ALPS Active REIT ETF

ALPS Active REIT ETF (REIT), offered by SS&C, is an actively managed fund. It holds about 31 U.S. real estate investment trusts (REITs), which are companies that own and rent out property, and its sub-adviser, GSI Capital Advisors, picks them. Unlike most REIT ETFs, it doesn't track an index. It looks for REITs trading furthest below the manager's estimate of their property value. That approach costs 0.68% a year, against 0.07% for Schwab US REIT ETF (SCHH).

• Over the year to Oct 27, 2026, REIT returned +7.9%, 4th of 9 among similar funds.
• Its 5-year annualized return was +2.8%.
• Its worst full calendar year was 2022 (-21.2%); its best was 2023 (+13.8%).
• The deepest fall in its price history was 29.2% (Apr 20, 2022 to Oct 27, 2023), recovered by Sep 13, 2024.

As of Aug 31, 2026, the fund held 31 securities; the ten largest made up 54.92% of assets.

• Over the three months to Aug 31, 2026, investors added a net $3.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.66%, +2.44%, -3.22%.

The fund doesn't follow an index. Under normal conditions, it puts at least 80% of its net assets in publicly traded U.S. REITs. It may also own real estate operating companies that aren't structured as REITs, preferred shares of real estate companies, and cash. It can buy small, mid-size and large companies. Its goal is total return, meaning dividends plus price gains.

GSI Capital Advisors picks the stocks using a data-driven valuation model. It estimates what each REIT's properties are worth. The inputs include capitalization rates (a property's yearly net income divided by its value), expected growth in net operating income, the value of land, and the market value of the company's debt. The fund then favors the REITs that trade at the largest discounts to that estimate compared with other eligible companies. The prospectus doesn't set a fixed weighting rule or rebalancing schedule.

As of August 31, 2026, the fund held 31 companies. The top 10 made up 54.92% of assets, led by Welltower (10.1%), Prologis (8.9%) and Equinix (8.3%). Cash was 1.11%, and the fund used no derivatives or leverage. Portfolio turnover was 61%, which means the manager replaced a large share of the holdings over the year. Frequent trading can add costs inside the fund that the expense ratio doesn't show.

• REIT charges 0.68% a year, versus an average of 0.19% for the similar funds below (9th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $69 in the first year and $846 over 10 years (assuming a 5% annual return).

It is a concentrated, actively managed bet on a single sector, U.S. REITs, and it has fallen almost 30% from peak to trough.

The fund launched on February 24, 2021, so it has no record from 2008 or 2020. In the 2022 bear market, it fell 28.5% between April 20 and October 10, 2022. Its deepest drop, 29.2%, bottomed on October 27, 2023, and it didn't regain its April 2022 high until September 13, 2024. Its worst calendar year was 2022, at -20.92%. Anyone selling shares to cover spending in that stretch would have sold at a loss. This is why a separate cash or bond reserve matters for people drawing from a portfolio. The trailing 12-month yield was 3.03% as of October 27, 2026, paid quarterly. In the SEC's standard example, the 0.68% expense ratio costs about $69 in the first year and $846 over 10 years on $10,000. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.