Principal

YLD

Principal Active High Yield ETF


The investment seeks to provide a high level of current income. The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in below-investment grade (commonly known as "junk" or “high yield”) fixed income securities, such as bonds and bank loans. It also invests in U.S. treasury bills, bonds, and other obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities, investment grade bank loans (also known as senior floating rate interests), and preferred securities.

Key features

An efficient yet robust investment process makes it possible for YLD to be competitively priced.

Our security selection process results in a concentrated portfolio of our highest conviction, income-producing ideas.

We seek to maximize income potential while managing risk.

Daily as of 10/21/2021 unless otherwise stated


Benchmark

Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index


Net Asset Value (NAV)

$20.82

Price

$20.87


Net Assets

$233,222,255.22

Median Bid-Ask Spread as of 10/21/2021

0.57%


NAV Per Share Ticker

YLD.NV


Intraday NAV Ticker

YLD.IV

Shares Outstanding

11,200,000


Shares Outstanding Ticker

YLD.SO

30 Day SEC Yield as of 9/30/2021

3.82%


Estimated Cash Ticker

YLD.EU

30 Day SEC Yield (Unsubsidized) as of 9/30/2021

3.82%


Total Cash Ticker

YLD.TC


Investment Manager or Sub-advisor

Principal Global Investors, LLC

Portfolio Managers

Darrin Smith since 9/1/2021

Joshua Rank since 9/1/2021

Mark Denkinger since 9/1/2021

  • Monthlyas of 9/30/2021
  • Monthlyas of 9/30/2021
  • Quarterlyas of 9/30/2021
  • Calendar Yearas of 2020
Average Annual Total Returns 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception*
Net Asset Value (NAV) Return 0.33 1.29 7.79 15.25 6.16 5.90 N/A 5.81
Market Price Return -0.07 1.12 8.12 15.28 5.94 5.77 N/A 5.80
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index -0.01 0.89 4.54 11.27 6.88 6.50 N/A 6.43
Morningstar Category
High Yield Bond
-0.04 0.58 4.22 10.50 5.69 5.41 6.25 N/A
# of Funds in Category 700 691 684 677 630 552 358 3
Morningstar Percentile Rankings N/A N/A N/A 6 41 33 N/A N/A
Average Annual Total Returns 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception*
Net Asset Value (NAV) Return 0.33 1.29 7.79 15.25 6.16 5.90 N/A 5.81
Market Price Return -0.07 1.12 8.12 15.28 5.94 5.77 N/A 5.80
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index -0.01 0.89 4.54 11.27 6.88 6.50 N/A 6.43
Calendar Year Total Returns 2020 2019 2018 2017 2016
Net Asset Value (NAV) Return 2.23 15.18 -4.47 8.33 16.19
Market Price Return 1.57 14.14 -3.43 8.36 15.11
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index 7.05 14.32 -2.08 7.50 17.13
Morningstar Category
High Yield Bond
4.91 12.62 -2.59 6.47 13.30

*Inception date: 7/8/2015

Some data is provided by Morningstar and is the most current information available. As of 10/20/2021

 

Morningstar percentile rankings are based on total returns. 


Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed, may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.


Prior to 09/01/2021, the Fund was known as the Principal Active Income ETF, and the objective and strategy of the Fund differed from its current objective and strategy. Accordingly, performance of the Fund for periods prior to 09/01/2021 may not be representative of the performance the Fund would have achieved had the Fund been following its current objective and strategy.

Ex-Date Type $ Per Share
Ex-Date10/1/2021 TypeIncome $ Per Share0.091509
Ex-Date9/1/2021 TypeIncome $ Per Share0.065893
Ex-Date8/2/2021 TypeIncome $ Per Share0.127749
Ex-Date7/1/2021 TypeIncome $ Per Share0.127803
Ex-Date6/1/2021 TypeIncome $ Per Share0.12757
Ex-Date5/3/2021 TypeIncome $ Per Share0.132467
Ex-Date4/1/2021 TypeIncome $ Per Share0.125351
Ex-Date3/1/2021 TypeIncome $ Per Share0.127671
Ex-Date2/1/2021 TypeIncome $ Per Share0.133048
Ex-Date12/29/2020 TypeIncome $ Per Share0.098631
Ex-Date12/1/2020 TypeIncome $ Per Share0.117277
Ex-Date11/2/2020 TypeIncome $ Per Share0.135711
Ex-Date10/1/2020 TypeIncome $ Per Share0.140341
Ex-Date9/1/2020 TypeIncome $ Per Share0.167403
Ex-Date8/3/2020 TypeIncome $ Per Share0.147091
Ex-Date7/1/2020 TypeIncome $ Per Share0.160843
Ex-Date6/1/2020 TypeIncome $ Per Share0.153057
Ex-Date5/1/2020 TypeIncome $ Per Share0.154355
Ex-Date4/1/2020 TypeIncome $ Per Share0.158475
Ex-Date3/2/2020 TypeIncome $ Per Share0.151416
Ex-Date2/3/2020 TypeIncome $ Per Share0.162248
Ex-Date12/27/2019 TypeIncome $ Per Share0.183605
Ex-Date12/2/2019 TypeIncome $ Per Share0.177011
Ex-Date11/1/2019 TypeIncome $ Per Share0.132242
Ex-Date10/1/2019 TypeIncome $ Per Share0.161978
Ex-Date9/3/2019 TypeIncome $ Per Share0.157181
Ex-Date8/1/2019 TypeIncome $ Per Share0.170765
Ex-Date7/1/2019 TypeIncome $ Per Share0.180553
Ex-Date6/3/2019 TypeIncome $ Per Share0.155564
Ex-Date5/1/2019 TypeIncome $ Per Share0.169426
Ex-Date4/1/2019 TypeIncome $ Per Share0.162906
Ex-Date3/1/2019 TypeIncome $ Per Share0.158476
Ex-Date2/1/2019 TypeIncome $ Per Share0.162061
Ex-Date12/27/2018 TypeIncome $ Per Share0.153003
Ex-Date12/14/2018 TypeLong Term Capital Gain $ Per Share0.339643
Ex-Date12/3/2018 TypeIncome $ Per Share0.145164
Ex-Date11/1/2018 TypeIncome $ Per Share0.167452

Dividends are paid monthly.


Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
Days Traded At Premium Q1 202051 Q2 202046 Q3 202010 Q4 202019 Q1 202120 Q2 202161 Q3 202162
Days Traded At Discount Q1 202011 Q2 202017 Q3 202054 Q4 202045 Q1 202141 Q2 20212 Q3 20212

Inception: 7/8/2015

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.


as of 9/30/2021
3 Year 5 Year
Alpha
-2.32
-2.02
Beta
1.28
1.26
Information Ratio
-0.18
-0.18
Mean
--
--
R-Squared
0.93
0.92
Sharpe Ratio
0.41
0.50
Standard Deviation
12.16
9.60
Tracking Error
4.07
3.37


Inception Date: 7/8/2015



Risk and return statistical data is calculated by Principal Global Investors.

Fund Information

as of 10/20/2021
Average Market Cap (mil): $N/A
Price/Earnings Ratio: N/A
Price/Book Ratio: N/A
Price/Cash Flow Ratio: N/A
Turnover Ratio: 19.50%
# Stock Holdings: 0
# Bond Holdings: 115
# Other Holdings: 3
# Total Holdings: 118
as of 10/20/2021
Investment Style
Large
Medium
Small
Interest-Rate Sensitivity
High
Medium
Low

as of 10/22/2021
Top 10 Holdings Total Market Value % of Net Assets
Top 10 HoldingsCBL + ASSOCIATES LP COMPANY GUAR 12/26 5.95 Total Market Value4,350,000.00 % of Net Assets1.87%
Top 10 HoldingsSRM ESCROW ISSUER LLC SR SECURED 144A 11/28 6 Total Market Value3,798,971.17 % of Net Assets1.59%
Top 10 HoldingsMASTEC INC COMPANY GUAR 144A 08/28 4.5 Total Market Value3,664,791.00 % of Net Assets1.56%
Top 10 HoldingsTENNECO INC SR SECURED 144A 01/29 7.875 Total Market Value3,669,655.94 % of Net Assets1.54%
Top 10 HoldingsANTERO RESOURCES CORP COMPANY GUAR 144A 02/29 7.625 Total Market Value3,614,479.89 % of Net Assets1.53%
Top 10 HoldingsDEUTSCHE BANK AG JR SUBORDINA 12/99 VAR Total Market Value3,625,209.86 % of Net Assets1.51%
Top 10 HoldingsDIRECTV HOLDINGS/FING SR SECURED 144A 08/27 5.875 Total Market Value3,557,772.19 % of Net Assets1.51%
Top 10 HoldingsLADDER CAP FIN LLLP/CORP COMPANY GUAR 144A 06/29 4.75 Total Market Value3,568,173.06 % of Net Assets1.51%
Top 10 HoldingsOASIS PETROLEUM INC COMPANY GUAR 144A 06/26 6.375 Total Market Value3,586,255.42 % of Net Assets1.50%
Top 10 HoldingsLIFEPOINT HEALTH INC COMPANY GUAR 144A 01/29 5.375 Total Market Value3,553,675.00 % of Net Assets1.50%

Includes, but is not limited to, unsettled activity from creation/redemption transactions and portfolio security trades and accrued interest. Values may exceed 100% if both long and short positions are included in the portfolio.

as of 10/20/2021
Asset Type Net Short Long
Asset TypeU.S. Bonds Net66.42% Short0.00% Long66.42%
Asset TypeNon-U.S. Bonds Net24.43% Short0.00% Long24.43%
Asset TypeU.S. Stocks Net0.00% Short0.00% Long0.00%
Asset TypeNon-U.S. Stocks Net0.00% Short0.00% Long0.00%
Asset TypePreferred Net0.00% Short0.00% Long0.00%
Asset TypeOther Net0.00% Short0.00% Long0.00%
Asset TypeCash Net9.15% Short0.00% Long9.15%
Asset TypeConvertibles Net0.00% Short0.00% Long0.00%
Total: 100.00%
as of 10/20/2021
Stock Sector Breakdown (% of Stocks)
% of stocks
Cyclical
40.76%
Basic Materials 1.75%
Consumer Cyclical 14.32%
Financial Services 18.05%
Real Estate 6.64%


Defensive
23.97%
Consumer Defensive 5.44%
Healthcare 11.76%
Utilities 6.78%


Sensitive
35.27%
Communication Services 8.65%
Energy 5.03%
Industrials 9.72%
Technology 11.87%


Disclosures

Holding, portfolio and sector allocations are subject to change.

Returns shown for periods of less than one year are not annualized.

Investor shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Ordinary brokerage commissions apply.

Prior to 11/02/2020, the market price used to disclose the daily price and calculate daily premiums and discounts was 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. Beginning on 11/02/2020, 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.

Where gross and net expense ratios differ, the investment adviser has contractually agreed to limit the investment option's expenses. Differences also may be due to the investment adviser's decision to waive (through the same dates) certain expenses that would normally be payable by the fund. The net expense figure reflects the impact of any limits or waivers. Returns displayed are based on net total investment expense.

Performance data quoted represents past performance. Past performance is no guarantee of future results and investment returns, and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted.

Investors should carefully consider a fund’s investment objectives, risks, charges, and expenses prior to investing.

© 2021 Morningstar, Inc. All Rights Reserved. Part of the data 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.

The Morningstar Style Box is a nine-square grid that provides a graphical representation of the "investment style" of a fund. The Equity style box classifies securities by size along the vertical axis and by value and growth characteristics along the horizontal axis. The model for the fixed-income style box is based on the two pillars of fixed-income performance: interest-rate sensitivity and credit quality. The three interest sensitivity groups are limited, moderate and extensive and the three credit quality groups are high, medium and low. These groupings display a portfolio’s effective duration and third party credit ratings to provide an overall representation of the fund’s risk orientation given the sensitivity to interest rate and credit rating of bonds in the portfolio.

The Morningstar RatingTM for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar ratings do not reflect the inclusion of sales charges. If sales charges were reflected, ratings could be lower.

Index

Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index ( LF89TRUU) is an unmanaged index comprised of fixed rate, non-investment grade debt securities that are dollar denominated. The index limits the maximum exposure to any one issuer to 2%. Investors cannot invest directly in an index.

Risks

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.

Fixed-income investments are subject to interest rate risk; as interest rates rise, their value will decline. Lower-rated securities are subject to additional credit and default risks. International and global investing involves greater risks such as currency fluctuations, political/social instability and differing accounting standards. Investing in derivatives entails specific risks relating to liquidity, leverage, and credit, which may reduce returns and/or increase volatility.

Unlike passive ETFs, there are no indices that the Principal Active High Yield 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.