etf063020.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-23029

Principal Exchange-Traded Funds

(Exact name of registrant as specified in charter)


801 Grand Avenue, Des Moines, IA 50309
(Address of principal executive offices)	(Zip code)

Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309 (Name and address of agent for service)


Registrant’s telephone number, including area code:		515-248-0156
Date of fiscal year end:	June 30, 2020
Date of reporting period:	June 30, 2020

Principal Exchange-Traded Funds

Annual Report

June 30, 2020

Beginning on November 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the report. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive such reports electronically, you will not be affected by this change and you do not need to take any action. If you have not previously elected electronic delivery and you own these shares through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service. You may elect to receive all future reports in paper free of charge.

If you own these shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receive paper copies of reports. Your election to receive reports in paper will apply to all funds with the Fund complex or to the shares you own through your financial intermediary.

Table of Contents


Economic & Financial Market Review	1
Important Fund Information	2
Principal Active Global Dividend Income ETF (unaudited)	3
Principal Active Income ETF (unaudited)	4
Principal Contrarian Value Index ETF (unaudited)	5
Principal Healthcare Innovators Index ETF (unaudited)	6
Principal International Multi-Factor Core Index ETF (unaudited)	7
Principal Investment Grade Corporate Active ETF (unaudited)	8
Principal Millennials Index ETF (unaudited)	9
Principal Price Setters Index ETF (unaudited)	10
Principal Shareholder Yield Index ETF (unaudited)	11
Principal Spectrum Preferred Securities Active ETF (unaudited)	12
Principal Sustainable Momentum Index ETF (unaudited)	13
Principal Ultra-Short Active Income ETF (unaudited)	14
Principal U.S. Large-Cap Multi-Factor Core Index ETF (unaudited)	15
Principal U.S. Mega-Cap Multi-Factor Index ETF (unaudited)	16
Principal U.S. Small-Cap Multi-Factor Index ETF (unaudited)	17
Principal U.S. Small-MidCap Multi-Factor Core Index ETF
(unaudited)	18
Statements of Assets and Liabilities	19
Statements of Operations	25
Statements of Changes in Net Assets	31
Notes to Financial Statements	48
Schedules of Investments	62
Financial Highlights (Includes Performance Information)	119
Report of Independent Registered Public Accounting Firm	136
Shareholder Expense Example	139
Supplemental Information	141

Not FDIC or NCUA insured

May lose value • Not a deposit • No bank or credit union guarantee
Not insured by any Federal government agency

Economic & Financial Market Review

The National Bureau of Economic Research (NBER), the arbiter of United States business cycle dates, concluded that February was the peak of the last expansion. That economic uptrend lasted 128 months from the recession low of June 2009, the longest in U.S. history. The worst recession since the 1930s began in March, due to business closures and shelter-in-place policies to check the spread of the current pandemic. This recession was also unique in its length, the shortest in history, ending in April or May, after only two or three months. The U.S. economy rushed higher in May after the collapse and closures of March and April. Regional manufacturing purchasing manager indices (PMIs) leapt to near breakeven or more in New York, Philadelphia, Richmond, Kansas City and Dallas, most well above expectations. May retail sales sky-rocketed 17.7% over April as consensus forecast only an 8.4% gain. According to data from the Bureau of Labor and Statistics, May payrolls climbed a monster 2.5 million jobs versus pre-report guesses of a 7.5 million job loss. June payrolls had a record gain of 4.8 million new jobs. The revival from suspending business closures continued the first half of June. However, gains seem to have stalled somewhat as daily new COVID-19 cases reached new records, recently in several southern states. J.P. Morgan’s tracker of consumer spending data from its Chase credit and debit card system fell back noticeably in late June after increasing steadily since mid-April. The huge May pop from the April economic collapse was like taking the express elevator back to the ground floor from the sub-sub-basement, a V-shaped upwelling after a record contraction.

China was the first country to emerge from the COVID-19 lockdown and data from its government noted economic improvement in March from the collapse in January and February. Industrial output for those worst two months combined was down 13.5% below the prior year. Production surged in March and surpassed the prior year in April, up 3.9%; further progress was made in May. PMIs from manufacturing business surveys improved from May and showed faster expansion. According to the Chinese government, industry was mostly back to normal and expecting output in June to exceed May’s annual gain. Chinese consumers were more restrained, likely from lingering fear of infection and reports of a renewed outbreak in Beijing. Retail sales disintegrated in January and February, off a combined 23.7% from the same period in 2019. Sales recovered in May but were still down 2.8% from the prior year. Still, demand seemed to be improving. June PMIs from services companies were robust and above expectations. The all-industry composite index from the National Bureau of Statistics reached the highest since mid-2018. China reported incredible progress in just a few months.

The Eurozone economy showed signs of life after the devastating collapse in March and April. The PMI for manufacturing companies was 47.4 in June, still below 50 breakeven. But it’s the second highest this year and up from a devastating April low of 33.4. The all-industry composite PMI jumped nearly 35 points in two months to 48.5. Daily mobility statistics pointed to a healthy pickup in activity. German retail sales in May surged 13.9% over April to put them above the level in February as well as May 2019. May retail sales in France and Spain rose even more sharply. The Eurozone benefitted from strong action by the European Central Bank (ECB) to increase its country bond purchases and expand its bank lending program. The ECB hiked its Pandemic Emergency Purchase Program (PEPP) to a massive €1.35 trillion of potential bond purchases. In addition, the latest auction of its Targeted Longer-Term Lending Operation swelled to €1.3 trillion, funds that are available to banks for specified lending activity. Widespread work subsidy programs have kept the Eurozone jobless rate from roaring higher, only ticking up to 7.7% in May.

Japan’s economy was faltering ahead of the COVID-19 crisis from the October hike in the value-added tax. Fourth quarter gross domestic product (GDP) in 2019 plunged 7.1%, annualized quarter-over-quarter, and another 2.2% in this year’s first quarter. The economy in June was following two tracks: further weakness in industrial output, down another 8.8% in May after a bigger 9.8% plunge in April. The other track showed clear gains in consumer activity with May retail sales up 2.2% . The Apple Mobility Index for Japan was nearly back to January’s level. The composite PMI, at 40.8 in June, was still very low, but was rising. Recovery appeared to be underway.

June was a good month for most stock and bond markets. The S&P 500 index rose 1.8% in price but was outperformed by many foreign equity indices. The MSCI Emerging Market Index jumped 7.0% and the MSCI All Country World Index climbed 3%. While June returns were good, the second quarter was stellar; the S&P 500 Index soared 19.95%, the best gain since the fourth quarter of 1998. Of the 47 markets we follow, only the Mongolian Top 20 index lost ground for the quarter.

*	Commentary taken from July Economic Insights by Robert F. Baur, Ph.D., executive director, chief global economist. Unless otherwise stated all sources are Bloomberg.

Important Fund Information

The following information applies to all funds shown in the annual report:

The line graph illustrates the growth of a hypothetical $10,000 investment.

Investment results shown represent historical performance and do not guarantee future results. Your investment’s returns and principal values will 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 shown. You may get updated performance information by calling 1-800-787-1621 or online at www.PrincipalETFs.com.

*	Performance is based on net asset value (NAV) and assumes reinvestment of all dividends and capital gains. Performance does not reflect the impact of federal, state, or municipal taxes. If it did, performance would be lower. Since inception returns less than one year are not annualized.
**	Performance shown for the benchmark assumes reinvestment of all dividends and capital gain distributions. Indices are unmanaged, and individuals cannot invest directly in an index.

Principal Active Global Dividend Income ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* May 9, 2017 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	1-Year		Since Inception		Inception Date
Principal Active Global Dividend Income ETF	-2.43	%	4.44	%	5/9/2017

What contributed to or detracted from Fund performance during the fiscal year?

The Principal Active Global Dividend Income ETF seeks current income and long-term growth of income and capital. The Fund is an actively managed 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 dividend-paying equity securities at the time of purchase. It invests in equity securities of small, medium and large market capitalization companies and in growth and value stocks.

Deutsche Boerse (DB1-DE) benefited from a less volatile profile than other financials as well as positive investor sentiment about its secular growth and mergers and acquisitions opportunities. Roche Holding Ltd (RHHBY) outperformed on the success of the company’s well positioned oncology product line and FDA approval of their COVID-19 detection test. Microsoft (MSFT) outperformed as the company continued to execute well and both its cloud and non-cloud computing businesses showed strength.

PacWest Bancorp (PACW) detracted due to concerns about net interest margins compressing due to its commercial loan portfolio, which is levered to short term rates, and the level of provisions that may be needed in a sharp economic slowdown. Ambev SA (ABEV3-BR) was weak due to concerns about Brazil’s economic woes and currency headwinds. Vermillion Energy Inc. (VET) detracted from results. The exploration and production company cut the dividend as oil prices declined due to COVID-19 related demand destruction and increased supply as Russia and Saudi Arabia announced production increases.

** The benchmark performance for Principal Active Global Dividend Income ETF is calculated from 4/30/2017 to 6/30/2020.

Principal Active Income ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* July 8, 2015 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	1-Year		Since Inception		Inception Date
Principal Active Income ETF	-4.78	%	3.15	%	7/8/2015

What contributed to or detracted from Fund performance during the fiscal year?

The Principal Active Income ETF 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 advisor, 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.

The Fund’s tactical overweight to fixed income versus equities was the largest contributor to performance for the period; fixed income outperformed equities in the risk-off environment. In addition, the Fund’s strategic and tactical allocation to preferred stock positively contributed to performance as the asset class outperformed the high yield benchmark for the period. Lastly, the Fund’s tactical overweight to high yield corporate bonds, which posted positive returns, helped results for the period.

The Fund’s strategic allocation to North American high dividend equities was the largest detractor for the period as they underperformed the high yield bond benchmark in the risk-off environment. In addition, security selection in high yield corporate bonds was the largest detractor from performance for the period. In particular, security selection in the consumer cyclical, REITs, and electric sectors detracted, but was partially offset by security selection in the transportation, consumer non-cyclical, and communications sectors. Lastly, the Fund’s strategic allocation to CMBS detracted from performance. Despite CMBS’ underperformance versus high yield bonds, the asset class still provides positive diversification benefits.

** The benchmark performance for Principal Active Income ETF is calculated from 6/30/2015 to 6/30/2020.

Principal Contrarian Value Index ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* October 18, 2017 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	1-Year		Since Inception		Inception Date
Principal Contrarian Value Index ETF	-13.63	%	-2.05	%	10/18/2017

What contributed to or detracted from Fund performance during the fiscal year?

The Principal Contrarian Value Index ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq U.S. Contrarian Value Index (the “index”). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the index at the time of purchase. The index uses a quantitative model designed to identify equity securities in the Nasdaq US Large Mid Cap Index (the “parent index”) that appear to be undervalued by the market relative to their fundamental value.

Our positioning in Madison Square Garden Entertainment, Delta Air Lines, and Carnival contributed to performance. Our positioning in Newmont, Strategic Education, and NortonLifeLock detracted from performance.

** The benchmark performance for Principal Contrarian Value Index ETF is calculated from 10/31/2017 to 6/30/2020.

Principal Healthcare Innovators Index ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* August 19, 2016 - June 30, 2020


Av Average Annual Total Returns* as of June 30, 2020

	1-Year		Since Inception		Inception Date
Principal Healthcare Innovators Index ETF	29.01	%	16.04	%	08/19/2016

What contributed to or detracted from Fund performance during the fiscal year?

The Principal Healthcare Innovators Index ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq Healthcare Innovators Index (the “index”). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the index at the time of purchase. The index uses a quantitative model designed to identify equity securities in the Nasdaq US Benchmark Index (including growth and value stock) that are small and medium capitalization U.S. healthcare companies.

Our positioning in HealthEquity, Adaptive Biotechnologies, and Acadia Pharmaceuticals contributed to performance. Our positioning in Alnylam Pharmaceuticals, Endo International, Mirati Therapeutics detracted from performance.

** The benchmark performance for the Principal Healthcare Innovators Index ETF is calculated from 8/31/2016 to 6/30/2020.

Principal International Multi-Factor Core Index ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* July 23, 2019 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	Since Inception		Inception Date
Principal International Multi-Factor Core Index ETF	-3.13	%	7/23/2019

What contributed to or detracted from Fund performance during the fiscal year?

The Principal International Multi-Factor Core Index ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq Developed Select Leaders Core Index. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies 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 Developed Market Ex-US Ex-Korea Large Mid Cap Index that exhibit potential for high degrees of sustainable shareholder value, growth and strong momentum.

Our positioning in Roche Holding, Banque Cantonale Vaudoise, and Cosmos Pharmaceutical contributed to performance. Our positioning in SMC, OBIC, and Brookfield Asset Management detracted from performance.

** The benchmark performance for Principal International Multi-Factor Core Index ETF is calculated from 7/31/2019 to 6/30/2020.

Principal Investment Grade Corporate Active ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* April 18, 2018 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	1-Year		Since Inception		Inception Date
Principal Investment Grade Corporate Active ETF	8.98	%	8.36	%	4/18/2018

What contributed to or detracted from Fund performance during the fiscal year?

The Principal Investment Grade Corporate Active ETF 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.

Contributors included issuer and security selection within utility and consumer non-cyclical. An underweight position to energy excluding midstream also contributed positively to performance. Detractors included issuer and security selection within capital goods and transportation. An underweight position to technology also detracted from performance.

** The benchmark performance for the Principal Investment Grade Corporate Active ETF is calculated from 4/30/2018 to 6/30/2020.

Principal Millennials Index ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* August 19, 2016 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	1-Year		Since Inception		Inception Date
Principal Millennials Index ETF	12.96	%	15.82	%	8/19/2016

What contributed to or detracted from Fund performance during the fiscal year?

The Principal Millennials Index ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq Global Millennial Opportunity Index (the “index”). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies 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 Global Index (the “parent index”) that are impacted by the spending and lifestyle activities of the Millennial generation, which refers to people born from 1980 to the mid-2000s.

Our positioning in Planet Fitness, New Oriental Education & Technology, and Adidas contributed to performance. Our positioning in Lexinfintech, Naspers Limited, and Fast Retailing detracted from performance.

** The benchmark performance for the Principal Millennials Index ETF is calculated from 8/31/2016 to 6/30/2020.

Principal Price Setters Index ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* March 21, 2016 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	1-Year		Since Inception		Inception Date
Principal Price Setters Index ETF	7.05	%	12.98	%	3/21/2016

What contributed to or detracted from Fund performance during the fiscal year?

The Principal Price Setters Index ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq US Price Setters Index. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the index at the time of purchase. The index uses a quantitative model designed to identify equity securities of mid-to large-capitalization companies in the Nasdaq US Large Mid Cap Index (the “parent index”) that exhibit high degrees of pricing power.

Our positioning in FactSet Research Systems, TD Ameritrade, and ViacomCBS contributed to performance. Our positioning in ResMed, General Mills, and Scotts Miracle-Gro detracted from performance.

** The benchmark performance for the Principal Price Setters Index ETF is calculated from 3/31/2016 to 6/30/2020.

Principal Shareholder Yield Index ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* March 21, 2016 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	1-Year		Since Inception		Inception Date
Principal Shareholder Yield Index ETF	-11.09	%	4.62	%	3/21/2016

What contributed to or detracted from Fund performance during the fiscal year?

The Principal Shareholder Yield Index ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq US Shareholder Yield Index. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the index at the time of purchase. The index uses a quantitative model designed to identify equity securities (including value stock) of mid- to large-capitalization companies in the Nasdaq US Large Mid Cap Index (the “parent index”) that exhibit high degrees of sustainable, shareholder yield.

Our positioning in Broadcom, Lam Research, and Cummins contributed to performance. Our positioning in VMware, ADT, and Hanover Insurance Group detracted from performance.

** The benchmark performance for the Principal Shareholder Yield Index ETF is calculated from 3/31/2016 to 6/30/2020.

Principal Spectrum Preferred Securities Active ETF

Investment Advisor: Principal Global Investors, LLC
Sub-Advisor: Spectrum Asset Management, Inc.

Value of a $10,000 Investment* July 10, 2017 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	1-Year		Since Inception		Inception Date
Principal Spectrum Preferred Securities Active ETF	4.60	%	3.73	%	7/10/2017

What contributed to or detracted from Fund performance during the fiscal year?

The Principal Spectrum Preferred Securities Active ETF seeks to provide current income. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in preferred securities at the time of purchase. Examples of preferred securities include preferred stock, certain depositary receipts, and various types of junior subordinated debt (such debt generally includes the contractual ability to defer payment of interest without accelerating an immediate default event). It concentrates its investments (invests more than 25% of its net assets) in securities in one or more industries within the financial services sector.

The top contributing names were AXA SA 6.379% 12/36-49 144A, BNP Paribas 7.195% 6/37-49, and Sumitomo Life Insurance 6.5% 9/23-73. The top detracting names were Citigroup Inc 4.7% 1/25-perp DRD, Truist Financial 4.8% 9/24-49 DRD, and Citizens Financial 6.375% 4/24-49 DRD.

** The benchmark performance for Principal Spectrum Preferred Securities Active ETF is calculated from 6/30/2017 to 6/30/2020.

Principal Sustainable Momentum Index ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* October 18, 2017 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	1-Year		Since Inception		Inception Date
Principal Sustainable Momentum Index ETF	5.63	%	7.69	%	10/18/2017

What contributed to or detracted from Fund performance during the fiscal year?

The Principal Sustainable Momentum Index ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq U.S. Sustainable Momentum Index (the “index”). The Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities that compose the index at the time of purchase. The index uses a quantitative model designed to identify equity securities, including growth and value stocks, within the Nasdaq US Large Mid Cap Index that exhibit sustainable price momentum, based on historical stock prices over multiple periods and taking multiple market environments into consideration.

Our positioning in Vereit, General Electric, and Medical Properties Trust contributed to performance. Our positioning in Apache, Continental Resources, and Ovintiv detracted from performance.

** The benchmark performance for Principal Sustainable Momentum Index ETF is calculated from 10/31/2017 to 6/30/2020.

Principal Ultra-Short Active Income ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* April 24, 2019 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	1-Year		Since Inception		Inception Date
Principal Ultra-Short Active Income ETF	2.54	%	2.67	%	4/24/2019

What contributed to or detracted from Fund performance during the fiscal year?

The Principal Ultra-Short Active Income ETF 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.

Longer duration was the primary contributor of outperformance along with sector allocation within banking and communications. Underperformance vs the benchmark was driven by an underweight to U.S. Treasurys while sector allocations to Asset Backed Securities and finance companies also detracted.

** The benchmark performance for Principal Ultra-Short Active Income ETF is calculated from 4/30/2019 to 6/30/2020.

Principal U.S. Large-Cap Multi-Factor Core Index ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* July 23, 2019 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	Since Inception		Inception Date
Principal U.S. Large-Cap Multi-Factor Core Index ETF	3.62	%	7/23/2019

What contributed to or detracted from Fund performance during the fiscal year?

The Principal U.S. Large-Cap Multi-Factor Core Index ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq US Large Cap Select Leaders Core Index. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. companies with large 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 Large Cap Index that exhibit potential for high degrees of sustainable shareholder value, growth and strong momentum.

Our positioning in Skyworks Solutions, Cognizant Technology Solutions, and Gartner contributed to performance. Our positioning in Raytheon Technologies, Carrier Global, and Otis Worldwide detracted from performance.

** The benchmark performance for Principal U.S. Large-Cap Multi-Factor Core Index is calculated from 7/31/2019 to 6/30/2020.

Principal U.S. Mega-Cap Multi-Factor Index ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* October 11, 2017 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	1-Year		Since Inception		Inception Date
Principal U.S. Mega-Cap Multi-Factor Index ETF	5.62	%	9.02	%	10/11/2017

What contributed to or detracted from Fund performance during the fiscal year?

The Principal U.S. Mega-Cap Multi-Factor Index ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq U.S. Mega Cap Select Leaders Index (the “index”). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities that compose the index at the time of purchase. The index uses a quantitative model designed to identify equity securities of companies with the largest market capitalizations in the Nasdaq US 500 Large Cap Index (the “parent index”), with higher weights given to securities that are less volatile.

Our positioning in Costco Wholesale, Comcast, and Pfizer contributed to performance. Our positioning in Raytheon Technologies, Carrier Global, and Otis Worldwide detracted from performance.

** The benchmark performance for Principal U.S. Mega-Cap Multi-Factor Index is calculated from 9/30/2017 to 6/30/2020.

Principal U.S. Small-Cap Multi-Factor Index ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* September 21, 2016 - June 30, 2020


Average Annual Total Returns* as of June 30, 2020

	1-Year		Since Inception		Inception Date
Principal U.S. Small-Cap Multi-Factor Index ETF	-11.71	%	3.59	%	9/21/2016

What contributed to or detracted from Fund performance during the fiscal year?

The Principal U.S. Small-Cap Multi-Factor Index ETF seeks investment results that closely correspond, before expenses, to the performance of the Nasdaq US Small Cap Select Leaders Index. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the index. The index uses a quantitative model designed to identify equity securities (including growth and value stock) of small-capitalization companies in the Nasdaq US Small Cap Index (the “parent index”) that exhibit potential for high degrees of sustainable shareholder yield, pricing power and strong momentum, while adjusting for liquidity and quality.

Our positioning in SmileDirectClub, Ligand Pharmaceuticals, and Macerich contributed to performance. Our positioning in Office Depot, Callon Petroleum, and Gulfport Energy detracted from performance.

** The benchmark performance for Principal U.S. Small-Cap Multi-Factor Index is calculated from 9/30/2016 to 6/30/2020.

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

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* July 23, 2019 - June 30, 2020


Average Annual Total Returns* as of June 30, 2019

	Since Inception		Inception Date
Principal U.S. Small-MidCap Multi-Factor Index ETF	-10.04	%	7/23/2019

What contributed to or detracted from Fund performance during the fiscal year?

The Principal U.S. Small-MidCap Multi-Factor Core Index ETF 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 sustainable shareholder value, growth and strong momentum.

Our positioning in Howmet Aerospace, Norwegian Cruise Line, and DXC Technology contributed to performance. Our positioning in Pennant Group, Akazoo, and Hawaiian Electric Industries detracted from performance.

** The benchmark performance for Principal U.S. Small-Midcap Multi-Factor Index is calculated from 7/31/2019 to 6/30/2020.


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
June 30, 2020


		Principal							Principal
		Active Global			Principal				Contrarian
		Dividend			Active Income				Value Index
		Income ETF			ETF				ETF
Investment in securities — at cost		$	627,464,297	$	283,731,406		$		3,658,251

Investment in affiliated funds — at cost		$	—	$	2,918,957		$		96,401

Assets
Investment in securities — at value		$	701,545,955		$ 266,813,456			^(a)$	3,398,352	^(a)
Investment in affiliated funds — at value			—		2,918,957				96,401
Receivables:
Dividends			2,467,013		216,918				5,564
Interest			—		3,163,056				—
Securities lending income			4,499		12,123				220
Fund shares sold			1,308,859		—				—
Investment securities sold			4,372,552		—				—
	Total Assets		709,698,878		273,124,510				3,500,537

Liabilities
Accrued management and investment advisory fees			337,147		109,505				834
Payables:
Investment securities purchased			1,269,425		—				—
Collateral obligation on securities loaned — at value			—		2,918,957				96,401
	Total Liabilities		1,606,572		3,028,462				97,235
Net Assets Applicable to Outstanding Shares		$	708,092,306	$	270,096,048		$		3,403,302

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	704,779,979	$	293,568,625		$		4,045,545
Total distributable earnings (accumulated loss)			3,312,327		(23,472,577	)			(642,243	)
	Total Net Assets	$	708,092,306	$	270,096,048		$		3,403,302

Net Asset Value Per Share:
Net assets		$	708,092,306	$	270,096,048		$		3,403,302
Shares issued and outstanding			27,050,001		7,475,000				150,001
Net asset value per share		$	26.18	$	36.13		$		22.69

^(a)	Includes fair market value of securities loaned; see ‘Securities Lending’ in Notes to Financial Statements.

See accompanying notes.


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
June 30, 2020


						Principal				Principal
		Principal				International				Investment
		Healthcare				Multi-Factor				Grade
		Innovators				Core Index				Corporate
		Index ETF				ETF				Active ETF
Investment in securities — at cost		$	81,057,465	$		17,218,376		$		102,962,961

Investment in affiliated funds — at cost		$	4,074,103	$		158,531		$		600,345

Foreign currency — at cost		$	—	$		4,924		$		—

Assets
Investment in securities — at value		$	95,338,438		^(a)$	16,625,482			^(a)$	110,874,520	^(a)
Investment in affiliated funds — at value			4,074,103			158,531				600,345
Foreign currency — at value			—			4,930				—
Cash			—			210				3,844
Deposits with counterparty			—			—				105,600
Receivables:
Dividends			846			33,463				177
Interest			—			—				930,684
Securities lending income			18,934			80				197
Fund shares sold			2,217,151			—				—
Investment securities sold			291,755			—				292,834
Variation margin on financial derivative instruments			—			—				9,688
	Total Assets		101,941,227			16,822,696				112,817,889
Liabilities
Accrued management and investment advisory fees			30,103			3,459				23,401
Payables:
Investment securities purchased			2,498,760			16				1,501,608
Collateral obligation on securities loaned — at value			4,074,103			158,531				600,345
	Total Liabilities		6,602,966			162,006				2,125,354
Net Assets Applicable to Outstanding Shares		$	95,338,261	$		16,660,690		$		110,692,535

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	85,599,959	$		17,603,264		$		99,067,069
Total distributable earnings (accumulated loss)			9,738,302			(942,574	)			11,625,466
	Total Net Assets	$	95,338,261	$		16,660,690		$		110,692,535

Net Asset Value Per Share:
Net assets		$	95,338,261	$		16,660,690		$		110,692,535
Shares issued and outstanding			2,150,001			700,001				4,150,001
Net asset value per share		$	44.34	$		23.80		$		26.67

^(a)	Includes fair market value of securities loaned; see ‘Securities Lending’ in Notes to Financial Statements.

See accompanying notes.


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
June 30, 2020


									Principal
		Principal				Principal			Shareholder
		Millennials				Price Setters			Yield Index
		Index ETF				Index ETF			ETF
Investment in securities — at cost		$	22,159,791	$		17,700,423		$	30,827,330

Investment in affiliated funds — at cost		$	736,189	$		—		$	982,112

Assets
Investment in securities — at value		$	26,030,400		^(a)$	18,442,308		$	31,820,814	^(a)
Investment in affiliated funds — at value			736,189			—			982,112
Receivables:
Dividends			7,731			10,010			93,473
Securities lending income			858			—			425
Investment securities sold			303,205			—			—
	Total Assets		27,078,383			18,452,318			32,896,824
Liabilities
Cash overdraft			75,244			—			—
Accrued management and investment advisory fees			9,319			4,146			7,745
Payables:
Investment securities purchased			549,251			496,963			—
Collateral obligation on securities loaned — at value			736,189			—			982,112
	Total Liabilities		1,370,003			501,109			989,857
Net Assets Applicable to Outstanding Shares		$	25,708,380	$		17,951,209		$	31,906,967

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	23,292,093	$		18,790,477		$	32,675,750
Total distributable earnings (accumulated loss)			2,416,287			(839,268	)		(768,783	)
	Total Net Assets	$	25,708,380	$		17,951,209		$	31,906,967

Net Asset Value Per Share:
Net assets		$	25,708,380	$		17,951,209		$	31,906,967
Shares issued and outstanding			600,001			450,001			1,150,001
Net asset value per share		$	42.85	$		39.89		$	27.75

^(a)	Includes fair market value of securities loaned; see ‘Securities Lending’ in Notes to Financial Statements.

See accompanying notes.


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
June 30, 2020


		Principal					Principal
		Spectrum					Spectrum Tax-			Principal
		Preferred					Advantaged			Sustainable
		Securities					Dividend			Momentum
		Active ETF					Active ETF			Index ETF
Investment in securities — at cost		$	137,886,320		$		19,927,145		$	4,039,967

Investment in affiliated funds — at cost		$	2,865,310		$		—		$	93,298

Assets
Investment in securities — at value		$	138,343,383			^(a)$	19,779,305		$	4,426,712	^(a)
Investment in affiliated funds — at value			2,865,310				—			93,298
Cash			—				1,310,579			—
Receivables:
Dividends			147				9,391			5,292
Interest			1,712,659				178,246			—
Securities lending income			1,901				—			427
	Total Assets		142,923,400				21,277,521			4,525,729
Liabilities
Due to broker			—				14,766			—
Accrued management and investment advisory fees			63,010				4,581			1,093
Payables:
Investment securities purchased			—				1,310,579			—
Collateral obligation on securities loaned — at value			2,865,310				—			93,298
	Total Liabilities		2,928,320				1,329,926			94,391
Net Assets Applicable to Outstanding Shares		$	139,995,080		$		19,947,595		$	4,431,338

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	141,789,015		$		20,070,020		$	4,173,106
Total distributable earnings (accumulated loss)			(1,793,935	)			(122,425	)		258,232
	Total Net Assets	$	139,995,080		$		19,947,595		$	4,431,338

Net Asset Value Per Share:
Net assets		$	139,995,080		$		19,947,595		$	4,431,338
Shares issued and outstanding			7,250,005	^(b)			1,000,001			150,001
Net asset value per share		$	19.31			^(b)$	19.95		$	29.54

^(a)	Includes fair market value of securities loaned; see ‘Securities Lending’ in Notes to Financial Statements.
^(b)	Reflects a 5 to 1 stock split effective after the close of trading on July 22, 2020; see ‘Subsequent Events’ in Notes to Financial Statements.

See accompanying notes.


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
June 30, 2020


						Principal U.S.
		Principal				Large-Cap			Principal U.S.
		Ultra-Short				Multi-Factor			Mega-Cap
		Active Income				Core Index			Multi-Factor
			ETF			ETF			Index ETF
Investment in securities — at cost		$	12,648,704	$		6,050,643	$		1,398,085,632

Investment in affiliated funds — at cost		$	11,413	$		21,902	$		—

Assets
Investment in securities — at value		$	12,692,995		^(a)$	6,389,074		^(a)$	1,504,010,642
Investment in affiliated funds — at value			11,413			21,902			—
Receivables:
Dividends			49			8,426			1,183,333
Interest			67,545			—			—
Securities lending income			9			—			—
Expense reimbursement from Advisor			—			—			37,023
	Total Assets		12,772,011			6,419,402			1,505,230,998
Liabilities
Accrued management and investment advisory fees			1,844			788			185,115
Payables:
Investment securities purchased			249,276			—			—
Collateral obligation on securities loaned — at value			11,413			21,902			—
	Total Liabilities		262,533			22,690			185,115
Net Assets Applicable to Outstanding Shares		$	12,509,478	$		6,396,712	$		1,505,045,883

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	12,503,901	$		6,309,935	$		1,473,141,356
Total distributable earnings (accumulated loss)			5,577			86,777			31,904,527
	Total Net Assets	$	12,509,478	$		6,396,712	$		1,505,045,883

Net Asset Value Per Share:
Net assets		$	12,509,478	$		6,396,712	$		1,505,045,883
Shares issued and outstanding			500,001			250,001			50,100,001
Net asset value per share		$	25.02	$		25.59	$		30.04

^(a)	Includes fair market value of securities loaned; see ‘Securities Lending’ in Notes to Financial Statements.

See accompanying notes.


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
June 30, 2020


							Principal U.S.
							Small-
			Principal U.S.				MidCap
		Small	-Cap				Multi-Factor
			Multi-Factor				Core Index
			Index ETF				ETF
Investment in securities — at cost		$	368,970,146		$		9,592,014

Investment in affiliated funds — at cost		$	13,835,298		$		240,129

Assets
Investment in securities — at value			$ 328,239,414			^(a)$	8,868,718	^(a)
Investment in affiliated funds — at value			13,835,298				240,129
Receivables:
Dividends			276,796				10,259
Securities lending income			149,730				652
Investment securities sold			3,153,875				20,538
	Total Assets		345,655,113				9,140,296
Liabilities
Cash overdraft			—				526
Accrued management and investment advisory fees			103,955				1,476
Fund shares redeemed			1,350,188				—
Payables:
Investment securities purchased			2,060,455				25,738
Collateral obligation on securities loaned — at value			13,835,298				240,129
	Total Liabilities		17,349,896				267,869
Net Assets Applicable to Outstanding Shares		$	328,305,217		$		8,872,427

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	431,319,459		$		10,216,458
Total distributable earnings (accumulated loss)			(103,014,242	)			(1,344,031	)
	Total Net Assets	$	328,305,217		$		8,872,427

Net Asset Value Per Share:
Net assets		$	328,305,217		$		8,872,427
Shares issued and outstanding			12,000,001				400,001
Net asset value per share		$	27.36		$		22.18

^(a)	Includes fair market value of securities loaned; see ‘Securities Lending’ in Notes to Financial Statements.

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2020


		Principal						Principal
		Active Global			Principal			Contrarian
		Dividend			Active Income			Value Index
		Income ETF			ETF			ETF
Net Investment Income (Loss)
Income:
Dividend	$	20,916,016		$	2,610,284		$	95,680
Withholding tax		(1,470,722	)		(17,711	)		(16	)
Interest		—			11,673,276			—
Securities lending		54,389			84,406			293
Total Income		19,499,683			14,350,255			95,957
Expenses:
Management and investment advisory fees		4,187,007			1,305,732			13,903
Total Expenses		4,187,007			1,305,732			13,903
Net Investment Income (Loss)		15,312,676			13,044,523			82,054
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency:
Net realized gain (loss) from:
Investment transactions		(66,954,655	)		(6,439,357	)		(395,462	)
In-kind redemptions		—			—			(282,643	)
Foreign currency transactions		(148,901	)		414			—
Change in unrealized appreciation (depreciation) of:
Investments		33,872,245			(21,773,882	)		(310,904	)
Foreign currency transactions		12,416			(211	)		—
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		(33,218,895	)		(28,213,036	)		(989,009	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(17,906,219	)	$	(15,168,513	)	$	(906,955	)

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2020


					Principal			Principal
		Principal			International			Investment
		Healthcare			Multi-Factor			Grade
		Innovators			Core Index			Corporate
		Index ETF			ETF ^(a)			Active ETF
Net Investment Income (Loss)
Income:
Dividend	$	2,834		$	464,116		$	29,154
Withholding tax		—			(46,591	)		—
Interest		—			—			4,223,924
Securities lending		77,062			888			2,147
Total Income		79,896			418,413			4,255,225
Expenses:
Management and investment advisory fees		249,161			39,575			304,670
Total Expenses		249,161			39,575			304,670
Net Investment Income (Loss)		(169,265	)		378,838			3,950,555
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Futures:
Net realized gain (loss) from:
Investment transactions		(1,615,128	)		(435,038	)		5,540,680
In-kind redemptions		7,864,657			206,359			—
Foreign currency transactions		—			(7,680	)		—
Futures contracts		—			—			119,273
Change in unrealized appreciation (depreciation) of:
Investments		10,242,069			(592,894	)		957,760
Foreign currency transactions		—			321			—
Futures contracts		—			—			(84,948	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Futures		16,491,598			(828,932	)		6,532,765
Net Increase (Decrease) in Net Assets Resulting from Operations	$	16,322,333		$	(450,094	)	$	10,483,320

^(a)	Period from July 23, 2019, date operations commenced, through June 30, 2020.

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2020


								Principal
		Principal			Principal			Shareholder
		Millennials			Price Setters			Yield Index
		Index ETF			Index ETF			ETF
Net Investment Income (Loss)
Income:
Dividend	$	284,804		$	328,388		$	457,816
Withholding tax		(6,584	)		—			(272	)
Securities lending		13,316			43			779
Total Income		291,536			328,431			458,323
Expenses:
Management and investment advisory fees		98,707			69,245			45,862
Total Gross Expenses		98,707			69,245			45,862
Less: Reimbursement from Advisor		—			(9,980	)		(5,030	)
Total Net Expenses		98,707			59,265			40,832
Net Investment Income (Loss)		192,829			269,166			417,491
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency:
Net realized gain (loss) from:
Investment transactions		(974,922	)		(1,530,779	)		(1,048,872	)
In-kind redemptions		—			1,632,915			617,997
Foreign currency transactions		(940	)		—			—
Payment from Advisor due to operational error by a third party		—			510,112			—
Change in unrealized appreciation (depreciation) of:
Investments		3,511,897			(392,815	)		1,221,147
Foreign currency transactions		(1,469	)		—			—
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		2,534,566			219,433			790,272
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,727,395		$	488,599		$	1,207,763

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2020


					Principal
		Principal			Spectrum
		Spectrum			Tax-			Principal
		Preferred			Advantaged			Sustainable
		Securities			Dividend			Momentum
		Active ETF			Active ETF ^(a)			Index ETF
Net Investment Income (Loss)
Income:
Dividend	$	20,149		$	9,391		$	106,033
Withholding tax		—			—			(55	)
Interest		4,714,508			28,397			—
Securities lending		17,107			—			931
Total Income		4,751,764			37,788			106,909
Expenses:
Management and investment advisory fees		561,110			4,581			15,112
Total Expenses		561,110			4,581			15,112
Net Investment Income (Loss)		4,190,654			33,207			91,797
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investment transactions		(138,163	)		62,208			60,810
In-kind redemptions		—			—			(218,597	)
Change in unrealized appreciation (depreciation) of:
Investments		225,581			(147,840	)		(18,737	)
Net Realized and Unrealized Gain (Loss) on Investments		87,418			(85,632	)		(176,524	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,278,072		$	(52,425	)	$	(84,727	)

^(a)	Period from June 16, 2020, date operations commenced, through June 30, 2020.

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2020


				Principal U.S.
		Principal		Large-Cap			Principal U.S.
		Ultra-Short		Multi-Factor			Mega-Cap
		Active		Core Index			Multi-Factor
		Income ETF		ETF ^(a)			Index ETF
Net Investment Income (Loss)
Income:
Dividend	$	4,565	$	113,598		$	31,545,402
Interest		290,762		—			—
Securities lending		232		6			—
Total Income		295,559		113,604			31,545,402
Expenses:
Management and investment advisory fees		22,481		8,723			2,185,571
Total Gross Expenses		22,481		8,723			2,185,571
Less: Reimbursement from Advisor		—		—			(437,114	)
Total Net Expenses		22,481		8,723			1,748,457
Net Investment Income (Loss)		273,078		104,881			29,796,945
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investment transactions		13,894		(281,084	)		(39,096,513	)
In-kind redemptions		—		53,516			76,719,704
Change in unrealized appreciation (depreciation) of:
Investments		26,421		338,431			3,750,721
Net Realized and Unrealized Gain (Loss) on Investments		40,315		110,863			41,373,912
Net Increase (Decrease) in Net Assets Resulting from Operations	$	313,393	$	215,744		$	71,170,857

^(a)	Period from July 23, 2019, date operations commenced, through June 30, 2020.

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2020


					Principal U.S.
					Small-
		Principal U.S.			MidCap
		Small-Cap			Multi-Factor
		Multi-Factor			Core Index
		Index ETF			ETF^(a)
Net Investment Income (Loss)
Income:
Dividend	$	6,239,476		$	178,147
Withholding tax		(7,914	)		(96	)
Securities lending		519,630			3,622
Total Income		6,751,192			181,673
Expenses:
Management and investment advisory fees		1,339,461			17,715
Total Expenses		1,339,461			17,715
Net Investment Income (Loss)		5,411,731			163,958
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investment transactions		(29,948,688	)		(658,947	)
In-kind redemptions		17,966,067			207,400
Change in unrealized appreciation (depreciation) of:
Investments		(38,339,811	)		(723,296	)
Net Realized and Unrealized Gain (Loss) on Investments		(50,322,432	)		(1,174,843	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(44,910,701	)	$	(1,010,885	)

^(a)	Period from July 23, 2019, date operations commenced, through June 30, 2020.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Active Global Dividend
		Income ETF
		Year ended			Year ended
		June 30, 2020			June 30, 2019
Operations
Net investment income (loss)	$	15,312,676		$	17,193,973
Net realized gain (loss) on investments and foreign currency		(67,103,556	)		1,254,462
Change in unrealized appreciation (depreciation) of investments and foreign currency		33,884,661			8,596,041
Net Increase (Decrease) in Net Assets Resulting from Operations		(17,906,219	)		27,044,476
Dividends to Shareholders
From net investment income and net realized gain on investments		(21,484,757	)		(25,157,071	)
Total Dividends		(21,484,757	)		(25,157,071	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		30,294,631			9,866,044
Total Increase (Decrease) in Net Assets		(9,096,345	)		11,753,449
Net Assets
Beginning of year		717,188,651			705,435,202
End of year	$	708,092,306		$	717,188,651

Capital Share Transactions
Dollars:
Sold	$	30,294,631		$	19,614,987
Redeemed		—			(9,748,943	)
Net Increase (Decrease)	$	30,294,631		$	9,866,044
Shares:
Sold		1,100,000			700,000
Redeemed		—			(350,000	)
Net Increase (Decrease)		1,100,000			350,000

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Active Income ETF
		Year ended			Year ended
		June 30, 2020			June 30, 2019
Operations
Net investment income (loss)	$	13,044,523		$	13,956,407
Net realized gain (loss) on investments and foreign currency		(6,438,943	)		820,496
Change in unrealized appreciation (depreciation) of investments and foreign currency		(21,774,093	)		(1,252,222	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(15,168,513	)		13,524,681
Dividends to Shareholders
From net investment income and net realized gain on investments		(13,270,230	)		(16,682,129	)
Total Dividends		(13,270,230	)		(16,682,129	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		82,015,573			(73,290,077	)
Total Increase (Decrease) in Net Assets		53,576,830			(76,447,525	)
Net Assets
Beginning of year		216,519,218			292,966,743
End of year	$	270,096,048		$	216,519,218

Capital Share Transactions
Dollars:
Sold	$	83,568,006		$	19,735,184
Redeemed		(1,552,433	)		(93,025,261	)
Net Increase (Decrease)	$	82,015,573		$	(73,290,077	)
Shares:
Sold		2,100,000			500,000
Redeemed		(50,000	)		(2,350,000	)
Net Increase (Decrease)		2,050,000			(1,850,000	)

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Contrarian Value Index ETF
		Year ended			Year ended
		June 30, 2020			June 30, 2019
Operations
Net investment income (loss)	$	82,054		$	62,766
Net realized gain (loss) on investments		(678,105	)		31,247
Change in unrealized appreciation (depreciation) of investments		(310,904	)		72,388
Net Increase (Decrease) in Net Assets Resulting from Operations		(906,955	)		166,401
Dividends to Shareholders
From net investment income and net realized gain on investments		(88,000	)		(59,096	)
Total Dividends		(88,000	)		(59,096	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		(957,251	)		1,330,160
Total Increase (Decrease) in Net Assets		(1,952,206	)		1,437,465
Net Assets
Beginning of year		5,355,508			3,918,043
End of year	$	3,403,302		$	5,355,508

Capital Share Transactions
Dollars:
Sold	$	—		$	2,617,157
Redeemed		(957,251	)		(1,286,997	)
Net Increase (Decrease)	$	(957,251	)	$	1,330,160
Shares:
Sold		—			100,000
Redeemed		(50,000	)		(50,000	)
Net Increase (Decrease)		(50,000	)		50,000

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds




		Principal
		International
		Multi- Factor
		Core Index ETF
		Period ended
		June 30, 2020 ^(a)
Operations
Net investment income (loss)	$	378,838
Net realized gain (loss) on investments and foreign currency		(236,359	)
Change in unrealized appreciation (depreciation) of investments and foreign currency		(592,573	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(450,094	)
Dividends to Shareholders
From net investment income and net realized gain on investments		(286,121	)
Total Dividends		(286,121	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		17,396,905
Total Increase (Decrease) in Net Assets		16,660,690
Net Assets
Beginning of period		—
End of period	$	16,660,690


Capital Share Transactions
Dollars:
Sold	$	19,968,892
Redeemed		(2,571,987	)
Net Increase (Decrease)	$	17,396,905

Shares:
Sold		800,001
Redeemed		(100,000	)
Net Increase (Decrease)		700,001

^(a)	Period from July 23, 2019, date operations commenced, through June 30, 2020.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Investment Grade Corporate
		Active ETF
		Year ended			Year ended
		June 30, 2020			June 30, 2019
Operations
Net investment income (loss)	$	3,950,555		$	8,348,813
Net realized gain (loss) on investments and futures		5,659,953			3,807,776
Change in unrealized appreciation (depreciation) of investments and futures		872,812			8,074,319
Net Increase (Decrease) in Net Assets Resulting from Operations		10,483,320			20,230,908
Dividends to Shareholders
From net investment income and net realized gain on investments		(8,211,758	)		(9,092,787	)
Total Dividends		(8,211,758	)		(9,092,787	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		(12,119,128	)		(119,307,966	)
Total Increase (Decrease) in Net Assets		(9,847,566	)		(108,169,845	)
Net Assets
Beginning of year		120,540,101			228,709,946
End of year	$	110,692,535		$	120,540,101

Capital Share Transactions
Dollars:
Sold	$	3,894,368		$	—
Redeemed		(16,013,496	)		(119,307,966	)
Net Increase (Decrease)	$	(12,119,128	)	$	(119,307,966	)
Shares:
Sold		150,000			—
Redeemed		(600,000	)		(4,700,000	)
Net Increase (Decrease)		(450,000	)		(4,700,000	)

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Millennials Index ETF
		Year ended			Year ended
		June 30, 2020			June 30, 2019
Operations
Net investment income (loss)	$	192,829		$	89,134
Net realized gain (loss) on investments and foreign currency		(975,862	)		1,610,100
Change in unrealized appreciation (depreciation) of investments and foreign currency		3,510,428			(1,332,880	)
Net Increase (Decrease) in Net Assets Resulting from Operations		2,727,395			366,354
Dividends to Shareholders
From net investment income and net realized gain on investments		(175,301	)		(117,278	)
Total Dividends		(175,301	)		(117,278	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		2,125,336			564,845
Total Increase (Decrease) in Net Assets		4,677,430			813,921
Net Assets
Beginning of year		21,030,950			20,217,029
End of year	$	25,708,380		$	21,030,950

Capital Share Transactions
Dollars:
Sold	$	2,125,336		$	11,237,019
Redeemed		—			(10,672,174	)
Net Increase (Decrease)	$	2,125,336		$	564,845
Shares:
Sold		50,000			300,000
Redeemed		—			(300,000	)
Net Increase (Decrease)		50,000			—

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Price Setters Index ETF
		Year ended			Year ended
		June 30, 2020			June 30, 2019
Operations
Net investment income (loss)	$	269,166		$	244,715
Net realized gain (loss) on investments		612,248			1,295,164
Change in unrealized appreciation (depreciation) of investments		(392,815	)		904,053
Net Increase (Decrease) in Net Assets Resulting from Operations		488,599			2,443,932
Dividends to Shareholders
From net investment income and net realized gain on investments		(260,900	)		(256,124	)
Total Dividends		(260,900	)		(256,124	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		(3,062,580	)		(3,056,520	)
Total Increase (Decrease) in Net Assets		(2,834,881	)		(868,712	)
Net Assets
Beginning of year		20,786,090			21,654,802
End of year	$	17,951,209		$	20,786,090

Capital Share Transactions
Dollars:
Sold	$	25,326,160		$	15,750,833
Redeemed		(28,388,740	)		(18,807,353	)
Net Increase (Decrease)	$	(3,062,580	)	$	(3,056,520	)
Shares:
Sold		650,000			450,000
Redeemed		(750,000	)		(550,000	)
Net Increase (Decrease)		(100,000	)		(100,000	)

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Shareholder Yield
		Index ETF
		Year ended			Year ended
		June 30, 2020			June 30, 2019
Operations
Net investment income (loss)	$	417,491		$	314,148
Net realized gain (loss) on investments		(430,875	)		(454,901	)
Change in unrealized appreciation (depreciation) of investments		1,221,147			44,142
Net Increase (Decrease) in Net Assets Resulting from Operations		1,207,763			(96,611	)
Dividends to Shareholders
From net investment income and net realized gain on investments		(284,301	)		(303,638	)
Total Dividends		(284,301	)		(303,638	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		16,588,925			172,725
Total Increase (Decrease) in Net Assets		17,512,387			(227,524	)
Net Assets
Beginning of year		14,394,580			14,622,104
End of year	$	31,906,967		$	14,394,580

Capital Share Transactions
Dollars:
Sold	$	24,375,394		$	6,273,624
Redeemed		(7,786,469	)		(6,100,899	)
Net Increase (Decrease)	$	16,588,925		$	172,725
Shares:
Sold		950,000			200,000
Redeemed		(250,000	)		(200,000	)
Net Increase (Decrease)		700,000			—

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Spectrum Preferred
		Securities Active ETF
		Year ended			Year ended
		June 30, 2020			June 30, 2019
Operations
Net investment income (loss)	$	4,190,654		$	1,964,634
Net realized gain (loss) on investments		(138,163	)		(347,758	)
Change in unrealized appreciation (depreciation) of investments		225,581			2,730,862
Net Increase (Decrease) in Net Assets Resulting from Operations		4,278,072			4,347,738
Dividends to Shareholders
From net investment income and net realized gain on investments		(4,757,405	)		(2,777,398	)
Total Dividends		(4,757,405	)		(2,777,398	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		72,724,847			14,230,056
Total Increase (Decrease) in Net Assets		72,245,514			15,800,396
Net Assets
Beginning of year		67,749,566			51,949,170
End of year	$	139,995,080		$	67,749,566

Capital Share Transactions
Dollars:
Sold	$	87,341,857		$	14,230,056
Redeemed		(14,617,010	)		—
Net Increase (Decrease)	$	72,724,847		$	14,230,056
Shares: ^(a)
Sold		4,500,000			750,000
Redeemed		(750,000	)		—
Net Increase (Decrease)		3,750,000			750,000

^(a)	Reflects a 5 to 1 stock split effective after the close of trading on July 22, 2020; see ‘Subsequent Events’ in Notes to Financial Statements.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Sustainable Momentum
		Index ETF
		Year ended			Year ended
		June 30, 2020			June 30, 2019
Operations
Net investment income (loss)	$	91,797		$	62,333
Net realized gain (loss) on investments		(157,787	)		(134,921	)
Change in unrealized appreciation (depreciation) of investments		(18,737	)		220,129
Net Increase (Decrease) in Net Assets Resulting from Operations		(84,727	)		147,541
Dividends to Shareholders
From net investment income and net realized gain on investments		(92,000	)		(49,407	)
Total Dividends		(92,000	)		(49,407	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		(1,092,783	)		—
Total Increase (Decrease) in Net Assets		(1,269,510	)		98,134
Net Assets
Beginning of year		5,700,848			5,602,714
End of year	$	4,431,338		$	5,700,848

Capital Share Transactions
Dollars:
Sold	$	—		$	—
Redeemed		(1,092,783	)		—
Net Increase (Decrease)	$	(1,092,783	)	$	—
Shares:
Sold		—			—
Redeemed		(50,000	)		—
Net Increase (Decrease)		(50,000	)		—

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Ultra-Short Active
		Income ETF
		Year ended		Period ended
		June 30, 2020		June 30, 2019 ^(a)
Operations
Net investment income (loss)	$	273,078		$	51,912
Net realized gain (loss) on investments		13,894			3
Change in unrealized appreciation (depreciation) of investments		26,421			17,870
Net Increase (Decrease) in Net Assets Resulting from Operations		313,393			69,785
Dividends to Shareholders
From net investment income and net realized gain on investments		(346,501	)		(31,100	)
Total Dividends		(346,501	)		(31,100	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		—			12,503,901
Total Increase (Decrease) in Net Assets		(33,108	)		12,542,586
Net Assets
Beginning of period		12,542,586			—
End of period	$	12,509,478		$	12,542,586

Capital Share Transactions
Dollars:
Sold	$	—		$	12,503,901
Redeemed		—			—
Net Increase (Decrease)	$	—		$	12,503,901
Shares:
Sold		—			500,001
Redeemed		—			—
Net Increase (Decrease)		—			500,001

^(a)	Period from April 24, 2019, date operations commenced, through June 30, 2019.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal U.S. Mega-Cap Multi-Factor
		Index ETF
		Year ended		Year ended
		June 30, 2020		June 30, 2019
Operations
Net investment income (loss)	$	29,796,945		$	36,755,038
Net realized gain (loss) on investments		37,623,191			81,166,626
Change in unrealized appreciation (depreciation) of investments		3,750,721			108,677,962
Net Increase (Decrease) in Net Assets Resulting from Operations		71,170,857			226,599,626
Dividends to Shareholders
From net investment income and net realized gain on investments		(31,719,706	)		(36,383,987	)
Total Dividends		(31,719,706	)		(36,383,987	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		(153,346,324	)		(237,799,859	)
Total Increase (Decrease) in Net Assets		(113,895,173	)		(47,584,220	)
Net Assets
Beginning of year		1,618,941,056			1,666,525,276
End of year	$	1,505,045,883		$	1,618,941,056

Capital Share Transactions
Dollars:
Sold	$	413,860,349		$	419,368,978
Redeemed		(567,206,673	)		(657,168,837	)
Net Increase (Decrease)	$	(153,346,324	)	$	(237,799,859	)
Shares:
Sold		13,900,000			14,950,000
Redeemed		(19,500,000	)		(23,300,000	)
Net Increase (Decrease)		(5,600,000	)		(8,350,000	)

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal U.S. Small-Cap Multi-Factor
		Index ETF
		Year ended			Year ended
		June 30, 2020			June 30, 2019
Operations
Net investment income (loss)	$	5,411,731		$	4,433,970
Net realized gain (loss) on investments		(11,982,621	)		19,174,249
Change in unrealized appreciation (depreciation) of investments		(38,339,811	)		(40,968,590	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(44,910,701	)		(17,360,371	)
Dividends to Shareholders
From net investment income and net realized gain on investments		(4,965,930	)		(4,270,986	)
Total Dividends		(4,965,930	)		(4,270,986	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		22,981,970			25,655,605
Total Increase (Decrease) in Net Assets		(26,894,661	)		4,024,248
Net Assets
Beginning of year		355,199,878			351,175,630
End of year	$	328,305,217		$	355,199,878

Capital Share Transactions
Dollars:
Sold	$	113,314,051		$	226,644,303
Redeemed		(90,332,081	)		(200,988,698	)
Net Increase (Decrease)	$	22,981,970		$	25,655,605
Shares:
Sold		3,650,000			7,150,000
Redeemed		(2,950,000	)		(6,350,000	)
Net Increase (Decrease)		700,000			800,000

See accompanying notes.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020

1. Organization

The Principal Exchange-Traded Funds (the “Trust”) is a statutory trust organized under the laws of the State of Delaware in 2013 and is authorized to have multiple series or portfolios. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently consists of seventeen series, Principal Active Global Dividend Income ETF, Principal Active Income ETF, Principal Contrarian Value Index ETF, Principal Healthcare Innovators Index ETF, Principal International Multi-Factor Core Index ETF, Principal Investment Grade Corporate Active ETF, Principal Millennials Index ETF, Principal Price Setters Index ETF, Principal Shareholder Yield Index ETF, Principal Spectrum Preferred Securities Active ETF, Principal Spectrum Tax-Advantaged Dividend Active ETF, Principal Sustainable Momentum Index ETF, Principal Ultra-Short Active Income ETF, Principal U.S. Large-Cap Multi-Factor Core Index ETF, Principal U.S. Mega-Cap Multi-Factor Index ETF, Principal U.S. Small-Cap Multi-Factor Index ETF, and Principal U.S. Small-MidCap Multi-Factor Core Index ETF, (collectively, the “Funds” and individually, a “Fund”). The Funds are “diversified”, and as such, the Funds’ investments are required to meet certain diversification requirements under the 1940 Act. The shares of the Funds are referred to herein as “Shares”.

Each of the Funds is an investment company and applies specialized accounting and reporting under Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The Funds have not provided financial support and are not contractually required to provide financial support to any investee.

The Trust issues and redeems Shares at net asset value (“NAV”) only with Authorized Participants (“APs”) and only in aggregations of 50,000 Shares with the exception of Principal International Multi-Factor Core Index ETF which is in creation of 100,000 shares (each a “Creation Unit” or multiples thereof “Creation Unit Aggregations”), which is subject to change. The Trust issues and redeems Creation Unit Aggregations in exchange for portfolio securities and/or cash, plus a fixed and/or variable transaction fee.

Shares trade on exchanges at market prices that may be below, at, or above NAV. Shares are listed on the respective exchanges as listed below:

Principal Ultra-Short Active Income ETF initial investment and commencement of operations was April 24, 2019. Principal International Multi-Factor Core Index ETF, Principal U.S. Large-Cap Multi-Factor Core Index ETF, and Principal U.S. Small-MidCap Multi-Factor Core Index ETF initial investment and commencement of operations was July 23, 2019. Principal Spectrum Tax-Advantaged Dividend Active ETF initial investment and commencement of operations was June 16, 2020.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020

2. Significant Accounting Policies

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:

Security Valuation. The Funds value securities for which market quotations are readily available at fair value, which is determined using the last reported sale price. If no sales are reported, as is regularly the case for some securities traded over-the-counter, securities are valued using the last reported bid price or an evaluated bid price provided by a pricing service. Pricing services use modeling techniques that incorporate security characteristics, market conditions and dealer-supplied valuations to determine an evaluated bid price. When reliable market quotations are not considered to be readily available, which may be the case, for example, with respect to restricted securities, certain debt securities, preferred stocks, and foreign securities, the investments are valued at their fair value as determined in good faith by Principal Global Investors, LLC (“the Advisor”) under procedures established and periodically reviewed by the Trust’s Board of Trustees. The Funds invest in other publicly traded investment funds, which are valued at the respective fund’s NAV.

The value of foreign securities used in computing the NAV per share is generally determined as of the close of the foreign exchange where the security is principally traded. Significant events that occur after the close of the applicable foreign market or exchange but prior to the calculation of the Fund’s NAV are reflected in the Fund’s NAV and these securities are valued at fair value as determined in good faith by the Advisor under procedures established and periodically reviewed by the Trust’s Board of Trustees. Many factors, provided by independent pricing services, are reviewed in the course of making a good faith determination of a security’s fair value including, but not limited to, price movements in American Depository Receipts (“ADRs”), futures contracts, industry indices, general indices, and foreign currencies.

To the extent the Funds invest in foreign securities listed on foreign exchanges which trade on days on which the Funds do not determine NAV, for example, weekends and other customary national U.S. holidays, the Fund’s NAV could be significantly affected on days when shares are able to be issued or redeemed by APs.

Certain securities issued by companies in emerging market countries may have more than one quoted valuation at any given point in time, sometimes referred to as a “local” price and a “premium” price. The premium price is often a negotiated price, which may not consistently represent a price at which a specific transaction can be effected. It is the policy of the Funds to value such securities at prices at which it is expected those shares may be sold, and the Advisor, or any sub-advisor, is authorized to make such determinations subject to such oversight by the Trust’s Board of Trustees, as may occasionally be necessary.

Income and Investment Transactions. The Funds record investment transactions on a trade date basis. The identified cost basis has been used in determining the net realized gain or loss from investment transactions and unrealized appreciation or depreciation of investments. The Funds record dividend income on the ex-dividend date, except dividend income from foreign securities whereby the ex-dividend date has passed; such dividends are recorded as soon as the Funds are informed of the ex-dividend date. Interest income is recognized on an accrual basis. Discounts and premiums on securities are accreted/amortized, respectively, on the level yield method over the expected lives of the respective securities. Callable debt securities purchased at a premium are amortized to the earliest call date and to the callable amount, if other than par.

Capital Share Transactions. Capital shares are issued and redeemed by the Funds only in a Creation Unit or Creation Unit Aggregations. Except when aggregated into at least a Creation Unit, Shares are not redeemable.

The consideration for the purchase of a Creation Unit or Creation Unit Aggregations of a Fund generally consists of a basket of cash and/or securities that the Fund specifies each business day. To offset transfer and other transaction costs associated with the issuance and redemption of Creation Unit Aggregations, APs are subject to standard creation and redemption transaction fees.

Expenses. For all Funds, a unitary investment management and advisory fee is charged. The Advisor covers all operating expenses through the investment management and advisory fee with the exception of 12b-1 fees, brokerage commissions and other expenses connected to the execution of portfolio transactions, interest expense, taxes, acquired fund fees and expenses, litigation expenses and other extraordinary expenses, if applicable.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020

2. Significant Accounting Policies (continued)

Dividends to Shareholders. Dividends to shareholders of the Funds are recorded on the ex-dividend date. Dividends to shareholders from net investment income and net realized gain from investments and foreign currency transactions are determined in accordance with federal tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for futures contracts, net operating losses, sales of passive foreign investment companies, partnership investments, foreign currency transactions, losses deferred due to wash sales, tax straddles, mortgage-backed securities, certain preferred securities, redemptions-in-kind, real estate investment trust’s (“REITs”), utilization of earnings and profits distributed to shareholders on redemption of Shares, and limitations imposed by Sections 381-384 of the Internal Revenue Code (“IRC”). Permanent book and tax basis differences are reclassified within the capital accounts based on federal tax-basis treatment; temporary differences do not require reclassification. To the extent dividends exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as return of capital distributions.

Federal Income Taxes. No provision for federal income taxes is considered necessary because the Funds each intend to qualify as a “regulated investment company” under the IRC and they intend to distribute each year substantially all of their net investment income and realized capital gains to shareholders.

Management evaluates tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more likely than not” that each tax position would be sustained upon examination by a taxing authority based on the technical merits of their position. Tax positions not deemed to meet the “more likely than not” threshold would be recorded as a tax benefit or expense in the current year. During the year ended June 30, 2020, the Funds did not record any such tax benefit or expense in the accompanying financial statements. The statute of limitations remains open for the last three years, once a return is filed. No examinations are in progress at this time.

Foreign Taxes. Certain Funds are subject to foreign income taxes imposed by certain countries in which they invest. Foreign income taxes are accrued by the Funds as a reduction of income. These amounts are shown as withholding tax on the Statements of Operations.

Recent Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. The guidance is applicable to contracts referencing LIBOR or another reference rate that is expected to be discontinued due to reference rate reform. The ASU is effective as of March 12, 2020 and generally can be applied through December 31, 2022. Management is evaluating the underlying securities referencing LIBOR or another reference rate that is expected to be discontinued over the period of time the ASU is effective.

In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which amends and eliminates certain disclosure requirements for fair value as part of its framework project. The ASU is effective for annual and interim periods beginning after December 15, 2019. The early adoption of the removal or modification of disclosures and delay of adoption of the additional disclosures is permitted. As of June 30, 2020, the Funds have adopted the ASU.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020

3. Operating Policies

Contingent Convertible Securities (“CoCos”). CoCos are hybrid debt securities that may convert into equity or have their principal written down upon the occurrence of certain “triggers.” Although a contingent convertible security’s equity conversion and principal write-down features are tailored to the particular issuing banking institution and its regulatory requirements, triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question such institution’s continued viability as a going-concern. CoCos may have no stated maturity and fully discretionary coupons, which means coupon payments can be canceled at the issuing banking institution’s discretion or at the request of the relevant regulatory authority without causing a default. To provide the appropriate regulatory capital treatment, CoCos are usually issued in the form of subordinated debt instruments that rank junior to the claims of holders of more senior obligations in the event of the issuer’s liquidation. If CoCos are converted into equity securities due to a trigger event, holders will be further subordinated. The future value of CoCos is unpredictable and is influenced by many factors including, without limitation: the creditworthiness of the issuer and/or fluctuations in such issuer’s applicable capital ratios; supply and demand for CoCos; general market conditions and available liquidity; and economic, financial and political events that affect the issuer, its particular market or the financial markets in general. Due to these features, CoCos may have substantially greater risk than other securities in times of financial stress. Because of the uncertainty regarding whether a conversion event will occur, it may be difficult to predict when, if at all, a contingent convertible security will be converted to equity, and a fund may suffer losses as a result. If the trigger level is breached, the issuer’s decision to write down, write off or convert a contingent convertible security may result in the fund’s complete loss on an investment in CoCos with no chance of recovery even if the issuer remains in existence. As of June 30, 2020, Principal Spectrum Tax-Advantaged Dividend Active ETF invested 42.38% of net assets in CoCos.

Cross Trades. The Funds may engage in cross trades. A cross trade is a purchase or sale transaction between affiliated portfolios executed directly or through an intermediary. Mutual funds and other managed portfolios may be considered affiliated if they have a common investment advisor, so a fund may be considered affiliated with any portfolio for which the fund’s sub-advisor acts as an investment advisor. Such transactions are permissible provided that the conditions of Rule 17a-7 under the Investment Company Act of 1940 are satisfied. There were no funds with cross trades during the year.

Deposits with Counterparty. Cash pledged as collateral is reflected as an asset on the Statements of Assets and Liabilities as deposits with counterparty. There are a variety of security types which require varying levels of pledged collateral. Customer account agreements govern cleared derivatives transactions such as futures contracts. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. As of June 30, 2020, deposits with counterparty for Principal Investment Grade Corporate Active ETF were $105,600.

Futures Contracts. The Funds are subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Funds may enter into futures contracts to hedge against changes in or to gain exposure to, change in the value of equities, interest rates and foreign currencies. Initial margin deposits are made by cash deposits or segregation of specific securities as may be required by the exchange on which the transaction was conducted. Pursuant to the contracts, the Funds agree to receive from or pay to the broker, an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Funds as variation margin receivable or payable on financial derivative instruments. Futures contracts are marked to market daily at the closing settlement price or in the absence of such a price, the most recent quoted bid price. If there are no quotations available, the security is valued at the last available closing settlement price. During the period the futures contracts are open, daily changes in the fair value of the contracts are recognized as unrealized gains or losses. These unrealized gains or losses are included as a component of net unrealized appreciation (depreciation) of investments on the Statements of Assets and Liabilities. When the contracts are closed, the Funds recognize a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s cost basis in the contract. There is minimal counterparty credit risk to the Funds because futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Illiquid Securities. Illiquid securities generally cannot be sold or disposed of in the ordinary course of business (within seven calendar days) at approximately the value at which each of the Funds has valued the investments. This may have an adverse effect on each of the Funds’ ability to dispose of particular illiquid securities at fair value and may limit each of the Funds’ ability to obtain accurate market quotations for purposes of valuing the securities.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020

3. Operating Policies (continued)

Indemnifications. In a normal course of business, the Funds enter into contracts that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve potential future claims against the Funds that have not yet occurred. Based on management’s experience, the risk of loss would be remote.

Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult.

Securities Lending. To earn additional income, certain of the Funds may lend portfolio securities to approved brokerage firms. The Funds receive collateral, in the form of cash, against the loaned securities. During the period of the loan, the borrower must maintain collateral in an amount not less than 102% of the market value of the domestic and foreign fixed income loaned securities and 105% of the market value of the foreign equity loaned securities. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The cash collateral received is usually invested in a SEC-registered money market mutual fund and the Funds could realize a loss on such investments. Further, the Funds could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. Securities lending income, net of related fees, is shown on the Statements of Operations. As of June 30, 2020, the Funds had securities on loan as follows:


Fund		Market Value		Collateral Value
Principal Active Income ETF	$	2,836,660	$	2,918,957
Principal Contrarian Value Index ETF		93,029		96,401
Principal Healthcare Innovators Index ETF		3,979,431		4,074,103
Principal International Multi-Factor Core Index ETF		151,999		158,531
Principal Investment Grade Corporate Active ETF		587,624		600,345
Principal Millennials Index ETF		660,967		736,189
Principal Shareholder Yield Index ETF		979,657		982,112
Principal Spectrum Preferred Securities Active ETF		2,800,918		2,865,310
Principal Sustainable Momentum Index ETF		90,025		93,298
Principal Ultra-Short Active Income ETF		11,173		11,413
Principal U.S. Large-Cap Multi-Factor Core Index ETF		21,248		21,902
Principal U.S. Small-Cap Multi Factor Index ETF		13,244,086		13,835,298
Principal U.S. Small-MidCap Multi-Factor Core Index ETF		233,460		240,129

Underlying Funds. Series of Principal Funds, Inc. and Principal Variable Contracts Funds, Inc., affiliates of the Advisor, may invest in certain of the Funds (the “underlying funds”).

An underlying fund may experience relatively large redemptions or purchases as the investee fund periodically reallocates or rebalances its assets. These transactions may accelerate the realization of taxable income if sales of portfolio securities result in gains and could increase transaction costs.

The Advisor is the advisor to Principal Funds, Inc., Principal Variable Contracts Funds, Inc., and the underlying funds. The Advisor is committed to minimizing the potential impact of underlying fund risk to the underlying funds to the extent consistent with pursuing the investment objectives of the investee funds which it manages. Each may face conflicts of interest in fulfilling its responsibilities to all such funds.

As of June 30, 2020, Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. owned the following percentages, in the aggregate, of the outstanding Shares of the underlying funds listed below:


	Total Percentage of
Fund	Outstanding Shares Owned
Principal Active Global Dividend Income ETF	98.52	%
Principal Active Income ETF	86.25
Principal Investment Grade Corporate Active ETF	95.18
Principal Price Setters Index ETF	1.27
Principal U.S. Mega-Cap Multi-Factor Index ETF	87.43
Principal U.S. Small-Cap Multi-Factor Index ETF	96.67

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020

3. Operating Policies (continued)

U.S. Government Agencies or Government-Sponsored Enterprises. Certain of the Funds may invest in U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by, the U.S. Government or its agencies. The U.S. Government does not guarantee the NAV of the Funds’ Shares. Some U.S. Government securities such as treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA”) are supported by the full faith and credit of the U.S. Government. Other securities, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury. Still other securities, such as those of the Federal National Mortgage Association (“FNMA”) are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations.

Government related guarantors (those not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC”). FNMA is a government sponsored corporation, the common stock of which is owned entirely by private stockholders. FNMA purchases conventional residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions, and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to the timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues participation certificates, which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but participation certificates are not backed by the full faith and credit of the U.S. Government.

Derivatives. The following tables provide information about where on the Statements of Assets and Liabilities and Statements of Operations information about derivatives can be found:


	Asset Derivatives		Liability Derivatives
	June 30, 2020		June 30, 2020
	Statement of Assets and		Statement of Assets and
Derivatives not accounted for as hedging instruments	Liabilities Location	Fair Value	Liabilities Location		Fair Value
Principal Investment Grade Corporate Active ETF
Interest rate contracts	Receivables, Total		Payables, Total
	distributable earnings		distributable earnings
	(accumulated loss)	$ —	(accumulated loss)	$	(84,948	)*

*	Includes cumulative unrealized appreciation (depreciation) of futures contracts as shown in the Schedule of Investments. Only the portion of the unrealized appreciation (depreciation) not yet cash settled is shown in the Statements of Assets and Liabilities as variation margin.


			Net Realized Gain or		Net Change in Unrealized
	Location of Gain or (Loss) on		(Loss) on Derivatives		Appreciation (Depreciation)
	Derivatives Recognized in		Recognized in		of Derivatives Recognized in
Derivatives not accounted for as hedging instruments	Statement of Operations		Statement of Operations		Statement of Operations
Principal Investment Grade Corporate Active ETF
Interest rate contracts	Net realized gain (loss) from
	Futures contracts/Net change
	in unrealized appreciation/
	(depreciation) of Futures
	contracts	$	119,273	$	(84,948	)

Long and short U.S. Treasury futures contracts are used to obtain interest rate exposure in order to manage duration of the Principal Investment Grade Corporate Active ETF. The notional values of the futures contracts will vary in accordance with changing duration of this Fund.

The following table includes a summary of the monthly average outstanding notional by derivative instrument type for the year ended June 30, 2020:


Contract Type	Derivative Type		Average Notional
Principal Investment Grade Corporate Active ETF
Interest rate contracts	Futures — Long	$	2,411,216
	Futures — Short		2,105,864

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020

4. Fair Valuation

Fair value is defined as the price that the Funds would receive upon selling a security or transferring a liability in a timely transaction to an independent buyer in the principal or most advantageous market of the security at the measurement date. In determining fair value, the Funds may use one or more of the following approaches: market, income and/or cost. A hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Fund’s own estimates about the estimates market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

Level 1 — Quoted prices are available in active markets for identical securities as of the reporting date. Investments which are generally included in this category include listed equities and listed derivatives.

Level 2 — Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.). Investments which are generally included in this category include certain corporate bonds, mortgage-backed securities and municipal bonds.

Level 3 — Significant unobservable inputs (including the Funds’ assumptions in determining the fair value of investments). Investments which are generally included in this category include certain corporate bonds and certain mortgage-backed securities.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the market place, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Funds in determining fair value is greatest for instruments categorized in Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Fair value is a market based measure considered from the perspective of a market participant who holds the asset rather than an entity specific measure. Therefore, even when market assumptions are not readily available, the Funds’ own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Funds use prices and inputs that are current as of the measurement date, to the extent available.

Investments which are included in the Level 3 category may be valued using quoted indicative prices from brokers and dealers participating in the market for these investments. These investments are classified as Level 3 investments due to the lack of market transparency and market corroboration to support these quoted prices.

Valuation models may be used as the pricing source for other investments classified as Level 3. Valuation models rely on one or more significant unobservable inputs such as prepayment rates, probability of default, or loss severity in the event of default. Significant increases in any of those inputs in isolation would result in a significantly lower fair value measurement.

The fair values of these entities are dependent on economic, political and other considerations. The values of the underlying investee entities may be affected by significant changes in the economic conditions, changes in government policies, and other factors (e.g., natural disasters, accidents, conflicts, etc.).

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020

4. Fair Valuation (continued)

Fair value of these investments is determined in good faith by the Advisor under procedures established and periodically reviewed by the Trust’s Board of Trustees. The Advisor has established a valuation committee (“Valuation Committee”) of senior officers and employees, with the responsibility of overseeing the pricing and valuation of all securities, including securities where market quotations are not readily available. The Valuation Committee meets at least monthly and reports directly to the Trust’s Board of Trustees. A pricing group (the “Pricing Group”) who reports to the Valuation Committee relies on the established pricing policies to determine fair valuation. Included in the pricing policies is an overview of the approved valuation approaches established for each asset class. The Pricing Group will consider all appropriate information when determining fair valuation.

The Pricing Group relies on externally provided valuation inputs to determine the value of Level 3 securities. Security values are updated as new information becomes available. Valuation data and changes in valuation amounts are reviewed on a daily basis based on specified criteria for the security, asset class, and other factors. In addition, valuation data is periodically compared to actual transactions executed by the Funds (i.e., purchases/sales) and differences between transaction prices and prior period valuation data are investigated based on specific tolerances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those instruments.

During the period there were no significant purchases, sales, or transfers into or out of Level 3.

The following is a summary of the inputs used as of June 30, 2020 in valuing the Funds’ securities carried at value:


					Level 2 —
					Other		Level 3 —
		Level 1 —			Significant		Significant
		Quoted			Observable		Unobservable		Totals
Fund		Prices			Inputs		Inputs		(Level 1,2,3)
Principal Active Global Dividend Income ETF
Common Stocks*	$	697,831,672		$	—	$	—	$	697,831,672
Investment Companies		3,714,283			—		—		3,714,283
Total investments in securities	$	701,545,955		$	—	$	—	$	701,545,955
Principal Active Income ETF
Common Stocks*	$	55,206,691		$	—	$	—	$	55,206,691
Preferred Stocks*		20,583,700			—		—		20,583,700
Bonds*		—			189,225,469		—		189,225,469
Investment Companies		4,716,553			—		—		4,716,553
Total investments in securities	$	80,506,944		$	189,225,469	$	—	$	269,732,413
Principal Contrarian Value Index ETF
Common Stocks*	$	3,386,417		$	—	$	—	$	3,386,417
Investment Companies		108,336			—		—		108,336
Total investments in securities	$	3,494,753		$	—	$	—	$	3,494,753
Principal Healthcare Innovators Index ETF
Common Stocks*	$	95,150,997		$	—	$	—	$	95,150,997
Investment Companies		4,261,544			—		—		4,261,544
Total investments in securities	$	99,412,541		$	—	$	—	$	99,412,541
Principal International Multi-Factor Core Index ETF
Common Stocks*	$	16,387,916		$	—	$	—	$	16,387,916
Preferred Stocks*		179,325			—		—		179,325
Investment Companies		216,772			—		—		216,772
Total investments in securities	$	16,784,013		$	—	$	—	$	16,784,013
Principal Investment Grade Corporate Active ETF
Bonds*	$	—		$	109,453,741	$	—	$	109,453,741
Investment Companies		2,021,124			—		—		2,021,124
Total investments in securities	$	2,021,124		$	109,453,741	$	—	$	111,474,865
Liabilities
Interest rate contracts
Futures	$	(84,948	)	$	—	$	—	$	(84,948	)


Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020


4. Fair Valuation (continued)

				Level 2 —
				Other		Level 3 —
		Level 1 —		Significant		Significant
		Quoted		Observable		Unobservable		Totals
Fund		Prices		Inputs		Inputs		(Level 1,2,3)
Principal Millennials Index ETF
Common Stocks*	$	25,646,008	$	—	$	—	$	25,646,008
Investment Companies		1,120,581		—		—		1,120,581
Total investments in securities	$	26,766,589	$	—	$	—	$	26,766,589
Principal Price Setters Index ETF
Common Stocks*	$	17,891,698	$	—	$	—	$	17,891,698
Investment Companies		550,610		—		—		550,610
Total investments in securities	$	18,442,308	$	—	$	—	$	18,442,308
Principal Shareholder Yield Index ETF
Common Stocks*	$	31,736,359	$	—	$	—	$	31,736,359
Investment Companies		1,066,567		—		—		1,066,567
Total investments in securities	$	32,802,926	$	—	$	—	$	32,802,926
Principal Spectrum Preferred Securities Active ETF
Bonds*	$	—	$	137,313,540	$	—	$	137,313,540
Investment Companies		3,895,153		—		—		3,895,153
Total investments in securities	$	3,895,153	$	137,313,540	$	—	$	141,208,693
Principal Spectrum Tax-Advantaged Dividend Active ETF
Preferred Stocks*	$	3,047,963	$	—	$	—	$	3,047,963
Bonds*		—		16,597,694		—		16,597,694
Investment Companies		133,648		—		—		133,648
Total investments in securities	$	3,181,611	$	16,597,694	$	—	$	19,779,305
Principal Sustainable Momentum Index ETF
Common Stocks*	$	4,410,209	$	—	$	—	$	4,410,209
Investment Companies		109,801		—		—		109,801
Total investments in securities	$	4,520,010	$	—	$	—	$	4,520,010
Principal Ultra-Short Active Income ETF
Bonds*	$	—	$	12,331,813	$	—	$	12,331,813
U.S. Government & Government Agency Obligations		—		103,102		—		103,102
Investment Companies		269,493		—		—		269,493
Total investments in securities	$	269,493	$	12,434,915	$	—	$	12,704,408
Principal U.S. Large-Cap Multi-Factor Core Index ETF
Common Stocks*	$	6,372,302	$	—	$	—	$	6,372,302
Investment Companies		38,674		—		—		38,674
Total investments in securities	$	6,410,976	$	—	$	—	$	6,410,976
Principal U.S. Mega-Cap Multi-Factor Index ETF
Common Stocks*	$	1,500,426,652	$	—	$	—	$	1,500,426,652
Investment Companies		3,583,990		—		—		3,583,990
Total investments in securities	$	1,504,010,642	$	—	$	—	$	1,504,010,642
Principal U.S. Small-Cap Multi-Factor Index ETF
Common Stocks*	$	327,274,248	$	—	$	—	$	327,274,248
Investment Companies		14,800,464		—		—		14,800,464
Total investments in securities	$	342,074,712	$	—	$	—	$	342,074,712
Principal U.S. Small-MidCap Multi-Factor Core Index ETF
Common Stocks*	$	8,845,758	$	—	$	—	$	8,845,758
Investment Companies		263,089		—		—		263,089
Total investments in securities	$	9,108,847	$	—	$	—	$	9,108,847

* For additional detail regarding sector classifications, please see the Schedules of Investments.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020

5. Management Agreement and Transactions with Affiliates

Management Services. The Funds have agreed to pay investment advisory and management fees to the Advisor computed at an annual percentage rate of each of the Funds’ average daily net assets. A portion of the management fee is paid by the Advisor to the sub-advisor of the Funds, which is also an affiliate of the Advisor. The management fee schedule for the Funds is as follows:


	First		Next		Next		Over
Fund	$500 Million		$500 Million		$500 Million		$1.5 Billion
Principal Healthcare Innovators Index ETF	0.42	%	0.40	%	0.38	%	0.37	%
Principal Millennials Index ETF	0.45		0.43		0.41		0.40
Principal Price Setters Index ETF^	0.29		0.27		0.25		0.24
Principal Shareholder Yield Index ETF^	0.29		0.27		0.25		0.24

^ Prior to November 1, 2019, the management fee was 0.40%, 0.38%, 0.36% and 0.35% respectively.

Fund							All Assets
Principal Active Global Dividend Income ETF							0.58	%
Principal Active Income ETF							0.49
Principal Contrarian Value Index ETF							0.29
Principal International Multi-Factor Core Index ETF							0.25
Principal Investment Grade Corporate Active ETF							0.26
Principal Spectrum Preferred Securities Active ETF							0.55
Principal Spectrum Tax-Advantaged Dividend Active ETF							0.60
Principal Sustainable Momentum Index ETF							0.29
Principal Ultra-Short Active Income ETF							0.18
Principal U.S. Large-Cap Multi-Factor Core Index ETF							0.15
Principal U.S. Mega-Cap Multi-Factor Index ETF							0.15
Principal U.S. Small-Cap Multi-Factor Index ETF							0.38
Principal U.S. Small-MidCap Multi-Factor Core Index ETF							0.20

The Advisor has contractually agreed to limit the expenses (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, and other extraordinary expenses) for certain of the Funds. The reductions and reimbursements are in amounts that maintain total operating expenses at or below certain limits.

The limits are expressed as a percentage of average daily net assets attributable to each Fund on an annualized basis during the reporting period. The expenses borne by the Advisor are subject to reimbursement by the Funds through the fiscal year end, provided no reimbursement will be made if it would result in the Funds exceeding the total operating expense limits. Any amounts outstanding at the end of the period are shown as an expense reimbursement from Advisor or expense reimbursement to Advisor on the Statements of Assets and Liabilities. The limits are as follows:


Fund	Expense Limit		Expiration Date
Principal Price Setters Index ETF	0.29	%	Expired October 31, 2019
Principal Shareholder Yield Index ETF	0.29		Expired October 31, 2019
Principal U.S. Mega-Cap Multi-Factor Index ETF	0.12		Expiring October 31, 2020

Affiliated Ownership. At June 30, 2020, Principal Financial Services, Inc., Principal Funds, Inc., and Principal Variable Contracts Funds, Inc. (each an affiliate of the Advisor) owned Shares as follows:


Fund	Shares
Principal Active Global Dividend Income ETF	26,650,000
Principal Active Income ETF	6,447,100
Principal Contrarian Value Index ETF	104,905
Principal International Multi-Factor Core Index ETF	586,897
Principal Investment Grade Corporate Active ETF	3,950,000
Principal Millennials Index ETF	200,001
Principal Price Setters Index ETF	5,716
Principal Shareholder Yield Index ETF	100,001
Principal Spectrum Preferred Securities Active ETF	199,004
Principal Spectrum Tax-Advantaged Dividend Active ETF	995,521
Principal Sustainable Momentum Index ETF	104,905
Principal Ultra-Short Active Income ETF	399,681
Principal U.S. Large-Cap Multi-Factor Core Index ETF	199,921
Principal U.S. Mega-Cap Multi-Factor Index ETF	43,800,000
Principal U.S. Small-Cap Multi-Factor Index ETF	11,992,090

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020

6. Investment Transactions

For the period ended June 30, 2020, the cost of investment securities purchased and proceeds from investment securities sold (not including short-term investments and in-kind transactions) by the Funds were as follows:


Non-U.S. Government	U.S. Government


Fund		Purchases		Sales		Purchases		Sales
Principal Active Global Dividend Income ETF	$	296,533,681	$	300,871,272	$	—	$	—
Principal Active Income ETF		111,321,186		27,103,144		—		—
Principal Contrarian Value Index ETF		4,456,605		4,452,729		—		—
Principal Healthcare Innovators Index ETF		21,760,484		23,343,202		—		—
Principal International Multi-Factor Core Index ETF		10,144,034		9,370,414		—		—
Principal Investment Grade Corporate Active ETF		82,929,267		96,321,816		1,461,338		1,664,322
Principal Millennials Index ETF		10,428,654		10,518,901		—		—
Principal Price Setters Index ETF		20,847,626		20,308,324		—		—
Principal Shareholder Yield Index ETF		7,030,555		7,006,635		—		—
Principal Spectrum Preferred Securities Active ETF		88,073,805		42,064,223		—		—
Principal Spectrum Tax-Advantaged Dividend Active ETF		21,041,535		1,234,625		—		—
Principal Sustainable Momentum Index ETF		3,307,017		3,296,958		—		—
Principal Ultra-Short Active Income ETF		5,924,236		2,522,540		412,477		309,371
Principal U.S. Large-Cap Multi-Factor Core Index ETF		3,741,379		4,322,108		—		—
Principal U.S. Mega-Cap Multi-Factor Index ETF		625,611,584		625,250,209		—		—
Principal U.S. Small-Cap Multi-Factor Index ETF		282,274,804		280,990,413		—		—
Principal U.S. Small-MidCap Multi-Factor Core Index ETF		7,553,008		6,710,707		—		—


For the period ended June 30, 2020, in-kind transactions were as follows:

Fund		Purchases				Sales
Principal Active Global Dividend Income ETF	$	28,397,662			$		—
Principal Contrarian Value Index ETF			—			956,360
Principal Healthcare Innovators Index ETF		43,226,051				19,640,931
Principal International Multi-Factor Core Index ETF		19,184,029				2,571,138
Principal Millennials Index ETF		2,133,710					—
Principal Price Setters Index ETF		25,312,637				28,392,764
Principal Shareholder Yield Index ETF		24,376,843				7,788,467
Principal Spectrum Preferred Securities Active ETF		26,591,181					—
Principal Sustainable Momentum Index ETF			—			1,092,204
Principal U.S. Large-Cap Multi-Factor Core Index ETF		7,498,589				655,050
Principal U.S. Mega-Cap Multi-Factor Index ETF		406,583,252				560,353,895
Principal U.S. Small-Cap Multi-Factor Index ETF		113,303,494				89,380,509
Principal U.S. Small-MidCap Multi-Factor Core Index ETF		11,244,526				2,051,182

Unsettled in-kind purchases and sales at the end of the period are included in investments securities purchased and investments securities sold, respectively, on the Statements of Assets and Liabilities.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020

7. Federal Tax Information

Distributions to Shareholders. The federal income tax character of distributions paid to shareholders for the periods ended June 30, 2020, and June 30, 2019 was as follows:


		Ordinary Income				Long-Term Capital Gain*
		Period ended		Period ended		Period ended		Period ended
Fund		June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Principal Active Global Dividend Income ETF	$	21,484,757	$	20,184,875	$	—	$	4,972,196
Principal Active Income ETF		13,270,230		14,143,301		—		2,538,828
Principal Contrarian Value Index ETF		88,000		59,096		—		—
Principal Healthcare Innovators Index ETF		—		—		—		—
Principal International Multi-Factor Core Index ETF		286,121		N/A		—		N/A
Principal Investment Grade Corporate Active ETF		7,184,698		9,092,787		1,027,060		—
Principal Millennials Index ETF		175,301		117,278		—		—
Principal Price Setters Index ETF		260,900		256,124		—		—
Principal Shareholder Yield Index ETF		284,301		303,638		—		—
Principal Spectrum Preferred Securities Active ETF		4,757,405		2,777,398		—		—
Principal Spectrum Tax-Advantaged Dividend Active ETF		—		N/A		—		N/A
Principal Sustainable Momentum Index ETF		92,000		49,407		—		—
Principal Ultra-Short Active Income ETF		346,501		31,100		—		—
Principal U.S. Large-Cap Multi-Factor Core Index ETF		75,200		N/A		—		N/A
Principal U.S. Mega-Cap Multi-Factor Index ETF		31,719,706		36,383,987		—		—
Principal U.S. Small-Cap Multi-Factor Index ETF		4,965,930		4,270,986		—		—
Principal U.S. Small-MidCap Multi-Factor Core Index ETF		124,800		N/A		—		N/A

*	The Funds designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C) in the 20-percent group (which may be taxed at a 20-percent rate, a 15-percent rate or a 0-percent rate, depending on the shareholder’s taxable income).

For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Distributable Earnings. As of June 30, 2020, the components of distributable earnings on a federal income tax basis were:


									Late Year
									Ordinary and
		Undistributed Undistributed				Unrealized			Post Oct
		Ordinary	Long-Term			Appreciation/			Capital Loss			Capital Loss
Fund		Income	Capital Gains			(Depreciation)			Deferrals			Carryforward
Principal Active Global Dividend Income ETF	$	6,444,257	$	—	$	68,313,182		$	—		$	(71,445,112	)
Principal Active Income ETF		1,081,908		—		(17,582,436	)		—			(6,972,049	)
Principal Contrarian Value Index ETF		13,383		—		(263,109	)		—			(392,517	)
Principal Healthcare Innovators Index ETF		—		—		14,152,967			(73,221	)		(4,341,444	)
Principal International Multi-Factor Core Index ETF		107,572		—		(615,174	)		(434,972	)		—
Principal Investment Grade Corporate Active ETF		1,962,336		1,913,776		7,749,354			—			—
Principal Millennials Index ETF		151,077		—		3,711,326			—			(1,446,116	)
Principal Price Setters Index ETF		59,666		—		455,757			—			(1,354,691	)
Principal Shareholder Yield Index ETF		213,753		—		989,042			—			(1,971,578	)
Principal Spectrum Preferred Securities Active ETF		604,872		—		(775,864	)		—			(1,622,943	)
Principal Spectrum Tax-Advantaged Dividend Active ETF		48,638		—		(165,171	)		—			(5,892	)
Principal Sustainable Momentum Index ETF		21,161		—		386,486			—			(149,415	)
Principal Ultra-Short Active Income ETF		23,530		—		4,406			—			(22,359	)
Principal U.S. Large-Cap Multi-Factor Core Index ETF		29,681		—		334,960			—			(277,864	)
Principal U.S. Mega-Cap Multi-Factor Index ETF		6,941,485		—		105,434,052			—			(80,471,010	)
Principal U.S. Small-Cap Multi-Factor Index ETF		1,513,125		—		(40,922,534	)		—			(63,604,833	)
Principal U.S. Small-MidCap Multi-Factor Core Index ETF		41,259		—		(731,381	)		—			(653,909	)

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020

7. Federal Tax Information (continued)

Capital Loss Carryforwards. As of June 30, 2020, the following Funds had net realized capital loss carryforwards, for U.S. federal income tax purposes, available to be used to offset future realized capital gains:


		No Expiration		No Expiration				Annual
Fund		Short-Term		Long-Term		Total		Limitations*
Principal Active Global Dividend Income ETF	$	10,018,097	$	61,427,015	$	71,445,112	$	—
Principal Active Income ETF		1,309,661		5,662,388		6,972,049		—
Principal Contrarian Value Index ETF		—		392,517		392,517		—
Principal Healthcare Innovators Index ETF		1,409,906		2,931,538		4,341,444		—
Principal International Multi-Factor Core Index ETF		—		—		—		—
Principal Investment Grade Corporate Active ETF		—		—		—		—
Principal Millennials Index ETF		938,931		507,185		1,446,116		—
Principal Price Setters Index ETF		1,068,758		285,933		1,354,691		294,429
Principal Shareholder Yield Index ETF		804,006		1,167,572		1,971,578		230,798
Principal Spectrum Preferred Securities Active ETF		618,548		1,004,395		1,622,943		—
Principal Spectrum Tax-Advantaged Dividend Active ETF		5,892		—		5,892		—
Principal Sustainable Momentum Index ETF		149,415		—		149,415		—
Principal Ultra-Short Active Income ETF		22,271		88		22,359		—
Principal U.S. Large-Cap Multi-Factor Core Index ETF		277,864		—		277,864		—
Principal U.S. Mega-Cap Multi-Factor Index ETF		61,853,968		18,617,042		80,471,010		—
Principal U.S. Small-Cap Multi-Factor Index ETF		52,479,933		11,124,900		63,604,833		—
Principal U.S. Small-MidCap Multi-Factor Core Index ETF		653,909		—		653,909		—

* In accordance with IRC Sections 381-384, a portion of certain Funds’ losses have been subjected to an annual limitation.

Late-Year Losses. A regulated investment company may elect to treat any portion of its qualified late-year loss as arising on the first day of the next taxable year. Qualified late-year losses are certain capital and ordinary losses which occur during the portion of the Fund’s taxable year subsequent to October 31 and December 31, respectively.

For the taxable year ended June 30, 2020, the Funds had late-year capital and ordinary losses as follows:


Fund		Late Year Ordinary Loss			Post October Loss Capital Loss
Principal Healthcare Innovators Index ETF	$	(73,221	)	$	—
Principal International Multi-Factor Core Index ETF		—			(434,972	)

Reclassification of Capital Accounts. The Funds may record reclassifications in their capital accounts. These reclassifications have no impact on the total net assets of the Funds. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Funds’ distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income and net realized gains on investments or from tax return of capital depending on the type of book and tax differences that exist. For the period ended June 30, 2020, the Funds recorded reclassifications as follows:


		Total Distributable
		Earnings
Fund		(Accumulated Loss)			Paid In Capital
Principal Active Global Dividend Income ETF	$	—		$	—
Principal Active Income ETF		(297,922	)		297,922
Principal Contrarian Value Index ETF		501,140			(501,140	)
Principal Healthcare Innovators Index ETF		(7,613,224	)		7,613,224
Principal International Multi-Factor Core Index ETF		(206,359	)		206,359
Principal Investment Grade Corporate Active ETF		(357,784	)		357,784
Principal Millennials Index ETF		—			—
Principal Price Setters Index ETF		(1,632,456	)		1,632,456
Principal Shareholder Yield Index ETF		(610,963	)		610,963
Principal Spectrum Preferred Securities Active ETF		(256,739	)		256,739
Principal Spectrum Tax-Advantaged Dividend Active ETF		(70,000	)		70,000
Principal Sustainable Momentum Index ETF		216,662			(216,662	)
Principal Ultra-Short Active Income ETF		—			—
Principal U.S. Large-Cap Multi-Factor Core Index ETF		(53,767	)		53,767
Principal U.S. Mega-Cap Multi-Factor Index ETF		(76,422,483	)		76,422,483
Principal U.S. Small-Cap Multi-Factor Index ETF		(17,901,905	)		17,901,905
Principal U.S. Small-MidCap Multi-Factor Core Index ETF		(208,346	)		208,346

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2020

7. Federal Tax Information (continued)

Federal Income Tax Basis. As of June 30, 2020, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by each Fund were as follows:


										Cost for
							Net Unrealized			Federal
		Unrealized		Unrealized			Appreciation			Income Tax
Fund		Appreciation		Depreciation			(Depreciation)			Purposes
Principal Active Global Dividend Income ETF	$	127,706,567	$	(59,417,867	)	$	68,288,700		$	633,257,255
Principal Active Income ETF		12,083,274		(29,665,745	)		(17,582,471	)		287,314,884
Principal Contrarian Value Index ETF		61,354		(324,463	)		(263,109	)		3,757,862
Principal Healthcare Innovators Index ETF		21,255,246		(7,102,279	)		14,152,967			85,259,574
Principal International Multi-Factor Core Index ETF		1,098,439		(1,713,934	)		(615,495	)		17,399,508
Principal Investment Grade Corporate Active ETF		8,949,743		(1,200,389	)		7,749,354			103,725,511
Principal Millennials Index ETF		5,066,679		(1,353,902	)		3,712,777			23,053,812
Principal Price Setters Index ETF		844,809		(389,052	)		455,757			17,986,551
Principal Shareholder Yield Index ETF		1,965,982		(976,940	)		989,042			31,813,884
Principal Spectrum Preferred Securities Active ETF		2,019,041		(2,794,905	)		(775,864	)		141,984,557
Principal Spectrum Tax-Advantaged Dividend Active ETF		30,620		(195,791	)		(165,171	)		19,944,476
Principal Sustainable Momentum Index ETF		674,760		(288,274	)		386,486			4,133,524
Principal Ultra-Short Active Income ETF		33,908		(29,502	)		4,406			12,700,002
Principal U.S. Large-Cap Multi-Factor Core Index ETF		693,114		(358,154	)		334,960			6,076,016
Principal U.S. Mega-Cap Multi-Factor Index ETF		184,413,469		(78,979,417	)		105,434,052			1,398,576,590
Principal U.S. Small-Cap Multi-Factor Index ETF		23,490,831		(64,413,365	)		(40,922,534	)		382,997,246
Principal U.S. Small-MidCap Multi-Factor Core Index ETF		598,908		(1,330,289	)		(731,381	)		9,840,228

8. Other Matters

As of the date these financial statements were available to be issued, the outbreak of the novel coronavirus (“COVID-19”) in many countries continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. The global impact of the outbreak has been rapidly evolving and many countries have reacted by instituting quarantines and restrictions on travel. Such measures, as well as the general uncertainty surrounding the dangers and impact of COVID-19, are creating significant disruption in supply chains and economic activity. As COVID-19 continues to spread, the potential impacts, including a global, regional or other economic recession, are increasingly difficult to assess. These events, or fear of such an event, present material uncertainty and risk with respect to the Funds’ performance and financial results.

9. Subsequent Events

Management has evaluated events or transactions that have occurred through the date the financial statements were issued. On June 9, 2020, the Board of Trustees approved items which merit recognition or disclosure in the financial statements.

The Board approved a 5 to 1 stock split for Principal Spectrum Preferred Securities ETF. The stock split, which was effective after the close of trade on July 22, 2020, has been retroactively reflected on the Statement of Assets and Liabilities, Statement of Changes in Net Assets and Financial Highlights.

The Board approved a Plan of Liquidation and Termination (the “Plan”) for Principal Contrarian Value Index ETF and Principal Sustainable Momentum Index ETF. Pursuant to the Plan, these Funds will liquidate on August 19, 2020.

The Board also approved Principal Spectrum Preferred Securities Active ETF switching exchanges from Cboe BZX Exchange, Inc. to NYSE Arca effective on August 17, 2020.

The following name changes effective on or about September 30, 2020, as shown below:

Current Name
Principal International Multi-Factor Core Index ETF
Principal Price Setters Index ETF
Principal Shareholder Yield Index ETF
Principal U.S. Large-Cap Multi-Factor Core Index ETF
Principal U.S. Mega-Cap Multi-Factor Index ETF
Principal U.S. Small-Cap Multi-Factor Index ETF
Principal U.S. Small-MidCap Multi-Factor Core Index ETF

Approved New Name
Principal International Multi-Factor ETF
Principal Quality ETF
Principal Value ETF
Principal U.S. Large-Cap Multi-Factor ETF
Principal U.S. Mega-Cap ETF
Principal U.S. Small-Cap Multi-Factor ETF
Principal U.S. Small-MidCap Multi-Factor ETF

There were no additional items requiring adjustment of the financial statements or additional disclosure.

Schedule of Investments

Principal Active Global Dividend Income ETF

June 30, 2020


COMMON STOCKS — 98.55%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Apparel — 4.37%				Machinery — Diversified — 1.06%
LVMH Moet Hennessy Louis Vuitton SE	29,106	$	12,769,576	Kone OYJ, Class B	109,081	$	7,502,661
NIKE Inc, Class B	185,343		18,172,881
				Media — 1.58%
		$	30,942,457	Walt Disney Co/The	100,185		11,171,629

Auto Manufacturers — 2.01%				Multi-National — 0.22%
PACCAR Inc	190,352		14,247,847	Banco Latinoamericano de Comercio Exterior
Auto Parts & Equipment — 2.17%				SA, Class E	132,671		1,525,717
Bridgestone Corp	260,500		8,369,294
Magna International Inc	157,822		7,028,519	Oil & Gas — 3.82%
				Chevron Corp	136,882		12,213,981
		$	15,397,813	Marathon Petroleum Corp	225,670		8,435,544
Banks — 5.25%				Royal Dutch Shell PLC, Class B	420,797		6,382,056
First Republic Bank	142,973		15,153,708			$	27,031,581
JPMorgan Chase & Co	185,874		17,483,308
PacWest Bancorp	231,891		4,570,572	Packaging & Containers — 1.15%
				Packaging Corp of America	81,859		8,169,528
		$	37,207,588
Beverages — 4.55%				Pharmaceuticals — 5.02%
Ambev SA ADR	3,895,862		10,285,076	Novo Nordisk A/S, Class B	160,296		10,377,852
Coca-Cola Co/The	270,187		12,071,955	Pfizer Inc	369,785		12,091,970
Diageo PLC	297,410		9,881,888	Roche Holding AG	37,833		13,111,473
		$	32,238,919			$	35,581,295
Biotechnology — 1.71%				Real Estate — 0.78%
CSL Ltd	61,059		12,093,269	Daito Trust Construction Co Ltd	59,900		5,497,098

Chemicals — 2.39%				REITs — 3.25%
Givaudan SA	2,004		7,462,254	Keppel DC REIT	7,416,000		13,516,533
Kansai Paint Co Ltd	450,800		9,489,867	Terreno Realty Corp	180,333		9,492,729
		$	16,952,121			$	23,009,262
Commercial Services — 2.73%				Semiconductors — 6.49%
Experian PLC	298,320		10,420,391	Lam Research Corp	34,072		11,020,929
Ritchie Bros Auctioneers Inc	218,067		8,908,037	Microchip Technology Inc	70,946		7,471,323
		$	19,328,428	Taiwan Semiconductor Manufacturing Co Ltd
				ADR	483,248		27,433,989
Computers — 4.13%
Apple Inc	80,148		29,237,990			$	45,926,241
				Software — 7.81%
Construction Materials — 1.07%				Broadridge Financial Solutions Inc	67,659		8,537,889
James Hardie Industries PLC	400,741		7,610,695	Microsoft Corp	147,272		29,971,325
Diversified Financial Services — 5.51%				SAP SE	120,222		16,791,823
BlackRock Inc	30,056		16,353,169			$	55,301,037
Deutsche Boerse AG	77,220		13,972,157
Discover Financial Services	172,992		8,665,169	Telecommunications — 5.24%
				BCE Inc	298,179		12,435,839
		$	38,990,495	Telenor ASA	706,476		10,283,087
Electric — 3.07%				Verizon Communications Inc	260,481		14,360,318
CLP Holdings Ltd	806,500		7,908,393			$	37,079,244
NextEra Energy Inc	57,668		13,850,124
				Toys, Games & Hobbies — 4.10%
		$	21,758,517	Hasbro Inc	250,463		18,772,202
Electrical Components & Equipment — 1.41%				Nintendo Co Ltd	23,000		10,226,719
Energizer Holdings Inc	209,871		9,966,774			$	28,998,921
Electronics — 2.42%				Transportation — 3.12%
nVent Electric PLC	410,432		7,687,392	Expeditors International of Washington Inc	92,971		7,069,515
TE Connectivity Ltd	115,622		9,428,974	Union Pacific Corp	88,960		15,040,467
		$	17,116,366			$	22,109,982
Food — 2.84%
BIM Birlesik Magazalar AS	1,402,593		13,916,440	TOTAL COMMON STOCKS		$	697,831,672
Danone SA	89,747		6,207,139	INVESTMENT COMPANIES — 0.53%	Shares Held		Value
		$	20,123,579	Money Market Fund — 0.53%
Gas — 0.81%				State Street Institutional U.S. Government
Rubis SCA	119,796		5,757,792	Money Market Fund — Institutional
				Class 0.12% ^(a)	3,714,283	$	3,714,283
Healthcare — Products — 4.12%
Coloplast A/S, Class B	81,402		12,616,850
Medtronic PLC	180,333		16,536,536	TOTAL INVESTMENT COMPANIES		$	3,714,283
		$	29,153,386	Total Investments		$	701,545,955
				Other Assets and Liabilities — 0.92%		$	6,546,351
Household Products/Wares — 1.07%
Avery Dennison Corp	66,122		7,543,859	TOTAL NET ASSETS — 100.00%		$	708,092,306

Insurance — 3.28%				^(a)Current yield shown is as of period end.
Chubb Ltd	122,226		15,476,256
Swiss Re AG	100,935		7,783,325
		$	23,259,581

See accompanying notes.


Schedule of Investments
Principal Active Global Dividend Income ETF
June 30, 2020

Portfolio Summary (unaudited)
Location	Percent
United States	48.70	%
Switzerland	7.52	%
Ireland	4.88	%
Japan	4.74	%
Germany	4.35	%
Canada	4.01	%
Taiwan	3.87	%
France	3.49	%
Denmark	3.25	%
United Kingdom	2.48	%
Turkey	1.97	%
Singapore	1.91	%
Australia	1.71	%
Brazil	1.45	%
Norway	1.45	%
Hong Kong	1.12	%
Finland	1.06	%
Netherlands	0.90	%
Panama	0.22	%
Other Assets and Liabilities	0.92	%
TOTAL NET ASSETS	100.00	%

	June 30, 2019				Purchases			Sales			June 30, 2020
Affiliated Securities			Value			Cost		Proceeds			Value
Principal Government Money
Market Fund — Institutional Class 0.00%	$		—	$	150,930,295		$	150,930,295		$	—
	$		—	$	150,930,295		$	150,930,295		$	—


								Realized Gain
					Realized			from			Change in
					Gain/Loss on			Capital Gain			Unrealized
			Income ^(a)		Investments			Distributions			Gain/Loss
Principal Government Money
Market Fund — Institutional Class 0.00%	$		—		$	—		$	—	$	—
	$		—		$	—		$	—	$	—

^(a)Amount excludes earnings from securities lending collateral.

See accompanying notes.

Schedule of Investments Principal Active Income ETF

June 30, 2020


COMMON STOCKS — 20.44%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 0.19%				Oil & Gas — 1.35%
Interpublic Group of Cos Inc/The	29,883	$	512,792	Chevron Corp	11,480	$	1,024,361
				EOG Resources Inc	14,488		733,962
Apparel — 0.30%
				Exxon Mobil Corp	10,937		489,103
VF Corp	13,270		808,674
				HollyFrontier Corp	23,061		673,381
Auto Manufacturers — 0.35%				Marathon Petroleum Corp	19,377		724,312
PACCAR Inc	12,636		945,805			$	3,645,119
Auto Parts & Equipment — 0.39%				Packaging & Containers — 0.41%
Magna International Inc	23,828		1,061,061	Packaging Corp of America	11,210		1,118,758

Banks — 2.70%				Pharmaceuticals — 1.18%
Bank of Hawaii Corp	6,537		401,437	Johnson & Johnson	6,108		858,968
Columbia Banking System Inc	26,335		746,466	Merck & Co Inc	16,110		1,245,786
Cullen / Frost Bankers Inc	9,441		705,337	Pfizer Inc	33,490		1,095,123
East West Bancorp Inc	31,010		1,123,802
JPMorgan Chase & Co	14,575		1,370,925			$	3,199,877
PacWest Bancorp	38,475		758,342	REITs — 1.47%
Truist Financial Corp	18,413		691,408	Alexandria Real Estate Equities Inc	6,989		1,133,965
US Bancorp	24,265		893,437	Digital Realty Trust Inc	9,871		1,402,768
Washington Trust Bancorp Inc	18,337		600,537	Medical Properties Trust Inc	75,828		1,425,566
		$	7,291,691			$	3,962,299
Chemicals — 0.41%				Retail — 0.98%
Air Products & Chemicals Inc	4,647		1,122,065	Costco Wholesale Corp	3,380		1,024,850
				Home Depot Inc/The	2,940		736,499
Computers — 0.62%
Apple Inc	4,567		1,666,042	Starbucks Corp	12,184		896,621
						$	2,657,970
Diversified Financial Services — 1.02%
BlackRock Inc	2,458		1,337,373	Semiconductors — 0.67%
KKR & Co Inc, Class A	45,683		1,410,691	Applied Materials Inc	10,335		624,751
				Microchip Technology Inc	11,171		1,176,418
		$	2,748,064
						$	1,801,169
Electric — 1.45%
ALLETE Inc	14,108		770,438	Software — 0.55%
Eversource Energy	12,778		1,064,024	Broadridge Financial Solutions Inc	4,405		555,867
WEC Energy Group Inc	11,603		1,017,003	SAP SE	6,705		938,700
Xcel Energy Inc	16,845		1,052,812			$	1,494,567
		$	3,904,277	Telecommunications — 0.43%
Electronics — 0.36%				BCE Inc	28,032		1,170,897
Honeywell International Inc	6,738		974,247	Toys, Games & Hobbies — 0.41%
Food — 0.77%				Hasbro Inc	14,659		1,098,692
Hormel Foods Corp	25,013		1,207,377
Tyson Foods Inc, Class A	14,697		877,558	TOTAL COMMON STOCKS		$	55,206,691
		$	2,084,935	PREFERRED STOCKS — 7.62%	Shares Held		Value
Hand/Machine Tools — 0.34%				Banks — 2.74%
Lincoln Electric Holdings Inc	6,497		547,307	Bank of America Corp; Series KK
				5.38%, 06/25/2024 ^(a),(b)	30,000	$	771,000
Snap-on Inc	2,618		362,619
				Bank of America Corp; Series EE
		$	909,926	6.00%, 04/25/2021 ^(a),(b)	10,000		258,400
Healthcare — Products — 1.33%				Goldman Sachs Group Inc/The; Series N
Abbott Laboratories	15,259		1,395,130	6.30%, 05/10/2021 ^(a),(b)	40,000		1,038,000
Medtronic PLC	14,112		1,294,071	JPMorgan Chase & Co; Series BB
Teleflex Inc	2,449		891,387	6.15%, 09/01/2020 ^(a),(b)	25,000		635,250
		$	3,580,588	KeyCorp; Series F
				5.65%, 12/15/2023 ^(b)	50,000		1,250,000
Home Builders — 0.43%				Morgan Stanley; Series I
LCI Industries	10,063		1,157,044	(3-month USD LIBOR + 3.71%),
Insurance — 0.52%				6.38%, 10/15/2024 ^(a),(b),(c)	10,000		259,300
Chubb Ltd	6,054		766,558	Morgan Stanley; Series E
Fidelity National Financial Inc	20,926		641,591	(3-month USD LIBOR + 4.32%),
				7.13%, 10/15/2023 ^(a),(b),(c)	35,000		928,900
		$	1,408,149
				Truist Financial Corp; Series O
Leisure Time — 0.31%				5.25%, 06/01/2025 ^(b)	40,000		1,043,200
Acushnet Holdings Corp	23,882		830,855	Wells Fargo & Co; Series Z
				4.75%, 03/15/2025 ^(b)	30,000		697,200
Machinery — Diversified — 0.78%
Deere & Co	7,263		1,141,380	Wells Fargo & Co; Series Y
Nordson Corp	5,143		975,679	5.63%, 06/15/2022 ^(b)	20,000		507,200
		$	2,117,059			$	7,388,450
Media — 0.72%				Electric — 1.44%
Comcast Corp, Class A	23,084		899,814	Alabama Power Co; Series A
Walt Disney Co/The	9,275		1,034,255	5.00%, 10/01/2022 ^(a),(b)	50,000		1,286,000
				Duke Energy Corp; Series A
		$	1,934,069	5.75%, 06/15/2024 ^(b)	35,000		942,200

See accompanying notes.

Schedule of Investments Principal Active Income ETF

June 30, 2020


							Principal
PREFERRED STOCKS (continued)		Shares Held		Value	BONDS (continued)		Amount		Value
Electric (continued)					Diversified Financial Services — 1.27%
Entergy Louisiana LLC					Jefferies Group LLC
4.88%, 09/01/2066		25,000	$	626,250	6.25%, 01/15/2036	$	3,000,000	$	3,437,059
Entergy Mississippi LLC
					Electric — 4.51%
4.90%, 10/01/2066		25,000		623,000
					Emera Inc
NextEra Energy Capital Holdings Inc; Series I
5.13%, 11/15/2072 ^(a)		16,000		405,600	(3-month USD LIBOR + 5.44%),
					6.75%, 06/15/2076 ^(c)		3,000,000		3,244,530
			$	3,883,050	GenOn Energy Inc
Gas — 0.43%					0.00%, 10/15/2020 ^{(e),(f),(g),(h)}		3,100,000		—
NiSource Inc					PPL Capital Funding Inc
(5-year Treasury Constant Maturity					(3-month USD LIBOR + 2.67%),
Rate + 3.63%),					2.97%, 03/30/2067 ^(c)		6,000,000		4,500,000
6.50%, 03/15/2024 ^(a),(b),(c)		45,000		1,161,450	Talen Energy Supply LLC
					4.60%, 12/15/2021		5,000,000		4,451,250
Insurance — 1.01%
Allstate Corp/The; Series H								$	12,195,780
5.10%, 10/15/2024 ^(b)		40,000		1,014,400	Entertainment — 0.57%
MetLife Inc; Series F					AMC Entertainment Holdings Inc
4.75%, 03/15/2025		70,000		1,719,900	6.13%, 05/15/2027		5,000,000		1,550,000
			$	2,734,300	Environmental Control — 4.79%
REITs — 2.00%					Advanced Disposal Services Inc
Kimco Realty Corp; Series L					5.63%, 11/15/2024 ^(d)		3,000,000		3,112,500
5.13%, 08/16/2022 ^(a),(b)		40,000		937,600	Covanta Holding Corp
PS Business Parks Inc; Series W					5.88%, 03/01/2024		3,000,000		3,026,250
5.20%, 10/20/2021 ^(b)		20,000		492,400	5.88%, 07/01/2025		2,000,000		2,025,000
PS Business Parks Inc; Series Y					Waste Pro USA Inc
5.20%, 12/07/2022 ^(b)		40,000		989,600	5.50%, 02/15/2026 ^(d)		5,000,000		4,772,450
Public Storage; Series I								$	12,936,200
4.88%, 09/12/2024 ^(b)		15,000		379,500
					Food — 1.61%
Public Storage; Series E
4.90%, 10/14/2021 ^(b)		15,000		374,700	Post Holdings Inc
					4.63%, 04/15/2030 ^(d)		4,440,000		4,345,872
Public Storage; Series H
5.60%, 03/11/2024 ^(b)		35,000		933,450	Healthcare — Products — 1.92%
Vornado Realty Trust; Series M					Hologic Inc
5.25%, 12/13/2022 ^(b)		60,000		1,309,200	4.63%, 02/01/2028 ^(d)		5,000,000		5,187,500

			$	5,416,450	Healthcare — Services — 6.51%
					Encompass Health Corp
TOTAL PREFERRED STOCKS			$	20,583,700	4.75%, 02/01/2030		2,000,000		1,910,000
		Principal			5.75%, 09/15/2025		3,000,000		3,060,000
BONDS — 70.06%		Amount		Value	HCA Inc
Apparel — 1.31%					5.63%, 09/01/2028		4,000,000		4,465,000
Under Armour Inc					MEDNAX Inc
3.25%, 06/15/2026 ^(a)	$	4,000,000	$	3,530,800	6.25%, 01/15/2027 ^(d)		5,000,000		5,000,000
					Surgery Center Holdings Inc
Auto Parts & Equipment — 0.97%					6.75%, 07/01/2025 ^(a),(d)		3,500,000		3,158,750
Titan International Inc
6.50%, 11/30/2023		4,000,000		2,612,040				$	17,593,750

Banks — 3.21%					Home Builders — 1.30%
Goldman Sachs Group Inc/The					PulteGroup Inc
(5-year Treasury Constant Maturity					6.38%, 05/15/2033		3,000,000		3,510,000
Rate + 3.22%),					Insurance — 1.55%
4.95%, 02/10/2025 ^(b),(c)		4,000,000		3,800,000	MetLife Inc
JPMorgan Chase & Co					9.25%, 04/08/2038 ^(d)		3,000,000		4,192,500
(3-month USD LIBOR + 3.25%),
5.15%, 05/01/2023 ^(b),(c)		5,000,000		4,862,500	Iron & Steel — 0.76%
					Allegheny Technologies Inc
			$	8,662,500	7.88%, 08/15/2023		2,000,000		2,047,500
Chemicals — 3.70%
					Lodging — 1.77%
Kraton Polymers LLC / Kraton Polymers Capital					Boyd Gaming Corp 4.75%, 12/01/2027 ^(d)		3,000,000		2,580,000
Corp					6.00%, 08/15/2026		2,000,000		1,869,400
7.00%, 04/15/2025 ^(d)		5,000,000		5,025,000
					8.63%, 06/01/2025 ^(d)		310,000		323,950
OCI NV
5.25%, 11/01/2024 ^(d)		1,000,000		960,000				$	4,773,350
6.63%, 04/15/2023 ^(d)		4,000,000		4,020,000	Media — 7.00%
			$	10,005,000	CCO Holdings LLC / CCO Holdings Capital Corp
					5.13%, 05/01/2027 ^(d)		1,000,000		1,034,600
Commercial Services — 0.09%					5.38%, 06/01/2029 ^(d)		2,000,000		2,110,000
Avis Budget Car Rental LLC / Avis Budget					CSC Holdings LLC
Finance Inc					6.75%, 11/15/2021		3,000,000		3,149,130
5.50%, 04/01/2023		296,000		244,200	DISH DBS Corp
					5.88%, 11/15/2024		4,000,000		3,980,000

See accompanying notes.

Schedule of Investments Principal Active Income ETF

June 30, 2020


			Principal					Principal
BONDS (continued)			Amount		Value	BONDS (continued)		Amount			Value
Media (continued)						Pharmaceuticals — 1.86%
Sirius XM Radio Inc						HLF Financing Sarl LLC / Herbalife
4.13%, 07/01/2030 ^(d)		$	1,500,000	$	1,483,440	International Inc
5.00%, 08/01/2027 ^(d)			1,000,000		1,022,070	7.25%, 08/15/2026 ^(d)	$	5,000,000		$	5,025,000
5.38%, 04/15/2025 ^(d)			4,000,000		4,108,000
ViacomCBS Inc						Pipelines — 5.69%
(3-month USD LIBOR + 3.90%),						Buckeye Partners LP
5.88%, 02/28/2057 ^(c)			1,000,000		985,500	3.95%, 12/01/2026		6,000,000			5,653,800
(3-month USD LIBOR + 3.90%),						EnLink Midstream Partners LP
6.25%, 02/28/2057 ^(c)			1,000,000		1,022,900	4.15%, 06/01/2025		5,000,000			3,850,000
				$	18,895,640	4.85%, 07/15/2026		1,000,000			740,300
						NGPL PipeCo LLC
Mining — 1.11%						4.88%, 08/15/2027 ^(d)		2,000,000			2,197,841
Freeport-McMoRan Inc						Transcanada Trust
3.88%, 03/15/2023			3,000,000		3,000,000	(3-month USD LIBOR + 3.53%),
Mortgage-Backed Securities — 4.46%						5.63%, 05/20/2075 ^(c)		3,000,000			2,932,500
Citigroup Commercial Mortgage Trust 2015-GC29										$	15,374,441
4.30%, 04/10/2048 ⁽ⁱ⁾			750,000		716,217
COMM 2015-CCRE22 Mortgage Trust						REITs — 0.64%
4.24%, 03/10/2048 ⁽ⁱ⁾			500,000		499,215	CBL & Associates LP
GS Mortgage Securities Trust 2013-GC13						5.95%, 12/15/2026		6,000,000			1,725,000
4.22%, 07/10/2046 ^(d),(i)			500,000		471,199
						Storage/Warehousing — 1.91%
GS Mortgage Securities Trust 2013-GCJ12						Mobile Mini Inc
4.18%, 06/10/2046 ⁽ⁱ⁾			2,000,000		1,779,986
GS Mortgage Securities Trust 2014-GC24						5.88%, 07/01/2024		5,000,000			5,146,500
4.67%, 09/10/2047 ⁽ⁱ⁾			500,000		403,407	Telecommunications — 4.10%
GS Mortgage Securities Trust 2015-GC32						CommScope Technologies LLC
4.57%, 07/10/2048 ⁽ⁱ⁾			1,241,000		1,132,044	5.00%, 03/15/2027 ^(d)		6,250,000			5,629,375
JP Morgan Chase Commercial Mortgage						Sprint Corp
Securities Trust 2012-LC9						7.88%, 09/15/2023		3,000,000			3,378,750
4.57%, 12/15/2047 ^(d),(i)			1,750,000		1,407,188
						T-Mobile USA Inc
Wells Fargo Commercial Mortgage Trust						6.38%, 03/01/2025		2,000,000			2,055,000
2013-L	C12
4.41%, 07/15/2046 ⁽ⁱ⁾			1,000,000		869,594				$	11,063,125
Wells Fargo Commercial Mortgage Trust						Transportation — 1.98%
2014-L	C16					XPO Logistics Inc
4.46%, 08/15/2050			1,000,000		929,408	6.25%, 05/01/2025 ^(d)		2,250,000			2,356,875
Wells Fargo Commercial Mortgage Trust						6.50%, 06/15/2022 ^(d)		3,000,000			3,003,750
2015	-SG1
4.61%, 09/15/2048 ⁽ⁱ⁾			1,600,000		1,434,297					$	5,360,625
Wells Fargo Commercial Mortgage Trust
2016	-C35					TOTAL BONDS			$	189,225,469
4.18%, 07/15/2048 ⁽ⁱ⁾			1,000,000		879,927	INVESTMENT COMPANIES — 1.75%		Shares Held			Value
WFRBS Commercial Mortgage Trust 2013-C14						Money Market Funds — 1.75%
4.11%, 06/15/2046 ^(d),(i)			500,000		226,063
						Principal Government Money Market Fund —
WFRBS Commercial Mortgage Trust 2014-C22						Institutional Class 0.00% ^{(e),(j),(k),(l)}		2,918,957		$	2,918,957
3.91%, 09/15/2057 ⁽ⁱ⁾			1,000,000		901,613
4.05%, 09/15/2057 ^(d),(i)			500,000		402,534	State Street Institutional U.S. Government
						Money Market Fund — Institutional
				$	12,052,692	Class 0.12% ^(l)		1,797,596			1,797,596
Office & Business Equipment — 1.09%
CDW LLC / CDW Finance Corp						TOTAL INVESTMENT COMPANIES				$	4,716,553
4.25%, 04/01/2028			750,000		764,295	Total Investments			$	269,732,413
5.50%, 12/01/2024			2,000,000		2,174,580	Other Assets and Liabilities — 0.13%				$	363,635
				$	2,938,875	TOTAL NET ASSETS — 100.00%			$	270,096,048
Oil & Gas — 2.15%
Gulfport Energy Corp						^(a)Security or a portion of the security was on loan at the end of the period.
6.38%, 01/15/2026			6,000,000		2,887,500	^(b)Perpetual security. Perpetual securities pay an indefinite stream of interest,
Valaris PLC
4.75%, 01/15/2024			3,000,000		330,000	but they may be called by the issuer at an earlier date. Date shown, if any,
4.88%, 06/01/2022			2,000,000		220,000	reflects the next call date or final legal maturity date. Rate shown is as of
W&T Offshore Inc						period end.
9.75%, 11/01/2023 ^(d)			3,000,000		1,878,000
						^(c)Rate shown is as of period end. The rate may be a variable or floating rate
Whiting Petroleum Corp
0.00%, 03/15/2021 ^(e),(f)			2,500,000		481,250	or a fixed rate which may convert to a variable or floating rate in the future.
						^(d)Security exempt from registration under Rule 144A of the Securities Act of
				$	5,796,750
						1933. These securities may be resold in transactions exempt from
Packaging & Containers — 2.23%						registration, normally to qualified institutional buyers. At the end of the
Reynolds Group Issuer Inc / Reynolds Group
Issuer LLC / Reynolds Group Issuer						period, the value of these securities totaled $81,057,227 or 30.01% of net
(Luxembourg) S.A.						assets.
5.13%, 07/15/2023 ^(d)			3,000,000		3,022,770	^(e)Non-income producing security.
Sealed Air Corp						^(f)Security is defaulted.
4.00%, 12/01/2027 ^(d)			3,000,000		3,000,000
						^(g)The value of these investments was determined using significant
				$	6,022,770	unobservable inputs.

See accompanying notes.

Schedule of Investments
Principal Active Income ETF
June 30, 2020


^(h)Fair value of the investment is determined in good faith by the Advisor	Portfolio Summary (unaudited)
under procedures established and periodically reviewed by the Board of	Sector	Percent
Directors. As of June 30, 2020, the fair value of the security totaled $0 or	Financial	17.61	%
0.00% of net assets.	Consumer, Non-cyclical	15.28	%
⁽ⁱ⁾Certain variable rate securities are not based on a published reference rate	Communications	12.43	%
and spread but are determined by the issuer or agent and are based on	Industrial	11.42	%
	Consumer, Cyclical	10.99	%
current market conditions. These securities do not indicate a reference rate	Energy	9.62	%
and spread in their description. Rate shown is the rate in effect as of period	Utilities	7.40	%
end.	Basic Materials	5.99	%
^(j)Affiliated Security. Security is either an affiliate (and registered under the	Mortgage Securities	4.46	%
Investment Company Act of 1940) or an affiliate as defined by the	Technology	2.92	%
Investment Company Act of 1940 (controls 5.00% or more of the	Investment Companies	1.75	%
	Other Assets and Liabilities	0.13	%
outstanding voting shares of the security).
Please see affiliated sub-schedule for transactional information.	TOTAL NET ASSETS	100.00	%
^(k)Security or a portion of the security was pledged as collateral for securities
lending. At the end of the period, the value of these securities totaled
$2,918,957 or 1.08% of net assets.
^(l)Current yield shown is as of period end.


		June 30, 2019		Purchases			Sales			June 30, 2020
Affiliated Securities		Value		Cost			Proceeds			Value
Principal Government Money
Market Fund — Institutional Class 0.00%	$	—	$	72,421,308		$	69,502,351		$	2,918,957
	$	—	$	72,421,308		$	69,502,351		$	2,918,957


							Realized Gain
				Realized			from			Change in
				Gain/Loss on			Capital Gain			Unrealized
		Income ^(a)		Investments			Distributions			Gain/Loss
Principal Government Money
Market Fund — Institutional Class 0.00%	$	—		$	—		$	—		$	—
	$	—		$	—		$	—		$	—

^(a)Amount excludes earnings from securities lending collateral.

See accompanying notes.

Schedule of Investments Principal Contrarian Value Index ETF

June 30, 2020


COMMON STOCKS — 99.51%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Aerospace & Defense — 0.33%				Commercial Services — 2.47%
L3Harris Technologies Inc	29	$	4,920	Aaron’s Inc	364	$	16,526
Spirit AeroSystems Holdings Inc, Class A	267		6,392	ADT Inc ^(b)	1,889		15,074
		$	11,312	AMERCO	43		12,994
				Global Payments Inc	33		5,598
Agriculture — 0.58%				ManpowerGroup Inc	195		13,406
Archer-Daniels-Midland Co	342		13,646	Quanta Services Inc	364		14,280
Bunge Ltd	148		6,087	ServiceMaster Global Holdings Inc ^(a)	176		6,281
		$	19,733			$	84,159
Airlines — 2.43%				Computers — 1.66%
Alaska Air Group Inc	583		21,140	DXC Technology Co	1,403		23,150
Delta Air Lines Inc	548		15,371	Hewlett Packard Enterprise Co	2,055		19,995
JetBlue Airways Corp ^(a)	1,980		21,582
				Western Digital Corp	301		13,289
United Airlines Holdings Inc ^(a)	710		24,573
						$	56,434
		$	82,666
				Construction Materials — 1.02%
Apparel — 1.31%				Johnson Controls International PLC	427		14,578
Dow Inc ^(a)	152		6,195
				MDU Resources Group Inc	268		5,944
PVH Corp	439		21,094	Owens Corning	256		14,275
Ralph Lauren Corp	78		5,657
Skechers U.S.A. Inc, Class A ^(a)	187		5,868			$	34,797
Tapestry Inc	426		5,657	Distribution/Wholesale — 0.81%
				LKQ Corp ^(a)	488		12,785
		$	44,471
				Univar Solutions Inc ^(a)	866		14,601
Auto Manufacturers — 1.20%
Ford Motor Co	3,493		21,238			$	27,386
General Motors Co	771		19,506	Diversified Financial Services — 3.72%
		$	40,744	Air Lease Corp	663		19,419
				Alliance Data Systems Corp	127		5,730
Auto Parts & Equipment — 0.84%				Ally Financial Inc	993		19,691
BorgWarner Inc	417		14,720	Capital One Financial Corp	293		18,339
Lear Corp	126		13,737	Invesco Ltd	2,168		23,328
		$	28,457	Jefferies Financial Group Inc	1,182		18,380
Banks — 4.89%				Synchrony Financial	978		21,673
Bank OZK	484		11,360			$	126,560
BOK Financial Corp	91		5,136	Electrical Components & Equipment — 0.19%
CIT Group Inc	954		19,776	Acuity Brands Inc	68		6,510
Citigroup Inc	236		12,060
Citizens Financial Group Inc	719		18,148	Electronics — 1.44%
Comerica Inc	129		4,915	Arrow Electronics Inc ^(a)	193		13,257
Fifth Third Bancorp	562		10,835	Avnet Inc	732		20,412
First Horizon National Corp	1,167		11,623	SYNNEX Corp	127		15,211
FNB Corp	1,474		11,055			$	48,880
Goldman Sachs Group Inc/The	23		4,545
				Energy — Alternate Sources — 0.62%
KeyCorp	394		4,799	First Solar Inc ^(a)	427		21,137
PacWest Bancorp	271		5,341
Pinnacle Financial Partners Inc	118		4,955	Engineering & Construction — 1.10%
Popular Inc	277		10,296	AECOM ^(a)	346		13,003
Regions Financial Corp	964		10,720	EMCOR Group Inc	92		6,085
Synovus Financial Corp	242		4,968	Jacobs Engineering Group Inc	70		5,936
Wintrust Financial Corp	256		11,167	KBR Inc	248		5,592
Zions Bancorp NA	141		4,794	MasTec Inc ^(a)	150		6,730
		$	166,493			$	37,346
Beverages — 0.53%				Entertainment — 0.99%
Molson Coors Beverage Co, Class B	526		18,073	Cinemark Holdings Inc	889		10,268
				Madison Square Garden Sports Corp ^(a)	34		4,994
Biotechnology — 1.09%
Alexion Pharmaceuticals Inc ^(a)	48		5,387	Marriott Vacations Worldwide Corp	222		18,251
Bio-Rad Laboratories Inc, Class A ^(a)	12		5,418			$	33,513
Corteva Inc ^(a)	730		19,557	Food — 1.85%
Sage Therapeutics Inc ^(a)	162		6,736	Conagra Brands Inc	166		5,838
		$	37,098	JM Smucker Co/The	52		5,502
				Kraft Heinz Co/The	654		20,856
Chemicals — 3.25%				Performance Food Group Co ^(a)	217		6,323
Albemarle Corp	76		5,868	Pilgrim’s Pride Corp ^(a)	282		4,763
Ashland Global Holdings Inc	201		13,889
				Tyson Foods Inc, Class A	96		5,732
DuPont de Nemours Inc	393		20,880	US Foods Holding Corp ^(a)	698		13,765
Eastman Chemical Co	198		13,789
Huntsman Corp	736		13,226			$	62,779
Mosaic Co/The	1,649		20,629	Food Service — 0.15%
Westlake Chemical Corp	418		22,425	Aramark	225		5,078

		$	110,706	Forest Products & Paper — 0.18%
				International Paper Co	172		6,056

See accompanying notes.

Schedule of Investments Principal Contrarian Value Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Hand/Machine Tools — 0.18%				Mining — 1.41%
Snap-on Inc	45	$	6,233	Alcoa Corp ^(a)	2,163	$	24,312
Healthcare — Products — 0.33%				Freeport-McMoRan Inc	1,524		17,633
DENTSPLY SIRONA Inc	126		5,551	Newmont Corp	98		6,050
Zimmer Biomet Holdings Inc	47		5,610			$	47,995
		$	11,161	Miscellaneous Manufacture — 0.42%
Healthcare — Services — 0.80%				Textron Inc	433		14,250
Anthem Inc	20		5,260	Office & Business Equipment — 0.57%
Centene Corp ^(a)	89		5,656	Xerox Holding Corp ^(a)	1,257		19,220
Laboratory Corp of America Holdings ^(a)	34		5,648
Syneos Health Inc ^(a)	94		5,475	Oil & Gas — 13.49%
Universal Health Services Inc, Class B	56		5,202	Chevron Corp	151		13,474
		$	27,241	Cimarex Energy Co	759		20,865
				Concho Resources Inc	254		13,081
Home Builders — 1.98%				ConocoPhillips	328		13,782
DR Horton Inc	243		13,474	Continental Resources Inc	1,628		28,539
Lennar Corp, Class A	330		20,335	CVR Energy Inc	286		5,751
PulteGroup Inc	395		13,442	Devon Energy Corp	1,843		20,900
Toll Brothers Inc	617		20,108	Diamondback Energy Inc	468		19,572
		$	67,359	EOG Resources Inc	271		13,729
Home Furnishings — 0.18%				EQT Corp	1,496		17,802
Whirlpool Corp	48		6,217	Exxon Mobil Corp	439		19,632
				Helmerich & Payne Inc	991		19,334
Housewares — 0.21%				Hess Corp	121		6,269
Newell Brands Inc	440		6,987	HollyFrontier Corp	634		18,513
Insurance — 5.14%				Marathon Oil Corp	3,732		22,840
American International Group Inc	576		17,960	Marathon Petroleum Corp	568		21,232
Assured Guaranty Ltd	669		16,330	Murphy Oil Corp	1,668		23,018
Athene Holding Ltd, Class A ^(a)	377		11,759	Noble Energy Inc	2,283		20,456
Brighthouse Financial Inc ^(a)	583		16,219	Occidental Petroleum Corp	1,537		28,127
Equitable Holdings Inc	907		17,496	Parsley Energy Inc, Class A	2,181		23,293
Lincoln National Corp	456		16,776	Phillips 66	177		12,726
Loews Corp	142		4,869	Pioneer Natural Resources Co	151		14,753
MetLife Inc	481		17,566	Transocean Ltd ^(a),(b)	14,958		27,373
MGIC Investment Corp	1,329		10,885	Valero Energy Corp	200		11,764
Prudential Financial Inc	284		17,296	WPX Energy Inc ^(a)	3,515		22,426
Radian Group Inc	294		4,560
Reinsurance Group of America Inc	52		4,079			$	459,251
Unum Group	1,143		18,962	Oil & Gas Services — 2.16%
		$	174,757	Baker Hughes Co	1,209		18,607
Iron & Steel — 1.17%				Halliburton Co	1,697		22,027
Nucor Corp	318		13,168	National Oilwell Varco Inc	1,602		19,624
Reliance Steel & Aluminum Co	142		13,480	Schlumberger Ltd	726		13,351
Steel Dynamics Inc	505		13,176			$	73,609
		$	39,824	Packaging & Containers — 0.59%
Leisure Time — 1.98%				Westrock Co	711		20,093
Carnival Corp ^(b)	1,267		20,804
				Pharmaceuticals — 1.90%
Harley-Davidson Inc	273		6,489	Cigna Corp ^(a)	29		5,442
Norwegian Cruise Line Holdings Ltd ^(a)	1,273		20,916
				CVS Health Corp	205		13,319
Royal Caribbean Cruises Ltd	384		19,315	Elanco Animal Health Inc ^(a)	626		13,428
		$	67,524	Mylan NV ^(a)	1,170		18,813
Lodging — 0.57%				Perrigo Co PLC	245		13,541
MGM Resorts International	1,162		19,522			$	64,543
Machinery — Construction & Mining — 0.17%				Pipelines — 1.97%
Oshkosh Corp	82		5,873	Antero Midstream Corp	4,168		21,257
Machinery — Diversified — 1.15%				Kinder Morgan Inc	846		12,834
AGCO Corp	243		13,477	ONEOK Inc	158		5,249
Flowserve Corp	221		6,303	Targa Resources Corp	1,114		22,358
Middleby Corp/The ^(a)	86		6,789	Williams Cos Inc/The	283		5,382
Westinghouse Air Brake Technologies Corp	220		12,665			$	67,080
		$	39,234	Real Estate — 1.00%
Media — 3.14%				Howard Hughes Corp/The ^(a)	394		20,469
Discovery Inc, Class A ^(a),(b)	616		12,998	Jones Lang LaSalle Inc	131		13,553
DISH Network Corp, Class A ^(a)	437		15,081			$	34,022
Fox Corp, Class A	201		5,391
Liberty Broadband Corp ^(a)	43		5,254	REITs — 15.94%
Liberty Media Corp-Liberty SiriusXM ^(a)	366		12,634	Alexandria Real Estate Equities Inc	37		6,003
News Corp, Class A	1,630		19,332	American Campus Communities Inc	428		14,963
Nexstar Media Group Inc, Class A	166		13,893	American Homes 4 Rent, Class A	529		14,230
ViacomCBS Inc, Class B	961		22,410	Brixmor Property Group Inc	1,198		15,358
		$	106,993	Cousins Properties Inc	429		12,797
				EPR Properties	631		20,905

See accompanying notes.

Schedule of Investments Principal Contrarian Value Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held			Value
REITs (continued)				Transportation — 1.36%
Equity Commonwealth	399	$	12,848	FedEx Corp	44		$	6,170
Healthcare Trust of America Inc, Class A	218		5,781	Kirby Corp ^(a)	389			20,835
Healthpeak Properties Inc	236		6,504	Knight-Swift Transportation Holdings Inc	321			13,389
Highwoods Properties Inc	151		5,637	XPO Logistics Inc ^(a)	74			5,716
Host Hotels & Resorts Inc	1,122		12,106				$	46,110
Hudson Pacific Properties Inc	553		13,913
Invitation Homes Inc	219		6,029	TOTAL COMMON STOCKS		$	3,386,417
JBG SMITH Properties	449		13,277
Kilroy Realty Corp	101		5,929	INVESTMENT COMPANIES —3.18%	Shares Held			Value
Kimco Realty Corp	1,795		23,048	Money Market Funds — 3.18%
Macerich Co/The ^(b)	2,925		26,237	Principal Government Money Market Fund —
Medical Properties Trust Inc	739		13,893	Institutional Class 0.00% ^{(a),(c),(d),(e)}	96,401		$	96,401
National Retail Properties Inc	185		6,564	State Street Institutional U.S. Government Money
New Residential Investment Corp	1,521		11,301	Market Fund — Institutional Class 0.12% ^(e)	11,935			11,935
Omega Healthcare Investors Inc	186		5,530
Park Hotels & Resorts Inc	2,029		20,067	TOTAL INVESTMENT COMPANIES			$	108,336
Pebblebrook Hotel Trust	1,461		19,957
Prologis Inc	63		5,880	Total Investments		$	3,494,753
Realty Income Corp	104		6,188	Other Assets and Liabilities — (2.69)%			$	(91,451	)
Regency Centers Corp	312		14,318	TOTAL NET ASSETS — 100.00%		$	3,403,302
Sabra Health Care REIT Inc	1,482		21,385
Service Properties Trust	2,952		20,930	^(a)Non-income producing security.
SL Green Realty Corp	473		23,314	^(b)Security or a portion of the security was on loan at the end of the period.
Spirit Realty Capital Inc	701		24,437	^(c)Security or a portion of the security was pledged as collateral for securities
STAG Industrial Inc	215		6,304
Starwood Property Trust Inc	352		5,266	lending. At the end of the period, the value of these securities totaled
STORE Capital Corp	714		17,000	$96,401 or 2.83% of net assets.
Two Harbors Investment Corp	2,414		12,167	^(d)Affiliated Security. Security is either an affiliate (and registered under the
Ventas Inc	382		13,989	Investment Company Act of 1940) or an affiliate as defined by the
VEREIT Inc	3,636		23,379	Investment Company Act of 1940 (controls 5.00% or more of the
VICI Properties Inc	705		14,234	outstanding voting shares of the security). Please see affiliated sub-schedule
Vornado Realty Trust	369		14,100
Welltower Inc	263		13,610	for transactional information.
Weyerhaeuser Co	289		6,491	^(e)Current yield shown is as of period end.
WP Carey Inc	97		6,562
		$	542,431	Portfolio Summary (unaudited)
Retail — 4.72%				Sector				Percent
Advance Auto Parts Inc	42		5,983	Financial				31.13	%
AutoNation Inc ^(a)	506		19,015	Energy				18.25	%
Foot Locker Inc	482		14,055	Consumer, Cyclical				18.00	%
Gap Inc/The	2,239		28,256	Consumer, Non-cyclical				9.54	%
Kohl’s Corp	1,037		21,539	Industrial				7.95	%
Macy’s Inc ^(b)	3,136		21,576	Basic Materials				6.01	%
Penske Automotive Group Inc	558		21,600	Communications				5.25	%
Qurate Retail Inc, Series A ^(a)	2,421		23,000	Technology				3.38	%
Walgreens Boots Alliance Inc	136		5,765	Investment Companies				3.18	%
		$	160,789	Other Assets and Liabilities				(2.69	)%
Savings & Loans — 0.44%				TOTAL NET ASSETS				100.00	%
People’s United Financial Inc	409		4,732
Sterling Bancorp	886		10,384
		$	15,116
Semiconductors — 0.82%
Marvell Technology Group Ltd	177		6,206
Micron Technology Inc ^(a)	288		14,838
ON Semiconductor Corp ^(a)	354		7,016
		$	28,060
Software — 0.33%
Fidelity National Information Services Inc	42		5,632
SolarWinds Corp ^(a)	317		5,601
		$	11,233
Telecommunications — 2.10%
AT&T Inc	434		13,120
CenturyLink Inc	2,030		20,361
Corning Inc	256		6,630
GCI Liberty Inc, Class A ^(a)	193		13,726
Juniper Networks Inc	240		5,486
ViaSat Inc ^(a)	318		12,202
		$	71,525
Textiles — 0.64%
Mohawk Industries Inc ^(a)	214		21,777

See accompanying notes.

Schedule of Investments Principal Healthcare Innovators Index ETF

June 30, 2020


COMMON STOCKS — 99.80%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Biotechnology — 60.32%				Biotechnology (continued)
ACADIA Pharmaceuticals Inc ^(a)	33,270	$	1,612,597	PTC Therapeutics Inc ^(a)	13,346	$	677,176
Acceleron Pharma Inc ^(a)	11,476		1,093,318	Puma Biotechnology Inc ^(a)	8,318		86,757
ADMA Biologics Inc ^(a)	17,685		51,817	Radius Health Inc ^(a)	9,856		134,337
Adverum Biotechnologies Inc ^(a)	15,818		330,280	REGENXBIO Inc ^(a)	7,875		290,036
Agenus Inc ^(a)	29,335		115,287	Retrophin Inc ^(a)	9,172		187,201
Allakos Inc ^(a),(b)	10,538		757,261	Rigel Pharmaceuticals Inc ^(a)	35,789		65,494
Allogene Therapeutics Inc ^(a)	26,386		1,129,848	Rocket Pharmaceuticals Inc ^(a)	10,762		225,249
Alnylam Pharmaceuticals Inc ^(a)	19,185		2,841,490	Rubius Therapeutics Inc ^(a),(b)	17,040		101,899
AMAG Pharmaceuticals Inc ^(a)	7,242		55,401	Sage Therapeutics Inc ^(a)	11,328		471,018
Amicus Therapeutics Inc ^(a)	55,190		832,265	Sangamo Therapeutics Inc ^(a)	24,756		221,814
AnaptysBio Inc ^(a)	5,793		129,416	Seattle Genetics Inc ^(a)	18,098		3,075,212
Apellis Pharmaceuticals Inc ^(a)	16,226		529,941	Sorrento Therapeutics Inc ^(a),(b)	36,937		231,964
Applied Therapeutics Inc ^(a)	3,956		143,009	Stoke Therapeutics Inc ^(a)	6,988		166,524
Ardelyx Inc ^(a)	18,963		131,224	Theravance Biopharma Inc ^(a)	12,126		254,525
Arena Pharmaceuticals Inc ^(a)	10,861		683,700	Turning Point Therapeutics Inc ^(a)	7,802		503,931
Arrowhead Pharmaceuticals Inc ^(a)	20,723		895,026	Twist Bioscience Corp ^(a)	7,022		318,097
Assembly Biosciences Inc ^(a)	6,939		161,817	Ultragenyx Pharmaceutical Inc ^(a)	12,509		978,454
Atara Biotherapeutics Inc ^(a)	11,560		168,429	Veracyte Inc ^(a)	10,431		270,163
Avrobio Inc ^(a)	7,696		134,295	Vericel Corp ^(a)	9,543		131,884
BioCryst Pharmaceuticals Inc ^(a)	32,895		156,745	Viking Therapeutics Inc ^(a)	15,430		111,250
Biohaven Pharmaceutical Holding Co Ltd ^(a)	11,327		828,117	Vir Biotechnology Inc ^(a)	23,746		972,874
BioMarin Pharmaceutical Inc ^(a)	24,712		3,047,978	Xencor Inc ^(a)	12,421		402,316
Bluebird Bio Inc ^(a)	11,983		731,442	Y-mAbs Therapeutics Inc ^(a)	8,704		376,013
Blueprint Medicines Corp ^(a)	10,662		831,636	ZIOPHARM Oncology Inc ^(a),(b)	38,655		126,788
Bridgebio Pharma Inc ^(a)	26,737		871,894
						$	57,507,847
Cara Therapeutics Inc ^(a)	9,967		170,436
CEL-SCI Corp ^(a),(b)	7,768		115,899	Chemicals — 0.10%
ChemoCentryx Inc ^(a)	12,618		726,040	Amyris Inc ^(a),(b)	22,530		96,203
Constellation Pharmaceuticals Inc ^(a)	8,888		267,084	Commercial Services — 1.72%
Cortexyme Inc ^(a)	6,276		290,579	HealthEquity Inc ^(a)	15,334		899,646
CRISPR Therapeutics AG ^(a)	12,878		946,404	Progyny Inc ^(a)	18,377		474,311
CytomX Therapeutics Inc ^(a)	9,704		80,834	R1 RCM Inc ^(a)	24,102		268,737
Deciphera Pharmaceuticals Inc ^(a)	11,057		660,324
Denali Therapeutics Inc ^(a)	20,837		503,839			$	1,642,694
Dicerna Pharmaceuticals Inc ^(a)	14,999		380,975	Healthcare — Products — 13.40%
Dynavax Technologies Corp ^(a),(b)	17,905		158,817	10X Genomics Inc ^(a)	4,661		416,274
Editas Medicine Inc ^(a)	10,952		323,960	Accelerate Diagnostics Inc ^(a),(b)	11,669		176,902
Epizyme Inc ^(a)	20,874		335,236	Adaptive Biotechnologies Corp ^(a)	26,899		1,301,374
Esperion Therapeutics Inc ^(a),(b)	5,835		299,394	AtriCure Inc ^(a)	8,666		389,537
Evolus Inc ^(a),(b)	7,142		37,853	Avanos Medical Inc ^(a)	10,234		300,777
Exact Sciences Corp ^(a)	31,797		2,764,431	AxoGen Inc ^(a)	8,429		77,884
Fate Therapeutics Inc ^(a)	16,435		563,885	Axonics Modulation Technologies Inc ^(a)	7,247		254,442
FibroGen Inc ^(a)	18,890		765,612	Cardiovascular Systems Inc ^(a)	7,530		237,571
Gossamer Bio Inc ^(a)	14,100		183,300	CareDx Inc ^(a)	9,064		321,137
Guardant Health Inc ^(a)	20,287		1,645,884	Cerus Corp ^(a)	33,477		220,948
Halozyme Therapeutics Inc ^(a)	31,731		850,708	CryoLife Inc ^(a)	8,008		153,513
Homology Medicines Inc ^(a)	9,406		142,877	Cutera Inc ^(a)	3,035		36,936
ImmunoGen Inc ^(a)	37,198		171,111	GenMark Diagnostics Inc ^(a)	12,401		182,419
Immunomedics Inc ^(a)	41,784		1,480,825	Glaukos Corp ^(a)	7,884		302,903
Inovio Pharmaceuticals Inc ^(a),(b)	21,815		587,914	Hanger Inc ^(a)	7,971		132,000
Insmed Inc ^(a)	19,434		535,212	Inogen Inc ^(a)	4,694		166,731
Intercept Pharmaceuticals Inc ^(a)	7,092		339,778	Inspire Medical Systems Inc ^(a)	5,264		458,073
Ionis Pharmaceuticals Inc ^(a)	30,381		1,791,264	Intersect ENT Inc ^(a)	6,729		91,111
Iovance Biotherapeutics Inc ^(a)	27,304		749,495	Invacare Corp	7,189		45,794
Karuna Therapeutics Inc ^(a)	5,643		628,969	iRhythm Technologies Inc ^(a)	5,766		668,222
Karyopharm Therapeutics Inc ^(a)	13,410		253,985	Luminex Corp	9,622		313,004
Kodiak Sciences Inc ^(a)	9,594		519,227	Merit Medical Systems Inc ^(a)	11,978		546,796
Krystal Biotech Inc ^(a)	3,699		153,213	NanoString Technologies Inc ^(a)	7,629		223,911
Kura Oncology Inc ^(a)	9,674		157,686	Natera Inc ^(a)	16,799		837,598
Ligand Pharmaceuticals Inc ^(a)	3,843		429,840	Natus Medical Inc ^(a)	7,280		158,850
MacroGenics Inc ^(a)	10,444		291,596	Nevro Corp ^(a)	6,708		801,405
Mirati Therapeutics Inc ^(a)	8,541		975,126	Novocure Ltd ^(a)	21,384		1,268,071
Moderna Inc ^(a)	69,686		4,474,538	Orthofix Medical Inc ^(a)	4,074		130,368
Myriad Genetics Inc ^(a)	15,885		180,136	OrthoPediatrics Corp ^(a)	3,573		156,354
NantKwest Inc ^(a),(b)	21,006		257,954	Quanterix Corp ^(a)	5,980		163,792
Nektar Therapeutics ^(a)	38,087		882,095	Shockwave Medical Inc ^(a)	6,044		286,304
NextCure Inc ^(a)	5,733		122,916	Sientra Inc ^(a)	10,565		40,886
NGM Biopharmaceuticals Inc ^(a),(b)	14,234		280,979	Silk Road Medical Inc ^(a)	6,594		276,223
Novavax Inc ^(a),(b)	9,579		798,410	SmileDirectClub Inc ^(a),(b)	21,951		173,413
Omeros Corp ^(a),(b)	10,621		156,341	Tandem Diabetes Care Inc ^(a)	12,778		1,264,000
Pacific Biosciences of California Inc ^(a)	32,678		112,739	Varex Imaging Corp ^(a)	8,220		124,533
Precigen Inc ^(a)	34,742		173,363	ViewRay Inc ^(a)	31,433		70,410
Provention Bio Inc ^(a)	10,174		143,555
						$	12,770,466

See accompanying notes.

Schedule of Investments Principal Healthcare Innovators Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held			Value
Healthcare — Services — 5.24%				Retail — 0.18%
Brookdale Senior Living Inc ^(a)	39,629	$	116,906	PetIQ Inc ^(a)	4,999		$	174,165
Community Health Systems Inc ^(a)	25,166		75,750
Invitae Corp ^(a),(b)	21,056		637,786	TOTAL COMMON STOCKS		$	95,150,997
MEDNAX Inc ^(a)	18,005		307,886
				INVESTMENT COMPANIES —4.47%	Shares Held			Value
OPKO Health Inc ^(a),(b)	145,501		496,158
Personalis Inc ^(a)	6,674		86,562	Money Market Funds — 4.47%
RadNet Inc ^(a)	10,734		170,349	Principal Government Money Market Fund —
				Institutional Class 0.00% ^{(a),(c),(d),(e)}	4,074,103		$	4,074,103
Surgery Partners Inc ^(a)	10,569		122,283
Teladoc Health Inc ^(a)	13,475		2,571,569	State Street Institutional U.S. Government
Tenet Healthcare Corp ^(a)	22,549		408,362	Money Market Fund — Institutional Class
				0.12% ^(e)	187,441			187,441
		$	4,993,611
Pharmaceuticals — 18.84%				TOTAL INVESTMENT COMPANIES			$	4,261,544
Aerie Pharmaceuticals Inc ^(a)	9,888		145,947
				Total Investments		$	99,412,541
Agile Therapeutics Inc ^(a)	18,587		51,672
				Other Assets and Liabilities — (4.27)%		$	(4,074,280		)
Agios Pharmaceuticals Inc ^(a)	14,816		792,360
Aimmune Therapeutics Inc ^(a),(b)	13,515		225,836	TOTAL NET ASSETS — 100.00%		$	95,338,261
Akebia Therapeutics Inc ^(a)	25,397		344,891
Alector Inc ^(a)	17,111		418,193	^(a)Non-income producing security.
Alkermes PLC ^(a)	34,185		663,360	^(b)Security or a portion of the security was on loan at the end of the period.
Amneal Pharmaceuticals Inc ^(a)	28,633		136,293	^(c)Security or a portion of the security was pledged as collateral for securities
Antares Pharma Inc ^(a)	34,853		95,846	lending. At the end of the period, the value of these securities totaled
Arvinas Inc ^(a)	8,321		279,086
				$4,074,103 or 4.27% of net assets.
Athenex Inc ^(a)	16,555		227,797
				^(d)Affiliated Security. Security is either an affiliate (and registered under the
Axsome Therapeutics Inc ^(a)	7,471		614,714
BioDelivery Sciences International Inc ^(a)	19,202		83,721	Investment Company Act of 1940) or an affiliate as defined by the
Bioxcel Therapeutics Inc ^(a)	3,849		204,035	Investment Company Act of 1940 (controls 5.00% or more of the
Catalyst Pharmaceuticals Inc ^(a)	22,008		101,677	outstanding voting shares of the security). Please see affiliated sub-schedule
Clovis Oncology Inc ^(a),(b)	15,502		104,639	for transactional information.
Coherus Biosciences Inc ^(a)	14,980		267,543
				^(e)Current yield shown is as of period end.
Collegium Pharmaceutical Inc ^(a)	7,158		125,265
Corbus Pharmaceuticals Holdings Inc ^(a),(b)	15,264		128,065
Cytokinetics Inc ^(a)	12,616		297,359	Portfolio Summary (unaudited)
Eidos Therapeutics Inc ^(a)	8,007		381,694	Sector				Percent
Enanta Pharmaceuticals Inc ^(a)	4,213		211,535
				Consumer, Non-cyclical				99.52	%
Endo International PLC ^(a)	48,428		166,108
				Investment Companies				4.47	%
Flexion Therapeutics Inc ^(a),(b)	8,150		107,172
				Consumer, Cyclical				0.18	%
G1 Therapeutics Inc ^(a)	8,023		194,638
				Basic Materials				0.10	%
Global Blood Therapeutics Inc ^(a)	13,026		822,331
				Other Assets and Liabilities				(4.27	)%
Heron Therapeutics Inc ^(a)	19,226		282,814
Heska Corp ^(a)	1,669		155,501	TOTAL NET ASSETS				100.00	%
Intellia Therapeutics Inc ^(a)	10,437		219,386
Intra-Cellular Therapies Inc ^(a)	13,969		358,584
Ironwood Pharmaceuticals Inc ^(a)	33,486		345,576
Kadmon Holdings Inc ^(a)	27,694		141,793
Kala Pharmaceuticals Inc ^(a)	7,856		82,567
La Jolla Pharmaceutical Co ^(a),(b)	5,797		24,695
Lannett Co Inc ^(a),(b)	8,612		62,523
Madrigal Pharmaceuticals Inc ^(a)	3,382		383,011
Mallinckrodt PLC ^(a),(b)	17,961		48,135
MannKind Corp ^(a)	44,080		77,140
Momenta Pharmaceuticals Inc ^(a)	24,573		817,544
MyoKardia Inc ^(a)	10,017		967,843
Owens & Minor Inc	13,420		102,260
Pacira BioSciences Inc ^(a)	9,122		478,631
Portola Pharmaceuticals Inc ^(a)	391		7,034
Principia Biopharma Inc ^(a)	7,180		429,292
Reata Pharmaceuticals Inc, Class A ^(a)	5,957		929,411
Relmada Therapeutics Inc ^(a),(b)	3,106		138,993
Revance Therapeutics Inc ^(a)	11,023		269,182
Rhythm Pharmaceuticals Inc ^(a)	9,377		209,107
Sarepta Therapeutics Inc ^(a)	16,167		2,592,217
Spectrum Pharmaceuticals Inc ^(a)	24,122		81,532
TG Therapeutics Inc ^(a)	21,801		424,683
TherapeuticsMD Inc ^(a),(b)	57,904		72,380
Tricida Inc ^(a)	10,597		291,206
uniQure NV ^(a)	9,454		425,997
Voyager Therapeutics Inc ^(a)	7,918		99,925
Zogenix Inc ^(a)	9,451		255,272
		$	17,966,011

See accompanying notes.

Schedule of Investments

Principal International Multi-Factor Core Index ETF

June 30, 2020


COMMON STOCKS — 98.36%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 0.57%				Banks (continued)
Dentsu Group Inc	800	$	18,930	Bankia SA	14,423	$	15,368
JCDecaux SA ^(a)	886		16,474	Bankinter SA	4,332		20,660
Publicis Groupe SA	560		18,126	Banque Cantonale Vaudoise	430		41,800
Stroeer SE & Co KGaA	308		20,728	BNP Paribas SA ^(a)	2,126		84,483
WPP PLC	2,700		21,104	Canadian Imperial Bank of Commerce	453		30,278
		$	95,362	Chiba Bank Ltd/The	3,300		15,526
				Commerzbank AG ^(a)	4,382		19,530
Aerospace & Defense — 0.73%				Commonwealth Bank of Australia	1,827		87,526
Airbus SE ^(a)	181		12,917
				Concordia Financial Group Ltd	4,900		15,656
BAE Systems PLC	2,853		17,089	Credit Agricole SA ^(a)	2,186		20,699
Leonardo SpA	2,409		15,969	Credit Suisse Group AG	4,418		45,689
MTU Aero Engines AG ^(a)	108		18,704
				DBS Group Holdings Ltd	4,000		59,702
Rolls-Royce Holdings PLC	4,370		15,454	DNB ASA	481		6,352
Saab AB, Class B ^(a)	440		10,983
				Erste Group Bank AG ^(a)	866		20,383
Safran SA ^(a)	299		29,971
				Hang Seng Bank Ltd	700		11,750
		$	121,087	HSBC Holdings PLC	18,217		85,460
				Intesa Sanpaolo SpA ^(a)	33,405		63,937
Agriculture — 1.11%
British American Tobacco PLC	2,921		112,365	Israel Discount Bank Ltd, Class A	2,118		6,420
Imperial Brands PLC	994		18,949	Japan Post Bank Co Ltd	1,600		11,884
Japan Tobacco Inc ^(b)	2,900		53,756	KBC Group NV	348		19,963
				Lloyds Banking Group PLC	65,958		25,479
		$	185,070	Mediobanca Banca di Credito Finanziario SpA	2,909		20,884
Airlines — 0.32%				Mitsubishi UFJ Financial Group Inc	13,900		54,274
ANA Holdings Inc ^(a)	600		13,620	Mizrahi Tefahot Bank Ltd	336		6,268
International Consolidated Airlines Group SA	6,920		19,053	Mizuho Financial Group Inc	25,600		31,344
Japan Airlines Co Ltd	800		14,388	National Australia Bank Ltd	3,035		38,161
Singapore Airlines Ltd	2,100		5,621	National Bank of Canada	474		21,479
				Natixis SA ^(a)	4,929		12,875
		$	52,682
				Oversea-Chinese Banking Corp Ltd	8,800		56,831
Apparel — 1.63%				Raiffeisen Bank International AG	1,093		19,476
adidas AG ^(a)	167		43,829
				Resona Holdings Inc	4,800		16,350
Gildan Activewear Inc	1,466		22,709	Royal Bank of Canada	1,921		130,335
Hermes International	37		30,920	Royal Bank of Scotland Group PLC	13,185		19,866
Kering SA	79		42,980	Shinsei Bank Ltd	1,100		13,223
LVMH Moet Hennessy Louis Vuitton SE	275		120,650	Shizuoka Bank Ltd/The	2,400		15,404
Yue Yuen Industrial Holdings Ltd	7,500		11,399	Societe Generale SA ^(a)	953		15,846
		$	272,487	Standard Chartered PLC	3,339		18,209
Auto Manufacturers — 2.54%				Sumitomo Mitsui Financial Group Inc	1,400		39,313
Bayerische Motoren Werke AG	312		19,917	Sumitomo Mitsui Trust Holdings Inc	500		14,008
				Svenska Handelsbanken AB, Class A ^(a)	1,011		9,596
Hino Motors Ltd	2,700		18,204
				Swedbank AB, Class A ^(a)	758		9,713
Honda Motor Co Ltd	1,800		45,936
Isuzu Motors Ltd	2,200		19,831	Toronto-Dominion Bank/The	2,531		112,959
Mazda Motor Corp	2,700		16,154	UBS Group AG	6,817		78,463
Peugeot SA ^(a)	1,202		19,554	United Overseas Bank Ltd	600		8,710
Renault SA ^(a)	826		20,955	Westpac Banking Corp	3,773		46,737
Toyota Motor Corp	3,100		194,139			$	1,769,130
Volvo AB, Class B ^(a)	4,426		69,300
				Beverages — 1.76%
		$	423,990	Anheuser-Busch InBev SA	1,112		54,802
Auto Parts & Equipment — 1.43%				Asahi Group Holdings Ltd	500		17,486
Bridgestone Corp	500		16,064	Carlsberg A/S, Class B	171		22,601
Cie Generale des Etablissements Michelin SCA	180		18,674	Coca-Cola Amatil Ltd	2,301		13,751
Continental AG ^(a)	222		21,739	Coca-Cola HBC AG	857		21,535
Faurecia SE ^(a)	536		20,938	Diageo PLC	2,127		70,673
Hella GmbH & Co KGaA	550		22,492	Heineken Holding NV	209		17,106
Koito Manufacturing Co Ltd	400		16,078	Heineken NV	192		17,701
Magna International Inc	600		26,721	Pernod Ricard SA	179		28,165
NGK Insulators Ltd	1,100		15,159	Suntory Beverage & Food Ltd	400		15,578
Rheinmetall AG	227		19,688	Treasury Wine Estates Ltd	2,028		14,667
Stanley Electric Co Ltd	800		19,227			$	294,065
Toyota Industries Corp	300		15,865
				Biotechnology — 0.71%
Valeo SA	959		25,169
				CSL Ltd	309		61,200
		$	237,814	Genmab A/S ^(a)	65		21,757
Banks — 10.62%				H Lundbeck A/S	654		24,592
ABN AMRO Bank NV ^(c)	1,954		16,829	Swedish Orphan Biovitrum AB ^(a)	497		11,478
Australia & New Zealand Banking Group Ltd	2,985		38,398			$	119,027
Banca Mediolanum SpA	3,145		22,579
Banco Bilbao Vizcaya Argentaria SA	5,065		17,436	Chemicals — 2.35%
Banco Santander SA ^(a)	16,506		40,325	Air Liquide SA	231		33,324
Bank of East Asia Ltd/The	5,200		11,875	Arkema SA	232		22,192
Bank of Ireland Group PLC ^(a)	8,483		17,393	Asahi Kasei Corp	2,000		16,219
Bank of Montreal	651		34,650	BASF SE	891		49,932
Bank of Nova Scotia/The ^(b)	1,227		50,776	Brenntag AG	430		22,595

See accompanying notes.

Schedule of Investments

Principal International Multi-Factor Core Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Chemicals (continued)				Distribution/Wholesale (continued)
Chr Hansen Holding A/S	104	$	10,725	Toyota Tsusho Corp	600	$	15,165
Croda International PLC	348		22,664	Travis Perkins PLC	1,687		23,527
EMS-Chemie Holding AG	58		44,933			$	257,357
ICL Group Ltd	1,971		5,838
LANXESS AG	402		21,209	Diversified Financial Services — 2.75%
Nitto Denko Corp	300		16,948	Acom Co Ltd	3,500		13,323
				Amundi SA ^(a),(c)	272		21,300
Novozymes A/S, Class B	255		14,744
Nutrien Ltd ^(b)	555		17,832	ASX Ltd	264		15,555
Shin-Etsu Chemical Co Ltd	400		46,659	Brookfield Asset Management Inc, Class A	1,597		52,559
Sumitomo Chemical Co Ltd	4,800		14,314	CI Financial Corp	1,886		23,992
Taiyo Nippon Sanso Corp	1,000		16,680	Daiwa Securities Group Inc	3,700		15,410
Toray Industries Inc	3,300		15,511	EQT AB	709		12,718
				GRENKE AG	272		20,964
		$	392,319	Hong Kong Exchanges & Clearing Ltd	1,264		53,818
Commercial Services — 3.39%				IGM Financial Inc ^(b)	1,104		26,827
Adecco Group AG	924		43,359	Magellan Financial Group Ltd	467		18,695
Adyen NV ^(a),(c)	19		27,654	Mitsubishi UFJ Lease & Finance Co Ltd	2,900		13,698
Amadeus IT Group SA	335		17,456	Nomura Holdings Inc	3,400		15,190
Ashtead Group PLC	843		28,402	Onex Corp	522		23,581
Atlantia SpA ^(a)	1,280		20,564	ORIX Corp	1,200		14,765
Babcock International Group PLC	3,885		14,933	Partners Group Holding AG	51		46,260
Brambles Ltd	1,926		14,448	SBI Holdings Inc	1,000		21,561
Bureau Veritas SA ^(a)	845		17,829	Schroders PLC	599		21,888
Elis SA ^(a)	1,693		19,763	Tokyo Century Corp	500		25,515
G4S PLC	16,127		22,771			$	457,619
Intertek Group PLC	315		21,233
IWG PLC	8,634		28,351	Electric — 1.69%
Park24 Co Ltd	1,000		17,087	A2A SpA	12,908		18,280
Persol Holdings Co Ltd	1,400		19,190	ACEA SpA	1,010		19,393
Randstad NV	455		20,274	AGL Energy Ltd	1,183		13,919
Recruit Holdings Co Ltd	1,700		57,971	Atco Ltd, Class I	656		19,459
RELX PLC	1,719		39,831	Canadian Utilities Ltd, Class A	768		19,121
Rentokil Initial PLC	3,838		24,235	Chubu Electric Power Co Inc	1,000		12,521
Ritchie Bros Auctioneers Inc	558		22,717	Chugoku Electric Power Co Inc/The	1,000		13,346
Securitas AB, Class B ^(a)	782		10,536	Electric Power Development Co Ltd	700		13,258
SGS SA	16		39,094	Enel SpA	3,192		27,535
Sixt SE ^(a)	296		22,614	Fortum OYJ	1,093		20,759
Sohgo Security Services Co Ltd	300		13,948	Iberdrola SA	2,727		31,618
				Origin Energy Ltd	4,644		18,716
		$	564,260	Power Assets Holdings Ltd	2,000		10,877
Computers — 1.01%				Red Electrica Corp SA	894		16,678
Atos SE ^(a)	237		20,210	Tohoku Electric Power Co Inc	1,500		14,253
Avast PLC ^(c)	709		4,643	Tokyo Electric Power Co Holdings Inc ^(a)	4,100		12,569
Capgemini SE	190		21,763			$	282,302
CGI Inc ^(a)	335		21,105
Computershare Ltd	2,095		19,156	Electrical Components & Equipment — 0.97%
Fujitsu Ltd	200		23,376	Brother Industries Ltd	1,000		17,985
NEC Corp	400		19,153	Casio Computer Co Ltd	1,000		17,319
Nomura Research Institute Ltd	700		18,976	Legrand SA	250		18,993
Otsuka Corp	300		15,781	Prysmian SpA	1,002		23,213
SCSK Corp	100		4,853	Schneider Electric SE	568		63,100
				Signify NV ^(a),(c)	827		21,361
		$	169,016
						$	161,971
Construction Materials — 1.62%
Boral Ltd	9,922		25,951	Electronics — 0.82%
Buzzi Unicem SpA	877		18,888	ABB Ltd	2,022		45,521
Cie de Saint-Gobain ^(a)	660		23,766	Alps Alpine Co Ltd	1,500		19,171
CRH PLC	589		20,183	Assa Abloy AB, Class B	448		9,108
Daikin Industries Ltd	300		48,164	Hoya Corp	400		38,009
Geberit AG	80		40,040	Murata Manufacturing Co Ltd	100		5,850
HeidelbergCement AG	371		19,816	Spectris PLC	606		18,960
LafargeHolcim Ltd	996		43,637			$	136,619
LIXIL Group Corp	1,200		16,737	Engineering & Construction — 2.05%
Xinyi Glass Holdings Ltd	10,000		12,257	ACS Actividades de Construccion y Servicios SA	818		20,623
		$	269,439	ACS Actividades de Construccion y Servicios
				SA — Rights ^(a)	818		1,276
Distribution/Wholesale — 1.54%
				Aena SME SA ^(a),(c)	146		19,470
Bunzl PLC	914		24,531
Ferguson PLC	294		24,087	Aeroports de Paris	167		17,149
ITOCHU Corp	3,000		64,501	Auckland International Airport Ltd	2,027		8,594
				Bouygues SA ^(a)	547		18,689
Jardine Cycle & Carriage Ltd	600		8,680
Mitsubishi Corp	1,600		33,637	CK Infrastructure Holdings Ltd	2,000		10,296
				Eiffage SA ^(a)	227		20,760
Mitsui & Co Ltd	1,800		26,581
				Flughafen Zurich AG ^(a)	324		42,097
Sumitomo Corp	1,300		14,863
				Fraport AG Frankfurt Airport Services Worldwide^(a)	396		17,271
Toromont Industries Ltd	439		21,785

See accompanying notes.

Schedule of Investments

Principal International Multi-Factor Core Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Engineering & Construction (continued)				Healthcare — Services — 0.42%
HOCHTIEF AG	241	$	21,377	Fresenius Medical Care AG & Co KGaA	243	$	20,831
Kajima Corp	1,400		16,648	Fresenius SE & Co KGaA	431		21,364
Obayashi Corp	1,700		15,870	Lonza Group AG	7		3,696
Shimizu Corp	1,800		14,753	NMC Health PLC ^(a),(d)	708		—
Skanska AB, Class B ^(a)	555		11,287	Ramsay Health Care Ltd	355		16,296
Sydney Airport	3,639		14,239	Ryman Healthcare Ltd	982		8,288
Taisei Corp	500		18,152			$	70,475
Vinci SA	573		52,789
				Holding Companies — Diversified — 0.11%
		$	341,340	CK Hutchison Holdings Ltd	1,500		9,638
Entertainment — 0.66%				Jardine Matheson Holdings Ltd	200		8,348
Aristocrat Leisure Ltd	953		16,770			$	17,986
Flutter Entertainment PLC ^(a)	208		27,307
Genting Singapore Ltd	17,600		9,598	Home Builders — 1.04%
OPAP SA	2,110		20,020	Barratt Developments PLC	3,375		20,738
Tabcorp Holdings Ltd	8,039		18,751	Bellway PLC	690		21,768
Toho Co Ltd	500		18,037	Berkeley Group Holdings PLC	412		21,263
				Daiwa House Industry Co Ltd	600		14,125
		$	110,483	Haseko Corp	1,400		17,608
Food — 4.70%				Sekisui Chemical Co Ltd	1,100		15,709
AAK AB ^(a)	519		8,917	Sekisui House Ltd	900		17,108
Ajinomoto Co Inc	800		13,277	Taylor Wimpey PLC	12,669		22,386
Associated British Foods PLC	821		19,481	Vistry Group PLC	2,584		22,749
Calbee Inc	600		16,576			$	173,454
Carrefour SA	1,015		15,686
Chocoladefabriken Lindt & Spruengli AG	4		32,931	Home Furnishings — 0.77%
Coles Group Ltd	1,342		15,901	Haier Electronics Group Co Ltd	4,000		12,103
Danone SA	671		46,408	Hoshizaki Corp	200		17,115
Empire Co Ltd	962		23,037	Panasonic Corp	1,900		16,534
George Weston Ltd	259		18,973	Sony Corp	1,200		82,063
Jeronimo Martins SGPS SA	890		15,584			$	127,815
Koninklijke Ahold Delhaize NV	2,300		62,689	Household Products — 1.46%
MEIJI Holdings Co Ltd	200		15,893	Essity AB, Class B ^(a)	275		8,886
Mowi ASA	354		6,718	Kao Corp	500		39,546
Nestle SA	3,040		336,070	L’Oreal SA ^(a)	139		44,617
NH Foods Ltd	400		16,022	Pola Orbis Holdings Inc	800		13,900
Salmar ASA ^(a)	162		7,727
				Unilever NV	1,420		75,381
Seven & i Holdings Co Ltd	1,700		55,420	Unilever PLC	1,127		60,816
Tesco PLC	9,268		26,195
Yakult Honsha Co Ltd	300		17,643			$	243,146
Yamazaki Baking Co Ltd	700		12,032	Household Products/Wares — 0.19%
		$	783,180	Reckitt Benckiser Group PLC	342		31,495
Food Service — 0.19%				Insurance — 6.31%
Compass Group PLC	1,178		16,232	Aegon NV	6,320		18,838
Sodexo SA	237		16,029	AIA Group Ltd	11,507		107,342
		$	32,261	Allianz SE	566		115,581
				AMP Ltd ^(a)	15,236		19,504
Forest Products & Paper — 0.38%				Assicurazioni Generali SpA	1,179		17,842
Mondi PLC	1,078		20,177	Aviva PLC	5,544		18,795
Nine Dragons Paper Holdings Ltd	12,000		10,853	AXA SA	2,029		42,428
Oji Holdings Corp	2,700		12,528	Baloise Holding AG	279		41,845
Smurfit Kappa Group PLC	569		19,025	CNP Assurances ^(a)	1,640		18,886
		$	62,583	Dai-ichi Life Holdings Inc	1,200		14,259
				Direct Line Insurance Group PLC	5,031		16,894
Gas — 0.50%
				Fairfax Financial Holdings Ltd	61		18,846
Centrica PLC	39,090		18,667	Gjensidige Forsikring ASA ^(a)	316		5,814
Enagas SA	806		19,696
				Great-West Lifeco Inc	1,099		19,266
National Grid PLC	875		10,725
				Grupo Catalana Occidente SA	800		18,425
Naturgy Energy Group SA	902		16,787
				Helvetia Holding AG	426		39,725
Snam SpA	3,479		16,940
				iA Financial Corp Inc	613		20,527
		$	82,815	Japan Post Holdings Co Ltd	1,800		12,781
Healthcare — Products — 1.05%				Japan Post Insurance Co Ltd	1,200		15,704
Coloplast A/S, Class B	194		30,069	Manulife Financial Corp	4,248		57,794
ConvaTec Group PLC ^(c)	7,982		19,346	Mapfre SA ^(b)	9,994		17,786
EssilorLuxottica SA ^(a)	313		40,176	Medibank Pvt Ltd	7,647		15,779
GN Store Nord A/S	434		23,125	MS&AD Insurance Group Holdings Inc	500		13,711
Koninklijke Philips NV ^(a)	160		7,464	Muenchener Rueckversicherungs-Gesellschaft AG
Lifco AB, Class B	230		14,563	in Muenchen	280		72,794
Olympus Corp	1,000		19,222	NN Group NV	595		19,988
Sartorius Stedim Biotech	80		20,223	Power Corp of Canada	1,178		20,721
				Prudential PLC	289		4,363
		$	174,188
				QBE Insurance Group Ltd	2,365		14,460
				Sampo OYJ, Class A	549		18,886

See accompanying notes.

Schedule of Investments

Principal International Multi-Factor Core Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Insurance (continued)				Media (continued)
Sony Financial Holdings Inc	900	$	21,630	Quebecor Inc, Class B	824	$	17,705
Sun Life Financial Inc	565		20,763	Schibsted ASA, Class A ^(a)	283		7,374
Swiss Life Holding AG	108		40,011	Telenet Group Holding NV	533		21,941
Swiss Re AG	314		24,213	Vivendi SA	749		19,220
T&D Holdings Inc	1,700		14,501			$	125,927
Talanx AG	476		17,691
Tokio Marine Holdings Inc	700		30,457	Metal Fabrication & Hardware — 0.56%
Tryg A/S	788		22,811	NSK Ltd	2,200		16,280
Zurich Insurance Group AG	56		19,753	SKF AB, Class B	615		11,428
				Tenaris SA	2,621		16,926
		$	1,051,414	VAT Group AG ^(c)	263		48,022
Internet — 1.00%						$	92,656
Adevinta ASA ^(a)	604		6,081
Iliad SA	118		23,021	Mining — 2.73%
Kakaku.com Inc	800		20,220	Anglo American PLC	1,051		24,345
Rakuten Inc	1,900		16,682	Antofagasta PLC	1,926		22,376
Rightmove PLC	3,054		20,662	Barrick Gold Corp	1,853		49,860
Shopify Inc, Class A ^(a)	33		31,351	BHP Group Ltd	4,621		114,228
Trend Micro Inc	100		5,575	BHP Group PLC	3,795		77,796
United Internet AG	93		3,940	Fresnillo PLC	2,232		23,271
Z Holdings Corp	2,900		14,127	Glencore PLC	12,024		25,510
ZOZO Inc	1,100		24,409	Kirkland Lake Gold Ltd	647		26,641
				Newcrest Mining Ltd	882		19,191
		$	166,068	Rio Tinto Ltd	241		16,292
Investment Companies — 0.47%				Rio Tinto PLC	980		55,239
Groupe Bruxelles Lambert SA	204		17,116			$	454,749
Industrivarden AB, Class C ^(a)	433		9,810
Investor AB, Class B	730		38,520	Miscellaneous Manufacture — 1.19%
Kinnevik AB, Class B	509		13,388	Aalberts NV	676		22,169
				Alfa Laval AB ^(a)	488		10,705
		$	78,834	IMI PLC	1,992		22,770
Iron & Steel — 0.36%				Indutrade AB ^(a)	311		12,282
BlueScope Steel Ltd	2,357		19,014	JSR Corp	800		15,411
Fortescue Metals Group Ltd	2,034		19,441	Nikon Corp	1,500		12,531
thyssenkrupp AG ^(a)	3,051		21,643	Siemens AG	772		90,863
				Trelleborg AB, Class B ^(a)	783		11,398
		$	60,098
Leisure Time — 0.34%						$	198,129
Carnival PLC	1,517		18,530	Office & Business Equipment — 0.38%
Shimano Inc	100		19,218	Canon Inc ^(b)	1,400		27,676
Yamaha Motor Co Ltd	1,200		18,760	FUJIFILM Holdings Corp	500		21,348
		$	56,508	Seiko Epson Corp	1,300		14,845
Lodging — 0.42%						$	63,869
Accor SA ^(a)	585		15,912	Oil & Gas — 3.76%
MGM China Holdings Ltd	10,800		13,934	Beach Energy Ltd	17,687		18,553
NagaCorp Ltd	12,000		13,888	BP PLC	19,423		73,934
Sands China Ltd	3,236		12,693	Canadian Natural Resources Ltd	1,341		23,262
SJM Holdings Ltd	13,000		14,425	Cenovus Energy Inc	9,154		42,817
		$	70,852	ENEOS Holdings Inc	4,200		14,859
				Eni SpA	2,566		24,476
Machinery — Construction & Mining — 0.83%				Galp Energia SGPS SA	1,407		16,274
Epiroc AB, Class A	853		10,628	Husky Energy Inc	7,628		25,059
Hitachi Ltd	900		28,365	Imperial Oil Ltd	1,625		26,142
Komatsu Ltd	900		18,367	Inpex Corp	2,500		15,441
Mitsubishi Electric Corp	2,200		28,515	Oil Search Ltd	8,771		19,187
Mitsubishi Heavy Industries Ltd	600		14,131	OMV AG	581		19,426
Sandvik AB ^(a)	595		11,117
				Royal Dutch Shell PLC, Class A	7,878		125,632
Weir Group PLC/The	2,065		27,212	Santos Ltd	5,947		21,751
		$	138,335	Suncor Energy Inc	3,310		55,809
Machinery — Diversified — 1.55%				TOTAL SA	2,304		87,946
ANDRITZ AG ^(a)	512		18,637	Woodside Petroleum Ltd	1,117		16,689
Atlas Copco AB, Class A	956		40,484			$	627,257
GEA Group AG	775		24,510	Oil & Gas Services — 0.10%
Hexagon AB, Class B ^(a)	317		18,507
				Saipem SpA	6,529		16,277
Keyence Corp	200		83,408
KION Group AG	368		22,657	Packaging & Containers — 0.37%
Kone OYJ, Class B	480		33,015	CCL Industries Inc, Class B	619		20,007
Kubota Corp	1,100		16,382	DS Smith PLC	5,405		21,981
				Huhtamaki OYJ ^(a)	501		19,723
		$	257,600
						$	61,711
Media — 0.76%
Informa PLC	3,363		19,602	Pharmaceuticals — 9.25%
ITV PLC	22,547		20,864	Amplifon SpA ^(a)	781		20,804
Pearson PLC	2,694		19,221	Astellas Pharma Inc	1,800		29,999

See accompanying notes.

Schedule of Investments

Principal International Multi-Factor Core Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)		Shares Held		Value
Pharmaceuticals (continued)				Retail (continued)
AstraZeneca PLC	919	$	95,893	Dufry AG ^(a)		1,129	$	33,437
Bayer AG	955		70,589	FamilyMart Co Ltd		800		13,699
Chugai Pharmaceutical Co Ltd	600		32,035	Fast Retailing Co Ltd		100		57,143
Daiichi Sankyo Co Ltd	200		16,311	Fielmann AG		274		18,440
GlaxoSmithKline PLC	6,246		126,663	Hennes & Mauritz AB, Class B		656		9,504
Hikma Pharmaceuticals PLC	731		20,108	Industria de Diseno Textil SA		2,214		58,629
Hisamitsu Pharmaceutical Co Inc	300		16,143	Lawson Inc		300		15,031
Ipsen SA	310		26,348	Moncler SpA ^(a)		439		16,789
Merck KGaA	421		48,860	Next PLC		366		22,195
Novartis AG	2,585		224,873	Nitori Holdings Co Ltd		100		19,565
Novo Nordisk A/S, Class B	2,264		146,576	Pandora A/S		597		32,431
Ono Pharmaceutical Co Ltd	600		17,432	Restaurant Brands International Inc		475		25,853
Orion OYJ, Class B	392		18,964	Sundrug Co Ltd		500		16,532
Otsuka Holdings Co Ltd	400		17,408	Swatch Group AG/The		176		35,128
Recordati SpA	379		18,927	Tsuruha Holdings Inc		100		13,753
Roche Holding AG	965		334,432	USS Co Ltd		1,100		17,553
Sanofi	768		78,217	Welcia Holdings Co Ltd		200		16,096
Santen Pharmaceutical Co Ltd	900		16,529	Yamada Denki Co Ltd		3,600		17,837
Shionogi & Co Ltd	300		18,754				$	650,109
Sumitomo Dainippon Pharma Co Ltd	1,100		15,180
Suzuken Co Ltd/Aichi Japan	400		14,892	Semiconductors — 1.29%
Takeda Pharmaceutical Co Ltd	1,500		53,457	Advantest Corp		400		22,672
UCB SA	185		21,429	ASM International NV		172		26,581
Vifor Pharma AG	263		39,570	ASM Pacific Technology Ltd		1,200		12,595
				ASML Holding NV		372		136,625
		$	1,540,393	SUMCO Corp		1,100		16,799
Pipelines — 0.94%							$	215,272
Enbridge Inc	1,969		59,871
Inter Pipeline Ltd	3,198		29,775	Shipbuilding — 0.11%
Keyera Corp	2,036		30,999	Wartsila OYJ Abp		2,186		18,071
Pembina Pipeline Corp	970		24,250	Software — 1.13%
TC Energy Corp ^(b)	265		11,321	Constellation Software Inc		23		25,970
		$	156,216	Micro Focus International PLC		338		1,809
				Nemetschek SE		58		3,988
Real Estate — 1.27%
				Nexon Co Ltd		900		20,313
Azrieli Group Ltd	109		4,931
CapitaLand Ltd ^(a)	4,300		9,010	Open Text Corp		255		10,829
				Sage Group PLC/The		1,105		9,198
CK Asset Holdings Ltd	2,016		12,017
				SAP SE		792		110,621
Daito Trust Construction Co Ltd	200		18,354	TeamViewer AG ^(a),(c)		91		4,969
Grand City Properties SA	763		17,607
Henderson Land Development Co Ltd	3,000		11,380				$	187,697
Hongkong Land Holdings Ltd	2,200		9,086	Telecommunications — 3.95%
Hulic Co Ltd	1,400		13,122	1	&1 Drillisch AG	767		19,932
Hysan Development Co Ltd	4,000		12,825	BCE Inc		917		38,244
Kerry Properties Ltd	4,500		11,612	BT Group PLC		12,626		17,843
Mitsubishi Estate Co Ltd	1,000		14,841	Deutsche Telekom AG		5,521		92,701
Mitsui Fudosan Co Ltd	800		14,148	Hikari Tsushin Inc		100		22,737
Sino Land Co Ltd	10,000		12,580	KDDI Corp		2,600		77,874
Sumitomo Realty & Development Co Ltd	600		16,465	Koninklijke KPN NV		6,721		17,820
Swiss Prime Site AG	358		33,100	Nippon Telegraph & Telephone Corp		2,700		62,902
		$	211,078	NTT DOCOMO Inc		1,200		32,030
				Orange SA		1,933		23,118
REITs — 1.28%
				Singapore Telecommunications Ltd		4,800		8,473
Activia Properties Inc	5		17,203
				Softbank Corp		1,100		14,008
British Land Co PLC/The	4,428		21,201
				SoftBank Group Corp		700		35,332
CapitaLand Commercial Trust	7,900		9,580
				Spark New Zealand Ltd		2,477		7,289
CapitaLand Mall Trust	6,800		9,564
				Swisscom AG		66		34,545
Gecina SA	121		14,954
				Tele2 AB, Class B		630		8,353
GPT Group/The	5,603		16,124
				Telecom Italia SpA/Milano		39,273		15,430
Klepierre SA	832		16,578
				Telefonaktiebolaget LM Ericsson, Class B		3,360		31,068
Merlin Properties Socimi SA	2,143		17,768
				Telefonica Deutschland Holding AG		6,429		18,975
RioCan Real Estate Investment Trust	1,590		17,989
				Telefonica SA		3,502		16,710
Scentre Group	12,997		19,463	Telefonica SA — Rights ^(a)		3,502		689
Stockland	8,039		18,363	Telekom Austria AG ^(a)		2,303		15,913
United Urban Investment Corp	14		15,015
				Telenor ASA		370		5,385
Vicinity Centres	19,652		19,393
				Vodafone Group PLC		26,027		41,557
		$	213,195
							$	658,928
Retail — 3.90%
				Toys, Games & Hobbies — 0.27%
ABC-Mart Inc	300		17,532
				Nintendo Co Ltd		100		44,464
Alimentation Couche-Tard Inc, Class B	2,378		74,566
Canadian Tire Corp Ltd, Class A	301		26,082	Transportation — 2.76%
Cie Financiere Richemont SA	606		38,658	AP Moller — Maersk A/S, Class B		22		25,634
Cosmos Pharmaceutical Corp	200		30,637	Aurizon Holdings Ltd		4,808		16,324
Dollarama Inc	692		23,019	Canadian National Railway Co		597		52,818

See accompanying notes.

Schedule of Investments

Principal International Multi-Factor Core Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held			Value		Portfolio Summary (unaudited)
Transportation (continued)						Location	Percent
Canadian Pacific Railway Ltd	271		$	68,932		Japan	22.37	%
Central Japan Railway Co	200			30,914		Switzerland	11.95	%
Deutsche Post AG	1,992			72,847		United Kingdom	10.90	%
East Japan Railway Co	400			27,688		Canada	10.31	%
Hankyu Hanshin Holdings Inc	400			13,503		France	8.77	%
Kuehne + Nagel International AG ^(a)	267			44,357
						Germany	8.62	%
Kyushu Railway Co	500			12,961		Australia	5.85	%
Poste Italiane SpA ^(c)	1,894			16,470
						Netherlands	3.35	%
Seibu Holdings Inc	1,300			14,099		Sweden	2.55	%
SG Holdings Co Ltd	600			19,560		Italy	2.49	%
Tokyu Corp	900			12,645		Denmark	2.25	%
West Japan Railway Co	200			11,199		Spain	2.21	%
Yamato Holdings Co Ltd	900			19,421		Hong Kong	2.20	%
			$	459,372		United States	1.41	%
						Singapore	1.12	%
TOTAL COMMON STOCKS		$	16,387,916			Belgium	0.81	%
PREFERRED STOCKS — 1.08%	Shares Held			Value		Finland	0.78	%
						Austria	0.56	%
Auto Manufacturers — 0.64%						Ireland	0.50	%
Porsche Automobil Holding SE						Norway	0.27	%
3.24%, 03/24/2021	378		$	21,727		Luxembourg	0.21	%
Volkswagen AG						Portugal	0.19	%
2.84%, 09/29/2023	558			84,595		Macau	0.16	%
			$	106,322		New Zealand	0.15	%
Household Products/Wares — 0.44%						Israel	0.14	%
Henkel AG & Co KGaA						Mexico	0.14	%
1.98%, 08/07/2022	784			73,003		Chile	0.13	%
						Jordan	0.12	%
TOTAL PREFERRED STOCKS			$	179,325		Greece	0.12	%
						Cambodia	0.08	%
INVESTMENT COMPANIES — 1.30%	Shares Held			Value
						Czech Republic	0.03	%
Money Market Funds — 1.30%						Other Assets and Liabilities	(0.74	)%
Principal Government Money Market Fund —
Institutional Class 0.00% ^{(a),(e),(f),(g)}	158,531		$	158,531		TOTAL NET ASSETS	100.00	%
State Street Institutional U.S. Government
Money Market Fund — Institutional Class
0.12% ^(g)	58,241			58,241

TOTAL INVESTMENT COMPANIES			$	216,772
Total Investments		$	16,784,013
Other Assets and Liabilities — (0.74)%			$	(123,323	)
TOTAL NET ASSETS — 100.00%		$	16,660,690

^(a)Non-income producing security.
^(b)Security or a portion of the security was on loan at the end of the period.
^(c)Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the end of the
period, the value of these securities totaled $200,064 or 1.20% of net assets.
^(d)Fair value of the investment is determined in good faith by the Advisor
under procedures established and periodically reviewed by the Board of
Directors. As of June 30, 2020, the fair value of the security totaled $0 or
0.00% of net assets.
^(e)Security or a portion of the security was pledged as collateral for securities
lending. At the end of the period, the value of these securities totaled
$158,531 or 0.95% of net assets.
^(f)Affiliated Security. Security is either an affiliate (and registered under the
Investment Company Act of 1940) or an affiliate as defined by the
Investment Company Act of 1940 (controls 5.00% or more of the
outstanding voting shares of the security).
Please see affiliated sub-schedule for transactional information.
^(g)Current yield shown is as of period end.

See accompanying notes.

Schedule of Investments

Principal Investment Grade Corporate Active ETF

June 30, 2020


		Principal					Principal
BONDS — 98.88%		Amount		Value	BONDS (continued)		Amount		Value
Aerospace & Defense — 4.14%					Banks (continued)
Boeing Co/The					Bank of America Corp (continued)
2.70%, 02/01/2027	$	770,000	$	752,112	(3-month USD LIBOR + 0.97%),
2.80%, 03/01/2024		300,000		304,334	3.46%, 03/15/2025 ^(d)	$	15,000	$	16,270
3.50%, 03/01/2039		350,000		311,730	4.20%, 08/26/2024		225,000		249,795
3.63%, 03/01/2048		210,000		184,534	4.25%, 10/22/2026		310,000		355,587
3.75%, 02/01/2050		100,000		89,791	(3-month USD LIBOR + 2.66%),
3.90%, 05/01/2049		415,000		381,306	4.30%, 01/28/2025 ^(d),(e)		375,000		336,525
4.88%, 05/01/2025		335,000		365,084	Bank of Montreal
Lockheed Martin Corp					(5-year Swap rate + 1.43%),
1.85%, 06/15/2030		180,000		185,021	3.80%, 12/15/2032 ^(d)		295,000		317,512
4.09%, 09/15/2052		110,000		143,636	Barclays PLC
Raytheon Technologies Corp					(3-month USD LIBOR + 2.45%),
3.50%, 03/15/2027 ^(a)		330,000		371,331	2.85%, 05/07/2026 ^(d)		400,000		417,945
3.95%, 08/16/2025		435,000		494,960	5.20%, 05/12/2026		400,000		444,960
4.50%, 06/01/2042		640,000		797,640	BNP Paribas SA
4.63%, 11/16/2048		75,000		97,370	(5-year Treasury Constant Maturity
5.40%, 05/01/2035		75,000		101,505	Rate + 2.94%),
			$	4,580,354	4.50%, 02/25/2030 ^(a),(d),(e)		605,000		530,131
					CIT Group Inc
Agriculture — 2.50%					3.93%, 06/19/2024 ^(c)		75,000		72,758
Altria Group Inc					Citigroup Inc
2.35%, 05/06/2025		260,000		273,212	(3-month USD LIBOR + 1.15%),
5.80%, 02/14/2039		95,000		117,483	3.52%, 10/27/2028 ^(d)		40,000		44,082
5.95%, 02/14/2049		120,000		157,391	Credit Suisse Group AG
BAT Capital Corp					2.19%, 06/05/2026 ^(a),(c)		1,500,000		1,519,197
3.22%, 08/15/2024		880,000		942,468	(5-year Treasury Constant Maturity
3.22%, 09/06/2026		440,000		471,738	Rate + 3.29%),
3.56%, 08/15/2027		325,000		350,298	5.10%, 01/24/2030 ^(a),(d),(e)		400,000		379,000
4.54%, 08/15/2047		315,000		342,021	Discover Bank
Reynolds American Inc					2.70%, 02/06/2030		250,000		251,874
5.85%, 08/15/2045		95,000		116,770	First Republic Bank
			$	2,771,381	2.50%, 06/06/2022		250,000		257,320
					4.63%, 02/13/2047		735,000		882,347
Airlines — 2.66%					Goldman Sachs Group Inc/The
American Airlines 2013-2 Class A Pass Through					(3-month USD LIBOR + 1.05%),
Trust					2.91%, 06/05/2023 ^(d)		445,000		461,302
4.95%, 07/15/2024		698,287		565,599	3.63%, 02/20/2024		635,000		690,470
Continental Airlines 2012-1 Class A Pass Through					3.85%, 01/26/2027		910,000		1,026,493
Trust					HSBC Holdings PLC
4.15%, 10/11/2025		734,125		687,829	(3-month USD LIBOR + 1.14%),
JetBlue 2019-1 Class AA Pass Through Trust					2.63%, 11/07/2025 ^(d)		565,000		586,028
2.75%, 11/15/2033		227,196		215,383	JPMorgan Chase & Co
Southwest Airlines Co					4.60%, 02/01/2025 ^(c),(e)		720,000		642,600
4.75%, 05/04/2023		175,000		179,772	5.50%, 10/15/2040		780,000		1,119,478
5.25%, 05/04/2025		210,000		221,686	Morgan Stanley
United Airlines 2014-2 Class A Pass Through Trust					2.19%, 04/28/2026 ^(c)		250,000		260,302
3.75%, 03/03/2028		559,365		510,261	3.62%, 04/01/2031 ^(c)		285,000		325,577
United Airlines 2019-2 Class AA Pass Through					5.00%, 11/24/2025		265,000		309,498
Trust					(3-month USD LIBOR + 3.81%),
2.70%, 11/01/2033		205,000		185,112	5.55%, 10/15/2020 ^(d),(e)		825,000		758,335
US Airways 2013-1 Class A Pass Through Trust					NatWest Markets PLC
3.95%, 05/15/2027		462,570		382,650	2.38%, 05/21/2023 ^(a)		500,000		511,873
			$	2,948,292	Royal Bank of Scotland Group PLC
					5.13%, 05/28/2024		1,050,000		1,148,581
Auto Manufacturers — 0.77%					(5-year Treasury Constant Maturity
General Motors Financial Co Inc					Rate + 5.63%),
3.95%, 04/13/2024		650,000		672,426	6.00%, 12/29/2025 ^(d),(e)		665,000		673,645
6.25%, 10/02/2043		170,000		180,655	Standard Chartered PLC
			$	853,081	(3-month USD LIBOR + 1.21%),
					2.82%, 01/30/2026 ^(a),(d)		400,000		408,526
Banks — 20.57%					6.00%, 07/26/2025 ^(a),(c),(e)		335,000		333,158
ANZ New Zealand Int’l Ltd					Synchrony Bank
2.55%, 02/13/2030 ^(a),(b)		625,000		669,403	3.00%, 06/15/2022		911,000		930,178
Banco Santander SA					US Bancorp
2.75%, 05/28/2025		1,000,000		1,036,315	3.00%, 07/30/2029		300,000		326,123
Bank of America Corp					Wells Fargo & Co
2.68%, 06/19/2041 ^(c)		560,000		575,116	2.39%, 06/02/2028 ^(c)		860,000		888,564
(3-month USD LIBOR + 0.01%),					3.07%, 04/30/2041 ^(c)		185,000		192,971
2.88%, 10/22/2030 ^(d)		535,000		578,795	3.75%, 01/24/2024		650,000		710,221
(3-month USD LIBOR + 1.18%),					4.40%, 06/14/2046		290,000		345,794
3.19%, 07/23/2030 ^(d)		465,000		513,317

See accompanying notes.

Schedule of Investments

Principal Investment Grade Corporate Active ETF

June 30, 2020


		Principal					Principal
BONDS (continued)		Amount		Value	BONDS (continued)		Amount		Value
Banks (continued)					Diversified Financial Services (continued)
Westpac Banking Corp					Brookfield Finance Inc
(5-year Treasury Constant Maturity					3.45%, 04/15/2050	$	635,000	$	608,935
Rate + 2.00%),					4.00%, 04/01/2024		450,000		487,951
4.11%,07/24/2034 ^(d)	$	220,000	$	242,712	4.85%, 03/29/2029		130,000		153,016
4.42%, 07/24/2039		365,000		430,322	GE Capital International Funding Co Unlimited Co
					4.42%, 11/15/2035		480,000		488,042
			$	22,771,000
					Nuveen Finance LLC
Beverages — 2.50%					4.13%, 11/01/2024 ^(a)		1,650,000		1,860,988
Anheuser-Busch Cos LLC / Anheuser-Busch InBev
								$	5,086,204
Worldwide Inc
3.65%, 02/01/2026		325,000		364,905	Electric — 7.30%
4.90%, 02/01/2046		385,000		471,119	Alabama Power Co
Anheuser-Busch InBev Worldwide Inc					3.45%, 10/01/2049		255,000		278,328
4.60%, 04/15/2048		360,000		421,422	CMS Energy Corp
5.45%, 01/23/2039		295,000		372,729	3.00%, 05/15/2026		235,000		254,886
Constellation Brands Inc					Commonwealth Edison Co
2.88%, 05/01/2030		150,000		158,931	4.00%, 03/01/2049		540,000		669,817
3.70%, 12/06/2026		330,000		370,189	Dominion Energy Inc
4.40%, 11/15/2025		525,000		606,825	4.25%, 06/01/2028		165,000		190,172
					DTE Electric Co
			$	2,766,120	3.95%, 03/01/2049		120,000		146,007
Biotechnology — 0.44%					DTE Energy Co
Amgen Inc					3.40%, 06/15/2029		465,000		502,317
2.20%, 02/21/2027		290,000		305,825	Duke Energy Florida LLC
3.38%, 02/21/2050		165,000		183,991	3.80%, 07/15/2028		290,000		338,576
			$	489,816	Duke Energy Ohio Inc
					4.30%, 02/01/2049		165,000		208,826
Chemicals — 0.74%					Evergy Inc
Air Products and Chemicals Inc					2.90%, 09/15/2029		280,000		298,960
2.70%, 05/15/2040		145,000		152,565	FirstEnergy Corp
DuPont de Nemours Inc					1.60%, 01/15/2026		60,000		60,529
5.32%, 11/15/2038		425,000		538,843	2.25%, 09/01/2030		75,000		75,412
EI du Pont de Nemours and Co					3.40%, 03/01/2050		495,000		522,679
2.30%, 07/15/2030		60,000		62,327	Georgia Power Co
Westlake Chemical Corp					3.70%, 01/30/2050		90,000		99,467
3.38%, 06/15/2030		60,000		61,234	MidAmerican Energy Co
			$	814,969	3.15%, 04/15/2050		270,000		306,409
Commercial Services — 0.72%					NextEra Energy Capital Holdings Inc
CoStar Group Inc					2.75%, 11/01/2029		195,000		209,810
2.80%, 07/15/2030 ^(a)		210,000		214,907	3.50%, 04/01/2029		560,000		633,479
Global Payments Inc					Pacific Gas and Electric Co
2.65%, 02/15/2025		230,000		243,640	1.75%, 06/16/2022		405,000		405,648
PayPal Holdings Inc					Public Service Co of Colorado
2.65%, 10/01/2026		310,000		336,887	4.05%, 09/15/2049		110,000		136,723
					Southern California Edison Co
			$	795,434	4.20%, 03/01/2029		230,000		268,327
Computers — 1.62%					4.88%, 03/01/2049		365,000		477,379
Apple Inc					Southern Co/The
4.65%, 02/23/2046		640,000		881,377	(3-month USD LIBOR + 3.63%),
Dell International LLC / EMC Corp					5.50%, 03/15/2057 ^(d)		715,000		725,020
4.90%,10/01/2026 ^(a)		305,000		336,538	Tucson Electric Power Co
8.35%, 07/15/2046 ^(a)		155,000		206,737	4.85%, 12/01/2048		150,000		195,223
NetApp Inc					Virginia Electric & Power Co
1.88%, 06/22/2025		245,000		248,491	3.80%, 04/01/2028		595,000		690,153
Seagate HDD Cayman					4.60%, 12/01/2048		55,000		72,436
4.13%, 01/15/2031 ^(a)		115,000		120,839	Xcel Energy Inc
			$	1,793,982	2.60%, 12/01/2029		290,000		311,165
Construction Materials — 0.38%								$	8,077,748
Carrier Global Corp					Environmental Control — 0.51%
2.24%, 02/15/2025 ^(a)		200,000		204,484	Republic Services Inc
Martian Marietta Material Inc					2.30%, 03/01/2030		160,000		166,857
2.50%, 03/15/2030		215,000		216,420	Waste Connections Inc
			$	420,904	4.25%, 12/01/2028		340,000		401,989
Diversified Financial Services — 4.60%								$	568,846
AerCap Ireland Capital DAC / AerCap Global					Food — 0.34%
Aviation Trust					McCormick & Co Inc
4.50%, 09/15/2023		720,000		720,084	3.15%, 08/15/2024		350,000		379,006
Air Lease Corp
3.38%, 07/01/2025		580,000		580,992	Gas — 0.87%
Blackstone Holdings Finance Co LLC					Dominion Energy Gas Holdings LLC
3.50%, 09/10/2049 ^(a)		180,000		186,196	3.00%, 11/15/2029		170,000		182,076

See accompanying notes.

Schedule of Investments

Principal Investment Grade Corporate Active ETF

June 30, 2020


		Principal					Principal
BONDS (continued)		Amount		Value	BONDS (continued)		Amount		Value
Gas (continued)					Media — 5.51%
Piedmont Natural Gas Co Inc					Charter Communications Operating LLC / Charter
3.50%, 06/01/2029	$	450,000	$	513,077	Communications Operating Capital
Southern California Gas Co					3.70%, 04/01/2051	$	310,000	$	304,053
2.55%, 02/01/2030		250,000		269,069	4.80%, 03/01/2050		375,000		415,058
			$	964,222	4.91%, 07/23/2025		405,000		464,164
					Comcast Corp
Healthcare — Products — 0.99%					3.75%, 04/01/2040		270,000		316,140
Abbott Laboratories					3.95%, 10/15/2025		485,000		555,785
4.90%, 11/30/2046		330,000		473,769	3.97%, 11/01/2047		140,000		165,994
Boston Scientific Corp					4.60%, 10/15/2038		670,000		852,003
4.70%, 03/01/2049		450,000		574,100	Fox Corp
Medtronic Inc					5.48%, 01/25/2039		325,000		434,535
4.63%, 03/15/2045		39,000		52,525	5.58%, 01/25/2049		170,000		236,549
			$	1,100,394	NBCUniversal Media LLC
					4.45%, 01/15/2043		510,000		641,098
Healthcare — Services —0.77%					ViacomCBS Inc
Centene Corp					2.90%, 01/15/2027		330,000		346,414
3.38%, 02/15/2030		290,000		292,816	4.95%, 05/19/2050		200,000		222,766
UnitedHealth Group Inc					5.25%, 04/01/2044		415,000		463,319
2.75%, 05/15/2040		395,000		422,861	Walt Disney Co/The
3.50%, 08/15/2039		120,000		139,540	3.50%, 05/13/2040		625,000		682,611
			$	855,217				$	6,100,489
Insurance — 5.77%					Mining — 1.59%
American International Group Inc					BHP Billiton Finance USA Ltd
3.90%, 04/01/2026		400,000		451,928	(5-year Swap rate + 5.09%),
4.50%, 07/16/2044		790,000		920,332	6.75%, 10/19/2075 ^(a),(d)		500,000		577,350
Arch Capital Finance LLC					Newmont Corp
5.03%, 12/15/2046		295,000		368,720	2.25%, 10/01/2030		515,000		521,934
Arch Capital Group Ltd					Teck Resources Ltd
3.64%, 06/30/2050		300,000		314,470	3.90%, 07/15/2030 ^(a)		270,000		268,744
Markel Corp					5.40%, 02/01/2043		400,000		393,372
3.35%, 09/17/2029		25,000		26,693				$	1,761,400
4.30%, 11/01/2047		350,000		395,895
Massachusetts Mutual Life Insurance Co					Miscellaneous Manufacture — 0.67%
3.38%, 04/15/2050 ^(a)		185,000		190,192	General Electric Co
New York Life Insurance Co					3.45%, 05/01/2027		140,000		143,292
3.75%, 05/15/2050 ^(a)		205,000		231,513	5.88%, 01/14/2038		530,000		598,205
PartnerRe Finance B LLC								$	741,497
3.70%, 07/02/2029		90,000		98,648	Oil & Gas — 3.98%
Progressive Corp					BP Capital Markets America Inc
3.95%, 03/26/2050		140,000		177,607	3.59%, 04/14/2027		465,000		513,839
Swiss Re Finance Luxembourg SA					4.23%, 11/06/2028		25,000		29,049
(5-year Treasury Constant Maturity Rate + 3.58),					Canadian Natural Resources Ltd
5.00%, 04/02/2049 ^(a),(d)		200,000		224,000	4.95%, 06/01/2047 ^(b)		120,000		132,669
XLIT Ltd					Chevron Corp
4.45%, 03/31/2025		1,670,000		1,881,214	2.00%, 05/11/2027		445,000		465,964
5.50%, 03/31/2045		825,000		1,103,879	Continental Resources Inc
			$	6,385,091	3.80%, 06/01/2024		765,000		715,290
					4.90%, 06/01/2044 ^(b)		60,000		47,775
Internet — 0.54%					Exxon Mobil Corp
Amazon.com Inc					2.44%, 08/16/2029		325,000		344,682
1.20%, 06/03/2027		220,000		223,176	3.00%, 08/16/2039		100,000		105,145
2.50%, 06/03/2050		195,000		200,191	Marathon Oil Corp
2.70%, 06/03/2060		170,000		172,922	4.40%, 07/15/2027		390,000		383,707
			$	596,289	6.60%, 10/01/2037		600,000		620,532
					Occidental Petroleum Corp
Iron & Steel — 0.44%					2.90%, 08/15/2024		165,000		140,989
Nucor Corp					3.20%, 08/15/2026		150,000		121,875
2.70%, 06/01/2030		55,000		57,743	4.30%, 08/15/2039		135,000		93,111
Steel Dynamics Inc					Shell International Finance BV
2.40%, 06/15/2025		125,000		128,737	3.13%, 11/07/2049		100,000		105,045
3.25%, 01/15/2031		80,000		81,596	Total Capital International SA
3.45%, 04/15/2030		205,000		214,301	2.83%, 01/10/2030		535,000		581,403
			$	482,377	3.46%, 07/12/2049		5,000		5,402
Machinery — Diversified — 0.79%								$	4,406,477
CNH Industrial Capital LLC					Packaging & Containers — 0.37%
1.95%, 07/02/2023		580,000		583,807	Bemis Co Inc
Westinghouse Air Brake Technologies Corp					2.63%, 06/19/2030		280,000		287,080
3.20%, 06/15/2025		290,000		295,509	WRKCo Inc
			$	879,316	3.00%, 06/15/2033		115,000		119,782
								$	406,862

See accompanying notes.

Schedule of Investments

Principal Investment Grade Corporate Active ETF

June 30, 2020


		Principal					Principal
BONDS (continued)		Amount		Value	BONDS (continued)		Amount		Value
Pharmaceuticals — 7.26%					Retail — 0.17%
AbbVie Inc					Home Depot Inc/The
2.60%, 11/21/2024 ^(a)	$	290,000	$	307,867	3.30%, 04/15/2040	$	110,000	$	123,485
4.05%, 11/21/2039 ^(a)		80,000		93,557	Walmart Inc
Bayer US Finance II LLC					4.05%, 06/29/2048		45,000		59,213
3.38%, 07/15/2024 ^(a)		250,000		270,863
								$	182,698
4.25%, 12/15/2025 ^(a)		950,000		1,090,704
4.38%, 12/15/2028 ^(a)		335,000		391,502	Semiconductors — 2.99%
Becton Dickinson and Co					Applied Materials Inc
3.36%, 06/06/2024		275,000		296,800	1.75%, 06/01/2030		595,000		608,106
3.70%, 06/06/2027		235,000		262,662	Broadcom Inc
					3.15%, 11/15/2025 ^(a)		235,000		250,116
4.67%, 06/06/2047		180,000		220,713
					4.70%, 04/15/2025 ^(a)		285,000		321,131
4.69%, 12/15/2044		354,000		435,922
Bristol-Myers Squibb Co					Lam Research Corp
4.13%, 06/15/2039 ^(a)		495,000		630,172	4.00%, 03/15/2029		220,000		261,458
4.25%, 10/26/2049 ^(a)		565,000		745,345	4.88%, 03/15/2049		45,000		62,399
Cigna Corp					Micron Technology Inc
4.38%, 10/15/2028		430,000		508,900	2.50%, 04/24/2023		240,000		249,423
4.90%, 12/15/2048		50,000		65,906	4.19%, 02/15/2027		330,000		365,560
CVS Health Corp					NVIDIA Corp
4.30%, 03/25/2028		180,000		210,522	3.50%, 04/01/2040		155,000		180,789
5.05%, 03/25/2048		195,000		255,429	NXP BV / NXP Funding LLC / NXP USA Inc
					2.70%, 05/01/2025 ^(a)		100,000		104,828
Pfizer Inc
					3.15%, 05/01/2027 ^(a)		100,000		106,008
2.55%, 05/28/2040		205,000		212,091
2.70%, 05/28/2050		155,000		160,512	Xilinx Inc
Upjohn Inc					2.38%, 06/01/2030		145,000		149,272
2.30%, 06/22/2027 ^(a)		170,000		175,361	2.95%, 06/01/2024		605,000		648,870
Zoetis Inc								$	3,307,960
3.90%, 08/20/2028		1,195,000		1,407,398	Software — 2.98%
4.45%, 08/20/2048		225,000		290,323	Adobe Inc
			$	8,032,549	2.15%, 02/01/2027		230,000		246,904
Pipelines — 4.75%					2.30%, 02/01/2030		140,000		151,199
Energy Transfer Operating LP					Fiserv Inc
3.75%, 05/15/2030		600,000		595,952	3.50%, 07/01/2029		335,000		376,581
5.15%, 03/15/2045		100,000		95,301	3.80%, 10/01/2023		485,000		529,912
6.25%, 04/15/2049		300,000		318,034	4.40%, 07/01/2049		205,000		249,502
Enterprise Products Operating LLC					Microsoft Corp
3.13%, 07/31/2029		285,000		305,065	3.70%, 08/08/2046		615,000		765,850
3.95%, 01/31/2060		160,000		164,880	Oracle Corp
4.20%, 01/31/2050		455,000		507,669	2.50%, 04/01/2025		130,000		139,233
MPLX LP					2.80%, 04/01/2027		315,000		344,013
4.00%, 03/15/2028		70,000		73,765	salesforce.com Inc
4.88%, 12/01/2024		265,000		294,326	3.70%, 04/11/2028		420,000		490,289
5.50%, 02/15/2049		260,000		288,139				$	3,293,483
Sabine Pass Liquefaction LLC					Telecommunications — 5.11%
5.00%, 03/15/2027		460,000		514,691	AT&T Inc
5.75%, 05/15/2024		1,620,000		1,824,363	2.75%, 06/01/2031		220,000		229,062
Western Midstream Operating LP					3.50%, 06/01/2041		355,000		372,136
3.10%, 02/01/2025		290,000		274,775	3.60%, 07/15/2025		630,000		699,852
			$	5,256,960	4.05%, 12/15/2023		400,000		444,391
					4.75%, 05/15/2046		255,000		305,704
REITs — 3.54%					5.35%, 09/01/2040		315,000		396,021
Alexandria Real Estate Equities Inc					5.38%, 10/15/2041		725,000		909,119
3.45%, 04/30/2025		920,000		1,024,091	Rogers Communications Inc
4.70%, 07/01/2030		330,000		403,974	3.70%, 11/15/2049		220,000		242,208
American Campus Communities Operating					4.35%, 05/01/2049		105,000		129,001
Partnership LP					T-Mobile USA Inc
3.88%, 01/30/2031		415,000		435,569	2.05%, 02/15/2028 ^(a)		330,000		330,155
American Tower Corp					Verizon Communications Inc
3.10%, 06/15/2050		245,000		242,338	3.88%, 02/08/2029		355,000		419,574
Essex Portfolio LP					5.25%, 03/16/2037		630,000		843,420
3.00%, 01/15/2030		225,000		245,253	Vodafone Group PLC
Healthcare Trust of America Holdings LP					4.88%, 06/19/2049		270,000		340,356
3.10%, 02/15/2030		345,000		348,081				$	5,660,999
Healthpeak Properties Inc
2.88%, 01/15/2031		255,000		261,859	TOTAL BONDS			$	109,453,741
Prologis LP
3.00%, 04/15/2050		195,000		206,155
VEREIT Operating Partnership LP
3.10%, 12/15/2029		260,000		250,589
Welltower Inc
2.75%, 01/15/2031		505,000		504,415
			$	3,922,324

See accompanying notes.

Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2020


INVESTMENT COMPANIES — 1.83%	Shares Held		Value		^(f)Non-income producing security.
Money Market Funds — 1.83%					^(g)Security or a portion of the security was pledged as collateral for securities
Principal Government Money Market Fund —					lending. At the end of the period, the value of these securities totaled
Institutional Class 0.00% ^{(f),(g),(h),(i)}	600,345	$	600,345
					$600,345 or 0.54% of net assets.
State Street Institutional U.S. Government
					^(h)Affiliated Security. Security is either an affiliate (and registered under the
Money Market Fund — Institutional
Class 0.12% ⁽ⁱ⁾	1,420,779		1,420,779		Investment Company Act of 1940) or an affiliate as defined by the
					Investment Company Act of 1940 (controls 5.00% or more of the
TOTAL INVESTMENT COMPANIES		$	2,021,124		outstanding voting shares of the security). Please see affiliated
Total Investments		$	111,474,865		sub-schedule for transactional information.
Other Assets and Liabilities — (0.71)%		$	(782,330	)	⁽ⁱ⁾Current yield shown is as of period end.
TOTAL NET ASSETS — 100.00%		$	110,692,535


	Portfolio Summary (unaudited)
^(a)Security exempt from registration under Rule 144A of the Securities Act
	Sector	Percent
of 1933. These securities may be resold in transactions exempt from
	Financial	34.48	%
registration, normally to qualified institutional buyers. At the end of the
	Consumer, Non-cyclical	15.53	%
period, the value of these securities totaled $14,162,716 or 12.79% of net	Communications	11.16	%
assets.	Energy	8.73	%
^(b)Security or a portion of the security was on loan at the end of the period.	Utilities	8.17	%
^(c)Certain variable rate securities are not based on a published reference rate	Technology	7.59	%
and spread but are determined by the issuer or agent and are based on	Industrial	6.86	%
	Consumer, Cyclical	3.60	%
current market conditions. These securities do not indicate a reference rate
	Basic Materials	2.76	%
and spread in their description. Rate shown is the rate in effect as of period	Investment Companies	1.83	%
end.	Other Assets and Liabilities	(0.71	)%
^(d)Rate shown is as of period end. The rate may be a variable or floating rate
	TOTAL NET ASSETS	100.00	%
or a fixed rate which may convert to a variable or floating rate in the
future.
^(e)Perpetual security. Perpetual securities pay an indefinite stream of interest,
but they may be called by the issuer at an earlier date. Date shown, if any,
reflects the next call date or final legal maturity date. Rate shown is as of
period end.


Futures Contracts

				Value and
				Unrealized
			Notional	Appreciation/
Description and Expiration Date	Type	Contracts	Amount	(Depreciation)


U.S. Treasury Ultra Long Bonds;
September 2020	Short	6	$	1,308,938	$	(53,825	)
U.S. Treasury Ultra 10-Year Notes;
September 2020	Short	14		2,204,781		(31,123	)


Total									$	(84,948	)

		June 30, 2019		Purchases			Sales			June 30, 2020
Affiliated Securities		Value		Cost			Proceeds			Value
Principal Government Money Market Fund — Institutional Class 0.00%	$	—	$	14,279,731		$	13,679,386		$	600,345
	$	—	$	14,279,731		$	13,679,386		$	600,345

							Realized Gain
				Realized			from			Change in
				Gain/Loss on			Capital Gain			Unrealized
		Income ^(a)		Investments			Distributions			Gain/Loss
Principal Government Money Market Fund — Institutional Class 0.00%	$	—		$	—		$	—	$	—
	$	—		$	—		$	—	$	—
^(a)Amount excludes earnings from securities lending collateral.

See accompanying notes.

Schedule of Investments Principal Millennials Index ETF

June 30, 2020


COMMON STOCKS — 99.76%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Apparel — 4.09%				Internet (continued)
adidas AG ^(a)	461	$	120,989	Facebook Inc, Class A ^(a)	2,713	$	616,041
boohoo Group PLC ^(a)	21,934		111,975	Farfetch Ltd, Class A ^(a)	6,567		113,412
Carter’s Inc	788		63,591	iQIYI Inc ADR ^(a)	12,745		295,557
Deckers Outdoor Corp ^(a)	389		76,396	JOYY Inc ^(a)	6,354		562,647
Fila Holdings Corp	2,190		63,906	Momo Inc ADR	2,393		41,830
Gildan Activewear Inc	4,178		64,720	Naspers Ltd, Class N	2,104		383,529
Hanesbrands Inc	6,592		74,424	Netflix Inc ^(a)	1,199		545,593
Kering SA	199		108,267	Pinduoduo Inc ADR ^(a)	2,917		250,395
Levi Strauss & Co, Class A	4,173		55,918	Rightmove PLC	17,171		116,170
LVMH Moet Hennessy Louis Vuitton SE	280		122,843	Roku Inc ^(a)	2,580		300,648
Puma SE ^(a)	1,737		134,303	Snap Inc, Class A ^(a)	18,978		445,793
Tapestry Inc	4,006		53,200	Spotify Technology SA ^(a)	2,785		719,059
		$	1,050,532	Tencent Holdings Ltd	9,245		594,743
				Tencent Music Entertainment Group ADR ^(a)	10,315		138,840
Beverages — 1.17%				Trip.com Group Ltd ADR ^(a)	9,579		248,288
Brown-Forman Corp, Class B	1,870		119,044	Wayfair Inc, Class A ^(a)	984		194,448
Davide Campari-Milano SpA	14,441		121,684	Yandex NV, Class A ^(a)	6,658		333,033
Treasury Wine Estates Ltd	8,452		61,127	ZOZO Inc	3,900		86,542
		$	301,855			$	7,907,832
Chemicals — 1.40%				Leisure Time — 0.97%
Givaudan SA	97		361,197	Camping World Holdings Inc, Class A ^(c)	9,168		249,003

Commercial Services — 10.56%				Media — 4.32%
Aaron’s Inc	2,277		103,376	AMC Networks Inc, Class A ^(a)	2,133		49,891
Adyen NV ^(a),(b)	355		516,700
				Comcast Corp, Class A	3,019		117,681
Bright Horizons Family Solutions Inc ^(a)	1,019		119,427	Fox Corp, Class B ^(a)	4,535		121,719
China Yuhua Education Corp Ltd ^(b)	456,000		374,190	MSG Networks Inc, Class A ^(a)	5,086		50,606
Global Payments Inc	721		122,296	Sirius XM Holdings Inc	21,006		123,305
GMO Payment Gateway Inc	700		72,869	ViacomCBS Inc, Class B	7,518		175,320
New Oriental Education & Technology Group Inc				Vivendi SA	4,845		124,326
ADR ^(a)	2,076		270,357	Walt Disney Co/The	3,114		347,242
PayPal Holdings Inc ^(a)	3,140		547,082
Square Inc, Class A ^(a)	1,983		208,096			$	1,110,090
StoneCo Ltd, Class A ^(a)	2,382		92,326	REITs — 0.80%
TAL Education Group ADR ^(a)	4,220		288,564	Equity Residential	1,681		98,876
		$	2,715,283	Essex Property Trust Inc	471		107,939
Computers — 2.51%						$	206,815
Apple Inc	1,772		646,426	Retail — 19.92%
				American Eagle Outfitters Inc	6,526		71,133
Construction Materials — 1.62%				ANTA Sports Products Ltd	14,000		123,553
Fortune Brands Home & Security Inc	2,396		153,176	Bed Bath & Beyond Inc ^(c)	12,324		130,635
Masco Corp	3,003		150,781	Children’s Place Inc/The ^(c)	2,652		99,238
Patrick Industries Inc	1,841		112,761	Chipotle Mexican Grill Inc ^(a)	516		543,018
		$	416,718	Dick’s Sporting Goods Inc	2,440		100,674
Diversified Financial Services — 3.34%				Domino’s Pizza Inc	1,048		387,173
Discover Financial Services	9,484		475,053	Foot Locker Inc	2,352		68,584
LexinFintech Holdings Ltd ADR ^(a)	5,851		62,255	Hennes & Mauritz AB, Class B	26,196		379,522
Pagseguro Digital Ltd, Class A ^(a)	2,685		94,888	Home Depot Inc/The	2,424		607,236
XP Inc, Class A ^(a)	5,389		226,392	Industria de Diseno Textil SA	17,372		460,026
				Li Ning Co Ltd	115,500		366,596
		$	858,588	Lowe’s Cos Inc	1,225		165,522
Electronics — 0.53%				Lululemon Athletica Inc ^(a)	1,584		494,224
Garmin Ltd	1,386		135,135	Pandora A/S	1,596		86,700
				Qurate Retail Inc, Series A ^(a)	8,498		80,731
Food — 2.25%				Signet Jewelers Ltd	8,044		82,612
Kroger Co/The	14,968		506,667	Starbucks Corp	1,579		116,199
Sprouts Farmers Market Inc ^(a)	2,792		71,447
				Urban Outfitters Inc ^(a)	15,940		242,607
		$	578,114	Williams-Sonoma Inc	1,219		99,970
				Zalando SE ^(a),(b)	5,877		414,524
Home Builders — 0.67%
DR Horton Inc	3,099		171,839			$	5,120,477
Home Furnishings — 2.13%				Semiconductors — 1.69%
Sleep Number Corp ^(a)	2,707		112,719	NVIDIA Corp	1,142		433,857
Sony Corp	5,100		348,770	Software — 8.78%
Tempur Sealy International Inc ^(a)	1,186		85,333
				Activision Blizzard Inc	5,057		383,826
		$	546,822	Bilibili Inc ADR ^(a),(c)	9,611		445,182
				Electronic Arts Inc ^(a)	1,054		139,181
Internet — 30.76%
				Fiserv Inc ^(a)	1,091		106,503
AfreecaTV Co Ltd	7,851		412,506
Alibaba Group Holding Ltd ADR ^(a)	2,316		499,561	Microsoft Corp	2,857		581,428
Alphabet Inc, Class C ^(a)	389		549,894	NetEase Inc ADR	323		138,690
Booking Holdings Inc ^(a)	78		124,203	Pearl Abyss Corp ^(a)	355		64,339
				Take-Two Interactive Software Inc ^(a)	2,853		398,193
eBay Inc	3,452		181,057
Expedia Group Inc	1,874		154,043			$	2,257,342

See accompanying notes.

Schedule of Investments
Principal Millennials Index ETF
June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	^(c)Security or a portion of the security was on loan at the end of the period.
Telecommunications — 1.71%				^(d)Security or a portion of the security was pledged as collateral for securities
AT&T Inc	10,325	$	312,125	lending. At the end of the period, the value of these securities totaled
Xiaomi Corp, Class B ^(a),(b)	77,000		127,563
				$736,189 or 2.86% of net assets.
		$	439,688	^(e)Affiliated Security. Security is either an affiliate (and registered under the
Textiles — 0.54%				Investment Company Act of 1940) or an affiliate as defined by the
Mohawk Industries Inc ^(a)	1,360		138,395	Investment Company Act of 1940 (controls 5.00% or more of the
				outstanding voting shares of the security).
TOTAL COMMON STOCKS		$	25,646,008
				Please see affiliated sub-schedule for transactional information.
INVESTMENT COMPANIES — 4.36%	Shares Held		Value	^(f)Current yield shown is as of period end.


Money Market Funds — 4.36%
Principal Government Money Market Fund —
					Portfolio Summary (unaudited)
Institutional Class 0.00% ^{(a),(d),(e),(f)}	736,189	$	736,189
State Street Institutional U.S. Government					Sector	Percent
Money Market Fund — Institutional					Communications	36.79	%
Class 0.12% ^(f)	384,392		384,392		Consumer, Cyclical	28.31	%
					Consumer, Non-cyclical	13.98	%
TOTAL INVESTMENT COMPANIES		$	1,120,581		Technology	12.98	%
Total Investments		$	26,766,589		Investment Companies	4.36	%
Other Assets and Liabilities — (4.12)%		$	(1,058,209	)	Financial	4.14	%
					Industrial	2.15	%
TOTAL NET ASSETS — 100.00%		$	25,708,380		Basic Materials	1.41	%
					Other Assets and Liabilities	(4.12	)%


^(a)Non-income producing security.
	TOTAL NET ASSETS	100.00	%
^(b)Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the end of the
period, the value of these securities totaled $1,432,977 or 5.57% of net
assets.


		June 30, 2019		Purchases			Sales			June 30, 2020
Affiliated Securities		Value		Cost			Proceeds			Value
Principal Government Money Market Fund — Institutional Class 0.00%	$	—	$	12,697,227		$	11,961,038		$	736,189
	$	—	$	12,697,227		$	11,961,038		$	736,189

							Realized Gain
				Realized			from			Change in
				Gain/Loss on			Capital Gain			Unrealized
		Income ^(a)		Investments			Distributions			Gain/Loss
Principal Government Money Market Fund — Institutional Class 0.00%	$	—		$	—		$	—	$	—
	$	—		$	—		$	—	$	—
^(a)Amount excludes earnings from securities lending collateral.

See accompanying notes.

Schedule of Investments Principal Price Setters Index ETF

June 30, 2020


COMMON STOCKS — 99.67%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 0.22%				Electrical Components & Equipment — 2.55%
Omnicom Group Inc	717	$	39,148	AMETEK Inc	1,993	$	178,114
				Emerson Electric Co	2,674		165,868
Aerospace & Defense — 1.82%
				Universal Display Corp	756		113,113
Lockheed Martin Corp	463		168,958
Teledyne Technologies Inc ^(a)	508		157,963			$	457,095
		$	326,921	Electronics — 4.23%
				Allegion PLC	432		44,159
Apparel — 0.30%
				Amphenol Corp, Class A	561		53,749
NIKE Inc, Class B	555		54,418
				Garmin Ltd	1,357		132,308
Banks — 0.71%				Honeywell International Inc	307		44,389
M&T Bank Corp	1,221		126,947	Keysight Technologies Inc ^(a)	525		52,910
				Mettler-Toledo International Inc ^(a)	244		196,554
Beverages — 2.57%				Roper Technologies Inc	487		189,083
Brown-Forman Corp, Class B	2,791		177,675	Waters Corp ^(a)	256		46,182
Coca-Cola Co/The	2,243		100,217
Monster Beverage Corp ^(a)	1,923		133,303			$	759,334
PepsiCo Inc	377		49,862	Environmental Control — 0.87%
		$	461,057	Republic Services Inc	1,899		155,813
Biotechnology — 0.58%				Food — 2.46%
Alexion Pharmaceuticals Inc ^(a)	547		61,395	General Mills Inc	2,449		150,981
Biogen Inc ^(a)	160		42,808	Hershey Co/The	1,190		154,248
		$	104,203	Lamb Weston Holdings Inc	1,381		88,287
				Mondelez International Inc, Class A	940		48,062
Chemicals — 2.46%
Air Products & Chemicals Inc	227		54,812			$	441,578
Ecolab Inc	275		54,711	Healthcare — Products — 8.41%
RPM International Inc	1,872		140,512	Abbott Laboratories	1,558		142,448
Sherwin-Williams Co/The	332		191,846	Align Technology Inc ^(a)	236		64,768
		$	441,881	Cooper Cos Inc/The	528		149,762
				Edwards Lifesciences Corp ^(a)	2,510		173,466
Commercial Services — 8.90%				IDEXX Laboratories Inc ^(a)	471		155,505
Automatic Data Processing Inc	1,108		164,970	Intuitive Surgical Inc ^(a)	96		54,704
Booz Allen Hamilton Holding Corp	1,683		130,921	Medtronic PLC	491		45,025
Cintas Corp	643		171,270	ResMed Inc	1,078		206,976
FleetCor Technologies Inc ^(a)	645		162,237
				Teleflex Inc	512		186,358
MarketAxess Holdings Inc	529		264,987	Thermo Fisher Scientific Inc	413		149,646
Moody’s Corp	714		196,157	West Pharmaceutical Services Inc	797		181,054
Rollins Inc	1,373		58,201
S&P Global Inc	451		148,595			$	1,509,712
TransUnion	1,928		167,813	Healthcare — Services — 2.27%
Verisk Analytics Inc	774		131,735	Anthem Inc	467		122,812
		$	1,596,886	Humana Inc	375		145,406
				UnitedHealth Group Inc	471		138,921
Computers — 2.03%
Accenture PLC, Class A	949		203,770			$	407,139
Apple Inc	439		160,147	Home Builders — 0.68%
		$	363,917	Lennar Corp, Class A	1,989		122,562
Distribution/Wholesale — 2.14%				Household Products — 1.04%
Copart Inc ^(a)	2,029		168,955	Colgate-Palmolive Co	2,537		185,861
Fastenal Co	5,009		214,586	Household Products/Wares — 3.34%
		$	383,541	Avery Dennison Corp	1,048		119,566
Diversified Financial Services — 6.56%				Church & Dwight Co Inc	2,466		190,622
Blackstone Group Inc/The	955		54,110	Clorox Co/The	1,075		235,823
Cboe Global Markets Inc	1,504		140,293	Kimberly-Clark Corp	379		53,572
KKR & Co Inc, Class A	4,195		129,542			$	599,583
Mastercard Inc, Class A	591		174,759	Insurance — 5.29%
Nasdaq Inc	1,671		199,634	Aflac Inc	1,155		41,615
SEI Investments Co	3,133		172,252	Allstate Corp/The	1,629		157,997
T Rowe Price Group Inc	1,017		125,600	American Financial Group Inc	1,298		82,371
Visa Inc, Class A	943		182,159	Arch Capital Group Ltd ^(a)	4,240		121,476
		$	1,178,349	Arthur J Gallagher & Co	507		49,427
Electric — 4.10%				Brown & Brown Inc	3,985		162,428
Alliant Energy Corp	2,302		110,128	Everest Re Group Ltd	199		41,034
American Electric Power Co Inc	556		44,280	Fidelity National Financial Inc	1,277		39,153
CMS Energy Corp	1,986		116,022	Marsh & McLennan Cos Inc	1,148		123,261
Duke Energy Corp	1,308		104,496	Progressive Corp/The	1,640		131,380
Evergy Inc	2,623		155,517			$	950,142
Southern Co/The	822		42,621	Internet — 2.18%
WEC Energy Group Inc	1,300		113,945	Alphabet Inc, Class A ^(a)	37		52,468
Xcel Energy Inc	796		49,750	Booking Holdings Inc ^(a)	101		160,826
		$	736,759	CDW Corp	1,051		122,105

See accompanying notes.

Schedule of Investments Principal Price Setters Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Internet (continued)				Software (continued)
VeriSign Inc ^(a)	271	$	56,051	VMware Inc, Class A ^(a)	427	$	66,125
		$	391,450			$	2,240,782
Lodging — 0.50%				Telecommunications — 1.51%
Hilton Worldwide Holdings Inc	1,234		90,637	Arista Networks Inc ^(a)	266		55,868
				Cisco Systems Inc	1,288		60,072
Machinery — Diversified — 1.80%
				Ubiquiti Inc	884		154,311
Dover Corp	1,168		112,782
IDEX Corp	336		53,101			$	270,251
Nordson Corp	826		156,701	Transportation — 0.30%
		$	322,584	Expeditors International of Washington Inc	705		53,608
Media — 1.18%				Water — 0.97%
FactSet Research Systems Inc	644		211,535	American Water Works Co Inc	970		124,800
				Essential Utilities Inc	1,154		48,745
Miscellaneous Manufacture — 1.39%
3M Co	804		125,416			$	173,545
Illinois Tool Works Inc	715		125,018
				TOTAL COMMON STOCKS		$	17,891,698
		$	250,434
				INVESTMENT COMPANIES — 3.07%	Shares Held		Value
Packaging & Containers — 0.27%
Ball Corp	704		48,921	Money Market Fund — 3.07%
				State Street Institutional U.S. Government
Pharmaceuticals — 3.20%				Money Market Fund — Institutional
Eli Lilly & Co	1,359		223,121	Class 0.12% ^(b)	550,610	$	550,610
Johnson & Johnson	1,275		179,303
Merck & Co Inc	1,567		121,176	TOTAL INVESTMENT COMPANIES		$	550,610
Zoetis Inc	371		50,842
				Total Investments		$	18,442,308
		$	574,442	Other Assets and Liabilities — (2.74)%		$	(491,099	)
Real Estate — 0.22%				TOTAL NET ASSETS — 100.00%		$	17,951,209
CBRE Group Inc, Class A ^(a)	882		39,884

REITs — 3.59%				^(a)Non-income producing security.
American Tower Corp	756		195,456	^(b)Current yield shown is as of period end.
Extra Space Storage Inc	1,196		110,474
Federal Realty Investment Trust	427		36,385	Portfolio Summary (unaudited)
Gaming and Leisure Properties Inc	14		569
National Retail Properties Inc	976		34,628	Sector			Percent
Public Storage	238		45,670	Consumer, Non-cyclical			33.06	%
Realty Income Corp	1,658		98,651	Financial			15.35	%
Vornado Realty Trust	3,199		122,234	Technology			15.23	%
		$	644,067	Industrial			13.95	%
				Consumer, Cyclical			9.46	%
Retail — 5.83%				Communications			5.08	%
AutoZone Inc ^(a)	116		130,862
				Utilities			5.07	%
Costco Wholesale Corp	427		129,471	Investment Companies			3.07	%
Dollar General Corp	342		65,154	Basic Materials			2.47	%
Domino’s Pizza Inc	147		54,308	Other Assets and Liabilities			(2.74	)%
Home Depot Inc/The	551		138,031
Lowe’s Cos Inc	483		65,263	TOTAL NET ASSETS			100.00	%
O’Reilly Automotive Inc ^(a)	325		137,043
Ross Stores Inc	1,103		94,020
TJX Cos Inc/The	2,006		101,423
Tractor Supply Co	581		76,570
Walmart Inc	461		55,218
		$	1,047,363
Semiconductors — 0.72%
Intel Corp	926		55,403
Teradyne Inc	875		73,946
		$	129,349
Software — 12.48%
Adobe Inc ^(a)	497		216,349
ANSYS Inc ^(a)	495		144,406
Cadence Design Systems Inc ^(a)	2,592		248,728
Citrix Systems Inc	497		73,511
Fair Isaac Corp ^(a)	456		190,626
Intuit Inc	645		191,043
Jack Henry & Associates Inc	791		145,568
Microsoft Corp	1,058		215,314
MSCI Inc	406		135,531
Oracle Corp	3,466		191,566
Paychex Inc	2,212		167,559
Paycom Software Inc ^(a)	182		56,371
Veeva Systems Inc, Class A^(a)	845		198,085

See accompanying notes.

Schedule of Investments Principal Shareholder Yield Index ETF

June 30, 2020


COMMON STOCKS — 99.47%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 1.79%				Distribution/Wholesale — 1.24%
Interpublic Group of Cos Inc/The	18,758	$	321,887	Watsco Inc	2,230	$	396,271
Omnicom Group Inc	4,560		248,976
				Diversified Financial Services — 6.53%
		$	570,863	Air Lease Corp	2,905		85,087
Aerospace & Defense — 0.09%				Alliance Data Systems Corp	2,563		115,643
Spirit AeroSystems Holdings Inc, Class A	1,218		29,159	American Express Co	1,144		108,909
				Capital One Financial Corp	1,722		107,780
Agriculture — 3.40%				Charles Schwab Corp/The	3,434		115,863
Altria Group Inc	16,012		628,471	Discover Financial Services	2,957		148,116
Philip Morris International Inc	6,529		457,422	Jefferies Financial Group Inc	11,630		180,846
		$	1,085,893	Mastercard Inc, Class A	157		46,425
Airlines — 1.23%				OneMain Holdings Inc	19,055		467,610
Alaska Air Group Inc	4,007		145,294	Santander Consumer USA Holdings Inc	14,614		269,044
Delta Air Lines Inc	5,467		153,349	Synchrony Financial	8,042		178,211
Southwest Airlines Co	2,750		93,995	T Rowe Price Group Inc	2,098		259,103
		$	392,638			$	2,082,637
Apparel — 2.75%				Electrical Components & Equipment — 0.11%
Carter’s Inc	1,965		158,575	Acuity Brands Inc	364		34,849
Dow Inc ^(a)	9,347		380,984	Electronics — 1.63%
Hanesbrands Inc	30,047		339,231	Avnet Inc	6,163		171,855
		$	878,790	Honeywell International Inc	1,147		165,845
				TE Connectivity Ltd	2,246		183,161
Auto Manufacturers — 2.54%
Cummins Inc	1,796		311,175			$	520,861
PACCAR Inc	6,654		498,052	Entertainment — 1.32%
		$	809,227	Cinemark Holdings Inc	15,159		175,086
				Vail Resorts Inc	1,359		247,542
Auto Parts & Equipment — 0.66%
Lear Corp	1,925		209,864			$	422,628

Banks — 11.80%				Food — 0.76%
Bank of America Corp	6,441		152,974	Kroger Co/The	7,207		243,957
Citizens Financial Group Inc	10,485		264,641	Hand/Machine Tools — 1.31%
Comerica Inc	6,984		266,090	Lincoln Electric Holdings Inc	2,354		198,301
Fifth Third Bancorp	12,436		239,766	Snap-on Inc	1,576		218,292
Huntington Bancshares Inc	30,873		278,938			$	416,593
KeyCorp	21,281		259,203
M&T Bank Corp	1,690		175,709	Healthcare — Services — 1.16%
Morgan Stanley	5,535		267,341	Anthem Inc	409		107,559
Northern Trust Corp	2,769		219,693	Humana Inc	183		70,958
PNC Financial Services Group Inc/The	2,051		215,786	UnitedHealth Group Inc	546		161,043
Popular Inc	4,167		154,887	Universal Health Services Inc, Class B	323		30,003
Regions Financial Corp	25,050		278,556			$	369,563
State Street Corp	4,473		284,259
				Home Builders — 0.68%
Synovus Financial Corp	10,331		212,096
				DR Horton Inc	2,176		120,659
Wells Fargo & Co	8,559		219,110
				PulteGroup Inc	2,823		96,067
Western Alliance Bancorp	1,859		70,400
Zions Bancorp NA	6,046		205,564			$	216,726
		$	3,765,013	Home Furnishings — 1.00%
				Whirlpool Corp	2,472		320,198
Biotechnology — 0.88%
Amgen Inc	1,187		279,966	Insurance — 10.31%
				Allstate Corp/The	1,652		160,228
Chemicals — 1.66%
				American Financial Group Inc	4,810		305,243
Celanese Corp	2,039		176,047
				First American Financial Corp	4,943		237,363
Eastman Chemical Co	5,087		354,259
				Hanover Insurance Group Inc/The	5,890		596,834
		$	530,306	Hartford Financial Services Group Inc/The	3,869		149,150
Commercial Services — 6.45%				MetLife Inc	7,872		287,485
ADT Inc ^(b)	163,686		1,306,214	MGIC Investment Corp	6,895		56,470
H&R Block Inc	20,896		298,395	Primerica Inc	917		106,922
ManpowerGroup Inc	2,893		198,894	Progressive Corp/The	5,228		418,815
Quanta Services Inc	1,326		52,019	Prudential Financial Inc	5,568		339,091
Robert Half International Inc	3,817		201,652	Reinsurance Group of America Inc	1,280		100,403
				Travelers Cos Inc/The	1,956		223,082
		$	2,057,174	Unum Group	15,794		262,022
Computers — 2.86%				Voya Financial Inc	981		45,764
Apple Inc	369		134,611			$	3,288,872
DXC Technology Co	8,863		146,240
Hewlett Packard Enterprise Co	22,096		214,994	Internet — 1.31%
MAXIMUS Inc	2,155		151,820	CDW Corp	758		88,065
NetApp Inc	5,963		264,578	eBay Inc	4,380		229,731
				Expedia Group Inc	1,215		99,873
		$	912,243
						$	417,669

See accompanying notes.

Schedule of Investments Principal Shareholder Yield Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	INVESTMENT COMPANIES — 3.34%		Shares Held		Value
Iron & Steel — 1.38%				Money Market Funds — 3.34%
Reliance Steel & Aluminum Co	1,760	$	167,077	Principal Government Money Market Fund —
Steel Dynamics Inc	10,504		274,049	Institutional Class 0.00% ^{(a),(c),(d),(e)}		982,112	$	982,112
		$	441,126	State Street Institutional U.S. Government
				Money Market Fund — Institutional
Leisure Time — 0.54%				Class 0.12% ^(e)		84,455		84,455
Brunswick Corp	2,674		171,163

Media — 0.53%				TOTAL INVESTMENT COMPANIES		$		1,066,567
Fox Corp, Class A	3,957		106,127	Total Investments	$	32,802,926
Sirius XM Holdings Inc	10,720		62,926	Other Assets and Liabilities — (2.81)%		$		(895,959	)
		$	169,053	TOTAL NET ASSETS — 100.00%	$	31,906,967
Mining — 1.41%
Newmont Corp	7,312		451,443	^(a)Non-income producing security.
				^(b)Security or a portion of the security was on loan at the end of the period.
Miscellaneous Manufacture — 2.42%
Carlisle Cos Inc	752		89,992	^(c)Security or a portion of the security was pledged as collateral for securities
Eaton Corp PLC	3,251		284,397	lending. At the end of the period, the value of these securities totaled
Illinois Tool Works Inc	1,351		236,222	$982,112 or 3.08% of net assets.
Parker-Hannifin Corp	873		159,995	^(d)Affiliated Security. Security is either an affiliate (and registered under the
		$	770,606	Investment Company Act of 1940) or an affiliate as defined by the
Oil & Gas — 6.09%				Investment Company Act of 1940 (controls 5.00% or more of the
Cabot Oil & Gas Corp	14,209		244,111	outstanding voting shares of the security). Please see affiliated sub-schedule
Continental Resources Inc	754		13,218	for transactional information.
CVR Energy Inc	26,111		525,092	^(e)Current yield shown is as of period end.
Helmerich & Payne Inc	16,684		325,505
HollyFrontier Corp	7,688		224,490
Marathon Petroleum Corp	7,362		275,191	Portfolio Summary (unaudited)
Valero Energy Corp	5,711		335,921	Sector				Percent
		$	1,943,528	Financial				32.70	%
Packaging & Containers — 0.96%				Consumer, Non-cyclical				16.52	%
Packaging Corp of America	3,063		305,687	Consumer, Cyclical				16.37	%
				Technology				11.65	%
Pharmaceuticals — 3.87%				Industrial				7.83	%
AbbVie Inc	5,548		544,703	Energy				6.09	%
AmerisourceBergen Corp	2,217		223,407	Basic Materials				4.46	%
Cardinal Health Inc	8,945		466,839	Communications				3.85	%
		$	1,234,949	Investment Companies				3.34	%
				Other Assets and Liabilities				(2.81	)%
REITs — 4.06%
CubeSmart	16,633		448,925	TOTAL NET ASSETS				100.00	%
VICI Properties Inc	17,997		363,359
Vornado Realty Trust	12,676		484,350
		$	1,296,634
Retail — 4.40%
Foot Locker Inc	10,343		301,602
Home Depot Inc/The	1,121		280,822
Kohl’s Corp	13,238		274,953
Tractor Supply Co	1,635		215,477
Williams-Sonoma Inc	4,044		331,648
		$	1,404,502
Semiconductors — 3.80%
Applied Materials Inc	2,292		138,551
Broadcom Inc	1,286		405,875
Intel Corp	3,767		225,380
Lam Research Corp	522		168,846
Texas Instruments Inc	2,153		273,366
		$	1,212,018
Software — 4.99%
Oracle Corp	3,408		188,360
VMware Inc, Class A ^(a)	9,063		1,403,496
		$	1,591,856
Telecommunications — 0.23%
Ubiquiti Inc	413		72,093

Transportation — 1.32%
CH Robinson Worldwide Inc	3,679		290,862
CSX Corp	1,848		128,879
		$	419,741

TOTAL COMMON STOCKS		$	31,736,359

See accompanying notes.

Schedule of Investments

Principal Spectrum Preferred Securities Active ETF

June 30, 2020


		Principal					Principal
BONDS — 98.09%		Amount		Value	BONDS (continued)		Amount		Value
Banks — 33.91%					Electric (continued)
Bank of America Corp					Duke Energy Corp
(3-month USD LIBOR + 3.90%),					(5-year Treasury Constant Maturity
6.10%, 03/17/2025 ^(a),(b)	$	5,576,000	$	5,882,680	Rate + 3.39%),
(3-month USD LIBOR + 4.55%),					4.88%, 09/16/2024 ^(a),(b)	$	5,576,000	$	5,569,867
6.30%, 03/10/2026 ^(a),(b)		557,000		618,114	Emera Inc
Bank of New York Mellon Corp/The					(3-month USD LIBOR + 5.44%),
(3-month USD LIBOR + 3.42%),					6.75%, 06/15/2076 ^(b)		4,182,000		4,522,875
3.73%, 09/20/2020 ^(a),(b)		1,902,000		1,804,428
								$	14,733,668
(5-year Treasury Constant Maturity
Rate + 4.36%),					Gas — 1.52%
4.70%, 09/20/2025 ^(a),(b)		538,000		559,520	NiSource Inc
Bank of Nova Scotia/The					(5-year Treasury Constant Maturity
(5-year Treasury Constant Maturity					Rate + 2.84%),
					5.65%, 06/15/2023 ^(a),(b)		2,231,000		2,130,605
Rate + 4.55%),
4.90%, 06/04/2025 ^(a),(b)		2,320,000		2,314,896	Hand/Machine Tools — 1.99%
BNP Paribas SA					Stanley Black & Decker Inc
(3-month USD LIBOR + 1.29%),					(5-year Treasury Constant Maturity
7.20%, 06/25/2037 ^(a),(b),(c)		2,300,000		2,484,000
					Rate + 2.66%),
Citigroup Inc					4.00%, 03/15/2060 ^(b)		2,788,000		2,789,411
(3-month USD LIBOR + 3.91%),
5.95%, 05/15/2025 ^(a),(b)		2,788,000		2,768,484	Insurance — 35.49%
Citizens Financial Group Inc					Allstate Corp/The
(3-month USD LIBOR + 3.16%),					(3-month USD LIBOR + 2.94%),
6.38%, 04/06/2024 ^(a),(b),(d)		2,788,000		2,590,902	5.75%, 08/15/2053 ^(b)		2,788,000		2,880,116
Goldman Sachs Group Inc/The					American International Group Inc
(5-year Treasury Constant Maturity					(3-month USD LIBOR + 2.87%),
Rate + 3.62%),					5.75%, 04/01/2048 ^(b)		1,160,000		1,197,227
5.50%, 08/10/2024 ^(a),(b),(d)		4,182,000		4,334,099	Argentum Netherlands BV for Swiss Re Ltd
HSBC Capital Funding Dollar 1 LP					(3-month USD LIBOR + 3.78%),
					5.63%, 08/15/2052 ^(b)		5,600,000		6,096,440
(3-month USD LIBOR + 4.98%),
10.18%, 06/30/2030 ^(a),(b)		2,075,000		3,278,500	AXA SA
Huntington Bancshares Inc					(3-month USD LIBOR + 2.26%),
					6.38%, 12/14/2036 ^(a),(b),(c)		3,801,000		4,884,285
(10-year Treasury Constant Maturity
Rate + 4.95%),					Cloverie PLC for Zurich Insurance Co Ltd
5.63%, 07/15/2030 ^(a),(b)		2,030,000		2,082,577	(3-month USD LIBOR + 4.92%),
					5.63%, 06/24/2046 ^(b)		5,600,000		6,342,000
JPMorgan Chase & Co
(3-month USD LIBOR + 3.78%),					M&G PLC
6.75%, 02/01/2024 ^(a),(b)		3,625,000		3,896,875	6.50%, 10/20/2048		2,200,000		2,516,250
KeyCorp					Meiji Yasuda Life Insurance Co
(3-month USD LIBOR + 3.61%),					(5-year Swap rate + 4.23%),
					5.20%, 10/20/2045 ^(b),(c)		2,788,000		3,146,955
5.00%, 09/15/2026 ^(a),(b)		837,000		790,965
Lloyds Bank PLC					MetLife Inc
					9.25%, 04/08/2068 ^(c)		4,182,000		5,844,345
(3-month USD LIBOR + 11.76%),
12.00%, 12/16/2024 ^(a),(b),(c)		3,195,000		3,686,391	Progressive Corp/The
Truist Financial Corp					(3-month USD LIBOR + 2.54%),
					5.38%, 03/15/2023 ^(a),(b)		951,000		941,490
(5-year Treasury Constant Maturity
Rate + 3.00%),					Prudential Financial Inc
4.80%, 09/01/2024 ^(a),(b)		5,576,000		5,135,942	(3-month USD LIBOR + 3.92%),
					5.63%, 06/15/2043 ^(b)		4,182,000		4,449,648
(5-year Treasury Constant Maturity
					QBE Insurance Group Ltd
Rate + 4.61%),
					(10-year Swap rate + 4.40%),
4.95%, 09/01/2025 ^(a),(b)		1,160,000		1,186,100
					5.88%, 06/17/2046 ^(b)		2,200,000		2,327,192
Wells Fargo & Co					Sumitomo Life Insurance Co
(3-month USD LIBOR + 3.99%),					(3-month USD LIBOR + 4.44%),
5.88%, 06/15/2025 ^(a),(b)		3,905,000		4,058,740
					6.50%, 09/20/2073 ^(b),(c)		5,600,000		6,326,712
			$	47,473,213	Voya Financial Inc
Diversified Financial Services — 3.14%					(5-year United States Treasury + 3.36%),
					6.13%, 09/15/2023 ^(a),(b)		2,788,000		2,726,887
Charles Schwab Corp/The
(5-year Treasury Constant Maturity								$	49,679,547
Rate + 4.97%),					Pipelines — 9.18%
5.38%, 06/01/2025 ^(a),(b)		3,345,000		3,573,530
					Enbridge Inc
Discover Financial Services					(3-month USD LIBOR + 3.89%),
(5-year Treasury Constant Maturity					6.00%, 01/15/2077 ^(b)		4,182,000		4,119,270
Rate + 5.78%),					Enterprise Products Operating LLC
6.13%, 06/23/2025 ^(a),(b)		800,000		820,560
					(3-month USD LIBOR + 3.03%),
			$	4,394,090	5.25%, 08/16/2077 ^(b)		2,788,000		2,606,780
Electric — 10.53%					Transcanada Trust
Dominion Energy Inc					(3-month USD LIBOR + 4.15%),
					5.50%, 09/15/2079 ^(b)		6,136,000		6,120,660
(5-year Treasury Constant Maturity
Rate + 2.99%),								$	12,846,710
4.65%, 12/15/2024 ^(a),(b)		4,739,000		4,640,926

See accompanying notes.

Schedule of Investments

Principal Spectrum Preferred Securities Active ETF

June 30, 2020


		Principal					^(d)Security or a portion of the security was on loan at the end of the period.
BONDS (continued)		Amount			Value		^(e)Non-income producing security.
Telecommunications — 2.33%							^(f)Security or a portion of the security was pledged as collateral for securities
Vodafone Group PLC							lending. At the end of the period, the value of these securities totaled
(5-year Swap rate + 4.87%),
7.00%, 04/04/2079 ^(b)	$	2,788,000		$	3,266,296		$2,865,310 or 2.05% of net assets.
							^(g)Affiliated Security. Security is either an affiliate (and registered under the
TOTAL BONDS			$	137,313,540			Investment Company Act of 1940) or an affiliate as defined by the
INVESTMENT COMPANIES — 2.78%		Shares Held			Value		Investment Company Act of 1940 (controls 5.00% or more of the
Money Market Funds — 2.78%							outstanding voting shares of the security). Please see affiliated
Principal Government Money Market Fund —							sub-schedule for transactional information.
Institutional Class 0.00% ^{(e),(f),(g),(h)}		2,865,310		$	2,865,310		^(h)Current yield shown is as of period end.
State Street Institutional U.S. Government
Money Market Fund — Institutional							Portfolio Summary (unaudited)
Class 0.12% ^(h)		1,029,843			1,029,843
							Sector								Percent
TOTAL INVESTMENT COMPANIES				$	3,895,153		Financial								72.54	%
							Utilities								12.05	%
Total Investments			$	141,208,693
							Energy								9.18	%
Other Assets and Liabilities — (0.87)%				$	(1,213,613	)
							Investment Companies								2.78	%
TOTAL NET ASSETS — 100.00%			$	139,995,080			Communications								2.33	%
							Industrial								1.99	%
^(a)Perpetual security. Perpetual securities pay an indefinite stream of interest,							Other Assets and Liabilities								(0.87	)%
but they may be called by the issuer at an earlier date. Date shown, if any,							TOTAL NET ASSETS								100.00	%
reflects the next call date or final legal maturity date. Rate shown is as of
period end.
^(b)Rate shown is as of period end. The rate may be a variable or floating rate
or a fixed rate which may convert to a variable or floating rate in the
future.
^(c)Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the end of the
period, the value of these securities totaled $26,372,688 or 18.84% of net
assets.

							June 30, 2019			Purchases			Sales	June 30, 2020
Affiliated Securities							Value			Cost			Proceeds		Value
Principal Government Money Market Fund — Institutional Class 0.00%							$	—	$	25,846,308		$	22,980,998	$	2,865,310
							$	—	$	25,846,308		$	22,980,998	$	2,865,310

												Realized Gain
										Realized			from	Change in
										Gain/Loss on		Capital Gain		Unrealized
							Income ^(a)			Investments		Distributions		Gain/Loss
Principal Government Money Market Fund — Institutional Class 0.00%							$	—		$	—	$	—	$	—
							$	—		$	—	$	—	$	—

^(a)Amount excludes earnings from securities lending collateral.

See accompanying notes.

Schedule of Investments

Principal Spectrum Tax-Advantaged Dividend Active ETF

June 30, 2020


								Principal
PREFERRED STOCKS — 15.28%		Shares Held		Value	BONDS (continued)			Amount		Value
Banks — 6.36%					Banks (continued)
Associated Banc-Corp; Series F					HSBC Holdings PLC
5.63%, 09/15/2025 ^(a)		1,800	$	45,306	(5-year Swap rate + 4.37%),
JPMorgan Chase & Co; Series DD					6.38%, 03/30/2025 ^(a),(b)		$	750,000	$	770,160
5.75%, 12/01/2023 ^(a)		5,000		132,100
					Huntington Bancshares Inc
JPMorgan Chase & Co; Series EE					(10-year Treasury Constant Maturity
6.00%, 03/01/2024 ^(a)		5,000		137,000
					Rate + 4.95%),
Morgan Stanley; Series I					5.63%, 07/15/2030 ^(a),(b)			500,000		512,950
(3-month USD LIBOR + 3.71%),
6.38%, 10/15/2024 ^(a),(b)		15,000		388,950	ING Groep NV
Synovus Financial Corp; Series E					(5-year Treasury Constant Maturity
(5-year Treasury Constant Maturity					Rate + 4.34%),
Rate + 4.13%),					5.75%, 11/16/2026 ^(a),(b)			750,000		744,375
5.88%, 07/01/2024 ^(a),(b)		10,000		217,500	Lloyds Banking Group PLC
Wells Fargo & Co; Series Z					(5-year Swap rate + 4.50%),
4.75%, 03/15/2025 ^(a)		10,767		250,225	7.50%, 09/27/2025 ^(a),(b)			750,000		778,275
Wells Fargo & Co; Series L					M&T Bank Corp
7.50%, 07/15/2023 ^(a)		75		97,275	(3-month USD LIBOR + 3.52%),
			$	1,268,356	5.13%, 11/01/2026 ^(a),(b)			500,000		498,435
					Nordea Bank Abp
Electric — 0.67%
Duke Energy Corp; Series A					(5-year Treasury Constant Maturity
5.75%, 06/15/2024 ^(a)		5,000		134,600	Rate + 4.11%),
					6.63%, 03/26/2026 ^(a),(b),(c)			750,000		800,550
Insurance — 4.08%					PNC Financial Services Group Inc/The
Allstate Corp/The; Series H					(3-month USD LIBOR + 3.68%),
5.10%, 10/15/2024 ^(a)		10,000		253,600	6.75%, 08/01/2021 ^(a),(b)			500,000		496,250
American International Group Inc; Series A					Royal Bank of Scotland Group PLC
5.85%, 03/15/2024 ^(a)		7,439		191,257
					(5-year Swap rate + 5.72%),
MetLife Inc; Series F					8.00%, 08/10/2025 ^(a),(b)			750,000		827,895
4.75%, 03/15/2025 ^(a)		15,000		368,550
					Societe Generale SA
			$	813,407	(5-year Swap rate + 4.98%),
					7.88%, 12/18/2023 ^(a),(b)			750,000		787,215
Telecommunications — 4.17%					Standard Chartered PLC
AT&T Inc; Series C
4.75%, 02/18/2025 ^(a)		24,174		578,000	(5-year Swap rate + 6.30%),
					7.50%, 04/02/2022 ^(a),(b)			750,000		774,150
AT&T Inc; Series A
5.00%, 12/12/2024 ^(a)		10,000		253,600	State Street Corp
					(3-month USD LIBOR + 3.60%),
			$	831,600	5.25%, 09/15/2020 ^(a),(b)			500,000		477,275
					Truist Financial Corp
TOTAL PREFERRED STOCKS			$	3,047,963		(5-year Treasury Constant Maturity
		Principal			Rate + 4.61%),
BONDS — 83.21%		Amount		Value	4.95%, 09/01/2025 ^(a),(b)			500,000		511,250
Banks — 71.53%					UBS Group AG
Bank of America Corp					(5-year Swap rate + 4.34%),
(3-month USD LIBOR + 3.90%),					7.00%, 01/31/2024 ^(a),(b)			750,000		779,063
6.10%, 03/17/2025 ^(a),(b)	$	200,000	$	211,000	Wells Fargo & Co
(3-month USD LIBOR + 4.55%),					(3-month USD LIBOR + 3.99%),
6.30%, 03/10/2026 ^(a),(b)		500,000		554,860	5.88%, 06/15/2025 ^(a),(b)			500,000		519,685
Bank of New York Mellon Corp/The
(5-year Treasury Constant Maturity									$	14,268,280
Rate + 4.36%),					Diversified Financial Services — 5.25%
4.70%, 09/20/2025 ^(a),(b)		500,000		520,000	Charles Schwab Corp/The
Bank of Nova Scotia/The					(5-year Treasury Constant Maturity
(5-year Treasury Constant Maturity					Rate + 4.97%),
Rate + 4.55%),					5.38%, 06/01/2025 ^(a),(b)			500,000		534,160
4.90%, 06/04/2025 ^(a),(b)		500,000		498,900
					Discover Financial Services
BNP Paribas SA					(5-year Treasury Constant Maturity
(5-year Swap rate + 6.31%),
7.63%, 03/30/2021 ^(a),(b)		500,000		507,500	Rate + 5.78%),
					6.13%, 06/23/2025 ^(a),(b)			500,000		512,850
Citizens Financial Group Inc
(5-year Treasury Constant Maturity									$	1,047,010
Rate + 5.31%),					Electric — 4.47%
5.65%, 10/06/2025 ^(a),(b)		500,000		506,735
Comerica Inc					Dominion Energy Inc
(5-year Treasury Constant Maturity					(5-year Treasury Constant Maturity
Rate + 5.29%),					Rate + 2.99%),
5.63%, 07/01/2025 ^(a),(b)		500,000		507,500	4.65%, 12/15/2024 ^(a),(b)			400,000		391,722
Credit Agricole SA					Duke Energy Corp
(5-year Swap rate + 4.90%),					(5-year Treasury Constant Maturity
7.88%, 01/23/2024 ^(a),(b)		750,000		813,607	Rate + 3.39%),
Credit Suisse Group AG					4.88%, 09/16/2024 ^(a),(b)			500,000		499,450
(5-year Treasury Constant Maturity
									$	891,172
Rate + 4.82%),
6.38%, 08/21/2026 ^(a),(b),(c)		350,000		355,425
(5-year Swap rate + 5.11%),
7.13%, 07/29/2022 ^(a),(b)		500,000		515,225

See accompanying notes.

Schedule of Investments

Principal Spectrum Tax-Advantaged Dividend Active ETF

June 30, 2020


		Principal
BONDS (continued)		Amount		Value
Insurance — 1.96%
Voya Financial Inc
(5-year United States Treasury + 3.36%), 6.13%,
09/15/2023 ^(a),(b)	$	400,000	$	391,232

TOTAL BONDS			$	16,597,694
INVESTMENT COMPANIES — 0.67%		Shares Held		Value
Money Market Fund — 0.67%
State Street Institutional U.S. Government
Money Market Fund — Institutional
Class 0.12% ^(d)		133,648	$	133,648

TOTAL INVESTMENT COMPANIES			$	133,648
Total Investments			$	19,779,305
Other Assets and Liabilities — 0.84%			$	168,290
TOTAL NET ASSETS — 100.00%			$	19,947,595

^(a)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end.
^(b)	Rate shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a variable or floating rate in the future.
^(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $1,155,975 or 5.80% of net assets.
^(d)	Current yield shown is as of period end.


Portfolio Summary (unaudited)
Sector	Percent
Financial	89.18	%
Utilities	5.14	%
Communications	4.17	%
Investment Companies	0.67	%
Other Assets and Liabilities	0.84	%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

Schedule of Investments Principal Sustainable Momentum Index ETF

June 30, 2020


COMMON STOCKS — 99.52%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 0.41%				Electrical Components & Equipment — 0.68%
Omnicom Group Inc	329	$	17,963	Acuity Brands Inc	316	$	30,254

Aerospace & Defense — 0.62%				Environmental Control — 0.70%
Spirit AeroSystems Holdings Inc, Class A	1,150		27,531	Stericycle Inc ^(a)	558		31,237

Agriculture — 0.41%				Food — 0.80%
Bunge Ltd	438		18,015	Kraft Heinz Co/The	1,111		35,430

Airlines — 2.87%				Food Service — 0.46%
Alaska Air Group Inc	966		35,027	Aramark	902		20,358
American Airlines Group Inc	2,218		28,989
JetBlue Airways Corp ^(a)	3,084		33,616	Gas — 0.48%
United Airlines Holdings Inc ^(a)	857		29,661	UGI Corp	675		21,465
		$	127,293	Hand/Machine Tools — 1.09%
				Colfax Corp ^(a)	910		25,389
Apparel — 2.97%				Snap-on Inc	167		23,131
Hanesbrands Inc	3,494		39,447
PVH Corp	730		35,077			$	48,520
Tapestry Inc	2,123		28,193	Healthcare — Products — 0.70%
Under Armour Inc, Class A ^(a)	2,986		29,084	DENTSPLY SIRONA Inc	708		31,194

		$	131,801	Home Builders — 1.74%
Auto Manufacturers — 0.78%				Thor Industries Inc	433		46,128
Ford Motor Co	5,711		34,723	Toll Brothers Inc	956		31,156

Auto Parts & Equipment — 0.90%						$	77,284
BorgWarner Inc	1,129		39,854	Home Furnishings — 1.76%
Banks — 5.40%				Leggett & Platt Inc	1,031		36,240
CIT Group Inc	1,593		33,023	Whirlpool Corp	321		41,579
East West Bancorp Inc	700		25,368			$	77,819
First Horizon National Corp	2,237		22,281	Household Products — 0.54%
PacWest Bancorp	1,536		30,275	Coty Inc, Class A	5,330		23,825
Signature Bank	343		36,674
Synovus Financial Corp	1,026		21,064	Housewares — 0.73%
TCF Financial Corp	794		23,359	Newell Brands Inc	2,036		32,332
Webster Financial Corp	786		22,487
				Insurance — 2.48%
Wells Fargo & Co	959		24,550
				American International Group Inc	1,134		35,358
		$	239,081	Axis Capital Holdings Ltd	465		18,860
Beverages — 0.55%				Lincoln National Corp	684		25,164
Molson Coors Beverage Co, Class B	705		24,224	Unum Group	1,833		30,410

Biotechnology — 1.03%						$	109,792
Alexion Pharmaceuticals Inc ^(a)	201		22,560	Internet — 0.91%
United Therapeutics Corp ^(a)	190		22,990	Expedia Group Inc	489		40,196

		$	45,550	Leisure Time — 4.25%
Chemicals — 3.02%				Carnival Corp ^(b)	2,082		34,186
Axalta Coating Systems Ltd ^(a)	1,593		35,922	Harley-Davidson Inc	1,458		34,657
Eastman Chemical Co	387		26,951	Norwegian Cruise Line Holdings Ltd ^(a)	2,509		41,223
Mosaic Co/The	2,543		31,813	Polaris Inc	380		35,169
W R Grace & Co	772		39,225	Royal Caribbean Cruises Ltd	855		43,006
		$	133,911			$	188,241
Commercial Services — 1.79%				Lodging — 0.58%
H&R Block Inc	1,280		18,278	MGM Resorts International	1,527		25,654
ManpowerGroup Inc	341		23,444	Machinery — Diversified — 2.34%
Sabre Corp	4,652		37,495	Flowserve Corp	1,151		32,826
		$	79,217	Middleby Corp/The ^(a)	484		38,207
Computers — 1.12%				Westinghouse Air Brake Technologies Corp	570		32,815
DXC Technology Co	1,380		22,770			$	103,848
NCR Corp ^(a)	1,554		26,915
				Media — 3.08%
		$	49,685	Discovery Inc, Class A ^(a),(b)	929		19,602
Distribution/Wholesale — 0.52%				DISH Network Corp, Class A ^(a)	1,376		47,486
LKQ Corp ^(a)	878		23,004	News Corp, Class A	2,008		23,815
				ViacomCBS Inc, Class B	1,963		45,777
Diversified Financial Services — 5.52%
Affiliated Managers Group Inc	458		34,149			$	136,680
Alliance Data Systems Corp	817		36,863	Miscellaneous Manufacture — 1.03%
Capital One Financial Corp	357		22,345	General Electric Co	3,408		23,277
Discover Financial Services	505		25,295	Textron Inc	675		22,214
Franklin Resources Inc	1,643		34,454			$	45,491
Invesco Ltd	2,978		32,043
Lazard Ltd, Class A	764		21,873	Oil & Gas — 17.70%
Synchrony Financial	1,704		37,761	Apache Corp	6,561		88,574
				Cimarex Energy Co	1,633		44,891
		$	244,783	Concho Resources Inc	641		33,012

See accompanying notes.

Schedule of Investments Principal Sustainable Momentum Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held			Value
Oil & Gas (continued)				Telecommunications (continued)
Continental Resources Inc	3,594	$	63,003	ViaSat Inc ^(a)	765		$	29,353
Devon Energy Corp	3,976		45,088				$	58,520
Diamondback Energy Inc	1,049		43,869
EOG Resources Inc	765		38,755	Textiles — 0.82%
				Mohawk Industries Inc ^(a)	356			36,227
Exxon Mobil Corp	724		32,377
Helmerich & Payne Inc	1,757		34,279	Toys, Games & Hobbies — 0.67%
Marathon Oil Corp	8,352		51,114	Mattel Inc ^(a)	3,069			29,677
Noble Energy Inc	4,552		40,786
Occidental Petroleum Corp	2,374		43,444	Transportation — 0.98%
Ovintiv Inc	10,170		97,123	FedEx Corp	150			21,033
				Kirby Corp ^(a)	414			22,174
Parsley Energy Inc, Class A	4,797		51,232
Pioneer Natural Resources Co	393		38,396				$	43,207
WPX Energy Inc ^(a)	5,994		38,242
		$	784,185	TOTAL COMMON STOCKS		$	4,410,209
Oil & Gas Services — 3.70%				INVESTMENT COMPANIES — 2.48%	Shares Held			Value
Baker Hughes Co	2,618		40,291	Money Market Funds — 2.48%
Halliburton Co	4,015		52,115	Principal Government Money Market Fund —
National Oilwell Varco Inc	2,797		34,263	Institutional Class 0.00% ^{(a),(c),(d),(e)}	93,298		$	93,298
Schlumberger Ltd	2,039		37,497	State Street Institutional U.S. Government Money
				Market Fund — Institutional Class 0.12% ^(e)	16,503			16,503
		$	164,166

Packaging & Containers — 0.82%				TOTAL INVESTMENT COMPANIES			$	109,801
Sealed Air Corp	1,112		36,529
				Total Investments		$	4,520,010
Pharmaceuticals — 3.17%				Other Assets and Liabilities — (2.00)%			$	(88,672	)
Cardinal Health Inc	574		29,957
				TOTAL NET ASSETS — 100.00%		$	4,431,338
CVS Health Corp	457		29,691
Jazz Pharmaceuticals PLC ^(a)	182		20,082
				^(a)Non-income producing security.
Mylan NV ^(a)	1,850		29,748
				^(b)Security or a portion of the security was on loan at the end of the period.
Perrigo Co PLC	564		31,172
				^(c)Security or a portion of the security was pledged as collateral for securities
		$	140,650
				lending. At the end of the period, the value of these securities totaled
Pipelines — 1.20%
Targa Resources Corp	2,644		53,065	$93,298 or 2.11% of net assets.
				^(d)Affiliated Security. Security is either an affiliate (and registered under the
Real Estate — 0.64%				Investment Company Act of 1940) or an affiliate as defined by the
Howard Hughes Corp/The ^(a)	544		28,261
				Investment Company Act of 1940 (controls 5.00% or more of the
REITs — 7.79%				outstanding voting shares of the security). Please see affiliated sub-schedule
American Campus Communities Inc	648		22,654	for transactional information.
Boston Properties Inc	196		17,715	^(e)Current yield shown is as of period end.
Brixmor Property Group Inc	2,887		37,011
EPR Properties	744		24,649
Federal Realty Investment Trust	363		30,931	Portfolio Summary (unaudited)
Kimco Realty Corp	2,854		36,645	Sector				Percent
Regency Centers Corp	716		32,857
				Consumer, Cyclical				25.06	%
Simon Property Group Inc	493		33,711
				Financial				22.72	%
SL Green Realty Corp	638		31,447
				Energy				22.60	%
Ventas Inc	672		24,609
				Consumer, Non-cyclical				8.98	%
Vornado Realty Trust	759		29,001
				Industrial				8.28	%
Weyerhaeuser Co	1,062		23,853
				Communications				5.73	%
		$	345,083	Basic Materials				3.02	%
Retail — 6.01%				Technology				2.66	%
Advance Auto Parts Inc	194		27,635	Investment Companies				2.48	%
Foot Locker Inc	1,248		36,392	Utilities				0.47	%
Gap Inc/The	3,905		49,281	Other Assets and Liabilities				(2.00	)%
Kohl’s Corp	1,235		25,651	TOTAL NET ASSETS				100.00	%
L Brands Inc	2,378		35,599
Macy’s Inc ^(b)	5,599		38,521
Nordstrom Inc ^(b)	1,792		27,758
Walgreens Boots Alliance Inc	602		25,519
		$	266,356
Savings & Loans — 0.90%
New York Community Bancorp Inc	1,919		19,574
Sterling Bancorp	1,724		20,205
		$	39,779
Software — 1.54%
CDK Global Inc	837		34,668
DocuSign Inc ^(a)	195		33,581
		$	68,249
Telecommunications — 1.32%
CenturyLink Inc	2,908		29,167

See accompanying notes.

100

Schedule of Investments Principal Ultra-Short Active Income ETF

June 30, 2020


			Principal					Principal
BONDS — 98.58%			Amount		Value	BONDS (continued)		Amount		Value
Aerospace & Defense — 1.84%						Chemicals — 2.02%
General Dynamics Corp						DuPont de Nemours Inc
(3-month USD LIBOR + 0.38%),						3.77%, 11/15/2020	$	250,000	$	252,850
0.83%, 05/11/2021 ^(a)		$	230,000	$	230,545
						Diversified Financial Services — 4.13%
Asset-Backed Securities — 15.64%						American Express Co
AmeriCredit Automobile Receivables Trust 2019-3						(3-month USD LIBOR + 0.53%),
2.17%, 01/18/2023			219,105		220,714	0.91%, 05/17/2021 ^(a)		266,000		266,677
CCG Receivables Trust 2018-1 A2						USAA Capital Corp
2.50%, 06/16/2025 ^(b)			77,129		77,523	2.45%, 08/01/2020 ^(b)		250,000		250,416
CPS Auto Receivables Trust 2019-A									$	517,093
3.18%, 06/15/2022 ^(b)			60,944		61,154
CPS Auto Receivables Trust 2020-A						Electric — 11.18%
2.09%, 05/15/2023 ^(b)			75,419		76,046	Alabama Power Co
						3.38%, 10/01/2020 ^(d)		250,000		251,835
Ford Credit Auto Owner Trust 2015-2
2.44%, 01/15/2027 ^(b)			150,000		150,100	Dominion Energy Inc
Navient Private Education Loan Trust 2018-BA						2.58%, 07/01/2020		350,000		350,000
1.69%, 12/15/2059 ^(b),(c)			250,000		250,933	LG&E & KU Energy LLC
SMB Private Education Loan Trust 2015-B						3.75%, 11/15/2020		420,000		421,585
1.39%, 07/15/2027 ^(b),(c)			163,484		163,251	NextEra Energy Capital Holdings Inc
Verizon Owner Trust 2018-A A1A						(3-month USD LIBOR + 0.48%),
3.23%, 04/20/2023			256,000		261,637	1.04%, 05/04/2021 ^(a)		374,000		374,893
Volvo Financial Equipment Master Owner Trust									$	1,398,313
2018	-A
0.71%, 07/17/2023 ^(b),(c)			325,000		323,083	Food — 2.03%
Westlake Automobile Receivables Trust 2018-1A C						Tyson Foods Inc
2.92%, 05/15/2023 ^(b)			121,010		121,366	2.25%, 08/23/2021		250,000		253,896
Westlake Automobile Receivables Trust 2020-2A						Insurance — 7.99%
0.93%, 02/15/2024 ^(b)			250,000		250,097	MassMutual Global Funding II
						1.95%, 09/22/2020 ^(b)		250,000		250,900
				$	1,955,904
						2.00%, 04/15/2021 ^(b)		200,000		202,665
Banks — 31.84%						Metropolitan Life Global Funding I
Bank of America Corp						0.90%, 06/08/2023 ^(b)		250,000		251,410
2.63%, 10/19/2020			205,000		206,394	New York Life Global Funding
5.63%, 07/01/2020			250,000		250,000	1.70%, 09/14/2021 ^(b)		290,000		294,421
Citibank NA
(3-month USD LIBOR + 0.57%),									$	999,396
1.61%, 07/23/2021 ^(a)			250,000		251,166	Machinery — Construction & Mining — 2.40%
Citigroup Inc						Caterpillar Financial Services Corp
2.70%, 03/30/2021			200,000		203,256	(3-month USD LIBOR + 0.30%),
Credit Suisse Group Funding Guernsey Ltd						0.62%, 03/08/2021 ^(a)		300,000		300,151
3.13%, 12/10/2020			250,000		252,864
Fifth Third Bank						Oil & Gas — 3.64%
(3-month USD LIBOR + 0.25%),						BP Capital Markets America Inc
1.01%, 10/30/2020 ^(a)			200,000		200,115	4.74%, 03/11/2021		200,000		206,068
Goldman Sachs Group Inc/The						Phillips 66
(3-month USD LIBOR + 1.20%),						(3-month USD LIBOR + 0.60%),
1.51%, 09/15/2020 ^(a)			250,000		250,320	0.96%, 02/26/2021 ^(a)		250,000		249,626
HSBC Holdings PLC									$	455,694
(3-month USD LIBOR + 1.66%),
2.02%, 05/25/2021 ^(a)			250,000		252,787	Pharmaceuticals — 2.04%
ING Bank NV						CVS Health Corp
(3-month USD LIBOR + 0.88%),						3.35%, 03/09/2021		250,000		254,960
1.27%, 08/15/2021 ^(a),(b)			200,000		201,382	Retail — 3.21%
JPMorgan Chase & Co						McDonald’s Corp
2.30%, 08/15/2021			300,000		300,627	(3-month USD LIBOR + 0.43%),
KeyCorp						1.32%, 10/28/2021 ^(a)		400,000		400,891
5.10%, 03/24/2021			245,000		253,170
Morgan Stanley						Software — 2.03%
0.76%, 01/20/2023 ^(c)			200,000		199,323	Oracle Corp
5.50%, 07/24/2020			200,000		200,612	1.90%, 09/15/2021		250,000		254,272
PNC Financial Services Group Inc/The						Telecommunications — 4.57%
4.38%, 08/11/2020			309,000		310,381	AT&T Inc
Truist Bank						(3-month USD LIBOR + 0.75%),
(3-month USD LIBOR + 0.50%),						1.10%, 06/01/2021 ^(a)		286,000		287,448
1.49%, 10/26/2021 ^(a)			200,000		200,339	Sprint Spectrum Co LLC / Sprint Spectrum Co II
Wells Fargo & Co						LLC / Sprint Spectrum Co III LLC
(3-month USD LIBOR + 0.88%),						3.36%, 03/20/2023 ^(b)		281,250		284,676
1.98%, 07/22/2020 ^(a)			200,000		200,088
2.60%, 07/22/2020			250,000		250,305				$	572,124
				$	3,983,129
Beverages — 2.06%
Keurig Dr Pepper Inc
3.55%, 05/25/2021			250,000		256,948

See accompanying notes.

102

Schedule of Investments Principal Ultra-Short Active Income ETF

June 30, 2020


		Principal					^(c)Certain variable rate securities are not based on a published reference rate
BONDS (continued)		Amount			Value		and spread but are determined by the issuer or agent and are based on
Transportation — 1.96%							current market conditions. These securities do not indicate a reference rate
Penske Truck Leasing Co LP / PTL Finance							and spread in their description. Rate shown is the rate in effect as of period
Corp
							end.
3.65%, 07/29/2021 ^(b)	$	240,000		$	245,647
							^(d)Security or a portion of the security was on loan at the end of the period.
							^(e)Non-Income producing security.
TOTAL BONDS			$	12,331,813
							^(f)Security or a portion of the security was pledged as collateral for securities
U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS — 0.82%		Amount			Value		lending. At the end of the period, the value of these securities totaled
							$11,413 or 0.09% of net assets.
Sovereign — 0.82%
							^(g)Affiliated Security. Security is either an affiliate (and registered under the
U.S. Treasury Note
2.75%, 09/15/2021	$	100,000		$	103,102		Investment Company Act of 1940) or an affiliate as defined by the
							Investment Company Act of 1940 (controls 5.00% or more of the
TOTAL U.S. GOVERNMENT &							outstanding voting shares of the security). Please see affiliated sub-
GOVERNMENT AGENCY OBLIGATIONS				$	103,102		schedule for transactional information.
INVESTMENT COMPANIES — 2.16%		Shares Held			Value		^(h)Current yield shown is as of period end.

Money Market Funds — 2.16%							Portfolio Summary (unaudited)
Principal Government Money Market Fund —
Institutional Class 0.00% ^{(e),(f),(g),(h)}		11,413		$	11,413		Sector							Percent
State Street Institutional U.S. Government							Financial							43.96	%
Money Market Fund — Institutional							Asset-Backed Securities							15.64	%
Class 0.12% ^(h)		258,080			258,080		Utilities							11.18	%
							Industrial							6.21	%
TOTAL INVESTMENT COMPANIES				$	269,493		Consumer, Non-cyclical							6.12	%
Total Investments			$	12,704,408			Communications							4.57	%
Other Assets and Liabilities — (1.56)%				$	(194,930	)	Energy							3.64	%
							Consumer, Cyclical							3.21	%
TOTAL NET ASSETS — 100.00%			$	12,509,478			Investment Companies							2.16	%
^(a)Rate shown is as of period end. The rate may be a variable or floating rate							Technology							2.03	%
							Basic Materials							2.02	%
or a fixed rate which may convert to a variable or floating rate in the							Government							0.82	%
future.							Other Assets and Liabilities							(1.56	)%
^(b)Security exempt from registration under Rule 144A of the Securities Act
							TOTAL NET ASSETS							100.00	%
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the end of the
period, the value of these securities totaled $3,455,070 or 27.62% of net
assets.

							June 30, 2019			Purchases		Sales	June 30, 2020
Affiliated Securities							Value			Cost		Proceeds	Value
Principal Government Money Market Fund — Institutional Class 0.00%							$	—	$	1,274,579	$	1,263,166	$	11,413
							$	—	$	1,274,579	$	1,263,166	$	11,413

											Realized Gain
										Realized		from	Change in
									Gain/Loss on		Capital Gain		Unrealized
							Income ^(a)		Investments		Distributions		Gain/Loss
Principal Government Money Market Fund — Institutional Class 0.00%							$	—	$	—	$	—	$	—
							$	—	$	—	$	—	$	—

^(a)Amount excludes earnings from securities lending collateral.

See accompanying notes.

103

Schedule of Investments

Principal U.S. Large-Cap Multi-Factor Core Index ETF

June 30, 2020


COMMON STOCKS — 99.62%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 0.41%				Distribution/Wholesale — 0.58%
Omnicom Group Inc	475	$	25,935	Fastenal Co	454	$	19,450
				WW Grainger Inc	57		17,907
Aerospace & Defense — 0.49%
General Dynamics Corp	106		15,843			$	37,357
Lockheed Martin Corp	42		15,326	Diversified Financial Services — 4.19%
		$	31,169	Capital One Financial Corp	334		20,905
Agriculture — 0.92%				Charles Schwab Corp/The	502		16,938
Altria Group Inc	519		20,371	Discover Financial Services	474		23,743
Philip Morris International Inc	546		38,253	Mastercard Inc, Class A	226		66,828
				Synchrony Financial	1,050		23,268
		$	58,624	T Rowe Price Group Inc	174		21,489
Airlines — 0.79%				Visa Inc, Class A	490		94,653
Delta Air Lines Inc	915		25,666			$	267,824
Southwest Airlines Co	732		25,020
				Electric — 1.45%
		$	50,686	Alliant Energy Corp	267		12,773
Apparel — 0.41%				DTE Energy Co	135		14,513
NIKE Inc, Class B	265		25,983	Duke Energy Corp	159		12,703
				Edison International	236		12,817
Auto Manufacturers — 0.56%				Evergy Inc	235		13,933
Cummins Inc	105		18,192
PACCAR Inc	233		17,440	Sempra Energy	114		13,364
				Southern Co/The	239		12,392
		$	35,632
						$	92,495
Banks — 5.54%
Bank of America Corp	1,976		46,930	Electrical Components & Equipment — 0.56%
Bank of New York Mellon Corp/The	501		19,364	AMETEK Inc	198		17,695
Citizens Financial Group Inc	899		22,691	Emerson Electric Co	295		18,299
Fifth Third Bancorp	1,139		21,960			$	35,994
Goldman Sachs Group Inc/The	111		21,936	Electronics — 1.04%
Huntington Bancshares Inc	2,060		18,612	Amphenol Corp, Class A	193		18,491
JPMorgan Chase & Co	780		73,367	Honeywell International Inc	107		15,471
KeyCorp	1,631		19,865	TE Connectivity Ltd	224		18,267
M&T Bank Corp	163		16,947	Waters Corp ^(a)	79		14,252
PNC Financial Services Group Inc/The	176		18,517
Regions Financial Corp	1,886		20,972			$	66,481
State Street Corp	316		20,082	Food — 1.86%
US Bancorp	490		18,042	General Mills Inc	382		23,550
Wells Fargo & Co	590		15,104	Hershey Co/The	151		19,573
		$	354,389	Kraft Heinz Co/The	812		25,895
Beverages — 1.76%				Kroger Co/The	867		29,348
Coca-Cola Co/The	983		43,920	Mondelez International Inc, Class A	401		20,503
Monster Beverage Corp ^(a)	356		24,678			$	118,869
PepsiCo Inc	333		44,043	Forest Products & Paper — 0.19%
		$	112,641	International Paper Co	341		12,007

Biotechnology — 1.25%				Healthcare — Products — 1.85%
Alexion Pharmaceuticals Inc ^(a)	51		5,724
				Abbott Laboratories	419		38,309
Amgen Inc	138		32,549	Cooper Cos Inc/The	179		50,772
Biogen Inc ^(a)	40		10,702
				Medtronic PLC	322		29,527
Illumina Inc ^(a)	31		11,481
Incyte Corp ^(a)	59		6,134			$	118,608
Regeneron Pharmaceuticals Inc ^(a)	21		13,097	Healthcare — Services — 3.08%
		$	79,687	Humana Inc	157		60,877
				Quest Diagnostics Inc	615		70,085
Chemicals — 0.71%				UnitedHealth Group Inc	225		66,364
LyondellBasell Industries NV, Class A	214		14,064
PPG Industries Inc	126		13,364			$	197,326
Sherwin-Williams Co/The	31		17,913	Home Builders — 1.02%
		$	45,341	DR Horton Inc	591		32,771
				Lennar Corp, Class A	525		32,350
Commercial Services — 1.95%
Cintas Corp	83		22,108			$	65,121
FleetCor Technologies Inc ^(a)	75		18,865
				Household Products — 1.52%
Gartner Inc ^(a)	693		84,081
				Colgate-Palmolive Co	302		22,125
		$	125,054	Procter & Gamble Co/The	627		74,970
Computers — 11.65%						$	97,095
Apple Inc	1,038		378,662	Household Products/Wares — 0.78%
Cognizant Technology Solutions Corp, Class A	1,484		84,321	Church & Dwight Co Inc	312		24,117
Hewlett Packard Enterprise Co	7,109		69,171	Clorox Co/The	118		25,886
HP Inc	3,988		69,511
International Business Machines Corp	622		75,119			$	50,003
Seagate Technology PLC	1,415		68,500	Insurance — 3.65%
		$	745,284	Allstate Corp/The	184		17,846
				Arch Capital Group Ltd ^(a)	593		16,990

See accompanying notes.

104

Schedule of Investments

Principal U.S. Large-Cap Multi-Factor Core Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held			Value
Insurance (continued)				Semiconductors — 6.16%
Berkshire Hathaway Inc, Class B ^(a)	575	$	102,643	Intel Corp	1,281		$	76,642
Fidelity National Financial Inc	679		20,818	Maxim Integrated Products Inc	1,419			86,006
Hartford Financial Services Group Inc/The	480		18,504	NVIDIA Corp	104			39,511
Markel Corp ^(a)	18		16,617	QUALCOMM Inc	1,020			93,034
MetLife Inc	552		20,159	Skyworks Solutions Inc	772			98,708
Prudential Financial Inc	323		19,671				$	393,901
		$	233,248	Software — 8.38%
Internet — 14.55%				Adobe Inc ^(a)	114			49,625
Alphabet Inc, Class A ^(a)	173		245,322	Akamai Technologies Inc ^(a)	46			4,926
Amazon.com Inc ^(a)	101		278,641	ANSYS Inc ^(a)	23			6,710
Booking Holdings Inc ^(a)	20		31,847	Cerner Corp	81			5,552
CDW Corp	739		85,857	Citrix Systems Inc	32			4,733
eBay Inc	883		46,313	Microsoft Corp	1,918			390,332
Expedia Group Inc	464		38,141	Oracle Corp	536			29,625
Facebook Inc, Class A ^(a)	683		155,089	Paychex Inc	225			17,044
Netflix Inc ^(a)	101		45,959	salesforce.com Inc ^(a)	129			24,166
NortonLifeLock Inc	164		3,252	SS&C Technologies Holdings Inc	64			3,615
		$	930,421				$	536,328
Lodging — 0.58%				Telecommunications — 2.56%
MGM Resorts International	2,213		37,178	Arista Networks Inc ^(a)	17			3,570
				AT&T Inc	1,825			55,170
Media — 3.09%
				Cisco Systems Inc	1,014			47,293
Comcast Corp, Class A	1,472		57,379
Discovery Inc, Class A ^(a),(b)	1,343		28,337	Verizon Communications Inc	1,053			58,052
Fox Corp, Class A	1,105		29,636				$	164,085
ViacomCBS Inc, Class B	1,894		44,168	Transportation — 0.53%
Walt Disney Co/The	345		38,471	CSX Corp	245			17,086
		$	197,991	Union Pacific Corp	99			16,738
Miscellaneous Manufacture — 0.83%							$	33,824
3M Co	103		16,067
Illinois Tool Works Inc	100		17,485	TOTAL COMMON STOCKS		$	6,372,302
Parker-Hannifin Corp	108		19,793	INVESTMENT COMPANIES — 0.60%	Shares Held			Value
		$	53,345	Money Market Funds — 0.60%
Oil & Gas — 2.19%				Principal Government Money Market Fund —
				Institutional Class 0.00% ^{(a),(c),(d),(e)}	21,902		$	21,902
Chevron Corp	328		29,267
ConocoPhillips	465		19,539	State Street Institutional U.S. Government Money
EOG Resources Inc	399		20,213	Market Fund — Institutional Class 0.12% ^(e)	16,772			16,772
Exxon Mobil Corp	1,080		48,298
Marathon Petroleum Corp	607		22,690	TOTAL INVESTMENT COMPANIES			$	38,674
		$	140,007	Total Investments		$	6,410,976
				Other Assets and Liabilities — (0.22)%			$	(14,264	)
Pharmaceuticals — 7.76%
AbbVie Inc	650		63,817	TOTAL NET ASSETS — 100.00%		$	6,396,712
Bristol-Myers Squibb Co	772		45,394
				^(a)Non-income producing security.
Cardinal Health Inc	1,034		53,964
Cigna Corp ^(a)	279		52,354	^(b)Security or a portion of the security was on loan at the end of the period.
CVS Health Corp	440		28,587	^(c)Security or a portion of the security was pledged as collateral for securities
Eli Lilly & Co	212		34,806	lending. At the end of the period, the value of these securities totaled
Johnson & Johnson	747		105,051	$21,902 or 0.34% of net assets.
Merck & Co Inc	751		58,075	^(d)Affiliated Security. Security is either an affiliate (and registered under the
Pfizer Inc	1,666		54,478
				Investment Company Act of 1940) or an affiliate as defined by the
		$	496,526	Investment Company Act of 1940 (controls 5.00% or more of the
Pipelines — 0.57%				outstanding voting shares of the security). Please see affiliated sub-schedule
Cheniere Energy Inc ^(a)	428		20,681
				for transactional information.
Kinder Morgan Inc	1,032		15,655
				^(e)Current yield shown is as of period end.
		$	36,336
REITs — 0.33%
Simon Property Group Inc	307		20,993

Retail — 3.88%
Costco Wholesale Corp	112		33,960
Home Depot Inc/The	271		67,888
McDonald’s Corp	125		23,059
O’Reilly Automotive Inc ^(a)	88		37,107
Ulta Beauty Inc ^(a)	151		30,716
Walgreens Boots Alliance Inc	570		24,162
Walmart Inc	264		31,622
		$	248,514

See accompanying notes.

105

Schedule of Investments

Principal U.S. Mega-Cap Multi-Factor Index ETF

June 30, 2020


COMMON STOCKS — 99.69%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Banks — 3.61%				Software (continued)
Bank of America Corp	837,676	$	19,894,805	salesforce.com Inc ^(a)	213,407	$	39,977,533
JPMorgan Chase & Co	197,297		18,557,756			$	205,317,208
Wells Fargo & Co	619,787		15,866,547
				Telecommunications — 7.52%
		$	54,319,108	AT&T Inc	1,055,970		31,921,973
Beverages — 5.19%				Cisco Systems Inc	782,063		36,475,419
Coca-Cola Co/The	987,635		44,127,532	Verizon Communications Inc	813,317		44,838,166
PepsiCo Inc	256,333		33,902,602			$	113,235,558
		$	78,030,134
				TOTAL COMMON STOCKS		$	1,500,426,652
Biotechnology — 2.38%
Amgen Inc	151,633		35,764,159	INVESTMENT COMPANIES — 0.24%	Shares Held		Value

Computers — 2.93%				Money Market Fund — 0.24%
Apple Inc	120,894		44,102,131	State Street Institutional U.S. Government
				Money Market Fund — Institutional
Diversified Financial Services — 4.95%				Class 0.12% ^(b)	3,583,990	$	3,583,990
Mastercard Inc, Class A	127,206		37,614,814
Visa Inc, Class A	190,716		36,840,610	TOTAL INVESTMENT COMPANIES		$	3,583,990
		$	74,455,424	Total Investments		$	1,504,010,642
Electric — 2.04%				Other Assets and Liabilities — 0.07%		$	1,035,241
NextEra Energy Inc	127,846		30,704,774	TOTAL NET ASSETS — 100.00%		$	1,505,045,883

Healthcare — Products — 7.05%				^(a)Non-income producing security.
Abbott Laboratories	389,399		35,602,750	^(b)Current yield shown is as of period end.
Medtronic PLC	341,384		31,304,913
Thermo Fisher Scientific Inc	108,332		39,253,017
				Portfolio Summary (unaudited)
		$	106,160,680
				Sector			Percent
Healthcare — Services — 1.40%
UnitedHealth Group Inc	71,128		20,979,204	Consumer, Non-cyclical			29.59	%
				Communications			24.06	%
Household Products — 2.22%				Technology			19.58	%
Procter & Gamble Co/The	279,819		33,457,958	Financial			10.55	%
Insurance — 2.00%				Consumer, Cyclical			10.01	%
Berkshire Hathaway Inc, Class B ^(a)	168,409		30,062,691	Energy			3.86	%
				Utilities			2.04	%
Internet — 11.86%				Investment Companies			0.24	%
Alphabet Inc, Class A ^(a)	26,445		37,500,332	Other Assets and Liabilities			0.07	%
Amazon.com Inc ^(a)	22,466		61,979,650
				TOTAL NET ASSETS			100.00	%
Facebook Inc, Class A ^(a)	184,210		41,828,565
Netflix Inc ^(a)	81,853		37,246,389
		$	178,554,936
Media — 4.67%
Comcast Corp, Class A	893,913		34,844,729
Walt Disney Co/The	318,145		35,476,349
		$	70,321,078
Oil & Gas — 3.86%
Chevron Corp	245,413		21,898,202
Exxon Mobil Corp	809,566		36,203,791
		$	58,101,993
Pharmaceuticals — 11.36%
Eli Lilly & Co	221,708		36,400,019
Johnson & Johnson	333,212		46,859,604
Merck & Co Inc	568,123		43,932,952
Pfizer Inc	1,339,220		43,792,494
		$	170,985,069
Retail — 10.01%
Costco Wholesale Corp	153,288		46,478,454
Home Depot Inc/The	95,221		23,853,813
McDonald’s Corp	185,800		34,274,526
Walmart Inc	384,714		46,081,043
		$	150,687,836
Semiconductors — 3.00%
Intel Corp	327,826		19,613,829
NVIDIA Corp	67,313		25,572,882
		$	45,186,711
Software — 13.64%
Adobe Inc ^(a)	96,650		42,072,712
Microsoft Corp	432,742		88,067,324
Oracle Corp	636,867		35,199,639

See accompanying notes.

107

Schedule of Investments

Principal U.S. Small-Cap Multi-Factor Index ETF

June 30, 2020


COMMON STOCKS — 99.68%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 0.01%				Banks (continued)
National CineMedia Inc	11,280	$	33,502	MidWestOne Financial Group Inc	3,373	$	67,460
Agriculture — 0.24%				NBT Bancorp Inc	13,344		410,461
				Nicolet Bankshares Inc ^(a)	3,373		184,840
Phibro Animal Health Corp, Class A	7,232		189,985
Vector Group Ltd	58,184		585,331	Old Second Bancorp Inc	12,481		97,102
				Origin Bancorp Inc	5,721		125,862
		$	775,316	Peapack-Gladstone Financial Corp	6,152		115,227
Airlines — 0.74%				Peoples Bancorp Inc	6,590		140,235
Allegiant Travel Co	5,423		592,246	Preferred Bank	9,937		425,800
Hawaiian Holdings Inc	32,448		455,570	Renasant Corp	23,976		597,002
Spirit Airlines Inc ^(a)	78,599		1,399,062	S&T Bancorp Inc	16,294		382,094
		$	2,446,878	Sandy Spring Bancorp Inc	20,906		518,051
				ServisFirst Bancshares Inc	17,946		641,749
Apparel — 0.91%				Simmons First National Corp, Class A	57,531		984,355
Kontoor Brands Inc ^(a)	36,779		655,034
				South State Corp	26,946		1,284,246
Levi Strauss & Co, Class A	44,897		601,620	Stock Yards Bancorp Inc	4,503		181,021
Oxford Industries Inc	6,554		288,442	TriCo Bancshares	8,355		254,410
Steven Madden Ltd	25,867		638,656	United Community Banks Inc	38,269		769,972
Wolverine World Wide Inc	33,699		802,373	Univest Financial Corp	12,347		199,281
		$	2,986,125	Veritex Holdings Inc	46,319		819,846
Auto Manufacturers — 0.23%				Washington Trust Bancorp Inc	4,111		134,635
Wabash National Corp	71,689		761,337	WesBanco Inc	24,973		507,202
				Wintrust Financial Corp	41,588		1,814,069
Auto Parts & Equipment — 1.22%
Dana Inc	52,659		641,913			$	39,053,418
Douglas Dynamics Inc	9,347		328,267	Biotechnology — 2.73%
Gentherm Inc ^(a)	7,804		303,576	ADMA Biologics Inc ^(a),(b)	65,955		193,248
Goodyear Tire & Rubber Co/The	240,541		2,151,639	Agenus Inc ^(a)	111,570		438,470
Methode Electronics Inc	13,339		416,977	ANI Pharmaceuticals Inc ^(a)	3,972		128,455
Standard Motor Products Inc	4,206		173,287	Ardelyx Inc ^(a)	42,261		292,446
				Clearside Biomedical Inc ^(a),(b)	35,648		67,018
		$	4,015,659
				EyePoint Pharmaceuticals Inc ^(a)	33,649		25,472
Banks — 11.90%				ImmunoGen Inc ^(a)	119,280		548,688
1st Source Corp	5,264		187,293	Innoviva Inc ^(a)	45,022		629,408
Amalgamated Bank, Class A	9,119		115,264	Intercept Pharmaceuticals Inc ^(a)	28,572		1,368,885
Ameris Bancorp	40,401		953,060	Lexicon Pharmaceuticals Inc ^(a)	69,138		137,930
Associated Banc-Corp	140,370		1,920,262	Ligand Pharmaceuticals Inc ^(a)	24,649		2,756,991
Atlantic Capital Bancshares Inc ^(a)	6,311		76,742
				Myriad Genetics Inc ^(a)	57,632		653,547
Atlantic Union Bankshares Corp	39,714		919,776	NGM Biopharmaceuticals Inc ^(a)	18,685		368,842
BancorpSouth Bank	48,522		1,103,390	Prothena Corp PLC ^(a)	9,814		102,654
Bank of Hawaii Corp	25,012		1,535,987	Puma Biotechnology Inc ^(a)	55,728		581,243
Bank OZK	102,472		2,405,018	Radius Health Inc ^(a)	26,089		355,593
BankUnited Inc	74,682		1,512,311	Rigel Pharmaceuticals Inc ^(a)	82,531		151,032
Banner Corp	20,650		784,700	TransMedics Group Inc ^(a)	8,658		155,151
Cadence BanCorp	175,622		1,556,011
Cathay General Bancorp	33,049		869,189			$	8,955,073
Central Pacific Financial Corp	17,216		275,972	Chemicals — 2.21%
City Holding Co	6,206		404,445	Amyris Inc ^(a),(b)	65,252		278,626
Civista Bancshares Inc	4,161		64,079	Cabot Corp	16,846		624,144
ConnectOne Bancorp Inc	15,859		255,647	Hawkins Inc	1,174		49,989
Customers Bancorp Inc ^(a)	20,320		244,246
				HB Fuller Co	27,815		1,240,549
Eagle Bancorp Inc	21,146		692,532	Ingevity Corp ^(a)	28,618		1,504,448
Enterprise Financial Services Corp	9,831		305,941	Innospec Inc	5,339		412,438
FB Financial Corp	13,502		334,445	Koppers Holdings Inc ^(a)	8,795		165,698
Financial Institutions Inc	3,262		60,706	Minerals Technologies Inc	8,420		395,151
First Bancshares Inc/The	11,545		259,763	Orion Engineered Carbons S.A.	30,052		318,251
First Financial Corp	3,636		133,950	PolyOne Corp	41,031		1,076,243
First Foundation Inc	11,957		195,377	PQ Group Holdings Inc ^(a)	5,193		68,755
First Hawaiian Inc	108,985		1,878,901	Sensient Technologies Corp	21,612		1,127,282
First Merchants Corp	19,871		547,843
First Midwest Bancorp Inc	78,638		1,049,817			$	7,261,574
First of Long Island Corp/The	5,020		82,027	Coal — 0.44%
Great Southern Bancorp Inc	4,239		171,086	Arch Resources Inc	24,441		694,369
Great Western Bancorp Inc	35,430		487,517	Warrior Met Coal Inc	49,526		762,205
Hanmi Financial Corp	13,891		134,882
HarborOne Bancorp Inc ^(a)	39,156		334,392			$	1,456,574
Hilltop Holdings Inc	50,929		939,640	Commercial Services — 4.33%
Home BancShares Inc	71,670		1,102,285	ABM Industries Inc	30,830		1,119,129
Hope Bancorp Inc	109,040		1,005,349	ASGN Inc ^(a)	27,776		1,852,104
Horizon Bancorp Inc	10,149		108,493	Barrett Business Services Inc	3,386		179,898
Independent Bank Group Inc	54,764		2,219,037	BG Staffing Inc	4,001		45,291
Kearny Financial Corp	50,983		417,041	Carriage Services Inc	3,669		66,482
Lakeland Bancorp Inc	11,717		133,925	Cass Information Systems Inc	3,834		149,641
Lakeland Financial Corp	8,522		397,040	Cimpress PLC ^(a)	17,979		1,372,517
Mercantile Bank Corp	4,630		104,638	Collectors Universe Inc	1,683		57,693
Midland States Bancorp Inc	7,925		118,479	CorVel Corp ^(a)	4,334		307,237

See accompanying notes.

108

Schedule of Investments

Principal U.S. Small-Cap Multi-Factor Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Commercial Services (continued)				Electronics — 2.04%
Deluxe Corp	27,892	$	656,578	Advanced Energy Industries Inc ^(a)	15,955	$	1,081,589
EVERTEC Inc	29,539		830,046	Atkore International Group Inc ^(a)	19,616		536,498
Forrester Research Inc ^(a)	3,344		107,142	Avnet Inc	57,504		1,603,499
Hackett Group Inc/The	11,757		159,190	Badger Meter Inc	12,069		759,382
Heidrick & Struggles International Inc	7,846		169,631	Comtech Telecommunications Corp	26,059		440,137
HMS Holdings Corp ^(a)	54,146		1,753,789	Fluidigm Corp ^(a)	20,981		84,134
Kelly Services Inc, Class A	14,568		230,393	OSI Systems Inc ^(a)	13,802		1,030,181
Kforce Inc	10,287		300,895	SMART Global Holdings Inc ^(a)	13,747		373,643
Korn Ferry	30,038		923,068	Watts Water Technologies Inc, Class A	9,619		779,139
Medifast Inc ^(b)	13,672		1,897,263
						$	6,688,202
Monro Inc	12,383		680,322
Rent-A-Center Inc	23,923		665,538	Engineering & Construction — 1.50%
Resources Connection Inc	11,413		136,614	Arcosa Inc	7,036		296,919
SP Plus Corp ^(a)	3,561		73,748	Comfort Systems USA Inc	13,281		541,201
TrueBlue Inc ^(a)	23,894		364,861	Construction Partners Inc, Class A ^(a)	9,373		166,464
Viad Corp	7,010		133,330	Exponent Inc	17,050		1,379,857
				Mistras Group Inc ^(a)	9,302		36,743
		$	14,232,400	TopBuild Corp ^(a)	21,894		2,490,880
Computers — 1.58%						$	4,912,064
Diebold Nixdorf Inc ^(a)	91,515		554,581
ExlService Holdings Inc ^(a)	11,671		739,941	Entertainment — 1.13%
Insight Enterprises Inc ^(a)	30,029		1,477,427	AMC Entertainment Holdings Inc, Class A ^(b)	79,755		342,149
MTS Systems Corp	12,183		214,299	Cinemark Holdings Inc	68,508		791,267
NetScout Systems Inc ^(a)	30,890		789,548	RCI Hospitality Holdings Inc	2,412		33,430
Super Micro Computer Inc ^(a)	17,932		509,090	SeaWorld Entertainment Inc ^(a)	49,688		735,879
TTEC Holdings Inc	9,434		439,247	Six Flags Entertainment Corp	89,341		1,716,241
Virtusa Corp ^(a)	14,081		457,210	Twin River Worldwide Holdings Inc	4,437		98,901
		$	5,181,343			$	3,717,867
Construction Materials — 1.62%				Food — 1.49%
American Woodmark Corp ^(a)	3,247		245,636	B&G Foods Inc ^(b)	33,976		828,335
				BellRing Brands Inc, Class A ^(a)	16,429		327,594
Apogee Enterprises Inc	9,866		227,313
				Hostess Brands Inc ^(a)	86,143		1,052,667
Boise Cascade Co	19,950		750,319
Griffon Corp	11,148		206,461	J&J Snack Foods Corp	4,303		547,040
Patrick Industries Inc	11,162		683,672	John B Sanfilippo & Son Inc	3,273		279,285
PGT Innovations Inc ^(a)	23,967		375,803	Sprouts Farmers Market Inc ^(a)	41,669		1,066,310
				TreeHouse Foods Inc ^(a)	17,727		776,443
Simpson Manufacturing Co Inc	20,325		1,714,617
UFP Industries Inc	22,691		1,123,431			$	4,877,674
		$	5,327,252	Food Service — 0.29%
Distribution/Wholesale — 1.62%				Healthcare Services Group Inc	39,082		955,946
Core-Mark Holding Co Inc	5,205		129,891	Forest Products & Paper — 0.20%
G-III Apparel Group Ltd ^(a)	26,811		356,318	Neenah Inc	5,678		280,834
H&E Equipment Services Inc	20,351		376,086	Schweitzer-Mauduit International Inc	11,127		371,753
KAR Auction Services Inc	72,477		997,284
ScanSource Inc ^(a)	7,757		186,866			$	652,587
Systemax Inc	4,468		91,773	Gas — 1.16%
Triton International Ltd	23,553		712,243	Chesapeake Utilities Corp	3,469		291,396
WESCO International Inc ^(a)	70,165		2,463,493	National Fuel Gas Co	47,198		1,979,012
		$	5,313,954	South Jersey Industries Inc	61,250		1,530,638
Diversified Financial Services — 4.51%						$	3,801,046
B. Riley Financial Inc	4,197		91,327	Hand/Machine Tools — 1.22%
Brightsphere Investment Group Inc ^(a)	32,663		406,981	Franklin Electric Co Inc	12,548		659,021
Cohen & Steers Inc	12,537		853,143	Kennametal Inc	64,791		1,860,150
Curo Group Holdings Corp	30,669		250,566	Regal Beloit Corp	17,070		1,490,552
Diamond Hill Investment Group Inc	2,203		250,415			$	4,009,723
Ellington Financial Inc	83,001		977,752
Encore Capital Group Inc ^(a)	23,444		801,316	Healthcare — Products — 4.46%
				Accuray Inc ^(a)	34,085		69,192
Evercore Inc, Class A	39,097		2,303,595
				AngioDynamics Inc ^(a)	17,383		176,785
Federated Hermes Inc	64,884		1,537,751
Navient Corp	188,835		1,327,510	Atrion Corp	476		303,217
Premier Financial Corp	15,943		281,713	Cantel Medical Corp	25,824		1,142,195
Regional Management Corp ^(a)	5,545		98,202	CONMED Corp	22,714		1,635,181
				GenMark Diagnostics Inc ^(a)	52,969		779,174
Tradeweb Markets Inc, Class A	42,804		2,488,624
				Inspire Medical Systems Inc ^(a)	21,682		1,886,768
Virtus Investment Partners Inc	6,990		812,867
Waddell & Reed Financial Inc, Class A	149,932		2,325,445	Invacare Corp	15,319		97,582
				LeMaitre Vascular Inc	7,898		208,507
		$	14,807,207	Luminex Corp	21,328		693,800
Electric — 0.32%				Meridian Bioscience Inc ^(a)	26,059		606,914
NorthWestern Corp	19,236		1,048,747	Natus Medical Inc ^(a)	13,058		284,926
				OrthoPediatrics Corp ^(a)	9,317		407,712
Electrical Components & Equipment — 0.19%				Patterson Cos Inc	97,529		2,145,638
Belden Inc	19,051		620,110	RTI Surgical Holdings Inc ^(a)	26,468		84,168
				Silk Road Medical Inc ^(a)	18,193		762,105

See accompanying notes.

109

Schedule of Investments

Principal U.S. Small-Cap Multi-Factor Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Healthcare — Products (continued)				Leisure Time — 0.16%
SmileDirectClub Inc ^(a),(b)	384,666	$	3,038,861	Acushnet Holdings Corp	13,001	$	452,305
Utah Medical Products Inc	1,013		89,772	Lindblad Expeditions Holdings Inc ^(a)	11,031		85,159
Varex Imaging Corp ^(a)	15,424		233,674
						$	537,464
		$	14,646,171	Lodging — 0.02%
Healthcare — Services — 4.23%				Marcus Corp/The	5,677		75,334
Acadia Healthcare Co Inc ^(a)	43,458		1,091,665
Brookdale Senior Living Inc ^(a)	120,994		356,932	Machinery — Construction & Mining — 0.37%
Community Health Systems Inc ^(a)	90,770		273,218	Terex Corp	64,743		1,215,226
Ensign Group Inc/The	16,127		674,915	Machinery — Diversified — 1.23%
Fulgent Genetics Inc ^(a)	10,421		166,736	Albany International Corp, Class A	15,701		921,806
Magellan Health Inc ^(a)	9,780		713,744	Altra Industrial Motion Corp	24,669		785,954
MEDNAX Inc ^(a)	92,930		1,589,103	Applied Industrial Technologies Inc	12,333		769,456
Medpace Holdings Inc ^(a)	16,772		1,560,131	Cactus Inc, Class A	14,908		307,552
National HealthCare Corp	4,504		285,734	Ichor Holdings Ltd ^(a)	22,999		611,313
OPKO Health Inc ^(a),(b)	435,666		1,485,621	Kadant Inc	3,634		362,165
Pennant Group Inc/The ^(a)	7,993		180,642	Tennant Co	4,302		279,673
Personalis Inc ^(a)	18,793		243,745
Select Medical Holdings Corp ^(a)	52,875		778,849			$	4,037,919
Surgery Partners Inc ^(a)	36,150		418,255	Media — 1.32%
Tenet Healthcare Corp ^(a)	121,589		2,201,977	AMC Networks Inc, Class A ^(a)	22,547		527,374
Tivity Health Inc ^(a),(b)	100,013		1,133,147	Entercom Communications Corp, Class A	23,574		32,532
Triple-S Management Corp, Class B ^(a)	10,079		191,703	EW Scripps Co/The Class A	9,401		82,259
US Physical Therapy Inc	6,578		532,950	iHeartMedia Inc, Class A ^(a),(b)	13,550		113,143
				John Wiley & Sons Inc, Class A	9,715		378,885
		$	13,879,067	Meredith Corp	62,493		909,273
Home Builders — 2.56%				MSG Networks Inc, Class A ^(a)	30,196		300,450
Century Communities Inc ^(a)	15,397		472,072	Sinclair Broadcast Group Inc, Class A	58,032		1,071,271
Installed Building Products Inc ^(a)	15,560		1,070,217	TEGNA Inc	83,315		928,129
LCI Industries	5,613		645,383			$	4,343,316
Meritage Homes Corp ^(a)	20,128		1,532,143
Taylor Morrison Home Corp, Class A ^(a)	101,974		1,967,078	Metal Fabrication & Hardware — 0.48%
TRI Pointe Group Inc ^(a)	77,107		1,132,702	AZZ Inc	10,379		356,207
Winnebago Industries Inc	23,645		1,575,230	Mueller Industries Inc	9,843		261,627
				Park-Ohio Holdings Corp	2,450		40,645
		$	8,394,825	Valmont Industries Inc	7,990		907,824
Home Furnishings — 0.05%						$	1,566,303
Ethan Allen Interiors Inc	13,781		163,029
				Mining — 0.43%
Household Products — 0.20%				Compass Minerals International Inc	18,766		914,843
Edgewell Personal Care Co ^(a)	20,698		644,950
				Kaiser Aluminum Corp	6,834		503,119
Household Products/Wares — 0.35%
						$	1,417,962
ACCO Brands Corp	27,178		192,964
Quanex Building Products Corp	17,538		243,427	Miscellaneous Manufacture — 0.59%
Spectrum Brands Holdings Inc	15,580		715,122	EnPro Industries Inc	5,599		275,975
				Federal Signal Corp	28,256		840,051
		$	1,151,513
				Hillenbrand Inc	21,837		591,127
Insurance — 2.08%				Myers Industries Inc	6,273		91,272
American National Insurance Co	5,111		368,350	Standex International Corp	2,678		154,119
CNO Financial Group Inc	103,544		1,612,180
Enstar Group Ltd ^(a)	2,591		395,827			$	1,952,544
Hallmark Financial Services Inc ^(a)	9,635		33,626	Office & Business Equipment — 0.14%
Kinsale Capital Group Inc	12,660		1,964,959	Pitney Bowes Inc	171,099		444,857
Mercury General Corp	27,072		1,103,184	Office Furnishings — 0.47%
National General Holdings Corp	24,910		538,305	Herman Miller Inc	23,832		562,673
Stewart Information Services Corp	13,602		442,201	HNI Corp	6,068		185,499
Third Point Reinsurance Ltd ^(a)	47,389		355,891
				Interface Inc	11,698		95,222
		$	6,814,523	Kimball International Inc, Class B	3,975		45,951
Internet — 1.89%				Knoll Inc	23,152		282,223
ChannelAdvisor Corp ^(a)	5,154		81,639	Steelcase Inc, Class A	31,268		377,092
Cogent Communications Holdings Inc	20,124		1,556,793			$	1,548,660
Endurance International Group Holdings Inc ^(a)	47,191		190,180
				Oil & Gas — 2.92%
GlobalSCAPE Inc	8,967		87,428	Berry Corp	31,796		153,575
HealthStream Inc ^(a)	9,348		206,871
				Bonanza Creek Energy Inc ^(a)	6,292		93,247
NIC Inc	25,368		582,449	Callon Petroleum Co ^(a)	897,732		1,032,392
Perficient Inc ^(a)	22,459		803,583
				CVR Energy Inc	24,565		494,002
Revolve Group Inc ^(a),(b)	27,830		413,554
				Denbury Resources Inc ^(a),(b)	762,532		210,535
Shutterstock Inc	15,916		556,583	Kosmos Energy Ltd	342,718		568,912
TripAdvisor Inc	90,342		1,717,401	Murphy Oil Corp ^(b)	147,622		2,037,183
		$	6,196,481	Par Pacific Holdings Inc ^(a)	14,439		129,807
Iron & Steel — 0.60%				Patterson-UTI Energy Inc	184,023		638,560
Carpenter Technology Corp	19,341		469,600	PBF Energy Inc, Class A	106,001		1,085,450
				PDC Energy Inc ^(a)	67,283		837,000
Commercial Metals Co	73,256		1,494,422
				ProPetro Holding Corp ^(a)	68,369		351,417
		$	1,964,022	QEP Resources Inc	521,930		673,290

See accompanying notes.

110

Schedule of Investments

Principal U.S. Small-Cap Multi-Factor Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Oil & Gas (continued)				Retail (continued)
Southwestern Energy Co ^(a)	500,080	$	1,280,205	Cato Corp/The, Class A	5,839	$	47,763
				Cheesecake Factory Inc/The ^(b)	47,228		1,082,466
		$	9,585,575
				Chico’s FAS Inc	102,226		141,072
Oil & Gas Services — 0.60%				Children’s Place Inc/The	28,062		1,050,080
Archrock Inc	20,692		134,291	Cracker Barrel Old Country Store Inc	11,868		1,316,280
Core Laboratories NV	54,710		1,111,707	Dave & Buster’s Entertainment Inc ^(b)	30,121		401,513
Helix Energy Solutions Group Inc ^(a)	66,166		229,596	Denny’s Corp ^(a)	17,229		174,013
MRC Global Inc ^(a)	31,031		183,393
				Dick’s Sporting Goods Inc	67,038		2,765,988
RPC Inc	60,458		186,211	El Pollo Loco Holdings Inc ^(a)	9,983		147,349
Solaris Oilfield Infrastructure Inc, Class A	19,182		142,331	Foundation Building Materials Inc ^(a)	26,516		413,915
		$	1,987,529	GMS Inc ^(a)	21,014		516,734
Packaging & Containers — 1.01%				Group 1 Automotive Inc	7,639		503,945
Greif Inc, Class A	13,381		460,440	Haverty Furniture Cos Inc	4,929		78,864
Matthews International Corp, Class A	3,944		75,330	Jack in the Box Inc	16,064		1,190,182
O-I Glass Inc	131,402		1,179,990	La-Z-Boy Inc	11,938		323,042
Silgan Holdings Inc	49,392		1,599,807	Lithia Motors Inc, Class A	6,946		1,051,138
				MSC Industrial Direct Co Inc, Class A	32,768		2,385,838
		$	3,315,567	Office Depot Inc	132,392		311,121
Pharmaceuticals — 5.68%				PC Connection Inc	10,549		489,052
Akebia Therapeutics Inc ^(a)	46,335		629,229	Penske Automotive Group Inc	9,395		363,680
Alkermes PLC ^(a)	124,189		2,409,888	PetIQ Inc ^(a)	12,670		441,423
Amneal Pharmaceuticals Inc ^(a)	67,811		322,780	PriceSmart Inc	5,056		305,028
Anika Therapeutics Inc ^(a)	14,452		545,274	Qurate Retail Inc, Series A ^(a)	100,688		956,536
Arvinas Inc ^(a)	16,565		555,590	Ruth’s Hospitality Group Inc	17,749		144,832
BioDelivery Sciences International Inc ^(a)	73,233		319,296	Sally Beauty Holdings Inc ^(a)	60,950		763,703
BioSpecifics Technologies Corp ^(a)	2,780		170,358	Shoe Carnival Inc	3,788		110,875
Clovis Oncology Inc ^(a),(b)	228,609		1,543,111	Signet Jewelers Ltd	84,370		866,480
Coherus Biosciences Inc ^(a)	61,629		1,100,694	Sonic Automotive Inc, Class A	11,894		379,538
Durect Corp ^(a),(b)	49,484		114,803	Sportsman’s Warehouse Holdings Inc ^(a)	20,446		291,356
Eagle Pharmaceuticals Inc ^(a)	10,790		517,704	Tilly’s Inc, Class A	11,978		67,915
Endo International PLC ^(a)	269,799		925,411	World Fuel Services Corp	30,503		785,757
Ironwood Pharmaceuticals Inc ^(a)	139,069		1,435,192	Zumiez Inc ^(a)	14,364		393,286
Jounce Therapeutics Inc ^(a)	16,767		115,692
						$	25,722,848
La Jolla Pharmaceutical Co ^(a),(b)	41,246		175,708
Lannett Co Inc ^(a),(b)	48,557		352,524	Savings & Loans — 1.34%
Mallinckrodt PLC ^(a),(b)	287,259		769,854	Berkshire Hills Bancorp Inc	26,906		296,504
Owens & Minor Inc	39,016		297,302	Meridian Bancorp Inc	19,813		229,831
Pacira BioSciences Inc ^(a)	52,121		2,734,789	Northfield Bancorp Inc	13,267		152,836
Premier Inc, Class A ^(a)	55,081		1,888,177	OceanFirst Financial Corp	24,880		438,634
Prestige Consumer Healthcare Inc ^(a)	34,121		1,281,585	Pacific Premier Bancorp Inc	47,571		1,031,339
USANA Health Sciences Inc ^(a)	5,908		433,824	Provident Financial Services Inc	25,146		363,360
				Washington Federal Inc	48,319		1,296,882
		$	18,638,785	WSFS Financial Corp	21,018		603,217
Private Equity — 0.07%						$	4,412,603
Victory Capital Holdings Inc, Class A	12,675		217,883
				Semiconductors — 1.39%
Real Estate — 1.27%				ACM Research Inc, Class A ^(a)	21,934		1,367,804
Alexander & Baldwin Inc	68,375		833,491	Alpha & Omega Semiconductor Ltd ^(a)	10,555		114,839
Realogy Holdings Corp	301,716		2,235,716	Diodes Inc ^(a)	27,113		1,374,629
RMR Group Inc/The, Class A	12,811		377,540	Power Integrations Inc	14,569		1,721,036
Safehold Inc	12,799		735,814			$	4,578,308
		$	4,182,561	Software — 3.68%
REITs — 3.96%				Allscripts Healthcare Solutions Inc ^(a)	149,115		1,009,508
Corporate Office Properties Trust	59,188		1,499,824	American Software Inc, Class A	5,410		85,262
Essential Properties Realty Trust Inc	94,567		1,403,374	Blackbaud Inc	25,078		1,431,452
Exantas Capital Corp	41,023		108,711	Computer Programs & Systems Inc	5,429		123,727
iStar Inc	51,313		632,176	Cornerstone OnDemand Inc ^(a)	56,246		2,168,846
KKR Real Estate Finance Trust Inc	41,376		686,014	CSG Systems International Inc	28,533		1,180,981
LTC Properties Inc	26,664		1,004,433	Ebix Inc	23,806		532,302
Macerich Co/The ^(b)	319,480		2,865,736	Inovalon Holdings Inc, Class A ^(a)	32,862		632,922
Tanger Factory Outlet Centers Inc ^(b)	359,462		2,562,964	MicroStrategy Inc, Class A ^(a)	5,120		605,645
Weingarten Realty Investors	117,958		2,232,945	NantHealth Inc ^(a)	15,438		70,706
				PDF Solutions Inc ^(a)	9,355		182,984
		$	12,996,177
				Progress Software Corp	45,043		1,745,416
Retail — 7.83%				Sciplay Corp, Class A ^(a)	8,548		126,767
Asbury Automotive Group Inc ^(a)	7,231		559,173	Seachange International Inc ^(a)	23,666		35,736
AutoNation Inc ^(a)	24,616		925,069
				Simulations Plus Inc	8,460		506,077
Big Lots Inc	28,045		1,177,890	SPS Commerce Inc ^(a)	14,216		1,067,906
Biglari Holdings Inc, Class B ^(a)	445		30,696
				Xperi Holding Corp	39,998		590,370
BJ’s Restaurants Inc	13,137		275,089
Bloomin’ Brands Inc	46,487		495,551			$	12,096,607
BMC Stock Holdings Inc ^(a)	33,191		834,422
Brinker International Inc	42,513		1,020,312
Caleres Inc	17,252		143,882

See accompanying notes.

111

Schedule of Investments

Principal U.S. Small-Cap Multi-Factor Index ETF

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value		^(a)Non-income producing security.
Telecommunications — 2.57%					^(b)Security or a portion of the security was on loan at the end of the period.
Consolidated Communications Holdings Inc ^(a)	50,649	$	342,894
					^(c)Security or a portion of the security was pledged as collateral for securities
GTT Communications Inc ^(a),(b)	46,380		378,461
					lending. At the end of the period, the value of these securities totaled
InterDigital Inc	14,739		834,669
Loral Space & Communications Inc	11,109		216,848		$13,835,298 or 4.21% of net assets.
ORBCOMM Inc ^(a)	41,703		160,556		^(d)Affiliated Security. Security is either an affiliate (and registered under the
Ribbon Communications Inc ^(a)	17,084		67,140		Investment Company Act of 1940) or an affiliate as defined by the
Shenandoah Telecommunications Co	16,165		796,773		Investment Company Act of 1940 (controls 5.00% or more of the
Switch Inc, Class A	108,985		1,942,113		outstanding voting shares of the security). Please see affiliated sub-
Telephone & Data Systems Inc	82,903		1,648,112		schedule for transactional information.
Viavi Solutions Inc ^(a)	160,691		2,047,203
					^(e)Current yield shown is as of period end.
		$	8,434,769
Textiles — 0.36%					Portfolio Summary (unaudited)
UniFirst Corp	6,595		1,180,175
					Sector							Percent
Transportation — 1.19%					Financial							25.12	%
ArcBest Corp	14,964		396,695		Consumer, Non-cyclical							23.70	%
Dorian LPG Ltd ^(a)	42,802		331,287
					Consumer, Cyclical							17.61	%
Forward Air Corp	10,896		542,839		Industrial							11.43	%
Ryder System Inc	68,025		2,551,618		Technology							6.79	%
Universal Logistics Holdings Inc	4,015		69,781		Communications							5.79	%
		$	3,892,220		Investment Companies							4.51	%
Water — 0.35%					Energy							3.97	%
American States Water Co	14,586		1,146,897		Basic Materials							3.44	%
					Utilities							1.83	%
TOTAL COMMON STOCKS		$	327,274,248		Other Assets and Liabilities							(4.19	)%
INVESTMENT COMPANIES — 4.51%	Shares Held		Value		TOTAL NET ASSETS							100.00	%
Money Market Funds — 4.51%
Principal Government Money Market Fund —
Institutional Class 0.00% ^{(a),(c),(d),(e)}	13,835,298	$	13,835,298
State Street Institutional U.S. Government
Money Market Fund — Institutional Class
0.12% ^(e)	965,166		965,166

TOTAL INVESTMENT COMPANIES		$	14,800,464
Total Investments		$	342,074,712
Other Assets and Liabilities — (4.19)%		$	(13,769,495	)
TOTAL NET ASSETS — 100.00%		$	328,305,217


					June 30, 2019		Purchases			Sales	June 30, 2020
Affiliated Securities					Value			Cost		Proceeds		Value
Principal Government Money Market Fund — Institutional Class 0.00%					$	—	$	89,060,206	$	75,224,908	$	13,835,298
					$	—	$	89,060,206	$	75,224,908	$	13,835,298

									Realized Gain
							Realized			from	Change in
							Gain/Loss on		Capital Gain		Unrealized
					Income ^(a)		Investments		Distributions		Gain/Loss
Principal Government Money Market Fund — Institutional Class 0.00%					$	—	$	—	$	—	$	—
					$	—	$	—	$	—	$	—

^(a)Amount excludes earnings from securities lending collateral.

See accompanying notes.

112

Schedule of Investments

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

June 30, 2020


COMMON STOCKS — 99.70%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 0.21%				Banks (continued)
Interpublic Group of Cos Inc/The	1,079	$	18,516	Fulton Financial Corp	846	$	8,908
National CineMedia Inc	102		303	Great Southern Bancorp Inc	34		1,372
		$	18,819	Great Western Bancorp Inc	287		3,949
				Hanmi Financial Corp	111		1,078
Aerospace & Defense — 0.74%				HarborOne Bancorp Inc ^(a)	317		2,707
Howmet Aerospace Inc	2,537		40,211	Hilltop Holdings Inc	401		7,399
Spirit AeroSystems Holdings Inc, Class A	1,059		25,353	Home BancShares Inc	565		8,690
		$	65,564	Hope Bancorp Inc	858		7,911
Agriculture — 0.02%				Horizon Bancorp Inc	80		855
Phibro Animal Health Corp, Class A	81		2,128	Independent Bank Corp	81		1,203
				Independent Bank Group Inc	459		18,599
Airlines — 0.73%				International Bancshares Corp	153		4,899
Alaska Air Group Inc	590		21,393	Kearny Financial Corp	413		3,378
Allegiant Travel Co	48		5,242	Lakeland Bancorp Inc	93		1,063
Hawaiian Holdings Inc	290		4,072	Mercantile Bank Corp	37		836
JetBlue Airways Corp ^(a)	1,979		21,571	Midland States Bancorp Inc	63		942
Spirit Airlines Inc ^(a)	687		12,229	MidWestOne Financial Group Inc	27		540
				Nicolet Bankshares Inc ^(a)	27		1,480
		$	64,507
				Old Second Bancorp Inc	99		770
Apparel — 2.31%				Origin Bancorp Inc	47		1,034
Carter’s Inc	224		18,077	PacWest Bancorp	1,041		20,518
Hanesbrands Inc	3,480		39,289	Peapack-Gladstone Financial Corp	49		918
Kontoor Brands Inc ^(a)	311		5,539	People’s Utah Bancorp	16		360
Levi Strauss & Co, Class A	382		5,119	Pinnacle Financial Partners Inc	396		16,628
Oxford Industries Inc	55		2,421	Popular Inc	683		25,387
PVH Corp	444		21,334	Preferred Bank	81		3,471
Ralph Lauren Corp	487		35,317	Renasant Corp	193		4,806
Skechers U.S.A. Inc, Class A ^(a)	785		24,633	S&T Bancorp Inc	132		3,095
Steven Madden Ltd	218		5,382	Sandy Spring Bancorp Inc	168		4,163
Tapestry Inc	1,303		17,304	ServisFirst Bancshares Inc	145		5,185
Under Armour Inc, Class A ^(a)	2,470		24,058	Sierra Bancorp	20		378
Wolverine World Wide Inc	285		6,786	Signature Bank	381		40,737
		$	205,259	Simmons First National Corp, Class A	451		7,717
Auto Manufacturers — 0.07%				South State Corp	215		10,247
Wabash National Corp	590		6,266	Stock Yards Bancorp Inc	37		1,487
				Synovus Financial Corp	1,168		23,979
Auto Parts & Equipment — 1.24%				TCF Financial Corp	624		18,358
Allison Transmission Holdings Inc	884		32,514	TriCo Bancshares	67		2,040
BorgWarner Inc	1,393		49,173	United Bankshares Inc	504		13,941
Dana Inc	448		5,461	United Community Banks Inc	310		6,237
Goodyear Tire & Rubber Co/The	2,006		17,944	Univest Financial Corp	99		1,598
Methode Electronics Inc	109		3,407	Veritex Holdings Inc	375		6,638
Standard Motor Products Inc	35		1,442	Webster Financial Corp	583		16,680
		$	109,941	WesBanco Inc	201		4,082
				Western Alliance Bancorp	667		25,259
Banks — 7.94%				Wintrust Financial Corp	331		14,438
1st Source Corp	42		1,494	Zions Bancorp NA	1,330		45,220
Amalgamated Bank, Class A	72		910
Ameris Bancorp	316		7,454			$	704,516
Associated Banc-Corp	1,123		15,363	Beverages — 0.35%
Atlantic Capital Bancshares Inc ^(a)	52		632	Molson Coors Beverage Co, Class B	904		31,061
Atlantic Union Bankshares Corp	310		7,180	Biotechnology — 1.65%
BancorpSouth Bank	380		8,641	ACADIA Pharmaceuticals Inc ^(a)	311		15,074
Bank of Hawaii Corp	200		12,282	ADMA Biologics Inc ^(a)	152		445
Bank OZK	821		19,269	Agenus Inc ^(a)	277		1,089
BankUnited Inc	596		12,069	ANI Pharmaceuticals Inc ^(a)	23		744
Banner Corp	167		6,346	Ardelyx Inc ^(a)	198		1,370
Cathay General Bancorp	270		7,101	Bio-Rad Laboratories Inc, Class A ^(a)	102		46,052
Central Pacific Financial Corp	138		2,212	Clearside Biomedical Inc ^(a),(b)	99		186
Comerica Inc	1,213		46,215	Dynavax Technologies Corp ^(a),(b)	192		1,703
ConnectOne Bancorp Inc	127		2,047	Eiger BioPharmaceuticals Inc ^(a)	56		538
Eagle Bancorp Inc	171		5,600	EyePoint Pharmaceuticals Inc ^(a)	183		139
East West Bancorp Inc	1,381		50,047	ImmunoGen Inc ^(a)	449		2,065
Enterprise Financial Services Corp	79		2,459	Innoviva Inc ^(a)	508		7,102
Financial Institutions Inc	26		484	Intercept Pharmaceuticals Inc ^(a)	55		2,635
First Bancshares Inc/The	93		2,093	Karyopharm Therapeutics Inc ^(a)	139		2,633
First Citizens BancShares Inc, Class A	40		16,201	Lexicon Pharmaceuticals Inc ^(a)	101		201
First Foundation Inc	95		1,552	Ligand Pharmaceuticals Inc ^(a)	40		4,474
First Hawaiian Inc	1,029		17,740	Prothena Corp PLC ^(a)	91		952
First Horizon National Corp	4,416		43,983	Puma Biotechnology Inc ^(a)	88		918
First Merchants Corp	161		4,439	Radius Health Inc ^(a)	294		4,007
First Mid-Illinois Bancshares Inc	23		603	Rigel Pharmaceuticals Inc ^(a)	933		1,707
First Midwest Bancorp Inc	618		8,250	Ultragenyx Pharmaceutical Inc ^(a)	85		6,649
First of Long Island Corp/The	41		670

See accompanying notes.

113

Schedule of Investments

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

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Biotechnology (continued)				Computers (continued)
United Therapeutics Corp ^(a)	375	$	45,375	Perspecta Inc	1,641	$	38,120
		$	146,058	Science Applications International Corp	479		37,209
				Super Micro Computer Inc ^(a)	360		10,220
Chemicals — 3.18%				TTEC Holdings Inc	78		3,632
Amyris Inc ^(a),(b)	159		679	Virtusa Corp ^(a)	283		9,189
Axalta Coating Systems Ltd ^(a)	1,440		32,472
Cabot Corp	160		5,928			$	306,565
CF Industries Holdings Inc	1,266		35,625	Construction Materials — 1.46%
Eastman Chemical Co	709		49,375	American Woodmark Corp ^(a)	28		2,118
FMC Corp	366		36,461	Apogee Enterprises Inc	80		1,843
Hawkins Inc	12		511	Armstrong World Industries Inc	211		16,450
HB Fuller Co	258		11,507	Boise Cascade Co	164		6,168
Huntsman Corp	1,103		19,821	Eagle Materials Inc	157		11,025
Ingevity Corp ^(a)	269		14,141	Fortune Brands Home & Security Inc	498		31,837
Innospec Inc	52		4,017	Owens Corning	810		45,166
Koppers Holdings Inc ^(a)	83		1,564	Patrick Industries Inc	92		5,635
Minerals Technologies Inc	80		3,754	UFP Industries Inc	181		8,961
NewMarket Corp	37		14,818			$	129,203
Orion Engineered Carbons S.A.	286		3,029
PolyOne Corp	378		9,915	Distribution/Wholesale — 0.86%
Sensient Technologies Corp	200		10,432	Core-Mark Holding Co Inc	47		1,173
				G-III Apparel Group Ltd ^(a)	226		3,003
Valvoline Inc	544		10,515
W R Grace & Co	344		17,479	H&E Equipment Services Inc	166		3,068
				HD Supply Holdings Inc ^(a)	757		26,230
		$	282,043	LKQ Corp ^(a)	656		17,187
Coal — 0.16%				ScanSource Inc ^(a)	155		3,734
Arch Resources Inc	232		6,591	Systemax Inc	89		1,828
Warrior Met Coal Inc	472		7,264	WESCO International Inc ^(a)	569		19,978
		$	13,855			$	76,201
Commercial Services — 3.45%				Diversified Financial Services — 5.24%
Aaron’s Inc	262		11,895	Affiliated Managers Group Inc	441		32,881
ABM Industries Inc	245		8,894	Air Lease Corp	472		13,825
AMERCO	14		4,231	Alliance Data Systems Corp	702		31,674
ASGN Inc ^(a)	224		14,936	B. Riley Financial Inc	34		740
Barrett Business Services Inc	29		1,541	Brightsphere Investment Group Inc ^(a)	264		3,289
Booz Allen Hamilton Holding Corp	521		40,529	Cohen & Steers Inc	103		7,009
Carriage Services Inc	33		598	Credit Acceptance Corp ^(a),(b)	139		58,242
Cass Information Systems Inc	31		1,210	Curo Group Holdings Corp	248		2,026
Cimpress PLC ^(a)	144		10,993	Diamond Hill Investment Group Inc	17		1,932
Collectors Universe Inc	16		548	Eaton Vance Corp	381		14,707
CorVel Corp ^(a)	50		3,545	Ellington Financial Inc	651		7,669
Deluxe Corp	229		5,391	Encore Capital Group Inc ^(a)	189		6,460
Euronet Worldwide Inc ^(a)	415		39,765	Evercore Inc, Class A	439		25,866
EVERTEC Inc	242		6,800	Federated Hermes Inc	517		12,253
Forrester Research Inc ^(a)	68		2,179	Invesco Ltd	3,928		42,265
H&R Block Inc	883		12,609	Jefferies Financial Group Inc	1,870		29,079
Hackett Group Inc/The	236		3,195	Lazard Ltd, Class A	790		22,618
Heidrick & Struggles International Inc	65		1,405	Mr Cooper Group Inc ^(a)	353		4,391
Huron Consulting Group Inc ^(a)	75		3,319	Navient Corp	1,501		10,552
IAA Inc ^(a)	295		11,378	OneMain Holdings Inc	722		17,718
Kelly Services Inc, Class A	118		1,866	Premier Financial Corp	128		2,262
Kforce Inc	84		2,457	Regional Management Corp ^(a)	44		779
Korn Ferry	238		7,314	Santander Consumer USA Holdings Inc	986		18,152
Macquarie Infrastructure Corp	322		9,882	SEI Investments Co	562		30,899
ManpowerGroup Inc	384		26,400	Virtus Investment Partners Inc	57		6,629
Monro Inc	112		6,153	Waddell & Reed Financial Inc, Class A	1,201		18,628
Resources Connection Inc	95		1,137	Western Union Co/The	1,965		42,483
Robert Half International Inc	769		40,626			$	465,028
Sabre Corp	1,119		9,019
Service Corp International/US	320		12,445	Electric — 1.79%
SP Plus Corp ^(a)	33		683	Black Hills Corp	276		15,638
TrueBlue Inc ^(a)	195		2,978	IDACORP Inc	229		20,008
				NorthWestern Corp	222		12,103
		$	305,921	OGE Energy Corp	1,160		35,218
Computers — 3.45%				Pinnacle West Capital Corp	474		34,739
Diebold Nixdorf Inc ^(a)	1,844		11,175	Vistra Energy Corp	2,229		41,504
DXC Technology Co	2,723		44,929			$	159,210
Genpact Ltd	789		28,814
Insight Enterprises Inc ^(a)	609		29,963	Electrical Components & Equipment — 0.31%
MAXIMUS Inc	266		18,740	Acuity Brands Inc	233		22,307
NCR Corp ^(a)	1,200		20,784	Belden Inc	156		5,078
NetApp Inc	854		37,892			$	27,385
NetScout Systems Inc ^(a)	622		15,898

See accompanying notes.

114

Schedule of Investments

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

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Electronics — 3.17%				Healthcare — Products (continued)
Allegion PLC	389	$	39,764	Cantel Medical Corp	282	$	12,473
Atkore International Group Inc ^(a)	160		4,376	CONMED Corp	252		18,141
Avnet Inc	465		12,966	DENTSPLY SIRONA Inc	917		40,403
Badger Meter Inc	100		6,292	GenMark Diagnostics Inc ^(a)	598		8,797
Comtech Telecommunications Corp	524		8,850	Hanger Inc ^(a)	192		3,179
FLIR Systems Inc	679		27,547	Henry Schein Inc ^(a)	705		41,165
Gentex Corp	743		19,147	Hill-Rom Holdings Inc	356		39,082
Hubbell Inc	163		20,434	Inspire Medical Systems Inc ^(a)	241		20,972
OSI Systems Inc ^(a)	111		8,285	Invacare Corp	171		1,089
SYNNEX Corp	487		58,328	iRadimed Corp ^(a)	30		696
Trimble Inc ^(a)	767		33,127	LeMaitre Vascular Inc	88		2,323
Watts Water Technologies Inc, Class A	80		6,480	Luminex Corp	107		3,481
Woodward Inc	456		35,363	Meridian Bioscience Inc ^(a)	293		6,824
				Natus Medical Inc ^(a)	147		3,208
		$	280,959
				NuVasive Inc ^(a)	575		32,004
Engineering & Construction — 0.68%				OrthoPediatrics Corp ^(a)	104		4,551
Arcosa Inc	42		1,772	Patterson Cos Inc	1,123		24,706
Construction Partners Inc, Class A ^(a)	76		1,350	RTI Surgical Holdings Inc ^(a)	298		948
frontdoor Inc ^(a)	210		9,309
				Utah Medical Products Inc	11		975
MasTec Inc ^(a)	620		27,820	Varex Imaging Corp ^(a)	173		2,621
TopBuild Corp ^(a)	178		20,251
				West Pharmaceutical Services Inc	231		52,476
		$	60,502			$	417,541
Entertainment — 0.25%				Healthcare — Services — 4.10%
Cinemark Holdings Inc	613		7,080	Acadia Healthcare Co Inc ^(a)	475		11,932
Marriott Vacations Worldwide Corp	91		7,481	Brookdale Senior Living Inc ^(a)	1,366		4,030
RCI Hospitality Holdings Inc	21		291	Catalent Inc ^(a)	653		47,865
SeaWorld Entertainment Inc ^(a)	444		6,576	Charles River Laboratories International Inc ^(a)	124		21,619
Twin River Worldwide Holdings Inc	38		847	Chemed Corp	74		33,379
		$	22,275	Community Health Systems Inc ^(a)	1,024		3,082
				DaVita Inc ^(a)	471		37,275
Food — 0.59%
BellRing Brands Inc, Class A ^(a)	137		2,732	Encompass Health Corp	556		34,433
Flowers Foods Inc	502		11,225	Ensign Group Inc/The	184		7,700
				Fulgent Genetics Inc ^(a)	25		400
Ingredion Inc	172		14,276
				LHC Group Inc ^(a)	171		29,809
John B Sanfilippo & Son Inc	28		2,389
				Magellan Health Inc ^(a)	111		8,101
Pilgrim’s Pride Corp ^(a)	358		6,047
				MEDNAX Inc ^(a)	1,026		17,545
Sprouts Farmers Market Inc ^(a)	363		9,289
				Medpace Holdings Inc ^(a)	67		6,232
TreeHouse Foods Inc ^(a)	152		6,657
				National HealthCare Corp	51		3,235
		$	52,615	OPKO Health Inc ^(a),(b)	1,275		4,348
Food Service — 0.32%				Surgery Partners Inc ^(a)	407		4,709
Aramark	787		17,763	Syneos Health Inc ^(a)	149		8,679
Healthcare Services Group Inc	425		10,395	Tenet Healthcare Corp ^(a)	1,391		25,191
				Tivity Health Inc ^(a),(b)	1,096		12,418
		$	28,158
				Triple-S Management Corp, Class B ^(a)	112		2,130
Forest Products & Paper — 0.18%				Universal Health Services Inc, Class B	359		33,348
Domtar Corp	410		8,655	US Physical Therapy Inc	74		5,996
Neenah Inc	54		2,671
PH Glatfelter Co	81		1,300			$	363,456
Schweitzer-Mauduit International Inc	105		3,508	Home Builders — 1.46%
				Century Communities Inc ^(a)	129		3,955
		$	16,134
				Installed Building Products Inc ^(a)	123		8,460
Gas — 1.31%				LCI Industries	47		5,404
National Fuel Gas Co	571		23,942	Meritage Homes Corp ^(a)	166		12,636
ONE Gas Inc	194		14,948	PulteGroup Inc	1,427		48,561
South Jersey Industries Inc	713		17,818	Taylor Morrison Home Corp, Class A ^(a)	849		16,377
Southwest Gas Holdings Inc ^(a)	252		17,400	Toll Brothers Inc	768		25,029
UGI Corp	1,335		42,453	TRI Pointe Group Inc ^(a)	637		9,358
		$	116,561			$	129,780
Hand/Machine Tools — 0.95%				Home Furnishings — 0.63%
Franklin Electric Co Inc	104		5,462	Ethan Allen Interiors Inc	115		1,360
Lincoln Electric Holdings Inc	251		21,144	Leggett & Platt Inc	390		13,709
Regal Beloit Corp	138		12,050	Whirlpool Corp	314		40,672
Snap-on Inc	327		45,293
						$	55,741
		$	83,949
				Household Products/Wares — 0.04%
Healthcare — Products — 4.70%				ACCO Brands Corp	229		1,626
Accelerate Diagnostics Inc ^(a),(b)	89		1,349	Quanex Building Products Corp	143		1,985
Accuray Inc ^(a)	384		780
AngioDynamics Inc ^(a)	195		1,983			$	3,611
Atrion Corp	6		3,822	Housewares — 0.21%
Avantor Inc ^(a)	907		15,419	Newell Brands Inc	1,156		18,357
Bio-Techne Corp	187		49,381
Bruker Corp	607		24,693

See accompanying notes.

115

Schedule of Investments

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

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Insurance — 4.65%				Media (continued)
American Financial Group Inc	265	$	16,817	FactSet Research Systems Inc	79	$	25,949
American National Insurance Co	41		2,955	John Wiley & Sons Inc, Class A	86		3,354
Athene Holding Ltd, Class A ^(a)	1,224		38,177	Meredith Corp	539		7,843
CNO Financial Group Inc	823		12,814	MSG Networks Inc, Class A ^(a)	269		2,677
Enstar Group Ltd ^(a)	21		3,208	Nexstar Media Group Inc, Class A	168		14,060
Essent Group Ltd	428		15,524	Sinclair Broadcast Group Inc, Class A ^(b)	503		9,285
First American Financial Corp	748		35,919	TEGNA Inc	720		8,021
Globe Life Inc	439		32,587			$	151,420
Hanover Insurance Group Inc/The	252		25,535
Kinsale Capital Group Inc	101		15,676	Metal Fabrication & Hardware — 0.31%
Mercury General Corp	213		8,680	AZZ Inc	86		2,951
MGIC Investment Corp	2,714		22,228	Mueller Industries Inc	82		2,180
National General Holdings Corp	201		4,344	Park-Ohio Holdings Corp	20		332
Old Republic International Corp	1,459		23,796	Timken Co/The	321		14,602
Primerica Inc	171		19,939	Valmont Industries Inc	63		7,158
Radian Group Inc	1,024		15,882			$	27,223
Reinsurance Group of America Inc	423		33,180	Miscellaneous Manufacture — 2.20%
RenaissanceRe Holdings Ltd	241		41,218	AO Smith Corp	942		44,387
Selective Insurance Group Inc	223		11,761	AptarGroup Inc	232		25,979
Stewart Information Services Corp	110		3,576	Carlisle Cos Inc	276		33,029
Third Point Reinsurance Ltd ^(a)	383		2,876
				Donaldson Co Inc	305		14,189
Unum Group	1,545		25,631	EnPro Industries Inc	46		2,267
		$	412,323	Federal Signal Corp	232		6,897
Internet — 1.11%				Hillenbrand Inc	194		5,252
ChannelAdvisor Corp ^(a)	77		1,220	ITT Inc	462		27,138
Cogent Communications Holdings Inc	131		10,134	Standex International Corp	22		1,266
F5 Networks Inc ^(a)	333		46,447	Textron Inc	1,047		34,457
GlobalSCAPE Inc	36		351			$	194,861
HealthStream Inc ^(a)	107		2,368
				Office & Business Equipment — 0.37%
NIC Inc	190		4,362	Pitney Bowes Inc	3,448		8,965
Perficient Inc ^(a)	451		16,137
				Xerox Holding Corp ^(a)	1,546		23,638
Shutterstock Inc	59		2,063
TripAdvisor Inc	796		15,132			$	32,603
		$	98,214	Office Furnishings — 0.14%
				Herman Miller Inc	204		4,816
Iron & Steel — 0.52%				HNI Corp	52		1,590
Reliance Steel & Aluminum Co	255		24,207	Interface Inc	100		814
Steel Dynamics Inc	837		21,837	Knoll Inc	195		2,377
		$	46,044	Steelcase Inc, Class A	264		3,184
Leisure Time — 1.07%						$	12,781
Acushnet Holdings Corp	109		3,792	Oil & Gas — 2.46%
Harley-Davidson Inc	640		15,213	Berry Corp	186		898
Norwegian Cruise Line Holdings Ltd ^(a)	3,079		50,588
				Bonanza Creek Energy Inc ^(a)	38		563
Polaris Inc	279		25,821	Cabot Oil & Gas Corp	1,306		22,437
		$	95,414	Callon Petroleum Co ^(a)	5,127		5,896
Lodging — 0.28%				Cimarex Energy Co	487		13,388
Choice Hotels International Inc	167		13,176	Continental Resources Inc	989		17,337
Marcus Corp/The	52		690	CVR Energy Inc	146		2,936
Wyndham Hotels & Resorts Inc	262		11,167	Devon Energy Corp	1,823		20,673
				Diamondback Energy Inc	667		27,894
		$	25,033	EQT Corp	860		10,234
Machinery — Construction & Mining — 0.34%				Falcon Minerals Corp	69		221
Oshkosh Corp	422		30,224	Helmerich & Payne Inc	473		9,228
				Kosmos Energy Ltd	2,021		3,355
Machinery — Diversified — 1.53%				Matador Resources Co ^(a)	1,274		10,829
AGCO Corp	282		15,640	Murphy Oil Corp	857		11,827
Altra Industrial Motion Corp	202		6,436	Ovintiv Inc	1,969		18,804
Cactus Inc, Class A	89		1,836	Par Pacific Holdings Inc ^(a)	86		773
Crane Co	212		12,605	Parsley Energy Inc, Class A	1,541		16,458
Curtiss-Wright Corp	152		13,571	Patterson-UTI Energy Inc	1,084		3,761
Flowserve Corp	847		24,156	PBF Energy Inc, Class A	605		6,195
Ichor Holdings Ltd ^(a)	462		12,280
				PDC Energy Inc ^(a)	395		4,914
Middleby Corp/The ^(a)	257		20,288
				ProPetro Holding Corp ^(a)	405		2,082
Nordson Corp	121		22,955	Southwestern Energy Co ^(a)	2,906		7,439
Tennant Co	36		2,340
Welbilt Inc ^(a)	679		4,135			$	218,142
		$	136,242	Oil & Gas Services — 0.20%
				Core Laboratories N.V.	312		6,340
Media — 1.71%				Helix Energy Solutions Group Inc ^(a)	389		1,350
Altice USA Inc, Class A ^(a)	1,458		32,863
				MRC Global Inc ^(a)	181		1,069
AMC Networks Inc, Class A ^(a)	203		4,748
				National Oilwell Varco Inc	688		8,428
Cable One Inc	7		12,424
DISH Network Corp, Class A ^(a)	875		30,196

See accompanying notes.

116

Schedule of Investments

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

June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Oil & Gas Services (continued)				Retail — 6.61%
Solaris Oilfield Infrastructure Inc, Class A	114	$	846	Advance Auto Parts Inc	304	$	43,305
		$	18,033	American Eagle Outfitters Inc	1,243		13,549
				Asbury Automotive Group Inc ^(a)	65		5,026
Packaging & Containers — 2.14%				AutoNation Inc ^(a)	214		8,042
Berry Global Group Inc ^(a)	1,055		46,757
				Bed Bath & Beyond Inc ^(b)	3,051		32,341
Crown Holdings Inc ^(a)	608		39,599
				Big Lots Inc	246		10,332
Greif Inc, Class A	109		3,751	Biglari Holdings Inc, Class B ^(a)	4		276
Matthews International Corp, Class A	36		688	BJ’s Restaurants Inc	117		2,450
O-I Glass Inc	1,051		9,438	Bloomin’ Brands Inc	415		4,424
Packaging Corp of America	412		41,118	BMC Stock Holdings Inc ^(a)	272		6,838
Sealed Air Corp	666		21,878	Buckle Inc/The	171		2,681
Silgan Holdings Inc	402		13,021	Caleres Inc	153		1,276
Sonoco Products Co	267		13,961	Cheesecake Factory Inc/The ^(b)	409		9,374
		$	190,211	Children’s Place Inc/The	244		9,131
Pharmaceuticals — 3.93%				Cracker Barrel Old Country Store Inc	105		11,646
Akebia Therapeutics Inc ^(a)	303		4,115	Dave & Buster’s Entertainment Inc ^(b)	272		3,626
Alkermes PLC ^(a)	1,427		27,691	Denny’s Corp ^(a)	156		1,576
Amneal Pharmaceuticals Inc ^(a)	765		3,641	Dick’s Sporting Goods Inc	594		24,508
Anika Therapeutics Inc ^(a)	163		6,150	Dillard’s Inc, Class A ^(b)	71		1,831
Arvinas Inc ^(a)	83		2,784	Dunkin’ Brands Group Inc	212		13,829
BioDelivery Sciences International Inc ^(a)	827		3,606	El Pollo Loco Holdings Inc ^(a)	87		1,284
BioSpecifics Technologies Corp ^(a)	15		919	Floor & Decor Holdings Inc, Class A ^(a)	301		17,353
Clovis Oncology Inc ^(a)	162		1,093	Foot Locker Inc	932		27,177
Coherus Biosciences Inc ^(a)	162		2,893	Foundation Building Materials Inc ^(a)	217		3,387
Durect Corp ^(a),(b)	558		1,295	GMS Inc ^(a)	175		4,303
Eagle Pharmaceuticals Inc ^(a)	121		5,806	Group 1 Automotive Inc	68		4,486
Endo International PLC ^(a)	2,941		10,088	Haverty Furniture Cos Inc	45		720
Horizon Therapeutics PLC ^(a)	1,200		66,696	Jack in the Box Inc	141		10,447
Ironwood Pharmaceuticals Inc ^(a)	1,533		15,820	Kohl’s Corp	1,647		34,208
Jazz Pharmaceuticals PLC ^(a)	359		39,612	L Brands Inc	1,784		26,707
Jounce Therapeutics Inc ^(a)	45		310	Lithia Motors Inc, Class A	61		9,231
La Jolla Pharmaceutical Co ^(a),(b)	465		1,981	Macy’s Inc ^(b)	6,364		43,784
Lannett Co Inc ^(a),(b)	548		3,978	MSC Industrial Direct Co Inc, Class A	490		35,677
Mallinckrodt PLC ^(a),(b)	3,246		8,699	Nordstrom Inc ^(b)	1,159		17,953
Mylan NV ^(a)	2,387		38,383	Office Depot Inc	1,185		2,785
Owens & Minor Inc	440		3,353	PC Connection Inc	212		9,828
Pacira BioSciences Inc ^(a)	600		31,482	Penske Automotive Group Inc	85		3,290
Perrigo Co PLC	744		41,121	Qurate Retail Inc, Series A ^(a)	875		8,313
Premier Inc, Class A ^(a)	235		8,056	Ruth’s Hospitality Group Inc	157		1,281
Prestige Consumer Healthcare Inc ^(a)	375		14,085	Sally Beauty Holdings Inc ^(a)	545		6,829
Rockwell Medical Inc ^(a)	471		918	Shoe Carnival Inc	35		1,024
Syros Pharmaceuticals Inc ^(a)	63		672	Signet Jewelers Ltd	728		7,477
TherapeuticsMD Inc ^(a),(b)	2,607		3,259	Sonic Automotive Inc, Class A	106		3,382
		$	348,506	Texas Roadhouse Inc	283		14,877
				Tractor Supply Co	421		55,484
Private Equity — 0.02%				Williams-Sonoma Inc	236		19,354
Victory Capital Holdings Inc, Class A	101		1,736	World Fuel Services Corp	250		6,440
Real Estate — 0.79%				Zumiez Inc ^(a)	127		3,477
Alexander & Baldwin Inc	555		6,766			$	586,619
Jones Lang LaSalle Inc	353		36,521
Realogy Holdings Corp	2,412		17,873	Savings & Loans — 0.71%
RMR Group Inc/The, Class A	103		3,035	Investors Bancorp Inc	1,915		16,277
Safehold Inc	104		5,979	Meridian Bancorp Inc	159		1,844
				Northfield Bancorp Inc	109		1,256
		$	70,174	OceanFirst Financial Corp	201		3,544
REITs — 5.01%				Pacific Premier Bancorp Inc	373		8,087
Corporate Office Properties Trust	472		11,961	Provident Financial Services Inc	203		2,933
EPR Properties	841		27,862	Sterling Bancorp	1,184		13,876
Essential Properties Realty Trust Inc	756		11,219	Washington Federal Inc	384		10,307
Gaming and Leisure Properties Inc	932		32,247	WSFS Financial Corp	170		4,879
iStar Inc	418		5,150			$	63,003
Kimco Realty Corp	3,681		47,264
KKR Real Estate Finance Trust Inc	337		5,588	Semiconductors — 3.70%
				ACM Research Inc, Class A ^(a)	445		27,750
LTC Properties Inc	211		7,948
Macerich Co/The ^(b)	5,596		50,196	Cabot Microelectronics Corp	257		35,862
Regency Centers Corp	926		42,494	Diodes Inc ^(a)	547		27,733
Sabra Health Care REIT Inc	1,468		21,183	Entegris Inc	795		46,945
Starwood Property Trust Inc	2,722		40,721	MKS Instruments Inc	437		49,486
STORE Capital Corp	1,964		46,763	Monolithic Power Systems Inc	210		49,770
Tanger Factory Outlet Centers Inc ^(b)	5,375		38,324	Power Integrations Inc	296		34,966
Vornado Realty Trust	982		37,522	Teradyne Inc	658		55,608
Weingarten Realty Investors	948		17,946			$	328,120
		$	444,388

See accompanying notes.

117


Schedule of Investments
Principal U.S. Small-MidCap Multi-Factor Core Index ETF
June 30, 2020


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)					Shares Held				Value
Software — 2.84%				Water — 0.15%
ACI Worldwide Inc ^(a)	329	$	8,880	American States Water Co						169		$	13,288
Allscripts Healthcare Solutions Inc ^(a)	469		3,175
American Software Inc, Class A	67		1,056	TOTAL COMMON STOCKS							$	8,845,758
Black Knight Inc ^(a)	395		28,661
				INVESTMENT COMPANIES — 2.96%					Shares Held				Value
Blackbaud Inc	117		6,678
CDK Global Inc	393		16,278	Money Market Funds — 2.96%
Ceridian HCM Holding Inc ^(a)	159		12,604	Principal Government Money Market Fund —
				Institutional Class 0.00% ^{(a),(c),(d),(e)}					240,129			$	240,129
Computer Programs & Systems Inc	40		912
CSG Systems International Inc	100		4,139	State Street Institutional U.S. Government
Ebix Inc	55		1,230	Money Market Fund — Institutional
Immersion Corp ^(a)	368		2,293	Class 0.12% ^(e)					22,960				22,960
Inovalon Holdings Inc, Class A ^(a)	201		3,871
j2 Global Inc	155		9,797	TOTAL INVESTMENT COMPANIES								$	263,089
Manhattan Associates Inc ^(a)	161		15,166	Total Investments							$	9,108,847
MicroStrategy Inc, Class A ^(a)	24		2,839	Other Assets and Liabilities — (2.66)%							$	(236,420		)
NantHealth Inc ^(a)	60		275
				TOTAL NET ASSETS — 100.00%							$	8,872,427
Nuance Communications Inc ^(a)	1,046		26,469
PDF Solutions Inc ^(a)	72		1,408
				^(a)Non-income producing security.
Progress Software Corp	137		5,309
				^(b)Security or a portion of the security was on loan at the end of the period.
Sciplay Corp, Class A ^(a)	79		1,171
Seachange International Inc ^(a)	476		719	^(c)Security or a portion of the security was pledged as collateral for securities
Simulations Plus Inc	44		2,632	lending. At the end of the period, the value of these securities totaled
SolarWinds Corp ^(a)	266		4,700	$240,129 or 2.71% of net assets.
SPS Commerce Inc ^(a)	106		7,963
				^(d)Affiliated Security. Security is either an affiliate (and registered under the
Verint Systems Inc ^(a)	222		10,030
				Investment Company Act of 1940) or an affiliate as defined by the
Xperi Holding Corp	805		11,882
Zoom Video Communications Inc, Class A ^(a)	244		61,864	Investment Company Act of 1940 (controls 5.00% or more of the
				outstanding voting shares of the security). Please see affiliated
		$	252,001
				sub-schedule for transactional information.
Telecommunications — 1.93%				^(e)Current yield shown is as of period end.
Consolidated Communications Holdings Inc ^(a)	1,019		6,899
GTT Communications Inc ^(a),(b)	932		7,605
InterDigital Inc	297		16,819	Portfolio Summary (unaudited)
Juniper Networks Inc	1,860		42,520	Sector									Percent
Loral Space & Communications Inc	189		3,689	Financial									24.36	%
ORBCOMM Inc ^(a)	837		3,222
				Consumer, Non-cyclical									18.70	%
Ribbon Communications Inc ^(a)	342		1,344
				Consumer, Cyclical									16.43	%
Shenandoah Telecommunications Co	326		16,069	Industrial									14.94	%
Switch Inc, Class A	206		3,671	Technology									10.36	%
ViaSat Inc ^(a)	751		28,816
				Communications									4.95	%
Viavi Solutions Inc ^(a)	3,177		40,475
				Basic Materials									3.88	%
		$	171,129	Utilities									3.26	%
Textiles — 0.11%				Investment Companies									2.96	%
UniFirst Corp	54		9,663	Energy									2.82	%
				Other Assets and Liabilities									(2.66	)%
Transportation — 1.12%
ArcBest Corp	121		3,208	TOTAL NET ASSETS									100.00	%
CH Robinson Worldwide Inc	538		42,534
Dorian LPG Ltd ^(a)	351		2,717
Forward Air Corp	91		4,534
Landstar System Inc	189		21,226
Ryder System Inc	651		24,419
Universal Logistics Holdings Inc	32		556
		$	99,194


				June 30, 2019		Purchases			Sales	June 30, 2020
Affiliated Securities				Value			Cost		Proceeds			Value
Principal Government Money Market Fund — Institutional Class 0.00%				$	—	$	1,672,456	$	1,432,327	$			240,129
				$	—	$	1,672,456	$	1,432,327	$			240,129

								Realized Gain
							Realized		from			Change in
						Gain/Loss on		Capital Gain				Unrealized
				Income ^(a)		Investments		Distributions				Gain/Loss
Principal Government Money Market Fund — Institutional Class 0.00%				$	—	$	—	$	—	$			—
				$	—	$	—	$	—	$			—

^(a)Amount excludes earnings from securities lending collateral.

See accompanying notes.

118


	Financial Highlights
Principal Exchange-Traded Funds


Principal Active Global Dividend Income ETF

For a share outstanding:

			Year ended				Year ended				Year ended				Period ended
			June 30, 2020				June 30, 2019				June 30, 2018				June 30, 2017 ^(a)
Net asset value, beginning of period	$		27.64		$		27.56		$		25.36		$		25.00
Investment Operations:
Net investment income (loss) ^(b)			0.57				0.67				0.69				0.17
Net realized and change in unrealized gain (loss)			(1.22	)			0.39				2.15				0.19
Total from investment operations			(0.65	)			1.06				2.84				0.36
Dividends to Shareholders from:
Net investment income			(0.81	)			(0.68	)			(0.51	)			—
Net realized gains			—				(0.30	)			(0.13	)			—
Total dividends to stockholders			(0.81	)			(0.98	)			(0.64	)			—
Net asset value, end of period	$		26.18		$		27.64		$		27.56		$		25.36
Total return			(2.43			)%	4.12	%			11.24	%			1.43% ^(c)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$		708,092		$		717,189		$		705,435		$		428,567
Ratio of expenses to average net assets			0.58	%			0.58	%			0.58	%			0.58% ^(d)
Ratio of expenses to average net assets excluding interest expense		—	^(e)				0.58	%		—	^(e)			—	^(e)
Ratio of net investment income (loss) to average net assets			2.12	%			2.49	%			2.51	%			4.56% ^(d)
Portfolio turnover rate ^(f)			41.6	%			31.5	%			22.0	%			0.0% ^(d)

^(a)	Period from May 9, 2017, date operations commenced, through June 30, 2017.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Ratio is not applicable as there was no interest expense in the period.
^(f)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

119


Financial Highlights
			Principal Exchange-Traded Funds


Principal Active Income ETF

For a share outstanding:

			Year ended		Year ended					Year ended			Year ended			Period ended
			June 30, 2020		June 30, 2019					June 30, 2018			June 30, 2017			June 30, 2016 ^(a)
Net asset value, beginning of period	$		39.91		$		40.27		$	41.31		$	39.12		$	40.00
Investment Operations:
Net investment income (loss) ^(b)			1.87				1.91			1.78			1.95			2.13
Net realized and change in unrealized gain (loss)			(3.71	)			(0.01	)		(0.50	)		2.22			(1.39	)
Total from investment operations			(1.84	)			1.90			1.28			4.17			0.74
Dividends to Shareholders from:
Net investment income			(1.94	)			(1.92	)		(1.87	)		(1.98	)		(1.62	)
Net realized gains			—				(0.34	)		(0.45	)		—			—
Total dividends to stockholders			(1.94	)			(2.26	)		(2.32	)		(1.98	)		(1.62	)
Net asset value, end of period	$		36.13		$		39.91		$	40.27		$	41.31		$	39.12
Total return			(4.78	)%			4.95	%		3.10	%		10.92	%		2.13	% ^(c)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$		270,096		$		216,519		$	292,967		$	286,084		$	265,013
Ratio of expenses to average net assets			0.49	%			0.61	%		0.65	% ^(d)		0.77	% ^(d)		0.85% ^(d)(e)
Ratio of gross expenses to average net assets		—	^(f)			—	^(f)			0.68	%		0.80	%		1.34	% ^(e)
Ratio of net investment income (loss) to average net assets			4.89	%			4.84	%		4.34	%		4.82	%		5.99	% ^(e)
Portfolio turnover rate ^(g)			10.6	%			17.9	%		11.0	%		30.7	%		34.3	% ^(e)

^(a)	Period from July 8, 2015, date operations commenced, through June 30, 2016.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Includes reimbursement from Advisor.
^(e)	Computed on an annualized basis.
^(f)	Ratio is not applicable as there was no reimbursement from Advisor in the period.
^(g)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

120


	Financial Highlights
Principal Exchange-Traded Funds


Principal Contrarian Value Index ETF

For a share outstanding:

		Year Ended			Year Ended			Period Ended
	June 30, 2020				June 30, 2019			June 30, 2018 ^(a)
Net asset value, beginning of period	$	26.78		$	26.12		$	25.00
Investment Operations:
Net investment income (loss) ^(b)		0.44			0.39			0.26
Net realized and change in unrealized gain (loss)		(4.06	)		0.66			1.03
Total from investment operations		(3.62	)		1.05			1.29
Dividends to Shareholders from:
Net investment income		(0.47	)		(0.39	)		(0.17	)
Total dividends to stockholders		(0.47	)		(0.39	)		(0.17	)
Net asset value, end of period	$	22.69		$	26.78		$	26.12
Total return		(13.63	)%		4.13	%		5.15	% ^(c)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	3,403		$	5,356		$	3,918
Ratio of expenses to average net assets		0.29	%		0.29	%		0.29	% ^(d)
Ratio of net investment income (loss) to average net assets		1.71	%		1.52	%		1.44	% ^(d)
Portfolio turnover rate ^(e)		94.7	%		47.1	%		61.6	% ^(d)

^(a)	Period from October 18, 2017, date operations commenced, through June 30, 2018.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

121


	Financial Highlights
Principal Exchange-Traded Funds


Principal Healthcare Innovators Index ETF

For a share outstanding:

		Year ended		Year ended				Year ended			Period ended
	June 30, 2020			June 30, 2019				June 30, 2018			June 30, 2017 ^(a)
Net asset value, beginning of period	$	34.37		$	34.74		$	28.56		$	25.00
Investment Operations:
Net investment income (loss) ^(b)		(0.10	)		(0.13	)		(0.12	)		(0.08	)
Net realized and change in unrealized gain (loss)		10.07			(0.24	)		6.35			3.64
Total from investment operations		9.97			(0.37	)		6.23			3.56
Dividends to Shareholders from:
Net realized gains		—			—			(0.05	)		—
Total dividends to stockholders		—			—			(0.05	)		—
Net asset value, end of period	$	44.34		$	34.37		$	34.74		$	28.56
Total return		29.01	%		(1.05	)%		21.83	%		14.24	% ^(c)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	95,338		$	56,713		$	52,104		$	7,140
Ratio of expenses to average net assets		0.42	%		0.42	%		0.42	%		0.42	% ^(d)
Ratio of net investment income (loss) to average net assets		(0.29	)%		(0.39	)%		(0.38	)%		(0.32	)% ^(d)
Portfolio turnover rate ^(e)		36.1	%		34.5	%		33.6	%		18.2	% ^(d)

^(a)	Period from August 19, 2016, date operations commenced, through June 30, 2017.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

122


Financial Highlights
Principal Exchange-Traded Funds



Principal International Multi-Factor Core Index ETF

For a share outstanding:

		Period ended
		June 30, 2020 ^(a)
Net asset value, beginning of period	$	25.00
Investment Operations:
Net investment income (loss) ^(b)		0.54
Net realized and change in unrealized gain (loss)		(1.34	)
Total from investment operations		(0.80	)
Dividends to Shareholders from:
Net investment income		(0.39	)
Net realized gains		(0.01	)
Total dividends to stockholders		(0.40	)
Net asset value, end of period	$	23.80
Total return ^(c)		(3.13	)%
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	16,661
Ratio of expenses to average net assets ^(d)		0.25	%
Ratio of net investment income (loss) to average net assets ^(d)		2.39	%
Portfolio turnover rate ^(e)		56.1	%

^(a)	Period from July 23, 2019, date operations commenced, through June 30, 2020.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amount has not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

123


Financial Highlights
Principal Exchange-Traded Funds


Principal Investment Grade Corporate Active ETF

For a share outstanding:

	Year ended				Year ended			Period ended
	June 30, 2020				June 30, 2019			June 30, 2018 ^(a)
Net asset value, beginning of period	$	26.20		$	24.59		$	25.00
Investment Operations:
Net investment income (loss) ^(b)		0.88			0.95			0.19
Net realized and change in unrealized gain (loss)		1.39			1.66			(0.52	)
Total from investment operations		2.27			2.61			(0.33	)
Dividends to Shareholders from:
Net investment income		(0.95	)		(0.98	)		(0.08	)
Net realized gains		(0.85	)		(0.02	)		—
Total dividends to stockholders		(1.80	)		(1.00	)		(0.08	)
Net asset value, end of period	$	26.67		$	26.20		$	24.59
Total return		8.98	%		10.95	%		(1.32	)% ^(c)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	110,693		$	120,540		$	228,710
Ratio of expenses to average net assets		0.26	%		0.26	%		0.26	% ^(d)
Ratio of net investment income (loss) to average net assets		3.37	%		3.86	%		3.83	% ^(d)
Portfolio turnover rate ^(e)		73.3	%		92.8	%		47.8	% ^(d)

^(a)	Period from April 18, 2018, date operations commenced, through June 30, 2018.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

124


	Financial Highlights
Principal Exchange-Traded Funds


Principal Millennials Index ETF

For a share outstanding:

			Year ended		Year ended					Year ended				Period ended
	June 30, 2020				June 30, 2019					June 30, 2018				June 30, 2017 ^(a)
Net asset value, beginning of period	$		38.24		$		36.76		$	28.92		$		25.00
Investment Operations:
Net investment income (loss) ^(b)			0.34				0.17			0.23				0.17
Net realized and change in unrealized gain (loss)			4.59				1.54			7.91				3.87
Total from investment operations			4.93				1.71			8.14				4.04
Dividends to Shareholders from:
Net investment income			(0.32	)			(0.23	)		(0.23	)			(0.09	)
Net realized gains			—				—			(0.07	)			(0.03	)
Total dividends to stockholders			(0.32	)			(0.23	)		(0.30	)			(0.12	)
Net asset value, end of period	$		42.85		$		38.24		$	36.76		$		28.92
Total return			12.96	%			4.70	%		28.31	%			16.23	% ^(c)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$		25,708		$		21,031		$	20,217		$		7,230
Ratio of expenses to average net assets			0.45	%			0.45	%		0.45	%			0.45	% ^(d)
Ratio of expenses to average net assets excluding interest expense		—	^(e)			—	^(e)			0.45	%		—	^(e)
Ratio of net investment income (loss) to average net assets			0.88	%			0.47	%		0.66	%			0.71	% ^(d)
Portfolio turnover rate ^(f)			47.4	%			32.9	% ^(g)		35.6	%			5.1	% ^(d)

^(a)	Period from August 19, 2016, date operations commenced, through June 30, 2017.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Ratio is not applicable as there was no interest expense in the period.
^(f)	Portfolio turnover rate excludes in-kind transactions.
^(g)	The previously reported portfolio turnover rate of 82.2% was adjusted to correct an immaterial error related to in-kind activity.

See accompanying notes.

125


Financial Highlights
Principal Exchange-Traded Funds



Principal Price Setters Index ETF

For a share outstanding:

		Year ended		Year ended			Year ended					Year ended				Period ended
		June 30, 2020		June 30, 2019			June 30, 2018					June 30, 2017				June 30, 2016 ^(a)
Net asset value, beginning of period	$	37.79		$	33.32		$	29.03		$		26.08		$		25.00
Investment Operations:
Net investment income (loss) ^(b)		0.51			0.46			0.39				0.34				0.09
Net realized and change in unrealized gain (loss)		1.00			4.48			4.20				3.06				0.99
Net realized gain due from payment from Advisor		1.13	^(c)		—			—				—				—
Total from investment operations		2.64			4.94			4.59				3.40				1.08
Dividends to Shareholders from:
Net investment income		(0.54	)		(0.47	)		(0.27	)			(0.39	)			—
Net realized gains		—			—			(0.03	)			(0.06	)			—
Total dividends to stockholders		(0.54	)		(0.47	)		(0.30	)			(0.45	)			—
Net asset value, end of period	$	39.89		$	37.79		$	33.32		$		29.03		$		26.08
Total return		7.05	% ^(c)		15.03	%		15.89	%			13.23	%			4.31% ^(d)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	17,951		$	20,786		$	21,655		$		7,257		$		6,519
Ratio of expenses to average net assets		0.29	% ^(e)		0.29	% ^(e)		0.29	% ^(e)			0.40	%			0.40% ^(f)
Ratio of gross expenses to average net assets		0.34	%		0.40	%		0.40	%		—	^(g)			—	^(g)
Ratio of net investment income (loss) to average net assets		1.32	%		1.32	%		1.22	%			1.26	%			1.32% ^(f)
Portfolio turnover rate ^(h)		103.7	%		40.4	%		63.5	%			2.0	%			0.0% ^(f)

^(a)	Period from March 21, 2016, date of operations commenced, through June 30, 2016.
^(b)	Calculated on average shares outstanding during the period.
^(c)	During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If such payment had not been recognized, the total return amounts expressed herein would have been lower by 3.04%.
^(d)	Total return amounts have not been annualized.
^(e)	Includes reimbursement from Advisor.
^(f)	Computed on an annualized basis.
^(g)	Ratio is not applicable as there was no reimbursement from Advisor in the period.
^(h)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

126


Financial Highlights
Principal Exchange-Traded Funds



Principal Shareholder Yield Index ETF

For a share outstanding:

		Year ended		Year ended				Year ended				Year ended				Period ended
		June 30, 2020		June 30, 2019				June 30, 2018				June 30, 2017				June 30, 2016 ^(a)
Net asset value, beginning of period	$	31.99		$	32.49		$	29.16		$		24.65		$		25.00
Investment Operations:
Net investment income (loss) ^(b)		0.87			0.71			0.61				0.54				0.18
Net realized and change in unrealized gain (loss)		(4.36	)		(0.51	)		3.21				4.67				(0.53	)
Total from investment operations		(3.49	)		0.20			3.82				5.21				(0.35	)
Dividends to Shareholders from:
Net investment income		(0.75	)		(0.70	)		(0.47	)			(0.67	)			—
Net realized gains		—			—			(0.02	)			(0.03	)			—
Total dividends to stockholders		(0.75	)		(0.70	)		(0.49	)			(0.70	)			—
Net asset value, end of period	$	27.75		$	31.99		$	32.49		$		29.16		$		24.65
Total return		(11.09	)%		0.68	%		13.17	%			21.42	%			(1.39	)% ^(c)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	31,907		$	14,395		$	14,622		$		7,290		$		6,163
Ratio of expenses to average net assets		0.29	% ^(d)		0.29	% ^(d)		0.29	% ^(d)			0.40	%			0.40	% ^(e)
Ratio of gross expenses to average net assets		0.32	%		0.40	%		0.40	%		—	^(f)			—	^(f)
Ratio of net investment income (loss) to average net assets		2.95	%		2.26	%		1.90	%			1.98	%			2.73	% ^(e)
Portfolio turnover rate ^(g)		47.6	%		49.2	%		55.5	%			3.0	%			7.1	% ^(e)

^(a)	Period from March 21, 2016, date of operations commenced, through June 30, 2016.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Includes reimbursement from Advisor.
^(e)	Computed on an annualized basis.
^(f)	Ratio is not applicable as there was no reimbursement from Advisor in the period.
^(g)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

127


Financial Highlights
Principal Exchange-Traded Funds


Principal Spectrum Preferred Securities Active ETF

For a share outstanding:

	Year ended				Year ended			Period ended
	June 30, 2020				June 30, 2019			June 30, 2018 ^(a)
Net asset value, beginning of period ^(b)	$	19.36		$	18.89		$	20.00
Investment Operations: ^(b)
Net investment income (loss) ^(c)		0.80			0.68			0.94
Net realized and change in unrealized gain (loss)		0.08			0.77			(1.18	)
Total from investment operations		0.88			1.45			(0.24	)
Dividends to Shareholders from: ^(b)
Net investment income		(0.93	)		(0.98	)		(0.87	)
Net realized gains		—			—			(0.00	) ^(d)
Total dividends to stockholders		(0.93	)		(0.98	)		(0.87	)
Net asset value, end of period ^(b)	$	19.31		$	19.36		$	18.89
Total return		4.60	%		7.99	%		(1.28	)% ^(e)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	139,995		$	67,750		$	51,949
Ratio of expenses to average net assets		0.55	%		0.55	%		0.55	% ^(f)
Ratio of net investment income (loss) to average net assets		4.10	%		3.65	%		4.93	% ^(f)
Portfolio turnover rate ^(g)		41.9	%		27.6	%		41.0	% ^(f)

^(a)	Period from July 10, 2017, date operations commenced, through June 30, 2018.
^(b)	Reflects a 5 to 1 stock split effective after the close of trading on July 22, 2020; see ‘Subsequent Events’ in Notes to Financial Statements.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Reflects an amount rounding to less than one cent.
^(e)	Total return amounts have not been annualized.
^(f)	Computed on an annualized basis.
^(g)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

128


	Financial Highlights
Principal Exchange-Traded Funds


Principal Sustainable Momentum Index ETF

For a share outstanding:

		Year ended			Year ended			Period ended
		June 30, 2020			June 30, 2019			June 30, 2018 ^(a)
Net asset value, beginning of period	$	28.50		$	28.01		$	25.00
Investment Operations:
Net investment income (loss) ^(b)		0.49			0.31			0.18
Net realized and change in unrealized gain (loss)		1.05			0.43			2.96
Total from investment operations		1.54			0.74			3.14
Dividends to Shareholders from:
Net investment income		(0.50	)		(0.25	)		(0.13	)
Total dividends to stockholders		(0.50	)		(0.25	)		(0.13	)
Net asset value, end of period	$	29.54		$	28.50		$	28.01
Total return		5.63	%		2.68	%		12.62	% ^(c)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	4,431		$	5,701		$	5,603
Ratio of expenses to average net assets		0.29	%		0.29	%		0.29	% ^(d)
Ratio of net investment income (loss) to average net assets		1.76	%		1.13	%		0.97	% ^(d)
Portfolio turnover rate ^(e)		64.3	%		102.6	%		158.1	% ^(d)

^(a)	Period from October 18, 2017, date operations commenced, through June 30, 2018.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

130


Financial Highlights
Principal Exchange-Traded Funds


Principal Ultra-Short Active Income ETF

For a share outstanding:

		Year ended			Period ended
		June 30, 2020			June 30, 2019 ^(a)
Net asset value, beginning of period	$	25.09		$	25.00
Investment Operations:
Net investment income (loss) ^(b)		0.55			0.12
Net realized and change in unrealized gain (loss)		0.07			0.04
Total from investment operations		0.62			0.16
Dividends to Shareholders from:
Net investment income		(0.69	)		(0.07	)
Total dividends to stockholders		(0.69	)		(0.07	)
Net asset value, end of period	$	25.02		$	25.09
Total return		2.54	%		0.62	% ^(c)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	12,509		$	12,543
Ratio of expenses to average net assets		0.18	%		0.18	% ^(d)
Ratio of net investment income (loss) to average net assets		2.19	%		2.51	% ^(d)
Portfolio turnover rate		32.7	%		0.0% ^(d),(e)

^(a)	Period from April 24, 2019, date operations commenced, through June 30, 2019.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

131


Financial Highlights
Principal Exchange-Traded Funds



Principal U.S. Large-Cap Multi-Factor Core Index ETF

For a share outstanding:

		Period ended
		June 30, 2020 ^(a)
Net asset value, beginning of period	$	25.00
Investment Operations:
Net investment income (loss) ^(b)		0.42
Net realized and change in unrealized gain (loss)		0.47
Total from investment operations		0.89
Dividends to Shareholders from:
Net investment income		(0.30	)
Total dividends to stockholders		(0.30	)
Net asset value, end of period	$	25.59
Total return ^(c)		3.62	%
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	6,397
Ratio of expenses to average net assets ^(d)		0.15	%
Ratio of net investment income (loss) to average net assets ^(d)		1.80	%
Portfolio turnover rate ^(e)		60.4	%

^(a)	Period from July 23, 2019, date operations commenced, through June 30, 2020.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amount has not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

132


	Financial Highlights
Principal Exchange-Traded Funds


Principal U.S. Mega-Cap Multi-Factor Index ETF

For a share outstanding:

		Year ended			Year ended			Period ended
		June 30, 2020			June 30, 2019			June 30, 2018 ^(a)
Net asset value, beginning of period	$	29.07		$	26.02		$	25.00
Investment Operations:
Net investment income (loss) ^(b)		0.60			0.63			0.38
Net realized and change in unrealized gain (loss)		1.00			3.04			0.80
Total from investment operations		1.60			3.67			1.18
Dividends to Shareholders from:
Net investment income		(0.63	)		(0.62	)		(0.16	)
Total dividends to stockholders		(0.63	)		(0.62	)		(0.16	)
Net asset value, end of period	$	30.04		$	29.07		$	26.02
Total return		5.62	%		14.32	%		4.73	% ^(c)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	1,505,046		$	1,618,941		$	1,666,525
Ratio of expenses to average net assets ^(d)		0.12	%		0.12	%		0.12	% ^(e)
Ratio of gross expenses to average net assets		0.15	%		0.15	%		0.15	% ^(e)
Ratio of net investment income (loss) to average net assets		2.05	%		2.30	%		2.02	% ^(e)
Portfolio turnover rate ^(f)		42.9	%		27.0	%		39.8	% ^(e)

^(a)	Period from October 11, 2017, date operations commenced, through June 30, 2018.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Includes reimbursement from Advisor.
^(e)	Computed on an annualized basis.
^(f)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

133


	Financial Highlights
Principal Exchange-Traded Funds


Principal U.S. Small-Cap Multi-Factor Index ETF

For a share outstanding:

		Year ended				Year ended				Year ended			Period ended
		June 30, 2020				June 30, 2019				June 30, 2018			June 30, 2017 ^(a)
Net asset value, beginning of period	$	31.43		$		33.45		$		28.84		$	25.00
Investment Operations:
Net investment income (loss) ^(b)		0.45				0.40				0.29			0.26
Net realized and change in unrealized gain (loss)		(4.11	)			(2.03	)			4.64			3.75
Total from investment operations		(3.66	)			(1.63	)			4.93			4.01
Dividends to Shareholders from:
Net investment income		(0.41	)			(0.39	)			(0.30	)		(0.17	)
Net realized gains		—				—				(0.02	)		—
Total dividends to stockholders		(0.41	)			(0.39	)			(0.32	)		(0.17	)
Net asset value, end of period	$	27.36		$		31.43		$		33.45		$	28.84
Total return		(11.71			)%	(4.84			)%	17.14	%		16.08	% ^(c)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	328,305		$		355,200		$		351,176		$	275,466
Ratio of expenses to average net assets		0.38	%			0.38	%			0.38	%		0.38	% ^(d)
Ratio of net investment income (loss) to average net assets		1.54	%			1.27	%			0.94	%		1.21	% ^(d)
Portfolio turnover rate ^(e)		80.4	%			81.9	%			76.3	%		44.7	% ^(d)

^(a)	Period from September 21, 2016, date operations commenced, through June 30, 2017.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

134


Financial Highlights
Principal Exchange-Traded Funds



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

For a share outstanding:

		Period ended
		June 30, 2020 ^(a)
Net asset value, beginning of period	$	25.00
Investment Operations:
Net investment income (loss) ^(b)		0.41
Net realized and change in unrealized gain (loss)		(2.92	)
Total from investment operations		(2.51	)
Dividends to Shareholders from:
Net investment income		(0.31	)
Total dividends to stockholders		(0.31	)
Net asset value, end of period	$	22.18
Total return ^(c)		(10.04	)%
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	8,872
Ratio of expenses to average net assets ^(d)		0.20	%
Ratio of net investment income (loss) to average net assets ^(d)		1.85	%
Portfolio turnover rate ^(e)		71.5	%

^(a)	Period from July 23, 2019, date operations commenced, through June 30, 2020.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amount has not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

135

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Principal Exchange-Traded Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Principal Exchange-Traded Funds (the “Trust”) (comprising Principal Active Global Dividend Income ETF, Principal Active Income ETF, Principal Contrarian Value Index ETF, Principal Healthcare Innovators Index ETF, Principal International Multi-Factor Core Index ETF, Principal Investment Grade Corporate Active ETF, Principal Millennials Index ETF, Principal Price Setters Index ETF, Principal Shareholder Yield Index ETF, Principal Spectrum Preferred Securities Active ETF, Principal Spectrum Tax-Advantaged Dividend Active ETF, Principal Sustainable Momentum Index ETF, Principal Ultra-Short Active Income ETF, Principal U.S. Large-Cap Multi-Factor Core Index ETF, Principal U.S. Mega-Cap Multi-Factor Index ETF, and Principal U.S. Small-Cap Multi-Factor Index ETF, and Principal U.S. Small-MidCap Multi-Factor Core Index ETF (collectively referred to as the “Funds”)), including the schedules of investments, as of June 30, 2020, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising the Trust at June 30, 2020, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


	Statement of	Statements of
Funds comprising the Trust	operations	changes in net assets	Financial highlights
Principal Active Income ETF	For the year ended	For each of the two	For each of the four
	June 30, 2020	years in the period	years in the period
		ended June 30, 2020	ended June 30, 2020
			and the period from
			July 8, 2015 (date
			operations
			commenced) through
			June 30, 2016
Principal Price Setters Index ETF	For the year ended	For each of the two	For each of the four
Principal Shareholder Yield Index ETF	June 30, 2020	years in the period	years in the period
		ended June 30, 2020	ended June 30, 2020
			and the period from
			March 21, 2016 (date
			operations
			commenced) through
			June 30, 2016
Principal Healthcare Innovators Index ETF	For the year ended	For each of the two	For each of the three
Principal Millennials Index ETF	June 30, 2020	years in the period	years in the period
		ended June 30, 2020	ended June 30, 2020
			and the period from
			August 19, 2016 (date
			operations
			commenced) through
			June 30, 2017
Principal U.S. Small-Cap Multi-Factor Index ETF	For the year ended	For each of the two	For each of the three
	June 30, 2020	years in the period	years in the period
		ended June 30, 2020	ended June 30, 2020
			and the period from
			September 21, 2016
			(date operations
			commenced) through
			June 30, 2017

136


Report of Independent Registered Public Accounting Firm



	Statement of	Statements of
Funds comprising the Trust	operations	changes in net assets	Financial highlights
Principal Active Global Dividend Income ETF	For the year ended	For each of the two	For each of the three
	June 30, 2020	years in the period	years in the period
		ended June 30, 2020	ended June 30, 2020
			and the period from
			May 9, 2017 (date
			operations
			commenced) through
			June 30, 2017
Principal Spectrum Preferred Securities Active ETF	For the year ended	For each of the two	For each of the two
	June 30, 2020	years in the period	years in the period
		ended June 30, 2020	ended June 30, 2020
			and the period from
			July 10, 2017 (date
			operations
			commenced) through
			June 30, 2018
Principal U.S. Mega-Cap Multi-Factor Index ETF	For the year ended	For each of the two	For each of the two
	June 30, 2020	years in the period	years in the period
		ended June 30, 2020	ended June 30, 2020
			and the period from
			October 11, 2017
			(date operations
			commenced) through
			June 30, 2018
Principal Contrarian Value Index ETF	For the year ended	For each of the two	For each of the two
Principal Sustainable Momentum Index ETF	June 30, 2020	years in the period	years in the period
		ended June 30, 2020	ended June 30, 2020
			and the period from
			October 18, 2017
			(date operations
			commenced) through
			June 30, 2018
Principal Investment Grade Corporate Active ETF	For the year ended	For each of the two	For each of the two
	June 30, 2020	years in the period	years in the period
		ended June 30, 2020	ended June 30, 2020
			and the period from
			April 18, 2018 (date
			operations
			commenced) through
			June 30, 2018
Principal Ultra-Short Active Income ETF	For the year ended	For the year ended June 30, 2020 and the
	June 30, 2020	period from April 24, 2019 (date operations
		commenced) through June 30, 2019
Principal International Multi-Factor Core Index ETF	For the period from July 23, 2019 (date operations commenced) through
Principal U.S. Large-Cap Multi-Factor Core Index	June 30, 2020
ETF
Principal U.S. Small-MidCap Multi-Factor Core
Index ETF
Principal Spectrum Tax-Advantaged Dividend	For the period from June 16, 2020 (date operations commenced) through
Active ETF	June 30, 2020

137

Report of Independent Registered Public Accounting Firm

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Principal investment companies since 1969.

Minneapolis, MN

August 21, 2020

138

Shareholder Expense Example
Principal Exchange-Traded Funds
June 30, 2020 (unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, including management fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2020 through June 30, 2020, except as noted in the following table.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other fund.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as contingent deferred sales charges, redemption fees or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different fund. In addition, if these transaction costs were included, your costs would have been higher.


					Annualized			Expenses Paid
		Beginning		Ending	Expense Ratio			During Period
		Account Value		Account Value	January 1, 2020			January 1, 2020
		January 1, 2020		June 30, 2020	to June 30, 2020			to June 30, 2020 ^(a)
Principal Active Global Dividend Income ETF
Actual Fund Return	$	1,000	$	882.50	0.58	%	$	2.71
Hypothetical 5% Annual Return		1,000		1,021.98	0.58			2.92
Principal Active Income ETF
Actual Fund Return		1,000		904.70	0.49			2.32
Hypothetical 5% Annual Return		1,000		1,022.43	0.49			2.46
Principal Contrarian Value Index ETF
Actual Fund Return		1,000		799.60	0.29			1.30
Hypothetical 5% Annual Return		1,000		1,023.42	0.29			1.46
Principal Healthcare Innovators Index ETF
Actual Fund Return		1,000		1,149.60	0.42			2.24
Hypothetical 5% Annual Return		1,000		1,022.77	0.42			2.11
Principal International Multi-Factor Core Index ETF
Actual Fund Return		1,000		902.70	0.25			1.18
Hypothetical 5% Annual Return		1,000		1,023.62	0.25			1.26
Principal Investment Grade Corporate Active ETF
Actual Fund Return		1,000		1,045.30	0.26			1.32
Hypothetical 5% Annual Return		1,000		1,023.57	0.26			1.31
Principal Millennials Index ETF
Actual Fund Return		1,000		1,036.50	0.45			2.28
Hypothetical 5% Annual Return		1,000		1,022.63	0.45			2.26
Principal Price Setters Index ETF
Actual Fund Return		1,000		973.10	0.29			1.42
Hypothetical 5% Annual Return		1,000		1,023.42	0.29			1.46

139


Shareholder Expense Example
Principal Exchange-Traded Funds
June 30, 2020 (unaudited)


					Annualized			Expenses Paid
		Beginning		Ending	Expense Ratio			During Period
	Account Value			Account Value	January 1, 2020			January 1, 2020
	January 1, 2020			June 30, 2020	to June 30, 2020			to June 30, 2020 ^(a)
Principal Shareholder Yield Index ETF
Actual Fund Return	$	1,000	$	814.20	0.29	%	$	1.31
Hypothetical 5% Annual Return		1,000		1,023.42	0.29			1.46
Principal Spectrum Preferred Securities Active ETF
Actual Fund Return		1,000		983.20	0.55			2.71
Hypothetical 5% Annual Return		1,000		1,022.13	0.55			2.77
Principal Spectrum Tax-Advantaged Dividend Active ETF ^(b)
Actual Fund Return		1,000		997.40	0.60			0.23
Hypothetical 5% Annual Return		1,000		1,001.68	0.60			2.99
Principal Sustainable Momentum Index ETF
Actual Fund Return		1,000		1,022.20	0.29			1.46
Hypothetical 5% Annual Return		1,000		1,023.42	0.29			1.46
Principal Ultra-Short Active Income ETF
Actual Fund Return		1,000		1,012.70	0.18			0.90
Hypothetical 5% Annual Return		1,000		1,023.97	0.18			0.91
Principal U.S. Large-Cap Multi-Factor Core Index ETF
Actual Fund Return		1,000		970.30	0.15			0.73
Hypothetical 5% Annual Return		1,000		1,024.12	0.15			0.75
Principal U.S. Mega-Cap Multi-Factor Index ETF
Actual Fund Return		1,000		964.50	0.12			0.59
Hypothetical 5% Annual Return		1,000		1,024.27	0.12			0.60
Principal U.S. Small-Cap Multi-Factor Index ETF
Actual Fund Return		1,000		843.20	0.38			1.74
Hypothetical 5% Annual Return		1,000		1,022.97	0.38			1.91
Principal U.S. Small-MidCap Multi-Factor Core Index ETF
Actual Fund Return		1,000		846.50	0.20			0.92
Hypothetical 5% Annual Return		1,000		1,023.87	0.20			1.01

(a)	Expenses are equal to a fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366.
(b)	Period from June 16, 2020, date operations commenced, through June 30, 2020.

140

Trustees and Officers

Under Delaware law, a Board of Trustees oversees the Trust. The Trustees have financial or other relevant experience and meet several times during the year to review contracts, Trust activities and the quality of services provided to the Trust. Each trustee also has the same position with Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. which are also sponsored by Principal Life Insurance Company. Each trustee holds office for an indefinite term or until reaching age 72. Trustees considered to be “interested persons” as defined in the Investment Company Act of 1940, as shown below are considered to be interested because of an affiliation with the Manager and Principal Life Insurance Company.

The following Trustees are considered not to be “interested persons” as defined in the 1940 Act


		Number of
Name,		Portfolios in Fund	Other Directorships
Position Held with the Trust,	Principal Occupation(s)	Complex Overseen	Held by Trustee
Year of Birth	During past 5 years	by Trustee	During Past 5 Years
Elizabeth Ballantine	Principal, EBA Associates	127	Durango Herald, Inc;
Trustee since 2014			McClatchy
Member, Nominating and Governance			Newspapers, Inc.
Committee
1948
Leroy T. Barnes, Jr.	Retired.	127	McClatchy
Trustee since 2014			Newspapers, Inc.;
Member, Audit Committee			Frontier
Member, Nominating and Governance			Communications, Inc.;
Committee			formerly, Herbalife Ltd.
1951
Craig Damos	President, C.P. Damos Consulting	127	None
Trustee since 2014	LLC
Member, 15(c) Committee
Member, Audit Committee
Member, Executive Committee
1954
Mark A. Grimmett	Formerly, Executive Vice President	127	None
Trustee since 2014	and CFO, Merle Norman
Member, 15(c) Committee	Cosmetics, Inc.
Member, Executive Committee
1960
Fritz S. Hirsch	Formerly, CEO, MAM USA	127	MAM USA
Trustee since 2014
Member, Nominating and Governance
Committee
Member, Operations Committee
Member, 15(c) Committee
1951


Tao Huang	Retired.	127	Armstrong World
Trustee since 2014			Industries, Inc. and
Member, 15(c) Committee			Equity Lifestyle
Member, Operations Committee			Properties, Inc.
1962


Karen (“Karrie”) McMillan	Managing Director, Patomak Global	127	None
Trustee since 2014	Partners, LLC.
Member, Operations Committee
1961
Elizabeth A. Nickels	Retired	127	SpartanNash;
Trustee since 2015			formerly:
Member, Audit Committee			Charlotte Russe;
1962			Follet Corporation;
			PetSmart;
			Spectrum Health
			Systems

141


		Number of
Name,		Portfolios in Fund	Other Directorships
Position Held with the Trust,	Principal Occupation(s)	Complex Overseen	Held by Trustee
Year of Birth	During past 5 years	by Trustee	During Past 5 Years
Mary M. (“Meg”) VanDeWeghe	CEO and President, Forte	127	Denbury Resources Inc.
Trustee since 2018	Consulting, Inc.		and Helmerich &
Member, Operations Committee			Payne; Formerly:
1959			Brown Advisory;
			B/E Aerospace;
			WP Carey;
			Nalco (and its
			successor Ecolab)

The following Trustees are considered to be “interested persons” as defined in the 1940 Act, because of an affiliation with the Manager and Principal Life.


		Number of
Name,		Portfolios in Fund	Other Directorships
Position Held with the Trust,	Principal Occupation(s)	Complex Overseen	Held by Trustee
Year of Birth	During past 5 years	by Trustee	During Past 5 Years
Timothy M. Dunbar	Director, PGI (since 2018)	127	None
Trustee since 2019	President, Principal Global Asset
Chair	Management, PGI, Principal Life
Member, Executive Committee	Insurance Company (“PLIC”),
1957	Principal Financial Services, Inc.
	(“PFSI”), and Principal Financial
	Group (“PFG”) (since 2018)
	Chair/Executive Vice President,
	RobustWealth, Inc. (since 2018)
	Director, Post Advisory Group, LLC
	(“Post”) (since 2018)
	Executive Vice President/Chief
	Investment Officer, PLIC, PFSI, and
	PFG (2014-2018)

Patrick G. Halter	Chief Executive Officer and President,	127	None
Trustee since 2017	PGI (since 2018)
Member, Executive Committee	Chief Operating Officer, PGI
1959	(2017-2018)
	Chair, PGI (since 2018)
	Director, PGI (2003-2018)
	Director, Finisterre (since 2018)
	Director, Origin (since 2018)
	Chair, Post (since 2017)
	Chief Executive Officer, Principal —
	REI (since 2005)
	Chair, Principal — REI (since 2004)
	Chair, Spectrum (since 2017)
	Director, CCIP (since 2017)

Correspondence intended for each Trustee who is other than an Interested Trustee may be sent to 655 9^thStreet, Des Moines, IA

50392.

142


The following table presents officers of the Trust.

Name,
Position Held with the Trust,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Kamal Bhatia	President — PFG, PFSI, PLIC (since 2019)
President, Chief Executive Officer	Principal Executive Officer, OC Private Capital (2017-2019)
1972	Senior Vice President, Oppenheimer Funds (2011-2019)

Randy D. Bolin	Vice President/Associate General Counsel, PFSI (since 2013)
Assistant Tax Counsel	Vice President/Associate General Counsel, PGI (since 2016)
Des Moines, IA 50392	Assistant General Counsel, PGI (2007-2016)
1961	Vice President/Associate General Counsel, PLIC (since 2013)

Tracy W. Bollin	Managing Director, PGI (since 2016)
Chief Financial Officer	Chief Operating Officer, PMC (2015-2017)
Des Moines, IA 50392	Chief Financial Officer, PFA (2010-2015)
1970	Senior Vice President, PFD (since 2015)
	Chief Financial Officer, PFD (2010-2016)
	Senior Vice President, PMC (2015-2017)
	Chief Financial Officers, PMC (2010-2015)
	Director, PMC (2014-2017)
	Chief Financial Officer, PSI (2010-2015)
	President, PSS (since 2015)
	Chief Financial Officer, PSS (2010-2015)

Gina L. Graham	Vice President/Treasurer, PFA (since 2016)
Treasurer	Vice President/Treasurer, PFD (since 2016)
Des Moines, IA 50392	Vice President/Treasurer, PGI (since 2016)
1965	Vice President/Treasurer, PLIC (since 2016)
	Vice President/Treasurer, PMC (2016-2017)
	Vice President/Treasurer, PREI (since 2016)
	Vice President/Treasurer, PSI (since 2016)
	Vice President/Treasurer, PSS (since 2016)

Laura B. Latham	Counsel, PGI (since 2018)
Assistant Counsel and Assistant Secretary	Prior thereto, Attorney in Private Practice
Des Moines, IA 50392
1986

Diane K. Nelson	Chief Compliance Officer/AML Officer, PSS (Since 2015)
AML Officer	Compliance Advisor, PMC (2013-2015)
Des Moines, 50392
1965

Sara L. Reece	Director — Accounting, PLIC (since 2015)
Vice President and Controller	Assistant Financial Controller, PLIC (prior to 2015)
Des Moines, IA 50392
1975

Teri R. Root	Interim Chief Compliance Officer (2018)
Chief Compliance Officer	Deputy Chief Compliance Officer (2015-2018)
Des Moines, IA 50392	Deputy Chief Compliance Officer, PGI (since 2017)
1979	Vice President and Chief Compliance Officer, PMC
	(2015-2017)
	Vice President, PSS (since 2015)

Britney L. Schnathorst	Counsel, PLIC (since 2013)
Assistant Counsel and Assistant
Secretary
Des Moines, IA 50392
1981

Adam U. Shaikh	Assistant General Counsel, PGI (since 2018)
Assistant Counsel	Counsel, PGI (2017-2018)
Des Moines, IA 50392	Counsel, PLIC (since 2006)
1972	Counsel, PMC (2007-2017)

143


Name,
Position Held with the Trust,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
John L. Sullivan	Counsel, PGI (since 2019)
Assistant Counsel and Assistant	Prior thereto, Attorney in Private Practice
Secretary Des Moines, IA 50392
1970

Dan L. Westholm	Assistant Vice President/Treasurer, PGI (since 2017)
Assistant Treasurer	Assistant Vice President/Treasury, PFA (since 2013)
Des Moines, IA 50392	Assistant Vice President/Treasury, PFD (since 2013)
1966	Assistant Vice President/Treasury, PLIC (since 2014)
	Assistant Vice President/Treasury, PMC (2013-2017)
	Assistant Vice President/Treasury, PSI (since 2013)
	Assistant Vice President/Treasury, PSS (since 2013)

Beth C. Wilson	Director and Secretary — Funds, PLIC
Vice President and Secretary
Des Moines, IA 50392
1956

Clint L. Woods	Of Counsel (2017-2018)
Counsel, Vice President and Assistant	Vice President (2016-2017)
Secretary	Counsel (2015-2017)
Des Moines, IA 50392	Vice President (since 2015)
1961	Associate General Counsel, Governance Officer, and
	Assistant Corporate Secretary, PLIC (since 2013)

Jared A.Yepsen	Counsel, PGI (since 2017)
Assistant Tax Counsel	Counsel, PLIC (since 2015)
Des Moines, IA 50392	Senior Attorney Transamerica Life Insurance
1981	Company (2013-2015)

The 15(c) Committee assists the Board in performing the annual review of the Trust’s advisory and sub-advisory agreements pursuant to Section 15(c) of the 1940 Act.

The Audit Committee selects the independent auditors for the Trust and oversees the activities of the independent auditors as well as the internal auditors. The committee also receives reports about accounting and financial matters affecting the Trust.

The Executive Committee is selected by the Board. It may exercise all the powers of the Board, with certain exceptions, when the Board is not in session. The Committee must report its actions to the Board.

The Nominating and Governance Committee selects and nominates all candidates who are not “interested persons” of the Trust for election to the Board. The committee also oversees the structure and efficiency of the Board of Trustees and the committees the Board establishes.

The Operations Committee oversees the provision of administrative and distribution services to the Trust, communications with the Trusts’ shareholders, and provides review and oversight of the Trusts’ operations.

Additional information about the Trust is available in the Prospectuses and the Statements of Additional Information dated November 1, 2019 and restated June 15, 2020. These documents may be obtained free of charge by writing Principal Exchange-Traded Funds, c/o ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, CO 80203 or telephoning 1-800-787-1621. The prospectuses may be viewed at www.PrincipalETFs.com.

144

PROXY VOTING POLICIES

A description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities and the results of the proxy votes for the most recent twelve months ended June 30 may be obtained free of charge by telephoning 1-800-787-1621, or on the SEC website at www.sec.gov.

SCHEDULES OF INVESTMENTS

The Trust files complete schedules of investments with the Securities and Exchange Commission as of March 31 and September 30 of each year as a part of Form N-PORT. The Trust’s Form N-PORT can be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. or on the Commission’s website at www.sec.gov. Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-202-551-8090.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

The Board of Trustees of Principal Exchange-Traded Funds met on March 10, 2020 to review the liquidity risk management program (the “Program”) applicable to all series of Principal Exchange- Traded Funds (each, a “Fund”), pursuant to Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) for the period from December 1, 2018 through December 31, 2019 (the “Reporting Period”). At the meeting, the committee designated by the Board to administer the Program, the Liquidity Risk Management Committee (the “Committee”), addressed the operation, adequacy and effectiveness of the Program, the operation of each Fund’s highly liquid investment minimum, where applicable, and any material changes made to the Program during the Reporting Period.

The Committee noted key factors it considered when assessing, managing and reviewing each Fund’s liquidity risk. Such factors included each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonable foreseeable stressed conditions, including (a) whether the Fund’s investment strategy is appropriate for an open-end fund, (b) the extent to which the strategy involves a relatively concentrated portfolio or large positions in particular issuers, and (c) the use of borrowings for investment purposes and use of leveraged derivatives and financial commitment obligations; short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources; and each Fund’s shareholder ownership concentration.

There were no material changes to the Program during the Reporting Period. The Committee concluded, based on the operation of the functions as described in the Report, that the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

145

Board Consideration of Investment Advisory Contracts

During the period covered by this report, the Board of Trustees of Principal Exchange-Traded Funds (“PETF”) approved: (1) a management agreement between PETF and Principal Global Investors, LLC (“PGI” or “Manager”) related to the addition of the PETF Principal Spectrum Tax-Advantaged Dividend Active ETF; (2) a sub-advisory agreement (the “Subadvisory Agreement”) between the Manager and Spectrum Asset Management, Inc. (the “Subadvisor”); and (3) an amended management agreement between PETF and PGI related to the PETF Principal Price Setters Index ETF and the PETF Principal Shareholder Yield Index ETF.

Management Agreement and Subadvisory Agreement for PETF Principal Spectrum Tax-Advantaged Dividend Active ETF

On March 9, 2020, the Board considered, on behalf of the newly established Principal Spectrum Tax-Advantaged Dividend Income ETF series of PETF (the “Fund”), the approval of a management agreement (the “Management Agreement”) between PETF, for the Fund, and the Manager and a Subadvisory Agreement between the Manager and the Subadvisor. The Management Agreement and the Subadvisory Agreement are together referred to as the “Advisory Agreements.”

Based upon their review, the Board concluded that it was in the best interests of the Fund to approve the Advisory Agreements and, accordingly, recommended to the Board the approval of each of the Advisory Agreements. In reaching this conclusion, no single factor was determinative in the Board’s analysis, but rather the Board considered a variety of factors.

With respect to the Management Agreement, the Board considered, among other factors, that the Manager serves as the investment adviser to the existing series of PETF, that the Manager and Principal Management Corporation, the previous investment adviser to PETF, Principal Funds, Inc. and Principal Variable Contracts, Inc. (collectively with Principal Diversified Select Real Asset Fund, the “Principal Funds”), which merged with and into the Manager on May 1, 2017, have had a long-term relationship with the Principal Funds, all of which are also overseen by the Trustees; and that the Manager has demonstrated a commitment to support the Principal Funds. The Board concluded that a long-term relationship with a capable and conscientious adviser is in the best interests of the Fund. The Board considered various factors, including the following, and made certain findings and conclusions with regard thereto, in approving the Advisory Agreements.

Nature, Quality and Extent of Services

The Board considered the nature, quality and extent of the services to be provided under the Management Agreement, including administrative services. The Board noted that, in connection with the 2019 annual renewal of the management agreements for the other Principal Funds, the Board had: (1) reviewed the services provided by the Manager to the other series of Principal Funds under the management agreements; (2) considered the experience and skills of senior management leading fund operations, the experience and skills of the personnel performing the functions under the management agreements and the resources made available to such personnel, the ability of the Manager to attract and retain high-quality personnel, and the organizational depth and stability of the Manager and concluded that appropriate resources were provided under the management agreements; (3) noted that the Manager’s process emphasizes the selection of Principal-affiliated subadvisors that are determined to be qualified under the Manager’s due diligence process and concluded that this due diligence process was working well; and (4) considered the compliance program established by the Manager for the Principal Funds and their respective series, as applicable, and the level of compliance attained by the Principal Funds. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services to be provided by the Manager to the Fund under the Management Agreement are expected to be satisfactory.

Investment Performance

As the Fund is a newly created series, the Board did not review performance of the Fund since no track record was available.

Fees, Economies of Scale and Profitability.

The Board considered the Fund’s proposed management and subadvisory fees. The Board noted that the Manager proposed a unitary management fee for the Fund. The Board also received information from the Manager, based upon data supplied by Broadridge, comparing the proposed unitary management fee to the total expense ratios of funds in the same asset category. For the Fund, the Board also considered whether there are economies of scale with respect to the services to be provided to the Fund under the Management Agreement. The Board concluded that, although the proposed management fee schedule for the Fund does not include breakpoints, the management fee schedule is appropriate at currently anticipated asset levels.

146

With respect to the subadvisory fee proposed to be paid to the Subadvisor, the Board noted that the Manager compensates the Subadvisor, an affiliated company, from its own management fee so that shareholders pay only the management fee. The Board considered whether there are economies of scale with respect to the subadvisory services to be provided under the Subadvisory Agreement. The Board concluded that, although the proposed subadvisory fee schedule does not include breakpoints, the Subadvisor’s fee schedule is appropriate at currently anticipated asset levels. The Board considered the Subadvisor’s representation that it does not offer other clients a lower fee for comparable strategies and services and the Manager’s statement that it found the proposed subadvisory fee to be competitive.

In addition, in evaluating the management and subadvisory fees, the Board considered the Manager’s statements regarding the expected asset levels and timing that will be required for the Fund to break even. On the basis of the information provided, the Board concluded that the proposed management and subadvisory fees for the Fund was reasonable.

Other Benefits

The Board also considered the character and amount of other incidental benefits to be received by the Manager and the Subadvisor. The Board noted that the Subadvisor did not intend to engage in soft dollar trading in connection with the Fund and that there would be no known fall-out benefits to the Manager in connection with its management of the Fund. The Board concluded that, on the basis of the information provided, the incidental benefits to be received by the Manager and Subadvisor were appropriate.

Overall Conclusions

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of each Advisory Agreement, including the fee rate payable thereunder, are fair and reasonable and that approval of each of the Advisory Agreements is in the best interests of the Fund.

Amended Management Agreement for PETF Principal Price Setters Index ETF and PETF Principal Shareholder Yield Index ETF

On June 8, 2020, the Board considered, on behalf of the PETF Principal Price Setters Index ETF and PETF Principal Shareholder Yield Index ETF (each a “Fund” and together the “Funds”), the approval of an amended management agreement (the “Management Agreement”) between PETF, for each Fund, and the Manager in connection with a proposal to amend each Fund’s unitary management fee schedule to reduce each Fund’s effective unitary management fee rate payable at all asset levels.

The Board reviewed materials received from the Manager regarding the proposed reduction in each Fund’s unitary management fee schedule. The Board considered the Manager’s representation that the change in each Fund’s unitary management fee schedule would not reduce the quality or quantity of the services the Manager provides to the Funds and that the Manager’s obligations under the Management Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of the Management Agreement other than to each Fund’s unitary management fee schedule.

The Board considered that they had last approved the Management Agreement for each Fund during the annual contract renewal process that concluded at the Board’s September 2019 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Manager under the Management Agreement and had concluded, based upon the information provided, that the terms of the Management Agreement were reasonable and that approval of the Management Agreement was in the best interests of each Fund.

Based upon all of the information considered, the Board concluded that it was in the best interests of each Fund to approve the amended Management Agreement at this time and, accordingly, recommended approval of the amended Management Agreement.

147

Federal Income Tax Information
Principal Exchange-Traded Funds
June 30, 2019 (unaudited)

Long-Term Capital Gain Dividends. Certain funds distributed long-term capital gain dividends during the fiscal year ended June 30, 2020. Details of designated long-term capital gain dividends for federal income tax purposes are shown in the notes to financial statements. To the extent necessary to distribute such capital gains, certain funds may also utilize, and hereby designate, earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.

Dividends Received Deduction (“DRD”). For corporate shareholders, the percentage of ordinary income distributions (dividend income and short-term gains if any) for the year ended June 30, 2020, that qualifies for the DRD are as follows:


	DRD
Principal Active Global Dividend Income ETF	35.43	%
Principal Active Income ETF	14.35	%
Principal Contrarian Value Index ETF	96.04	%
Principal Healthcare Innovators Index ETF	N/A
Principal International Multi-Factor Core Index ETF	0.00	%
Principal Investment Grade Corporate Active ETF	0.75	%
Principal Millennials Index ETF	38.58	%
Principal Price Setters Index ETF	100.00	%
Principal Shareholder Yield Index ETF	100.00	%
Principal Spectrum Preferred Securities Active ETF	28.24	%
Principal Spectrum Tax-Advantaged Dividend Active ETF	N/A
Principal Sustainable Momentum Index ETF	84.88	%
Principal U.S. Large-Cap Multi-Factor Core Index ETF	99.14	%
Principal U.S. Mega-Cap Multi-Factor Index ETF	100.00	%
Principal U.S. Small-Cap Multi-Factor Index ETF	82.83	%
Principal U.S. Small-MidCap Multi-Factor Core Index ETF	73.39	%
Principal Ultra-Short Active Income ETF	0.00	%

Qualified Dividend Income (“QDI”). Certain dividends paid by the funds may be subject to a maximum tax rate of 20%. The QDI percentages of ordinary income distributions are as follows:


	QDI
Principal Active Global Dividend Income ETF	91.96	%
Principal Active Income ETF	17.24	%
Principal Contrarian Value Index ETF	100.00	%
Principal Healthcare Innovators Index ETF	N/A
Principal International Multi-Factor Core Index ETF	91.58	%
Principal Investment Grade Corporate Active ETF	2.27	%
Principal Millennials Index ETF	86.76	%
Principal Price Setters Index ETF	100.00	%
Principal Shareholder Yield Index ETF	100.00	%
Principal Spectrum Preferred Securities Active ETF	45.42	%
Principal Spectrum Tax-Advantaged Dividend Active ETF	N/A
Principal Sustainable Momentum Index ETF	89.63	%
Principal U.S. Large-Cap Multi-Factor Core Index ETF	100.00	%
Principal U.S. Mega-Cap Multi-Factor Index ETF	100.00	%
Principal U.S. Small-Cap Multi-Factor Index ETF	84.26	%
Principal U.S. Small-MidCap Multi-Factor Core Index ETF	77.75	%
Principal Ultra-Short Active Income ETF	0.00	%

148

ITEM 2 – CODE OF ETHICS

(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b)	Not applicable.
(c)	The Registrant has not amended its Code of Ethics during the period covered by the shareholder

report presented in Item 1 hereto.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e)	Not applicable.
(f)	The Registrant's Code of Ethics is attached as an Exhibit in response to Item 13(a)(1).

ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT

The Registrant's Board has determined that Elizabeth Nickels, a member of the Registrant's Audit Committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item.

ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a) Audit Fees. Ernst & Young is the principal accountant for the registrant. As such, Ernst & Young has audited the financial statements of the registrant and reviewed regulatory filings that include those financial statements. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional services.

June 30, 2019 - $268,823
June 30, 2020 - $363,078

(b) Audit-Related Fees. Ernst & Young provided audit-related services to the registrant during the last fiscal year that are not included in response to item 4(a). Those services related to the review of Form N-1A. Ernst & Young has billed the following amounts for those services.

June 30, 2019 - $5,500
June 30, 2020 - $11,000

Ernst and Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(c) Tax Fees. Ernst & Young reviews the federal income tax returns and federal excise tax returns of the registrant. In connection with this review, Ernst & Young reviews the calculation of the registrant’s dividend distributions that are included as deductions on the tax returns. Ernst & Young also provides services to identify passive foreign investment companies. Ernst & Young also provides services to understand and comply with tax laws in certain foreign countries. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional tax services.

June 30, 2019 - $110,306 June 30, 2020 - $144,679

Ernst and Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) All Other Fees. Ernst & Young has not billed the registrant for other products or services during the last two fiscal years.

Ernst and Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(e) (1) Audit Committee Pre-Approval Policy. The audit committee of the registrant has adopted the following pre-approval policy:

The Principal Funds
Policy on Auditor Independence

The purpose of this policy is to ensure the independence of the Principal Funds' primary independent auditor. This policy is established by the Audit Committee (the "Committee") of the Boards of Directors of Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. and the Boards of Trustees of Principal Exchange-Traded Funds and any registered closed-end management investment company that is operated as an interval fund and managed by Principal Global Investors, LLC¹(the “Funds”) (the “Boards of the Funds”) effective for all engagements of the primary independent auditor.

1.	The primary independent auditor, its subsidiaries and affiliates shall not provide Prohibited
		to the Funds. For the purposes of this policy, Prohibited Services are:
		Services that are subject to audit procedure during a financial statement audit;
		Services where the auditor would act on behalf of management;
		Services where the auditor is an advocate to the client's position in an adversarial proceeding;
		Bookkeeping or other services related to the accounting records or financial statements of the Funds, its subsidiaries and affiliates;
		Financial information systems design and implementation;
		Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;
		Actuarial services;
		Internal audit functions or human resources;
		Broker or dealer, investment advisor, or investment banking services;
		Legal services and expert services unrelated to the audit;
		Tax planning services related to listed, confidential and aggressive transactions;
		Personal tax planning services to individuals in a financial reporting oversight role with regard to the Funds (other than members of the Boards of the Funds who are not also officers of the Funds), including the immediate family members of such individuals;
		Any other service that the Public Company Accounting Oversight Board (PCAOB) determines, by regulation, is impermissible.
2.	(A) All services the primary independent auditor, its subsidiaries and affiliates provide to the Funds, and (B) Audit services, including audits of annual financial statements, audits of acquired or divested businesses or review of regulatory filings, any independent auditor provides, shall be approved by the Committee in advance in accordance with the following procedure:

Each quarter, Management will present to the Committee for pre-approval, a detailed description of each particular service, excluding tax services, for which pre-approval is sought and a range of fees for such service. The Committee may delegate pre-approval authority to one or more of its members provided such delegated member(s) shall present a report of any services approved to the full Committee at its next regularly scheduled meeting. The Committee Chairperson shall have pre-approval authority for changes to any range of fees applicable to services the Committee previously approved and for new

¹The first such interval fund is the Principal Diversified Select Real Asset Fund; Management, subject to Board approval, may create others, each of which would be formed as a separate trust.

services and the range of fees for such services that arise between regularly scheduled Committee meetings.

Similarly, the primary independent auditor will present to the Committee for pre-approval a written description of the nature and scope of all tax services not expressly prohibited, including the fee arrangements for such services, and the potential effects of such services on the audit firm’s independence.

In considering whether to pre-approve the primary independent auditor’s provision of non-audit services, the Committee will consider whether the services are compatible with the maintenance of such auditor's independence. The Committee will also consider whether the primary independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Funds' business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Funds' ability to manage or control risk or improve audit quality.

3.	The provisions of this policy shall apply to all audit and non-audit services provided directly to the Funds. Additionally, the provisions of this policy shall apply to non-audit services provided to Principal Global Investors, LLC (“PGI”) or an affiliate of PGI that provides ongoing services to the Funds if the engagement relates directly to the operations and financial reporting of the Funds.
4.	Not less than annually, the primary independent auditor shall report to the Committee in writing all relationships that may reasonably be thought to bear on independence between the auditor and the Funds or persons in financial reporting oversight roles with respect to any services provided by the auditor, its subsidiaries or affiliates as of the date of the communication, pursuant to Rule 3526 of the PCAOB. The primary independent auditor shall discuss with the Committee the potential effects of such relationships on the independence of the auditor. In addition, the primary independent auditor shall affirm, in writing, that, as of the date of the communication, it is independent within the meaning of the federal securities laws and Rule 3520 of the PCAOB.
5.	The Committee shall ensure that the lead (or coordinating) audit partners, as well as the reviewing audit partner, of the Funds' primary independent auditor are rotated at least every five years and subject upon rotation to a five year "time out" period. All other audit partners of the primary independent auditor, excluding partners who simply consult with others on the audit engagement regarding technical issues, shall rotate after seven years and be subject upon rotation to a two year "time out" period.
6.	Neither the Funds nor PGI may hire or promote any former partner, principal, shareholder or professional employee (Former Employee) of the primary independent auditor into a financial reporting oversight role unless the Former Employee (1) has severed his/her economic interest in the independent audit firm, and (2) was not a member of the audit engagement team for the Funds during the one year period preceding the date that the audit procedures began for the fiscal period in which the Funds or PGI proposes to hire or promote the Former Employee. Neither the Funds nor PGI shall, without prior written consent of the primary independent auditor, hire or
promote	any Former Employee into a role not prohibited above if the Former Employee had
provided	any services to the Funds or PGI during the 12 months preceding the date of filing of
the	Funds' most recent annual report with the SEC. Upon termination of the primary independent
auditor,	the Funds or PGI shall not, without prior written consent of the former primary independent
auditor,	hire or promote any Former Employee for a period of up to 12 months from termination.
7.	For persons recently promoted or hired into a financial reporting oversight role (other than
members	of the Boards of the Funds who are not also officers of the Funds), any personal tax
planning	services pursuant to an engagement that was in progress before the hiring or promotion
and	provided by the primary independent auditor must be completed on or before 180 days after
the	hiring or promotion.

The phrase "financial reporting oversight role" means a role in which a person is in a position to exercise influence over the contents of the financial statements or anyone who prepares them, such as a member of the board of directors or similar management or governing body, chief executive officer, president, chief operating officer, chief financial officer, counsel, controller, chief internal auditor, or any equivalent positions.

(Adopted by the Audit Committee of the Boards of the Funds on March 10, 2020).

(End of policy)

(e) (2) Pre-Approval Waivers. There were no services provided to the registrant by Ernst & Young that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Substantially all work in connection with the audit of the registrant’s financial statements was performed by full-time employees of Ernst & Young.

(g) The aggregate non-audit fees Ernst and Young billed to the registrant, the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant for each of registrant's last two fiscal years were as follows.

June 30, 2019 - $115,806
June 30, 2020 - $155,679

(h) The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS

(a) The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the audit committee are Leroy Barnes, Mark Grimmett, and Elizabeth Nickels, (b) Not applicable.

ITEM 6 – SCHEDULE OF INVESTMENTS

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

ITEM 7 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees.

ITEM 11 – CONTROLS AND PROCEDURES a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).

(b) There have been no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13 – EXHIBITS

(a)(1) Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act are attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act is attached hereto as Exhibit 99.906CERT.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Healthcare Innovators
		Index ETF
		Year ended			Year ended
		June 30, 2020			June 30, 2019
Operations
Net investment income (loss)	$	(169,265	)	$	(206,535	)
Net realized gain (loss) on investments		6,249,529			437,096
Change in unrealized appreciation (depreciation) of investments		10,242,069			(313,182	)
Net Increase (Decrease) in Net Assets Resulting from Operations		16,322,333			(82,621	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		22,302,643			4,692,133
Total Increase (Decrease) in Net Assets		38,624,976			4,609,512
Net Assets
Beginning of year		56,713,285			52,103,773
End of year	$	95,338,261		$	56,713,285

Capital Share Transactions
Dollars:
Sold	$	43,226,695		$	17,629,984
Redeemed		(20,924,052	)		(12,937,851	)
Net Increase (Decrease)	$	22,302,643		$	4,692,133
Shares:
Sold		1,100,000			550,000
Redeemed		(600,000	)		(400,000	)
Net Increase (Decrease)		500,000			150,000


	Foreign Taxes	Foreign
	Per Share	Source Income
Principal Active Global Dividend Income ETF	0.041	53.82	%
Principal International Multi-Factor Core Index ETF	0.0594	99.63	%


(Registrant)		Principal Exchange-Traded Funds

By	/s/ Kamal Bhatia
Kamal Bhatia, President and CEO
Date	8/6/2020