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
12.6 M
ASSETS UNDER MGMT
65 bp
EXPENSES
Fund Basics
| Fund sponsor | Principal |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | May 18, 2022 |
| Assets (mns) | $13 |
| Expense ratio | 65 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
| VENTAS INC | 8.1 % |
| AMERICAN TOWER CORP-CL A | 8.0 % |
| EQUINIX INC | 6.6 % |
| INVITATION HOMES, INC. | 6.4 % |
| EXTRA SPACE STORAGE INC | 6.2 % |
| AMERICOLD REALTY TRUST | 6.2 % |
| SBA COMMUNICATIONS CORP. CLASS A | 5.2 % |
| TERRENO REALTY CORP | 5.1 % |
| REXFORD INDUSTRIAL REALTY IN | 5.0 % |
| SUN COMMUNITIES INC | 4.7 % |
Constituent Breakdown
| Number of holdings | 24 |
| Herfindahl-Hirschman Index | 526 |
| Wgt avg mkt cap (mns) | $29,532 |
| Large cap (>$10bn) | 72.8% |
| Mid cap ($2-10bn) | 25.5% |
| Small cap (<$2bn) | 1.7% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 101.0 % |
Historical Performance
Standardized Performance (as of 09/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 11.1% | 29.1% | -- | -- | -- | -- | 15.6% | Volatility | 16.0% | 17.4% | 20.8% | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.35 | 75% |
| MSCI EAFE | 1.29 | 82% |
| MSCI Emg Mkts | 1.33 | 69% |
Liquidity Measures
| Avg. volume (000) | 1 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.27% |
| ADV of underlying (mns) | $4,288 |
Technical Indicators
| Recent close | $26.16 |
| 30d moving avg. | $26.75 |
| Annualized volatility | 21.7% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 0.1% |
| 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. BYRE |
Expenses vs. BYRE |
ALTAR Score™ vs. BYRE |
|---|---|---|---|---|
| JPRE | JPMorgan Realty Income ETF | 46.8% | -15 bp | +0.1% |
| FPRO | Fidelity Real Estate Investment ETF | 44.4% | -6 bp | -0.8% |
| ICF | iShares Cohen & Steers REIT ETF | 42.7% | -32 bp | +0.5% |
| DFAR | Dimensional US Real Estate ETF | 40.7% | -46 bp | +1.0% |
| SCHH | Schwab U.S. REIT ETF | 40.2% | -58 bp | +1.2% |
| IYR | iShares U.S. Real Estate ETF | 39.4% | -25 bp | +0.7% |
| ROOF | IQ CBRE NextGen Real Estate ETF | 39.1% | -5 bp | +2.7% |
| XLRE | Real Estate Select Sector SPDR Fund | 38.5% | -56 bp | +0.7% |
| PSR | Invesco Active U.S. Real Estate Fund | 38.4% | -30 bp | +0.8% |
| FREL | Fidelity MSCI Real Estate Index ETF | 38.3% | -57 bp | +0.8% |
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 | -- | -- | -- | -- | -- | -- | -- | |
| 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 10/22/2024
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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
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 Rating
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.
ALTAR Score™
BYRE
5.2%
Cat. Avg
5.5%
ALTAR Score™ Calculation
Category Overview
There are 933 funds in the US Equity category, with an average ALTAR Score™
of 5.5% and a standard deviation of
2.4%. BYRE's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places BYRE in the 44th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
BYRESELL
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 |
| BYRE (65 bp) Percentile rank | 49 |
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. | 68.1 | 25.3 | 93.3 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .