petfar063022.htm - Generated by SEC Publisher for SEC Filing

Economic & Financial Market Review

Global economic growth has slowed down as the economy enters late cycle. High inflation and accelerated hawkish monetary policy are presenting headwinds. United States (U.S.) real Gross Domestic Product (GDP) grew at an average quarter-over-quarter annualized rate of 3.6% in the four quarters ending 1Q 2022. Germany and Japan GDP growth rates were 3.8% and 0.7% respectively. China GDP growth was challenged by resurgence of COVID-19 cases, but stimulative policies should provide a floor. Global manufacturing Purchasing Manager’s Index (PMI) remained well above 50 in the last twelve months (a number above 50 means manufacturing activity is expanding and number below 50 indicates contraction), and the latest reading as of June 2022 is 52.1, 4.9 lower than June 2021. The slowdown trend was broad based, but developed markets readings were still higher.

Geopolitical disruptions and lingering supply constraints continued to drive inflation upwards. Global inflation increased from 3.0% in June 2021 to 6.4% in May 2022. High inflation and the risk of it getting stickier led some global central banks to aggressive tightening paths. Global policy rates rose by 97 basis points (bps) in the last twelve months. The United States Federal Reserve hiked interest rates three times, totaling 150bps in increases, with more hikes already being priced in. Hawkish monetary policies have caused global financial conditions to tighten sharply since beginning of the year.

Global earnings growth slowed but remained strong in the last twelve months ending June 2022. Compared to the same time last year, MSCI All Country World Index (ACWI) trailing twelve months earnings per share (TTM EPS) grew by 18%. MSCI World Index TTM EPS increased by 20%, much higher than MSCI EM Index’s 7%. Within developed markets, MSCI Europe Index earnings grew at a faster pace than did the U.S. Within the U.S., Midcap and Smallcap delivered much higher earnings growth (34% and 37%) than Largecap (21%). Additionally, value beat growth (24% vs 17%). Largecap tech firms, represented by the NASDAQ 100 Index, delivered 12% earnings growth.

Global equities outperformed global fixed income in the last twelve months, but both delivered negative returns. In USD terms, MSCI ACWI Index recorded -16% loss year-over-year while the Bloomberg Global Aggregate Corporate Index ended -17% lower. Within equities, developed markets outperformed emerging markets by 11%, and U.S. outperformed developed market ex-U.S. by 4%. Among major markets, China was the worst performer with -32% loss, bringing MSCI EM Index down to -25%. Within the U.S., Largecap and value stocks outperformed. The Bloomberg U.S. Treasury Index delivered a -9% loss as the U.S. 10-year Treasury yield rose from 1.47% to 3.01%. Global high yield bonds, investment grade corporate bonds, and global treasury bonds all delivered similar returns between -17% and -18%. DXY Index, a proxy for U.S. Dollar strength, increased by 13%. Commodity prices, represented by the S&P GSCI Total Return Index, increased by 45%, and Nymex crude oil rose from 73.5 to 105.8 USD/barrel.

* Unless otherwise stated, data sources are Bloomberg, FactSet, and Principal Global Asset Allocation. Data as of June 30, 2022.

Index descriptions:

MSCI All Country World Index (ACWI) Index includes large and mid cap stocks across developed and emerging market countries.

MSCI World Index captures large and mid cap representation across 23 Developed Markets (DM) countries.

MSCI Europe Index captures large and mid cap representation across 15 Developed Markets (DM) countries in Europe.

MSCI Emerging Markets Index consists of large and mid cap companies across 24 countries and represents 10% of the world market capitalization. The index covers approximately 85% of the free float-adjusted market capitalization in each country in each of the 24 countries.

Nasdaq 100 Index is a basket of the 100 largest, most actively traded U.S companies listed on the Nasdaq stock exchange. The index includes companies from various industries except for the financial industry, like commercial and investment banks.

Bloomberg Barclays Global Aggregate Index is a flagship measure of global investment grade debt from twenty- four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

Bloomberg U.S. Treasury Index measures US dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury.

U.S. Dollar Index (USDX, DXY, DX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners' currencies.

S&P GSCI Total Return Index is an index of 24 exchange-traded futures contracts that represent a large portion of the global commodities market.

Important Fund Information

The following information applies to all funds shown in the annual report:

The line graphs on the following pages illustrate the growth of a hypothetical $10,000 investment.

Investment results shown represent historical performance and do not guarantee future results. Your investment’s returns and principal values will fluctuate with changes in interest rates and other market conditions so the value, when redeemed, may be worth more or less than original costs. Current performance may be lower or higher than the performance shown. For more information, including the most recent month-end performance, call 1-800-787-1621 or online at www.PrincipalETFs.com.

* Performance is based on net asset value (NAV) and assumes reinvestment of all dividends and capital gains. Performance does not reflect the impact of federal, state, or municipal taxes. If it did, performance would be lower. Since inception returns less than one year are not annualized.

** Performance shown for the benchmark assumes reinvestment of all dividends and distributions. Indices are unmanaged, and individuals cannot invest directly in an index.

Principal Active High Yield ETF

Investment Advisor: Principal Global Investors, LLC


Average Annual Total Returns* as of June 30, 2022
	1-Year		5-Year		Since Inception		Inception Date
Principal Active High Yield ETF	-10.65	%	2.06	%	3.30	%	7/8/15

What contributed to or detracted from Fund performance during the fiscal year?

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. It invests in U.S. treasury bills, bonds, and other obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities, investment grade bank loans (also known as senior floating rate interests), and preferred securities.

Security selection positively impacted returns due to the outperformance from overweights to CBL & Associates, Fresh Market Inc, Pixelle Specialty Solutions LLC, Peninsula Pacific Entertainment, and DKT Finance. Sector allocation outperformed due to an underweight to communications and an overweight to basic industry.

Underperformance came from our positioning within the capital structures of US LBM Holdings, Dish, TMS International, and Olympus Water. From a sector perspective, our underweight to technology and overweight to finance companies had a negative impact on performance.

Principal Healthcare Innovators ETF

Investment Advisor: Principal Global Investors, LLC


Average Annual Total Returns* as of June 30, 2022
	1-Year		5-Year		Since Inception		Inception Date
Principal Healthcare Innovators ETF	-46.36	%	2.78	%	4.72	%	8/19/16

What contributed to or detracted from Fund performance during the fiscal year?

The investment seeks to provide investment results that closely correspond, before expenses, to the performance of the NASDAQ US Health Care Innovators Index (the "index"). Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the index at the time of purchase. The index uses a quantitative model designed to identify equity securities in the NASDAQ US benchmark index that are small and medium capitalization U.S. healthcare companies.

The Principal Healthcare Innovators ETF performed in line with the NASDAQ US Health Care Innovators Index. The insurance industry performed the best within the index. Kadmon Holdings, Lantheus Holdings, and Cytokinetics outperformed within the index, while our positioning in Centene, Seagen, and Intra-Cellular Therapies contributed to performance.

The life sciences tools and services underperformed during the period. Rubius Therapeutics, Ontrak, and Allakos underperformed within the index, while our positioning in Arena Pharmaceuticals, Dicerna Pharmaceuticals, and Turning Point Therapeutics detracted from performance.

Principal International Adaptive Multi-Factor ETF

Investment Advisor: Principal Global Investors, LLC


Average Annual Total Returns* as of June 30, 2022
	1-Year		Since Inception		Inception Date
Principal International Adaptive Multi-Factor ETF	-15.82	%	-15.17	%	5/26/21

What contributed to or detracted from Fund performance during the fiscal year?

The investment seeks long-term growth of capital. Under normal circumstances, the fund invests at least 40% of its net assets, plus any borrowings for investment purposes, in securities of foreign companies. It invests in securities regardless of market capitalization size (small, medium or large). For security selection and portfolio construction, Principal Global Investors, LLC ("PGI") uses a proprietary quantitative model. The model is designed to identify and rank equity securities in the MSCI World Ex-U.S. Index (the "index").

The Principal International Adaptive Multi-Factor ETF outperformed the index over the last 12 months. One of the eleven sectors within the index posted positive returns, led by energy. Cenovus Energy, Elbit Systems, and Equinor outperformed within the index, while our positioning in Sea, Siemens, and Adidas contributed to performance.

The information technology and consumer discretionary sectors lagged during the period. Sinch, Kornit Digital, and Canopy Growth underperformed within the index, while our positioning in TotalEnergies, BP, and Shell detracted from performance.

Principal Investment Grade Corporate Active ETF

Investment Advisor: Principal Global Investors, LLC


Average Annual Total Returns* as of June 30, 2022
	1-Year		Since Inception		Inception Date
Principal Investment Grade Corporate Active ETF	-15.47	%	1.35	%	4/18/18

What contributed to or detracted from Fund performance during the fiscal year?

The investment seeks to provide current income and, as a secondary objective, capital appreciation. 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 investment grade corporate bonds and other fixed income securities at the time of purchase. "Investment grade" securities are rated BBB- or higher by S&P Global Ratings ("S&P Global") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's") or, if unrated, of comparable quality in the opinion of those selecting such investments.

Underweight positions in Electric, Consumer Cyclical, Capital Goods, Energy, Basic Industry, and Technology contributed positively to performance.

Security selection within Banking, Consumer Non-Cyclical, Consumer Cyclical, Capital Goods, and REIT were detractors. For sector allocation, overweight positions in Finance, Banking, Communications, Insurance, Brokerage/Asset Managers/Exchanges contributed negatively to performance.

Principal Millennials ETF

Investment Advisor: Principal Global Investors, LLC


Average Annual Total Returns* as of June 30, 2022
	1-Year		5-Year		Since Inception		Inception Date
Principal Millennials ETF	-38.99	%	7.69	%	9.29	%	8/19/16

What contributed to or detracted from Fund performance during the fiscal year?

The investment seeks to provide investment results that closely correspond, before expenses, to the performance of the NASDAQ Global Millennial Opportunity Index (the "index"). Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the index at the time of purchase. The index uses a quantitative model designed to identify equity securities of companies in the NASDAQ Global Index (the "parent index") that are impacted by the spending and lifestyle activities of the Millennial generation, which refers to people born from 1980 to the mid-2000s.

The Principal Millennials ETF performed in line the NASDAQ Global Millennial Opportunity NTR Index. One of the seven sectors within the index posted positive returns, led by consumer staples. Futu Holdings, iQIYI, and Albertsons Companies outperformed within the index, while our positioning in Discover Financial Services, AT&T, and Hennes & Mauritz contributed to performance.

The consumer discretionary and communication services sectors lagged during the period. RealReal, China Yuhua Education, and Farfetch underperformed within the index, while our positioning in AfreecaTV, Hello Group, and JOYY detracted from performance.

Principal Quality ETF

Investment Advisor: Principal Global Investors, LLC


Average Annual Total Returns* as of June 30, 2022
	1-Year		5-Year		Since Inception		Inception Date
Principal Quality ETF	-9.07	%	11.83	%	12.25	%	3/21/16

What contributed to or detracted from Fund performance during the fiscal year?

The investment seeks long-term growth of capital. Under normal circumstances, the fund primarily invests in equity securities. For security selection and portfolio construction, Principal Global Investors, LLC (“PGI”) uses a proprietary quantitative model designed to identify equity securities in the S&P 500 Index or S&P 400 Index that exhibit higher quality, growth potential, and pricing power. The fund invested significantly in one or more industries within the healthcare sector.

The Principal Quality ETF outperformed the index over the last twelve months. Two of the eleven sectors in the index posted positive returns, led by utilities and consumer staples. AutoZone, AbbVie, and Fortinet outperformed within the index, while our positioning in Fortinet, General Mills, and Pfizer contributed to performance.

The communication services and materials sectors lagged during the period. Zoom Video Communications, PayPal, and IDEXX Laboratories underperformed in the index, while our positioning in Tapestry, Nike, and PayPal detracted from performance.

**Effective June 17, 2022, the fund changed its primary broad-based index to the S&P 500 Index in connection with the fund’s change to an actively managed fund. Prior to that date, the fund was passively managed to correspond to the NASDAQ US Price Setters Index.

Principal Spectrum Preferrerd Securities Active ETF

Investment Advisor: Principal Global Investors, LLC
Sub-Advisor: Spectrum Asset Management, Inc.


Average Annual Total Returns* as of June 30, 2022
	1-Year		Since Inception		Inception Date
Principal Spectrum Preferred Securities Active ETF	-13.15	%	1.57	%	7/10/17

What contributed to or detracted from Fund performance during the fiscal year?

The investment seeks to provide current income. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in preferred securities at the time of purchase. Examples of preferred securities include preferred stock, certain depositary receipts, and various types of junior subordinated debt (such debt generally includes the contractual ability to defer payment of interest without accelerating an immediate default event). It concentrates its investments (invests more than 25% of its net assets) in securities in one or more industries within the financial services sector.

In a rising rate environment (US Treasury 2 year yield increased 270 bps and the 10 year yield increased 154 bps), all industries had negative returns. Cash was the best contributor as all investment industries performed negatively. The fund's investments in Banking Junior Sub-Debt returned -8.37%, which contributed 53 bps less drag in performance, mainly because of security selection, as compared to the ICE BofA US Investment Grade Institutional Capital Securities Index.

Utility Junior Sub-debt investments returned -16.0% and were the largest detractor, due to over-weighting and security selection, relative to the ICE BofA US Investment Grade Institutional Capital Securities Index.

Principal Spectrum Tax-Advantaged Dividend Active ETF

Investment Advisor: Principal Global Investors, LLC
Sub-Advisor: Spectrum Asset Management, Inc.


Average Annual Total Returns* as of June 30, 2022
	1-Year		Since Inception		Inception Date
Principal Spectrum Tax-Advantaged Dividend Active ETF	-10.38	%	0.67	%	6/16/20

What contributed to or detracted from Fund performance during the fiscal year?

The investment seeks to provide current income. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying securities at the time of purchase. Such securities include, without limitation, preferred securities and capital securities of U.S. and non-U.S. issuers. The fund invests significantly in securities that, at the time of issuance, are eligible to pay dividends that qualify for favorable U.S. federal income tax treatment, such as dividends treated as “qualified dividend income” (“QDI”) and qualified dividends from real estate investment trusts (“REITS”).

In a rising rate environment (U.S. Treasury 2 year yield increased 270 bps and the 10 year yield increased 154 bps), all industries held had negative returns. Cash was the best contributor as all investment sectors performed negatively. The top returning (least negative) sectors were Yankee Banking contingent convertibles sector -7.47% and $1,000 par Preferred Stock -11.21%.

The largest detractors were $25 par preferred stocks -15.01% and Bank Non-Viability Contingent Capital Additional Tier 1 -12.08%.

Principal Ultra-Short Active Income ETF

Investment Advisor: Principal Global Investors, LLC


Average Annual Total Returns* as of June 30, 2022
	1-Year		Since Inception		Inception Date
Principal Ultra-Short Active Income ETF	-1.40	%	0.72	%	4/24/19

What contributed to or detracted from Fund performance during the fiscal year?

The investment seeks to provide 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 investment-grade bonds and other fixed income securities. The fund invests in fixed- and floating-rate securities. Under normal circumstances, the fund maintains an average effective maturity of three years or less and an average portfolio duration of one year or less.

Top contributors to performance during the fiscal year included out of benchmark allocation to energy, out of benchmark allocation to consumer non-cyclical, out of benchmark allocation to communications, out of benchmark allocation to auto backed asset-backed securities, and out of benchmark allocation to insurance.

Key negative detractors to performance during the fiscal year included out of benchmark allocation to banking, out of benchmark allocation to other asset-backed securities, out of benchmark allocation to capital goods, out of benchmark allocation to finance companies, and out of benchmark allocation to electric utilities.

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

Investment Advisor: Principal Global Investors, LLC


Average Annual Total Returns* as of June 30, 2022
	1-Year		Since Inception		Inception Date
Principal U.S. Large-Cap Adaptive Multi-Factor ETF	-9.89	%	-5.82	%	5/19/21

What contributed to or detracted from Fund performance during the fiscal year?

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 large market capitalizations at the time of purchase. As a result, changes in the value of a single investment could cause greater fluctuations in it's share price than would occur in a more diversified fund. The fund’s strategies may result in the active and frequent trading of its portfolio securities. It is non-diversified.

The Principal U.S. Large-Cap Adaptive Multi-Factor ETF outperformed the index over the last 12 months. Four of the eleven sectors within the index posted positive returns, led by energy and utilities. Devon Energy, Occidental Petroleum, and McKesson outperformed within the index, while our positioning in Walt Disney, PayPal, and Boeing contributed to performance.

The communication services and consumer discretionary sectors lagged during the period. PayPal, Carnival, and Netflix underperformed within the index, while our positioning in Chevron, Eli Lilly, and NextEra Energy detracted from performance.

Principal U.S. Mega-Cap ETF

Investment Advisor: Principal Global Investors, LLC


Average Annual Total Returns* as of June 30, 2022
	1-Year		Since Inception		Inception Date
Principal U.S. Mega-Cap ETF	-6.18	%	10.37	%	10/11/17

What contributed to or detracted from Fund performance during the fiscal year?

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 very large ("mega") market capitalizations at the time of purchase. For this fund, companies with mega capitalizations are those with market capitalizations in the top 50th percentile of the S&P 500 Index at the time of purchase.

The Principal U.S. Mega-Cap ETF outperformed the index over the last 12 months. Four of the eleven sectors within the index posted positive returns, led by energy and healthcare. Chevron, Eli Lilly, and Exxon Mobil outperformed within the index, while our positioning in Pfizer, Danaher, and Costco Wholesale contributed to performance.

The communication services and consumer discretionary sectors lagged during the period. PayPal, Netflix, and Meta Platforms underperformed in the index, while our positioning in Advanced Micro Devices, Chevron, and Exxon Mobil detracted from performance.

**Effective June 10, 2022, the fund changed its primary broad-based index to the S&P 500 Index in connection with the fund’s change to an actively managed fund. Prior to that date, the fund was passively managed to correspond to the NASDAQ US Mega Cap Select Leaders Index.

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

Investment Advisor: Principal Global Investors, LLC


Average Annual Total Returns* as of June 30, 2022
	1-Year		Since Inception		Inception Date
Principal U.S. Small-Cap Adaptive Multi-Factor ETF	-13.25	%	-10.03	%	5/19/21

What contributed to or detracted from Fund performance during the fiscal year?

The investment seeks long-term growth of capital. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. companies with small market capitalizations at the time of purchase. For security selection and portfolio construction, Principal Global Investors, LLC ("PGI") uses a proprietary quantitative model. The fund’s strategies may result in the active and frequent trading of its portfolio securities.

The Principal U.S. Small-Cap Adaptive Multi-Factor ETF outperformed the index over the last 12 months. Two of the eleven sectors within the index posted positive returns, led by energy and utilities. Consol Energy, Lantheus Holdings, and PBF Energy outperformed within the index, while our positioning in NeoGenomics, LivePerson, and Crocs contributed to performance.

The consumer discretionary and healthcare sectors lagged during the period. Loyalty Ventures, Endo International, and SelectQuote underperformed within the index, while our positioning in Cytokinetics, Lantheus Holdings, and South Jersey Industries detracted from performance.

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

Investment Advisor: Principal Global Investors, LLC


Average Annual Total Returns* as of June 30, 2022
	1-Year		5-Year		Since Inception		Inception Date
Principal U.S. Small-Cap Multi-Factor ETF	-17.88	%	7.06	%	8.87	%	9/21/16

What contributed to or detracted from Fund performance during the fiscal year?

The investment seeks investment results that closely correspond, before expenses, to the performance of the NASDAQ US Small Cap Select Leaders Index (the "parent index"). The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the index. The index uses a quantitative model designed to identify equity securities (including growth and value stock) of small-capitalization companies in the NASDAQ US Small Cap Index that exhibit potential for high degrees of value, quality growth, and strong momentum, while adjusting for liquidity and volatility.

The Principal U.S. Small-Cap Multi-Factor ETF performed in line with the NASDAQ US Small Cap Select Leaders Index. One of the eleven sectors within the index posted positive returns, led by utilities. Lantheus Holdings, Alpha Metallurgical Resources, and Preferred Apartment Communities outperformed within the index, while our positioning in Jackson Financial, Arch Resources, and Box contributed to performance.

The healthcare and consumer discretionary sectors lagged during the period. Loyalty Ventures, Eargo, andAkebia Therapeutics underperformed within the index, while our positioning in Sitio Royalties, Houlihan Lokey, and National Storage Affiliates detracted from performance.

Principal Value ETF

Investment Advisor: Principal Global Investors, LLC


Average Annual Total Returns* as of June 30, 2022
	1-Year		5-Year		Since Inception		Inception Date
Principal Value ETF	-5.58	%	8.60	%	9.90	%	3/21/16

What contributed to or detracted from Fund performance during the fiscal year?

The investment seeks long-term growth of capital. Under normal circumstances, the fund primarily invests in equity securities, focusing on value stocks. For security selection and portfolio construction, Principal Global Investors, LLC ("PGI") uses a proprietary quantitative model designed to identify equity securities of mid- to large-capitalization companies in the S&P 500 Index that exhibit higher degrees of shareholder yield (meaning how much money a company distributes to shareholders through dividends and share repurchases).

The Principal Value ETF outperformed the index over the last twelve months. Four of the eleven sectors within the index posted positive returns, led by consumer staples and healthcare. McKesson, EOG Resources, and Quanta Services outperformed within the index, while our positioning in OneMain Holdings, SL Green Realty, and Dick’s Sporting Goods contributed to performance.

The consumer discretionary and real estate sectors lagged during the period. Qurate Retail, eXp World Holdings, and Synchrony Financial underperformed, while our positioning in Apple, Accenture, and Ross Stores detracted from performance.

**Effective June 24, 2022, the fund changed its primary broad-based index to the S&P 500 Index in connection with the fund’s change to an actively managed fund. Prior to that date, the fund was passively managed to correspond to the NASDAQ US Shareholder Yield Index.


	Statements of Assets and Liabilities
	Principal Exchange-Traded Funds
	June 30, 2022

										Principal
							Principal			International
			Principal				Healthcare			Adaptive
			Active High				Innovators			Multi-Factor
			Yield ETF ^(a)				ETF ^(b)			ETF
Investment in securities — at cost		$	248,132,561			$	97,414,719		$	17,795,865
Investment in affiliated funds — at cost			$	5,781,485		$	1,097,187		$	—
Foreign currency — at cost			$	—		$	—		$	48,469
Assets
Investment in securities — at value		$	215,412,273		^(c)	$	53,287,781	^(c)	$	14,094,953
Investment in affiliated funds — at value				5,781,485			1,097,187			—
Foreign currency — at value				—			—			48,501
Receivables:
Dividends				20,486			144			72,481
Interest				3,726,082			—			—
Securities lending income				2,490			5,534			—
Investment securities sold				3,171,861			—			—
	Total Assets		228,114,677				54,390,646			14,215,935

Liabilities
Accrued management and investment advisory fees				68,763			18,304			2,987
Payables:
Investment securities purchased				3,489,488			—			11,482
Collateral obligation on securities loaned — at value				5,781,485			1,097,187			—
	Total Liabilities			9,339,736			1,115,491			14,469
Net Assets Applicable to Outstanding Shares		$	218,774,941			$	53,275,155		$	14,201,466

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	262,211,544			$	105,260,173		$	24,778,232
Total distributable earnings (accumulated loss)			(43,436,603		)		(51,985,018	)		(10,576,766	)
	Total Net Assets	$	218,774,941			$	53,275,155		$	14,201,466

Net Asset Value Per Share:
Net assets		$	218,774,941			$	53,275,155		$	14,201,466
Shares issued and outstanding			12,350,000				1,650,001			700,001
Net asset value per share			$	17.71		$	32.29		$	20.29

^(a)	Effective September 1, 2021, Principal Active Income ETF changed its name to Principal Active High Yield ETF.
^(b)	Effective October 29, 2021, Principal Healthcare Innovators Index ETF changed its name to Principal Healthcare Innovators ETF.
^(c)	Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements.

See accompanying notes.


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
June 30, 2022

		Principal
		Investment
		Grade			Principal
		Corporate			Millennials			Principal
		Active ETF			ETF ^(a)			Quality ETF
Investment in securities — at cost	$	433,268,736		$	34,418,820		$	46,760,329
Investment in affiliated funds — at cost	$	1,398,980		$	988,500		$	—
Foreign currency — at cost	$	—		$	3,832		$	—
Assets
Investment in securities — at value	$	365,297,483	^(b)	$	23,587,655	^(b)	$	45,463,858
Investment in affiliated funds — at value		1,398,980			988,500			—
Foreign currency — at value		—			3,852			—
Cash		18,820			—			—
Deposits with counterparty		99,850			—			—
Receivables:
Dividends		4,942			22,158			30,810
Interest		3,679,956			—			—
Securities lending income		571			2,272			—
Total Assets		370,500,602			24,604,437			45,494,668

Liabilities
Accrued management and investment advisory fees		58,905			8,886			5,718
Payables:
Variation margin on financial derivative instruments		16,412			—			—
Collateral obligation on securities loaned — at value		1,398,980			988,500			—
Total Liabilities		1,474,297			997,386			5,718
Net Assets Applicable to Outstanding Shares	$	369,026,305		$	23,607,051		$	45,488,950

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	445,058,964		$	43,148,046		$	59,000,696
Total distributable earnings (accumulated loss)		(76,032,659	)		(19,540,995	)		(13,511,746	)
Total Net Assets	$	369,026,305		$	23,607,051		$	45,488,950

Net Asset Value Per Share:
Net assets	$	369,026,305		$	23,607,051		$	45,488,950
Shares issued and outstanding		16,900,001			600,001			950,001
Net asset value per share	$	21.84		$	39.35		$	47.88

^(a)	Effective October 29, 2021, Principal Millennials Index ETF changed its name to Principal Millennials ETF.
^(b)	Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements.

See accompanying notes.


	Statements of Assets and Liabilities
	Principal Exchange-Traded Funds
	June 30, 2022

						Principal			Principal
		Principal Real				Spectrum			Spectrum Tax-
		Estate Active				Preferred			Advantaged
		Opportunities				Securities			Dividend
			ETF			Active ETF			Active ETF
Investment in securities — at cost		$	5,520,340		$	394,612,649		$	22,755,435
Investment in affiliated funds — at cost		$	—		$	2,707,203		$	—
Assets
Investment in securities — at value		$	5,368,606		$	341,484,797	^(a)	$	20,881,858
Investment in affiliated funds — at value			—			2,707,203			—
Cash			26			10,913			6,165
Deposits with counterparty			—			—			17,285
Receivables:
Dividends			23,884			6,969			18,143
Interest			—			3,610,799			175,208
Securities lending income			—			2,400			—
	Total Assets		5,392,516			347,823,081			21,098,659

Liabilities
Accrued management and investment advisory fees			2,919			159,104			10,573
Payables:
Collateral obligation on securities loaned — at value			—			2,707,203			—
	Total Liabilities		2,919			2,866,307			10,573
Net Assets Applicable to Outstanding Shares		$	5,389,597		$	344,956,774		$	21,088,086

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	5,497,549		$	406,851,392		$	23,199,789
Total distributable earnings (accumulated loss)			(107,952	)		(61,894,618	)		(2,111,703	)
	Total Net Assets	$	5,389,597		$	344,956,774		$	21,088,086

Net Asset Value Per Share:
Net assets		$	5,389,597		$	344,956,774		$	21,088,086
Shares issued and outstanding			220,001			20,050,005			1,150,001
Net asset value per share		$	24.50		$	17.20		$	18.34

^(a)	Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements.

See accompanying notes.


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
June 30, 2022

					Principal U.S.
		Principal			Large-Cap
	Ultra-Short				Adaptive
	Active Income				Multi-Factor			Principal U.S.
		ETF			ETF			Mega-Cap ETF
Investment in securities — at cost	$	8,518,753		$	15,797,878		$	1,364,664,391
Investment in affiliated funds — at cost	$	66,468		$	—		$	—
Assets
Investment in securities — at value	$	8,417,784	^(a)	$	12,738,211		$	1,366,776,284
Investment in affiliated funds — at value		66,468			—			—
Receivables:
Dividends		374			13,078			778,326
Interest		21,513			—			—
Securities lending income		88			—			—
Fund shares sold		—			—			3,693,690
Expense reimbursement from Advisor		—			—			34,625
Total Assets		8,506,227			12,751,289			1,371,282,925

Liabilities
Accrued management and investment advisory fees		1,249			1,700			173,126
Payables:
Investment securities purchased		—			—			3,682,951
Collateral obligation on securities loaned — at value		66,468			—			—
Total Liabilities		67,717			1,700			3,856,077
Net Assets Applicable to Outstanding Shares	$	8,438,510		$	12,749,589		$	1,367,426,848

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	8,799,636		$	20,169,800		$	1,426,990,456
Total distributable earnings (accumulated loss)		(361,126	)		(7,420,211	)		(59,563,608	)
Total Net Assets	$	8,438,510		$	12,749,589		$	1,367,426,848

Net Asset Value Per Share:
Net assets	$	8,438,510		$	12,749,589		$	1,367,426,848
Shares issued and outstanding		350,001			550,001			37,350,001
Net asset value per share	$	24.11		$	23.18		$	36.61

^(a)Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements.

See accompanying notes.


	Statements of Assets and Liabilities
	Principal Exchange-Traded Funds
	June 30, 2022

		Principal U.S.
		Small-Cap				Principal U.S.
		Adaptive				Small-Cap
		Multi-Factor				Multi-Factor			Principal Value
			ETF			ETF			ETF
Investment in securities — at cost		$	5,885,284		$	722,766,828		$	220,734,530
Investment in affiliated funds — at cost		$	—		$	5,359,834		$	—
Assets
Investment in securities — at value		$	5,455,284		$	615,853,652	^(a)	$	215,536,678
Investment in affiliated funds — at value			—			5,359,834			—
Receivables:
Dividends			7,347			817,033			402,390
Securities lending income			—			5,176			332
Investment securities sold			1,496			—			7,743,636
	Total Assets		5,464,127			622,035,695			223,683,036

Liabilities
Accrued management and investment advisory fees			882			200,402			28,492
Fund shares redeemed			—			—			7,779,287
Payables:
Investment securities purchased			—			210,941			—
Collateral obligation on securities loaned — at value			—			5,359,834			—
	Total Liabilities		882			5,771,177			7,807,779
Net Assets Applicable to Outstanding Shares		$	5,463,245		$	616,264,518		$	215,875,257

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	6,262,759		$	868,526,604		$	246,907,473
Total distributable earnings (accumulated loss)			(799,514	)		(252,262,086	)		(31,032,216	)
	Total Net Assets	$	5,463,245		$	616,264,518		$	215,875,257

Net Asset Value Per Share:
Net assets		$	5,463,245		$	616,264,518		$	215,875,257
Shares issued and outstanding			250,001			16,200,001			5,550,001
Net asset value per share		$	21.85		$	38.04		$	38.90

^(a)	Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements.

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2022

								Principal
					Principal			International
		Principal			Healthcare			Adaptive
	Active High				Innovators			Multi-Factor
	Yield ETF ^(a)				ETF ^(b)			ETF
Net Investment Income (Loss)
Income:
Dividend	$	169,716		$	74,127		$	2,469,627
Withholding tax		(719	)		—			(233,960	)
Interest		11,138,594			—			5,211
Securities lending — net		10,886			61,431			—
Total Income		11,318,477			135,558			2,240,878

Expenses:
Management and investment advisory fees		947,585			428,742			203,476
Total Expenses		947,585			428,742			203,476
Net Investment Income (Loss)		10,370,892			(293,184	)		2,037,402

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment transactions		4,728,128			(5,201,594	)		(7,207,574	)
In-kind redemptions		17,960,383			9,993,881			(1,836,920	)
Foreign currency transactions		(478	)		—			(17,985	)
Change in unrealized appreciation (depreciation) of:
Investments		(58,007,682	)		(65,363,644	)		(2,675,318	)
Foreign currency transactions		247			—			(1,768	)
Net Realized and Unrealized Gain (Loss)		(35,319,402	)		(60,571,357	)		(11,739,565	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(24,948,510	)	$	(60,864,541	)	$	(9,702,163	)

^(a)	Effective September 1, 2021, Principal Active Income ETF changed its name to Principal Active High Yield ETF.
^(b)	Effective October 29, 2021, Principal Healthcare Innovators Index ETF changed its name to Principal Healthcare Innovators ETF.

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2022

		Principal
	Investment
		Grade			Principal
		Corporate			Millennials			Principal
	Active ETF				ETF ^(a)			Quality ETF
Net Investment Income (Loss)
Income:
Dividend	$	8,952		$	3,493,490		$	1,012,196
Withholding tax		—			(423,627	)		—
Interest		12,380,857			—			—
Securities lending — net		9,134			160,981			—
Total Income		12,398,943			3,230,844			1,012,196

Expenses:
Management and investment advisory fees		851,728			344,800			120,921
Total Expenses		851,728			344,800			120,921
Net Investment Income (Loss)		11,547,215			2,886,044			891,275

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment transactions		(5,453,921	)		(6,869,200	)		(10,918,320	)
In-kind redemptions		(1,174,255	)		(7,806,259	)		5,366,899
Foreign currency transactions		—			(9,843	)		—
Futures contracts		1,547,179			—			—
Change in unrealized appreciation (depreciation) of:
Investments		(76,291,632	)		(22,104,756	)		(3,671,471	)
Futures contracts		131,975			—			—
Foreign currency transactions		—			(221	)		—
Net Realized and Unrealized Gain (Loss)		(81,240,654	)		(36,790,279	)		(9,222,892	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(69,693,439	)	$	(33,904,235	)	$	(8,331,617	)

^(a)Effective October 29, 2021, Principal Millennials Index ETF changed its name to Principal Millennials ETF.

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2022

					Principal			Principal
	Principal Real				Spectrum			Spectrum Tax-
	Estate Active				Preferred			Advantaged
	Opportunities				Securities			Dividend
		ETF ^(a)			Active ETF			Active ETF
Net Investment Income (Loss)
Income:
Dividend	$	25,669		$	13,223		$	147,098
Interest		—			15,117,718			933,334
Securities lending — net		—			37,199			—
Total Income		25,669			15,168,140			1,080,432

Expenses:
Management and investment advisory fees		4,009			2,201,398			138,109
Total Expenses		4,009			2,201,398			138,109
Net Investment Income (Loss)		21,660			12,966,742			942,323

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment transactions		22,299			(852,146	)		25,207
In-kind redemptions		—			(931,604	)		—
Futures contracts		—			—			(16,532	)
Written options		—			—			20,220
Change in unrealized appreciation (depreciation) of:
Investments		(151,734	)		(66,719,754	)		(3,438,648	)
Net Realized and Unrealized Gain (Loss)		(129,435	)		(68,503,504	)		(3,409,753	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(107,775	)	$	(55,536,762	)	$	(2,467,430	)

^(a)Period from May 18, 2022, date operations commenced, through June 30, 2022.

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2022

					Principal U.S.
		Principal			Large-Cap
	Ultra-Short				Adaptive
	Active Income				Multi-Factor			Principal U.S.
		ETF			ETF			Mega-Cap ETF
Net Investment Income (Loss)
Income:
Dividend	$	844		$	1,295,546		$	31,723,023
Withholding tax		—			(178	)		—
Interest		61,463			—			—
Securities lending — net		698			—			—
Total Income		63,005			1,295,368			31,723,023

Expenses:
Management and investment advisory fees		15,266			145,015			2,689,770
Total Gross Expenses		15,266			145,015			2,689,770
Less: Reimbursement from Advisor		—			—			(537,954	)
Total Net Expenses		15,266			145,015			2,151,816
Net Investment Income (Loss)		47,739			1,150,353			29,571,207

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment transactions		(54,767	)		(4,552,215	)		(4,242,880	)
In-kind redemptions		—			740,379			322,871,885
Change in unrealized appreciation (depreciation) of:
Investments		(112,386	)		(3,432,631	)		(388,433,052	)
Net Realized and Unrealized Gain (Loss)		(167,153	)		(7,244,467	)		(69,804,047	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(119,414	)	$	(6,094,114	)	$	(40,232,840	)

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2022

	Principal U.S.
		Small-Cap			Principal U.S.
		Adaptive			Small-Cap
	Multi-Factor				Multi-Factor			Principal Value
		ETF			ETF			ETF
Net Investment Income (Loss)
Income:
Dividend	$	108,715		$	20,014,019		$	4,836,705
Withholding tax		(128	)		(7,396	)		(1,093	)
Securities lending — net		—			331,237			3,508
Total Income		108,587			20,337,860			4,839,120

Expenses:
Management and investment advisory fees		11,876			4,417,238			181,310
Total Expenses		11,876			4,417,238			181,310
Net Investment Income (Loss)		96,711			15,920,622			4,657,810

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment transactions		(365,590	)		(60,348,864	)		(26,388,114	)
In-kind redemptions		—			240,184,248			9,262,686
Change in unrealized appreciation (depreciation) of:
Investments		(561,664	)		(330,521,307	)		(7,994,936	)
Net Realized and Unrealized Gain (Loss)		(927,254	)		(150,685,923	)		(25,120,364	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(830,543	)	$	(134,765,301	)	$	(20,462,554	)

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal Active High Yield ETF ^(a)
		Year ended			Year ended
		June 30, 2022		June 30, 2021
Operations
Net investment income (loss)	$	10,370,892		$	9,199,173
Net realized gain (loss)		22,688,033			(6,479,099	)
Change in unrealized appreciation (depreciation)		(58,007,435	)		42,205,061
Net Increase (Decrease) in Net Assets Resulting from Operations		(24,948,510	)		44,925,135

Dividends to Shareholders
From net investment income and net realized gain on investments		(11,667,484	)		(9,881,656	)
Total Dividends		(11,667,484	)		(9,881,656	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		22,948,323			(72,696,915	)
Total Increase (Decrease) in Net Assets		(13,667,671	)		(37,653,436	)

Net Assets
Beginning of year		232,442,612			270,096,048
End of year	$	218,774,941		$	232,442,612

Capital Share Transactions
Dollars:
Sold	$	102,653,195		$	2,059,299
Redeemed		(79,704,872	)		(74,756,214	)
Net Increase (Decrease)	$	22,948,323		$	(72,696,915	)
Shares:
Sold		3,700,000			100,000	^(b)
Redeemed		(2,500,000	)		(3,900,000	) ^(b)
Net Increase (Decrease)		1,200,000			(3,800,000	)

^(a)	Effective September 1, 2021, Principal Active Income ETF changed its name to Principal Active High Yield ETF.
^(b)	Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see Notes to Financial Statements.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal Healthcare Innovators ETF ^(a)
		Year ended				Year ended
		June 30, 2022				June 30, 2021
Operations
Net investment income (loss)		$	(293,184	)	$	(372,510	)
Net realized gain (loss)			4,792,287			28,979,751
Change in unrealized appreciation (depreciation)		(65,363,644		)		6,955,733
Net Increase (Decrease) in Net Assets Resulting from Operations		(60,864,541		)		35,562,974

Dividends to Shareholders
From net investment income and net realized gain on investments			(861,124	)		(527,787	)
Total Dividends			(861,124	)		(527,787	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		(61,196,542		)		45,823,914
Total Increase (Decrease) in Net Assets		(122,922,207		)		80,859,101

Net Assets
Beginning of year		176,197,362				95,338,261
End of year		$	53,275,155		$	176,197,362

Capital Share Transactions
Dollars:
Sold		$	2,777,910		$	111,095,936
Redeemed		(63,974,452		)		(65,272,022	)
Net Increase (Decrease)	$	(61,196,542		)	$	45,823,914
Shares:
Sold			50,000			1,900,000
Redeemed			(1,300,000	)		(1,150,000	)
Net Increase (Decrease)			(1,250,000	)		750,000

^(a)	Effective October 29, 2021, Principal Healthcare Innovators Index ETF changed its name to Principal Healthcare Innovators ETF.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal International Adaptive Multi-
		Factor ETF
		Year ended		Period ended
		June 30, 2022		June 30, 2021 ^(a)
Operations
Net investment income (loss)	$	2,037,402		$	67,312
Net realized gain (loss)		(9,062,479	)		13,912
Change in unrealized appreciation (depreciation)		(2,677,086	)		(1,026,037	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(9,702,163	)		(944,813	)

Dividends to Shareholders
From net investment income and net realized gain on investments		(1,862,278	)		—
Total Dividends		(1,862,278	)		—

Capital Share Transactions
Net increase (decrease) in capital share transactions		(21,352,130	)		48,062,850
Total Increase (Decrease) in Net Assets		(32,916,571	)		47,118,037

Net Assets
Beginning of period		47,118,037			—
End of period	$	14,201,466		$	47,118,037

Capital Share Transactions
Dollars:
Sold	$	133,715,469		$	48,062,850
Redeemed		(155,067,599	)		—
Net Increase (Decrease)	$	(21,352,130	)	$	48,062,850
Shares:
Sold		5,400,000			1,900,001
Redeemed		(6,600,000	)		—
Net Increase (Decrease)		(1,200,000	)		1,900,001

^(a)	Period from May 26, 2021, date operations commenced, through June 30, 2021.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal Investment Grade Corporate
		Active ETF
		Year ended		Year ended
		June 30, 2022		June 30, 2021
Operations
Net investment income (loss)	$	11,547,215		$	7,616,986
Net realized gain (loss)		(5,080,997	)		3,895,398
Change in unrealized appreciation (depreciation)		(76,159,657	)		403,989
Net Increase (Decrease) in Net Assets Resulting from Operations		(69,693,439	)		11,916,373

Dividends to Shareholders
From net investment income and net realized gain on investments		(15,584,122	)		(14,392,204	)
Total Dividends		(15,584,122	)		(14,392,204	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		(26,967,396	)		373,054,558
Total Increase (Decrease) in Net Assets		(112,244,957	)		370,578,727

Net Assets
Beginning of year		481,271,262			110,692,535
End of year	$	369,026,305		$	481,271,262

Capital Share Transactions
Dollars:
Sold	$	37,903,794		$	383,550,803
Redeemed		(64,871,190	)		(10,496,245	)
Net Increase (Decrease)	$	(26,967,396	)	$	373,054,558
Shares:
Sold		1,500,000			14,250,000
Redeemed		(2,600,000	)		(400,000	)
Net Increase (Decrease)		(1,100,000	)		13,850,000

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


			Principal Millennials ETF ^(a)
		Year ended			Year ended
		June 30, 2022			June 30, 2021
Operations
Net investment income (loss)		$	2,886,044		$	331,354
Net realized gain (loss)		(14,685,302		)		21,712,308
Change in unrealized appreciation (depreciation)		(22,104,977		)		7,404,266
Net Increase (Decrease) in Net Assets Resulting from Operations		(33,904,235		)		29,447,928

Dividends to Shareholders
From net investment income and net realized gain on investments			(2,817,266	)		(481,261	)
Total Dividends			(2,817,266	)		(481,261	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		(66,070,744		)		71,724,249
Total Increase (Decrease) in Net Assets		(102,792,245		)		100,690,916

Net Assets
Beginning of year		126,399,296				25,708,380
End of year		$	23,607,051		$	126,399,296

Capital Share Transactions
Dollars:
Sold		$	45,979,391		$	147,097,949
Redeemed		(112,050,135		)	(75,373,700		)
Net Increase (Decrease)	$	(66,070,744		)	$	71,724,249
Shares:
Sold			800,000			2,550,000
Redeemed			(2,100,000	)		(1,250,000	)
Net Increase (Decrease)			(1,300,000	)		1,300,000

^(a)	Effective October 29, 2021, Principal Millennials Index ETF changed its name to Principal Millennials ETF.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal Quality ETF
		Year ended		Year ended
		June 30, 2022		June 30, 2021
Operations
Net investment income (loss)	$	891,275		$	380,155
Net realized gain (loss)		(5,551,421	)		7,418,259
Change in unrealized appreciation (depreciation)		(3,671,471	)		1,633,115
Net Increase (Decrease) in Net Assets Resulting from Operations		(8,331,617	)		9,431,529

Dividends to Shareholders
From net investment income and net realized gain on investments		(811,956	)		(296,923	)
Total Dividends		(811,956	)		(296,923	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		(3,853,104	)		31,399,812
Total Increase (Decrease) in Net Assets		(12,996,677	)		40,534,418

Net Assets
Beginning of year		58,485,627			17,951,209
End of year	$	45,488,950		$	58,485,627

Capital Share Transactions
Dollars:
Sold	$	144,698,544		$	83,793,358
Redeemed		(148,551,648	)		(52,393,546	)
Net Increase (Decrease)	$	(3,853,104	)	$	31,399,812
Shares:
Sold		2,600,000			1,700,000
Redeemed		(2,750,000	)		(1,050,000	)
Net Increase (Decrease)		(150,000	)		650,000

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


	Principal Spectrum Preferred Securities
		Active ETF
		Year ended		Year ended
		June 30, 2022		June 30, 2021
Operations
Net investment income (loss)	$	12,966,742		$	8,156,646
Net realized gain (loss)		(1,783,750	)		550,789
Change in unrealized appreciation (depreciation)		(66,719,754	)		13,134,839
Net Increase (Decrease) in Net Assets Resulting from Operations		(55,536,762	)		21,842,274

Dividends to Shareholders
From net investment income and net realized gain on investments		(16,461,144	)		(9,608,037	)
Total Dividends		(16,461,144	)		(9,608,037	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		53,621,546			211,103,817
Total Increase (Decrease) in Net Assets		(18,376,360	)		223,338,054

Net Assets
Beginning of year		363,333,134			139,995,080
End of year	$	344,956,774		$	363,333,134

Capital Share Transactions
Dollars:
Sold	$	119,885,173		$	211,103,817
Redeemed		(66,263,627	)		—
Net Increase (Decrease)	$	53,621,546		$	211,103,817
Shares:
Sold		5,950,000			10,350,000
Redeemed		(3,500,000	)		—
Net Increase (Decrease)		2,450,000			10,350,000

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


	Principal Spectrum Tax-Advantaged
		Dividend Active ETF
	Year ended			Year ended
	June 30, 2022			June 30, 2021
Operations
Net investment income (loss)	$	942,323		$	919,696
Net realized gain (loss)		28,895			129,559
Change in unrealized appreciation (depreciation)		(3,438,648	)		1,712,911
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,467,430	)		2,762,166

Dividends to Shareholders
From net investment income and net realized gain on investments		(1,220,956	)		(1,062,462	)
Total Dividends		(1,220,956	)		(1,062,462	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		2,129,041			1,000,132
Total Increase (Decrease) in Net Assets		(1,559,345	)		2,699,836

Net Assets
Beginning of year		22,647,431			19,947,595
End of year	$	21,088,086		$	22,647,431

Capital Share Transactions
Dollars:
Sold	$	2,129,041		$	1,000,132
Redeemed		—			—
Net Increase (Decrease)	$	2,129,041		$	1,000,132
Shares:
Sold		100,000			50,000
Redeemed		—			—
Net Increase (Decrease)		100,000			50,000

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


	Principal Ultra-Short Active Income
				ETF
	Year ended				Year ended
	June 30, 2022			June 30, 2021
Operations
Net investment income (loss)	$	47,739		$	89,020
Net realized gain (loss)		(54,767	)		13,955
Change in unrealized appreciation (depreciation)		(112,386	)		(32,874	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(119,414	)		70,101

Dividends to Shareholders
From net investment income and net realized gain on investments		(97,102	)		(215,987	)
Total Dividends		(97,102	)		(215,987	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		(1,993	)		(3,706,573	)
Total Increase (Decrease) in Net Assets		(218,509	)		(3,852,459	)

Net Assets
Beginning of year		8,657,019			12,509,478
End of year	$	8,438,510		$	8,657,019

Capital Share Transactions
Dollars:
Sold	$	1,209,257		$	1,238,181
Redeemed		(1,211,250	)		(4,944,754	)
Net Increase (Decrease)	$	(1,993	)	$	(3,706,573	)
Shares:
Sold		50,000			50,000
Redeemed		(50,000	)		(200,000	)
Net Increase (Decrease)		—			(150,000	)

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal U.S. Large-Cap Adaptive
		Multi-Factor ETF
		Year ended		Period ended
		June 30, 2022		June 30, 2021 ^(a)
Operations
Net investment income (loss)	$	1,150,353		$	15,311
Net realized gain (loss)		(3,811,836	)		110
Change in unrealized appreciation (depreciation)		(3,432,631	)		372,964
Net Increase (Decrease) in Net Assets Resulting from Operations		(6,094,114	)		388,385

Dividends to Shareholders
From net investment income and net realized gain on investments		(1,000,323	)		—
Total Dividends		(1,000,323	)		—

Capital Share Transactions
Net increase (decrease) in capital share transactions		(9,997,947	)		29,453,588
Total Increase (Decrease) in Net Assets		(17,092,384	)		29,841,973

Net Assets
Beginning of period		29,841,973			—
End of period	$	12,749,589		$	29,841,973

Capital Share Transactions
Dollars:
Sold	$	172,626,760		$	29,453,588
Redeemed		(182,624,707	)		—
Net Increase (Decrease)	$	(9,997,947	)	$	29,453,588
Shares:
Sold		6,400,000			1,150,001
Redeemed		(7,000,000	)		—
Net Increase (Decrease)		(600,000	)		1,150,001

^(a)

Period from May 19, 2021, date operations commenced, through June 30, 2021.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal U.S. Mega-Cap ETF
		Year ended			Year ended
		June 30, 2022			June 30, 2021
Operations
Net investment income (loss)	$	29,571,207		$	28,827,265
Net realized gain (loss)		318,629,005			192,160,118
Change in unrealized appreciation (depreciation)		(388,433,052	)		284,619,935
Net Increase (Decrease) in Net Assets Resulting from Operations		(40,232,840	)		505,607,318

Dividends to Shareholders
From net investment income and net realized gain on investments		(31,378,545	)		(27,303,682	)
Total Dividends		(31,378,545	)		(27,303,682	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		(519,025,943	)		(25,285,343	)
Total Increase (Decrease) in Net Assets		(590,637,328	)		453,018,293

Net Assets
Beginning of year		1,958,064,176			1,505,045,883
End of year	$	1,367,426,848		$	1,958,064,176

Capital Share Transactions
Dollars:
Sold	$	564,035,727		$	526,851,840
Redeemed		(1,083,061,670	)		(552,137,183	)
Net Increase (Decrease)	$	(519,025,943	)	$	(25,285,343	)
Shares:
Sold		13,400,000			14,150,000
Redeemed		(25,400,000	)		(14,900,000	)
Net Increase (Decrease)		(12,000,000	)		(750,000	)

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


	Principal U.S. Small-Cap Adaptive
		Multi-Factor ETF
	Year ended			Period ended
	June 30, 2022			June 30, 2021 ^(a)
Operations
Net investment income (loss)	$	96,711		$	6,980
Net realized gain (loss)		(365,590	)		1,295
Change in unrealized appreciation (depreciation)		(561,664	)		131,664
Net Increase (Decrease) in Net Assets Resulting from Operations		(830,543	)		139,939

Dividends to Shareholders
From net investment income and net realized gain on investments		(108,910	)		—
Total Dividends		(108,910	)		—

Capital Share Transactions
Net increase (decrease) in capital share transactions		—			6,262,759
Total Increase (Decrease) in Net Assets		(939,453	)		6,402,698

Net Assets
Beginning of period		6,402,698			—
End of period	$	5,463,245		$	6,402,698

Capital Share Transactions
Dollars:
Sold	$	—		$	6,262,759
Redeemed		—			—
Net Increase (Decrease)	$	—		$	6,262,759
Shares:
Sold		—			250,001
Redeemed		—			—
Net Increase (Decrease)		—			250,001

^(a)	Period from May 19, 2021, date operations commenced, through June 30, 2021.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal U.S. Small-Cap Multi-Factor
				ETF
		Year ended			Year ended
		June 30, 2022		June 30, 2021
Operations
Net investment income (loss)	$	15,920,622		$	13,278,051
Net realized gain (loss)		179,835,384			186,577,277
Change in unrealized appreciation (depreciation)		(330,521,307	)		264,338,863
Net Increase (Decrease) in Net Assets Resulting from Operations		(134,765,301	)		464,194,191

Dividends to Shareholders
From net investment income and net realized gain on investments		(17,721,353	)		(10,376,768	)
Total Dividends		(17,721,353	)		(10,376,768	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		(859,252,127	)		845,880,659
Total Increase (Decrease) in Net Assets		(1,011,738,781	)		1,299,698,082

Net Assets
Beginning of year		1,628,003,299			328,305,217
End of year	$	616,264,518		$	1,628,003,299

Capital Share Transactions
Dollars:
Sold	$	472,542,832		$	1,451,694,258
Redeemed		(1,331,794,959	)		(605,813,599	)
Net Increase (Decrease)	$	(859,252,127	)	$	845,880,659
Shares:
Sold		10,150,000			36,050,000
Redeemed		(28,650,000	)		(13,350,000	)
Net Increase (Decrease)		(18,500,000	)		22,700,000

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal Value ETF
		Year ended		Year ended
		June 30, 2022		June 30, 2021
Operations
Net investment income (loss)	$	4,657,810		$	826,275
Net realized gain (loss)		(17,125,428	)		7,607,296
Change in unrealized appreciation (depreciation)		(7,994,936	)		1,803,600
Net Increase (Decrease) in Net Assets Resulting from Operations		(20,462,554	)		10,237,171

Dividends to Shareholders
From net investment income and net realized gain on investments		(2,251,380	)		(700,888	)
Total Dividends		(2,251,380	)		(700,888	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		194,090,855			3,055,086
Total Increase (Decrease) in Net Assets		171,376,921			12,591,369

Net Assets
Beginning of year		44,498,336			31,906,967
End of year	$	215,875,257		$	44,498,336

Capital Share Transactions
Dollars:
Sold	$	371,175,106		$	38,529,990
Redeemed		(177,084,251	)		(35,474,904	)
Net Increase (Decrease)	$	194,090,855		$	3,055,086
Shares:
Sold		8,700,000			950,000
Redeemed		(4,200,000	)		(1,050,000	)
Net Increase (Decrease)		4,500,000			(100,000	)

See accompanying notes.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

1. Organization

The Principal Exchange-Traded Funds (the “Trust”) is a statutory trust organized under the laws of the State of Delaware in 2013 and is authorized to have multiple series or portfolios. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently consists of fifteen series, Principal Active High Yield ETF, Principal Healthcare Innovators ETF, Principal International Adaptive Multi-Factor ETF, Principal Investment Grade Corporate Active ETF, Principal Millennials ETF, Principal Quality ETF, Principal Real Estate Active Opportunities ETF, Principal Spectrum Preferred Securities Active ETF, Principal Spectrum Tax-Advantaged Dividend Active ETF, Principal Ultra-Short Active Income ETF, Principal U.S. Large-Cap Adaptive Multi-Factor ETF, Principal U.S. Mega-Cap ETF, Principal U.S. Small-Cap Adaptive Multi-Factor ETF, Principal U.S. Small-Cap Multi-Factor ETF and Principal Value ETF (collectively, the “Funds” and individually, a “Fund”). The shares of the Funds are referred to herein as “Shares”.

Each of the Funds is an investment company and applies specialized accounting and reporting under Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The Funds have not provided financial support and are not contractually required to provide financial support to any investee.

The Trust issues and redeems Shares at net asset value (“NAV”) only with Authorized Participants (“APs”) and only in aggregations of 50,000 Shares with the exception of Principal International Adaptive Multi-Factor ETF and Principal Real Estate Active Opportunities ETF which are issued and redeemed in aggregations of 100,000 shares and 20,000 shares, respectively (each a “Creation Unit” or multiples thereof “Creation Unit Aggregations”), which is subject to change. The Trust issues and redeems Creation Unit Aggregations in exchange for portfolio securities and/or cash, plus a fixed and/or variable transaction fee.

Shares trade on exchanges at market prices that may be below, at, or above NAV. Shares are listed on the respective exchanges as listed below:


Fund	Exchange
Principal Active High Yield ETF	NYSE Arca
Principal Healthcare Innovators ETF	The Nasdaq Stock Market LLC
Principal International Adaptive Multi-Factor ETF	Cboe BZX Exchange, Inc.
Principal Investment Grade Corporate Active ETF	NYSE Arca
Principal Millennials ETF	The Nasdaq Stock Market LLC
Principal Quality ETF	The Nasdaq Stock Market LLC
Principal Real Estate Active Opportunities ETF	NYSE Arca
Principal Spectrum Preferred Securities Active ETF	NYSE Arca
Principal Spectrum Tax-Advantaged Dividend Active ETF	NYSE Arca
Principal Ultra-Short Active Income ETF	NYSE Arca
Principal U.S. Large-Cap Adaptive Multi-Factor ETF	Cboe BZX Exchange, Inc.
Principal U.S. Mega-Cap ETF	The Nasdaq Stock Market LLC
Principal U.S. Small-Cap Adaptive Multi-Factor ETF	Cboe BZX Exchange, Inc.
Principal U.S. Small-Cap Multi-Factor ETF	The Nasdaq Stock Market LLC
Principal Value ETF	The Nasdaq Stock Market LLC

Principal U.S. Large-Cap Adaptive Multi-Factor ETF and Principal U.S. Small-Cap Adaptive Multi-Factor ETF initial investments and commencement of operations was May 19, 2021. Principal International Adaptive Multi-Factor ETF initial investment and commencement of operations was May 26, 2021. Principal Real Estate Active Opportunities ETF initial investment and commencement of operations was May 18, 2022.

Effective September 1, 2021, Principal Active Income ETF changed its name to Principal Active High Yield ETF. In addition to the name change, the Board of Trustees authorized a 2 for 1 stock split effective after the close of trading on August 30, 2021. The stock split has been retroactively reflected on the Statement of Changes in Net Assets and Financial Highlights.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

1. Organization (continued)

Effective October 29, 2021, the following Funds changed their names as shown below:


Previous Name	New Name
Principal Healthcare Innovators Index ETF	Principal Healthcare Innovators ETF
Principal Millennials Index ETF	Principal Millennials ETF

Effective June 10, 2022, June 17, 2022 and June 24, 2022, Principal U.S. Mega-Cap ETF, Principal Quality ETF and Principal Value ETF changed from passively managed to actively managed, respectively.

2. Significant Accounting Policies

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:

Security Valuation. The Funds may invest in series of Principal Funds, Inc. and other investment funds, which may include money market funds and other registered open-end investment companies. Investments in registered open-end investment companies are valued at the respective fund's closing NAV per share on the day of valuation.

The Funds value securities for which market quotations are readily available at fair value, which is determined using the last reported sale price. If no sales are reported, as is regularly the case for some securities traded over-the-counter, securities are valued using the last reported bid price or an evaluated bid price provided by a pricing service. Pricing services use modeling techniques that incorporate security characteristics such as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, other yield and risk factors and other market conditions to determine an evaluated bid price. When reliable market quotations are not considered to be readily available, which may be the case, for example, with respect to restricted securities, certain debt securities, preferred stocks, and foreign securities, the investments are valued at their fair value as determined in good faith by the Principal Global Investors, LLC (“the Advisor”) under procedures established and periodically reviewed by the Fund's Board of Trustees.

The value of foreign securities used in computing the NAV per share is generally determined as of the close of the foreign exchange where the security is principally traded. Events that occur after the close of the applicable foreign market or exchange but prior to the calculation of the Fund’s NAV are reflected in the Fund’s NAV and these securities are valued at fair value. Many factors, provided by independent pricing services, are reviewed in the course of making a good faith determination of a security's fair value including, but not limited to, price movements in American

Depository Receipts (“ADRs”), futures contracts, industry indices, general indices, and foreign currencies.

To the extent the Funds invest in foreign securities listed on foreign exchanges which trade on days on which the

Funds do not determine NAV, for example, weekends and other customary national U.S. holidays, the Fund’s NAV could be significantly affected on days when shares are not able to be issued or redeemed by APs.

Certain securities issued by companies in emerging market countries may have more than one quoted valuation at any given point in time, sometimes referred to as a “local” price and a “premium” price. The premium price is often a negotiated price, which may not consistently represent a price at which a specific transaction can be effected. It is the policy of the Funds to value such securities at prices at which it is expected those shares may be sold, and the Advisor, or any sub-advisor, is authorized to make such determinations subject to such oversight by the Trust's Board of Trustees, as may occasionally be necessary.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

2. Significant Accounting Policies (continued)

Currency Translation. Foreign holdings are translated to U.S. dollars using the exchange rate at the daily close of the New York Stock Exchange. The identified cost of the Funds’ holdings is translated at approximate rates prevailing when acquired. Income and expense amounts are translated at approximate rates prevailing when received or paid, with daily accruals of such amounts reported at approximate rates prevailing at the date of valuation. Since the carrying amount of the foreign securities is determined based on the exchange rate and market values at the close of the period, it is not practicable to isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities during the period.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between trade and settlement dates on security transactions, and the difference between the amount of dividends, interest income, interest expense, and foreign withholding taxes recorded on the books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies arise from changes in the exchange rate relating to assets and liabilities, other than investments in securities, purchased and held in non-U.S. denominated currencies.

The following Funds held securities denominated in foreign currencies that exceeded 5% of net assets of the respective Fund as of June 30, 2022:


Principal International Adaptive Multi-Factor ETF
Australian Dollar	6.92	%
British Pound Sterling	13.01	%
Canadian Dollar	15.37	%
Euro	23.09	%
Japanese Yen	19.40	%
Swiss Franc	9.04	%
Principal Millennials ETF
Euro	11.93	%

Income and Investment Transactions. The Funds record investment transactions on a trade date basis. Trade date for senior floating rate interests purchased in the primary market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary market is the date on which the transaction is entered into. The identified cost basis has been used in determining the net realized gain or loss from investment transactions and unrealized appreciation or depreciation of investments. The Funds record dividend income on the ex-dividend date, except dividend income from foreign securities whereby the ex-dividend date has passed; such dividends are recorded as soon as the Funds are informed of the ex-dividend date. Interest income is recognized on an accrual basis. Discounts and premiums on securities are accreted/amortized, respectively, on the level yield method over the expected lives of the respective securities. Callable debt securities purchased at a premium are amortized to the earliest call date and to the callable amount, if other than par.

Distributions from Real Estate Investment Trusts ("REITs") may be characterized as ordinary income, capital gain, or a return of capital to the Funds. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates are used in reporting the character of income and distributions for financial statement purposes. Principal Real Estate Active Opportunities ETF receives substantial distributions from holdings in REITs.

Capital Share Transactions. Capital shares are issued and redeemed by the Funds only in a Creation Unit or Creation Unit Aggregations. Except when aggregated into at least a Creation Unit, Shares are not redeemable.

The consideration for the purchase of a Creation Unit or Creation Unit Aggregations of a Fund generally consists of a basket of cash and/or securities that the Fund specifies each business day. To offset transfer and other transaction costs associated with the issuance and redemption of Creation Unit Aggregations, APs are subject to standard creation and redemption transaction fees.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

2. Significant Accounting Policies (continued)

Expenses. For all Funds, a unitary investment management and advisory fee is charged. The Advisor covers all operating expenses through the investment management and advisory fee with the exception of 12b-1 fees, brokerage commissions and other expenses connected to the execution of portfolio transactions, interest expense, taxes, acquired fund fees and expenses, litigation expenses and other extraordinary expenses, if applicable.

Dividends to Shareholders. Dividends to shareholders of the Funds are recorded on the ex-dividend date. Dividends to shareholders from net investment income and net realized gain from investments and foreign currency transactions are determined in accordance with federal tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for amortization of premiums and discounts, futures contracts, net operating losses, sales of passive foreign investment companies, partnership investments, foreign currency transactions, losses deferred due to wash sales, tax straddles, mortgage-backed securities, certain preferred securities, redemptions-in-kind, REITs, utilization of earnings and profits distributed to shareholders on redemption of Shares, and limitations imposed by Sections 381-384 of the Internal Revenue Code (“IRC”). Permanent book and tax basis differences are reclassified within the capital accounts based on federal tax-basis treatment; temporary differences do not require reclassification. To the extent dividends exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as return of capital distributions.

Federal Income Taxes. No provision for federal income taxes is considered necessary because the Funds each intend to qualify as a “regulated investment company” under the IRC and they intend to distribute each year substantially all of their net investment income and realized capital gains to shareholders.

Management evaluates tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is “more likely than not” that each tax position would be sustained upon examination by a taxing authority based on the technical merits of their position. Tax positions not deemed to meet the “more likely than not” threshold would be recorded as a tax benefit or expense in the current year. During the year ended June 30, 2022, the Funds did not record any such tax benefit or expense in the accompanying financial statements. The statute of limitations remains open for the last three years, once a return is filed. No examinations are in progress at this time.

Foreign Taxes. Certain Funds are subject to foreign income taxes imposed by certain countries in which they invest. Foreign income taxes are accrued by the Funds as a reduction of income. These amounts are shown as withholding tax on the Statements of Operations.

Recent Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. The guidance is applicable to contracts referencing London Inter-Bank Offered Rate (“LIBOR”) or another reference rate that is expected to be discontinued due to reference rate reform. The ASU is effective as of March 12, 2020 and generally can be applied through December 31, 2022. Management expects the ASU will not have a material impact on the Funds' financial statements.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820); Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which provides clarifying guidance that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Management expects the ASU will not have a material impact on the Funds' financial statements.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

2. Significant Accounting Policies (continued)

Tracking Basket Structure. Principal Real Estate Active Opportunities ETF operates pursuant to an exemptive order from the Securities and Exchange Commission (“SEC”) and does not publicly disclose its complete portfolio holdings each business day. Instead, the Fund publishes each business day on its website a “Tracking Basket” which is designed to closely track the daily performance of the Fund but is not the Fund's actual portfolio. The Fund's Tracking Basket structure may affect the price at which shares of the Fund trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the Fund at or close to the Fund's NAV, there is a risk that market prices will vary significantly from NAV.

3. Operating Policies

Contingent Convertible Securities (“CoCos”). As footnoted in the Schedules of Investments, certain of the Funds invest in contingent convertible securities. CoCos are hybrid debt securities that may convert into equity or have their principal written down upon the occurrence of certain “triggers”. Although a contingent convertible security's equity conversion and principal write-down features are tailored to the particular issuing banking institution and its regulatory requirements, triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question such institution's continued viability as a going-concern. CoCos may have no stated maturity and fully discretionary coupons, which means coupon payments can be canceled at the issuing banking institution's discretion or at the request of the relevant regulatory authority without causing a default. To provide the appropriate regulatory capital treatment, CoCos are usually issued in the form of subordinated debt instruments that rank junior to the claims of holders of more senior obligations in the event of the issuer's liquidation. If CoCos are converted into equity securities due to a trigger event, holders will be further subordinated. The future value of CoCos is unpredictable and is influenced by many factors including, without limitation: the creditworthiness of the issuer and/or fluctuations in such issuer's applicable capital ratios; supply and demand for CoCos; general market conditions and available liquidity; and economic, financial and political events that affect the issuer, its particular market or the financial markets in general. Due to these features, CoCos may have substantially greater risk than other securities in times of financial stress. Because of the uncertainty regarding whether a conversion event will occur, it may be difficult to predict when, if at all, a contingent convertible security will be converted to equity, and a fund may suffer losses as a result. If the trigger level is breached, the issuer's decision to write down, write off or convert a contingent convertible security may result in the fund's complete loss on an investment in CoCos with no chance of recovery even if the issuer remains in existence.

Cross Trades. The Funds may engage in cross trades. A cross trade is a purchase or sale transaction between affiliated portfolios executed directly or through an intermediary. Mutual funds and other managed portfolios may be considered affiliated if they have a common investment advisor, so a fund may be considered affiliated with any portfolio for which the fund's sub-advisor acts as an investment advisor. Such transactions are permissible provided that the conditions of Rule 17a-7 under the 1940 Act are satisfied. For the year ended June 30, 2022, the Funds did not engage in cross trades.

Deposits with Counterparty. Cash pledged as collateral is reflected as an asset on the Statements of Assets and Liabilities as deposits with counterparty. There are a variety of security types which require varying levels of pledged collateral. Customer account agreements govern cleared derivatives transactions such as futures contracts. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. As of June 30, 2022, deposits with counterparty for Principal Investment Grade Corporate Active ETF and Principal Spectrum Tax-Advantaged Dividend Active ETF were $99,850 and $17,285 respectively.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

3. Operating Policies (continued)

Futures Contracts. The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Funds may enter into futures contracts to hedge against changes in, or to gain exposure to, change in the value of equities, interest rates and foreign currencies. Initial margin deposits are made by cash deposits or segregation of specific securities as may be required by the exchange on which the transaction was conducted. Pursuant to the contracts, typically a Fund agrees to receive from or pay to the broker, an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Funds as variation margin receivable or payable on financial derivative instruments. For those contracts where daily variation margin payments are not received from or paid to the broker, the cumulative unrealized gains or losses are included in variation margin receivable or payable on financial derivative instruments. Futures contracts are marked to market daily at the closing settlement price or in the absence of such a price, the most recent quoted bid price. If there are no quotations available, the security is valued at the last available closing settlement price. During the period the futures contracts are open, daily changes in the fair value of the contracts are recognized as unrealized gains or losses. These unrealized gains or losses are included as a component of net unrealized appreciation (depreciation) of investments on the Statements of Assets and Liabilities. When the contracts are closed, the Funds recognize a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s cost basis in the contract. There is minimal counterparty credit risk to the Funds because futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Long and short U.S. Treasury futures contracts are used to obtain interest rate exposure in order to manage duration of the Principal Investment Grade Corporate Active ETF. The notional values of the futures contracts will vary in accordance with changing duration of this Fund.

Illiquid Securities. Illiquid securities generally cannot be sold or disposed of in the ordinary course of business (within seven calendar days) at approximately the value at which each of the Funds has valued the investments. This may have an adverse effect on each of the Funds’ ability to dispose of particular illiquid securities at fair value and may limit each of the Funds’ ability to obtain accurate market quotations for purposes of valuing the secur ities.

Indemnification. In a normal course of business, the Funds enter into contracts that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve potential future claims against the Funds that have not yet occurred. Based on management's experience, the risk of loss would be remote.

Restricted Securities. Certain of the Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult.

Securities Lending. As footnoted in the Schedules of Investments, certain of the Funds may lend portfolio securities to approved brokerage firms to earn additional income. The Funds receive collateral, in the form of cash, against the loaned securities. During the period of the loan, the borrower must maintain collateral in an amount not less than 102% of the market value of the domestic and foreign fixed income loaned securities and 105% of the market value of the foreign equity loaned securities. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The cash collateral received is usually invested in a SEC-registered money market mutual fund and the Funds could realize a loss on such investments. Further, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them. Securities lending income, net of related fees, is shown on the Statements of Operations.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

3. Operating Policies (continued)

Senior Floating Rate Interests. The Fund may invest in senior floating rate interests (bank loans). Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. Borrowers of senior floating rate interests are typically rated below investment grade, which means they are more likely to default than investment-grade loans. A default could lead to non-payment of income which would result in a reduction of income to the Fund and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

Senior floating rate interests pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or the LIBOR rate.

Senior floating rate interests generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for the Borrower to repay, prepayments of senior floating rate interests may occur. As a result, the actual remaining maturity of senior floating rate interests may be substantially less than stated maturities shown in the Schedule of Investments.

In connection with the senior floating rate interests, the Fund may also enter into unfunded loan commitments. All or a portion of the loan commitments may be unfunded. The Fund is obligated to fund these commitments at the Borrower’s discretion. Therefore, the Fund must have funds sufficient to cover its contractual obligation. Unfunded loan commitments are marked to market daily and the unrealized gain or loss is shown as a separate line item called unrealized gain or loss on unfunded commitments on the statement of assets and liabilities and included in the net change in unrealized appreciation/(depreciation) of investments on the statements of operations, as applicable. As of year end, the unfunded loan commitments are categorized as Level 2 within the disclosure hierarchy. As of June 30, 2022, there were no unfunded loan commitments.

Underlying Funds. An underlying fund may experience relatively large redemptions or purchases as the investee fund periodically reallocates or rebalances its assets. These transactions may accelerate the realization of taxable income if sales of portfolio securities result in gains and could increase transaction costs.

The Advisor is the advisor to Principal Funds, Inc., Principal Variable Contracts Funds, Inc., affiliates of the Advisor, and other asset allocation programs. The Advisor is committed to minimizing the potential impact of underlying fund risk to the extent consistent with pursuing the investment objectives of the investee funds which it manages. Each may face conflicts of interest in fulfilling its responsibilities to all such funds.

As of June 30, 2022, series of Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. owned the following percentages, in aggregate, of the outstanding Shares of the Funds listed below:


	Total Percentage of
Fund	Outstanding Shares Owned
Principal Active High Yield ETF	76.88	%
Principal Investment Grade Corporate Active ETF	93.20
Principal U.S. Mega-Cap ETF	80.72
Principal U.S. Small-Cap Multi-Factor ETF	94.75

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

3. Operating Policies (continued)

U.S. Government Agencies or Government-Sponsored Enterprises. Certain of the Funds may invest in U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by, the U.S. Government or its agencies. The U.S. Government does not guarantee the NAV of the Funds’ Shares. Some U.S. Government securities such as treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA”) are supported by the full faith and credit of the U.S. Government. Other securities, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury. Still other securities, such as those of the Federal National Mortgage Association (“FNMA”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations.

Government related guarantors (those not backed by the full faith and credit of the U.S. Government) include FNMA and Federal Home Loan Mortgage Corporation (“FHLMC”). FNMA is a government sponsored corporation, the common stock of which is owned entirely by private stockholders. FNMA purchases conventional residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions, and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to the timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues participation certificates, which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but participation certificates are not backed by the full faith and credit of the U.S. Government.

Derivatives. The following tables provide information about where on the Statements of Assets and Liabilities and Statements of Operations information about derivatives can be found:


	Asset Derivatives				Liability Derivatives
	June 30, 2022				June 30, 2022

	Statement of Assets and				Statement of Assets and
Derivatives not accounted for as hedging instruments	Liabilities Location		Fair Value		Liabilities Location		Fair Value
Principal Investment Grade Corporate Active ETF
Interest rate contracts	Receivables, Total				Payables, Total
	distributable earnings				distributable earnings
	(accumulated loss)	$	166,831	*	(accumulated loss)	$	(124,635	) *

* Includes cumulative unrealized appreciation (depreciation) of futures contracts as shown in the Schedule of Investments. Only the portion of the unrealized appreciation (depreciation) not yet cash settled is shown in the Statements of Assets and Liabilities as variation margin.


			Net Realized Gain or			Net Change in Unrealized
			(Loss) on Derivatives			Appreciation
	Location of Gain or (Loss) on		Recognized in			(Depreciation) of
	Derivatives Recognized in		Statement of			Derivatives Recognized in
Derivatives not accounted for as hedging instruments	Statement of Operations		Operations			Statement of Operations
Principal Investment Grade Corporate Active ETF
Interest rate contracts	Futures contracts	$	1,547,179		$	131,975

Principal Spectrum Tax-Advantaged Dividend Active ETF
	Investment
Interest rate contracts	transactions/Investments	$	(3,165	) **	$	—
	Futures contracts		(16,532	)		—
	Written options		20,220			—

** Investment transactions includes purchased options and/or purchased swaptions.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

3. Operating Policies (continued)

The following table includes a summary of the monthly average outstanding notional by derivative instrument type for the year ended June 30, 2022:


			Average Notional or
Contract Type	Derivative Type		Number of Contracts
Principal Investment Grade Corporate Active ETF
Interest rate contracts	Futures — Short	$	39,938,873
	Futures — Long	$	5,885,681

Principal Spectrum Tax-Advantaged Dividend Active ETF
Interest rate contracts	Purchased options		2
	Futures — Short	$	306,016
	Written options		2

4. Fair Valuation

Fair value is defined as the price that the Funds would receive upon selling a security or transferring a liability in a timely transaction to an independent buyer in the principal or most advantageous market of the security at the measurement date. In determining fair value, the Funds may use one or more of the following approaches: market, income and/or cost. A hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Fund’s own estimates about the estimates market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

Level 1 — Quoted prices are available in active markets for identical securities as of the reporting date. Investments which are generally included in this category include listed equities and listed derivatives.

Level 2 — Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.). Investments which are generally included in this category include certain corporate bonds, senior floating rate interests, over-the-counter (“OTC”) derivatives, mortgage-backed securities and municipal bonds.

Level 3 — Significant unobservable inputs (including the Funds' assumptions in determining the fair value of investments). Investments which are generally included in this category include certain corporate bonds and certain common stocks.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the market place, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Funds in determining fair value is greatest for instruments categorized in Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

4. Fair Valuation (continued)

Fair value is a market based measure considered from the perspective of a market participant who holds the asset rather than an entity specific measure. Therefore, even when market assumptions are not readily available, the Funds’ own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Funds use prices and inputs that are current as of the measurement date, to the extent available.

Investments which are included in the Level 3 category may be valued using quoted prices from brokers and dealers participating in the market for these investments. These investments are classified as Level 3 investments due to the lack of market transparency and market corroboration to support these quoted prices.

Valuation models may be used as the pricing source for other investments classified as Level 3. Valuation models rely on one or more significant unobservable inputs such as prepayment rates, probability of default, or loss severity in the event of default. Significant increases in any of those inputs in isolation would result in a significantly lower fair value measurement.

The fair values of these entities are dependent on economic, political and other considerations. The values of the underlying investee entities may be affected by significant changes in the economic conditions, changes in government policies, and other factors (e.g., natural disasters, pandemics, accidents, conflicts, etc.).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those instruments.

During the period there were no significant purchases, sales, or transfers into or out of Level 3.

The following is a summary of the inputs used as of June 30, 2022, in valuing the Funds' securities carried at fair value:


				Level 2 —
				Other		Level 3 —
		Level 1 —		Significant		Significant
		Quoted		Observable		Unobservable
Fund		Prices		Inputs		Inputs		Totals (Level 1,2,3)

Principal Active High Yield ETF
Bonds*	$	— $		188,576,281	$		— $	188,576,281
Senior Floating Rate Interests*		—		16,684,899			—	16,684,899
Investment Companies		15,932,578		—			—	15,932,578
Total investments in securities	$	15,932,578	$	205,261,180	$		— $	221,193,758

Principal Healthcare Innovators ETF
Common Stocks*	$	53,111,862	$	— $			— $	53,111,862
Investment Companies		1,273,106		—			—	1,273,106
Total investments in securities	$	54,384,968	$	— $			— $	54,384,968

Principal International Adaptive Multi-Factor ETF
Common Stocks*	$	13,991,881	$	— $			— $	13,991,881
Preferred Stocks*		10,950		—			—	10,950
Investment Companies		92,122		—			—	92,122
Total investments in securities	$	14,094,953	$	— $			— $	14,094,953

Principal Investment Grade Corporate Active ETF
Bonds*	$	— $		355,251,849	$		— $	355,251,849
Investment Companies		11,444,614		—			—	11,444,614
Total investments in securities	$	11,444,614	$	355,251,849	$		— $	366,696,463
Derivative Assets
Interest rate contracts
Futures	$	166,831	$	— $			— $	166,831
Derivative Liabilities
Interest rate contracts
Futures	$	(124,635	) $	— $			— $	(124,635	)


Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022



4. Fair Valuation (continued)

				Level 2 —
				Other		Level 3 —
		Level 1 —		Significant		Significant
		Quoted		Observable		Unobservable
Fund		Prices		Inputs		Inputs		Totals (Level 1,2,3)

Principal Millennials ETF
Common Stocks*	$	23,500,235	$	— $			— $	23,500,235
Investment Companies		1,075,920		—			—	1,075,920
Total investments in securities	$	24,576,155	$	— $			— $	24,576,155

Principal Quality ETF
Common Stocks*	$	45,346,056	$	— $			— $	45,346,056
Investment Companies		117,802		—			—	117,802
Total investments in securities	$	45,463,858	$	— $			— $	45,463,858

Principal Real Estate Active Opportunities ETF
Common Stocks*	$	5,264,831	$	— $			— $	5,264,831
Investment Companies		103,775		—			—	103,775
Total investments in securities	$	5,368,606	$	— $			— $	5,368,606

Principal Spectrum Preferred Securities Active ETF
Bonds*	$	— $		332,260,000	$		— $	332,260,000
Investment Companies		11,932,000		—			—	11,932,000
Total investments in securities	$	11,932,000	$	332,260,000	$		— $	344,192,000

Principal Spectrum Tax-Advantaged Dividend Active ETF
Preferred Stocks*	$	2,416,374	$	— $			— $	2,416,374
Bonds*		—		17,906,709			—	17,906,709
Investment Companies		558,775		—			—	558,775
Total investments in securities	$	2,975,149	$	17,906,709	$		— $	20,881,858

Principal Ultra-Short Active Income ETF
Bonds*	$	— $		7,750,425	$		— $	7,750,425
Investment Companies		733,827		—			—	733,827
Total investments in securities	$	733,827	$	7,750,425	$		— $	8,484,252

Principal U.S. Large-Cap Adaptive Multi-Factor ETF
Common Stocks*	$	12,704,659	$	— $			— $	12,704,659
Investment Companies		33,552		—			—	33,552
Total investments in securities	$	12,738,211	$	— $			— $	12,738,211

Principal U.S. Mega-Cap ETF
Common Stocks*	$	1,362,898,009	$	— $			— $	1,362,898,009
Investment Companies		3,878,275		—			—	3,878,275
Total investments in securities	$	1,366,776,284	$	— $			— $	1,366,776,284

Principal U.S. Small-Cap Adaptive Multi-Factor ETF
Common Stocks*	$	5,428,344	$	— $			— $	5,428,344
Investment Companies		26,940		—			—	26,940
Total investments in securities	$	5,455,284	$	— $			— $	5,455,284

Principal U.S. Small-Cap Multi-Factor ETF
Common Stocks*	$	613,891,568	$	— $			— $	613,891,568
Investment Companies		7,321,918		—			—	7,321,918
Total investments in securities	$	621,213,486	$	— $			— $	621,213,486

Principal Value ETF
Common Stocks*	$	214,811,091	$	— $			— $	214,811,091
Investment Companies		725,587		—			—	725,587
Total investments in securities	$	215,536,678	$	— $			— $	215,536,678

* For additional detail regarding sector classifications, please see the Schedules of Investments.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

5. Management Agreement and Transactions with Affiliates

Management Services. The Funds have agreed to pay management and investment advisory fees to the Advisor computed at an annual percentage rate of each of the Funds' average daily net assets. A portion of the management fee is paid by the Advisor to the sub-advisor of the Funds, which is also an affiliate of the Advisor. The management fee schedule for the Funds is as follows:


	First		Next		Next		Over
Fund	$500 Million		$500 Million		$500 Million		$1.5 Billion
Principal Healthcare Innovators ETF	0.42	%	0.40	%	0.38	%	0.37	%
Principal Millennials ETF	0.45		0.43		0.41		0.40

Fund							All Assets
Principal Active High Yield ETF							0.39	%*
Principal International Adaptive Multi-Factor ETF							0.24
Principal Investment Grade Corporate Active ETF							0.19
Principal Quality ETF							0.15
Principal Real Estate Active Opportunities ETF							0.65
Principal Spectrum Preferred Securities Active ETF							0.55
Principal Spectrum Tax-Advantaged Dividend Active ETF							0.60
Principal Ultra-Short Active Income ETF							0.18
Principal U.S. Large-Cap Adaptive Multi-Factor ETF							0.15
Principal U.S. Mega-Cap ETF							0.15
Principal U.S. Small-Cap Adaptive Multi-Factor ETF							0.19
Principal U.S. Small-Cap Multi-Factor ETF							0.38
Principal Value ETF							0.15
* Prior to September 1, 2021, the management fee was 0.49%.

The Advisor has contractually agreed to limit the expenses (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, tax reclaim recovery expenses, and other extraordinary expenses) for certain of the Funds. The reductions and reimbursements are in amounts that maintain total operating expenses at or below certain limits.

The limit is expressed as a percentage of average daily net assets attributable to each Fund on an annualized basis during the reporting period. The expenses borne by the Advisor are subject to reimbursement by the Fund through the fiscal year end, provided no reimbursement will be made if it would result in the Fund exceeding the total operating expense limit. Any amount outstanding at the end of the period are shown as an expense reimbursement from Advisor or expense reimbursement to Advisor on the Statements of Assets and Liabilities. The expense limit for Principal U.S. Mega-Cap ETF is 0.12% through October 31, 2022. No other Funds had expense limitation agreements in place during the year.

Affiliated Ownership. At June 30, 2022, Principal Financial Services, Inc. (an affiliate of the Advisor) owned Shares of the Funds as follows:


Fund	Shares
Principal International Adaptive Multi-Factor ETF	390,001
Principal Real Estate Active Opportunities ETF	199,204
Principal Spectrum Tax-Advantaged Dividend Active ETF	995,521
Principal Ultra-Short Active Income ETF	199,681
Principal U.S. Large-Cap Adaptive Multi-Factor ETF	198,571
Principal U.S. Small-Cap Adaptive Multi-Factor ETF	200,965

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

5. Management Agreement and Transactions with Affiliates (continued)

Affiliated Brokerage Commissions. With respect to Principal Spectrum Tax-Advantaged Dividend Active ETF, $306 of brokerage commissions were paid to SAMI Brokerage LLC, a member of the Principal Financial Group. The other Funds did not pay brokerage commissions to any member of the Principal Financial Group during the year ended June 30, 2022.

6. Investment Transactions

For the period ended June 30, 2022, the cost of investment securities purchased and proceeds from investment securities sold (not including short-term investments and in-kind transactions) by the Funds were as follows:


		Non-U.S. Government					U.S. Government
Fund		Purchases			Sales	Purchases		Sales
Principal Active High Yield ETF	$	320,434,117	$	247,180,756		$	—	$	—
Principal Healthcare Innovators ETF		47,061,197		48,154,689			—		—
Principal International Adaptive Multi-Factor ETF		93,786,980		87,842,604			—		—
Principal Investment Grade Corporate Active ETF		221,850,980		206,369,501			—		—
Principal Millennials ETF		21,206,332		25,525,253			—		—
Principal Quality ETF		75,509,416		75,368,468			—		—
Principal Real Estate Active Opportunities ETF		1,229,317			885,171		—		—
Principal Spectrum Preferred Securities Active ETF		102,886,792		35,533,324			—		—
Principal Spectrum Tax-Advantaged Dividend Active ETF		1,508,643			1,722,559		—		—
Principal Ultra-Short Active Income ETF		7,058,743			4,868,809		—		—
Principal U.S. Large-Cap Adaptive Multi-Factor ETF		96,352,679		96,464,489			—		—
Principal U.S. Mega-Cap ETF		729,068,183		727,638,076			—		—
Principal U.S. Small-Cap Adaptive Multi-Factor ETF		7,948,167			7,954,633		—		—
Principal U.S. Small-Cap Multi-Factor ETF		815,503,827		809,329,831			—		—
Principal Value ETF		365,722,561		363,221,233			—		—

For the period ended June 30, 2022, in-kind transactions were as follows:

Fund					Purchases			Sales
Principal Active High Yield ETF				$	28,269,961		$	73,364,940
Principal Healthcare Innovators ETF					2,778,151			63,976,645
Principal International Adaptive Multi-Factor ETF					120,307,190			147,069,182
Principal Investment Grade Corporate Active ETF					27,086,171			60,737,741
Principal Millennials ETF					42,407,308			103,885,853
Principal Quality ETF					144,652,388			148,502,876
Principal Real Estate Active Opportunities ETF					5,056,571				—
Principal Spectrum Preferred Securities Active ETF					36,327,301			51,790,980
Principal Spectrum Tax-Advantaged Dividend Active ETF					1,940,785				—
Principal U.S. Large-Cap Adaptive Multi-Factor ETF					169,275,713			178,909,893
Principal U.S. Mega-Cap ETF					551,732,715			1,073,608,748
Principal U.S. Small-Cap Multi-Factor ETF					470,048,653			1,330,979,037
Principal Value ETF					367,713,259			174,413,518

Unsettled in-kind purchases and sales at the end of the period are included in investment securities purchased and investment securities sold, respectively, on the Statements of Assets and Liabilities.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

7. Federal Tax Information

Distributions to Shareholders. The federal income tax character of distributions paid for the periods ended June 30, 2022, and June 30, 2021 was as follows:


		Ordinary Income				Long-Term Capital Gain*
		Period ended		Period ended		Period ended		Period ended
Fund		June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Principal Active High Yield ETF	$	11,667,484	$	9,881,656	$	—	$	—
Principal Healthcare Innovators ETF		861,124		527,787		—		—
Principal International Adaptive Multi-Factor ETF		1,862,278		—		—		—
Principal Investment Grade Corporate Active ETF		14,949,956		10,618,462		634,166		3,773,742
Principal Millennials ETF		2,817,266		481,261		—		—
Principal Quality ETF		811,956		296,923		—		—
Principal Real Estate Active Opportunities ETF		—		N/A		—		N/A
Principal Spectrum Preferred Securities Active ETF		16,461,144		9,608,037		—		—
Principal Spectrum Tax-Advantaged Dividend Active ETF		1,190,472		1,062,462		30,484		—
Principal Ultra-Short Active Income ETF		97,102		215,987		—		—
Principal U.S. Large-Cap Adaptive Multi-Factor ETF		1,000,076		—		247		—
Principal U.S. Mega-Cap ETF		31,378,545		27,303,682		—		—
Principal U.S. Small-Cap Adaptive Multi-Factor ETF		108,590		—		320		—
Principal U.S. Small-Cap Multi-Factor ETF		17,721,353		10,376,768		—		—
Principal Value ETF		2,251,380		700,888		—		—

* The Funds designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C) in the 20-percent group (which may be taxed at a 20-percent rate, a 15-percent rate or a 0-percent rate, depending on the shareholder’s taxable income).

For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Distributable Earnings. As of June 30, 2022, the components of distributable earnings (accumulated loss) on a federal income tax basis were:


									Late Year
									Ordinary and
		Undistributed Undistributed				Unrealized			Post Oct
		Ordinary	Long-Term			Appreciation/			Capital Loss			Capital Loss
Fund		Income	Capital Gains (Depreciation)						Deferrals			Carryforward
Principal Active High Yield ETF	$	1,330,911	$	—	$	(34,101,619	)	$	—		$	(10,665,895	)
Principal Healthcare Innovators ETF		—		—		(44,347,641	)		(62,480	)		(7,574,897	)
Principal International Adaptive Multi-Factor ETF		254,166		—		(3,735,088	)		—			(7,095,844	)
Principal Investment Grade Corporate Active ETF		1,147,841		—		(70,834,424	)		(6,346,076	)		—
Principal Millennials ETF		420,508		—		(11,681,534	)		—			(8,279,969	)
Principal Quality ETF		222,217		—		(1,297,630	)		—			(12,436,333	)
Principal Real Estate Active Opportunities ETF		42,862		1,790		(152,604	)		—			—
Principal Spectrum Preferred Securities Active ETF		1,290,330		—		(58,938,366	)		—			(4,246,582	)
Principal Spectrum Tax-Advantaged Dividend Active ETF		100,565		—		(2,138,162	)		(74,106	)		—
Principal Ultra-Short Active Income ETF		12,840		—		(122,759	)		—			(251,207	)
Principal U.S. Large-Cap Adaptive Multi-Factor ETF		165,718		—		(3,075,481	)		—			(4,510,448	)
Principal U.S. Mega-Cap ETF		6,657,730		—		1,614,647			—			(67,835,985	)
Principal U.S. Small-Cap Adaptive Multi-Factor ETF		26,491		—		(432,710	)		(393,295	)		—
Principal U.S. Small-Cap Multi-Factor ETF		2,613,677		—		(107,105,813	)		—			(147,769,950	)
Principal Value ETF		2,701,627		—		(5,197,850	)		—			(28,535,993	)

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

7. Federal Tax Information (continued)

Capital Loss Carryforwards. For federal income tax purposes, capital loss carryforwards are losses that can be used to offset future capital gains of the Fund. As of June 30, 2022, the Funds had approximate net capital loss carryforwards as follows:


		No Expiration		No Expiration				Annual
Fund		Short-Term		Long-Term		Total		Limitations*
Principal Active High Yield ETF	$	7,039,031	$	3,626,864	$	10,665,895	$	1,874,152
Principal Healthcare Innovators ETF		4,713,904		2,860,993		7,574,897		—
Principal International Adaptive Multi-Factor ETF		6,905,658		190,186		7,095,844		—
Principal Millennials ETF		6,704,798		1,575,171		8,279,969		—
Principal Quality ETF		11,901,054		535,279		12,436,333		294,429
Principal Spectrum Preferred Securities Active ETF		1,575,986		2,670,596		4,246,582		—
Principal Ultra-Short Active Income ETF		138,959		112,248		251,207		—
Principal U.S. Large-Cap Adaptive Multi-Factor ETF		4,479,912		30,536		4,510,448		—
Principal U.S. Mega-Cap ETF		67,835,985		—		67,835,985		—
Principal U.S. Small-Cap Multi-Factor ETF		123,369,770		24,400,180		147,769,950		—
Principal Value ETF		26,347,409		2,188,584		28,535,993		230,798

* In accordance with IRC Sections 381-384, a portion of certain Funds’ losses have been subjected to an annual limitation.

All of these capital losses were generated in taxable years beginning after the enactment date of the Regulated Investment Company Modernization Act of 2010 on December 22, 2010, and will be carried forward with no expiration and with the character of the loss retained.

For the year ended June 30, 2022, the Fund utilized capital loss carryforwards as follows:


Fund		ST Utilized		LT Utilized
Principal Active High Yield ETF	$	503,494	$	3,209,996

Late-Year Losses. A regulated investment company may elect to treat any portion of its qualified late-year loss as arising on the first day of the next taxable year. Qualified late-year losses are certain capital and ordinary losses which occur during the portion of the Fund’s taxable year subsequent to October 31 and December 31, respectively.

For the taxable year ended June 30, 2022, the Funds intend to defer late-year capital and ordinary losses as follows:


Fund		Late Year Ordinary Loss			Post October Loss Capital Loss
Principal Healthcare Innovators ETF	$	(62,480	)	$	—
Principal Investment Grade Corporate Active ETF		—			(6,346,076	)
Principal Spectrum Tax-Advantaged Dividend Active ETF		—			(74,106	)
Principal U.S. Small-Cap Adaptive Multi-Factor ETF		—			(393,295	)

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

7. Federal Tax Information (continued)

Reclassification of Capital Accounts. The Funds may record reclassifications in their capital accounts. These reclassifications have no impact on the total net assets of the Funds. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Funds’ distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income and net realized gains on investments or from tax return of capital depending on the type of book and tax differences that exist. For the period ended June 30, 2022, the Funds recorded reclassifications as follows:


		Total
		Distributable Earnings
Fund		(Accumulated Loss)			Paid In Capital
Principal Active High Yield ETF	$	(18,122,655	)	$	18,122,655
Principal Healthcare Innovators ETF		(8,268,653	)		8,268,653
Principal International Adaptive Multi-Factor ETF		1,947,488			(1,947,488	)
Principal Investment Grade Corporate Active ETF		1,119,112			(1,119,112	)
Principal Millennials ETF		8,755,193			(8,755,193	)
Principal Quality ETF		(5,347,733	)		5,347,733
Principal Real Estate Active Opportunities ETF		(177	)		177
Principal Spectrum Preferred Securities Active ETF		420,840			(420,840	)
Principal Spectrum Tax-Advantaged Dividend Active ETF		(596	)		596
Principal Ultra-Short Active Income ETF		(1,210	)		1,210
Principal U.S. Large-Cap Adaptive Multi-Factor ETF		(714,159	)		714,159
Principal U.S. Mega-Cap ETF		(322,508,916	)		322,508,916
Principal U.S. Small-Cap Multi-Factor ETF		(242,005,320	)		242,005,320
Principal Value ETF		(9,268,137	)		9,268,137

Federal Income Tax Basis. As of June 30, 2022, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by each Fund were as follows:


										Cost for
							Net Unrealized			Federal
		Unrealized		Unrealized			Appreciation			Income Tax
Fund		Appreciation		Depreciation			(Depreciation)			Purposes
Principal Active High Yield ETF	$	252	$	(34,101,871	)	$	(34,101,619	)	$	255,295,377
Principal Healthcare Innovators ETF		2,533,747		(46,881,387	)		(44,347,640	)		98,732,608
Principal International Adaptive Multi-Factor ETF		70,898		(3,806,019	)		(3,735,121	)		17,830,074
Principal Investment Grade Corporate Active ETF		15,915		(70,850,339	)		(70,834,424	)		437,573,083
Principal Millennials ETF		560,554		(12,242,107	)		(11,681,553	)		36,257,708
Principal Quality ETF		864,760		(2,162,390	)		(1,297,630	)		46,761,488
Principal Real Estate Active Opportunities ETF		70,464		(223,068	)		(152,604	)		5,521,210
Principal Spectrum Preferred Securities Active ETF		—		(58,938,366	)		(58,938,366	)		403,130,366
Principal Spectrum Tax-Advantaged Dividend Active ETF		35,886		(2,174,048	)		(2,138,162	)		23,020,020
Principal Ultra-Short Active Income ETF		—		(122,759	)		(122,759	)		8,607,011
Principal U.S. Large-Cap Adaptive Multi-Factor ETF		86,836		(3,162,317	)		(3,075,481	)		15,813,692
Principal U.S. Mega-Cap ETF		92,823,010		(91,208,363	)		1,614,647			1,365,161,637
Principal U.S. Small-Cap Adaptive Multi-Factor ETF		206,124		(638,834	)		(432,710	)		5,887,994
Principal U.S. Small-Cap Multi-Factor ETF		18,787,829		(125,893,642	)		(107,105,813	)		728,319,299
Principal Value ETF		943,803		(6,141,653	)		(5,197,850	)		220,734,528

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2022

8. Subsequent Events

Management has evaluated events or transactions that have occurred through the date the financial statements were issued that would merit recognition or disclosure in the financial statements. Effective July 8, 2022 and July 15, 2022, Principal U.S. Small-Cap Multi-Factor ETF and Principal Healthcare Innovators ETF changed from passively managed funds to actively managed funds, respectively. Effective July 15, 2022, Principal Millennials ETF changed from a passively managed fund to an actively managed fund and changed its name to Principal Millennial Global Growth ETF. Through the date these financial statements were issued, Principal Active High Yield ETF and Principal Investment Grade Corporate Active ETF experienced significant redemption transactions of approximately 50% and 25%, respectively. There were no additional items requiring adjustment of the financial statements or additional disclosure.


Schedule of Investments
Principal Active High Yield ETF
June 30, 2022

		Principal
BONDS — 86.20%		Amount		Value

Aerospace & Defense — 1.44%
Bombardier, Inc.
7.13%, 06/15/2026 ^(a)	$	440,000	$	362,771
Triumph Group, Inc.
7.75%, 08/15/2025 ^(b)		3,382,000		2,604,140
8.88%, 06/01/2024 ^(a)		190,000		191,400
			$	3,158,311

Airlines — 0.11%
United Airlines 2016-1 Class B Pass Through Trust
3.65%, 01/07/2026		270,194		245,851

Auto Manufacturers — 1.76%
Ford Motor Co.
3.25%, 02/12/2032		1,527,000		1,142,043
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		1,929,000		1,737,007
4.39%, 01/08/2026		222,000		204,475
4.54%, 08/01/2026		845,000		773,024
			$	3,856,549

Auto Parts & Equipment — 1.52%
Tenneco, Inc.
7.88%, 01/15/2029 ^(a)		3,435,000		3,319,667

Banks — 2.34%
Deutsche Bank AG
(5-year Treasury Constant Maturity Rate + 4.52%),
6.00%, 10/30/2025 ^(c),(d),(e)		3,360,000		2,898,000
JPMorgan Chase & Co.
(6-month Secured Overnight Financing Rate + 3.13%),
4.60%, 02/01/2025 ^(c),(d)		2,619,000		2,211,801
			$	5,109,801

Chemicals — 3.47%
Consolidated Energy Finance SA
5.63%, 10/15/2028 ^(a)		3,635,000		2,924,206
Kobe U.S. Midco 2, Inc.
9.25%, PIK 10.00%; 11/01/2026 ^(a),(f)		963,000		880,799
Olympus Water U.S. Holding Corp.
6.25%, 10/01/2029 ^(a),(b)		2,520,000		1,750,984
Tronox, Inc.
4.63%, 03/15/2029 ^(a)		2,520,000		2,026,332
			$	7,582,321

Commercial Services — 4.95%
Ahern Rentals, Inc.
7.38%, 05/15/2023 ^(a)		2,130,000		1,640,100
Albion Financing 1 SARL/Aggreko Holdings, Inc.
6.13%, 10/15/2026 ^(a)		2,081,000		1,780,976
Garda World Security Corp.
6.00%, 06/01/2029 ^(a)		356,000		273,675
9.50%, 11/01/2027 ^(a)		2,365,000		2,162,969
WASH Multifamily Acquisition, Inc.
5.75%, 04/15/2026 ^(a)		3,144,000		2,963,220
ZipRecruiter, Inc.
5.00%, 01/15/2030 ^(a),(b)		2,404,000		2,019,360
			$	10,840,300

See accompanying notes.


Schedule of Investments
Principal Active High Yield ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Construction Materials — 1.46%
SRM Escrow Issuer LLC
6.00%, 11/01/2028 ^(a)	$	3,786,000	$	3,200,041

Diversified Financial Services — 5.30%
AerCap Holdings NV
(5-year Treasury Constant Maturity Rate + 4.54%),
5.88%, 10/10/2079 ^(c)		3,548,000		3,039,312
Credit Acceptance Corp.
6.63%, 03/15/2026 ^(b)		3,462,000		3,241,471
Global Aircraft Leasing Co. Ltd.
6.50%, PIK 7.25%; 09/15/2024 ^(a),(f)		3,553,201		2,691,550
OneMain Finance Corp.
4.00%, 09/15/2030		2,475,000		1,834,594
6.63%, 01/15/2028		892,000		797,234
			$	11,604,161

Electric — 3.79%
Clearway Energy Operating LLC
4.75%, 03/15/2028 ^(a)		2,430,000		2,186,226
GenOn Energy, Inc.
0.00%, 10/15/2049 ^(g),(h),(i)		3,100,000		—
NRG Energy, Inc.
3.88%, 02/15/2032 ^(a)		3,433,000		2,726,774
Vistra Corp.
(5-year Treasury Constant Maturity Rate + 5.74%),
7.00%, 12/15/2026 ^(a),(c),(d)		1,583,000		1,436,573
Vistra Operations Co. LLC
4.38%, 05/01/2029 ^(a)		2,323,000		1,943,491
			$	8,293,064

Electronics — 0.98%
Sensata Technologies BV
4.00%, 04/15/2029 ^(a)		602,000		510,544
Sensata Technologies, Inc.
3.75%, 02/15/2031 ^(a)		2,041,000		1,635,780
			$	2,146,324

Engineering & Construction — 1.01%
MasTec, Inc.
4.50%, 08/15/2028 ^(a)		2,456,000		2,209,626

Entertainment — 7.53%
Boyne USA, Inc.
4.75%, 05/15/2029 ^(a)		3,360,000		2,909,558
CCM Merger, Inc.
6.38%, 05/01/2026 ^(a)		3,533,000		3,216,541
Cinemark USA, Inc.
5.25%, 07/15/2028 ^(a)		2,252,000		1,809,820
International Game Technology PLC
5.25%, 01/15/2029 ^(a)		2,757,000		2,496,464
Lions Gate Capital Holdings LLC
5.50%, 04/15/2029 ^(a)		3,429,000		2,674,620
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance,
Inc.
8.50%, 11/15/2027 ^(a)		3,201,000		3,359,770
			$	16,466,773

See accompanying notes.


	Schedule of Investments
	Principal Active High Yield ETF
	June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Food — 4.44%
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 04/15/2025 ^(a),(b)	$	2,921,000	$	2,682,555
Fresh Market, Inc.
9.75%, 05/01/2023 ^(a)		3,680,000		3,680,000
Pilgrim's Pride Corp.
3.50%, 03/01/2032 ^(a)		3,596,000		2,809,375
4.25%, 04/15/2031 ^(a)		639,000		533,233
			$	9,705,163

Forest Products & Paper — 0.63%
Mercer International, Inc.
5.13%, 02/01/2029		1,621,000		1,383,734

Healthcare — Services — 4.93%
Acadia Healthcare Co., Inc.
5.00%, 04/15/2029 ^(a)		3,279,000		2,943,671
Centene Corp.
2.50%, 03/01/2031		541,000		429,424
3.38%, 02/15/2030		1,969,000		1,669,811
CHS/Community Health Systems, Inc.
6.00%, 01/15/2029 ^(a)		3,508,000		2,906,097
LifePoint Health, Inc.
5.38%, 01/15/2029 ^(a)		3,872,000		2,845,920
			$	10,794,923

Home Builders — 1.11%
Forestar Group, Inc.
3.85%, 05/15/2026 ^(a)		576,000		473,344
5.00%, 03/01/2028 ^(a)		2,385,000		1,947,898
			$	2,421,242

Insurance — 0.81%
Acrisure LLC/Acrisure Finance, Inc.
4.25%, 02/15/2029 ^(a)		441,000		356,511
7.00%, 11/15/2025 ^(a)		1,576,000		1,417,505
			$	1,774,016

Investment Companies — 0.91%
Compass Group Diversified Holdings LLC
5.25%, 04/15/2029 ^(a)		2,402,000		1,981,650

Iron & Steel — 0.80%
TMS International Corp.
6.25%, 04/15/2029 ^(a)		2,430,000		1,759,105

Leisure Time — 1.00%
Life Time, Inc.
5.75%, 01/15/2026 ^(a)		2,445,000		2,191,869

Media — 4.67%
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.
5.88%, 08/15/2027 ^(a)		3,625,000		3,092,379
DISH DBS Corp.
5.13%, 06/01/2029		479,000		291,060
5.25%, 12/01/2026 ^(a)		3,284		2,574
5.88%, 11/15/2024		1,265,000		1,065,762
7.38%, 07/01/2028		2,117,000		1,439,983

See accompanying notes.


Schedule of Investments
Principal Active High Yield ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Media (continued)
Scripps Escrow II, Inc.
5.38%, 01/15/2031 ^(a)	$	1,003,000	$	799,943
Sirius XM Radio, Inc.
3.13%, 09/01/2026 ^(a)		2,367,000		2,111,908
UPC Holding BV
5.50%, 01/15/2028 ^(a)		1,641,000		1,402,842
			$	10,206,451

Mining — 3.92%
Copper Mountain Mining Corp.
8.00%, 04/09/2026 ^(a)		2,087,119		1,982,763
First Quantum Minerals Ltd.
6.88%, 10/15/2027 ^(a)		2,325,000		2,078,690
Novelis Corp.
3.88%, 08/15/2031 ^(a)		2,744,000		2,113,401
Taseko Mines Ltd.
7.00%, 02/15/2026 ^(a)		2,817,000		2,397,591
			$	8,572,445

Oil & Gas — 5.39%
Aethon United BR LP/Aethon United Finance Corp.
8.25%, 02/15/2026 ^(a)		3,362,000		3,267,023
Antero Resources Corp.
7.63%, 02/01/2029 ^(a)		2,202,000		2,240,029
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.00%, 11/01/2026 ^(a)		941,000		875,130
Callon Petroleum Co.
7.50%, 06/15/2030		329,000		302,726
Comstock Resources, Inc.
5.88%, 01/15/2030 ^(a)		1,372,000		1,179,920
MEG Energy Corp.
7.13%, 02/01/2027 ^(a)		2,298,000		2,314,270
Occidental Petroleum Corp.
6.13%, 01/01/2031		323,000		327,336
6.63%, 09/01/2030		1,245,000		1,282,350
			$	11,788,784

Oil & Gas Services — 1.00%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/2028 ^(a)		2,465,000		2,182,264

Packaging & Containers — 1.32%
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/2029 ^(a)		346,000		325,112
8.75%, 04/15/2030 ^(a)		1,506,000		1,299,030
LABL, Inc.
5.88%, 11/01/2028 ^(a)		262,000		211,546
8.25%, 11/01/2029 ^(a)		1,382,000		1,043,410
			$	2,879,098

Pharmaceuticals — 1.74%
BellRing Brands, Inc.
7.00%, 03/15/2030 ^(a)		2,143,000		2,019,778
Jazz Securities DAC
4.38%, 01/15/2029 ^(a)		2,014,000		1,791,486
			$	3,811,264

See accompanying notes.


Schedule of Investments
Principal Active High Yield ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Pipelines — 8.07%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/2029 ^(a)	$	2,310,000	$	2,068,744
5.75%, 03/01/2027 ^(a)		1,463,000		1,360,590
CNX Midstream Partners LP
4.75%, 04/15/2030 ^(a)		3,163,000		2,656,920
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/2027 ^(a)		3,625,000		3,226,250
Hess Midstream Operations LP
4.25%, 02/15/2030 ^(a)		2,652,000		2,220,957
Kinetik Holdings LP
5.88%, 06/15/2030		3,112,000		2,964,538
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.88%, 02/01/2031		3,472,000		3,165,084
			$	17,663,083

REITs — 1.47%
CBL & Associates LP
0.00%, 12/15/2026 ^(g),(h),(i)		6,000,000		—
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.75%, 06/15/2029 ^(a)		4,173,000		3,210,824
			$	3,210,824

Retail — 5.05%
Bath & Body Works, Inc.
5.25%, 02/01/2028		396,000		334,105
6.63%, 10/01/2030 ^(a)		1,127,000		973,435
9.38%, 07/01/2025 ^(a)		426,000		432,156
BCPE Ulysses Intermediate, Inc.
7.75%, PIK 8.50%; 04/01/2027 ^(a),(f)		2,618,000		1,610,070
Dave & Buster's, Inc.
7.63%, 11/01/2025 ^(a)		1,790,000		1,767,625
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
4.63%, 01/15/2029 ^(a)		1,650,000		1,406,625
6.75%, 01/15/2030 ^(a)		1,124,000		862,670
LSF9 Atlantis Holdings LLC/Victra Finance Corp.
7.75%, 02/15/2026 ^(a)		2,410,000		2,040,454
Park River Holdings, Inc.
5.63%, 02/01/2029 ^(a)		1,603,000		999,001
Patrick Industries, Inc.
4.75%, 05/01/2029 ^(a)		846,000		629,618
			$	11,055,759

Telecommunications — 1.95%
DKT Finance ApS
9.38%, 06/17/2023 ^(a)		3,623,000		3,496,195
Maxar Technologies, Inc.
7.75%, 06/15/2027 ^(b)		772,000		764,681
			$	4,260,876

Transportation — 1.33%
Navios Maritime Holdings, Inc./Navios Maritime Finance II U.S., Inc.
11.25%, 08/15/2022 ^(a)		733,000		725,627
Watco Cos., LLC/Watco Finance Corp.
6.50%, 06/15/2027 ^(a)		2,375,000		2,175,315
			$	2,900,942
TOTAL BONDS			$	188,576,281

See accompanying notes.

Schedule of Investments
Principal Active High Yield ETF
June 30, 2022


		Principal
SENIOR FLOATING RATE INTERESTS — 7.63%		Amount		Value

Airlines — 2.42%
AAdvantage Loyalty IP Ltd., 2021 Term Loan
(3-month USD LIBOR + 4.75%),
5.81%, 04/20/2028	$	3,355,000	$	3,194,430
United Airlines, Inc., 2021 Term Loan B
(1-month USD LIBOR + 3.75%),
5.39%, 04/21/2028		2,267,043		2,101,276
			$	5,295,706

Commercial Services — 1.52%
Spectrum Group Buyer, Inc. 2022 Term Loan B
(3-month Term Secured Overnight Financing Rate + 6.50%),
7.77%, 05/19/2028		3,425,000		3,328,244

Insurance — 2.05%
Acrisure LLC, 2020 Term Loan B
(1-month USD LIBOR + 3.50%),
5.17%, 02/15/2027		1,649,411		1,509,211
Asurion LLC, 2021 2nd Lien Term Loan B3
(1-month USD LIBOR + 5.25%),
6.92%, 02/03/2028		3,505,000		2,979,250
			$	4,488,461

Lodging — 0.51%
Fertitta Entertainment LLC, 2022 Term Loan B
(1-month Term Secured Overnight Financing Rate + 4.00%),
5.53%, 01/27/2029		1,208,196		1,111,093

Packaging & Containers — 1.13%
Valcour Packaging LLC, 2021 1st Lien Term Loan
(6-month USD LIBOR + 3.75%),
5.22%, 09/30/2028		1,596,000		1,488,270
Valcour Packaging LLC, 2021 2nd Lien Term Loan
(3-month USD LIBOR + 7.00%),
8.47%, 09/30/2029		1,125,000		973,125
			$	2,461,395
TOTAL SENIOR FLOATING RATE INTERESTS			$	16,684,899
INVESTMENT COMPANIES — 7.28%		Shares Held		Value


Money Market Funds — 7.28%
Principal Government Money Market Fund — Institutional Class 1.10% ^(j),(k),(l)	5,781,485	$	5,781,485
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(l)	10,151,093		10,151,093


TOTAL INVESTMENT COMPANIES	$	15,932,578
Total Investments	$	221,193,758
Other Assets and Liabilities — (1.11)%		(2,418,817	)
Total Net Assets — 100.00%	$	218,774,941

^(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $152,426,735 or 69.67% of net assets.
^(b)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $5,623,848 or 2.57% of net assets.
^(c)	Rate shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a variable or floating rate in the future.
^(d)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end.

See accompanying notes.

Schedule of Investments
Principal Active High Yield ETF
June 30, 2022

^(e)	Security is a contingent convertible security, ("CoCo"). CoCo's are hybrid debt securities that may convert to equity or have their principal written down upon occurrence of certain "triggers". At the end of the period, the value of these securities totaled $2,898,000 or 1.32% of net assets.
^(f)	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
^(g)	The value of these investments was determined using significant unobservable inputs, in good faith by the Advisor, under procedures established and periodically reviewed by the Board of Trustees.
^(h)	Security is defaulted.
⁽ⁱ⁾	Non-income producing security.
^(j)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.
^(k)	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $5,781,485 or 2.64% of net assets.
^(l)	Current yield shown is as of period end.


Portfolio Summary (unaudited)
Sector					Percent
Consumer, Cyclical					21.01	%
Consumer, Non-cyclical					17.59	%
Energy					14.46	%
Financial					12.88	%
Basic Materials					8.82	%
Industrial					8.67	%
Money Market Funds					7.28	%
Communications					6.61	%
Utilities					3.79	%
Other Assets and Liabilities					(1.11	)%
TOTAL NET ASSETS					100.00	%

			June 30, 2021		Purchases			Sales		June 30, 2022
Affiliated Securities			Value		Cost			Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
1.10	%	$	3,145,675	$	68,285,772		$	65,649,962	$	5,781,485
		$	3,145,675	$	68,285,772		$	65,649,962	$	5,781,485


								Realized Gain
					Realized			from		Change in
					Gain/(Loss) on			Capital Gain		Unrealized
			Income ^(a)		Investments			Distributions		Gain/(Loss)
Principal Government Money
Market Fund — Institutional Class
1.10	%	$	—	$	—		$	—	$	—
		$	—	$	—		$	—	$	—

^(a)Amount excludes earnings from securities lending collateral.

See accompanying notes.


Schedule of Investments
Principal Healthcare Innovators ETF
June 30, 2022

COMMON STOCKS — 99.69%	Shares Held		Value

Biotechnology — 50.86%
2seventy bio, Inc. ^(a)	4,220	$	55,704
Absci Corp. ^(a)	10,389		34,491
ACADIA Pharmaceuticals, Inc. ^(a)	18,377		258,932
ADMA Biologics, Inc. ^(a),(b)	21,972		43,505
Agenus, Inc. ^(a)	28,854		55,977
Akero Therapeutics, Inc. ^(a)	3,929		37,129
Albireo Pharma, Inc. ^(a)	2,172		43,136
Aldeyra Therapeutics, Inc. ^(a)	6,518		26,007
Allakos, Inc. ^(a)	6,094		19,074
Allogene Therapeutics, Inc. ^(a)	16,017		182,594
Alnylam Pharmaceuticals, Inc. ^(a)	12,147		1,771,640
Altimmune, Inc. ^(a)	4,458		52,159
ALX Oncology Holdings, Inc. ^(a)	4,558		36,874
Amicus Therapeutics, Inc. ^(a)	31,424		337,494
AnaptysBio, Inc. ^(a)	3,101		62,950
Anavex Life Sciences Corp. ^(a)	8,546		85,545
Apellis Pharmaceuticals, Inc. ^(a)	11,144		503,932
Applied Molecular Transport, Inc. ^(a)	4,336		12,618
Arcturus Therapeutics Holdings, Inc. ^(a)	2,957		46,543
Arcus Biosciences, Inc. ^(a)	7,973		202,036
Arcutis Biotherapeutics, Inc. ^(a)	5,652		120,444
Arrowhead Pharmaceuticals, Inc. ^(a)	12,024		423,365
Atara Biotherapeutics, Inc. ^(a)	10,445		81,367
Atea Pharmaceuticals, Inc. ^(a)	9,338		66,300
Atossa Therapeutics, Inc. ^(a)	14,207		15,486
Avidity Biosciences, Inc. ^(a)	5,262		76,457
Axsome Therapeutics, Inc. ^(a)	4,228		161,932
Beam Therapeutics, Inc. ^(a)	7,712		298,532
Berkeley Lights, Inc. ^(a)	7,590		37,722
BioAtla, Inc. ^(a)	4,020		11,457
BioCryst Pharmaceuticals, Inc. ^(a)	20,720		219,218
Biohaven Pharmaceutical Holding Co. Ltd. ^(a)	8,028		1,169,760
BioMarin Pharmaceutical, Inc. ^(a)	20,899		1,731,900
Bluebird Bio, Inc. ^(a)	7,866		32,565
Blueprint Medicines Corp. ^(a)	6,760		341,448
Bridgebio Pharma, Inc. ^(a)	16,562		150,383
C4 Therapeutics, Inc. ^(a)	5,468		41,229
Cara Therapeutics, Inc. ^(a)	5,997		54,753
Caribou Biosciences, Inc. ^(a)	6,752		36,663
Cassava Sciences, Inc. ^(a),(b)	4,490		126,259
CEL-SCI Corp. ^(a),(b)	4,854		21,843
Celldex Therapeutics, Inc. ^(a)	5,243		141,351
Cerevel Therapeutics Holdings, Inc. ^(a)	16,877		446,228
Certara, Inc. ^(a)	18,252		391,688
ChemoCentryx, Inc. ^(a)	7,858		194,721
Cortexyme, Inc. ^(a),(b)	3,374		7,490
CRISPR Therapeutics AG ^(a)	8,794		534,411
CTI BioPharma Corp. ^(a)	10,849		64,769
Cullinan Oncology, Inc. ^(a)	4,901		62,831
Curis, Inc. ^(a)	10,282		10,123
CytomX Therapeutics, Inc. ^(a)	7,321		13,397
Deciphera Pharmaceuticals, Inc. ^(a)	6,570		86,395
Denali Therapeutics, Inc. ^(a)	14,045		413,344
Dynavax Technologies Corp. ^(a)	14,016		176,461
Editas Medicine, Inc. ^(a)	7,688		90,949
EQRx, Inc. ^(a),(b)	52,751		247,402
Erasca, Inc. ^(a)	13,605		75,780
Esperion Therapeutics, Inc. ^(a),(b)	7,048		44,825

See accompanying notes.


	Schedule of Investments
	Principal Healthcare Innovators ETF
	June 30, 2022

COMMON STOCKS (continued)		Shares Held		Value

Biotechnology (continued)
Evolus, Inc. ^(a)		6,235	$	72,326
Fate Therapeutics, Inc. ^(a)		10,818		268,070
FibroGen, Inc. ^(a)		10,435		110,194
Forma Therapeutics Holdings, Inc. ^(a)		5,318		36,641
Generation Bio Co. ^(a)		6,395		41,951
Global Blood Therapeutics, Inc. ^(a)		7,272		232,340
Gossamer Bio, Inc. ^(a)		8,579		71,806
Guardant Health, Inc. ^(a)		11,594		467,702
Humanigen, Inc. ^(a)		7,329		12,972
Ideaya Biosciences, Inc. ^(a)		4,320		59,616
IGM Biosciences, Inc. ^(a)		2,921		52,666
ImmunityBio, Inc. ^(a)		44,636		166,046
ImmunoGen, Inc. ^(a)		24,745		111,352
Immunovant, Inc. ^(a)		13,060		50,934
Inhibrx, Inc. ^(a)		4,378		49,690
Inovio Pharmaceuticals, Inc. ^(a)		23,607		40,840
Insmed, Inc. ^(a)		13,342		263,104
Intellia Therapeutics, Inc. ^(a)		8,524		441,202
Intercept Pharmaceuticals, Inc. ^(a)		3,317		45,808
Intra-Cellular Therapies, Inc. ^(a)		10,531		601,109
Ionis Pharmaceuticals, Inc. ^(a)		16,140		597,503
Iovance Biotherapeutics, Inc. ^(a)		17,635		194,690
iTeos Therapeutics, Inc. ^(a)		3,957		81,514
IVERIC bio, Inc. ^(a)		12,979		124,858
Karuna Therapeutics, Inc. ^(a)		3,405		430,767
Karyopharm Therapeutics, Inc. ^(a)		8,476		38,227
Keros Therapeutics, Inc. ^(a)		2,627		72,584
Kezar Life Sciences, Inc. ^(a)		5,513		45,592
Kiniksa Pharmaceuticals Ltd., Class A ^(a)		3,826		37,074
Kodiak Sciences, Inc. ^(a)		5,801		44,320
Krystal Biotech, Inc. ^(a)		2,827		185,621
Kymera Therapeutics, Inc. ^(a)		5,801		114,222
MacroGenics, Inc. ^(a)		6,880		20,296
MEI Pharma, Inc. ^(a)		14,921		9,027
Mersana Therapeutics, Inc. ^(a)		9,356		43,225
Mirati Therapeutics, Inc. ^(a)		6,336		425,336
Myriad Genetics, Inc. ^(a)		8,979		163,148
Nektar Therapeutics ^(a)		20,707		78,687
NeoGenomics, Inc. ^(a)		13,916		113,415
NGM Biopharmaceuticals, Inc. ^(a)		8,718		111,765
Novavax, Inc. ^(a)		8,634		444,047
NRX Pharmaceuticals, Inc. ^(a)		6,599		3,959
Nurix Therapeutics, Inc. ^(a)		5,019		63,591
Nuvation Bio, Inc. ^(a)		24,437		79,176
Omeros Corp. ^(a),(b)		7,017		19,297
Precigen, Inc. ^(a)		23,198		31,085
Precision BioSciences, Inc. ^(a)		6,817		10,907
Prothena Corp. PLC ^(a)		5,237		142,185
Provention Bio, Inc. ^(a)		7,110		28,440
PTC Therapeutics, Inc. ^(a)		8,008		320,800
Radius Health, Inc. ^(a)		5,316		55,127
RAPT Therapeutics, Inc. ^(a)		3,315		60,499
Recursion Pharmaceuticals, Inc., Class A ^(a)		17,900		145,706
REGENXBIO, Inc. ^(a)		4,798		118,511
Relay Therapeutics, Inc. ^(a),(b)		12,149		203,496
Replimune Group, Inc. ^(a)		5,297		92,592
REVOLUTION Medicines, Inc. ^(a)		8,323		162,215
Rigel Pharmaceuticals, Inc. ^(a)		19,188		21,682

See accompanying notes.


	Schedule of Investments
	Principal Healthcare Innovators ETF
	June 30, 2022

COMMON STOCKS (continued)		Shares Held		Value

Biotechnology (continued)
Rocket Pharmaceuticals, Inc. ^(a)		7,238	$	99,595
Rubius Therapeutics, Inc. ^(a)		10,107		8,598
Sage Therapeutics, Inc. ^(a)		6,625		213,987
Sana Biotechnology, Inc. ^(a)		21,189		136,245
Sangamo Therapeutics, Inc. ^(a)		16,378		67,805
Sarepta Therapeutics, Inc. ^(a)		9,912		743,004
Scholar Rock Holding Corp. ^(a)		3,937		21,614
Seagen, Inc. ^(a)		13,767		2,435,933
Seer, Inc. ^(a)		6,397		57,253
Sorrento Therapeutics, Inc. ^(a),(b)		41,024		82,458
SpringWorks Therapeutics, Inc. ^(a)		5,536		136,296
Stoke Therapeutics, Inc. ^(a)		4,128		54,531
Sutro Biopharma, Inc. ^(a)		5,204		27,113
Syndax Pharmaceuticals, Inc. ^(a)		5,896		113,439
TG Therapeutics, Inc. ^(a)		16,025		68,106
Theravance Biopharma, Inc. ^(a)		8,381		75,932
TransMedics Group, Inc. ^(a)		3,137		98,659
Travere Therapeutics, Inc. ^(a)		7,092		171,839
Turning Point Therapeutics, Inc. ^(a)		5,567		418,917
Twist Bioscience Corp. ^(a)		6,295		220,073
Ultragenyx Pharmaceutical, Inc. ^(a)		7,906		471,672
Vaxart, Inc. ^(a)		14,116		49,406
Veracyte, Inc. ^(a)		7,991		159,021
Vericel Corp. ^(a)		5,277		132,875
Verve Therapeutics, Inc. ^(a),(b)		5,404		82,573
Viking Therapeutics, Inc. ^(a)		8,793		25,412
Vir Biotechnology, Inc. ^(a)		14,845		378,102
Xencor, Inc. ^(a)		6,661		182,312
Zentalis Pharmaceuticals, Inc. ^(a)		5,112		143,647
			$	27,097,560

Chemicals — 0.14%
Codexis, Inc. ^(a)		7,310		76,463

Commercial Services — 1.84%
HealthEquity, Inc. ^(a)		9,524		584,678
Multiplan Corp. ^(a)		71,656		393,392
			$	978,070

Electronics — 0.03%
Standard BioTools, Inc. ^(a)		8,662		13,859

Engineering & Construction — 0.13%
908 Devices, Inc. ^(a)		3,505		72,168

Healthcare — Products — 17.09%
10X Genomics, Inc., Class A ^(a)		10,638		481,370
Adaptive Biotechnologies Corp. ^(a)		15,886		128,518
Alphatec Holdings, Inc. ^(a)		11,196		73,222
AngioDynamics, Inc. ^(a)		4,344		84,056
Artivion, Inc. ^(a)		4,500		84,960
AtriCure, Inc. ^(a)		5,165		211,042
Avanos Medical, Inc. ^(a)		5,309		145,148
Axonics, Inc. ^(a)		5,270		298,651
BioLife Solutions, Inc. ^(a)		4,672		64,520
Bionano Genomics, Inc. ^(a),(b)		32,497		44,846
Biora Therapeutics, Inc. ^(a)		18,600		13,020
Butterfly Network, Inc. ^(a)		19,269		59,156
Cardiovascular Systems, Inc. ^(a)		4,552		65,367

See accompanying notes.


	Schedule of Investments
	Principal Healthcare Innovators ETF
	June 30, 2022

COMMON STOCKS (continued)		Shares Held		Value

Healthcare — Products (continued)
CareDx, Inc. ^(a)		5,949	$	127,785
Castle Biosciences, Inc. ^(a)		2,851		62,579
Cerus Corp. ^(a)		19,493		103,118
Cue Health, Inc. ^(a),(b)		16,424		52,557
Cutera, Inc. ^(a)		2,027		76,013
DermTech, Inc. ^(a)		3,349		18,553
Eargo, Inc. ^(a)		4,410		3,316
Exact Sciences Corp. ^(a)		19,791		779,568
Glaukos Corp. ^(a)		5,278		239,727
Inari Medical, Inc. ^(a)		5,773		392,506
Inogen, Inc. ^(a)		2,550		61,659
Inspire Medical Systems, Inc. ^(a)		3,137		573,036
iRhythm Technologies, Inc. ^(a)		3,369		363,953
Lantheus Holdings, Inc. ^(a)		7,763		512,591
MiMedx Group, Inc. ^(a)		12,607		43,746
NanoString Technologies, Inc. ^(a)		5,121		65,037
Natera, Inc. ^(a)		10,904		386,438
Nevro Corp. ^(a)		3,933		172,383
Novocure Ltd. ^(a)		11,876		825,382
NuVasive, Inc. ^(a)		5,809		285,570
OraSure Technologies, Inc. ^(a)		8,112		21,984
OrthoPediatrics Corp. ^(a)		2,215		95,577
Pacific Biosciences of California, Inc. ^(a)		24,819		109,700
Penumbra, Inc. ^(a)		4,285		533,568
PROCEPT BioRobotics Corp. ^(a),(b)		4,880		159,527
Pulmonx Corp. ^(a)		4,153		61,132
Quanterix Corp. ^(a)		4,134		66,929
Quantum-Si, Inc. ^(a),(b)		13,182		30,582
Shockwave Medical, Inc. ^(a)		4,060		776,150
SI-BONE, Inc. ^(a)		3,796		50,107
Silk Road Medical, Inc. ^(a)		3,929		142,976
SmileDirectClub, Inc. ^(a),(b)		13,504		14,044
SomaLogic, Inc. ^(a)		20,329		91,887
ViewRay, Inc. ^(a)		20,130		53,345
			$	9,106,901

Healthcare — Services — 7.89%
23andMe Holding Co., Class A ^(a),(b)		23,694		58,761
Accolade, Inc. ^(a)		7,513		55,596
agilon health, Inc. ^(a)		45,642		996,365
American Well Corp., Class A ^(a)		25,849		111,668
ATI Physical Therapy, Inc. ^(a)		22,149		31,230
Bright Health Group, Inc. ^(a)		70,552		128,405
Brookdale Senior Living, Inc. ^(a)		20,823		94,536
Cano Health, Inc. ^(a)		22,452		98,340
Clover Health Investments Corp. ^(a),(b)		42,475		90,896
Ginkgo Bioworks Holdings, Inc. ^(a),(b)		135,751		323,087
Inotiv, Inc. ^(a)		2,856		27,418
Invitae Corp. ^(a),(b)		25,623		62,520
LifeStance Health Group, Inc. ^(a)		41,997		233,503
ModivCare, Inc. ^(a)		2,182		184,379
Oak Street Health, Inc. ^(a)		27,449		451,262
OPKO Health, Inc. ^(a)		76,466		193,459
Personalis, Inc. ^(a)		5,043		17,398
RadNet, Inc. ^(a)		6,304		108,933
Sema4 Holdings Corp. ^(a)		27,487		34,634
Surgery Partners, Inc. ^(a)		10,186		294,579

See accompanying notes.


	Schedule of Investments
	Principal Healthcare Innovators ETF
	June 30, 2022

COMMON STOCKS (continued)		Shares Held		Value

Healthcare — Services (continued)
Teladoc Health, Inc. ^(a)		18,260	$	606,415
			$	4,203,384

Pharmaceuticals — 18.11%
Aclaris Therapeutics, Inc. ^(a)		6,875		95,975
Aerie Pharmaceuticals, Inc. ^(a)		5,430		40,725
Agios Pharmaceuticals, Inc. ^(a)		6,130		135,902
Akebia Therapeutics, Inc. ^(a)		19,631		6,932
Alector, Inc. ^(a)		9,205		93,523
Alkermes PLC ^(a)		18,459		549,893
Amneal Pharmaceuticals, Inc. ^(a)		16,766		53,316
Arvinas, Inc. ^(a)		5,953		250,562
Bioxcel Therapeutics, Inc. ^(a)		3,139		41,435
Chimerix, Inc. ^(a)		9,746		20,272
Clovis Oncology, Inc. ^(a),(b)		15,961		28,730
Coherus Biosciences, Inc. ^(a)		8,670		62,771
Collegium Pharmaceutical, Inc. ^(a)		3,744		66,344
Cytokinetics, Inc. ^(a)		9,690		380,720
Eagle Pharmaceuticals, Inc. ^(a)		1,449		64,379
Elanco Animal Health, Inc. ^(a)		53,757		1,055,250
Enanta Pharmaceuticals, Inc. ^(a)		2,304		108,910
Endo International PLC ^(a)		26,220		12,211
Fulcrum Therapeutics, Inc. ^(a)		4,550		22,295
G1 Therapeutics, Inc. ^(a)		4,790		23,662
GoodRx Holdings, Inc., Class A ^(a)		9,055		53,605
Gritstone bio, Inc. ^(a)		7,628		18,460
Harmony Biosciences Holdings, Inc. ^(a)		6,605		322,126
Heron Therapeutics, Inc. ^(a),(b)		11,460		31,973
Heska Corp. ^(a)		1,211		114,452
Jazz Pharmaceuticals PLC ^(a)		6,987		1,090,042
Kura Oncology, Inc. ^(a)		7,473		136,980
Lyell Immunopharma, Inc. ^(a)		26,982		175,923
Madrigal Pharmaceuticals, Inc. ^(a)		1,919		137,362
MannKind Corp. ^(a)		28,253		107,644
Marinus Pharmaceuticals, Inc. ^(a)		4,125		19,965
Morphic Holding, Inc. ^(a)		4,162		90,315
Neurocrine Biosciences, Inc. ^(a)		10,830		1,055,708
Ocugen, Inc. ^(a)		22,383		50,809
Ocular Therapeutix, Inc. ^(a)		8,612		34,620
ORIC Pharmaceuticals, Inc. ^(a)		4,419		19,797
Perrigo Co. PLC		15,248		618,611
PetIQ, Inc. ^(a)		3,268		54,870
PMV Pharmaceuticals, Inc. ^(a)		5,091		72,547
Prometheus Biosciences, Inc. ^(a)		4,368		123,309
Protagonist Therapeutics, Inc. ^(a)		5,432		42,967
Reata Pharmaceuticals, Inc., Class A ^(a)		3,532		107,337
Relmada Therapeutics, Inc. ^(a)		3,110		59,059
Revance Therapeutics, Inc. ^(a)		8,016		110,781
Rhythm Pharmaceuticals, Inc. ^(a)		5,639		23,402
Senseonics Holdings, Inc. ^(a),(b)		51,970		53,529
Seres Therapeutics, Inc. ^(a)		10,305		35,346
uniQure NV ^(a)		5,212		97,152
Vaxcyte, Inc. ^(a)		6,318		137,480
Viatris, Inc.		137,406		1,438,641
Xeris Biopharma Holdings, Inc. ^(a),(b)		15,160		23,346
Y-mAbs Therapeutics, Inc. ^(a)		4,897		74,092
			$	9,646,057

See accompanying notes.


Schedule of Investments
Principal Healthcare Innovators ETF
June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Retail — 0.23%
Warby Parker, Inc., Class A ^(a)	10,690	$	120,369

Software — 3.37%
1Life Healthcare, Inc. ^(a)	21,555		168,991
Alignment Healthcare, Inc. ^(a)	20,990		239,496
Definitive Healthcare Corp. ^(a)	10,927		250,556
Evolent Health, Inc., Class A ^(a)	10,191		312,966
Health Catalyst, Inc. ^(a)	5,986		86,737
Hims & Hers Health, Inc. ^(a)	22,071		99,982
Outset Medical, Inc. ^(a)	5,319		79,040
Phreesia, Inc. ^(a)	5,749		143,782
Privia Health Group, Inc. ^(a)	11,949		347,955
Sharecare, Inc. ^(a)	38,042		60,106
Tabula Rasa HealthCare, Inc. ^(a)	2,887		7,420
		$	1,797,031
TOTAL COMMON STOCKS		$	53,111,862
INVESTMENT COMPANIES — 2.39%	Shares Held		Value

Money Market Funds — 2.39%
Principal Government Money Market Fund — Institutional Class 1.10% ^(c),(d),(e)	1,097,187	$	1,097,187
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(e)	175,919		175,919
TOTAL INVESTMENT COMPANIES		$	1,273,106


Total Investments	$	54,384,968
Other Assets and Liabilities — (2.08)%		(1,109,813	)
Total Net Assets — 100.00%	$	53,275,155

^(a)	Non-income producing security.
^(b)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $1,038,864 or 1.95% of net assets.
^(c)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.
^(d)	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $1,097,187 or 2.06% of net assets.
^(e)	Current yield shown is as of period end.


Portfolio Summary (unaudited)
Sector				Percent
Consumer, Non-cyclical				95.79	%
Technology				3.37	%
Money Market Funds				2.39	%
Consumer, Cyclical				0.23	%
Industrial				0.16	%
Basic Materials				0.14	%
Other Assets and Liabilities				(2.08	)%
TOTAL NET ASSETS				100.00	%

		June 30, 2021		Purchases			Sales		June 30, 2022
Affiliated Securities		Value		Cost			Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
1.10%	$	6,534,128	$	49,360,042		$	54,796,983	$	1,097,187
	$	6,534,128	$	49,360,042		$	54,796,983	$	1,097,187

See accompanying notes.


	Schedule of Investments
Principal International Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS — 98.52%	Shares Held		Value

Advertising — 0.22%
Hakuhodo DY Holdings, Inc.	1,100	$	10,093
Publicis Groupe SA	290		14,180
WPP PLC	704		7,067
		$	31,340

Aerospace & Defense — 0.86%
Airbus SE	205		19,861
BAE Systems PLC	4,646		46,953
Dassault Aviation SA	97		15,136
Elbit Systems Ltd.	62		14,150
Rolls-Royce Holdings PLC ^(a)	6,432		6,495
Thales SA	162		19,871
		$	122,466

Agriculture — 1.31%
British American Tobacco PLC	2,414		103,423
Imperial Brands PLC	1,710		38,218
Japan Tobacco, Inc.	1,700		29,394
Swedish Match AB	1,456		14,831
		$	185,866

Airlines — 0.10%
Singapore Airlines Ltd. ^(a)	4,000		14,684

Apparel — 1.20%
adidas AG	74		13,087
Burberry Group PLC	353		7,052
Gildan Activewear, Inc.	622		17,903
Hermes International	13		14,536
Kering SA	28		14,381
LVMH Moet Hennessy Louis Vuitton SE	159		96,925
Puma SE	92		6,058
		$	169,942

Auto Manufacturers — 2.30%
Bayerische Motoren Werke AG	154		11,855
Bayerische Motoren Werke AG	88		6,234
Ferrari NV	60		11,016
Hino Motors Ltd.	2,000		10,274
Honda Motor Co. Ltd.	1,500		36,405
Isuzu Motors Ltd.	1,400		15,488
Mazda Motor Corp.	2,200		17,998
Mercedes-Benz Group AG	621		35,936
Stellantis NV	889		10,986
Toyota Motor Corp.	9,600		148,585
Volkswagen AG	32		5,832
Volvo AB, Class A	329		5,294
Volvo AB, Class B	668		10,342
		$	326,245

Auto Parts & Equipment — 0.48%
Aisin Corp.	500		15,478
Bridgestone Corp.	800		29,186
Cie Generale des Etablissements Michelin SCA	349		9,500
NGK Insulators Ltd.	1,000		13,473
		$	67,637

See accompanying notes.


	Schedule of Investments
Principal International Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Banks — 10.04%
ABN AMRO Bank NV ^(b)	547	$	6,142
Australia & New Zealand Banking Group Ltd.	1,437		21,851
Banco Bilbao Vizcaya Argentaria SA	2,738		12,425
Banco Santander SA	6,321		17,806
Bank Hapoalim BM	2,835		23,667
Bank Leumi Le-Israel BM	1,775		15,779
Bank of Montreal	740		71,160
Bank of Nova Scotia	1,347		79,719
Barclays PLC	13,865		25,843
BNP Paribas SA	400		19,016
BOC Hong Kong Holdings Ltd.	6,000		23,704
CaixaBank SA	2,787		9,688
Canadian Imperial Bank of Commerce	1,104		53,613
Commerzbank AG ^(a)	1,016		7,119
Commonwealth Bank of Australia	1,337		83,408
Credit Agricole SA	802		7,338
Danske Bank A/S	1,008		14,245
DBS Group Holdings Ltd.	1,700		36,318
Deutsche Bank AG	1,045		9,109
DNB Bank ASA	481		8,622
Erste Group Bank AG	254		6,441
FinecoBank Banca Fineco SpA	494		5,912
Hang Seng Bank Ltd.	1,162		20,510
HSBC Holdings PLC	8,808		57,427
ING Groep NV	1,591		15,724
Intesa Sanpaolo SpA	6,896		12,863
Israel Discount Bank Ltd., Class A	2,314		12,031
KBC Group NV	145		8,136
Lloyds Banking Group PLC	55,429		28,548
Macquarie Group Ltd.	441		50,077
Mediobanca Banca di Credito Finanziario SpA	1,439		12,453
Mitsubishi UFJ Financial Group, Inc.	10,800		58,060
Mizrahi Tefahot Bank Ltd.	592		19,575
Mizuho Financial Group, Inc.	400		4,549
National Australia Bank Ltd.	2,663		50,347
National Bank of Canada	536		35,174
NatWest Group PLC	3,350		8,902
Nordea Bank Abp	1,362		11,983
Oversea-Chinese Banking Corp. Ltd.	3,600		29,514
Raiffeisen Bank International AG	784		8,495
Royal Bank of Canada	1,444		139,823
Skandinaviska Enskilda Banken AB, Class A	1,835		18,010
Societe Generale SA	429		9,391
Standard Chartered PLC	2,951		22,222
Sumitomo Mitsui Financial Group, Inc.	500		14,858
Svenska Handelsbanken AB, Class A	1,232		10,528
Swedbank AB	591		7,470
Toronto-Dominion Bank	1,869		122,562
UBS Group AG	1,255		20,232
UniCredit SpA	1,076		10,222
United Overseas Bank Ltd.	1,300		24,563
Westpac Banking Corp.	1,739		23,407
		$	1,426,581

Beverages — 2.21%
Anheuser-Busch InBev SA	649		34,931
Carlsberg AS, Class B	69		8,788
Coca-Cola HBC AG	297		6,587

See accompanying notes.


	Schedule of Investments
	Principal International Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Beverages (continued)
Davide Campari-Milano NV	1,481	$	15,574
Diageo PLC	2,514		108,044
Endeavour Group Ltd.	3,280		17,139
Heineken Holding NV	235		17,103
Heineken NV	292		26,622
JDE Peet's NV	195		5,550
Pernod Ricard SA	282		51,805
Remy Cointreau SA	76		13,277
Treasury Wine Estates Ltd.	1,047		8,203
		$	313,623

Biotechnology — 0.25%
Bachem Holding AG, Class B	102		7,089
CSL Ltd.	157		29,158
		$	36,247

Chemicals — 2.95%
Air Liquide SA	243		32,626
Arkema SA	121		10,768
Asahi Kasei Corp.	2,400		18,326
BASF SE	334		14,534
Brenntag SE	151		9,827
Chr Hansen Holding A/S	104		7,570
Covestro AG ^(b)	153		5,288
Croda International PLC	123		9,690
EMS-Chemie Holding AG	17		12,652
Evonik Industries AG	343		7,318
Fuchs Petrolub SE	381		10,621
Givaudan SA	9		31,648
ICL Group Ltd.	1,257		11,404
Koninklijke DSM NV	179		25,718
Mitsubishi Chemical Holdings Corp.	2,700		14,666
Mitsubishi Gas Chemical Co., Inc.	800		11,527
Mitsui Chemicals, Inc.	600		12,780
Nippon Sanso Holdings Corp.	700		11,159
Novozymes A/S, Class B	326		19,567
Nutrien Ltd.	413		32,891
Shin-Etsu Chemical Co. Ltd.	300		33,830
Sumitomo Chemical Co. Ltd.	3,800		14,872
Symrise AG	191		20,786
Toray Industries, Inc.	3,500		19,636
Tosoh Corp.	1,000		12,419
Umicore SA	178		6,215
		$	418,338

Commercial Services — 2.60%
Adyen NV ^(a),(b)	9		13,091
Ashtead Group PLC	196		8,205
Atlantia SpA	980		22,984
Brambles Ltd.	1,443		10,667
Bureau Veritas SA	603		15,450
Dai Nippon Printing Co. Ltd.	600		12,939
Edenred	234		11,028
Experian PLC	1,270		37,196
Intertek Group PLC	284		14,541
Nuvei Corp. ^(a),(b)	112		4,048
Persol Holdings Co. Ltd.	700		12,723
Randstad NV	115		5,568

See accompanying notes.


	Schedule of Investments
Principal International Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Commercial Services (continued)
Recruit Holdings Co. Ltd.	1,200	$	35,333
RELX PLC	2,397		64,952
Rentokil Initial PLC	1,285		7,424
Ritchie Bros Auctioneers, Inc.	146		9,499
Secom Co. Ltd.	300		18,536
Securitas AB, Class B	511		4,402
SGS SA	8		18,310
Sohgo Security Services Co. Ltd.	400		11,114
TOPPAN, Inc.	800		13,367
Transurban Group	1,788		17,747
		$	369,124

Computers — 1.31%
Bechtle AG	123		5,028
Capgemini SE	140		23,980
CGI, Inc. ^(a)	287		22,863
Check Point Software Technologies Ltd. ^(a)	219		26,670
Computershare Ltd.	465		7,909
Itochu Techno-Solutions Corp.	500		12,253
Logitech International SA	117		6,112
NEC Corp.	500		19,421
NTT Data Corp.	1,100		15,209
Otsuka Corp.	400		11,866
SCSK Corp.	800		13,538
Teleperformance	70		21,515
		$	186,364

Construction Materials — 1.16%
AGC, Inc.	400		14,063
Cie de Saint-Gobain	443		19,008
Daikin Industries Ltd.	200		32,061
Geberit AG	41		19,704
Holcim AG	339		14,506
Investment AB Latour, Class B	214		4,232
James Hardie Industries PLC	276		6,052
Kingspan Group PLC	187		11,249
Nibe Industrier AB	886		6,652
Rinnai Corp.	200		13,753
ROCKWOOL A/S, Class B	18		4,051
Sika AG	53		12,214
Xinyi Glass Holdings Ltd.	3,000		7,195
		$	164,740

Distribution/Wholesale — 1.88%
Bunzl PLC	774		25,618
Ferguson PLC	316		35,343
IMCD NV	95		13,037
ITOCHU Corp.	1,400		37,838
Marubeni Corp.	2,400		21,651
Mitsubishi Corp.	1,400		41,655
Mitsui & Co. Ltd.	1,400		30,899
Sumitomo Corp.	1,700		23,267
Toromont Industries Ltd.	260		21,023
Toyota Tsusho Corp.	500		16,325
		$	266,656

Diversified Financial Services — 1.97%
Amundi SA ^(b)	95		5,197

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Diversified Financial Services (continued)
ASX Ltd.	462	$	26,057
Daiwa Securities Group, Inc.	3,200		14,292
Deutsche Boerse AG	274		45,827
Euronext NV ^(b)	183		14,939
Futu Holdings Ltd., ADR ^(a)	208		10,860
Hargreaves Lansdown PLC	455		4,363
Hong Kong Exchanges & Clearing Ltd.	1,000		49,192
IGM Financial, Inc.	555		14,875
Julius Baer Group Ltd.	152		7,012
Mitsubishi HC Capital, Inc.	2,500		11,534
Partners Group Holding AG	11		9,912
SBI Holdings, Inc.	600		11,741
Schroders PLC	214		6,961
Singapore Exchange Ltd.	2,300		15,661
St. James's Place PLC	435		5,838
TMX Group Ltd.	146		14,859
Tokyo Century Corp.	321		10,623
		$	279,743

Electric — 2.99%
Algonquin Power & Utilities Corp.	714		9,596
Brookfield Renewable Corp., Class A	172		6,127
Canadian Utilities Ltd., Class A	484		14,435
CLP Holdings Ltd.	2,195		18,210
E.ON SE	3,515		29,498
EDP - Energias de Portugal SA	2,378		11,094
Elia Group SA	107		15,160
Emera, Inc.	412		19,300
Endesa SA	466		8,790
Enel SpA	4,182		22,877
Engie SA	915		10,515
Fortis, Inc.	550		26,000
HK Electric Investments & HK Electric Investments Ltd.	13,000		11,928
Hydro One Ltd. ^(b)	672		18,069
Iberdrola SA	2,829		29,338
National Grid PLC	3,179		40,710
Northland Power, Inc.	267		7,949
Origin Energy Ltd.	1,637		6,475
Power Assets Holdings Ltd.	3,000		18,868
Red Electrica Corp. SA	893		16,868
RWE AG	300		11,029
SSE PLC	1,755		34,524
Terna - Rete Elettrica Nazionale	3,425		26,876
Uniper SE	252		3,742
Verbund AG	68		6,652
		$	424,630

Electrical Components & Equipment — 0.58%
ABB Ltd.	2,033		54,219
Legrand SA	292		21,561
Prysmian SpA	223		6,125
		$	81,905

Electronics — 1.35%
Halma PLC	613		14,991
Hoya Corp.	300		25,616
Ibiden Co. Ltd.	300		8,458
Kyocera Corp.	500		26,739

See accompanying notes.


	Schedule of Investments
Principal International Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Electronics (continued)
Murata Manufacturing Co. Ltd.	700	$	38,158
Nidec Corp.	400		24,705
Sartorius AG	18		6,289
Shimadzu Corp.	545		17,232
TDK Corp.	700		21,617
Venture Corp. Ltd.	690		8,259
		$	192,064

Engineering & Construction — 1.60%
ACS Actividades de Construccion y Servicios SA	357		8,653
Aena SME SA ^(a),(b)	53		6,734
Aeroports de Paris ^(a)	46		5,826
Auckland International Airport Ltd. ^(a)	1,812		8,125
Bouygues SA	284		8,738
Cellnex Telecom SA ^(b)	323		12,534
CK Infrastructure Holdings Ltd.	2,500		15,325
Eiffage SA	178		16,020
Ferrovial SA	749		18,987
Infrastrutture Wireless Italiane SpA ^(b)	775		7,865
Kajima Corp.	1,200		13,771
Keppel Corp. Ltd.	3,500		16,350
Lendlease Corp. Ltd.	1,103		6,936
Singapore Technologies Engineering Ltd.	5,200		15,271
Skanska AB, Class B	308		4,721
Vinci SA	396		35,257
WSP Global, Inc.	234		26,458
		$	227,571

Entertainment — 0.65%
Aristocrat Leisure Ltd.	358		8,496
Entain PLC ^(a)	407		6,168
Evolution AB ^(b)	93		8,456
Genting Singapore Ltd.	13,900		7,204
La Francaise des Jeux SAEM ^(b)	375		12,976
Lottery Corp. Ltd. ^(a)	6,598		20,585
Oriental Land Co. Ltd.	200		27,889
		$	91,774

Environmental Control — 0.05%
GFL Environmental, Inc.	260		6,698

Food — 5.27%
Barry Callebaut AG	4		8,925
Carrefour SA	1,006		17,801
Chocoladefabriken Lindt & Spruengli AG	3		30,514
Coles Group Ltd.	1,803		22,165
Danone SA	361		20,149
Empire Co. Ltd., Class A	631		19,437
Etablissements Franz Colruyt NV	207		5,629
George Weston Ltd.	214		24,999
J Sainsbury PLC	4,757		11,813
Jeronimo Martins SGPS SA	1,075		23,365
Kerry Group PLC, Class A	208		19,910
Kesko Oyj, Class B	258		6,086
Kobe Bussan Co. Ltd.	500		12,253
Koninklijke Ahold Delhaize NV	1,057		27,537
Loblaw Cos. Ltd.	353		31,836
Metro, Inc.	518		27,803

See accompanying notes.


	Schedule of Investments
Principal International Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Food (continued)
Mowi ASA	326	$	7,417
Nestle SA	2,554		298,138
Nisshin Seifun Group, Inc.	1,000		11,704
Orkla ASA	1,102		8,807
Saputo, Inc.	375		8,178
Seven & i Holdings Co. Ltd.	700		27,173
Tesco PLC	8,201		25,507
Toyo Suisan Kaisha Ltd.	400		15,596
WH Group Ltd. ^(b)	13,500		10,426
Wilmar International Ltd.	2,800		8,142
Woolworths Group Ltd.	710		17,447
		$	748,757

Food Service — 0.15%
Compass Group PLC	707		14,458
Sodexo SA	90		6,325
		$	20,783

Forest Products & Paper — 0.27%
Mondi PLC	409		7,244
Oji Holdings Corp.	3,000		13,001
Smurfit Kappa Group PLC	191		6,421
West Fraser Timber Co. Ltd.	157		12,047
		$	38,713

Gas — 0.68%
AltaGas Ltd.	705		14,876
Enagas SA	711		15,699
Hong Kong & China Gas Co. Ltd.	16,250		17,499
Naturgy Energy Group SA	792		22,799
Snam SpA	4,883		25,581
		$	96,454

Hand/Machine Tools — 0.40%
Disco Corp.	100		23,732
Fuji Electric Co. Ltd.	300		12,426
Schindler Holding AG	44		8,024
Schindler Holding AG	38		6,831
Techtronic Industries Co. Ltd.	500		5,216
		$	56,229

Healthcare — Products — 1.84%
Alcon, Inc.	468		32,689
Carl Zeiss Meditec AG	44		5,252
Cochlear Ltd.	49		6,720
Coloplast A/S, Class B	161		18,338
Demant A/S ^(a)	158		5,928
DiaSorin SpA	45		5,904
EssilorLuxottica SA	214		32,047
Fisher & Paykel Healthcare Corp. Ltd.	425		5,303
Getinge AB	418		9,660
Inmode Ltd. ^(a)	298		6,678
Lifco AB	284		4,560
Olympus Corp.	1,600		32,152
QIAGEN NV ^(a)	406		19,018
Sartorius Stedim Biotech	21		6,587
Siemens Healthineers AG ^(b)	537		27,288

See accompanying notes.


	Schedule of Investments
Principal International Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Healthcare — Products (continued)
Smith & Nephew PLC	733	$	10,239
Sonova Holding AG	57		18,151
Straumann Holding AG	126		15,132
		$	261,646

Healthcare — Services — 0.66%
BioMerieux	60		5,860
Eurofins Scientific SE	91		7,160
Fresenius Medical Care AG & Co. KGaA	186		9,284
Fresenius SE & Co. KGaA	268		8,117
Lonza Group AG	39		20,794
Medibank Pvt Ltd.	4,172		9,359
Orpea SA	137		3,337
Ramsay Health Care Ltd.	228		11,526
Sonic Healthcare Ltd.	781		17,795
		$	93,232

Holding Companies — Diversified — 0.35%
CK Hutchison Holdings Ltd.	3,500		23,662
Jardine Matheson Holdings Ltd.	206		10,827
Swire Pacific Ltd., Class A	2,500		14,895
		$	49,384

Home Builders — 0.60%
Barratt Developments PLC	977		5,440
Berkeley Group Holdings PLC	185		8,386
Daiwa House Industry Co. Ltd.	900		20,974
Iida Group Holdings Co. Ltd.	700		10,778
Open House Group Co. Ltd.	300		11,940
Persimmon PLC	361		8,187
Sekisui House Ltd.	1,100		19,267
		$	84,972

Home Furnishings — 0.85%
GN Store Nord AS	144		5,046
Rational AG	9		5,230
SEB SA	109		10,457
Sharp Corp.	1,300		10,051
Sony Group Corp.	1,100		89,951
		$	120,735

Household Products — 1.03%
Beiersdorf AG	108		11,033
Essity AB, Class B	515		13,447
L'Oreal SA	193		66,602
Unilever PLC	1,236		55,985
		$	147,067

Household Products/Wares — 0.39%
Henkel AG & Co. KGaA	140		8,568
Reckitt Benckiser Group PLC	623		46,792
		$	55,360

Insurance — 5.93%
Admiral Group PLC	202		5,518
Aegon NV	1,634		7,069
AIA Group Ltd.	9,400		101,885

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Insurance (continued)
Allianz SE	178	$	33,972
Assicurazioni Generali SpA	1,336		21,316
Aviva PLC	3,522		17,205
AXA SA	1,689		38,338
Baloise Holding AG	102		16,657
Fairfax Financial Holdings Ltd.	60		31,795
Gjensidige Forsikring ASA	891		18,047
Great-West Lifeco, Inc.	638		15,578
Hannover Rueck SE	48		6,967
iA Financial Corp., Inc.	396		19,695
Insurance Australia Group Ltd.	5,270		15,860
Intact Financial Corp.	284		40,058
Japan Post Holdings Co. Ltd.	3,500		24,999
M&G PLC	2,470		5,851
Manulife Financial Corp.	1,892		32,807
MS&AD Insurance Group Holdings, Inc.	700		21,452
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	58		13,627
NN Group NV	185		8,402
Phoenix Group Holdings PLC	1,110		7,977
Power Corp. of Canada	1,075		27,660
QBE Insurance Group Ltd.	2,107		17,670
Sampo Oyj, Class A	567		24,671
Sompo Holdings, Inc.	500		22,048
Sun Life Financial, Inc.	854		39,131
Suncorp Group Ltd.	2,390		18,114
Swiss Life Holding AG	42		20,458
Swiss Re AG	326		25,263
T&D Holdings, Inc.	1,300		15,560
Tokio Marine Holdings, Inc.	700		40,773
Tryg A/S	437		9,811
Zurich Insurance Group AG	174		75,677
		$	841,911

Internet — 0.84%
Auto Trader Group PLC ^(b)	1,990		13,444
CyberAgent, Inc.	1,100		10,953
MonotaRO Co. Ltd.	700		10,401
Prosus NV	338		22,131
Shopify, Inc., Class A ^(a)	1,020		31,871
Trend Micro, Inc.	300		14,637
United Internet AG	255		7,277
ZOZO, Inc.	500		9,010
		$	119,724

Investment Companies — 0.39%
Groupe Bruxelles Lambert SA	106		8,851
Industrivarden AB, Class A	319		7,178
Investor AB, Class A	375		6,732
Investor AB, Class B	747		12,281
L E Lundbergforetagen AB, Class B	126		5,123
Sofina SA	40		8,174
Wendel SE	83		6,937
		$	55,276

Iron & Steel — 0.56%
ArcelorMittal SA	679		15,305
BlueScope Steel Ltd.	493		5,411
Fortescue Metals Group Ltd.	833		10,079

See accompanying notes.


	Schedule of Investments
Principal International Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Iron & Steel (continued)
JFE Holdings, Inc.	1,200	$	12,647
Mineral Resources Ltd.	389		12,961
Nippon Steel Corp.	1,400		19,595
voestalpine AG	201		4,272
		$	80,270

Leisure Time — 0.23%
Shimano, Inc.	100		16,893
Yamaha Motor Co. Ltd.	900		16,490
		$	33,383

Lodging — 0.10%
City Developments Ltd.	2,400		14,079

Machinery — Construction & Mining — 0.67%
Epiroc AB, Class A	407		6,284
Epiroc AB, Class B	381		5,147
Hitachi Construction Machinery Co. Ltd.	500		11,074
Hitachi Ltd.	900		42,705
Mitsubishi Heavy Industries Ltd.	600		20,983
Sandvik AB	529		8,577
		$	94,770

Machinery — Diversified — 1.04%
CNH Industrial NV	1,228		14,181
GEA Group AG	403		13,890
Husqvarna AB, Class B	574		4,222
Keyence Corp.	200		68,367
KION Group AG	84		3,485
Kone Oyj, Class B	427		20,297
Kornit Digital Ltd. ^(a)	79		2,504
Miura Co. Ltd.	500		9,884
Spirax-Sarco Engineering PLC	53		6,373
Wartsila Oyj Abp	596		4,641
		$	147,844

Media — 0.94%
Bollore SE	1,294		5,994
Informa PLC ^(a)	1,101		7,087
Quebecor, Inc., Class B	606		12,951
Shaw Communications, Inc., Class B	965		28,436
Thomson Reuters Corp.	315		32,839
Vivendi SE	614		6,239
Wolters Kluwer NV	408		39,575
		$	133,121

Metal Fabrication & Hardware — 0.16%
SKF AB, Class B	403		5,929
Tenaris SA	480		6,172
VAT Group AG ^(b)	44		10,490
		$	22,591

Mining — 2.73%
Agnico Eagle Mines Ltd.	214		9,796
Anglo American PLC	891		31,855
Antofagasta PLC	344		4,837
Barrick Gold Corp.	701		12,395
BHP Group Ltd.	4,585		130,548

See accompanying notes.


	Schedule of Investments
Principal International Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Mining (continued)
Boliden AB	372	$	11,831
Cameco Corp.	298		6,265
First Quantum Minerals Ltd.	680		12,901
Franco-Nevada Corp.	277		36,437
Glencore PLC	3,393		18,384
Ivanhoe Mines Ltd., Class A ^(a)	784		4,513
Lundin Mining Corp.	706		4,476
Norsk Hydro ASA	893		5,001
Northern Star Resources Ltd.	932		4,400
Rio Tinto Ltd.	162		11,484
Rio Tinto PLC	373		22,323
South32 Ltd.	2,657		7,226
Sumitomo Metal Mining Co. Ltd.	400		12,529
Teck Resources Ltd., Class B	490		14,983
Wheaton Precious Metals Corp.	729		26,267
		$	388,451

Miscellaneous Manufacture — 0.13%
Orica Ltd.	604		6,575
Siemens AG	25		2,544
Smiths Group PLC	516		8,790
		$	17,909

Office & Business Equipment — 0.50%
Canon, Inc.	1,300		29,559
FUJIFILM Holdings Corp.	500		26,820
Seiko Epson Corp.	1,000		14,151
		$	70,530

Oil & Gas — 4.81%
Aker BP ASA	372		12,920
Ampol Ltd.	1,043		24,643
BP PLC	6,430		30,393
Canadian Natural Resources Ltd.	797		42,828
Cenovus Energy, Inc.	727		13,832
DCC PLC	225		13,963
ENEOS Holdings, Inc.	5,300		20,067
Eni SpA	2,426		28,800
Equinor ASA	424		14,746
Galp Energia SGPS SA	550		6,447
Idemitsu Kosan Co. Ltd.	500		12,050
Imperial Oil Ltd.	177		8,344
Inpex Corp.	1,800		19,502
OMV AG	296		13,884
Parkland Corp.	326		8,854
Repsol SA	1,859		27,371
Shell PLC	6,965		180,931
Suncor Energy, Inc.	1,098		38,522
TotalEnergies SE	1,964		103,670
Tourmaline Oil Corp.	441		22,931
Woodside Energy Group Ltd.	1,783		39,186
		$	683,884

Packaging & Containers — 0.12%
CCL Industries, Inc., Class B	376		17,772

Pharmaceuticals — 9.03%
Amplifon SpA	158		4,843

See accompanying notes.


	Schedule of Investments
Principal International Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Pharmaceuticals (continued)
Astellas Pharma, Inc.	200	$	3,118
AstraZeneca PLC	1,397		183,661
Bayer AG	1,182		70,258
Chugai Pharmaceutical Co. Ltd.	900		23,017
Daiichi Sankyo Co. Ltd.	1,600		40,531
GSK PLC	5,405		116,168
Hikma Pharmaceuticals PLC	235		4,627
Ipsen SA	113		10,664
Medipal Holdings Corp.	700		9,875
Merck KGaA	123		20,753
Nippon Shinyaku Co. Ltd.	200		12,161
Novartis AG	1,787		151,342
Novo Nordisk A/S, Class B	1,519		168,475
Orion Oyj, Class B	144		6,428
Otsuka Holdings Co. Ltd.	600		21,306
Recordati Industria Chimica e Farmaceutica SpA	310		13,485
Roche Holding AG	69		26,627
Roche Holding AG	634		211,555
Sanofi	1,198		120,949
Takeda Pharmaceutical Co. Ltd.	1,400		39,396
UCB SA	273		23,070
		$	1,282,309

Pipelines — 1.36%
APA Group	2,352		18,297
Enbridge, Inc.	2,199		92,867
Keyera Corp.	649		14,823
Pembina Pipeline Corp.	679		24,001
TC Energy Corp.	834		43,203
		$	193,191

Private Equity — 0.91%
3i Group PLC	1,131		15,261
Brookfield Asset Management, Inc., Class A	1,613		71,753
Capitaland Investment Ltd.	5,800		15,948
EQT AB	480		9,825
Eurazeo SE	77		4,769
Onex Corp.	245		12,201
		$	129,757

Real Estate — 1.78%
Azrieli Group Ltd.	169		11,825
CK Asset Holdings Ltd.	3,000		21,219
Daito Trust Construction Co. Ltd.	200		17,261
ESR Group Ltd. ^(a),(b)	7,200		19,453
Fastighets AB Balder ^(a)	1,323		6,338
FirstService Corp.	113		13,707
Hang Lung Properties Ltd.	4,000		7,585
Henderson Land Development Co. Ltd.	4,000		14,987
Hongkong Land Holdings Ltd.	2,963		14,874
Hulic Co. Ltd.	1,500		11,608
LEG Immobilien SE	144		11,940
New World Development Co. Ltd.	2,000		7,175
REA Group Ltd.	67		5,172
Sagax AB, Class B	231		4,261
Sino Land Co. Ltd.	8,000		11,806
Sun Hung Kai Properties Ltd.	1,000		11,814
Swire Properties Ltd.	3,000		7,448

See accompanying notes.


	Schedule of Investments
Principal International Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Real Estate (continued)
Swiss Prime Site AG	164	$	14,387
UOL Group Ltd.	1,600		8,476
Vonovia SE	692		21,320
Wharf Real Estate Investment Co. Ltd.	2,000		9,533
		$	252,189

REITs — 1.98%
Ascendas Real Estate Investment Trust	4,300		8,821
British Land Co. PLC	2,352		12,801
Canadian Apartment Properties REIT	332		11,560
CapitaLand Integrated Commercial Trust	10,417		16,271
Dexus	3,182		19,504
Gecina SA	72		6,715
Goodman Group	2,562		31,549
GPT Group	6,456		18,805
Klepierre SA	256		4,925
Land Securities Group PLC	2,343		18,938
Link REIT	2,700		22,022
Mapletree Commercial Trust	10,000		13,172
Mapletree Logistics Trust	10,600		12,818
Mirvac Group	5,401		7,363
RioCan Real Estate Investment Trust	980		15,242
Scentre Group	8,572		15,325
Segro PLC	2,063		24,530
Stockland	5,557		13,847
Vicinity Centres	5,051		6,398
		$	280,606

Retail — 2.26%
Alimentation Couche-Tard, Inc.	876		34,170
Canadian Tire Corp. Ltd., Class A	130		16,401
Chow Tai Fook Jewellery Group Ltd.	6,400		12,039
Cie Financiere Richemont SA	369		39,291
Cosmos Pharmaceutical Corp.	100		9,603
Dollarama, Inc.	570		32,822
Domino's Pizza Enterprises Ltd.	99		4,647
JD Sports Fashion PLC	3,419		4,803
Kingfisher PLC	3,948		11,741
Lawson, Inc.	300		9,994
McDonald's Holdings Co. Japan Ltd.	300		10,923
Moncler SpA	149		6,391
Next PLC	99		7,062
Nitori Holdings Co. Ltd.	200		19,008
Pan Pacific International Holdings Corp.	1,000		15,957
Pandora A/S	87		5,473
Reece Ltd.	440		4,185
Restaurant Brands International, Inc.	411		20,617
Ryohin Keikaku Co. Ltd.	919		9,367
Swatch Group AG	114		5,068
Tsuruha Holdings, Inc.	200		10,864
Welcia Holdings Co. Ltd.	500		10,024
Wesfarmers Ltd.	580		16,778
Zalando SE ^(a),(b)	155		4,054
		$	321,282

Semiconductors — 2.09%
Advantest Corp.	300		16,053
ASM International NV	58		14,502

See accompanying notes.


	Schedule of Investments
Principal International Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Semiconductors (continued)
ASML Holding NV	373	$	178,185
Hamamatsu Photonics KK	300		11,653
Infineon Technologies AG	508		12,292
Lasertec Corp.	100		11,903
STMicroelectronics NV	622		19,555
Tokyo Electron Ltd.	100		32,650
		$	296,793

Software — 1.95%
Capcom Co. Ltd.	600		14,571
Constellation Software, Inc.	28		41,566
Dassault Systemes SE	288		10,598
Koei Tecmo Holdings Co. Ltd.	400		12,913
Konami Holdings Corp.	300		16,605
Nemetschek SE	151		9,140
Open Text Corp.	472		17,854
Oracle Corp. Japan	200		11,586
Sage Group PLC	1,994		15,408
SAP SE	806		73,425
Sinch AB ^(a),(b)	798		2,597
Square Enix Holdings Co. Ltd.	300		13,289
Temenos AG	72		6,156
TIS, Inc.	600		15,721
Ubisoft Entertainment SA ^(a)	137		6,016
WiseTech Global Ltd.	365		9,536
		$	276,981

Telecommunications — 4.56%
BCE, Inc.	362		17,793
BT Group PLC	4,689		10,634
Deutsche Telekom AG	2,762		54,838
Elisa Oyj	300		16,857
Hikari Tsushin, Inc.	100		10,252
HKT Trust & HKT Ltd.	12,000		16,119
KDDI Corp.	1,500		47,417
Koninklijke KPN NV	8,187		29,179
Nice Ltd. ^(a)	39		7,486
Nippon Telegraph & Telephone Corp.	1,400		40,200
Nokia Oyj	5,726		26,640
Orange SA	2,302		27,067
Proximus SADP	750		11,055
Rogers Communications, Inc., Class B	441		21,132
Singapore Telecommunications Ltd.	11,300		20,578
SoftBank Corp.	3,400		37,751
SoftBank Group Corp.	1,100		42,442
Spark New Zealand Ltd.	2,787		8,355
Swisscom AG	37		20,441
Tele2 AB, Class B	1,775		20,214
Telefonica Deutschland Holding AG	5,205		14,946
Telefonica SA	8,915		45,423
Telenor ASA	736		9,789
Telia Co. AB	2,768		10,601
Telstra Corp. Ltd.	6,920		18,390
TELUS Corp.	1,051		23,409
Vodafone Group PLC	24,979		38,513
		$	647,521

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Toys, Games & Hobbies — 0.30%
Nintendo Co. Ltd.	100	$	43,249
Transportation — 2.26%
AP Moller - Maersk A/S, Class B	7		16,327
AP Moller - Maersk A/S, Class A	5		11,518
Aurizon Holdings Ltd.	3,371		8,842
Canadian National Railway Co.	768		86,388
Canadian Pacific Railway Ltd.	733		51,200
Deutsche Post AG	375		14,045
DSV A/S	81		11,312
Getlink SE	1,002		17,672
InPost SA ^(a)	1,017		5,896
Kuehne + Nagel International AG	33		7,812
Mitsui OSK Lines Ltd.	600		13,731
MTR Corp. Ltd.	2,000		10,450
Nippon Yusen KK	200		13,664
SG Holdings Co. Ltd.	900		15,184
SITC International Holdings Co. Ltd.	4,000		11,317
TFI International, Inc.	153		12,282
Yamato Holdings Co. Ltd.	800		12,795
		$	320,435

Water — 0.34%
Severn Trent PLC	474		15,688
United Utilities Group PLC	1,279		15,881
Veolia Environnement SA	693		16,914
		$	48,483
TOTAL COMMON STOCKS		$	13,991,881
PREFERRED STOCKS — 0.08%	Shares Held		Value

Auto Manufacturers — 0.08%
Volkswagen AG
5.95%, 09/09/2023	82	$	10,950
TOTAL PREFERRED STOCKS		$	10,950
INVESTMENT COMPANIES — 0.65%	Shares Held		Value

Money Market Fund — 0.65%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(c)	92,122	$	92,122
TOTAL INVESTMENT COMPANIES		$	92,122
Total Investments		$	14,094,953
Other Assets and Liabilities — 0.75%			106,513
Total Net Assets — 100.00%		$	14,201,466

^(a)	Non-income producing security.
^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $203,091 or 1.43% of net assets.
^(c)	Current yield shown is as of period end.

See accompanying notes.


	Schedule of Investments
	Principal Investment Grade Corporate Active ETF
	June 30, 2022

			Principal
BONDS — 96.27%			Amount		Value

Aerospace & Defense — 3.14%
Boeing Co.
2.20%, 02/04/2026		$	4,816,000	$	4,340,977
2.70%, 02/01/2027			2,714,000		2,415,277
2.80%, 03/01/2024			323,000		316,568
3.25%, 02/01/2028			1,244,000		1,111,659
3.50%, 03/01/2039 ^(a)			373,000		266,769
4.88%, 05/01/2025			358,000		356,678
5.71%, 05/01/2040			2,411,000		2,248,900
5.81%, 05/01/2050			570,000		523,529
				$	11,580,357

Agriculture — 1.52%
Altria Group, Inc.
2.35%, 05/06/2025			18,000		16,996
3.40%, 02/04/2041			899,000		595,085
5.80%, 02/14/2039			368,000		334,431
5.95%, 02/14/2049			120,000		105,151
BAT Capital Corp.
2.26%, 03/25/2028			2,678,000		2,243,458
3.56%, 08/15/2027			2,541,000		2,324,605
				$	5,619,726

Airlines — 3.94%
Continental Airlines 2012-1 Class A Pass Through Trust
4.15%, 10/11/2025			675,122		662,554
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.50%, 10/20/2025 ^(b)			3,421,219		3,324,271
4.75%, 10/20/2028 ^(b)			2,293,705		2,166,584
JetBlue 2019-1 Class AA Pass Through Trust
2.75%, 11/15/2033			225,237		194,903
Southwest Airlines Co.
5.13%, 06/15/2027			1,219,000		1,230,273
5.25%, 05/04/2025			5,444,000		5,546,548
United Airlines 2014-2 Class A Pass Through Trust
3.75%, 03/03/2028			503,842		479,747
United Airlines 2016-2 Class A Pass Through Trust
3.10%, 04/07/2030			885,585		756,283
United Airlines 2019-2 Class AA Pass Through Trust
2.70%, 11/01/2033			207,492		176,913
				$	14,538,076

Auto Manufacturers — 1.77%
Ford Motor Credit Co. LLC
2.90%, 02/10/2029			2,106,000		1,651,610
General Motors Co.
5.00%, 10/01/2028			2,761,000		2,675,152
6.25%, 10/02/2043			1,060,000		1,009,848
General Motors Financial Co., Inc.
2.70%, 06/10/2031			1,540,000		1,213,381
				$	6,549,991

Banks — 20.57%
Banco Santander SA
2.75%, 12/03/2030			1,800,000		1,429,627
Bank of America Corp.
(6-month Secured Overnight Financing Rate + 1.06%),
2.09%, 06/14/2029 ^(c)			2,322,000		1,988,517

See accompanying notes.


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Banks (continued)
Bank of America Corp. (continued)
(5-year Treasury Constant Maturity Rate + 1.20%),
2.48%, 09/21/2036 ^(c)	$	2,211,000	$	1,714,836
(6-month Secured Overnight Financing Rate + 1.21%),
2.57%, 10/20/2032 ^(c)		1,322,000		1,090,402
(6-month Secured Overnight Financing Rate + 1.93%),
2.68%, 06/19/2041 ^(c)		791,000		569,139
(6-month Secured Overnight Financing Rate + 1.88%),
2.83%, 10/24/2051 ^(c)		3,093,000		2,118,037
(3-month USD LIBOR + 1.19%),
2.88%, 10/22/2030 ^(c)		581,000		507,362
(6-month Secured Overnight Financing Rate + 1.56%),
2.97%, 07/21/2052 ^(c)		210,000		149,095
(5-year Treasury Constant Maturity Rate + 2.00%),
3.85%, 03/08/2037 ^(c)		1,511,000		1,306,032
4.25%, 10/22/2026		4,383,000		4,321,239
(6-month Secured Overnight Financing Rate + 1.83%),
4.57%, 04/27/2033 ^(c)		2,090,000		2,034,011
Barclays PLC
(1-year Treasury Constant Maturity Rate + 1.30%),
3.33%, 11/24/2042 ^(c)		614,000		456,341
4.84%, 05/09/2028		4,986,000		4,796,549
BPCE SA
(6-month Secured Overnight Financing Rate + 1.95%),
3.58%, 10/19/2042 ^(b),(c)		1,659,000		1,225,902
Citigroup, Inc.
(3-month USD LIBOR + 1.15%),
3.52%, 10/27/2028 ^(c)		372,000		347,571
(6-month Secured Overnight Financing Rate + 1.94%),
3.79%, 03/17/2033 ^(c)		2,882,000		2,596,662
(6-month Secured Overnight Financing Rate + 2.09%),
4.91%, 05/24/2033 ^(c)		1,456,000		1,436,672
Credit Suisse Group AG
(6-month Secured Overnight Financing Rate + 0.98%),
1.31%, 02/02/2027 ^(b),(c)		2,872,000		2,468,587
(6-month Secured Overnight Financing Rate + 1.73%),
3.09%, 05/14/2032 ^(b),(c)		1,846,000		1,469,033
(5-year Treasury Constant Maturity Rate + 4.89%),
5.25%, 02/11/2027 ^{(b),(c),(d),(e)}		3,634,000		2,807,211
Deutsche Bank AG
(6-month U.S. International Swaps and Derivative Association + 2.55%),
4.88%, 12/01/2032 ^(c)		1,540,000		1,324,314
First Republic Bank
4.63%, 02/13/2047		2,969,000		2,705,826
Goldman Sachs Group, Inc.
(6-month Secured Overnight Financing Rate + 1.41%),
3.10%, 02/24/2033 ^(c)		3,635,000		3,104,567
HSBC Holdings PLC
(6-month Secured Overnight Financing Rate + 1.29%),
1.59%, 05/24/2027 ^(c)		3,729,000		3,274,754
(6-month Secured Overnight Financing Rate + 1.73%),
2.01%, 09/22/2028 ^(c)		495,000		423,391
JPMorgan Chase & Co.
(3-month Term Secured Overnight Financing Rate + 0.70%),
1.04%, 02/04/2027 ^(c)		6,203,000		5,486,078
(6-month Secured Overnight Financing Rate + 2.46%),
3.11%, 04/22/2041 ^(c)		112,000		86,822

See accompanying notes.


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Banks (continued)
JPMorgan Chase & Co. (continued)
(3-month USD LIBOR + 1.38%),
3.96%, 11/15/2048 ^(c)	$	508,000	$	430,427
5.50%, 10/15/2040		697,000		717,331
Morgan Stanley
(6-month Secured Overnight Financing Rate + 0.88%),
1.59%, 05/04/2027 ^(c)		1,384,000		1,228,520
(6-month Secured Overnight Financing Rate + 1.36%),
2.48%, 09/16/2036 ^(c)		2,246,000		1,726,997
(6-month Secured Overnight Financing Rate + 1.43%),
2.80%, 01/25/2052 ^(c)		1,977,000		1,372,564
(3-month USD LIBOR + 1.34%),
3.59%, 07/22/2028 ^(c)		3,260,000		3,086,165
5.00%, 11/24/2025		1,627,000		1,653,099
National Australia Bank Ltd.
2.33%, 08/21/2030 ^(b)		2,127,000		1,709,790
Natwest Group PLC
(3-month USD LIBOR + 1.91%),
5.08%, 01/27/2030 ^(c)		1,740,000		1,702,987
Standard Chartered PLC
(3-month USD LIBOR + 1.21%),
2.82%, 01/30/2026 ^(b),(c)		701,000		663,676
(5-year Treasury Constant Maturity Rate + 2.30%),
3.27%, 02/18/2036 ^(b),(c)		1,652,000		1,334,443
(5-year Treasury Constant Maturity Rate + 5.66%),
6.00%, 07/26/2025 ^{(b),(c),(d),(e)}		1,424,000		1,348,545
UBS Group AG
(1-year Treasury Constant Maturity Rate + 1.75%),
4.75%, 05/12/2028 ^(b),(c)		1,665,000		1,647,735
Wells Fargo & Co.
(6-month Secured Overnight Financing Rate + 2.10%),
2.39%, 06/02/2028 ^(c)		4,254,000		3,809,580
(6-month Secured Overnight Financing Rate + 2.13%),
4.61%, 04/25/2053 ^(c)		976,000		903,099
Westpac Banking Corp.
(5-year Treasury Constant Maturity Rate + 1.53%),
3.02%, 11/18/2036 ^(c)		770,000		619,721
(5-year Treasury Constant Maturity Rate + 2.00%),
4.11%, 07/24/2034 ^(c)		769,000		702,869
			$	75,896,125

Beverages — 2.01%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.90%, 02/01/2046		1,458,000		1,370,359
Anheuser-Busch InBev Worldwide, Inc.
4.38%, 04/15/2038		3,884,000		3,562,159
4.60%, 04/15/2048		383,000		343,854
4.90%, 01/23/2031		1,089,000		1,116,400
5.45%, 01/23/2039		873,000		887,577
Constellation Brands, Inc.
2.88%, 05/01/2030		147,000		127,876
			$	7,408,225

Biotechnology — 0.47%
CSL Finance PLC
4.75%, 04/27/2052 ^(b)		1,250,000		1,194,225

See accompanying notes.


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Biotechnology (continued)
Gilead Sciences, Inc.
4.50%, 02/01/2045	$	601,000	$	553,282
			$	1,747,507

Chemicals — 0.30%
International Flavors & Fragrances, Inc.
1.23%, 10/01/2025 ^(b)		541,000		488,065
1.83%, 10/15/2027 ^(b)		713,000		614,261
			$	1,102,326

Commercial Services — 2.21%
CoStar Group, Inc.
2.80%, 07/15/2030 ^(b)		4,599,000		3,829,093
PayPal Holdings, Inc.
3.25%, 06/01/2050 ^(a)		1,867,000		1,410,744
4.40%, 06/01/2032		2,946,000		2,916,479
			$	8,156,316

Computers — 0.47%
Dell International LLC/EMC Corp.
3.38%, 12/15/2041 ^(b)		636,000		454,356
4.90%, 10/01/2026		1,068,000		1,068,384
8.35%, 07/15/2046		179,000		222,913
			$	1,745,653

Construction Materials — 0.48%
Masco Corp.
1.50%, 02/15/2028		2,101,000		1,762,753

Diversified Financial Services — 6.94%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.45%, 10/29/2026		1,040,000		905,593
3.00%, 10/29/2028		2,910,000		2,451,148
3.15%, 02/15/2024		4,527,000		4,381,156
3.40%, 10/29/2033		1,826,000		1,441,826
3.85%, 10/29/2041		1,004,790		724,024
Air Lease Corp.
2.88%, 01/15/2026		1,080,000		991,328
Ally Financial, Inc.
5.75%, 11/20/2025		1,236,000		1,217,688
8.00%, 11/01/2031		3,207,000		3,565,109
Aviation Capital Group LLC
1.95%, 01/30/2026 ^(b)		3,169,000		2,756,416
Avolon Holdings Funding Ltd.
2.75%, 02/21/2028 ^(b)		887,000		723,395
4.25%, 04/15/2026 ^(b)		2,773,000		2,567,927
4.38%, 05/01/2026 ^(b)		1,155,000		1,069,969
5.50%, 01/15/2026 ^(b)		862,000		836,386
Blackstone Holdings Finance Co. LLC
2.85%, 08/05/2051 ^(b)		1,117,342		760,698
Brookfield Finance, Inc.
4.85%, 03/29/2029		1,219,000		1,207,208
			$	25,599,871

Electric — 7.38%
Baltimore Gas and Electric Co.
4.55%, 06/01/2052		623,000		603,670

See accompanying notes.


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Electric (continued)
Commonwealth Edison Co.
4.00%, 03/01/2049 ^(a)	$	1,602,000	$	1,434,571
Dominion Energy, Inc.
4.25%, 06/01/2028		475,000		467,216
DTE Energy Co.
3.40%, 06/15/2029		1,280,000		1,177,330
Duke Energy Carolinas LLC
3.55%, 03/15/2052		487,000		404,522
Duke Energy Florida LLC
3.80%, 07/15/2028		223,000		217,908
3.85%, 11/15/2042		982,000		849,285
Duke Energy Ohio, Inc.
4.30%, 02/01/2049		751,000		681,392
Entergy Corp.
1.90%, 06/15/2028		843,000		723,219
Evergy, Inc.
2.90%, 09/15/2029		849,000		749,282
Monongahela Power Co.
3.55%, 05/15/2027 ^(b)		477,000		453,793
NextEra Energy Capital Holdings, Inc.
1.88%, 01/15/2027		736,000		663,811
2.44%, 01/15/2032		368,000		306,490
3.50%, 04/01/2029		606,000		565,601
4.45%, 06/20/2025		500,000		503,459
NRG Energy, Inc.
2.00%, 12/02/2025 ^(b)		1,696,000		1,535,123
2.45%, 12/02/2027 ^(b)		636,000		546,091
4.45%, 06/15/2029 ^(b)		842,000		754,181
Pacific Gas & Electric Co.
1.70%, 11/15/2023		1,980,000		1,908,114
2.95%, 03/01/2026		2,190,000		1,989,718
4.50%, 07/01/2040		1,993,525		1,545,029
4.95%, 06/08/2025		1,476,000		1,447,228
Public Service Co. of Colorado
4.05%, 09/15/2049		609,000		548,952
4.50%, 06/01/2052		304,000		297,006
Southern California Edison Co.
3.45%, 02/01/2052		374,000		278,310
4.88%, 03/01/2049		1,024,000		927,594
Southern Co.
(3-month USD LIBOR + 3.63%),
5.46%, 03/15/2057		2,203,000		2,133,672
Southern Power Co.
4.95%, 12/15/2046		296,000		272,101
Tampa Electric Co.
3.63%, 06/15/2050		388,000		314,311
Tri-State Generation and Transmission Association, Inc.
6.00%, 06/15/2040 ^(b)		422,000		414,999
Tucson Electric Power Co.
4.85%, 12/01/2048 ^(a)		430,000		411,517
Virginia Electric & Power Co.
3.80%, 04/01/2028		1,187,000		1,160,211
WEC Energy Group, Inc.
1.38%, 10/15/2027		1,096,000		949,705
			$	27,235,411

See accompanying notes.


	Schedule of Investments
	Principal Investment Grade Corporate Active ETF
	June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Entertainment — 2.19%
Magallanes, Inc.
4.28%, 03/15/2032 ^(b)	$	2,164,000	$	1,934,059
5.05%, 03/15/2042 ^(b)		2,746,000		2,336,269
5.14%, 03/15/2052 ^(b)		2,409,000		2,021,994
5.39%, 03/15/2062 ^(b)		2,122,000		1,775,050
			$	8,067,372

Food — 2.20%
JBS Finance Luxembourg SARL
3.63%, 01/15/2032 ^(b)		814,000		657,305
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
3.00%, 05/15/2032 ^(b)		6,000		4,608
3.75%, 12/01/2031 ^(b)		1,055,000		865,509
4.38%, 02/02/2052 ^(b)		2,642,000		1,868,475
6.50%, 12/01/2052		1,700,000		1,609,339
Kraft Heinz Foods Co.
4.38%, 06/01/2046		1,922,000		1,601,805
Mars, Inc.
2.38%, 07/16/2040 ^(b)		583,000		424,176
Pilgrim's Pride Corp.
3.50%, 03/01/2032 ^(b)		1,412,000		1,103,125
Sysco Corp.
3.15%, 12/14/2051		736		526
			$	8,134,868

Gas — 1.34%
CenterPoint Energy Resources Corp.
1.75%, 10/01/2030		1,960,000		1,591,886
NiSource, Inc.
0.95%, 08/15/2025		1,622,000		1,456,909
Piedmont Natural Gas Co., Inc.
3.50%, 06/01/2029		1,329,000		1,236,681
Southern California Gas Co.
2.55%, 02/01/2030		733,000		647,803
			$	4,933,279

Healthcare — Products — 0.92%
Boston Scientific Corp.
2.65%, 06/01/2030		3,852,000		3,361,119
Medtronic, Inc.
4.63%, 03/15/2045		39,000		39,110
			$	3,400,229

Healthcare — Services — 1.27%
Centene Corp.
2.45%, 07/15/2028		1,570,000		1,309,443
3.38%, 02/15/2030		313,000		265,440
HCA, Inc.
5.63%, 09/01/2028		1,105,000		1,086,983
UnitedHealth Group, Inc.
2.75%, 05/15/2040		961,000		748,480
4.75%, 05/15/2052		1,286,000		1,285,343
			$	4,695,689

See accompanying notes.


	Schedule of Investments
	Principal Investment Grade Corporate Active ETF
	June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Insurance — 4.17%
AIA Group Ltd.
3.20%, 09/16/2040 ^(a),(b)	$	1,258,000	$	1,004,909
Athene Global Funding
1.45%, 01/08/2026 ^(b)		1,384,000		1,230,902
2.50%, 03/24/2028 ^(b)		2,377,000		2,041,620
2.55%, 11/19/2030 ^(b)		909,000		734,954
Athene Holding Ltd.
3.45%, 05/15/2052		756,000		519,077
4.13%, 01/12/2028 ^(a)		547,000		514,343
Corebridge Financial, Inc.
4.40%, 04/05/2052 ^(b)		1,203,000		1,002,896
Enstar Group Ltd.
3.10%, 09/01/2031		2,904,000		2,315,943
Everest Reinsurance Holdings, Inc.
3.13%, 10/15/2052		994,000		704,116
Markel Corp.
4.30%, 11/01/2047		1,471,000		1,267,808
Marsh & McLennan Cos., Inc.
2.90%, 12/15/2051		713,000		500,479
New York Life Insurance Co.
3.75%, 05/15/2050 ^(b)		1,300,000		1,061,800
Swiss Re Finance Luxembourg SA
(5-year Treasury Constant Maturity Rate + 3.58%),
5.00%, 04/02/2049 ^(b),(c)		1,000,000		946,250
XLIT Ltd.
5.50%, 03/31/2045		1,487,000		1,540,461
			$	15,385,558

Internet — 1.77%
Amazon.com, Inc.
2.70%, 06/03/2060		12,000		8,128
3.10%, 05/12/2051		1,723,000		1,356,800
eBay, Inc.
3.65%, 05/10/2051		794,000		612,830
Expedia Group, Inc.
3.80%, 02/15/2028		2,019,000		1,840,032
4.63%, 08/01/2027		1,081,000		1,038,575
Netflix, Inc.
4.88%, 04/15/2028		1,778,000		1,673,187
			$	6,529,552

Iron & Steel — 0.14%
Nucor Corp.
2.70%, 06/01/2030		188,000		162,664
3.85%, 04/01/2052		447,000		363,157
			$	525,821

Lodging — 0.22%
Hyatt Hotels Corp.
1.80%, 10/01/2024		849,000		802,484

Media — 3.44%
Charter Communications Operating LLC/Charter Communications Operating
Capital
2.30%, 02/01/2032		1,550,000		1,172,773
Comcast Corp.
2.89%, 11/01/2051		455,000		325,038

See accompanying notes.


	Schedule of Investments
Principal Investment Grade Corporate Active ETF
	June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Media (continued)
Comcast Corp. (continued)
3.75%, 04/01/2040	$	531,000	$	465,401
3.97%, 11/01/2047		2,413,000		2,086,569
Fox Corp.
4.71%, 01/25/2029		1,620,000		1,588,277
Paramount Global
2.90%, 01/15/2027		4,031,000		3,711,454
5.25%, 04/01/2044		702,000		600,735
Time Warner Cable LLC
5.50%, 09/01/2041		1,623,000		1,416,738
5.88%, 11/15/2040		1,439,000		1,318,680
			$	12,685,665

Mining — 0.83%
Newmont Corp.
2.25%, 10/01/2030		1,973,000		1,637,698
Yamana Gold, Inc.
2.63%, 08/15/2031		1,760,000		1,411,803
			$	3,049,501

Miscellaneous Manufacture — 1.15%
GE Capital International Funding Unlimited Co.
4.42%, 11/15/2035		3,659,000		3,417,488
Parker-Hannifin Corp.
4.25%, 09/15/2027		848,000		842,079
			$	4,259,567

Oil & Gas — 1.77%
BP Capital Markets America, Inc.
3.00%, 02/24/2050		627,000		455,182
4.23%, 11/06/2028		25,000		24,829
Canadian Natural Resources Ltd.
4.95%, 06/01/2047		1,335,000		1,264,326
Devon Energy Corp.
4.50%, 01/15/2030		1,400,000		1,322,441
Exxon Mobil Corp.
3.00%, 08/16/2039		1,005,000		820,474
Marathon Oil Corp.
4.40%, 07/15/2027		1,508,000		1,472,270
Shell International Finance BV
3.13%, 11/07/2049		1,513,000		1,160,429
			$	6,519,951

Packaging & Containers — 0.19%
WRKCo, Inc.
3.00%, 06/15/2033		850,000		720,330

Pharmaceuticals — 5.13%
AbbVie, Inc.
4.05%, 11/21/2039		1,208,000		1,077,211
4.25%, 11/21/2049		1,952,000		1,732,852
Bayer US Finance II LLC
4.38%, 12/15/2028 ^(b)		1,341,000		1,305,764
Bayer US Finance II LLC
4.63%, 06/25/2038 ^(b)		1,240,000		1,121,039
Becton Dickinson and Co.
3.70%, 06/06/2027		1,376,000		1,329,707

See accompanying notes.


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Pharmaceuticals (continued)
Becton Dickinson and Co. (continued)
4.67%, 06/06/2047	$	905,000	$	846,621
4.69%, 12/15/2044		1,443,000		1,333,177
Bristol-Myers Squibb Co.
4.13%, 06/15/2039		1,384,000		1,321,868
4.25%, 10/26/2049		411,000		385,963
Cigna Corp.
4.38%, 10/15/2028		2,564,000		2,544,213
CVS Health Corp.
4.78%, 03/25/2038		1,134,000		1,073,394
5.05%, 03/25/2048		3,331,000		3,188,593
Merck & Co., Inc.
2.75%, 12/10/2051		508,000		375,147
Zoetis, Inc.
3.90%, 08/20/2028		1,348,000		1,304,950
			$	18,940,499

Pipelines — 2.80%
Eastern Gas Transmission & Storage, Inc.
3.00%, 11/15/2029 ^(b)		192,000		173,024
Enbridge, Inc.
2.50%, 08/01/2033		1,444,000		1,166,982
Energy Transfer LP
3.75%, 05/15/2030		2,757,000		2,484,660
4.95%, 06/15/2028		798,000		786,338
5.15%, 03/15/2045		1,428,000		1,221,000
6.25%, 04/15/2049		343,000		332,475
Enterprise Products Operating LLC
4.20%, 01/31/2050		1,670,000		1,392,576
Kinder Morgan, Inc.
3.60%, 02/15/2051		904,000		665,600
ONEOK, Inc.
4.45%, 09/01/2049		517,000		411,757
Sabine Pass Liquefaction LLC
5.00%, 03/15/2027		1,308,000		1,311,165
5.75%, 05/15/2024		9,000		9,179
Western Midstream Operating LP
4.55%, 02/01/2030		429,000		371,085
			$	10,325,841

Private Equity — 0.37%
KKR Group Finance Co. VIII LLC
3.50%, 08/25/2050 ^(b)		1,249,000		936,125
KKR Group Finance Co. X LLC
3.25%, 12/15/2051 ^(b)		598,000		423,277
			$	1,359,402

REITs — 3.08%
American Campus Communities Operating Partnership LP
2.25%, 01/15/2029		1,531,000		1,417,712
3.30%, 07/15/2026		2,100,000		2,052,206
Invitation Homes Operating Partnership LP
2.00%, 08/15/2031		2,195,000		1,688,528
Kimco Realty Corp.
3.20%, 04/01/2032		1,338,000		1,169,027
Realty Income Corp.
3.10%, 12/15/2029		70		64

See accompanying notes.


	Schedule of Investments
	Principal Investment Grade Corporate Active ETF
	June 30, 2022

		Principal
BONDS (continued)		Amount		Value

REITs (continued)
Spirit Realty LP
3.20%, 01/15/2027	$	3,860,000	$	3,542,972
3.20%, 02/15/2031		698,000		584,497
VICI Properties LP/VICI Note Co., Inc.
4.13%, 08/15/2030 ^(b)		1,049,000		905,203
			$	11,360,209

Retail — 0.13%
Home Depot, Inc.
3.30%, 04/15/2040		556,000		472,015

Semiconductors — 2.08%
Broadcom, Inc.
4.11%, 09/15/2028		494,000		468,726
KLA Corp.
3.30%, 03/01/2050		1,560,000		1,235,515
Lam Research Corp.
4.88%, 03/15/2049		286,000		290,683
Micron Technology, Inc.
3.37%, 11/01/2041		998,000		723,108
4.19%, 02/15/2027		1,965,000		1,917,903
NVIDIA Corp.
3.50%, 04/01/2040		1,904,000		1,666,641
3.50%, 04/01/2050		893,000		757,958
QUALCOMM, Inc.
4.30%, 05/20/2047		647,000		620,311
			$	7,680,845

Software — 3.15%
Fiserv, Inc.
4.40%, 07/01/2049		1,541,000		1,324,353
Oracle Corp.
2.80%, 04/01/2027		1,627,000		1,483,836
4.00%, 07/15/2046		2,138,000		1,580,682
Take-Two Interactive Software, Inc.
4.00%, 04/14/2032 ^(a)		891,000		836,216
VMware, Inc.
1.80%, 08/15/2028		1,000,000		830,459
4.65%, 05/15/2027		5,596,000		5,567,080
			$	11,622,626

Telecommunications — 5.13%
AT&T, Inc.
3.50%, 06/01/2041		2,862,000		2,285,241
3.50%, 09/15/2053		3,475,000		2,634,045
3.55%, 09/15/2055		1,665,000		1,247,485
4.50%, 03/09/2048		883,000		782,448
T-Mobile USA, Inc.
2.05%, 02/15/2028		3,003,000		2,607,174
3.38%, 04/15/2029		2,946,000		2,577,750
Verizon Communications, Inc.
2.36%, 03/15/2032		2,586,000		2,144,153
2.65%, 11/20/2040		4,260,000		3,124,993
3.88%, 03/01/2052 ^(a)		1,535,000		1,286,117

See accompanying notes.


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value
Telecommunications (continued)
Vodafone Group PLC
(5-year Treasury Constant Maturity Rate + 2.45%),
3.25%, 06/04/2081 ^(c)	$	311,000	$	258,130
			$	18,947,536

Transportation — 1.19%
Burlington Northern Santa Fe LLC
4.38%, 09/01/2042		378,000		357,014
4.45%, 01/15/2053		434,000		419,734
FedEx Corp.
4.10%, 02/01/2045		1,656,000		1,387,010
Union Pacific Corp.
2.95%, 03/10/2052		1,064,000		782,814
3.50%, 02/14/2053		1,775,000		1,445,707
			$	4,392,279

Trucking & Leasing — 0.20%
SMBC Aviation Capital Finance DAC
1.90%, 10/15/2026 ^(b)		864,000		733,896
Water — 0.21%
Essential Utilities, Inc.
2.40%, 05/01/2031		919,000		764,498
TOTAL BONDS			$	355,251,849
INVESTMENT COMPANIES — 3.10%	Shares Held			Value


Money Market Funds — 3.10%
Principal Government Money Market Fund — Institutional Class 1.10% ^(f),(g),(h)	1,398,980	$	1,398,980
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(h)	10,045,634		10,045,634


TOTAL INVESTMENT COMPANIES	$	11,444,614
Total Investments	$	366,696,463
Other Assets and Liabilities — 0.63%		2,329,842
Total Net Assets — 100.00%	$	369,026,305

^(a)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $1,383,904 or 0.38% of net assets.
^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $65,776,984 or 17.82% of net assets.
^(c)	Rate shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a variable or floating rate in the future.
^(d)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end.
^(e)	Security is a contingent convertible security, ("CoCo"). CoCo's are hybrid debt securities that may convert to equity or have their principal written down upon occurrence of certain "triggers". At the end of the period, the value of these securities totaled $4,155,756 or 1.13% of net assets.
^(f)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.
^(g)	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $1,398,980 or 0.38% of net assets.
^(h)	Current yield shown is as of period end.

See accompanying notes.


			Schedule of Investments
		Principal Investment Grade Corporate Active ETF
					June 30, 2022

Portfolio Summary (unaudited)
Sector					Percent
Financial						35.12	%
Consumer, Non-cyclical						15.75	%
Communications						10.34	%
Utilities						8.92	%
Consumer, Cyclical						8.25	%
Industrial						6.35	%
Technology						5.70	%
Energy						4.57	%
Money Market Funds						3.10	%
Basic Materials						1.27	%
Other Assets and Liabilities						0.63	%
TOTAL NET ASSETS						100.00	%

			June 30, 2021		Purchases				Sales		June 30, 2022
Affiliated Securities			Value			Cost			Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
1.10	%	$	2,138,163	$	42,740,227			$	43,479,410	$	1,398,980
		$	2,138,163	$	42,740,227			$	43,479,410	$	1,398,980


								Realized Gain
						Realized			from		Change in
					Gain/(Loss) on			Capital Gain			Unrealized
			Income ^(a)		Investments			Distributions			Gain/(Loss)
Principal Government Money
Market Fund — Institutional Class
1.10	%	$	—		$	—		$	—	$	—
		$	—		$	—		$	—	$	—

^(a)Amount excludes earnings from securities lending collateral.


	Futures Contracts
						Value and Unrealized
				Notional		Appreciation/
Description and Expiration Date	Type	Contracts		Amount		(Depreciation)
U.S. 5 Year Notes; September 2022	Short	95	$	10,663,750	$	103,164
U.S. 10 Year Notes; September 2022	Short	40		4,741,250		63,667
U.S. Treasury Ultra Bond; September 2022	Long	23		3,549,906		(78,526	)
U.S. Long Bond CBT; September 2022	Long	22		3,049,750		(46,109	)
Total					$	42,196

See accompanying notes.

100


	Schedule of Investments
	Principal Millennials ETF
	June 30, 2022

COMMON STOCKS — 99.55%		Shares Held		Value

Apparel — 5.25%
adidas AG		535	$	94,616
Carter's, Inc.		592		41,724
Columbia Sportswear Co.		602		43,091
Fila Holdings Corp.		2,289		49,539
Gildan Activewear, Inc.		1,532		44,096
Kering SA		194		99,639
Levi Strauss & Co., Class A		2,749		44,864
LVMH Moet Hennessy Louis Vuitton SE		174		106,069
NIKE, Inc., Class B		856		87,483
PVH Corp.		708		40,285
Ralph Lauren Corp.		479		42,942
SMCP SA ^(a),(b)		7,741		40,528
Torrid Holdings, Inc. ^(a),(c)		8,965		38,729
Urban Outfitters, Inc. ^(a)		20,179		376,540
VF Corp.		2,027		89,533
			$	1,239,678

Beverages — 1.95%
Brown-Forman Corp., Class B		1,721		120,745
Constellation Brands, Inc., Class A		496		115,598
Fevertree Drinks PLC		2,520		37,425
Monster Beverage Corp. ^(a)		1,444		133,859
Treasury Wine Estates Ltd.		6,838		53,571
			$	461,198

Commercial Services — 2.65%
Aaron's Co., Inc.		2,705		39,358
Adyen NV ^(a),(b)		245		356,366
Global Payments, Inc.		842		93,159
GMO Payment Gateway, Inc.		600		42,232
Nuvei Corp. ^(a),(b)		788		28,502
Paysafe Ltd. ^(a)		17,539		34,201
PROG Holdings, Inc. ^(a)		1,887		31,135
			$	624,953

Computers — 0.38%
Apple, Inc.		661		90,372

Construction Materials — 1.11%
Fortune Brands Home & Security, Inc.		1,552		92,934
Masco Corp.		2,259		114,305
Mohawk Industries, Inc. ^(a)		438		54,352
			$	261,591

Diversified Financial Services — 9.17%
Coinbase Global, Inc., Class A ^(a)		3,571		167,908
Discover Financial Services		6,136		580,343
Futu Holdings Ltd., ADR ^(a),(c)		11,346		592,375
LexinFintech Holdings Ltd., ADR ^(a)		140,957		314,334
Lufax Holding Ltd., ADR		66,343		398,058
Rocket Cos., Inc., Class A		4,885		35,954
XP, Inc., Class A ^(a)		4,193		75,306
			$	2,164,278

Entertainment — 5.30%
CTS Eventim AG & Co. KGaA ^(a)		5,354		280,536
DraftKings, Inc., Class A ^(a)		2,792		32,583
HYBE Co. Ltd. ^(a)		2,178		244,069

See accompanying notes.

101


Schedule of Investments
Principal Millennials ETF
June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Entertainment (continued)
Universal Music Group NV	18,303	$	367,002
Warner Music Group Corp., Class A	13,383		326,010
		$	1,250,200

Food — 2.94%
Albertsons Cos., Inc., Class A	3,469		92,691
Kroger Co.	11,784		557,737
Sprouts Farmers Market, Inc. ^(a)	1,700		43,044
		$	693,472

Home Builders — 0.65%
DR Horton, Inc.	1,547		102,396
Toll Brothers, Inc.	1,156		51,557
		$	153,953

Home Furnishings — 2.07%
Arhaus, Inc. ^(a)	6,383		28,724
Sleep Number Corp. ^(a)	1,072		33,178
Sony Group Corp.	4,700		384,334
Tempur Sealy International, Inc.	1,945		41,565
		$	487,801

Internet — 27.72%
AfreecaTV Co. Ltd.	4,554		280,942
Alphabet, Inc., Class C ^(a)	242		529,363
D-MARKET Elektronik Hizmetler ve Ticaret A/S, ADR ^(a)	26,193		15,925
eBay, Inc.	2,015		83,965
Expedia Group, Inc. ^(a)	2,310		219,057
Farfetch Ltd., Class A ^(a)	3,934		28,167
Hello Group, Inc.	63,896		322,675
iQIYI, Inc., ADR ^(a)	81,220		341,124
JD.com, Inc., ADR	2,233		143,403
JOYY, Inc., ADR	15,106		451,065
Kakao Corp.	1,435		77,254
Kuaishou Technology ^(a),(b)	52,200		581,419
Lulu's Fashion Lounge Holdings, Inc. ^(a)	8,013		86,941
Match Group, Inc. ^(a)	4,136		288,238
Meta Platforms, Inc., Class A ^(a)	512		82,560
Naspers Ltd., Class N	4,328		629,888
Netflix, Inc. ^(a)	1,802		315,116
Pinterest, Inc., Class A ^(a)	4,687		85,116
RealReal, Inc. ^(a)	7,483		18,633
Revolve Group, Inc. ^(a)	9,421		244,098
Rightmove PLC	7,136		49,375
Shutterstock, Inc.	585		33,526
Snap, Inc., Class A ^(a)	12,498		164,099
Temple & Webster Group Ltd. ^(a),(c)	11,836		27,124
Tencent Holdings Ltd.	2,600		117,429
Tencent Music Entertainment Group, ADR ^(a)	113,875		571,653
THG PLC ^(a)	49,088		49,262
Trip.com Group Ltd., ADR ^(a)	21,319		585,207
Vipshop Holdings Ltd., ADR ^(a)	6,606		65,333
Weibo Corp. ^(a)	2,425		56,090
		$	6,544,047

Leisure Time — 2.02%
Camping World Holdings, Inc., Class A ^(c)	18,135		391,535

See accompanying notes.

102


	Schedule of Investments
	Principal Millennials ETF
	June 30, 2022

COMMON STOCKS (continued)		Shares Held		Value

Leisure Time (continued)
Shimano, Inc.		500	$	84,463
			$	475,998

Media — 4.92%
Comcast Corp., Class A		2,465		96,727
Fox Corp., Class B		3,177		94,357
Paramount Global, Class B		11,903		293,766
Sirius XM Holdings, Inc. ^(c)		17,420		106,785
Vivendi SE		56,166		570,698
			$	1,162,333

Real Estate — 0.41%
REA Group Ltd.		1,242		95,871

REITs — 4.24%
Duke Realty Corp.		1,988		109,240
EastGroup Properties, Inc.		566		87,351
Equity Residential		1,281		92,514
Prologis, Inc.		715		84,120
Rexford Industrial Realty, Inc.		1,546		89,034
Segro PLC		41,757		496,515
Warehouses De Pauw CVA		1,366		42,945
			$	1,001,719

Retail — 14.68%
Academy Sports & Outdoors, Inc.		1,380		49,045
American Eagle Outfitters, Inc.		3,233		36,145
ANTA Sports Products Ltd.		10,000		122,853
Bath & Body Works, Inc.		2,412		64,931
Bed Bath & Beyond, Inc. ^(a),(c)		15,047		74,784
Dick's Sporting Goods, Inc.		544		41,001
Foot Locker, Inc.		1,832		46,258
Frasers Group PLC ^(a)		7,123		57,704
Goldwin, Inc.		1,200		67,394
H & M Hennes & Mauritz AB, Class B ^(c)		9,322		111,320
Hibbett, Inc.		1,225		53,545
Home Depot, Inc.		2,259		619,576
Industria de Diseno Textil SA		33,625		760,774
Kingfisher PLC		17,684		52,590
Li Ning Co. Ltd.		14,771		136,852
Lowe's Cos., Inc.		564		98,514
Lululemon Athletica, Inc. ^(a)		312		85,054
Next PLC		1,587		113,207
Pandora A/S		1,302		81,908
Petco Health & Wellness Co., Inc. ^(a)		2,775		40,904
Qurate Retail, Inc., Series A		11,413		32,755
Ryohin Keikaku Co. Ltd.		4,920		50,150
Signet Jewelers Ltd.		7,629		407,846
Starbucks Corp.		1,267		96,786
Truworths International Ltd.		14,892		46,373
Victoria's Secret & Co. ^(a)		1,057		29,564
Williams-Sonoma, Inc.		794		88,094
			$	3,465,927

Semiconductors — 0.27%
NVIDIA Corp.		421		63,819

See accompanying notes.

103


Schedule of Investments
Principal Millennials ETF
June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Software — 6.01%
Bilibili, Inc., ADR ^(a),(c)	14,431	$	369,433
DouYu International Holdings Ltd., ADR ^(a)	177,364		212,837
Fidelity National Information Services, Inc.	1,148		105,237
Fiserv, Inc. ^(a)	1,137		101,159
HUYA, Inc., ADR ^(a)	82,620		320,566
Kakao Games Corp. ^(a)	920		34,826
Microsoft Corp.	369		94,770
NetEase, Inc., ADR	1,408		131,451
XD, Inc. ^(a)	19,000		49,517
		$	1,419,796

Telecommunications — 3.37%
AT&T, Inc.	37,897		794,321

Toys, Games & Hobbies — 2.78%
Funko, Inc., Class A ^(a)	29,393		656,052

Transportation — 1.66%
Deutsche Post AG	2,605		97,567
FedEx Corp.	498		112,901
United Parcel Service, Inc., Class B	531		96,929
XPO Logistics, Inc. ^(a)	745		35,879
Yamato Holdings Co. Ltd.	3,100		49,580
		$	392,856
TOTAL COMMON STOCKS		$	23,500,235
INVESTMENT COMPANIES — 4.56%	Shares Held		Value

Money Market Funds — 4.56%
Principal Government Money Market Fund — Institutional Class 1.10% ^(d),(e),(f)	988,500	$	988,500
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(f)	87,420		87,420
TOTAL INVESTMENT COMPANIES		$	1,075,920


Total Investments	$	24,576,155
Other Assets and Liabilities — (4.11)%		(969,104	)
Total Net Assets — 100.00%	$	23,607,051

^(a)	Non-income producing security.
^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $1,006,815 or 4.26% of net assets.
^(c)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $959,813 or 4.07% of net assets.
^(d)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.
^(e)	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $988,500 or 4.19% of net assets.
^(f)	Current yield shown is as of period end.

See accompanying notes.

104


	Schedule of Investments
	Principal Quality ETF
	June 30, 2022

COMMON STOCKS — 99.68%		Shares Held		Value
Advertising — 1.11%
Interpublic Group of Cos., Inc.		18,367	$	505,644
Aerospace & Defense — 1.46%
Lockheed Martin Corp.		1,547		665,148
Apparel — 2.50%
NIKE, Inc., Class B		6,311		644,984
Tapestry, Inc.		16,144		492,715
			$	1,137,699

Auto Manufacturers — 0.26%
Tesla, Inc. ^(a)		176		118,522
Banks — 4.94%
Bank of America Corp.		25,582		796,368
JPMorgan Chase & Co.		8,467		953,469
SVB Financial Group ^(a)		1,256		496,107
			$	2,245,944

Biotechnology — 2.78%
Gilead Sciences, Inc.		10,309		637,199
Regeneron Pharmaceuticals, Inc. ^(a)		1,058		625,416
			$	1,262,615

Commercial Services — 3.69%
Gartner, Inc. ^(a)		2,197		531,300
Moody's Corp.		2,112		574,401
PayPal Holdings, Inc. ^(a)		8,181		571,361
			$	1,677,062

Computers — 6.22%
Apple, Inc.		16,573		2,265,860
Fortinet, Inc. ^(a)		9,965		563,820
			$	2,829,680

Diversified Financial Services — 5.19%
Ameriprise Financial, Inc.		2,204		523,847
Mastercard, Inc., Class A		2,756		869,463
Visa, Inc., Class A		4,917		968,108
			$	2,361,418

Electrical Components & Equipment — 1.16%
AMETEK, Inc.		4,788		526,153
Electronics — 5.81%
Agilent Technologies, Inc.		4,694		557,506
Allegion PLC		4,940		483,626
Amphenol Corp., Class A		8,466		545,041
Mettler-Toledo International, Inc. ^(a)		462		530,732
TE Connectivity Ltd.		4,631		523,998
			$	2,640,903

Food — 2.83%
General Mills, Inc.		8,445		637,175
Mondelez International, Inc., Class A		10,487		651,138
			$	1,288,313

Healthcare — Products — 9.54%
Abbott Laboratories		7,207		783,040

See accompanying notes.

106


	Schedule of Investments
	Principal Quality ETF
	June 30, 2022

COMMON STOCKS (continued)		Shares Held		Value
Healthcare — Products (continued)
Bio-Techne Corp.		1,596	$	553,237
IDEXX Laboratories, Inc. ^(a)		1,609		564,325
Teleflex, Inc.		1,992		489,733
Thermo Fisher Scientific, Inc.		1,536		834,478
Waters Corp. ^(a)		1,662		550,089
West Pharmaceutical Services, Inc.		1,875		566,944
			$	4,341,846

Healthcare — Services — 7.61%
Charles River Laboratories International, Inc. ^(a)		2,420		517,808
IQVIA Holdings, Inc. ^(a)		2,774		601,930
Laboratory Corp. of America Holdings		2,445		573,010
Quest Diagnostics, Inc.		4,094		544,420
UnitedHealth Group, Inc.		2,384		1,224,494
			$	3,461,662

Insurance — 1.33%
Berkshire Hathaway, Inc., Class B ^(a)		188		51,328
Prudential Financial, Inc.		5,765		551,595
			$	602,923

Internet — 3.76%
Alphabet, Inc., Class A ^(a)		109		237,540
Alphabet, Inc., Class C ^(a)		387		846,543
Amazon.com, Inc. ^(a)		5,906		627,276
			$	1,711,359

Machinery — Diversified — 1.15%
IDEX Corp.		2,889		524,729
Media — 2.88%
Comcast Corp., Class A		18,795		737,516
FactSet Research Systems, Inc.		1,486		571,471
			$	1,308,987

Oil & Gas Services — 1.01%
Schlumberger NV		12,869		460,195
Pharmaceuticals — 11.24%
AbbVie, Inc.		6,094		933,357
Bristol-Myers Squibb Co.		9,962		767,074
Eli Lilly & Co.		2,857		926,325
Merck & Co., Inc.		9,484		864,656
Pfizer, Inc.		18,227		955,642
Zoetis, Inc.		3,879		666,761
			$	5,113,815

REITs — 1.12%
Weyerhaeuser Co.		15,433		511,141
Retail — 5.55%
Chipotle Mexican Grill, Inc. ^(a)		434		567,351
McDonald's Corp.		3,232		797,916
O'Reilly Automotive, Inc. ^(a)		950		600,172
Yum! Brands, Inc.		4,948		561,648
			$	2,527,087

See accompanying notes.

107


Schedule of Investments
Principal Quality ETF
June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value
Semiconductors — 5.11%
Applied Materials, Inc.	6,341	$	576,904
Lam Research Corp.	1,291		550,160
QUALCOMM, Inc.	5,474		699,249
Teradyne, Inc.	5,546		496,644
		$	2,322,957
Software — 8.34%
Microsoft Corp.	12,501		3,210,632
Synopsys, Inc. ^(a)	1,917		582,193
		$	3,792,825
Telecommunications — 1.67%
Cisco Systems, Inc.	17,833		760,399
Transportation — 1.42%
FedEx Corp.	2,854		647,030
TOTAL COMMON STOCKS		$	45,346,056
INVESTMENT COMPANIES — 0.26%	Shares Held		Value
Money Market Fund — 0.26%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(b)	117,802	$	117,802
TOTAL INVESTMENT COMPANIES		$	117,802


Total Investments	$	45,463,858
Other Assets and Liabilities — 0.06%		25,092
Total Net Assets — 100.00%	$	45,488,950

^(a)	Non-income producing security.
^(b)	Current yield shown is as of period end.


Portfolio Summary (unaudited)

Sector	Percent
Consumer, Non-cyclical	37.69	%
Technology	19.66	%
Financial	12.58	%
Industrial	11.00	%
Communications	9.42	%
Consumer, Cyclical	8.32	%
Energy	1.01	%
Money Market Fund	0.26	%
Other Assets and Liabilities	0.06	%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

108


Schedule of Investments
Principal Real Estate Active Opportunities ETF
June 30, 2022

COMMON STOCKS — 97.68%	Shares Held		Value

Entertainment — 2.93%
Marriott Vacations Worldwide Corp.	1,361	$	158,148

REITs — 94.75%
Alexandria Real Estate Equities, Inc.	1,693		245,536
American Homes 4 Rent, Class A	6,946		246,166
American Tower Corp.	1,419		362,682
Crown Castle International Corp.	1,414		238,089
CubeSmart	5,649		241,325
DiamondRock Hospitality Co. ^(a)	19,321		158,626
Digital Realty Trust, Inc.	1,193		154,887
Equinix, Inc.	361		237,184
Equity LifeStyle Properties, Inc.	3,364		237,061
Extra Space Storage, Inc.	2,151		365,928
Invitation Homes, Inc.	10,368		368,894
Medical Properties Trust, Inc.	10,452		159,602
Rexford Industrial Realty, Inc.	6,258		360,398
SBA Communications Corp.	757		242,278
Sun Communities, Inc.	2,276		362,704
Terreno Realty Corp.	4,199		234,010
Ventas, Inc.	7,171		368,805
VICI Properties, Inc.	12,105		360,608
Welltower, Inc.	1,966		161,900
		$	5,106,683
TOTAL COMMON STOCKS		$	5,264,831
INVESTMENT COMPANIES — 1.93%	Shares Held		Value

Money Market Fund — 1.93%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(b)	103,775	$	103,775
TOTAL INVESTMENT COMPANIES		$	103,775


Total Investments	$	5,368,606
Other Assets and Liabilities — 0.39%		20,991
Total Net Assets — 100.00%	$	5,389,597

^(a)	Non-income producing security.
^(b)	Current yield shown is as of year end.


Portfolio Summary (unaudited)

Sector	Percent
Financial	94.75	%
Consumer, Cyclical	2.93	%
Money Market Fund	1.93	%
Other Assets and Liabilities	0.39	%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

109


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
	June 30, 2022

		Principal
BONDS — 96.32%		Amount		Value

Banks — 39.81%
Bank of America Corp.
(5-year Treasury Constant Maturity Rate + 2.76%),
4.38%, 01/27/2027 ^(a),(b)	$	4,472,000	$	3,710,731
(5-year Treasury Constant Maturity Rate + 3.23%),
6.13%, 04/27/2027 ^(a),(b)		8,890,000		8,573,294
(3-month USD LIBOR + 4.55%),
6.30%, 03/10/2026 ^(a),(b)		722,000		715,782
Bank of Montreal
(5-year Treasury Constant Maturity Rate + 2.98%),
4.80%, 08/25/2024 ^(a),(b),(c)		3,364,000		3,030,964
Bank of New York Mellon Corp.
(5-year Treasury Constant Maturity Rate + 3.35%),
3.70%, 03/20/2026 ^(a),(b)		10,450,000		9,246,863
(5-year Treasury Constant Maturity Rate + 2.63%),
3.75%, 12/20/2026 ^(a),(b)		2,754,000		2,248,171
(5-year Treasury Constant Maturity Rate + 4.36%),
4.70%, 09/20/2025 ^(a),(b)		690,000		674,130
Bank of Nova Scotia
(5-year Treasury Constant Maturity Rate + 4.55%),
4.90%, 06/04/2025 ^(a),(b)		4,651,000		4,312,454
Citigroup, Inc.
(5-year Treasury Constant Maturity Rate + 3.42%),
3.88%, 02/18/2026 ^(a),(b)		6,547,000		5,434,010
(5-year Treasury Constant Maturity Rate + 3.60%),
4.00%, 12/10/2025 ^(a),(b)		8,804,000		7,615,460
(3-month USD LIBOR + 3.91%),
5.95%, 05/15/2025 ^(a),(b)		2,307,000		2,141,707
Citizens Financial Group, Inc.
(5-year Treasury Constant Maturity Rate + 3.22%),
4.00%, 10/06/2026 ^(a),(b)		2,211,000		1,760,840
(5-year Treasury Constant Maturity Rate + 5.31%),
5.65%, 10/06/2025 ^(a),(b),(c)		2,927,000		2,872,300
(3-month USD LIBOR + 3.16%),
6.38%, 04/06/2024 ^(a),(b),(c)		2,672,000		2,325,705
Comerica, Inc.
(5-year Treasury Constant Maturity Rate + 5.29%),
5.63%, 07/01/2025 ^(a),(b)		597,000		591,030
Fifth Third Bancorp
(5-year Treasury Constant Maturity Rate + 4.22%),
4.50%, 09/30/2025 ^(a),(b)		970,000		903,290
Goldman Sachs Group, Inc.
(5-year Treasury Constant Maturity Rate + 2.92%),
3.65%, 08/10/2026 ^(a),(b)		1,855,000		1,440,076
(5-year Treasury Constant Maturity Rate + 2.97%),
3.80%, 05/10/2026 ^(a),(b)		1,452,000		1,132,533
(5-year Treasury Constant Maturity Rate + 2.95%),
4.13%, 11/10/2026 ^(a),(b)		4,928,000		4,028,640
(5-year Treasury Constant Maturity Rate + 3.62%),
5.50%, 08/10/2024 ^(a),(b)		5,464,000		5,274,399
HSBC Capital Funding Dollar 1 LP
(3-month USD LIBOR + 4.98%),
10.18%, 06/30/2030 ^(a),(b)		5,300,000		7,181,022
Huntington Bancshares, Inc.
(7-year Treasury Constant Maturity Rate + 4.05%),
4.45%, 10/15/2027 ^(a),(b)		2,031,000		1,800,047
(10-year Treasury Constant Maturity Rate + 4.95%),
5.63%, 07/15/2030 ^(a),(b)		6,570,000		6,142,057

See accompanying notes.

110


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Banks (continued)
JPMorgan Chase & Co.
(5-year Treasury Constant Maturity Rate + 2.85%),
3.65%, 06/01/2026 ^(a),(b)	$	7,468,000	$	6,116,292
(3-month USD LIBOR + 3.30%),
6.00%, 08/01/2023 ^(a),(b)		4,032,000		3,779,879
(3-month USD LIBOR + 3.78%),
6.75%, 02/01/2024 ^(a),(b)		4,738,000		4,769,626
M&T Bank Corp.
(5-year Treasury Constant Maturity Rate + 2.68%),
3.50%, 09/01/2026 ^(a),(b)		3,740,000		2,851,750
PNC Financial Services Group, Inc.
(5-year Treasury Constant Maturity Rate + 2.60%),
3.40%, 09/15/2026 ^(a),(b)		2,432,000		1,846,670
SVB Financial Group
(5-year Treasury Constant Maturity Rate + 3.20%),
4.00%, 05/15/2026 ^(a),(b)		2,454,000		1,869,899
(5-year Treasury Constant Maturity Rate + 3.07%),
4.25%, 11/15/2026 ^(a),(b)		4,699,000		3,545,540
Truist Financial Corp.
(5-year Treasury Constant Maturity Rate + 3.00%),
4.80%, 09/01/2024 ^(a),(b),(c)		6,234,000		5,578,807
(5-year Treasury Constant Maturity Rate + 4.61%),
4.95%, 09/01/2025 ^(a),(b)		1,638,000		1,594,490
U.S. Bancorp
(5-year Treasury Constant Maturity Rate + 2.54%),
3.70%, 01/15/2027 ^(a),(b)		9,716,000		7,457,030
Wells Fargo & Co.
(5-year Treasury Constant Maturity Rate + 3.45%),
3.90%, 03/15/2026 ^(a),(b)		11,487,000		9,893,179
(3-month USD LIBOR + 3.99%),
5.88%, 06/15/2025 ^(a),(b)		5,002,000		4,876,450
			$	137,335,117

Diversified Financial Services — 10.22%
Ally Financial, Inc.
(5-year Treasury Constant Maturity Rate + 3.87%),
4.70%, 05/15/2026 ^(a),(b)		4,823,000		3,824,711
(7-year Treasury Constant Maturity Rate + 3.48%),
4.70%, 05/15/2028 ^(a),(b)		327,000		241,244
American Express Co.
(5-year Treasury Constant Maturity Rate + 2.85%),
3.55%, 09/15/2026 ^(a),(b)		10,836,000		8,816,278
Capital One Financial Corp.
(5-year Treasury Constant Maturity Rate + 3.16%),
3.95%, 09/01/2026 ^(a),(b)		4,597,000		3,689,093
Charles Schwab Corp.
(5-year Treasury Constant Maturity Rate + 3.17%),
4.00%, 06/01/2026 ^(a),(b)		9,849,000		8,348,603
(5-year Treasury Constant Maturity Rate + 4.97%),
5.38%, 06/01/2025 ^(a),(b)		4,384,000		4,329,200
Discover Financial Services
(5-year Treasury Constant Maturity Rate + 5.78%),
6.13%, 06/23/2025 ^(a),(b),(c)		5,993,000		5,992,401
			$	35,241,530

See accompanying notes.

111


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Electric — 11.33%
Algonquin Power & Utilities Corp.
(5-year Treasury Constant Maturity Rate + 3.25%),
4.75%, 01/18/2082 ^(a)	$	3,468,000	$	2,878,375
American Electric Power Co., Inc.
(5-year Treasury Constant Maturity Rate + 2.68%),
3.88%, 02/15/2062 ^(a)		3,308,000		2,615,824
CMS Energy Corp.
(5-year Treasury Constant Maturity Rate + 4.12%),
4.75%, 06/01/2050 ^(a)		2,817,000		2,468,312
Dominion Energy, Inc.
(5-year Treasury Constant Maturity Rate + 3.20%),
4.35%, 01/15/2027 ^(a),(b)		601,000		494,322
(5-year Treasury Constant Maturity Rate + 2.99%),
4.65%, 12/15/2024 ^(a),(b)		13,022,000		11,571,851
Duke Energy Corp.
(5-year Treasury Constant Maturity Rate + 2.32%),
3.25%, 01/15/2082 ^(a)		2,972,000		2,322,987
(5-year Treasury Constant Maturity Rate + 3.39%),
4.88%, 09/16/2024 ^(a),(b)		8,872,000		8,073,520
Emera, Inc.
(3-month USD LIBOR + 5.44%),
6.75%, 06/15/2076 ^(a)		6,581,000		6,350,468
Southern Co.
(5-year Treasury Constant Maturity Rate + 3.73%),
4.00%, 01/15/2051 ^(a)		2,572,000		2,305,747
			$	39,081,406

Gas — 1.50%
NiSource, Inc.
(5-year Treasury Constant Maturity Rate + 2.84%),
5.65%, 06/15/2023 ^(a),(b)		5,756,000		5,180,225

Hand/Machine Tools — 0.92%
Stanley Black & Decker, Inc.
(5-year Treasury Constant Maturity Rate + 2.66%),
4.00%, 03/15/2060 ^(a)		3,663,000		3,177,341

Insurance — 23.69%
Allstate Corp.
(3-month USD LIBOR + 2.94%),
5.75%, 08/15/2053 ^(a)		3,663,000		3,209,704
American International Group, Inc.
(3-month USD LIBOR + 2.87%),
5.75%, 04/01/2048 ^(a)		1,365,000		1,219,697
Argentum Netherlands BV for Swiss Re Ltd.
(3-month USD LIBOR + 3.78%),
5.63%, 08/15/2052 ^(a)		5,600,000		5,285,000
Argentum Netherlands BV for Zurich Insurance Co. Ltd.
(5-year Treasury Constant Maturity Rate + 3.27%),
5.13%, 06/01/2048 ^(a)		4,000,000		3,876,480
AXA SA
(3-month USD LIBOR + 2.26%),
6.38%, 12/14/2036 ^(a),(b),(d)		4,855,000		5,529,249
Cloverie PLC for Zurich Insurance Co. Ltd.
(3-month USD LIBOR + 4.92%),
5.63%, 06/24/2046 ^(a)		5,600,000		5,572,000

See accompanying notes.

112


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
	June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Insurance (continued)
Equitable Holdings, Inc.
(5-year Treasury Constant Maturity Rate + 4.74%),
4.95%, 09/15/2025 ^(a),(b),(c)	$	3,763,000	$	3,536,144
Liberty Mutual Group, Inc.
(5-year Treasury Constant Maturity Rate + 3.32%),
4.13%, 12/15/2051 ^(a),(d)		2,953,000		2,354,502
Meiji Yasuda Life Insurance Co.
(5-year Swap Rate + 4.23%),
5.20%, 10/20/2045 ^(a),(d)		3,663,000		3,631,965
MetLife, Inc.
(5-year Treasury Constant Maturity Rate + 3.58%),
3.85%, 09/15/2025 ^(a),(b),(c)		6,804,000		6,058,648
9.25%, 04/08/2068 ^(d)		5,343,000		6,277,532
Nippon Life Insurance Co.
(5-year Treasury Constant Maturity Rate + 2.65%),
2.75%, 01/21/2051 ^(a),(d)		4,803,000		3,884,426
(5-year Treasury Constant Maturity Rate + 2.60%),
2.90%, 09/16/2051 ^(a),(d)		2,734,000		2,211,052
Prudential Financial, Inc.
(5-year Treasury Constant Maturity Rate + 3.04%),
3.70%, 10/01/2050 ^(a)		9,593,000		8,029,821
(3-month USD LIBOR + 3.92%),
5.63%, 06/15/2043 ^(a)		5,728,000		5,584,514
Sumitomo Life Insurance Co.
(5-year Treasury Constant Maturity Rate + 2.75%),
3.38%, 04/15/2081 ^(a),(d)		4,430,000		3,795,610
(3-month USD LIBOR + 4.44%),
6.50%, 09/20/2073 ^(a),(d)		7,347,000		7,431,418
Voya Financial, Inc.
(5-year Treasury Constant Maturity Rate + 3.36%),
6.13%, 09/15/2023 ^(a),(b)		3,663,000		3,456,500
Zurich Finance Ireland Designated Activity Co.
(5-year Treasury Constant Maturity Rate + 2.78%),
3.00%, 04/19/2051 ^(a)		1,000,000		794,770
			$	81,739,032

Oil & Gas — 1.83%
BP Capital Markets PLC
(5-year Treasury Constant Maturity Rate + 4.04%),
4.38%, 06/22/2025 ^(a),(b)		5,026,000		4,731,979
(5-year Treasury Constant Maturity Rate + 4.40%),
4.88%, 03/22/2030 ^(a),(b)		1,804,000		1,570,645
			$	6,302,624

Pipelines — 4.99%
Enbridge, Inc.
(5-year Treasury Constant Maturity Rate + 5.31%),
5.75%, 07/15/2080 ^(a)		2,130,000		1,947,501
(3-month USD LIBOR + 3.89%),
6.00%, 01/15/2077 ^(a)		5,464,000		5,054,436
Enterprise Products Operating LLC
(3-month USD LIBOR + 3.03%),
5.25%, 08/16/2077 ^(a)		3,663,000		3,043,151

See accompanying notes.

113


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value
Pipelines (continued)
Transcanada Trust
(6-month Secured Overnight Financing Rate + 4.42%),
5.50%, 09/15/2079 ^(a)	$	8,035,000	$	7,154,597
			$	17,199,685

REITs — 0.81%
Scentre Group Trust 2
(5-year Treasury Constant Maturity Rate + 4.38%),
4.75%, 09/24/2080 ^(a),(d)		1,013,000		902,522
(5-year Treasury Constant Maturity Rate + 4.69%),
5.13%, 09/24/2080 ^(a),(d)		2,294,000		1,891,262
			$	2,793,784

Telecommunications — 1.22%
Vodafone Group PLC
(5-year Swap Rate + 4.87%),
7.00%, 04/04/2079 ^(a)		4,291,000		4,209,256
TOTAL BONDS			$	332,260,000
INVESTMENT COMPANIES — 3.46%		Shares Held		Value


Money Market Funds — 3.46%
Principal Government Money Market Fund — Institutional Class 1.10% ^(e),(f),(g)	2,707,203	$	2,707,203
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(g)	9,224,797		9,224,797


TOTAL INVESTMENT COMPANIES	$	11,932,000
Total Investments	$	344,192,000
Other Assets and Liabilities — 0.22%		764,774
Total Net Assets — 100.00%	$	344,956,774

^(a)	Rate shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a variable or floating rate in the future.
^(b)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end.
^(c)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $2,631,955 or 0.76% of net assets.
^(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $37,909,538 or 10.99% of net assets.
^(e)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.
^(f)	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $2,707,203 or 0.78% of net assets.
^(g)	Current yield shown is as of period end.

See accompanying notes.

114


Schedule of Investments
Principal Spectrum Tax-Advantaged Dividend Active ETF
June 30, 2022

PREFERRED STOCKS — 11.46%		Shares Held		Value

Banks — 4.93%
Associated Banc-Corp.; Series F
5.63%, 09/15/2025 ^(a)	$	2,070	$	47,144
Bank of America Corp.; Series NN
4.38%, 11/03/2025 ^(a)		4,380		83,614
Fulton Financial Corp.; Series A
5.13%, 01/15/2026 ^(a)		9,200		190,900
Morgan Stanley; Series I
(3-month USD LIBOR + 3.71%),
6.38%, 10/15/2024 ^(a)		17,030		431,540
Synovus Financial Corp.; Series E
(5-year Treasury Constant Maturity Rate + 4.13%),
5.88%, 07/01/2024 ^(a),(b)		11,500		285,545
			$	1,038,743

Insurance — 4.02%
Allstate Corp.; Series H
5.10%, 10/15/2024 ^(a)		11,500		257,140
American International Group, Inc.; Series A
5.85%, 03/15/2024 ^(a)		8,019		202,079
MetLife, Inc.; Series F
4.75%, 03/15/2025 ^(a)		17,250		388,125
			$	847,344

Telecommunications — 2.51%
AT&T, Inc.; Series A
5.00%, 12/12/2024 ^(a)		11,381		235,473
AT&T, Inc.; Series C
4.75%, 02/18/2025 ^(a)		15,395		294,814
			$	530,287
TOTAL PREFERRED STOCKS			$	2,416,374
		Principal
BONDS — 84.91%		Amount		Value


Banks — 69.15%
Bank of America Corp.
(3-month USD LIBOR + 3.90%),
6.10%, 03/17/2025 ^(a),(b)	$	230,000	$	226,476
(3-month USD LIBOR + 4.55%),
6.30%, 03/10/2026 ^(a),(b)		575,000		570,048
Bank of New York Mellon Corp.
(5-year Treasury Constant Maturity Rate + 3.35%),
3.70%, 03/20/2026 ^(a),(b)		230,000		203,520
(5-year Treasury Constant Maturity Rate + 4.36%),
4.70%, 09/20/2025 ^(a),(b)		575,000		561,775
Bank of Nova Scotia
(5-year Treasury Constant Maturity Rate + 4.55%),
4.90%, 06/04/2025 ^(a),(b)		575,000		533,146
Citigroup, Inc.
(5-year Treasury Constant Maturity Rate + 3.42%),
3.88%, 02/18/2026 ^(a),(b)		335,000		278,050
Citizens Financial Group, Inc.
(5-year Treasury Constant Maturity Rate + 5.31%),
5.65%, 10/06/2025 ^(a),(b)		575,000		564,254

See accompanying notes.

116


Schedule of Investments
Principal Spectrum Tax-Advantaged Dividend Active ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Banks (continued)
Comerica, Inc.
(5-year Treasury Constant Maturity Rate + 5.29%),
5.63%, 07/01/2025 ^(a),(b)	$	575,000	$	569,250
Credit Agricole SA
(5-year Swap Rate + 4.90%),
7.88%, 01/23/2024 ^(a),(b),(c)		861,000		849,144
Credit Suisse Group AG
(5-year Treasury Constant Maturity Rate + 4.82%),
6.38%, 08/21/2026 ^{(a),(b),(c),(d)}		384,000		317,279
(5-year Treasury Constant Maturity Rate + 6.38%),
9.75%, 06/23/2027 ^{(a),(b),(c),(d)}		600,000		612,750
Fifth Third Bancorp
(5-year Treasury Constant Maturity Rate + 4.22%),
4.50%, 09/30/2025 ^(a),(b)		548,000		510,312
Goldman Sachs Group, Inc.
(5-year Treasury Constant Maturity Rate + 2.97%),
3.80%, 05/10/2026 ^(a),(b)		438,000		341,632
HSBC Holdings PLC
(6-month U.S. International Swaps and Derivative Association + 4.37%),
6.38%, 03/30/2025 ^(a),(b),(c)		861,000		832,543
Huntington Bancshares, Inc.
(10-year Treasury Constant Maturity Rate + 4.95%),
5.63%, 07/15/2030 ^(a),(b)		575,000		537,547
ING Groep NV
(5-year Treasury Constant Maturity Rate + 4.34%),
5.75%, 11/16/2026 ^(a),(b),(c)		861,000		787,815
JPMorgan Chase & Co.
(5-year Treasury Constant Maturity Rate + 2.85%),
3.65%, 06/01/2026 ^(a),(b)		110,000		90,090
Lloyds Banking Group PLC
(5-year Swap Rate + 4.50%),
7.50%, 09/27/2025 ^(a),(b),(c)		861,000		839,193
M&T Bank Corp.
(3-month USD LIBOR + 3.52%),
5.13%, 11/01/2026 ^(a),(b)		247,000		221,279
Natwest Group PLC
(5-year Swap Rate + 5.72%),
8.00%, 08/10/2025 ^(a),(b),(c)		861,000		851,744
Nordea Bank Abp
(5-year Treasury Constant Maturity Rate + 4.11%),
6.63%, 03/26/2026 ^{(a),(b),(c),(d)}		861,000		821,326
PNC Financial Services Group, Inc.
(5-year Treasury Constant Maturity Rate + 3.00%),
6.00%, 05/15/2027 ^(a),(b)		400,000		383,956
Societe Generale SA
(5-year Swap Rate + 4.98%),
7.88%, 12/18/2023 ^(a),(b),(c)		824,000		807,364
SVB Financial Group
(5-year Treasury Constant Maturity Rate + 3.20%),
4.00%, 05/15/2026 ^(a)		110,000		83,818
Truist Financial Corp.
(5-year Treasury Constant Maturity Rate + 4.61%),
4.95%, 09/01/2025 ^(a),(b)		575,000		559,726
U.S. Bancorp
(5-year Treasury Constant Maturity Rate + 2.54%),
3.70%, 01/15/2027 ^(a),(b)		209,000		160,408

See accompanying notes.

117


Schedule of Investments
Principal Spectrum Tax-Advantaged Dividend Active ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Banks (continued)
UBS Group AG
(5-year Swap Rate + 4.34%),
7.00%, 01/31/2024 ^(a),(b),(c)	$	861,000	$	838,719
Wells Fargo & Co.
(5-year Treasury Constant Maturity Rate + 3.45%),
3.90%, 03/15/2026 ^(a),(b)		328,000		282,490
(3-month USD LIBOR + 3.99%),
5.88%, 06/15/2025 ^(a),(b)		355,000		346,090
			$	14,581,744

Diversified Financial Services — 8.36%
Ally Financial, Inc.
(5-year Treasury Constant Maturity Rate + 3.87%),
4.70%, 05/15/2026 ^(a),(b)		220,000		174,463
Capital One Financial Corp.
(5-year Treasury Constant Maturity Rate + 3.16%),
3.95%, 09/01/2026 ^(a),(b)		209,000		167,723
Charles Schwab Corp.
(5-year Treasury Constant Maturity Rate + 3.17%),
4.00%, 06/01/2026 ^(a),(b)		328,000		278,032
(5-year Treasury Constant Maturity Rate + 4.97%),
5.38%, 06/01/2025 ^(a),(b)		575,000		567,813
Discover Financial Services
(5-year Treasury Constant Maturity Rate + 5.78%),
6.13%, 06/23/2025 ^(a),(b)		575,000		574,942
			$	1,762,973

Electric — 4.42%
Dominion Energy, Inc.
(5-year Treasury Constant Maturity Rate + 2.99%),
4.65%, 12/15/2024 ^(a),(b)		460,000		408,774
Duke Energy Corp.
(5-year Treasury Constant Maturity Rate + 3.39%),
4.88%, 09/16/2024 ^(a),(b)		575,000		523,250
			$	932,024

Insurance — 2.99%
MetLife, Inc.
(5-year Treasury Constant Maturity Rate + 3.58%),
3.85%, 09/15/2025 ^(a),(b)		220,000		195,900
Voya Financial, Inc.
(5-year Treasury Constant Maturity Rate + 3.36%),
6.13%, 09/15/2023 ^(a),(b)		460,000		434,068
			$	629,968
TOTAL BONDS			$	17,906,709
INVESTMENT COMPANIES — 2.65%		Shares Held		Value

Money Market Fund — 2.65%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(e)		558,775	$	558,775
TOTAL INVESTMENT COMPANIES			$	558,775


Total Investments	$	20,881,858
Other Assets and Liabilities — 0.98%		206,228
Total Net Assets — 100.00%	$	21,088,086

See accompanying notes.

118

Schedule of Investments

Principal Spectrum Tax-Advantaged Dividend Active ETF

June 30, 2022

^(a)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end.
^(b)	Rate shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a avariable or floating rate in the future.
^(c)	Security is a contingent convertible security, ("CoCo"). CoCo's are hybrid debt securities that may convert to equity or have their principal written down upon occurrence of certain "triggers". At the end of the period, the value of these securities totaled $7,557,877 or 35.84% of net assets.
^(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $1,751,355 or 8.30% of net assets.
^(e)	Current yield shown is as of period end.


Portfolio Summary (unaudited)

Sector	Percent
Financial	89.44	%
Utilities	4.42	%
Money Market Fund	2.65	%
Communications	2.51	%
Other Assets and Liabilities	0.98	%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

119


Schedule of Investments
Principal Ultra-Short Active Income ETF
June 30, 2022

		Principal
BONDS — 91.84%		Amount		Value

Asset-Backed Securities — 18.34%
AmeriCredit Automobile Receivables Trust 2021-1
0.28%, 06/18/2024	$	10,538	$	10,526
CPS Auto Receivables Trust 2021-B
0.37%, 03/17/2025 ^(a)		15,700		15,637
CPS Auto Receivables Trust 2021-C
0.33%, 07/15/2024 ^(a)		45,772		45,562
CPS Auto Receivables Trust 2022-A
0.98%, 04/16/2029 ^(a)		109,064		107,183
Ford Credit Auto Owner Trust 2018-REV2
3.47%, 01/15/2030 ^(a)		100,000		99,681
GreatAmerica Leasing Receivables Funding LLC
0.27%, 06/15/2023 ^(a)		20,704		20,593
Madison Park Funding XVIII Ltd.
(3-month USD LIBOR + 0.94%),
2.04%, 10/21/2030 ^(a)		250,000		245,386
Navistar Financial Dealer Note Master Owner Trust II
(1-month Secured Overnight Financing Rate + 1.25%),
2.04%, 05/25/2027 ^(a)		200,000		199,548
TCI-Flatiron CLO 2016-1 Ltd.
(3-month Term Secured Overnight Financing Rate + 1.10%),
1.95%, 01/17/2032 ^(a)		250,000		241,325
Trafigura Securitisation Finance PLC 2021-1
(1-month USD LIBOR + 0.53%),
1.85%, 01/15/2025 ^(a)		250,000		248,813
Westlake Automobile Receivables Trust 2022-1
1.97%, 12/16/2024 ^(a)		200,000		197,855
Westlake Automobile Receivables Trust 2022-2
1.48%, 08/15/2025		40,000		40,000
World Omni Auto Receivables Trust 2021-A
0.17%, 02/15/2024		3,608		3,606
World Omni Select Auto Trust 2021-A
0.29%, 02/18/2025		72,271		71,775
			$	1,547,490

Banks — 40.10%
Bank of America Corp.
(3-month USD LIBOR + 0.79%),
3.00%, 12/20/2023 ^(b)		250,000		249,181
Bank of Montreal
(3-month Secured Overnight Financing Rate Index + 0.71%),
2.13%, 03/08/2024		200,000		198,670
Bank of New York Mellon Corp.
(3-month Secured Overnight Financing Rate + 0.26%),
1.25%, 04/26/2024		250,000		247,728
Citigroup, Inc.
(3-month USD LIBOR + 1.43%),
3.01%, 09/01/2023		250,000		249,735
Citizens Bank NA
(6-month Secured Overnight Financing Rate + 1.40%),
4.12%, 05/23/2025 ^(b)		250,000		249,019
Credit Suisse AG
(3-month Secured Overnight Financing Rate Index + 0.38%),
1.55%, 08/09/2023		250,000		248,281
Goldman Sachs Group, Inc.
(3-month Secured Overnight Financing Rate + 0.54%),
1.78%, 11/17/2023		250,000		247,803

See accompanying notes.

120


Schedule of Investments
Principal Ultra-Short Active Income ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value

Banks (continued)
JPMorgan Chase & Co.
(3-month USD LIBOR + 1.23%),
2.41%, 10/24/2023	$	250,000	$	249,954
Morgan Stanley
(3-month USD LIBOR + 1.40%),
2.58%, 10/24/2023		250,000		250,005
MUFG Union Bank NA
(3-month Secured Overnight Financing Rate + 0.71%),
2.16%, 12/09/2022		300,000		299,997
Royal Bank of Canada
(3-month Secured Overnight Financing Rate Index + 0.36%),
1.42%, 07/29/2024		250,000		246,707
Toronto-Dominion Bank
(3-month Secured Overnight Financing Rate + 0.24%),
0.96%, 01/06/2023		200,000		199,333
Truist Bank
2.45%, 08/01/2022		350,000		350,000
Wells Fargo & Co.
(6-month Secured Overnight Financing Rate + 1.60%),
1.65%, 06/02/2024 ^(b)		100,000		97,666
			$	3,384,079

Biotechnology — 2.16%
Gilead Sciences, Inc.
0.75%, 09/29/2023 ^(c)		188,000		181,918

Diversified Financial Services — 4.11%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
(3-month Secured Overnight Financing Rate + 0.68%),
2.19%, 09/29/2023		150,000		147,946
American Express Co.
(3-month Secured Overnight Financing Rate Index + 0.72%),
1.82%, 05/03/2024		200,000		198,562
			$	346,508

Electric — 10.34%
American Electric Power Co., Inc.
2.03%, 03/15/2024		200,000		193,477
Black Hills Corp.
1.04%, 08/23/2024		250,000		233,739
Dominion Energy, Inc.
(3-month USD LIBOR + 0.53%),
2.36%, 09/15/2023		150,000		149,324
Florida Power & Light Co.
(3-month Secured Overnight Financing Rate Index + 0.25%),
1.43%, 05/10/2023 ^(c)		100,000		99,190
NextEra Energy Capital Holdings, Inc.
(3-month Secured Overnight Financing Rate Index + 0.40%),
1.50%, 11/03/2023		200,000		197,128
			$	872,858

Entertainment — 1.18%
Magallanes, Inc.
(3-month Secured Overnight Financing Rate Index + 1.78%),
3.26%, 03/15/2024 ^(a)		100,000		99,713

See accompanying notes.

121


Schedule of Investments
Principal Ultra-Short Active Income ETF
June 30, 2022

		Principal
BONDS (continued)		Amount		Value
Healthcare — Products — 2.85%
PerkinElmer, Inc.
0.55%, 09/15/2023	$	250,000	$	240,744
Miscellaneous Manufacture — 2.94%
Siemens Financieringsmaatschappij NV
(3-month Secured Overnight Financing Rate + 0.43%),
1.88%, 03/11/2024 ^(a)		250,000		247,828
Oil & Gas — 2.90%
ConocoPhillips Co.
2.13%, 03/08/2024		250,000		245,076
Pipelines — 2.96%
Kinder Morgan, Inc.
(3-month USD LIBOR + 1.28%),
2.32%, 01/15/2023		250,000		250,182
Telecommunications — 3.96%
NTT Finance Corp.
0.37%, 03/03/2023 ^(a)		200,000		196,506
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III
LLC
4.74%, 03/20/2025 ^(a)		137,500		137,523
			$	334,029
TOTAL BONDS			$	7,750,425
INVESTMENT COMPANIES — 8.70%		Shares Held		Value
Money Market Funds — 8.70%
Principal Government Money Market Fund — Institutional Class 1.10% ^(d),(e),(f)		66,468	$	66,468
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(e)		667,359		667,359
TOTAL INVESTMENT COMPANIES			$	733,827
Total Investments			$	8,484,252
Other Assets and Liabilities — (0.54)%				(45,742	)
Total Net Assets — 100.00%			$	8,438,510

^(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $2,103,153 or 24.92% of net assets.
^(b)	Rate shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a variable or floating rate in the future.
^(c)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $64,920 or 0.77% of net assets.
^(d)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.
^(e)	Current yield shown is as of period end.
^(f)	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $66,468 or 0.79% of net assets.

See accompanying notes.

122


			Schedule of Investments
			Principal Ultra-Short Active Income ETF
				June 30, 2022

Portfolio Summary (unaudited)
Sector				Percent
Financial					44.20	%
Asset-Backed Securities					18.34	%
Utilities					10.34	%
Money Market Funds					8.70	%
Energy					5.87	%
Consumer, Non-cyclical					5.01	%
Communications					3.96	%
Industrial					2.94	%
Consumer, Cyclical					1.18	%
Other Assets and Liabilities					(0.54	)%
TOTAL NET ASSETS					100.00	%

			June 30, 2021	Purchases				Sales		June 30, 2022
Affiliated Securities			Value		Cost			Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
1.10	%	$	—	$	3,288,970		$	3,222,502	$	66,468
		$	—	$	3,288,970		$	3,222,502	$	66,468

							Realized Gain
					Realized			from		Change in
				Gain/(Loss) on			Capital Gain			Unrealized
			Income ^(a)	Investments			Distributions			Gain/(Loss)
Principal Government Money
Market Fund — Institutional Class
1.10	%	$	—	$	—		$	—	$	—
		$	—	$	—		$	—	$	—
s

^(a)Amount excludes earnings from securities lending collateral.

See accompanying notes.

123


	Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS — 99.65%	Shares Held		Value

Advertising — 0.14%
Interpublic Group of Cos., Inc.	441	$	12,140
Omnicom Group, Inc.	93		5,916
		$	18,056

Aerospace & Defense — 1.66%
General Dynamics Corp.	128		28,320
L3Harris Technologies, Inc.	93		22,478
Lockheed Martin Corp.	142		61,054
Northrop Grumman Corp.	62		29,671
Raytheon Technologies Corp.	558		53,630
Teledyne Technologies, Inc. ^(a)	44		16,505
		$	211,658

Agriculture — 0.99%
Altria Group, Inc.	791		33,040
Archer-Daniels-Midland Co.	455		35,308
Philip Morris International, Inc.	589		58,158
		$	126,506

Apparel — 0.22%
NIKE, Inc., Class B	193		19,724
Tapestry, Inc.	182		5,555
Under Armour, Inc., Class C ^(a)	390		2,956
		$	28,235

Auto Manufacturers — 2.03%
Cummins, Inc.	66		12,773
Ford Motor Co.	1,632		18,164
PACCAR, Inc.	153		12,598
Tesla, Inc. ^(a)	319		214,821
		$	258,356

Banks — 3.18%
Bank of America Corp.	1,146		35,675
Bank of New York Mellon Corp.	216		9,009
Citigroup, Inc.	464		21,339
Citizens Financial Group, Inc.	345		12,313
Comerica, Inc.	84		6,164
Fifth Third Bancorp	422		14,179
First Republic Bank	53		7,643
Goldman Sachs Group, Inc.	56		16,633
JPMorgan Chase & Co.	1,015		114,299
KeyCorp	717		12,354
M&T Bank Corp.	131		20,880
Morgan Stanley	471		35,824
Northern Trust Corp.	85		8,201
Regions Financial Corp.	746		13,988
Signature Bank	55		9,857
State Street Corp.	116		7,151
SVB Financial Group ^(a)	17		6,715
Truist Financial Corp.	247		11,715
U.S. Bancorp	256		11,781
Wells Fargo & Co.	598		23,424
Zions Bancorp NA	118		6,006
		$	405,150

See accompanying notes.

124


	Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Beverages — 2.16%
Brown-Forman Corp., Class B	263	$	18,452
Coca-Cola Co.	1,879		118,208
Constellation Brands, Inc., Class A	64		14,916
Monster Beverage Corp. ^(a)	115		10,660
PepsiCo, Inc.	676		112,662
		$	274,898

Biotechnology — 1.41%
Amgen, Inc.	123		29,926
Bio-Rad Laboratories, Inc., Class A ^(a)	13		6,435
Corteva, Inc.	473		25,608
Gilead Sciences, Inc.	342		21,139
Incyte Corp. ^(a)	231		17,549
Regeneron Pharmaceuticals, Inc. ^(a)	73		43,152
Vertex Pharmaceuticals, Inc. ^(a)	130		36,633
		$	180,442

Chemicals — 1.39%
Air Products and Chemicals, Inc.	71		17,074
Albemarle Corp.	49		10,240
Celanese Corp.	51		5,998
CF Industries Holdings, Inc.	171		14,660
Dow, Inc.	254		13,109
Ecolab, Inc.	90		13,838
FMC Corp.	155		16,587
International Flavors & Fragrances, Inc.	109		12,984
Linde PLC	108		31,053
LyondellBasell Industries NV, Class A	81		7,084
Mosaic Co.	147		6,943
Sherwin-Williams Co.	122		27,317
		$	176,887

Commercial Services — 2.02%
Automatic Data Processing, Inc.	258		54,190
Cintas Corp.	59		22,038
Equifax, Inc.	81		14,805
FleetCor Technologies, Inc. ^(a)	32		6,724
Gartner, Inc. ^(a)	61		14,752
Global Payments, Inc.	75		8,298
MarketAxess Holdings, Inc.	19		4,864
Moody's Corp.	86		23,389
PayPal Holdings, Inc. ^(a)	193		13,479
Quanta Services, Inc.	69		8,648
Robert Half International, Inc.	132		9,886
Rollins, Inc.	179		6,251
S&P Global, Inc.	131		44,155
United Rentals, Inc. ^(a)	25		6,073
Verisk Analytics, Inc.	116		20,078
		$	257,630

Computers — 8.18%
Accenture PLC, Class A	186		51,643
Apple, Inc.	6,120		836,726
Cognizant Technology Solutions Corp., Class A	432		29,156
DXC Technology Co. ^(a)	237		7,183
EPAM Systems, Inc. ^(a)	33		9,728
Fortinet, Inc. ^(a)	365		20,652
Hewlett Packard Enterprise Co.	536		7,107

See accompanying notes.

125


	Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Computers (continued)
HP, Inc.	311	$	10,194
International Business Machines Corp.	365		51,534
NetApp, Inc.	190		12,396
Seagate Technology Holdings PLC	97		6,930
		$	1,043,249

Construction Materials — 0.35%
Carrier Global Corp.	249		8,879
Fortune Brands Home & Security, Inc.	78		4,671
Johnson Controls International PLC	247		11,826
Masco Corp.	196		9,918
Vulcan Materials Co.	66		9,379
		$	44,673

Distribution/Wholesale — 0.72%
Copart, Inc. ^(a)	70		7,606
Fastenal Co.	589		29,403
LKQ Corp.	324		15,905
Pool Corp.	36		12,644
WW Grainger, Inc.	58		26,357
		$	91,915

Diversified Financial Services — 3.08%
American Express Co.	216		29,942
Ameriprise Financial, Inc.	69		16,400
BlackRock, Inc.	60		36,542
Capital One Financial Corp.	90		9,377
Cboe Global Markets, Inc.	157		17,771
Charles Schwab Corp.	501		31,653
CME Group, Inc.	162		33,161
Discover Financial Services	180		17,024
Franklin Resources, Inc.	222		5,175
Intercontinental Exchange, Inc.	375		35,265
Invesco Ltd.	296		4,774
Mastercard, Inc., Class A	131		41,328
Nasdaq, Inc.	164		25,017
Raymond James Financial, Inc.	164		14,663
Synchrony Financial	211		5,828
T Rowe Price Group, Inc.	65		7,385
Visa, Inc., Class A	313		61,627
		$	392,932

Electric — 4.08%
AES Corp.	479		10,064
Alliant Energy Corp.	311		18,228
Ameren Corp.	236		21,325
American Electric Power Co., Inc.	290		27,823
CenterPoint Energy, Inc.	686		20,292
CMS Energy Corp.	300		20,250
Consolidated Edison, Inc.	259		24,631
Dominion Energy, Inc.	399		31,844
DTE Energy Co.	167		21,167
Duke Energy Corp.	484		51,890
Edison International	329		20,806
Entergy Corp.	189		21,289
Evergy, Inc.	396		25,839
Eversource Energy	152		12,839
Exelon Corp.	602		27,283

See accompanying notes.

126


	Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Electric (continued)
FirstEnergy Corp.	480	$	18,427
Pinnacle West Capital Corp.	129		9,432
PPL Corp.	435		11,801
Public Service Enterprise Group, Inc.	360		22,781
Sempra Energy	181		27,199
Southern Co.	501		35,726
WEC Energy Group, Inc.	137		13,788
Xcel Energy, Inc.	355		25,120
		$	519,844

Electrical Components & Equipment — 0.38%
AMETEK, Inc.	168		18,461
Emerson Electric Co.	309		24,578
Generac Holdings, Inc. ^(a)	26		5,475
		$	48,514

Electronics — 1.22%
Agilent Technologies, Inc.	185		21,972
Allegion PLC	146		14,293
Amphenol Corp., Class A	500		32,190
Fortive Corp.	204		11,094
Garmin Ltd.	163		16,015
Honeywell International, Inc.	152		26,419
Keysight Technologies, Inc. ^(a)	57		7,857
Mettler-Toledo International, Inc. ^(a)	15		17,232
TE Connectivity Ltd.	79		8,939
		$	156,011

Engineering & Construction — 0.09%
Jacobs Engineering Group, Inc.	88		11,187

Entertainment — 0.05%
Live Nation Entertainment, Inc. ^(a)	75		6,194

Environmental Control — 0.58%
Republic Services, Inc.	236		30,885
Waste Management, Inc.	279		42,682
		$	73,567

Food — 1.98%
Campbell Soup Co.	231		11,100
Conagra Brands, Inc.	355		12,155
General Mills, Inc.	403		30,406
Hershey Co.	152		32,704
Hormel Foods Corp.	210		9,946
J M Smucker Co.	145		18,561
Kellogg Co.	181		12,913
Kraft Heinz Co.	336		12,815
Kroger Co.	194		9,182
McCormick & Co., Inc.	219		18,232
Mondelez International, Inc., Class A	878		54,515
Tyson Foods, Inc., Class A	342		29,432
		$	251,961

Forest Products & Paper — 0.08%
International Paper Co.	259		10,834

Gas — 0.28%
Atmos Energy Corp.	164		18,384

See accompanying notes.

127


	Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Gas (continued)
NiSource, Inc.	599	$	17,665
		$	36,049

Hand/Machine Tools — 0.17%
Snap-on, Inc.	81		15,960
Stanley Black & Decker, Inc.	55		5,767
		$	21,727

Healthcare — Products — 4.47%
Abbott Laboratories	599		65,081
Align Technology, Inc. ^(a)	24		5,680
Baxter International, Inc.	186		11,947
Bio-Techne Corp.	17		5,893
Boston Scientific Corp. ^(a)	710		26,462
Cooper Cos., Inc.	48		15,030
Danaher Corp.	328		83,155
Edwards Lifesciences Corp. ^(a)	259		24,628
Henry Schein, Inc. ^(a)	291		22,331
Hologic, Inc. ^(a)	162		11,227
IDEXX Laboratories, Inc. ^(a)	20		7,015
Intuitive Surgical, Inc. ^(a)	61		12,243
Medtronic PLC	495		44,426
PerkinElmer, Inc.	100		14,222
ResMed, Inc.	83		17,399
STERIS PLC	93		19,172
Stryker Corp.	144		28,646
Teleflex, Inc.	21		5,163
Thermo Fisher Scientific, Inc.	193		104,853
Waters Corp. ^(a)	90		29,788
West Pharmaceutical Services, Inc.	50		15,118
		$	569,479

Healthcare — Services — 3.00%
Catalent, Inc. ^(a)	74		7,939
Centene Corp. ^(a)	146		12,353
Charles River Laboratories International, Inc. ^(a)	26		5,563
DaVita, Inc. ^(a)	87		6,957
Elevance Health, Inc.	139		67,079
HCA Healthcare, Inc.	100		16,806
IQVIA Holdings, Inc. ^(a)	96		20,831
Laboratory Corp. of America Holdings	78		18,280
Molina Healthcare, Inc. ^(a)	28		7,829
Quest Diagnostics, Inc.	134		17,819
UnitedHealth Group, Inc.	369		189,530
Universal Health Services, Inc., Class B	111		11,179
		$	382,165

Home Builders — 0.18%
DR Horton, Inc.	102		6,751
Lennar Corp., Class A	92		6,493
NVR, Inc. ^(a)	1		4,004
PulteGroup, Inc.	141		5,588
		$	22,836

Household Products — 1.59%
Colgate-Palmolive Co.	412		33,018
Estee Lauder Cos., Inc., Class A	47		11,969

See accompanying notes.

128


	Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Household Products (continued)
Procter & Gamble Co.	1,094	$	157,306
		$	202,293

Household Products/Wares — 0.40%
Avery Dennison Corp.	42		6,799
Church & Dwight Co., Inc.	302		27,983
Kimberly-Clark Corp.	122		16,488
		$	51,270

Insurance — 5.85%
Aflac, Inc.	413		22,851
Allstate Corp.	113		14,321
American International Group, Inc.	209		10,686
Aon PLC, Class A	108		29,125
Arthur J Gallagher & Co.	151		24,619
Assurant, Inc.	140		24,199
Berkshire Hathaway, Inc., Class B ^(a)	782		213,502
Brown & Brown, Inc.	406		23,686
Chubb Ltd.	267		52,487
Cincinnati Financial Corp.	223		26,533
Everest Re Group Ltd.	89		24,945
Globe Life, Inc.	166		16,180
Hartford Financial Services Group, Inc.	314		20,545
Lincoln National Corp.	229		10,710
Loews Corp.	297		17,600
Marsh & McLennan Cos., Inc.	328		50,922
MetLife, Inc.	426		26,749
Progressive Corp.	300		34,881
Prudential Financial, Inc.	198		18,945
Travelers Cos., Inc.	212		35,856
W R Berkley Corp.	398		27,167
Willis Towers Watson PLC	96		18,949
		$	745,458

Internet — 8.25%
Alphabet, Inc., Class A ^(a)	118		257,153
Alphabet, Inc., Class C ^(a)	110		240,620
Amazon.com, Inc. ^(a)	3,428		364,088
CDW Corp.	47		7,405
Etsy, Inc. ^(a)	58		4,246
Meta Platforms, Inc., Class A ^(a)	932		150,285
Netflix, Inc. ^(a)	68		11,891
NortonLifeLock, Inc.	298		6,544
VeriSign, Inc. ^(a)	55		9,203
		$	1,051,435

Iron & Steel — 0.12%
Nucor Corp.	153		15,975

Lodging — 0.15%
Hilton Worldwide Holdings, Inc.	79		8,804
Marriott International, Inc., Class A	72		9,793
		$	18,597

Machinery — Diversified — 0.90%
Deere & Co.	47		14,075
Dover Corp.	189		22,930
IDEX Corp.	90		16,347

See accompanying notes.

129


	Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Machinery — Diversified (continued)
Nordson Corp.	75	$	15,183
Otis Worldwide Corp.	320		22,614
Rockwell Automation, Inc.	82		16,343
Westinghouse Air Brake Technologies Corp.	94		7,716
		$	115,208

Media — 0.98%
Charter Communications, Inc., Class A ^(a)	59		27,643
Comcast Corp., Class A	1,545		60,626
FactSet Research Systems, Inc.	62		23,843
Fox Corp., Class B	255		7,574
Warner Bros Discovery, Inc. ^(a)	359		4,818
		$	124,504

Mining — 0.15%
Freeport-McMoRan, Inc.	308		9,012
Newmont Corp.	177		10,562
		$	19,574

Miscellaneous Manufacture — 0.99%
3M Co.	254		32,870
A O Smith Corp	242		13,233
Eaton Corp. PLC	117		14,741
Illinois Tool Works, Inc.	142		25,880
Parker-Hannifin Corp.	86		21,160
Textron, Inc.	118		7,206
Trane Technologies PLC	91		11,818
		$	126,908

Office & Business Equipment — 0.05%
Zebra Technologies Corp., Class A ^(a)	20		5,879

Oil & Gas — 3.19%
APA Corp.	205		7,155
Chevron Corp.	753		109,019
ConocoPhillips	220		19,758
Coterra Energy, Inc.	350		9,027
Devon Energy Corp.	183		10,085
Diamondback Energy, Inc.	129		15,628
EOG Resources, Inc.	124		13,695
Exxon Mobil Corp.	1,668		142,848
Hess Corp.	102		10,806
Marathon Oil Corp.	366		8,228
Marathon Petroleum Corp.	154		12,660
Occidental Petroleum Corp.	215		12,659
Pioneer Natural Resources Co.	104		23,200
Valero Energy Corp.	118		12,541
		$	407,309

Oil & Gas Services — 0.21%
Baker Hughes Co.	255		7,362
Halliburton Co.	275		8,624
Schlumberger NV	313		11,193
		$	27,179

Packaging & Containers — 0.41%
Amcor PLC	1,008		12,529
Ball Corp.	244		16,780

See accompanying notes.

130


	Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Packaging & Containers (continued)
Packaging Corp. of America	117	$	16,087
Sealed Air Corp.	116		6,696
		$	52,092

Pharmaceuticals — 6.87%
AbbVie, Inc.	824		126,204
AmerisourceBergen Corp.	144		20,373
Becton Dickinson and Co.	134		33,035
Bristol-Myers Squibb Co.	1,154		88,858
Cardinal Health, Inc.	205		10,715
Cigna Corp.	90		23,717
CVS Health Corp.	503		46,608
Eli Lilly & Co.	231		74,897
Embecta Corp. ^(a)	36		911
Johnson & Johnson	931		165,262
McKesson Corp.	95		30,990
Merck & Co., Inc.	1,253		114,236
Organon & Co.	208		7,020
Pfizer, Inc.	1,588		83,259
Zoetis, Inc.	290		49,848
		$	875,933

Pipelines — 0.44%
Kinder Morgan, Inc.	1,346		22,559
ONEOK, Inc.	149		8,270
Williams Cos., Inc.	791		24,687
		$	55,516

Real Estate — 0.12%
CBRE Group, Inc., Class A ^(a)	211		15,532

REITs — 4.39%
Alexandria Real Estate Equities, Inc.	115		16,678
American Tower Corp.	180		46,006
AvalonBay Communities, Inc.	97		18,842
Boston Properties, Inc.	156		13,881
Crown Castle International Corp.	194		32,666
Digital Realty Trust, Inc.	175		22,720
Duke Realty Corp.	377		20,716
Equinix, Inc.	27		17,740
Equity Residential	261		18,849
Essex Property Trust, Inc.	60		15,691
Extra Space Storage, Inc.	151		25,688
Federal Realty OP LP	142		13,595
Healthpeak Properties, Inc.	341		8,835
Iron Mountain, Inc.	285		13,877
Kimco Realty Corp.	336		6,643
Mid-America Apartment Communities, Inc.	138		24,105
Prologis, Inc.	421		49,531
Public Storage	112		35,019
Realty Income Corp.	378		25,802
Regency Centers Corp.	260		15,421
SBA Communications Corp.	107		34,245
Simon Property Group, Inc.	84		7,973
UDR, Inc.	337		15,516
Ventas, Inc.	204		10,492
Welltower, Inc.	278		22,893

See accompanying notes.

131


	Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

REITs (continued)
Weyerhaeuser Co.	793	$	26,264
		$	559,688

Retail — 5.39%
Advance Auto Parts, Inc.	89		15,405
AutoZone, Inc. ^(a)	19		40,833
Best Buy Co., Inc.	81		5,280
Chipotle Mexican Grill, Inc. ^(a)	7		9,151
Costco Wholesale Corp.	212		101,607
Darden Restaurants, Inc.	56		6,335
Dollar General Corp.	131		32,153
Dollar Tree, Inc. ^(a)	70		10,909
Domino's Pizza, Inc.	17		6,625
Genuine Parts Co.	151		20,083
Home Depot, Inc.	479		131,375
Lowe's Cos., Inc.	361		63,056
McDonald's Corp.	273		67,398
O'Reilly Automotive, Inc. ^(a)	56		35,379
Ross Stores, Inc.	101		7,093
Starbucks Corp.	284		21,695
Target Corp.	83		11,722
Tractor Supply Co.	79		15,314
Ulta Beauty, Inc. ^(a)	45		17,347
Walgreens Boots Alliance, Inc.	290		10,991
Walmart, Inc.	279		33,921
Yum! Brands, Inc.	205		23,270
		$	686,942

Semiconductors — 2.98%
Advanced Micro Devices, Inc. ^(a)	490		37,470
Applied Materials, Inc.	148		13,465
Broadcom, Inc.	117		56,840
KLA Corp.	72		22,974
Lam Research Corp.	28		11,932
Microchip Technology, Inc.	140		8,131
Monolithic Power Systems, Inc.	39		14,978
NVIDIA Corp.	985		149,316
NXP Semiconductors NV	61		9,030
QUALCOMM, Inc.	174		22,227
Skyworks Solutions, Inc.	60		5,558
Teradyne, Inc.	68		6,090
Texas Instruments, Inc.	139		21,357
		$	379,368

Shipbuilding — 0.08%
Huntington Ingalls Industries, Inc.	48		10,455

Software — 8.22%
Adobe, Inc. ^(a)	69		25,258
Akamai Technologies, Inc. ^(a)	167		15,252
ANSYS, Inc. ^(a)	28		6,700
Broadridge Financial Solutions, Inc.	123		17,534
Cadence Design Systems, Inc. ^(a)	69		10,352
Electronic Arts, Inc.	111		13,503
Intuit, Inc.	94		36,231
Jack Henry & Associates, Inc.	135		24,303
Microsoft Corp.	2,948		757,135
Oracle Corp.	518		36,193

See accompanying notes.

132


Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Software (continued)
Paychex, Inc.	288	$	32,794
Paycom Software, Inc. ^(a)	23		6,443
PTC, Inc. ^(a)	62		6,593
Roper Technologies, Inc.	35		13,813
Salesforce.com, Inc. ^(a)	142		23,436
Synopsys, Inc. ^(a)	75		22,777
		$	1,048,317

Telecommunications — 1.93%
Arista Networks, Inc. ^(a)	149		13,967
AT&T, Inc.	1,476		30,937
Cisco Systems, Inc.	2,005		85,493
Corning, Inc.	231		7,279
Juniper Networks, Inc.	530		15,105
Motorola Solutions, Inc.	111		23,266
Verizon Communications, Inc.	1,384		70,238
		$	246,285

Toys, Games & Hobbies — 0.05%
Hasbro, Inc.	72		5,895

Transportation — 1.69%
CH Robinson Worldwide, Inc.	66		6,690
CSX Corp.	585		17,000
Expeditors International of Washington, Inc.	183		17,835
FedEx Corp.	53		12,016
JB Hunt Transport Services, Inc.	131		20,629
Norfolk Southern Corp.	67		15,228
Old Dominion Freight Line, Inc.	60		15,377
Union Pacific Corp.	325		69,316
United Parcel Service, Inc., Class B	228		41,619
		$	215,710

Water — 0.16%
American Water Works Co., Inc.	137		20,382
TOTAL COMMON STOCKS		$	12,704,659
INVESTMENT COMPANIES — 0.26%	Shares Held		Value

Money Market Fund — 0.26%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(b)	33,552	$	33,552
TOTAL INVESTMENT COMPANIES		$	33,552


Total Investments	$	12,738,211
Other Assets and Liabilities — 0.09%		11,378
Total Net Assets — 100.00%	$	12,749,589

^(a)	Non-income producing security.
^(b)	Current yield shown is as of period end.

See accompanying notes.

133


	Schedule of Investments
	Principal U.S. Mega-Cap ETF
	June 30, 2022

COMMON STOCKS — 99.67%		Shares Held		Value
Auto Manufacturers — 2.27%
Tesla, Inc. ^(a)		46,117	$	31,056,110
Banks — 6.16%
Bank of America Corp.		896,722		27,914,956
JPMorgan Chase & Co.		363,235		40,903,893
Wells Fargo & Co.		393,167		15,400,352
			$	84,219,201

Beverages — 3.67%
Coca-Cola Co.		515,341		32,420,103
PepsiCo, Inc.		106,817		17,802,121
			$	50,222,224

Chemicals — 2.06%
Linde PLC		97,764		28,110,083
Computers — 8.78%
Accenture PLC, Class A		106,387		29,538,351
Apple, Inc.		661,695		90,466,940
			$	120,005,291

Diversified Financial Services — 6.25%
Mastercard, Inc., Class A		132,139		41,687,212
Visa, Inc., Class A		222,296		43,767,859
			$	85,455,071

Healthcare — Products — 7.82%
Abbott Laboratories		278,323		30,239,794
Danaher Corp.		177,738		45,060,138
Thermo Fisher Scientific, Inc.		58,145		31,589,015
			$	106,888,947

Healthcare — Services — 2.51%
UnitedHealth Group, Inc.		66,806		34,313,566
Household Products — 2.34%
Procter & Gamble Co.		222,409		31,980,190
Insurance — 2.08%
Berkshire Hathaway, Inc., Class B ^(a)		104,356		28,491,275
Internet — 8.26%
Alphabet, Inc., Class A ^(a)		20,638		44,975,568
Amazon.com, Inc. ^(a)		264,460		28,088,296
Meta Platforms, Inc., Class A ^(a)		247,772		39,953,235
			$	113,017,099

Media — 3.29%
Comcast Corp., Class A		756,037		29,666,892
Walt Disney Co. ^(a)		161,928		15,286,003
			$	44,952,895

Oil & Gas — 3.99%
Chevron Corp.		182,703		26,451,740
Exxon Mobil Corp.		327,547		28,051,125
			$	54,502,865

Pharmaceuticals — 12.05%
AbbVie, Inc.		220,389		33,754,779

See accompanying notes.

135


Schedule of Investments
Principal U.S. Mega-Cap ETF
June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value
Pharmaceuticals (continued)
Eli Lilly & Co.	58,396	$	18,933,735
Johnson & Johnson	183,914		32,646,574
Merck & Co., Inc.	360,926		32,905,624
Pfizer, Inc.	888,358		46,576,610
		$	164,817,322

Retail — 6.07%
Costco Wholesale Corp.	68,107		32,642,323
Home Depot, Inc.	57,694		15,823,733
McDonald's Corp.	70,950		17,516,136
Walmart, Inc.	140,470		17,078,343
		$	83,060,535

Semiconductors — 8.44%
Advanced Micro Devices, Inc. ^(a)	444,693		34,005,674
Broadcom, Inc.	57,609		27,987,028
Intel Corp.	406,044		15,190,106
NVIDIA Corp.	252,471		38,272,079
		$	115,454,887

Software — 10.11%
Adobe, Inc. ^(a)	110,001		40,266,966
Microsoft Corp.	320,014		82,189,196
salesforce.com, Inc. ^(a)	95,295		15,727,487
		$	138,183,649

Telecommunications — 3.52%
Cisco Systems, Inc.	717,080		30,576,291
Verizon Communications, Inc.	346,611		17,590,508
		$	48,166,799
TOTAL COMMON STOCKS		$	1,362,898,009
INVESTMENT COMPANIES — 0.28%	Shares Held		Value
Money Market Fund — 0.28%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(b)	3,878,275	$	3,878,275
TOTAL INVESTMENT COMPANIES		$	3,878,275


Total Investments	$	1,366,776,284
Other Assets and Liabilities — 0.05%		650,564
Total Net Assets — 100.00%	$	1,367,426,848

^(a)	Non-income producing security.
^(b)	Current yield shown is as of period end.

See accompanying notes.

136


	Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS — 99.36%	Shares Held		Value

Aerospace & Defense — 1.18%
AAR Corp. ^(a)	316	$	13,221
Aerojet Rocketdyne Holdings, Inc. ^(a)	220		8,932
Barnes Group, Inc.	223		6,944
Kaman Corp.	174		5,438
Moog, Inc., Class A	218		17,307
National Presto Industries, Inc.	67		4,398
Park Aerospace Corp.	367		4,683
Triumph Group, Inc. ^(a)	263		3,495
		$	64,418

Agriculture — 0.90%
Andersons, Inc.	439		14,483
Fresh Del Monte Produce, Inc.	263		7,766
Universal Corp.	248		15,004
Vector Group Ltd.	1,118		11,739
		$	48,992

Apparel — 0.71%
Oxford Industries, Inc.	160		14,199
Steven Madden Ltd.	773		24,898
		$	39,097

Auto Parts & Equipment — 1.52%
Dorman Products, Inc. ^(a)	208		22,820
Gentherm, Inc. ^(a)	108		6,740
Meritor, Inc. ^(a)	219		7,956
Methode Electronics, Inc.	340		12,594
Motorcar Parts of America, Inc. ^(a)	219		2,873
Standard Motor Products, Inc.	370		16,647
Titan International, Inc. ^(a)	650		9,815
XPEL, Inc. ^(a)	84		3,858
		$	83,303

Banks — 15.97%
Allegiance Bancshares, Inc.	360		13,594
Ameris Bancorp	445		17,880
BancFirst Corp.	260		24,885
Bancorp, Inc. ^(a)	447		8,725
BankUnited, Inc.	571		20,310
Banner Corp.	396		22,259
Central Pacific Financial Corp.	559		11,991
Citizens Financial Group, Inc.	629		22,449
City Holding Co.	234		18,692
Columbia Banking System, Inc.	552		15,815
Community Bank System, Inc.	348		22,021
Customers Bancorp, Inc. ^(a)	226		7,661
CVB Financial Corp.	1,276		31,658
Dime Community Bancshares, Inc.	527		15,625
Eagle Bancorp, Inc.	385		18,253
FB Financial Corp.	463		18,159
First BanCorp	1,271		16,409
First BanCorp/Southern Pines NC	463		16,159
First Commonwealth Financial Corp.	1,281		17,191
First Financial Bancorp	1,036		20,098
First Hawaiian, Inc.	840		19,076
Flagstar Bancorp, Inc.	405		14,357
Hanmi Financial Corp.	625		14,025
Heritage Financial Corp.	450		11,322

See accompanying notes.

138


	Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Banks (continued)
Hilltop Holdings, Inc.	297	$	7,918
HomeStreet, Inc.	342		11,857
Hope Bancorp, Inc.	1,405		19,445
Independent Bank Corp.	304		24,147
Independent Bank Group, Inc.	378		25,670
Lakeland Financial Corp.	299		19,860
Meta Financial Group, Inc.	243		9,397
National Bank Holdings Corp., Class A	447		17,107
NBT Bancorp, Inc.	553		20,787
OFG Bancorp	708		17,983
Park National Corp.	172		20,855
Preferred Bank	229		15,577
Renasant Corp.	455		13,108
S&T Bancorp, Inc.	595		16,321
Seacoast Banking Corp. of Florida	468		15,463
ServisFirst Bancshares, Inc.	435		34,330
Simmons First National Corp., Class A	765		16,264
Southside Bancshares, Inc.	457		17,101
Tompkins Financial Corp.	147		10,599
Triumph Bancorp, Inc. ^(a)	156		9,759
TrustCo Bank Corp.	180		5,551
Trustmark Corp.	509		14,858
United Community Banks, Inc.	941		28,409
Veritex Holdings, Inc.	574		16,795
Walker & Dunlop, Inc.	266		25,626
Westamerica BanCorp	342		19,036
		$	872,437

Beverages — 1.00%
Celsius Holdings, Inc. ^(a)	143		9,332
Coca-Cola Consolidated, Inc.	16		9,022
MGP Ingredients, Inc.	223		22,320
National Beverage Corp.	290		14,193
		$	54,867

Biotechnology — 0.49%
ANI Pharmaceuticals, Inc. ^(a)	108		3,205
Avid Bioservices, Inc. ^(a)	289		4,410
Emergent BioSolutions, Inc. ^(a)	176		5,463
Innoviva, Inc. ^(a)	572		8,443
iTeos Therapeutics, Inc. ^(a)	127		2,616
Organogenesis Holdings, Inc. ^(a)	523		2,552
		$	26,689

Chemicals — 4.06%
AdvanSix, Inc.	239		7,992
American Vanguard Corp.	547		12,226
Balchem Corp.	288		37,365
GCP Applied Technologies, Inc. ^(a)	478		14,952
Hawkins, Inc.	246		8,863
HB Fuller Co.	495		29,804
Innospec, Inc.	189		18,104
Koppers Holdings, Inc.	151		3,419
Quaker Chemical Corp.	106		15,849
Rogers Corp. ^(a)	159		41,672
Schweitzer-Mauduit International, Inc.	230		5,778
Stepan Co.	171		17,331
Trinseo PLC	141		5,423

See accompanying notes.

139


	Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Chemicals (continued)
Unifi, Inc. ^(a)	204	$	2,868
		$	221,646

Coal — 0.31%
CONSOL Energy, Inc. ^(a)	159		7,852
SunCoke Energy, Inc.	531		3,616
Warrior Met Coal, Inc.	176		5,387
		$	16,855

Commercial Services — 3.55%
ABM Industries, Inc.	265		11,506
Alarm.com Holdings, Inc. ^(a)	324		20,043
AMN Healthcare Services, Inc. ^(a)	246		26,989
Arlo Technologies, Inc. ^(a)	491		3,079
CoreCivic, Inc. ^(a)	595		6,610
CorVel Corp. ^(a)	93		13,696
Cross Country Healthcare, Inc. ^(a)	238		4,958
Deluxe Corp.	250		5,417
EVERTEC, Inc.	453		16,707
Forrester Research, Inc. ^(a)	281		13,443
Heidrick & Struggles International, Inc.	291		9,417
Korn Ferry	363		21,061
Medifast, Inc.	41		7,401
Monro, Inc.	133		5,703
Perdoceo Education Corp. ^(a)	586		6,903
Resources Connection, Inc.	871		17,742
TrueBlue, Inc. ^(a)	191		3,419
		$	194,094

Computers — 1.81%
Corsair Gaming, Inc. ^(a)	225		2,954
ExlService Holdings, Inc. ^(a)	299		44,052
Insight Enterprises, Inc. ^(a)	322		27,782
NetScout Systems, Inc. ^(a)	566		19,159
TTEC Holdings, Inc.	74		5,024
		$	98,971

Construction Materials — 1.98%
AAON, Inc.	328		17,961
Apogee Enterprises, Inc.	117		4,589
Boise Cascade Co.	231		13,742
Griffon Corp.	548		15,360
PGT Innovations, Inc. ^(a)	615		10,234
SPX Corp. ^(a)	206		10,885
UFP Industries, Inc.	523		35,637
		$	108,408

Distribution/Wholesale — 0.60%
G-III Apparel Group Ltd. ^(a)	211		4,268
Resideo Technologies, Inc. ^(a)	395		7,671
ScanSource, Inc. ^(a)	486		15,134
Veritiv Corp. ^(a)	54		5,862
		$	32,935

Diversified Financial Services — 2.79%
B Riley Financial, Inc.	160		6,760
Blucora, Inc. ^(a)	630		11,630

See accompanying notes.

140


	Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Diversified Financial Services (continued)
Brightsphere Investment Group, Inc.	404	$	7,276
Encore Capital Group, Inc. ^(a)	329		19,006
Enova International, Inc. ^(a)	327		9,424
EZCORP, Inc., Class A ^(a)	682		5,122
Greenhill & Co., Inc.	444		4,094
LendingTree, Inc. ^(a)	53		2,322
Mr Cooper Group, Inc. ^(a)	418		15,357
Piper Sandler Cos.	176		19,951
PRA Group, Inc. ^(a)	369		13,417
StoneX Group, Inc. ^(a)	257		20,064
Virtus Investment Partners, Inc.	29		4,960
WisdomTree Investments, Inc.	1,916		9,714
World Acceptance Corp. ^(a)	28		3,143
		$	152,240

Electric — 0.71%
Avista Corp.	478		20,798
Unitil Corp.	307		18,027
		$	38,825

Electrical Components & Equipment — 0.39%
Encore Wire Corp.	128		13,302
Insteel Industries, Inc.	237		7,980
		$	21,282

Electronics — 2.44%
Advanced Energy Industries, Inc.	108		7,882
Badger Meter, Inc.	208		16,825
Benchmark Electronics, Inc.	259		5,843
Brady Corp., Class A	225		10,629
CTS Corp.	360		12,258
Knowles Corp. ^(a)	1,085		18,803
Mesa Laboratories, Inc.	54		11,013
OSI Systems, Inc. ^(a)	167		14,268
Plexus Corp. ^(a)	219		17,191
Sanmina Corp. ^(a)	272		11,079
TTM Technologies, Inc. ^(a)	604		7,550
		$	133,341

Energy — Alternate Sources — 0.10%
Green Plains, Inc. ^(a)	205		5,570

Engineering & Construction — 1.75%
Comfort Systems USA, Inc.	345		28,687
Exponent, Inc.	313		28,630
Granite Construction, Inc.	254		7,401
MYR Group, Inc. ^(a)	220		19,389
NV5 Global, Inc. ^(a)	97		11,324
		$	95,431

Entertainment — 0.28%
Golden Entertainment, Inc. ^(a)	196		7,752
Monarch Casino & Resort, Inc. ^(a)	126		7,392
		$	15,144

Food — 2.75%
B&G Foods, Inc.	333		7,919
Cal-Maine Foods, Inc.	340		16,800

See accompanying notes.

141


	Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Food (continued)
Hostess Brands, Inc. ^(a)	1,422	$	30,161
J & J Snack Foods Corp.	117		16,340
John B Sanfilippo & Son, Inc.	76		5,509
Seneca Foods Corp., Class A ^(a)	106		5,887
Simply Good Foods Co. ^(a)	834		31,500
SpartanNash Co.	578		17,438
Tootsie Roll Industries, Inc.	309		10,923
United Natural Foods, Inc. ^(a)	200		7,880
		$	150,357

Food Service — 0.14%
Healthcare Services Group, Inc.	440		7,660

Forest Products & Paper — 0.22%
Glatfelter Corp.	459		3,158
Mercer International, Inc.	691		9,087
		$	12,245

Gas — 0.89%
Chesapeake Utilities Corp.	135		17,489
Northwest Natural Holding Co.	387		20,550
South Jersey Industries, Inc.	306		10,447
		$	48,486

Hand/Machine Tools — 0.49%
Enerpac Tool Group Corp.	377		7,170
Franklin Electric Co., Inc.	268		19,634
		$	26,804

Healthcare — Products — 2.72%
CONMED Corp.	266		25,472
Cutera, Inc. ^(a)	107		4,013
Hanger, Inc. ^(a)	323		4,625
Integer Holdings Corp. ^(a)	138		9,751
Lantheus Holdings, Inc. ^(a)	191		12,612
LeMaitre Vascular, Inc.	259		11,798
Meridian Bioscience, Inc. ^(a)	415		12,624
Merit Medical Systems, Inc. ^(a)	350		18,995
Omnicell, Inc. ^(a)	252		28,665
Orthofix Medical, Inc. ^(a)	186		4,378
Varex Imaging Corp. ^(a)	487		10,417
Zynex, Inc.	631		5,035
		$	148,385

Healthcare — Services — 1.41%
Addus HomeCare Corp. ^(a)	70		5,830
Community Health Systems, Inc. ^(a)	513		1,924
Ensign Group, Inc.	325		23,878
Fulgent Genetics, Inc. ^(a)	94		5,126
Joint Corp. ^(a)	121		1,852
MEDNAX, Inc. ^(a)	405		8,509
Pennant Group, Inc. ^(a)	266		3,407
RadNet, Inc. ^(a)	232		4,009
Select Medical Holdings Corp.	329		7,771
U.S. Physical Therapy, Inc.	135		14,742
		$	77,048

See accompanying notes.

142


	Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Home Builders — 1.10%
Cavco Industries, Inc. ^(a)	57	$	11,171
Century Communities, Inc.	107		4,812
Installed Building Products, Inc.	75		6,237
LCI Industries	75		8,391
LGI Homes, Inc. ^(a)	67		5,822
M/I Homes, Inc. ^(a)	119		4,720
MDC Holdings, Inc.	179		5,784
Meritage Homes Corp. ^(a)	104		7,540
Winnebago Industries, Inc.	116		5,633
		$	60,110

Home Furnishings — 0.17%
Ethan Allen Interiors, Inc.	328		6,629
Sleep Number Corp. ^(a)	94		2,909
		$	9,538

Household Products — 0.75%
Edgewell Personal Care Co.	195		6,731
elf Beauty, Inc. ^(a)	525		16,107
Inter Parfums, Inc.	249		18,192
		$	41,030

Household Products/Wares — 1.00%
Central Garden & Pet Co., Class A ^(a)	363		14,524
Central Garden & Pet Co. ^(a)	214		9,078
Quanex Building Products Corp.	473		10,761
WD-40 Co.	101		20,337
		$	54,700

Insurance — 2.75%
American Equity Investment Life Holding Co.	240		8,777
AMERISAFE, Inc.	141		7,333
Assured Guaranty Ltd.	448		24,994
Employers Holdings, Inc.	313		13,112
Genworth Financial, Inc., Class A ^(a)	1,836		6,481
Horace Mann Educators Corp.	523		20,073
NMI Holdings, Inc., Class A ^(a)	628		10,456
Palomar Holdings, Inc. ^(a)	97		6,247
ProAssurance Corp.	535		12,642
Safety Insurance Group, Inc.	153		14,856
SiriusPoint Ltd. ^(a)	881		4,775
Stewart Information Services Corp.	333		16,567
Universal Insurance Holdings, Inc.	305		3,974
		$	150,287

Internet — 1.24%
Cars.com, Inc. ^(a)	347		3,272
Cogent Communications Holdings, Inc.	304		18,471
ePlus, Inc. ^(a)	259		13,758
HealthStream, Inc. ^(a)	215		4,668
Perficient, Inc. ^(a)	187		17,146
Shutterstock, Inc.	80		4,585
TechTarget, Inc. ^(a)	92		6,046
		$	67,946

Iron & Steel — 0.15%
Allegheny Technologies, Inc. ^(a)	363		8,244

See accompanying notes.

143


	Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Lodging — 0.08%
Marcus Corp. ^(a)	309	$	4,564

Machinery — Diversified — 1.57%
Alamo Group, Inc.	98		11,410
Albany International Corp., Class A	236		18,595
Applied Industrial Technologies, Inc.	349		33,563
Ichor Holdings Ltd. ^(a)	147		3,819
Lindsay Corp.	60		7,969
Tennant Co.	173		10,250
		$	85,606

Media — 0.44%
EW Scripps Co., Class A ^(a)	515		6,422
Gannett Co., Inc. ^(a)	1,030		2,987
Scholastic Corp.	317		11,403
Thryv Holdings, Inc. ^(a)	147		3,291
		$	24,103

Metal Fabrication & Hardware — 1.25%
AZZ, Inc.	262		10,695
Mueller Industries, Inc.	556		29,629
Olympic Steel, Inc.	124		3,193
Standex International Corp.	183		15,515
TimkenSteel Corp. ^(a)	249		4,659
Tredegar Corp.	439		4,390
		$	68,081

Mining — 0.39%
Arconic Corp. ^(a)	334		9,369
Century Aluminum Co. ^(a)	229		1,688
Livent Corp. ^(a)	447		10,142
		$	21,199

Miscellaneous Manufacture — 2.45%
EnPro Industries, Inc.	240		19,663
ESCO Technologies, Inc.	126		8,615
Fabrinet ^(a)	206		16,707
Federal Signal Corp.	489		17,408
Haynes International, Inc.	102		3,342
Hillenbrand, Inc.	489		20,029
John Bean Technologies Corp.	88		9,717
Materion Corp.	257		18,949
Myers Industries, Inc.	335		7,615
Sturm Ruger & Co., Inc.	184		11,712
		$	133,757

Office Furnishings — 0.42%
HNI Corp.	405		14,049
Interface, Inc.	713		8,941
		$	22,990

Oil & Gas — 3.10%
Callon Petroleum Co. ^(a)	288		11,290
Civitas Resources, Inc.	195		10,197
Helmerich & Payne, Inc.	281		12,100
Laredo Petroleum, Inc. ^(a)	72		4,964
Matador Resources Co.	703		32,753
Nabors Industries Ltd. ^(a)	36		4,820

See accompanying notes.

144


	Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Oil & Gas (continued)
Patterson-UTI Energy, Inc.	607	$	9,566
PBF Energy, Inc., Class A ^(a)	308		8,938
Ranger Oil Corp., Class A ^(a)	127		4,174
SM Energy Co.	763		26,087
Southwestern Energy Co. ^(a)	6,457		40,356
Talos Energy, Inc. ^(a)	283		4,378
		$	169,623

Oil & Gas Services — 0.47%
Archrock, Inc.	1,416		11,710
Bristow Group, Inc. ^(a)	128		2,995
Oceaneering International, Inc. ^(a)	387		4,133
ProPetro Holding Corp. ^(a)	382		3,820
RPC, Inc. ^(a)	416		2,875
		$	25,533

Packaging & Containers — 0.26%
Matthews International Corp., Class A	210		6,021
O-I Glass, Inc. ^(a)	572		8,008
		$	14,029

Pharmaceuticals — 2.06%
Amphastar Pharmaceuticals, Inc. ^(a)	324		11,272
Corcept Therapeutics, Inc. ^(a)	303		7,205
Cytokinetics, Inc. ^(a)	245		9,626
Eagle Pharmaceuticals, Inc. ^(a)	85		3,777
Enanta Pharmaceuticals, Inc. ^(a)	83		3,923
Harmony Biosciences Holdings, Inc. ^(a)	117		5,706
Owens & Minor, Inc.	225		7,076
Pacira BioSciences, Inc. ^(a)	302		17,607
Phibro Animal Health Corp., Class A	462		8,838
Prestige Consumer Healthcare, Inc. ^(a)	357		20,992
Supernus Pharmaceuticals, Inc. ^(a)	206		5,958
USANA Health Sciences, Inc. ^(a)	143		10,347
		$	112,327

Real Estate — 0.82%
Alexander & Baldwin, Inc.	647		11,614
Anywhere Real Estate, Inc. ^(a)	848		8,336
Marcus & Millichap, Inc.	279		10,320
RE/MAX Holdings, Inc., Class A	199		4,879
St. Joe Co.	244		9,653
		$	44,802

REITs — 10.47%
Acadia Realty Trust	741		11,574
Agree Realty Corp.	430		31,016
American Assets Trust, Inc.	440		13,068
Apollo Commercial Real Estate Finance, Inc.	1,133		11,829
Armada Hoffler Properties, Inc.	785		10,079
ARMOUR Residential REIT, Inc.	736		5,181
Brandywine Realty Trust	1,323		12,754
CareTrust REIT, Inc.	855		15,766
Centerspace	138		11,254
Chatham Lodging Trust ^(a)	757		7,911
Community Healthcare Trust, Inc.	285		10,320
Easterly Government Properties, Inc.	1,049		19,973

See accompanying notes.

145


	Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

REITs (continued)
Ellington Financial, Inc.	944	$	13,848
Essential Properties Realty Trust, Inc.	1,217		26,153
Four Corners Property Trust, Inc.	615		16,353
Franklin BSP Realty Trust, Inc.	448		6,039
Franklin Street Properties Corp.	1,747		7,285
GEO Group, Inc. ^(a)	787		5,194
Getty Realty Corp.	254		6,731
Global Net Lease, Inc.	554		7,845
Granite Point Mortgage Trust, Inc.	1,310		12,537
Independence Realty Trust, Inc.	756		15,672
Industrial Logistics Properties Trust	626		8,814
Innovative Industrial Properties, Inc.	61		6,702
Invesco Mortgage Capital, Inc.	277		4,066
iStar, Inc.	266		3,647
KKR Real Estate Finance Trust, Inc.	819		14,292
LTC Properties, Inc.	220		8,446
LXP Industrial Trust	1,737		18,655
New York Mortgage Trust, Inc.	2,142		5,912
NexPoint Residential Trust, Inc.	185		11,564
Office Properties Income Trust	296		5,905
PennyMac Mortgage Investment Trust	882		12,198
Ready Capital Corp.	1,065		12,695
Redwood Trust, Inc.	1,712		13,200
Retail Opportunity Investments Corp.	1,333		21,035
RPT Realty	944		9,280
Safehold, Inc.	83		2,936
Saul Centers, Inc.	222		10,458
SITE Centers Corp.	1,262		16,999
Summit Hotel Properties, Inc. ^(a)	1,231		8,949
Tanger Factory Outlet Centers, Inc.	384		5,460
Two Harbors Investment Corp.	1,703		8,481
Uniti Group, Inc.	1,618		15,242
Universal Health Realty Income Trust	182		9,684
Urban Edge Properties	898		13,659
Urstadt Biddle Properties, Inc., Class A	717		11,615
Veris Residential, Inc. ^(a)	789		10,446
Washington Real Estate Investment Trust	683		14,555
Whitestone REIT	791		8,503
		$	571,780

Retail — 4.06%
Abercrombie & Fitch Co., Class A ^(a)	445		7,529
America's Car-Mart, Inc. ^(a)	45		4,527
Asbury Automotive Group, Inc. ^(a)	60		10,160
Big Lots, Inc.	154		3,229
Bloomin' Brands, Inc.	305		5,069
Boot Barn Holdings, Inc. ^(a)	184		12,679
Buckle, Inc.	286		7,919
Caleres, Inc.	238		6,245
Cato Corp., Class A	232		2,694
Chico's FAS, Inc. ^(a)	1,037		5,154
Children's Place, Inc. ^(a)	87		3,386
Chuy's Holdings, Inc. ^(a)	151		3,008
Conn's, Inc. ^(a)	415		3,328
El Pollo Loco Holdings, Inc. ^(a)	739		7,272
Genesco, Inc. ^(a)	148		7,387
GMS, Inc. ^(a)	287		12,771
Group 1 Automotive, Inc.	103		17,489

See accompanying notes.

146


	Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Retail (continued)
Guess?, Inc.	251	$	4,280
Haverty Furniture Cos., Inc.	137		3,176
Hibbett, Inc.	97		4,240
Jack in the Box, Inc.	109		6,111
La-Z-Boy, Inc.	193		4,576
MarineMax, Inc. ^(a)	113		4,082
Movado Group, Inc.	247		7,640
ODP Corp. ^(a)	164		4,959
Patrick Industries, Inc.	91		4,717
PC Connection, Inc.	200		8,810
PetMed Express, Inc.	155		3,085
PriceSmart, Inc.	118		8,452
Ruth's Hospitality Group, Inc.	199		3,236
Sally Beauty Holdings, Inc. ^(a)	399		4,756
Shoe Carnival, Inc.	283		6,116
Signet Jewelers Ltd.	151		8,072
Sonic Automotive, Inc., Class A	105		3,846
Vera Bradley, Inc. ^(a)	484		2,101
World Fuel Services Corp.	322		6,588
Zumiez, Inc. ^(a)	118		3,068
		$	221,757

Savings & Loans — 2.74%
Axos Financial, Inc. ^(a)	332		11,902
Banc of California, Inc.	633		11,154
Berkshire Hills Bancorp, Inc.	471		11,667
Brookline Bancorp, Inc.	1,138		15,147
Capitol Federal Financial, Inc.	718		6,591
Northfield Bancorp, Inc.	682		8,886
Northwest Bancshares, Inc.	1,559		19,955
Pacific Premier Bancorp, Inc.	621		18,158
Provident Financial Services, Inc.	940		20,924
WSFS Financial Corp.	632		25,337
		$	149,721

Semiconductors — 1.93%
Axcelis Technologies, Inc. ^(a)	114		6,252
Cohu, Inc. ^(a)	201		5,578
Diodes, Inc. ^(a)	123		7,942
FormFactor, Inc. ^(a)	226		8,753
Kulicke & Soffa Industries, Inc.	178		7,620
MaxLinear, Inc. ^(a)	194		6,592
Onto Innovation, Inc. ^(a)	268		18,690
Photronics, Inc. ^(a)	602		11,727
Rambus, Inc. ^(a)	755		16,225
SMART Global Holdings, Inc. ^(a)	423		6,924
Ultra Clean Holdings, Inc. ^(a)	163		4,853
Veeco Instruments, Inc. ^(a)	213		4,132
		$	105,288

Software — 2.80%
Allscripts Healthcare Solutions, Inc. ^(a)	386		5,724
Apollo Medical Holdings, Inc. ^(a)	298		11,500
Computer Programs and Systems, Inc. ^(a)	167		5,339
CSG Systems International, Inc.	381		22,738
Digi International, Inc. ^(a)	531		12,861
Donnelley Financial Solutions, Inc. ^(a)	314		9,197
Ebix, Inc.	129		2,180

See accompanying notes.

147


Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Software (continued)
ManTech International Corp., Class A	299	$	28,539
NextGen Healthcare, Inc. ^(a)	647		11,284
PDF Solutions, Inc. ^(a)	177		3,807
Progress Software Corp.	362		16,399
Simulations Plus, Inc.	105		5,180
SPS Commerce, Inc. ^(a)	95		10,740
Xperi Holding Corp.	524		7,561
		$	153,049

Telecommunications — 1.73%
ADTRAN, Inc.	256		4,488
ATN International, Inc.	151		7,083
Consolidated Communications Holdings, Inc. ^(a)	720		5,040
Extreme Networks, Inc. ^(a)	540		4,817
Harmonic, Inc. ^(a)	548		4,751
InterDigital, Inc.	264		16,051
NETGEAR, Inc. ^(a)	259		4,797
Shenandoah Telecommunications Co.	337		7,481
Viavi Solutions, Inc. ^(a)	873		11,550
Vonage Holdings Corp. ^(a)	1,516		28,562
		$	94,620

Textiles — 0.36%
UniFirst Corp.	113		19,456

Transportation — 2.12%
ArcBest Corp.	172		12,104
Atlas Air Worldwide Holdings, Inc. ^(a)	302		18,636
Dorian LPG Ltd.	286		4,347
Forward Air Corp.	281		25,841
Heartland Express, Inc.	426		5,926
Hub Group, Inc., Class A ^(a)	247		17,522
Marten Transport Ltd.	920		15,474
Matson, Inc.	217		15,815
		$	115,665

Trucking & Leasing — 0.08%
Greenbrier Cos., Inc.	124		4,463

Water — 1.44%
American States Water Co.	365		29,751
California Water Service Group	528		29,330
Middlesex Water Co.	222		19,465
		$	78,546
TOTAL COMMON STOCKS		$	5,428,344
INVESTMENT COMPANIES — 0.49%	Shares Held		Value

Money Market Fund — 0.49%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(b)	26,940	$	26,940
TOTAL INVESTMENT COMPANIES		$	26,940


Total Investments	$	5,455,284
Other Assets and Liabilities — 0.15%		7,961
Total Net Assets — 100.00%	$	5,463,245

^(a)	Non-income producing security.
^(b)	Current yield shown is as of period end.

See accompanying notes.

148


	Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
	June 30, 2022

COMMON STOCKS — 99.61%	Shares Held		Value

Advertising — 0.01%
Entravision Communications Corp., Class A	19,698	$	89,823

Aerospace & Defense — 0.54%
AAR Corp. ^(a)	32,506		1,360,051
Barnes Group, Inc.	26,207		816,086
Moog, Inc., Class A	14,684		1,165,763
		$	3,341,900

Agriculture — 0.33%
Alico, Inc.	3,586		127,769
Andersons, Inc.	14,599		481,621
Turning Point Brands, Inc.	10,274		278,734
Universal Corp.	11,695		707,547
Vector Group Ltd.	44,404		466,242
		$	2,061,913

Apparel — 1.08%
Carter's, Inc.	30,041		2,117,290
Kontoor Brands, Inc.	19,299		644,007
Levi Strauss & Co., Class A	80,099		1,307,216
Oxford Industries, Inc.	9,211		817,384
Steven Madden Ltd.	35,465		1,142,328
Wolverine World Wide, Inc.	30,972		624,395
		$	6,652,620

Auto Manufacturers — 0.05%
REV Group, Inc.	26,000		282,620

Auto Parts & Equipment — 0.99%
Allison Transmission Holdings, Inc.	97,996		3,767,946
Dana, Inc.	54,396		765,352
Holley, Inc. ^(a),(b)	10,217		107,278
Methode Electronics, Inc.	22,160		820,806
Standard Motor Products, Inc.	7,113		320,014
Titan International, Inc. ^(a)	19,378		292,608
		$	6,074,004

Banks — 7.84%
1st Source Corp.	7,312		331,965
BancFirst Corp.	24,699		2,363,941
Bancorp, Inc. ^(a)	30,353		592,491
BayCom Corp.	10,924		225,908
Byline Bancorp, Inc.	19,991		475,786
Camden National Corp.	8,987		395,877
Cathay General Bancorp	46,278		1,811,784
Central Pacific Financial Corp.	29,006		622,179
City Holding Co.	11,770		940,188
Coastal Financial Corp. ^(a)	6,997		266,726
Community Trust Bancorp, Inc.	10,621		429,513
ConnectOne Bancorp, Inc.	25,459		622,472
CrossFirst Bankshares, Inc. ^(a)	19,790		261,228
Customers Bancorp, Inc. ^(a)	38,272		1,297,421
CVB Financial Corp.	174,439		4,327,832
Dime Community Bancshares, Inc.	23,123		685,597
Eagle Bancorp, Inc.	22,897		1,085,547
Enterprise Financial Services Corp.	19,958		828,257
Equity Bancshares, Inc., Class A	6,820		198,871
Farmers National Banc Corp.	16,288		244,320

See accompanying notes.

150


	Schedule of Investments
	Principal U.S. Small-Cap Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Banks (continued)
FB Financial Corp.	17,997	$	705,842
First BanCorp	194,241		2,507,651
First Bancshares, Inc.	12,092		345,831
First Busey Corp.	25,871		591,152
First Commonwealth Financial Corp.	94,056		1,262,231
First Financial Bancorp	48,755		945,847
First Foundation, Inc.	42,713		874,762
First Merchants Corp.	37,450		1,333,969
German American Bancorp, Inc.	7,968		272,346
Great Southern Bancorp, Inc.	9,262		542,383
Hancock Whitney Corp.	60,859		2,697,879
Hanmi Financial Corp.	21,513		482,752
Hope Bancorp, Inc.	103,929		1,438,377
Horizon Bancorp, Inc.	18,768		326,939
Independent Bank Corp.	18,131		349,566
Kearny Financial Corp.	70,892		787,610
Lakeland Bancorp, Inc.	42,721		624,581
Lakeland Financial Corp.	30,935		2,054,703
Mercantile Bank Corp.	8,468		270,553
Merchants Bancorp	8,310		188,388
Meta Financial Group, Inc.	30,508		1,179,744
Metropolitan Bank Holding Corp. ^(a)	11,184		776,393
Midland States Bancorp, Inc.	13,819		332,209
OFG Bancorp	31,831		808,507
Origin Bancorp, Inc.	9,341		362,431
PCB Bancorp	7,505		140,193
Preferred Bank	11,583		787,876
Premier Financial Corp.	23,874		605,206
QCR Holdings, Inc.	9,708		524,135
S&T Bancorp, Inc.	22,016		603,899
Sandy Spring Bancorp, Inc.	23,612		922,521
ServisFirst Bancshares, Inc.	27,917		2,203,210
Stock Yards Bancorp, Inc.	9,366		560,274
TriCo Bancshares	12,566		573,512
Veritex Holdings, Inc.	45,472		1,330,511
		$	48,321,886

Beverages — 0.21%
Coca-Cola Consolidated, Inc.	1,371		773,107
MGP Ingredients, Inc.	5,394		539,885
		$	1,312,992

Biotechnology — 4.14%
ACADIA Pharmaceuticals, Inc. ^(a)	81,373		1,146,546
Adicet Bio, Inc. ^(a)	8,262		120,625
ADMA Biologics, Inc. ^(a),(b)	94,162		186,441
Agenus, Inc. ^(a)	210,998		409,336
Albireo Pharma, Inc. ^(a)	14,585		289,658
AnaptysBio, Inc. ^(a)	15,245		309,474
ANI Pharmaceuticals, Inc. ^(a)	12,019		356,604
Arcus Biosciences, Inc. ^(a)	36,062		913,811
BioCryst Pharmaceuticals, Inc. ^(a)	155,829		1,648,671
Cara Therapeutics, Inc. ^(a)	28,194		257,411
Chinook Therapeutics, Inc. ^(a)	19,231		336,350
Cytek Biosciences, Inc. ^(a)	80,685		865,750
Dynavax Technologies Corp. ^(a)	113,511		1,429,104
Evolus, Inc. ^(a)	18,032		209,171
EyePoint Pharmaceuticals, Inc. ^(a)	9,729		76,567

See accompanying notes.

151


	Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Biotechnology (continued)
Innoviva, Inc. ^(a)	77,003	$	1,136,564
Intercept Pharmaceuticals, Inc. ^(a),(b)	35,208		486,223
Intra-Cellular Therapies, Inc. ^(a)	61,153		3,490,613
Ionis Pharmaceuticals, Inc. ^(a)	77,160		2,856,463
iTeos Therapeutics, Inc. ^(a)	38,559		794,315
KemPharm, Inc. ^(a)	32,004		142,738
Ligand Pharmaceuticals, Inc. ^(a)	9,920		885,062
Lineage Cell Therapeutics, Inc. ^(a)	41,065		64,883
Maravai LifeSciences Holdings, Inc., Class A ^(a)	113,849		3,234,450
Myriad Genetics, Inc. ^(a)	35,058		637,004
Organogenesis Holdings, Inc. ^(a)	45,717		223,099
Prothena Corp. PLC ^(a)	23,194		629,717
Radius Health, Inc. ^(a)	42,776		443,587
REGENXBIO, Inc. ^(a)	19,933		492,345
Selecta Biosciences, Inc. ^(a)	73,777		96,648
TransMedics Group, Inc. ^(a)	4,739		149,042
Travere Therapeutics, Inc. ^(a)	46,055		1,115,913
Viridian Therapeutics, Inc. ^(a),(b)	4,892		56,600
		$	25,490,785

Chemicals — 2.06%
AdvanSix, Inc.	13,796		461,338
American Vanguard Corp.	14,809		330,981
Balchem Corp.	18,408		2,388,254
Cabot Corp.	37,932		2,419,682
Ingevity Corp. ^(a)	20,429		1,289,887
Intrepid Potash, Inc. ^(a)	8,622		390,491
Minerals Technologies, Inc.	13,904		852,871
NewMarket Corp.	3,319		998,886
Sensient Technologies Corp.	29,507		2,377,084
Trinseo PLC	30,367		1,167,915
		$	12,677,389

Coal — 1.77%
Alpha Metallurgical Resources, Inc.	10,412		1,344,501
Arch Resources, Inc.	27,273		3,902,494
CONSOL Energy, Inc. ^(a)	15,355		758,230
Peabody Energy Corp. ^(a)	149,920		3,197,794
Ramaco Resources, Inc.	17,734		233,202
SunCoke Energy, Inc.	48,201		328,249
Warrior Met Coal, Inc.	37,071		1,134,743
		$	10,899,213

Commercial Services — 5.59%
Brink's Co.	49,576		3,009,759
Carriage Services, Inc.	9,679		383,772
Cass Information Systems, Inc.	9,196		310,825
CBIZ, Inc. ^(a)	24,833		992,327
CorVel Corp. ^(a)	4,425		651,670
CRA International, Inc.	3,037		271,265
Cross Country Healthcare, Inc. ^(a)	23,143		482,069
Deluxe Corp.	21,113		457,519
DLH Holdings Corp. ^(a)	2,852		43,464
Driven Brands Holdings, Inc. ^(a)	26,535		730,774
EVERTEC, Inc.	35,541		1,310,752
Forrester Research, Inc. ^(a)	5,275		252,356
Franklin Covey Co. ^(a)	3,848		177,701
Graham Holdings Co., Class B	1,667		944,922

See accompanying notes.

152


	Schedule of Investments
	Principal U.S. Small-Cap Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Commercial Services (continued)
Grand Canyon Education, Inc. ^(a)	24,443	$	2,302,286
H&R Block, Inc.	167,617		5,920,232
Hackett Group, Inc.	10,961		207,930
Herc Holdings, Inc.	14,121		1,273,008
ICF International, Inc.	9,319		885,305
Information Services Group, Inc.	18,323		123,863
Insperity, Inc.	16,203		1,617,546
John Wiley & Sons, Inc., Class A	15,567		743,480
Kforce, Inc.	8,423		516,667
Korn Ferry	36,907		2,141,344
Laureate Education, Inc., Class A	105,271		1,217,985
Medifast, Inc.	6,671		1,204,182
Monro, Inc.	19,762		847,395
Multiplan Corp. ^(a)	122,122		670,450
Progyny, Inc. ^(a)	35,296		1,025,349
Resources Connection, Inc.	19,355		394,261
Strategic Education, Inc.	6,351		448,254
Stride, Inc. ^(a)	16,141		658,391
Transcat, Inc. ^(a)	3,024		171,793
Triton International Ltd.	38,666		2,035,765
Universal Technical Institute, Inc. ^(a)	7,477		53,311
		$	34,477,972

Computers — 2.26%
Everspin Technologies, Inc. ^(a)	10,571		55,392
ExlService Holdings, Inc. ^(a)	18,214		2,683,469
Insight Enterprises, Inc. ^(a)	31,544		2,721,616
NetScout Systems, Inc. ^(a)	45,710		1,547,284
Rimini Street, Inc. ^(a)	24,495		147,215
Science Applications International Corp.	45,675		4,252,342
Super Micro Computer, Inc. ^(a)	18,714		755,110
Teradata Corp. ^(a)	47,319		1,751,276
		$	13,913,704

Construction Materials — 0.35%
Apogee Enterprises, Inc.	18,453		723,727
Boise Cascade Co.	23,658		1,407,414
		$	2,131,141

Distribution/Wholesale — 0.93%
A-Mark Precious Metals, Inc.	8,682		279,994
Core & Main, Inc., Class A ^(a)	77,730		1,733,379
G-III Apparel Group Ltd. ^(a)	16,921		342,312
Hudson Technologies, Inc. ^(a)	11,951		89,752
ScanSource, Inc. ^(a)	11,663		363,186
Titan Machinery, Inc. ^(a)	10,925		244,829
Univar Solutions, Inc. ^(a)	89,762		2,232,381
Veritiv Corp. ^(a)	4,223		458,407
		$	5,744,240

Diversified Financial Services — 3.96%
Amerant Bancorp, Inc.	19,821		557,367
Bread Financial Holdings, Inc.	74,969		2,778,351
Cohen & Steers, Inc.	15,124		961,735
Columbia Financial, Inc. ^(a)	23,140		504,684
Consumer Portfolio Services, Inc. ^(a)	8,381		85,905
Diamond Hill Investment Group, Inc.	1,230		213,577
Encore Capital Group, Inc. ^(a)	68,381		3,950,370

See accompanying notes.

153


	Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Diversified Financial Services (continued)
International Money Express, Inc. ^(a)	20,115	$	411,754
Moelis & Co., Class A	68,786		2,706,729
Mr Cooper Group, Inc. ^(a)	83,454		3,066,100
Piper Sandler Cos.	14,213		1,611,186
PRA Group, Inc. ^(a)	46,308		1,683,759
Regional Management Corp.	5,412		202,247
StepStone Group, Inc., Class A	29,677		772,492
Victory Capital Holdings, Inc., Class A	28,873		695,839
Virtu Financial, Inc., Class A	136,502		3,195,512
Virtus Investment Partners, Inc.	5,752		983,707
		$	24,381,314

Electric — 1.42%
Avista Corp.	72,392		3,149,776
Otter Tail Corp.	18,733		1,257,546
Portland General Electric Co.	90,083		4,353,712
		$	8,761,034

Electrical Components & Equipment — 0.84%
Belden, Inc.	27,012		1,438,929
Encore Wire Corp.	16,831		1,749,078
Energizer Holdings, Inc.	58,695		1,664,003
Insteel Industries, Inc.	10,037		337,946
		$	5,189,956

Electronics — 2.08%
Advanced Energy Industries, Inc.	13,904		1,014,714
Avnet, Inc.	68,216		2,925,102
Badger Meter, Inc.	11,218		907,424
Benchmark Electronics, Inc.	20,225		456,276
Comtech Telecommunications Corp.	13,022		118,110
CTS Corp.	12,008		408,872
CyberOptics Corp. ^(a)	2,342		81,830
Knowles Corp. ^(a)	127,568		2,210,753
Napco Security Technologies, Inc. ^(a)	12,917		265,961
NVE Corp.	2,765		128,904
Sanmina Corp. ^(a)	45,261		1,843,481
Standard BioTools, Inc. ^(a)	41,642		66,627
TTM Technologies, Inc. ^(a)	64,687		808,588
Vishay Intertechnology, Inc.	88,755		1,581,614
		$	12,818,256

Engineering & Construction — 0.78%
Arcosa, Inc.	15,915		738,934
Comfort Systems USA, Inc.	16,842		1,400,412
Granite Construction, Inc.	35,603		1,037,472
MYR Group, Inc. ^(a)	8,640		761,443
NV5 Global, Inc. ^(a)	4,649		542,724
Sterling Infrastructure, Inc. ^(a)	14,612		320,295
		$	4,801,280

Entertainment — 0.66%
Accel Entertainment, Inc. ^(a)	14,852		157,728
Golden Entertainment, Inc. ^(a)	13,472		532,818
Monarch Casino & Resort, Inc. ^(a)	4,827		283,200
RCI Hospitality Holdings, Inc.	3,757		181,689
Red Rock Resorts, Inc., Class A	29,195		973,945

See accompanying notes.

154


	Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Entertainment (continued)
SeaWorld Entertainment, Inc. ^(a)	43,595	$	1,926,027
		$	4,055,407

Environmental Control — 0.40%
Casella Waste Systems, Inc., Class A ^(a)	34,118		2,479,696

Food — 1.69%
Hostess Brands, Inc. ^(a)	206,726		4,384,658
Ingles Markets, Inc., Class A	6,718		582,787
Natural Grocers by Vitamin Cottage, Inc.	3,303		52,683
Seaboard Corp.	80		310,606
Simply Good Foods Co. ^(a)	31,995		1,208,451
SpartanNash Co.	16,522		498,469
Sprouts Farmers Market, Inc. ^(a)	91,562		2,318,350
United Natural Foods, Inc. ^(a)	26,333		1,037,520
		$	10,393,524

Food Service — 0.27%
Healthcare Services Group, Inc.	94,722		1,649,110

Gas — 1.19%
Chesapeake Utilities Corp.	7,780		1,007,899
ONE Gas, Inc.	37,701		3,060,944
Spire, Inc.	44,177		3,285,444
		$	7,354,287

Hand/Machine Tools — 0.23%
Franklin Electric Co., Inc.	19,476		1,426,812

Healthcare — Products — 4.17%
Accuray, Inc. ^(a)	55,253		108,296
AngioDynamics, Inc. ^(a)	22,937		443,831
Artivion, Inc. ^(a)	12,646		238,756
Atrion Corp.	410		257,833
Avanos Medical, Inc. ^(a)	29,907		817,657
Axogen, Inc. ^(a)	17,133		140,319
Axonics, Inc. ^(a)	20,221		1,145,924
Bioventus, Inc., Class A ^(a)	9,346		63,740
Cardiovascular Systems, Inc. ^(a)	20,911		300,282
Castle Biosciences, Inc. ^(a)	8,810		193,380
CONMED Corp.	25,269		2,419,759
Cue Health, Inc. ^(a)	32,361		103,555
Cutera, Inc. ^(a)	6,893		258,488
Eargo, Inc. ^(a)	67,912		51,063
Glaukos Corp. ^(a)	24,870		1,129,595
Haemonetics Corp. ^(a)	33,055		2,154,525
Inari Medical, Inc. ^(a)	22,666		1,541,061
Inogen, Inc. ^(a)	11,918		288,177
Integer Holdings Corp. ^(a)	20,736		1,465,206
iRadimed Corp.	4,214		143,023
iRhythm Technologies, Inc. ^(a)	11,828		1,277,779
Lantheus Holdings, Inc. ^(a)	22,999		1,518,624
LeMaitre Vascular, Inc.	8,937		407,080
Meridian Bioscience, Inc. ^(a)	37,033		1,126,544
Merit Medical Systems, Inc. ^(a)	26,116		1,417,315
NuVasive, Inc. ^(a)	41,346		2,032,569
Orthofix Medical, Inc. ^(a)	9,710		228,573
Patterson Cos., Inc.	67,745		2,052,674
SI-BONE, Inc. ^(a)	14,874		196,337

See accompanying notes.

155


	Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Healthcare — Products (continued)
Sientra, Inc. ^(a),(b)	30,432	$	25,493
Silk Road Medical, Inc. ^(a)	13,204		480,494
Tactile Systems Technology, Inc. ^(a)	10,192		74,402
Treace Medical Concepts, Inc. ^(a)	11,373		163,089
Utah Medical Products, Inc.	1,402		120,432
Varex Imaging Corp. ^(a)	50,596		1,082,248
ViewRay, Inc. ^(a)	93,815		248,610
		$	25,716,733

Healthcare — Services — 1.53%
Acadia Healthcare Co., Inc. ^(a)	42,558		2,878,198
Agiliti, Inc. ^(a)	11,046		226,553
Aveanna Healthcare Holdings, Inc. ^(a)	25,938		58,620
Brookdale Senior Living, Inc. ^(a)	156,696		711,400
Ensign Group, Inc.	23,646		1,737,272
MEDNAX, Inc. ^(a)	43,777		919,755
National HealthCare Corp.	4,387		306,651
OPKO Health, Inc. ^(a)	227,916		576,627
Pennant Group, Inc. ^(a)	6,884		88,184
RadNet, Inc. ^(a)	19,588		338,481
Surgery Partners, Inc. ^(a)	20,632		596,677
U.S. Physical Therapy, Inc.	8,819		963,035
		$	9,401,453

Home Builders — 1.13%
Cavco Industries, Inc. ^(a)	3,098		607,177
Century Communities, Inc.	23,223		1,044,338
LCI Industries	9,145		1,023,143
Skyline Champion Corp. ^(a)	23,536		1,116,077
Tri Pointe Homes, Inc. ^(a)	81,536		1,375,512
Winnebago Industries, Inc.	37,030		1,798,177
		$	6,964,424

Home Furnishings — 0.08%
Arhaus, Inc. ^(a)	9,693		43,618
Ethan Allen Interiors, Inc.	21,322		430,918
		$	474,536

Household Products — 0.27%
Edgewell Personal Care Co.	32,953		1,137,537
Inter Parfums, Inc.	6,995		511,055
		$	1,648,592

Household Products/Wares — 0.51%
ACCO Brands Corp.	41,010		267,795
Quanex Building Products Corp.	17,033		387,501
Spectrum Brands Holdings, Inc.	30,315		2,486,436
		$	3,141,732

Insurance — 3.11%
American Equity Investment Life Holding Co.	66,134		2,418,520
Jackson Financial, Inc., Class A	78,751		2,106,589
Kinsale Capital Group, Inc.	11,807		2,711,360
Radian Group, Inc.	228,349		4,487,058
RLI Corp.	24,820		2,893,764
Selective Insurance Group, Inc.	37,835		3,289,375

See accompanying notes.

156


	Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Insurance (continued)
Stewart Information Services Corp.	25,880	$	1,287,530
		$	19,194,196

Internet — 0.85%
Cargurus, Inc. ^(a)	31,622		679,557
ChannelAdvisor Corp. ^(a)	16,409		239,243
ePlus, Inc. ^(a)	8,991		477,602
HealthStream, Inc. ^(a)	8,841		191,938
Perficient, Inc. ^(a)	17,458		1,600,724
Revolve Group, Inc. ^(a)	34,546		895,087
Shutterstock, Inc.	20,017		1,147,174
		$	5,231,325

Investment Companies — 0.57%
Golub Capital BDC, Inc.	272,743		3,534,749

Iron & Steel — 0.52%
Commercial Metals Co.	96,214		3,184,683

Leisure Time — 0.45%
Acushnet Holdings Corp.	19,254		802,507
Camping World Holdings, Inc., Class A ^(b)	81,598		1,761,701
OneWater Marine, Inc., Class A ^(a)	6,320		208,876
		$	2,773,084

Lodging — 0.01%
Bluegreen Vacations Holding Corp.	2,710		67,642

Machinery — Construction & Mining — 0.87%
BWX Technologies, Inc.	71,291		3,927,421
Terex Corp.	53,171		1,455,290
		$	5,382,711

Machinery — Diversified — 1.07%
Albany International Corp., Class A	19,897		1,567,685
Applied Industrial Technologies, Inc.	16,620		1,598,345
Cactus, Inc., Class A	18,888		760,620
Kadant, Inc.	4,133		753,652
Mueller Water Products, Inc., Class A	128,955		1,512,642
Tennant Co.	6,739		399,286
		$	6,592,230

Media — 0.79%
AMC Networks, Inc., Class A ^(a)	16,879		491,517
EW Scripps Co., Class A ^(a)	13,075		163,045
Gray Television, Inc.	29,358		495,857
Scholastic Corp.	9,124		328,190
Sinclair Broadcast Group, Inc., Class A	36,804		750,802
World Wrestling Entertainment, Inc., Class A	42,158		2,634,453
		$	4,863,864

Metal Fabrication & Hardware — 0.74%
AZZ, Inc.	16,246		663,162
Helios Technologies, Inc.	8,383		555,374
Mueller Industries, Inc.	35,293		1,880,764
Ryerson Holding Corp.	9,984		212,559
Standex International Corp.	6,958		589,899

See accompanying notes.

157


	Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Metal Fabrication & Hardware (continued)
TimkenSteel Corp. ^(a)	33,911	$	634,475
		$	4,536,233

Miscellaneous Manufacture — 0.70%
EnPro Industries, Inc.	11,170		915,158
Hillenbrand, Inc.	37,898		1,552,302
Myers Industries, Inc.	9,864		224,209
Sight Sciences, Inc. ^(a)	18,004		161,856
Smith & Wesson Brands, Inc.	51,247		672,873
Sturm Ruger & Co., Inc.	12,026		765,455
		$	4,291,853

Office & Business Equipment — 0.48%
Xerox Holdings Corp.	198,550		2,948,467

Office Furnishings — 0.09%
HNI Corp.	12,333		427,832
Interface, Inc.	10,427		130,754
		$	558,586

Oil & Gas — 2.90%
Brigham Minerals, Inc., Class A	26,716		658,015
California Resources Corp.	47,439		1,826,402
Callon Petroleum Co. ^(a)	69,239		2,714,169
Civitas Resources, Inc.	43,049		2,251,032
Comstock Resources, Inc. ^(a)	92,899		1,122,220
Gulfport Energy Corp. ^(a)	4,393		349,287
Magnolia Oil & Gas Corp., Class A	93,698		1,966,721
Oasis Petroleum, Inc.	17,987		2,188,119
Ranger Oil Corp., Class A ^(a)	13,712		450,713
SandRidge Energy, Inc. ^(a)	28,627		448,585
SilverBow Resources, Inc. ^(a)	5,120		145,203
Sitio Royalties Corp.	11,405		264,368
SM Energy Co.	95,605		3,268,735
VAALCO Energy, Inc.	27,476		190,683
		$	17,844,252

Oil & Gas Services — 0.45%
Archrock, Inc.	63,605		526,013
ChampionX Corp.	93,350		1,852,998
Solaris Oilfield Infrastructure, Inc., Class A	10,172		110,671
Weatherford International PLC ^(a)	14,458		306,076
		$	2,795,758

Packaging & Containers — 0.24%
Greif, Inc., Class A	16,595		1,035,196
Matthews International Corp., Class A	9,777		280,307
UFP Technologies, Inc. ^(a)	2,401		191,047
		$	1,506,550

Pharmaceuticals — 4.96%
Aerie Pharmaceuticals, Inc. ^(a)	29,021		217,658
Agios Pharmaceuticals, Inc. ^(a)	33,934		752,317
Akebia Therapeutics, Inc. ^(a)	394,761		139,390
Alkermes PLC ^(a)	89,764		2,674,070
Amneal Pharmaceuticals, Inc. ^(a)	59,354		188,746
Amphastar Pharmaceuticals, Inc. ^(a)	20,365		708,498
Anika Therapeutics, Inc. ^(a)	7,928		176,953

See accompanying notes.

158


	Schedule of Investments
	Principal U.S. Small-Cap Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Pharmaceuticals (continued)
Catalyst Pharmaceuticals, Inc. ^(a)	58,132	$	407,505
Clovis Oncology, Inc. ^(a),(b)	239,422		430,960
Coherus Biosciences, Inc. ^(a)	57,741		418,045
Collegium Pharmaceutical, Inc. ^(a)	22,686		401,996
Corcept Therapeutics, Inc. ^(a)	59,387		1,412,223
Cytokinetics, Inc. ^(a)	57,808		2,271,276
Eagle Pharmaceuticals, Inc. ^(a)	10,779		478,911
Enanta Pharmaceuticals, Inc. ^(a)	13,662		645,803
Endo International PLC ^(a)	255,301		118,894
Harmony Biosciences Holdings, Inc. ^(a)	22,372		1,091,082
Ironwood Pharmaceuticals, Inc. ^(a)	265,894		3,065,758
Jounce Therapeutics, Inc. ^(a)	22,629		68,566
Merus NV ^(a)	8,705		197,081
Option Care Health, Inc. ^(a)	61,337		1,704,555
Owens & Minor, Inc.	53,444		1,680,814
Pacira BioSciences, Inc. ^(a)	60,628		3,534,612
Paratek Pharmaceuticals, Inc. ^(a)	26,912		51,940
PetIQ, Inc. ^(a)	17,187		288,570
Phibro Animal Health Corp., Class A	10,049		192,237
Premier, Inc., Class A	90,503		3,229,147
Prestige Consumer Healthcare, Inc. ^(a)	32,709		1,923,289
Supernus Pharmaceuticals, Inc. ^(a)	37,009		1,070,300
USANA Health Sciences, Inc. ^(a)	5,339		386,330
Vanda Pharmaceuticals, Inc. ^(a)	37,389		407,540
Xeris Biopharma Holdings, Inc. ^(a),(b)	140,339		216,122
		$	30,551,188

Pipelines — 0.81%
Antero Midstream Corp.	273,025		2,470,876
Equitrans Midstream Corp.	307,781		1,957,487
Kinetik Holdings, Inc. ^(b)	15,904		542,963
		$	4,971,326

Real Estate — 0.67%
Alexander & Baldwin, Inc.	32,328		580,287
Douglas Elliman, Inc.	25,785		123,510
Kennedy-Wilson Holdings, Inc.	54,982		1,041,359
Marcus & Millichap, Inc.	8,608		318,410
McGrath RentCorp.	8,201		623,276
Newmark Group, Inc., Class A	79,882		772,459
RMR Group, Inc., Class A	8,736		247,666
St. Joe Co.	10,754		425,428
		$	4,132,395

REITs — 7.41%
Alexander's, Inc.	2,076		461,204
Ares Commercial Real Estate Corp.	63,103		771,750
Brandywine Realty Trust	174,972		1,686,730
Broadstone Net Lease, Inc.	83,737		1,717,446
CareTrust REIT, Inc.	76,641		1,413,260
Corporate Office Properties Trust	83,540		2,187,913
CTO Realty Growth, Inc.	4,324		264,283
EPR Properties	53,930		2,530,935
Essential Properties Realty Trust, Inc.	106,027		2,278,520
Franklin BSP Realty Trust, Inc.	61,105		823,695
Franklin Street Properties Corp.	55,744		232,452
GEO Group, Inc. ^(a)	150,714		994,712
Getty Realty Corp.	37,118		983,627

See accompanying notes.

159


	Schedule of Investments
	Principal U.S. Small-Cap Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

REITs (continued)
Highwoods Properties, Inc.	102,889	$	3,517,775
Industrial Logistics Properties Trust	51,786		729,147
KKR Real Estate Finance Trust, Inc.	137,400		2,397,630
LTC Properties, Inc.	31,425		1,206,406
LXP Industrial Trust	308,086		3,308,844
National Health Investors, Inc.	31,280		1,895,881
NexPoint Residential Trust, Inc.	8,910		556,964
One Liberty Properties, Inc.	6,713		174,404
PotlatchDeltic Corp.	37,610		1,661,986
PS Business Parks, Inc.	11,156		2,087,845
Ready Capital Corp.	174,623		2,081,506
Retail Opportunity Investments Corp.	139,879		2,207,291
Saul Centers, Inc.	3,244		152,825
SITE Centers Corp.	177,710		2,393,754
SL Green Realty Corp.	62,532		2,885,852
Urban Edge Properties	113,377		1,724,464
Urstadt Biddle Properties, Inc., Class A	21,617		350,195
		$	45,679,296

Retail — 7.15%
Academy Sports & Outdoors, Inc.	112,979		4,015,274
Bassett Furniture Industries, Inc.	2,813		50,972
Beacon Roofing Supply, Inc. ^(a)	36,261		1,862,365
Bloomin' Brands, Inc.	69,305		1,151,849
BlueLinx Holdings, Inc. ^(a)	7,540		503,747
Boot Barn Holdings, Inc. ^(a)	22,278		1,535,177
Buckle, Inc.	33,112		916,871
Build-A-Bear Workshop, Inc.	10,590		173,888
Caleres, Inc.	27,436		719,921
Cato Corp., Class A	8,149		94,610
Cheesecake Factory, Inc.	39,007		1,030,565
Children's Place, Inc. ^(a)	20,002		778,478
Dave & Buster's Entertainment, Inc. ^(a)	35,086		1,150,119
Denny's Corp. ^(a)	26,102		226,565
Destination XL Group, Inc. ^(a)	17,057		57,823
Dillard's, Inc., Class A ^(b)	7,936		1,750,443
Duluth Holdings, Inc., Class B ^(a)	5,964		56,897
Foot Locker, Inc.	117,392		2,964,148
Franchise Group, Inc.	15,290		536,220
Genesco, Inc. ^(a)	7,066		352,664
GMS, Inc. ^(a)	16,699		743,105
Group 1 Automotive, Inc.	10,726		1,821,275
Haverty Furniture Cos., Inc.	13,617		315,642
Hibbett, Inc.	18,952		828,392
Jack in the Box, Inc.	31,567		1,769,646
JOANN, Inc. ^(b)	11,124		86,211
La-Z-Boy, Inc.	27,161		643,987
Movado Group, Inc.	6,659		205,963
MSC Industrial Direct Co., Inc., Class A	59,525		4,470,923
National Vision Holdings, Inc. ^(a)	40,397		1,110,917
Nu Skin Enterprises, Inc., Class A	31,611		1,368,756
Papa John's International, Inc.	31,488		2,629,878
Patrick Industries, Inc.	16,746		868,113
PC Connection, Inc.	2,920		128,626
PriceSmart, Inc.	8,103		580,418
Qurate Retail, Inc., Series A	226,657		650,506
Rush Enterprises, Inc., Class A	17,255		831,691
Ruth's Hospitality Group, Inc.	13,328		216,713

See accompanying notes.

160


	Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Retail (continued)
Sally Beauty Holdings, Inc. ^(a)	65,820	$	784,574
Shoe Carnival, Inc.	12,709		274,641
Signet Jewelers Ltd.	51,208		2,737,580
Sonic Automotive, Inc., Class A	17,430		638,461
Tilly's, Inc., Class A	20,877		146,557
TravelCenters of America, Inc. ^(a)	5,656		194,962
Winmark Corp.	575		112,453
		$	44,088,586

Savings & Loans — 0.84%
Brookline Bancorp, Inc.	70,762		941,842
Flushing Financial Corp.	23,498		499,567
Hingham Institution For Savings	479		135,926
Northfield Bancorp, Inc.	29,065		378,717
Pacific Premier Bancorp, Inc.	49,507		1,447,585
Provident Financial Services, Inc.	71,215		1,585,246
Southern Missouri Bancorp, Inc.	4,247		192,219
		$	5,181,102

Semiconductors — 2.25%
Aehr Test Systems ^(a)	40,075		300,562
Alpha & Omega Semiconductor Ltd. ^(a)	23,221		774,188
Axcelis Technologies, Inc. ^(a)	19,069		1,045,744
Diodes, Inc. ^(a)	19,663		1,269,640
EMCORE Corp. ^(a)	23,763		72,952
MACOM Technology Solutions Holdings, Inc. ^(a)	31,431		1,448,969
MaxLinear, Inc. ^(a)	28,114		955,314
Onto Innovation, Inc. ^(a)	16,078		1,121,280
Photronics, Inc. ^(a)	40,471		788,375
Rambus, Inc. ^(a)	70,774		1,520,933
Semtech Corp. ^(a)	30,315		1,666,416
SiTime Corp. ^(a)	7,964		1,298,371
SMART Global Holdings, Inc. ^(a)	63,234		1,035,141
Veeco Instruments, Inc. ^(a)	30,757		596,686
		$	13,894,571

Software — 5.43%
Allscripts Healthcare Solutions, Inc. ^(a)	133,180		1,975,059
American Software, Inc., Class A	7,802		126,080
Blackbaud, Inc. ^(a)	29,167		1,693,728
Box, Inc., Class A ^(a)	142,705		3,587,604
Cerence, Inc. ^(a)	53,459		1,348,771
CommVault Systems, Inc. ^(a)	35,861		2,255,657
Computer Programs and Systems, Inc. ^(a)	11,454		366,184
CSG Systems International, Inc.	37,871		2,260,141
Definitive Healthcare Corp. ^(a)	27,836		638,279
Digi International, Inc. ^(a)	16,122		390,475
Donnelley Financial Solutions, Inc. ^(a)	18,446		540,283
DoubleVerify Holdings, Inc. ^(a)	34,677		786,128
Doximity, Inc., Class A ^(a),(b)	85,283		2,969,554
Ebix, Inc.	9,468		160,009
Evolent Health, Inc., Class A ^(a)	30,480		936,041
Loyalty Ventures, Inc. ^(a)	22,259		79,465
ManTech International Corp., Class A	23,390		2,232,575
MeridianLink, Inc. ^(a)	13,549		226,268
N-able, Inc. ^(a)	48,221		433,989
NextGen Healthcare, Inc. ^(a)	49,625		865,460
PDF Solutions, Inc. ^(a)	8,780		188,858

See accompanying notes.

161


	Schedule of Investments
	Principal U.S. Small-Cap Multi-Factor ETF
	June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value

Software (continued)
Privia Health Group, Inc. ^(a)	29,859	$	869,494
Progress Software Corp.	33,865		1,534,084
Sciplay Corp., Class A ^(a)	20,304		283,647
Simulations Plus, Inc.	6,927		341,709
SPS Commerce, Inc. ^(a)	10,495		1,186,460
Tabula Rasa HealthCare, Inc. ^(a)	41,715		107,208
Verint Systems, Inc. ^(a)	74,603		3,159,437
Verra Mobility Corp. ^(a)	76,374		1,199,836
Xperi Holding Corp.	51,357		741,082
		$	33,483,565

Telecommunications — 2.53%
A10 Networks, Inc.	68,494		984,944
ADTRAN, Inc.	59,267		1,038,950
Clearfield, Inc. ^(a)	9,660		598,437
CommScope Holding Co., Inc. ^(a)	295,274		1,807,077
EchoStar Corp., Class A ^(a)	27,440		529,592
Extreme Networks, Inc. ^(a)	106,773		952,415
Gogo, Inc. ^(a)	47,978		776,764
Harmonic, Inc. ^(a)	74,519		646,080
InterDigital, Inc.	22,549		1,370,979
Switch, Inc., Class A	125,400		4,200,900
Telephone and Data Systems, Inc.	103,439		1,633,302
Viasat, Inc. ^(a)	33,830		1,036,213
		$	15,575,653

Toys, Games & Hobbies — 0.08%
Funko, Inc., Class A ^(a)	21,802		486,621

Transportation — 3.44%
Air Transport Services Group, Inc. ^(a)	35,247		1,012,646
ArcBest Corp.	25,120		1,767,694
Atlas Air Worldwide Holdings, Inc. ^(a)	58,818		3,629,659
Daseke, Inc. ^(a)	37,633		240,475
Dorian LPG Ltd.	37,638		572,098
Eagle Bulk Shipping, Inc.	13,876		719,887
Forward Air Corp.	12,479		1,147,569
Genco Shipping & Trading Ltd.	43,527		840,942
Hub Group, Inc., Class A ^(a)	19,322		1,370,703
International Seaways, Inc.	45,437		963,264
Marten Transport Ltd.	41,258		693,959
Matson, Inc.	28,407		2,070,302
PAM Transportation Services, Inc. ^(a)	3,249		88,990
Pangaea Logistics Solutions Ltd.	17,621		89,515
Ryder System, Inc.	54,403		3,865,877
Schneider National, Inc., Class B	84,655		1,894,579
USA Truck, Inc. ^(a)	7,421		233,168
		$	21,201,327

Trucking & Leasing — 0.29%
GATX Corp.	19,210		1,808,814

Water — 0.55%
American States Water Co.	26,279		2,142,001
Artesian Resources Corp., Class A	3,778		185,764
SJW Group	17,190		1,072,828
		$	3,400,593
TOTAL COMMON STOCKS		$	613,891,568

See accompanying notes.

162


Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
June 30, 2022

INVESTMENT COMPANIES — 1.19%	Shares Held		Value
Money Market Funds — 1.19%
Principal Government Money Market Fund — Institutional Class 1.10% ^(c),(d),(e)	5,359,834	$	5,359,834
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(e)	1,962,084		1,962,084
TOTAL INVESTMENT COMPANIES		$	7,321,918


Total Investments	$	621,213,486
Other Assets and Liabilities — (0.80)%		(4,948,968	)
Total Net Assets — 100.00%	$	616,264,518

^(a)	Non-income producing security.
^(b)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $4,956,563 or 0.80% of net assets.
^(c)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.
^(d)	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $5,359,834 or 0.87% of net assets.
^(e)	Current yield shown is as of period end.


Portfolio Summary (unaudited)
Sector					Percent
Financial					24.41	%
Consumer, Non-cyclical					23.40	%
Consumer, Cyclical					12.96	%
Industrial					12.58	%
Technology					10.42	%
Energy					5.92	%
Communications					4.18	%
Utilities					3.17	%
Basic Materials					2.57	%
Money Market Funds					1.19	%
Other Assets and Liabilities					(0.80	)%
TOTAL NET ASSETS					100.00	%

			June 30, 2021		Purchases			Sales		June 30, 2022
Affiliated Securities			Value		Cost			Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
1.10	%	$	16,551,960	$	162,217,034		$	173,409,160	$	5,359,834
		$	16,551,960	$	162,217,034		$	173,409,160	$	5,359,834


								Realized Gain
					Realized			from		Change in
					Gain/(Loss) on			Capital Gain		Unrealized
			Income ^(f)		Investments			Distributions		Gain/(Loss)
Principal Government Money
Market Fund — Institutional Class
1.10	%	$	—	$	—		$	—	$	—
		$	—	$	—		$	—	$	—

^(f)Amount excludes earnings from securities lending collateral.

See accompanying notes.

163


	Schedule of Investments
	Principal Value ETF
	June 30, 2022

COMMON STOCKS — 99.51%		Shares Held		Value
Advertising — 1.03%
Omnicom Group, Inc.		35,021	$	2,227,686
Aerospace & Defense — 2.82%
Northrop Grumman Corp.		5,826		2,788,149
Raytheon Technologies Corp.		34,248		3,291,575
			$	6,079,724

Agriculture — 3.76%
Altria Group, Inc.		59,736		2,495,173
Archer-Daniels-Midland Co.		31,199		2,421,042
Philip Morris International, Inc.		32,402		3,199,373
			$	8,115,588

Auto Parts & Equipment — 1.00%
BorgWarner, Inc.		64,612		2,156,102
Banks — 7.51%
Bank of America Corp.		115,370		3,591,468
M&T Bank Corp.		14,268		2,274,177
Northern Trust Corp.		24,534		2,367,040
PNC Financial Services Group, Inc.		16,774		2,646,434
Wells Fargo & Co.		82,079		3,215,035
Zions Bancorp NA		41,607		2,117,796
			$	16,211,950

Beverages — 4.05%
Coca-Cola Co.		62,427		3,927,283
Constellation Brands, Inc., Class A		10,537		2,455,753
Molson Coors Beverage Co., Class B		43,377		2,364,480
			$	8,747,516

Biotechnology — 2.58%
Amgen, Inc.		12,954		3,151,708
Corteva, Inc.		44,746		2,422,549
			$	5,574,257

Chemicals — 3.12%
CF Industries Holdings, Inc.		25,841		2,215,349
Eastman Chemical Co.		25,060		2,249,636
FMC Corp.		21,256		2,274,605
			$	6,739,590

Computers — 7.70%
Accenture PLC, Class A		12,068		3,350,680
Apple, Inc.		57,069		7,802,474
International Business Machines Corp.		21,966		3,101,379
Leidos Holdings, Inc.		23,477		2,364,369
			$	16,618,902

Construction Materials — 1.10%
Johnson Controls International PLC		49,636		2,376,572
Diversified Financial Services — 4.28%
American Express Co.		19,051		2,640,850
Franklin Resources, Inc.		92,889		2,165,243
Invesco Ltd.		133,885		2,159,565
Raymond James Financial, Inc.		25,550		2,284,425
			$	9,250,083

See accompanying notes.

164


	Schedule of Investments
	Principal Value ETF
	June 30, 2022

COMMON STOCKS (continued)		Shares Held		Value
Electronics — 1.34%
Honeywell International, Inc.		16,590	$	2,883,508
Food — 5.80%
Conagra Brands, Inc.		70,845		2,425,733
General Mills, Inc.		36,488		2,753,020
Hershey Co.		11,270		2,424,853
J M Smucker Co.		18,082		2,314,677
Sysco Corp.		30,682		2,599,072
			$	12,517,355

Household Products/Wares — 1.20%
Clorox Co.		18,317		2,582,331
Insurance — 4.61%
Arthur J Gallagher & Co.		15,745		2,567,065
Assurant, Inc.		12,871		2,224,752
Cincinnati Financial Corp.		19,617		2,334,031
Marsh & McLennan Cos., Inc.		18,272		2,836,728
			$	9,962,576

Machinery — Construction & Mining — 1.23%
Caterpillar, Inc.		14,810		2,647,436
Machinery — Diversified — 3.37%
Deere & Co.		8,553		2,561,367
Dover Corp.		19,049		2,311,025
Otis Worldwide Corp.		34,108		2,410,412
			$	7,282,804

Media — 1.02%
Fox Corp., Class A		68,266		2,195,434
Oil & Gas — 3.96%
Chevron Corp.		27,515		3,983,622
Hess Corp.		22,476		2,381,107
Phillips 66		26,584		2,179,622
			$	8,544,351

Oil & Gas Services — 1.12%
Schlumberger NV		67,324		2,407,506
Packaging & Containers — 3.14%
Amcor PLC		191,170		2,376,243
Packaging Corp. of America		15,820		2,175,250
Sealed Air Corp.		38,710		2,234,341
			$	6,785,834

Pharmaceuticals — 9.35%
AmerisourceBergen Corp.		16,091		2,276,555
Becton Dickinson and Co.		11,048		2,723,663
Cardinal Health, Inc.		43,698		2,284,094
CVS Health Corp.		33,092		3,066,305
Johnson & Johnson		30,482		5,410,860
Organon & Co.		65,658		2,215,958
Viatris, Inc.		210,926		2,208,395
			$	20,185,830

Pipelines — 1.15%
Williams Cos., Inc.		79,495		2,481,039

See accompanying notes.

165


Schedule of Investments
Principal Value ETF
June 30, 2022

COMMON STOCKS (continued)	Shares Held		Value
REITs — 8.77%
Essex Property Trust, Inc.	8,719	$	2,280,106
Kimco Realty Corp.	116,145		2,296,187
Public Storage	8,224		2,571,398
Realty Income Corp.	36,501		2,491,558
Regency Centers Corp.	37,849		2,244,824
Simon Property Group, Inc.	24,373		2,313,485
Ventas, Inc.	45,994		2,365,471
VICI Properties, Inc.	79,300		2,362,347
		$	18,925,376

Retail — 4.74%
Genuine Parts Co.	17,629		2,344,657
McDonald's Corp.	14,215		3,509,399
Ross Stores, Inc.	30,748		2,159,432
Walgreens Boots Alliance, Inc.	58,767		2,227,269
		$	10,240,757

Semiconductors — 1.46%
Texas Instruments, Inc.	20,543		3,156,432
Shipbuilding — 1.09%
Huntington Ingalls Industries, Inc.	10,839		2,360,951
Software — 4.08%
Jack Henry & Associates, Inc.	12,816		2,307,136
Microsoft Corp.	25,315		6,501,652
		$	8,808,788

Telecommunications — 2.09%
Corning, Inc.	71,557		2,254,761
Juniper Networks, Inc.	78,961		2,250,388
		$	4,505,149

Toys, Games & Hobbies — 1.04%
Hasbro, Inc.	27,353		2,239,664
TOTAL COMMON STOCKS		$	214,811,091
INVESTMENT COMPANIES — 0.33%	Shares Held		Value
Money Market Fund — 0.33%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.33% ^(a)	725,587	$	725,587
TOTAL INVESTMENT COMPANIES		$	725,587


Total Investments	$	215,536,678
Other Assets and Liabilities — 0.16%		338,579
Total Net Assets — 100.00%	$	215,875,257
^(a)Current yield shown is as of period end.

See accompanying notes.

166


			Schedule of Investments
			Principal Value ETF
					June 30, 2022

Portfolio Summary (unaudited)
Sector					Percent
Consumer, Non-cyclical						26.74	%
Financial						25.18	%
Industrial						14.09	%
Technology						13.24	%
Consumer, Cyclical						6.78	%
Energy						6.22	%
Communications						4.14	%
Basic Materials						3.12	%
Money Market Fund						0.33	%
Other Assets and Liabilities						0.16	%
TOTAL NET ASSETS						100.00	%

			June 30, 2021		Purchases				Sales		June 30, 2022
Affiliated Securities			Value			Cost			Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
1.10	%	$	—	$	18,605,741			$	18,605,741	$	—
		$	—	$	18,605,741			$	18,605,741	$	—


									Realized Gain
						Realized			from		Change in
					Gain/(Loss) on				Capital Gain		Unrealized
			Income ^(a)		Investments				Distributions		Gain/(Loss)
Principal Government Money
Market Fund — Institutional Class
1.10	%	$	—		$	—		$	—	$	—
		$	—		$	—		$	—	$	—

^(a)Amount excludes earnings from securities lending collateral.

See accompanying notes.

167


		Financial Highlights
		Principal Exchange-Traded Funds

Principal Active High Yield ETF ^(a)
For a share outstanding:
		Year ended			Year ended				Year ended					Year ended			Year ended
		June 30, 2022			June 30, 2021				June 30, 2020					June 30, 2019			June 30, 2018

Net asset value, beginning of year ^(b)	$	20.85			$		18.07		$		19.96		$	20.14		$	20.66

Investment Operations:
Net investment income (loss) ^(c)		0.90					0.77	^(b)			0.94	^(b)		0.96	^(b)		0.89	^(b)
Net realized and change in unrealized gain (loss)		(2.90	)				2.82	^(b)			(1.86	) ^(b)		(0.01	) ^(b)		(0.25	) ^(b)
Total from investment operations		(2.00	)				3.59	^(b)			(0.92	) ^(b)		0.95	^(b)		0.64	^(b)

Dividends to Shareholders from:
Net investment income		(1.14	)				(0.81	) ^(b)			(0.97	) ^(b)		(0.96	) ^(b)		(0.94	) ^(b)
Net realized gains		—				—	^(b)			—	^(b)			(0.17	) ^(b)		(0.22	) ^(b)
Total dividends to stockholders		(1.14	)				(0.81	) ^(b)			(0.97	) ^(b)		(1.13	) ^(b)		(1.16	) ^(b)

Net asset value, end of year	$	17.71			$		20.85	^(b)	$		18.07	^(b)	$	19.96	^(b)	$	20.14	^(b)
Total return		(10.65	)%				20.25	%			(4.78	)%		4.95	%		3.10	%

Ratios/Supplemental Data:
Net assets, end of year (000s)	$	218,775		$	232,443				$		270,096		$	216,519		$	292,967
Ratio of expenses to average net assets		0.41	%				0.49	%			0.49	%		0.61	%		0.65	% ^(d)
Ratio of gross expenses to average net assets		—% ^(e)					—% ^(e)				—% ^(e)			—% ^(e)			0.68	%
Ratio of net investment income (loss) to average
net assets		4.46	%				3.90	%			4.89	%		4.84	%		4.34	%
Portfolio turnover rate ^(f)		110.5	%				19.5	%			10.6	%		17.9	%		11.0	%

^(a)	Effective September 1, 2021, Principal Active Income ETF changed its name to Principal Active High Yield ETF.
^(b)	Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see Notes to Financial Statements.
^(c)	Calculated on average shares outstanding during the year.
^(d)	Includes reimbursement from Advisor.
^(e)	Ratio is not applicable as there was no waiver during the year.
^(f)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

168


				Financial Highlights
		Principal Exchange-Traded Funds

Principal Healthcare Innovators ETF ^(a)
For a share outstanding:
		Year ended			Year ended		Year ended				Year ended			Year ended
		June 30, 2022		June 30, 2021			June 30, 2020				June 30, 2019			June 30, 2018

Net asset value, beginning of year	$	60.76		$	44.34		$	34.37		$	34.74		$	28.56

Investment Operations:
Net investment income (loss) ^(b)		(0.14	)		(0.15	)		(0.10	)		(0.13	)		(0.12	)
Net realized and change in unrealized gain (loss)		(27.88	)		16.79			10.07			(0.24	)		6.35
Total from investment operations		(28.02	)		16.64			9.97			(0.37	)		6.23

Dividends to Shareholders from:
Net investment income		(0.45	)		—			—			—			—
Net realized gains		—			(0.22	)		—			—			(0.05	)
Total dividends to stockholders		(0.45	)		(0.22	)		—			—			(0.05	)

Net asset value, end of year	$	32.29		$	60.76		$	44.34		$	34.37		$	34.74
Total return		(46.36	)%		37.51	%		29.01	%		(1.05	)%		21.83	%

Ratios/Supplemental Data:
Net assets, end of year (000s)	$	53,275		$	176,197		$	95,338		$	56,713		$	52,104
Ratio of expenses to average net assets		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Ratio of net investment income (loss) to average
net assets		(0.29	)%		(0.27	)%		(0.29	)%		(0.39	)%		(0.38	)%
Portfolio turnover rate ^(c)		46.2	%		45.8	%		36.1	%		34.5	%		33.6	%

^(a)	Effective October 29, 2021, Principal Healthcare Innovators Index ETF changed its name to Principal Healthcare Innovators ETF.
^(b)	Calculated on average shares outstanding during the year.
^(c)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

169


				Financial Highlights
		Principal Exchange-Traded Funds

Principal International Adaptive Multi-Factor ETF
For a share outstanding:
		Year ended		Period ended
	June 30, 2022			June 30, 2021 ^(a)

Net asset value, beginning of period	$	24.80		$	25.00

Investment Operations:
Net investment income (loss) ^(b)		0.59			0.07
Net realized and change in unrealized gain (loss)		(4.42	)		(0.27	)
Total from investment operations		(3.83	)		(0.20	)

Dividends to Shareholders from:
Net investment income		(0.68	)		—
Total dividends to stockholders		(0.68	)		—

Net asset value, end of period	$	20.29		$	24.80
Total return		(15.82	)%		(0.80	)% ^(c)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	14,201		$	47,118
Ratio of expenses to average net assets		0.24	%		0.24	% ^(d)
Ratio of net investment income (loss) to average
net assets		2.41	%		2.76	% ^(d)
Portfolio turnover rate ^(e)		111.9	%		1.5	%

^(a)	Period from May 26, 2021, date operations commenced, through June 30, 2021.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

170


				Financial Highlights
		Principal Exchange-Traded Funds

Principal Investment Grade Corporate Active ETF
For a share outstanding:
	Year ended				Year ended		Year ended				Year ended			Period ended
	June 30, 2022			June 30, 2021			June 30, 2020				June 30, 2019			June 30, 2018 ^(a)

Net asset value, beginning of period	$	26.74		$	26.67		$	26.20		$	24.59		$	25.00

Investment Operations:
Net investment income (loss) ^(b)		0.65			0.62			0.88			0.95			0.19
Net realized and change in unrealized gain (loss)		(4.68	)		0.69			1.39			1.66			(0.52	)
Total from investment operations		(4.03	)		1.31			2.27			2.61			(0.33	)

Dividends to Shareholders from:
Net investment income		(0.80	)		(0.79	)		(0.95	)		(0.98	)		(0.08	)
Net realized gains		(0.07	)		(0.45	)		(0.85	)		(0.02	)		—
Total dividends to stockholders		(0.87	)		(1.24	)		(1.80	)		(1.00	)		(0.08	)

Net asset value, end of period	$	21.84		$	26.74		$	26.67		$	26.20		$	24.59
Total return		(15.47	)%		4.90	%		8.98	%		10.95	%		(1.32	)% ^(c)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	369,026		$	481,271		$	110,693		$	120,540		$	228,710
Ratio of expenses to average net assets		0.19	%		0.25	%		0.26	%		0.26	%		0.26	% ^(d)
Ratio of net investment income (loss) to average
net assets		2.58	%		2.30	%		3.37	%		3.86	%		3.83	% ^(d)
Portfolio turnover rate ^(e)		46.9	%		67.8	%		73.3	%		92.8	%		47.8	% ^(d)

^(a)	Period from April 18, 2018, date operations commenced, through June 30, 2018.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

171


		Financial Highlights
		Principal Exchange-Traded Funds

Principal Millennials ETF ^(a)
For a share outstanding:
		Year ended			Year ended			Year ended				Year ended			Year ended
		June 30, 2022			June 30, 2021			June 30, 2020				June 30, 2019			June 30, 2018

Net asset value, beginning of year	$	66.53			$	42.85		$	38.24		$	36.76		$	28.92

Investment Operations:
Net investment income (loss) ^(b)		2.18				0.27			0.34			0.17			0.23
Net realized and change in unrealized gain (loss)		(27.57	)			23.81			4.59			1.54			7.91
Total from investment operations		(25.39	)			24.08			4.93			1.71			8.14

Dividends to Shareholders from:
Net investment income		(1.79	)			(0.40	)		(0.32	)		(0.23	)		(0.23	)
Net realized gains		—				—			—			—			(0.07	)
Total dividends to stockholders		(1.79	)			(0.40	)		(0.32	)		(0.23	)		(0.30	)

Net asset value, end of year	$	39.35			$	66.53		$	42.85		$	38.24		$	36.76
Total return		(38.99	)%			56.45	%		12.96	%		4.70	%		28.31	%

Ratios/Supplemental Data:
Net assets, end of year (000s)	$	23,607		$	126,399			$	25,708		$	21,031		$	20,217
Ratio of expenses to average net assets		0.45	%			0.45	%		0.45	%		0.45	%		0.45	%
Ratio of expenses to average net assets excluding
interest expense		—% ^(c)				—% ^(c)			—% ^(c)			—% ^(c)			0.45	%
Ratio of net investment income (loss) to average
net assets		3.78	%			0.46	%		0.88	%		0.47	%		0.66	%
Portfolio turnover rate ^(d)		28.4	%			55.7	%		47.4	%		32.9	%		35.6	%

^(a)	Effective October 29, 2021, Principal Millennials Index ETF changed its name to Principal Millennials ETF.
^(b)	Calculated on average shares outstanding during the year.
^(c)	Ratio is not applicable as there was no interest expense in the year.
^(d)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

172


		Financial Highlights
		Principal Exchange-Traded Funds

Principal Quality ETF
For a share outstanding:
		Year ended		Year ended			Year ended				Year ended			Year ended
		June 30, 2022		June 30, 2021			June 30, 2020				June 30, 2019			June 30, 2018

Net asset value, beginning of year	$	53.17		$	39.89		$	37.79		$	33.32		$	29.03

Investment Operations:
Net investment income (loss) ^(a)		0.61			0.57			0.51			0.46			0.39
Net realized and change in unrealized gain (loss)		(5.36	)		13.22			1.00			4.48			4.20
Net realized gain due from reimbursement from
Advisor		—			—			1.13	^(b)		—			—
Total from investment operations		(4.75	)		13.79			2.64			4.94			4.59

Dividends to Shareholders from:
Net investment income		(0.54	)		(0.51	)		(0.54	)		(0.47	)		(0.27	)
Net realized gains		—			—			—			—			(0.03	)
Total dividends to stockholders		(0.54	)		(0.51	)		(0.54	)		(0.47	)		(0.30	)

Net asset value, end of year	$	47.88		$	53.17		$	39.89		$	37.79		$	33.32
Total return		(9.07	)%		34.83	%		7.05	% ^(b)		15.03	%		15.89	%

Ratios/Supplemental Data:
Net assets, end of year (000s)	$	45,489		$	58,486		$	17,951		$	20,786		$	21,655
Ratio of expenses to average net assets		0.15	%		0.15	%		0.29	% ^(c)		0.29	% ^(c)		0.29	% ^(c)
Ratio of gross expenses to average net assets		—% ^(d)			—% ^(d)			0.34	%		0.40	%		0.40	%
Ratio of net investment income (loss) to average
net assets		1.11	%		1.22	%		1.32	%		1.32	%		1.22	%
Portfolio turnover rate ^(e)		96.0	%		45.1	%		103.7	%		40.4	%		63.5	%

^(a)Calculated on average shares outstanding during the year.

^(b)During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If such payment had not been recognized, the total return amounts expressed herein would have been lower by 3.04%.

^(c)Includes reimbursement from Advisor.

^(d)Ratio is not applicable as there was no waiver during the year.

^(e)Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

173


					Financial Highlights
			Principal Exchange-Traded Funds

Principal Spectrum Preferred Securities Active ETF
For a share outstanding:
		Year ended				Year ended				Year ended				Year ended			Period ended
		June 30, 2022			June 30, 2021			June 30, 2020						June 30, 2019			June 30, 2018 ^(a)

Net asset value, beginning of period		$	20.64		$	19.31	^(b)	$		19.36	^(b)	$		18.89	^(b)	$	20.00	^(b)

Investment Operations:
Net investment income (loss) ^(c)			0.64			0.70				0.80	^(b)			0.68	^(b)		0.94	^(b)
Net realized and change in unrealized gain (loss)			(3.27	)		1.86				0.08	^(b)			0.77	^(b)		(1.18	) ^(b)
Total from investment operations			(2.63	)		2.56				0.88	^(b)			1.45	^(b)		(0.24	) ^(b)

Dividends to Shareholders from:
Net investment income			(0.81	)		(1.23	)			(0.93	) ^(b)			(0.98	) ^(b)		(0.87	) ^(b)
Net realized gains			—			—			—	^(b)			—	^(b)			(0.00) ^(b),(d)
Total dividends to stockholders			(0.81	)		(1.23	)			(0.93	) ^(b)			(0.98	) ^(b)		(0.87	) ^(b)

Net asset value, end of period		$	17.20		$	20.64		$		19.31	^(b)	$		19.36	^(b)	$	18.89	^(b)
Total return		(13.15		)%		11.58	%			4.60	%			7.99	%		(1.28	)% ^(e)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	344,957			$	363,333		$		139,995		$		67,750		$	51,949
Ratio of expenses to average net assets			0.55	%		0.55	%			0.55	%			0.55	%		0.55	% ^(f)
Ratio of net investment income (loss) to average
net assets			3.24	%		3.43	%			4.10	%			3.65	%		4.93	% ^(f)
Portfolio turnover rate ^(g)			9.2	%		12.6	%			41.9	%			27.6	%		41.0	% ^(f)

^(a)	Period from July 7, 2017, date operations commenced, through June 30, 2018.
^(b)	Reflects a 5 to 1 stock split effective after the close of trading on July 22, 2020, see Notes to Financial Statements.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Reflects an amount rounding to less than one cent.
^(e)	Total return amounts have not been annualized.
^(f)	Computed on an annualized basis.
^(g)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

175


				Financial Highlights
		Principal Exchange-Traded Funds

Principal Spectrum Tax-Advantaged Dividend Active ETF
For a share outstanding:
		Year ended			Year ended		Period ended
	June 30, 2022			June 30, 2021			June 30, 2020 ^(a)

Net asset value, beginning of period	$	21.57		$	19.95		$	20.00

Investment Operations:
Net investment income (loss) ^(b)		0.84			0.88			0.03
Net realized and change in unrealized gain (loss)		(2.98	)		1.76			(0.08	)
Total from investment operations		(2.14	)		2.64			(0.05	)

Dividends to Shareholders from:
Net investment income		(1.00	)		(0.98	)		—
Net realized gains		(0.09	)		(0.04	)		—
Total dividends to stockholders		(1.09	)		(1.02	)		—

Net asset value, end of period	$	18.34		$	21.57		$	19.95
Total return		(10.38	)%		13.42	%		(0.26	)% ^(c)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	21,088		$	22,647		$	19,948
Ratio of expenses to average net assets		0.60	%		0.60	%		0.60	% ^(d)
Ratio of net investment income (loss) to average
net assets		4.09	%		4.15	%		4.35	% ^(d)
Portfolio turnover rate ^(e)		6.7	%		15.5	%		6.3	%

^(a)	Period from June 16, 2020, date operations commenced, through June 30, 2020.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

176


				Financial Highlights
		Principal Exchange-Traded Funds

Principal Ultra-Short Active Income ETF
For a share outstanding:
		Year ended			Year ended			Year ended			Period ended
		June 30, 2022		June 30, 2021			June 30, 2020				June 30, 2019 ^(a)

Net asset value, beginning of period	$	24.73		$	25.02		$	25.09		$	25.00

Investment Operations:
Net investment income (loss) ^(b)		0.14			0.18			0.55			0.12
Net realized and change in unrealized gain (loss)		(0.48	)		(0.04	)		0.07			0.04
Total from investment operations		(0.34	)		0.14			0.62			0.16

Dividends to Shareholders from:
Net investment income		(0.28	)		(0.43	)		(0.69	)		(0.07	)
Total dividends to stockholders		(0.28	)		(0.43	)		(0.69	)		(0.07	)

Net asset value, end of period	$	24.11		$	24.73		$	25.02		$	25.09
Total return		(1.40	)%		0.57	%		2.54	%		0.62	% ^(c)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	8,439		$	8,657		$	12,509		$	12,543
Ratio of expenses to average net assets		0.18	%		0.18	%		0.18	%		0.18	% ^(d)
Ratio of net investment income (loss) to average
net assets		0.56	%		0.72	%		2.19	%		2.51	% ^(d)
Portfolio turnover rate ^(e)		61.3	%		88.1	%		32.7	%		0.0	% ^(d)

^(a)	Period from April 24, 2019, date operations commenced, through June 30, 2019.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

177


				Financial Highlights
		Principal Exchange-Traded Funds

Principal U.S. Large-Cap Adaptive Multi-Factor ETF
For a share outstanding:
		Year ended		Period ended
	June 30, 2022			June 30, 2021 ^(a)

Net asset value, beginning of period	$	25.95		$	25.00

Investment Operations:
Net investment income (loss) ^(b)		0.32			0.03
Net realized and change in unrealized gain (loss)		(2.85	)		0.92
Total from investment operations		(2.53	)		0.95

Dividends to Shareholders from:
Net investment income		(0.24	)		—
Total dividends to stockholders		(0.24	)		—

Net asset value, end of period	$	23.18		$	25.95
Total return		(9.89	)%		3.80	% ^(c)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	12,750		$	29,842
Ratio of expenses to average net assets		0.15	%		0.15	% ^(d)
Ratio of net investment income (loss) to average
net assets		1.19	%		0.99	% ^(d)
Portfolio turnover rate ^(e)		106.6	%		0.4	%

^(a)	Period from May 19, 2021, date operations commenced, through June 30, 2021.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

178


				Financial Highlights
		Principal Exchange-Traded Funds

Principal U.S. Mega-Cap ETF
For a share outstanding:
		Year ended			Year ended			Year ended				Year ended			Period ended
		June 30, 2022		June 30, 2021				June 30, 2020				June 30, 2019			June 30, 2018 ^(a)

Net asset value, beginning of period	$	39.68		$	30.04			$	29.07		$	26.02		$	25.00

Investment Operations:
Net investment income (loss) ^(b)		0.68			0.59				0.60			0.63			0.38
Net realized and change in unrealized gain (loss)		(3.05	)		9.60				1.00			3.04			0.80
Total from investment operations		(2.37	)		10.19				1.60			3.67			1.18

Dividends to Shareholders from:
Net investment income		(0.70	)		(0.55	)			(0.63	)		(0.62	)		(0.16	)
Total dividends to stockholders		(0.70	)		(0.55	)			(0.63	)		(0.62	)		(0.16	)

Net asset value, end of period	$	36.61		$	39.68			$	30.04		$	29.07		$	26.02
Total return		(6.18	)%		34.25	%			5.62	%		14.32	%		4.73	% ^(c)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	1,367,427		$	1,958,064		$	1,505,046			$	1,618,941		$	1,666,525
Ratio of expenses to average net assets ^(d)		0.12	%		0.12	%			0.12	%		0.12	%		0.12	% ^(e)
Ratio of gross expenses to average net assets		0.15	%		0.15	%			0.15	%		0.15	%		0.15	% ^(e)
Ratio of net investment income (loss) to average
net assets		1.65	%		1.67	%			2.05	%		2.30	%		2.02	% ^(e)
Portfolio turnover rate ^(f)		41.1	%		42.9	%			42.9	%		27.0	%		39.8	% ^(e)

^(a)	Period from October 11, 2017, date operations commenced, through June 30, 2018.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Includes reimbursement from Advisor.
^(e)	Computed on an annualized basis.
^(f)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

179


				Financial Highlights
		Principal Exchange-Traded Funds

Principal U.S. Small-Cap Adaptive Multi-Factor ETF
For a share outstanding:
		Year ended		Period ended
	June 30, 2022			June 30, 2021 ^(a)

Net asset value, beginning of period	$	25.61		$	25.00

Investment Operations:
Net investment income (loss) ^(b)		0.39			0.03
Net realized and change in unrealized gain (loss)		(3.71	)		0.58
Total from investment operations		(3.32	)		0.61

Dividends to Shareholders from:
Net investment income		(0.31	)		—
Net realized gains		(0.13	)		—
Total dividends to stockholders		(0.44	)		—

Net asset value, end of period	$	21.85		$	25.61
Total return		(13.25	)%		2.44	% ^(c)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	5,463		$	6,403
Ratio of expenses to average net assets		0.19	%		0.19	% ^(d)
Ratio of net investment income (loss) to average
net assets		1.55	%		0.96	% ^(d)
Portfolio turnover rate ^(e)		128.4	%		0.2	%

^(a)	Period from May 19, 2021, date operations commenced, through June 30, 2021.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

180


				Financial Highlights
		Principal Exchange-Traded Funds

Principal U.S. Small-Cap Multi-Factor ETF
For a share outstanding:
		Year ended			Year ended		Year ended				Year ended			Year ended
		June 30, 2022		June 30, 2021			June 30, 2020				June 30, 2019			June 30, 2018

Net asset value, beginning of year	$	46.92		$	27.36		$	31.43		$	33.45		$	28.84

Investment Operations:
Net investment income (loss) ^(a)		0.62			0.54			0.45			0.40			0.29
Net realized and change in unrealized gain (loss)		(8.90	)		19.51			(4.11	)		(2.03	)		4.64
Total from investment operations		(8.28	)		20.05			(3.66	)		(1.63	)		4.93

Dividends to Shareholders from:
Net investment income		(0.60	)		(0.49	)		(0.41	)		(0.39	)		(0.30	)
Net realized gains		—			—			—			—			(0.02	)
Total dividends to stockholders		(0.60	)		(0.49	)		(0.41	)		(0.39	)		(0.32	)

Net asset value, end of year	$	38.04		$	46.92		$	27.36		$	31.43		$	33.45
Total return		(17.88	)%		74.05	%		(11.71	)%		(4.84	)%		17.14	%

Ratios/Supplemental Data:
Net assets, end of year (000s)	$	616,265		$	1,628,003		$	328,305		$	355,200		$	351,176
Ratio of expenses to average net assets		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of net investment income (loss) to average
net assets		1.37	%		1.39	%		1.54	%		1.27	%		0.94	%
Portfolio turnover rate ^(b)		70.6	%		93.1	%		80.4	%		81.9	%		76.3	%

^(a)	Calculated on average shares outstanding during the year.
^(b)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

181


		Financial Highlights
		Principal Exchange-Traded Funds

Principal Value ETF
For a share outstanding:
		Year ended		Year ended			Year ended				Year ended			Year ended
		June 30, 2022		June 30, 2021			June 30, 2020				June 30, 2019			June 30, 2018

Net asset value, beginning of year	$	42.38		$	27.75		$	31.99		$	32.49		$	29.16

Investment Operations:
Net investment income (loss) ^(a)		1.63			1.16			0.87			0.71			0.61
Net realized and change in unrealized gain (loss)		(3.89	)		14.52			(4.36	)		(0.51	)		3.21
Total from investment operations		(2.26	)		15.68			(3.49	)		0.20			3.82

Dividends to Shareholders from:
Net investment income		(1.22	)		(1.05	)		(0.75	)		(0.70	)		(0.47	)
Net realized gains		—			—			—			—			(0.02	)
Total dividends to stockholders		(1.22	)		(1.05	)		(0.75	)		(0.70	)		(0.49	)

Net asset value, end of year	$	38.90		$	42.38		$	27.75		$	31.99		$	32.49
Total return		(5.58	)%		57.97	%		(11.09	)%		0.68	%		13.17	%

Ratios/Supplemental Data:
Net assets, end of year (000s)	$	215,875		$	44,498		$	31,907		$	14,395		$	14,622
Ratio of expenses to average net assets		0.15	%		0.15	%		0.29	% ^(b)		0.29	% ^(b)		0.29	% ^(b)
Ratio of gross expenses to average net assets		—% ^(c)			—% ^(c)			0.32	%		0.40	%		0.40	%
Ratio of net investment income (loss) to average
net assets		3.83	%		3.31	%		2.95	%		2.26	%		1.90	%
Portfolio turnover rate ^(d)		298.2	%		44.8	%		47.6	%		49.2	%		55.5	%

^(a)	Calculated on average shares outstanding during the year.
^(b)	Includes reimbursement from Advisor.
^(c)	Ratio is not applicable as there was no waiver during the year.
^(d)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

182

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Principal Exchange-Traded Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Principal Exchange-Traded Funds (the “Trust”) (comprising Principal Active High Yield ETF (formerly Principal Active Income ETF), Principal Healthcare Innovators ETF (formerly Principal Healthcare Innovators ETF), Principal International Adaptive Multi-Factor ETF, Principal Investment Grade Corporate Active ETF, Principal Millennials ETF (formerly Principal Millennials Index ETF), Principal Quality ETF , Principal Real Estate Active Opportunities ETF, Principal Spectrum Preferred Securities Active ETF, Principal Spectrum Tax-Advantaged Dividend Active ETF, Principal Ultra-Short Active Income ETF, Principal U.S. Large-Cap Adaptive Multi-Factor ETF, Principal U.S. Mega-Cap ETF, Principal U.S. Small-Cap Adaptive Multi-Factor ETF (formerly Principal U.S. Small-Cap Adaptive Multi-Factor ETF), Principal U.S. Small-Cap Multi-Factor ETF, and Principal Value ETF, (collectively referred to as the “Funds”)), including the schedules of investments, as of June 30, 2022, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising the Principal Exchange-Traded Funds at June 30, 2022, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


	Statement of	Statements
Funds comprising the Trust	operations	of changes	Financial highlights
		in net assets
Principal Active High Yield ETF	For the year	For each of	For each of the five
Principal Healthcare Innovators ETF	ended June	the two	years in the period
Principal Millennials ETF	30, 2022	years in the	ended June 30, 2022
Principal Quality ETF		period
Principal U.S. Small-Cap Multi-Factor ETF		ended June
Principal Value ETF		30, 2022


Principal Spectrum Preferred Securities	For the year	For each of	For each of the four
Active ETF	ended June	the two	years in the period
	30, 2022	years in the	ended June 30, 2022
		period	and the period from
		ended June	July 7, 2017 (date
		30, 2022	operations commenced)
			through June 30, 2018
Principal U.S. Mega-Cap ETF	For the year	For each of	For each of the four
	ended June	the two	years in the period
	30, 2022	years in the	ended June 30, 2022
		period	and the period from
		ended June	October 11, 2017 (date
		30, 2022	operations commenced)
			through June 30, 2018

183


Funds comprising the Trust	Statement of	Statements	Financial highlights
	operations	of changes in
		net assets
Principal Investment Grade Corporate	For the year	For each of	For each of the four
Active ETF	ended June	the two years	years in the period
	30, 2022	in the period	ended June 30, 2022
		ended June	and the period from
		30, 2022	April 18, 2018 (date
			operations
			commenced) through
			June 30, 2018
Principal Ultra-Short Active Income ETF	For the year	For each of	For each of the three
	ended June	the two years	years in the period
	30, 2022	in the period	ended June 30, 2022
		ended June	and the period from
		30, 2022	April 24, 2019 (date
			operations
			commenced) through
			June 30, 2019
Principal Spectrum Tax-Advantaged	For the year	For each of	For each of the two
Dividend Active ETF	ended June	the two years	years in the period
	30, 2022	in the period	ended June 30, 2022
		ended June	and the period from
		30, 2022	June 16, 2020 (date
			operations
			commenced) through
			June 30, 2020
Principal U.S. Large-Cap Adaptive Multi-	For the year	For the year ended June 30, 2022 and
Factor ETF	ended June	the period from May 19, 2021 (date
Principal U.S. Small-Cap Adaptive Multi-	30, 2022	operations commenced) through June
Factor ETF		30, 2021
Principal International Adaptive Multi-	For the year	For the year ended June 30, 2022 and
Factor ETF	ended June	the period from May 26, 2021 (date
	30, 2022	operations commenced) through June
		30, 2021
Principal Real Estate Active Opportunities	For the period from May 18, 2022 (date operations
ETF	commenced) through June 30, 2022.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the

184

purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2022, by correspondence with the custodian, brokers, or agent banks or by other appropriate auditing procedures where replies from brokers or agent banks were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Principal investment companies since 1969.

Minneapolis, MN

August 22, 2022

185

Shareholder Expense Example
Principal Exchange-Traded Funds
June 30, 2022 (unaudited)

As a shareholder of Principal Exchange-Traded Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, including management fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Principal Exchange-Traded Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2022 through June 30, 2022, except as noted in the following table.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other fund.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as contingent deferred sales charges, redemption fees or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different fund. In addition, if these transaction costs were included, your costs would have been higher.


					Annualized			Expenses
					Expense			Paid During
		Beginning		Ending	Ratio			Period
		Account		Account	January 1,			January 1,
		Value		Value	2022	to		2022	to
		January 1,		June 30,	June 30,			June 30,
		2022		2022	2022			2022	^(a)
Principal Active High Yield ETF
Actual Fund Return	$	1,000	$	874.60	0.39	%	$	1.81
Hypothetical 5% Annual Return	$	1,000	$	1,022.86	0.39	%	$	1.96

Principal Healthcare Innovators ETF
Actual Fund Return	$	1,000	$	681.80	0.42	%	$	1.75
Hypothetical 5% Annual Return	$	1,000	$	1,022.71	0.42	%	$	2.11

Principal International Adaptive Multi-Factor ETF
Actual Fund Return	$	1,000	$	817.20	0.24	%	$	1.08
Hypothetical 5% Annual Return	$	1,000	$	1,023.60	0.24	%	$	1.20

186


Shareholder Expense Example
Principal Exchange-Traded Funds
June 30, 2022 (unaudited)

					Annualized			Expenses
					Expense			Paid During
		Beginning		Ending	Ratio			Period
		Account		Account	January 1,			January 1,
		Value		Value	2022 to			2022 to
		January 1,		June 30,	June 30,			June 30,
		2022		2022	2022			2022	^(a)
Principal Investment Grade Corporate Active ETF
Actual Fund Return	$	1,000	$	843.60	0.19	%	$	0.87
Hypothetical 5% Annual Return	$	1,000	$	1,023.85	0.19	%	$	0.95

Principal Millennials ETF
Actual Fund Return	$	1,000	$	683.40	0.45	%	$	1.88
Hypothetical 5% Annual Return	$	1,000	$	1,022.56	0.45	%	$	2.26

Principal Quality ETF
Actual Fund Return	$	1,000	$	793.90	0.15	%	$	0.67
Hypothetical 5% Annual Return	$	1,000	$	1,024.05	0.15	%	$	0.75

Principal Real Estate Active Opportunities ETF ^(b)
Actual Fund Return	$	1,000	$	979.90	0.65	%	$	0.76
Hypothetical 5% Annual Return	$	1,000	$	1,005.12	0.65	%	$	0.77

Principal Spectrum Preferred Securities Active ETF
Actual Fund Return	$	1,000	$	867.20	0.55	%	$	2.55
Hypothetical 5% Annual Return	$	1,000	$	1,022.07	0.55	%	$	2.76

Principal Spectrum Tax-Advantaged Dividend Active ETF
Actual Fund Return	$	1,000	$	895.30	0.60	%	$	2.82
Hypothetical 5% Annual Return	$	1,000	$	1,021.82	0.60	%	$	3.01

Principal Ultra-Short Active Income ETF
Actual Fund Return	$	1,000	$	988.60	0.18	%	$	0.89
Hypothetical 5% Annual Return	$	1,000	$	1,023.90	0.18	%	$	0.90

Principal U.S. Large-Cap Adaptive Multi-Factor ETF
Actual Fund Return	$	1,000	$	803.30	0.15	%	$	0.67
Hypothetical 5% Annual Return	$	1,000	$	1,024.05	0.15	%	$	0.75

Principal U.S. Mega-Cap ETF
Actual Fund Return	$	1,000	$	829.40	0.12	%	$	0.54
Hypothetical 5% Annual Return	$	1,000	$	1,024.20	0.12	%	$	0.60

Principal U.S. Small-Cap Adaptive Multi-Factor ETF
Actual Fund Return	$	1,000	$	820.60	0.19	%	$	0.86
Hypothetical 5% Annual Return	$	1,000	$	1,023.85	0.19	%	$	0.95

Principal U.S. Small-Cap Multi-Factor ETF
Actual Fund Return	$	1,000	$	802.80	0.38	%	$	1.70
Hypothetical 5% Annual Return	$	1,000	$	1,022.91	0.38	%	$	1.91

187

PRINCIPAL EXCHANGE-TRADED FUNDS
(unaudited)
Notification of Source of Distributions

Pursuant to Rule 19a-1 of the Investment Company Act of 1940

As noted in the table provided below, certain of the Principal Exchange-Traded Funds made distributions for the month of July 2022 for which a portion is estimated to be in excess of the Fund’s current and accumulated net income. As of July 2022, the estimated sources of these distributions were as follows:


	July 2022
Fund	Net Income		Realized Gain		Capital Sources
Principal International Adaptive Multi-Factor ETF	91.65	%	0.00	%	8.35	%
Principal Millennial Global Growth ETF	83.34		0.00		16.66
Principal Real Estate Active Opportunities ETF	93.08		6.92		0.00

The ultimate composition of these distributions may vary from the estimates provided above due to a variety of factors including future income and expenses, and realized gains and losses from the purchase and sale of securities.

Please note that this information is being provided to satisfy certain notice requirements under the Investment Company Act of 1940. Tax reporting information for shareholders of the Funds will not be available until the end of the Funds’ fiscal year.

As a result, shareholders should not use the information provided in this notice for tax reporting purposes.

189

FUND BOARD OF TRUSTEES AND OFFICERS

The Board of Trustees (the “Board”) has overall responsibility for overseeing the Fund’s operations in accordance with the Investment Act of 1940, as amended (the “1940 Act”), other applicable laws, and the Fund’s charter. Each member of the Board (“Board Member”) serves on the Board of the following investment companies sponsored by Principal Life Insurance Company: Principal Funds, Inc., Principal Variable

Contracts Funds, Inc., Principal Exchange-Traded Funds, and Principal Diversified Select Real Asset Fund which are collectively referred to as the “Fund Complex”. Board Members that are affiliated persons of any investment advisor, the principal distributor, or the principal underwriter of the Fund Complex are considered “interested persons” of the Fund (as defined in the 1940 Act) and are shown below as

“Interested Board Members”. Board Members who are not Interested Board Members are shown below as “Independent Board Members”.

Each Board Member generally serves until the next annual meeting of stockholders or until such Board Member’s earlier death, resignation, or removal. Independent Board Members have a 72-year age limit and, for Independent Board Members elected on or after September 14, 2021, a 72-year age limit or a 15-year term limit, whichever occurs first. The Board may waive the age or term limits in the Board’s discretion. Officers serve at the pleasure of the Board, and each officer has the same position with each investment company in the Fund Complex.

INDEPENDENT BOARD MEMBERS


Name,		Number of Portfolios	Other Directorships
Position Held with the Fund Complex,	Principal Occupation(s)	in Fund Complex	Held by Board Member
Year of Birth	During past 5 years	Overseen by Board Member	During Past 5 Years
Leroy T. Barnes, Jr.	Retired	127	McClatchy Newspapers, Inc.; Frontier
Board Member since 2012			Communications, Inc.; formerly, Herbalife
Member, Audit Committee			Ltd.
1951

Craig Damos	President, C.P. Damos Consulting LLC	127	None
Lead Independent Board Member since 2020
Board Member since 2008
Member, Nominating and Governance
Committee
Member, Operations Committee
Member, Executive Committee
1954

Fritz S. Hirsch	Interim CEO, MAM USA: February 2020 to	127	MAM USA
Board Member since 2005	October 2020
Member, Nominating and Governance
Committee
Chair, 15(c) Committee
1951

Victor Hymes	Founder and Managing Member of Legato Capital	127	Formerly, Montgomery Street Income
Board Member since 2020	Management, LLC		Securities Inc.
Chair, Audit Committee
Member, Nominating and Governance
Committee
1957

Padelford (“Padel”) L. Lattimer	TBA Management Consulting LLC	127	None
Board Member since 2020
Member, Operations Committee
Member, 15(c) Committee
1961

Karen (“Karrie”) McMillan	Founder/Owner, Tyche Consulting LLC	127	None
Board Member since 2014	Formerly, Managing Director, Patomak Global
Chair, Operations Committee	Partners, LLC
Member, 15(c) Committee
1961

190


Name,			Number of Portfolios	Other Directorships
Position Held with the Fund Complex,	Principal Occupation(s)		in Fund Complex	Held by Board Member
Year of Birth	During past 5 years		Overseen by Board Member	During Past 5 Years
Elizabeth A. Nickels	Retired		127	SpartanNash; Formerly: Charlotte Russe;
Board Member since 2015				Follet Corporation; PetSmart; Spectrum
Member, Audit Committee				Health Systems
Chair, Nominating and Governance Committee
1962

Mary M. (“Meg”) VanDeWeghe	CEO and President, Forte Consulting, Inc.		127	Helmerich & Payne; Formerly: B/E
Board Member since 2018				Aerospace; Brown Advisory; Denbury
Member, Audit Committee				Resources Inc.; Nalco (and its successor
Member, 15(c) Committee				Ecolab); and WP Carey
1959


INTERESTED BOARD MEMBERS

				Other
Name,			Number of Portfolios	Directorships
Position Held with the Fund Complex,	Principal Occupation(s)		in Fund Complex	Held by Board Member
Year of Birth	During past 5 years		Overseen by Board Member	During Past 5 Years
Timothy M. Dunbar	President-Principal Global Asset Management		127	None
Chair and Board Member since 2019	(“PGAM”), Principal Global Investors, LLC
Chair, Executive Committee	(“PGI”) (2018-2021)
1957	Director, PGI (2018-2020)
	Division President, Principal Financial Services,
	Inc. (“PFSI) and Principal Life Insurance Company
	(“PLIC”) (2020–2021)
	Executive Vice President and Chief Investment
	Officer, PFSI and PLIC (2014-2018)
	President – PGAM, PFSI and PLIC (2018-2020)
	Director, Post Advisory Group, LLC (“Post”) (2018-
	2020	)
	Chair and Executive Vice President, RobustWealth,
	Inc. (2018-2020)

Patrick G. Halter	Chair, PGI since 2018		127	None
Board Member since 2017	Chief Executive Officer and President, PGI and
Member, Executive Committee	Principal Real Estate Investors, LLC (“PREI”) since
1959	2018
	Chief Operating Officer, PGI (2017-2018)
	Director, PGI (2003-2018)
	Director, Origin Asset Management LLP (2018-
	2019	)
	President, PGAM, PFSI, and PLIC since 2020
	Chief Executive Officer and President, PLIC (2018-
	2020	)
	Chair, Post (2017-2020)
	Director, Post since 2017
	Chair, “PREI” since 2004
	Chief Executive Officer, PREI (2005-2018)
	Chair, Spectrum Asset Management, Inc.
	(“Spectrum”) since 2017

Correspondence intended for each Board Member who is other than an Interested Board Member may be sent to 655 9th Street, Des Moines,

IA 50392.

191


FUND COMPLEX OFFICERS

Name,
Position Held with the Fund Complex,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Kamal Bhatia	Director, PGI since 2019
President and Chief Executive Officer	President-Principal Funds, PGI since 2019
Des Moines, IA 50392	Principal Executive Officer, OPC Private Capital
1972	(2017-2019)
	Senior Vice President, OppenheimerFunds (2011-
	2019	)
	Director, Principal Funds Distributor, Inc. (“PFD”)
	since 2019
	Senior Executive Director and Chief Operating
	Officer, PFSI and PLIC since 2020
	President, Principal Funds, PFSI, and PLIC (2019-
	2020	)
	Director, Post since 2020
	Director, PREI since 2020
	Chair and Executive Vice President, Principal
	Shareholder Services, Inc. (“PSS’) since 2019
	Director, Spectrum since 2021

Randy D. Bolin	Vice President/Associate General Counsel, PGI
Assistant Tax Counsel	since 2016
Des Moines, IA 50392	Vice President/Associate General Counsel, PFSI
1961	since 2013
	Vice President/Associate General Counsel, PLIC
	since 2013

Beth Graff	Director – Fund Accounting, PLIC since 2016
Vice President and Assistant Controller
Des Moines, IA 50392
1968

Gina L. Graham	Vice President and Treasurer, PGI since 2016
Treasurer	Vice President and Treasurer, PFD since 2016
Des Moines, IA 50392	Vice President and Treasurer, PFSI since 2016
1965	Vice President and Treasurer, PLIC since 2016
	Vice President and Treasurer, PREI since 2017
	Vice President and Treasurer, Principal Securities,
	Inc. (“PSI”) since 2016
	Vice President and Treasurer, PSS since 2016
	Vice President and Treasurer, RobustWealth, Inc.
	since 2018

Megan Hoffmann	Director – Accounting, PLIC since 2020
Vice President and Controller	Assistant Director – Accounting, PLIC (2017-2020)
Des Moines, IA 50392
1979

Laura B. Latham	Counsel, PGI since 2018
Assistant Counsel and Assistant Secretary	Counsel, PLIC since 2018
Des Moines, IA 50392
1986

Diane K. Nelson	Chief Compliance Officer/AML Officer, PSS since
AML Officer	2015
Des Moines, IA 50392
1965

Tara Parks	Director – Accounting, PLIC since 2019
Vice President and Assistant Controller	Tax Manager – ALPS Fund Services (2011-2019)
Des Moines, IA 50392
1983

Deanna Y. Pellack	Counsel, PLIC since 2022
Assistant Counsel and Assistant Secretary	Vice President, The Northern Trust Company (2019-
Des Moines, IA 50392	2022	)
1987	Second Vice President, The Northern Trust
	Company (2014-2019)
	Secretary, Advisers Investment Trust (2021-2022)
	Assistant Secretary, Advisers Investment Trust
	(2018-2021)

192


Name,
Position Held with the Fund Complex,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Sara L. Reece	Vice President and Controller (2016-2021)
Vice President and Chief Operating Officer	Managing Director – Global Funds Ops, PLIC since
Des Moines, IA 50392	2021
1975	Managing Director – Financial Analysis/ Planning,
	PLIC (2021)
	Director - Accounting, PLIC (2015-2021)


Teri R. Root	Interim Chief Compliance Officer - Funds (2018)
Chief Compliance Officer	Deputy Chief Compliance Officer - Funds (2015-
Des Moines, IA 50392	2018	)
1979	Chief Compliance Officer – Funds, PGI since 2018
	Deputy Chief Compliance Officer, PGI (2017-2018)
	Vice President, PSS since 2015

Michael Scholten	Chief Financial Officer – PFD since 2016
Chief Financial Officer	Assistant Vice President and Actuary, PLIC since
Des Moines, IA 50392	2021
1979	Chief Financial Officer – Funds/Platforms, PLIC
	since 2015
	Chief Financial Officer, PSS since 2015


Adam U. Shaikh	Assistant General Counsel, PGI since 2018
Assistant Counsel and Assistant Secretary	Counsel, PGI (2017-2018)
Des Moines, IA 50392	Counsel, PLIC since 2006
1972

John L. Sullivan	Counsel, PGI since 2020
Assistant Counsel and Assistant Secretary	Counsel, PLIC since 2019
Des Moines, IA 50392	Prior thereto, Attorney in Private Practice
1970

Dan L. Westholm	Assistant Vice President-Treasury, PGI since 2013
Assistant Treasurer	Assistant Vice President-Treasury, PFD since 2013
Des Moines, IA 50392	Assistant Vice President-Treasury, PLIC since 2014
1966	Assistant Vice President-Treasury, PSI since 2013
	Assistant Vice President-Treasury, PSS since 2013

Beth C. Wilson	Director and Secretary – Funds, PLIC since 2007
Vice President and Secretary
Des Moines, IA 50392
1956

193


Name,
Position Held with the Fund Complex,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Clint L. Woods	Of Counsel (2015-2018)
Counsel, Vice President, and	Vice President (2016-2017)
Assistant Secretary	Counsel (2015-2017)
Des Moines, IA 50392	Vice President, Associate General Counsel and
1961	Assistant Secretary, PGI since 2021
	Vice President, Associate General Counsel, and
	Secretary,
	PGI (2020-2021)
	PSI since 2021
	PSS since 2021
	Vice President, Associate General Counsel,
	Governance Officer and Secretary,
	PREI since 2020
	Vice President, Associate General Counsel,
	Governance Officer and Assistant Corporate
	Secretary,
	PGI (2018-2020)
	PFSI since 2015
	PLIC since 2015
	PREI (2020)
	Vice President, Associate General Counsel and
	Assistant Corporate Secretary,
	PFD since 2019
	PSI (2019-2021)
	PSS (2019-2021)
	RobustWealth, Inc. since 2019
	Secretary,
	Post (2020-2021)
	Spectrum (2020-2021)
	Assistant Secretary,
	Post since 2021
	Spectrum since 2021

Jared A. Yepsen	Counsel, PGI (2017-2019)
Assistant Tax Counsel	Counsel, PLIC since 2015
Des Moines, IA 50392
1981

The 15(c) Committee’s primary purpose is to assist the Board in performing the annual review of the Fund’s advisory and sub-advisory agreements pursuant to Section 15(c) of the 1940 Act. The Committee responsibilities include requesting and reviewing related materials.

The Audit Committee’s primary purpose is to assist the Board by serving as an independent and objective party to monitor the Fund Complex’s accounting policies, financial reporting and internal control system, as well as the work of the independent registered public accountants. The Audit Committee assists Board oversight of 1) the integrity of the Fund Complex’s financial statements; 2) the Fund Complex’s compliance with certain legal and regulatory requirements; 3) the independent registered public accountants’ qualifications and independence; and 4) the performance of the Fund Complex’s independent registered public accountants. The Audit Committee also provides an open avenue of communication among the independent registered public accountants, the Manager’s internal auditors, Fund Complex management, and the Board.

The Executive Committee’s primary purpose is to exercise certain powers of the Board when the Board is not in session. When the Board is not in session, the Committee may exercise all powers of the Board in the management of the Fund Complex's business except the power to

1) issue stock, except as permitted by law; 2) recommend to the stockholders any action which requires stockholder approval; 3) amend the bylaws; or 4) approve any merger or share exchange which does not require stockholder approval.

The Nominating and Governance Committee’s primary purpose is to oversee the structure and efficiency of the Board and the committees. The Committee is responsible for evaluating Board membership and functions, committee membership and functions, insurance coverage, and legal matters. The Committee's nominating functions include selecting and nominating Independent Board Member candidates for election to the Board. Generally, the Committee requests nominee suggestions from Board Members and management. In addition, the Committee considers candidates recommended by shareholders of the Fund Complex. Recommendations should be submitted in writing to the Principal Funds Complex Secretary, in care of the Principal Funds Complex, 711 High Street, Des Moines, IA 50392. Such recommendations must include all information specified in the Committee’s charter and must conform with the procedures set forth in Appendix A thereto, which can

194

be found at https://www.principalglobal.com/documentdownload/160950. Examples of such information include the nominee’s biographical information; relevant educational and professional background of the nominee; the number of shares of each Fund owned of record and beneficially by the nominee and by the recommending shareholder; any other information regarding the nominee that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies for the election of board members; whether the nominee is an “interested person” of the Fund as defined in the 1940 Act; and the written consent of the nominee to be named as a nominee and serve as a board member if elected.

When evaluating a potential nominee for Independent Board Member, the Committee may consider, among other factors: educational background; relevant business and industry experience; whether the person is an "interested person" of the Fund as defined in the 1940 Act; and whether the person is willing to serve, and willing and able to commit the time necessary to attend meetings and perform the duties of an Independent Board Member. In addition, the Committee may consider whether a candidate’s background, experience, skills and views would complement the background, experience, skills and views of other Board Members and would contribute to the diversity of the Board. The

Committee meets with nominees and conducts a reference check. The final decision is based on a combination of factors, including the strengths and the experience an individual may bring to the Board. The Board does not regularly use the services of professional search firms to identify or evaluate potential candidates or nominees.

The Operations Committee’s primary purpose is to oversee the provision of administrative and distribution services to the Fund Complex, communications with the Fund Complex’s shareholders, and review and oversight of the Fund Complex’s operations.

Additional information about the Fund is available in the Prospectuses and the Statement of Additional Information dated November 1, 2021 and as supplemented. These documents may be obtained free of charge by writing Principal Exchange-Traded Funds, c/o ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, CO 80203 or telephoning 1-800-787-1621. The prospectus may be viewed at www.PrincipalETFs. com.

PROXY VOTING POLICIES

A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities and the results of the proxy votes for the most recent twelve months ended June 30 may be obtained free of charge by telephoning 1-800-787-1621, or on the SEC website at www.sec.gov.

SCHEDULES OF INVESTMENTS

The Fund files complete schedules of investments with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www. sec.gov.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

The Board of Trustees of Principal Exchange-Traded Funds (the “Board”) met on March 15, 2022 to review the liquidity risk management program (the “Program”) applicable to all series of the Principal Exchange-Traded Funds. (each a “Fund”), pursuant to Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) for the period from December 31, 2020 through December 31, 2021 (the “Reporting Period”). At the meeting, the committee designated by the Board to administer the Program, the Liquidity Risk Management Committee (the “Committee”), addressed the operation, adequacy and effectiveness of the Program, the operation of each Fund’s highly liquid investment minimum, where applicable, and any material changes made to the Program during the Reporting Period.

The Committee noted key factors it considered when assessing, managing and reviewing each Fund’s liquidity risk. Such factors included each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions, including (a) whether the Fund’s investment strategy is appropriate for an open-end fund, (b) the extent to which the strategy involves a relatively concentrated portfolio or large positions in particular issuers, and (c) the use of borrowings for investment purposes and use of leveraged derivatives and financial commitment obligations; short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources; and each Fund’s shareholder ownership concentration.

There were no material changes to the Program during the Reporting Period. The Committee concluded, based on the operation of the functions as described in the Report, that the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

195

BOARD CONSIDERATION OF INVESTMENT ADVISORY CONTRACTS

During the period covered by this report, the Board of Trustees of Principal Exchange-Traded Funds (“PETF”) approved: (1) a management agreement between PETF and Principal Global Investors, LLC (“PGI” or “Manager”) related to the addition of the PETF Principal Real Estate Active Opportunities ETF; and (2) a subadvisory agreement between PGI and Principal Real Estate Investors, LLC related to the addition of the PETF Principal Real Estate Active Opportunities ETF.

Management Agreement and Subadvisory Agreement for Principal Real Estate Active Opportunities ETF

On December 14, 2021, the Board met to consider for the newly established Principal Real Estate Active Opportunities ETF (the “Fund”) the approval of a management agreement (the “Management Agreement”) between PETF, on behalf of the Fund, and Principal Global Investors, LLC (the “Manager”) and a subadvisory agreement (the “Subadvisory Agreement”) between the Manager and Principal Real Estate Investors, LLC (the “Subadvisor”). The Management Agreement and the Subadvisory Agreement are together referred to as the “Advisory Agreements.” Based upon their review, the Board concluded that it was in the best interests of the Fund to approve the Advisory Agreements and, accordingly, recommended the approval of the Advisory Agreements. In reaching this conclusion, no single factor was determinative in the analysis, but rather the Board considered a variety of factors.

With respect to the Management Agreement, the Board considered, among other factors, that the Manager serves as the investment advisor to the existing series of PETF, that the Manager has had a long-term relationship with PETF, and that the Manager has demonstrated a long-term commitment to support the Principal Funds. The Board concluded that a long-term relationship with a capable and conscientious advisor is in the best interests of the Fund. The Board considered various factors, including the following, and made certain findings and conclusions with regard thereto, in approving the Management Agreement.

Nature, Quality and Extent of Services

The Board considered the nature, quality and extent of the services to be provided under the Management Agreement, including administrative services. The Board noted that, in connection with the 2021 annual renewal of the management agreements for the other Principal Funds, the Board had: (1) reviewed the services provided by the Manager to the other Principal Funds under their respective management agreements; (2) considered the experience and skills of senior management leading fund operations, the experience and skills of the personnel performing the functions under the management agreements and the resources made available to such personnel, the ability of the Manager to attract and retain high-quality personnel, and the organizational depth and stability of the Manager and concluded that appropriate resources were provided under the management agreements for the other Principal Funds; (3) noted that the Manager’s process for the selection of subadvisors emphasizes the selection of Principal-affiliated subadvisors that are determined to be qualified under the Manager’s due diligence process and concluded that this due diligence process was working well; and (4) considered the compliance program established by

196

the Manager for the Principal Funds and their respective series, as applicable, the quality of that program and the level of compliance attained by the Principal Funds. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services to be provided by the Manager to the Fund under the Management Agreement are expected to be satisfactory.

The Board considered the nature, quality and extent of the services to be provided under the Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadvisor, the investment approach of the Subadvisor, the experience and skills of the investment personnel of the Subadvisor who would be responsible for the day-to-day management of the Fund, and the resources made available to such personnel. The Board noted that the Subadvisor currently provides subadvisory services to six other series of Principal Funds, and that the Board had reviewed and had approved for renewal those subadvisory agreements at its September 2021 Board meeting. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing subadvisors and that the Manager recommended the Subadvisor based upon that program. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services to be provided by the Subadvisor to the Fund under the Subadvisory Agreement are expected to be satisfactory.

Investment Performance

Because the Fund is a newly created series, the Board did not review the performance of the Fund as no track record was available.

Fees, Economies of Scale and Profitability

The Board considered the proposed management fee rate for the Fund. The Board noted that the Manager proposed a unitary management fee for the Fund. The Board also received information from the Manager, based upon data supplied by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing the proposed unitary management fee rate for the Fund to the total expense ratios of funds in a peer group selected by Broadridge. The Board also considered whether there are economies of scale with respect to the services to be provided to that Fund under the Management Agreement. The Board concluded that, although the proposed management fee schedule for the Fund does not include breakpoints, the management fee schedule is appropriate at currently anticipated asset levels.

With respect to the subadvisory fee rate proposed to be paid to the Subadvisor under the Subadvisory Agreement, the Board noted that the Manager compensates the Subadvisor from its own management fee so that shareholders pay only the management fee. The Board further noted that the Subadvisor is an affiliated company of the Manager. The Board considered whether there are economies of scale with respect to the subadvisory services to be provided under the Subadvisory Agreement. The Board noted that although the proposed subadvisory fee schedule for the Fund does not include breakpoints, the subadvisory fee schedule is appropriate at currently anticipated asset levels. The Board considered the Manager’s statement that it found the proposed subadvisory fee schedule under the Subadvisory Agreement to be reasonable and competitive.

In addition, in evaluating the proposed management and subadvisory fees, the Board considered the Manager’s statements regarding the expected asset level that will be required for the Fund to

197

break even. On the basis of the information provided, the Board concluded that the proposed management and subadvisory fee schedules were reasonable.

Other Benefits

The Board also considered the character and amount of other incidental benefits to be received by the Manager and the Subadvisor. The Board noted the Manager’s statement that the Subadvisor intends to use Fund commissions to buy Section 28(e) eligible products and services consistent with its use of commissions for the other equity portfolios it currently manages, as well as the Manager’s statement that there would be no known fall-out benefits to the Manager or Subadvisor in connection with the management of the Fund outside the use of soft dollars. The Board concluded that, on the basis of the information provided, the incidental benefits to be received by the Manager and the Subadvisor were appropriate.

Overall Conclusions

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of each Advisory Agreement, including the fee rates payable thereunder, are fair and reasonable and that approval of each of the Advisory Agreements is in the best interests of the Fund.

198

Federal Income Tax Information
Principal Exchange-Traded Funds
June 30, 2022 (unaudited)

Long-Term Capital Gain Dividends. Certain funds distributed long-term capital gain dividends during the fiscal year ended June 30, 2022. Details of designated long-term capital gain dividends for federal income tax purposes are shown in the Notes to Financial Statements. To the extent necessary to distribute such capital gains, certain funds may also utilize, and hereby designate, earnings and profits distributed to shareholders on redemptions of shares as part of the Dividends Paid Deduction.

Foreign Taxes Paid. The following funds elect under the Internal Revenue Code Section ("IRC") 853 to pass through foreign taxes paid to their shareholders.

The funds designated the following for federal income tax purposes for distributions made during the fiscal year ended June 30, 2022:


	Foreign Taxes	Foreign
	Per Share	Source Income
Principal International Adaptive Multi-Factor ETF	0.3257	99.98	%

Dividends Received Deduction ("DRD"). For corporate shareholders, the funds designate the following as a percentage of taxable ordinary income distributions (dividend income and short-term gains, if any), or up to the maximum amount allowable, as DRD eligible for the calendar year ended December 31, 2021:


	DRD
Principal Active High Yield ETF	12.85	%
Principal Healthcare Innovators ETF	4.88	%
Principal International Adaptive Multi-Factor ETF	0.00	%
Principal Investment Grade Corporate Active ETF	0.24	%
Principal Millennials ETF	100.00	%
Principal Quality ETF	99.24	%
Principal Real Estate Active Opportunities ETF	N/A
Principal Spectrum Preferred Securities Active ETF	56.71	%
Principal Spectrum Tax-Advantaged Dividend Active ETF	50.05	%
Principal Ultra-Short Active Income ETF	0.00	%
Principal U.S. Large-Cap Adaptive Multi-Factor ETF	97.92	%
Principal U.S. Mega-Cap ETF	100.00	%
Principal U.S. Small-Cap Adaptive Multi-Factor ETF	62.39	%
Principal U.S. Small-Cap Multi-Factor ETF	95.34	%
Principal Value ETF	97.58	%

Qualified Dividend Income ("QDI"). Certain dividends paid by the funds may be subject to a maximum tax rate of 20%. The funds designate the following as a percentage of taxable ordinary income distributions (dividend income and short-term gains, if any), or up to the maximum amount allowable, as QDI eligible for the calendar year ended December 31, 2021:


	QDI
Principal Active High Yield ETF	13.48	%
Principal Healthcare Innovators ETF	6.81	%
Principal International Adaptive Multi-Factor ETF	91.16	%
Principal Investment Grade Corporate Active ETF	3.01	%
Principal Millennials ETF	100.00	%
Principal Quality ETF	100.00	%
Principal Real Estate Active Opportunities ETF	N/A
Principal Spectrum Preferred Securities Active ETF	71.71	%
Principal Spectrum Tax-Advantaged Dividend Active ETF	100.00	%
Principal Ultra-Short Active Income ETF	0.00	%
Principal U.S. Large-Cap Adaptive Multi-Factor ETF	100.00	%
Principal U.S. Mega-Cap ETF	100.00	%
Principal U.S. Small-Cap Adaptive Multi-Factor ETF	63.69	%
Principal U.S. Small-Cap Multi-Factor ETF	100.00	%
Principal Value ETF	100.00	%

Section 163(j) Interest Dividends. The funds below intend to pass through Section 163(j) Interest Dividends as defined in Proposed Treasury Regulation §1.163(j)-1(b). The funds designate the following as a percentage of taxable ordinary income distributions (dividend income and short-term gains, if any), or up to the maximum amount allowable, as QDI eligible for the calendar year ended December 31, 2021:


	163	(j)
	Interest Dividends
Principal Active High Yield ETF	84.48	%
Principal Healthcare Innovators ETF	0.00	%
Principal International Adaptive Multi-Factor ETF	0.00	%
Principal Investment Grade Corporate Active ETF	92.17	%
Principal Millennials ETF	0.00	%
Principal Quality ETF	0.00	%
Principal Real Estate Active Opportunities ETF	0.00	%
Principal Spectrum Preferred Securities Active ETF	36.34	%
Principal Spectrum Tax-Advantaged Dividend Active ETF	0.00	%
Principal Ultra-Short Active Income ETF	99.88	%
Principal U.S. Large-Cap Adaptive Multi-Factor ETF	0.00	%
Principal U.S. Mega-Cap ETF	0.00	%
Principal U.S. Small-Cap Adaptive Multi-Factor ETF	0.00	%
Principal U.S. Small-Cap Multi-Factor ETF	0.00	%
Principal Value ETF	0.00	%

In early 2022, if applicable, shareholders of record received the above information on DRD, QDI, and Section 163(j) for the distribution paid to them by the funds during the calendar year 2021 via Form 1099.

The funds will notify shareholders in early 2023 of amounts paid to them by the funds, if any, during the calendar year 2022.

This information is given to meet certain requirements of the Internal Revenue Code and should not be used by shareholders for preparing their income tax returns. For tax return preparation purposes, please refer to the information supplied with the 1099-DIV form you will receive from the fund's transfer agent.

The latest tax reporting supplement is available on Principal's Tax Center website. Website: https://www.principalfunds.com/individual-investor/customer-support/tax-center

Please consult your tax advisor if you have any questions.

199


Table of Contents
Economic & Financial Market Review	1
Important Fund Information	2
Principal Active High Yield ETF (unaudited)	3
Principal Healthcare Innovators ETF (unaudited)	4
Principal International Adaptive Multi-Factor ETF (unaudited)	5
Principal Investment Grade Corporate Active ETF (unaudited)	6
Principal Millennials ETF (unaudited)	7
Principal Quality ETF (unaudited)	8
Principal Spectrum Preferred Securities Active ETF (unaudited)	9
Principal Spectrum Tax-Advantaged Dividend Active ETF (unaudited)	10
Principal Ultra-Short Active Income ETF (unaudited)	11
Principal U.S. Large-Cap Adaptive Multi-Factor ETF (unaudited)	12
Principal U.S. Mega-Cap ETF (unaudited)	13
Principal U.S. Small-Cap Adaptive Multi-Factor ETF (unaudited)	14
Principal U.S. Small-Cap Multi-Factor ETF (unaudited)	15
Principal Value ETF (unaudited)	16
Statements of Assets and Liabilities	17
Statements of Operations	22
Statements of Changes in Net Assets	27
Notes to Financial Statements	42


Table of Contents (Continued)
Schedules of Investments	59
Financial Highlights (Includes Performance Information)	168
Report of Independent Registered Public Accounting Firm	183
Shareholder Expense Example	186
Supplemental Information	189

^(a)	Period from May 18, 2022, date operations commenced, through June 30, 2022.


Portfolio Summary (unaudited)

Location	Percent
Japan	19.40	%
Canada	15.33	%
United Kingdom	12.51	%
Switzerland	9.36	%
France	7.83	%
Australia	6.87	%
Germany	5.21	%
Hong Kong	3.93	%
Netherlands	3.52	%
Denmark	2.16	%
Singapore	2.02	%
Italy	1.84	%
Spain	1.78	%
Sweden	1.76	%
Israel	1.07	%
Belgium	0.85	%
Finland	0.83	%
United States	0.69	%
Ireland	0.67	%
Norway	0.60	%
Portugal	0.29	%
Austria	0.28	%
Luxembourg	0.20	%
New Zealand	0.15	%
Poland	0.04	%
Chile	0.03	%
Jordan	0.03	%
Other Assets and Liabilities	0.75	%
TOTAL NET ASSETS	100.00	%