YLD
Prospectus
Principal Active High Yield 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.
0.71%
1 year
5.82%
3 year
8.62%
5 year
5.68%
10 year
6.73%
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 01/31/2026

Overall Morningstar Rating™ as of 01/31/26 among High Yield Bond 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.
Morningstar Medalist Rating™
As of 12/31/2025
Category:
High Yield Bond
Analyst-Driven %:
55
Data Coverage %:
100
Highlights

Active yield strategy designed to deliver attractive yield while managing risk

  • Benchmark-agnostic approach results in an income-producing portfolio that seeks attractive high yield opportunities.
  • Quantitative tools, proprietary research, and exit strategies help identify opportunities and quickly adjust portfolio risk.
  • Seasoned team with history of actively managing high yield, averaging over 20+ years of experience.
Fund details as of 02/12/2026 unless indicated otherwise
Fund ticker
YLD
Benchmark
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
NAV
$19.08
NAV change
-$0.02
Premium/Discount to NAV
0.38%
Median bid ask spread as of 02/12/2026
0.05%
Price
$19.16
Price change
-$0.04
Daily volume
138,643
Total fund assets
Total Fund Assets as of 02/12/2026
$481.8M
Shares outstanding
25,250,000
Dividend frequency
Monthly
Inception date
07/08/2015
Morningstar category
High Yield Bond
Investment approach The investment seeks to provide a high level of current income. The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in below-investment-grade (commonly known as "junk" or "high yield") fixed-income securities, such as bonds and bank loans. The fund invests in U.S. treasury securities, investment grade bank loans (also known as senior floating rate interests), and preferred securities.
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 0.71% 1.58% 0.71% 5.82% 8.62% 5.68% 6.73% 5.36% —
Market price return 0.89% 1.67% 0.89% 5.93% 8.59% 5.78% 6.69% 5.38% —
Benchmark performance
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
 0.51% 1.66% 0.51% 7.70% 8.87% 4.54% 6.74% — —
Morningstar category average
High Yield Bond
 0.52% 1.62% 0.52% 7.27% 8.17% 4.26% 5.78% — —
Morningstar percentile rankings
Morningstar percentile rankings are based on total returns 		— — — 89 30 6 12 — —
# of funds in category 634 631 634 613 577 541 439 — 577
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 01/30/2026
6.75%
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 01/30/2026
6.75%
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 0.89% 0.60% 6.63% 6.63% 9.56% 5.50% 6.35% 5.33% —
Market price return 0.77% 0.24% 6.53% 6.53% 9.51% 5.57% 6.24% 5.33% —
Benchmark performance
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
 0.57% 1.31% 8.62% 8.62% 10.05% 4.50% 6.51% — —
Morningstar category average
High Yield Bond
 0.62% 1.27% 8.01% 8.01% 9.25% 4.22% 5.56% — —
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 6.53% 9.19% 12.91% -8.79% 9.48%
Morningstar category average
High Yield Bond
 8.01% 7.63% 12.08% -10.09% 4.77%
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
02/02/2026 Income 0.1159
12/29/2025 Income 0.1390
12/01/2025 Income 0.1185
11/03/2025 Income 0.1177
10/01/2025 Income 0.1091
09/02/2025 Income 0.1029
08/01/2025 Income 0.1090
07/01/2025 Income 0.1162
06/02/2025 Income 0.1173
05/01/2025 Income 0.1158
04/01/2025 Income 0.1103
03/03/2025 Income 0.1166
02/03/2025 Income 0.1198
12/27/2024 Income 0.1256
12/02/2024 Income 0.1209
11/01/2024 Income 0.1194
10/01/2024 Income 0.1154
09/03/2024 Income 0.1109
08/01/2024 Income 0.1084
07/01/2024 Income 0.1144
06/03/2024 Income 0.1105
05/01/2024 Income 0.1107
04/01/2024 Income 0.1106
03/01/2024 Income 0.1101
02/01/2024 Income 0.1086
12/27/2023 Income 0.1154
12/01/2023 Income 0.1018
11/01/2023 Income 0.1067
10/02/2023 Income 0.1022
09/01/2023 Income 0.1031
08/01/2023 Income 0.1029
07/03/2023 Income 0.1039
06/01/2023 Income 0.0963
05/01/2023 Income 0.0896
04/03/2023 Income 0.0917
03/01/2023 Income 0.0896
Expense ratio gross
As of current prospectus date
0.39%
Expense ratio net
As of current prospectus date
0.39%
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 60 55 64 63
Days traded at discount 0 7 0 1
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 Medalist Rating™
as of 12/31/2025  |  577 funds  |  Analyst-Driven %: 55  |  Data Coverage %: 100
Morningstar ratings

Overall Morningstar Rating™ as of 01/31/26 among High Yield Bond 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 01/31/2026
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.
577 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.
541 funds
10-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.
439 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.
577 funds
Holdings
Top 10 as of 02/13/2026
% of Assets % of Assets
% of Assets
1 NET OTHER ASSETS
2.03%
2 ENERGY TRANSFER LP JR SUBORDINA 02/56 VAR
2.01%
3 MATADOR RESOURCES CO COMPANY GUAR 144A 04/33 6.25
1.98%
4 OLYMPUS WTR US HLDG CORP SR UNSECURED 144A 10/29 6.25
1.54%
5 JAZZ SECURITIES DAC SR SECURED 144A 01/29 4.375
1.51%
6 FREEDOM MORTGAGE HOLD SR UNSECURED 144A 05/31 9.125
1.51%
7 GLOBAL AIR LEASE CO LTD SR SECURED 144A 09/27 8.75
1.49%
8 CALIFORNIA BUYER/ATLANTI SR UNSECURED 144A 02/32 6.375
1.48%
9 VIASAT INC SR UNSECURED 144A 05/31 7.5
1.47%
10 ICAHN ENTERPRISES/FIN SR SECURED 02/29 4.375
1.47%
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 Credit Quality
Average effective maturity as of 01/31/2026
7.55
# of holdings as of 01/31/2026
135
Average yield to maturity as of 01/31/2026
7.77%
Turnover ratio
Turnover is calculated semi-annually; reflects most recent available calculation. as of 06/30/2025
45.80%
Weighted avg duration as of 01/31/2026
2.78
Weighted avg life to worst as of 01/31/2026
3.62
Yield to worst
The lowest potential yield that can be received on a bond without the issuer defaulting. The yield to worst is calculated by making worst-case scenario assumptions on the issue by calculating the returns that would be received if provisions, including prepayment, call or sinking fund, are used by the issuer. as of 01/31/2026
7.27%
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 01/31/2026
0.38
May not reflect current holdings or allocations.
May not reflect current holdings or allocations.
May not reflect current holdings or allocations. Represents the middle rating of Moody's, S&P, and Fitch. When only two agencies rate a bond, the lower is used. When only one agency rates a bond, that rating is used. The ratings are an indication of an issuer's creditworthiness and typically range from AAA or Aaa (highest) to D (lowest). The NR category consists of rateable securities that have not been rated by any of the three agencies.
Portfolio management
Mark Denkinger, CFA
36 years of experience
Joshua Rank, CFA
26 years of experience
Darrin Smith, CFA
35 years of experience

No information
Literature
Investment materials Enhanced fact sheet
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.
Unlike typical ETFs, there are no indices that the Principal Active High Yield ETF attempts to track or replicate. Thus, the ability of the Fund to achieve its objectives will depend on the effectiveness of the portfolio manager.
Fixed income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Neither the principal bond investment options nor their yields are guaranteed by the U.S. government. Lower-rated securities are subject to additional credit and default risk. International and global investing involves greater risks such as currency fluctuations, political/social instability and differing accounting standards. Investing in derivates entails specific risks relating to liquidity, leverage and credit, which may reduce returns and/or increase volatility. Unlike typical ETFs, there are indices that the Principal Active High Yield ETF attempts to track or replicate. Thus, the ability of the Fund to achieve its objectives will depend on the effectiveness of the portfolio managers.
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.
Fixed‐income investment options are subject to interest rate risk, and their value will decline as interest rates rise.
Non-investment grade securities offer a potentially higher yield but carry a greater degree of risk. Potential investors should be aware that fixed Investments carry credit risks, default risk, liquidity risks, currency risks, operational risks, legal risks, counterparty risk and valuation risks
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 Bloomberg US HY Ba/B 2% Issuer Cap Index includes the USD-denominated, high yield, fixed-rate corporate bonds that are Ba or B rated. Issuer exposure is capped at 2%. (Legacy Ticker: LBICTRUU)
© 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.
0.71%
1 year
5.82%
3 year
8.62%
5 year
5.68%
10 year
6.73%
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 01/31/2026

Overall Morningstar Rating™ as of 01/31/26 among High Yield Bond 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.
Morningstar Medalist Rating™
As of 12/31/2025
Category:
High Yield Bond
Analyst-Driven %:
55
Data Coverage %:
100
Highlights

Active yield strategy designed to deliver attractive yield while managing risk

  • Benchmark-agnostic approach results in an income-producing portfolio that seeks attractive high yield opportunities.
  • Quantitative tools, proprietary research, and exit strategies help identify opportunities and quickly adjust portfolio risk.
  • Seasoned team with history of actively managing high yield, averaging over 20+ years of experience.
Fund details as of 02/12/2026 unless indicated otherwise
Fund ticker
YLD
Benchmark
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
NAV
$19.08
NAV change
-$0.02
Premium/Discount to NAV
0.38%
Median bid ask spread as of 02/12/2026
0.05%
Price
$19.16
Price change
-$0.04
Daily volume
138,643
Total fund assets
Total Fund Assets as of 02/12/2026
$481.8M
Shares outstanding
25,250,000
Dividend frequency
Monthly
Inception date
07/08/2015
Morningstar category
High Yield Bond
Investment approach The investment seeks to provide a high level of current income. The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in below-investment-grade (commonly known as "junk" or "high yield") fixed-income securities, such as bonds and bank loans. The fund invests in U.S. treasury securities, investment grade bank loans (also known as senior floating rate interests), and preferred securities.
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 0.71% 1.58% 0.71% 5.82% 8.62% 5.68% 6.73% 5.36% —
Market price return 0.89% 1.67% 0.89% 5.93% 8.59% 5.78% 6.69% 5.38% —
Benchmark performance
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
 0.51% 1.66% 0.51% 7.70% 8.87% 4.54% 6.74% — —
Morningstar category average
High Yield Bond
 0.52% 1.62% 0.52% 7.27% 8.17% 4.26% 5.78% — —
Morningstar percentile rankings
Morningstar percentile rankings are based on total returns 		— — — 89 30 6 12 — —
# of funds in category 634 631 634 613 577 541 439 — 577
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 01/30/2026
6.75%
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 01/30/2026
6.75%
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 0.89% 0.60% 6.63% 6.63% 9.56% 5.50% 6.35% 5.33% —
Market price return 0.77% 0.24% 6.53% 6.53% 9.51% 5.57% 6.24% 5.33% —
Benchmark performance
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
 0.57% 1.31% 8.62% 8.62% 10.05% 4.50% 6.51% — —
Morningstar category average
High Yield Bond
 0.62% 1.27% 8.01% 8.01% 9.25% 4.22% 5.56% — —
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 6.53% 9.19% 12.91% -8.79% 9.48%
Morningstar category average
High Yield Bond
 8.01% 7.63% 12.08% -10.09% 4.77%
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
02/02/2026 Income 0.1159
12/29/2025 Income 0.1390
12/01/2025 Income 0.1185
11/03/2025 Income 0.1177
10/01/2025 Income 0.1091
09/02/2025 Income 0.1029
08/01/2025 Income 0.1090
07/01/2025 Income 0.1162
06/02/2025 Income 0.1173
05/01/2025 Income 0.1158
04/01/2025 Income 0.1103
03/03/2025 Income 0.1166
02/03/2025 Income 0.1198
12/27/2024 Income 0.1256
12/02/2024 Income 0.1209
11/01/2024 Income 0.1194
10/01/2024 Income 0.1154
09/03/2024 Income 0.1109
08/01/2024 Income 0.1084
07/01/2024 Income 0.1144
06/03/2024 Income 0.1105
05/01/2024 Income 0.1107
04/01/2024 Income 0.1106
03/01/2024 Income 0.1101
02/01/2024 Income 0.1086
12/27/2023 Income 0.1154
12/01/2023 Income 0.1018
11/01/2023 Income 0.1067
10/02/2023 Income 0.1022
09/01/2023 Income 0.1031
08/01/2023 Income 0.1029
07/03/2023 Income 0.1039
06/01/2023 Income 0.0963
05/01/2023 Income 0.0896
04/03/2023 Income 0.0917
03/01/2023 Income 0.0896
Expense ratio gross
As of current prospectus date
0.39%
Expense ratio net
As of current prospectus date
0.39%
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 60 55 64 63
Days traded at discount 0 7 0 1
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 Medalist Rating™
as of 12/31/2025  |  577 funds  |  Analyst-Driven %: 55  |  Data Coverage %: 100
Morningstar ratings

Overall Morningstar Rating™ as of 01/31/26 among High Yield Bond 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 01/31/2026
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.
577 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.
541 funds
10-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.
439 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.
577 funds
Holdings
Top 10 as of 02/13/2026
% of Assets % of Assets
% of Assets
1 NET OTHER ASSETS
2.03%
2 ENERGY TRANSFER LP JR SUBORDINA 02/56 VAR
2.01%
3 MATADOR RESOURCES CO COMPANY GUAR 144A 04/33 6.25
1.98%
4 OLYMPUS WTR US HLDG CORP SR UNSECURED 144A 10/29 6.25
1.54%
5 JAZZ SECURITIES DAC SR SECURED 144A 01/29 4.375
1.51%
6 FREEDOM MORTGAGE HOLD SR UNSECURED 144A 05/31 9.125
1.51%
7 GLOBAL AIR LEASE CO LTD SR SECURED 144A 09/27 8.75
1.49%
8 CALIFORNIA BUYER/ATLANTI SR UNSECURED 144A 02/32 6.375
1.48%
9 VIASAT INC SR UNSECURED 144A 05/31 7.5
1.47%
10 ICAHN ENTERPRISES/FIN SR SECURED 02/29 4.375
1.47%
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 Credit Quality
Average effective maturity as of 01/31/2026
7.55
# of holdings as of 01/31/2026
135
Average yield to maturity as of 01/31/2026
7.77%
Turnover ratio
Turnover is calculated semi-annually; reflects most recent available calculation. as of 06/30/2025
45.80%
Weighted avg duration as of 01/31/2026
2.78
Weighted avg life to worst as of 01/31/2026
3.62
Yield to worst
The lowest potential yield that can be received on a bond without the issuer defaulting. The yield to worst is calculated by making worst-case scenario assumptions on the issue by calculating the returns that would be received if provisions, including prepayment, call or sinking fund, are used by the issuer. as of 01/31/2026
7.27%
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 01/31/2026
0.38
May not reflect current holdings or allocations.
May not reflect current holdings or allocations.
May not reflect current holdings or allocations. Represents the middle rating of Moody's, S&P, and Fitch. When only two agencies rate a bond, the lower is used. When only one agency rates a bond, that rating is used. The ratings are an indication of an issuer's creditworthiness and typically range from AAA or Aaa (highest) to D (lowest). The NR category consists of rateable securities that have not been rated by any of the three agencies.
Portfolio management
Mark Denkinger, CFA
36 years of experience
Joshua Rank, CFA
26 years of experience
Darrin Smith, CFA
35 years of experience

No information
Literature
Investment materials Enhanced fact sheet
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.
Unlike typical ETFs, there are no indices that the Principal Active High Yield ETF attempts to track or replicate. Thus, the ability of the Fund to achieve its objectives will depend on the effectiveness of the portfolio manager.
Fixed income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Neither the principal bond investment options nor their yields are guaranteed by the U.S. government. Lower-rated securities are subject to additional credit and default risk. International and global investing involves greater risks such as currency fluctuations, political/social instability and differing accounting standards. Investing in derivates entails specific risks relating to liquidity, leverage and credit, which may reduce returns and/or increase volatility. Unlike typical ETFs, there are indices that the Principal Active High Yield ETF attempts to track or replicate. Thus, the ability of the Fund to achieve its objectives will depend on the effectiveness of the portfolio managers.
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.
Fixed‐income investment options are subject to interest rate risk, and their value will decline as interest rates rise.
Non-investment grade securities offer a potentially higher yield but carry a greater degree of risk. Potential investors should be aware that fixed Investments carry credit risks, default risk, liquidity risks, currency risks, operational risks, legal risks, counterparty risk and valuation risks
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 Bloomberg US HY Ba/B 2% Issuer Cap Index includes the USD-denominated, high yield, fixed-rate corporate bonds that are Ba or B rated. Issuer exposure is capped at 2%. (Legacy Ticker: LBICTRUU)
© 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.