At a glance
REAI charges 0.59% a year, above the 0.39% average of the 8 funds most like it (the 6th cheapest of 8). It has $1.1M in assets, the 9th largest of that group; it paid 3.55% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −0.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds. Its ten largest positions make up 59.4% of the fund, out of 22 in all.
The short version
The Intelligent Real Estate ETF (REAI) is an actively managed fund that owns publicly traded real estate investment trusts (REITs), chosen to resemble the property mix of non-traded REITs (unlisted property funds) run by large real estate firms. As of July 31, 2026, it had 22 holdings, 69% of assets in U.S. companies and net assets of about $1.1 million. Its 0.59% expense ratio (annual fee) is above the 0.39% average of similar funds.
Price history
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REAI -0.2% 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 | |
|---|---|---|---|---|---|---|
| REAI official prospectus, to Dec 31, 2025 | — | -5.69% | — | — | — | +1.64% |
| REAI price data to Oct 27, 2026 | +9.1% | -0.2% | — | — | — | +4.3% |
- Over the year to Oct 27, 2026, REAI returned -0.2%, 9th of 9 among similar funds.
- Its worst full calendar year was 2025 (-6.7%); its best was 2025 (-6.7%).
- The deepest fall in its price history was 22.3% (Sep 24, 2024 to Apr 8, 2025), recovered by May 6, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.1% | — |
| 2025 | -6.7% | -5.69% |
| 2024 | — | +8.08% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4900 | |
| 2025 | $0.7100 |
What's inside
As of Jul 31, 2026, the fund held 22 securities; the ten largest made up 59.35% of assets.
| Holding | Weight | |
|---|---|---|
| Equinix Inc | 9.37% | |
| Digital Realty Trust Inc | 9.37% | |
| Digital Core REIT Management P | 7.54% | |
| Iron Mountain Inc | 5.45% | |
| Segro PLC | 5.18% | |
| Public Storage | 4.61% | |
| First Industrial Realty Trust | 4.58% | |
| American Tower Corp | 4.49% | |
| Prologis Inc | 4.49% | |
| Keppel DC REIT | 4.27% | |
| STAG Industrial Inc | 4.27% | |
| SBA Communications Corp | 4.02% | |
| DigiCo Infrastructure REIT | 3.84% | |
| Innovative Industrial Properti | 3.78% | |
| Crown Castle Inc | 3.77% |
By country
United States 69.16%Singapore 14.6%United Kingdom 8.59%Australia 3.84%China 1.77%By asset type
Stocks 97.96%By sector
Sectors of the companies held, for the 48.6% 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 $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.09%, -2.06%, +1.99%.
How it works
REAI does not track an index. Its sub-adviser, Armada ETF Advisors, studies public filings on a select group of non-traded real estate investment trusts (REITs) run by large property firms. Non-traded REITs are SEC-registered funds whose shares do not trade on an exchange and are generally open only to accredited and institutional investors. The manager picks exchange-listed REITs that resemble those funds' holdings by property sector, region, portfolio quality (such as occupancy and lease length), balance sheet and valuation. Listed REITs typically borrow less, so the fund is expected to carry less leverage than those funds.
It can own residential, industrial, net lease, hospitality, self-storage and "AI infrastructure" REITs (data centers, power and data transmission properties), plus retail and office REITs. It normally holds 15 to 50 REITs, which make up at least 80% of net assets. It can also hold up to 5 mortgage-backed securities (bonds backed by pools of property loans), generally capped at 10% of net assets. It may own REITs listed in Canada, Europe and Asia.
Because the fund is actively managed, the manager decides position sizes and when to trade. Portfolio turnover of 125% points to frequent trading. As of July 31, 2026, it had 22 holdings and no derivatives. The 10 largest made up 59% of assets, led by Equinix and Digital Realty Trust at 9.4% each.
What it really costs
- REAI charges 0.59% a year, versus an average of 0.39% for the similar funds below (6th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| REAI | $60 | $189 | $329 | $738 |
In a retirement portfolio
With 22 holdings concentrated in real estate, about $1.1 million in assets as of July 31, 2026, and a record starting in June 2023, REAI fits a small supporting role better than a central one.
REAI adds real estate income and some non-U.S. exposure. It launched June 12, 2023, after the 2008, 2020 and 2022 downturns, so it has not faced a major bear market. Of its two full calendar years, 2024 returned 8.08% and 2025 lost 5.69%. Its deepest drop was 22.3%, from September 24, 2024 to April 8, 2025. It regained that peak on May 6, 2026, about 13 months after the low. Anyone withdrawing during that stretch would have been cashing out at depressed prices.
The trailing 12-month yield was 3.55% as of October 27, 2026, paid twice a year. Its 0.59% expense ratio is above the 0.39% average for similar funds. The SEC's standard $10,000 example puts costs at $60 for one year and $738 over 10 years. Past results don't predict the future, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a portfolio modeled on non-traded REITs run by large real estate firms, but held through shares that trade on an exchange.
- Investors comfortable with concentration and foreign exposure: 22 holdings, top 10 at 59%, and Singapore at 14.6% of assets as of July 31, 2026.
- Income seekers fine with twice-yearly payouts; the trailing 12-month yield was 3.55% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: the 0.59% expense ratio compares with 0.19% for Dimensional US Real Estate ETF (DFAR) and 0.17% for Avantis Real Estate ETF (AVRE).
- Those wary of tiny, young funds: about $1.1 million in assets as of July 31, 2026, and a record starting June 2023.
- Anyone weighing one-year results: REAI's 1-year return of -0.2% trailed all eight similar funds as of October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| REAI this fund | — | 0.59% | $1.1M | -0.2% | — |
| DFAR Dimensional US Real Estate ETF | 35% | 0.19% | $1.78B | +7.6% | +14.0% |
| FPRO Fidelity Real Estate Investment ETF | 32% | 0.59% | $16.5M | +4.9% | +13.4% |
| BYRE Principal Real Estate Active Opportunities … | 32% | 0.6% | $25.6M | +5.8% | +12.8% |
| AVRE Avantis Real Estate ETF | 31% | 0.17% | $861.1M | +3.5% | +12.6% |
| CSRE Cohen & Steers Real Estate Active ETF | 29% | — | $440.9M | +7.2% | — |
| IDGT iShares U.S. Digital Infrastructure and Rea… | 29% | 0.41% | $502.8M | +26.4% | — |
| PSR Invesco Active U.S. Real Estate Fund | 29% | 0.35% | $60.4M | +8.6% | +13.1% |
Questions investors ask
What does "Intelligent" mean in the Intelligent Real Estate ETF?
It refers to how the portfolio is built, according to the prospectus. The sub-adviser, Armada ETF Advisors, studies the holdings of select non-traded REITs run by large global real estate firms. Non-traded REITs are real estate funds whose shares don't trade on an exchange. Armada then aims to build similar exposure "intelligently" with exchange-listed REITs instead of simply copying those funds. It compares sector, region, occupancy, lease terms, leverage and valuation. Tidal Financial Group is the fund's issuer.
What are REAI's top holdings?
As of July 31, 2026, REAI's largest positions were Equinix (9.4%), Digital Realty Trust (9.4%), Singapore's Digital Core REIT (7.5%), Iron Mountain (5.5%) and Britain's Segro (5.2%). Public Storage, First Industrial Realty Trust, American Tower, Prologis and Keppel DC REIT completed the top 10, which made up 59% of assets. The fund had 22 holdings, with 69% of assets in U.S. companies, 14.6% in Singapore and 8.6% in the UK.
Does REAI pay monthly dividends?
No. REAI pays distributions semiannually, or twice a year. It paid $0.71 per share over the trailing 12 months through October 27, 2026, a trailing yield of 3.55%. The fund normally keeps at least 80% of net assets in REITs, which generally must pay out most of their taxable income, so REIT dividends drive its payouts. Those dividends are often taxed as ordinary income rather than at lower qualified-dividend rates.
What's the difference between REAI and DFAR?
The main differences are approach, cost and size. REAI is actively managed and normally holds 15 to 50 REITs chosen to resemble non-traded REIT portfolios, including companies in Singapore and the UK. Dimensional US Real Estate ETF (DFAR) is the similar fund with the most holdings overlap (35%). It charges 0.19% a year versus REAI's 0.59%. As of July 31, 2026, DFAR had about $1.78 billion in assets and REAI had roughly $1.1 million. Over the year ended October 27, 2026, DFAR returned 7.6% and REAI -0.2%.
How has REAI performed since it launched?
Modestly, with swings. According to its prospectus, REAI returned 8.08% in 2024 and lost 5.69% in 2025. That works out to an average of 1.64% a year from its June 12, 2023 launch through December 31, 2025. Its strongest quarter, ended September 30, 2024, gained 15.37%; the next quarter lost 7.08%, its weakest. Based on market prices, it gained 9.1% in 2026 through October 27, 2026 (year to date), but was down 0.2% over the 12 months to that date.