PLTL

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

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

    Highlights

    Small-cap core ETF that adapts when equity market risks change

    • Adapts portfolio construction to equity market risk.
    • Combines quality, momentum, value, and low-volatility factors when and how they are most likely to outperform the market.
    • Uses market-cap exposure when and where it’s expected to matter most.

    Fund details

    as of 06/08/2023 unless indicated otherwise
    Fund ticker
    PLTL
    Benchmark
    S&P SmallCap 600 Index
    NAV
    $23.43
    NAV change
    -$0.16
    Premium/Discount to NAV
    -0.02%
    Median bid ask spread
    as of 06/08/2023
    0.27%
    Price
    $23.42
    Price change
    -$0.19
    Daily volume
    0
    Total fund assets
    $5.8M
    Shares outstanding
    250,001
    Dividend frequency
    Quarterly
    Inception date
    05/19/2021
    Morningstar category
    Small 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 of U.S. companies with small market capitalizations at the time of purchase. For security selection and portfolio construction, Principal Global Investors, LLC ("PGI") uses a proprietary quantitative model. The fund’s strategies may result in the active and frequent trading of its portfolio securities.

    Performance & expenses

    As of 05/31/2023
    Name 1 month 3 month YTD 1 year 3 year 5 year 10 year Since inception Overall
    Net Asset Value (NAV) Return -1.73% -10.35% -2.68% -11.87% — — — -9.24% —
    Market Price Return -1.68% -10.36% -2.68% -8.02% — — — -5.69% —
    Benchmark performance
    S&P SmallCap 600 Index
    		 -1.75% -9.41% -2.03% -7.26% — — — — —
    Morningstar category average
    Small Blend
    		 -1.82% -7.91% -0.76% -4.85% 12.09% 3.75% 7.39% — —
    Morningstar percentile rankings — — — 84 — — — — —
    # of funds in category 634 631 625 617 596 552 380 — 596
    Morningstar rating — — — — — — — — —
    30 Day SEC yield
    Unsubsidized as of 05/31/2023
    1.68%
    30 Day SEC yield
    Subsidized as of 05/31/2023
    1.68%
    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.
    Premium / Discount to NAV
    as of 03/31/2023
    As of 03/31/2023
    Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
    Days traded at premium 24 24 35 32 28
    Days traded at discount 38 38 28 31 34
    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 06/09/2023
    % of Assets
    % of Assets
    1. COMFORT SYSTEMS USA INC COMMON STOCK USD.01
    0.81%
    2. MUELLER INDUSTRIES INC COMMON STOCK USD.01
    0.73%
    3. MERITAGE HOMES CORP COMMON STOCK USD.01
    0.70%
    4. ASBURY AUTOMOTIVE GROUP COMMON STOCK USD.01
    0.68%
    5. RADIAN GROUP INC COMMON STOCK USD.001
    0.66%
    6. INSIGHT ENTERPRISES INC COMMON STOCK USD.01
    0.65%
    7. TRI POINTE HOMES INC COMMON STOCK USD.01
    0.58%
    8. OTTER TAIL CORP COMMON STOCK USD5.0
    0.54%
    9. GROUP 1 AUTOMOTIVE INC COMMON STOCK USD.01
    0.54%
    10. GMS INC COMMON STOCK USD.01
    0.53%
    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

    # of holdings
    as of 05/31/2023
    517
    Active share
    as of 05/31/2023
    26.02%
    Turnover ratio
    as of 12/31/2022
    66.80%
    Weighted avg mark cap
    as of 05/31/2023
    2,120.85
    May not reflect current holdings or allocations.

    Portfolio management

    Jeffrey Schwarte, CFA
    30 years of experience
    Aaron Siebel, CFA
    18 years of experience

    Literature

    Portfolio holdings

    Investment materials

    Disclosures
    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.
    Equity investments involve greater risk, including heightened volatility, than fixed income investments. Equities considered to be quality or value stocks may not perform as expected. Stocks that previously exhibited high momentum characteristics may not experience positive momentum or may experience more volatility than the market as a whole. Small-cap stocks may have additional risks including greater price 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.
    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 may 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
    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 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 S&P SmallCap 600® seeks to measure the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.
    © 2023 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 go to global.morningstar.com/managerdisclosures/.
    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.