Principal Real Estate Active Opportunities ETF
Overview
Performance
As of 11/30/2025
YTD
4.43%
1-year
-2.91%
3-year
4.66%
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
Overall Morningstar Rating™
As of 11/30/2025
Highlights
An actively managed REIT ETF with a dual objective of attractive excess total returns and durable income.
- A portfolio of primarily US real estate securities but with the flexibility to invest opportunistically in compelling non-US real estate securities.
- A natural extension of our successful flagship REIT mutual funds; BYRE is differentiated by an emphasis on higher tracking error and income targets.
- Led by highly experienced and proven portfolio management team with a history of successful REIT investing for over 25 years.1
1 As of 09/30/2025. REIT Strategy inception date is April 2000.
Fund details
as of
12/24/2025
unless indicated otherwise
Fund ticker
BYRE
Benchmark
FTSE NAREIT All Equity REITs Index
NAV
$24.60
NAV change
$0.13
Premium/Discount to NAV
0.13%
Median bid ask spread
as of
12/24/2025
0.20%
Price
$24.63
Price change
$0.17
Daily volume
6,277
Total fund assets
$21.1M
Shares outstanding
860,001
Dividend frequency
Quarterly
Inception date
05/18/2022
Morningstar category
Real Estate
Investment approach
The investment seeks total return and income.
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. It invests primarily in equity securities of U.S. and non-U.S. companies, including those of small companies. The fund is non-diversified.
Performance & expenses
As of
11/30/2025
| Name | 1 month | 3 month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | Overall |
|---|---|---|---|---|---|---|---|---|---|
| Net asset value (NAV) return | 1.32% | -0.67% | 4.43% | -2.91% | 4.66% | — | — | 2.69% | — |
| Market price return | 1.32% | -0.67% | 4.43% | -2.91% | 4.66% | — | — | 2.69% | — |
| Benchmark performance FTSE NAREIT All Equity REITs Index |
2.25% | 0.43% | 4.50% | -3.85% | 5.08% | — | — | — | — |
| Morningstar category average Real Estate |
2.25% | 0.28% | 3.60% | -4.02% | 5.34% | — | — | — | — |
| Morningstar percentile rankings | — | — | — | 24 | 71 | — | — | — | — |
| # of funds in category | 215 | 215 | 212 | 212 | 202 | — | — | — | 202 |
| Morningstar rating | — | — | — | — | — | — | — |
30-Day SEC yield
Unsubsidized as of
11/28/2025
3.67%
30-Day SEC yield
Subsidized as of
11/28/2025
3.67%
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
Returns shown for periods of less than one year are not annualized.
Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.
The market price used to disclose the daily price and calculate daily premiums and discounts is the official closing price of the Fund, or if it more accurately reflects the market value of the Fund share at the time as of which the Fund’s NAV is calculated, the price that is the midpoint between the national best bid and national best offer as of that time. For the purpose of calculating Market Price Return, a market price prior to 02/01/2021 is defined as the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated, while a market price on or after 02/01/2021 is defined as the official close price as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.
| Name | 1 month | 3 month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | Overall |
|---|---|---|---|---|---|---|---|---|---|
| Net asset value (NAV) return | -0.72% | 0.06% | 4.38% | -3.82% | 7.27% | — | — | 2.81% | — |
| Market price return | -0.72% | 0.06% | 4.38% | -3.82% | 7.27% | — | — | 2.81% | — |
| Benchmark performance FTSE NAREIT All Equity REITs Index |
0.43% | 2.67% | 4.51% | -4.00% | 8.33% | — | — | — | — |
| Morningstar category average Real Estate |
0.08% | 2.62% | 3.20% | -4.08% | 8.52% | 6.86% | 5.67% | — | — |
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
Returns shown for periods of less than one year are not annualized.
Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.
The market price used to disclose the daily price and calculate daily premiums and discounts is the official closing price of the Fund, or if it more accurately reflects the market value of the Fund share at the time as of which the Fund’s NAV is calculated, the price that is the midpoint between the national best bid and national best offer as of that time. For the purpose of calculating Market Price Return, a market price prior to 02/01/2021 is defined as the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated, while a market price on or after 02/01/2021 is defined as the official close price as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.
| Data | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Net asset value (NAV) return | — | — | — | — | — |
| Market price return | 4.22% | 10.80% | — | — | — |
| Morningstar category average Real Estate |
5.90% | 12.03% | -25.67% | 38.73% | -4.49% |
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
| Date | Type | Dollar per share |
|---|---|---|
| 10/01/2025 | Income | 0.1300 |
| 07/01/2025 | Income | 0.1797 |
| 04/01/2025 | Income | 0.1558 |
| 12/27/2024 | Income | 0.1793 |
| 10/01/2024 | Income | 0.1148 |
| 07/01/2024 | Income | 0.1502 |
| 04/01/2024 | Income | 0.1225 |
| 12/27/2023 | Income | 0.1767 |
| 10/02/2023 | Income | 0.1388 |
| 07/03/2023 | Income | 0.1488 |
| 04/03/2023 | Income | 0.1691 |
| 12/28/2022 | Income | 0.1157 |
| 12/28/2022 | Short Term Capital Gain | 0.0964 |
| 12/28/2022 | Long Term Capital Gain | 0.0081 |
Expense ratio gross
0.60%
Expense ratio net
0.60%
Expense limit expiration date
—
In situations where the net and gross fund expense figures are different, the investment manager has contractually agreed to limit the investment option's expense. Differences may also be shown due to the investment manager choosing to pay certain expenses that would normally be payable by the fund. The gross fund expense figure does not reflect any waivers or caps on the mutual fund. Performance shown reflects the application of net expenses of the fund.
Ratings
Morningstar ratings
as of 11/30/2025
Holdings
Top 10
as of
12/26/2025
% of Assets
% of Assets
1.
WELLTOWER INC REIT USD1.0
7.37%
2.
AMERICAN TOWER CORP REIT USD.01
6.90%
3.
EQUINIX INC REIT USD.001
6.61%
4.
SABRA HEALTH CARE REIT INC REIT USD.01
5.76%
5.
CROWN CASTLE INC REIT USD.01
5.00%
6.
EXTRA SPACE STORAGE INC REIT USD.01
4.86%
7.
PROLOGIS INC REIT USD.01
4.77%
8.
VENTAS INC REIT USD.25
4.44%
9.
GAMING AND LEISURE PROPERTIE REIT
4.10%
10.
INVITATION HOMES INC REIT USD.01
3.78%
Portfolio management
Keith Bokota, CFA
20 years of experience
Anthony Kenkel, CFA, FRM
28 years of experience
Kelly D. Rush, CFA
41 years of experience