Principal 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, its assets in investment grade and non-investment grade fixed income securities (commonly known as "junk bonds") and in equity securities. The fund's Sub-Advisors, actively and tactically allocates the fund's assets among fixed income securities and equity securities in an effort to take advantage of changing economic conditions that the Advisor believes favors one asset class over another.

Key features

Active management
An agile manager acting as an advocate for investor assets can make strategic or tactical changes to adapt to shifting market conditions or expectations.

Multi-asset approach
Assets are allocated across various income-producing asset classes to optimize portfolio stability, efficient growth, and income with a defensive quality bias.

A consistent approach aimed at consistent returns
A focus on long horizon, specialist managers to fulfill nuanced exposures while maintaining ETF transactional efficiency.

Daily as of 6/17/2021 unless otherwise stated


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

Net Asset Value (NAV)




Net Assets


Median Bid-Ask Spread as of 6/17/2021


NAV Per Share Ticker


Intraday NAV Ticker


Shares Outstanding


Shares Outstanding Ticker


30 Day SEC Yield as of 5/31/2021


Estimated Cash Ticker


30 Day SEC Yield (Unsubsidized) as of 5/31/2021


Total Cash Ticker


Investment Manager or Sub-advisor

Principal Global Investors, LLC

Portfolio Managers

Todd Jablonski since 7/8/2015

Gregory Tornga since 3/31/2017

  • Monthlyas of 5/31/2021
  • Monthlyas of 5/31/2021
  • Quarterlyas of 3/31/2021
  • 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 0.62 4.33 5.48 20.40 5.99 6.82 N/A 5.76
Market Price Return 0.56 4.50 5.88 19.93 5.95 6.77 N/A 5.76
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index 0.30 1.54 2.25 14.90 7.08 7.38 N/A 6.40
Morningstar Category
Allocation--15% to 30% Equity
0.69 2.75 2.63 12.65 6.29 5.49 4.68 N/A
# of Funds in Category 195 193 193 183 173 158 94 3
Morningstar Percentile Rankings 50 11 9 8 66 9 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 1.66 2.78 2.78 30.73 5.74 7.08 N/A 5.45
Market Price Return 2.10 3.44 3.44 31.74 5.96 7.08 N/A 5.51
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index 0.16 0.86 0.86 23.65 6.82 8.04 6.47 6.34
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 Barclays U.S. Corporate High Yield 2% Issuer Capped Index 7.05 14.32 -2.08 7.50 17.13
Allocation--15% to 30% Equity 7.29 11.20 -3.14 6.25 5.55

*Inception date: 7/8/2015

Some data is provided by Morningstar and is the most current information available. As of 5/31/2021


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.

Ex-Date Type $ Per Share
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
Ex-Date10/1/2018 TypeIncome $ Per Share0.163586
Ex-Date9/4/2018 TypeIncome $ Per Share0.167332
Ex-Date8/1/2018 TypeIncome $ Per Share0.158942
Ex-Date7/2/2018 TypeIncome $ Per Share0.1542

Dividends are paid monthly.

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

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 5/31/2021
3 Year 5 Year
Information Ratio
Sharpe Ratio
Standard Deviation
Tracking Error

Inception Date: 7/8/2015

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

Fund Information

as of 5/31/2021
Average Market Cap (mil): $48,318.07
Price/Earnings Ratio: 18.52
Price/Book Ratio: 3.05
Price/Cash Flow Ratio: 15.78
Turnover Ratio: 10.60%
# Stock Holdings: 57
# Bond Holdings: 47
# Other Holdings: 29
# Total Holdings: 133
as of 5/31/2021
Investment Style
Interest-Rate Sensitivity

as of 6/18/2021
Top 10 Holdings Total Market Value % of Net Assets
Top 10 HoldingsGRAPHIC PACKAGING INTERN COMPANY GUAR 144A 03/28 3.5 Total Market Value5,024,519.43 % of Net Assets2.16%
Top 10 HoldingsPPL CAPITAL FUNDING INC COMPANY GUAR 03/67 VAR Total Market Value4,808,219.99 % of Net Assets2.07%
Top 10 HoldingsCABLE ONE INC COMPANY GUAR 144A 11/30 4 Total Market Value4,722,106.94 % of Net Assets2.04%
Top 10 HoldingsHCA INC COMPANY GUAR 09/28 5.625 Total Market Value4,747,500.00 % of Net Assets2.03%
Top 10 HoldingsTALEN ENERGY SUPPLY LLC SR UNSECURED 12/21 4.6 Total Market Value4,640,055.55 % of Net Assets2.01%
Top 10 HoldingsH.B. FULLER CO SR UNSECURED 10/28 4.25 Total Market Value4,669,000.00 % of Net Assets2.01%
Top 10 HoldingsGOLDMAN SACHS GROUP INC JR SUBORDINA 12/99 VAR Total Market Value4,345,110.00 % of Net Assets1.85%
Top 10 HoldingsMEDNAX INC COMPANY GUAR 144A 01/27 6.25 Total Market Value4,338,984.44 % of Net Assets1.84%
Top 10 HoldingsHOLOGIC INC COMPANY GUAR 144A 02/28 4.625 Total Market Value4,247,116.67 % of Net Assets1.81%
Top 10 HoldingsJPMORGAN CHASE + CO JR SUBORDINA 12/49 VAR Total Market Value4,177,906.69 % of Net Assets1.80%

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 05/31/2021
Asset Type Net Short Long
Asset TypeU.S. Bonds Net57.21% Short0.00% Long57.21%
Asset TypeNon-U.S. Bonds Net2.42% Short0.00% Long2.42%
Asset TypeU.S. Stocks Net24.21% Short0.00% Long24.21%
Asset TypeNon-U.S. Stocks Net1.50% Short0.00% Long1.50%
Asset TypePreferred Net10.01% Short0.00% Long10.01%
Asset TypeOther Net0.00% Short0.00% Long0.00%
Asset TypeCash Net3.15% Short0.00% Long3.15%
Asset TypeConvertibles Net1.51% Short0.00% Long1.51%
Total: 101.00%
as of 5/31/2021
Stock Sector Breakdown (% of Stocks)
% of stocks
Basic Materials 1.91%
Consumer Cyclical 14.46%
Financial Services 17.89%
Real Estate 6.25%

Consumer Defensive 4.94%
Healthcare 11.10%
Utilities 6.50%

Communication Services 8.21%
Energy 7.36%
Industrials 9.90%
Technology 11.48%


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.


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.


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. 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. REIT securities are subject to risk factors associated with the real estate industry and tax factors of REIT registration. A master limited partnership (MLP) that invests in a particular industry (e.g., oil and gas) may be harmed by detrimental economic events within that industry. As partnerships, MLPs may be subject to less regulation (and less protection for investors) under state laws than corporations. In addition, MLPs may be subject to state taxation in certain jurisdictions, which may reduce the amount of income paid by an MLP to its investors.

Unlike typical ETFs, there are no indices that the Principal 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.