BYRE

Principal Real Estate Active Opportunities ETF

BYRE is an actively managed, non-transparent fund that seeks total return by centering on US-listed companies in the real estate industry, selected using a bottom-up fundamental approach. The fund utilizes the Fidelity non-transparent model.


US

EQUITY

Active

MANAGEMENT STYLE

65 bp

EXPENSES

$10.8 M

ASSETS UNDER MGMT

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorPrincipal
CategoryUS
Asset classEquity
Websitelink...
Inception dateMay 18, 2022
Assets (mns)$11
Expense ratio65 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsQuarterly
Taxation1099
Stock selectionProprietary
WeightingProprietary
Holdings TransparencyFull
Derivatives-basedNo
Options availableNo
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings
VENTAS INC 7.9 %
AMERICAN TOWER CORP-CL A 7.7 %
INVITATION HOMES, INC. 7.0 %
EQUINIX INC 6.9 %
EXTRA SPACE STORAGE INC 6.2 %
AMERICOLD REALTY TRUST 5.9 %
REXFORD INDUSTRIAL REALTY IN 4.8 %
WELLTOWER, INC. 4.7 %
SUN COMMUNITIES INC 4.6 %
SBA COMMUNICATIONS CORP. CLASS A 4.6 %
Constituent Breakdown
Number of holdings24
Herfindahl-Hirschman Index 511
Wgt avg mkt cap (mns)$25,287
Large cap (>$10bn)72.1%
Mid cap ($2-10bn)26.0%
Small cap (<$2bn)1.9%
Developed mkts.100.0%
Emerging mkts.0.0%
Country Exposure
UNITED STATES 97.2 %
Historical Performance


Standardized Performance (as of 06/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns -4.1% -- -- -- -- -- 2.2%
Volatility 16.0% 17.4% 20.8% -- -- -- --
Market Correlations
versus...BetaR-squared
S&P 5000.000%
MSCI EAFE0.000%
MSCI Emg Mkts0.000%
Liquidity Measures
Avg. volume (000)1
Turnover0.2%
Avg. Bid/Ask (% of price)0.27%
ADV of underlying (mns)$6,435
Technical Indicators
Recent close$24.55
30d moving avg.$23.00
Annualized volatility0.0%
Relative strength (RSI)52
Short interest (ETF)0.9%
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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Risk and Returns: BYRE 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 -- -- -- -- -- -- --
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Book value per share -- -- -- -- -- -- --
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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 --%
5.0 16.8 2.0 3.7% --
Based on closing prices from 7/19/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
BYRE



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 Fund Rating

Our measure of an ETF's overall investment merit

ALTAR Score™

BYRE

5.5%

Cat. Avg

5.7%

Fund Category: US

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™5.5%
Recommendation

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

Category Overview
There are 899 funds in the US category, with an average ALTAR Score™ of 5.7% and a standard deviation of 2.5%. BYRE's ALTAR Score™ is approximately 0.1 standard deviations below the category average. This places BYRE in the 46th percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
BYRE
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown
Expense Analysis

Peer Group Active
US Equity ETFs
# of ETFs 308
Avg. Expense Ratio 67.1 bp
Std. Deviation 37 bp
BYRE (65 bp) Percentile rank 48
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
BYRE 65.0 26.6 91.6
Peer Avg. 69.7 23.8 93.5
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .