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Name

As of 04/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Principal Real Estate Active Opportunities ETF

BYRE | Active ETF

$21.92

$8.79 M

2.24%

$0.49

0.65%

Vitals

YTD Return

-8.6%

1 yr return

-2.1%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$8.79 M

Holdings in Top 10

60.1%

52 WEEK LOW AND HIGH

$21.9
$19.73
$24.36

Expenses

OPERATING FEES

Expense Ratio 0.65%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 04/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Principal Real Estate Active Opportunities ETF

BYRE | Active ETF

$21.92

$8.79 M

2.24%

$0.49

0.65%

BYRE - Profile

Distributions

  • YTD Total Return -8.6%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 2.2%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Principal Real Estate Active Opportunities ETF
  • Fund Family Name
    Principal Funds
  • Inception Date
    May 19, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Anthony Kenkel

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies principally engaged in the real estate industry at the time of purchase. A real estate company has at least 50% of its assets, income, or profits derived from investments, products, or services related to the real estate industry. Real estate companies include real estate investment trusts ("REITs") and non-REITs.
REITs are pooled investment vehicles that invest in income-producing real estate, real estate-related loans, or other types of real estate interests. REITs are corporations or business trusts that are permitted to eliminate corporate level federal income taxes by meeting certain requirements of the Internal Revenue Code.
The Fund seeks to minimize its investments in traditional real estate sectors (e.g., conventional office, retail, apartments, and industrial). The Fund, instead, seeks to favor investments in growing non-traditional real estate sectors that may benefit from changing investor preferences and economic and societal shifts (e.g., data centers, wireless towers, and single-family rentals). The investment process relies on the professional judgment of the team’s portfolio managers and analysts to carry out a fundamental-based approach to source ideas in a bottom-up fashion. The analysts assess each potential company across multiple categories, including, among others, market outlook, business outlook, management skill and experience, capital structure, and income durability. Portfolio managers will consider this fundamental quality assessment, relative valuation, and recognition catalysts when selecting securities and constructing the Fund’s portfolio.
The Fund invests primarily in equity securities of U.S. companies, including those of small companies. The Fund concentrates its investments (invests more than 25% of its net assets) in securities in the real estate industry.
The Fund is considered non-diversified, which means it can invest a higher percentage of assets in securities of individual issuers than a diversified fund. As a result, changes in the value of a single investment could cause greater fluctuations in the Fund's share price than would occur in a more diversified fund.
The Fund is an actively managed ETF that operates pursuant to an exemptive order from the Securities and Exchange Commission (Non-Transparent Order) and does not publicly disclose its complete portfolio holdings each business day. Instead, the Fund publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the Fund but is not the Fund’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings (Strategy Components); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the Fund invests (Representative ETFs); and (3) cash and cash equivalents. For additional information regarding the Tracking Basket, see “Additional Fund Specific Information – Tracking basket structure” in the Prospectus.
The Fund also publishes each business day on its website the "Tracking Basket Weight Overlap," which is the percentage weight overlap between the holdings of the prior business day’s Tracking Basket compared to the holdings of the Fund that formed the basis for the Fund’s calculation of net asset value per share (NAV) at the end of the prior business day. The Tracking Basket Weight Overlap is designed to provide investors with an understanding of how similar the Tracking Basket is to the Fund’s actual portfolio in percentage terms.
Read More

BYRE - Performance

Return Ranking - Trailing

Period BYRE Return Category Return Low Category Return High Rank in Category (%)
YTD -8.6% -49.2% 11.9% N/A
1 Yr -2.1% -47.4% 116.8% N/A
3 Yr N/A* -21.4% 30.0% N/A
5 Yr N/A* -14.5% 17.5% N/A
10 Yr N/A* -9.4% 11.0% N/A

* Annualized

Return Ranking - Calendar

Period BYRE Return Category Return Low Category Return High Rank in Category (%)
2023 7.8% -51.3% 81.2% N/A
2022 N/A -21.3% 31.3% N/A
2021 N/A -14.7% 41.4% N/A
2020 N/A -26.4% 9.4% N/A
2019 N/A -10.9% 7.8% N/A

Total Return Ranking - Trailing

Period BYRE Return Category Return Low Category Return High Rank in Category (%)
YTD -8.6% -49.2% 11.9% N/A
1 Yr -2.1% -47.4% 116.8% N/A
3 Yr N/A* -21.4% 30.0% N/A
5 Yr N/A* -14.5% 20.9% N/A
10 Yr N/A* -9.4% 13.9% N/A

* Annualized

Total Return Ranking - Calendar

Period BYRE Return Category Return Low Category Return High Rank in Category (%)
2023 10.8% -51.3% 81.2% N/A
2022 N/A -21.3% 31.3% N/A
2021 N/A -14.7% 41.4% N/A
2020 N/A -26.4% 9.4% N/A
2019 N/A -10.7% 8.2% N/A

BYRE - Holdings

Concentration Analysis

BYRE Category Low Category High BYRE % Rank
Net Assets 8.79 M 1.28 M 78.4 B 96.24%
Number of Holdings 22 20 642 100.00%
Net Assets in Top 10 5.5 M 7.44 K 35.2 B 95.95%
Weighting of Top 10 60.10% 15.9% 99.8% 6.23%

Top 10 Holdings

  1. Ventas, Inc. 7.87%
  2. Extra Space Storage, Inc. 7.50%
  3. American Tower Corp. 7.37%
  4. Rexford Industrial Realty, Inc. 6.99%
  5. Invitation Homes, Inc. 6.44%
  6. Sun Communities, Inc. 5.83%
  7. Equinix, Inc. 4.72%
  8. American Homes 4 Rent 4.50%
  9. Gaming Leisure Properties, Inc. 4.50%
  10. Digital Realty Trust, Inc. 4.40%

Asset Allocation

Weighting Return Low Return High BYRE % Rank
Stocks 		97.70% 0.01% 106.94% 65.54%
Cash 		2.35% -98.06% 25.84% 25.00%
Preferred Stocks 		0.00% -0.12% 33.96% 97.97%
Other 		0.00% -1.70% 94.17% 94.26%
Convertible Bonds 		0.00% 0.00% 10.95% 98.65%
Bonds 		0.00% -3.17% 97.45% 97.97%

Stock Sector Breakdown

Weighting Return Low Return High BYRE % Rank
Utilities 		0.00% 0.00% 9.09% 98.93%
Technology 		0.00% 0.00% 12.02% 99.29%
Real Estate 		0.00% 34.46% 100.00% 76.16%
Industrials 		0.00% 0.00% 7.39% 98.93%
Healthcare 		0.00% 0.00% 0.53% 98.93%
Financial Services 		0.00% 0.00% 37.05% 98.93%
Energy 		0.00% 0.00% 33.11% 98.93%
Communication Services 		0.00% 0.00% 11.61% 99.29%
Consumer Defense 		0.00% 0.00% 1.53% 98.93%
Consumer Cyclical 		0.00% 0.00% 45.29% 9.61%
Basic Materials 		0.00% 0.00% 13.69% 98.93%

Stock Geographic Breakdown

Weighting Return Low Return High BYRE % Rank
US 		97.70% 0.01% 101.17% 50.68%
Non US 		0.00% 0.00% 44.90% 99.32%

BYRE - Expenses

Operational Fees

BYRE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.65% 0.07% 4.72% 82.03%
Management Fee 0.65% 0.00% 1.50% 35.59%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

BYRE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 2.25% N/A

Trading Fees

BYRE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BYRE Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.11% 380.00% N/A

BYRE - Distributions

Dividend Yield Analysis

BYRE Category Low Category High BYRE % Rank
Dividend Yield 2.24% 0.00% 20.32% 79.46%

Dividend Distribution Analysis

BYRE Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Quarterly Monthly Monthly

Net Income Ratio Analysis

BYRE Category Low Category High BYRE % Rank
Net Income Ratio N/A -1.14% 6.05% N/A

Capital Gain Distribution Analysis

BYRE Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

BYRE - Fund Manager Analysis

Managers

Anthony Kenkel

Start Date

Tenure

Tenure Rank

May 18, 2022

0.04

0.0%

Anthony is a managing director of real estate securities portfolio management for Principal Real Estate Investors, the dedicated real estate unit of Principal Global Investors. Currently based in Singapore, he is responsible for the firm’s Asia Pacific real estate capability in REITs and listed real estate securities, and has prior experience managing the firm’s Americas real estate capabilities. He also remains active in managing U.S. securities as one of the teams listed U.S. portfolio managers. Anthony joined Principal in 1997. In 2000, he became a real estate consultant for Arthur Andersen before joining GATX Corporation as a senior financial analyst in 2002. Anthony rejoined Principal in 2005 in his current position. He received a bachelor's degree in finance from Drake University and an MBA from the University of Chicago Graduate School of Business. Anthony has earned the right to use the Chartered Financial Analyst and Financial Risk Manager designations.

Keith Bokota

Start Date

Tenure

Tenure Rank

May 18, 2022

0.04

0.0%

Keith is an associate director of real estate securities portfolio management for Principal Real Estate Investors Real Estate, the dedicated real estate group of Principal Global Investors. He is responsible for analyzing real estate investment trusts and is a member of the real estate securities portfolio management team. Keith joined the firm in 2007 as an analyst and moved to his current position in 2013. Before joining Principal Real Estate Investors, Keith worked as an analyst for Jones Lang LaSalle. Keith received his bachelor’s degree in finance and international business from Georgetown University and has earned the right to use the Chartered Financial Analyst designation.

Kelly Rush

Start Date

Tenure

Tenure Rank

May 18, 2022

0.04

0.0%

As head of global property securities, Kelly directs the domestic and global real estate investment trust (REIT) activity for Principal Real Estate Investors, the dedicated real estate group of Principal Global Investors. He has experience in both separate account and pooled fund management, and has been managing real estate stock portfolios since 1997. Previously, Kelly participated in structuring commercial mortgage loans for public real estate companies and the analysis of real estate investment trust issued bonds. He has been with the real estate investment area of the firm since 1987. Kelly received an MBA in business administration and a bachelor's degree in finance from the University of Iowa. He has earned the right to use the Chartered Financial Analyst designation. Kelly is a member of the Iowa Society of Financial Analysts and the CFA Institute. Kelly is an active supporter of the Toigo Foundation and is currently serving as a mentor to a 2007 Toigo Fellow. Kelly’s prior speaking engagements include the Institutional Investor Endowments & Foundations Roundtable, the NAREIT Institutional Investor Forum, the National Conference of Public Employee Retirement Systems (NCPERS), and the International Council of Shopping Centers (ICSC) Law Conference.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.01 28.42 7.92 2.23

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