Principal U.S. Small-MidCap Multi-Factor ETF

The investment seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq US Small Mid Cap Select Leaders Core Index. Under normal circumstances, the fund invests at least 80% of its net assets in equity securities of U.S. companies with small- to medium-market capitalizations that compose the index at the time of purchase. The index uses a quantitative model designed to identify equity securities of companies in the Nasdaq US Small Cap Index and Nasdaq US Mid Cap Index that exhibit potential for high degrees of value, quality growth and strong momentum, while adjusting for liquidity and volatility.

Key features

Index aware design1
Deviates from traditional cap-weighted indexes, applying a multifactor model and modified weighting process.

Rules-based framework
Selects securities with high factor scores while diversifying through industry neutrality and mitigating excess liquidity and volatility risks.

Multi-factor construction
Combines three distinct factors - shareholder yield, momentum, and quality growth.

Index aware is a measure of the fund’s consistency versus a benchmark over a given period of time.

Index methodology**

Principal U.S. Small-MidCap Multi-Factor Core Index ETF Index Methodology

Daily as of 10/23/2020 unless otherwise stated


Nasdaq US Small Mid Cap Select Leaders Core Index

Net Asset Value (NAV)




Net Assets


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


NAV Per Share Ticker


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

Aaron Siebel since 3/3/2020

Jeffrey Schwarte since 7/23/2019

  • 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 -3.40 4.79 -11.30 -4.45 N/A N/A N/A -4.85
Market Price Return -3.46 4.65 -11.73 -4.61 N/A N/A N/A -4.83
Nasdaq US Small Mid Cap Select Leaders Core Index -3.37 4.84 -11.32 -4.38 N/A N/A N/A -4.74
Morningstar Category
Mid-Cap Blend
-2.67 6.34 -7.00 -0.46 3.43 7.34 9.51 N/A
# of Funds in Category 421 418 411 403 368 295 213 N/A
Morningstar Percentile Rankings 81 68 81 75 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 -3.40 4.79 -11.30 -4.45 N/A N/A N/A -4.85
Market Price Return -3.46 4.65 -11.73 -4.61 N/A N/A N/A -4.83
Nasdaq US Small Mid Cap Select Leaders Core Index -3.37 4.84 -11.32 -4.38 N/A N/A N/A -4.74
Calendar Year Total Returns 2019 2018 2017 2016 2015
Net Asset Value (NAV) Return N/A N/A N/A N/A N/A
Market Price Return N/A N/A N/A N/A N/A
Nasdaq US Small Mid Cap Select Leaders Core Index N/A N/A N/A N/A N/A
Mid-Cap Blend N/A N/A N/A N/A N/A

*Inception date: 7/23/2019

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 Share0.1065
Ex-Date7/1/2020 TypeIncome $ Per Share0.09625
Ex-Date4/1/2020 TypeIncome $ Per Share0.0975
Ex-Date12/27/2019 TypeIncome $ Per Share0.1275
Ex-Date10/1/2019 TypeIncome $ Per Share0.087

Dividends are paid quarterly.

Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020
Days Traded At Premium Q3 201948 Q4 201964 Q1 202059 Q2 202059 Q3 202056
Days Traded At Discount Q3 20190 Q4 20190 Q1 20203 Q2 20204 Q3 20208

Inception: 7/23/2019

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: 7/23/2019

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

Fund Information

as of 9/30/2020
Average Market Cap (mil): $4,412.63
Price/Earnings Ratio: 14.85
Price/Book Ratio: 1.33
Price/Cash Flow Ratio: 4.32
# Stock Holdings: 637
# Bond Holdings: 0
# Other Holdings: 2
# Total Holdings: 639
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 HoldingsZOOM VIDEO COMMUNICATIONS A COMMON STOCK USD.001 Total Market Value125,450.14 % of Net Assets1.26%
Top 10 HoldingsHORIZON THERAPEUTICS PLC COMMON STOCK USD.0001 Total Market Value90,207.16 % of Net Assets0.90%
Top 10 HoldingsBED BATH + BEYOND INC COMMON STOCK USD.01 Total Market Value74,880.75 % of Net Assets0.75%
Top 10 HoldingsSYNNEX CORP COMMON STOCK USD.001 Total Market Value69,830.40 % of Net Assets0.70%
Top 10 HoldingsMONOLITHIC POWER SYSTEMS INC COMMON STOCK USD.001 Total Market Value66,114.30 % of Net Assets0.66%
Top 10 HoldingsWEST PHARMACEUTICAL SERVICES COMMON STOCK USD.25 Total Market Value64,543.71 % of Net Assets0.65%
Top 10 HoldingsENTEGRIS INC COMMON STOCK USD.01 Total Market Value62,510.85 % of Net Assets0.63%
Top 10 HoldingsHANESBRANDS INC COMMON STOCK USD.01 Total Market Value61,317.60 % of Net Assets0.61%
Top 10 HoldingsEASTMAN CHEMICAL CO COMMON STOCK USD.01 Total Market Value61,044.90 % of Net Assets0.61%
Top 10 HoldingsCATALENT INC COMMON STOCK USD.01 Total Market Value60,990.20 % of Net Assets0.61%

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 Net0.00% Short0.00% Long0.00%
Asset TypeNon-U.S. Bonds Net0.00% Short0.00% Long0.00%
Asset TypeU.S. Stocks Net98.53% Short0.00% Long98.53%
Asset TypeNon-U.S. Stocks Net1.14% Short0.00% Long1.14%
Asset TypePreferred Net0.00% Short0.00% Long0.00%
Asset TypeOther Net0.00% Short0.00% Long0.00%
Asset TypeCash Net0.33% Short0.01% Long0.33%
Asset TypeConvertibles Net0.00% Short0.00% Long0.00%
Total: 100.00%
as of 9/30/2020
Stock Sector Breakdown (% of Stocks)
% of stocks
Basic Materials 4.43%
Consumer Cyclical 18.89%
Financial Services 17.35%
Real Estate 5.25%

Consumer Defensive 1.21%
Healthcare 14.71%
Utilities 2.78%

Communication Services 3.73%
Energy 2.68%
Industrials 15.04%
Technology 13.93%


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 Principal U.S. Small-MidCap Multi-Factor ETF seeks to track the Nasdaq US Small Mid Cap Select Leaders Core IndexSM, a Nasdaq-licensed index based on the intellectual property of Principal. The index is designed to provide exposure to companies within the Nasdaq US Small Cap Index and Nasdaq US Mid Cap Index that exhibit high degrees of sustainable shareholder yield, pricing power, and strong momentum.


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.

Equity investment options involve greater risk, including heightened volatility, than fixed-income investment options.

Small and mid-cap stocks may have additional risks including greater price volatility. Equities considered to be growth or value stocks may not perform as expected. Stocks that previously exhibited high momentum characteristics may not experience positive momentum or may experience more volatility than the market as a whole.


**During extraordinary market conditions, the index provider may delay the scheduled rebalancing of the index until a future date when conditions have changed.

Effective September 30, 2020, the Principal U.S. Small-MidCap Multi-Factor Core Index ETF renamed to the Principal U.S. Small-MidCap Multi-Factor ETF.