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
11.7 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) | $12 |
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) | $29,315 |
Large cap (>$10bn) | 73.8% |
Mid cap ($2-10bn) | 24.4% |
Small cap (<$2bn) | 1.8% |
Developed mkts. | 100.0% |
Emerging mkts. | 0.0% |
Country Exposure
UNITED STATES | 101.0 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
---|---|---|---|---|---|---|---|
Total Returns | 10.3% | 17.5% | -- | -- | -- | -- | 12.9% | Volatility | 15.0% | 16.1% | 18.5% | -- | -- | -- | -- |
Market Correlations
versus... | Beta | R-squared |
S&P 500 | 1.27 | 72% |
MSCI EAFE | 1.19 | 78% |
MSCI Emg Mkts | 1.11 | 59% |
Liquidity Measures
Avg. volume (000) | 1 |
Turnover | 0.2% |
Avg. Bid/Ask (% of price) | 0.27% |
ADV of underlying (mns) | $2,859 |
Technical Indicators
Recent close | $24.44 |
30d moving avg. | $26.02 |
Annualized volatility | 19.8% |
Relative strength (RSI) | 51 |
Short interest (ETF) | 0.0% |
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 | +0.0% |
FPRO | Fidelity Real Estate Investment ETF | 44.4% | -6 bp | -0.7% |
ICF | iShares Cohen & Steers REIT ETF | 41.8% | -32 bp | +0.5% |
DFAR | Dimensional US Real Estate ETF | 40.2% | -46 bp | +1.2% |
SCHH | Schwab U.S. REIT ETF | 39.4% | -58 bp | +1.4% |
ROOF | IQ CBRE NextGen Real Estate ETF | 39.1% | -5 bp | +2.1% |
IYR | iShares U.S. Real Estate ETF | 38.7% | -25 bp | +0.8% |
FREL | Fidelity MSCI Real Estate Index ETF | 38.3% | -57 bp | +0.9% |
XLRE | Real Estate Select Sector SPDR Fund | 37.8% | -56 bp | +0.6% |
VNQ | Vanguard Real Estate ETF | 36.8% | -53 bp | +0.9% |
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 12/20/2024
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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
5.7%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 977 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.6%. BYRE's ALTAR Score™ is approximately
0.1 standard deviations
above
the category average. This places BYRE in the 52nd 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 | 50 |
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. | 66.5 | 47.6 | 114.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .