BYRE

Principal Real Estate Active Opportunities ETF

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Prospectus
Enhanced fact sheet

    Principal Real Estate Active Opportunities ETF

    Highlights

    Active real estate strategy providing exposure to non-traditional property types

    • Seeks to exploit the structural themes impacting real estate sectors that are driving change and opportunity.
    • Focused on concentrated exposure to non-traditional sectors and other niche opportunities which have shown resilience.
    • A satellite allocation to enhance a core equity portfolio providing exposure to real estate and managed by a top-10 global real estate manager.1

    1Managers ranked by total worldwide assets (net of leverage, including contributions committed or received, but not yet invested, REIT securities are excluded), as of 30 June 2021. Pensions & Investments, 4 October 2021

    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.

    Fund details

    as of 12/20/2024 unless indicated otherwise
    Fund ticker
    BYRE
    Benchmark
    FTSE NAREIT All Equity REITs Index
    NAV
    $24.43
    NAV change
    $0.34
    Premium/Discount to NAV
    0.06%
    Median bid ask spread
    as of 12/20/2024
    0.23%
    Price
    $24.44
    Price change
    $0.32
    Daily volume
    402
    Total fund assets
    $11.7M
    Shares outstanding
    480,001
    Dividend frequency
    Quarterly
    Inception date
    05/18/2022
    Morningstar category
    Real Estate
    Tracking Basket Weight Overlap
    as of 12/20/2024
    91.23%
    Investment approach
    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.

    Performance & expenses

    As of 11/30/2024
    Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
    Net asset value (NAV) return 2.58% 1.85% 12.10% 19.49% — — — 4.99% —
    Market price return 2.58% 1.85% 12.10% 19.49% — — — 4.99% —
    Benchmark performance
    FTSE NAREIT All Equity REITs Index
    		 3.57% 3.00% 14.04% 24.15% — — — — —
    Morningstar category average
    Real Estate
    		 3.75% 3.27% 14.17% 24.32% 1.08% 4.58% 5.94% — —
    Morningstar percentile rankings — — — 86 — — — — —
    # of funds in category 225 221 220 220 209 194 145 — 209
    Morningstar rating — — — — — — — — —
    30 Day SEC yield
    Unsubsidized as of 11/29/2024
    2.69%
    30 Day SEC yield
    Subsidized as of 11/29/2024
    2.69%
    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.
    Premium / Discount to NAV
    as of 09/30/2024
    As of 09/30/2024
    Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
    Days traded at premium 23 24 24 29 28 39 31
    Days traded at discount 39 38 38 34 33 24 32
    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.

    Holdings

    Top 10

    as of 11/29/2024
    % of Assets
    % of Assets
    1. VENTAS INC REIT USD.25
    8.59%
    2. EQUINIX INC REIT USD.001
    7.67%
    3. AMERICAN TOWER CORP REIT USD.01
    6.67%
    4. EXTRA SPACE STORAGE INC REIT USD.01
    5.74%
    5. WELLTOWER INC REIT USD1.0
    5.38%
    6. AMERICAN HEALTHCARE REIT INC REIT USD.01
    5.37%
    7. AMERICAN HOMES 4 RENT A REIT USD.01
    5.29%
    8. INVITATION HOMES INC REIT USD.01
    4.84%
    9. SBA COMMUNICATIONS CORP REIT USD.01
    4.64%
    10. SABRA HEALTH CARE REIT INC REIT USD.01
    4.59%
    Portfolio Holdings
    Basket
    Custom Baskets to be reported
    The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
    May not reflect current holdings or allocations.
    Includes, but is not limited to, unsettled activity from creation/redemption transactions and portfolio security trades and accrued interest.
    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.

    Portfolio characteristics

    # of holdings
    as of 11/30/2024
    23
    Active share
    as of 11/30/2024
    60.53%
    Turnover ratio
    as of 06/30/2024
    27.00%
    Weighted avg mark cap
    as of 11/30/2024
    33,918.50
    May not reflect current holdings or allocations.

    Portfolio management

    Keith Bokota, CFA
    19 years of experience
    Anthony Kenkel, CFA, FRM
    27 years of experience
    Kelly D. Rush, CFA
    40 years of experience

    Literature

    Investment materials

    Portfolio holdings

    Disclosures
    Principal Funds are distributed by Principal Funds Distributor, Inc. ALPS Distributors, Inc. is the distributor of the Principal ETFs. ALPS Distributors, Inc. and the Principal Funds are not affiliated.
    Unlike typical 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.
    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. Investor shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Ordinary brokerage commissions apply.
    The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
    NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
    Morningstar percentile rankings are based on total returns and do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.
    Performance assumes reinvestment of all dividends and capital gains.
    Includes, but is not limited to, unsettled activity from creation/redemption transactions and portfolio security trades and accrued interest.
    To obtain a prospectus, download or call Customer Service at 1.800.222.5852. Carefully consider a fund’s objectives, risks, charges, and expenses. The prospectus, or summary prospectus if available, contains this and other information. Please read it carefully before investing.
    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.
    The index measures the performance of all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. A REIT is a company that owns, and in most cases, operates income-producing real estate.
    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.
    © 2024 Morningstar, Inc. All rights reserved. The information 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. Past performance is no guarantee of future results.
    The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.
    The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
    The Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts.
    The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating.