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Rating:A $579B-AUM Firm Enters a New ETF Space Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, June 6, 2022

A $579B-AUM Firm Enters a New ETF Space

Reported by Neil Anderson, Managing Editor

A publicly traded insurer' $579.4-billion-AUM (as of March 31) asset management arm has entered the translucent ETF space (more commonly known as ANT, i.e. active non-transparent or semi-transparent).

Patrick G. "Pat" Halter
Principal Global Investors
Last month, Jill Brown, managing director of Principal Global Investors' [profile] U.S. wealth platform, and Todd Kellenberger, client portfolio manager for Principal Real Estate Investors, unveiled the launch of the Principal Real Estate Opportunities ETF (BYRE on the NYSE Arca). The new thematic fund is Principal's first translucent ETF. (Back in February, the Principal team revealed that they were licensing Fidelity's active equity ETF methodology to enter this space, seven years after the firm debuted its first ETF of any flavor.)

BYRE comes with an expense ratio of 65 basis points. Principal Global Investors, LLC serves as its investment advisor, and Principal Real Estate Investors, LLC (Principal REI) serves as subadvisor. A trio of Principal REI principals — Keith Bokota, Anthony Kenkel, and Kelley Rush — will PM the new fund.

"The Principal Real Estate Active Opportunities ETF combines two core strengths of Principal — active management and real estate investing," Brown states.

Kellenberger adds that the new fund "can be a differentiated strategy for investors seeking resilient growth and potential inflation protection."

The new fund's other service providers include: Alps Distributors, Inc. as distributor and principal underwriter; Ernst & Young LLP as independent accounting firm; and State Street Bank and Trust Company as custodian, dividend disbursing agent, sub-administrator, and transfer agent. 

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