Principal Value ETF
Overview
Performance
As of 10/31/2025
YTD
5.83%
1-year
7.64%
3-year
10.81%
5-year
15.79%
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 09/30/2025
Highlights
Targets growth of income by investing in companies that grow dividends, increase cash flows, and engage in buybacks over time
- Invests primarily in dividend-paying stocks with the financial flexibility to grow dividends and engage in share buybacks over time.
- Driven by companies with strong cash flow generation and prudent payout policies.
- Active, rules-based framework helps ensure a consistent approach is implemented through different market cycles.
Fund details
as of
11/06/2025
unless indicated otherwise
Fund ticker
PY
Benchmark
S&P 500 Index
NAV
$50.80
NAV change
-$0.32
Premium/Discount to NAV
0.08%
Median bid ask spread
as of
11/06/2025
0.12%
Price
$50.85
Price change
-$0.32
Daily volume
7,716
Total fund assets
$114.3M
Shares outstanding
2,250,001
Dividend frequency
Quarterly
Inception date
03/21/2016
Morningstar category
Large Value
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 value companies. For this fund, value companies are those with market capitalizations within the range of companies comprising the S&P 500 Index (as of September 30, 2025, this range was between $6.5 billion and $4.6 trillion) and included within the S&P 500 Value Index.
Performance & expenses
As of
10/31/2025
| Name | 1 month | 3 month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | Overall |
|---|---|---|---|---|---|---|---|---|---|
| Net asset value (NAV) return | -1.19% | 3.65% | 5.83% | 7.64% | 10.81% | 15.79% | — | 10.62% | — |
| Market price return | -1.14% | 3.74% | 5.91% | 7.64% | 10.86% | 16.26% | — | 10.65% | — |
| Benchmark performance S&P 500 Index |
2.34% | 8.23% | 17.52% | 21.45% | 22.65% | 17.63% | 14.62% | — | — |
| Morningstar category average | — | — | — | — | — | — | — | — | — |
| Morningstar percentile rankings | — | — | — | 77 | 69 | 21 | — | — | — |
| # of funds in category | 1,184 | 1,171 | 1,152 | 1,138 | 1,086 | 1,025 | — | — | 1,086 |
| Morningstar rating | — | — | — | — | — | — |
30-Day SEC yield
Unsubsidized as of
10/31/2025
2.19%
30-Day SEC yield
Subsidized as of
10/31/2025
2.19%
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.
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 June 24, 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.
| Name | 1 month | 3 month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | Overall |
|---|---|---|---|---|---|---|---|---|---|
| Net asset value (NAV) return | 0.74% | 6.68% | 7.11% | 7.05% | 15.58% | 16.07% | — | 10.86% | — |
| Market price return | 0.74% | 6.64% | 7.13% | 7.07% | 15.60% | 16.51% | — | 10.88% | — |
| Benchmark performance S&P 500 Index |
3.65% | 8.12% | 14.83% | 17.60% | 24.91% | 16.46% | 15.29% | — | — |
| Morningstar category average Large Value |
1.41% | 5.52% | 11.33% | 9.66% | 17.10% | 14.13% | 10.90% | — | — |
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 June 24, 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.
| Data | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Net asset value (NAV) return | — | — | — | — | — |
| Market price return | 16.82% | 9.14% | -5.05% | 34.74% | 2.57% |
| Morningstar category average Large Value |
14.28% | 11.63% | -5.90% | 26.22% | 2.91% |
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.
| Date | Type | Dollar per share |
|---|---|---|
| 10/01/2025 | Income | 0.3111 |
| 07/01/2025 | Income | 0.3440 |
| 04/01/2025 | Income | 0.1781 |
| 12/27/2024 | Income | 0.2633 |
| 10/01/2024 | Income | 0.2842 |
| 07/01/2024 | Income | 0.2630 |
| 04/01/2024 | Income | 0.2883 |
| 12/27/2023 | Income | 0.2627 |
| 10/02/2023 | Income | 0.3650 |
| 07/03/2023 | Income | 0.2460 |
| 04/03/2023 | Income | 0.2879 |
| 12/28/2022 | Income | 0.2928 |
Expense ratio gross
0.15%
Expense ratio net
0.15%
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.
Ratings
Morningstar ratings
as of 09/30/2025
Holdings
Top 10
as of
11/07/2025
% of Assets
% of Assets
1.
APPLE INC COMMON STOCK USD.00001
4.61%
2.
NVIDIA CORP COMMON STOCK USD.001
4.34%
3.
MICROSOFT CORP COMMON STOCK USD.00000625
3.66%
4.
CATERPILLAR INC COMMON STOCK USD1.0
1.65%
5.
JOHNSON + JOHNSON COMMON STOCK USD1.0
1.64%
6.
EXXON MOBIL CORP COMMON STOCK
1.63%
7.
BANK OF AMERICA CORP COMMON STOCK USD.01
1.54%
8.
WELLS FARGO + CO COMMON STOCK USD1.666
1.33%
9.
PROCTER + GAMBLE CO/THE COMMON STOCK
1.25%
10.
QUALCOMM INC COMMON STOCK USD.0001
1.11%
Portfolio management
Kyle Johnson, CFA
12 years of experience
Aaron Siebel, CFA
20 years of experience