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
$ 26.0 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 | 8.8 % |
| WELLTOWER, INC. | 7.5 % |
| AMERICAN TOWER CORP-CL A | 6.7 % |
| CROWN CASTLE INTL CORP | 5.1 % |
| PROLOGIS INC | 4.6 % |
| IRON MOUNTAIN INC | 4.3 % |
| SABRA HEALTH CARE REIT INC | 4.2 % |
| VENTAS INC | 4.2 % |
| EXTRA SPACE STORAGE INC | 4.1 % |
| GAMING AND LEISURE PROPERTIE | 4.0 % |
Constituent Breakdown
| Number of holdings | 52 |
| Herfindahl-Hirschman Index | 392 |
| Wgt avg mkt cap (mns) | $44,251 |
| Large cap (>$10bn) | 67.2% |
| Mid cap ($2-10bn) | 20.7% |
| Small cap (<$2bn) | 5.3% |
| Developed mkts. | 93.2% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 87.0 % |
 |
AUSTRALIA | 1.5 % |
 |
FRANCE | 1.1 % |
 |
HONG KONG | 0.8 % |
 |
NETHERLANDS | 0.8 % |
 |
BELGIUM | 0.6 % |
Historical Performance
Standardized Performance (as of 07/31/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 13.4% | 11.3% | 5.6% | 6.5% | -- | -- | -- | 2.5% |
| Dividend Yield | 1.8% | 3.3% | 2.9% | 2.9% | -- | -- | -- | 2.8% |
| Total Returns | 15.2% | 14.5% | 8.5% | 9.4% | -- | -- | -- | 5.2% | Ann. Volatility | 14.0% | 12.8% | 14.9% | 15.7% | -- | -- | -- | 18.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.23 | 5% |
| MSCI EAFE | 0.33 | 16% |
| MSCI Emg Mkts | 0.06 | 1% |
Liquidity Measures
| Avg. volume (000) | 3 |
| ADV traded (mns) | $0 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.22% |
Technical Indicators
| 30d moving avg. (EMA) | $27.65 |
| Relative strength (RSI) | 54 |
| MACD/Signal | 0.23/0.25 |
| Bollinger Bands (Upper/Lower) | $28.57/$26.92 |
| 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 |
|---|---|---|---|---|
| ICF | iShares Cohen & Steers REIT ETF | 50.5% | -32 bp | +0.2% |
| JPRE | JPMorgan Realty Income ETF | 50.0% | -15 bp | -0.1% |
| XLRE | Real Estate Select Sector SPDR | 46.0% | -57 bp | 0.0% |
| DFAR | Dimensional US Real Estate ETF | 45.8% | -46 bp | +0.1% |
| PSR | Invesco Active U.S. Real Estate Fund | 44.5% | -30 bp | -0.2% |
| FPRO | Fidelity Real Estate Investment ETF | 44.0% | -6 bp | -0.8% |
| VNQ | Vanguard Real Estate ETF | 43.4% | -52 bp | -0.3% |
| VGSR | Vert Global Sustainable Real Estate ETF | 43.3% | -18 bp | +0.1% |
| FREL | Fidelity MSCI Real Estate Index ETF | 43.1% | -57 bp | -0.1% |
| USRT | iShares Core U.S. REIT ETF | 42.6% | -57 bp | -0.2% |
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 8/9/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
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™
87th
PERCENTILE
SPECULATIVE
ETFRC RATING
There are 1,402 funds in the US Equity category with an average
ALTAR Score™ of 5.2% and a standard deviation
of 2.0%. BYRE's ALTAR Score™ is approximately 1.2 standard
deviations above the category average. This places BYRE in the 87th percentile
among funds in the category.
Sell-Side Consensus
$29.93
PRICE TARGET
+8.2%
UPSIDE