PSR vs REAI

PSRAInvesco Active U.S. Real Estate ETF

REAICIntelligent Real Estate 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.

REAI Armada is a REIT-only quant shop, and REAI is its house view in an ETF: actively picked commercial REITs plus a smaller mortgage-backed sleeve, measured against the Dow Jones U.S. Select REIT Index.

Stated mandate

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

REAI The Fund seeks total return through active management of publicly traded REITs and limited mortgage-backed securities. Investments are primarily listed on U.S. exchanges, with smaller allocations to Canadian, European, and Asian exchanges.

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

• REAI Charges 0.59% a year, below the 0.65% median for actively managed US equity ETFs, which is uncommon for a boutique running a specialist sleeve.
• Narrow by design: a real estate specialist picking mostly US-listed commercial REITs, with smaller allocations to Canadian, European and Asian listings.armadaetfs.com
• Names a plain benchmark, the Dow Jones U.S. Select REIT Index, so the stock picking can be checked against ordinary REIT exposure.

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.

• REAI A small fund that trades thinly. Spreads can be wide and the shares can be hard to move in size, unlike the big REIT index funds.
• Launched in 2023 as a listed-REIT stand-in for private real estate, then rebranded in January 2024 to the current factor-driven REIT strategy, so the mandate's history is short.armadaetfs.com
• One sector, actively run, at 0.59%. That is a real premium over index REIT exposure, and it sits in the lower half of the active US equity funds we grade.

Full PSR profile⁠

Full REAI profile⁠