Intelligent Real Estate ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 24 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About REAI
TheFund is an actively-managed exchange-traded fund (“ETF”) that invests in a diversified portfolio of publicly-tradedreal estate investment trusts (“REITs”) and mortgage-backed securities (“MBS”) listed primarily on U.S.stock exchanges, and to a lesser extent, stock exchanges in Canada, Europe, and Asia. The Fund invests in REITs and MBS that,in the determination of Armada ETF Advisors LLC (d/b/a Armada ETFs) (the “Sub-Adviser”), the Fund’s sub-adviser,have quantitative and qualitative characteristics that compare favorably to the aggregate real estate portfolio holdings of aselect group of public, non-traded REITs. Non-traded REITs are real estate funds whose shares do not trade on stock exchanges.Rather, they generally can be sold only to accredited and institutional investors. The non-traded REITs considered by the Sub-Adviserare public, SEC-registered companies that make regular, publicly available filings with the SEC. In particular, the Sub-Adviserselects securities that, in its view, have characteristics that compare favorably to the publicly available real estate portfolioholdings of non-traded REITs managed by, in the Sub-Adviser’s view, large, well-managed global real estate firms. Public,non-traded REITs typically invest directly in real estate. In contrast, the Sub-Adviser will seek similar strategic themes forthe Fund by investing in publicly-traded REITs. Additionally, the Sub-Adviser seeks to construct the Fund’s REIT exposure“intelligently” rather than by simply replicating non-traded REITs’ exposure. Theglobal real estate firms which the Sub-Adviser evaluates have extensive market and asset-level knowledge which comes from owningand managing large portfolios of real estate assets across many geographies and property sectors. In general, these firms haveaccess to extensive real-time market data which enables them to identify and act upon market conditions and trends. The Sub-Adviser,in turn, uses publicly available data of the non-traded REITs managed by these firms to seek to benefit from the firms’knowledge and provide effective strategic asset allocation across property sectors and geographies. In particular, the Sub-Adviseranalyzes third-party data as well as the non-traded REITs’ public filings, such as financial disclosures and supplementalreports (e.g., 10-Q, 10-K, annual reports, etc.). TheSub-Adviser analyzes third-party data and public filings for a select group of public, non-traded REITs from various sources (the“Select Non-Traded REITs”). The Sub-Adviser then seeks to create an investment portfolio for the Fund with similarqualitative characteristics to the aggregate real estate portfolio holdings of the Select Non-Traded REITs, including: ● Sector (e.g., residential, industrial, self-storage). ● Geographical (e.g., U.S. regions (East, Southwest, etc.), Europe, and Asia). ● Portfolio quality (e.g., occupancy rates, term of leases, and stability of cash flows) and the Sub-Adviser’s estimates of the portfolio’s cash flow growth potential. ● Term structure of balance sheet (e.g., the composition of the Select Non-Traded REITs’ assets, liabilities, and outstanding equity) and overall leverage characteristics (e.g., debt-to-equity ratio). ● Valuations (e.g., net asset value). TheSub-Adviser uses a combination of quantitative and qualitative considerations in the analysis of publicly-traded REITs includingcorporate track record, asset quality, balance sheet quality, financial transparency and disclosure and valuation. In evaluatingpublicly-traded REITs, the Sub-Adviser relies on both third-party data providers, as well as public filings, such as financialdisclosures and supplemental reports. Notwithstandingthe foregoing, publicly-traded REITs typically have less leverage (lower debt-to-asset ratios) than comparable non-traded REITs.As a result, the Fund’s portfolio is generally expected to reflect a lower amount of leverage than the Select Non-TradedREITs. EligibleSecurities: 1. REITS: The Fund will invest in a wide variety of REITs. The types of REITs, and a high-level description of the types of properties different REITs own or manage include: ● Residential REITs – residential properties, such as multifamily housing, single-family rental housing, and senior housing. ● Industrial REITs – properties that are used for manufacturing, production, storage, and distribution of goods. ● Net Lease REITs – properties that are leased to commercial tenants under “triple net leases” which make the tenants responsible for paying for the property’s operating costs (such as taxes, insurance, utilities, and common area costs). ● Hospitality REITs – hotels, motels, and similar properties. ● Self-storage REITs – storage facility properties. ● AI Infrastructure REITs – data centers, power generation infrastructure, data transmission and logistics centers, and other specialized industrial properties underpinning the artificial intelligence (AI) ecosystem. Inaddition, the Fund may invest in: ● Retail REITs – properties that have retail space, such as malls, outlet centers, and shopping centers. ● Office REITs - office buildings. 2. MBS: The Fund will invest to a limited extent in MBS, both residential MBS (“RMBS”) and commercial MBS (“CMBS”). Because most non-traded REITs invest in MBS primarily for liquidity purposes, under normal market conditions, the Fund will generally only hold between zero and 10% of its net assets in MBS. AdditionalPortfolio Attributes TheFund’s REIT investments will primarily be U.S.-listed REITs. The Fund may hold REITs that are listed on non-U.S. exchanges.The Fund’s portfolio will generally consist of between 15-50 REITs and between 0-5 MBS. Undernormal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in REITs.The Fund will concentrate its investments (i.e., hold more than 25% of its total assets) in the real estate industry. TheFund is deemed to be non-diversified under the 1940 Act, which means that it may invest a greater percentage of its assets inthe securities of a single issuer or a smaller number of issuers than if it was a diversified fund.
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Data for REAI is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.