DWWN
Prospectus
Principal Long Duration ETF
Prospectus
Highlights

An active, outcome-oriented strategy built for falling interest rate environments

  • A dynamic approach, primarily investing in U.S. Treasury securities, including STRIPS
  • Designed to capitalize on sustained downward movements in U.S. interest rates
  • An experienced team leveraging a global platform that has offered long duration solutions since 2005
Fund details as of 06/11/2026 unless indicated otherwise
Fund ticker
DWWN
Benchmark
Bloomberg U.S. Strips 20+ Year Index
NAV
$26.13
NAV change
$0.52
Premium/Discount to NAV
0.27%
Median bid ask spread as of 06/11/2026
0.19%
Price
$26.20
Price change
$0.43
Daily volume
—
Total fund assets Total Fund Assets as of 06/11/2026
$10.4M
Shares outstanding
400,001
Dividend frequency
Monthly
Inception date
05/21/2026
Morningstar category
Long Government
Investment approach The investment seeks to provide current income, as a secondary objective, capital appreciation during periods of falling U.S. interest rates. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in Separate Trading of Registered Interest and Principal of Securities ("STRIPS").
Performance & expenses
Annual returns Calendar year Expenses
As of 05/31/2026
Month end Quarter end
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Net asset value (NAV) return — — — — — — — 3.19% —
Market price return — — — — — — — — —
Benchmark performance — — — — — — — — —
Morningstar category average
Long Government
 0.24% -4.25% -0.41% 3.62% -1.06% -5.37% -1.13% — —
Morningstar percentile rankings Morningstar percentile rankings are based on total returns — — — — — — — — —
# of funds in category 62 — — — — — — — —
Morningstar rating

Morningstar ratings are based on risk-adjusted returns.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar ratings do not reflect the inclusion of sales charges. If sales charges were reflected, ratings could be lower.
— — — — — — — — —
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns shown for periods of less than one year are not annualized. Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index. The market price used to disclose the daily price and calculate daily premiums and discounts is the official closing price of the Fund, or if it more accurately reflects the market value of the Fund share at the time as of which the Fund’s NAV is calculated, the price that is the midpoint between the national best bid and national best offer as of that time. For the purpose of calculating Market Price Return, a market price prior to 02/01/2021 is defined as the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated, while a market price on or after 02/01/2021 is defined as the official close price as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Net asset value (NAV) return — — — — — — — — —
Market price return — — — — — — — — —
Benchmark performance — — — — — — — — —
Morningstar category average
Long Government
 -0.90% 4.55% 4.55% 1.06% -7.91% -7.88% -0.93% — —
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns shown for periods of less than one year are not annualized. Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index. The market price used to disclose the daily price and calculate daily premiums and discounts is the official closing price of the Fund, or if it more accurately reflects the market value of the Fund share at the time as of which the Fund’s NAV is calculated, the price that is the midpoint between the national best bid and national best offer as of that time. For the purpose of calculating Market Price Return, a market price prior to 02/01/2021 is defined as the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated, while a market price on or after 02/01/2021 is defined as the official close price as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.
Performance and Expenses Data Table
Data 2025 2024 2023 2022 2021
Net asset value (NAV) return — — — — —
Market price return — — — — —
Morningstar category average
Long Government
 1.06% -6.55% 2.79% -29.97% —
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
Expense ratio gross As of current prospectus date
0.19%
Expense ratio net As of current prospectus date
0.19%
Expense limit expiration date
—
In situations where the net and gross fund expense figures are different, the investment manager has contractually agreed to limit the investment option's expense. Differences may also be shown due to the investment manager choosing to pay certain expenses that would normally be payable by the fund. The gross fund expense figure does not reflect any waivers or caps on the mutual fund. Performance shown reflects the application of net expenses of the fund.
Holdings
Top 10 as of 06/12/2026
% of Assets % of Assets
% of Assets
1 STRIP PRINC 02/52 0.00000
3.49%
2 STRIP PRINC 05/53 0.00000
3.31%
3 STRIP PRINC 05/51 0.00000
3.18%
4 STRIP PRINC 02/51 0.00000
3.09%
5 STRIP PRINC 02/53 0.00000
3.03%
6 STRIP PRINC 08/54 0.00000
3.00%
7 STRIP PRINC 02/54 0.00000
2.96%
8 STRIP PRINC 05/49 0.00000
2.96%
9 STRIP PRINC 08/51 0.00000
2.95%
10 STRIP PRINC 02/49 0.00000
2.90%
Portfolio Holdings
Basket
The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
May not reflect current holdings or allocations.
Includes, but is not limited to, unsettled activity from creation/redemption transactions and portfolio security trades and accrued interest.
Portfolio characteristics
Analysis
Average effective maturity as of 05/31/2026
24.99
# of holdings as of 05/31/2026
58
Average yield to maturity as of 05/31/2026
5.16%
Weighted avg duration as of 05/31/2026
24.37
Weighted avg life to worst as of 05/31/2026
24.99
Yield to worst The lowest potential yield that can be received on a bond without the issuer defaulting. The yield to worst is calculated by making worst-case scenario assumptions on the issue by calculating the returns that would be received if provisions, including prepayment, call or sinking fund, are used by the issuer. as of 05/31/2026
5.16%
May not reflect current holdings or allocations.
Portfolio management
Jeffrey Callahan
Jeff Callahan, CFA
Portfolio Manager
20 years of experience
Zachary Gassman
Zach Gassmann, CFA
Portfolio Manager
21 years of experience

No information
Literature
Investment materials Enhanced fact sheet
Prospectus, Annual report, Semi-annual report and Statement of additional information
Basket
Portfolio holdings Portfolio holdings
Principal Funds are distributed by Principal Funds Distributor, Inc. ALPS Distributors, Inc. is the distributor of the Principal ETFs. ALPS Distributors, Inc. and the Principal Funds are not affiliated.
Investing in derivatives entails specific risks relating to liquidity, leverage, and credit, which may reduce returns and/or increase volatility.
Asset allocation and diversification do not ensure a profit or protect against a loss. Investing in ETFs involves risk, including possible loss of principal. ETFs are subject to risk similar to those of stocks, including those regarding short-selling and margin account maintenance. Investor shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Ordinary brokerage commissions apply.
Funds with longer average portfolio durations are more sensitive to changes in interest rates and may be more volatile than those with shorter durations.
Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise.
The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
Morningstar percentile rankings are based on total returns and do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.
Performance assumes reinvestment of all dividends and capital gains.
Includes, but is not limited to, unsettled activity from creation/redemption transactions and portfolio security trades and accrued interest.
To obtain a prospectus, download prospectus online or call Customer Service at 1-800-222-5852 . Carefully consider a fund’s objectives, risks, charges, and expenses. The prospectus, or summary prospectus if available, contains this and other information. Please read it carefully before investing.
© 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please refer to the Morningstar shareholder disclosures .
The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
The Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts.
The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating.
Overview
Highlights

An active, outcome-oriented strategy built for falling interest rate environments

  • A dynamic approach, primarily investing in U.S. Treasury securities, including STRIPS
  • Designed to capitalize on sustained downward movements in U.S. interest rates
  • An experienced team leveraging a global platform that has offered long duration solutions since 2005
Fund details as of 06/11/2026 unless indicated otherwise
Fund ticker
DWWN
Benchmark
Bloomberg U.S. Strips 20+ Year Index
NAV
$26.13
NAV change
$0.52
Premium/Discount to NAV
0.27%
Median bid ask spread as of 06/11/2026
0.19%
Price
$26.20
Price change
$0.43
Daily volume
—
Total fund assets Total Fund Assets as of 06/11/2026
$10.4M
Shares outstanding
400,001
Dividend frequency
Monthly
Inception date
05/21/2026
Morningstar category
Long Government
Investment approach The investment seeks to provide current income, as a secondary objective, capital appreciation during periods of falling U.S. interest rates. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in Separate Trading of Registered Interest and Principal of Securities ("STRIPS").
Performance & expenses
Annual returns Calendar year Expenses
As of 05/31/2026
Month end Quarter end
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Net asset value (NAV) return — — — — — — — 3.19% —
Market price return — — — — — — — — —
Benchmark performance — — — — — — — — —
Morningstar category average
Long Government
 0.24% -4.25% -0.41% 3.62% -1.06% -5.37% -1.13% — —
Morningstar percentile rankings Morningstar percentile rankings are based on total returns — — — — — — — — —
# of funds in category 62 — — — — — — — —
Morningstar rating

Morningstar ratings are based on risk-adjusted returns.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar ratings do not reflect the inclusion of sales charges. If sales charges were reflected, ratings could be lower.
— — — — — — — — —
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns shown for periods of less than one year are not annualized. Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index. The market price used to disclose the daily price and calculate daily premiums and discounts is the official closing price of the Fund, or if it more accurately reflects the market value of the Fund share at the time as of which the Fund’s NAV is calculated, the price that is the midpoint between the national best bid and national best offer as of that time. For the purpose of calculating Market Price Return, a market price prior to 02/01/2021 is defined as the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated, while a market price on or after 02/01/2021 is defined as the official close price as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.
Performance and Expenses Data Table
Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
Net asset value (NAV) return — — — — — — — — —
Market price return — — — — — — — — —
Benchmark performance — — — — — — — — —
Morningstar category average
Long Government
 -0.90% 4.55% 4.55% 1.06% -7.91% -7.88% -0.93% — —
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns shown for periods of less than one year are not annualized. Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index. The market price used to disclose the daily price and calculate daily premiums and discounts is the official closing price of the Fund, or if it more accurately reflects the market value of the Fund share at the time as of which the Fund’s NAV is calculated, the price that is the midpoint between the national best bid and national best offer as of that time. For the purpose of calculating Market Price Return, a market price prior to 02/01/2021 is defined as the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated, while a market price on or after 02/01/2021 is defined as the official close price as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.
Performance and Expenses Data Table
Data 2025 2024 2023 2022 2021
Net asset value (NAV) return — — — — —
Market price return — — — — —
Morningstar category average
Long Government
 1.06% -6.55% 2.79% -29.97% —
Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
Expense ratio gross As of current prospectus date
0.19%
Expense ratio net As of current prospectus date
0.19%
Expense limit expiration date
—
In situations where the net and gross fund expense figures are different, the investment manager has contractually agreed to limit the investment option's expense. Differences may also be shown due to the investment manager choosing to pay certain expenses that would normally be payable by the fund. The gross fund expense figure does not reflect any waivers or caps on the mutual fund. Performance shown reflects the application of net expenses of the fund.
Holdings
Top 10 as of 06/12/2026
% of Assets % of Assets
% of Assets
1 STRIP PRINC 02/52 0.00000
3.49%
2 STRIP PRINC 05/53 0.00000
3.31%
3 STRIP PRINC 05/51 0.00000
3.18%
4 STRIP PRINC 02/51 0.00000
3.09%
5 STRIP PRINC 02/53 0.00000
3.03%
6 STRIP PRINC 08/54 0.00000
3.00%
7 STRIP PRINC 02/54 0.00000
2.96%
8 STRIP PRINC 05/49 0.00000
2.96%
9 STRIP PRINC 08/51 0.00000
2.95%
10 STRIP PRINC 02/49 0.00000
2.90%
Portfolio Holdings
Basket
The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
May not reflect current holdings or allocations.
Includes, but is not limited to, unsettled activity from creation/redemption transactions and portfolio security trades and accrued interest.
Portfolio characteristics
Analysis
Average effective maturity as of 05/31/2026
24.99
# of holdings as of 05/31/2026
58
Average yield to maturity as of 05/31/2026
5.16%
Weighted avg duration as of 05/31/2026
24.37
Weighted avg life to worst as of 05/31/2026
24.99
Yield to worst The lowest potential yield that can be received on a bond without the issuer defaulting. The yield to worst is calculated by making worst-case scenario assumptions on the issue by calculating the returns that would be received if provisions, including prepayment, call or sinking fund, are used by the issuer. as of 05/31/2026
5.16%
May not reflect current holdings or allocations.
Portfolio management
Jeffrey Callahan
Jeff Callahan, CFA
Portfolio Manager
20 years of experience
Zachary Gassman
Zach Gassmann, CFA
Portfolio Manager
21 years of experience

No information
Literature
Investment materials Enhanced fact sheet
Prospectus, Annual report, Semi-annual report and Statement of additional information
Basket
Portfolio holdings Portfolio holdings
Principal Funds are distributed by Principal Funds Distributor, Inc. ALPS Distributors, Inc. is the distributor of the Principal ETFs. ALPS Distributors, Inc. and the Principal Funds are not affiliated.
Investing in derivatives entails specific risks relating to liquidity, leverage, and credit, which may reduce returns and/or increase volatility.
Asset allocation and diversification do not ensure a profit or protect against a loss. Investing in ETFs involves risk, including possible loss of principal. ETFs are subject to risk similar to those of stocks, including those regarding short-selling and margin account maintenance. Investor shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Ordinary brokerage commissions apply.
Funds with longer average portfolio durations are more sensitive to changes in interest rates and may be more volatile than those with shorter durations.
Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise.
The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
Morningstar percentile rankings are based on total returns and do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.
Performance assumes reinvestment of all dividends and capital gains.
Includes, but is not limited to, unsettled activity from creation/redemption transactions and portfolio security trades and accrued interest.
To obtain a prospectus, download prospectus online or call Customer Service at 1-800-222-5852 . Carefully consider a fund’s objectives, risks, charges, and expenses. The prospectus, or summary prospectus if available, contains this and other information. Please read it carefully before investing.
© 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please refer to the Morningstar shareholder disclosures .
The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
The Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts.
The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating.