## [# Principal Launches Nontransparent Real Estate ETF ](/sections/daily-etf-watch/principal-launches-nontransparent-real-estate-etf)
# Principal Launches Nontransparent Real Estate ETF
The firm is the latest to use a proxy basket rather than publish fund holdings.
[](/contributors/dan-mika)
[By Dan Mika](/contributors/dan-mika)
May 19, 2022
Edited by: Dan Mika
Share Email LinkedIn Facebook X (Twitter)
googletag.cmd.push(function() {
googletag.display('js-dfp-tag-article_page_302x26');
});
Loading
Principal Financial Group Inc.’s newest ETF is a nontransparent, actively managed real estate fund.
The [**Principal Real Estate Active Opportunities ETF (BYRE)**](https://www.sec.gov/Archives/edgar/data/1572661/000168386322004687/f12489d1.htm) debuted on the NYSE Arca on Thursday, charging an expense ratio of 0.65%.
BYRE targets REITs and other real estate-related stocks, focusing on real estate themes it deems to be on the rise due to societal shifts. It specifically lists data centers, wireless towers and single-family rental homes as some of its preferred areas of investment.
The fund is semitransparent, publishing a tracking basket of some of its securities and nonaffiliated ETFs meant to convey how the fund is performing each day. It will also publicize how much its tracking basket matches its actual holdings.
The SEC [approved](https://www.sec.gov/rules/sro/nysearca/2022/34-94908.pdf) the listing last Friday, a requirement for any fund that uses the so-called Active Proxy Portfolio Shares structure to debut as nontransparent or semitransparent on the NYSE. Nuveen and T. Rowe Price have previously issued ETFs under the same nontransparent rule.
Regulators last week also approved New York Life Investments Co. to use the nontransparent model for the [**IQ Winslow Focused Large Cap Growth ETF (IWFG)**](https://www.sec.gov/Archives/edgar/data/1426439/000110465922056866/tm2211625-6_497k.htm) and the [**IQ Winslow Large Cap Growth ETF (IWLG)**](https://www.sec.gov/Archives/edgar/data/1426439/000110465922056864/tm2211625-5_497k.htm). Neither of those funds has been set for debut.
*Contact Dan Mika at* [*dan.mika@etf.com*](mailto:dan.mika@etf.com)*, and follow him on*[ *Twitter*](https://twitter.com/DanMikaTweets)
[ Dan Mika ](/contributors/dan-mika)
Dan Mika is a reporter for etf.com. He has previously covered business for the Ames Tribune and Cedar Rapids Gazette in Iowa, and BizWest Media in… [View Bio](/contributors/dan-mika)
Related Topics [Real Estate](http://www.etf.com/topics/real-estate)
[Active Management](http://www.etf.com/topics/active-management)