PSR vs XPND

PSRAInvesco Active U.S. Real Estate ETF

XPNDCFirst Trust Expanded Technology 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.

XPND Most tech ETFs stop at the GICS sector line. XPND steps over it, adding tech-dependent names from financials and communication services, then lets a quant model cut the field to about 50 large caps.

Stated mandate

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

XPND The Fund seeks long-term capital appreciation. It normally invests at least 80% of net assets in U.S.-listed common stocks of information-technology companies and technology-dependent companies in financials and communication services, using an active quantitative model.

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

• XPND Defines tech by what a company runs on, not its sector label: at least 80% of net assets in US tech plus tech-dependent financials and communication services names.ftportfolios.com
• Active quant model starts with a large-cap universe and ranks it on operating and financial metrics such as return on equity, momentum and free cash flow growth.businesswire.com
• Does what the label says: the portfolio lines up closely with the mandate in its prospectus, and it has run this way since launching in 2021.ftportfolios.com

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.

• XPND Roughly 50 stocks in one theme. Concentration is the whole point, and it swings harder than a broad-market fund in both directions.
• A small fund that trades lightly, so bid-ask spreads can run wider than on mega-cap tech ETFs. Limit orders matter more here.
• 0.65% is median for active US equity ETFs, but broad active core peers such as DFAU (0.12%) and AVLC (0.15%) charge a fraction of it.

Full PSR profile⁠

Full XPND profile⁠