PIEQ
Prospectus
Principal International Equity ETF
Prospectus
Overview
Performance & expenses
Holdings
Portfolio characteristics
Portfolio management
Literature
Overview
Performance
As of 03/31/2026
YTD
Returns shown for periods of less than one year are not annualized.
1.39%
1 year
28.96%
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.
Highlights

Concentrated, core, all-weather profile

  • Reflects our conviction that excess returns are generated over time by investing in companies where free cash flow power is underestimated by the market
  • A focus on uncorrelated idea generation and deep fundamental analysis
  • Growth and value both simultaneously essential for value creation
Fund details as of 04/02/2026 unless indicated otherwise
Fund ticker
PIEQ
Benchmark
MSCI ACWI Ex-U.S. NTR Index
NAV
$33.76
NAV change
-$0.35
Premium/Discount to NAV
1.23%
Median bid ask spread as of 04/02/2026
0.24%
Price
$34.18
Price change
-$0.15
Daily volume
38,195
Total fund assets
Total Fund Assets as of 04/02/2026
$1.2B
Shares outstanding
37,100,001
Dividend frequency
Annually
Inception date
11/05/2024
Morningstar category
Foreign Large Blend
Investment approach The investment 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.
Performance & expenses
Annual returns Calendar year Distributions Expenses
As of 03/31/2026
As of 03/31/2026
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 -7.72% 1.39% 1.39% 28.96% — — — 23.89% —
Market price return -6.24% 3.13% 3.13% 30.65% — — — 25.60% —
Benchmark performance — — — — — — — — —
Morningstar category average — — — — — — — — —
Morningstar percentile rankings
Morningstar percentile rankings are based on total returns 		— — — 32 — — — — —
# of funds in category 710 700 708 685 — — — — —
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 -7.72% 1.39% 1.39% 28.96% — — — 23.89% —
Market price return -6.24% 3.13% 3.13% 30.65% — — — 25.60% —
Benchmark performance — — — — — — — — —
Morningstar category average — — — — — — — — —
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 37.84% — — — —
Morningstar category average
Foreign Large Blend
 30.40% 4.85% 16.25% -15.84% 9.72%
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.
Performance and Expenses Data Table
Date Type Dollar per share
12/29/2025 Income 0.4229
12/27/2024 Income 0.0244
Expense ratio gross
As of current prospectus date
0.48%
Expense ratio net
As of current prospectus date
0.48%
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.
Premium / Discount to NAV
A fund that trades at a price higher than its Net Asset Value (NAV) is said to trade at a premium to its NAV. A fund that trades at a price lower than its NAV is said to trade at a discount to its NAV. The term applies to Exchange Traded Funds (ETFs) and closed-end mutual funds, since they trade at prices determined by supply and demand.
as of 03/31/2026
As of 03/31/2026
Performance and Expenses Data Table
Name Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Days traded at premium 40 51 63 53 50
Days traded at discount 20 11 1 11 11
This information shows differences between the per share net asset value (NAV) of the Fund and the market price of shares. For premiums and discounts reflected for dates prior to 11/02/2020, the market price utilized is the midpoint of the highest bid and lowest offer for Fund shares as of close of trading on the exchange where Fund shares are listed. For premiums and discounts reflected for dates beginning on 11/02/2020, the market price utilized is the official closing price of the Fund shares, or if it more accurately reflects the market value of the Fund shares at the time as of which the Fund share’s NAV is calculated, the price that is the midpoint between the national best bid and national best offer as of that time. Timing discrepancies may exist between NAV and closing price. Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices.
Holdings
Top 10 as of 04/02/2026
% of Assets % of Assets
% of Assets
1 SAMSUNG ELECTRONICS CO LTD COMMON STOCK KRW100.0
5.99%
2 SUNCOR ENERGY INC COMMON STOCK
4.94%
3 TAIWAN SEMICONDUCTOR SP ADR ADR
4.87%
4 ASML HOLDING NV COMMON STOCK EUR.09
4.79%
5 HALEON PLC COMMON STOCK GBP.01
4.18%
6 SOMPO HOLDINGS INC COMMON STOCK
3.83%
7 TECK RESOURCES LTD CLS B COMMON STOCK
3.70%
8 AIB GROUP PLC COMMON STOCK EUR.625
3.54%
9 ASTRAZENECA PLC COMMON STOCK USD.25
3.37%
10 BAE SYSTEMS PLC COMMON STOCK GBP.025
3.35%
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 Sector
# of holdings as of 03/31/2026
36
Active share
Measures how much different portfolio weights in securities are from benchmark weights. The higher the active share, the more the portfolio differs from the benchmark. as of 03/31/2026
87.62%
Turnover ratio
Turnover is calculated semi-annually; reflects most recent available calculation. as of 06/30/2025
20.40%
Weighted avg mark cap as of 03/31/2026
202,310.74
R-squared (5-year)
Ranges from 0 to 100 and reveals how closely an investment's returns track those of a benchmark index. as of 02/28/2026
—
Sharpe ratio (5-year)
Measures how an investment balances risks and rewards. The higher the Sharpe ratio, the better the investment's historical risk-adjusted performance. as of 02/28/2026
—
Standard deviation (5-year)
Measures how much an investment's returns are likely to fluctuate. as of 02/28/2026
—
May not reflect current holdings or allocations.
May not reflect current holdings or allocations.
Portfolio management
Paul Blankenhagen
Paul Blankenhagen, CFA
Portfolio Manager
34 years of experience
George
George P. Maris, CFA
Executive Managing Director - CIO and Global Head of Equities
28 years of experience
Matt Peron
Matthew Peron
Managing Director - Deputy CIO Equities
34 years of experience

No information
Literature
Investment materials Enhanced fact sheet
Fund update
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.
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.
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
International investing involves greater risks such as currency fluctuations, political/social instability, and differing accounting standards.
Risk is magnified in emerging markets, which may lack established legal, political, business, or social structures to support securities markets.
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.
The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 27 Emerging Markets (EM) countries*. With 2,352 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.
Small- and mid-cap stocks may have additional risks including greater price volatility.
© 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
Performance
As of 03/31/2026
YTD
Returns shown for periods of less than one year are not annualized.
1.39%
1 year
28.96%
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.
Highlights

Concentrated, core, all-weather profile

  • Reflects our conviction that excess returns are generated over time by investing in companies where free cash flow power is underestimated by the market
  • A focus on uncorrelated idea generation and deep fundamental analysis
  • Growth and value both simultaneously essential for value creation
Fund details as of 04/02/2026 unless indicated otherwise
Fund ticker
PIEQ
Benchmark
MSCI ACWI Ex-U.S. NTR Index
NAV
$33.76
NAV change
-$0.35
Premium/Discount to NAV
1.23%
Median bid ask spread as of 04/02/2026
0.24%
Price
$34.18
Price change
-$0.15
Daily volume
38,195
Total fund assets
Total Fund Assets as of 04/02/2026
$1.2B
Shares outstanding
37,100,001
Dividend frequency
Annually
Inception date
11/05/2024
Morningstar category
Foreign Large Blend
Investment approach The investment 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.
Performance & expenses
Annual returns Calendar year Distributions Expenses
As of 03/31/2026
As of 03/31/2026
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 -7.72% 1.39% 1.39% 28.96% — — — 23.89% —
Market price return -6.24% 3.13% 3.13% 30.65% — — — 25.60% —
Benchmark performance — — — — — — — — —
Morningstar category average — — — — — — — — —
Morningstar percentile rankings
Morningstar percentile rankings are based on total returns 		— — — 32 — — — — —
# of funds in category 710 700 708 685 — — — — —
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 -7.72% 1.39% 1.39% 28.96% — — — 23.89% —
Market price return -6.24% 3.13% 3.13% 30.65% — — — 25.60% —
Benchmark performance — — — — — — — — —
Morningstar category average — — — — — — — — —
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 37.84% — — — —
Morningstar category average
Foreign Large Blend
 30.40% 4.85% 16.25% -15.84% 9.72%
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.
Performance and Expenses Data Table
Date Type Dollar per share
12/29/2025 Income 0.4229
12/27/2024 Income 0.0244
Expense ratio gross
As of current prospectus date
0.48%
Expense ratio net
As of current prospectus date
0.48%
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.
Premium / Discount to NAV
A fund that trades at a price higher than its Net Asset Value (NAV) is said to trade at a premium to its NAV. A fund that trades at a price lower than its NAV is said to trade at a discount to its NAV. The term applies to Exchange Traded Funds (ETFs) and closed-end mutual funds, since they trade at prices determined by supply and demand.
as of 03/31/2026
As of 03/31/2026
Performance and Expenses Data Table
Name Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Days traded at premium 40 51 63 53 50
Days traded at discount 20 11 1 11 11
This information shows differences between the per share net asset value (NAV) of the Fund and the market price of shares. For premiums and discounts reflected for dates prior to 11/02/2020, the market price utilized is the midpoint of the highest bid and lowest offer for Fund shares as of close of trading on the exchange where Fund shares are listed. For premiums and discounts reflected for dates beginning on 11/02/2020, the market price utilized is the official closing price of the Fund shares, or if it more accurately reflects the market value of the Fund shares at the time as of which the Fund share’s NAV is calculated, the price that is the midpoint between the national best bid and national best offer as of that time. Timing discrepancies may exist between NAV and closing price. Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices.
Holdings
Top 10 as of 04/02/2026
% of Assets % of Assets
% of Assets
1 SAMSUNG ELECTRONICS CO LTD COMMON STOCK KRW100.0
5.99%
2 SUNCOR ENERGY INC COMMON STOCK
4.94%
3 TAIWAN SEMICONDUCTOR SP ADR ADR
4.87%
4 ASML HOLDING NV COMMON STOCK EUR.09
4.79%
5 HALEON PLC COMMON STOCK GBP.01
4.18%
6 SOMPO HOLDINGS INC COMMON STOCK
3.83%
7 TECK RESOURCES LTD CLS B COMMON STOCK
3.70%
8 AIB GROUP PLC COMMON STOCK EUR.625
3.54%
9 ASTRAZENECA PLC COMMON STOCK USD.25
3.37%
10 BAE SYSTEMS PLC COMMON STOCK GBP.025
3.35%
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 Sector
# of holdings as of 03/31/2026
36
Active share
Measures how much different portfolio weights in securities are from benchmark weights. The higher the active share, the more the portfolio differs from the benchmark. as of 03/31/2026
87.62%
Turnover ratio
Turnover is calculated semi-annually; reflects most recent available calculation. as of 06/30/2025
20.40%
Weighted avg mark cap as of 03/31/2026
202,310.74
R-squared (5-year)
Ranges from 0 to 100 and reveals how closely an investment's returns track those of a benchmark index. as of 02/28/2026
—
Sharpe ratio (5-year)
Measures how an investment balances risks and rewards. The higher the Sharpe ratio, the better the investment's historical risk-adjusted performance. as of 02/28/2026
—
Standard deviation (5-year)
Measures how much an investment's returns are likely to fluctuate. as of 02/28/2026
—
May not reflect current holdings or allocations.
May not reflect current holdings or allocations.
Portfolio management
Paul Blankenhagen
Paul Blankenhagen, CFA
Portfolio Manager
34 years of experience
George
George P. Maris, CFA
Executive Managing Director - CIO and Global Head of Equities
28 years of experience
Matt Peron
Matthew Peron
Managing Director - Deputy CIO Equities
34 years of experience

No information
Literature
Investment materials Enhanced fact sheet
Fund update
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.
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.
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
International investing involves greater risks such as currency fluctuations, political/social instability, and differing accounting standards.
Risk is magnified in emerging markets, which may lack established legal, political, business, or social structures to support securities markets.
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.
The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 27 Emerging Markets (EM) countries*. With 2,352 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.
Small- and mid-cap stocks may have additional risks including greater price volatility.
© 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.