PSC
Prospectus
Principal U.S. Small-Cap ETF
Prospectus
Overview
Performance & expenses
Ratings
Holdings
Portfolio characteristics
Portfolio management
Literature
Overview
Performance
As of 01/31/2026
YTD
Returns shown for periods of less than one year are not annualized.
3.93%
1 year
12.82%
3 year
12.75%
5 year
10.48%
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.
Overall Morningstar Rating™
As of 12/31/2025

Overall Morningstar Rating™ as of 12/31/25 among Small Blend Funds. 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.
Highlights

Combines multiple factors for diversification benefits and long-term growth

  • Selects stocks with attractive quality, momentum, and value factor exposures that have historically been strong drivers of returns.
  • Portfolio selection and construction process helps avoid fundamentally distressed small-cap companies.
  • Active, rules-based framework helps ensure a consistent approach is implemented through different market cycles.
Fund details as of 01/30/2026 unless indicated otherwise
Fund ticker
PSC
Benchmark
Russell 2000® Index
NAV
$59.91
NAV change
-$0.84
Premium/Discount to NAV
0.23%
Median bid ask spread as of 01/30/2026
0.16%
Price
$60.05
Price change
-$0.86
Daily volume
87,880
Total fund assets
Total Fund Assets as of 01/30/2026
$1.7B
Shares outstanding
28,640,001
Dividend frequency
Quarterly
Inception date
09/21/2016
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. For this fund, companies with small market capitalizations are those with market capitalizations within the range of companies comprising the Russell 2000 Index.
Performance & expenses
Annual returns Calendar year Distributions Expenses
As of 01/31/2026
As of 12/31/2025
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 3.93% 6.32% 3.93% 12.82% 12.75% 10.48% — 11.11% —
Market price return 4.02% 6.41% 4.02% 13.02% 12.87% 10.49% — 11.14% —
Benchmark performance — — — — — — — — —
Morningstar category average — — — — — — — — —
Morningstar percentile rankings
Morningstar percentile rankings are based on total returns 		— — — 12 15 10 — — —
# of funds in category 595 634 624 624 588 569 — — 588
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.
— — — —
— —
30-Day SEC yield
30-Day SEC yield represents net investment income earned by a fund over a 30-day period, stated as an annual percentage. Unsubsidized as of 12/31/2025
0.61%
30-Day SEC yield
30-Day SEC yield represents net investment income earned by a fund over a 30-day period, stated as an annual percentage. Subsidized as of 12/31/2025
0.61%
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. Prior to July 8, 2022, the objective and strategy of Fund differed from its current objective and strategy. Accordingly, performance of the Fund for periods prior to that date may not be representative of the performance the Fund would have achieved had the Fund been following its current objective and strategy.
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 -0.34% 1.64% 13.39% 13.39% 14.73% 10.91% — 10.76% —
Market price return -0.58% 1.63% 13.42% 13.42% 14.75% 10.95% — 10.78% —
Benchmark performance
Russell 2000® Index
 -0.58% 2.19% 12.81% 12.81% 13.72% 6.09% — — —
Morningstar category average
Small Blend
 0.00% 1.53% 7.89% 7.89% 11.84% 7.64% 9.42% — —
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. Prior to July 8, 2022, the objective and strategy of Fund differed from its current objective and strategy. Accordingly, performance of the Fund for periods prior to that date may not be representative of the performance the Fund would have achieved had the Fund been following its current objective and strategy.
Performance and Expenses Data Table
Data 2025 2024 2023 2022 2021
Net asset value (NAV) return — — — — —
Market price return 13.42% 12.39% 18.53% -15.96% 32.38%
Morningstar category average
Small Blend
 7.89% 11.15% 16.18% -16.24% 24.19%
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 0.0812
10/01/2025 Income 0.0846
07/01/2025 Income 0.1101
04/01/2025 Income 0.1103
12/27/2024 Income 0.0795
10/01/2024 Income 0.1071
07/01/2024 Income 0.0991
04/01/2024 Income 0.0964
12/27/2023 Income 0.1115
10/02/2023 Income 0.0870
07/03/2023 Income 0.1119
04/03/2023 Income 0.0272
Expense ratio gross
As of current prospectus date
0.38%
Expense ratio net
As of current prospectus date
0.38%
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 12/31/2025
As of 12/31/2025
Performance and Expenses Data Table
Q1 2025 Q2 2025 Q3 2025 Q4 2025
Days traded at premium 53 51 58 62
Days traded at discount 7 11 6 2
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.
Ratings Morningstar ratings

Overall Morningstar Rating™ as of 12/31/25 among Small Blend Funds. 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.
as of 12/31/2025
3-year

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.
588 funds
5-year

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.
569 funds
Overall

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.
588 funds
Holdings
Top 10 as of 02/02/2026
% of Assets % of Assets
% of Assets
1 NEXTPOWER INC CL A COMMON STOCK USD.0001
1.34%
2 TTM TECHNOLOGIES COMMON STOCK USD.001
1.28%
3 COEUR MINING INC COMMON STOCK USD.01
1.13%
4 GUARDANT HEALTH INC COMMON STOCK USD.00001
1.05%
5 BRIDGEBIO PHARMA INC COMMON STOCK
0.96%
6 ARGAN INC COMMON STOCK USD.15
0.94%
7 FABRINET COMMON STOCK USD.01
0.91%
8 PAGSEGURO DIGITAL LTD CL A COMMON STOCK USD.000025
0.85%
9 DYCOM INDUSTRIES INC COMMON STOCK USD.3333333
0.84%
10 CENTRUS ENERGY CORP CLASS A COMMON STOCK USD.1
0.81%
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 12/31/2025
496
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 12/31/2025
62.25%
Turnover ratio
Turnover is calculated semi-annually; reflects most recent available calculation. as of 06/30/2025
80.30%
Weighted avg mark cap as of 12/31/2025
4,372.68
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 12/31/2025
94.41
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 12/31/2025
0.47
Standard deviation (5-year)
Measures how much an investment's returns are likely to fluctuate. as of 12/31/2025
18.78
May not reflect current holdings or allocations.
May not reflect current holdings or allocations.
Portfolio management
Kyle Johnson, CFA
13 years of experience
Aaron Siebel, CFA
21 years of experience

No information
Literature
Investment materials Enhanced fact sheet
Fund update
Prospectus, Annual report, Semi-annual report and Statement of additional information
ETF reference sheet
Dividend and capital gains schedule and 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.
Equity investments involve greater risk, including heightened volatility, than fixed-income investments. 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.
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.
The Russell 2000 Index is comprised of the smallest 2000 companies in the Russell 3000 Index, representing approximately 8% of the Russell 3000 total market capitalization. The real-time value is calculated with a base value of 135.00 as of December 31, 1986. The end-of-day value is calculated with a base value of 100.00 as of December 29, 1978.
© 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 01/31/2026
YTD
Returns shown for periods of less than one year are not annualized.
3.93%
1 year
12.82%
3 year
12.75%
5 year
10.48%
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.
Overall Morningstar Rating™
As of 12/31/2025

Overall Morningstar Rating™ as of 12/31/25 among Small Blend Funds. 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.
Highlights

Combines multiple factors for diversification benefits and long-term growth

  • Selects stocks with attractive quality, momentum, and value factor exposures that have historically been strong drivers of returns.
  • Portfolio selection and construction process helps avoid fundamentally distressed small-cap companies.
  • Active, rules-based framework helps ensure a consistent approach is implemented through different market cycles.
Fund details as of 01/30/2026 unless indicated otherwise
Fund ticker
PSC
Benchmark
Russell 2000® Index
NAV
$59.91
NAV change
-$0.84
Premium/Discount to NAV
0.23%
Median bid ask spread as of 01/30/2026
0.16%
Price
$60.05
Price change
-$0.86
Daily volume
87,880
Total fund assets
Total Fund Assets as of 01/30/2026
$1.7B
Shares outstanding
28,640,001
Dividend frequency
Quarterly
Inception date
09/21/2016
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. For this fund, companies with small market capitalizations are those with market capitalizations within the range of companies comprising the Russell 2000 Index.
Performance & expenses
Annual returns Calendar year Distributions Expenses
As of 01/31/2026
As of 12/31/2025
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 3.93% 6.32% 3.93% 12.82% 12.75% 10.48% — 11.11% —
Market price return 4.02% 6.41% 4.02% 13.02% 12.87% 10.49% — 11.14% —
Benchmark performance — — — — — — — — —
Morningstar category average — — — — — — — — —
Morningstar percentile rankings
Morningstar percentile rankings are based on total returns 		— — — 12 15 10 — — —
# of funds in category 595 634 624 624 588 569 — — 588
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.
— — — —
— —
30-Day SEC yield
30-Day SEC yield represents net investment income earned by a fund over a 30-day period, stated as an annual percentage. Unsubsidized as of 12/31/2025
0.61%
30-Day SEC yield
30-Day SEC yield represents net investment income earned by a fund over a 30-day period, stated as an annual percentage. Subsidized as of 12/31/2025
0.61%
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. Prior to July 8, 2022, the objective and strategy of Fund differed from its current objective and strategy. Accordingly, performance of the Fund for periods prior to that date may not be representative of the performance the Fund would have achieved had the Fund been following its current objective and strategy.
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 -0.34% 1.64% 13.39% 13.39% 14.73% 10.91% — 10.76% —
Market price return -0.58% 1.63% 13.42% 13.42% 14.75% 10.95% — 10.78% —
Benchmark performance
Russell 2000® Index
 -0.58% 2.19% 12.81% 12.81% 13.72% 6.09% — — —
Morningstar category average
Small Blend
 0.00% 1.53% 7.89% 7.89% 11.84% 7.64% 9.42% — —
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. Prior to July 8, 2022, the objective and strategy of Fund differed from its current objective and strategy. Accordingly, performance of the Fund for periods prior to that date may not be representative of the performance the Fund would have achieved had the Fund been following its current objective and strategy.
Performance and Expenses Data Table
Data 2025 2024 2023 2022 2021
Net asset value (NAV) return — — — — —
Market price return 13.42% 12.39% 18.53% -15.96% 32.38%
Morningstar category average
Small Blend
 7.89% 11.15% 16.18% -16.24% 24.19%
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 0.0812
10/01/2025 Income 0.0846
07/01/2025 Income 0.1101
04/01/2025 Income 0.1103
12/27/2024 Income 0.0795
10/01/2024 Income 0.1071
07/01/2024 Income 0.0991
04/01/2024 Income 0.0964
12/27/2023 Income 0.1115
10/02/2023 Income 0.0870
07/03/2023 Income 0.1119
04/03/2023 Income 0.0272
Expense ratio gross
As of current prospectus date
0.38%
Expense ratio net
As of current prospectus date
0.38%
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 12/31/2025
As of 12/31/2025
Performance and Expenses Data Table
Q1 2025 Q2 2025 Q3 2025 Q4 2025
Days traded at premium 53 51 58 62
Days traded at discount 7 11 6 2
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.
Ratings
Morningstar ratings

Overall Morningstar Rating™ as of 12/31/25 among Small Blend Funds. 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.
as of 12/31/2025
3-year

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.
588 funds
5-year

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.
569 funds
Overall

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.
588 funds
Holdings
Top 10 as of 02/02/2026
% of Assets % of Assets
% of Assets
1 NEXTPOWER INC CL A COMMON STOCK USD.0001
1.34%
2 TTM TECHNOLOGIES COMMON STOCK USD.001
1.28%
3 COEUR MINING INC COMMON STOCK USD.01
1.13%
4 GUARDANT HEALTH INC COMMON STOCK USD.00001
1.05%
5 BRIDGEBIO PHARMA INC COMMON STOCK
0.96%
6 ARGAN INC COMMON STOCK USD.15
0.94%
7 FABRINET COMMON STOCK USD.01
0.91%
8 PAGSEGURO DIGITAL LTD CL A COMMON STOCK USD.000025
0.85%
9 DYCOM INDUSTRIES INC COMMON STOCK USD.3333333
0.84%
10 CENTRUS ENERGY CORP CLASS A COMMON STOCK USD.1
0.81%
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 12/31/2025
496
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 12/31/2025
62.25%
Turnover ratio
Turnover is calculated semi-annually; reflects most recent available calculation. as of 06/30/2025
80.30%
Weighted avg mark cap as of 12/31/2025
4,372.68
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 12/31/2025
94.41
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 12/31/2025
0.47
Standard deviation (5-year)
Measures how much an investment's returns are likely to fluctuate. as of 12/31/2025
18.78
May not reflect current holdings or allocations.
May not reflect current holdings or allocations.
Portfolio management
Kyle Johnson, CFA
13 years of experience
Aaron Siebel, CFA
21 years of experience

No information
Literature
Investment materials Enhanced fact sheet
Fund update
Prospectus, Annual report, Semi-annual report and Statement of additional information
ETF reference sheet
Dividend and capital gains schedule and 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.
Equity investments involve greater risk, including heightened volatility, than fixed-income investments. 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.
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.
The Russell 2000 Index is comprised of the smallest 2000 companies in the Russell 3000 Index, representing approximately 8% of the Russell 3000 total market capitalization. The real-time value is calculated with a base value of 135.00 as of December 31, 1986. The end-of-day value is calculated with a base value of 100.00 as of December 29, 1978.
© 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.