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
$ 25.5 M
ASSETS UNDER MGMT
65 bp
EXPENSES
Fund Basics
| Inception date | May 18, 2022 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Quarterly |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| EQUINIX INC | 8.6 % |
| WELLTOWER, INC. | 7.7 % |
| AMERICAN TOWER CORP-CL A | 6.5 % |
| SABRA HEALTH CARE REIT INC | 5.4 % |
| PROLOGIS INC | 4.7 % |
| IRON MOUNTAIN INC | 4.7 % |
| CROWN CASTLE INTL CORP | 4.6 % |
| VENTAS INC | 4.5 % |
| GAMING AND LEISURE PROPERTIE | 4.2 % |
| EXTRA SPACE STORAGE INC | 4.0 % |
Constituent Breakdown
| Number of holdings | 51 |
| Herfindahl-Hirschman Index | 401 |
| Wgt avg mkt cap (mns) | $36,993 |
| Large cap (>$10bn) | 66.3% |
| Mid cap ($2-10bn) | 23.7% |
| Small cap (<$2bn) | 3.2% |
| Developed mkts. | 95.3% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 87.4 % |
 |
AUSTRALIA | 1.4 % |
 |
FRANCE | 1.1 % |
 |
HONG KONG | 0.9 % |
 |
NETHERLANDS | 0.8 % |
 |
BELGIUM | 0.7 % |
 |
BERMUDA | 0.5 % |
Historical Performance
Standardized Performance (as of 04/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 11.3% | 7.2% | 12.2% | 5.8% | -- | -- | -- | 2.1% |
| Dividend Yield | 0.7% | 2.9% | 2.9% | 2.7% | -- | -- | -- | 2.7% |
| Total Returns | 12.0% | 10.1% | 15.0% | 8.5% | -- | -- | -- | 4.8% | Ann. Volatility | 14.0% | 12.6% | 14.8% | 15.8% | -- | -- | -- | 18.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.35 | 12% |
| MSCI EAFE | 0.46 | 28% |
| MSCI Emg Mkts | 0.23 | 11% |
Liquidity Measures
| Avg. volume (000) | 5 |
| ADV traded (mns) | $0 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.20% |
Technical Indicators
| 30d moving avg. (EMA) | $26.31 |
| Relative strength (RSI) | 61 |
| MACD/Signal | 0.35/0.30 |
| Bollinger Bands (Upper/Lower) | $27.46/$25.51 |
| Short interest (% of AUM) | 0.8% |
Distributions
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. BYRE |
Expenses vs. BYRE |
ALTAR Score™ vs. BYRE |
|---|---|---|---|---|
| PSR | Invesco Active U.S. Real Estate Fund | 55.6% | -30 bp | -0.2% |
| ICF | iShares Cohen & Steers REIT ETF | 52.4% | -32 bp | +0.1% |
| JPRE | JPMorgan Realty Income ETF | 51.5% | -15 bp | -0.1% |
| XLRE | Real Estate Select Sector SPDR | 51.1% | -57 bp | -0.1% |
| DFAR | Dimensional US Real Estate ETF | 48.3% | -46 bp | +0.2% |
| VNQ | Vanguard Real Estate ETF | 45.4% | -52 bp | -0.3% |
| SCHH | Schwab U.S. REIT ETF | 44.7% | -58 bp | +0.1% |
| USRT | iShares Core U.S. REIT ETF | 44.6% | -57 bp | 0.0% |
| IYR | iShares U.S. Real Estate ETF | 43.9% | -25 bp | -0.3% |
| FREL | Fidelity MSCI Real Estate Index ETF | 43.4% | -57 bp | -0.1% |
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 (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| 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 5/4/2026
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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
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
7.5%
ALTAR SCORE™
84th
PERCENTILE
SPECULATIVE
ETFRC RATING
There are 1,171 funds in the US Equity category with an average
ALTAR Score™ of 5.5% and a standard deviation
of 2.1%. BYRE's ALTAR Score™ is approximately 1.0 standard
deviations above the category average. This places BYRE in the 84th percentile
among funds in the category.
Sell-Side Consensus
$30.13
PRICE TARGET
+11.0%
UPSIDE