At a glance
SRHR charges 0.75% a year, above the 0.29% average of the 5 funds most like it (the most expensive of 6). It has $54.4M in assets, the 6th largest of that group; it paid 6.66% of its price in distributions over the past 12 months, monthly. Over the past year it returned +6.1% with distributions reinvested (S&P 500: +11.5%), 5th of those 6 funds. Its ten largest positions make up 56.7% of the fund, out of 25 in all.
The short version
SRH REIT Covered Call ETF (SRHR) is an actively managed fund that holds about 20 to 30 US-listed real estate investment trusts (REITs). It also sells call options on some of them to collect income. Its trailing 12-month yield was 6.66% as of October 27, 2026, paid monthly. The trade-off is cost: its 0.75% expense ratio is well above the 0.29% average of five similar REIT funds that don't use this strategy.
Price history
The interactive chart needs JavaScript.
SRHR +6.1% 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 | |
|---|---|---|---|---|---|---|
| SRHR official prospectus, to Dec 31, 2025 | — | -0.96% | — | — | — | +9.59% |
| SRHR price data to Oct 27, 2026 | +9.3% | +6.1% | — | — | — | +9.3% |
- Over the year to Oct 27, 2026, SRHR returned +6.1%, 5th of 6 among similar funds.
- Its worst full calendar year was 2025 (-0.9%); its best was 2024 (+3.9%).
- The deepest fall in its price history was 18.7% (Sep 24, 2024 to Apr 8, 2025), recovered by May 6, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.3% | — |
| 2025 | -0.9% | -0.96% |
| 2024 | +3.9% | +3.79% |
| 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) | $3.0200 | |
| 2025 | $3.7500 | -4.8% |
| 2024 | $3.9400 |
What's inside
As of Jul 31, 2026, the fund held 25 securities; the ten largest made up 56.69% of assets.
| Holding | Weight | |
|---|---|---|
| Lamar Advertising Co | 10.05% | |
| Realty Income Corp | 6.69% | |
| Omega Healthcare Investors Inc | 6.19% | |
| Healthpeak Properties Inc | 5.78% | |
| WP Carey Inc | 5.75% | |
| Host Hotels & Resorts Inc | 4.78% | |
| Global Net Lease Inc | 4.74% | |
| First Industrial Realty Trust | 4.48% | |
| Cousins Properties Inc | 4.21% | |
| Smartstop Self Storage REIT In | 4.01% | |
| Brixmor Property Group Inc | 3.72% | |
| Sun Communities Inc | 3.65% | |
| Invitation Homes Inc | 3.59% | |
| NexPoint Residential Trust Inc | 3.46% | |
| Highwoods Properties Inc | 3.46% |
By country
United States 99.74%By asset type
Stocks 99.74%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $26K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.94%, +3.42%, +2.27%.
How it works
SRHR doesn't track an index. It keeps at least 80% of its net assets in REITs listed on US exchanges, and sub-adviser SRH Advisors, LLC picks about 20 to 30 of them. The sub-adviser looks at each REIT's organic net operating income growth, meaning profit growth from properties it already owns rather than from mergers or acquisitions. It also weighs the value and quality of each REIT's properties, management's strategy, experience and incentives, and how property types such as self-storage or office fit economic and industry trends.
A REIT may be sold when one of those factors weakens or when a call option on it is exercised. The prospectus sets no fixed weighting formula or rebalancing schedule. As of July 31, 2026, the fund held 25 REITs, led by Lamar Advertising at 10.0%. Portfolio turnover was 38%.
The fund also sells covered calls. It collects a payment, called a premium, in exchange for agreeing to sell a holding at a set price. The calls are "covered" because the fund owns the shares. If the REIT rises above that price, the fund gives up the extra gain but still takes the loss if the REIT falls. Calls cover only some holdings, and at times very few. Some may be FLEX options: exchange-traded contracts with custom terms, guaranteed by the Options Clearing Corporation and sometimes valued by a model. As of July 31, 2026, the fund had 11 option positions.
What it really costs
- SRHR charges 0.75% a year, versus an average of 0.29% for the similar funds below (6th of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SRHR | $77 | $240 | $417 | $930 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
SRHR pays monthly from REIT dividends and option premiums, with a trailing yield of 6.66% as of October 27, 2026.
SRHR launched in November 2023, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop so far was 18.7%, from September 24, 2024, to April 8, 2025. It took about 13 months to climb back and recovered on May 6, 2026. Its weakest calendar year was 2025, at -0.96%. Someone drawing money during a drop like that could have had to sell shares at lower prices.
Income is the main draw. The trailing 12-month yield was 6.66% as of October 27, 2026, paid monthly. Option premiums and REIT payouts are generally taxed as ordinary income. Costs are high at 0.75%, or about $77 in the first year on $10,000 in the SEC's standard example. Past results don't predict future returns, 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 monthly income from REITs. The trailing yield was 6.66% as of October 27, 2026.
- Investors who prefer a focused, hand-picked group of about 25 REITs to a broad REIT fund holding hundreds.
- Holders willing to give up some gains in strong REIT rallies in exchange for income from selling covered calls.
Look elsewhere if
- Cost-conscious investors. The fee is 0.75%, compared with 0.08% for iShares Core U.S. REIT ETF (USRT).
- Anyone who wants a long track record. SRHR launched in November 2023 and has no history through 2008, 2020 or 2022.
- Taxable investors looking for qualified dividends. Option income and REIT payouts are generally taxed as ordinary income.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SRHR this fund | — | 0.75% | $54.4M | +6.1% | — |
| USRT iShares Core U.S. REIT ETF · different strategy | 23% | 0.08% | $4.66B | +8.5% | +15.9% |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF · different strategy | 22% | 0.4% | $100.3M | +0.4% | +11.8% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF · different strategy | 21% | 0.11% | $1.26B | +8.1% | +15.4% |
| DFAR Dimensional US Real Estate ETF · different strategy | 21% | 0.19% | $1.78B | +7.6% | +14.0% |
| REIT ALPS Active REIT ETF · different strategy | 21% | 0.68% | $56.4M | +7.9% | +14.2% |
Questions investors ask
Does SRHR pay monthly dividends?
Yes. SRHR pays distributions every month. Over the 12 months to October 27, 2026, it paid $3.66 per share, a trailing yield of 6.66%. The money comes from the dividends of the REITs it owns plus premiums from selling call options. Payments can rise or fall from month to month. Option income is usually taxed as ordinary income rather than at the lower rate for qualified dividends.
What is SRHR's expense ratio?
SRHR's expense ratio is 0.75%. All of it is the management fee, and there is no fee waiver, according to the prospectus filed February 27, 2026. In the SEC's standard example, $10,000 earning 5% a year would cost about $77 after one year, $417 after five years and $930 after 10 years. That is the highest of the six REIT funds compared here, which average 0.29%.
SRHR vs USRT: what's the difference?
The main differences are strategy and cost. iShares Core U.S. REIT ETF (USRT) is a broad REIT fund that doesn't use a covered call strategy, and it charges 0.08% against SRHR's 0.75%. SRHR holds about 25 hand-picked REITs and sells calls for income. About 23% of their holdings overlap. As of October 27, 2026, USRT returned 8.5% over one year, compared with 6.1% for SRHR. As of July 31, 2026, USRT had $4.66 billion in net assets and SRHR had $54.4 million.
What are SRHR's top holdings?
As of July 31, 2026, SRHR's largest holdings were Lamar Advertising (10.0%), Realty Income (6.7%), Omega Healthcare Investors (6.2%), Healthpeak Properties (5.8%) and W. P. Carey (5.8%). The fund held 25 REITs in total, and the top 10 made up about 57% of assets, so a few companies drive much of the result. Other holdings include Host Hotels & Resorts, Global Net Lease and First Industrial Realty Trust.
Is SRHR good for retirement income?
It can provide monthly income, but with trade-offs. Its trailing yield was 6.66% as of October 27, 2026. From its November 2023 launch through December 31, 2025, it returned 9.59% a year on average, but it lost 0.96% in 2025. It fell 18.7% from September 2024 to April 2025 and took about 13 months to recover. It also costs 0.75% a year, and its covered calls limit gains when REITs rally.