REAI
Intelligent Real Estate ETF
PRVT is an actively managed fund that invests primarily in US-listed commercial REITs that provide qualitative characteristics of a portfolio of public, non-traded REITs. The fund also invests, to a lesser extent, in mortgage-backed securities.
US
EQUITY
Active
MANAGEMENT STYLE
3.7 M
ASSETS UNDER MGMT
59 bp
EXPENSES
Fund Basics
| Fund sponsor | Tidal |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jun 12, 2023 |
| Assets (mns) | $4 |
| Expense ratio | 59 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| CASH & OTHER | 2.0 % |
| CBL & ASSOCIATES PROPERTIES | 2.0 % |
| MACERICH CO/THE | 1.9 % |
| DOUGLAS EMMETT INC | 1.8 % |
| EQUINIX INC | 1.8 % |
| COMMUNITY HEALTHCARE TRUST, INC. | 1.8 % |
| SL GREEN REALTY CORP | 1.7 % |
| MAXUS REALTY TRUST INC | 1.7 % |
| KILROY REALTY CORP | 1.7 % |
| DIAMONDROCK HOSPITALITY CO | 1.7 % |
Constituent Breakdown
| Number of holdings | 60 |
| Herfindahl-Hirschman Index | 160 |
| Wgt avg mkt cap (mns) | $11,789 |
| Large cap (>$10bn) | 33.5% |
| Mid cap ($2-10bn) | 39.1% |
| Small cap (<$2bn) | 27.4% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 94.8 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 18.9% | 31.0% | -- | -- | -- | -- | 15.0% | Volatility | 17.3% | 18.7% | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.17 | 58% |
| MSCI EAFE | 1.02 | 60% |
| MSCI Emg Mkts | 0.95 | 48% |
Liquidity Measures
| Avg. volume (000) | 0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.95% |
| ADV of underlying (mns) | $3,695 |
Technical Indicators
| Recent close | $21.02 |
| 30d moving avg. | $22.27 |
| Annualized volatility | 19.4% |
| Relative strength (RSI) | 49 |
| Short interest (ETF) | 1.4% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. REAI |
Expenses vs. REAI |
ALTAR Score™ vs. REAI |
|---|---|---|---|---|
| RDOG | ALPS REIT Dividend Dogs ETF | 36.8% | -24 bp | +4.8% |
| PPTY | US Diversified Real Estate ETF | 36.6% | -6 bp | -7.4% |
| CRED | Columbia Research Enhanced Real Estate ETF | 35.2% | -26 bp | -5.7% |
| BBRE | JPMorgan BetaBuilders MSCI U.S. REIT ETF | 34.8% | -48 bp | -6.7% |
| DFAR | Dimensional US Real Estate ETF | 34.3% | -40 bp | -6.5% |
| SCHH | Schwab U.S. REIT ETF | 33.9% | -52 bp | -6.3% |
| USRT | iShares Core U.S. REIT ETF | 33.8% | -51 bp | -6.6% |
| FRI | First Trust S&P REIT Index Fund | 33.1% | -9 bp | -7.0% |
| RWR | SPDR Dow Jones REIT ETF | 32.9% | -34 bp | -6.8% |
| FREL | Fidelity MSCI Real Estate Index ETF | 32.2% | -51 bp | -6.8% |
Risk and Returns: REAI vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/20/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
REAI
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
REAI
13.4%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 977 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.6%. REAI's ALTAR Score™ is approximately
3.0 standard deviations
above
the category average. This places REAI in the 99th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
REAISELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| REAI (59 bp) Percentile rank | 43 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| REAI | 59.0 | 94.5 | 153.5 |
| Peer Avg. | 56.8 | 24.6 | 81.4 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .