This fund invests mainly in U.S.-listed real estate investment trust securities and seeks total return through dividends and capital appreciation. Rather than mechanically tracking a set index, it is an active strategy that selects holdings based on analysis of real estate asset values and the relative value of companies.

It suits investors who want long-term exposure to U.S. real estate securities and can accept that individual security selection, rather than index tracking, will drive results.

It is an actively managed ETF run by ALPS.

This fund selects U.S.-listed REITs and some real estate operating company securities, and it considers both the intrinsic value of real estate assets and the relative value of companies. It aims for total return through dividends and capital appreciation, and individual security selection can have a large influence on results.

• Relative valuation of real estate asset value and corporate value
• A structure that discloses a substitute portfolio instead of actual holdings weights

Assets under management (AUM) are $54.5M, and the expense ratio is 0.68% per year.

Compared with passive REIT exchange-traded funds, the manager's judgment may account for a larger share of performance. Not disclosing actual holdings weights as they stand can help protect investment ideas, but investors should check the gap between market price and net asset value, as well as trading costs.

The fund tends to move in line with U.S. REIT market performance, but the direction and magnitude of returns can vary with sector-level rental demand, financing conditions, and shifts in interest rate expectations. Active selection results can also have an effect separate from the broader market trend.

Fund flows into and out of REIT exchange-traded funds can reflect the interest rate environment, preference for real assets, and demand for dividend-oriented assets. For this fund, the way actual holdings weights are disclosed and the trading environment can affect the gap between market price and net asset value, so fund flows alone make it hard to judge.

Its hallmarks are active REIT selection and a quarterly distribution structure, but investors should also review the real estate cycle, interest rate changes, and the structure for disclosing actual holdings weights.

In the comparison table, the VNQ ETF and SCHH ETF are broad REIT funds with relatively large assets under management, while the XLRE ETF and USRT ETF have lower fee burdens. The IYR ETF has a relatively higher fee burden. The REIT ETF stands apart because security selection based on the manager's judgment carries more weight than index tracking. The funds in the table also differ in performance and distribution tendencies, so investors should compare them with their long-term holding goals and trading environment in mind. Data on additional comparison candidates is limited.

When evaluating the REIT ETF, investors should look not only at the economic sensitivity of real estate securities but also at the active selection method, the sustainability of quarterly distributions, how actual holdings weights are disclosed, and the trading environment. Individual investment horizons and currency exposure should also be reviewed separately.

Real estate related securities can be affected by interest rate changes, the economic cycle, rental demand, and borrowing conditions. Because this fund does not disclose actual holdings weights as they stand, investors should also check the gap between market price and net asset value, trading costs, and the possibility of concentrated holdings.

The ALPS Active REIT ETF (ALPS) actively selects U.S.-listed REITs in pursuit of total return. Investors should understand the characteristics of its quarterly distributions and real estate securities exposure, review differences in cost, liquidity, and management style versus the similar exchange-traded funds in the comparison table, and then decide whether it fits their investment goals.