Principal Investment Grade Corporate Active ETF

The investment seeks to provide current income and, as a secondary objective, capital appreciation. 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 investment grade corporate bonds and other fixed income securities at the time of purchase. "Investment grade" securities are rated BBB- or higher by S&P Global Ratings ("S&P Global") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's") or, if unrated, of comparable quality in the opinion of those selecting such investments.

Key features

Active management 
Combines bottom-up independent credit research with top-down strategy, seeking alpha through credit selection, industry rotation, and curve positioning

Straight forward process
Investment grade exposure, free of derivatives, unrated issues, and large duration bets

Strategic perspective 
Forward looking, iterative process seeks credits exhibiting stable-to-improving credit rating trajectory which may benefit from spread compression and income premiums

Portfolio construction framework

Principal Investment Grade Corporate Active ETF Index Methodology

Daily as of 10/23/2020 unless otherwise stated


Bloomberg Barclays U.S. Corporate Investment Grade Bond Index

Net Asset Value (NAV)




Net Assets


Median Bid-Ask Spread as of 10/22/2020


NAV Per Share Ticker


Shares Outstanding


Intraday NAV Ticker


30 Day SEC Yield as of 9/30/2020


Shares Outstanding Ticker


30 Day SEC Yield (Unsubsidized) as of 9/30/2020


Estimated Cash Ticker


Distribution Yield as of 10/1/2020


Total Cash Ticker


Investment Manager or Sub-advisor

Principal Global Investors, LLC

Portfolio Managers

John Friedl since 4/18/2018

Timothy Warrick since 4/18/2018

  • Monthlyas of 9/30/2020
  • Monthlyas of 9/30/2020
  • Quarterlyas of 9/30/2020
  • Calendar Yearas of 2019
Average Annual Total Returns 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception*
Net Asset Value (NAV) Return -0.34 1.80 6.41 7.66 N/A N/A N/A 8.25
Market Price Return -0.05 1.86 6.52 7.83 N/A N/A N/A 8.42
Bloomberg Barclays U.S. Corporate Investment Grade Bond Index -0.29 1.54 6.64 7.90 6.40 5.97 5.14 8.51
Morningstar Category
Corporate Bond
-0.29 1.79 5.87 7.25 5.58 5.44 4.87 N/A
# of Funds in Category 207 206 206 205 185 135 89 N/A
Morningstar Percentile Rankings 71 37 51 4 N/A N/A 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 -0.34 1.80 6.41 7.66 N/A N/A N/A 8.25
Market Price Return -0.05 1.86 6.52 7.83 N/A N/A N/A 8.42
Bloomberg Barclays U.S. Corporate Investment Grade Bond Index -0.29 1.54 6.64 7.90 6.40 5.97 5.14 8.51
Calendar Year Total Returns 2019 2018 2017 2016 2015
Net Asset Value (NAV) Return 15.69 N/A N/A N/A N/A
Market Price Return 15.56 N/A N/A N/A N/A
Bloomberg Barclays U.S. Corporate Investment Grade Bond Index 14.54 N/A N/A N/A N/A
Corporate Bond 13.03 N/A N/A N/A N/A

*Inception date: 4/18/2018

Some data is provided by Morningstar and is the most current information available. As of 9/30/2020


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.

Ex-Date Type $ Per Share
Ex-Date10/1/2020 TypeIncome $ Per Share0.06672
Ex-Date9/1/2020 TypeIncome $ Per Share0.065339
Ex-Date8/3/2020 TypeIncome $ Per Share0.072651
Ex-Date7/1/2020 TypeIncome $ Per Share0.080579
Ex-Date6/1/2020 TypeIncome $ Per Share0.06694
Ex-Date5/1/2020 TypeIncome $ Per Share0.077133
Ex-Date4/1/2020 TypeIncome $ Per Share0.077687
Ex-Date3/2/2020 TypeIncome $ Per Share0.076323
Ex-Date2/3/2020 TypeIncome $ Per Share0.075613
Ex-Date12/27/2019 TypeIncome $ Per Share0.084947
Ex-Date12/18/2019 TypeShort Term Capital Gain $ Per Share0.625306
Ex-Date12/18/2019 TypeLong Term Capital Gain $ Per Share0.220873
Ex-Date12/2/2019 TypeIncome $ Per Share0.081226
Ex-Date11/1/2019 TypeIncome $ Per Share0.073218
Ex-Date10/1/2019 TypeIncome $ Per Share0.079718
Ex-Date9/3/2019 TypeIncome $ Per Share0.079435
Ex-Date8/1/2019 TypeIncome $ Per Share0.083718
Ex-Date7/1/2019 TypeIncome $ Per Share0.092066
Ex-Date6/3/2019 TypeIncome $ Per Share0.081399
Ex-Date5/1/2019 TypeIncome $ Per Share0.081441
Ex-Date4/1/2019 TypeIncome $ Per Share0.079388
Ex-Date3/1/2019 TypeIncome $ Per Share0.086635
Ex-Date2/1/2019 TypeIncome $ Per Share0.078914
Ex-Date12/27/2018 TypeIncome $ Per Share0.08241
Ex-Date12/14/2018 TypeShort Term Capital Gain $ Per Share0.021368
Ex-Date12/3/2018 TypeIncome $ Per Share0.080893
Ex-Date11/1/2018 TypeIncome $ Per Share0.082044
Ex-Date10/1/2018 TypeIncome $ Per Share0.080656
Ex-Date9/4/2018 TypeIncome $ Per Share0.081861
Ex-Date8/1/2018 TypeIncome $ Per Share0.082162
Ex-Date7/2/2018 TypeIncome $ Per Share0.077366
Ex-Date6/1/2018 TypeIncome $ Per Share0.077363

Dividends are paid monthly.

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020
Days Traded At Premium Q1 201959 Q2 201963 Q3 201962 Q4 201964 Q1 202054 Q2 202056 Q3 202060
Days Traded At Discount Q1 20192 Q2 20190 Q3 20192 Q4 20190 Q1 20208 Q2 20207 Q3 20204

Inception: 4/18/2018

This information shows differences between the per share net asset value (NAV) of the Fund and the market trading price of shares. For these purposes, the market price 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. 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 N/A
3 Year 5 Year

Inception Date: 4/18/2018

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

Fund Information

as of 9/30/2020
Average Market Cap (mil): $N/A
Price/Earnings Ratio: N/A
Price/Book Ratio: N/A
Price/Cash Flow Ratio: N/A
Turnover Ratio: 73.30%
# Stock Holdings: 0
# Bond Holdings: 264
# Other Holdings: 14
# Total Holdings: 278
as of 9/30/2020
Investment Style
Interest-Rate Sensitivity

as of 10/23/2020
Top 10 Holdings Total Market Value % of Net Assets
Top 10 HoldingsAERCAP IRELAND CAP/GLOBA COMPANY GUAR 02/24 3.15 Total Market Value5,017,674.40 % of Net Assets1.55%
Top 10 HoldingsCREDIT SUISSE GROUP AG SR UNSECURED 144A 06/26 VAR Total Market Value4,694,990.15 % of Net Assets1.45%
Top 10 HoldingsBANK OF AMERICA CORP SR UNSECURED 06/41 VAR Total Market Value4,239,693.46 % of Net Assets1.31%
Top 10 HoldingsNATWEST GROUP PLC SUBORDINATED 05/24 5.125 Total Market Value3,985,580.74 % of Net Assets1.23%
Top 10 HoldingsCIGNA CORP COMPANY GUAR 10/28 4.375 Total Market Value3,946,676.86 % of Net Assets1.22%
Top 10 HoldingsALLY FINANCIAL INC SR UNSECURED 05/25 5.8 Total Market Value3,919,439.96 % of Net Assets1.21%
Top 10 HoldingsBNP PARIBAS SR UNSECURED 144A 06/26 VAR Total Market Value3,918,058.50 % of Net Assets1.21%
Top 10 HoldingsGENERAL MOTORS FINL CO COMPANY GUAR 04/24 3.95 Total Market Value3,898,771.77 % of Net Assets1.20%
Top 10 HoldingsCREDIT SUISSE GROUP AG JR SUBORDINA 144A 12/99 VAR Total Market Value3,833,833.57 % of Net Assets1.18%
Top 10 HoldingsCVS HEALTH CORP SR UNSECURED 03/48 5.05 Total Market Value3,825,672.01 % of Net Assets1.18%

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 09/30/2020
Asset Type Net Short Long
Asset TypeU.S. Bonds Net72.39% Short0.00% Long72.39%
Asset TypeNon-U.S. Bonds Net17.08% Short0.00% Long17.08%
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 Net2.84% Short0.00% Long2.84%
Asset TypeConvertibles Net7.68% Short0.00% Long7.68%
Total: 100.00%
as of 9/30/2020
Stock Sector Breakdown (% of Stocks)
% of stocks
Basic Materials 0.00%
Consumer Cyclical 0.00%
Financial Services 0.00%
Real Estate 0.00%

Consumer Defensive 0.00%
Healthcare 0.00%
Utilities 0.00%

Communication Services 0.00%
Energy 0.00%
Industrials 0.00%
Technology 0.00%


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.

The market price used to calculate the Market Price Return is 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. 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.

© 2020 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-incomeperformance: 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.


The Bloomberg Barclays U.S. Corporate Investment Grade Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes U.S. dollar-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers.


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.

Unlike typical ETFs, there are no indices that the Principal Investment Grade Corporate Active 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.