At a glance
PSR charges 0.35% a year, above the 0.29% average of the 8 funds most like it (the 6th cheapest of 9). It has $60.4M in assets, the 8th largest of that group; it paid 2.73% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +8.6% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +13.1% a year. At its worst it fell 42.3% in the 2020 crash (S&P 500: 33.7%) and 30.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 44 months after the lows. Its ten largest positions make up 59.0% of the fund, out of 31 in all.
The short version
Invesco Active U.S. Real Estate ETF (PSR) is an actively managed fund that uses valuation screens to pick 31 U.S. real estate investment trusts (REITs) from the FTSE NAREIT All Equity REITs Index. It charges 0.35% a year. That is more than cheaper REIT funds such as Schwab US REIT ETF (0.07%). It is also small and concentrated: as of July 31, 2026, about 59% of its assets sat in its top 10 holdings.
Price history
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PSR +8.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PSR official prospectus, to Dec 31, 2025 | — | +2.58% | — | +3.65% | +4.97% | — |
| PSR price data to Oct 27, 2026 | +12.4% | +8.6% | +13.1% | +0.8% | +5.8% | +11.9% |
- Over the year to Oct 27, 2026, PSR returned +8.6%, 1st of 9 among similar funds.
- Its 5-year annualized return was +0.8% and its 10-year +5.8%.
- In the 2020 COVID crash it fell 42.3% and regained its old high 12.9 months after the low.
- Its worst full calendar year was 2022 (-25.5%); its best was 2021 (+41.7%).
- The deepest fall in its price history was 42.3% (Feb 14, 2020 to Mar 23, 2020), recovered by Apr 20, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.4% | — |
| 2025 | +2.6% | +2.58% |
| 2024 | +1.8% | +1.85% |
| 2023 | +8.3% | +8.28% |
| 2022 | -25.5% | -25.27% |
| 2021 | +41.7% | +41.52% |
| 2020 | -6.0% | -5.97% |
| 2019 | +28.8% | +28.95% |
| 2018 | -4.5% | -4.60% |
| 2017 | +11.9% | +9.36% |
| 2016 | +4.5% | +7.30% |
| 2015 | +2.1% | — |
| 2014 | +32.8% | — |
| 2013 | +1.5% | — |
| 2012 | +15.0% | — |
| 2011 | +11.0% | — |
| 2010 | +25.1% | — |
| 2009 | +30.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.5% over that stretch · deepest drop along the way 42.3%, back to its old high 12.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.9% over that stretch · deepest drop along the way 30.9%, back to its old high 44.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.1200 | |
| 2025 | $2.3200 | -16.2% |
| 2024 | $2.7700 | +3.4% |
| 2023 | $2.6800 | +4.3% |
| 2022 | $2.5700 | +1.2% |
| 2021 | $2.5400 | -5.2% |
| 2020 | $2.6800 | +10.3% |
| 2019 | $2.4300 | +20.9% |
| 2018 | $2.0100 | +1727.3% |
| 2017 | $0.1100 | -95.8% |
| 2016 | $2.6400 | -16.2% |
| 2015 | $3.1500 | +242.4% |
| 2014 | $0.9200 | +4.5% |
| 2013 | $0.8800 | -22.1% |
| 2012 | $1.1300 | +169.0% |
| 2011 | $0.4200 | -56.3% |
| 2010 | $0.9600 | +50.0% |
| 2009 | $0.6400 |
What's inside
As of Jul 31, 2026, the fund held 31 securities; the ten largest made up 59.02% of assets. It also reported 8.98% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| American Tower Corp. | 9.62% | |
| Prologis, Inc. | 9.29% | |
| Welltower Inc. | 8.19% | |
| Digital Realty Trust, Inc. | 7.31% | |
| Equinix, Inc. | 4.91% | |
| Terreno Realty Corp. | 4.55% | |
| Omega Healthcare Investors, Inc. | 4.15% | |
| Camden Property Trust | 3.70% | |
| W.P. Carey Inc. | 3.65% | |
| UDR, Inc. | 3.65% | |
| Public Storage | 3.61% | |
| American Healthcare REIT, Inc. | 3.33% | |
| Gaming and Leisure Properties, Inc. | 2.84% | |
| Equity LifeStyle Properties, Inc. | 2.52% | |
| Tanger Inc. | 2.47% |
By country
United States 99.95%By asset type
Stocks 99.95%By sector
Sectors of the companies held, for the 40.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $6.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.13%, +1.51%, +3.40%.
How it works
PSR does not track an index. Its manager picks the stocks but must keep at least 80% of assets in companies that are principally engaged in U.S. real estate and belong to the FTSE NAREIT All Equity REITs Index. A company qualifies if at least half of its revenues, profits or assets come from U.S. real estate. Most holdings are equity REITs: companies that own and lease properties and pay out most of their income to shareholders. The fund may also own real estate operating companies, which reinvest their earnings instead of paying them out.
The sub-adviser, Invesco Advisers, Inc., uses quantitative and statistical measures to find REITs that look attractively priced. It generally reviews the portfolio once a month. It may sell or trim a holding when its valuation stops looking attractive, its risk or fundamentals change, or a better opportunity comes along. The prospectus lists portfolio turnover of 115%. That means the fund traded more than the value of its whole portfolio over a year, which can raise trading costs.
The fund is non-diversified, so it can put large amounts into a few stocks. As of July 31, 2026, it held 31 stocks, with 59% in the top 10. The largest were American Tower (9.6%), Prologis (9.3%), Welltower (8.2%) and Digital Realty Trust (7.3%). It held no derivatives.
What it really costs
- PSR charges 0.35% a year, versus an average of 0.29% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $444 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PSR | $36 | $113 | $197 | $444 |
In a retirement portfolio
It is a concentrated real estate fund that fell 42.3% in 2020 and 30.9% in 2022, so it fits better as a small add-on than as a core position.
PSR may add real estate exposure and quarterly income. Its trailing 12-month yield was 2.73% as of October 27, 2026. On $10,000, its 0.35% expense ratio comes to about $36 in the first year and $444 over 10 years under the SEC's standard example. That is more than several similar REIT funds charge.
The bigger issue is how far it can fall. In the 2020 COVID crash, it dropped 42.3% in about a month and took about 13 months to recover. In the 2022 bear market, it fell 30.9% and did not get back to its January 2022 peak until June 26, 2026, about 44 months later. Its worst calendar year was 2022, at -25.27%. Selling shares for spending during stretches like these would lock in losses. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a manager's valuation-based pick of 31 U.S. REITs rather than a fund that owns most of the REIT market.
- Holders looking for quarterly real estate income, with a trailing yield of 2.73% as of October 27, 2026.
- Those comfortable with concentration: American Tower, Prologis and Welltower were each about 8% to 10% of assets as of July 31, 2026.
Look elsewhere if
- Cost-focused investors: Schwab US REIT ETF (0.07%) and iShares Core U.S. REIT ETF (0.08%) charge far less than PSR's 0.35%.
- Anyone who may need to sell in a downturn: the fund fell 30.9% in 2022 and took about 44 months to recover.
- Investors who prefer large funds: PSR had about $60.4 million in net assets as of July 31, 2026, while several peers have billions.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PSR this fund | — | 0.35% | $60.4M | +8.6% | +13.1% |
| SCHH Schwab US REIT ETF | 54% | 0.07% | $11.20B | +7.1% | +14.1% |
| DFAR Dimensional US Real Estate ETF | 54% | 0.19% | $1.78B | +7.6% | +14.0% |
| FREL Fidelity MSCI Real Estate Index ETF | 52% | 0.084% | $1.49B | +3.2% | +13.3% |
| ICF iShares Cohen & Steers REIT ETF | 51% | 0.33% | $2.10B | +7.6% | +14.2% |
| IYR iShares U.S. Real Estate ETF | 50% | 0.39% | $4.67B | +1.9% | +12.7% |
| USRT iShares Core U.S. REIT ETF | 50% | 0.08% | $4.66B | +8.5% | +15.9% |
| REIT ALPS Active REIT ETF | 48% | 0.68% | $56.4M | +7.9% | +14.2% |
Questions investors ask
Is PSR good for retirement income?
PSR provides some income, but it is a real estate stock fund, not a steady payer. It pays quarterly, and its trailing 12-month yield was 2.73% as of October 27, 2026, or about $2.71 per share. The share price can swing widely, though. The fund fell 30.9% in the 2022 bear market and took about 44 months to recover. That matters for anyone who plans to draw income from it.
What's the difference between PSR and SCHH?
The main differences are management style, cost and size. PSR is actively managed: it picks 31 REITs using valuation screens and charges 0.35% a year. Schwab US REIT ETF (SCHH) charges 0.07% and had about $11.2 billion in net assets as of August 31, 2026. PSR had about $60.4 million as of July 31, 2026. About 54% of their holdings overlap. As of October 27, 2026, PSR returned 8.6% over one year to SCHH's 7.1%, but 13.1% a year over three years to SCHH's 14.1%.
Does PSR pay monthly dividends?
No. PSR pays distributions quarterly, not monthly. Over the 12 months through October 27, 2026, it paid about $2.71 per share, a trailing yield of 2.73%. Most of that income comes from the REITs it owns. As a group, REITs must pay out most of their taxable income to shareholders. Payouts can change from quarter to quarter because they depend on what those REITs distribute.
What is PSR's expense ratio?
PSR's expense ratio is 0.35%, according to its prospectus filed February 26, 2026. All of it is the management fee. Under the SEC's standard example, $10,000 invested with a 5% annual return would cost about $36 over one year, $197 over five years and $444 over 10 years. That is above the 0.29% average of similar REIT ETFs, and PSR ranks 6th of 9 from lowest cost. Schwab US REIT ETF charges 0.07%, and iShares Core U.S. REIT ETF charges 0.08%.
How has PSR performed over the long term?
PSR's long-term results have been modest and uneven. As of December 31, 2025, the prospectus shows average annual returns of 2.58% over one year, 3.65% over five years and 4.97% over 10 years. Calendar years ranged from a 41.52% gain in 2021 to a 25.27% loss in 2022. Price-based returns through October 27, 2026 show 12.4% for the year to date and 13.1% a year over three years. The three-year figure ranked 8th of 9 among similar funds.