At a glance
BYRE charges 0.6% a year, above the 0.24% average of the 8 funds most like it (the most expensive of 9). It has $25.6M in assets, the 8th largest of that group; it paid 2.85% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +5.8% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +12.8% a year. Its ten largest positions make up 52.3% of the fund, out of 51 in all.
The short version
Principal Real Estate Active Opportunities ETF (BYRE) holds about 50 real estate stocks. Most are US real estate investment trusts (REITs, companies that own income-producing property), led by Equinix, Welltower and American Tower as of June 30, 2026. It tracks no index: Principal's managers pick holdings company by company. That active approach costs 0.60% a year, the highest in a group of nine similar funds, whose other members average 0.24%.
Price history
The interactive chart needs JavaScript.
BYRE +5.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BYRE official prospectus, to Dec 31, 2025 | — | +2.29% | — | — | — | +2.04% |
| Russell 3000 Index (reflects no deductions for fees, expenses, or taxes) index, same period | — | +17.15% | — | — | — | +17.73% |
| FTSE NAREIT All Equity REITs Index (reflects no deductions for fees, expenses or taxes) index, same period | — | +2.27% | — | — | — | +2.15% |
| BYRE price data to Oct 27, 2026 | +9.8% | +5.8% | +12.8% | — | — | +3.6% |
- Over the year to Oct 27, 2026, BYRE returned +5.8%, 5th of 9 among similar funds.
- Its worst full calendar year was 2025 (+2.4%); its best was 2023 (+10.9%).
- The deepest fall in its price history was 25.7% (Aug 15, 2022 to Oct 25, 2023), recovered by Aug 23, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.8% | — |
| 2025 | +2.4% | +2.29% |
| 2024 | +4.2% | +4.22% |
| 2023 | +10.9% | +10.80% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5500 | |
| 2025 | $0.6700 | +19.6% |
| 2024 | $0.5600 | -12.5% |
| 2023 | $0.6400 |
What's inside
As of Jun 30, 2026, the fund held 51 securities; the ten largest made up 52.3% of assets.
| Holding | Weight | |
|---|---|---|
| Equinix Inc | 8.20% | |
| Welltower Inc | 8.04% | |
| American Tower Corp | 6.13% | |
| Crown Castle Inc | 4.58% | |
| Ventas Inc | 4.48% | |
| Sabra Health Care REIT Inc | 4.43% | |
| Prologis Inc | 4.38% | |
| Iron Mountain Inc | 4.12% | |
| Extra Space Storage Inc | 4.05% | |
| Gaming and Leisure Properties Inc | 3.90% | |
| American Homes 4 Rent | 3.43% | |
| Equity Residential | 3.38% | |
| EastGroup Properties Inc | 2.95% | |
| Healthpeak Properties Inc | 2.69% | |
| Rexford Industrial Realty Inc | 2.12% |
By country
United States 87.95%Singapore 2.79%Canada 2.43%Australia 1.54%France 1.04%By asset type
Stocks 98.75%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.17%, +0.32%, +0.12%.
How it works
BYRE is actively managed and tracks no index. It normally puts at least 80% of net assets into real estate companies, which are firms that get at least half their assets, income or profits from real estate. That includes real estate investment trusts (REITs), which own income-producing property and avoid corporate income tax by meeting tax-code rules. It also includes non-REIT property firms. It can own US and foreign stocks, including small companies. As of June 30, 2026, about 88% was in the US.
Selection is bottom-up, starting company by company. Analysts assess each candidate on factors including market and business outlook, management skill, capital structure (the mix of debt and equity) and income durability. Portfolio managers weigh that quality view against relative valuation and "recognition catalysts," which are events that could make other investors notice a stock's value. They use all of this when choosing and sizing positions. Trades happen at the managers' discretion. Portfolio turnover of 53.1% means it traded roughly half its holdings in the latest reported year.
The fund is non-diversified, so single stocks can carry big weights. As of June 30, 2026, it held 51 stocks, and the top 10 made up 52.3% of assets, led by Equinix (8.2%) and Welltower (8.0%). It held no derivatives. With $25.6 million in assets, it is small, and the prospectus warns its shares may lack an active market.
What it really costs
- BYRE charges 0.6% a year, versus an average of 0.24% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BYRE | $61 | $192 | $335 | $750 |
In a retirement portfolio
It is a single-industry, non-diversified real estate fund that can behave differently from broad stock funds, so it would sit beside a core holding rather than replace one.
BYRE could add real estate exposure that doesn't move in step with the broad market: in 2025 it returned 2.29%, while the Russell 3000 Index gained 17.15%. It launched in May 2022, so it has no record through the 2008 or 2020 crashes and missed the start of the 2022 bear market. Its deepest drop was 25.7%, from August 15, 2022 to October 25, 2023. Recovery took 10 more months. Withdrawals near the low would have meant cashing out shares worth about a quarter less than at the peak. Even its weakest full year, 2025, was a small gain.
Income is modest: a 2.85% trailing yield as of October 27, 2026, paid quarterly. The 0.60% fee compares with a 0.24% average for similar funds and comes to $61 in year one in the SEC's standard $10,000 example. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want managers picking real estate stocks on valuation, management skill and income durability, rather than owning every company in an index.
- People seeking real estate income paid quarterly: $0.75 a share over the year to October 27, 2026, a 2.85% trailing yield.
- Portfolios wanting a focused real estate slice: 51 stocks as of June 30, 2026, about 88% US, plus holdings in Singapore, Canada and Australia.
Look elsewhere if
- Cost-conscious investors: BYRE's 0.60% fee is the highest in a group of nine similar funds. Schwab US REIT ETF (SCHH) charges 0.07% and XLRE 0.08%.
- Those counting on manager skill: from inception to December 31, 2025, BYRE returned 2.04% a year. The FTSE NAREIT All Equity REITs Index returned 2.15%.
- Investors wanting a long record or a large fund: BYRE launched in May 2022 and held $25.6 million as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BYRE this fund | — | 0.6% | $25.6M | +5.8% | +12.8% |
| ICF iShares Cohen & Steers REIT ETF | 50% | 0.33% | $2.10B | +7.6% | +14.2% |
| XLRE Real Estate Select Sector SPDR Fund | 47% | 0.08% | $8.10B | +2.8% | +13.3% |
| DFAR Dimensional US Real Estate ETF | 46% | 0.19% | $1.78B | +7.6% | +14.0% |
| SCHH Schwab US REIT ETF | 45% | 0.07% | $11.20B | +7.1% | +14.1% |
| FPRO Fidelity Real Estate Investment ETF | 43% | 0.59% | $16.5M | +4.9% | +13.4% |
| USRT iShares Core U.S. REIT ETF | 42% | 0.08% | $4.66B | +8.5% | +15.9% |
| AVRE Avantis Real Estate ETF | 42% | 0.17% | $861.1M | +3.5% | +12.6% |
Questions investors ask
Is BYRE a good ETF for retirement?
It may fit as a small real estate slice rather than a core holding. BYRE is non-diversified, meaning it can hold big stakes in a few companies. It owned 51 stocks as of June 30, 2026. It fell 25.7% from August 15, 2022 to October 25, 2023 and recovered by August 23, 2024. Its trailing yield was 2.85% as of October 27, 2026, paid quarterly, and it charges 0.60% a year. It launched in May 2022, so it hasn't been tested in a crash like 2008 or 2020.
Does BYRE pay monthly dividends?
No. BYRE pays distributions quarterly, not monthly. Over the year to October 27, 2026, it paid $0.75 per share, a trailing yield of 2.85%. Much of that income comes from REITs, which must pay out most of their taxable income to avoid corporate tax. REIT payouts are often taxed as ordinary income rather than at lower qualified-dividend rates. That matters less inside a tax-deferred account such as an IRA. Payments can vary from quarter to quarter.
What is BYRE's expense ratio?
BYRE's expense ratio is 0.60% a year, according to its prospectus filed October 27, 2026. All of it is the management fee, and no waiver is listed. In the SEC's standard example, $10,000 invested at a 5% yearly return would cost about $61 over one year, $335 over five years and $750 over ten. The 0.60% fee is the highest in a group of nine similar funds. The other eight average 0.24%, and Schwab US REIT ETF (SCHH) charges 0.07%.
BYRE vs ICF: what's the difference?
ICF is cheaper and far larger, and it has returned more. iShares Cohen & Steers REIT ETF (ICF) is the most similar fund by holdings, with about 50% overlap. It charges 0.33% a year versus BYRE's 0.60%. ICF held $2.1 billion as of July 31, 2026, against BYRE's $25.6 million as of June 30, 2026. As of October 27, 2026, ICF returned 7.6% over one year and 14.2% a year over three, versus 5.8% and 12.8% for BYRE. BYRE relies on its managers' stock picks.
Has BYRE beaten the REIT index?
Only narrowly over one year, and not since launch. Through December 31, 2025, BYRE returned 2.29% over one year, just ahead of the 2.27% for the FTSE NAREIT All Equity REITs Index. Since its May 2022 inception, it returned 2.04% a year, versus 2.15% for that index. Both trailed the broad Russell 3000 Index, which returned 17.15% over one year and 17.73% a year since BYRE's inception. Index figures reflect no fees, while BYRE's are after its costs.