Principal Ultra-Short Active Income ETF

The investment seeks to provide 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 investment-grade bonds and other debt securities. The fund invests in fixed- and floating-rate securities. Under normal circumstances, the fund maintains an average effective maturity of three years or less and an average portfolio duration of one year or less.

Key features

Active management
Combines bottom-up independent credit research with top-down strategy, supported by rigorous risk mitigation at each step.

Straight forward process
Investment process is free of derivatives, duration bets, and unrated issues.

Strategic perspective
Biased towards issuers with traits like stable cash flows, hard assets, and the potential to benefit from demographic trends.

Portfolio construction framework

Principal Ultra-Short Active Income ETF Portfolio construction framework

Daily as of 10/23/2020 unless otherwise stated


Bloomberg Barclays U.S. 1-3 Month Treasury Bill 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

John Friedl since 4/24/2019

Scott Peterson since 4/24/2019

  • 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 0.03 0.25 1.52 2.10 N/A N/A N/A 2.38
Market Price Return 0.00 0.32 1.65 2.15 N/A N/A N/A 2.43
Bloomberg Barclays U.S. 1-3 Month Treasury Bill Index 0.01 0.03 0.52 0.96 N/A N/A N/A 1.37
Morningstar Category
Ultrashort Bond
0.02 0.45 0.98 1.63 2.00 1.74 1.18 N/A
# of Funds in Category 218 217 212 209 168 130 60 N/A
Morningstar Percentile Rankings 60 69 29 32 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 0.03 0.25 1.52 2.10 N/A N/A N/A 2.38
Market Price Return 0.00 0.32 1.65 2.15 N/A N/A N/A 2.43
Bloomberg Barclays U.S. 1-3 Month Treasury Bill Index 0.01 0.03 0.52 0.96 N/A N/A N/A 1.37
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
Bloomberg Barclays U.S. 1-3 Month Treasury Bill Index N/A N/A N/A N/A N/A
Ultrashort Bond N/A N/A N/A N/A N/A

*Inception date: 4/24/2019

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 Share0.036
Ex-Date9/1/2020 TypeIncome $ Per Share0.0392
Ex-Date8/3/2020 TypeIncome $ Per Share0.0444
Ex-Date7/1/2020 TypeIncome $ Per Share0.0472
Ex-Date6/1/2020 TypeIncome $ Per Share0.0492
Ex-Date5/1/2020 TypeIncome $ Per Share0.0522
Ex-Date4/1/2020 TypeIncome $ Per Share0.0514
Ex-Date3/2/2020 TypeIncome $ Per Share0.0516
Ex-Date2/3/2020 TypeIncome $ Per Share0.053
Ex-Date12/27/2019 TypeIncome $ Per Share0.06
Ex-Date12/2/2019 TypeIncome $ Per Share0.0574
Ex-Date11/1/2019 TypeIncome $ Per Share0.0646
Ex-Date10/1/2019 TypeIncome $ Per Share0.062
Ex-Date9/3/2019 TypeIncome $ Per Share0.0654
Ex-Date8/1/2019 TypeIncome $ Per Share0.0662
Ex-Date7/1/2019 TypeIncome $ Per Share0.06
Ex-Date6/3/2019 TypeIncome $ Per Share0.069111

Dividends are paid monthly.

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020
Days Traded At Premium Q2 201936 Q3 201952 Q4 201914 Q1 202016 Q2 202014 Q3 202048
Days Traded At Discount Q2 201910 Q3 201911 Q4 201950 Q1 202046 Q2 202049 Q3 202016

Inception: 4/24/2019

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: 4/24/2019

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: 32.70%
# Stock Holdings: 0
# Bond Holdings: 45
# Other Holdings: 6
# Total Holdings: 51
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 HoldingsPHILLIPS 66 COMPANY GUAR 02/21 VAR Total Market Value500,751.75 % of Net Assets4.02%
Top 10 HoldingsWELLS FARGO + COMPANY SR UNSECURED 07/21 VAR Total Market Value448,435.89 % of Net Assets3.60%
Top 10 HoldingsAT+T INC SR UNSECURED 12/22 2.625 Total Market Value442,453.57 % of Net Assets3.55%
Top 10 HoldingsDTE ENERGY CO SR UNSECURED 06/22 2.6 Total Market Value417,333.54 % of Net Assets3.35%
Top 10 HoldingsABBVIE INC SR UNSECURED 144A 11/21 2.15 Total Market Value411,189.69 % of Net Assets3.30%
Top 10 HoldingsMCDONALD S CORP SR UNSECURED 10/21 VAR Total Market Value401,993.44 % of Net Assets3.22%
Top 10 HoldingsASTRAZENECA PLC SR UNSECURED 06/22 2.375 Total Market Value394,025.00 % of Net Assets3.16%
Top 10 HoldingsNEXTERA ENERGY CAPITAL COMPANY GUAR 05/21 VAR Total Market Value375,395.45 % of Net Assets3.01%
Top 10 HoldingsVOLVO FINANCIAL EQUIPMENT MAST VMOT 2018 A A 144A Total Market Value325,580.16 % of Net Assets2.61%
Top 10 HoldingsCATERPILLAR FINL SERVICE SR UNSECURED 03/21 VAR Total Market Value300,560.89 % of Net Assets2.41%

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 Net82.38% Short0.00% Long82.38%
Asset TypeNon-U.S. Bonds Net8.25% Short0.00% Long8.25%
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 Net9.37% Short0.00% Long9.37%
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 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 1-3 Month U.S. Treasury Bill Index is designed to measure the performance of public obligations of the U.S. Treasury with maturities of 1-3 months, including securities that roll up to the U.S. Aggregate, U.S. Universal, and Global Aggregate Indices.


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.

International and global investing involves greater risks such as currency fluctuations, political/social instability and differing accounting standards.

Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Neither the principal of bond investment options nor their yields are guaranteed by the U.S. government.

Unlike passive ETFs, there are no indices that the Principal Ultra Short Active Income 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.