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)

711 High Street, 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: 515-235-1719

Date of fiscal year end: June 30, 2025

Date of reporting period: June 30, 2025

ITEM 1 – REPORT TO STOCKHOLDERS

(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

YLD

Principal Active High Yield ETF

Principal U.S. Listing Exchange: NYSE Arca

Annual Shareholder Report

June 30, 2025 

This annual shareholder report contains important information about Principal Active High Yield ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Active High Yield ETF	$41	0.39%

Management's Discussion of Fund Performance

The Fund seeks to provide a high level of 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 below-investment grade (commonly known as "junk" or “high yield”) fixed income securities, such as bonds and bank loans. It invests in U.S. treasury securities, investment grade bank loans (also known as senior floating rate interests), and preferred securities. The Fund’s investments underperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (“Index”) in the year ending June 30, 2025. Negative security selection drove roughly a quarter of the underperformance. The top detracting securities included overweight positions in Vibrantz Technologies Inc and Kronos Acquisition Holdings Inc, zero exposure to CommScope LLC, and capital structure positioning within Transocean Inc and Level 3 Financing Inc. These were partially offset by an overweight position in Aruba Investments Holdings, zero exposure to New Fortress Energy Inc and Saks Global Enterprises LLC, and capital structure positioning within Lions Gate Capital Holdings and Freedom Mortgage Holdings LLC. Sector allocation drove most of the underperformance, primarily due to an underweight allocation to the communications sector, though this was partially offset by an underweight allocation to the consumer cyclical sector. By bond rating, security selection within CCCs was the largest drag, while an underweight allocation to CCs also contributed to underperformance. These were partially offset by security selection within Bs and an overweight allocation to CCCs.

How did the Fund perform since inception?

	Principal Active High Yield ETF $16,848	Bloomberg U.S. Aggregate Bond Index $11,829	Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index $16,927
07/15	$10,000	$10,000	$10,000
09/15	$9,445	$10,059	$9,546
12/15	$9,414	$10,002	$9,350
03/16	$9,657	$10,305	$9,663
06/16	$10,233	$10,533	$10,197
09/16	$10,733	$10,582	$10,763
12/16	$10,836	$10,267	$10,952
03/17	$11,122	$10,351	$11,247
06/17	$11,418	$10,500	$11,491
09/17	$11,616	$10,589	$11,718
12/17	$11,742	$10,630	$11,773
03/18	$11,428	$10,475	$11,672
06/18	$11,646	$10,459	$11,792
09/18	$11,952	$10,461	$12,076
12/18	$11,339	$10,632	$11,528
03/19	$12,062	$10,945	$12,364
06/19	$12,300	$11,282	$12,674
09/19	$12,495	$11,538	$12,843
12/19	$12,942	$11,558	$13,179
03/20	$10,321	$11,922	$11,507
06/20	$11,666	$12,268	$12,673
09/20	$12,328	$12,343	$13,254
12/20	$13,145	$12,426	$14,107
03/21	$13,597	$12,007	$14,228
06/21	$14,054	$12,227	$14,617
09/21	$14,211	$12,233	$14,748
12/21	$14,390	$12,234	$14,849
03/22	$13,896	$11,508	$14,134
06/22	$12,548	$10,968	$12,743
09/22	$12,453	$10,447	$12,661
12/22	$13,126	$10,643	$13,189
03/23	$13,615	$10,958	$13,659
06/23	$13,853	$10,865	$13,899
09/23	$13,859	$10,514	$13,963
12/23	$14,820	$11,231	$14,962
03/24	$15,231	$11,144	$15,183
06/24	$15,409	$11,151	$15,349
09/24	$16,074	$11,731	$16,160
12/24	$16,182	$11,372	$16,188
03/25	$16,269	$11,688	$16,350
06/25	$16,848	$11,829	$16,927

Average Annual Total Returns

Name	1-Year	5-Years	Since Inception July 8, 2015
Principal Active High Yield ETF	8.92%	7.53%	5.32%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.70%
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index	10.28%	5.96%	5.42%

Past performance is not a good predictor of the Fund's future performance. The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.PrincipalAM.com/ETF for more recent performance information.

The Bloomberg U.S. Aggregate Bond Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

• Net Assets$317,720,481
• Total Number of Portfolio Holdings128
• Portfolio Turnover Rate45.8%
• Total Advisory Fees Paid$1,032,892

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	83.43%
Investment Companies	8.96%
Senior Floating Rate Interests	7.08%
U.S. Government & Government Agency Obligations	3.96%
Other Assets and Liabilities	(3.43)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	16.49%
Consumer, Non-cyclical	15.96%
Consumer, Cyclical	11.35%
Industrial	10.10%
Basic Materials	9.11%
Money Market Funds	8.96%
Energy	8.79%
Communications	7.19%
Utilities	6.95%
Technology	4.57%
Government	3.96%
Other Assets and Liabilities	(3.43)%
Total Net Assets	100.00%

Material Fund Changes 

There were no material changes to the Fund for the period July 1, 2024 to June 30, 2025. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information 

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/ETFprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-center for more information.

Householding

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at 1-800-222-5852. Householding will be stopped within 30 days after we receive your request.

ETF3AR-0 

LCAP

Principal Capital Appreciation Select ETF

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Annual Shareholder Report

June 30, 2025 

This annual shareholder report contains important information about Principal Capital Appreciation Select ETF (the "Fund") for the period of March 25, 2025 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Capital Appreciation Select ETF	$8Footnote Reference*	0.29%Footnote Reference†

Footnote	Description
Footnote*	Expenses are for the period from March 25, 2025, date operations commenced, through June 30, 2025. Expenses for the full reporting period would be higher.
Footnote†	Computed on an annualized basis.

Fund Statistics

• Net Assets$23,061,943
• Total Number of Portfolio Holdings51
• Portfolio Turnover Rate14.7%
• Total Advisory Fees Paid$12,065

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.36%
Investment Companies	0.63%
Other Assets and Liabilities	0.01%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Technology	29.99%
Communications	16.25%
Financial	15.06%
Consumer, Non-cyclical	12.21%
Consumer, Cyclical	8.73%
Industrial	7.43%
Energy	3.76%
Utilities	3.56%
Basic Materials	2.37%
Money Market Funds	0.63%
Other Assets and Liabilities	0.01%
Total Net Assets	100.00%

Material Fund Changes 

There were no material changes to the Fund for the period March 25, 2025 to June 30, 2025. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information 

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/ETFprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-center for more information.

Householding

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at 1-800-222-5852. Householding will be stopped within 30 days after we receive your request.

ETF36AR-0 

BCHP

Principal Focused Blue Chip ETF

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Annual Shareholder Report

June 30, 2025 

This annual shareholder report contains important information about Principal Focused Blue Chip ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Focused Blue Chip ETF	$62	0.58%

Management's Discussion of Fund Performance

The Fund seeks long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with large market capitalizations that, in the opinion of Principal Global Investors, LLC (“PGI”), the Fund’s investment advisor, display characteristics of a “blue chip” company. The Fund is non-diversified. Over the year, the Fund benefited from company selection and allocation in financials. Netflix was the Fund’s top contributor. The company grew its advertising business and launched live-event content. Alternative asset manager Brookfield was the next largest contributor. Brookfield raised significant assets in the last twelve months, with opportunities to invest in artificial intelligence ("AI") infrastructure and energy transition. Lack of exposure to consumer staples and materials contributed to performance relative to the Russell 1000 Growth Index ("Index"). Selection in information technology and health care detracted from performance. Having a smaller weight in Nvidia than its weight in the Index, detracted on a relative basis. Alphabet detracted. Despite significant investments in AI research, the company faced an emerging competitive threat in its Search business from large language models. Life science tools business Danaher detracted. The industry went through an unusual downturn, due to a surplus of inventory purchased in the pandemic-years. Demand returned to normal in 2025.

How did the Fund perform since inception?

	Principal Focused Blue Chip ETF $14,818	Russell 1000 Index $14,222	Russell 1000 Growth Index $15,574
07/23	$10,000	$10,000	$10,000
09/23	$9,800	$9,614	$9,642
12/23	$11,418	$10,764	$11,007
03/24	$12,520	$11,872	$12,264
06/24	$12,885	$12,296	$13,286
09/24	$13,246	$13,044	$13,710
12/24	$13,782	$13,402	$14,679
03/25	$13,049	$12,800	$13,216
06/25	$14,818	$14,222	$15,574

Average Annual Total Returns

Name	1-Year	Since Inception July 12, 2023
Principal Focused Blue Chip ETF	15.10%	22.10%
Russell 1000 Index	15.66%	19.58%
Russell 1000 Growth Index	17.22%	25.22%

Past performance is not a good predictor of the Fund's future performance. The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.PrincipalAM.com/ETF for more recent performance information.

The Russell 1000 Index is the Fund's primary broad-based index and is included to meet the revised definition of "broad-based securities market index". The Russell 1000 Growth Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

• Net Assets$134,688,641
• Total Number of Portfolio Holdings24
• Portfolio Turnover Rate24.7%
• Total Advisory Fees Paid$555,436

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.98%
Investment Companies	0.06%
Other Assets and Liabilities	(0.04)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Communications	30.46%
Financial	26.67%
Technology	23.60%
Consumer, Cyclical	7.68%
Consumer, Non-cyclical	6.70%
Industrial	4.87%
Money Market Funds	0.06%
Other Assets and Liabilities	(0.04)%
Total Net Assets	100.00%

Material Fund Changes 

There were no material changes to the Fund for the period July 1, 2024 to June 30, 2025. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information 

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/ETFprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-center for more information.

Householding

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at 1-800-222-5852. Householding will be stopped within 30 days after we receive your request.

ETF34AR-0 

PIEQ

Principal International Equity ETF

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Annual Shareholder Report

June 30, 2025 

This annual shareholder report contains important information about Principal International Equity ETF (the "Fund") for the period of November 5, 2024 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal International Equity ETF	$34Footnote Reference*	0.48%Footnote Reference†

Footnote	Description
Footnote*	Expenses are for the period from November 5, 2024, date operations commenced, through June 30, 2025. Expenses for the full reporting period would be higher.
Footnote†	Computed on an annualized basis.

Management's Discussion of Fund Performance

The Fund seeks long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The Fund invests primarily in foreign equity securities, including emerging market securities, such as China. It invests in equity securities of small, medium, and large market capitalization companies. For the period November 5, 2024 to June 30, 2025 the Fund’s investments outperformed the benchmark, MSCI ACWI Ex USA Index NTR ("Index"). Overweight positions in Japanese consumer electronics stock Nintendo, European financials stocks the National Bank of Greece and Allied Irish Bank, together with British industrial stock BAe were the most material positive contributors to performance. Detractors over the period included overweight positions in Chinese online retailer JD.com, Canadian natural resource company Teck Resources and French pharmaceutical company Sanofi. We continue to position the portfolio with controlled differences to Index at region and sector level, in favour of prioritising stock-specific insights.

How did the Fund perform since inception?

	Principal International Equity ETF $11,690	MSCI ACWI Ex USA Index NTR $11,327
11/24	$10,000	$10,000
12/24	$9,686	$9,608
03/25	$10,534	$10,111
06/25	$11,690	$11,327

Average Annual Total Returns

Name	Since Inception November 5, 2024
Principal International Equity ETF	16.33%
MSCI ACWI Ex USA Index NTR	13.27%

Past performance is not a good predictor of the Fund's future performance. The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.PrincipalAM.com/ETF for more recent performance information.

Fund Statistics

• Net Assets$770,561,723
• Total Number of Portfolio Holdings36
• Portfolio Turnover Rate20.4%
• Total Advisory Fees Paid$1,193,881

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	97.72%
Investment Companies	2.54%
Other Assets and Liabilities	(0.26)%
Total Net Assets	100.00%

Geographic Allocation

Top Locations	Percent of Net Assets
United Kingdom	19.20%
Germany	10.72%
Japan	9.94%
United States	9.05%
Canada	8.60%
China	7.39%
France	4.97%
Ireland	4.27%
Netherlands	4.22%
South Korea	3.83%
Taiwan	3.79%
Austria	3.71%
Greece	3.15%
Hong Kong	2.99%
Italy	1.89%
Other LocationsFootnote Reference*	2.54%
Other Assets and Liabilities	(0.26%)
Total Net Assets	100.00%

Footnote	Description
Footnote*	Includes locations other than the top twenty and/or Investment Companies.

Material Fund Changes 

There were no material changes to the Fund for the period November 5, 2024 to June 30, 2025. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information 

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/ETFprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-center for more information.

Householding

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at 1-800-222-5852. Householding will be stopped within 30 days after we receive your request.

ETF35AR-0 

IG

Principal Investment Grade Corporate Active ETF

Principal U.S. Listing Exchange: NYSE Arca

Annual Shareholder Report

June 30, 2025 

This annual shareholder report contains important information about Principal Investment Grade Corporate Active ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Investment Grade Corporate Active ETF	$20	0.19%

Management's Discussion of Fund Performance

The Fund 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"). During the 12 months ending June 30, 2025, the Fund’s investments outperformed the Bloomberg U.S. Corporate Investment Grade Bond Index (“Index”). Outperformance was driven by favorable security selection, particularly within the Consumer Non-Cyclical, Communications, Insurance, Banking, and Technology sectors. This was offset in part by security selection in the Natural Gas, Energy, and Consumer Cyclical sectors. Moreover, sector allocation slightly detracted from relative performance, as underweights to the Consumer Non-Cyclical, Real Estate Investment Trusts ("REITs"), and Capital Goods sectors marginally weighed on results. On the positive side, underweight allocations to the Consumer Cyclical and Technology sectors contributed favorably. Finally, duration and yield curve positioning had a neutral impact, with the Fund positioned slightly longer than the Index, on average. To that end, the Fund utilized derivatives to manage overall duration and key rate exposure relative to the Index.

How did the Fund perform since inception?

	Principal Investment Grade Corporate Active ETF $11,948	Bloomberg U.S. Aggregate Bond Index $11,336	Bloomberg U.S. Corporate Investment Grade Bond Index $12,120
04/18	$10,000	$10,000	$10,000
06/18	$9,887	$10,023	$9,927
09/18	$10,012	$10,024	$10,024
12/18	$9,906	$10,188	$10,006
03/19	$10,477	$10,488	$10,520
06/19	$10,954	$10,811	$10,991
09/19	$11,308	$11,057	$11,326
12/19	$11,447	$11,077	$11,460
03/20	$10,865	$11,425	$11,044
06/20	$11,971	$11,756	$12,036
09/20	$12,194	$11,829	$12,221
12/20	$12,676	$11,908	$12,593
03/21	$12,048	$11,506	$12,008
06/21	$12,531	$11,717	$12,434
09/21	$12,517	$11,723	$12,434
12/21	$12,558	$11,724	$12,462
03/22	$11,555	$11,029	$11,504
06/22	$10,597	$10,511	$10,669
09/22	$10,036	$10,011	$10,130
12/22	$10,435	$10,199	$10,498
03/23	$10,795	$10,501	$10,866
06/23	$10,697	$10,412	$10,835
09/23	$10,350	$10,076	$10,500
12/23	$11,211	$10,763	$11,392
03/24	$11,134	$10,679	$11,347
06/24	$11,161	$10,686	$11,337
09/24	$11,829	$11,242	$11,999
12/24	$11,437	$10,897	$11,634
03/25	$11,726	$11,201	$11,903
06/25	$11,948	$11,336	$12,120

Average Annual Total Returns

Name	1-Year	5-Years	Since Inception April 18, 2018
Principal Investment Grade Corporate Active ETF	6.91%	-0.02%	2.47%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%
Bloomberg U.S. Corporate Investment Grade Bond Index	6.91%	0.14%	2.71%

Past performance is not a good predictor of the Fund's future performance. The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.PrincipalAM.com/ETF for more recent performance information.

The Bloomberg U.S. Aggregate Bond Index is the Fund's primary broad-based index and is included to meet the recently revised definition of “broad-based securities market index”. The Bloomberg U.S. Corporate Investment Grade Bond Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

• Net Assets$105,725,195
• Total Number of Portfolio Holdings219
• Portfolio Turnover Rate102.6%
• Total Advisory Fees Paid$174,451

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	98.59%
Investment Companies	1.67%
Other Assets and LiabilitiesFootnote Reference*	(0.26)%
Total Net Assets	100.00%

Footnote	Description
Footnote*	Includes derivatives

Sector Allocation

Sector	Percent of Net Assets
Financial	37.72%
Utilities	15.01%
Consumer, Non-cyclical	10.00%
Technology	8.24%
Communications	7.12%
Industrial	7.01%
Energy	6.67%
Consumer, Cyclical	4.63%
Basic Materials	2.19%
Money Market Funds	1.67%
Other Assets and LiabilitiesFootnote Reference*	(0.26)%
Total Net Assets	100.00%

Footnote	Description
Footnote*	Includes derivatives

Material Fund Changes 

There were no material changes to the Fund for the period July 1, 2024 to June 30, 2025. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information 

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/ETFprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-center for more information.

Householding

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at 1-800-222-5852. Householding will be stopped within 30 days after we receive your request.

ETF17AR-0 

PSET

Principal Quality ETF

Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC

Annual Shareholder Report

June 30, 2025 

This annual shareholder report contains important information about Principal Quality ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Quality ETF	$16	0.15%

Management's Discussion of Fund Performance

The Fund seeks long-term growth of capital. Under normal circumstances, the Fund primarily invests in equity securities. For security selection and portfolio construction, Principal Global Investors, LLC (“PGI”) uses a proprietary quantitative model designed to identify equity securities in the S&P 500 Index or S&P 400 Index that exhibit higher quality, growth potential, and pricing power. The Fund invests in equity securities of different market capitalizations (medium or large) and styles (growth or value). The Fund's investments underperformed the S&P 500 Index (“Index”) over the year. Nine of the eleven sectors in the Index posted positive returns, led by financials and utilities. Healthcare and energy lagged during the year. Palantir Technologies, GE Vernova, and Millrose Properties outperformed within the Index, while Moderna, Enphase Energy, and Celanese underperformed. High beta and high momentum stocks outperformed during the year, while quality and value-oriented stocks underperformed. The Fund's positioning in Netflix, F5, and O’Reilly Automotive contributed to performance. Positioning in Microchip Technology, Applied Materials, and Monolithic Power Systems detracted from performance. The Fund's factor exposure to high beta contributed to performance, while exposure to smaller size, low momentum, and quality detracted from performance. Stock selection within healthcare and communication services contributed to performance, while selection in information technology, financials, and consumer discretionary detracted.

How did the Fund perform since inception?

	Principal Quality ETF $32,735	S&P 500 Index $35,562
03/16	$10,000	$10,000
03/16	$10,112	$10,044
06/16	$10,428	$10,291
09/16	$10,498	$10,687
12/16	$10,556	$11,096
03/17	$11,231	$11,769
06/17	$11,807	$12,133
09/17	$12,265	$12,676
12/17	$13,131	$13,519
03/18	$13,360	$13,416
06/18	$13,683	$13,877
09/18	$14,466	$14,947
12/18	$12,937	$12,926
03/19	$14,849	$14,690
06/19	$15,725	$15,322
09/19	$16,014	$15,583
12/19	$17,310	$16,996
03/20	$13,970	$13,665
06/20	$16,449	$16,472
09/20	$18,057	$17,943
12/20	$20,123	$20,123
03/21	$20,894	$21,366
06/21	$22,721	$23,192
09/21	$23,060	$23,327
12/21	$26,034	$25,899
03/22	$23,926	$24,708
06/22	$20,597	$20,730
09/22	$19,397	$19,718
12/22	$21,762	$21,209
03/23	$22,958	$22,799
06/23	$24,696	$24,792
09/23	$23,950	$23,980
12/23	$27,002	$26,784
03/24	$29,895	$29,611
06/24	$30,160	$30,880
09/24	$31,491	$32,698
12/24	$31,773	$33,485
03/25	$29,305	$32,055
06/25	$32,735	$35,562

Average Annual Total Returns

Name	1-Year	5-Years	Since Inception March 21, 2016
Principal Quality ETF	8.57%	14.21%	13.64%
S&P 500 Index	15.16%	16.64%	14.66%

Past performance is not a good predictor of the Fund's future performance. The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.PrincipalAM.com/ETF for more recent performance information.

Fund Statistics

• Net Assets$54,449,478
• Total Number of Portfolio Holdings79
• Portfolio Turnover Rate39.3%
• Total Advisory Fees Paid$83,662

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.62%
Investment Companies	0.35%
Other Assets and Liabilities	0.03%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Technology	37.01%
Industrial	21.11%
Consumer, Non-cyclical	15.78%
Communications	12.13%
Financial	6.86%
Consumer, Cyclical	4.84%
Basic Materials	1.03%
Energy	0.86%
Money Market Funds	0.35%
Other Assets and Liabilities	0.03%
Total Net Assets	100.00%

Material Fund Changes 

There were no material changes to the Fund for the period July 1, 2024 to June 30, 2025. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information 

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/ETFprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-center for more information.

Householding

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at 1-800-222-5852. Householding will be stopped within 30 days after we receive your request.

ETF6AR-0 

BYRE

Principal Real Estate Active Opportunities ETF

Principal U.S. Listing Exchange: NYSE Arca

Annual Shareholder Report

June 30, 2025 

This annual shareholder report contains important information about Principal Real Estate Active Opportunities ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Real Estate Active Opportunities ETF	$64	0.61%

Management's Discussion of Fund Performance

The Fund seeks total return. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of companies principally engaged in the real estate industry at the time of purchase. It invests primarily in equity securities of U.S. companies, including those of small companies. The Fund is non-diversified. Over the year, the overweight to U.S. senior housing real estate securities remained the key contributor with these companies demonstrating continued strong earnings growth and guidance upgrades on firming occupancy, improving pricing power and accretive acquisitions. The overweight to towers was also additive as an improving tower leasing outlook spurred a recovery from the sector’s prior underperformance. Selection within industrial was the main detractor due to the exposure to cold storage stocks which reported weak results on demand concerns. The overweight to single family also detracted as concerns over faltering pricing power and weaker job growth impacted.

How did the Fund perform since inception?

	Principal Real Estate Active Opportunities ETF $10,973	Russell 3000 Index $16,307	FTSE NAREIT All Equity REITs Index $10,750
05/22	$10,000	$10,000	$10,000
06/22	$9,799	$9,657	$9,734
09/22	$8,894	$9,226	$8,679
12/22	$9,108	$9,888	$9,038
03/23	$9,382	$10,598	$9,196
06/23	$9,306	$11,487	$9,307
09/23	$8,687	$11,113	$8,531
12/23	$10,092	$12,455	$10,065
03/24	$9,889	$13,703	$9,933
06/24	$9,855	$14,143	$9,844
09/24	$11,416	$15,024	$11,497
12/24	$10,518	$15,420	$10,560
03/25	$10,945	$14,692	$10,851
06/25	$10,973	$16,307	$10,750

Average Annual Total Returns

Name	1-Year	Since Inception May 18, 2022
Principal Real Estate Active Opportunities ETF	11.34%	3.02%
Russell 3000 Index	15.30%	16.98%
FTSE NAREIT All Equity REITs Index	9.20%	2.35%

Past performance is not a good predictor of the Fund's future performance. The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.PrincipalAM.com/ETF for more recent performance information.

The Russell 3000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of "broad-based securities market index". The FTSE NAREIT All Equity REITs Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

• Net Assets$15,256,254
• Total Number of Portfolio Holdings25
• Portfolio Turnover Rate34.0%
• Total Advisory Fees Paid$77,309

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	97.43%
Investment Companies	2.12%
Other Assets and Liabilities	0.45%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	95.36%
Money Market Funds	2.12%
Consumer, Cyclical	2.07%
Other Assets and Liabilities	0.45%
Total Net Assets	100.00%

Material Fund Changes 

This is a summary of certain changes of the Fund since June 30, 2024.

Effective November 1, 2024, the Fund's management fees were changed. The management fee was reduced from 0.65% to 0.60%.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information 

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/ETFprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-center for more information.

Householding

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at 1-800-222-5852. Householding will be stopped within 30 days after we receive your request.

ETF31AR-0 

PREF

Principal Spectrum Preferred Securities Active ETF

Principal U.S. Listing Exchange: NYSE Arca

Annual Shareholder Report

June 30, 2025 

This annual shareholder report contains important information about Principal Spectrum Preferred Securities Active ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Spectrum Preferred Securities Active ETF	$57	0.55%

Management's Discussion of Fund Performance

The Fund 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. Early in the year, eyes were fixed on inflationary data in anticipation of U.S. Federal Reserve (FED) rate cuts. The 50 basis point (bps) FED Funds rate cut in September, followed by two 25 bps cuts late in 2024, were well received and had been efficiently communicated by Chairman Powell. Institutional Preferred security spreads tightened through October 2024 then remained quite steady through February 2025. Trade Tariff concerns caused Non-Contingent Convertible $1000 par (NoCo) spreads to widen by 60 bps at the widest in April 2025. Some trade agreements were reached and markets improved. Short duration securities outperformed longer ones. Below investment grade securities outperformed investment grade ones. On average, NoCo spreads tightened by 9 bps over the course of the full year but performance was helped by large declines in short/intermediate treasury rates; the 2 year U.S. Treasury yield declined by 103 bps. The $1000 par Preferred, Insurance Hybrids, and Utility Hybrids were the best contributing sectors. While all sectors had positive returns, Bank Non-Viability Additional Tier1, Hybrid Floaters, and Corporate Hybrids were the bottom contributors.

How did the Fund perform since inception?

	Principal Spectrum Preferred Securities Active ETF $13,715	Bloomberg Global Aggregate Bond Index $10,616	ICE BofA U.S. Investment Grade Institutional Capital Securities Index $14,463
07/17	$10,000	$10,000	$10,000
09/17	$10,228	$10,241	$10,163
12/17	$10,267	$10,351	$10,224
03/18	$10,062	$10,492	$10,036
06/18	$9,936	$10,200	$9,989
09/18	$10,054	$10,106	$10,163
12/18	$9,706	$10,227	$9,763
03/19	$10,358	$10,452	$10,495
06/19	$10,726	$10,797	$10,926
09/19	$11,098	$10,874	$11,262
12/19	$11,393	$10,927	$11,576
03/20	$9,992	$10,891	$10,468
06/20	$11,200	$11,253	$11,485
09/20	$11,730	$11,552	$11,988
12/20	$12,248	$11,932	$12,528
03/21	$12,151	$11,399	$12,441
06/21	$12,480	$11,549	$12,784
09/21	$12,624	$11,447	$12,906
12/21	$12,502	$11,370	$12,836
03/22	$11,787	$10,669	$12,175
06/22	$10,832	$9,788	$11,266
09/22	$10,649	$9,108	$11,159
12/22	$11,027	$9,522	$11,529
03/23	$11,038	$9,809	$11,656
06/23	$11,141	$9,659	$11,893
09/23	$11,216	$9,312	$11,935
12/23	$11,839	$10,067	$12,643
03/24	$12,372	$9,857	$13,106
06/24	$12,566	$9,748	$13,277
09/24	$13,127	$10,429	$13,911
12/24	$13,191	$9,897	$13,876
03/25	$13,362	$10,158	$14,099
06/25	$13,715	$10,616	$14,463

Average Annual Total Returns

Name	1-Year	5-Years	Since Inception July 10, 2017
Principal Spectrum Preferred Securities Active ETF	8.77%	4.18%	4.02%
Bloomberg Global Aggregate Bond Index	8.91%	-1.16%	0.75%
ICE BofA U.S. Investment Grade Institutional Capital Securities Index	8.90%	4.72%	4.74%

Past performance is not a good predictor of the Fund's future performance. The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.PrincipalAM.com/ETF for more recent performance information.

The Bloomberg Global Aggregate Bond Index is the Fund's primary broad-based index and is included to meet the recently revised definition of “broad-based securities market index”. The ICE BofA U.S. Investment Grade Institutional Capital Securities Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

• Net Assets$1,227,155,202
• Total Number of Portfolio Holdings127
• Portfolio Turnover Rate14.3%
• Total Advisory Fees Paid$5,770,952

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	97.22%
Investment Companies	2.24%
Other Assets and Liabilities	0.54%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	76.95%
Utilities	12.74%
Energy	7.22%
Money Market Funds	2.24%
Communications	0.21%
Government	0.10%
Other Assets and Liabilities	0.54%
Total Net Assets	100.00%

Material Fund Changes 

There were no material changes to the Fund for the period July 1, 2024 to June 30, 2025. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information 

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/ETFprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-center for more information.

Householding

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at 1-800-222-5852. Householding will be stopped within 30 days after we receive your request.

ETF11AR-0 

PQDI

Principal Spectrum Tax-Advantaged Dividend Active ETF

Principal U.S. Listing Exchange: NYSE Arca

Annual Shareholder Report

June 30, 2025 

This annual shareholder report contains important information about Principal Spectrum Tax-Advantaged Dividend Active ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Spectrum Tax-Advantaged Dividend Active ETF	$63	0.60%

Management's Discussion of Fund Performance

The Fund 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 dividend-paying securities at the time of purchase. Such securities include, without limitation, preferred securities and capital securities of U.S. and non-U.S. issuers. The Fund invests significantly in securities that, at the time of issuance, are eligible to pay dividends that qualify for favorable U.S. federal income tax treatment, such as dividends treated as “qualified dividend income” (“QDI”) and qualified dividends from real estate investment trusts (“REITS”). Early in the year, all eyes were on inflationary data in anticipation of U.S. Federal Reserve (FED) cuts. The 50 basis point (bps) FED Funds rate cut in September, and then two 25 bps cuts late in 2024, were well received and had been efficiently communicated by Chairman Powell. Institutional Preferred spreads tightened through October 2024 then remained quite steady through February 2025. Trade Tariff concerns caused Non-Contingent Convertible $1000 par (NoCo) spreads to widen by 60 bps at the widest in April 2025. Some trade agreements were reached, markets improved, short duration outperformed longer duration, below investment grade outperformed investment grade. Over the full year, NoCo spreads tightened by 9 bps, Contingent Capital tightened by 11 bps, $25 pars widened by 68 bps, but performance was helped by large declines in short/intermediate treasury rates; the 2 year U.S. Treasury yield declined by 103 bps. The $1000 par Preferred, Contingent Convertible, and Canadian Banking LRCN were the best contributing sectors. While all sectors had positive returns, Pipeline Hybrids, Corporate Hybrids, and Insurance Restricted Tier1 were the bottom contributors.

How did the Fund perform since inception?

	Principal Spectrum Tax-Advantaged Dividend Active ETF $12,495	Bloomberg Global Aggregate Bond Index $9,445	ICE BofA 7% Constrained DRD Eligible Preferred Securities Index $11,410
06/20	$10,000	$10,000	$10,000
06/20	$10,065	$10,011	$10,000
09/20	$10,470	$10,278	$10,522
12/20	$11,048	$10,615	$10,992
03/21	$11,030	$10,142	$10,898
06/21	$11,343	$10,275	$11,260
09/21	$11,417	$10,184	$11,283
12/21	$11,387	$10,116	$11,238
03/22	$10,875	$9,492	$10,475
06/22	$10,235	$8,708	$9,627
09/22	$10,020	$8,103	$9,565
12/22	$10,296	$8,472	$9,666
03/23	$10,050	$8,727	$9,634
06/23	$10,236	$8,593	$9,625
09/23	$10,359	$8,285	$9,597
12/23	$10,936	$8,956	$10,236
03/24	$11,336	$8,770	$10,746
06/24	$11,531	$8,673	$10,807
09/24	$12,022	$9,278	$11,397
12/24	$12,032	$8,805	$11,188
03/25	$12,163	$9,037	$11,243
06/25	$12,495	$9,445	$11,410

Average Annual Total Returns

Name	1-Year	5-Years	Since Inception June 16, 2020
Principal Spectrum Tax-Advantaged Dividend Active ETF	8.42%	4.53%	4.44%
Bloomberg Global Aggregate Bond Index	8.91%	-1.16%	-1.13%
ICE BofA 7% Constrained DRD Eligible Preferred Securities Index	5.58%	2.67%	2.65%

Past performance is not a good predictor of the Fund's future performance. The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.PrincipalAM.com/ETF for more recent performance information.

The Bloomberg Global Aggregate Bond Index is the Fund's primary broad-based index and is included to meet the recently revised definition of “broad-based securities market index”. The ICE BofA 7% Constrained DRD Eligible Preferred Securities Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

• Net Assets$57,663,744
• Total Number of Portfolio Holdings80
• Portfolio Turnover Rate17.6%
• Total Advisory Fees Paid$236,615

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Bonds	86.32%
Preferred Stocks	12.04%
Investment Companies	1.81%
Other Assets and Liabilities	(0.17)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	90.24%
Energy	3.63%
Utilities	3.58%
Money Market Funds	1.81%
Communications	0.91%
Other Assets and Liabilities	(0.17)%
Total Net Assets	100.00%

Material Fund Changes 

There were no material changes to the Fund for the period July 1, 2024 to June 30, 2025. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information 

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/ETFprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-center for more information.

Householding

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at 1-800-222-5852. Householding will be stopped within 30 days after we receive your request.

ETF26AR-0 

USMC

Principal U.S. Mega-Cap ETF

Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC

Annual Shareholder Report

June 30, 2025 

This annual shareholder report contains important information about Principal U.S. Mega-Cap ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal U.S. Mega-Cap ETF	$13	0.12%

Management's Discussion of Fund Performance

The Fund seeks long-term growth of capital. 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 very large ("mega") market capitalizations at the time of purchase. For this Fund, companies with mega capitalizations are those with market capitalizations in the top 50th percentile of the S&P 500 Index at the time of purchase. The Fund is non-diversified. The Fund's investments outperformed the S&P 500 Index (“Index”) over the year. Nine of the eleven sectors in the Index posted positive returns, led by financials and utilities. Healthcare and energy lagged during the year. Palantir Technologies, GE Vernova, and Millrose Properties outperformed within the Index, while Moderna, Enphase Energy, and Celanese underperformed. High beta and high momentum stocks outperformed during the year, while quality and value-oriented stocks underperformed. The Fund's positioning in Netflix, JPMorgan Chase, and Visa contributed to performance. Positioning in UnitedHealth, Advanced Micro Devices, and Salesforce detracted from performance. The Fund's factor exposure to size and high momentum contributed to performance, while exposure to high quality detracted from performance.

How did the Fund perform since inception?

	Principal U.S. Mega-Cap ETF $28,368	S&P 500 Index $27,642
10/17	$10,000	$10,000
12/17	$10,495	$10,508
03/18	$10,224	$10,428
06/18	$10,480	$10,786
09/18	$11,457	$11,618
12/18	$10,313	$10,047
03/19	$11,522	$11,418
06/19	$11,973	$11,910
09/19	$12,174	$12,112
12/19	$13,124	$13,211
03/20	$10,856	$10,622
06/20	$12,647	$12,804
09/20	$13,899	$13,947
12/20	$15,218	$15,641
03/21	$15,734	$16,607
06/21	$16,987	$18,027
09/21	$17,327	$18,132
12/21	$19,241	$20,131
03/22	$18,537	$19,206
06/22	$15,923	$16,113
09/22	$14,757	$15,326
12/22	$15,895	$16,485
03/23	$17,546	$17,721
06/23	$19,319	$19,270
09/23	$19,023	$18,640
12/23	$20,915	$20,819
03/24	$22,973	$23,017
06/24	$24,341	$24,003
09/24	$25,645	$25,415
12/24	$27,156	$26,028
03/25	$25,685	$24,916
06/25	$28,368	$27,642

Average Annual Total Returns

Name	1-Year	5-Years	Since Inception October 11, 2017
Principal U.S. Mega-Cap ETF	16.77%	17.53%	14.46%
S&P 500 Index	15.16%	16.64%	14.08%

Past performance is not a good predictor of the Fund's future performance. The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.PrincipalAM.com/ETF for more recent performance information.

Fund Statistics

• Net Assets$3,260,102,153
• Total Number of Portfolio Holdings27
• Portfolio Turnover Rate54.5%
• Total Advisory Fees Paid$3,118,220

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.63%
Investment Companies	0.36%
Other Assets and Liabilities	0.01%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Technology	26.95%
Consumer, Non-cyclical	20.44%
Financial	18.61%
Communications	16.66%
Consumer, Cyclical	13.52%
Energy	3.45%
Money Market Funds	0.36%
Other Assets and Liabilities	0.01%
Total Net Assets	100.00%

Material Fund Changes 

There were no material changes to the Fund for the period July 1, 2024 to June 30, 2025. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information 

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/ETFprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-center for more information.

Householding

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at 1-800-222-5852. Householding will be stopped within 30 days after we receive your request.

ETF16AR-0 

PSC

Principal U.S. Small-Cap ETF

Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC

Annual Shareholder Report

June 30, 2025 

This annual shareholder report contains important information about Principal U.S. Small-Cap ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal U.S. Small-Cap ETF	$40	0.38%

Management's Discussion of Fund Performance

The Fund seeks long-term growth of capital. 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 small market capitalizations at the time of purchase. For this Fund, companies with small market capitalizations are those with market capitalizations within the range of companies comprising the Russell 2000 Index ("Index"). The Fund's investments outperformed the Index over the year. Nine of the eleven sectors within the Index posted positive returns, led by financials and industrials, while energy and healthcare lagged. Aeva Technologies, D-Wave Quantum, and Sezzle outperformed within the Index, while Conduit Pharmaceuticals, Sunnova Energy, and Canoo underperformed. High beta and high momentum stocks outperformed during the year, while quality and value-oriented stocks underperformed. The Fund's positioning in Dave, Hims & Hers, and Brinker International contributed to performance. Positioning in Super Micro Computer, ELF Beauty, and Atkore detracted from performance. The Fund's factor exposure to high momentum contributed to performance, while exposure to high quality and value detracted from performance. Stock selection within healthcare, financials, and consumer discretionary contributed to performance, while selection in information technology and energy detracted.

How did the Fund perform since inception?

	Principal U.S. Small-Cap ETF $23,731	Russell 3000 Index $31,827	Russell 2000 Index $19,684
09/16	$10,000	$10,000	$10,000
09/16	$10,050	$10,034	$10,061
12/16	$11,074	$10,457	$10,950
03/17	$11,377	$11,057	$11,220
06/17	$11,606	$11,390	$11,496
09/17	$12,160	$11,911	$12,148
12/17	$12,562	$12,666	$12,554
03/18	$12,612	$12,584	$12,543
06/18	$13,599	$13,074	$13,515
09/18	$14,310	$14,005	$13,999
12/18	$11,387	$12,002	$11,171
03/19	$12,785	$13,688	$12,800
06/19	$12,941	$14,248	$13,068
09/19	$12,646	$14,414	$12,754
12/19	$13,558	$15,725	$14,022
03/20	$8,962	$12,439	$9,729
06/20	$11,423	$15,178	$12,202
09/20	$11,755	$16,576	$12,804
12/20	$15,370	$19,010	$16,821
03/21	$18,648	$20,216	$18,957
06/21	$19,886	$21,882	$19,771
09/21	$19,348	$21,860	$18,909
12/21	$20,347	$23,888	$19,314
03/22	$19,037	$22,627	$17,860
06/22	$16,342	$18,848	$14,789
09/22	$15,874	$18,006	$14,466
12/22	$17,100	$19,300	$15,367
03/23	$17,535	$20,685	$15,788
06/23	$18,562	$22,420	$16,609
09/23	$17,949	$21,691	$15,758
12/23	$20,268	$24,309	$17,968
03/24	$21,858	$26,745	$18,899
06/24	$21,265	$27,605	$18,280
09/24	$23,009	$29,325	$19,975
12/24	$22,782	$30,097	$20,041
03/25	$21,578	$28,676	$18,142
06/25	$23,731	$31,827	$19,684

Average Annual Total Returns

Name	1-Year	5-Years	Since Inception September 21, 2016
Principal U.S. Small-Cap ETF	11.41%	15.72%	10.34%
Russell 3000 Index	15.30%	15.96%	14.11%
Russell 2000 Index	7.68%	10.04%	8.03%

Past performance is not a good predictor of the Fund's future performance. The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.PrincipalAM.com/ETF for more recent performance information.

The Russell 3000 Index is the Fund's primary broad-based index and is included to meet the recently revised definition of “broad-based securities market index.” The Russell 2000 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

• Net Assets$752,649,908
• Total Number of Portfolio Holdings495
• Portfolio Turnover Rate80.3%
• Total Advisory Fees Paid$2,637,146

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.54%
Investment Companies	0.87%
Other Assets and Liabilities	(0.41)%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	24.38%
Consumer, Non-cyclical	22.89%
Industrial	16.21%
Technology	10.58%
Consumer, Cyclical	10.49%
Communications	4.87%
Energy	3.79%
Basic Materials	3.60%
Utilities	2.73%
Money Market Funds	0.87%
Other Assets and Liabilities	(0.41)%
Total Net Assets	100.00%

Material Fund Changes 

There were no material changes to the Fund for the period July 1, 2024 to June 30, 2025. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information 

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/ETFprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-center for more information.

Householding

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at 1-800-222-5852. Householding will be stopped within 30 days after we receive your request.

ETF9AR-0 

PY

Principal Value ETF

Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC

Annual Shareholder Report

June 30, 2025 

This annual shareholder report contains important information about Principal Value ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. 

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Value ETF	$16	0.15%

Management's Discussion of Fund Performance

The Fund seeks long-term growth of capital. Under normal circumstances, the Fund primarily invests in equity securities, focusing on value stocks. For security selection and portfolio construction, Principal Global Investors, LLC ("PGI") uses a proprietary quantitative model designed to identify equity securities of mid- to large-capitalization companies in the S&P 500 Index ("Index") that exhibit higher degrees of shareholder yield (meaning how much money a company distributes to shareholders through dividends and share repurchases). The Fund's investments underperformed the Index over the year. Nine of the eleven sectors in the Index posted positive returns, led by financials and utilities. Healthcare and energy lagged during the year. Palantir Technologies, GE Vernova, and Millrose Properties outperformed within the Index, while Moderna, Enphase Energy, and Celanese underperformed. High beta and high momentum stocks outperformed during the year, while quality and value-oriented stocks underperformed. The Fund's positioning in Microchip Technology, Fox, and Wells Fargo contributed to performance. Positioning in Broadcom, UnitedHealth Group, and Alexandria Real Estate Equities detracted from performance. The Fund's factor exposure to low quality contributed to performance, while exposure to value factors, low beta, smaller size, and lower momentum detracted from performance. An overweight allocation to financials and an underweight allocation to healthcare contributed to performance. Selection in information technology, industrials, and real estate, along with an overweight allocation to energy, detracted from performance.

How did the Fund perform since inception?

	Principal Value ETF $25,096	S&P 500 Index $35,562
03/16	$10,000	$10,000
03/16	$10,040	$10,044
06/16	$9,884	$10,291
09/16	$10,366	$10,687
12/16	$11,339	$11,096
03/17	$11,756	$11,769
06/17	$11,988	$12,133
09/17	$12,526	$12,676
12/17	$13,477	$13,519
03/18	$13,327	$13,416
06/18	$13,578	$13,877
09/18	$14,149	$14,947
12/18	$11,819	$12,926
03/19	$13,136	$14,690
06/19	$13,672	$15,322
09/19	$13,868	$15,583
12/19	$14,932	$16,996
03/20	$9,943	$13,665
06/20	$12,175	$16,472
09/20	$12,464	$17,943
12/20	$15,315	$20,123
03/21	$18,244	$21,366
06/21	$18,570	$23,192
09/21	$19,050	$23,327
12/21	$20,634	$25,899
03/22	$20,432	$24,708
06/22	$18,076	$20,730
09/22	$17,324	$19,718
12/22	$19,592	$21,209
03/23	$19,390	$22,799
06/23	$20,030	$24,792
09/23	$19,116	$23,980
12/23	$21,383	$26,784
03/24	$23,108	$29,611
06/24	$22,808	$30,880
09/24	$24,995	$32,698
12/24	$24,981	$33,485
03/25	$24,756	$32,055
06/25	$25,096	$35,562

Average Annual Total Returns

Name	1-Year	5-Years	Since Inception March 21, 2016
Principal Value ETF	9.95%	15.59%	10.39%
S&P 500 Index	15.16%	16.64%	14.66%

Past performance is not a good predictor of the Fund's future performance. The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.PrincipalAM.com/ETF for more recent performance information.

Fund Statistics

• Net Assets$224,275,456
• Total Number of Portfolio Holdings113
• Portfolio Turnover Rate91.0%
• Total Advisory Fees Paid$221,719

Graphical Representation of Holdings

Portfolio Allocation

Asset Weighting	Percent of Net Assets
Common Stocks	99.32%
Investment Companies	0.49%
Other Assets and Liabilities	0.19%
Total Net Assets	100.00%

Sector Allocation

Sector	Percent of Net Assets
Financial	27.94%
Technology	20.48%
Consumer, Non-cyclical	17.39%
Industrial	14.04%
Energy	9.08%
Consumer, Cyclical	5.23%
Communications	4.58%
Basic Materials	0.58%
Money Market Funds	0.49%
Other Assets and Liabilities	0.19%
Total Net Assets	100.00%

Material Fund Changes 

There were no material changes to the Fund for the period July 1, 2024 to June 30, 2025. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information 

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/ETFprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-center for more information.

Householding

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at 1-800-222-5852. Householding will be stopped within 30 days after we receive your request.

ETF5AR-0 

(b) Not applicable.

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, as described in Item 2(c) of Form N-CSR, 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 19(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, 2024 - $273,118

June 30, 2025 - $240,603

(b) Audit-Related Fees. Ernst & Young provided audit-related services to the registrant 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, 2024 - $5,775

June 30, 2025 - $5,775

Ernst & 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, 2024 - $170,261

June 30, 2025 - $87,861

Ernst & 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 & 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 (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 Services 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; and

● Any other service that the International Ethics Standards Board for Accountants (IESBA) 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 and pre-concurrence a detailed description of each particular service, excluding tax services, for which pre-approval and pre-concurrence is sought, and the corresponding range of fees for such service. The Committee may delegate pre-approval and pre-concurrence authority to one or more of its members provided such delegated member(s) shall present a report of any services so pre-approved and pre-concurred to the full Committee at its next regularly scheduled meeting. The Committee Chairperson is presently so appointed pursuant to this policy, and shall have pre-approval and pre-concurrence authority for changes to any range of fees applicable to services the Committee previously approved and for new 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 and pre-concurrence a written description of the nature and scope of all tax services not expressly prohibited, including the fee arrangements for such services. For all non-audit services, including tax services, the primary independent auditor will perform an assessment of the potential effects of such services on the audit firm’s independence and provide the Committee in writing its conclusion that the threat created by the level of non-audit services is deemed to be at an acceptable level.

In considering whether to grant pre-approval and pre-concurrence with respect to the primary independent auditor’s provision of non-audit services, the Committee (or the delegated member(s), as applicable) will consider whether the services are compatible with the maintenance of such auditor's independence. The Committee (or the delegated member(s), as applicable) 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 as well as any controlled subsidiary.

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 monitor 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 or otherwise “interested persons” (as defined in the Investment Company Act of 1940) 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.

8. 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 June 10, 2025).

(e) (2) Pre-Approval Waivers. There were no services, or 0%, provided by 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 & 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, 2024 - $328,883

June 30, 2025 - $426,455

(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.

(i) The registrant has not been identified by the Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position of authority in that jurisdiction.

(j) the registrant is not a foreign issuer.

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 Craig Damos, Frances Grieb, Victor Hymes, and Elizabeth Nickels.

(b) Not applicable.

ITEM 6 –INVESTMENTS

Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this form.

ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

(a) Financial Statements

(b) Financial Highlights

Principal

Exchange-Traded

Funds

Annual

Financial

Statements

and

Additional

Information

June

30,

2025

Table

of

Contents

Not

FDIC

or

NCUA

insured

May

lose

value

•

Not

a

deposit

•

No

bank

or

credit

union

guarantee

Not

insured

by

any

Federal

government

agency

Financial

Statements

1

Notes

to

Financial

Statements

21

Schedules

of

Investments

35

Financial

Highlights

(Includes

performance

information)

67

Report

of

Independent

Registered

Public

Accounting

Firm

79

Unaudited

Supplemental

Information

81

Changes

in

and

Disagreements

with

Accountants

(N-CSR

Item

8)

83

Proxy

Disclosures

(N-CSR

Item

9)

84

Remuneration

Paid

to

Directors,

Officers

and

Others

(N-CSR

Item

10)

85

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

86

1

See

accompanying

notes.

Statements

of

Assets

and

Liabilities

Principal

Exchange-Traded

Funds

June

30,

2025

Principal

Active

High

Yield

ETF

Principal

Capital

Appreciation

Select

ETF

Principal

Focused

Blue

Chip

ETF

Investment

in

securities

-

at

cost

.............................................

$

312,269,502‌

$

21,352,767‌

$

118,932,829‌

Investment

in

affiliated

funds

-

at

cost

.........................................

$

14,446,840‌

$

—‌

$

—‌

Assets

Investment

in

securities

-

at

value

.............................................

$

314,169,191‌

(a)

$

23,060,307‌

$

134,740,081‌

Investment

in

affiliated

funds

-

at

value

.........................................

14,446,840‌

—‌

—‌

Cash

..................................................................

4,537‌

—‌

—‌

Receivables:

Dividends

and

interest

..................................................

5,625,383‌

6,778‌

8,983‌

Securities

lending

income

................................................

11,315‌

—‌

98‌

Investment

securities

sold

................................................

1,559,511‌

—‌

229,109‌

Total

Assets

335,816,777‌

23,067,085‌

134,978,271‌

Liabilities

Accrued

management

and

investment

advisory

fees

................................

98,350‌

5,142‌

60,879‌

Payables:

–

–

–

Investment

securities

purchased

...........................................

3,551,106‌

—‌

228,751‌

Collateral

obligation

on

securities

loaned

-

at

value

.................................

14,446,840‌

—‌

—‌

Total

Liabilities

18,096,296‌

5,142‌

289,630‌

Net

Assets

Applicable

to

Outstanding

Shares

...................................

$

317,720,481‌

$

23,061,943‌

$

134,688,641‌

0

.00‌

%!

0

.00‌

%!

0

.00‌

%!

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

......................................

$

333,470,681‌

$

21,554,409‌

$

118,918,049‌

Total

distributable

earnings

(accumulated

loss)

....................................

(

15,750,200‌

)

1,507,534‌

15,770,592‌

Total

Net

Assets

$

317,720,481‌

$

23,061,943‌

$

134,688,641‌

Net

Asset

Value

Per

Share:

Net

assets

...........................................................

$

317,720,481‌

$

23,061,943‌

$

134,688,641‌

Shares

issued

and

outstanding

............................................

16,500,000‌

860,001‌

3,680,001‌

Net

asset

value

per

share

................................................

$

19

.26‌

$

26

.82‌

$

36

.60‌

(a)

Includes

fair

market

value

of

securities

loaned,

see

'Securities

Lending'

in

Notes

to

Financial

Statements.

2

See

accompanying

notes.

Statements

of

Assets

and

Liabilities

Principal

Exchange-Traded

Funds

June

30,

2025

Principal

International

Equity

ETF

Principal

Investment

Grade

Corporate

Active

ETF

Principal

Quality

ETF

Investment

in

securities

-

at

cost

.............................................

$

717,462,236‌

$

104,446,910‌

$

46,118,277‌

Investment

in

affiliated

funds

-

at

cost

.........................................

$

—‌

$

562,295‌

$

—‌

Foreign

currency

-

at

cost

..................................................

$

261,635‌

$

—‌

$

—‌

Assets

Investment

in

securities

-

at

value

.............................................

$

772,549,732‌

$

105,438,012‌

(a)

$

54,433,808‌

Investment

in

affiliated

funds

-

at

value

.........................................

—‌

562,295‌

—‌

Foreign

currency

-

at

value

..................................................

263,031‌

—‌

—‌

Cash

..................................................................

—‌

3,414‌

1,458‌

Deposits

with

counterparty

..................................................

—‌

107,246‌

—‌

Receivables:

Dividends

and

interest

..................................................

941,308‌

1,356,708‌

20,535‌

Securities

lending

income

................................................

3,046‌

93‌

—‌

Investment

securities

sold

................................................

1,583,163‌

—‌

—‌

Fund

shares

sold

......................................................

1,743,497‌

—‌

—‌

Net

variation

margin

on

financial

derivative

instruments

..........................

—‌

6,045‌

—‌

Total

Assets

777,083,777‌

107,473,813‌

54,455,801‌

Liabilities

Accrued

management

and

investment

advisory

fees

................................

295,713‌

16,102‌

6,323‌

Payables:

–

–

–

Investment

securities

purchased

...........................................

6,226,341‌

1,170,221‌

—‌

Collateral

obligation

on

securities

loaned

-

at

value

.................................

—‌

562,295‌

—‌

Total

Liabilities

6,522,054‌

1,748,618‌

6,323‌

Net

Assets

Applicable

to

Outstanding

Shares

...................................

$

770,561,723‌

$

105,725,195‌

$

54,449,478‌

0

.00‌

%!

0

.00‌

%!

0

.00‌

%!

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

......................................

$

709,807,945‌

$

124,702,068‌

$

57,583,037‌

Total

distributable

earnings

(accumulated

loss)

....................................

60,753,778‌

(

18,976,873‌

)

(

3,133,559‌

)

Total

Net

Assets

$

770,561,723‌

$

105,725,195‌

$

54,449,478‌

Net

Asset

Value

Per

Share:

Net

assets

...........................................................

$

770,561,723‌

$

105,725,195‌

$

54,449,478‌

Shares

issued

and

outstanding

............................................

26,520,001‌

5,100,001‌

740,001‌

Net

asset

value

per

share

................................................

$

29

.06‌

$

20

.73‌

$

73

.58‌

(a)

Includes

fair

market

value

of

securities

loaned,

see

'Securities

Lending'

in

Notes

to

Financial

Statements.

3

See

accompanying

notes.

Statements

of

Assets

and

Liabilities

Principal

Exchange-Traded

Funds

June

30,

2025

Principal

Real

Estate

Active

Opportunities

ETF

Principal

Spectrum

Preferred

Securities

Active

ETF

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

Investment

in

securities

-

at

cost

.............................................

$

14,407,544‌

$

1,158,570,063‌

$

56,330,799‌

Investment

in

affiliated

funds

-

at

cost

.........................................

$

—‌

$

5,650,835‌

$

—‌

Assets

Investment

in

securities

-

at

value

.............................................

$

15,188,239‌

$

1,214,881,824‌

(a)

$

57,762,953‌

Investment

in

affiliated

funds

-

at

value

.........................................

—‌

5,650,835‌

—‌

Cash

..................................................................

22,178‌

—‌

145,364‌

Deposits

with

counterparty

..................................................

—‌

—‌

27,711‌

Receivables:

Dividends

and

interest

..................................................

75,375‌

12,812,780‌

511,351‌

Securities

lending

income

................................................

—‌

2,314‌

—‌

Total

Assets

15,285,792‌

1,233,347,753‌

58,447,379‌

Liabilities

Accrued

management

and

investment

advisory

fees

................................

7,359‌

541,716‌

28,213‌

Payables:

–

–

–

Investment

securities

purchased

...........................................

22,179‌

—‌

755,422‌

Collateral

obligation

on

securities

loaned

-

at

value

.................................

—‌

5,650,835‌

—‌

Total

Liabilities

29,538‌

6,192,551‌

783,635‌

Net

Assets

Applicable

to

Outstanding

Shares

...................................

$

15,256,254‌

$

1,227,155,202‌

$

57,663,744‌

0

.00‌

%!

0

.00‌

%!

0

.00‌

%!

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

......................................

$

14,443,066‌

$

1,192,083,330‌

$

57,646,730‌

Total

distributable

earnings

(accumulated

loss)

....................................

813,188‌

35,071,872‌

17,014‌

Total

Net

Assets

$

15,256,254‌

$

1,227,155,202‌

$

57,663,744‌

Net

Asset

Value

Per

Share:

Net

assets

...........................................................

$

15,256,254‌

$

1,227,155,202‌

$

57,663,744‌

Shares

issued

and

outstanding

............................................

600,001‌

64,900,005‌

3,000,001‌

Net

asset

value

per

share

................................................

$

25

.43‌

$

18

.91‌

$

19

.22‌

(a)

Includes

fair

market

value

of

securities

loaned,

see

'Securities

Lending'

in

Notes

to

Financial

Statements.

4

See

accompanying

notes.

Statements

of

Assets

and

Liabilities

Principal

Exchange-Traded

Funds

June

30,

2025

Principal

U.S.

Mega-Cap

ETF

Principal

U.S.

Small-Cap

ETF

Principal

Value

ETF

Investment

in

securities

-

at

cost

.............................................

$

2,675,208,685‌

$

703,269,613‌

$

221,528,767‌

Investment

in

affiliated

funds

-

at

cost

.........................................

$

—‌

$

4,091,677‌

$

—‌

Assets

Investment

in

securities

-

at

value

.............................................

$

3,259,782,816‌

$

751,602,448‌

(a)

$

223,838,352‌

Investment

in

affiliated

funds

-

at

value

.........................................

—‌

4,091,677‌

—‌

Receivables:

Dividends

and

interest

..................................................

619,582‌

647,915‌

465,926‌

Securities

lending

income

................................................

—‌

3,044‌

—‌

Investment

securities

sold

................................................

—‌

620,465‌

—‌

Tax

refund

..........................................................

—‌

—‌

1,535‌

Expense

reimbursement

from

Advisor

.......................................

75,061‌

—‌

—‌

Total

Assets

3,260,477,459‌

756,965,549‌

224,305,813‌

Liabilities

Accrued

management

and

investment

advisory

fees

................................

375,306‌

223,964‌

30,357‌

Collateral

obligation

on

securities

loaned

-

at

value

.................................

—‌

4,091,677‌

—‌

Total

Liabilities

375,306‌

4,315,641‌

30,357‌

Net

Assets

Applicable

to

Outstanding

Shares

...................................

$

3,260,102,153‌

$

752,649,908‌

$

224,275,456‌

0

.00‌

%!

0

.00‌

%!

0

.00‌

%!

Net

Assets

Consist

of:

Capital

shares

and

additional

paid-in-capital

......................................

$

2,813,442,152‌

$

889,099,004‌

$

261,119,803‌

Total

distributable

earnings

(accumulated

loss)

....................................

446,660,001‌

(

136,449,096‌

)

(

36,844,347‌

)

Total

Net

Assets

$

3,260,102,153‌

$

752,649,908‌

$

224,275,456‌

Net

Asset

Value

Per

Share:

Net

assets

...........................................................

$

3,260,102,153‌

$

752,649,908‌

$

224,275,456‌

Shares

issued

and

outstanding

............................................

52,140,001‌

14,140,001‌

4,530,001‌

Net

asset

value

per

share

................................................

$

62

.53‌

$

53

.23‌

$

49

.51‌

(a)

Includes

fair

market

value

of

securities

loaned,

see

'Securities

Lending'

in

Notes

to

Financial

Statements.

5

See

accompanying

notes.

Statements

of

Operations

Principal

Exchange-Traded

Funds

Year

Ended

June

30,

2025

–

Principal

Active

High

Yield

ETF

Principal

Capital

Appreciation

Select

ETF

(a)

Principal

Focused

Blue

Chip

ETF

Net

Investment

Income

(Loss)

Income:

Dividends

...........................................................

$

473,854‌

$

45,219‌

$

572,840‌

Withholding

tax

.......................................................

(

1,074‌

)

—‌

(

6,210‌

)

Interest

............................................................

19,712,651‌

—‌

—‌

Securities

lending

-

net

..................................................

131,643‌

—‌

146‌

Total

Income

20,317,074‌

45,219‌

566,776‌

Expenses:

Management

and

investment

advisory

fees

....................................

1,032,892‌

12,065‌

555,436‌

Total

Expenses

1,032,892‌

12,065‌

555,436‌

Net

Investment

Income

(Loss)

19,284,182‌

33,154‌

11,340‌

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from:

Investment

transactions

.................................................

(

129,089‌

)

(

233,160‌

)

739,959‌

In-kind

redemptions

....................................................

651,375‌

—‌

4,666,439‌

Net

change

in

unrealized

appreciation

(depreciation)

of:

Investments

.........................................................

1,721,026‌

1,707,540‌

9,336,784‌

Net

Realized

and

Unrealized

Gain

(Loss)

2,243,312‌

1,474,380‌

14,743,182‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

21,527,494‌

$

1,507,534‌

$

14,754,522‌

–‌

%!

–‌

%!

–‌

%!

(a)

Period

from

March

25,

2025,

date

operations

commenced,

through

June

30,

2025.

6

See

accompanying

notes.

Statements

of

Operations

Principal

Exchange-Traded

Funds

Year

Ended

June

30,

2025

–

Principal

International

Equity

ETF

(a)

Principal

Investment

Grade

Corporate

Active

ETF

Principal

Quality

ETF

Net

Investment

Income

(Loss)

Income:

Dividends

...........................................................

$

14,016,406‌

$

65,141‌

$

444,206‌

Withholding

tax

.......................................................

(

1,144,552‌

)

—‌

—‌

Interest

............................................................

877‌

4,818,379‌

—‌

Securities

lending

-

net

..................................................

4,436‌

1,481‌

—‌

Total

Income

12,877,167‌

4,885,001‌

444,206‌

Expenses:

Management

and

investment

advisory

fees

....................................

1,193,881‌

174,451‌

83,662‌

Total

Expenses

1,193,881‌

174,451‌

83,662‌

Net

Investment

Income

(Loss)

11,683,286‌

4,710,550‌

360,544‌

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from:

Investment

transactions

.................................................

(

5,859,689‌

)

(

404,900‌

)

(

1,597,257‌

)

In-kind

redemptions

....................................................

5,883,413‌

—‌

834,546‌

Foreign

currency

transactions

.............................................

40,317‌

—‌

—‌

Futures

contracts

......................................................

—‌

(

352,779‌

)

—‌

Net

change

in

unrealized

appreciation

(depreciation)

of:

Investments

.........................................................

55,087,496‌

2,103,462‌

2,295,336‌

Futures

contracts

......................................................

—‌

(

29,930‌

)

—‌

Translation

of

assets

and

liabilities

in

foreign

currencies

..........................

11,434‌

—‌

—‌

Net

Realized

and

Unrealized

Gain

(Loss)

55,162,971‌

1,315,853‌

1,532,625‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

66,846,257‌

$

6,026,403‌

$

1,893,169‌

–‌

%!

–‌

%!

–‌

%!

(a)

Period

from

November

5,

2024,

date

operations

commenced,

through

June

30,

2025.

7

See

accompanying

notes.

Statements

of

Operations

Principal

Exchange-Traded

Funds

Year

Ended

June

30,

2025

–

Principal

Real

Estate

Active

Opportunities

ETF

Principal

Spectrum

Preferred

Securities

Active

ETF

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

Net

Investment

Income

(Loss)

Income:

Dividends

...........................................................

$

407,743‌

$

501,565‌

$

246,069‌

Interest

............................................................

—‌

54,227,390‌

1,930,964‌

Securities

lending

-

net

..................................................

—‌

25,917‌

—‌

Total

Income

407,743‌

54,754,872‌

2,177,033‌

Expenses:

Management

and

investment

advisory

fees

....................................

77,309‌

5,770,952‌

236,615‌

Total

Expenses

77,309‌

5,770,952‌

236,615‌

Net

Investment

Income

(Loss)

330,434‌

48,983,920‌

1,940,418‌

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from:

Investment

transactions

.................................................

115,322‌

2,149,941‌

225,829‌

Net

change

in

unrealized

appreciation

(depreciation)

of:

Investments

.........................................................

732,250‌

36,299,761‌

1,582,942‌

Net

Realized

and

Unrealized

Gain

(Loss)

847,572‌

38,449,702‌

1,808,771‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,178,006‌

$

87,433,622‌

$

3,749,189‌

–‌

%!

–‌

%!

–‌

%!

8

See

accompanying

notes.

Statements

of

Operations

Principal

Exchange-Traded

Funds

Year

Ended

June

30,

2025

–

Principal

U.S.

Mega-Cap

ETF

Principal

U.S.

Small-Cap

ETF

Principal

Value

ETF

Net

Investment

Income

(Loss)

Income:

Dividends

...........................................................

$

29,945,247‌

$

8,262,379‌

$

3,749,055‌

Withholding

tax

.......................................................

—‌

(

22,660‌

)

—‌

Securities

lending

-

net

..................................................

—‌

18,854‌

—‌

Income

tax

benefit

.....................................................

—‌

—‌

3,990‌

Total

Income

29,945,247‌

8,258,573‌

3,753,045‌

Expenses:

Management

and

investment

advisory

fees

....................................

3,897,775‌

2,637,146‌

221,719‌

Total

Gross

Expenses

3,897,775‌

2,637,146‌

221,719‌

Less:

Reimbursement

from

Advisor

............................................

(

779,555‌

)

—‌

—‌

Total

Net

Expenses

3,118,220‌

2,637,146‌

221,719‌

Net

Investment

Income

(Loss)

26,827,027‌

5,621,427‌

3,531,326‌

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from:

Investment

transactions

.................................................

(

52,364,619‌

)

(

23,945,735‌

)

(

12,039,668‌

)

In-kind

redemptions

....................................................

457,793,828‌

89,443,174‌

14,581,991‌

Net

change

in

unrealized

appreciation

(depreciation)

of:

Investments

.........................................................

(

14,990,238‌

)

5,155,357‌

(

4,658,666‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

390,438,971‌

70,652,796‌

(

2,116,343‌

)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

417,265,998‌

$

76,274,223‌

$

1,414,983‌

–‌

%!

–‌

%!

–‌

%!

9

See

accompanying

notes.

Statement

of

Changes

in

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Active

High

Yield

ETF

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Operations

Net

investment

income

(loss)

......................................................................

$

19,284,182‌

$

10,092,393‌

Net

realized

gain

(loss)

...........................................................................

522,286‌

(

1,573,051‌

)

Net

change

in

unrealized

appreciation

(depreciation)

......................................................

1,721,026‌

7,374,240‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

21,527,494‌

15,893,582‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

............................................

(

19,176,083‌

)

(

9,781,816‌

)

Total

Dividends

and

Distributions

(

19,176,083‌

)

(

9,781,816‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

......................................................

102,377,816‌

101,785,431‌

Total

Increase

(Decrease)

in

Net

Assets

104,729,227‌

107,897,197‌

Net

Assets

Beginning

of

period

.............................................................................

212,991,254‌

105,094,057‌

End

of

period

..................................................................................

$

317,720,481‌

$

212,991,254‌

Capital

Share

Transactions:

Dollars:

Sold

.....................................................................................

$

129,705,187‌

$

103,668,643‌

Redeemed

.................................................................................

(

27,327,371‌

)

(

1,883,212‌

)

Net

Increase

(Decrease)

$

102,377,816‌

$

101,785,431‌

Shares:

Sold

.....................................................................................

6,750,000‌

5,550,000‌

Redeemed

.................................................................................

(

1,450,000‌

)

(

100,000‌

)

Net

Increase

(Decrease)

5,300,000‌

5,450,000‌

10

See

accompanying

notes.

Statement

of

Changes

in

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Capital

Appreciation

Select

ETF

Period

Ended

June

30,

2025

(a)

Operations

Net

investment

income

(loss)

.......................................................................................

$

33,154‌

Net

realized

gain

(loss)

............................................................................................

(

233,160‌

)

Net

change

in

unrealized

appreciation

(depreciation)

.......................................................................

1,707,540‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,507,534‌

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

.......................................................................

21,554,409‌

Total

Increase

(Decrease)

in

Net

Assets

23,061,943‌

Net

Assets

Beginning

of

period

..............................................................................................

—‌

End

of

period

...................................................................................................

$

23,061,943‌

Capital

Share

Transactions:

Dollars:

Sold

......................................................................................................

$

21,554,409‌

Redeemed

..................................................................................................

—‌

Net

Increase

(Decrease)

$

21,554,409‌

Shares:

Sold

......................................................................................................

860,001‌

Redeemed

..................................................................................................

—‌

Net

Increase

(Decrease)

860,001‌

(a)

Period

from

March

25,

2025,

date

operations

commenced,

through

June

30,

2025.

11

See

accompanying

notes.

Statement

of

Changes

in

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Focused

Blue

Chip

ETF

Year

Ended

June

30,

2025

Period

Ended

June

30,

2024

(a)

Operations

Net

investment

income

(loss)

......................................................................

$

11,340‌

$

49,583‌

Net

realized

gain

(loss)

...........................................................................

5,406,398‌

1,763,858‌

Net

change

in

unrealized

appreciation

(depreciation)

......................................................

9,336,784‌

6,470,468‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

14,754,522‌

8,283,909‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

............................................

(

905,324‌

)

(

56,457‌

)

Total

Dividends

and

Distributions

(

905,324‌

)

(

56,457‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

......................................................

73,295,454‌

39,316,537‌

Total

Increase

(Decrease)

in

Net

Assets

87,144,652‌

47,543,989‌

Net

Assets

Beginning

of

period

.............................................................................

47,543,989‌

—‌

End

of

period

..................................................................................

$

134,688,641‌

$

47,543,989‌

Capital

Share

Transactions:

Dollars:

Sold

.....................................................................................

$

91,525,843‌

$

54,025,241‌

Redeemed

.................................................................................

(

18,230,389‌

)

(

14,708,704‌

)

Net

Increase

(Decrease)

$

73,295,454‌

$

39,316,537‌

Shares:

Sold

.....................................................................................

2,740,000‌

2,020,001‌

Redeemed

.................................................................................

(

540,000‌

)

(

540,000‌

)

Net

Increase

(Decrease)

2,200,000‌

1,480,001‌

(a)

Period

from

July

12,

2023,

date

operations

commenced,

through

June

30,

2024.

12

See

accompanying

notes.

Statement

of

Changes

in

Net

Assets

Principal

Exchange-Traded

Funds

Principal

International

Equity

ETF

Period

Ended

June

30,

2025

(a)

Operations

Net

investment

income

(loss)

.......................................................................................

$

11,683,286‌

Net

realized

gain

(loss)

............................................................................................

64,041‌

Net

change

in

unrealized

appreciation

(depreciation)

.......................................................................

55,098,930‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

66,846,257‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

.............................................................

(

40,001‌

)

Total

Dividends

and

Distributions

(

40,001‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

.......................................................................

703,755,467‌

Total

Increase

(Decrease)

in

Net

Assets

770,561,723‌

Net

Assets

Beginning

of

period

..............................................................................................

—‌

End

of

period

...................................................................................................

$

770,561,723‌

Capital

Share

Transactions:

Dollars:

Sold

......................................................................................................

$

752,854,776‌

Redeemed

..................................................................................................

(

49,099,309‌

)

Net

Increase

(Decrease)

$

703,755,467‌

Shares:

Sold

......................................................................................................

28,300,001‌

Redeemed

..................................................................................................

(

1,780,000‌

)

Net

Increase

(Decrease)

26,520,001‌

(a)

Period

from

November

5,

2024,

date

operations

commenced,

through

June

30,

2025.

13

See

accompanying

notes.

Statement

of

Changes

in

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Investment

Grade

Corporate

Active

ETF

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Operations

Net

investment

income

(loss)

......................................................................

$

4,710,550‌

$

3,339,489‌

Net

realized

gain

(loss)

...........................................................................

(

757,679‌

)

(

1,289,396‌

)

Net

change

in

unrealized

appreciation

(depreciation)

......................................................

2,073,532‌

1,432,016‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

6,026,403‌

3,482,109‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

............................................

(

4,685,959‌

)

(

3,265,121‌

)

Total

Dividends

and

Distributions

(

4,685,959‌

)

(

3,265,121‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

......................................................

23,758,900‌

33,234,667‌

Total

Increase

(Decrease)

in

Net

Assets

25,099,344‌

33,451,655‌

Net

Assets

Beginning

of

period

.............................................................................

80,625,851‌

47,174,196‌

End

of

period

..................................................................................

$

105,725,195‌

$

80,625,851‌

Capital

Share

Transactions:

Dollars:

Sold

.....................................................................................

$

23,758,900‌

$

33,234,667‌

Redeemed

.................................................................................

—‌

—‌

Net

Increase

(Decrease)

$

23,758,900‌

$

33,234,667‌

Shares:

Sold

.....................................................................................

1,150,000‌

1,650,000‌

Redeemed

.................................................................................

—‌

—‌

Net

Increase

(Decrease)

1,150,000‌

1,650,000‌

14

See

accompanying

notes.

Statement

of

Changes

in

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Quality

ETF

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Operations

Net

investment

income

(loss)

......................................................................

$

360,544‌

$

366,784‌

Net

realized

gain

(loss)

...........................................................................

(

762,711‌

)

5,367,627‌

Net

change

in

unrealized

appreciation

(depreciation)

......................................................

2,295,336‌

2,320,354‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,893,169‌

8,054,765‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

............................................

(

379,406‌

)

(

365,717‌

)

Total

Dividends

and

Distributions

(

379,406‌

)

(

365,717‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

......................................................

(

285,627‌

)

8,836,615‌

Total

Increase

(Decrease)

in

Net

Assets

1,228,136‌

16,525,663‌

Net

Assets

Beginning

of

period

.............................................................................

53,221,342‌

36,695,679‌

End

of

period

..................................................................................

$

54,449,478‌

$

53,221,342‌

Capital

Share

Transactions:

Dollars:

Sold

.....................................................................................

$

11,419,023‌

$

26,799,652‌

Redeemed

.................................................................................

(

11,704,650‌

)

(

17,963,037‌

)

Net

Increase

(Decrease)

$

(

285,627‌

)

$

8,836,615‌

Shares:

Sold

.....................................................................................

160,000‌

450,000‌

Redeemed

.................................................................................

(

200,000‌

)

(

320,000‌

)

Net

Increase

(Decrease)

(

40,000‌

)

130,000‌

15

See

accompanying

notes.

Statement

of

Changes

in

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Real

Estate

Active

Opportunities

ETF

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Operations

Net

investment

income

(loss)

......................................................................

$

330,434‌

$

208,643‌

Net

realized

gain

(loss)

...........................................................................

115,322‌

42,815‌

Net

change

in

unrealized

appreciation

(depreciation)

......................................................

732,250‌

519,664‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,178,006‌

771,122‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

............................................

(

288,248‌

)

(

185,133‌

)

Total

Dividends

and

Distributions

(

288,248‌

)

(

185,133‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

......................................................

4,071,250‌

4,266,169‌

Total

Increase

(Decrease)

in

Net

Assets

4,961,008‌

4,852,158‌

Net

Assets

Beginning

of

period

.............................................................................

10,295,246‌

5,443,088‌

End

of

period

..................................................................................

$

15,256,254‌

$

10,295,246‌

Capital

Share

Transactions:

Dollars:

Sold

.....................................................................................

$

4,071,250‌

$

6,042,999‌

Redeemed

.................................................................................

—‌

(

1,776,830‌

)

Net

Increase

(Decrease)

$

4,071,250‌

$

4,266,169‌

Shares:

Sold

.....................................................................................

160,000‌

280,000‌

Redeemed

.................................................................................

—‌

(

80,000‌

)

Net

Increase

(Decrease)

160,000‌

200,000‌

16

See

accompanying

notes.

Statement

of

Changes

in

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Spectrum

Preferred

Securities

Active

ETF

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Operations

Net

investment

income

(loss)

......................................................................

$

48,983,920‌

$

33,957,561‌

Net

realized

gain

(loss)

...........................................................................

2,149,941‌

(

225,877‌

)

Net

change

in

unrealized

appreciation

(depreciation)

......................................................

36,299,761‌

64,353,416‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

87,433,622‌

98,085,100‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

............................................

(

49,134,939‌

)

(

35,097,696‌

)

Total

Dividends

and

Distributions

(

49,134,939‌

)

(

35,097,696‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

......................................................

284,004,376‌

265,878,510‌

Total

Increase

(Decrease)

in

Net

Assets

322,303,059‌

328,865,914‌

Net

Assets

Beginning

of

period

.............................................................................

904,852,143‌

575,986,229‌

End

of

period

..................................................................................

$

1,227,155,202‌

$

904,852,143‌

Capital

Share

Transactions:

Dollars:

Sold

.....................................................................................

$

284,004,376‌

$

265,878,510‌

Redeemed

.................................................................................

—‌

—‌

Net

Increase

(Decrease)

$

284,004,376‌

$

265,878,510‌

Shares:

Sold

.....................................................................................

15,250,000‌

15,500,000‌

Redeemed

.................................................................................

—‌

—‌

Net

Increase

(Decrease)

15,250,000‌

15,500,000‌

17

See

accompanying

notes.

Statement

of

Changes

in

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Operations

Net

investment

income

(loss)

......................................................................

$

1,940,418‌

$

1,034,701‌

Net

realized

gain

(loss)

...........................................................................

225,829‌

(

93,135‌

)

Net

change

in

unrealized

appreciation

(depreciation)

......................................................

1,582,942‌

1,581,675‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

3,749,189‌

2,523,241‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

............................................

(

1,910,572‌

)

(

1,128,933‌

)

Total

Dividends

and

Distributions

(

1,910,572‌

)

(

1,128,933‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

......................................................

31,594,002‌

2,755,468‌

Total

Increase

(Decrease)

in

Net

Assets

33,432,619‌

4,149,776‌

Net

Assets

Beginning

of

period

.............................................................................

24,231,125‌

20,081,349‌

End

of

period

..................................................................................

$

57,663,744‌

$

24,231,125‌

Capital

Share

Transactions:

Dollars:

Sold

.....................................................................................

$

33,491,070‌

$

2,755,468‌

Redeemed

.................................................................................

(

1,897,068‌

)

—‌

Net

Increase

(Decrease)

$

31,594,002‌

$

2,755,468‌

Shares:

Sold

.....................................................................................

1,800,000‌

150,000‌

Redeemed

.................................................................................

(

100,000‌

)

—‌

Net

Increase

(Decrease)

1,700,000‌

150,000‌

18

See

accompanying

notes.

Statement

of

Changes

in

Net

Assets

Principal

Exchange-Traded

Funds

Principal

U.S.

Mega-Cap

ETF

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Operations

Net

investment

income

(loss)

......................................................................

$

26,827,027‌

$

26,849,465‌

Net

realized

gain

(loss)

...........................................................................

405,429,209‌

60,219,185‌

Net

change

in

unrealized

appreciation

(depreciation)

......................................................

(

14,990,238‌

)

398,405,905‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

417,265,998‌

485,474,555‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

............................................

(

26,421,098‌

)

(

24,799,821‌

)

Total

Dividends

and

Distributions

(

26,421,098‌

)

(

24,799,821‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

......................................................

428,557,607‌

516,171,391‌

Total

Increase

(Decrease)

in

Net

Assets

819,402,507‌

976,846,125‌

Net

Assets

Beginning

of

period

.............................................................................

2,440,699,646‌

1,463,853,521‌

End

of

period

..................................................................................

$

3,260,102,153‌

$

2,440,699,646‌

Capital

Share

Transactions:

Dollars:

Sold

.....................................................................................

$

1,691,332,653‌

$

680,910,849‌

Redeemed

.................................................................................

(

1,262,775,046‌

)

(

164,739,458‌

)

Net

Increase

(Decrease)

$

428,557,607‌

$

516,171,391‌

Shares:

Sold

.....................................................................................

28,820,000‌

14,930,000‌

Redeemed

.................................................................................

(

21,780,000‌

)

(

3,330,000‌

)

Net

Increase

(Decrease)

7,040,000‌

11,600,000‌

19

See

accompanying

notes.

Statement

of

Changes

in

Net

Assets

Principal

Exchange-Traded

Funds

Principal

U.S.

Small-Cap

ETF

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Operations

Net

investment

income

(loss)

......................................................................

$

5,621,427‌

$

3,991,014‌

Net

realized

gain

(loss)

...........................................................................

65,497,439‌

20,288,434‌

Net

change

in

unrealized

appreciation

(depreciation)

......................................................

5,155,357‌

37,490,832‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

76,274,223‌

61,770,280‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

............................................

(

5,264,469‌

)

(

3,309,240‌

)

Total

Dividends

and

Distributions

(

5,264,469‌

)

(

3,309,240‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

......................................................

98,812,247‌

323,075,596‌

Total

Increase

(Decrease)

in

Net

Assets

169,822,001‌

381,536,636‌

Net

Assets

Beginning

of

period

.............................................................................

582,827,907‌

201,291,271‌

End

of

period

..................................................................................

$

752,649,908‌

$

582,827,907‌

Capital

Share

Transactions:

Dollars:

Sold

.....................................................................................

$

485,491,558‌

$

336,938,688‌

Redeemed

.................................................................................

(

386,679,311‌

)

(

13,863,092‌

)

Net

Increase

(Decrease)

$

98,812,247‌

$

323,075,596‌

Shares:

Sold

.....................................................................................

9,540,000‌

7,680,000‌

Redeemed

.................................................................................

(

7,500,000‌

)

(

330,000‌

)

Net

Increase

(Decrease)

2,040,000‌

7,350,000‌

20

See

accompanying

notes.

Statement

of

Changes

in

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Value

ETF

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Operations

Net

investment

income

(loss)

......................................................................

$

3,531,326‌

$

1,344,912‌

Net

realized

gain

(loss)

...........................................................................

2,542,323‌

(

219,931‌

)

Net

change

in

unrealized

appreciation

(depreciation)

......................................................

(

4,658,666‌

)

6,733,378‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

1,414,983‌

7,858,359‌

Dividends

and

Distributions

to

Shareholders

From

net

investment

income

and

net

realized

gain

on

investments

............................................

(

2,354,544‌

)

(

1,265,935‌

)

Total

Dividends

and

Distributions

(

2,354,544‌

)

(

1,265,935‌

)

Capital

Share

Transactions

Net

increase

(decrease)

in

capital

share

transactions

......................................................

156,729,373‌

24,553,238‌

Total

Increase

(Decrease)

in

Net

Assets

155,789,812‌

31,145,662‌

Net

Assets

Beginning

of

period

.............................................................................

68,485,644‌

37,339,982‌

End

of

period

..................................................................................

$

224,275,456‌

$

68,485,644‌

Capital

Share

Transactions:

Dollars:

Sold

.....................................................................................

$

282,797,223‌

$

26,202,905‌

Redeemed

.................................................................................

(

126,067,850‌

)

(

1,649,667‌

)

Net

Increase

(Decrease)

$

156,729,373‌

$

24,553,238‌

Shares:

Sold

.....................................................................................

5,640,000‌

630,000‌

Redeemed

.................................................................................

(

2,600,000‌

)

(

40,000‌

)

Net

Increase

(Decrease)

3,040,000‌

590,000‌

21

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

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 twelve

series,

Principal

Active

High

Yield

ETF,

Principal

Capital

Appreciation

Select

ETF,

Principal

Focused

Blue

Chip

ETF,

Principal

International

Equity

ETF,

Principal

Investment

Grade

Corporate

Active

ETF,

Principal

Quality

ETF,

Principal

Real

Estate

Active

Opportunities

ETF,

Principal

Spectrum

Preferred

Securities

Active

ETF,

Principal

Spectrum

Tax-

Advantaged

Dividend

Active

ETF,

Principal

U.S.

Mega-Cap

ETF,

Principal

U.S.

Small-Cap

ETF

and

Principal

Value

ETF

(collectively,

the

“Funds”

and

individually,

a

“Fund”).

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

(“ASC”)

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

20,000

Shares

with

the

exception

of

Principal

Active

High

Yield

ETF,

 Principal

Investment

Grade

Corporate

Active

ETF,

Principal

Spectrum

Preferred

Securities

Active

ETF

and

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

which

are

issued

and

redeemed

in

aggregations

of

50,000

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

Focused

Blue

Chip

ETF

initial

investment

and

commencement

of

operations

was

July

12,

2023. 

Principal

International

Equity

ETF

initial

investment

and

commencement

of

operations

was

November

5,

2024. 

Principal

Capital

Appreciation

Select

ETF

initial

investment

and

commencement

of

operations

was

March

25,

2025.

Effective

June

9,

2025,

Principal

Focused

Blue

Chip

ETF

changed

from

a

semi-transparent

fund

to

a

fully

transparent

fund.

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

may

invest

in

series

of

Principal

Funds,

Inc.

(an

affiliate

of

Principal

Global

Investors,

LLC

(the

“Advisor”))

and

other

investment

funds,

which

may

include

money

market

funds

and

other

registered

open-end

investment

companies.

Investments

in

registered

open-end

investment

companies

are

valued

at

the

respective

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Fund

Exchange

Principal

Active

High

Yield

ETF

NYSE

Arca

Principal

Capital

Appreciation

Select

ETF

Cboe

BZX

Exchange,

Inc.

Principal

Focused

Blue

Chip

ETF

Cboe

BZX

Exchange,

Inc.

Principal

International

Equity

ETF

Cboe

BZX

Exchange,

Inc.

Principal

Investment

Grade

Corporate

Active

ETF

NYSE

Arca

Principal

Quality

ETF

The

Nasdaq

Stock

Market

LLC

Principal

Real

Estate

Active

Opportunities

ETF

NYSE

Arca

Principal

Spectrum

Preferred

Securities

Active

ETF

NYSE

Arca

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

NYSE

Arca

Principal

U.S.

Mega-Cap

ETF

The

Nasdaq

Stock

Market

LLC

Principal

U.S.

Small-Cap

ETF

The

Nasdaq

Stock

Market

LLC

Principal

Value

ETF

The

Nasdaq

Stock

Market

LLC

22

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

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

(“OTC”),

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

such

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

other

yield

and

risk

factors

and

other

market

conditions

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

the Advisor

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Trustees.

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.

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.

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

not

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

Board

of

Trustees,

as

may

occasionally

be

necessary.

Currency

Translation.

Foreign

holdings

are

translated

to

U.S.

dollars

using

the

exchange

rate

at

the

daily

close

of

the

New

York

Stock

Exchange.

The

identified

cost

of

the

Funds’

holdings

is

translated

at

approximate

rates

prevailing

when

acquired.

Income

and

expense

amounts

are

translated

at

approximate

rates

prevailing

when

received

or

paid,

with

daily

accruals

of

such

amounts

reported

at

approximate

rates

prevailing

at

the

date

of

valuation.

Since

the

carrying

amount

of

the

foreign

securities

is

determined

based

on

the

exchange

rate

and

market

values

at

the

close

of

the

period,

it

is

not

practicable

to

isolate

that

portion

of

the

results

of

operations

arising

as

a

result

of

changes

in

the

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

during

the

period.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

trade

and

settlement

dates

on

security

transactions,

and

the

difference

between

the

amount

of

dividends,

interest

income,

interest

expense,

and

foreign

withholding

taxes

recorded

on

the

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

appreciation

(depreciation)

on

translation

of

assets

and

liabilities

in

foreign

currencies

arise

from

changes

in

the

exchange

rate

relating

to

assets

and

liabilities,

other

than

investments

in

securities,

purchased

and

held

in

non-U.S.

denominated

currencies.

The

following

Funds

held

securities

denominated

in

foreign

currencies

that

exceeded

5%

of

net

assets

of

the

respective

Fund

as

of

June

30,

2025:

Income

and

Investment

Transactions.

The

Funds

record

investment

transactions

on

a

trade

date

basis.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

primary

market

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

floating

rate

interests

purchased

in

the

secondary

market

is

the

date

on

which

the

transaction

is

entered

into.

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.

Payment

in

kind

(“PIK”)

income

is

computed

on

the

value

of

the

securities

received

at

the

contractual

rate

specified

in

each

loan

agreement.

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.

Principal

International

Equity

ETF

British

Pound

Sterling

23

.64‌

%

Canadian

Dollar

8

.59‌

Euro

34

.35‌

Hong

Kong

Dollar

11

.67‌

Japanese

Yen

9

.93‌

2.

Significant

Accounting

Policies

(continued)

23

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

Distributions

from

Real

Estate

Investment

Trusts

(“REITs”) may

be

characterized

as

ordinary

income,

capital

gain,

or

a

return

of

capital

to

the

Funds.

The

proper

characterization

of

REIT

distributions

is

generally

not

known

until

after

the

end

of

each

calendar

year.

As

such,

estimates

are

used

in

reporting

the

character

of

income

and

distributions

for

financial

statement

purposes.

Principal

Real

Estate

Active

Opportunities

ETF

receives

substantial

distributions

from

holdings

in

REITs.

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

including

Trustee

expenses

and

Chief

Compliance

Officer’s

compensation 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.

Dividends

and

Distributions to

Shareholders.

Dividends

and

distributions

to

shareholders

of

the

Funds

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

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

amortization

of

premiums

and

discounts,

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,

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

and

distributions

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.

The

Funds

recognize

interest

and

penalties,

if

any,

related

to

unrecognized

tax

positions

as

tax

expense

on

the

Statements

of

Operations.

During

the

year ended

June

30,

2025,

the

Principal

Value

ETF

Fund

has

reported

an

income

tax

benefit

of

$3,990.

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

London

Inter-Bank

Offered

Rate

(“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.

In

December

2022,

the

FASB

issued

ASU

No.

2022-06

Reference

Rate

Reform

(Topic

848):

Deferral

of

the

Sunset

Date

of

Topic

848

which

updates

and

clarifies

ASU

No.

2020-04.

The

amendments

in

this

ASU

defer

the

sunset

date

of

Topic

848

from

December

31,

2022,

to

December

31,

2024.

The

adoption

of

these

ASUs

did

not

have

a

material

impact

on

the

Funds’

financial

statements.

2.

Significant

Accounting

Policies

(continued)

24

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

In

June

2022,

the

FASB

issued

ASU

No.

2022-03,

Fair

Value

Measurement

(Topic

820);

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

provides

clarifying

guidance

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

ASU

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

As

of

July

1,

2024,

the

Funds

have

adopted

the

ASU

and

there

was

no

material

impact

to

the

Funds.

Required

disclosures

were

added,

as

applicable.

In

November

2023,

the

FASB

issued

ASU

No.

2023-07,

Segment

Reporting

(Topic

280);

Improvements

to

Reportable

Segment

Disclosures,

which

improves

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures.

The

ASU

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

fiscal

years

beginning

after

December

15,

2024.

As

of

July

1,

2024,

the

Funds

have

adopted

the

ASU

and

added

required

disclosures,

as

applicable.

In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740);

Improvements

to

Income

Tax

Disclosures,

 which

enhances

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

rate

reconciliation,

disaggregation

of

income

taxes

paid,

and

other

income

tax-related

disclosures.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024.

As

of

March

25,

2025,

Principal

Capital

Appreciation

Select

ETF has

adopted

the

ASU.

There

was

no

impact

to

the

Principal

Capital

Appreciation

Select

ETF

financial

statements

and

no

additional

disclosures

were required

for

the

period

beginning

March

25,

2025,

the

Fund’s

inception

date,

through

June

30,

2025.

Management

is

currently

evaluating

the

impact

of

applying

the

ASU

to

the

remaining

Funds’

financial

statements.

Tracking

Basket

Structure.

Principal

Real

Estate

Active

Opportunities

ETF

operates

pursuant

to

an

exemptive

order

from

the

Securities

and

Exchange

Commission

(“SEC”)

and

does

not

publicly

disclose

its

complete

portfolio

holdings

each

business

day.

Instead,

the

Fund

publishes

each

business

day

on

its

website

a

“Tracking

Basket”

which

is

designed

to

closely

track

the

daily

performance

of

the

Fund

but

is

not

the

Fund’s

actual

portfolio.

The

Fund’s

Tracking

Basket

structure

may

affect

the

price

at

which

shares

of

the

Fund

trade

in

the

secondary

market.

Although

the

Tracking

Basket

is

intended

to

provide

investors

with

enough

information

to

allow

for

an

effective

arbitrage

mechanism

that

will

keep

the

market

price

of

the

Fund

at

or

close

to

the

Fund’s

NAV,

there

is

a

risk

that

market

price

will

vary

significantly

from

NAV.

3.

Operating

Policies

Contingent

Convertible

Securities

(“CoCos”).

As

footnoted

in

the

Schedules

of

Investments,

certain

of

the

Funds

invest

in

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.

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

1940

Act

are

satisfied.

For

the

year

ended

June

30,

2025,

none

of

the

Funds

had

cross

trades.

2.

Significant

Accounting

Policies

(continued)

25

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

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,

2025,

deposits

with

counterparty

for Principal

Investment

Grade

Corporate

Active

ETF

and

Principal

Spectrum

Tax-

Advantaged

Dividend

Active

ETF

were $107,246

and $27,711

respectively.

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,

typically

a

Fund

agrees

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.

For

those

contracts

where

daily

variation

margin

payments

are

not

received

from

or

paid

to

the

broker,

the

cumulative

unrealized

gains

or

losses

are

included

in

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.

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.

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. 

Indemnification.

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. 

Operating

Segments.

An

operating

segment

is

defined

in

ASC

Topic

280,

Segment

Reporting,

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

the

public

entity’s

chief

operating

decision

maker

(“CODM”)

to

make

decisions

about

resources

to

be

allocated

to

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available.

Committees

and

working

groups

within

Management

under

the

direction

of

the

President

act

as

the

Funds’

CODM.

Each

of

the

Funds

represents

a

single

operating

segment.

The

CODM

monitors

the

operating

results

of

the

Funds

as

a

whole

and

the

Funds’

strategic

asset

allocation

to

ensure

compliance

with

the

defined

investment

strategy

executed

by

the

Funds’

portfolio

managers

as

a

team.

The

types

of

investments

from

which

the

Funds

generate

their

returns

are

reflected

on

the

Schedules

of

Investments.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Statements

of

Operations

and

Financial

Highlights.

The

measures

shown

within

these

statements

including

net

investment

income

(loss),

total

return,

and

ratio

of

expenses

to

average

net

assets

are

used

by

the

CODM

to

assess

the

segments’

performance

versus

the

Funds’

comparative

benchmarks

and

investment

objectives,

and

to

make

resource

allocation

decisions

for

the

Funds’

single

segment.

Segment

assets

are

reported

on

the

Statements

of

Assets

and

Liabilities

as

total

assets.

Restricted

Securities.

Certain

of

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. 

3.

Operating

Policies

(continued)

26

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

Securities

Lending.

As

footnoted

in

the

Schedules

of

Investments,

certain

of

the

Funds

may

lend

portfolio

securities

to

approved

brokerage

firms

to

earn

additional

income.

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

transactions

are

accounted

for

as

secured

borrowings

and

the

remaining

contractual

maturity

is

overnight

and

continuous

for

all

securities.

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

their

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.

Senior

Floating

Rate

Interests.

The

Fund

may

invest

in

senior

floating

rate

interests

(bank

loans).

Senior

floating

rate

interests

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity

(the

“Borrower”),

are

typically

secured

by

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

Borrower.

Senior

floating

rate

interests

are

typically

structured

and

administered

by

a

financial

institution

that

acts

as

the

agent

of

the

lenders

participating

in

the

senior

floating

rate

interest.

Borrowers

of

senior

floating

rate

interests

are

typically

rated

below

investment

grade,

which

means

they

are

more

likely

to

default

than

investment-grade

loans.

A

default

could

lead

to

non-payment

of

income

which

would

result

in

a

reduction

of

income

to

the

Fund

and

there

can

be

no

assurance

that

the

liquidation

of

any

collateral

would

satisfy

the

Borrower’s

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

payments,

or

that

such

collateral

could

be

readily

liquidated.

Senior

floating

rate

interests

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank,

LIBOR,

Secured

Overnight

Financing

Rate

(“SOFR”),

or

a

similar

reference

rate.

Senior

floating

rate

interests

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

the

Borrower

to

repay,

prepayments

of

senior

floating

rate

interests

may

occur.

As

a

result,

the

actual

remaining

maturity

of

senior

floating

rate

interests

may

be

substantially

less

than

stated

maturities

shown

in

the

Schedule

of

Investments.

In

connection

with

the

senior

floating

rate

interests,

the

Fund

may

also

enter

into

unfunded

loan

commitments.

All

or

a

portion

of

the

loan

commitments

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

commitments

at

the

Borrower’s

discretion.

Therefore,

the

Fund

must

have

funds

sufficient

to

cover

its

contractual

obligation.

Unfunded

loan

commitments

are

marked

to

market

daily

and

the

unrealized

gain

or

loss

is

shown

as

a

separate

line

item

called

unrealized

gain

or

loss

on

unfunded

commitments

on

the

Statements

of

Assets

and

Liabilities

and

included

in

the

net

change

in

unrealized

appreciation/(depreciation)

of

investments

on

the

Statements

of

Operations,

as

applicable.

As

of

year

end,

the

unfunded

loan

commitments

are

categorized

as

Level

2

within

the

disclosure

hierarchy.

As

of

June

30,

2025,

there

were

no

unfunded

loan

commitments.

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.

(affiliates

of

the

Advisor)

and

other

asset

allocation

programs.

The

Advisor

is

committed

to

minimizing

the

potential

impact

of

underlying

fund

risk

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,

2025,

series

of

Principal

Funds,

Inc.

and

Principal

Variable

Contracts

Funds,

Inc.

owned

the

following

percentages,

in

aggregate,

of

the

outstanding

Shares

of

the

Funds

listed

below:

Fund

Total

Percentage

of

Outstanding

Shares

Owned

Principal

Active

High

Yield

ETF

13

.30‌

%

Principal

International

Equity

ETF

81

.22‌

Principal

U.S.

Mega-Cap

ETF

66

.00‌

Principal

U.S.

Small-Cap

ETF

34

.65‌

Principal

Value

ETF

64

.02‌

3.

Operating

Policies

(continued)

27

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

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

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:

The

following

table

includes

a

summary

of

the

monthly

average

outstanding

notional

by

derivative

instrument

type

for

the year

ended

June

30,

2025: 

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.

Asset

Derivatives

June

30,

2025

Liability

Derivatives

June

30,

2025

Derivatives

not

accounted

for

as

hedging

instruments

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Principal

Investment

Grade

Corporate

Active

ETF

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

$

140,056‌

*

Payables,

Total

distributable

earnings

(accumulated

loss)

$

166,353‌

*

*

Includes

cumulative

unrealized

appreciation

(depreciation)

of

exchange

cleared

swaps

and/or

futures

contracts

as

shown

in

the

Schedules

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.

Derivatives

not

accounted

for

as

hedging

instruments

Location

of

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Realized

Gain

or

(Loss)

on

Derivatives

Recognized

in

Statement

of

Operations

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Derivatives

Recognized

in

Statement

of

Operations

Principal

Investment

Grade

Corporate

Active

ETF

Interest

Rate

Contracts

Futures

contracts

$

(

352,779‌

)

$

(

29,930‌

)

Contract

Type

Derivative

Type

Average

Notional

Principal

Investment

Grade

Corporate

Active

ETF

Interest

Rate

Contracts

Futures

—

Long

$

7,987,174‌

Futures

—

Short

$

7,840,107‌

3.

Operating

Policies

(continued)

28

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

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

exchange-traded

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,

senior

floating

rate

interests,

OTC

derivatives,

exchange

cleared

derivatives, 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

common

stocks.

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

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,

pandemics,

accidents,

conflicts,

etc.).

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,

2025,

in

valuing

the

Funds’

securities

carried

at

fair

value:

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Active

High

Yield

ETF

Investment

Companies

*

$

28,454,642‌

$

—‌

$

—‌

$

28,454,642‌

Bonds

*

—‌

265,088,916‌

—‌

265,088,916‌

Senior

Floating

Rate

Interests

*

—‌

22,504,169‌

—‌

22,504,169‌

U.S.

Government

&

Government

Agency

Obligations

*

—‌

12,568,304‌

—‌

12,568,304‌

Total

Investments

in

Securities

$

28,454,642‌

$

300,161,389‌

$

—‌

$

328,616,031‌

Principal

Capital

Appreciation

Select

ETF

Common

Stocks

*

22,915,918‌

—‌

—‌

22,915,918‌

4.

Fair

Valuation

(continued)

29

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Capital

Appreciation

Select

ETF

(continued)

Investment

Companies

*

$

144,389‌

$

—‌

$

—‌

$

144,389‌

Total

Investments

in

Securities

$

23,060,307‌

$

—‌

$

—‌

$

23,060,307‌

Principal

Focused

Blue

Chip

ETF

Common

Stocks

*

134,657,857‌

—‌

—‌

134,657,857‌

Investment

Companies

*

82,224‌

—‌

—‌

82,224‌

Total

Investments

in

Securities

$

134,740,081‌

$

—‌

$

—‌

$

134,740,081‌

Principal

International

Equity

ETF

Common

Stocks

*

753,002,517‌

—‌

—‌

753,002,517‌

Investment

Companies

*

19,547,215‌

—‌

—‌

19,547,215‌

Total

Investments

in

Securities

$

772,549,732‌

$

—‌

$

—‌

$

772,549,732‌

Principal

Investment

Grade

Corporate

Active

ETF

Investment

Companies

*

1,769,186‌

—‌

—‌

1,769,186‌

Bonds

*

—‌

104,231,121‌

—‌

104,231,121‌

Total

Investments

in

Securities

$

1,769,186‌

$

104,231,121‌

$

—‌

$

106,000,307‌

Derivative

Assets

Interest

Rate

Contracts

Futures

**

140,056‌

—‌

—‌

140,056‌

Derivative

Liabilities

Interest

Rate

Contracts

Futures

**

(

166,353‌

)

—‌

—‌

(

166,353‌

)

Principal

Quality

ETF

Common

Stocks

*

54,240,844‌

—‌

—‌

54,240,844‌

Investment

Companies

*

192,964‌

—‌

—‌

192,964‌

Total

Investments

in

Securities

$

54,433,808‌

$

—‌

$

—‌

$

54,433,808‌

Principal

Real

Estate

Active

Opportunities

ETF

Common

Stocks

*

14,865,423‌

—‌

—‌

14,865,423‌

Investment

Companies

*

322,816‌

—‌

—‌

322,816‌

Total

Investments

in

Securities

$

15,188,239‌

$

—‌

$

—‌

$

15,188,239‌

Principal

Spectrum

Preferred

Securities

Active

ETF

Investment

Companies

*

27,498,293‌

—‌

—‌

27,498,293‌

Bonds

*

—‌

1,193,034,366‌

—‌

1,193,034,366‌

Total

Investments

in

Securities

$

27,498,293‌

$

1,193,034,366‌

$

—‌

$

1,220,532,659‌

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

Investment

Companies

*

1,043,349‌

—‌

—‌

1,043,349‌

Preferred

Stocks

*

6,945,123‌

—‌

—‌

6,945,123‌

Bonds

*

—‌

49,774,481‌

—‌

49,774,481‌

Total

Investments

in

Securities

$

7,988,472‌

$

49,774,481‌

$

—‌

$

57,762,953‌

Principal

U.S.

Mega-Cap

ETF

Common

Stocks

*

3,247,999,201‌

—‌

—‌

3,247,999,201‌

Investment

Companies

*

11,783,615‌

—‌

—‌

11,783,615‌

Total

Investments

in

Securities

$

3,259,782,816‌

$

—‌

$

—‌

$

3,259,782,816‌

Principal

U.S.

Small-Cap

ETF

Common

Stocks

Basic

Materials

27,053,655‌

—‌

—‌

27,053,655‌

Communications

36,574,365‌

—‌

—‌

36,574,365‌

Consumer,

Cyclical

78,944,592‌

—‌

—‌

78,944,592‌

Consumer,

Non-cyclical

172,338,016‌

—‌

1,932‌

172,339,948‌

Energy

28,566,175‌

—‌

—‌

28,566,175‌

Financial

183,436,865‌

—‌

—‌

183,436,865‌

Industrial

122,001,542‌

—‌

—‌

122,001,542‌

Technology

79,643,316‌

—‌

—‌

79,643,316‌

Utilities

20,582,467‌

—‌

—‌

20,582,467‌

Investment

Companies

*

6,551,200‌

—‌

—‌

6,551,200‌

Total

Investments

in

Securities

$

755,692,193‌

$

—‌

$

1,932‌

$

755,694,125‌

Principal

Value

ETF

Common

Stocks

*

222,731,426‌

—‌

—‌

222,731,426‌

4.

Fair

Valuation

(continued)

30

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

5.

Management

Agreement

and

Transactions

with

Affiliates

Management

Services.

The

Funds

have

agreed

to

pay

management

and

investment

advisory

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:

The

Advisor

has

contractually

agreed

to

limit

the

expenses

(excluding

interest

expense,

expenses

related

to

fund

investments,

acquired

fund

fees

and

expenses,

tax

reclaim

recovery

expenses,

and

other

extraordinary

expenses)

for

Principal

U.S.

Mega-Cap

ETF.

The

reductions

and

reimbursements

are

in

amounts

that

maintain

total

operating

expenses

at

or

below

certain

limits.

The

limit

is

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

Fund

through

the

fiscal

year

end,

provided

no

reimbursement

will

be

made

if

it

would

result

in

the

Fund

exceeding

the

total

operating

expense

limit.

Any

amount

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

expense

limit

for

Principal

U.S.

Mega-Cap

ETF

was

0.12%

for

the

year

ending

June

30,

2025.

It

is

expected

that

the

expense

limit

will

continue

through

the

period

ending

October

31,

2025.

No

other

Funds

had

expense

limitation

agreements

in

place

during

the

year.

Affiliated

Ownership.

 At

June

30,

2025,

Principal

Financial

Services,

Inc.

(an

affiliate

of

the

Advisor)

owned

Shares

of

the

Funds

as

follows:

Affiliated

Brokerage

Commissions.

 There

were

no

Funds

that

paid

brokerage

commissions

to

any

member

of

the

Principal

Financial

Group

during

the

year ended

June

30,

2025.

Fund

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Value

ETF

(continued)

Investment

Companies

*

$

1,106,926‌

$

—‌

$

—‌

$

1,106,926‌

Total

Investments

in

Securities

$

223,838,352‌

$

—‌

$

—‌

$

223,838,352‌

*

For

additional

detail

regarding

sector

and/or

sub-industry

classifications,

please

see

the

Schedules

of

Investments.

**

Exchange

cleared

swaps

and/or

futures

are

presented

at

the

unrealized

appreciation

(depreciation)

of

the

instrument.

Fund

All

Assets

Principal

Active

High

Yield

ETF

0.39‌%

Principal

Capital

Appreciation

Select

ETF

0.29‌ 

Principal

Focused

Blue

Chip

ETF

0.58‌ 

Principal

International

Equity

ETF

0.48‌ 

Principal

Investment

Grade

Corporate

Active

ETF

0.19‌ 

Principal

Quality

ETF

0.15‌ 

Principal

Real

Estate

Active

Opportunities

ETF

0.60‌

*

Principal

Spectrum

Preferred

Securities

Active

ETF

0.55‌ 

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

0.60‌ 

Principal

U.S.

Mega-Cap

ETF

0.15‌ 

Principal

U.S.

Small-Cap

ETF

0.38‌ 

Principal

Value

ETF

0.15‌ 

*

Prior

to

November

1,

2024,

the

management

fee

was

0.65%.

Fund

Shares

Principal

Capital

Appreciation

Select

ETF

398,247‌

Principal

Focused

Blue

Chip

ETF

198,099‌

Principal

Real

Estate

Active

Opportunities

ETF

199,204‌

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

2,067,332‌

4.

Fair

Valuation

(continued)

31

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

6.

Investment

Transactions

For

the

period

ended

June

30,

2025,

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:

For

the

period

ended

June

30,

2025,

in-kind

transactions

were

as

follows:

Unsettled

in-kind

purchases

and

sales

at

the

end

of

the

period

are

included

in

investment

securities

purchased

and

investment

securities

sold,

respectively,

on

the

Statements

of

Assets

and

Liabilities.

7.

Federal

Tax

Information

Distributions

to

Shareholders.

The

federal

income

tax

character

of

distributions

paid

for

the

periods

ended

June

30,

2025,

and June

30,

2024 was

as

follows:

Non-U.S.

Government

U.S.

Government

Fund

Purchases

Sales

Purchases

Sales

Principal

Active

High

Yield

ETF

$

130,080,946‌

$

116,090,164‌

$

12,047,801‌

$

1,579,737‌

Principal

Capital

Appreciation

Select

ETF

2,453,723‌

2,371,515‌

—‌

—‌

Principal

Focused

Blue

Chip

ETF

25,882,409‌

24,135,631‌

—‌

—‌

Principal

International

Equity

ETF

208,203,338‌

85,797,538‌

—‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

92,984,761‌

90,673,933‌

2,362,680‌

2,203,459‌

Principal

Quality

ETF

22,044,035‌

22,082,143‌

—‌

—‌

Principal

Real

Estate

Active

Opportunities

ETF

4,275,753‌

4,224,277‌

—‌

—‌

Principal

Spectrum

Preferred

Securities

Active

ETF

243,220,643‌

147,491,988‌

—‌

—‌

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

28,759,039‌

6,884,149‌

—‌

—‌

Principal

U.S.

Mega-Cap

ETF

1,425,795,301‌

1,423,076,678‌

—‌

—‌

Principal

U.S.

Small-Cap

ETF

559,611,913‌

556,491,758‌

—‌

—‌

Principal

Value

ETF

137,424,394‌

135,320,187‌

—‌

—‌

Fund

Purchases

Sales

Principal

Active

High

Yield

ETF

$

100,967,089‌

$

25,932,926‌

Principal

Capital

Appreciation

Select

ETF

21,359,374‌

—‌

Principal

Focused

Blue

Chip

ETF

88,798,594‌

18,034,717‌

Principal

International

Equity

ETF

619,202,230‌

43,546,375‌

Principal

Investment

Grade

Corporate

Active

ETF

22,476,420‌

—‌

Principal

Quality

ETF

11,395,610‌

11,678,045‌

Principal

Real

Estate

Active

Opportunities

ETF

3,856,965‌

—‌

Principal

Spectrum

Preferred

Securities

Active

ETF

188,813,140‌

—‌

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

9,565,618‌

—‌

Principal

U.S.

Mega-Cap

ETF

1,680,773,915‌

1,256,324,661‌

Principal

U.S.

Small-Cap

ETF

484,157,259‌

385,972,747‌

Principal

Value

ETF

281,304,950‌

126,438,161‌

Ordinary

Income

Long-Term

Capital

Gain

*

Section

1250

Gain

**

Fund

Period

ended

June

30,

2025

Period

ended

June

30,

2024

Period

ended

June

30,

2025

Period

ended

June

30,

2024

Period

ended

June

30,

2025

Period

ended

June

30,

2024

Principal

Active

High

Yield

ETF

$

19,176,083‌

$

9,781,816‌

$

—‌

$

—‌

$

—‌

$

—‌

Principal

Capital

Appreciation

Select

ETF

—‌

N/A‌

—‌

N/A‌

—‌

N/A‌

Principal

Focused

Blue

Chip

ETF

622,084‌

56,457‌

283,240‌

—‌

—‌

—‌

Principal

International

Equity

ETF

40,001‌

N/A‌

—‌

N/A‌

—‌

N/A‌

Principal

Investment

Grade

Corporate

Active

ETF

4,685,959‌

3,265,121‌

—‌

—‌

—‌

—‌

Principal

Quality

ETF

379,406‌

365,717‌

—‌

—‌

—‌

—‌

Principal

Real

Estate

Active

Opportunities

ETF

288,248‌

185,133‌

—‌

—‌

—‌

—‌

Principal

Spectrum

Preferred

Securities

Active

ETF

49,134,939‌

35,097,696‌

—‌

—‌

—‌

—‌

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

1,910,572‌

1,128,933‌

—‌

—‌

—‌

—‌

Principal

U.S.

Mega-Cap

ETF

26,421,098‌

24,799,821‌

—‌

—‌

—‌

—‌

Principal

U.S.

Small-Cap

ETF

5,264,469‌

3,309,240‌

—‌

—‌

—‌

—‌

32

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

Certain

Funds

may

also

utilize

earnings

and

profits

distributed

to

shareholders

on

redemptions

of

shares

as

part

of

the

dividends

paid

deduction.

For

U.S.

federal

income

tax

purposes,

short-term

capital

gain

distributions

are

considered

ordinary

income

distributions.

Distributable

Earnings.

As

of

June

30,

2025,

the

components

of

distributable

earnings

(accumulated

loss)

on

a

federal

income

tax

basis

were:

Capital

Loss

Carryforwards.

For

federal

income

tax

purposes,

capital

loss

carryforwards

are

losses

that

can

be

used

to

offset

future

capital

gains

of

the

Fund.

As

of

June

30,

2025,

the

Funds

had

approximate

net

capital

loss

carryforwards

as

follows:

All

of

these

capital

losses

were

generated

in

taxable

years

beginning

after

the

enactment

date

of

the

Regulated

Investment

Company

Modernization

Act

of

2010

on

December

22,

2010,

and

will

be

carried

forward

with

no

expiration

and

with

the

character

of

the

loss

retained.

Ordinary

Income

Long-Term

Capital

Gain

*

Section

1250

Gain

**

Fund

Period

ended

June

30,

2025

Period

ended

June

30,

2024

Period

ended

June

30,

2025

Period

ended

June

30,

2024

Period

ended

June

30,

2025

Period

ended

June

30,

2024

Principal

Value

ETF

$

2,354,544‌

$

1,265,935‌

$

—‌

$

—‌

$

—‌

$

—‌

*

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).

**

Unrecaptured

Section

1250

gains

are

gains

from

the

sale

of

depreciable

property

that

are

subject

to

a

maximum

tax

rate

of

25%.

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation/

(Depreciation)

Late

Year

Ordinary

and

Post

October

Capital

Loss

Deferrals

Capital

Loss

Carryforward

Other

Temporary

Differences

*

Principal

Active

High

Yield

ETF

$

2,160,408‌

$

—‌

$

1,024,276‌

$

—‌

$

(

18,946,848‌

)

$

11,964‌

Principal

Capital

Appreciation

Select

ETF

33,154‌

—‌

1,693,334‌

—‌

(

218,954‌

)

—‌

Principal

Focused

Blue

Chip

ETF

—‌

—‌

15,801,079‌

(

30,487‌

)

—‌

—‌

Principal

International

Equity

ETF

11,683,603‌

—‌

54,742,685‌

—‌

(

5,672,510‌

)

—‌

Principal

Investment

Grade

Corporate

Active

ETF

449,647‌

—‌

931,030‌

—‌

(

20,357,550‌

)

—‌

Principal

Quality

ETF

65,858‌

—‌

8,314,601‌

—‌

(

11,514,018‌

)

—‌

Principal

Real

Estate

Active

Opportunities

ETF

102,309‌

—‌

779,655‌

—‌

(

68,776‌

)

—‌

Principal

Spectrum

Preferred

Securities

Active

ETF

4,930,011‌

—‌

50,624,094‌

—‌

(

22,222,547‌

)

1,740,314‌

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

264,206‌

—‌

1,064,301‌

—‌

(

1,345,091‌

)

33,598‌

Principal

U.S.

Mega-Cap

ETF

7,619,476‌

—‌

583,602,390‌

—‌

(

144,561,865‌

)

—‌

Principal

U.S.

Small-Cap

ETF

1,501,120‌

—‌

48,055,402‌

—‌

(

186,005,618‌

)

—‌

Principal

Value

ETF

1,570,825‌

—‌

2,298,680‌

—‌

(

40,713,852‌

)

—‌

*

Represents

book-to-tax

accounting

differences.

Fund

No

Expiration

Short-Term

No

Expiration

Long-Term

Total

Annual

Limitations

*

Principal

Active

High

Yield

ETF

$

8,805,694‌

$

10,141,154‌

$

18,946,848‌

$

6,296,672‌

**

Principal

Capital

Appreciation

Select

ETF

218,954‌

—‌

218,954‌

—‌

Principal

International

Equity

ETF

5,672,510‌

—‌

5,672,510‌

—‌

Principal

Investment

Grade

Corporate

Active

ETF

7,123,780‌

13,233,770‌

20,357,550‌

473,238‌

Principal

Quality

ETF

9,663,668‌

1,850,350‌

11,514,018‌

—‌

Principal

Real

Estate

Active

Opportunities

ETF

68,776‌

—‌

68,776‌

—‌

Principal

Spectrum

Preferred

Securities

Active

ETF

4,750,220‌

17,472,327‌

22,222,547‌

—‌

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

361,173‌

983,918‌

1,345,091‌

—‌

Principal

U.S.

Mega-Cap

ETF

144,561,865‌

—‌

144,561,865‌

—‌

Principal

U.S.

Small-Cap

ETF

155,217,407‌

30,788,211‌

186,005,618‌

27,170,662‌

Principal

Value

ETF

39,403,708‌

1,310,144‌

40,713,852‌

2,766,544‌

*

In

accordance

with

IRC

Sections

381-384,

a

portion

of

certain

Funds’

losses

have

been

subjected

to

an

annual

limitation.

**

Certain

losses

are

subject

to

an

annual

limit

of

$1,874,152

and

certain

losses

are

subject

to

an

additional

limit

of

$6,296,672.

7.

Federal

Tax

Information

(continued)

33

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

For

the

year

ended

June

30,

2025,

the

Funds

utilized

capital

loss

carryforwards

as

follows:

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,

2025,

the

Funds

intend

to

defer

late-year

capital

and

ordinary

losses

as

follows: 

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,

2025,

the

Funds

recorded

reclassifications

as

follows: 

Federal

Income

Tax

Basis.

As

of

June

30,

2025,

the

net

federal

income

tax

unrealized

appreciation

(depreciation)

and

federal

tax

cost

of

investments

held

by

each

Fund

were

as

follows: 

Fund

Short-Term

Utilized

Long-Term

Utilized

Principal

Real

Estate

Active

Opportunities

ETF

$

—‌

$

156,606‌

Principal

Spectrum

Preferred

Securities

Active

ETF

569,081‌

—‌

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

43,563‌

—‌

Principal

U.S.

Mega-Cap

ETF

17,691,260‌

12,328,723‌

Principal

U.S.

Small-Cap

ETF

—‌

12,618,434‌

Principal

Value

ETF

131,040‌

1,468,058‌

Fund

Late

Year

Ordinary

Loss

Post

October

Capital

Loss

Principal

Focused

Blue

Chip

ETF

$

7,846‌

$

22,641‌

Fund

Total

Distributable

Earnings

(Accumulated

Loss)

Paid

In

Capital

Principal

Active

High

Yield

ETF

$

(

780,477‌

)

$

780,477‌

Principal

Focused

Blue

Chip

ETF

(

4,692,356‌

)

4,692,356‌

Principal

International

Equity

ETF

(

6,052,478‌

)

6,052,478‌

Principal

Investment

Grade

Corporate

Active

ETF

(

2,275‌

)

2,275‌

Principal

Quality

ETF

(

831,994‌

)

831,994‌

Principal

Real

Estate

Active

Opportunities

ETF

(

86‌

)

86‌

Principal

Spectrum

Preferred

Securities

Active

ETF

(

337,917‌

)

337,917‌

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

(

87,825‌

)

87,825‌

Principal

U.S.

Mega-Cap

ETF

(

457,651,512‌

)

457,651,512‌

Principal

U.S.

Small-Cap

ETF

(

89,496,277‌

)

89,496,277‌

Principal

Value

ETF

(

14,531,633‌

)

14,531,633‌

Fund

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Principal

Active

High

Yield

ETF

$

4,700,111‌

$

(

3,675,835‌

)

$

1,024,276‌

$

327,591,755‌

Principal

Capital

Appreciation

Select

ETF

2,026,388‌

(

333,054‌

)

1,693,334‌

21,366,973‌

Principal

Focused

Blue

Chip

ETF

18,157,507‌

(

2,356,428‌

)

15,801,079‌

118,939,002‌

Principal

International

Equity

ETF

81,367,118‌

(

26,624,433‌

)

54,742,685‌

717,807,047‌

Principal

Investment

Grade

Corporate

Active

ETF

1,548,589‌

(

617,559‌

)

931,030‌

105,069,277‌

Principal

Quality

ETF

9,298,888‌

(

984,287‌

)

8,314,601‌

46,119,207‌

Principal

Real

Estate

Active

Opportunities

ETF

1,315,248‌

(

535,593‌

)

779,655‌

14,408,584‌

Principal

Spectrum

Preferred

Securities

Active

ETF

55,431,505‌

(

4,807,411‌

)

50,624,094‌

1,169,908,565‌

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

1,753,162‌

(

688,862‌

)

1,064,300‌

56,698,653‌

Principal

U.S.

Mega-Cap

ETF

633,754,064‌

(

50,151,674‌

)

583,602,390‌

2,676,180,426‌

7.

Federal

Tax

Information

(continued)

34

Notes

to

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2025

8.

Subsequent

Events

Management

has

evaluated

events

or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

that

would

merit

recognition

or

disclosure

in

the

financial

statements.

There

were

no items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Fund

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Principal

U.S.

Small-Cap

ETF

$

98,914,990‌

$

(

50,859,588‌

)

$

48,055,402‌

$

707,638,723‌

Principal

Value

ETF

13,702,142‌

(

11,403,462‌

)

2,298,680‌

221,539,672‌

7.

Federal

Tax

Information

(continued)

35

Schedule

of

Investments

Principal

Active

High

Yield

ETF

June

30,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

8

.96

%

Shares

Held

Value

Money

Market

Funds

-

8

.96

%

-

—

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

(a),(b),(c)

14,446,840‌

$

14,446,840‌

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.27%

(a)

14,007,802‌

14,007,802‌

TOTAL

INVESTMENT

COMPANIES

a

$

28,454,642‌

BONDS

-

83

.43

%

Principal

Amount

Value

Aerospace

&

Defense

-

1

.39

%

—

—

Bombardier,

Inc.

7.00%,

06/01/2032

(d)

$

95,000‌

$

98,932‌

7.25%,

07/01/2031

(d)

578,000‌

606,727‌

7.50%,

02/01/2029

(d),(e)

1,555,000‌

1,632,685‌

8.75%,

11/15/2030

(d)

1,918,000‌

2,076,386‌

$

4,414,730‌

Airlines

-

0

.21

%

Grupo

Aeromexico

SAB

de

CV

8.63%,

11/15/2031

(d),(e)

546,000‌

521,512‌

United

Airlines

Pass-Through

Trust

,

Class

B

3.65%,

07/07/2027

136,559‌

135,015‌

$

656,527‌

Banks

-

2

.85

%

Barclays

PLC

(5

yr.

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

+

3.69%),

7.63%,

03/15/2035

(f),(g),(h)

1,560,000‌

1,566,697‌

(5-year

Treasury

Constant

Maturity

Rate

+

5.43%),

8.00%,

03/15/2029

(f),(g)

2,688,000‌

2,819,516‌

JPMorgan

Chase

&

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.15%),

6.50%,

04/01/2030

(f),(g)

4,533,000‌

4,681,564‌

$

9,067,777‌

Building

Materials

-

3

.53

%

AmeriTex

HoldCo

Intermediate

LLC

10.25%,

10/15/2028

(d)

4,194,000‌

4,448,963‌

Quikrete

Holdings,

Inc.

6.38%,

03/01/2032

(d)

1,257,000‌

1,292,598‌

6.75%,

03/01/2033

(d)

889,000‌

917,293‌

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(d)

4,576,000‌

4,564,838‌

$

11,223,692‌

Chemicals

-

4

.59

%

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(d)

2,948,000‌

2,527,226‌

12.00%,

02/15/2031

(d),(e)

1,540,000‌

1,510,489‌

Kobe

U.S.

Midco

2,

Inc.

9.25%,

PIK

10.00%,

11/01/2026

(d),(i)

2,653,414‌

2,374,805‌

Olympus

Water

U.S.

Holding

Corp.

6.25%,

10/01/2029

(d),(e)

4,935,000‌

4,708,819‌

Vibrantz

Technologies,

Inc.

9.00%,

02/15/2030

(d),(e)

5,129,000‌

3,455,395‌

$

14,576,734‌

Commercial

Services

-

5

.01

%

EquipmentShare.com,

Inc.

8.00%,

03/15/2033

(d)

3,845,000‌

4,028,003‌

Garda

World

Security

Corp.

6.00%,

06/01/2029

(d)

2,154,000‌

2,102,421‌

8.38%,

11/15/2032

(d)

2,713,000‌

2,786,818‌

Veritiv

Operating

Co.

10.50%,

11/30/2030

(d)

2,904,000‌

3,143,565‌

WASH

Multifamily

Acquisition,

Inc.

5.75%,

04/15/2026

(d)

3,875,000‌

3,861,036‌

$

15,921,843‌

Computers

-

3

.62

%

McAfee

Corp.

7.38%,

02/15/2030

(d)

4,977,000‌

4,700,198‌

NCR

Atleos

Corp.

9.50%,

04/01/2029

(d)

2,669,000‌

2,923,523‌

BONDS

(continued)

Principal

Amount

Value

Computers

(continued)

Seagate

Data

Storage

Technology

5.75%,

12/01/2034

(d)

$

1,387,000‌

$

1,364,148‌

9.63%,

12/01/2032

(d)

2,236,699‌

2,521,809‌

$

11,509,678‌

Diversified

Financial

Services

-

8

.76

%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(5-year

Treasury

Constant

Maturity

Rate

+

2.72%),

6.95%,

03/10/2055

(g)

2,518,000‌

2,616,679‌

Credit

Acceptance

Corp.

9.25%,

12/15/2028

(d)

4,224,000‌

4,471,704‌

Freedom

Mortgage

Holdings

LLC

9.13%,

05/15/2031

(d)

4,515,000‌

4,653,982‌

Global

Aircraft

Leasing

Co.

Ltd.

8.75%,

09/01/2027

(d)

4,565,000‌

4,679,632‌

Jane

Street

Group/JSG

Finance,

Inc.

6.75%,

05/01/2033

(d)

2,090,000‌

2,148,950‌

OneMain

Finance

Corp.

3.50%,

01/15/2027

327,000‌

320,136‌

4.00%,

09/15/2030

4,165,000‌

3,843,185‌

6.63%,

01/15/2028

638,000‌

658,849‌

Rfna

LP

7.88%,

02/15/2030

(d)

1,116,000‌

1,141,992‌

TrueNoord

Capital

DAC

8.75%,

03/01/2030

(d)

3,174,000‌

3,295,764‌

$

27,830,873‌

Electric

-

6

.95

%

California

Buyer

Ltd./Atlantica

Sustainable

Infrastructure

PLC

6.38%,

02/15/2032

(d)

4,766,000‌

4,773,768‌

Clearway

Energy

Operating

LLC

3.75%,

02/15/2031

(d)

5,299,000‌

4,865,637‌

GenOn

Energy,

Inc.

0.00%,

10/15/2020

(j),(k),(l)

3,100,000‌

—‌

Lightning

Power

LLC

7.25%,

08/15/2032

(d)

4,386,000‌

4,616,049‌

NRG

Energy,

Inc.

3.63%,

02/15/2031

(d)

2,515,000‌

2,314,566‌

3.88%,

02/15/2032

(d)

308,000‌

282,843‌

(5-year

Treasury

Constant

Maturity

Rate

+

5.92%),

10.25%,

03/15/2028

(d),(f),(g)

617,000‌

685,136‌

Vistra

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

5.74%),

7.00%,

12/15/2026

(d),(f),(g)

1,867,000‌

1,889,466‌

Vistra

Operations

Co.

LLC

4.38%,

05/01/2029

(d)

2,721,000‌

2,651,909‌

$

22,079,374‌

Entertainment

-

4

.56

%

Caesars

Entertainment,

Inc.

6.50%,

02/15/2032

(d)

3,841,000‌

3,941,311‌

CCM

Merger,

Inc.

6.38%,

05/01/2026

(d)

4,154,000‌

4,155,387‌

Cinemark

USA,

Inc.

5.25%,

07/15/2028

(d)

3,311,000‌

3,295,312‌

7.00%,

08/01/2032

(d)

1,309,000‌

1,358,958‌

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

7.13%,

02/15/2031

(d)

1,637,000‌

1,745,797‌

$

14,496,765‌

Food

-

1

.67

%

Chobani

LLC/Chobani

Finance

Corp.,

Inc.

7.63%,

07/01/2029

(d)

3,823,000‌

3,983,803‌

Fiesta

Purchaser,

Inc.

7.88%,

03/01/2031

(d)

1,258,000‌

1,334,996‌

$

5,318,799‌

36

Schedule

of

Investments

Principal

Active

High

Yield

ETF

June

30,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Forest

Products

&

Paper

-

0

.66

%

Mercer

International,

Inc.

5.13%,

02/01/2029

$

1,334,000‌

$

1,088,148‌

12.88%,

10/01/2028

(d)

989,000‌

1,003,107‌

$

2,091,255‌

Healthcare

-

Services

-

2

.85

%

Acadia

Healthcare

Co.,

Inc.

5.00%,

04/15/2029

(d)

5,032,000‌

4,881,356‌

LifePoint

Health,

Inc.

8.38%,

02/15/2032

(d)

1,565,000‌

1,667,576‌

Star

Parent,

Inc.

9.00%,

10/01/2030

(d)

2,377,000‌

2,500,173‌

$

9,049,105‌

Home

Builders

-

0

.97

%

Adams

Homes,

Inc.

9.25%,

10/15/2028

(d)

2,974,000‌

3,065,537‌

Household

Products

&

Wares

-

0

.29

%

Kronos

Acquisition

Holdings,

Inc.

10.75%,

06/30/2032

(d),(e)

1,283,000‌

932,162‌

Investment

Companies

-

1

.42

%

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.

4.38%,

02/01/2029

5,373,000‌

4,516,425‌

Iron

&

Steel

-

1

.05

%

TMS

International

Corp.

6.25%,

04/15/2029

(d)

3,518,000‌

3,344,976‌

Lodging

-

0

.48

%

Wynn

Macau

Ltd.

5.63%,

08/26/2028

(d)

1,563,000‌

1,536,568‌

Machinery

-

Diversified

-

1

.20

%

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(d)

3,608,000‌

3,808,352‌

Media

-

4

.39

%

CSC

Holdings

LLC

4.50%,

11/15/2031

(d)

3,264,000‌

2,296,827‌

Directv

Financing

LLC

8.88%,

02/01/2030

(d)

653,000‌

640,325‌

Directv

Financing

LLC/Directv

Financing

Co-

Obligor,

Inc.

5.88%,

08/15/2027

(d)

2,870,000‌

2,860,633‌

10.00%,

02/15/2031

(d)

2,132,000‌

2,069,795‌

DISH

DBS

Corp.

5.25%,

12/01/2026

(d)

284‌

258‌

DISH

Network

Corp.

11.75%,

11/15/2027

(d)

2,117,000‌

2,182,259‌

iHeartCommunications,

Inc.

4.75%,

01/15/2028

(d)

693,000‌

557,657‌

Sinclair

Television

Group,

Inc.

8.13%,

02/15/2033

(d)

3,316,000‌

3,349,878‌

$

13,957,632‌

Mining

-

1

.50

%

Taseko

Mines

Ltd.

8.25%,

05/01/2030

(d)

4,554,000‌

4,767,483‌

Oil

&

Gas

-

4

.32

%

Aethon

United

BR

LP/Aethon

United

Finance

Corp.

7.50%,

10/01/2029

(d)

4,543,000‌

4,765,307‌

Crescent

Energy

Finance

LLC

8.38%,

01/15/2034

(d),(m)

2,723,000‌

2,724,700‌

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.

7.25%,

02/15/2035

(d)

1,610,000‌

1,574,341‌

Matador

Resources

Co.

6.25%,

04/15/2033

(d)

4,701,000‌

4,666,246‌

$

13,730,594‌

Packaging

&

Containers

-

2

.19

%

Clydesdale

Acquisition

Holdings,

Inc.

6.63%,

04/15/2029

(d)

350,000‌

355,070‌

6.75%,

04/15/2032

(d)

2,424,000‌

2,487,676‌

6.88%,

01/15/2030

(d)

105,000‌

107,339‌

8.75%,

04/15/2030

(d)

1,309,000‌

1,338,876‌

BONDS

(continued)

Principal

Amount

Value

Packaging

&

Containers

(continued)

LABL,

Inc.

5.88%,

11/01/2028

(d)

$

1,199,000‌

$

1,048,479‌

8.63%,

10/01/2031

(d)

894,000‌

764,699‌

9.50%,

11/01/2028

(d)

911,000‌

842,108‌

$

6,944,247‌

Pharmaceuticals

-

3

.32

%

1261229

BC

Ltd.

10.00%,

04/15/2032

(d)

2,995,000‌

3,021,266‌

Endo

Finance

Holdings,

Inc.

8.50%,

04/15/2031

(d),(e)

3,298,000‌

3,491,124‌

Jazz

Securities

DAC

4.38%,

01/15/2029

(d)

4,184,000‌

4,041,396‌

$

10,553,786‌

Pipelines

-

4

.47

%

Antero

Midstream

Partners

LP/Antero

Midstream

Finance

Corp.

6.63%,

02/01/2032

(d)

3,027,000‌

3,126,437‌

Hess

Midstream

Operations

LP

4.25%,

02/15/2030

(d)

6,631,000‌

6,375,526‌

Venture

Global

LNG,

Inc.

7.00%,

01/15/2030

(d)

8,000‌

8,087‌

8.38%,

06/01/2031

(d)

290,000‌

301,205‌

9.50%,

02/01/2029

(d)

4,030,000‌

4,390,193‌

$

14,201,448‌

REITs

-

3

.46

%

Blackstone

Mortgage

Trust,

Inc.

7.75%,

12/01/2029

(d)

904,000‌

961,597‌

CBL

&

Associates

LP

0.00%,

12/15/2026

(j),(k),(l)

6,000,000‌

—‌

Ladder

Capital

Finance

Holdings

LLLP/Ladder

Capital

Finance

Corp.

4.75%,

06/15/2029

(d)

5,600,000‌

5,452,669‌

7.00%,

07/15/2031

(d)

65,000‌

67,970‌

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./CSL

Capital

LLC

6.00%,

01/15/2030

(d)

3,945,000‌

3,695,678‌

Uniti

Group

LP/Uniti

Group

Finance

2019,

Inc./

CSL

Capital

LLC

8.63%,

06/15/2032

(d)

807,000‌

815,190‌

$

10,993,104‌

Retail

-

4

.23

%

Bath

&

Body

Works,

Inc.

5.25%,

02/01/2028

344,000‌

345,607‌

6.63%,

10/01/2030

(d)

567,000‌

584,378‌

6.75%,

07/01/2036

797,000‌

810,209‌

Carvana

Co.

11.00%,

PIK

13.00%,

06/01/2030

(d),(i)

4,424,000‌

4,651,165‌

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.

4.63%,

01/15/2029

(d)

1,877,000‌

1,797,822‌

6.75%,

01/15/2030

(d)

996,000‌

919,110‌

Park

River

Holdings,

Inc.

5.63%,

02/01/2029

(d)

1,575,000‌

1,275,610‌

Victra

Holdings

LLC/Victra

Finance

Corp.

8.75%,

09/15/2029

(d),(e)

2,920,000‌

3,059,240‌

$

13,443,141‌

Software

-

0

.95

%

Cloud

Software

Group,

Inc.

9.00%,

09/30/2029

(d)

2,898,000‌

3,003,851‌

Telecommunications

-

1

.80

%

Connect

Finco

SARL/Connect

U.S.

Finco

LLC

9.00%,

09/15/2029

(d)

3,573,000‌

3,591,322‌

EchoStar

Corp.

10.75%,

11/30/2029

1,738,319‌

1,790,469‌

Zayo

Group

Holdings,

Inc.

4.00%,

03/01/2027

(d)

351,000‌

329,159‌

$

5,710,950‌

37

Schedule

of

Investments

Principal

Active

High

Yield

ETF

June

30,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Transportation

-

0

.74

%

Watco

Cos.

LLC/Watco

Finance

Corp.

7.13%,

08/01/2032

(d)

$

2,240,000‌

$

2,341,508‌

TOTAL

BONDS

a

$

265,088,916‌

SENIOR

FLOATING

RATE

INTERESTS

-

7

.08

%

Principal

Amount

Value

Airlines

-

0

.90

%

–

—

American

Airlines,

Inc.,

2025

Term

Loan

(3-month

Term

Secured

Overnight

Financing

Rate

+

2.25%),

6.52%,

04/20/2028

$

1,916,688‌

$

1,902,006‌

United

Airlines,

Inc.,

2024

1st

Lien

Term

Loan

B

(3-month

Term

Secured

Overnight

Financing

Rate

+

2.00%),

6.28%,

02/22/2031

950,752‌

951,151‌

$

2,853,157‌

Building

Materials

-

1

.05

%

MI

Windows

&

Doors

LLC,

2024

Term

Loan

B2

(1-month

Term

Secured

Overnight

Financing

Rate

+

3.00%),

7.33%,

03/28/2031

2,497,318‌

2,500,290‌

Quikrete

Holdings,

Inc.,

2025

Term

Loan

B

(1-month

Term

Secured

Overnight

Financing

Rate

+

2.25%),

6.58%,

02/10/2032

847,875‌

846,391‌

$

3,346,681‌

Commercial

Services

-

0

.60

%

Albion

Financing

3

SARL,

2025

USD

Term

Loan

B

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.00%),

7.32%,

08/16/2029

1,621,850‌

1,622,872‌

Veritiv

Corp.,

Term

Loan

B

(3-month

Term

Secured

Overnight

Financing

Rate

+

4.00%),

8.30%,

11/30/2030

303,471‌

304,306‌

$

1,927,178‌

Food

-

0

.86

%

Fiesta

Purchaser,

Inc.,

2024

Term

Loan

B

(1-month

Term

Secured

Overnight

Financing

Rate

+

3.25%),

7.58%,

02/12/2031

2,727,502‌

2,732,657‌

Forest

Products

&

Paper

-

0

.12

%

Spectrum

Group

Buyer,

Inc.,

2022

Term

Loan

B

(3-month

Term

Secured

Overnight

Financing

Rate

+

6.50%),

10.78%,

05/19/2028

458,034‌

374,062‌

Healthcare

-

Services

-

0

.76

%

LifePoint

Health,

Inc.,

2024

1st

Lien

Term

Loan

B

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.75%),

8.01%,

05/19/2031

2,448,357‌

2,419,663‌

Household

Products

&

Wares

-

0

.30

%

Kronos

Acquisition

Holdings,

Inc.,

2024

Term

Loan

(3-month

Term

Secured

Overnight

Financing

Rate

+

4.00%),

8.30%,

07/08/2031

1,057,013‌

943,119‌

Media

-

0

.35

%

iHeartCommunications,

Inc.,

2024

Term

Loan

(1-month

Term

Secured

Overnight

Financing

Rate

+

5.78%),

10.22%,

05/01/2029

1,358,175‌

1,103,517‌

Mining

-

1

.19

%

Arsenal

AIC

Parent

LLC,

2025

Term

Loan

B

(1-month

Term

Secured

Overnight

Financing

Rate

+

2.75%),

7.08%,

08/19/2030

3,797,307‌

3,788,763‌

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

Value

Pharmaceuticals

-

0

.30

%

Endo

Luxembourg

Finance

Co.

I

SARL,

2024

1st

Lien

Term

Loan

(1-month

Term

Secured

Overnight

Financing

Rate

+

4.00%),

8.33%,

04/23/2031

$

957,763‌

$

955,608‌

Telecommunications

-

0

.65

%

Zayo

Group

Holdings,

Inc.,

USD

Term

Loan

(1-month

Term

Secured

Overnight

Financing

Rate

+

3.00%),

7.44%,

03/09/2027

2,170,000‌

2,059,764‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

a

$

22,504,169‌

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

3

.96

%

Principal

Amount

Value

U.S.

Treasury

Notes

-

3

.96

%

–

–

3.88%,

04/30/2030

$

12,519,400‌

$

12,568,304‌

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

a

$

12,568,304‌

Total

Investments

103.43%

$

328,616,031‌

Other

Assets

and

Liabilities

-

(3.43%)

(

10,895,550‌

)

TOTAL

NET

ASSETS

-

100.00%

$

317,720,481‌

(a)

1-day

yield

shown

as

of

period

end.

(b)

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

Securities

sub-schedule

for

transactional

information.

(c)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$14,446,840

or

4.55%

of

net

assets.

(d)

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

$239,896,417

or

75.51%

of

net

assets.

(e)

Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$14,097,591

or

4.44%

of

net

assets.

(f)

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.

(g)

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.

(h)

Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,566,697

or

0.49%

of

net

assets.

(i)

Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(j)

Security

is

defaulted.

(k)

Non-income

producing

security.

(l)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Advisor,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Trustees.

(m)

Securities

purchased

on

a

when-issued

basis.

38

Schedule

of

Investments

Principal

Active

High

Yield

ETF

June

30,

2025

See

accompanying

notes.

Affiliated

Securities

June

30,

2024

Value

Purchases

Cost

Sales

Proceeds

June

30,

2025

Value

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

$

7,350,220‌

$

112,956,873‌

$

105,860,253‌

$

14,446,840‌

$

7,350,220‌

$

112,956,873‌

$

105,860,253‌

$

14,446,840‌

a

a

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

39

Schedule

of

Investments

Principal

Capital

Appreciation

Select

ETF

June

30,

2025

See

accompanying

notes.

COMMON

STOCKS

-

99

.36

%

Shares

Held

Value

Aerospace

&

Defense

-

0

.97

%

-

—

Boeing

Co.

(a)

1,067‌

$

223,568‌

Apparel

-

0

.94

%

Deckers

Outdoor

Corp.

(a)

2,100‌

216,447‌

Auto

Manufacturers

-

0

.70

%

Tesla,

Inc.

(a)

508‌

161,371‌

Banks

-

3

.47

%

JPMorgan

Chase

&

Co.

2,760‌

800,152‌

Building

Materials

-

0

.86

%

CRH

PLC

2,150‌

197,370‌

Chemicals

-

1

.77

%

Linde

PLC

869‌

407,717‌

Commercial

Services

-

1

.17

%

Service

Corp.

International

3,306‌

269,108‌

Computers

-

4

.55

%

Apple,

Inc.

5,117‌

1,049,855‌

Cosmetics

&

Personal

Care

-

1

.26

%

Procter

&

Gamble

Co.

1,830‌

291,556‌

Diversified

Financial

Services

-

5

.84

%

Nasdaq,

Inc.

6,096‌

545,104‌

Visa,

Inc.,

Class

A

2,260‌

802,413‌

$

1,347,517‌

Electric

-

2

.39

%

Constellation

Energy

Corp.

1,711‌

552,242‌

Electrical

Components

&

Equipment

-

1

.51

%

Eaton

Corp.

PLC

974‌

347,708‌

Environmental

Control

-

2

.66

%

Republic

Services,

Inc.

2,485‌

612,826‌

Healthcare

-

Products

-

0

.90

%

Thermo

Fisher

Scientific,

Inc.

514‌

208,406‌

Healthcare

-

Services

-

2

.48

%

Chemed

Corp.

426‌

207,432‌

HCA

Healthcare,

Inc.

688‌

263,573‌

UnitedHealth

Group,

Inc.

324‌

101,078‌

$

572,083‌

Insurance

-

3

.44

%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

807‌

392,017‌

Progressive

Corp.

1,505‌

401,624‌

$

793,641‌

Internet

-

13

.23

%

Alphabet,

Inc.,

Class

A

4,416‌

778,232‌

Amazon.com,

Inc.

(a)

3,722‌

816,570‌

Meta

Platforms,

Inc.,

Class

A

1,012‌

746,947‌

Netflix,

Inc.

(a)

206‌

275,861‌

Palo

Alto

Networks,

Inc.

(a)

2,118‌

433,427‌

$

3,051,037‌

Mining

-

0

.60

%

Cameco

Corp.

1,856‌

137,771‌

Miscellaneous

Manufacturers

-

1

.43

%

Parker-Hannifin

Corp.

473‌

330,376‌

Oil

&

Gas

-

3

.76

%

Exxon

Mobil

Corp.

4,859‌

523,800‌

Marathon

Petroleum

Corp.

1,531‌

254,315‌

Permian

Resources

Corp.

6,497‌

88,489‌

$

866,604‌

Pharmaceuticals

-

6

.40

%

AbbVie,

Inc.

1,548‌

287,340‌

Eli

Lilly

&

Co.

337‌

262,702‌

McKesson

Corp.

817‌

598,681‌

Novartis

AG,

ADR

2,709‌

327,816‌

$

1,476,539‌

REITs

-

2

.31

%

Equinix,

Inc.

448‌

356,371‌

Extra

Space

Storage,

Inc.

1,198‌

176,633‌

$

533,004‌

Retail

-

7

.09

%

Casey's

General

Stores,

Inc.

1,151‌

587,321‌

Costco

Wholesale

Corp.

342‌

338,560‌

O'Reilly

Automotive,

Inc.

(a)

2,454‌

221,179‌

TJX

Cos.,

Inc.

3,958‌

488,773‌

$

1,635,833‌

COMMON

STOCKS

(continued)

Shares

Held

Value

Semiconductors

-

12

.77

%

Broadcom,

Inc.

2,563‌

$

706,491‌

Lam

Research

Corp.

6,503‌

633,002‌

NVIDIA

Corp.

10,158‌

1,604,862‌

$

2,944,355‌

Software

-

12

.67

%

Broadridge

Financial

Solutions,

Inc.

2,709‌

658,368‌

Microsoft

Corp.

3,227‌

1,605,142‌

Salesforce,

Inc.

1,252‌

341,408‌

ServiceNow,

Inc.

(a)

308‌

316,649‌

$

2,921,567‌

Telecommunications

-

3

.02

%

Motorola

Solutions,

Inc.

953‌

400,699‌

T-Mobile

U.S.,

Inc.

1,247‌

297,110‌

$

697,809‌

Water

-

1

.17

%

American

Water

Works

Co.,

Inc.

1,937‌

269,456‌

TOTAL

COMMON

STOCKS

a

$

22,915,918‌

INVESTMENT

COMPANIES

-

0

.63

%

Shares

Held

Value

Money

Market

Funds

-

0

.63

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.27%

(b)

144,389‌

$

144,389‌

TOTAL

INVESTMENT

COMPANIES

a

$

144,389‌

Total

Investments

99.99%

$

23,060,307‌

Other

Assets

and

Liabilities

-

0.01%

1,636‌

TOTAL

NET

ASSETS

-

100.00%

$

23,061,943‌

(a)

Non-income

producing

security.

(b)

1-day

yield

shown

as

of

period

end.

40

Schedule

of

Investments

Principal

Focused

Blue

Chip

ETF

June

30,

2025

See

accompanying

notes.

COMMON

STOCKS

-

99

.98

%

Shares

Held

Value

Aerospace

&

Defense

-

4

.87

%

-

—

TransDigm

Group,

Inc.

4,312‌

$

6,557,000‌

Distribution

&

Wholesale

-

1

.85

%

Copart,

Inc.

(a)

50,710‌

2,488,340‌

Diversified

Financial

Services

-

12

.39

%

Charles

Schwab

Corp.

44,371‌

4,048,410‌

Mastercard,

Inc.,

Class

A

11,262‌

6,328,569‌

Visa,

Inc.,

Class

A

17,782‌

6,313,499‌

$

16,690,478‌

Electronics

-

0

.00

%

Amphenol

Corp.,

Class

A

23‌

2,271‌

Healthcare

-

Products

-

4

.55

%

Danaher

Corp.

20,251‌

4,000,383‌

Thermo

Fisher

Scientific,

Inc.

5,251‌

2,129,070‌

$

6,129,453‌

Insurance

-

3

.92

%

Progressive

Corp.

19,764‌

5,274,221‌

Internet

-

30

.46

%

Airbnb,

Inc.,

Class

A

(a)

24,636‌

3,260,328‌

Alphabet,

Inc.,

Class

C

42,161‌

7,478,940‌

Amazon.com,

Inc.

(a)

78,202‌

17,156,737‌

Meta

Platforms,

Inc.,

Class

A

7,175‌

5,295,796‌

Netflix,

Inc.

(a)

5,848‌

7,831,232‌

$

41,023,033‌

Lodging

-

3

.34

%

Hilton

Worldwide

Holdings,

Inc.

16,877‌

4,495,020‌

Pharmaceuticals

-

2

.15

%

Zoetis,

Inc.

18,577‌

2,897,083‌

Private

Equity

-

8

.17

%

Brookfield

Corp.

177,869‌

11,001,198‌

Real

Estate

-

2

.19

%

CoStar

Group,

Inc.

(a)

36,666‌

2,947,946‌

Retail

-

2

.49

%

O'Reilly

Automotive,

Inc.

(a)

37,263‌

3,358,514‌

Semiconductors

-

3

.00

%

Broadcom,

Inc.

14,676‌

4,045,439‌

Software

-

20

.60

%

Cadence

Design

Systems,

Inc.

(a)

14,184‌

4,370,800‌

Microsoft

Corp.

40,682‌

20,235,634‌

Roper

Technologies,

Inc.

5,542‌

3,141,427‌

$

27,747,861‌

TOTAL

COMMON

STOCKS

a

$

134,657,857‌

INVESTMENT

COMPANIES

-

0

.06

%

Shares

Held

Value

Money

Market

Funds

-

0

.06

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.27%

(b)

82,224‌

$

82,224‌

TOTAL

INVESTMENT

COMPANIES

a

$

82,224‌

Total

Investments

100.04%

$

134,740,081‌

Other

Assets

and

Liabilities

-

(0.04%)

(

51,440‌

)

TOTAL

NET

ASSETS

-

100.00%

$

134,688,641‌

(a)

Non-income

producing

security.

(b)

1-day

yield

shown

as

of

period

end.

Affiliated

Securities

June

30,

2024

Value

Purchases

Cost

Sales

Proceeds

June

30,

2025

Value

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

$

—‌

$

3,029,171‌

$

3,029,171‌

$

—‌

$

—‌

$

3,029,171‌

$

3,029,171‌

$

—‌

a

a

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

41

Schedule

of

Investments

Principal

International

Equity

ETF

June

30,

2025

See

accompanying

notes.

COMMON

STOCKS

-

97

.72

%

Shares

Held

Value

Aerospace

&

Defense

-

7

.88

%

-

—

Airbus

SE

140,789‌

$

29,397,241‌

BAE

Systems

PLC

1,211,062‌

31,360,494‌

$

60,757,735‌

Apparel

-

3

.20

%

PRADA

SpA

2,341,900‌

14,528,823‌

Samsonite

Group

SA

(a)

5,431,200‌

10,101,404‌

$

24,630,227‌

Auto

Manufacturers

-

2

.66

%

Toyota

Motor

Corp.

1,185,800‌

20,528,450‌

Banks

-

11

.14

%

AIB

Group

PLC

4,002,115‌

32,929,343‌

Erste

Group

Bank

AG

335,988‌

28,614,698‌

National

Bank

of

Greece

SA

1,905,510‌

24,308,983‌

$

85,853,024‌

Biotechnology

-

0

.00

%

Zai

Lab

Ltd.,

ADR

(b)

22‌

769‌

Building

Materials

-

2

.41

%

CRH

PLC

201,762‌

18,588,786‌

Cosmetics

&

Personal

Care

-

4

.97

%

Haleon

PLC

3,034,881‌

15,596,862‌

Unilever

PLC

373,420‌

22,681,437‌

$

38,278,299‌

Engineering

&

Construction

-

1

.15

%

Technip

Energies

NV

211,227‌

8,892,647‌

Entertainment

-

2

.86

%

Entain

PLC

1,780,414‌

22,019,401‌

Healthcare

-

Products

-

3

.56

%

Smith

&

Nephew

PLC

1,794,551‌

27,416,416‌

Insurance

-

9

.90

%

AIA

Group

Ltd.

2,566,600‌

23,017,808‌

Hannover

Rueck

SE

95,995‌

30,214,273‌

Sompo

Holdings,

Inc.

763,800‌

23,045,804‌

$

76,277,885‌

Internet

-

6

.13

%

JD.com,

Inc.,

ADR

213,401‌

6,965,409‌

JD.com,

Inc.,

Class

A

1,132,938‌

18,459,069‌

Tencent

Holdings

Ltd.,

ADR

122,174‌

7,880,223‌

Tencent

Holdings

Ltd.

217,373‌

13,928,575‌

$

47,233,276‌

Machinery

-

Construction

&

Mining

-

2

.42

%

Weir

Group

PLC

544,682‌

18,616,674‌

Mining

-

2

.20

%

Teck

Resources

Ltd.,

Class

B

419,812‌

16,977,453‌

Oil

&

Gas

-

3

.50

%

Suncor

Energy,

Inc.

720,263‌

26,980,441‌

Pharmaceuticals

-

6

.66

%

AstraZeneca

PLC

185,930‌

25,827,935‌

Sanofi

SA

262,858‌

25,454,991‌

$

51,282,926‌

Retail

-

4

.16

%

Dollarama,

Inc.

158,258‌

22,298,485‌

Yum

China

Holdings,

Inc.

217,900‌

9,754,210‌

$

32,052,695‌

Semiconductors

-

11

.84

%

ASML

Holding

NV

40,720‌

32,501,864‌

Samsung

Electronics

Co.

Ltd.

666,625‌

29,537,770‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

128,909‌

29,196,599‌

$

91,236,233‌

Software

-

2

.10

%

Nemetschek

SE

111,577‌

16,166,161‌

Telecommunications

-

4

.70

%

Deutsche

Telekom

AG

993,113‌

36,229,886‌

Toys,

Games

&

Hobbies

-

4

.28

%

Nintendo

Co.

Ltd.

342,200‌

32,983,133‌

TOTAL

COMMON

STOCKS

a

$

753,002,517‌

INVESTMENT

COMPANIES

-

2

.54

%

Shares

Held

Value

Money

Market

Funds

-

2

.54

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.27%

(c)

19,547,215‌

$

19,547,215‌

INVESTMENT

COMPANIES

(continued)

Shares

Held

Value

Money

Market

Funds

(continued)

TOTAL

INVESTMENT

COMPANIES

a

$

19,547,215‌

Total

Investments

100.26%

$

772,549,732‌

Other

Assets

and

Liabilities

-

(0.26%)

(

1,988,009‌

)

TOTAL

NET

ASSETS

-

100.00%

$

770,561,723‌

(a)

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

$10,101,404

or

1.31%

of

net

assets.

(b)

Non-income

producing

security.

(c)

1-day

yield

shown

as

of

period

end.

42

Schedule

of

Investments

Principal

International

Equity

ETF

June

30,

2025

See

accompanying

notes.

Affiliated

Securities

June

30,

2024

Value

Purchases

Cost

Sales

Proceeds

June

30,

2025

Value

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

$

—‌

$

211,875‌

$

211,875‌

$

—‌

$

—‌

$

211,875‌

$

211,875‌

$

—‌

a

a

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

43

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

June

30,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

1

.67

%

Shares

Held

Value

Money

Market

Funds

-

1

.67

%

-

—

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

(a),(b),(c)

562,295‌

$

562,295‌

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.27%

(a)

1,206,891‌

1,206,891‌

TOTAL

INVESTMENT

COMPANIES

a

$

1,769,186‌

BONDS

-

98

.59

%

Principal

Amount

Value

Aerospace

&

Defense

-

3

.65

%

—

—

Boeing

Co.

2.20%,

02/04/2026

$

682,000‌

$

671,356‌

5.15%,

05/01/2030

254,000‌

258,597‌

5.81%,

05/01/2050

926,000‌

888,035‌

Northrop

Grumman

Corp.

4.95%,

03/15/2053

194,000‌

174,371‌

5.25%,

07/15/2035

321,000‌

327,537‌

RTX

Corp.

3.03%,

03/15/2052

683,000‌

438,120‌

6.10%,

03/15/2034

526,000‌

568,664‌

6.40%,

03/15/2054

490,000‌

537,105‌

$

3,863,785‌

Agriculture

-

2

.40

%

BAT

Capital

Corp.

4.54%,

08/15/2047

505,000‌

407,950‌

4.76%,

09/06/2049

697,000‌

574,605‌

5.83%,

02/20/2031

281,000‌

295,696‌

JBS

USA

LUX

SARL/JBS

USA

Food

Co./JBS

USA

Foods

Group

5.95%,

04/20/2035

(d)

413,000‌

427,860‌

Philip

Morris

International,

Inc.

4.38%,

04/30/2030

403,000‌

402,025‌

4.88%,

04/30/2035

438,000‌

432,116‌

$

2,540,252‌

Airlines

-

2

.90

%

AS

Mileage

Plan

IP

Ltd.

5.02%,

10/20/2029

(d)

741,000‌

733,258‌

5.31%,

10/20/2031

(d)

382,000‌

375,814‌

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.75%,

10/20/2028

(d)

1,374,664‌

1,377,852‌

United

Airlines

Pass-Through

Trust

,

Class

A

5.88%,

08/15/2038

583,874‌

581,156‌

$

3,068,080‌

Auto

Manufacturers

-

1

.73

%

Ford

Motor

Credit

Co.

LLC

5.80%,

03/08/2029

510,000‌

511,065‌

6.13%,

03/08/2034

285,000‌

277,434‌

Hyundai

Capital

America

5.30%,

06/24/2029

(d)

284,000‌

289,185‌

6.50%,

01/16/2029

(d)

710,000‌

748,298‌

$

1,825,982‌

Banks

-

26

.50

%

AIB

Group

PLC

(6-month

Secured

Overnight

Financing

Rate

+

1.65%),

5.32%,

05/15/2031

(d),(e)

510,000‌

518,946‌

(6-month

Secured

Overnight

Financing

Rate

+

1.91%),

5.87%,

03/28/2035

(d),(e)

587,000‌

605,334‌

Bank

of

America

Corp.

(6-month

Secured

Overnight

Financing

Rate

+

1.32%),

2.69%,

04/22/2032

(e)

2,646,000‌

2,374,586‌

Barclays

PLC

(6-month

Secured

Overnight

Financing

Rate

+

1.91%),

5.34%,

09/10/2035

(e)

442,000‌

438,682‌

BPCE

SA

(6-month

Secured

Overnight

Financing

Rate

+

1.58%),

5.39%,

05/28/2031

(d),(e)

254,000‌

258,634‌

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

BPCE

SA

(continued)

(6-month

Secured

Overnight

Financing

Rate

+

2.04%),

6.29%,

01/14/2036

(d),(e)

$

566,000‌

$

594,399‌

Cooperatieve

Rabobank

UA

(1-year

Treasury

Constant

Maturity

Rate

+

0.92%),

4.99%,

05/27/2031

(d),(e)

254,000‌

257,547‌

Danske

Bank

AS

(1-year

Treasury

Constant

Maturity

Rate

+

1.10%),

4.61%,

10/02/2030

(d),(e)

324,000‌

322,676‌

(1-year

Treasury

Constant

Maturity

Rate

+

0.93%),

5.02%,

03/04/2031

(d),(e)

470,000‌

475,327‌

Deutsche

Bank

AG

(6-month

Secured

Overnight

Financing

Rate

+

1.72%),

5.30%,

05/09/2031

(e)

331,000‌

336,171‌

(6-month

Secured

Overnight

Financing

Rate

+

1.59%),

5.71%,

02/08/2028

(e)

413,000‌

419,784‌

Goldman

Sachs

Group,

Inc.

(6-month

Secured

Overnight

Financing

Rate

+

1.42%),

5.02%,

10/23/2035

(e)

725,000‌

716,230‌

(6-month

Secured

Overnight

Financing

Rate

+

1.58%),

5.22%,

04/23/2031

(e)

1,102,000‌

1,129,739‌

(6-month

Secured

Overnight

Financing

Rate

+

1.38%),

5.54%,

01/28/2036

(e)

475,000‌

487,107‌

(6-month

Secured

Overnight

Financing

Rate

+

1.58%),

5.56%,

11/19/2045

(e)

330,000‌

324,898‌

(6-month

Secured

Overnight

Financing

Rate

+

1.70%),

5.73%,

01/28/2056

(e)

346,000‌

345,938‌

HSBC

Holdings

PLC

(6-month

Secured

Overnight

Financing

Rate

+

1.57%),

5.24%,

05/13/2031

(e)

260,000‌

264,729‌

(6-month

Secured

Overnight

Financing

Rate

+

1.06%),

5.60%,

05/17/2028

(e)

1,113,000‌

1,133,845‌

(6-month

Secured

Overnight

Financing

Rate

+

1.88%),

5.79%,

05/13/2036

(e)

618,000‌

635,634‌

Huntington

Bancshares,

Inc.

(6-month

Secured

Overnight

Financing

Rate

+

1.87%),

5.71%,

02/02/2035

(e)

1,198,000‌

1,224,279‌

JPMorgan

Chase

&

Co.

(6-month

Secured

Overnight

Financing

Rate

+

1.81%),

6.25%,

10/23/2034

(e)

1,474,000‌

1,602,003‌

KeyBank

NA

5.00%,

01/26/2033

599,000‌

591,089‌

KeyCorp

(6-month

Secured

Overnight

Financing

Rate

+

1.23%),

5.12%,

04/04/2031

(e)

293,000‌

296,497‌

Morgan

Stanley

(6-month

Secured

Overnight

Financing

Rate

+

1.51%),

5.19%,

04/17/2031

(e)

943,000‌

966,697‌

(6-month

Secured

Overnight

Financing

Rate

+

1.56%),

5.32%,

07/19/2035

(e)

2,756,000‌

2,789,644‌

44

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

June

30,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Morgan

Stanley

(continued)

(6-month

Secured

Overnight

Financing

Rate

+

1.71%),

5.52%,

11/19/2055

(e)

$

245,000‌

$

239,421‌

(6-month

Secured

Overnight

Financing

Rate

+

1.76%),

5.66%,

04/17/2036

(e)

224,000‌

232,120‌

NatWest

Group

PLC

(1-year

Treasury

Constant

Maturity

Rate

+

1.05%),

5.12%,

05/23/2031

(e)

204,000‌

207,338‌

PNC

Financial

Services

Group,

Inc.

(6-month

Secured

Overnight

Financing

Rate

+

1.33%),

4.90%,

05/13/2031

(e)

305,000‌

308,874‌

(6-month

Secured

Overnight

Financing

Rate

+

1.60%),

5.40%,

07/23/2035

(e)

334,000‌

340,107‌

(6-month

Secured

Overnight

Financing

Rate

+

1.39%),

5.58%,

01/29/2036

(e)

271,000‌

279,312‌

(6-month

Secured

Overnight

Financing

Rate

+

1.90%),

5.68%,

01/22/2035

(e)

1,500,000‌

1,558,494‌

(6-month

Secured

Overnight

Financing

Rate

+

2.28%),

6.88%,

10/20/2034

(e)

200,000‌

223,580‌

Truist

Financial

Corp.

(6-month

Secured

Overnight

Financing

Rate

+

2.45%),

7.16%,

10/30/2029

(e)

485,000‌

524,618‌

U.S.

Bancorp

(6-month

Secured

Overnight

Financing

Rate

+

1.30%),

5.08%,

05/15/2031

(e)

545,000‌

555,923‌

(6-month

Secured

Overnight

Financing

Rate

+

1.25%),

5.10%,

07/23/2030

(e)

324,000‌

330,725‌

(6-month

Secured

Overnight

Financing

Rate

+

1.41%),

5.42%,

02/12/2036

(e)

321,000‌

327,092‌

(6-month

Secured

Overnight

Financing

Rate

+

1.86%),

5.68%,

01/23/2035

(e)

810,000‌

840,922‌

UBS

Group

AG

(1-year

Treasury

Constant

Maturity

Rate

+

1.75%),

4.75%,

05/12/2028

(d),(e)

727,000‌

731,241‌

Wells

Fargo

&

Co.

(6-month

Secured

Overnight

Financing

Rate

+

2.10%),

2.39%,

06/02/2028

(e)

1,803,000‌

1,737,036‌

Westpac

Banking

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.00%),

4.11%,

07/24/2034

(e)

490,000‌

473,518‌

$

28,020,736‌

Biotechnology

-

0

.84

%

Amgen,

Inc.

5.60%,

03/02/2043

891,000‌

883,884‌

Chemicals

-

0

.31

%

International

Flavors

&

Fragrances,

Inc.

1.83%,

10/15/2027

(d)

272,000‌

256,244‌

3.47%,

12/01/2050

(d)

115,000‌

76,450‌

$

332,694‌

Computers

-

2

.33

%

Apple,

Inc.

3.95%,

08/08/2052

205,000‌

163,400‌

BONDS

(continued)

Principal

Amount

Value

Computers

(continued)

Hewlett

Packard

Enterprise

Co.

4.55%,

10/15/2029

$

726,000‌

$

722,369‌

5.00%,

10/15/2034

707,000‌

685,803‌

5.60%,

10/15/2054

645,000‌

595,708‌

International

Business

Machines

Corp.

5.70%,

02/10/2055

296,000‌

292,700‌

$

2,459,980‌

Diversified

Financial

Services

-

4

.99

%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

3.40%,

10/29/2033

998,000‌

880,075‌

3.85%,

10/29/2041

790‌

631‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.72%),

6.95%,

03/10/2055

(e)

221,000‌

229,661‌

Aircastle

Ltd.

5.95%,

02/15/2029

(d)

171,000‌

176,655‌

Aircastle

Ltd./Aircastle

Ireland

DAC

5.75%,

10/01/2031

(d)

589,000‌

605,191‌

Atlas

Warehouse

Lending

Co.

LP

6.05%,

01/15/2028

(d)

295,000‌

298,702‌

Blackstone

Holdings

Finance

Co.

LLC

2.85%,

08/05/2051

(d)

342‌

206‌

Charles

Schwab

Corp.

(6-month

Secured

Overnight

Financing

Rate

+

2.50%),

5.85%,

05/19/2034

(e)

263,000‌

279,388‌

Citadel

Finance

LLC

5.90%,

02/10/2030

(d)

1,132,000‌

1,142,748‌

Citadel

Securities

Global

Holdings

LLC

5.50%,

06/18/2030

(d)

1,015,000‌

1,027,059‌

Jane

Street

Group/JSG

Finance,

Inc.

6.13%,

11/01/2032

(d)

435,000‌

439,153‌

6.75%,

05/01/2033

(d)

195,000‌

200,500‌

$

5,279,969‌

Electric

-

12

.40

%

AEP

Transmission

Co.

LLC

5.38%,

06/15/2035

160,000‌

163,482‌

AES

Corp.

2.45%,

01/15/2031

244,000‌

213,315‌

Alabama

Power

Co.

3.13%,

07/15/2051

199,000‌

132,901‌

5.10%,

04/02/2035

241,000‌

242,878‌

Alliant

Energy

Finance

LLC

5.95%,

03/30/2029

(d)

171,000‌

179,415‌

Berkshire

Hathaway

Energy

Co.

4.60%,

05/01/2053

428,000‌

357,660‌

CMS

Energy

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

1.96%),

6.50%,

06/01/2055

(e)

827,000‌

828,979‌

Commonwealth

Edison

Co.

4.00%,

03/01/2049

780,000‌

607,986‌

Consolidated

Edison

Co.

of

New

York,

Inc.

5.90%,

11/15/2053

250,000‌

255,092‌

Consumers

Energy

Co.

5.05%,

05/15/2035

286,000‌

287,980‌

DTE

Energy

Co.

5.20%,

04/01/2030

428,000‌

437,966‌

Duke

Energy

Carolinas

LLC

3.75%,

06/01/2045

780,000‌

605,323‌

Duke

Energy

Florida

LLC

6.20%,

11/15/2053

216,000‌

229,859‌

Florida

Power

&

Light

Co.

3.95%,

03/01/2048

586,000‌

467,344‌

Indianapolis

Power

&

Light

Co.

5.70%,

04/01/2054

(d)

410,000‌

408,511‌

Interstate

Power

&

Light

Co.

5.60%,

06/29/2035

739,000‌

759,596‌

45

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

June

30,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Electric

(continued)

MidAmerican

Energy

Co.

3.15%,

04/15/2050

$

638,000‌

$

430,426‌

4.40%,

10/15/2044

780,000‌

667,074‌

Monongahela

Power

Co.

3.55%,

05/15/2027

(d)

602,000‌

593,065‌

Narragansett

Electric

Co.

3.92%,

08/01/2028

(d)

147,000‌

144,209‌

NextEra

Energy

Capital

Holdings,

Inc.

5.45%,

03/15/2035

308,000‌

313,919‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.05%),

6.38%,

08/15/2055

(e)

490,000‌

500,366‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.36%),

6.70%,

09/01/2054

(e)

701,000‌

722,351‌

Northern

States

Power

Co.

5.10%,

05/15/2053

415,000‌

382,557‌

NRG

Energy,

Inc.

2.00%,

12/02/2025

(d)

786,000‌

774,532‌

Pacific

Gas

&

Electric

Co.

3.25%,

06/01/2031

112,000‌

100,509‌

5.55%,

05/15/2029

340,000‌

345,482‌

Pinnacle

West

Capital

Corp.

4.90%,

05/15/2028

500,000‌

507,000‌

Public

Service

Co.

of

Colorado

5.25%,

04/01/2053

175,000‌

160,646‌

Southwestern

Public

Service

Co.

6.00%,

06/01/2054

261,000‌

263,156‌

Trans-Allegheny

Interstate

Line

Co.

5.00%,

01/15/2031

(d)

107,000‌

108,864‌

Xcel

Energy,

Inc.

5.45%,

08/15/2033

901,000‌

918,969‌

$

13,111,412‌

Environmental

Control

-

0

.18

%

Waste

Connections,

Inc.

5.25%,

09/01/2035

184,000‌

188,123‌

Food

-

3

.46

%

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Co./JBS

Lux

Co.

SARL

4.38%,

02/02/2052

638,400‌

492,063‌

JBS

USA

Holding

Lux

SARL/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Co.

6.38%,

04/15/2066

(d),(f)

605,000‌

609,459‌

JBS

USA

LUX

SARL/JBS

USA

Food

Co./JBS

USA

Foods

Group

6.38%,

02/25/2055

(d)

481,000‌

493,790‌

Mars,

Inc.

4.80%,

03/01/2030

(d)

203,000‌

205,679‌

5.20%,

03/01/2035

(d)

1,055,000‌

1,067,638‌

5.70%,

05/01/2055

(d)

789,000‌

787,074‌

Sysco

Corp.

3.15%,

12/14/2051

736‌

470‌

$

3,656,173‌

Gas

-

1

.73

%

Boston

Gas

Co.

5.84%,

01/10/2035

(d)

204,000‌

212,027‌

NiSource,

Inc.

5.25%,

03/30/2028

105,000‌

107,492‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.45%),

6.95%,

11/30/2054

(e)

650,000‌

676,629‌

Southern

California

Gas

Co.

5.05%,

09/01/2034

318,000‌

320,057‌

6.00%,

06/15/2055

500,000‌

509,275‌

$

1,825,480‌

Healthcare

-

Services

-

2

.18

%

Centene

Corp.

2.45%,

07/15/2028

1,665,000‌

1,546,177‌

BONDS

(continued)

Principal

Amount

Value

Healthcare

-

Services

(continued)

UnitedHealth

Group,

Inc.

2.75%,

05/15/2040

$

796,000‌

$

577,504‌

5.75%,

07/15/2064

184,000‌

178,963‌

$

2,302,644‌

Insurance

-

3

.62

%

American

International

Group,

Inc.

5.45%,

05/07/2035

679,000‌

696,330‌

Aon

North

America,

Inc.

5.45%,

03/01/2034

265,000‌

272,205‌

5.75%,

03/01/2054

550,000‌

541,993‌

Arthur

J

Gallagher

&

Co.

2.40%,

11/09/2031

661,000‌

579,292‌

5.15%,

02/15/2035

132,000‌

132,062‌

Brown

&

Brown,

Inc.

4.70%,

06/23/2028

185,000‌

186,561‌

5.55%,

06/23/2035

180,000‌

183,553‌

6.25%,

06/23/2055

100,000‌

103,080‌

Corebridge

Financial,

Inc.

5.75%,

01/15/2034

195,000‌

202,589‌

Equitable

America

Global

Funding

4.95%,

06/09/2030

(d)

189,000‌

191,059‌

Markel

Group,

Inc.

6.00%,

05/16/2054

168,000‌

167,764‌

MetLife,

Inc.

5.00%,

07/15/2052

137,000‌

124,153‌

Northwestern

Mutual

Life

Insurance

Co.

6.17%,

05/29/2055

(d)

234,000‌

244,356‌

Reinsurance

Group

of

America,

Inc.

5.75%,

09/15/2034

196,000‌

201,181‌

$

3,826,178‌

Internet

-

0

.21

%

Meta

Platforms,

Inc.

5.40%,

08/15/2054

227,000‌

221,380‌

Machinery

-

Diversified

-

0

.34

%

Westinghouse

Air

Brake

Technologies

Corp.

4.90%,

05/29/2030

351,000‌

355,952‌

Media

-

2

.60

%

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

6.10%,

06/01/2029

1,132,000‌

1,185,141‌

6.55%,

06/01/2034

443,000‌

472,662‌

Comcast

Corp.

5.35%,

05/15/2053

806,000‌

746,847‌

Paramount

Global

4.20%,

05/19/2032

382,000‌

348,651‌

$

2,753,301‌

Mining

-

1

.88

%

Glencore

Funding

LLC

5.19%,

04/01/2030

(d)

437,000‌

445,540‌

5.37%,

04/04/2029

(d)

1,199,000‌

1,229,378‌

6.13%,

10/06/2028

(d)

297,000‌

310,763‌

$

1,985,681‌

Miscellaneous

Manufacturers

-

0

.20

%

Siemens

Funding

BV

5.80%,

05/28/2055

(d)

204,000‌

210,062‌

Oil

&

Gas

-

1

.35

%

ConocoPhillips

Co.

5.50%,

01/15/2055

355,000‌

336,831‌

Diamondback

Energy,

Inc.

5.75%,

04/18/2054

613,000‌

569,001‌

Occidental

Petroleum

Corp.

5.20%,

08/01/2029

516,000‌

517,659‌

$

1,423,491‌

Packaging

&

Containers

-

1

.65

%

Amcor

Flexibles

North

America,

Inc.

5.10%,

03/17/2030

(d)

324,000‌

329,519‌

Packaging

Corp.

of

America

5.70%,

12/01/2033

710,000‌

741,514‌

46

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

June

30,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Packaging

&

Containers

(continued)

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

$

662,000‌

$

674,345‌

$

1,745,378‌

Pharmaceuticals

-

1

.12

%

AbbVie,

Inc.

4.25%,

11/21/2049

648,000‌

533,829‌

5.50%,

03/15/2064

180,000‌

174,547‌

Bristol-Myers

Squibb

Co.

4.25%,

10/26/2049

274,000‌

222,154‌

Eli

Lilly

&

Co.

5.50%,

02/12/2055

249,000‌

250,552‌

$

1,181,082‌

Pipelines

-

5

.32

%

Cheniere

Energy

Partners

LP

5.55%,

10/30/2035

(d),(f)

290,000‌

292,280‌

Cheniere

Energy,

Inc.

5.65%,

04/15/2034

204,000‌

208,933‌

DT

Midstream,

Inc.

4.13%,

06/15/2029

(d)

1,294,000‌

1,249,778‌

Eastern

Energy

Gas

Holdings

LLC

5.65%,

10/15/2054

103,000‌

98,430‌

Energy

Transfer

LP

3.75%,

05/15/2030

999,000‌

958,499‌

5.15%,

03/15/2045

336,000‌

296,075‌

5.25%,

07/01/2029

123,000‌

126,012‌

Kinder

Morgan,

Inc.

5.15%,

06/01/2030

266,000‌

271,591‌

5.40%,

02/01/2034

816,000‌

826,351‌

ONEOK,

Inc.

4.40%,

10/15/2029

316,000‌

313,579‌

4.75%,

10/15/2031

780,000‌

772,262‌

5.70%,

11/01/2054

234,000‌

215,992‌

$

5,629,782‌

Real

Estate

-

0

.72

%

CoStar

Group,

Inc.

2.80%,

07/15/2030

(d)

842,000‌

760,782‌

REITs

-

1

.89

%

American

Homes

4

Rent

LP

2.38%,

07/15/2031

490,000‌

426,677‌

4.25%,

02/15/2028

101,000‌

100,393‌

4.95%,

06/15/2030

130,000‌

131,327‌

5.50%,

07/15/2034

1,039,000‌

1,052,864‌

Omega

Healthcare

Investors,

Inc.

5.20%,

07/01/2030

290,000‌

291,628‌

Realty

Income

Corp.

3.10%,

12/15/2029

70‌

66‌

$

2,002,955‌

Semiconductors

-

3

.79

%

Broadcom,

Inc.

3.42%,

04/15/2033

(d)

341,000‌

309,263‌

4.35%,

02/15/2030

407,000‌

405,490‌

4.55%,

02/15/2032

196,000‌

194,187‌

5.05%,

04/15/2030

485,000‌

496,829‌

5.15%,

11/15/2031

289,000‌

297,317‌

Intel

Corp.

4.75%,

03/25/2050

467,000‌

380,988‌

Marvell

Technology,

Inc.

2.95%,

04/15/2031

394,000‌

358,815‌

5.45%,

07/15/2035

275,000‌

276,914‌

5.95%,

09/15/2033

501,000‌

529,071‌

Micron

Technology,

Inc.

5.80%,

01/15/2035

729,000‌

753,892‌

$

4,002,766‌

Shipbuilding

-

0

.37

%

Huntington

Ingalls

Industries,

Inc.

5.75%,

01/15/2035

(g)

383,000‌

394,921‌

Software

-

2

.12

%

Oracle

Corp.

3.95%,

03/25/2051

545,000‌

402,262‌

BONDS

(continued)

Principal

Amount

Value

Software

(continued)

Oracle

Corp.

(continued)

4.00%,

07/15/2046

$

797,000‌

$

614,686‌

Synopsys,

Inc.

5.70%,

04/01/2055

251,000‌

249,559‌

VMware

LLC

4.65%,

05/15/2027

967,000‌

972,641‌

$

2,239,148‌

Telecommunications

-

4

.31

%

AT&T,

Inc.

2.55%,

12/01/2033

10,000‌

8,369‌

3.50%,

09/15/2053

2,362,000‌

1,598,737‌

3.55%,

09/15/2055

277,000‌

186,905‌

Rogers

Communications,

Inc.

4.55%,

03/15/2052

291,000‌

236,958‌

T-Mobile

USA,

Inc.

2.88%,

02/15/2031

975,000‌

887,222‌

5.13%,

05/15/2032

304,000‌

310,017‌

5.88%,

11/15/2055

417,000‌

416,828‌

Verizon

Communications,

Inc.

2.36%,

03/15/2032

575,000‌

495,649‌

2.65%,

11/20/2040

590,000‌

416,228‌

$

4,556,913‌

Transportation

-

0

.62

%

Norfolk

Southern

Corp.

5.10%,

05/01/2035

179,000‌

179,904‌

5.35%,

08/01/2054

(g)

495,000‌

472,740‌

$

652,644‌

Water

-

0

.88

%

Essential

Utilities,

Inc.

2.40%,

05/01/2031

1,054,000‌

929,511‌

TOTAL

BONDS

a

$

104,231,121‌

Total

Investments

100.26%

$

106,000,307‌

Other

Assets

and

Liabilities

-

(0.26%)

(

275,112‌

)

TOTAL

NET

ASSETS

-

100.00%

$

105,725,195‌

(a)

1-day

yield

shown

as

of

period

end.

(b)

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

Securities

sub-schedule

for

transactional

information.

(c)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$562,295

or

0.53%

of

net

assets.

(d)

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

$23,096,322

or

21.85%

of

net

assets.

(e)

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.

(f)

Securities

purchased

on

a

when-issued

basis.

(g)

Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$556,195

or

0.53%

of

net

assets.

47

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

June

30,

2025

See

accompanying

notes.

Affiliated

Securities

June

30,

2024

Value

Purchases

Cost

Sales

Proceeds

June

30,

2025

Value

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

$

—‌

$

15,277,605‌

$

14,715,310‌

$

562,295‌

$

—‌

$

15,277,605‌

$

14,715,310‌

$

562,295‌

a

a

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type  

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

U.S.

2

Year

Treasury

Notes

CBT;

September

2025

Long

21‌

$

4,368,492‌

$

15,029‌

U.S.

5

Year

Treasury

Notes

CBT;

September

2025

Short

37‌

4,033,000‌

(

43,712‌

)

U.S.

10

Year

Treasury

Notes

CBT;

September

2025

Short

3‌

336,375‌

(

5,397‌

)

U.S.

10

Year

Ultra

Treasury

Notes;

September

2025

Short

36‌

4,113,562‌

(

105,264‌

)

U.S.

Long

Bonds

CBT;

September

2025

Long

27‌

3,117,656‌

125,027‌

U.S.

Ultra

Treasury

Bonds;

September

2025

Short

5‌

595,625‌

(

11,980‌

)

Total

$

(

26,297‌

)

48

Schedule

of

Investments

Principal

Quality

ETF

June

30,

2025

See

accompanying

notes.

COMMON

STOCKS

-

99

.62

%

Shares

Held

Value

Aerospace

&

Defense

-

3

.21

%

-

—

General

Electric

Co.

3,698‌

$

951,828‌

Howmet

Aerospace,

Inc.

4,272‌

795,148‌

$

1,746,976‌

Apparel

-

1

.95

%

Deckers

Outdoor

Corp.

(a)

4,244‌

437,429‌

NIKE,

Inc.,

Class

B

8,781‌

623,802‌

$

1,061,231‌

Auto

Manufacturers

-

0

.06

%

Tesla,

Inc.

(a)

107‌

33,990‌

Banks

-

2

.64

%

JPMorgan

Chase

&

Co.

4,949‌

1,434,765‌

Building

Materials

-

2

.17

%

Lennox

International,

Inc.

848‌

486,107‌

Trane

Technologies

PLC

1,594‌

697,232‌

$

1,183,339‌

Chemicals

-

1

.03

%

Ecolab,

Inc.

2,082‌

560,974‌

Commercial

Services

-

5

.16

%

Automatic

Data

Processing,

Inc.

1,930‌

595,212‌

Cintas

Corp.

2,628‌

585,702‌

Corpay,

Inc.

(a)

1,576‌

522,948‌

Global

Payments,

Inc.

5,360‌

429,015‌

S&P

Global,

Inc.

1,283‌

676,513‌

$

2,809,390‌

Computers

-

9

.96

%

Apple,

Inc.

17,783‌

3,648,538‌

Fortinet,

Inc.

(a)

5,769‌

609,899‌

Leidos

Holdings,

Inc.

3,389‌

534,649‌

NetApp,

Inc.

5,904‌

629,071‌

$

5,422,157‌

Distribution

&

Wholesale

-

0

.97

%

WW

Grainger,

Inc.

507‌

527,402‌

Diversified

Financial

Services

-

2

.82

%

Mastercard,

Inc.,

Class

A

1,727‌

970,470‌

Raymond

James

Financial,

Inc.

3,693‌

566,396‌

$

1,536,866‌

Electrical

Components

&

Equipment

-

2

.44

%

AMETEK,

Inc.

3,075‌

556,452‌

Eaton

Corp.

PLC

2,162‌

771,812‌

$

1,328,264‌

Electronics

-

4

.48

%

Amphenol

Corp.,

Class

A

8,576‌

846,880‌

Fortive

Corp.

7,107‌

370,488‌

Hubbell,

Inc.

1,426‌

582,393‌

Mettler-Toledo

International,

Inc.

(a)

445‌

522,750‌

Ralliant

Corp.

(a)

2,369‌

114,873‌

$

2,437,384‌

Environmental

Control

-

0

.93

%

Republic

Services,

Inc.

2,050‌

505,550‌

Hand

&

Machine

Tools

-

0

.82

%

Snap-on,

Inc.

1,431‌

445,298‌

Healthcare

-

Products

-

8

.11

%

Agilent

Technologies,

Inc.

4,500‌

531,045‌

Intuitive

Surgical,

Inc.

(a)

1,325‌

720,018‌

ResMed,

Inc.

2,261‌

583,338‌

STERIS

PLC

2,139‌

513,830‌

Stryker

Corp.

1,607‌

635,777‌

Thermo

Fisher

Scientific,

Inc.

1,380‌

559,535‌

Waters

Corp.

(a)

1,394‌

486,562‌

Zimmer

Biomet

Holdings,

Inc.

4,241‌

386,822‌

$

4,416,927‌

Healthcare

-

Services

-

0

.90

%

Charles

River

Laboratories

International,

Inc.

(a)

3,217‌

488,115‌

Household

Products

&

Wares

-

1

.61

%

Avery

Dennison

Corp.

2,627‌

460,960‌

Church

&

Dwight

Co.,

Inc.

4,339‌

417,021‌

$

877,981‌

Insurance

-

1

.40

%

Aflac,

Inc.

4,757‌

501,673‌

COMMON

STOCKS

(continued)

Shares

Held

Value

Insurance

(continued)

Berkshire

Hathaway,

Inc.,

Class

B

(a)

540‌

$

262,316‌

$

763,989‌

Internet

-

11

.24

%

Alphabet,

Inc.,

Class

A

1,441‌

253,948‌

Alphabet,

Inc.,

Class

C

4,853‌

860,874‌

Amazon.com,

Inc.

(a)

5,831‌

1,279,263‌

F5,

Inc.

(a)

1,873‌

551,261‌

GoDaddy,

Inc.,

Class

A

(a)

2,779‌

500,387‌

Meta

Platforms,

Inc.,

Class

A

936‌

690,852‌

Netflix,

Inc.

(a)

948‌

1,269,495‌

Palo

Alto

Networks,

Inc.

(a)

3,502‌

716,649‌

$

6,122,729‌

Machinery

-

Construction

&

Mining

-

1

.42

%

Caterpillar,

Inc.

1,994‌

774,091‌

Machinery

-

Diversified

-

2

.96

%

Ingersoll

Rand,

Inc.

6,629‌

551,400‌

Otis

Worldwide

Corp.

4,968‌

491,931‌

Xylem,

Inc.

4,393‌

568,279‌

$

1,611,610‌

Media

-

0

.89

%

FactSet

Research

Systems,

Inc.

1,081‌

483,510‌

Miscellaneous

Manufacturers

-

2

.68

%

Axon

Enterprise,

Inc.

(a)

946‌

783,231‌

Parker-Hannifin

Corp.

969‌

676,818‌

$

1,460,049‌

Oil

&

Gas

Services

-

0

.86

%

Schlumberger

NV

13,899‌

469,786‌

Retail

-

1

.86

%

Chipotle

Mexican

Grill,

Inc.

(a)

10,557‌

592,776‌

Lululemon

Athletica,

Inc.

(a)

1,756‌

417,190‌

$

1,009,966‌

Semiconductors

-

8

.63

%

Advanced

Micro

Devices,

Inc.

(a)

6,717‌

953,142‌

Broadcom,

Inc.

287‌

79,112‌

KLA

Corp.

889‌

796,313‌

NVIDIA

Corp.

18,181‌

2,872,416‌

$

4,700,983‌

Software

-

18

.42

%

Adobe,

Inc.

(a)

1,688‌

653,054‌

ANSYS,

Inc.

(a)

1,599‌

561,601‌

Broadridge

Financial

Solutions,

Inc.

2,046‌

497,239‌

Cadence

Design

Systems,

Inc.

(a)

2,142‌

660,057‌

Fiserv,

Inc.

(a)

2,767‌

477,059‌

Intuit,

Inc.

1,061‌

835,675‌

Jack

Henry

&

Associates,

Inc.

2,585‌

465,740‌

Microsoft

Corp.

5,811‌

2,890,450‌

PTC,

Inc.

(a)

3,223‌

555,452‌

Roper

Technologies,

Inc.

910‌

515,824‌

Salesforce,

Inc.

2,783‌

758,896‌

Synopsys,

Inc.

(a)

1,274‌

653,154‌

Tyler

Technologies,

Inc.

(a)

849‌

503,321‌

$

10,027,522‌

TOTAL

COMMON

STOCKS

a

$

54,240,844‌

INVESTMENT

COMPANIES

-

0

.35

%

Shares

Held

Value

Money

Market

Funds

-

0

.35

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.27%

(b)

192,964‌

$

192,964‌

TOTAL

INVESTMENT

COMPANIES

a

$

192,964‌

Total

Investments

99.97%

$

54,433,808‌

Other

Assets

and

Liabilities

-

0.03%

15,670‌

TOTAL

NET

ASSETS

-

100.00%

$

54,449,478‌

(a)

Non-income

producing

security.

(b)

1-day

yield

shown

as

of

period

end.

49

Schedule

of

Investments

Principal

Real

Estate

Active

Opportunities

ETF

June

30,

2025

See

accompanying

notes.

COMMON

STOCKS

-

97

.43

%

Shares

Held

Value

Entertainment

-

0

.04

%

-

—

Marriott

Vacations

Worldwide

Corp.

91‌

$

6,580‌

Lodging

-

2

.03

%

Hyatt

Hotels

Corp.,

Class

A

2,221‌

310,163‌

REITs

-

95

.36

%

American

Healthcare

REIT,

Inc.

15,754‌

578,802‌

American

Homes

4

Rent,

Class

A

22,867‌

824,813‌

American

Tower

Corp.

6,066‌

1,340,707‌

Americold

Realty

Trust,

Inc.

31,346‌

521,284‌

Crown

Castle,

Inc.

2,569‌

263,913‌

Digital

Realty

Trust,

Inc.

3,353‌

584,528‌

EastGroup

Properties,

Inc.

2,792‌

466,599‌

Equinix,

Inc.

1,310‌

1,042,066‌

Equity

LifeStyle

Properties,

Inc.

8,543‌

526,847‌

Extra

Space

Storage,

Inc.

5,677‌

837,017‌

Gaming

&

Leisure

Properties,

Inc.

12,643‌

590,175‌

Healthpeak

Properties,

Inc.

28,898‌

506,004‌

Invitation

Homes,

Inc.

20,931‌

686,537‌

Iron

Mountain,

Inc.

4,723‌

484,438‌

National

Health

Investors,

Inc.

6,397‌

448,558‌

Rexford

Industrial

Realty,

Inc.

15,300‌

544,221‌

Ryman

Hospitality

Properties,

Inc.

4,445‌

438,588‌

Sabra

Health

Care

REIT,

Inc.

39,076‌

720,561‌

SBA

Communications

Corp.

2,721‌

639,000‌

Ventas,

Inc.

18,360‌

1,159,434‌

VICI

Properties,

Inc.

20,798‌

678,015‌

Welltower,

Inc.

4,336‌

666,573‌

$

14,548,680‌

TOTAL

COMMON

STOCKS

a

$

14,865,423‌

INVESTMENT

COMPANIES

-

2

.12

%

Shares

Held

Value

Money

Market

Funds

-

2

.12

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.27%

(a)

322,816‌

$

322,816‌

TOTAL

INVESTMENT

COMPANIES

a

$

322,816‌

Total

Investments

99.55%

$

15,188,239‌

Other

Assets

and

Liabilities

-

0.45%

68,015‌

TOTAL

NET

ASSETS

-

100.00%

$

15,256,254‌

(a)

1-day

yield

shown

as

of

period

end.

50

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

June

30,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

2

.24

%

Shares

Held

Value

Money

Market

Funds

-

2

.24

%

-

—

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

(a),(b),(c)

5,650,835‌

$

5,650,835‌

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.27%

(a)

21,847,458‌

21,847,458‌

TOTAL

INVESTMENT

COMPANIES

a

$

27,498,293‌

BONDS

-

97

.22

%

Principal

Amount

Value

Banks

-

54

.39

%

—

—

Bank

of

America

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.76%),

4.38%,

01/27/2027

(d),(e)

$

18,925,000‌

$

18,569,730‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.23%),

6.13%,

04/27/2027

(d),(e)

10,308,000‌

10,474,589‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.68%),

6.63%,

05/01/2030

(d),(e),(f)

17,692,000‌

18,322,773‌

Bank

of

Montreal

(5-year

Treasury

Constant

Maturity

Rate

+

2.98%),

6.71%,

08/25/2025

(d),(e)

4,362,000‌

4,370,170‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.01%),

7.30%,

11/26/2084

(e)

15,700,000‌

16,038,703‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.45%),

7.70%,

05/26/2084

(e)

4,760,000‌

4,915,100‌

Bank

of

New

York

Mellon

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

3.35%),

3.70%,

03/20/2026

(d),(e)

16,900,000‌

16,740,788‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.63%),

3.75%,

12/20/2026

(d),(e)

13,746,000‌

13,425,183‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.39%),

4.63%,

09/20/2026

(d),(e)

1,404,000‌

1,394,670‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.36%),

4.70%,

09/20/2025

(d),(e)

8,900,000‌

8,875,427‌

Bank

of

Nova

Scotia

(5-year

Treasury

Constant

Maturity

Rate

+

2.90%),

7.35%,

04/27/2085

(e)

6,350,000‌

6,396,908‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.02%),

8.00%,

01/27/2084

(e)

1,506,000‌

1,597,054‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.39%),

8.63%,

10/27/2082

(e)

34,728,000‌

36,854,013‌

Canadian

Imperial

Bank

of

Commerce

(5-year

Treasury

Constant

Maturity

Rate

+

2.83%),

6.95%,

01/28/2085

(e)

7,788,000‌

7,810,009‌

Citigroup,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.42%),

3.88%,

02/18/2026

(d),(e)

12,289,000‌

12,119,814‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.60%),

4.00%,

12/10/2025

(d),(e)

9,652,000‌

9,583,979‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.57%),

6.75%,

02/15/2030

(d),(e)

5,250,000‌

5,288,661‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.73%),

6.95%,

02/15/2030

(d),(e),(f)

7,000,000‌

7,149,234‌

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Citigroup,

Inc.

(continued)

(10-year

Treasury

Constant

Maturity

Rate

+

2.76%),

7.00%,

08/15/2034

(d),(e)

$

4,500,000‌

$

4,730,247‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.69%),

7.13%,

08/15/2029

(d),(e)

500,000‌

515,355‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.21%),

7.38%,

05/15/2028

(d),(e)

7,530,000‌

7,921,617‌

Citizens

Financial

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.22%),

4.00%,

10/06/2026

(d),(e)

12,918,000‌

12,547,004‌

(5-year

Treasury

Constant

Maturity

Rate

+

5.31%),

5.65%,

10/06/2025

(d),(e)

18,741,000‌

18,733,026‌

Goldman

Sachs

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.92%),

3.65%,

08/10/2026

(d),(e)

2,621,000‌

2,565,902‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.97%),

3.80%,

05/10/2026

(d),(e)

4,105,000‌

4,040,644‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.95%),

4.13%,

11/10/2026

(d),(e)

9,414,000‌

9,240,613‌

(10-year

Treasury

Constant

Maturity

Rate

+

2.40%),

6.13%,

11/10/2034

(d),(e)

12,750,000‌

12,766,766‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.62%),

7.38%,

08/10/2025

(d),(e)

2,754,000‌

2,764,115‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.81%),

7.50%,

05/10/2029

(d),(e)

8,500,000‌

8,949,880‌

Huntington

Bancshares,

Inc.

(7-year

Treasury

Constant

Maturity

Rate

+

4.05%),

4.45%,

10/15/2027

(d),(e)

5,832,000‌

5,770,639‌

(10-year

Treasury

Constant

Maturity

Rate

+

4.95%),

5.63%,

07/15/2030

(d),(e),(g)

20,103,000‌

20,422,563‌

JPMorgan

Chase

&

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.85%),

3.65%,

06/01/2026

(d),(e)

15,105,000‌

14,859,779‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.15%),

6.50%,

04/01/2030

(d),(e)

18,042,000‌

18,633,309‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.74%),

6.88%,

06/01/2029

(d),(e)

4,400,000‌

4,644,288‌

KeyCorp

Capital

I

(3-month

Term

Secured

Overnight

Financing

Rate

+

1.00%),

5.30%,

07/01/2028

7,704,000‌

7,472,206‌

KeyCorp

Capital

III

7.75%,

07/15/2029

9,010,000‌

9,559,872‌

M&T

Bank

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.68%),

3.50%,

09/01/2026

(d),(e)

20,172,000‌

19,480,623‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.17%),

7.30%,

08/01/2025

(d),(e)

5,000,000‌

5,039,491‌

51

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

June

30,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Northern

Trust

Corp.

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.46%),

4.60%,

10/01/2026

(d),(e),(g)

$

2,899,000‌

$

2,892,848‌

PNC

Financial

Services

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.60%),

3.40%,

09/15/2026

(d),(e)

3,286,000‌

3,173,438‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.00%),

6.00%,

05/15/2027

(d),(e)

6,069,000‌

6,129,101‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.24%),

6.20%,

09/15/2027

(d),(e)

15,003,000‌

15,286,385‌

(7-year

Treasury

Constant

Maturity

Rate

+

2.81%),

6.25%,

03/15/2030

(d),(e)

27,625,000‌

28,404,775‌

Royal

Bank

of

Canada

(5-year

Treasury

Constant

Maturity

Rate

+

2.26%),

6.35%,

11/24/2084

(e)

13,894,000‌

13,060,236‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.82%),

6.75%,

08/24/2085

(e)

10,500,000‌

10,507,770‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.89%),

7.50%,

05/02/2084

(e)

12,500,000‌

12,916,717‌

State

Street

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.14%),

6.45%,

09/15/2030

(d),(e),(g)

5,470,000‌

5,565,200‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.61%),

6.70%,

03/15/2029

(d),(e)

8,876,000‌

9,269,136‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.63%),

6.70%,

09/15/2029

(d),(e),(g)

10,850,000‌

11,346,572‌

Toronto-Dominion

Bank

(5-year

Treasury

Constant

Maturity

Rate

+

2.98%),

7.25%,

07/31/2084

(e),(g)

7,302,000‌

7,493,707‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.08%),

8.13%,

10/31/2082

(e)

33,465,000‌

34,951,080‌

Truist

Financial

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

4.61%),

4.95%,

09/01/2025

(d),(e)

10,517,000‌

10,496,713‌

(10-year

Treasury

Constant

Maturity

Rate

+

4.35%),

5.10%,

03/01/2030

(d),(e)

6,128,000‌

6,061,722‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

0.91%),

5.23%,

03/15/2028

1,250,000‌

1,222,583‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

0.93%),

5.26%,

05/15/2027

4,800,000‌

4,740,038‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.00%),

6.67%,

09/01/2025

(d),(e)

9,481,400‌

9,494,664‌

U.S.

Bancorp

(5-year

Treasury

Constant

Maturity

Rate

+

2.54%),

3.70%,

01/15/2027

(d),(e)

21,725,000‌

20,885,880‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.18%),

5.30%,

04/15/2027

(d),(e)

4,796,000‌

4,793,270‌

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Wells

Fargo

&

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

3.45%),

3.90%,

03/15/2026

(d),(e)

$

34,956,000‌

$

34,597,725‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.77%),

6.85%,

09/15/2029

(d),(e)

9,026,000‌

9,484,611‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.61%),

7.63%,

09/15/2028

(d),(e)

13,105,000‌

14,075,386‌

$

667,434,301‌

Diversified

Financial

Services

-

8

.57

%

American

Express

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.85%),

3.55%,

09/15/2026

(d),(e)

41,767,000‌

40,791,569‌

Capital

One

Financial

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

3.16%),

3.95%,

09/01/2026

(d),(e)

20,415,000‌

19,918,847‌

Charles

Schwab

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

3.17%),

4.00%,

06/01/2026

(d),(e)

26,360,000‌

25,964,126‌

(10-year

Treasury

Constant

Maturity

Rate

+

3.08%),

4.00%,

12/01/2030

(d),(e)

2,000,000‌

1,855,318‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.26%),

5.00%,

06/01/2027

(d),(e)

1,500,000‌

1,494,714‌

Voya

Financial,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.36%),

7.76%,

09/15/2028

(d),(e)

14,387,000‌

15,190,802‌

$

105,215,376‌

Electric

-

12

.21

%

American

Electric

Power

Co.,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.68%),

3.88%,

02/15/2062

(e)

13,760,000‌

13,202,202‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.68%),

6.95%,

12/15/2054

(e)

4,647,000‌

4,845,134‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.75%),

7.05%,

12/15/2054

(e)

3,460,000‌

3,593,992‌

CMS

Energy

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

4.12%),

4.75%,

06/01/2050

(e)

3,390,000‌

3,294,436‌

Dominion

Energy,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.20%),

4.35%,

01/15/2027

(d),(e)

18,055,000‌

17,728,815‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.21%),

6.63%,

05/15/2055

(e)

7,747,000‌

7,862,221‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.39%),

6.88%,

02/01/2055

(e)

8,967,000‌

9,433,142‌

Duke

Energy

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.32%),

3.25%,

01/15/2082

(e)

17,285,000‌

16,586,721‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.59%),

6.45%,

09/01/2054

(e)

3,300,000‌

3,391,781‌

52

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

June

30,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Electric

(continued)

Electricite

de

France

SA

(5-year

Treasury

Constant

Maturity

Rate

+

5.41%),

9.13%,

03/15/2033

(d),(e),(f),(h)

$

3,000,000‌

$

3,383,775‌

Emera,

Inc.

(3-month

USD

LIBOR

+

5.44%),

6.75%,

06/15/2076

(e)

8,834,000‌

8,889,418‌

EUSHI

Finance,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.14%),

7.63%,

12/15/2054

(e)

2,781,000‌

2,878,922‌

Evergy,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.56%),

6.65%,

06/01/2055

(e)

3,686,000‌

3,742,153‌

Exelon

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

1.98%),

6.50%,

03/15/2055

(e)

4,841,000‌

4,924,099‌

NextEra

Energy

Capital

Holdings,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.55%),

3.80%,

03/15/2082

(e)

18,549,000‌

17,773,274‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.36%),

6.70%,

09/01/2054

(e)

7,754,000‌

7,990,171‌

Southern

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

3.73%),

4.00%,

01/15/2051

(e)

18,345,000‌

18,238,990‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.07%),

6.38%,

03/15/2055

(e)

2,000,000‌

2,057,946‌

$

149,817,192‌

Gas

-

0

.53

%

NiSource,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.45%),

6.95%,

11/30/2054

(e)

6,207,000‌

6,461,288‌

Insurance

-

13

.80

%

Allianz

SE

(5-year

Treasury

Constant

Maturity

Rate

+

3.23%),

6.35%,

09/06/2053

(e),(h)

5,000,000‌

5,234,695‌

Argentum

Netherlands

BV

for

Swiss

Re

Ltd.

(3-month

USD

LIBOR

+

3.78%),

5.63%,

08/15/2052

(e)

6,500,000‌

6,520,637‌

Argentum

Netherlands

BV

for

Zurich

Insurance

Co.

Ltd.

(5-year

Treasury

Constant

Maturity

Rate

+

3.27%),

5.13%,

06/01/2048

(e)

4,000,000‌

3,974,640‌

Cloverie

PLC

for

Zurich

Insurance

Co.

Ltd.

(3-month

USD

LIBOR

+

4.92%),

5.63%,

06/24/2046

(e)

6,500,000‌

6,516,250‌

Corebridge

Financial,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.65%),

6.38%,

09/15/2054

(e)

4,100,000‌

4,086,389‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.85%),

6.88%,

12/15/2052

(e)

12,778,000‌

13,181,675‌

Dai-ichi

Life

Insurance

Co.

Ltd.

(5-year

Treasury

Constant

Maturity

Rate

+

2.52%),

6.20%,

01/16/2035

(d),(e),(h)

12,450,000‌

12,562,971‌

BONDS

(continued)

Principal

Amount

Value

Insurance

(continued)

Equitable

Holdings,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.39%),

6.70%,

03/28/2055

(e)

$

1,591,000‌

$

1,628,971‌

Liberty

Mutual

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.32%),

4.13%,

12/15/2051

(e),(h)

20,309,000‌

19,776,878‌

Meiji

Yasuda

Life

Insurance

Co.

(5-year

Swap

rate

+

4.23%),

5.20%,

10/20/2045

(e),(h)

1,415,000‌

1,418,359‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.03%),

5.80%,

09/11/2054

(e),(h)

3,641,000‌

3,584,738‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.91%),

6.10%,

06/11/2055

(e),(h)

7,350,000‌

7,335,756‌

MetLife,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.58%),

3.85%,

09/15/2025

(d),(e)

11,224,000‌

11,166,015‌

9.25%,

04/08/2068

(h)

4,235,000‌

5,028,118‌

Nippon

Life

Insurance

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.65%),

2.75%,

01/21/2051

(e),(h)

13,694,000‌

11,912,806‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.60%),

2.90%,

09/16/2051

(e),(h)

4,704,000‌

4,051,646‌

Prudential

Financial,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.04%),

3.70%,

10/01/2050

(e)

21,487,000‌

19,598,821‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.16%),

5.13%,

03/01/2052

(e)

6,197,000‌

5,993,265‌

Reinsurance

Group

of

America,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.39%),

6.65%,

09/15/2055

(e)

6,895,000‌

6,872,269‌

Sumitomo

Life

Insurance

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.75%),

3.38%,

04/15/2081

(e),(h)

4,740,000‌

4,269,615‌

Swiss

RE

Subordinated

Finance

PLC

(3-month

Term

Secured

Overnight

Financing

Rate

+

1.81%),

5.70%,

04/05/2035

(e),(h)

1,000,000‌

1,008,928‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

2.13%),

6.19%,

04/01/2046

(e),(h)

3,600,000‌

3,598,623‌

Willow

No.

2

Ireland

PLC

for

Zurich

Insurance

Co.

Ltd.

(3-month

USD

LIBOR

+

3.18%),

4.25%,

10/01/2045

(e)

3,000,000‌

2,986,800‌

Zurich

Finance

Ireland

Designated

Activity

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.78%),

3.00%,

04/19/2051

(e)

8,000,000‌

7,020,400‌

$

169,329,265‌

Oil

&

Gas

-

1

.79

%

BP

Capital

Markets

PLC

(5-year

Treasury

Constant

Maturity

Rate

+

4.04%),

4.38%,

09/22/2025

(d),(e)

2,130,000‌

2,123,695‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.40%),

4.88%,

03/22/2030

(d),(e)

4,184,000‌

4,140,641‌

53

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

June

30,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Oil

&

Gas

(continued)

BP

Capital

Markets

PLC

(continued)

(5-year

Treasury

Constant

Maturity

Rate

+

1.92%),

6.13%,

03/18/2035

(d),(e)

$

5,900,000‌

$

5,890,288‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.15%),

6.45%,

12/01/2033

(d),(e)

9,600,000‌

9,813,687‌

$

21,968,311‌

Pipelines

-

5

.43

%

Enbridge,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

5.31%),

5.75%,

07/15/2080

(e)

3,524,000‌

3,514,138‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

4.15%),

6.00%,

01/15/2077

(e)

7,412,000‌

7,407,445‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.42%),

7.63%,

01/15/2083

(e)

8,766,000‌

9,243,852‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.43%),

8.50%,

01/15/2084

(e)

13,024,000‌

14,500,505‌

Enterprise

Products

Operating

LLC

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.29%),

5.25%,

08/16/2077

(e)

6,733,000‌

6,661,743‌

TransCanada

PipeLines

Ltd.

(5-year

Treasury

Constant

Maturity

Rate

+

2.61%),

7.00%,

06/01/2065

(e)

3,850,000‌

3,846,551‌

Transcanada

Trust

(6-month

Secured

Overnight

Financing

Rate

+

4.42%),

5.50%,

09/15/2079

(e)

5,233,000‌

5,181,389‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.99%),

5.60%,

03/07/2082

(e)

16,712,000‌

16,233,355‌

$

66,588,978‌

REITs

-

0

.19

%

Scentre

Group

Trust

2

(5-year

Treasury

Constant

Maturity

Rate

+

4.69%),

5.13%,

09/24/2080

(e),(h)

2,449,000‌

2,402,185‌

Sovereign

-

0

.10

%

CoBank

ACB

(5-year

Treasury

Constant

Maturity

Rate

+

3.05%),

4.25%,

01/01/2027

(d),(e)

1,250,000‌

1,201,933‌

Telecommunications

-

0

.21

%

TELUS

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.77%),

6.63%,

10/15/2055

(e)

2,600,000‌

2,615,537‌

TOTAL

BONDS

a

$

1,193,034,366‌

Total

Investments

99.46%

$

1,220,532,659‌

Other

Assets

and

Liabilities

-

0.54%

6,622,543‌

TOTAL

NET

ASSETS

-

100.00%

$

1,227,155,202‌

(a)

1-day

yield

shown

as

of

period

end.

(b)

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

Securities

sub-schedule

for

transactional

information.

(c)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,650,835

or

0.46%

of

net

assets.

(d)

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.

(e)

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.

(f)

Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$28,855,782

or

2.35%

of

net

assets.

(g)

Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$5,571,292

or

0.45%

of

net

assets.

(h)

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

$85,569,093

or

6.97%

of

net

assets.

54

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

June

30,

2025

See

accompanying

notes.

Affiliated

Securities

June

30,

2024

Value

Purchases

Cost

Sales

Proceeds

June

30,

2025

Value

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

$

5,226,055‌

$

151,561,080‌

$

151,136,300‌

$

5,650,835‌

$

5,226,055‌

$

151,561,080‌

$

151,136,300‌

$

5,650,835‌

a

a

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

55

Schedule

of

Investments

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

June

30,

2025

See

accompanying

notes.

INVESTMENT

COMPANIES

-

1

.81

%

Shares

Held

Value

Money

Market

Funds

-

1

.81

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.27%

(a)

1,043,349‌

$

1,043,349‌

TOTAL

INVESTMENT

COMPANIES

a

$

1,043,349‌

PREFERRED

STOCKS

-

12

.04

%

Shares

Held

Value

Banks

-

8

.88

%

—

Bank

of

America

Corp.,

Series

NN

4.38%,

11/03/2025

(b)

5,380‌

$

96,625‌

Bank

of

America

Corp.,

Series

QQ

4.25%,

11/17/2026

(b)

29,540‌

511,042‌

Huntington

Bancshares,

Inc.,

Series

J

(5-year

Treasury

Constant

Maturity

Rate

+

2.70%),

6.88%,

04/15/2028

(b)

11,456‌

283,078‌

KeyCorp,

Series

E

(3-month

Term

Secured

Overnight

Financing

Rate

+

4.15%),

6.13%,

12/15/2026

(b)

40,000‌

976,000‌

KeyCorp,

Series

H

(5-year

Treasury

Constant

Maturity

Rate

+

3.13%),

6.20%,

12/15/2027

(b)

13,963‌

337,765‌

Morgan

Stanley,

Series

I

6.38%,

10/15/2025

(b)

17,030‌

422,344‌

Morgan

Stanley,

Series

K

5.85%,

04/15/2027

(b)

40,000‌

936,000‌

Morgan

Stanley,

Series

P

6.50%,

10/15/2027

(b)

4,000‌

102,920‌

Morgan

Stanley,

Series

Q

6.63%,

10/15/2029

(b)

12,000‌

310,200‌

Regions

Financial

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.77%),

6.95%,

09/15/2029

(b)

29,150‌

724,377‌

UMB

Financial

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

3.74%),

7.75%,

07/15/2030

(b)

11,400‌

295,716‌

Wintrust

Financial

Corp.,

Series

F

(5-year

Treasury

Constant

Maturity

Rate

+

3.88%),

7.88%,

07/15/2030

(b)

5,000‌

128,000‌

$

5,124,067‌

Diversified

Financial

Services

-

0

.89

%

Capital

One

Financial

Corp.,

Series

J

4.80%,

09/01/2025

(b)

28,900‌

513,553‌

Insurance

-

1

.36

%

Allstate

Corp.,

Series

H

5.10%,

10/15/2025

(b)

20,318‌

418,551‌

Equitable

Holdings,

Inc.,

Series

A

5.25%,

09/15/2025

(b)

1,438‌

29,378‌

MetLife,

Inc.,

Series

F

4.75%,

09/15/2025

(b)

17,250‌

336,202‌

$

784,131‌

Telecommunications

-

0

.91

%

AT&T,

Inc.,

Series

A

5.00%,

07/30/2025

(b)

11,381‌

229,327‌

AT&T,

Inc.,

Series

C

4.75%,

07/30/2025

(b)

15,395‌

294,045‌

$

523,372‌

TOTAL

PREFERRED

STOCKS

a

$

6,945,123‌

BONDS

-

86

.32

%

Principal

Amount

Value

Banks

-

70

.10

%

—

—

Banco

Bilbao

Vizcaya

Argentaria

SA

(5-year

Treasury

Constant

Maturity

Rate

+

5.10%),

9.38%,

03/19/2029

(b),(c),(d)

$

600,000‌

$

662,156‌

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Banco

Santander

SA

(5-year

Treasury

Constant

Maturity

Rate

+

3.91%),

8.00%,

02/01/2034

(b),(c),(d)

$

1,000,000‌

$

1,057,624‌

Bank

of

America

Corp.

(3-month

Term

Secured

Overnight

Financing

Rate

+

4.81%),

6.30%,

03/10/2026

(b),(c)

575,000‌

578,841‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.68%),

6.63%,

05/01/2030

(b),(c),(d)

1,600,000‌

1,657,045‌

Bank

of

Montreal

(5-year

Treasury

Constant

Maturity

Rate

+

3.01%),

7.30%,

11/26/2084

(c)

1,600,000‌

1,634,517‌

Bank

of

New

York

Mellon

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

3.35%),

3.70%,

03/20/2026

(b),(c)

130,000‌

128,775‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.63%),

3.75%,

12/20/2026

(b),(c)

600,000‌

585,997‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.36%),

4.70%,

09/20/2025

(b),(c)

596,000‌

594,354‌

Bank

of

Nova

Scotia

(5-year

Treasury

Constant

Maturity

Rate

+

4.39%),

8.63%,

10/27/2082

(c)

1,400,000‌

1,485,707‌

Barclays

PLC

(5

yr.

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

+

3.69%),

7.63%,

03/15/2035

(b),(c),(d)

900,000‌

903,864‌

(5

yr.

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

+

5.78%),

9.63%,

12/15/2029

(b),(c),(d)

219,000‌

243,245‌

BNP

Paribas

SA

(5-year

Treasury

Constant

Maturity

Rate

+

3.34%),

4.63%,

02/25/2031

(b),(c),(d),(e)

1,000,000‌

889,626‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.90%),

7.75%,

08/16/2029

(b),(c),(d),(e)

200,000‌

210,355‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.73%),

8.00%,

08/22/2031

(b),(c),(d),(e)

1,000,000‌

1,057,372‌

Citigroup,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.42%),

3.88%,

02/18/2026

(b),(c)

1,055,000‌

1,040,475‌

(10-year

Treasury

Constant

Maturity

Rate

+

2.76%),

7.00%,

08/15/2034

(b),(c)

1,300,000‌

1,366,516‌

Citizens

Financial

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.22%),

4.00%,

10/06/2026

(b),(c)

1,107,000‌

1,075,208‌

(5-year

Treasury

Constant

Maturity

Rate

+

5.31%),

5.65%,

10/06/2025

(b),(c)

232,000‌

231,901‌

Credit

Agricole

SA

(5

yr.

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

+

3.60%),

6.70%,

09/23/2034

(b),(c),(d),(e)

500,000‌

489,211‌

(5-year

Swap

rate

+

6.19%),

8.13%,

12/23/2025

(b),(c),(d),(e)

250,000‌

253,125‌

56

Schedule

of

Investments

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

June

30,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Deutsche

Bank

AG

(5

yr.

USD

Secured

Overnight

Financing

Rate

ICE

Swap

Rate

+

4.36%),

8.13%,

04/30/2030

(b),(c),(d)

$

400,000‌

$

412,767‌

Fifth

Third

Bancorp

(5-year

Treasury

Constant

Maturity

Rate

+

4.22%),

4.50%,

09/30/2025

(b),(c)

560,000‌

557,768‌

Goldman

Sachs

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

2.92%),

3.65%,

08/10/2026

(b),(c)

585,000‌

572,702‌

(10-year

Treasury

Constant

Maturity

Rate

+

2.40%),

6.13%,

11/10/2034

(b),(c)

1,300,000‌

1,301,710‌

HSBC

Holdings

PLC

(5-year

Treasury

Constant

Maturity

Rate

+

3.19%),

6.95%,

03/11/2034

(b),(c),(d)

1,000,000‌

1,005,296‌

Huntington

Bancshares,

Inc.

(7-year

Treasury

Constant

Maturity

Rate

+

4.05%),

4.45%,

10/15/2027

(b),(c)

187,000‌

185,033‌

(10-year

Treasury

Constant

Maturity

Rate

+

4.95%),

5.63%,

07/15/2030

(b),(c)

1,068,000‌

1,084,977‌

ING

Groep

NV

(5-year

Treasury

Constant

Maturity

Rate

+

4.34%),

5.75%,

11/16/2026

(b),(c),(d)

1,110,000‌

1,103,898‌

JPMorgan

Chase

&

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.74%),

6.88%,

06/01/2029

(b),(c)

1,400,000‌

1,477,728‌

Lloyds

Banking

Group

PLC

(5-year

Swap

Rate

+

4.50%),

7.50%,

09/27/2025

(b),(c),(d)

991,000‌

993,661‌

M&T

Bank

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.68%),

3.50%,

09/01/2026

(b),(c)

550,000‌

531,149‌

(3-month

Term

Secured

Overnight

Financing

Rate

+

3.78%),

5.13%,

11/01/2026

(b),(c)

247,000‌

245,707‌

NatWest

Group

PLC

(5-year

Swap

rate

+

5.72%),

8.00%,

08/10/2025

(b),(c),(d)

861,000‌

863,655‌

Nordea

Bank

Abp

(5-year

Treasury

Constant

Maturity

Rate

+

2.66%),

6.30%,

09/25/2031

(b),(c),(d),(e)

400,000‌

389,616‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.11%),

6.63%,

03/26/2026

(b),(c),(d),(e)

661,000‌

664,801‌

PNC

Financial

Services

Group,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.00%),

6.00%,

05/15/2027

(b),(c)

1,077,000‌

1,087,665‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.24%),

6.20%,

09/15/2027

(b),(c)

100,000‌

101,889‌

(7-year

Treasury

Constant

Maturity

Rate

+

2.81%),

6.25%,

03/15/2030

(b),(c)

1,259,000‌

1,294,538‌

Royal

Bank

of

Canada

(5-year

Treasury

Constant

Maturity

Rate

+

2.26%),

6.35%,

11/24/2084

(c)

300,000‌

281,997‌

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Royal

Bank

of

Canada

(continued)

(5-year

Treasury

Constant

Maturity

Rate

+

2.82%),

6.75%,

08/24/2085

(c)

$

500,000‌

$

500,370‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.89%),

7.50%,

05/02/2084

(c)

600,000‌

620,003‌

Societe

Generale

SA

(5-year

Treasury

Constant

Maturity

Rate

+

4.15%),

8.50%,

03/25/2034

(b),(c),(d),(e)

500,000‌

522,221‌

Standard

Chartered

PLC

(5-year

Treasury

Constant

Maturity

Rate

+

3.57%),

7.88%,

03/08/2030

(b),(c),(d),(e)

600,000‌

624,409‌

State

Street

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

2.61%),

6.70%,

03/15/2029

(b),(c)

2,300,000‌

2,401,872‌

Toronto-Dominion

Bank

(5-year

Treasury

Constant

Maturity

Rate

+

4.08%),

8.13%,

10/31/2082

(c)

1,001,000‌

1,045,451‌

Truist

Financial

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

4.61%),

4.95%,

09/01/2025

(b),(c)

660,000‌

658,727‌

U.S.

Bancorp

(5-year

Treasury

Constant

Maturity

Rate

+

2.54%),

3.70%,

01/15/2027

(b),(c)

890,000‌

855,624‌

UBS

Group

AG

(5-year

Treasury

Constant

Maturity

Rate

+

3.31%),

4.38%,

02/10/2031

(b),(c),(d),(e)

300,000‌

265,148‌

(5-year

Treasury

Constant

Maturity

Rate

+

4.75%),

9.25%,

11/13/2028

(b),(c),(e)

800,000‌

873,179‌

Wells

Fargo

&

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

3.45%),

3.90%,

03/15/2026

(b),(c)

1,128,000‌

1,116,439‌

(5-year

Treasury

Constant

Maturity

Rate

+

2.77%),

6.85%,

09/15/2029

(b),(c)

200,000‌

210,162‌

(5-year

Treasury

Constant

Maturity

Rate

+

3.61%),

7.63%,

09/15/2028

(b),(c)

400,000‌

429,619‌

$

40,425,695‌

Diversified

Financial

Services

-

8

.67

%

American

Express

Co.

(5-year

Treasury

Constant

Maturity

Rate

+

2.85%),

3.55%,

09/15/2026

(b),(c)

1,663,000‌

1,624,162‌

Capital

One

Financial

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

3.16%),

3.95%,

09/01/2026

(b),(c)

674,000‌

657,620‌

Charles

Schwab

Corp.

(5-year

Treasury

Constant

Maturity

Rate

+

3.17%),

4.00%,

06/01/2026

(b),(c)

1,728,000‌

1,702,049‌

Nomura

Holdings,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.08%),

7.00%,

07/15/2030

(b),(c),(d),(f)

400,000‌

405,100‌

57

Schedule

of

Investments

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

June

30,

2025

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Diversified

Financial

Services

(continued)

Voya

Financial,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.36%),

7.76%,

09/15/2028

(b),(c)

$

578,000‌

$

610,293‌

$

4,999,224‌

Electric

-

3

.58

%

Dominion

Energy,

Inc.

(5-year

Treasury

Constant

Maturity

Rate

+

3.20%),

4.35%,

01/15/2027

(b),(c)

2,100,000‌

2,062,061‌

Insurance

-

0

.34

%

Allianz

SE

(5-year

Treasury

Constant

Maturity

Rate

+

2.97%),

3.50%,

11/17/2025

(b),(c),(d),(e)

200,000‌

196,631‌

Oil

&

Gas

-

0

.71

%

BP

Capital

Markets

PLC

(5-year

Treasury

Constant

Maturity

Rate

+

2.15%),

6.45%,

12/01/2033

(b),(c)

400,000‌

408,904‌

Pipelines

-

2

.92

%

Enbridge,

Inc.

(3-month

Term

Secured

Overnight

Financing

Rate

+

4.15%),

6.00%,

01/15/2077

(c)

1,683,000‌

1,681,966‌

TOTAL

BONDS

a

$

49,774,481‌

Total

Investments

100.17%

$

57,762,953‌

Other

Assets

and

Liabilities

-

(0.17%)

(

99,209‌

)

TOTAL

NET

ASSETS

-

100.00%

$

57,663,744‌

(a)

1-day

yield

shown

as

of

period

end.

(b)

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.

(c)

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.

(d)

Security

is

a

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

to

equity

or

have

their

principal

written

down

upon

occurrence

of

certain

"triggers".

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$14,870,826

or

25.79%

of

net

assets.

(e)

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

$6,435,694

or

11.16%

of

net

assets.

(f)

Securities

purchased

on

a

when-issued

basis.

58

Schedule

of

Investments

Principal

U.S.

Mega-Cap

ETF

June

30,

2025

See

accompanying

notes.

COMMON

STOCKS

-

99

.63

%

Shares

Held

Value

Agriculture

-

2

.38

%

-

—

Philip

Morris

International,

Inc.

425,810‌

$

77,552,775‌

Auto

Manufacturers

-

3

.59

%

Tesla,

Inc.

(a)

368,613‌

117,093,605‌

Banks

-

6

.14

%

Bank

of

America

Corp.

1,720,899‌

81,432,941‌

JPMorgan

Chase

&

Co.

409,453‌

118,704,519‌

$

200,137,460‌

Beverages

-

2

.35

%

Coca-Cola

Co.

1,084,636‌

76,737,997‌

Computers

-

5

.86

%

Apple,

Inc.

931,041‌

191,021,682‌

Cosmetics

&

Personal

Care

-

3

.24

%

Procter

&

Gamble

Co.

663,318‌

105,679,824‌

Diversified

Financial

Services

-

8

.22

%

Mastercard,

Inc.,

Class

A

237,602‌

133,518,068‌

Visa,

Inc.,

Class

A

378,725‌

134,466,311‌

$

267,984,379‌

Healthcare

-

Services

-

4

.45

%

UnitedHealth

Group,

Inc.

464,471‌

144,901,018‌

Insurance

-

4

.25

%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

285,385‌

138,631,471‌

Internet

-

16

.66

%

Alphabet,

Inc.,

Class

A

653,690‌

115,199,789‌

Amazon.com,

Inc.

(a)

581,927‌

127,668,964‌

Meta

Platforms,

Inc.,

Class

A

201,857‌

148,988,633‌

Netflix,

Inc.

(a)

112,913‌

151,205,186‌

$

543,062,572‌

Oil

&

Gas

-

3

.45

%

Exxon

Mobil

Corp.

1,043,470‌

112,486,066‌

Pharmaceuticals

-

8

.02

%

AbbVie,

Inc.

407,638‌

75,665,766‌

Eli

Lilly

&

Co.

100,568‌

78,395,773‌

Johnson

&

Johnson

701,812‌

107,201,783‌

$

261,263,322‌

Retail

-

9

.93

%

Costco

Wholesale

Corp.

138,772‌

137,375,954‌

Home

Depot,

Inc.

210,699‌

77,250,681‌

Walmart,

Inc.

1,116,279‌

109,149,761‌

$

323,776,396‌

Semiconductors

-

11

.08

%

Broadcom,

Inc.

440,630‌

121,459,659‌

NVIDIA

Corp.

1,517,811‌

239,798,960‌

$

361,258,619‌

Software

-

10

.01

%

Microsoft

Corp.

460,734‌

229,173,699‌

Oracle

Corp.

444,762‌

97,238,316‌

$

326,412,015‌

TOTAL

COMMON

STOCKS

a

$

3,247,999,201‌

INVESTMENT

COMPANIES

-

0

.36

%

Shares

Held

Value

Money

Market

Funds

-

0

.36

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.27%

(b)

11,783,615‌

$

11,783,615‌

TOTAL

INVESTMENT

COMPANIES

a

$

11,783,615‌

Total

Investments

99.99%

$

3,259,782,816‌

Other

Assets

and

Liabilities

-

0.01%

319,337‌

TOTAL

NET

ASSETS

-

100.00%

$

3,260,102,153‌

(a)

Non-income

producing

security.

(b)

1-day

yield

shown

as

of

period

end.

59

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

June

30,

2025

See

accompanying

notes.

COMMON

STOCKS

-

99

.54

%

Shares

Held

Value

Aerospace

&

Defense

-

0

.30

%

-

—

Leonardo

DRS,

Inc.

47,919‌

$

2,227,275‌

Agriculture

-

0

.25

%

Dole

PLC

33,165‌

463,978‌

Fresh

Del

Monte

Produce,

Inc.

18,176‌

589,266‌

Turning

Point

Brands,

Inc.

11,271‌

854,004‌

$

1,907,248‌

Airlines

-

0

.60

%

SkyWest,

Inc.

(a)

34,155‌

3,516,940‌

Sun

Country

Airlines

Holdings,

Inc.

(a)

83,678‌

983,217‌

$

4,500,157‌

Apparel

-

0

.50

%

Kontoor

Brands,

Inc.

31,368‌

2,069,347‌

Steven

Madden

Ltd.

69,849‌

1,674,979‌

$

3,744,326‌

Auto

Manufacturers

-

0

.22

%

Blue

Bird

Corp.

(a)

38,644‌

1,667,875‌

Auto

Parts

&

Equipment

-

0

.77

%

Dorman

Products,

Inc.

(a)

8,871‌

1,088,206‌

Douglas

Dynamics,

Inc.

12,829‌

378,071‌

Fox

Factory

Holding

Corp.

(a)

26,981‌

699,887‌

Gentherm,

Inc.

(a)

14,950‌

422,935‌

Phinia,

Inc.

19,825‌

882,014‌

Shyft

Group,

Inc.

28,141‌

352,888‌

Standard

Motor

Products,

Inc.

10,150‌

311,808‌

Visteon

Corp.

(a)

13,914‌

1,298,176‌

XPEL,

Inc.

(a)

10,742‌

385,638‌

$

5,819,623‌

Banks

-

6

.68

%

Amalgamated

Financial

Corp.

42,142‌

1,314,830‌

Bancorp,

Inc.

(a)

81,618‌

4,649,777‌

Bank

of

NT

Butterfield

&

Son

Ltd.

25,479‌

1,128,210‌

Banner

Corp.

32,689‌

2,096,999‌

Byline

Bancorp,

Inc.

22,164‌

592,444‌

Cadence

Bank

163,772‌

5,237,429‌

Camden

National

Corp.

12,886‌

522,914‌

Central

Pacific

Financial

Corp.

25,583‌

717,092‌

Coastal

Financial

Corp.

(a)

16,948‌

1,641,753‌

Community

Financial

System,

Inc.

37,651‌

2,141,212‌

Eagle

Bancorp,

Inc.

47,520‌

925,690‌

Eastern

Bankshares,

Inc.

172,993‌

2,641,603‌

Enterprise

Financial

Services

Corp.

31,082‌

1,712,618‌

Esquire

Financial

Holdings,

Inc.

7,946‌

752,168‌

First

Financial

Corp.

10,367‌

561,788‌

First

Merchants

Corp.

40,824‌

1,563,559‌

First

Mid

Bancshares,

Inc.

10,640‌

398,894‌

German

American

Bancorp,

Inc.

18,679‌

719,328‌

Hanmi

Financial

Corp.

31,061‌

766,585‌

Heritage

Financial

Corp.

37,900‌

903,536‌

Independent

Bank

Corp.

47,398‌

2,980,623‌

Metropolitan

Bank

Holding

Corp.

(a)

14,131‌

989,170‌

NB

Bancorp,

Inc.

(a)

37,868‌

676,323‌

Nicolet

Bankshares,

Inc.

8,427‌

1,040,566‌

OFG

Bancorp

56,383‌

2,413,192‌

Old

Second

Bancorp,

Inc.

36,574‌

648,823‌

Pathward

Financial,

Inc.

28,289‌

2,238,226‌

Preferred

Bank

13,237‌

1,145,596‌

QCR

Holdings,

Inc.

12,509‌

849,361‌

Shore

Bancshares,

Inc.

36,591‌

575,211‌

Simmons

First

National

Corp.,

Class

A

104,324‌

1,977,983‌

Stock

Yards

Bancorp,

Inc.

14,302‌

1,129,572‌

Third

Coast

Bancshares,

Inc.

(a)

12,721‌

415,595‌

Tompkins

Financial

Corp.

8,567‌

537,408‌

Univest

Financial

Corp.

18,196‌

546,608‌

Westamerica

BanCorp

22,814‌

1,105,110‌

$

50,257,796‌

Beverages

-

0

.73

%

MGP

Ingredients,

Inc.

22,717‌

680,828‌

Primo

Brands

Corp.,

Class

A

123,785‌

3,666,512‌

Vita

Coco

Co.,

Inc.

(a)

31,789‌

1,147,583‌

$

5,494,923‌

COMMON

STOCKS

(continued)

Shares

Held

Value

Biotechnology

-

3

.00

%

ACADIA

Pharmaceuticals,

Inc.

(a)

95,710‌

$

2,064,465‌

ADMA

Biologics,

Inc.

(a)

109,109‌

1,986,875‌

ARS

Pharmaceuticals,

Inc.

(a)

51,547‌

899,495‌

Aurinia

Pharmaceuticals,

Inc.

(a)

67,290‌

569,946‌

BioCryst

Pharmaceuticals,

Inc.

(a)

173,298‌

1,552,750‌

Chinook

Therapeutics,

Inc.

(a),(b)

9,658‌

1,932‌

Cytek

Biosciences,

Inc.

(a)

62,623‌

212,918‌

Esperion

Therapeutics,

Inc.

(a),(c)

379,086‌

373,172‌

Halozyme

Therapeutics,

Inc.

(a)

69,419‌

3,611,176‌

Innoviva,

Inc.

(a)

39,117‌

785,861‌

Krystal

Biotech,

Inc.

(a)

14,764‌

2,029,460‌

Ligand

Pharmaceuticals,

Inc.

(a)

6,154‌

699,587‌

Niagen

Bioscience,

Inc.

(a)

16,539‌

238,327‌

PTC

Therapeutics,

Inc.

(a)

48,510‌

2,369,228‌

Rigel

Pharmaceuticals,

Inc.

(a)

14,741‌

276,099‌

TG

Therapeutics,

Inc.

(a)

97,357‌

3,503,878‌

Veracyte,

Inc.

(a)

51,173‌

1,383,206‌

$

22,558,375‌

Building

Materials

-

1

.23

%

Apogee

Enterprises,

Inc.

16,002‌

649,681‌

Aspen

Aerogels,

Inc.

(a)

162,328‌

960,982‌

Gibraltar

Industries,

Inc.

(a)

22,437‌

1,323,783‌

Griffon

Corp.

27,509‌

1,990,826‌

Knife

River

Corp.

(a)

26,467‌

2,160,766‌

NWPX

Infrastructure,

Inc.

(a)

6,206‌

254,508‌

Tecnoglass,

Inc.

24,501‌

1,895,398‌

$

9,235,944‌

Chemicals

-

1

.47

%

Balchem

Corp.

9,348‌

1,488,201‌

Cabot

Corp.

27,991‌

2,099,325‌

Hawkins,

Inc.

6,657‌

945,960‌

Innospec,

Inc.

13,441‌

1,130,254‌

Intrepid

Potash,

Inc.

(a)

13,833‌

494,253‌

Koppers

Holdings,

Inc.

16,188‌

520,444‌

Mativ

Holdings,

Inc.

83,834‌

571,748‌

Minerals

Technologies,

Inc.

14,739‌

811,677‌

Perimeter

Solutions,

Inc.

(a)

74,958‌

1,043,415‌

Quaker

Chemical

Corp.

11,827‌

1,323,914‌

Stepan

Co.

11,629‌

634,711‌

$

11,063,902‌

Coal

-

0

.48

%

Core

Natural

Resources,

Inc.

43,921‌

3,063,050‌

SunCoke

Energy,

Inc.

66,157‌

568,289‌

$

3,631,339‌

Commercial

Services

-

6

.40

%

Adtalem

Global

Education,

Inc.

(a)

14,286‌

1,817,608‌

Alarm.com

Holdings,

Inc.

(a)

22,420‌

1,268,299‌

American

Public

Education,

Inc.

(a)

6,073‌

184,984‌

AMN

Healthcare

Services,

Inc.

(a)

54,730‌

1,131,269‌

Barrett

Business

Services,

Inc.

10,217‌

425,947‌

BrightView

Holdings,

Inc.

(a)

43,705‌

727,688‌

Brink's

Co.

17,904‌

1,598,648‌

Carriage

Services,

Inc.

5,475‌

250,426‌

Cimpress

PLC

(a)

18,586‌

873,542‌

CompoSecure,

Inc.,

Class

A

(a)

58,405‌

822,926‌

CoreCivic,

Inc.

(a)

64,074‌

1,350,039‌

Coursera,

Inc.

(a)

66,226‌

580,140‌

CRA

International,

Inc.

3,034‌

568,481‌

Cross

Country

Healthcare,

Inc.

(a)

20,723‌

270,435‌

Franklin

Covey

Co.

(a)

15,072‌

343,943‌

Graham

Holdings

Co.,

Class

B

716‌

677,458‌

Hackett

Group,

Inc.

7,268‌

184,753‌

Heidrick

&

Struggles

International,

Inc.

10,845‌

496,267‌

Huron

Consulting

Group,

Inc.

(a)

14,399‌

1,980,438‌

ICF

International,

Inc.

20,231‌

1,713,768‌

Korn

Ferry

27,181‌

1,993,183‌

Laureate

Education,

Inc.

(a)

30,674‌

717,158‌

Legalzoom.com,

Inc.

(a)

170,091‌

1,515,511‌

Mister

Car

Wash,

Inc.

(a)

66,048‌

396,948‌

Payoneer

Global,

Inc.

(a)

525,422‌

3,599,141‌

60

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

June

30,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Commercial

Services

(continued)

Paysafe

Ltd.

(a)

44,279‌

$

558,801‌

Perdoceo

Education

Corp.

21,014‌

686,948‌

Priority

Technology

Holdings,

Inc.

(a)

88,695‌

690,047‌

Progyny,

Inc.

(a)

78,642‌

1,730,124‌

Remitly

Global,

Inc.

(a)

229,358‌

4,305,050‌

Repay

Holdings

Corp.

(a)

136,061‌

655,814‌

Sezzle,

Inc.

(a)

48,382‌

8,672,473‌

Strategic

Education,

Inc.

6,063‌

516,143‌

Stride,

Inc.

(a)

23,083‌

3,351,421‌

Target

Hospitality

Corp.

(a)

19,941‌

141,980‌

Universal

Technical

Institute,

Inc.

(a)

25,559‌

866,195‌

Willdan

Group,

Inc.

(a)

8,377‌

523,646‌

$

48,187,642‌

Computers

-

2

.14

%

ASGN,

Inc.

(a)

31,083‌

1,551,974‌

ExlService

Holdings,

Inc.

(a)

72,909‌

3,192,685‌

Grid

Dynamics

Holdings,

Inc.

(a)

49,651‌

573,469‌

Integral

Ad

Science

Holding

Corp.

(a)

58,985‌

490,165‌

Maximus,

Inc.

41,989‌

2,947,628‌

Mitek

Systems,

Inc.

(a)

27,634‌

273,577‌

OneSpan,

Inc.

24,332‌

406,101‌

Qualys,

Inc.

(a)

17,503‌

2,500,654‌

Rapid7,

Inc.

(a)

56,149‌

1,298,726‌

Unisys

Corp.

(a)

32,217‌

145,943‌

V2X,

Inc.

(a)

15,006‌

728,541‌

WNS

Holdings

Ltd.

(a)

32,052‌

2,026,969‌

$

16,136,432‌

Cosmetics

&

Personal

Care

-

0

.19

%

Prestige

Consumer

Healthcare,

Inc.

(a)

18,329‌

1,463,571‌

Distribution

&

Wholesale

-

0

.14

%

G-III

Apparel

Group

Ltd.

(a)

21,699‌

486,058‌

ScanSource,

Inc.

(a)

14,395‌

601,855‌

$

1,087,913‌

Diversified

Financial

Services

-

5

.57

%

Atlanticus

Holdings

Corp.

(a)

8,272‌

452,892‌

B

Riley

Financial,

Inc.

(a),(c)

55,535‌

164,939‌

Dave,

Inc.

(a)

54,578‌

14,649,281‌

Enact

Holdings,

Inc.

34,073‌

1,265,812‌

Enova

International,

Inc.

(a)

40,355‌

4,500,390‌

GCM

Grosvenor,

Inc.,

Class

A

64,058‌

740,510‌

International

Money

Express,

Inc.

(a)

54,390‌

548,795‌

OppFi,

Inc.

(c)

236,230‌

3,304,858‌

Pagseguro

Digital

Ltd.,

Class

A

535,632‌

5,163,492‌

PJT

Partners,

Inc.,

Class

A

35,218‌

5,811,322‌

Resolute

Holdings

Management,

Inc.

(a)

3,327‌

106,032‌

StoneX

Group,

Inc.

(a)

50,096‌

4,565,749‌

World

Acceptance

Corp.

(a)

3,956‌

653,215‌

$

41,927,287‌

Electric

-

1

.62

%

ALLETE,

Inc.

35,793‌

2,293,258‌

Avista

Corp.

81,831‌

3,105,486‌

Black

Hills

Corp.

52,584‌

2,949,962‌

MGE

Energy,

Inc.

13,898‌

1,229,139‌

Northwestern

Energy

Group,

Inc.

51,316‌

2,632,511‌

$

12,210,356‌

Electrical

Components

&

Equipment

-

1

.09

%

EnerSys

23,056‌

1,977,513‌

Graham

Corp.

(a)

9,423‌

466,533‌

Powell

Industries,

Inc.

27,302‌

5,745,706‌

$

8,189,752‌

Electronics

-

2

.93

%

Atmus

Filtration

Technologies,

Inc.

62,499‌

2,276,214‌

Badger

Meter,

Inc.

12,630‌

3,093,719‌

Benchmark

Electronics,

Inc.

18,577‌

721,345‌

ESCO

Technologies,

Inc.

10,710‌

2,054,928‌

FARO

Technologies,

Inc.

(a)

13,185‌

579,085‌

Itron,

Inc.

(a)

28,372‌

3,734,606‌

Mesa

Laboratories,

Inc.

2,839‌

267,491‌

Mirion

Technologies,

Inc.

(a)

100,412‌

2,161,870‌

Napco

Security

Technologies,

Inc.

30,880‌

916,827‌

COMMON

STOCKS

(continued)

Shares

Held

Value

Electronics

(continued)

OSI

Systems,

Inc.

(a)

11,606‌

$

2,609,725‌

Plexus

Corp.

(a)

10,216‌

1,382,327‌

TTM

Technologies,

Inc.

(a)

43,651‌

1,781,834‌

Vicor

Corp.

(a)

10,876‌

493,335‌

$

22,073,306‌

Energy

-

Alternate

Sources

-

0

.20

%

Shoals

Technologies

Group,

Inc.,

Class

A

(a)

358,130‌

1,522,052‌

Engineering

&

Construction

-

3

.57

%

Construction

Partners,

Inc.,

Class

A

(a)

33,357‌

3,545,182‌

Exponent,

Inc.

19,934‌

1,489,269‌

Frontdoor,

Inc.

(a)

29,841‌

1,758,829‌

Granite

Construction,

Inc.

41,954‌

3,923,118‌

Great

Lakes

Dredge

&

Dock

Corp.

(a)

33,264‌

405,488‌

IES

Holdings,

Inc.

(a)

11,084‌

3,283,413‌

Latham

Group,

Inc.

(a)

27,174‌

173,370‌

Primoris

Services

Corp.

72,538‌

5,653,612‌

Sterling

Infrastructure,

Inc.

(a)

28,664‌

6,613,645‌

$

26,845,926‌

Entertainment

-

1

.05

%

Accel

Entertainment,

Inc.

(a)

17,964‌

211,436‌

Cinemark

Holdings,

Inc.

158,148‌

4,772,907‌

IMAX

Corp.

(a)

39,189‌

1,095,725‌

Monarch

Casino

&

Resort,

Inc.

4,885‌

422,259‌

Rush

Street

Interactive,

Inc.

(a)

65,180‌

971,182‌

Super

Group

SGHC

Ltd.

35,898‌

393,801‌

$

7,867,310‌

Environmental

Control

-

0

.05

%

Energy

Recovery,

Inc.

(a)

27,971‌

357,469‌

Food

-

1

.71

%

Cal-Maine

Foods,

Inc.

37,462‌

3,732,339‌

Chefs'

Warehouse,

Inc.

(a)

22,820‌

1,456,144‌

Lancaster

Colony

Corp.

6,368‌

1,100,199‌

Mission

Produce,

Inc.

(a)

33,630‌

394,144‌

Natural

Grocers

by

Vitamin

Cottage,

Inc.

9,432‌

370,206‌

Simply

Good

Foods

Co.

(a)

34,912‌

1,102,870‌

Sprouts

Farmers

Market,

Inc.

(a)

28,572‌

4,704,094‌

$

12,859,996‌

Forest

Products

&

Paper

-

0

.14

%

Sylvamo

Corp.

21,495‌

1,076,899‌

Gas

-

1

.01

%

Chesapeake

Utilities

Corp.

9,155‌

1,100,614‌

ONE

Gas,

Inc.

44,549‌

3,201,291‌

Spire,

Inc.

45,688‌

3,334,767‌

$

7,636,672‌

Hand

&

Machine

Tools

-

0

.45

%

Franklin

Electric

Co.,

Inc.

18,466‌

1,657,139‌

Kennametal,

Inc.

76,597‌

1,758,667‌

$

3,415,806‌

Healthcare

-

Products

-

5

.00

%

Adaptive

Biotechnologies

Corp.

(a)

102,034‌

1,188,696‌

Artivion,

Inc.

(a)

23,602‌

734,022‌

AtriCure,

Inc.

(a)

31,798‌

1,042,021‌

Avanos

Medical,

Inc.

(a)

30,297‌

370,835‌

Axogen,

Inc.

(a)

27,007‌

293,026‌

Bioventus,

Inc.,

Class

A

(a)

22,042‌

145,918‌

CareDx,

Inc.

(a)

43,905‌

857,904‌

Castle

Biosciences,

Inc.

(a)

23,172‌

473,172‌

CONMED

Corp.

32,954‌

1,716,244‌

Embecta

Corp.

36,763‌

356,234‌

Haemonetics

Corp.

(a)

52,310‌

3,902,849‌

ICU

Medical,

Inc.

(a)

13,373‌

1,767,242‌

Inmode

Ltd.

(a)

74,766‌

1,079,621‌

Integer

Holdings

Corp.

(a)

25,663‌

3,155,779‌

Integra

LifeSciences

Holdings

Corp.

(a)

44,800‌

549,696‌

iRhythm

Technologies,

Inc.

(a)

20,623‌

3,175,117‌

Lantheus

Holdings,

Inc.

(a)

36,963‌

3,025,791‌

LeMaitre

Vascular,

Inc.

10,867‌

902,504‌

LivaNova

PLC

(a)

36,062‌

1,623,511‌

Merit

Medical

Systems,

Inc.

(a)

32,273‌

3,016,880‌

MiMedx

Group,

Inc.

(a)

37,282‌

227,793‌

61

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

June

30,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Healthcare

-

Products

(continued)

NeuroPace,

Inc.

(a)

16,356‌

$

182,206‌

OmniAb,

Inc.,

Earnout

Shares

(a)

1,130‌

—‌

OmniAb,

Inc.,

Earnout

Shares

(a)

1,130‌

—‌

Omnicell,

Inc.

(a)

30,512‌

897,053‌

OraSure

Technologies,

Inc.

(a)

59,549‌

178,647‌

Semler

Scientific,

Inc.

(a)

17,699‌

685,659‌

STAAR

Surgical

Co.

(a)

45,938‌

770,840‌

Tactile

Systems

Technology,

Inc.

(a)

15,832‌

160,537‌

Tandem

Diabetes

Care,

Inc.

(a)

64,773‌

1,207,369‌

Twist

Bioscience

Corp.

(a)

62,624‌

2,303,937‌

UFP

Technologies,

Inc.

(a)

5,686‌

1,388,294‌

Varex

Imaging

Corp.

(a)

33,163‌

287,523‌

$

37,666,920‌

Healthcare

-

Services

-

2

.91

%

Addus

HomeCare

Corp.

(a)

11,153‌

1,284,714‌

Astrana

Health,

Inc.

(a)

16,497‌

410,445‌

BrightSpring

Health

Services,

Inc.

(a)

77,470‌

1,827,517‌

CorVel

Corp.

(a)

5,110‌

525,206‌

DocGo,

Inc.

(a)

90,405‌

141,936‌

Ensign

Group,

Inc.

20,797‌

3,208,145‌

GeneDx

Holdings

Corp.

(a)

12,204‌

1,126,551‌

HealthEquity,

Inc.

(a)

49,877‌

5,225,115‌

LifeStance

Health

Group,

Inc.

(a)

93,731‌

484,589‌

National

HealthCare

Corp.

3,344‌

357,841‌

Pediatrix

Medical

Group,

Inc.

(a)

38,070‌

546,305‌

Pennant

Group,

Inc.

(a)

11,632‌

347,215‌

Privia

Health

Group,

Inc.

(a)

41,776‌

960,848‌

Surgery

Partners,

Inc.

(a)

60,709‌

1,349,561‌

Teladoc

Health,

Inc.

(a)

408,781‌

3,560,483‌

U.S.

Physical

Therapy,

Inc.

6,539‌

511,350‌

$

21,867,821‌

Home

Builders

-

0

.96

%

Cavco

Industries,

Inc.

(a)

2,321‌

1,008,312‌

Dream

Finders

Homes,

Inc.,

Class

A

(a),(c)

17,828‌

448,018‌

Green

Brick

Partners,

Inc.

(a)

11,711‌

736,388‌

Installed

Building

Products,

Inc.

14,424‌

2,600,936‌

M/I

Homes,

Inc.

(a)

10,869‌

1,218,632‌

Tri

Pointe

Homes,

Inc.

(a)

37,890‌

1,210,585‌

$

7,222,871‌

Household

Products

&

Wares

-

0

.27

%

ACCO

Brands

Corp.

85,081‌

304,590‌

Central

Garden

&

Pet

Co.

(a)

12,451‌

438,026‌

Central

Garden

&

Pet

Co.,

Class

A

(a)

18,565‌

580,899‌

Helen

of

Troy

Ltd.

(a)

24,354‌

691,166‌

$

2,014,681‌

Insurance

-

4

.70

%

CNO

Financial

Group,

Inc.

99,598‌

3,842,491‌

Employers

Holdings,

Inc.

20,948‌

988,327‌

Goosehead

Insurance,

Inc.,

Class

A

32,815‌

3,462,311‌

Hamilton

Insurance

Group

Ltd.,

Class

B

(a)

78,165‌

1,689,927‌

HCI

Group,

Inc.

11,277‌

1,716,359‌

Heritage

Insurance

Holdings,

Inc.

(a)

19,797‌

493,737‌

Hippo

Holdings,

Inc.

(a)

27,111‌

757,210‌

Horace

Mann

Educators

Corp.

27,619‌

1,186,789‌

NMI

Holdings,

Inc.

(a)

83,005‌

3,501,981‌

Palomar

Holdings,

Inc.

(a)

27,268‌

4,206,089‌

Root,

Inc.,

Class

A

(a)

35,199‌

4,504,416‌

Skyward

Specialty

Insurance

Group,

Inc.

(a)

52,055‌

3,008,259‌

Tiptree,

Inc.

22,226‌

524,089‌

Trupanion,

Inc.

(a)

78,792‌

4,361,137‌

United

Fire

Group,

Inc.

17,753‌

509,511‌

Universal

Insurance

Holdings,

Inc.

21,414‌

593,810‌

$

35,346,443‌

Internet

-

3

.62

%

Bumble,

Inc.,

Class

A

(a)

102,192‌

673,445‌

Cargurus,

Inc.

(a)

61,744‌

2,066,572‌

ePlus,

Inc.

(a)

12,041‌

868,156‌

EverQuote,

Inc.,

Class

A

(a)

17,359‌

419,741‌

Gambling.com

Group

Ltd.

(a)

19,626‌

233,353‌

Grindr,

Inc.

(a)

71,797‌

1,629,792‌

COMMON

STOCKS

(continued)

Shares

Held

Value

Internet

(continued)

HealthStream,

Inc.

9,209‌

$

254,813‌

Hims

&

Hers

Health,

Inc.

(a)

167,981‌

8,373,853‌

Liquidity

Services,

Inc.

(a)

25,136‌

592,958‌

Magnite,

Inc.

(a)

97,055‌

2,340,967‌

Q2

Holdings,

Inc.

(a)

45,683‌

4,275,472‌

Revolve

Group,

Inc.

(a)

55,553‌

1,113,838‌

Sprinklr,

Inc.,

Class

A

(a)

107,172‌

906,675‌

Upwork,

Inc.

(a)

162,503‌

2,184,040‌

Yelp,

Inc.

(a)

37,453‌

1,283,514‌

$

27,217,189‌

Iron

&

Steel

-

0

.99

%

Carpenter

Technology

Corp.

26,832‌

7,415,828‌

Leisure

Time

-

0

.65

%

Acushnet

Holdings

Corp.

19,402‌

1,412,854‌

Global

Business

Travel

Group

I

(a)

34,725‌

218,768‌

Life

Time

Group

Holdings,

Inc.

(a)

68,053‌

2,064,047‌

Lindblad

Expeditions

Holdings,

Inc.

(a)

24,087‌

281,095‌

OneSpaWorld

Holdings

Ltd.

43,775‌

892,572‌

$

4,869,336‌

Lodging

-

0

.02

%

Marcus

Corp.

10,028‌

169,072‌

Machinery

-

Construction

&

Mining

-

0

.46

%

Argan,

Inc.

14,612‌

3,221,654‌

Hyster-Yale,

Inc.

6,764‌

269,072‌

$

3,490,726‌

Machinery

-

Diversified

-

3

.01

%

Alamo

Group,

Inc.

6,776‌

1,479,743‌

Applied

Industrial

Technologies,

Inc.

20,623‌

4,793,816‌

Cactus,

Inc.,

Class

A

48,234‌

2,108,791‌

Columbus

McKinnon

Corp.

30,104‌

459,688‌

CSW

Industrials,

Inc.

8,868‌

2,543,608‌

DXP

Enterprises,

Inc.

(a)

12,290‌

1,077,219‌

Gorman-Rupp

Co.

6,107‌

224,249‌

Lindsay

Corp.

5,399‌

778,806‌

Mueller

Water

Products,

Inc.,

Class

A

117,094‌

2,814,940‌

Thermon

Group

Holdings,

Inc.

(a)

17,053‌

478,848‌

Watts

Water

Technologies,

Inc.,

Class

A

12,502‌

3,074,117‌

Zurn

Elkay

Water

Solutions

Corp.

76,469‌

2,796,471‌

$

22,630,296‌

Media

-

0

.38

%

AMC

Networks,

Inc.,

Class

A

(a)

27,548‌

172,726‌

Cable

One,

Inc.

6,789‌

922,014‌

Gray

Media,

Inc.

76,103‌

344,746‌

Liberty

Latin

America

Ltd.,

Class

A

(a)

18,836‌

114,900‌

TEGNA,

Inc.

76,791‌

1,287,017‌

$

2,841,403‌

Metal

Fabrication

&

Hardware

-

0

.21

%

Janus

International

Group,

Inc.

(a)

107,756‌

877,134‌

Proto

Labs,

Inc.

(a)

17,453‌

698,818‌

$

1,575,952‌

Mining

-

1

.00

%

Coeur

Mining,

Inc.

(a)

758,542‌

6,720,682‌

U.S.

Lime

&

Minerals,

Inc.

7,779‌

776,344‌

$

7,497,026‌

Miscellaneous

Manufacturers

-

1

.66

%

Byrna

Technologies,

Inc.

(a)

28,360‌

875,757‌

Fabrinet

(a)

24,899‌

7,337,237‌

Federal

Signal

Corp.

40,580‌

4,318,524‌

$

12,531,518‌

Office

&

Business

Equipment

-

0

.25

%

Pitney

Bowes,

Inc.

172,414‌

1,881,037‌

Office

Furnishings

-

0

.27

%

HNI

Corp.

23,862‌

1,173,533‌

Interface,

Inc.

40,363‌

844,798‌

$

2,018,331‌

Oil

&

Gas

-

0

.46

%

Berry

Corp.

59,479‌

164,757‌

Gulfport

Energy

Corp.

(a)

11,466‌

2,306,615‌

HighPeak

Energy,

Inc.

(c)

15,112‌

148,098‌

PrimeEnergy

Resources

Corp.

(a)

992‌

145,209‌

62

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

June

30,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Oil

&

Gas

(continued)

Riley

Exploration

Permian,

Inc.

5,695‌

$

149,380‌

Ring

Energy,

Inc.

(a)

118,921‌

94,423‌

VAALCO

Energy,

Inc.

49,337‌

178,106‌

Vitesse

Energy,

Inc.

13,497‌

298,149‌

$

3,484,737‌

Oil

&

Gas

Services

-

2

.59

%

Aris

Water

Solutions,

Inc.,

Class

A

35,502‌

839,622‌

Atlas

Energy

Solutions,

Inc.

(c)

97,967‌

1,309,819‌

ChampionX

Corp.

179,882‌

4,468,269‌

Core

Laboratories,

Inc.

23,565‌

271,469‌

DNOW,

Inc.

(a)

66,060‌

979,670‌

Expro

Group

Holdings

NV

(a)

60,296‌

517,942‌

Helix

Energy

Solutions

Group,

Inc.

(a)

85,282‌

532,160‌

Innovex

International,

Inc.

(a)

19,597‌

306,105‌

Kodiak

Gas

Services,

Inc.

63,471‌

2,175,151‌

Liberty

Energy,

Inc.

191,115‌

2,194,000‌

NPK

International,

Inc.

(a)

35,476‌

301,901‌

Oceaneering

International,

Inc.

(a)

53,276‌

1,103,879‌

ProPetro

Holding

Corp.

(a)

85,559‌

510,787‌

Solaris

Energy

Infrastructure,

Inc.

22,204‌

628,151‌

Tidewater,

Inc.

(a)

72,732‌

3,355,127‌

$

19,494,052‌

Packaging

&

Containers

-

0

.08

%

Ardagh

Metal

Packaging

SA

143,433‌

613,893‌

Pharmaceuticals

-

2

.43

%

AdaptHealth

Corp.

(a)

86,238‌

813,224‌

Alkermes

PLC

(a)

97,015‌

2,775,599‌

Amneal

Pharmaceuticals,

Inc.

(a)

98,457‌

796,517‌

Amphastar

Pharmaceuticals,

Inc.

(a)

36,698‌

842,586‌

Catalyst

Pharmaceuticals,

Inc.

(a)

55,078‌

1,195,193‌

Collegium

Pharmaceutical,

Inc.

(a)

21,143‌

625,199‌

Corcept

Therapeutics,

Inc.

(a)

6,463‌

474,384‌

Harmony

Biosciences

Holdings,

Inc.

(a)

39,367‌

1,243,997‌

Heron

Therapeutics,

Inc.

(a),(c)

70,082‌

145,070‌

Ironwood

Pharmaceuticals,

Inc.

(a)

177,595‌

127,371‌

MannKind

Corp.

(a)

121,910‌

455,943‌

Mirum

Pharmaceuticals,

Inc.

(a)

28,329‌

1,441,663‌

Option

Care

Health,

Inc.

(a)

89,309‌

2,900,756‌

Pacira

BioSciences,

Inc.

(a)

41,590‌

994,001‌

Phibro

Animal

Health

Corp.,

Class

A

18,518‌

472,950‌

Protagonist

Therapeutics,

Inc.

(a)

22,907‌

1,266,070‌

SIGA

Technologies,

Inc.

29,374‌

191,519‌

Supernus

Pharmaceuticals,

Inc.

(a)

28,161‌

887,635‌

Xeris

Biopharma

Holdings,

Inc.

(a)

143,275‌

669,094‌

$

18,318,771‌

Pipelines

-

0

.06

%

Excelerate

Energy,

Inc.,

Class

A

14,802‌

433,995‌

Private

Equity

-

0

.10

%

P10,

Inc.,

Class

A

75,250‌

769,055‌

Real

Estate

-

0

.51

%

Cushman

&

Wakefield

PLC

(a)

230,162‌

2,547,894‌

McGrath

RentCorp

11,044‌

1,280,662‌

$

3,828,556‌

REITs

-

5

.59

%

American

Assets

Trust,

Inc.

37,235‌

735,391‌

American

Healthcare

REIT,

Inc.

137,024‌

5,034,262‌

Armada

Hoffler

Properties,

Inc.

98,418‌

676,132‌

Broadstone

Net

Lease,

Inc.

105,934‌

1,700,241‌

CBL

&

Associates

Properties,

Inc.

18,931‌

480,658‌

Community

Healthcare

Trust,

Inc.

24,495‌

407,352‌

COPT

Defense

Properties

99,162‌

2,734,888‌

Easterly

Government

Properties,

Inc.

67,246‌

1,492,861‌

Elme

Communities

63,037‌

1,002,288‌

Essential

Properties

Realty

Trust,

Inc.

127,798‌

4,078,034‌

Farmland

Partners,

Inc.

34,953‌

402,309‌

Four

Corners

Property

Trust,

Inc.

63,496‌

1,708,677‌

Getty

Realty

Corp.

31,375‌

867,205‌

Innovative

Industrial

Properties,

Inc.

34,772‌

1,920,110‌

InvenTrust

Properties

Corp.

35,765‌

979,961‌

LTC

Properties,

Inc.

27,961‌

967,730‌

COMMON

STOCKS

(continued)

Shares

Held

Value

REITs

(continued)

National

Health

Investors,

Inc.

17,359‌

$

1,217,213‌

Outfront

Media,

Inc.

171,071‌

2,791,879‌

Plymouth

Industrial

REIT,

Inc.

35,156‌

564,605‌

Ryman

Hospitality

Properties,

Inc.

53,292‌

5,258,322‌

Safehold,

Inc.

42,820‌

666,279‌

Summit

Hotel

Properties,

Inc.

106,089‌

539,993‌

Terreno

Realty

Corp.

79,280‌

4,445,230‌

Uniti

Group,

Inc.

(a)

188,652‌

814,977‌

Universal

Health

Realty

Income

Trust

6,434‌

257,167‌

Whitestone

REIT

25,003‌

312,037‌

$

42,055,801‌

Retail

-

5

.09

%

Abercrombie

&

Fitch

Co.,

Class

A

(a)

62,633‌

5,189,145‌

Arko

Corp.

34,073‌

144,129‌

Brinker

International,

Inc.

(a)

29,802‌

5,374,195‌

Build-A-Bear

Workshop,

Inc.

11,450‌

590,362‌

Cheesecake

Factory,

Inc.

(c)

50,521‌

3,165,646‌

Designer

Brands,

Inc.,

Class

A

79,188‌

188,467‌

El

Pollo

Loco

Holdings,

Inc.

(a)

16,992‌

187,082‌

FirstCash

Holdings,

Inc.

35,046‌

4,736,116‌

GMS,

Inc.

(a)

27,260‌

2,964,525‌

Jack

in

the

Box,

Inc.

(c)

36,710‌

640,957‌

La-Z-Boy,

Inc.

20,185‌

750,276‌

Papa

John's

International,

Inc.

53,808‌

2,633,364‌

Portillo's,

Inc.,

Class

A

(a)

62,046‌

724,077‌

PriceSmart,

Inc.

9,581‌

1,006,388‌

Sally

Beauty

Holdings,

Inc.

(a)

100,132‌

927,222‌

Urban

Outfitters,

Inc.

(a)

71,513‌

5,187,553‌

Victoria's

Secret

&

Co.

(a)

95,025‌

1,759,863‌

Warby

Parker,

Inc.,

Class

A

(a)

99,267‌

2,176,925‌

$

38,346,292‌

Savings

&

Loans

-

1

.23

%

Axos

Financial,

Inc.

(a)

62,324‌

4,739,117‌

Provident

Financial

Services,

Inc.

106,662‌

1,869,785‌

WSFS

Financial

Corp.

48,055‌

2,643,025‌

$

9,251,927‌

Semiconductors

-

1

.18

%

ACM

Research,

Inc.,

Class

A

(a)

64,439‌

1,668,970‌

Axcelis

Technologies,

Inc.

(a)

46,350‌

3,230,132‌

Photronics,

Inc.

(a)

37,431‌

704,826‌

Rambus,

Inc.

(a)

51,411‌

3,291,332‌

$

8,895,260‌

Software

-

7

.01

%

8x8,

Inc.

(a)

77,270‌

151,449‌

ACI

Worldwide,

Inc.

(a)

32,817‌

1,506,628‌

Agilysys,

Inc.

(a)

18,429‌

2,112,701‌

Alignment

Healthcare,

Inc.

(a)

110,404‌

1,545,656‌

AvePoint,

Inc.

(a)

74,961‌

1,447,497‌

Bandwidth,

Inc.,

Class

A

(a)

16,412‌

260,951‌

BigCommerce

Holdings,

Inc.

(a)

52,854‌

264,270‌

BlackLine,

Inc.

(a)

45,506‌

2,576,550‌

Box,

Inc.,

Class

A

(a)

83,491‌

2,852,888‌

Clear

Secure,

Inc.,

Class

A

102,082‌

2,833,796‌

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a)

132,154‌

2,898,137‌

Climb

Global

Solutions,

Inc.

1,656‌

177,043‌

Commvault

Systems,

Inc.

(a)

27,771‌

4,841,318‌

Consensus

Cloud

Solutions,

Inc.

(a)

10,616‌

244,805‌

CSG

Systems

International,

Inc.

20,475‌

1,337,222‌

Digi

International,

Inc.

(a)

12,249‌

427,000‌

DigitalOcean

Holdings,

Inc.

(a)

80,723‌

2,305,449‌

Evolent

Health,

Inc.,

Class

A

(a)

115,516‌

1,300,710‌

Freshworks,

Inc.,

Class

A

(a)

204,299‌

3,046,098‌

GigaCloud

Technology,

Inc.,

Class

A

(a)

44,649‌

883,157‌

Health

Catalyst,

Inc.

(a)

58,161‌

219,267‌

I3

Verticals,

Inc.,

Class

A

(a),(c)

10,194‌

280,131‌

IBEX

Holdings

Ltd.

(a)

13,263‌

385,953‌

Innodata,

Inc.

(a)

49,927‌

2,557,261‌

Intapp,

Inc.

(a)

37,699‌

1,946,022‌

LiveRamp

Holdings,

Inc.

(a)

33,734‌

1,114,571‌

N-able,

Inc.

(a)

61,794‌

500,531‌

63

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

June

30,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Software

(continued)

Olo,

Inc.,

Class

A

(a)

58,770‌

$

523,053‌

PagerDuty,

Inc.

(a)

67,006‌

1,023,852‌

Phreesia,

Inc.

(a)

26,575‌

756,325‌

Planet

Labs

PBC

(a)

275,462‌

1,680,318‌

Progress

Software

Corp.

36,850‌

2,352,504‌

PROS

Holdings,

Inc.

(a)

30,462‌

477,035‌

PubMatic,

Inc.,

Class

A

(a)

19,758‌

245,790‌

Red

Violet,

Inc.

4,655‌

229,026‌

Sapiens

International

Corp.

NV

8,194‌

239,675‌

SEMrush

Holdings,

Inc.,

Class

A

(a)

47,837‌

432,925‌

Simulations

Plus,

Inc.

10,320‌

180,084‌

SPS

Commerce,

Inc.

(a)

18,240‌

2,482,282‌

Talkspace,

Inc.

(a)

123,771‌

344,083‌

Verint

Systems,

Inc.

(a)

45,798‌

900,847‌

Viant

Technology,

Inc.,

Class

A

(a)

18,119‌

239,714‌

Vimeo,

Inc.

(a)

67,326‌

271,997‌

Yext,

Inc.

(a)

39,296‌

334,016‌

$

52,730,587‌

Telecommunications

-

0

.87

%

A10

Networks,

Inc.

55,947‌

1,082,574‌

IDT

Corp.,

Class

B

3,971‌

271,299‌

InterDigital,

Inc.

20,269‌

4,544,918‌

NETGEAR,

Inc.

(a)

21,224‌

616,982‌

$

6,515,773‌

Textiles

-

0

.18

%

UniFirst

Corp.

7,192‌

1,353,678‌

Toys,

Games

&

Hobbies

-

0

.04

%

Funko,

Inc.,

Class

A

(a)

58,363‌

277,808‌

Transportation

-

1

.17

%

Ardmore

Shipping

Corp.

35,602‌

341,779‌

Costamare

Bulkers

Holdings

Ltd.

(a)

7,710‌

66,846‌

Costamare,

Inc.

38,495‌

350,689‌

DHT

Holdings,

Inc.

90,434‌

977,592‌

Matson,

Inc.

27,974‌

3,114,905‌

Scorpio

Tankers,

Inc.

52,298‌

2,046,421‌

Teekay

Tankers

Ltd.,

Class

A

18,849‌

786,380‌

World

Kinect

Corp.

39,826‌

1,129,067‌

$

8,813,679‌

Water

-

0

.10

%

Middlesex

Water

Co.

13,574‌

735,439‌

TOTAL

COMMON

STOCKS

a

$

749,142,925‌

INVESTMENT

COMPANIES

-

0

.87

%

Shares

Held

Value

Money

Market

Funds

-

0

.87

%

-

—

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

(d),(e),(f)

4,091,677‌

$

4,091,677‌

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.27%

(d)

2,459,523‌

2,459,523‌

TOTAL

INVESTMENT

COMPANIES

a

$

6,551,200‌

Total

Investments

100.41%

$

755,694,125‌

Other

Assets

and

Liabilities

-

(0.41%)

(

3,044,217‌

)

TOTAL

NET

ASSETS

-

100.00%

$

752,649,908‌

(a)

Non-income

producing

security.

(b)

The

value

of

these

investments

was

determined

using

significant

unobservable

inputs,

in

good

faith

by

the

Advisor,

under

procedures

established

and

periodically

reviewed

by

the

Board

of

Trustees.

(c)

Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$3,932,117

or

0.52%

of

net

assets.

(d)

1-day

yield

shown

as

of

period

end.

(e)

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

Securities

sub-schedule

for

transactional

information.

(f)

Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$4,091,677

or

0.54%

of

net

assets.

64

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

June

30,

2025

See

accompanying

notes.

Affiliated

Securities

June

30,

2024

Value

Purchases

Cost

Sales

Proceeds

June

30,

2025

Value

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

$

1,899,837‌

$

57,388,556‌

$

55,196,716‌

$

4,091,677‌

$

1,899,837‌

$

57,388,556‌

$

55,196,716‌

$

4,091,677‌

a

a

Income

(a)

Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Government

Money

Market

Fund,

Class

R-6

4.21%

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

65

Schedule

of

Investments

Principal

Value

ETF

June

30,

2025

See

accompanying

notes.

COMMON

STOCKS

-

99

.32

%

Shares

Held

Value

Advertising

-

1

.25

%

-

—

Interpublic

Group

of

Cos.,

Inc.

57,745‌

$

1,413,598‌

Omnicom

Group,

Inc.

19,266‌

1,385,996‌

$

2,799,594‌

Aerospace

&

Defense

-

3

.45

%

General

Dynamics

Corp.

6,698‌

1,953,539‌

L3Harris

Technologies,

Inc.

8,017‌

2,010,984‌

Lockheed

Martin

Corp.

4,362‌

2,020,216‌

Northrop

Grumman

Corp.

3,516‌

1,757,930‌

$

7,742,669‌

Agriculture

-

1

.65

%

Altria

Group,

Inc.

33,469‌

1,962,288‌

Archer-Daniels-Midland

Co.

32,930‌

1,738,045‌

$

3,700,333‌

Apparel

-

0

.86

%

Ralph

Lauren

Corp.

7,012‌

1,923,251‌

Banks

-

6

.72

%

Bank

of

America

Corp.

66,754‌

3,158,799‌

Citizens

Financial

Group,

Inc.

38,652‌

1,729,677‌

Fifth

Third

Bancorp

41,049‌

1,688,346‌

PNC

Financial

Services

Group,

Inc.

10,378‌

1,934,667‌

Regions

Financial

Corp.

72,960‌

1,716,019‌

U.S.

Bancorp

42,588‌

1,927,107‌

Wells

Fargo

&

Co.

36,328‌

2,910,599‌

$

15,065,214‌

Beverages

-

1

.18

%

Constellation

Brands,

Inc.,

Class

A

8,875‌

1,443,785‌

Molson

Coors

Beverage

Co.,

Class

B

25,126‌

1,208,309‌

$

2,652,094‌

Biotechnology

-

0

.92

%

Corteva,

Inc.

27,644‌

2,060,307‌

Building

Materials

-

0

.64

%

Masco

Corp.

22,428‌

1,443,466‌

Chemicals

-

0

.58

%

Eastman

Chemical

Co.

17,457‌

1,303,340‌

Commercial

Services

-

1

.63

%

Automatic

Data

Processing,

Inc.

6,854‌

2,113,774‌

MarketAxess

Holdings,

Inc.

6,950‌

1,552,213‌

$

3,665,987‌

Computers

-

8

.58

%

Accenture

PLC,

Class

A

7,830‌

2,340,308‌

Apple,

Inc.

39,312‌

8,065,643‌

Cognizant

Technology

Solutions

Corp.,

Class

A

21,658‌

1,689,974‌

Hewlett

Packard

Enterprise

Co.

99,286‌

2,030,399‌

HP,

Inc.

57,120‌

1,397,155‌

Leidos

Holdings,

Inc.

11,734‌

1,851,156‌

NetApp,

Inc.

17,574‌

1,872,510‌

$

19,247,145‌

Cosmetics

&

Personal

Care

-

1

.40

%

Procter

&

Gamble

Co.

19,699‌

3,138,445‌

Distribution

&

Wholesale

-

0

.64

%

Pool

Corp.

4,892‌

1,425,920‌

Diversified

Financial

Services

-

6

.75

%

Ameriprise

Financial,

Inc.

3,505‌

1,870,723‌

Capital

One

Financial

Corp.

10,352‌

2,202,491‌

Cboe

Global

Markets,

Inc.

7,123‌

1,661,155‌

Franklin

Resources,

Inc.

77,812‌

1,855,816‌

Intercontinental

Exchange,

Inc.

11,244‌

2,062,937‌

Invesco

Ltd.

99,071‌

1,562,350‌

Nasdaq,

Inc.

21,585‌

1,930,131‌

Synchrony

Financial

29,880‌

1,994,191‌

$

15,139,794‌

Electronics

-

1

.63

%

Allegion

PLC

11,929‌

1,719,208‌

Hubbell,

Inc.

4,744‌

1,937,497‌

$

3,656,705‌

Food

-

2

.21

%

Hershey

Co.

9,374‌

1,555,616‌

Hormel

Foods

Corp.

49,873‌

1,508,658‌

Mondelez

International,

Inc.,

Class

A

28,025‌

1,890,006‌

$

4,954,280‌

COMMON

STOCKS

(continued)

Shares

Held

Value

Hand

&

Machine

Tools

-

0

.65

%

Snap-on,

Inc.

4,699‌

$

1,462,235‌

Healthcare

-

Products

-

0

.89

%

Medtronic

PLC

22,976‌

2,002,818‌

Healthcare

-

Services

-

2

.45

%

Elevance

Health,

Inc.

4,522‌

1,758,877‌

Humana,

Inc.

6,122‌

1,496,706‌

UnitedHealth

Group,

Inc.

7,174‌

2,238,073‌

$

5,493,656‌

Home

Builders

-

0

.69

%

Lennar

Corp.,

Class

A

13,987‌

1,547,102‌

Household

Products

&

Wares

-

1

.37

%

Avery

Dennison

Corp.

8,713‌

1,528,870‌

Kimberly-Clark

Corp.

11,989‌

1,545,622‌

$

3,074,492‌

Insurance

-

8

.95

%

Allstate

Corp.

8,340‌

1,678,925‌

American

International

Group,

Inc.

20,326‌

1,739,702‌

Assurant,

Inc.

7,499‌

1,480,977‌

Chubb

Ltd.

6,739‌

1,952,423‌

Cincinnati

Financial

Corp.

10,830‌

1,612,804‌

Everest

Group

Ltd.

4,254‌

1,445,722‌

Hartford

Insurance

Group,

Inc.

13,379‌

1,697,394‌

Marsh

&

McLennan

Cos.,

Inc.

8,440‌

1,845,322‌

MetLife,

Inc.

21,238‌

1,707,960‌

Prudential

Financial,

Inc.

15,033‌

1,615,145‌

Travelers

Cos.,

Inc.

6,740‌

1,803,220‌

Willis

Towers

Watson

PLC

4,854‌

1,487,751‌

$

20,067,345‌

Internet

-

1

.57

%

CDW

Corp.

9,731‌

1,737,859‌

eBay,

Inc.

24,093‌

1,793,965‌

$

3,531,824‌

Lodging

-

0

.78

%

Las

Vegas

Sands

Corp.

40,191‌

1,748,710‌

Machinery

-

Construction

&

Mining

-

1

.16

%

Caterpillar,

Inc.

6,713‌

2,606,054‌

Machinery

-

Diversified

-

2

.42

%

Deere

&

Co.

4,420‌

2,247,526‌

IDEX

Corp.

8,627‌

1,514,642‌

Nordson

Corp.

7,717‌

1,654,293‌

$

5,416,461‌

Media

-

0

.93

%

Comcast

Corp.,

Class

A

58,155‌

2,075,552‌

Miscellaneous

Manufacturers

-

2

.42

%

A.O.

Smith

Corp.

22,952‌

1,504,963‌

Illinois

Tool

Works,

Inc.

7,312‌

1,807,892‌

Parker-Hannifin

Corp.

3,036‌

2,120,555‌

$

5,433,410‌

Oil

&

Gas

-

7

.22

%

Chevron

Corp.

16,684‌

2,388,982‌

ConocoPhillips

20,459‌

1,835,991‌

EOG

Resources,

Inc.

14,199‌

1,698,342‌

Exxon

Mobil

Corp.

32,744‌

3,529,803‌

Marathon

Petroleum

Corp.

11,844‌

1,967,407‌

Occidental

Petroleum

Corp.

33,261‌

1,397,295‌

Phillips

66

13,978‌

1,667,575‌

Valero

Energy

Corp.

12,649‌

1,700,279‌

$

16,185,674‌

Oil

&

Gas

Services

-

1

.86

%

Baker

Hughes

Co.

38,747‌

1,485,560‌

Halliburton

Co.

62,754‌

1,278,927‌

Schlumberger

NV

41,580‌

1,405,404‌

$

4,169,891‌

Pharmaceuticals

-

3

.69

%

Becton

Dickinson

&

Co.

7,832‌

1,349,062‌

Bristol-Myers

Squibb

Co.

34,248‌

1,585,340‌

Johnson

&

Johnson

20,254‌

3,093,798‌

Merck

&

Co.,

Inc.

28,444‌

2,251,627‌

$

8,279,827‌

66

Schedule

of

Investments

Principal

Value

ETF

June

30,

2025

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

REITs

-

5

.52

%

Alexandria

Real

Estate

Equities,

Inc.

16,130‌

$

1,171,522‌

AvalonBay

Communities,

Inc.

7,579‌

1,542,326‌

Healthpeak

Properties,

Inc.

76,209‌

1,334,420‌

Mid-America

Apartment

Communities,

Inc.

9,376‌

1,387,742‌

Prologis,

Inc.

17,794‌

1,870,505‌

Public

Storage

5,764‌

1,691,273‌

SBA

Communications

Corp.

7,340‌

1,723,726‌

VICI

Properties,

Inc.

50,820‌

1,656,732‌

$

12,378,246‌

Retail

-

2

.26

%

Best

Buy

Co.,

Inc.

21,204‌

1,423,424‌

Lowe's

Cos.,

Inc.

9,167‌

2,033,882‌

Williams-Sonoma,

Inc.

9,872‌

1,612,789‌

$

5,070,095‌

Semiconductors

-

6

.64

%

Microchip

Technology,

Inc.

32,764‌

2,305,603‌

NVIDIA

Corp.

53,438‌

8,442,669‌

QUALCOMM,

Inc.

14,861‌

2,366,763‌

Skyworks

Solutions,

Inc.

23,688‌

1,765,230‌

$

14,880,265‌

Software

-

5

.26

%

Broadridge

Financial

Solutions,

Inc.

6,721‌

1,633,405‌

Microsoft

Corp.

17,081‌

8,496,260‌

Paychex,

Inc.

11,396‌

1,657,662‌

$

11,787,327‌

Telecommunications

-

0

.83

%

T-Mobile

U.S.,

Inc.

7,811‌

1,861,049‌

Transportation

-

1

.67

%

FedEx

Corp.

7,151‌

1,625,494‌

Union

Pacific

Corp.

9,194‌

2,115,355‌

$

3,740,849‌

TOTAL

COMMON

STOCKS

a

$

222,731,426‌

INVESTMENT

COMPANIES

-

0

.49

%

Shares

Held

Value

Money

Market

Funds

-

0

.49

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

4.27%

(a)

1,106,926‌

$

1,106,926‌

TOTAL

INVESTMENT

COMPANIES

a

$

1,106,926‌

Total

Investments

99.81%

$

223,838,352‌

Other

Assets

and

Liabilities

-

0.19%

437,104‌

TOTAL

NET

ASSETS

-

100.00%

$

224,275,456‌

(a)

1-day

yield

shown

as

of

period

end.

67

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Active

High

Yield

ETF

For

a

share

outstanding:

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Year

ended

June

30,

2021

Net

asset

value,

beginning

of

period

$

19

.02‌

$

18

.28‌

$

17

.71‌

$

20

.85‌

(a)

$

18

.07‌

(a)

Investment

Operations:

Net

investment

income

(loss)

(b)

1

.39‌

1

.30‌

1

.05‌

0

.90‌

0

.77‌

(a)

Net

realized

and

change

in

unrealized

gain

(loss)

0

.24‌

0

.73‌

0

.70‌

(

2

.90‌

)

2

.82‌

(a)

Total

from

investment

operations

1

.63‌

2

.03‌

1

.75‌

(

2

.00‌

)

3

.59‌

(a)

Dividends

to

Shareholders

from:

Net

investment

income

(

1

.39‌

)

(

1

.29‌

)

(

1

.18‌

)

(

1

.14‌

)

(

0

.81‌

)

(a)

Total

dividends

to

shareholders

(

1

.39‌

)

(

1

.29‌

)

(

1

.18‌

)

(

1

.14‌

)

(

0

.81‌

)

(a)

Net

asset

value,

end

of

period

$

19

.26‌

$

19

.02‌

$

18

.28‌

$

17

.71‌

$

20

.85‌

(a)

Total

return

8

.92‌

%

11

.50‌

%

10

.15‌

%

(

10

.65‌

)

%

20

.25‌

%

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

Ratios/Supplemental

Data:

Net

assets,

end

of  period

(000s)

$

317,720‌

$

212,991‌

$

105,094‌

$

218,775‌

$

232,443‌

Ratio

of

expenses

to

average

net

assets

0

.39‌

%

0

.39‌

%

0

.39‌

%

0

.41‌

%

0

.49‌

%

Ratio

of

net

investment

income

(loss)

to

average

net

assets

7

.27‌

%

6

.99‌

%

5

.84‌

%

4

.46‌

%

3

.90‌

%

Portfolio

turnover

rate

(c)

45

.8‌

%

42

.2‌

%

34

.5‌

%

110

.5‌

%

19

.5‌

%

(a)

Reflects

a

2

to

1

stock

split

effective

after

the

close

of

trading

on

August

30,

2021.

(b)

Calculated

on

average

shares

outstanding

during

the

period.

(c)

Portfolio

turnover

rate

excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

creations

or

redemptions

of

the

Fund’s

Shares,

if

any.

68

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Capital

Appreciation

Select

ETF

For

a

share

outstanding:

Period

ended

June

30,

2025

(a)

Net

asset

value,

beginning

of

period

$

25

.00‌

Investment

Operations:

Net

investment

income

(loss)

(b)

0

.05‌

Net

realized

and

change

in

unrealized

gain

(loss)

1

.77‌

Total

from

investment

operations

1

.82‌

Net

asset

value,

end

of

period

$

26

.82‌

Total

return

7

.26‌

%

(c)

(

1

.00‌

)

%!

Ratios/Supplemental

Data:

Net

assets,

end

of  period

(000s)

$

23,062‌

Ratio

of

expenses

to

average

net

assets

0

.29‌

%

(d)

Ratio

of

net

investment

income

(loss)

to

average

net

assets

0

.78‌

%

(d)

Portfolio

turnover

rate

(e)

14

.7‌

%

(a)

Period

from

March

25,

2025,

date

operations

commenced,

through

June

30,

2025.

(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

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

creations

or

redemptions

of

the

Fund’s

Shares,

if

any.

69

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Focused

Blue

Chip

ETF

For

a

share

outstanding:

Year

ended

June

30,

2025

Period

ended

June

30,

2024

(a)

Net

asset

value,

beginning

of

period

$

32

.12‌

$

25

.00‌

Investment

Operations:

Net

investment

income

(loss)

(b)

0

.00‌

(c)

0

.05‌

Net

realized

and

change

in

unrealized

gain

(loss)

4

.83‌

7

.12‌

Total

from

investment

operations

4

.83‌

7

.17‌

Dividends

to

Shareholders

from:

Net

investment

income

(

0

.01‌

)

(

0

.05‌

)

Net

realized

gains

(

0

.34‌

)

—‌

Total

dividends

to

shareholders

(

0

.35‌

)

(

0

.05‌

)

Net

asset

value,

end

of

period

$

36

.60‌

$

32

.12‌

Total

return

15

.10‌

%

28

.75‌

%

(d)

(

1

.00‌

)

%!

(

1

.00‌

)

%!

Ratios/Supplemental

Data:

Net

assets,

end

of  period

(000s)

$

134,689‌

$

47,544‌

Ratio

of

expenses

to

average

net

assets

0

.58‌

%

0

.58‌

%

(e)

Ratio

of

net

investment

income

(loss)

to

average

net

assets

0

.01‌

%

0

.19‌

%

(e)

Portfolio

turnover

rate

(f)

24

.7‌

%

15

.4‌

%

(a)

Period

from

July

12,

2023,

date

operations

commenced,

through

June

30,

2024.

(b)

Calculated

on

average

shares

outstanding

during

the

period.

(c)

Reflects

an

amount

rounding

to

less

than

+/-

$0.01

per

unit

or

+/-

0.01%.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

on

an

annualized

basis.

(f)

Portfolio

turnover

rate

excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

creations

or

redemptions

of

the

Fund’s

Shares,

if

any.

70

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

International

Equity

ETF

For

a

share

outstanding:

Period

ended

June

30,

2025

(a)

Net

asset

value,

beginning

of

period

$

25

.00‌

Investment

Operations:

Net

investment

income

(loss)

(b)

0

.82‌

Net

realized

and

change

in

unrealized

gain

(loss)

3

.26‌

Total

from

investment

operations

4

.08‌

Dividends

to

Shareholders

from:

Net

investment

income

(

0

.02‌

)

Total

dividends

to

shareholders

(

0

.02‌

)

Net

asset

value,

end

of

period

$

29

.06‌

Total

return

16

.33‌

%

(c)

(

1

.00‌

)

%!

Ratios/Supplemental

Data:

Net

assets,

end

of  period

(000s)

$

770,562‌

Ratio

of

expenses

to

average

net

assets

0

.48‌

%

(d)

Ratio

of

net

investment

income

(loss)

to

average

net

assets

4

.66‌

%

(d)

Portfolio

turnover

rate

(e)

20

.4‌

%

(a)

Period

from

November

5,

2024,

date

operations

commenced,

through

June

30,

2025.

(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

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

creations

or

redemptions

of

the

Fund’s

Shares,

if

any.

71

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Investment

Grade

Corporate

Active

ETF

For

a

share

outstanding:

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Year

ended

June

30,

2021

Net

asset

value,

beginning

of

period

$

20

.41‌

$

20

.51‌

$

21

.84‌

$

26

.74‌

$

26

.67‌

Investment

Operations:

Net

investment

income

(loss)

(a)

1

.06‌

1

.00‌

0

.76‌

0

.65‌

0

.62‌

Net

realized

and

change

in

unrealized

gain

(loss)

0

.32‌

(

0

.12‌

)

(

0

.60‌

)

(

4

.68‌

)

0

.69‌

Total

from

investment

operations

1

.38‌

0

.88‌

0

.16‌

(

4

.03‌

)

1

.31‌

Dividends

to

Shareholders

from:

Net

investment

income

(

1

.06‌

)

(

0

.98‌

)

(

1

.49‌

)

(

0

.80‌

)

(

0

.79‌

)

Net

realized

gains

—‌

—‌

—‌

(

0

.07‌

)

(

0

.45‌

)

Total

dividends

to

shareholders

(

1

.06‌

)

(

0

.98‌

)

(

1

.49‌

)

(

0

.87‌

)

(

1

.24‌

)

Net

asset

value,

end

of

period

$

20

.73‌

$

20

.41‌

$

20

.51‌

$

21

.84‌

$

26

.74‌

Total

return

6

.91‌

%

4

.45‌

%

0

.87‌

%

(

15

.47‌

)

%

4

.90‌

%

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

Ratios/Supplemental

Data:

Net

assets,

end

of  period

(000s)

$

105,725‌

$

80,626‌

$

47,174‌

$

369,026‌

$

481,271‌

Ratio

of

expenses

to

average

net

assets

0

.19‌

%

0

.19‌

%

0

.19‌

%

0

.19‌

%

0

.25‌

%

Ratio

of

net

investment

income

(loss)

to

average

net

assets

5

.13‌

%

4

.93‌

%

3

.52‌

%

2

.58‌

%

2

.30‌

%

Portfolio

turnover

rate

(b)

102

.6‌

%

123

.0‌

%

61

.0‌

%

46

.9‌

%

67

.8‌

%

(a)

Calculated

on

average

shares

outstanding

during

the

period.

(b)

Portfolio

turnover

rate

excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

creations

or

redemptions

of

the

Fund’s

Shares,

if

any.

72

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Quality

ETF

For

a

share

outstanding:

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Year

ended

June

30,

2021

Net

asset

value,

beginning

of

period

$

68

.23‌

$

56

.45‌

$

47

.88‌

$

53

.17‌

$

39

.89‌

Investment

Operations:

Net

investment

income

(loss)

(a)

0

.45‌

0

.54‌

0

.60‌

0

.61‌

0

.57‌

Net

realized

and

change

in

unrealized

gain

(loss)

5

.36‌

11

.77‌

8

.71‌

(

5

.36‌

)

13

.22‌

Total

from

investment

operations

5

.81‌

12

.31‌

9

.31‌

(

4

.75‌

)

13

.79‌

Dividends

to

Shareholders

from:

Net

investment

income

(

0

.46‌

)

(

0

.53‌

)

(

0

.74‌

)

(

0

.54‌

)

(

0

.51‌

)

Total

dividends

to

shareholders

(

0

.46‌

)

(

0

.53‌

)

(

0

.74‌

)

(

0

.54‌

)

(

0

.51‌

)

Net

asset

value,

end

of

period

$

73

.58‌

$

68

.23‌

$

56

.45‌

$

47

.88‌

$

53

.17‌

Total

return

8

.57‌

%

21

.96‌

%

19

.69‌

%

(

9

.07‌

)

%

34

.83‌

%

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

Ratios/Supplemental

Data:

Net

assets,

end

of  period

(000s)

$

54,449‌

$

53,221‌

$

36,696‌

$

45,489‌

$

58,486‌

Ratio

of

expenses

to

average

net

assets

0

.15‌

%

0

.15‌

%

0

.15‌

%

0

.15‌

%

0

.15‌

%

Ratio

of

net

investment

income

(loss)

to

average

net

assets

0

.65‌

%

0

.87‌

%

1

.18‌

%

1

.11‌

%

1

.22‌

%

Portfolio

turnover

rate

(b)

39

.3‌

%

57

.1‌

%

47

.7‌

%

96

.0‌

%

45

.1‌

%

(a)

Calculated

on

average

shares

outstanding

during

the

period.

(b)

Portfolio

turnover

rate

excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

creations

or

redemptions

of

the

Fund’s

Shares,

if

any.

73

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Real

Estate

Active

Opportunities

ETF

For

a

share

outstanding:

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Period

ended

June

30,

2022

(a)

Net

asset

value,

beginning

of

period

$

23

.40‌

$

22

.68‌

$

24

.50‌

$

25

.00‌

Investment

Operations:

Net

investment

income

(loss)

(b)

0

.66‌

0

.59‌

0

.54‌

0

.10‌

Net

realized

and

change

in

unrealized

gain

(loss)

1

.97‌

0

.72‌

(

1

.78‌

)

(

0

.60‌

)

Total

from

investment

operations

2

.63‌

1

.31‌

(

1

.24‌

)

(

0

.50‌

)

Dividends

to

Shareholders

from:

Net

investment

income

(

0

.60‌

)

(

0

.59‌

)

(

0

.48‌

)

—‌

Net

realized

gains

—‌

—‌

(

0

.10‌

)

—‌

Total

dividends

to

shareholders

(

0

.60‌

)

(

0

.59‌

)

(

0

.58‌

)

—‌

Net

asset

value,

end

of

period

$

25

.43‌

$

23

.40‌

$

22

.68‌

$

24

.50‌

Total

return

11

.34‌

%

5

.90‌

%

(

5

.03‌

)

%

(

2

.01‌

)

%

(c)

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

Ratios/Supplemental

Data:

Net

assets,

end

of  period

(000s)

$

15,256‌

$

10,295‌

$

5,443‌

$

5,390‌

Ratio

of

expenses

to

average

net

assets

0

.61‌

%

0

.65‌

%

0

.65‌

%

0

.65‌

%

(d)

Ratio

of

net

investment

income

(loss)

to

average

net

assets

2

.63‌

%

2

.61‌

%

2

.33‌

%

3

.51‌

%

(d)

Portfolio

turnover

rate

(e)

34

.0‌

%

27

.0‌

%

17

.6‌

%

16

.2‌

%

(a)

Period

from

May

18,

2022,

date

operations

commenced,

through

June

30,

2022.

(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

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

creations

or

redemptions

of

the

Fund’s

Shares,

if

any.

74

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Spectrum

Preferred

Securities

Active

ETF

For

a

share

outstanding:

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Year

ended

June

30,

2021

Net

asset

value,

beginning

of

period

$

18

.22‌

$

16

.87‌

$

17

.20‌

$

20

.64‌

$

19

.31‌

(a)

Investment

Operations:

Net

investment

income

(loss)

(b)

0

.87‌

0

.80‌

0

.72‌

0

.64‌

0

.70‌

Net

realized

and

change

in

unrealized

gain

(loss)

0

.70‌

1

.39‌

(

0

.25‌

)

(

3

.27‌

)

1

.86‌

Total

from

investment

operations

1

.57‌

2

.19‌

0

.47‌

(

2

.63‌

)

2

.56‌

Dividends

to

Shareholders

from:

Net

investment

income

(

0

.88‌

)

(

0

.84‌

)

(

0

.80‌

)

(

0

.81‌

)

(

1

.23‌

)

Total

dividends

to

shareholders

(

0

.88‌

)

(

0

.84‌

)

(

0

.80‌

)

(

0

.81‌

)

(

1

.23‌

)

Net

asset

value,

end

of

period

$

18

.91‌

$

18

.22‌

$

16

.87‌

$

17

.20‌

$

20

.64‌

Total

return

8

.77‌

%

13

.40‌

%

2

.68‌

%

(

13

.15‌

)

%

11

.58‌

%

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

Ratios/Supplemental

Data:

Net

assets,

end

of  period

(000s)

$

1,227,155‌

$

904,852‌

$

575,986‌

$

344,957‌

$

363,333‌

Ratio

of

expenses

to

average

net

assets

0

.55‌

%

0

.55‌

%

0

.55‌

%

0

.55‌

%

0

.55‌

%

Ratio

of

net

investment

income

(loss)

to

average

net

assets

4

.66‌

%

4

.60‌

%

4

.21‌

%

3

.24‌

%

3

.43‌

%

Portfolio

turnover

rate

(c)

14

.3‌

%

6

.6‌

%

16

.7‌

%

9

.2‌

%

12

.6‌

%

(a)

Reflects

a

5

to

1

stock

split

effective

after

the

close

of

trading

on

July

22,

2020.

(b)

Calculated

on

average

shares

outstanding

during

the

period.

(c)

Portfolio

turnover

rate

excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

creations

or

redemptions

of

the

Fund’s

Shares,

if

any.

75

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

For

a

share

outstanding:

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Year

ended

June

30,

2021

Net

asset

value,

beginning

of

period

$

18

.64‌

$

17

.46‌

$

18

.34‌

$

21

.57‌

$

19

.95‌

Investment

Operations:

Net

investment

income

(loss)

(a)

0

.93‌

0

.86‌

0

.87‌

0

.84‌

0

.88‌

Net

realized

and

change

in

unrealized

gain

(loss)

0

.60‌

1

.26‌

(

0

.75‌

)

(

2

.98‌

)

1

.76‌

Total

from

investment

operations

1

.53‌

2

.12‌

0

.12‌

(

2

.14‌

)

2

.64‌

Dividends

to

Shareholders

from:

Net

investment

income

(

0

.95‌

)

(

0

.94‌

)

(

1

.00‌

)

(

1

.00‌

)

(

0

.98‌

)

Net

realized

gains

—‌

—‌

—‌

(

0

.09‌

)

(

0

.04‌

)

Total

dividends

to

shareholders

(

0

.95‌

)

(

0

.94‌

)

(

1

.00‌

)

(

1

.09‌

)

(

1

.02‌

)

Net

asset

value,

end

of

period

$

19

.22‌

$

18

.64‌

$

17

.46‌

$

18

.34‌

$

21

.57‌

Total

return

8

.42‌

%

12

.52‌

%

0

.65‌

%

(

10

.38‌

)

%

13

.42‌

%

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

Ratios/Supplemental

Data:

Net

assets,

end

of  period

(000s)

$

57,664‌

$

24,231‌

$

20,081‌

$

21,088‌

$

22,647‌

Ratio

of

expenses

to

average

net

assets

0

.60‌

%

0

.60‌

%

0

.60‌

%

0

.60‌

%

0

.60‌

%

Ratio

of

net

investment

income

(loss)

to

average

net

assets

4

.91‌

%

4

.80‌

%

4

.81‌

%

4

.09‌

%

4

.15‌

%

Portfolio

turnover

rate

(b)

17

.6‌

%

16

.3‌

%

12

.8‌

%

6

.7‌

%

15

.5‌

%

(a)

Calculated

on

average

shares

outstanding

during

the

period.

(b)

Portfolio

turnover

rate

excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

creations

or

redemptions

of

the

Fund’s

Shares,

if

any.

76

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

U.S.

Mega-Cap

ETF

For

a

share

outstanding:

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Year

ended

June

30,

2021

Net

asset

value,

beginning

of

period

$

54

.12‌

$

43

.70‌

$

36

.61‌

$

39

.68‌

$

30

.04‌

Investment

Operations:

Net

investment

income

(loss)

(a)

0

.60‌

0

.66‌

0

.59‌

0

.68‌

0

.59‌

Net

realized

and

change

in

unrealized

gain

(loss)

8

.41‌

10

.39‌

7

.13‌

(

3

.05‌

)

9

.60‌

Total

from

investment

operations

9

.01‌

11

.05‌

7

.72‌

(

2

.37‌

)

10

.19‌

Dividends

to

Shareholders

from:

Net

investment

income

(

0

.60‌

)

(

0

.63‌

)

(

0

.63‌

)

(

0

.70‌

)

(

0

.55‌

)

Total

dividends

to

shareholders

(

0

.60‌

)

(

0

.63‌

)

(

0

.63‌

)

(

0

.70‌

)

(

0

.55‌

)

Net

asset

value,

end

of

period

$

62

.53‌

$

54

.12‌

$

43

.70‌

$

36

.61‌

$

39

.68‌

Total

return

16

.77‌

%

25

.59‌

%

21

.39‌

%

(

6

.18‌

)

%

34

.25‌

%

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

Ratios/Supplemental

Data:

Net

assets,

end

of  period

(000s)

$

3,260,102‌

$

2,440,700‌

$

1,463,854‌

$

1,367,427‌

$

1,958,064‌

Ratio

of

expenses

to

average

net

assets

(b)

0

.12‌

%

0

.12‌

%

0

.12‌

%

0

.12‌

%

0

.12‌

%

Ratio

of

gross

expenses

to

average

net

assets

0

.15‌

%

0

.15‌

%

0

.15‌

%

0

.15‌

%

0

.15‌

%

Ratio

of

net

investment

income

(loss)

to

average

net

assets

1

.03‌

%

1

.38‌

%

1

.53‌

%

1

.65‌

%

1

.67‌

%

Portfolio

turnover

rate

(c)

54

.5‌

%

0

.5‌

%

28

.8‌

%

41

.1‌

%

42

.9‌

%

(a)

Calculated

on

average

shares

outstanding

during

the

period.

(b)

Includes

reimbursement

from

Advisor.

(c)

Portfolio

turnover

rate

excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

creations

or

redemptions

of

the

Fund’s

Shares,

if

any.

77

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

U.S.

Small-Cap

ETF

For

a

share

outstanding:

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Year

ended

June

30,

2021

Net

asset

value,

beginning

of

period

$

48

.17‌

$

42

.38‌

$

38

.04‌

$

46

.92‌

$

27

.36‌

Investment

Operations:

Net

investment

income

(loss)

(a)

0

.41‌

0

.45‌

0

.56‌

0

.62‌

0

.54‌

Net

realized

and

change

in

unrealized

gain

(loss)

5

.05‌

5

.75‌

4

.53‌

(

8

.90‌

)

19

.51‌

Total

from

investment

operations

5

.46‌

6

.20‌

5

.09‌

(

8

.28‌

)

20

.05‌

Dividends

to

Shareholders

from:

Net

investment

income

(

0

.40‌

)

(

0

.41‌

)

(

0

.75‌

)

(

0

.60‌

)

(

0

.49‌

)

Total

dividends

to

shareholders

(

0

.40‌

)

(

0

.41‌

)

(

0

.75‌

)

(

0

.60‌

)

(

0

.49‌

)

Net

asset

value,

end

of

period

$

53

.23‌

$

48

.17‌

$

42

.38‌

$

38

.04‌

$

46

.92‌

Total

return

11

.41‌

%

14

.74‌

%

13

.59‌

%

(

17

.88‌

)

%

74

.05‌

%

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

Ratios/Supplemental

Data:

Net

assets,

end

of  period

(000s)

$

752,650‌

$

582,828‌

$

201,291‌

$

616,265‌

$

1,628,003‌

Ratio

of

expenses

to

average

net

assets

0

.38‌

%

0

.38‌

%

0

.38‌

%

0

.38‌

%

0

.38‌

%

Ratio

of

net

investment

income

(loss)

to

average

net

assets

0

.81‌

%

0

.99‌

%

1

.39‌

%

1

.37‌

%

1

.39‌

%

Portfolio

turnover

rate

(b)

80

.3‌

%

58

.0‌

%

74

.1‌

%

70

.6‌

%

93

.1‌

%

(a)

Calculated

on

average

shares

outstanding

during

the

period.

(b)

Portfolio

turnover

rate

excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

creations

or

redemptions

of

the

Fund’s

Shares,

if

any.

78

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Value

ETF

For

a

share

outstanding:

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Year

ended

June

30,

2021

Net

asset

value,

beginning

of

period

$

45

.96‌

$

41

.49‌

$

38

.90‌

$

42

.38‌

$

27

.75‌

Investment

Operations:

Net

investment

income

(loss)

(a)

1

.15‌

1

.12‌

0

.93‌

1

.63‌

1

.16‌

Net

realized

and

change

in

unrealized

gain

(loss)

3

.39‌

4

.51‌

3

.04‌

(

3

.89‌

)

14

.52‌

Total

from

investment

operations

4

.54‌

5

.63‌

3

.97‌

(

2

.26‌

)

15

.68‌

Dividends

to

Shareholders

from:

Net

investment

income

(

0

.99‌

)

(

1

.16‌

)

(

1

.38‌

)

(

1

.22‌

)

(

1

.05‌

)

Total

dividends

to

shareholders

(

0

.99‌

)

(

1

.16‌

)

(

1

.38‌

)

(

1

.22‌

)

(

1

.05‌

)

Net

asset

value,

end

of

period

$

49

.51‌

$

45

.96‌

$

41

.49‌

$

38

.90‌

$

42

.38‌

Total

return

9

.95‌

%

13

.92‌

%

10

.45‌

%

(

5

.58‌

)

%

57

.97‌

%

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

(

1

.00‌

)

%!

Ratios/Supplemental

Data:

Net

assets,

end

of  period

(000s)

$

224,275‌

$

68,486‌

$

37,340‌

$

215,875‌

$

44,498‌

Ratio

of

expenses

to

average

net

assets

0

.15‌

%

0

.15‌

%

0

.15‌

%

0

.15‌

%

0

.15‌

%

Ratio

of

net

investment

income

(loss)

to

average

net

assets

2

.38‌

%

2

.61‌

%

2

.31‌

%

3

.83‌

%

3

.31‌

%

Portfolio

turnover

rate

(b)

91

.0‌

%

49

.8‌

%

1

.8‌

%

298

.2‌

%

44

.8‌

%

(a)

Calculated

on

average

shares

outstanding

during

the

period.

(b)

Portfolio

turnover

rate

excludes

the

value

of

portfolio

securities

received

or

delivered

as

a

result

of

in-kind

creations

or

redemptions

of

the

Fund’s

Shares,

if

any.

79

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

High

Yield

ETF,

Principal

Capital

Appreciation

Select

ETF,

Principal

Focused

Blue

Chip

ETF,

Principal

International

Equity

ETF,

Principal

Investment

Grade

Corporate

Active

ETF,

Principal

Quality

ETF,

Principal

Real

Estate

Active

Opportunities

ETF,

Principal

Spectrum

Preferred

Securities

Active

ETF,

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF,

Principal

U.S.

Mega-Cap

ETF,

Principal

U.S.

Small-Cap

ETF,

and

Principal

Value

ETF,

(collectively

referred

to

as

the

“Funds”)),

including

the

schedules

of

investments,

as

of

June

30,

2025,

and

the

related

statements

of

operations

and

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

Principal

Exchange-Traded

Funds

at

June

30,

2025,

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.

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

Company

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.

Funds

comprising

the

Trust

Statements

of

operations

Statements

of

changes

in

net

assets

Financial

highlights

Principal

Active

High

Yield

ETF

Principal

Investment

Grade

Corporate

Active

ETF

Principal

Quality

ETF

Principal

Spectrum

Preferred

Securities

Active

ETF

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

Principal

U.S.

Mega-Cap

ETF

Principal

U.S.

Small-Cap

ETF

Principal

Value

ETF

For

the

year

ended

June

30,

2025

For

each

of

the

two

years

in

the

period

ended

June

30,

2025

For

each

of

the

five

years

in

the

period

ended

June

30,

2025

Principal

Real

Estate

Active

Opportunities

ETF

For

the

year

ended

June

30,

2025

For

each

of

the

two

years

in

the

period

ended

June

30,

2025

For

each

of

the

three

years

in

the

period

ended

June

30,

2025

and

the

period

from

May

18,

2022,

date

operations

commenced,

through

June

30,

2022

Principal

Focused

Blue

Chip

ETF

For

the

year

ended

June

30,

2025

For

the

year

ended

June

30,

2025

and

the

period

from

July

12,

2023,

date

operations

commenced,

through

June

30,

2024

Principal

Capital

Appreciation

Select

ETF

For

the

period

from

March

25,

2025,

date

operations

commenced,

through

June

30,

2025

Principal

International

Equity

ETF

For

the

period

from

November

5,

2024,

date

operations

commenced,

through

June

30,

2025

80

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,

2025,

by

correspondence

with

the

custodian,

brokers,

and

agent

banks;

when

replies

were

not

received

from

brokers

and

agent

banks,

we

performed

other

auditing

procedures.

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

22,

2025

81

Federal

Income

Tax

Information

Principal

Exchange-Traded

Funds

June

30,

2025

(unaudited)

Long-Term

Capital

Gain

Dividends.

Certain

funds

distributed

long-term

capital

gain

dividends

during

the

fiscal

year

ended

June

30,

2025.

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.

Foreign

Taxes

Paid.

The

following

funds

elect

under

the

Internal

Revenue

Code

Section

(“IRC”)

853

to

pass

through

foreign

taxes

paid

to

their

shareholders.

The

funds

designated

the

following

for

federal

income

tax

purposes

for

distributions

made

during

the

fiscal

year

ended

June

30,

2025:

Dividends

Received

Deduction

(“DRD”).

For

corporate

shareholders,

the

funds

designate

the

following

as

a

percentage

of

taxable

ordinary

income

distributions*

or

up

to

the

maximum

amount

allowable,

as

DRD

eligible

for

the

calendar

year

ended

December

31,

2024:

*

For

purposes

of

calculating

DRD,

“ordinary

income

distributions”

includes

ordinary

dividend

income

distribution,

short-term

capital

gains

distribution,

and

the

foreign

tax

paid.

Qualified

Dividend

Income

(“QDI”).

Certain

dividends

paid

by

the

funds

may

be

subject

to

a

maximum

tax

rate

of

20%.

The

funds

designate

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

QDI

eligible

for

the

calendar

year

ended

December

31,

2024:

Foreign

Taxes

Per

Share

Foreign

Source

Income

Principal

International

Equity

ETF

0.034352‌

97.69‌

%

DRD

Principal

Active

High

Yield

ETF

1

.69‌

%

Principal

Capital

Appreciation

Select

ETF

N/A‌

Principal

Focused

Blue

Chip

ETF

70

.88‌

Principal

International

Equity

ETF

0

.00‌

Principal

Investment

Grade

Corporate

Active

ETF

0

.00‌

Principal

Quality

ETF

100

.00‌

Principal

Real

Estate

Active

Opportunities

ETF

2

.14‌

Principal

Spectrum

Preferred

Securities

Active

ETF

59

.94‌

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

65

.96‌

Principal

U.S.

Mega-Cap

ETF

100

.00‌

Principal

U.S.

Small-Cap

ETF

100

.00‌

Principal

Value

ETF

87

.70‌

QDI

Principal

Active

High

Yield

ETF

3

.23‌

%

Principal

Capital

Appreciation

Select

ETF

N/A‌

Principal

Focused

Blue

Chip

ETF

67

.83‌

Principal

International

Equity

ETF

89

.57‌

Principal

Investment

Grade

Corporate

Active

ETF

0

.00‌

Principal

Quality

ETF

100

.00‌

Principal

Real

Estate

Active

Opportunities

ETF

3

.55‌

Principal

Spectrum

Preferred

Securities

Active

ETF

62

.81‌

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

100

.00‌

Principal

U.S.

Mega-Cap

ETF

100

.00‌

Principal

U.S.

Small-Cap

ETF

100

.00‌

Principal

Value

ETF

92

.63‌

82

Federal

Income

Tax

Information

Principal

Exchange-Traded

Funds

June

30,

2025

(unaudited)

Section

163(j)

Interest

Dividends.

The

funds

below

intend

to

pass

through

Section

163(j)

Interest

Dividends

as

defined

in

Proposed

Treasury

Regulation

§1.163(j)-1(b).

The

funds

designate

the

following

as

a

percentage

of

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

if

any),

or

up

to

the

maximum

amount

allowable,

as

163(j)

eligible

for

the

calendar

year

ended

December

31,

2024:

In

early

2025,

if

applicable,

shareholders

of

record

received

the

above

information

on

DRD,

QDI,

and

Section

163(j)

for

the

distribution

paid

to

them

by

the

funds

during

the

calendar

year

2024

via

Form

1099.

The

funds

will

notify

shareholders

in

early

2026

of

amounts

paid

to

them

by

the

funds,

if

any,

during

the

calendar

year

2025.

This

information

is

given

to

meet

certain

requirements

of

the

Internal

Revenue

Code

and

should

not

be

used

by

shareholders

for

preparing

their

income

tax

returns.

For

tax

return

preparation

purposes,

please

refer

to

the

information

supplied

with

the

1099-DIV

form

you

will

receive

from

the

fund’s

transfer

agent.

The

latest

tax

reporting

supplement

is

available

on

Principal’s

Tax

Center

website.

Website:

https:

//w

ww

.principalfunds.com/individual-investor/

customer-support/tax-center

Please

consult

your

tax

advisor

if

you

have

any

questions.

163(j)

Interest

Dividends

Principal

Active

High

Yield

ETF

93

.37‌

%

Principal

Capital

Appreciation

Select

ETF

N/A‌

Principal

Focused

Blue

Chip

ETF

0

.00‌

Principal

International

Equity

ETF

0

.24‌

Principal

Investment

Grade

Corporate

Active

ETF

98

.81‌

Principal

Quality

ETF

0

.00‌

Principal

Real

Estate

Active

Opportunities

ETF

0

.00‌

Principal

Spectrum

Preferred

Securities

Active

ETF

40

.44‌

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

9

.12‌

Principal

U.S.

Mega-Cap

ETF

0

.00‌

Principal

U.S.

Small-Cap

ETF

0

.00‌

Principal

Value

ETF

0

.00‌

83

Changes

in

and

Disagreements

with

Accountants

(N-CSR

Item

8)

Principal

Exchange-Traded

Funds

June

30,

2025

During

the

two

most

recent

fiscal

years

or

any

subsequent

interim

period,

there

have

been

no

changes

in

or

disagreements

with

Accountants.

84

Proxy

Disclosures

(N-CSR

Item

9)

Principal

Exchange-Traded

Funds

June

30,

2025

During

the

period

covered

by

this

report,

the

following

were

matters

submitted

through

the

solicitation

of

proxies

or

otherwise.

Approval

to

change

the

sub-classification

under

the

Investment

Company

Act

of

1940,

as

amended,

from

“diversified”

to

“non-diversified”

and

to

change

the

related

fundamental

investment

restriction

on

Principal

U.S.

Mega-Cap

ETF.

Shares

Voted

For

34,149,902.279

Against

25,083.339

Abstained/Withheld

38,500.893

85

Remuneration

Paid

to

Directors,

Officers

and

Others

(N-CSR

Item

10)

Principal

Exchange-Traded

Funds

June

30,

2025

The

Principal

Exchange-Traded

Funds

(the

“Funds”)

do

not

pay

any

remuneration

to

its

officers

or

to

any

Board

Members

who

serve

as

Interested

Board

Members.

The

Board

annually

considers

a

proposal

to

reimburse

the

Manager

for

certain

expenses,

including

a

portion

of

the

Chief

Compliance

Officer’s

compensation.

If

the

proposal

is

adopted,

these

amounts

are

allocated

across

all

Funds

based

on

relative

net

assets

of

each

portfolio.

Trustee

expenses

and

Chief

Compliance

Officer’s

compensation

are

included

in

the

financial

statements

as

a

part

of

the

unitary

fee

structure.

86

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contracts

(N-CSR

Item

11)

Principal

Exchange-Traded

Funds

June

30,

2025

BOARD

CONSIDERATION

OF

INVESTMENT

ADVISORY

CONTRACTS

During

the

period

covered

by

this

report,

the

Board

of

Trustees

of

Principal

Exchange-Traded

Funds

(“PETF”)

approved

an

amended

management

agreement

between

PFI

and

Principal

Global

Investors,

LLC

(“PGI”

or

the

“Manager”)

with

respect

to

the

addition

of

the

Principal

Capital

Appreciation

Select

ETF

(the

“Fund”).

Approval

of

Management

Agreement

for

PETF

Principal

Capital

Appreciation

Select

ETF

On

December

10,

2024,

the

Board

met

to

consider

for

the

newly

established

Principal

Capital

Appreciation

Select

ETF

(the

“Fund”)

the

approval

of

a

management

agreement

(the

“Management

Agreement”)

between

PETF,

on

behalf

of

the

Fund,

and

PGI.

With

respect

to

the

Management

Agreement,

the

Board

considered,

among

other

factors,

that

the

Manager

serves

as

the

investment

advisor

to

the

existing

series

of

PETF,

that

the

Manager

has

had

a

long-term

relationship

with

PETF,

Principal

Variable

Contracts,

Inc.

and

Principal

Funds,

Inc.

(collectively

the

“Principal

Funds”),

all

of

which

are

also

overseen

by

the

Board;

and

that

the

Manager

has

demonstrated

a

long-term

commitment

to

support

the

Principal

Funds.

The

Board

concluded

that

a

long-term

relationship

with

a

capable

and

conscientious

advisor

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

Management

Agreement.

Nature,

Quality

and

Extent

of

Services

.

The

Board

considered

the

nature,

quality

and

extent

of

the

services

provided

under

the

Management

Agreement,

including

administrative

services.

The

Board

noted

that,

in

connection

with

the

2024

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

Principal

Funds

under

their

respective

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

for

the

other

Principal

Funds;

and

(3)

considered

the

compliance

program

established

by

the

Manager

for

the

Principal

Funds

and

their

respective

series,

as

applicable,

the

quality

of

that

program

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.

Because

the

Fund

is

a

newly

created

series,

the

Board

did

not

review

the

performance

of

the

Fund

as

no

track

record

was

available.

Fees,

Economies

of

Scale

and

Profitability

.

The

Board

considered

the

proposed

management

fee

rate

for

the

Fund.

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

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

comparing

the

proposed

management

fee

rate

for

the

Fund

to

the

advisory

fee

rates

of

funds

in

a

peer

group

selected

by

Broadridge.

The

Board

noted

the

Manager’s

statement

that

the

Fund’s

proposed

management

fee

rate

was

competitive.

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

did

not

include

breakpoints,

the

management

fee

schedule

is

appropriate

at

the

currently

anticipated

asset

levels.

In

addition,

in

evaluating

the

proposed

management

fee

rate,

the

Board

considered

the

Manager’s

statement

regarding

the

forecasted

time

and

asset

thresholds

for

the

Fund

to

achieve

scale

and

break

even

based

on

the

Manager’s

sales

projections.

The

Board

concluded

that

the

proposed

management

fee

rate

was

reasonable

based

upon

the

provided

information.

Other

Benefits.

The

Board

also

considered

the

character

and

amount

of

other

incidental

benefits

received

by

the

Manager.

The

Board

noted

the

Manager’s

statement

that

it

does

not

intend

to

use

soft

dollars

and

that

there

would

be

no

other

known

fall-out

benefits

to

the

Manager

in

connection

with

its

management

of

the

Fund.

Overall

Conclusions.

Based

upon

all

of

the

information

considered

and

the

conclusions

reached,

the

Board

determined

that

the

terms

of

the

Management

Agreement,

including

the

fee

rate

payable

thereunder,

are

fair

and

reasonable

and

that

approval

of

the

Management

Agreement

is

in

the

best

interests

of

the

Fund.

Principal

Financial

Group

®

,

Des

Moines,

Iowa

50392-0001,

www.PrincipalAM.com

ALPS

Distributors,

Inc.

is

the

distributor

of

the

Principal

ETFs.

ALPS

Distributors,

Inc.

and

the

Principal

Funds

are

not

affiliated.

Principal

®

,

Principal

Financial

Group

®

,

and

Principal

and

the

logomark

design

are

registered

trademarks

of

Principal

Financial

Services,

Inc.,

a

Principal

Financial

Group

company,

in

the

United

States

and

are

trademarks

and

services

marks

of

Principal

Financial

Services,

Inc.,

in

various

countries

around

the

world.

©

2025

Principal

Financial

Group

Services,

Inc.

|

ETF4AR-10

|

6/2025

|

4610870

ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

There were no changes or disagreements with Accountants. Changes in and disagreements with Accountants would be included as part of the Financial Statements filed under Item 7 of this form.

ITEM 9 – PROXY DISCLOSURES FOR OPEN-END MANAGEMENT COMPANIES

Proxy Disclosures are included as part of the Financial Statements filed under Item 7 of this form.

ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

Remuneration paid to Directors, Officers, and Others of Open-End Management Investment Companies is included as part of the Financial Statements filed under Item 7 of this form.

ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

Statement Regarding Basis for Approval of Investment Advisory Contracts is included as part of the Financial Statements filed under Item 7 of this form.

ITEM 12 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 14 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 15 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

ITEM 16 – 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 18 – RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

(a) Not applicable.

(b) Not applicable.

ITEM 19 – 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 of 1940 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 of 1940 is attached hereto as Exhibit 99.906CERT. 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Principal Exchange-Traded Funds

By	/s/ Kamal Bhatia
	Kamal Bhatia, Director, President, and Chief Executive Officer (Principal Executive Officer)
Date	8/12/2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Kamal Bhatia
	Kamal Bhatia, Director, President, and Chief Executive Officer (Principal Executive Officer)
Date	8/12/2025
By	/s/ Michael Scholten
	Michael Scholten, Chief Financial Officer (Principal Financial Officer)
Date	8/12/2025