ETF Evaluator:
Principal Real Estate Active Opp ETF ()
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(as of Aug 26)
Best Performing in Real Estate Over the Last Year
| 46.1% | Global X Data Center & Dgtl Infrs ETF (DTCR) |
| 31.7% | Invesco KBW Premium Yield Eq REIT ETF (KBWY) |
| 25.7% | State Street® SPDR® Dow Jones® REIT ETF (RWR) |
| 25.5% | Janus Henderson US Real Estate ETF (JRE) |
| 25.3% | ALPS REIT Dividend Dogs ETF (RDOG) |
Risk
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Risk
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ETF Details
Principal Real Estate Active Opp ETF Overview
Principal Real Estate Active Opp ETF (BYRE) is an actively managed Sector Equity Real Estate exchange-traded fund (ETF). Principal Funds launched the ETF in 2022.
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.
About Principal Real Estate Active Opp ETF (BYRE)
There are 3 members of the management team with an average tenure of 4.21 years: Anthony Kenkel (2022), Keith Bokota (2022) and Kelly Rush (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: FTSE Nareit All Equity REITs TR USD index with a weighting of 100% and Russell 3000 TR USD index with a weighting of 100%. Principal Real Estate Active Opp ETF has 51 securities in its portfolio. The top 10 holdings constitute 51.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Principal Real Estate Active Opp ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Principal Real Estate Active Opp ETF has 8.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 91.1% There is 8.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Principal Real Estate Active Opp ETF has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $27 million in total assets, which is below the $1 billion average for the Real Estate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BYRE Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Principal Real Estate Active Opp ETF expense ratio is above average compared to funds in the Real Estate category. Principal Real Estate Active Opp ETF has an expense ratio of 0.60%, which is 22% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Principal Real Estate Active Opp ETF has a portfolio turnover rate of 34%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Real Estate category.
Recently, in the month of July 2026, Principal Real Estate Active Opp ETF returned 2.5%, which earned it a grade of B, as the Real Estate category had an average return of 1.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Principal Real Estate Active Opp ETF has a trailing yield of 2.68%, which is below the 4.13% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Principal Real Estate Active Opp ETF Grades
Year to date, the ETF has returned 15.0%, 0.3 percentage points better than the category, which translates into a grade of C. The fund has returned 14.4% over the past year (grade of D) and 9.3% over the past three years (grade of C).
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BYRE Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BYRE Return (NAV) | 2.5% | 2.9% | 14.4% | 9.3% | na | na |
| BYRE Return (Price) | 2.5% | 2.9% | 14.5% | 9.4% | na | na |
| NAV +/- Price Return | -0.043% | 0.068% | -0.133% | -0.120% | na | na |
| Real Estate Avg | 1.2% | 3.6% | 17.3% | 9.2% | 2.8% | 4.3% |
| BYRE Grade (NAV) | B | D | D | C | na | na |
| +/- Category (NAV) | 1.3% | -0.7% | -2.9% | 0.0% | na | na |
| BYRE Tax-Cost Ratio | na | na | 1.2% | 1.1% | na | na |
BYRE Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BYRE Return (NAV) | 15.0% | 2.3% | 4.2% | 10.8% | na | na | na | na | na | na | na |
| BYRE Return (Price) | 15.2% | 2.3% | 4.2% | 10.8% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.012% | 0.025% | -0.001% | 0.004% | na | na | na | na | na | na | na |
| Real Estate Avg | 14.7% | 2.2% | 5.1% | 11.8% | -25.5% | 37.6% | -8.2% | 26.9% | -4.5% | 8.2% | 10.1% |
| BYRE Grade (NAV) | C | C | D | D | na | na | na | na | na | na | na |
| +/- Category | 0.3% | 0.1% | -0.9% | -1.0% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.91 |
| R-Squared: | 52% |
| Standard Deviation: | 15.9% |
| Category Risk Index: | 0.93 |
| Category Risk Rating: | Low |
| Total Risk Index: | 1.29 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 2.7% |
| Total Assets: | $ 28 Mil |
| Share Class Assets: | $ 28 Mil |
| Turnover: | 34.0% |
| Expense Ratio: | 0.60% |
| Index Fund: | No |
| Index Tracked: | FTSE Nareit All Equity REITs TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.2 years | |||
| Average Tenure: 4.2 years | |||
| Managers (Year): Kenkel Anthony (2022), Bokota Keith (2022), Rush Kelly (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 51 |
| % in Top 10 Holdings: | 51.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 8.2% |
Portfolio Allocation |
|
| Domestic Stock: | 91.1% |
| Foreign Stock: | 8.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Principal Funds |
| Phone Number: | 800-222-5852 |
| Website: | |
| Inception Date: | May 18, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.60% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.49% |
