Principal

BYRE

Principal Real Estate Active Opportunities ETF


This ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. For example: You may have to pay more money to trade the ETF's shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information. The price you pay to buy ETF shares on an exchange may not match the value of the ETF's Portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information to traders. These additional risks may be even greater in bad or uncertain market conditions. The ETF will publish on its website each day a "Tracking Basket" designed to help trading in shares of the ETF. While the Tracking Basket includes some of the ETF's holding, it is not the ETF's actual portfolio. The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF's performance. If other traders are able to copy or predict the ETF's investment strategy, however, this may hurt the ETF's performance. For additional information regarding the unique attributes and risks of this ETF, see the additional risk discussion at the end of this material.

 

The investment seeks total return. 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 at the time of purchase. It invests primarily in equity securities of U.S. companies, including those of small companies. The fund is non-diversified.

Key features

High conviction market opportunity
Exploits the structural themes impacting real estate sectors that are driving change and opportunity.

Embracing resiliency
Concentrated exposure to non-traditional sectors and other niche opportunities, which have emerged as the most resilient and have historically offered higher returns and higher growth.

Enhance core exposure
REITs have historically been a long-term return enhancer1, relative to stocks and bonds while also helping to diversify a portfolio and providing a potential hedge against inflation2.

BYRE index methodology image

Daily as of 10/4/2022 unless otherwise stated


Benchmark

No Benchmark name found


Net Asset Value (NAV)

$22.86

Price

$22.85


Net Assets

$5,029,842.86

Median Bid-Ask Spread as of 10/4/2022

0.21%


NAV Per Share Ticker

BYRE.NV


Intraday NAV Ticker

BYRE.IV


Shares Outstanding Ticker

BYRE.SO

30 Day SEC Yield as of 9/30/2022

2.31%


Estimated Cash Ticker

BYRE.EU

30 Day SEC Yield (Unsubsidized) as of 9/30/2022

2.31%


Total Cash Ticker

BYRE.TC

Tracking Basket Weight Overlap

as of 10/4/2022

94.01%


Investment Manager or Sub-advisor

Principal Global Investors, LLC

Portfolio Managers

Anthony Kenkel since 5/18/2022

Keith Bokota since 5/18/2022

Kelly Rush since 5/18/2022

  • Monthlyas of 9/30/2022
  • Monthlyas of 9/30/2022
  • Quarterlyas of 9/30/2022
  • Calendar Yearas of 2021
Average Annual Total Returns 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception*
Net Asset Value (NAV) Return -12.14 -9.24 N/A N/A N/A N/A N/A -11.06
Market Price Return -12.14 -9.24 N/A N/A N/A N/A N/A -11.06
Morningstar Category
Real Estate
-12.53 -10.66 -28.62 -18.47 -1.96 2.56 5.64 N/A
# of Funds in Category 258 258 253 253 234 206 150 N/A
Morningstar Percentile Rankings N/A N/A N/A N/A N/A N/A N/A N/A
Average Annual Total Returns 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception*
Net Asset Value (NAV) Return -12.14 -9.24 N/A N/A N/A N/A N/A -11.06
Market Price Return -12.14 -9.24 N/A N/A N/A N/A N/A -11.06
Calendar Year Total Returns 2021 2020 2019 2018 2017
Net Asset Value (NAV) Return N/A N/A N/A N/A N/A
Market Price Return N/A N/A N/A N/A N/A
Morningstar Category
Real Estate
N/A N/A N/A N/A N/A

*Inception date: 5/18/2022

Some data is provided by Morningstar and is the most current information available. As of 10/4/2022

 

Morningstar percentile rankings are based on total returns. 


Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed, may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.

Ex-Date Type $ Per Share
Ex-Date10/3/2022 TypeIncome $ Per Share0.073182
Ex-Date7/1/2022 TypeIncome $ Per Share0.122273

Dividends are paid quarterly. Dividends are not guaranteed.


Q2 2022 Q3 2022
Days Traded At Premium Q2 202221 Q3 202243
Days Traded At Discount Q2 20228 Q3 202221

Inception: 5/18/2022

This information shows differences between the per share net asset value (NAV) of the Fund and the market price of shares. For premiums and discounts reflected for dates prior to 11/02/2020, the market price utilized is the midpoint of the highest bid and lowest offer for Fund shares as of close of trading on the exchange where Fund shares are listed. For premiums and discounts reflected for dates beginning on 11/02/2020, the market price utilized is the official closing price of the Fund shares, or if it more accurately reflects the market value of the Fund shares at the time as of which the Fund share’s NAV is calculated, the price that is the midpoint between the national best bid and national best offer as of that time. Timing discrepancies may exist between NAV and closing price. Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices.


as of N/A
3 Year 5 Year


Inception Date: 5/18/2022



Risk and return statistical data is calculated by Principal Global Investors.

Fund Information

as of 10/4/2022
Average Market Cap (mil): $17,954.53
Price/Earnings Ratio: 30.77
Price/Book Ratio: 1.93
Price/Cash Flow Ratio: 16.94
# Stock Holdings: 20
# Bond Holdings: 0
# Other Holdings: 1
# Total Holdings: 21
as of 10/4/2022
Investment Style
Large
Medium
Small
Interest-Rate Sensitivity
High
Medium
Low

as of 8/31/2022
Top 10 Holdings Total Market Value % of Net Assets
Top 10 HoldingsEXTRA SPACE STORAGE INC REIT USD.01 Total Market Value427,468.23 % of Net Assets7.72%
Top 10 HoldingsVICI PROPERTIES INC REIT USD.01 Total Market Value399,343.95 % of Net Assets7.21%
Top 10 HoldingsREXFORD INDUSTRIAL REALTY IN REIT USD.01 Total Market Value389,310.18 % of Net Assets7.03%
Top 10 HoldingsINVITATION HOMES INC REIT USD.01 Total Market Value376,151.04 % of Net Assets6.79%
Top 10 HoldingsAMERICAN TOWER CORP REIT USD.01 Total Market Value360,496.95 % of Net Assets6.51%
Top 10 HoldingsSUN COMMUNITIES INC REIT USD.01 Total Market Value349,843.96 % of Net Assets6.31%
Top 10 HoldingsVENTAS INC REIT USD.25 Total Market Value343,204.06 % of Net Assets6.19%
Top 10 HoldingsCUBESMART REIT USD.01 Total Market Value260,136.45 % of Net Assets4.70%
Top 10 HoldingsALEXANDRIA REAL ESTATE EQUIT REIT USD.01 Total Market Value259,706.20 % of Net Assets4.69%
Top 10 HoldingsTERRENO REALTY CORP REIT USD.01 Total Market Value256,097.01 % of Net Assets4.62%

Includes, but is not limited to, unsettled activity from creation/redemption transactions and portfolio security trades and accrued interest. Values may exceed 100% if both long and short positions are included in the portfolio.

The Tracking Basket methodology maintains confidentiality of a portfolio's securities and trading strategies by disclosing a "tracking basket" composed of select recently disclosed portfolio holdings, liquid U.S. ETFs that convey information about the types of instruments in which the fund invests, and cash and cash equivalents. This Tracking Basket is disclosed daily and is used to facilitate the creation and redemption process with Authorized Participants (APs). Actual portfolio holdings will be disclosed on principaletfs.com on the thirteenth business day of the following month.

as of 10/04/2022
Asset Type Net Short Long
Asset TypeU.S. Bonds Net0.00% Short0.00% Long0.00%
Asset TypeNon-U.S. Bonds Net0.00% Short0.00% Long0.00%
Asset TypeU.S. Stocks Net98.18% Short0.00% Long98.18%
Asset TypeNon-U.S. Stocks Net0.00% Short0.00% Long0.00%
Asset TypePreferred Net0.00% Short0.00% Long0.00%
Asset TypeOther Net0.00% Short0.00% Long0.00%
Asset TypeCash Net1.82% Short0.00% Long1.82%
Asset TypeConvertibles Net0.00% Short0.00% Long0.00%
Total: 100.00%
as of 10/4/2022
Stock Sector Breakdown (% of Stocks)
% of stocks
Cyclical
100.00%
Basic Materials 0.00%
Consumer Cyclical 3.36%
Financial Services 0.00%
Real Estate 96.64%


Defensive
0.00%
Consumer Defensive 0.00%
Healthcare 0.00%
Utilities 0.00%


Sensitive
0.00%
Communication Services 0.00%
Energy 0.00%
Industrials 0.00%
Technology 0.00%


Disclosures

1 Source: Morningstar. As of 31 March 2022. Annualized total returns between 01/01/2000 – 03/31/2022. Not intended to represent the performance of any particular investment. Past performance does not guarantee future results.
2 Source: FactSet, U.S. Bureau of Labor Statistics. As of 31 March 2022. Over 12-month time periods from 01/01/2000 – 03/31/2022, U.S. REITs outperformed U.S. equities (16% vs 9%) when inflation (CPI) was above average (>2.24).

Holding, portfolio and sector allocations are subject to change.

Returns shown for periods of less than one year are not annualized.

Investor shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Ordinary brokerage commissions apply.

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 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.

Where gross and net expense ratios differ, the investment adviser has contractually agreed to limit the ETF expenses. Differences also may be due to the investment adviser's decision to waive (through the same dates) certain expenses that would normally be payable by the fund. The net expense figure reflects the impact of any limits or waivers. Returns displayed are based on net total investment expense.

Performance data quoted represents past performance. Past performance is no guarantee of future results and investment returns, and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted.

Investors should carefully consider a fund’s investment objectives, risks, charges, and expenses prior to investing.

© 2022 Morningstar, Inc. All Rights Reserved. Part of the data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The Morningstar Style Box is a nine-square grid that provides a graphical representation of the "investment style" of a fund. The Equity style box classifies securities by size along the vertical axis and by value and growth characteristics along the horizontal axis. The model for the fixed-income style box is based on the two pillars of fixed-income performance: interest-rate sensitivity and credit quality. The three interest sensitivity groups are limited, moderate and extensive and the three credit quality groups are high, medium and low. These groupings display a portfolio's effective duration and third party credit ratings to provide an overall representation of the fund’s risk orientation given the sensitivity to interest rate and credit rating of bonds in the portfolio.

The Morningstar RatingTM for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar ratings do not reflect the inclusion of sales charges. If sales charges were reflected, ratings could be lower.

Risks

Asset allocation and diversification do not ensure a profit or protect against a loss. Investing in ETFs involves risk, including possible loss of principal. ETFs are subject to risk similar to those of stocks, including those regarding short-selling and margin account maintenance.

Real estate investment options are subject to some risks inherent in real estate and real estate investment trusts (REITs), such as risks associated with general and local economic conditions. Investing in REITs involves special risks, including interest rate fluctuation, credit risks, and liquidity risks, including interest conditions on real estate values and occupancy rates.

Equity investments involve greater risk, including heightened volatility, than fixed income investments. Small-cap stocks may have additional risks including greater price volatility.

The fund is non-diversified, so it may invest a high percentage of its assets in the securities of a small number of issuers and is more likely than diversified funds to be significantly affected by a specific security's poor performance.

This Fund is new and has limited operating history.

Unlike passive ETFs, there are no indices that the Principal Real Estate Active Opportunities ETF attempts to track or replicate. Thus, the ability of the Fund to achieve its objectives will depend on the effectiveness of the portfolio manager.