Worth knowing

• 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.

• PYZ Roughly 40 stocks inside one cyclical sector, tilted toward whatever has been working. That concentration moves harder than a broad-market fund in both directions.
• Momentum reads the past. With the screen on a quarterly clock, a sharp turn in materials can leave last quarter's leaders in the book until the next reconstitution.sec.gov
• One of the smaller and less traded funds in its category, so bid-ask spreads run wider than on mega sector ETFs. Limit orders are the standard tool.

Full PSR profile⁠

Full PYZ profile⁠