etfsa123123.htm - Generated by SEC Publisher for SEC Filing


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)


								Principal
		Principal			Principal			Healthcare
	Active High				Focused Blue			Innovators
		Yield ETF			Chip ETF			ETF
Investment in securities — at cost	$	148,797,781		$	28,652,425		$	75,561,320
Investment in affiliated funds — at cost	$	2,025,368			$	—	$	1,741,806
Foreign currency — at cost	$	2			$	—	$	—
Assets
Investment in securities — at value	$	147,935,139	^(a)	$	30,783,098		$	49,105,165	^(a)
Investment in affiliated funds — at value		2,025,368				—		1,741,806
Foreign currency — at value		2				—		—
Cash		39,188				35		—
Receivables:
Dividends		50,106				9,299		295
Interest		2,273,032				—		—
Securities lending income		2,713				—		11,545
Fund shares sold		1,882,823			1,139,177			—
Investment securities sold		11,090				10,377		—
Total Assets		154,219,461			31,941,986			50,858,811

Liabilities
Cash overdraft		—				—		573
Accrued management and investment advisory fees		47,510				14,119		16,225
Accrued distribution		905,584				56,457		—
Payables:
Investment securities purchased		1,456,290			1,113,606			—
Collateral obligation on securities loaned — at value		2,025,368				—		1,741,806
Total Liabilities		4,434,752			1,184,182			1,758,604
Net Assets Applicable to Outstanding Shares	$	149,784,709		$	30,757,804		$	49,100,207

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	168,704,484		$	26,995,761		$	96,553,509
Total distributable earnings (accumulated loss)		(18,919,775	)		3,762,043			(47,453,302	)
Total Net Assets	$	149,784,709		$	30,757,804		$	49,100,207

Net Asset Value Per Share:
Net assets	$	149,784,709		$	30,757,804		$	49,100,207
Shares issued and outstanding		7,950,000			1,080,001			1,350,001
Net asset value per share	$	18.84			$	28.48	$	36.37

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




See accompanying notes.
1


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)


		Principal
		Investment						Principal Real
		Grade						Estate Active
		Corporate			Principal			Opportunities
		Active ETF			Quality ETF			ETF
Investment in securities — at cost	$	71,944,775		$	37,842,658		$	8,955,801
Investment in affiliated funds — at cost	$	476,560		$	—		$	—
Assets
Investment in securities — at value	$	72,697,668	^(a)	$	41,608,983		$	9,159,610
Investment in affiliated funds — at value		476,560			—			—
Cash		6,672			—			—
Deposits with counterparty		42,720			—			—
Receivables:
Dividends		1,499			18,914			48,635
Interest		719,434			—			—
Securities lending income		724			—			—
Investment securities sold		—			—			82,471
Variation margin on financial derivative instruments		3,119			—			—
Total Assets		73,948,396			41,627,897			9,290,716

Liabilities
Accrued management and investment advisory fees		11,542			4,876			4,893
Accrued distribution		288,505			84,316			67,132
Payables:
Investment securities purchased		—			—			63,495
Collateral obligation on securities loaned — at value		476,560			—			—
Total Liabilities		776,607			89,192			135,520
Net Assets Applicable to Outstanding Shares	$	73,171,789		$	41,538,705		$	9,155,196

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	91,692,995		$	47,815,190		$	8,843,001
Total distributable earnings (accumulated loss)		(18,521,206	)		(6,276,485	)		312,195
Total Net Assets	$	73,171,789		$	41,538,705		$	9,155,196

Net Asset Value Per Share:
Net assets	$	73,171,789		$	41,538,705		$	9,155,196
Shares issued and outstanding		3,500,001			680,001			380,001
Net asset value per share	$	20.91		$	61.09		$	24.09

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




See accompanying notes.
2


	Statements of Assets and Liabilities
	Principal Exchange-Traded Funds
	December 31, 2023 (unaudited)


			Principal			Principal
			Spectrum		Spectrum Tax-
			Preferred			Advantaged
			Securities			Dividend			Principal U.S.
			Active ETF			Active ETF			Mega-Cap ETF
Investment in securities — at cost		$	791,246,032		$	21,423,482		$	1,703,265,972
Investment in affiliated funds — at cost		$	29,508		$	—		$	—
Assets
Investment in securities — at value		$	776,816,870	^(a)	$	20,592,451		$	2,042,129,310
Investment in affiliated funds — at value			29,508			—			—
Deposits with counterparty			—			25,988			—
Receivables:
	Dividends		111,171			14,166			2,566,002
	Interest		9,006,708			190,639			—
	Securities lending income		440			—			—
	Fund shares sold		13,078,122			—			—
	Investment securities sold		—			—			2,810,989
	Expense reimbursement from Advisor		—			—			50,877
	Total Assets		799,042,819			20,823,244			2,047,557,178

Liabilities
Cash overdraft			50			—			—
Accrued management and investment advisory fees			343,443			10,460			254,384
Accrued distribution			2,945,379			84,625			7,907,776
Payables:
	Investment securities purchased		9,262,238			—			—
Collateral obligation on securities loaned — at value			29,508			—			—
	Total Liabilities		12,580,618			95,085			8,162,160
Net Assets Applicable to Outstanding Shares		$	786,462,201		$	20,728,159		$	2,039,395,018

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	825,618,734		$	23,199,790		$	1,789,301,731
Total distributable earnings (accumulated loss)			(39,156,533	)		(2,471,631	)		250,093,287
	Total Net Assets	$	786,462,201		$	20,728,159		$	2,039,395,018

Net Asset Value Per Share:
	Net assets	$	786,462,201		$	20,728,159		$	2,039,395,018
	Shares issued and outstanding		45,100,005			1,150,001			43,600,001
	Net asset value per share	$	17.44		$	18.02		$	46.78

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




	See accompanying notes.
	3


	Statements of Assets and Liabilities
	Principal Exchange-Traded Funds
	December 31, 2023 (unaudited)


		Principal U.S.			Principal Value
		Small-Cap ETF				ETF
Investment in securities — at cost		$	423,339,772		$	52,841,441
Investment in affiliated funds — at cost		$	1,495,118		$	—
Assets
Investment in securities — at value		$	462,027,654	^(a)	$	56,944,009
Investment in affiliated funds — at value			1,495,118			—
Cash			15,943			—
Receivables:
	Dividends		432,973			114,567
	Securities lending income		384			—
	Investment securities sold		—			143,314
	Total Assets		463,972,072			57,201,890

Liabilities
Accrued management and investment advisory fees			134,676			6,878
Accrued distribution			1,119,832			344,133
Collateral obligation on securities loaned — at value			1,495,118			—
	Total Liabilities		2,749,626			351,011
Net Assets Applicable to Outstanding Shares		$	461,222,446		$	56,850,879

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	599,610,068		$	81,448,839
Total distributable earnings (accumulated loss)			(138,387,622	)		(24,597,960	)
	Total Net Assets	$	461,222,446		$	56,850,879

Net Asset Value Per Share:
	Net assets	$	461,222,446		$	56,850,879
	Shares issued and outstanding		10,040,001			1,310,001
	Net asset value per share	$	45.94		$	43.40

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







	See accompanying notes.
	4


Statements of Operations
Principal Exchange-Traded Funds
Six Months Ended December 31, 2023 (unaudited)


								Principal
		Principal			Principal			Healthcare
	Active High				Focused Blue			Innovators
		Yield ETF			Chip ETF ^(a)			ETF
Net Investment Income (Loss)
Income:
Dividend	$	112,303		$	99,488		$	11,863
Withholding tax		—			(548	)		—
Interest		3,952,079			—			—
Securities lending — net		28,847			—			45,678
Total Income		4,093,229			98,940			57,541

Expenses:
Management and investment advisory fees		224,308			42,683			99,397
Total Expenses		224,308			42,683			99,397
Net Investment Income (Loss)		3,868,921			56,257			(41,856	)

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment transactions		(1,119,066	)		18,046			1,007,966
In-kind redemptions		—			1,613,524			502,149
Change in unrealized appreciation (depreciation) of:
Investments		6,332,935			2,130,673			(2,158,865	)
Net Realized and Unrealized Gain (Loss)		5,213,869			3,762,243			(648,750	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,082,790		$	3,818,500		$	(690,606	)

^(a)Period from July 12, 2023, date operations commenced, through December 31, 2023.


See accompanying notes.
	5


Statements of Operations
Principal Exchange-Traded Funds
Six Months Ended December 31, 2023 (unaudited)


		Principal
		Investment						Principal Real
		Grade						Estate Active
		Corporate			Principal			Opportunities
	Active ETF				Quality ETF			ETF
Net Investment Income (Loss)
Income:
Dividend	$	19,551		$	205,398		$	141,285
Withholding tax		—			(748	)		—
Interest		1,442,741			—			—
Securities lending — net		2,292			—			—
Total Income		1,464,584			204,650			141,285

Expenses:
Management and investment advisory fees		56,238			27,430			22,045
Total Expenses		56,238			27,430			22,045
Net Investment Income (Loss)		1,408,346			177,220			119,240

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment transactions		(1,077,679	)		(1,202	)		(23,551	)
In-kind redemptions		—			2,623,378			168,915
Futures contracts		12,111			—			—
Change in unrealized appreciation (depreciation) of:
Investments		3,351,440			66,484			675,028
Futures contracts		(61,156	)		—			—
Net Realized and Unrealized Gain (Loss)		2,224,716			2,688,660			820,392
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,633,062		$	2,865,880		$	939,632




See accompanying notes.
6


Statements of Operations
Principal Exchange-Traded Funds
Six Months Ended December 31, 2023 (unaudited)


		Principal			Principal
		Spectrum			Spectrum Tax-
		Preferred			Advantaged
		Securities			Dividend			Principal U.S.
	Active ETF				Active ETF			Mega-Cap ETF
Net Investment Income (Loss)
Income:
Dividend	$	393,062		$	68,739		$	13,811,954
Interest		15,891,518			480,488			—
Securities lending — net		9,399			—			—
Total Income		16,293,979			549,227			13,811,954

Expenses:
Management and investment advisory fees		1,740,749			60,665			1,243,013
Less: Reimbursement from Advisor		—			—			(248,603	)
Total Expenses		1,740,749			60,665			994,410
Net Investment Income (Loss)		14,553,230			488,562			12,817,544

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investment transactions		(415,744	)		(96,054	)		171,389
In-kind redemptions		—			—			4,545,660
Change in unrealized appreciation (depreciation) of:
Investments		29,912,254			901,432			137,704,874
Net Realized and Unrealized Gain (Loss)		29,496,510			805,378			142,421,923
Net Increase (Decrease) in Net Assets Resulting from Operations	$	44,049,740		$	1,293,940		$	155,239,467




See accompanying notes.
7


Statement of Changes in Net Assets
Principal Exchange-Traded Funds
(unaudited)

		Principal Active High Yield ETF
		Period ended			Year ended
		December 31, 2023			June 30, 2023
Operations
Net investment income (loss)		$	3,868,921		$	10,150,990
Net realized gain (loss)			(1,119,066	)		(14,043,951	)
Change in unrealized appreciation (depreciation)			6,332,935			25,524,711
Net Increase (Decrease) in Net Assets Resulting from Operations			9,082,790			21,631,750

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments			(4,709,498	)		(11,723,824	)
Total Dividends and Distributions			(4,709,498	)		(11,723,824	)

Capital Share Transactions
Net increase (decrease) in capital share transactions			40,317,360			(123,588,810	)
Total Increase (Decrease) in Net Assets			44,690,652			(113,680,884	)

Net Assets
Beginning of period		105,094,057				218,774,941
End of period	$	149,784,709			$	105,094,057

Capital Share Transactions
Dollars:
Sold		$	40,317,360		$	170,914,816
Redeemed			—			(294,503,626	)
Net Increase (Decrease)		$	40,317,360		$	(123,588,810	)
Shares:
Sold			2,200,000			9,400,000
Redeemed			—			(16,000,000	)
Net Increase (Decrease)			2,200,000			(6,600,000	)




See accompanying notes.
9


	Statement of Changes in Net Assets
	Principal Exchange-Traded Funds
	(unaudited)

		Principal Focused
			Blue Chip ETF
			Period ended
		December 31, 2023 ^(a)
Operations
Net investment income (loss)		$	56,257
Net realized gain (loss)			1,631,570
Change in unrealized appreciation (depreciation)			2,130,673
	Net Increase (Decrease) in Net Assets Resulting from Operations		3,818,500

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments			(56,457	)
	Total Dividends and Distributions		(56,457	)

Capital Share Transactions
Net increase (decrease) in capital share transactions			26,995,761
	Total Increase (Decrease) in Net Assets		30,757,804

Net Assets
Beginning of period			—
End of period		$	30,757,804

Capital Share Transactions
Dollars:
	Sold	$	41,704,466
	Redeemed		(14,708,705	)
Net Increase (Decrease)		$	26,995,761
Shares:
	Sold		1,620,001
	Redeemed		(540,000	)
Net Increase (Decrease)			1,080,001

^(a)	Period from July 12, 2023, date operations commenced, through December 31, 2023.




	See accompanying notes.
	10


Statement of Changes in Net Assets
Principal Exchange-Traded Funds
(unaudited)

	Principal Investment Grade Corporate
		Active ETF
	Period ended				Year ended
	December 31, 2023				June 30, 2023
Operations
Net investment income (loss)	$	1,408,346			$	3,068,027
Net realized gain (loss)		(1,065,568	)			(64,443,368	)
Change in unrealized appreciation (depreciation)		3,290,284				65,388,314
Net Increase (Decrease) in Net Assets Resulting from Operations		3,633,062				4,012,973

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(1,637,613	)			(4,589,877	)
Total Dividends and Distributions		(1,637,613	)			(4,589,877	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		24,002,144			(321,275,205		)
Total Increase (Decrease) in Net Assets		25,997,593			(321,852,109		)

Net Assets
Beginning of period		47,174,196				369,026,305
End of period	$	73,171,789			$	47,174,196

Capital Share Transactions
Dollars:
Sold	$	24,002,144			$	41,226,063
Redeemed		—			(362,501,268		)
Net Increase (Decrease)	$	24,002,144		$	(321,275,205		)
Shares:
Sold		1,200,000				1,950,000
Redeemed		—				(16,550,000	)
Net Increase (Decrease)		1,200,000				(14,600,000	)


See accompanying notes.
	12


Statement of Changes in Net Assets
Principal Exchange-Traded Funds
(unaudited)

		Principal Quality ETF
	Period ended			Year ended
	December 31, 2023			June 30, 2023
Operations
Net investment income (loss)	$	177,220		$	388,565
Net realized gain (loss)		2,622,176			1,353,440
Change in unrealized appreciation (depreciation)		66,484			4,996,312
Net Increase (Decrease) in Net Assets Resulting from Operations		2,865,880			6,738,317

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(260,916	)		(527,129	)
Total Dividends and Distributions		(260,916	)		(527,129	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		2,238,062			(15,004,459	)
Total Increase (Decrease) in Net Assets		4,843,026			(8,793,271	)

Net Assets
Beginning of period		36,695,679			45,488,950
End of period	$	41,538,705		$	36,695,679

Capital Share Transactions
Dollars:
Sold	$	20,201,099		$	5,213,657
Redeemed	(17,963,037		)		(20,218,116	)
Net Increase (Decrease)	$	2,238,062		$	(15,004,459	)
Shares:
Sold		350,000			100,000
Redeemed		(320,000	)		(400,000	)
Net Increase (Decrease)		30,000			(300,000	)


See accompanying notes.
	13


Statement of Changes in Net Assets
Principal Exchange-Traded Funds
(unaudited)

		Principal Real Estate Active
		Opportunities ETF
	Period ended			Period ended
	December 31, 2023			June 30, 2023
Operations
Net investment income (loss)	$	119,240		$	120,599
Net realized gain (loss)		145,364			(55,825	)
Change in unrealized appreciation (depreciation)		675,028			(319,485	)
Net Increase (Decrease) in Net Assets Resulting from Operations		939,632			(254,711	)

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(136,132	)		(128,638	)
Total Dividends and Distributions		(136,132	)		(128,638	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		2,908,608			436,840
Total Increase (Decrease) in Net Assets		3,712,108			53,491

Net Assets
Beginning of period		5,443,088			5,389,597
End of period	$	9,155,196		$	5,443,088

Capital Share Transactions
Dollars:
Sold	$	4,685,438		$	436,840
Redeemed		(1,776,830	)		—
Net Increase (Decrease)	$	2,908,608		$	436,840
Shares:
Sold		220,000			20,000
Redeemed		(80,000	)		—
Net Increase (Decrease)		140,000			20,000


See accompanying notes.
	14


Statement of Changes in Net Assets
Principal Exchange-Traded Funds
(unaudited)

	Principal Spectrum Preferred Securities
		Active ETF
		Period ended		Year ended
	December 31, 2023			June 30, 2023
Operations
Net investment income (loss)	$	14,553,230		$	18,424,959
Net realized gain (loss)		(415,744	)		(13,463,446	)
Change in unrealized appreciation (depreciation)		29,912,254			8,786,436
Net Increase (Decrease) in Net Assets Resulting from Operations		44,049,740			13,747,949

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(18,154,872	)		(20,075,762	)
Total Dividends and Distributions		(18,154,872	)		(20,075,762	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		184,581,104			237,357,268
Total Increase (Decrease) in Net Assets		210,475,972			231,029,455

Net Assets
Beginning of period		575,986,229			344,956,774
End of period	$	786,462,201		$	575,986,229

Capital Share Transactions
Dollars:
Sold	$	184,581,104		$	317,487,703
Redeemed		—			(80,130,435	)
Net Increase (Decrease)	$	184,581,104		$	237,357,268
Shares:
Sold		10,950,000			18,650,000
Redeemed		—			(4,550,000	)
Net Increase (Decrease)		10,950,000			14,100,000


See accompanying notes.
	15


Statement of Changes in Net Assets
Principal Exchange-Traded Funds
(unaudited)

	Principal Spectrum Tax-Advantaged
		Dividend Active ETF
	Period ended			Year ended
	December 31, 2023			June 30, 2023
Operations
Net investment income (loss)	$	488,562		$	995,863
Net realized gain (loss)		(96,054	)		(994,934	)
Change in unrealized appreciation (depreciation)		901,432			141,114
Net Increase (Decrease) in Net Assets Resulting from Operations		1,293,940			142,043

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(647,130	)		(1,148,780	)
Total Dividends and Distributions		(647,130	)		(1,148,780	)

Total Increase (Decrease) in Net Assets		646,810			(1,006,737	)

Net Assets
Beginning of period		20,081,349			21,088,086
End of period	$	20,728,159		$	20,081,349

Capital Share Transactions
Dollars:
Sold	$	—		$	—
Redeemed		—			—
Net Increase (Decrease)	$	—		$	—
Shares:
Sold		—			—
Redeemed		—			—
Net Increase (Decrease)		—			—


See accompanying notes.
	16


Statement of Changes in Net Assets
Principal Exchange-Traded Funds
(unaudited)

		Principal U.S. Mega-Cap ETF
		Period ended			Year ended
		December 31, 2023			June 30, 2023
Operations
Net investment income (loss)	$	12,817,544		$	18,391,342
Net realized gain (loss)		4,717,049			41,048,130
Change in unrealized appreciation (depreciation)		137,704,874			199,046,571
Net Increase (Decrease) in Net Assets Resulting from Operations		155,239,467			258,486,043

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(17,950,099	)		(19,885,169	)
Total Dividends and Distributions		(17,950,099	)		(19,885,169	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		438,252,129			(142,174,201	)
Total Increase (Decrease) in Net Assets		575,541,497			96,426,673

Net Assets
Beginning of period		1,463,853,521			1,367,426,848
End of period	$	2,039,395,018		$	1,463,853,521

Capital Share Transactions
Dollars:
Sold	$	453,020,174		$	206,613,201
Redeemed		(14,768,045	)		(348,787,402	)
Net Increase (Decrease)	$	438,252,129		$	(142,174,201	)
Shares:
Sold		10,430,000			5,200,000
Redeemed		(330,000	)		(9,050,000	)
Net Increase (Decrease)		10,100,000			(3,850,000	)


See accompanying notes.
	17


Statement of Changes in Net Assets
Principal Exchange-Traded Funds
(unaudited)

		Principal U.S. Small-Cap ETF ^(a)
		Period ended		Year ended
		December 31, 2023		June 30, 2023
Operations
Net investment income (loss)	$	1,942,897		$	4,061,837
Net realized gain (loss)		2,501,045			(63,556,738	)
Change in unrealized appreciation (depreciation)		33,001,236			112,599,822
Net Increase (Decrease) in Net Assets Resulting from Operations		37,445,178			53,104,921

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(2,291,140	)		(6,213,838	)
Total Dividends and Distributions		(2,291,140	)		(6,213,838	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		224,777,137			(461,864,330	)
Total Increase (Decrease) in Net Assets		259,931,175			(414,973,247	)

Net Assets
Beginning of period		201,291,271			616,264,518
End of period	$	461,222,446		$	201,291,271

Capital Share Transactions
Dollars:
Sold	$	238,640,229		$	16,238,484
Redeemed		(13,863,092	)		(478,102,814	)
Net Increase (Decrease)	$	224,777,137		$	(461,864,330	)
Shares:
Sold		5,620,000			400,000
Redeemed		(330,000	)		(11,850,000	)
Net Increase (Decrease)		5,290,000			(11,450,000	)

^(a)Effective June 30, 2023, Principal U.S. Small-Cap Multi-Factor ETF changed its name to Principal U.S. Small-Cap ETF.


See accompanying notes.
	18


Statement of Changes in Net Assets
Principal Exchange-Traded Funds
(unaudited)

		Principal Value ETF
	Period ended			Year ended
	December 31, 2023			June 30, 2023
Operations
Net investment income (loss)	$	591,242		$	1,631,621
Net realized gain (loss)		(364,766	)		5,117,793
Change in unrealized appreciation (depreciation)		3,867,695			5,432,725
Net Increase (Decrease) in Net Assets Resulting from Operations		4,094,171			12,182,139

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(894,034	)		(4,060,672	)
Total Dividends and Distributions		(894,034	)		(4,060,672	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		16,310,760			(186,656,742	)
Total Increase (Decrease) in Net Assets		19,510,897			(178,535,275	)

Net Assets
Beginning of period		37,339,982			215,875,257
End of period	$	56,850,879		$	37,339,982

Capital Share Transactions
Dollars:
Sold	$	17,090,809		$	39,360,027
Redeemed		(780,049	)		(226,016,769	)
Net Increase (Decrease)	$	16,310,760		$	(186,656,742	)
Shares:
Sold		430,000			1,000,000
Redeemed		(20,000	)		(5,650,000	)
Net Increase (Decrease)		410,000			(4,650,000	)


See accompanying notes.
	19

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)

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 eleven series, Principal Active High Yield ETF, Principal Focused Blue Chip ETF, Principal Healthcare Innovators ETF, Principal Investment Grade Corporate Active ETF, Principal Quality ETF, Principal Real Estate Active Opportunities ETF, Principal Spectrum Preferred Securities Active ETF, Principal Spectrum Tax-Advantaged Dividend Active ETF, Principal U.S. Mega-Cap ETF, Principal U.S. Small-Cap 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 Focused Blue Chip ETF, Principal Healthcare Innovators ETF, Principal Quality ETF, Principal Real Estate Active Opportunities ETF, Principal U.S. Mega-Cap ETF, Principal U.S. Small-Cap ETF and Principal Value ETF which are issued and redeemed in aggregations of 20,000 shares (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 Focused Blue Chip ETF	Cboe BZX Exchange, Inc.
Principal Healthcare Innovators ETF	The Nasdaq Stock Market LLC
Principal Investment Grade Corporate Active ETF	NYSE Arca
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 U.S. Mega-Cap ETF	The Nasdaq Stock Market LLC
Principal U.S. Small-Cap ETF	The Nasdaq Stock Market LLC
Principal Value ETF	The Nasdaq Stock Market LLC

Principal Real Estate Active Opportunities ETF initial investment and commencement of operations was May 18, 2022.

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 June 30, 2023, Principal U.S. Small-Cap Multi-Factor ETF changed its name to Principal U.S. Small-Cap ETF.

Principal Focused Blue Chip ETF initial investment and commencement of operations was July 12, 2023.

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:

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)

2. Significant Accounting Policies

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 (“OTC”), 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 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 Board of Trustees, as may occasionally be necessary.

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.

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)

2. Significant Accounting Policies (continued)

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. Payment in kind ("PIK") income is computed on the value of the securities received at the contractual rate specified in each loan agreement. 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.

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 and Distributions to Shareholders. Dividends and distributions to shareholders of the Funds are recorded on the ex-dividend date. Dividends and distributions 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 and distributions 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. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as tax expense on the Statements of Operations. During the period ended

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)

2. Significant Accounting Policies (continued)

December 31, 2023, 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. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 which updates and clarifies ASU No. 2020-04. The amendments in this ASU defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024. Management expects these ASUs 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.

Tracking Basket Structure. Principal Focused Blue Chip ETF and Principal Real Estate Active Opportunities ETF operate pursuant to an exemptive order from the Securities and Exchange Commission (“SEC”) and do not publicly disclose its complete portfolio holdings each business day. Instead, the Funds publish each business day on its website a “Tracking Basket” which is designed to closely track the daily performance of the Funds but is not the Funds' actual portfolio. The Funds' Tracking Basket structure may affect the price at which shares of the Funds 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 Funds at or close to the Funds' 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

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)

3. Operating Policies (continued) 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 period ended December 31, 2023, 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 December 31, 2023, deposits with counterparty for Principal Investment Grade Corporate Active ETF and Principal Spectrum Tax-Advantaged Dividend Active ETF were $42,720 and $25,988 respectively.

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 securities.

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.

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)

3. Operating Policies (continued)

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 transactions are accounted for as secured borrowings and the remaining contractual maturity is overnight and continuous for all securities. 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.

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, LIBOR, Secured Overnight Financing Rate (“SOFR”), or a similar reference 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 statements 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 period end, the unfunded loan commitments are categorized as Level 2 within the disclosure hierarchy. As of December 31, 2023, 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.

Notes to Financial Statements

Principal Exchange-Traded Funds

December 31, 2023 (unaudited)

3. Operating Policies (continued)

As of December 31, 2023, 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

27.60

Principal U.S. Mega-Cap ETF

82.44

Principal U.S. Small-Cap ETF

85.66

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

December 31, 2023

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

(accumulated loss)

131,929

(accumulated loss)

(135,281

) *

* 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

12,111

(61,156

)

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)

3. Operating Policies (continued)

The following table includes a summary of the monthly average outstanding notional by derivative instrument type for the period ended December 31, 2023:


Contract Type	Derivative Type		Average Notional
Principal Investment Grade Corporate Active ETF
Interest rate contracts	Futures — Short	$	3,652,250
	Futures — Long		1,753,245

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, 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
December 31, 2023 (unaudited)

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 December 31, 2023, 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*	$	—	$	129,834,827	$	— $		129,834,827
Senior Floating Rate Interests*		—		8,199,632		—		8,199,632
U.S. Government & Government Agency
Obligations*		—		1,558,029		—		1,558,029
Investment Companies		10,368,019		—		—		10,368,019
Total investments in securities	$	10,368,019	$	139,592,488	$	— $		149,960,507

Principal Focused Blue Chip ETF
Common Stocks*	$	30,714,126	$	— $		— $		30,714,126
Investment Companies		68,972		—		—		68,972
Total investments in securities	$	30,783,098	$	— $		— $		30,783,098

Principal Healthcare Innovators ETF
Common Stocks*
Basic Materials	$	45,719	$	— $		— $		45,719
Consumer, Non-cyclical		48,838,460		—		3,797		48,842,257
Industrial		105,735		—		—		105,735
Technology		36,945		—		—		36,945
Investment Companies		1,816,315		—		—		1,816,315
Total investments in securities	$	50,843,174	$	— $		3,797	$	50,846,971


Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)



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 Investment Grade Corporate Active ETF
Bonds*	$	— $		69,339,351	$	— $		69,339,351
U.S. Government & Government Agency
Obligations*		—		3,111,088		—		3,111,088
Investment Companies		723,789		—		—		723,789
Total investments in securities	$	723,789	$	72,450,439	$	— $		73,174,228
Derivative Assets
Interest rate contracts
Futures	$	131,929	$	— $		— $		131,929
Derivative Liabilities
Interest rate contracts
Futures	$	(135,281	) $	— $		— $		(135,281	)

Principal Quality ETF
Common Stocks*	$	41,488,810	$	— $		— $		41,488,810
Investment Companies		120,173		—		—		120,173
Total investments in securities	$	41,608,983	$	— $		— $		41,608,983

Principal Real Estate Active Opportunities ETF
Common Stocks*	$	8,944,507	$	— $		— $		8,944,507
Investment Companies		215,103		—		—		215,103
Total investments in securities	$	9,159,610	$	— $		— $		9,159,610

Principal Spectrum Preferred Securities Active ETF
Bonds*	$	$		757,035,926	$	— $		757,035,926
Investment Companies		19,810,452		—		—		19,810,452
Total investments in securities	$	19,810,452	$	757,035,926	$	— $		776,846,378

Principal Spectrum Tax-Advantaged Dividend Active ETF
Preferred Stocks*	$	2,110,692	$	— $		— $		2,110,692
Bonds*		—		17,914,921		—		17,914,921
Investment Companies		566,838		—		—		566,838
Total investments in securities	$	2,677,530	$	17,914,921	$	— $		20,592,451

Principal U.S. Mega-Cap ETF
Common Stocks*	$	2,034,328,572	$	— $		— $		2,034,328,572
Investment Companies		7,800,738		—		—		7,800,738
Total investments in securities	$	2,042,129,310	$	— $		— $		2,042,129,310

Principal U.S. Small-Cap ETF
Common Stocks*
Basic Materials	$	10,515,201	$	— $		— $		10,515,201
Communications		17,524,435		—		—		17,524,435
Consumer, Cyclical		54,541,521		—		—		54,541,521
Consumer, Non-cyclical		105,019,321		—		3,863		105,023,184
Energy		33,453,676		—		—		33,453,676
Financial		96,633,760		—		—		96,633,760
Industrial		80,411,338		—		—		80,411,338
Technology		49,796,636		—		—		49,796,636
Utilities		12,239,612		—		—		12,239,612
Investment Companies		3,383,409		—		—		3,383,409
Total investments in securities	$	463,518,909	$	— $		3,863	$	463,522,772

Principal Value ETF
Common Stocks*	$	56,644,659	$	— $		— $		56,644,659
Investment Companies		299,350		—		—		299,350
Total investments in securities	$	56,944,009	$	— $		— $		56,944,009

* For additional detail regarding sector and/or sub-industry classifications, please see the Schedules of Investments.

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)

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	%

Fund							All Assets
Principal Active High Yield ETF							0.39	%
Principal Focused Blue Chip ETF							0.58
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 U.S. Mega-Cap ETF							0.15
Principal U.S. Small-Cap ETF							0.38
Principal Value ETF							0.15

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, 2024. No other Funds had expense limitation agreements in place during the year.

Affiliated Ownership. At December 31, 2023, Principal Financial Services, Inc., (an affiliate of the Advisor), Principal Funds, Inc., (an affiliate to the Advisor), and Principal Variable Contracts Funds, Inc., (an affiliate of the Advisor) owned Shares of the Funds as follows:


Fund	Shares
Principal Active High Yield ETF	2,194,200
Principal Focused Blue Chip ETF	198,099
Principal Real Estate Active Opportunities ETF	199,204
Principal Spectrum Tax-Advantaged Dividend Active ETF	995,521
Principal U.S. Mega-Cap ETF	35,944,800
Principal U.S. Small-Cap ETF	8,600,000

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)

6. Investment Transactions

For the period ended December 31, 2023, 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	$	34,144,276	$	20,458,917	$	—	$	1,468,794
Principal Focused Blue Chip ETF		1,915,613		1,521,182		—		—
Principal Healthcare Innovators ETF		4,383,493		4,022,929		—		—
Principal Investment Grade Corporate Active ETF		28,984,224		28,552,556		17,010,290		16,386,859
Principal Quality ETF		18,690		12,793		—		—
Principal Real Estate Active Opportunities ETF		1,041,714		1,102,594		—		—
Principal Spectrum Preferred Securities Active ETF		163,544,071		20,159,785		—		—
Principal Spectrum Tax-Advantaged Dividend Active ETF		1,945,213		2,230,256		—		—
Principal U.S. Mega-Cap ETF		2,702,538		6,201,758		—		—
Principal U.S. Small-Cap ETF		8,634,508		7,060,062		—		—
Principal Value ETF		24,526,113		24,793,238		—		—

For the period ended December 31, 2023, in-kind transactions were as follows:


Fund		Purchases		Sales
Principal Active High Yield ETF	$	26,614,996	$	—
Principal Focused Blue Chip ETF		40,926,946		14,369,163
Principal Healthcare Innovators ETF		1,778,616		5,972,183
Principal Investment Grade Corporate Active ETF		22,098,018		—
Principal Quality ETF		20,161,144		17,916,471
Principal Real Estate Active Opportunities ETF		4,412,584		1,608,088
Principal Spectrum Preferred Securities Active ETF		31,435,257		—
Principal U.S. Mega-Cap ETF		450,667,309		14,709,100
Principal U.S. Small-Cap ETF		237,664,231		13,807,791
Principal Value ETF		17,077,074		777,016

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
December 31, 2023 (unaudited)

7. Federal Tax Information

Distributions to Shareholders. The federal income tax character of distributions paid for the periods ended June 30, 2023, and December 31, 2023 was as follows:


	Ordinary Income				Long-Term Capital Gain*				Section 1250 Gain**
	Period ended				Period ended				Period ended
	December 31,		Period ended		December 31,		Period ended		December 31,		Period ended
Fund	2023		June 30, 2023		2023		June 30, 2023		2023		June 30, 2023
Principal Active High Yield ETF $	4,709,498	$	11,723,824	$	—	$	—	$	—	$	—
Principal Focused Blue Chip ETF	56,457		N/A		—		N/A		—		N/A
Principal Investment Grade
Corporate Active ETF	1,637,613		4,589,877		—		—		—		—
Principal Quality ETF	260,916		527,129		—		—		—		—
Principal Real Estate Active
Opportunities ETF	136,132		125,835		—		1,790		—		1,013
Principal Spectrum Preferred
Securities Active ETF	18,154,872		20,075,762		—		—		—		—
Principal Spectrum Tax-
Advantaged Dividend Active ETF	647,130		1,148,780		—		—		—		—
Principal U.S. Mega-Cap ETF	17,950,099		19,885,169		—		—		—		—
Principal U.S. Small-Cap ETF	2,291,140		6,213,838		—		—		—		—
Principal Value ETF	894,034		4,060,672		—		—		—		—

* 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).

** Unrecaptured Section 1250 gains are gains from the sale of depreciable property that are subject to a maximum tax rate of 25%.

Certain Funds may also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.

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

Distributable Earnings. As of June 30, 2023, the components of distributable earnings (accumulated loss) on a federal income tax basis were:


								Late Year
								Ordinary and
		Undistributed Undistributed Unrealized Post October											Other
		Ordinary	Long-Term Appreciation/ Capital Loss Capital Loss									Temporary
Fund		Income	Capital Gains (Depreciation) Deferrals Carryforward Differences*
Principal Active High Yield ETF	$	656,023	$	— $	(7,931,831	) $	— $	(16,035,217			)	$	(17,958	)
Principal Healthcare Innovators ETF		—		—	(24,621,653	)		(22,787	)	(22,118,256	)		—
Principal Investment Grade Corporate Active ETF		193,559		—	(2,771,882	)		—		(17,938,332	)		—
Principal Quality ETF		83,653		—	3,696,087			—		(12,661,189	)		—
Principal Real Estate Active Opportunities ETF		36,613		—	(471,965	)		—		(55,953	)		—
Principal Spectrum Preferred Securities Active ETF		2,357,841		—	(51,137,916	)		—		(16,867,569	)		(596,243	)
Principal Spectrum Tax-Advantaged Dividend Active ETF		80,896		—	(2,137,437	)		—		(1,079,880	)		(17,980	)
Principal U.S. Mega-Cap ETF		5,163,903		—	200,801,873			—		(93,161,857	)		—
Principal U.S. Small-Cap ETF		461,676		—	5,555,223			—		(179,558,559	)		—
Principal Value ETF		317,403		—	214,982			—		(28,330,482	)		—

*	Represents book-to-tax accounting differences.


Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)


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, 2023, 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	$	8,931,997	$	7,103,220	$	16,035,217 $ 1,874,152**
Principal Healthcare Innovators ETF		7,798,727		14,319,529		22,118,256	—
Principal Investment Grade Corporate Active ETF		6,804,194		11,134,138		17,938,332	473,238
Principal Quality ETF		11,535,823		1,125,366		12,661,189	—
Principal Real Estate Active Opportunities ETF		52,803		3,150		55,953	—
Principal Spectrum Preferred Securities Active ETF		5,405,847		11,461,722		16,867,569	—
Principal Spectrum Tax-Advantaged Dividend Active ETF		410,394		669,486		1,079,880	—
Principal U.S. Mega-Cap ETF		80,544,792		12,617,065		93,161,857	—
Principal U.S. Small-Cap ETF		136,509,426		43,049,133		179,558,559	—
Principal Value ETF		26,205,033		2,125,449		28,330,482	230,798


* In accordance with IRC Sections 381-384, a portion of certain Funds’ losses have been subjected to an annual limitation.
** Certain losses are subject to an annual limit of $1,874,152 and certain losses are subject to an additional annual limit of $6,296,672.

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, 2023, the Fund utilized capital loss carryforwards as follows:

		Short-Term		Long-Term
Fund		Utilized		Utilized
Principal Quality ETF	$	365,231	$	—
Principal Value ETF		187,203		63,135

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, 2023, the Funds intend to defer late-year capital and ordinary losses as follows:

Fund		Late Year Ordinary Loss		Post October Capital Loss
Principal Healthcare Innovators ETF	$	22,787	$	—

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, 2023, the Funds recorded reclassifications as follows:




33


Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2023 (unaudited)

7. Federal Tax Information (continued)

		Total
	Distributable Earnings
Fund	(Accumulated Loss)				Paid In Capital
Principal Active High Yield ETF	$	10,235,610		$	(10,235,610	)
Principal Healthcare Innovators ETF		(657,096	)		657,096
Principal Investment Grade Corporate Active ETF		56,092,908			(56,092,908	)
Principal Quality ETF		(1,580,891	)		1,580,891
Principal Real Estate Active Opportunities ETF		(4	)		4
Principal Spectrum Preferred Securities Active ETF		3,171,030			(3,171,030	)
Principal Spectrum Tax-Advantaged Dividend Active ETF		(1	)		1
Principal U.S. Mega-Cap ETF		(66,233,347	)		66,233,347
Principal U.S. Small-Cap ETF		31,829,343			(31,829,343	)
Principal Value ETF		(4,887,348	)		4,887,348

Federal Income Tax Basis. As of June 30, 2023, 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	$	69,282	$	(8,001,113	)	$	(7,931,831	)	$	115,099,104
Principal Healthcare Innovators ETF		5,698,445		(30,320,097	)		(24,621,652	)		80,057,611
Principal Investment Grade Corporate Active ETF		91,177		(2,863,059	)		(2,771,882	)		49,874,904
Principal Quality ETF		4,648,653		(952,566	)		3,696,087			32,984,964
Principal Real Estate Active Opportunities ETF		81,858		(553,823	)		(471,965	)		5,891,744
Principal Spectrum Preferred Securities Active ETF		1,221,182		(52,359,097	)		(51,137,915	)		621,433,289
Principal Spectrum Tax-Advantaged Dividend Active ETF		75,415		(2,212,854	)		(2,137,439	)		22,006,451
Principal U.S. Mega-Cap ETF		229,402,393		(28,600,520	)		200,801,873			1,262,477,407
Principal U.S. Small-Cap ETF		25,665,607		(20,110,384	)		5,555,223			196,399,637
Principal Value ETF		2,454,126		(2,239,144	)		214,982			37,054,324

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. There were no items requiring adjustment of the financial statements or additional disclosure.


Schedule of Investments
Principal Active High Yield ETF
December 31, 2023 (unaudited)

		Principal
BONDS — 86.68%		Amount		Value

Aerospace & Defense — 2.49%
Bombardier, Inc.
7.50%, 02/01/2029 ^(a),(b)	$	755,000	$	767,516
8.75%, 11/15/2030 ^(a)		994,000		1,058,315
Triumph Group, Inc.
7.75%, 08/15/2025 ^(b)		1,908,000		1,901,877
			$	3,727,708

Airlines — 0.05%
United Airlines 2016-1 Class B Pass-Through Trust
3.65%, 07/07/2027		87,275		82,641

Auto Manufacturers — 0.83%
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		1,016,000		972,223
4.54%, 08/01/2026		279,000		270,158
			$	1,242,381

Auto Parts & Equipment — 2.01%
Dana, Inc.
4.25%, 09/01/2030		1,605,000		1,422,555
Tenneco, Inc.
8.00%, 11/17/2028 ^(a)		1,864,000		1,591,390
			$	3,013,945

Banks — 2.89%
Barclays PLC
(5-year Treasury Constant Maturity Rate + 5.43%),
8.00%, 03/15/2029 ^(c),(d)		2,234,000		2,192,475
JPMorgan Chase & Co.
(3-month Term Secured Overnight Financing Rate + 3.13%),
4.60%, 02/01/2025 ^(c),(d)		2,222,000		2,142,719
			$	4,335,194

Building Materials — 2.41%
AmeriTex HoldCo Intermediate LLC
10.25%, 10/15/2028 ^(a)		1,274,000		1,305,850
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/2028 ^(a)		2,336,000		2,299,977
			$	3,605,827

Chemicals — 4.06%
Consolidated Energy Finance SA
5.63%, 10/15/2028 ^(a)		1,508,000		1,276,944
Kobe U.S. Midco 2, Inc.
9.25%, PIK 10.00%; 11/01/2026 ^(a),(e)		2,218,650		1,653,028
Olympus Water U.S. Holding Corp.
6.25%, 10/01/2029 ^(a),(b)		2,527,000		2,244,382
Tronox, Inc.
4.63%, 03/15/2029 ^(a)		1,029,000		911,486
			$	6,085,840

Commercial Services — 3.06%
Albion Financing 1 SARL/Aggreko Holdings, Inc.
6.13%, 10/15/2026 ^(a)		1,290,000		1,277,822
Garda World Security Corp.
6.00%, 06/01/2029 ^(a)		262,000		234,851
9.50%, 11/01/2027 ^(a)		1,345,000		1,355,960

See accompanying notes.


Schedule of Investments
Principal Active High Yield ETF
December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Commercial Services (continued)
WASH Multifamily Acquisition, Inc.
5.75%, 04/15/2026 ^(a)	$	1,778,000	$	1,711,142
			$	4,579,775

Computers — 1.43%
Seagate HDD Cayman
5.75%, 12/01/2034		815,000		782,277
9.63%, 12/01/2032		1,189,525		1,360,222
			$	2,142,499

Distribution/Wholesale — 0.36%
Verde Purchaser LLC
10.50%, 11/30/2030 ^(a)		535,000		539,093

Diversified Financial Services — 7.02%
AerCap Holdings NV
(5-year Treasury Constant Maturity Rate + 4.54%),
5.88%, 10/10/2079 ^(c)		2,228,000		2,199,923
Credit Acceptance Corp.
9.25%, 12/15/2028 ^(a)		1,271,000		1,354,823
Global Aircraft Leasing Co. Ltd.
6.50%, PIK 7.25%; 09/15/2024 ^(a),(e)		2,275,558		2,139,025
Macquarie Airfinance Holdings Ltd.
8.13%, 03/30/2029 ^(a)		1,191,000		1,244,860
8.38%, 05/01/2028 ^(a)		1,259,000		1,318,614
OneMain Finance Corp.
3.50%, 01/15/2027		167,000		154,549
4.00%, 09/15/2030		2,085,000		1,784,250
6.63%, 01/15/2028		318,000		321,033
			$	10,517,077

Electric — 3.80%
Clearway Energy Operating LLC
3.75%, 02/15/2031 ^(a)		2,416,000		2,128,039
GenOn Energy, Inc.
0.00%, 10/15/2020 ^(f),(g),(h)		3,100,000		—
NextEra Energy Operating Partners LP
7.25%, 01/15/2029 ^(a)		760,000		795,649
NRG Energy, Inc.
3.88%, 02/15/2032 ^(a)		148,000		126,695
(5-year Treasury Constant Maturity Rate + 5.92%),
10.25%, 03/15/2028 ^(a),(c),(d)		301,000		313,367
Vistra Corp.
(5-year Treasury Constant Maturity Rate + 5.74%),
7.00%, 12/15/2026 ^(a),(c),(d)		919,000		905,215
Vistra Operations Co. LLC
4.38%, 05/01/2029 ^(a)		1,524,000		1,422,668
			$	5,691,633

Electronics — 0.91%
Sensata Technologies, Inc.
3.75%, 02/15/2031 ^(a)		1,544,000		1,359,848

Entertainment — 6.33%
Boyne USA, Inc.
4.75%, 05/15/2029 ^(a)		1,980,000		1,861,981

See accompanying notes.


	Schedule of Investments
	Principal Active High Yield ETF
	December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Entertainment (continued)
CCM Merger, Inc.
6.38%, 05/01/2026 ^(a)	$	2,074,000	$	2,022,150
Churchill Downs, Inc.
5.75%, 04/01/2030 ^(a)		2,249,000		2,192,756
Cinemark USA, Inc.
5.25%, 07/15/2028 ^(a)		1,788,000		1,640,319
Lions Gate Capital Holdings LLC
5.50%, 04/15/2029 ^(a),(b)		1,816,000		1,358,550
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
7.13%, 02/15/2031 ^(a)		393,000		409,279
			$	9,485,035

Food — 2.43%
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 04/15/2025 ^(a)		1,796,000		1,787,020
Pilgrim's Pride Corp.
3.50%, 03/01/2032		1,917,000		1,620,670
4.25%, 04/15/2031		251,000		226,709
			$	3,634,399

Forest Products & Paper — 0.48%
Mercer International, Inc.
5.13%, 02/01/2029		774,000		664,827
12.88%, 10/01/2028 ^(a)		55,000		60,118
			$	724,945

Healthcare — Services — 2.71%
Acadia Healthcare Co., Inc.
5.00%, 04/15/2029 ^(a)		2,334,000		2,240,637
Tenet Healthcare Corp.
6.13%, 06/15/2030		1,800,000		1,819,957
			$	4,060,594

Home Builders — 2.32%
Adams Homes, Inc.
9.25%, 10/15/2028 ^(a)		1,424,000		1,444,118
Forestar Group, Inc.
3.85%, 05/15/2026 ^(a)		336,000		320,065
5.00%, 03/01/2028 ^(a)		1,786,000		1,718,149
			$	3,482,332

Household Products/Wares — 0.97%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.
5.00%, 12/31/2026 ^(a)		750,000		731,250
7.00%, 12/31/2027 ^(a)		750,000		716,250
			$	1,447,500

Insurance — 0.91%
Acrisure LLC/Acrisure Finance, Inc.
4.25%, 02/15/2029 ^(a)		398,000		359,374
7.00%, 11/15/2025 ^(a)		1,006,000		1,003,604
			$	1,362,978

Investment Companies — 2.62%
Compass Group Diversified Holdings LLC
5.25%, 04/15/2029 ^(a)		1,991,000		1,880,740

See accompanying notes.


Schedule of Investments
Principal Active High Yield ETF
December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Investment Companies (continued)
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/2029	$	2,445,000	$	2,041,721
			$	3,922,461

Iron & Steel — 0.97%
TMS International Corp.
6.25%, 04/15/2029 ^(a)		1,758,000		1,450,350

Leisure Time — 1.41%
Life Time, Inc.
5.75%, 01/15/2026 ^(a)		2,130,000		2,114,685

Lodging — 1.03%
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 05/15/2027 ^(a)		763,000		742,478
Wynn Macau Ltd.
5.63%, 08/26/2028 ^(a)		868,000		803,876
			$	1,546,354

Machinery — Diversified — 1.28%
Maxim Crane Works Holdings Capital LLC
11.50%, 09/01/2028 ^(a)		1,848,000		1,914,972

Media — 5.97%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/2031 ^(a)		1,750,000		1,529,378
4.75%, 02/01/2032 ^(a)		552,000		486,842
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.
5.88%, 08/15/2027 ^(a)		2,061,000		1,936,468
DISH DBS Corp.
5.13%, 06/01/2029		252,000		129,878
5.25%, 12/01/2026 ^(a)		13,284		11,381
7.38%, 07/01/2028		1,075,000		642,611
DISH Network Corp.
11.75%, 11/15/2027 ^(a)		1,523,000		1,589,794
Scripps Escrow II, Inc.
5.38%, 01/15/2031 ^(a)		652,000		478,503
Sirius XM Radio, Inc.
3.13%, 09/01/2026 ^(a)		1,494,000		1,403,867
UPC Holding BV
5.50%, 01/15/2028 ^(a)		779,000		734,387
			$	8,943,109

Mining — 1.37%
Taseko Mines Ltd.
7.00%, 02/15/2026 ^(a)		2,162,000		2,048,925

Oil & Gas — 5.15%
Aethon United BR LP/Aethon United Finance Corp.
8.25%, 02/15/2026 ^(a)		1,761,000		1,769,805
Civitas Resources, Inc.
8.63%, 11/01/2030 ^(a)		1,387,000		1,471,222
Comstock Resources, Inc.
5.88%, 01/15/2030 ^(a)		2,021,000		1,752,814
Diamond Foreign Asset Co./Diamond Finance LLC
8.50%, 10/01/2030 ^(a)		1,419,000		1,451,072

See accompanying notes.


Schedule of Investments
Principal Active High Yield ETF
December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Oil & Gas (continued)
MEG Energy Corp.
7.13%, 02/01/2027 ^(a)	$	1,244,000	$	1,264,195
			$	7,709,108

Oil & Gas Services — 0.97%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/2028 ^(a)		1,471,000		1,448,935

Packaging & Containers — 1.44%
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/2029 ^(a)		190,000		186,878
8.75%, 04/15/2030 ^(a),(b)		673,000		627,483
LABL, Inc.
5.88%, 11/01/2028 ^(a)		378,000		342,477
8.25%, 11/01/2029 ^(a)		621,000		523,193
9.50%, 11/01/2028 ^(a)		479,000		483,790
			$	2,163,821

Pharmaceuticals — 3.21%
AdaptHealth LLC
5.13%, 03/01/2030 ^(a)		1,773,000		1,383,071
BellRing Brands, Inc.
7.00%, 03/15/2030 ^(a)		1,414,000		1,463,447
Jazz Securities DAC
4.38%, 01/15/2029 ^(a)		2,104,000		1,959,697
			$	4,806,215

Pipelines — 4.50%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/2029 ^(a)		1,004,000		965,214
5.75%, 03/01/2027 ^(a)		651,000		645,946
DT Midstream, Inc.
4.13%, 06/15/2029 ^(a)		1,576,000		1,449,894
Genesis Energy LP/Genesis Energy Finance Corp.
8.25%, 01/15/2029		378,000		388,979
Hess Midstream Operations LP
4.25%, 02/15/2030 ^(a)		1,979,000		1,820,680
Venture Global LNG, Inc.
8.38%, 06/01/2031 ^(a)		130,000		129,933
9.50%, 02/01/2029 ^(a)		1,261,000		1,334,348
			$	6,734,994

REITs — 2.93%
CBL & Associates LP
0.00%, 12/15/2026 ^(f),(g),(h)		6,000,000		—
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/2026 ^(a)		1,084,000		1,018,818
3.75%, 09/15/2030 ^(a)		511,000		430,342
8.00%, 06/15/2027 ^(a)		338,000		351,974
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.75%, 06/15/2029 ^(a)		2,862,000		2,580,622
			$	4,381,756

Retail — 3.71%
Bath & Body Works, Inc.
5.25%, 02/01/2028		344,000		340,237
6.63%, 10/01/2030 ^(a)		567,000		579,504

See accompanying notes.


Schedule of Investments
Principal Active High Yield ETF
December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Retail (continued)
Bath & Body Works, Inc. (continued)
6.75%, 07/01/2036	$	297,000	$	298,876
9.38%, 07/01/2025 ^(a)		30,000		31,672
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
4.63%, 01/15/2029 ^(a)		917,000		832,058
6.75%, 01/15/2030 ^(a)		679,000		596,164
LSF9 Atlantis Holdings LLC/Victra Finance Corp.
7.75%, 02/15/2026 ^(a)		1,906,000		1,828,340
Park River Holdings, Inc.
5.63%, 02/01/2029 ^(a)		775,000		619,144
Patrick Industries, Inc.
4.75%, 05/01/2029 ^(a)		476,000		433,453
			$	5,559,448

Software — 1.42%
Open Text Corp.
3.88%, 12/01/2029 ^(a)		2,371,000		2,126,393

Telecommunications — 0.19%
Level 3 Financing, Inc.
10.50%, 05/15/2030 ^(a)		295,000		286,057

Transportation — 1.04%
Watco Cos. LLC/Watco Finance Corp.
6.50%, 06/15/2027 ^(a)		1,556,000		1,556,000
TOTAL BONDS			$	129,834,827
		Principal
SENIOR FLOATING RATE INTERESTS — 5.48%		Amount		Value

Airlines — 2.03%
AAdvantage Loyalty IP Ltd., 2021 Term Loan B
(3-month Term Secured Overnight Financing Rate + 4.75%),
10.43%, 04/20/2028	$	1,219,500	$	1,251,134
United Airlines, Inc., 2021 Term Loan B
(1-month Term Secured Overnight Financing Rate + 3.75%),
9.22%, 04/21/2028		1,776,973		1,780,917
			$	3,032,051

Auto Parts & Equipment — 0.13%
Tenneco, Inc., 2022 Term Loan B
(3-month Term Secured Overnight Financing Rate + 5.00%),
10.45%-10.47%, 11/17/2028		225,000		197,874

Forest Products & Paper — 0.82%
Spectrum Group Buyer, Inc., 2022 Term Loan B
(3-month Term Secured Overnight Financing Rate + 6.50%),
11.95%, 05/19/2028		1,368,283		1,230,087

Healthcare — Products — 0.98%
Medline Borrower LP, USD Term Loan B
(1-month Term Secured Overnight Financing Rate + 3.00%),
8.47%, 10/23/2028		1,461,307		1,467,240

Healthcare — Services — 0.91%
Star Parent, Inc., Term Loan B
(3-month Term Secured Overnight Financing Rate + 4.00%),
9.35%, 09/27/2030		1,385,000		1,367,106




See accompanying notes.	40


			Schedule of Investments
			Principal Active High Yield ETF

			December 31, 2023 (unaudited)
				Principal
SENIOR FLOATING RATE INTERESTS (continued)				Amount		Value

Mining — 0.61%
Arsenal AIC Parent LLC
	(1-month Term Secured Overnight Financing Rate + 4.50%),
	9.86%, 08/18/2030		$	902,738	$	905,274
TOTAL SENIOR FLOATING RATE INTERESTS					$	8,199,632
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS —				Principal
1.04		%		Amount		Value

U.S. Treasury — 1.04%
	3.50%, 04/30/2028		$	1,583,200	$	1,558,029
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS					$	1,558,029
INVESTMENT COMPANIES — 6.92%				Shares Held		Value

Money Market Funds — 6.92%
Principal Government Money Market Fund — Class R-6 5.26% ^(i),(j),(k)				2,025,368	$	2,025,368
State Street Institutional U.S. Government Money Market Fund — Premier Class
5.32		% ^(k)		8,342,651		8,342,651
TOTAL INVESTMENT COMPANIES					$	10,368,019
Total Investments					$	149,960,507
Other Assets and Liabilities — (0.12)%						(175,798	)

Total Net Assets — 100.00%					$	149,784,709

^(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 $106,073,460 or 70.82% 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 $1,985,351 or
	1.33% 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)	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
^(f)	Non-income producing security.
^(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⁾	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.
^(j)	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 $2,025,368 or 1.35% of net assets.
^(k)	1-day yield shown as of period end.




See accompanying notes.			41


		Schedule of Investments
		Principal Active High Yield ETF
		December 31, 2023 (unaudited)

Portfolio Summary
Sector			Percent
Consumer, Cyclical				20.23	%
Financial				16.37	%
Consumer, Non-cyclical				14.26	%
Energy				10.61	%
Industrial				9.57	%
Basic Materials				8.31	%
Money Market Funds				6.92	%
Communications				6.16	%
Utilities				3.80	%
Technology				2.85	%
Government				1.04	%
Other Assets and Liabilities				(0.12	)%
TOTAL NET ASSETS				100.00	%

		June 30, 2023	Purchases					Sales		December 31, 2023
Affiliated Securities		Value		Cost				Proceeds		Value
Principal Government Money
Market Fund — Class R-6 5.26%	$	3,219,013	$	9,073,500		$	10,267,145		$	2,025,368
	$	3,219,013	$	9,073,500		$	10,267,145		$	2,025,368

							Realized Gain
				Realized				from		Change in
			Gain/(Loss) on				Capital Gain			Unrealized
		Income ^(a)	Investments				Distributions			Gain/(Loss)
Principal Government Money
Market Fund — Class R-6 5.26%	$	—	$	—			$	—	$	—
	$	—	$	—			$	—	$	—

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

See accompanying notes.


	Schedule of Investments
	Principal Focused Blue Chip ETF
	December 31, 2023 (unaudited)

COMMON STOCKS — 99.86%		Shares Held		Value
Aerospace & Defense — 4.65%
TransDigm Group, Inc.		1,415	$	1,431,414
Commercial Services — 8.20%
CoStar Group, Inc. ^(a)		12,169		1,063,449
Moody's Corp.		1,984		774,871
S&P Global, Inc.		1,551		683,246
			$	2,521,566
Diversified Financial Services — 13.02%
Charles Schwab Corp.		6,607		454,562
Mastercard, Inc., Class A		5,099		2,174,774
Visa, Inc., Class A		5,277		1,373,867
			$	4,003,203
Healthcare — Products — 4.49%
Danaher Corp.		5,966		1,380,174
Insurance — 4.14%
Progressive Corp.		7,992		1,272,966
Internet — 23.71%
Alphabet, Inc., Class C ^(a)		24,975		3,519,727
Amazon.com, Inc. ^(a)		22,262		3,382,488
Netflix, Inc. ^(a)		800		389,504
			$	7,291,719
Lodging — 2.74%
Hilton Worldwide Holdings, Inc.		4,622		841,620
Pharmaceuticals — 1.78%
Zoetis, Inc.		2,774		547,504
Private Equity — 4.67%
Brookfield Corp., Class A		35,833		1,437,620
REITs — 3.38%
American Tower Corp.		4,820		1,040,542
Retail — 1.57%
O'Reilly Automotive, Inc. ^(a)		509		483,591
Software — 24.42%
Adobe, Inc. ^(a)		2,247		1,340,560
Intuit, Inc.		1,826		1,141,305
Microsoft Corp.		11,135		4,187,205
Roper Technologies, Inc.		1,546		842,833
			$	7,511,903
Transportation — 3.09%
Union Pacific Corp.		3,869		950,304
TOTAL COMMON STOCKS			$	30,714,126
INVESTMENT COMPANIES — 0.22%		Shares Held		Value
Money Market Fund — 0.22%
State Street Institutional U.S. Government Money Market Fund — Premier Class
5.32% ^(b)		68,972	$	68,972
TOTAL INVESTMENT COMPANIES			$	68,972




See accompanying notes.	43


			Schedule of Investments
			Principal Focused Blue Chip ETF
			December 31, 2023 (unaudited)

Total Investments									$	30,783,098
Other Assets and Liabilities — (0.08)%										(25,294	)
Total Net Assets — 100.00%									$	30,757,804

^(a)	Non-income producing security.
^(b)	1-day yield shown as of period end.

	Portfolio Summary
Sector				Percent
Financial					25.21	%
Technology					24.42	%
Communications					23.71	%
Consumer, Non-cyclical					14.47	%
Industrial					7.74	%
Consumer, Cyclical					4.31	%
Money Market Fund					0.22	%
Other Assets and Liabilities					(0.08	)%
TOTAL NET ASSETS					100.00	%

			June 30, 2023	Purchases				Sales		December 31, 2023
Affiliated Securities			Value		Cost			Proceeds		Value
Principal Government Money
Market Fund — Class R-6 5.26%		$	—	$	18,250		$	18,250	$	—
		$	—	$	18,250		$	18,250	$	—

							Realized Gain
					Realized			from		Change in
				Gain/(Loss) on			Capital Gain			Unrealized
			Income ^(a)	Investments			Distributions			Gain/(Loss)
Principal Government Money
Market Fund — Class R-6 5.26%		$	—	$	—		$	—	$	—
		$	—	$	—		$	—	$	—

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




See accompanying notes.				44


	Schedule of Investments
	Principal Healthcare Innovators ETF
	December 31, 2023 (unaudited)

COMMON STOCKS — 99.86%		Shares Held		Value

Biotechnology — 64.66%
2seventy bio, Inc. ^(a),(b)		9,767	$	41,705
4D Molecular Therapeutics, Inc. ^(a)		5,129		103,914
Aadi Bioscience, Inc. ^(a)		6,180		12,484
ACADIA Pharmaceuticals, Inc. ^(a)		20,061		628,110
Adicet Bio, Inc. ^(a)		8,366		15,812
ADMA Biologics, Inc. ^(a)		33,510		151,465
Aerovate Therapeutics, Inc. ^(a)		4,316		97,671
Agenus, Inc. ^(a)		51,688		42,793
Akero Therapeutics, Inc. ^(a)		6,014		140,427
Allogene Therapeutics, Inc. ^(a)		22,716		72,918
Allovir, Inc. ^(a)		16,532		11,238
Alnylam Pharmaceuticals, Inc. ^(a)		7,844		1,501,420
Amicus Therapeutics, Inc. ^(a)		35,119		498,339
AnaptysBio, Inc. ^(a)		4,475		95,854
Anavex Life Sciences Corp. ^(a),(b)		12,525		116,608
ANI Pharmaceuticals, Inc. ^(a)		2,737		150,918
Apellis Pharmaceuticals, Inc. ^(a)		13,482		807,033
Arbutus Biopharma Corp. ^(a)		29,306		73,265
Arcellx, Inc. ^(a)		6,219		345,154
Arcturus Therapeutics Holdings, Inc. ^(a)		4,084		128,769
Arcus Biosciences, Inc. ^(a)		9,819		187,543
Arcutis Biotherapeutics, Inc. ^(a),(b)		8,700		28,101
Arrowhead Pharmaceuticals, Inc. ^(a)		13,370		409,122
Atara Biotherapeutics, Inc. ^(a)		19,457		9,978
Atea Pharmaceuticals, Inc. ^(a)		17,813		54,330
Aurinia Pharmaceuticals, Inc. ^(a)		19,050		171,259
Avidity Biosciences, Inc. ^(a)		10,175		92,084
Axsome Therapeutics, Inc. ^(a)		5,391		429,070
Beam Therapeutics, Inc. ^(a),(b)		9,235		251,377
Bio-Rad Laboratories, Inc., Class A ^(a)		3,405		1,099,440
BioCryst Pharmaceuticals, Inc. ^(a)		25,453		152,463
Biohaven Ltd. ^(a)		9,830		420,724
Bluebird Bio, Inc. ^(a)		19,796		27,318
Blueprint Medicines Corp. ^(a)		7,474		689,402
Bridgebio Pharma, Inc. ^(a)		20,889		843,289
C4 Therapeutics, Inc. ^(a)		14,753		83,354
Cara Therapeutics, Inc. ^(a)		11,525		8,563
Caribou Biosciences, Inc. ^(a)		13,439		77,005
Cassava Sciences, Inc. ^(a),(b)		6,013		135,353
Cassava Sciences, Inc.-Warrants		2,441		—
Celldex Therapeutics, Inc. ^(a)		6,204		246,051
Cerevel Therapeutics Holdings, Inc. ^(a)		19,052		807,805
Chinook Therapeutics, Inc. ^(a),(c)		9,493		3,797
Cogent Biosciences, Inc. ^(a)		10,079		59,265
Crinetics Pharmaceuticals, Inc. ^(a)		7,796		277,382
Cullinan Oncology, Inc. ^(a)		7,446		75,875
Cytokinetics, Inc. ^(a)		11,678		974,996
Day One Biopharmaceuticals, Inc. ^(a)		10,541		153,899
Deciphera Pharmaceuticals, Inc. ^(a)		10,668		172,075
Denali Therapeutics, Inc. ^(a)		16,841		361,408
Design Therapeutics, Inc. ^(a)		10,649		28,220
Dyne Therapeutics, Inc. ^(a)		8,992		119,594
Edgewise Therapeutics, Inc. ^(a)		11,021		120,570
Editas Medicine, Inc. ^(a)		11,419		115,674
Emergent BioSolutions, Inc. ^(a)		7,468		17,923
Erasca, Inc. ^(a)		26,524		56,496
Esperion Therapeutics, Inc. ^(a),(b)		33,633		100,563
Evolus, Inc. ^(a)		9,606		101,151

See accompanying notes.


	Schedule of Investments
	Principal Healthcare Innovators ETF
	December 31, 2023 (unaudited)

COMMON STOCKS (continued)		Shares Held		Value

Biotechnology (continued)
Fate Therapeutics, Inc. ^(a)		16,589	$	62,043
FibroGen, Inc. ^(a)		11,122		9,857
Geron Corp. ^(a)		69,154		145,915
Gossamer Bio, Inc. ^(a)		34,543		31,520
Ideaya Biosciences, Inc. ^(a)		7,474		265,925
IGM Biosciences, Inc. ^(a),(b)		5,599		46,528
Illumina, Inc. ^(a)		7,180		999,743
ImmunityBio, Inc. ^(a),(b)		60,740		304,915
ImmunoGen, Inc. ^(a)		32,682		969,021
Immunovant, Inc. ^(a)		16,808		708,121
Inhibrx, Inc. ^(a)		6,353		241,414
Inovio Pharmaceuticals, Inc. ^(a),(b)		68,349		34,858
Insmed, Inc. ^(a)		17,241		534,299
Intellia Therapeutics, Inc. ^(a)		10,882		331,792
Intra-Cellular Therapies, Inc. ^(a)		11,404		816,754
Ionis Pharmaceuticals, Inc. ^(a)		17,197		869,996
Iovance Biotherapeutics, Inc. ^(a)		30,769		250,152
Karuna Therapeutics, Inc. ^(a)		4,421		1,399,291
Karyopharm Therapeutics, Inc. ^(a)		17,517		15,152
Keros Therapeutics, Inc. ^(a)		3,910		155,462
Kezar Life Sciences, Inc. ^(a)		17,153		16,251
Kiniksa Pharmaceuticals Ltd., Class A ^(a)		6,451		113,151
Kodiak Sciences, Inc. ^(a)		12,386		37,653
Krystal Biotech, Inc. ^(a)		3,303		409,770
Kymera Therapeutics, Inc. ^(a)		7,161		182,319
Ligand Pharmaceuticals, Inc. ^(a)		2,333		166,623
Liquidia Corp. ^(a)		11,552		138,971
MacroGenics, Inc. ^(a)		11,219		107,927
Mersana Therapeutics, Inc. ^(a)		19,123		44,365
Mineralys Therapeutics, Inc. ^(a),(b)		6,383		54,894
Mirati Therapeutics, Inc. ^(a)		7,338		431,107
Mural Oncology PLC ^(a)		1,913		11,325
Myriad Genetics, Inc. ^(a)		10,604		202,961
Nektar Therapeutics ^(a)		52,012		29,387
NGM Biopharmaceuticals, Inc. ^(a)		14,395		12,365
Nkarta, Inc. ^(a),(b)		11,995		79,167
Novavax, Inc. ^(a),(b)		13,704		65,779
Nurix Therapeutics, Inc. ^(a)		8,134		83,943
Nuvalent, Inc., Class A ^(a)		6,717		494,304
Phathom Pharmaceuticals, Inc. ^(a),(b)		7,525		68,703
Praxis Precision Medicines, Inc. ^(a)		2,079		46,320
Precigen, Inc. ^(a),(b)		50,251		67,336
Prime Medicine, Inc. ^(a),(b)		13,328		118,086
Prothena Corp. PLC ^(a)		6,564		238,536
PTC Therapeutics, Inc. ^(a)		8,999		248,012
RAPT Therapeutics, Inc. ^(a)		5,386		133,842
Recursion Pharmaceuticals, Inc., Class A ^(a)		26,074		257,090
REGENXBIO, Inc. ^(a)		6,493		116,549
Relay Therapeutics, Inc. ^(a)		16,190		178,252
Replimune Group, Inc. ^(a)		8,481		71,495
REVOLUTION Medicines, Inc. ^(a)		13,209		378,834
Rigel Pharmaceuticals, Inc. ^(a)		45,790		66,396
Rocket Pharmaceuticals, Inc. ^(a)		10,663		319,570
Sage Therapeutics, Inc. ^(a)		7,462		161,702
Sana Biotechnology, Inc. ^(a)		27,441		111,959
Sangamo Therapeutics, Inc. ^(a)		32,018		17,395
Sarepta Therapeutics, Inc. ^(a)		10,331		996,218
Scilex Holding Co. ^(a)		10,078		20,559

See accompanying notes.


	Schedule of Investments
	Principal Healthcare Innovators ETF
	December 31, 2023 (unaudited)

COMMON STOCKS (continued)		Shares Held		Value

Biotechnology (continued)
Seer, Inc. ^(a)		13,637	$	26,456
SpringWorks Therapeutics, Inc. ^(a)		8,374		305,651
Stoke Therapeutics, Inc. ^(a),(b)		8,366		44,005
Sutro Biopharma, Inc. ^(a)		12,329		52,891
Syndax Pharmaceuticals, Inc. ^(a)		9,204		198,898
TG Therapeutics, Inc. ^(a)		18,106		309,250
Theravance Biopharma, Inc. ^(a),(b)		9,914		111,433
Theseus Pharmaceuticals, Inc. ^(a)		7,678		31,096
Travere Therapeutics, Inc. ^(a)		9,736		87,527
Twist Bioscience Corp. ^(a)		8,611		317,401
Ultragenyx Pharmaceutical, Inc. ^(a)		8,743		418,090
Ventyx Biosciences, Inc. ^(a)		7,102		17,542
Vera Therapeutics, Inc. ^(a)		9,198		141,465
Veracyte, Inc. ^(a)		9,525		262,033
Vericel Corp. ^(a)		6,370		226,836
Verve Therapeutics, Inc. ^(a)		8,797		122,630
Vir Biotechnology, Inc. ^(a)		16,441		165,396
Viridian Therapeutics, Inc. ^(a)		5,892		128,328
Xencor, Inc. ^(a)		7,890		167,505
Zentalis Pharmaceuticals, Inc. ^(a)		8,188		124,048
			$	31,748,771

Chemicals — 0.09%
Codexis, Inc. ^(a)		14,990		45,719

Healthcare — Products — 21.92%
10X Genomics, Inc., Class A ^(a)		11,692		654,284
Adaptive Biotechnologies Corp. ^(a)		19,783		96,937
Alphatec Holdings, Inc. ^(a)		14,709		222,253
AngioDynamics, Inc. ^(a)		8,046		63,081
Artivion, Inc. ^(a)		6,633		118,598
AtriCure, Inc. ^(a)		6,032		215,282
Axogen, Inc. ^(a)		7,816		53,383
Axonics, Inc. ^(a)		6,215		386,759
Azenta, Inc. ^(a)		8,605		560,530
BioLife Solutions, Inc. ^(a)		6,414		104,227
Bionano Genomics, Inc. ^(a)		6,868		12,981
Butterfly Network, Inc. ^(a),(b)		31,286		33,789
CareDx, Inc. ^(a)		9,457		113,484
Cerus Corp. ^(a)		32,991		71,261
Cutera, Inc. ^(a),(b)		3,117		10,987
Exact Sciences Corp. ^(a)		20,984		1,552,396
Glaukos Corp. ^(a)		6,077		483,061
ICU Medical, Inc. ^(a)		2,915		290,742
Inari Medical, Inc. ^(a)		6,656		432,107
Inogen, Inc. ^(a)		5,207		28,586
Inspire Medical Systems, Inc. ^(a)		3,441		700,003
iRhythm Technologies, Inc. ^(a)		3,677		393,586
MaxCyte, Inc. ^(a)		17,484		82,175
MiMedx Group, Inc. ^(a)		20,731		181,811
NanoString Technologies, Inc. ^(a),(b)		7,231		5,412
Natera, Inc. ^(a)		13,534		847,770
Nevro Corp. ^(a)		4,947		106,459
Novocure Ltd. ^(a)		12,571		187,685
OmniAb, Inc. ^(a)		20,648		127,398
OmniAb, Inc., Earnout Shares ^(a)		977		—
OmniAb, Inc., Earnout Shares ^(a)		977		—
Orthofix Medical, Inc. ^(a)		5,812		78,346
OrthoPediatrics Corp. ^(a)		3,223		104,780

See accompanying notes.


	Schedule of Investments
	Principal Healthcare Innovators ETF
	December 31, 2023 (unaudited)

COMMON STOCKS (continued)		Shares Held		Value

Healthcare — Products (continued)
Pacific Biosciences of California, Inc. ^(a)		30,983	$	303,943
Paragon 28, Inc. ^(a)		11,694		145,356
PROCEPT BioRobotics Corp. ^(a)		5,938		248,862
Pulmonx Corp. ^(a)		6,613		84,316
Quanterix Corp. ^(a)		6,493		177,519
Quantum-Si, Inc. ^(a),(b)		30,490		61,285
RxSight, Inc. ^(a)		5,492		221,437
SI-BONE, Inc. ^(a)		5,313		111,520
Silk Road Medical, Inc. ^(a)		4,800		58,896
SomaLogic, Inc. ^(a)		29,928		75,718
Surmodics, Inc. ^(a)		2,808		102,071
Tactile Systems Technology, Inc. ^(a)		4,334		61,976
Tandem Diabetes Care, Inc. ^(a)		8,480		250,838
TransMedics Group, Inc. ^(a)		4,021		317,378
Treace Medical Concepts, Inc. ^(a)		8,324		106,131
Zimvie, Inc. ^(a)		6,480		115,020
			$	10,762,419

Healthcare — Services — 0.21%
Inotiv, Inc. ^(a)		8,621		31,639
Nano-X Imaging Ltd. ^(a),(b)		11,057		70,433
			$	102,072

Pharmaceuticals — 12.69%
AbCellera Biologics, Inc. ^(a),(b)		37,017		211,367
Aclaris Therapeutics, Inc. ^(a)		10,297		10,812
Agios Pharmaceuticals, Inc. ^(a)		7,612		169,519
Alector, Inc. ^(a)		13,838		110,427
Alkermes PLC ^(a)		19,859		550,889
Amneal Pharmaceuticals, Inc. ^(a)		34,947		212,128
Amylyx Pharmaceuticals, Inc. ^(a)		8,586		126,386
Anika Therapeutics, Inc. ^(a)		2,860		64,808
Arvinas, Inc. ^(a)		7,121		293,100
Bioxcel Therapeutics, Inc. ^(a)		4,362		12,868
Coherus Biosciences, Inc. ^(a),(b)		11,992		39,933
Collegium Pharmaceutical, Inc. ^(a)		5,153		158,609
Elanco Animal Health, Inc. ^(a)		59,336		884,106
Enanta Pharmaceuticals, Inc. ^(a)		3,027		28,484
Fulcrum Therapeutics, Inc. ^(a)		17,993		121,453
Heron Therapeutics, Inc. ^(a),(b)		24,061		40,904
KalVista Pharmaceuticals, Inc. ^(a)		7,639		93,578
Kura Oncology, Inc. ^(a)		10,462		150,443
Lyell Immunopharma, Inc. ^(a),(b)		41,055		79,647
Madrigal Pharmaceuticals, Inc. ^(a)		2,178		503,946
MannKind Corp. ^(a)		37,347		135,943
Mirum Pharmaceuticals, Inc. ^(a)		5,409		159,674
Morphic Holding, Inc. ^(a)		5,180		149,598
Ocugen, Inc. ^(a)		68,489		39,381
Ocular Therapeutix, Inc. ^(a)		12,720		56,731
Perrigo Co. PLC		16,306		524,727
PMV Pharmaceuticals, Inc. ^(a)		10,767		33,378
Protagonist Therapeutics, Inc. ^(a)		7,656		175,552
Revance Therapeutics, Inc. ^(a)		10,521		92,480
Senseonics Holdings, Inc. ^(a),(b)		95,655		54,533
Seres Therapeutics, Inc. ^(a),(b)		17,224		24,114
SIGA Technologies, Inc.		14,050		78,680
Vaxcyte, Inc. ^(a)		11,177		701,916
Xeris Biopharma Holdings, Inc. ^(a)		29,369		69,017

See accompanying notes.


		Schedule of Investments
		Principal Healthcare Innovators ETF
		December 31, 2023 (unaudited)

COMMON STOCKS (continued)				Shares Held		Value

Pharmaceuticals (continued)
Y-mAbs Therapeutics, Inc. ^(a)				10,244	$	69,864
					$	6,228,995

Software — 0.07%
Outset Medical, Inc. ^(a)				6,829		36,945
Transportation — 0.22%
CryoPort, Inc. ^(a)				6,826		105,735
TOTAL COMMON STOCKS					$	49,030,656
INVESTMENT COMPANIES — 3.70%				Shares Held		Value

Money Market Funds — 3.70%
Principal Government Money Market Fund — Class R-6 5.26% ^(d),(e),(f)				1,741,806	$	1,741,806
State Street Institutional U.S. Government Money Market Fund — Premier Class
5.32% ^(f)				74,509		74,509
TOTAL INVESTMENT COMPANIES					$	1,816,315
Total Investments					$	50,846,971
Other Assets and Liabilities — (3.56)%						(1,746,764	)
Total Net Assets — 100.00%					$	49,100,207

^(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 $1,523,896 or
	3.10% of net assets.
^(c)	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.
^(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 $1,741,806 or 3.55% of net assets.
^(f)	1-day yield shown as of period end.

	Portfolio Summary
Sector		Percent
Consumer, Non-cyclical		99.47	%
Money Market Funds		3.70	%
Industrial		0.22	%
Basic Materials		0.09	%
Technology		0.08	%
Other Assets and Liabilities		(3.56	)%
TOTAL NET ASSETS		100.00	%




See accompanying notes.		49


Schedule of Investments
Principal Investment Grade Corporate Active ETF
December 31, 2023 (unaudited)

		Principal
BONDS — 94.76%		Amount		Value

Aerospace & Defense — 3.74%
Boeing Co.
3.25%, 02/01/2028	$	636,000	$	603,425
5.71%, 05/01/2040		555,000		573,834
Lockheed Martin Corp.
5.70%, 11/15/2054		276,000		310,500
RTX Corp.
4.13%, 11/16/2028		1,058,000		1,033,639
6.10%, 03/15/2034		197,000		213,793
			$	2,735,191

Airlines — 2.86%
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.75%, 10/20/2028 ^(a)		983,262		967,027
United Airlines 2016-2 Class A Pass-Through Trust
3.10%, 04/07/2030		1,286,968		1,122,357
			$	2,089,384

Auto Manufacturers — 1.22%
Hyundai Capital America
6.50%, 01/16/2029 ^(a)		507,000		535,235
Mercedes-Benz Finance North America LLC
4.80%, 03/30/2028 ^(a)		355,000		358,424
			$	893,659

Banks — 19.14%
Bank of America Corp.
(6-month Secured Overnight Financing Rate + 1.84%),
5.87%, 09/15/2034		2,536,000		2,654,609
Bank of New York Mellon Corp.
(6-month Secured Overnight Financing Rate + 1.61%),
4.97%, Series J; 04/26/2034 ^(b)		548,000		545,294
Citigroup, Inc.
(6-month Secured Overnight Financing Rate + 1.55%),
5.61%, 09/29/2026 ^(b)		1,189,000		1,197,662
JPMorgan Chase & Co.
(6-month Secured Overnight Financing Rate + 1.81%),
6.25%, 10/23/2034 ^(b)		2,561,000		2,776,091
Morgan Stanley
(6-month Secured Overnight Financing Rate + 2.05%),
6.63%, 11/01/2034 ^(b)		2,285,000		2,529,617
State Street Corp.
(6-month Secured Overnight Financing Rate + 1.48%),
5.68%, 11/21/2029		862,000		891,306
Truist Financial Corp.
(6-month Secured Overnight Financing Rate + 1.63%),
5.90%, 10/28/2026 ^(b),(c)		330,000		332,712
(6-month Secured Overnight Financing Rate + 2.45%),
7.16%, 10/30/2029 ^(b)		340,000		367,211
UBS Group AG
(1-year Treasury Constant Maturity Rate + 1.75%),
4.75%, 05/12/2028 ^(a),(b)		1,194,000		1,175,840
Wells Fargo & Co.
(6-month Secured Overnight Financing Rate + 2.10%),
2.39%, 06/02/2028 ^(b)		1,674,000		1,533,258
			$	14,003,600

See accompanying notes.


	Schedule of Investments
Principal Investment Grade Corporate Active ETF
	December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Beverages — 3.76%
Anheuser-Busch InBev Worldwide, Inc.
3.50%, 06/01/2030	$	737,000	$	701,171
4.38%, 04/15/2038		800,000		758,659
Constellation Brands, Inc.
4.75%, 05/09/2032		614,000		611,633
PepsiCo, Inc.
1.40%, 02/25/2031		192,000		158,768
3.90%, 07/18/2032		187,000		182,919
4.20%, 07/18/2052		365,000		337,819
			$	2,750,969

Biotechnology — 0.89%
Amgen, Inc.
5.25%, 03/02/2030		262,000		269,335
5.60%, 03/02/2043		368,000		380,258
			$	649,593

Commercial Services — 1.13%
CoStar Group, Inc.
2.80%, 07/15/2030 ^(a)		973,000		826,991

Computers — 0.76%
Apple, Inc.
3.95%, 08/08/2052		639,000		559,249

Diversified Financial Services — 1.08%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.00%, 10/29/2028		487,000		444,626
3.85%, 10/29/2041		790		636
Blackstone Holdings Finance Co. LLC
2.85%, 08/05/2051 ^(a)		546,342		346,021
			$	791,283

Electric — 10.78%
Alliant Energy Finance LLC
5.95%, 03/30/2029 ^(a)		113,000		117,483
Commonwealth Edison Co.
4.00%, 03/01/2049		691,000		579,068
Consolidated Edison Co. of New York, Inc.
5.90%, 11/15/2053		122,000		134,161
Duke Energy Carolinas LLC
3.75%, 06/01/2045		548,000		438,669
Duke Energy Florida LLC
6.20%, 11/15/2053		158,000		180,688
Entergy Louisiana LLC
4.95%, 01/15/2045		548,000		501,104
FirstEnergy Corp.
5.10%, Series C; 07/15/2047		412,000		377,173
Florida Power & Light Co.
3.95%, 03/01/2048		412,000		350,098
ITC Holdings Corp.
3.65%, 06/15/2024		580,000		573,189
Kentucky Utilities Co.
4.38%, 10/01/2045		355,000		305,963
Louisville Gas & Electric Co.
5.45%, Series LOU; 04/15/2033		202,000		210,401
MidAmerican Energy Co.
4.40%, 10/15/2044		548,000		489,834

See accompanying notes.


	Schedule of Investments
	Principal Investment Grade Corporate Active ETF
	December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Electric (continued)
Monongahela Power Co.
3.55%, 05/15/2027 ^(a)	$	428,000	$	409,682
Northern States Power Co.
5.10%, 05/15/2053		299,000		301,434
NRG Energy, Inc.
2.00%, 12/02/2025 ^(a)		554,000		519,404
Pacific Gas & Electric Co.
2.95%, 03/01/2026		1,054,000		998,316
WEC Energy Group, Inc.
1.38%, 10/15/2027		1,115,000		985,523
5.00%, 09/27/2025		415,000		414,118
			$	7,886,308

Entertainment — 1.33%
Warnermedia Holdings, Inc.
4.28%, 03/15/2032		1,060,000		970,116

Environmental Control — 1.59%
Waste Connections, Inc.
4.20%, 01/15/2033		771,000		748,616
Waste Management, Inc.
4.63%, 02/15/2030		412,000		416,652
			$	1,165,268

Food — 2.58%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
4.38%, 02/02/2052		469,000		349,144
Kraft Heinz Foods Co.
4.88%, 10/01/2049		553,000		523,976
Mars, Inc.
2.38%, 07/16/2040 ^(a)		489,000		350,783
Pilgrim's Pride Corp.
3.50%, 03/01/2032		786,000		664,500
Sysco Corp.
3.15%, 12/14/2051		736		527
			$	1,888,930

Gas — 1.82%
NiSource, Inc.
0.95%, 08/15/2025		1,339,000		1,252,043
5.25%, 03/30/2028		76,000		77,491
			$	1,329,534

Healthcare — Products — 1.88%
Abbott Laboratories
4.90%, 11/30/2046		370,000		378,060
Boston Scientific Corp.
2.65%, 06/01/2030		1,119,000		999,147
			$	1,377,207

Healthcare — Services — 2.36%
Centene Corp.
2.45%, 07/15/2028		1,199,000		1,067,829
UnitedHealth Group, Inc.
2.75%, 05/15/2040		564,000		427,028

See accompanying notes.


	Schedule of Investments
Principal Investment Grade Corporate Active ETF
	December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Healthcare — Services (continued)
UnitedHealth Group, Inc. (continued)
5.88%, 02/15/2053	$	206,000	$	233,312
			$	1,728,169

Insurance — 4.36%
Arthur J Gallagher & Co.
2.40%, 11/09/2031		689,000		567,106
6.75%, 02/15/2054		619,000		722,237
Chubb INA Holdings, Inc.
3.35%, 05/03/2026		563,000		547,715
Everest Reinsurance Holdings, Inc.
3.13%, 10/15/2052		495,000		338,814
Markel Group, Inc.
4.30%, 11/01/2047		492,000		401,298
MetLife, Inc.
5.00%, 07/15/2052		273,000		270,897
New York Life Insurance Co.
3.75%, 05/15/2050 ^(a)		428,000		342,253
			$	3,190,320

Internet — 2.11%
Amazon.com, Inc.
4.55%, 12/01/2027		1,182,000		1,200,089
Netflix, Inc.
4.88%, 04/15/2028		89,000		90,190
5.88%, 11/15/2028 ^(c)		241,000		253,721
			$	1,544,000

Media — 1.46%
Comcast Corp.
3.97%, 11/01/2047		634,000		532,031
4.80%, 05/15/2033		299,000		302,695
Paramount Global
4.20%, 05/19/2032 ^(c)		266,000		237,406
			$	1,072,132

Mining — 0.77%
Glencore Funding LLC
6.13%, 10/06/2028 ^(a)		540,000		565,710

Packaging & Containers — 0.73%
Packaging Corp. of America
5.70%, 12/01/2033		507,000		533,709

Pharmaceuticals — 7.69%
AbbVie, Inc.
3.20%, 11/21/2029		566,000		529,091
4.05%, 11/21/2039		838,000		756,669
Astrazeneca Finance LLC
4.88%, 03/03/2033		199,000		205,792
Becton Dickinson & Co.
3.70%, 06/06/2027		1,468,000		1,422,560
Bristol-Myers Squibb Co.
4.13%, 06/15/2039		412,000		371,234
CVS Health Corp.
5.13%, 02/21/2030		360,000		365,583
5.30%, 06/01/2033		370,000		379,701

See accompanying notes.


	Schedule of Investments
Principal Investment Grade Corporate Active ETF
	December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Pharmaceuticals (continued)
Eli Lilly & Co.
4.70%, 02/27/2033	$	282,000	$	289,175
Pfizer Investment Enterprises Pte. Ltd.
5.11%, 05/19/2043		287,000		285,979
Zoetis, Inc.
3.90%, 08/20/2028		1,044,000		1,021,560
			$	5,627,344

Pipelines — 4.38%
Energy Transfer LP
3.75%, 05/15/2030		709,000		658,397
5.15%, 03/15/2045		483,000		442,851
Enterprise Products Operating LLC
3.13%, 07/31/2029		1,134,000		1,060,651
MPLX LP
4.88%, 12/01/2024		555,000		551,833
Sabine Pass Liquefaction LLC
5.00%, 03/15/2027		488,000		490,106
			$	3,203,838

REITs — 2.84%
Crown Castle, Inc.
5.80%, 03/01/2034		507,000		524,745
Invitation Homes Operating Partnership LP
2.00%, 08/15/2031		416,000		331,037
Kimco Realty OP LLC
3.20%, 04/01/2032		776,000		675,216
Realty Income Corp.
3.10%, 12/15/2029		70		64
Spirit Realty LP
3.20%, 02/15/2031		624,000		550,821
			$	2,081,883

Retail — 0.29%
Walmart, Inc.
4.50%, 04/15/2053		218,000		211,821

Semiconductors — 1.78%
Broadcom, Inc.
3.63%, 10/15/2024		580,000		571,824
4.11%, 09/15/2028		497,000		485,243
Micron Technology, Inc.
6.75%, 11/01/2029		228,000		246,374
			$	1,303,441

Software — 5.49%
Fiserv, Inc.
4.40%, 07/01/2049		490,000		431,891
Intuit, Inc.
5.50%, 09/15/2053		236,000		258,092
Microsoft Corp.
2.53%, 06/01/2050		764,000		521,562
Oracle Corp.
2.80%, 04/01/2027		412,000		388,615
4.00%, 07/15/2046		412,000		330,236
6.15%, 11/09/2029		213,000		229,135

See accompanying notes.


		Schedule of Investments
	Principal Investment Grade Corporate Active ETF
		December 31, 2023 (unaudited)

			Principal
BONDS (continued)			Amount		Value
Software (continued)
Take-Two Interactive Software, Inc.
	4.00%, 04/14/2032	$	636,000	$	603,938
VMware LLC
	4.65%, 05/15/2027		1,263,000		1,252,191
				$	4,015,660

Telecommunications — 3.68%
AT&T, Inc.
	3.50%, 09/15/2053		1,693,000		1,228,622
T-Mobile USA, Inc.
	3.38%, 04/15/2029		1,343,000		1,247,786
	6.00%, 06/15/2054		195,000		213,848
				$	2,690,256

Transportation — 0.50%
Norfolk Southern Corp.
	5.35%, 08/01/2054		350,000		363,734
Trucking & Leasing — 0.89%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	3.45%, 07/01/2024 ^(a)		580,000		572,943
	6.20%, 06/15/2030 ^(a)		78,000		81,860
				$	654,803

Water — 0.87%
Essential Utilities, Inc.
	2.40%, 05/01/2031		762,000		635,249
TOTAL BONDS				$	69,339,351
U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS —			Principal
4.25%			Amount		Value
U.S. Treasury - 4.25%
	4.13%, 08/15/2053		1,035,200	$	1,046,361
	4.50%, 11/15/2033		1,966,700		2,064,727
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY OBLIGATIONS				$	3,111,088
INVESTMENT COMPANIES — 0.99%			Shares Held		Value
Money Market Funds — 0.99%
Principal Government Money Market Fund — Class R-6 5.26% ^(d),(e),(f)			476,560	$	476,560
State Street Institutional U.S. Government Money Market Fund — Premier Class
5.32% ^(f)			247,229		247,229
TOTAL INVESTMENT COMPANIES				$	723,789
Total Investments				$	73,174,228
Other Assets and Liabilities — (0.00)%					(2,439	)
Total Net Assets — 100.00%				$	73,171,789

^(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 $7,169,656 or 9.80% 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 $466,800 or
	0.64% of net assets.




See accompanying notes.		56


			Schedule of Investments
	Principal Investment Grade Corporate Active ETF
			December 31, 2023 (unaudited)

^(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 $476,560 or 0.65% of net assets.
^(f)	1-day yield shown as of period end.

	Portfolio Summary
Sector				Percent
Financial					27.43	%
Consumer, Non-cyclical					20.30	%
Utilities					13.46	%
Technology					8.03	%
Industrial					7.45	%
Communications					7.25	%
Consumer, Cyclical					5.69	%
Energy					4.38	%
Government					4.25	%
Money Market Funds					0.99	%
Basic Materials					0.77	%
Other Assets and Liabilities					(0.00	)%
TOTAL NET ASSETS					100.00	%

			June 30, 2023	Purchases					Sales		December 31, 2023
Affiliated Securities			Value		Cost			Proceeds				Value
Principal Government Money
Market Fund — Class R-6 5.26%		$	384,880	$	4,966,185			$	4,874,505		$	476,560
		$	384,880	$	4,966,185			$	4,874,505		$	476,560

							Realized Gain
					Realized				from			Change in
				Gain/(Loss) on				Capital Gain				Unrealized
			Income ^(a)	Investments			Distributions					Gain/(Loss)
Principal Government Money
Market Fund — Class R-6 5.26%		$	—	$	—			$	—		$	—
		$	—	$	—			$	—		$	—

^(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. 10 Year Note CBT; March 2024			Short				26	$	2,935,156	$		(83,116	)
U.S. 10 Year Ultra; March 2024			Short				4		472,063			(14,758	)
U.S. 5 Year Note CBT; March 2024			Short				16		1,740,375			(37,407	)
U.S. Long Bond CBT; March 2024			Long				5		624,688			43,896
U.S. Ultra Bond CBT; March 2024			Long				8		1,068,750			88,033
Total									$			(3,352	)




See accompanying notes.				57


Schedule of Investments
Principal Quality ETF
December 31, 2023 (unaudited)

COMMON STOCKS — 99.88%	Shares Held		Value
Beverages — 0.96%
Keurig Dr Pepper, Inc.	12,011	$	400,207
Biotechnology — 1.55%
Amgen, Inc.	2,235		643,725
Building Materials — 1.42%
Trane Technologies PLC	2,422		590,726
Commercial Services — 1.99%
Automatic Data Processing, Inc.	2,251		524,416
MarketAxess Holdings, Inc.	1,032		302,221
		$	826,637

Computers — 8.66%
Accenture PLC, Class A	2,199		771,651
Apple, Inc.	12,213		2,351,369
Leidos Holdings, Inc.	4,384		474,524
		$	3,597,544

Distribution/Wholesale — 3.22%
LKQ Corp.	7,367		352,069
Pool Corp.	1,177		469,282
WW Grainger, Inc.	625		517,931
		$	1,339,282

Diversified Financial Services — 2.03%
Mastercard, Inc., Class A	1,980		844,490
Electrical Components & Equipment — 2.49%
AMETEK, Inc.	3,085		508,685
Emerson Electric Co.	5,396		525,193
		$	1,033,878

Electronics — 1.88%
Keysight Technologies, Inc. ^(a)	2,685		427,157
Mettler-Toledo International, Inc. ^(a)	293		355,397
		$	782,554

Environmental Control — 0.15%
Veralto Corp.	757		62,271
Healthcare — Products — 9.69%
Abbott Laboratories	5,788		637,085
Agilent Technologies, Inc.	3,191		443,645
Danaher Corp.	2,270		525,142
Edwards Lifesciences Corp. ^(a)	5,448		415,410
Stryker Corp.	1,757		526,151
Thermo Fisher Scientific, Inc.	1,118		593,423
Waters Corp. ^(a)	1,359		447,424
West Pharmaceutical Services, Inc.	1,237		435,572
		$	4,023,852

Healthcare — Services — 5.70%
Charles River Laboratories International, Inc. ^(a)	2,065		488,166
Humana, Inc.	913		417,980
IQVIA Holdings, Inc. ^(a)	2,231		516,209
UnitedHealth Group, Inc.	1,795		945,014
		$	2,367,369

See accompanying notes.


	Schedule of Investments
	Principal Quality ETF
	December 31, 2023 (unaudited)

COMMON STOCKS (continued)		Shares Held		Value
Home Builders — 3.37%
DR Horton, Inc.		4,308	$	654,730
PulteGroup, Inc.		7,230		746,280
			$	1,401,010

Household Products/Wares — 1.18%
Avery Dennison Corp.		2,415		488,216
Insurance — 3.83%
Aon PLC, Class A		1,523		443,223
Arthur J Gallagher & Co.		2,367		532,291
Berkshire Hathaway, Inc., Class B ^(a)		133		47,436
Marsh & McLennan Cos., Inc.		3,004		569,168
			$	1,592,118

Internet — 4.92%
Alphabet, Inc., Class A ^(a)		1,163		162,459
Alphabet, Inc., Class C ^(a)		5,393		760,036
Amazon.com, Inc. ^(a)		4,087		620,979
CDW Corp.		2,204		501,013
			$	2,044,487

Machinery — Diversified — 2.22%
IDEX Corp.		1,861		404,042
Nordson Corp.		1,959		517,489
			$	921,531

Pharmaceuticals — 4.64%
AbbVie, Inc.		4,342		672,880
Merck & Co., Inc.		6,345		691,732
Zoetis, Inc.		2,846		561,715
			$	1,926,327

Pipelines — 1.26%
Williams Cos., Inc.		14,981		521,788
Retail — 4.10%
Genuine Parts Co.		2,514		348,189
O'Reilly Automotive, Inc. ^(a)		549		521,594
Ulta Beauty, Inc. ^(a)		818		400,812
Yum! Brands, Inc.		3,320		433,791
			$	1,704,386

Semiconductors — 16.59%
Analog Devices, Inc.		2,616		519,433
Applied Materials, Inc.		4,043		655,249
Broadcom, Inc.		1,046		1,167,597
Microchip Technology, Inc.		5,376		484,808
NVIDIA Corp.		4,074		2,017,526
NXP Semiconductors NV		2,457		564,324
ON Semiconductor Corp. ^(a)		5,405		451,479
QUALCOMM, Inc.		4,352		629,430
Skyworks Solutions, Inc.		3,566		400,890
			$	6,890,736

Software — 15.35%
Adobe, Inc. ^(a)		1,554		927,116
Fiserv, Inc. ^(a)		4,248		564,304
Intuit, Inc.		1,229		768,162

See accompanying notes.


		Schedule of Investments
		Principal Quality ETF
		December 31, 2023 (unaudited)

COMMON STOCKS (continued)				Shares Held		Value
Software (continued)
Microsoft Corp.				5,918	$	2,225,405
MSCI, Inc.				806		455,914
Salesforce, Inc. ^(a)				3,126		822,576
Synopsys, Inc. ^(a)				1,189		612,228
					$	6,375,705

Telecommunications — 1.46%
Cisco Systems, Inc.				11,958		604,118
Transportation — 1.22%
Norfolk Southern Corp.				2,140		505,853
TOTAL COMMON STOCKS					$	41,488,810
INVESTMENT COMPANIES — 0.29%				Shares Held		Value
Money Market Fund — 0.29%
State Street Institutional U.S. Government Money Market Fund — Premier Class
5.32% ^(b)				120,173	$	120,173
TOTAL INVESTMENT COMPANIES					$	120,173
Total Investments					$	41,608,983
Other Assets and Liabilities — (0.17)%						(70,278	)
Total Net Assets — 100.00%					$	41,538,705

^(a)	Non-income producing security.
^(b)	1-day yield shown as of period end.

	Portfolio Summary
Sector		Percent
Technology		40.60	%
Consumer, Non-cyclical		25.70	%
Consumer, Cyclical		10.70	%
Industrial		9.38	%
Communications		6.38	%
Financial		5.86	%
Energy		1.26	%
Money Market Fund		0.29	%
Other Assets and Liabilities		(0.17	)%
TOTAL NET ASSETS		100.00	%




See accompanying notes.		60


	Schedule of Investments
Principal Real Estate Active Opportunities ETF
	December 31, 2023 (unaudited)

COMMON STOCKS — 97.70%	Shares Held			Value

Entertainment — 1.44%
Marriott Vacations Worldwide Corp.	1,554		$	131,919

REITs — 96.26%
Alexandria Real Estate Equities, Inc.	2,592			328,588
American Homes 4 Rent, Class A	11,453			411,850
American Tower Corp.	3,124			674,409
Americold Realty Trust, Inc.	12,164			368,204
Crown Castle, Inc.	3,076			354,325
DiamondRock Hospitality Co.	19,596			184,006
Digital Realty Trust, Inc.	2,992			402,663
Equinix, Inc.	536			431,689
Extra Space Storage, Inc.	4,280			686,212
Gaming & Leisure Properties, Inc.	8,345			411,826
Invitation Homes, Inc.	17,274			589,216
National Health Investors, Inc.	4,795			267,801
Rexford Industrial Realty, Inc.	11,404			639,764
Sabra Health Care REIT, Inc.	23,737			338,727
SBA Communications Corp.	1,375			348,824
Sun Communities, Inc.	3,994			533,798
Terreno Realty Corp.	5,222			327,263
Ventas, Inc.	14,458			720,587
VICI Properties, Inc.	12,611			402,039
Welltower, Inc.	4,334			390,797
			$	8,812,588
TOTAL COMMON STOCKS			$	8,944,507
INVESTMENT COMPANIES — 2.35%	Shares Held			Value

Money Market Fund — 2.35%
State Street Institutional U.S. Government Money Market Fund — Premier Class
5.32% ^(a)	215,103		$	215,103
TOTAL INVESTMENT COMPANIES			$	215,103
Total Investments			$	9,159,610
Other Assets and Liabilities — (0.05)%				(4,414	)

Total Net Assets — 100.00%			$	9,155,196

^(a)1-day yield shown as of period end.

Portfolio Summary
Sector	Percent
Financial	96.26	%
Money Market Fund	2.35	%
Consumer, Cyclical	1.44	%
Other Assets and Liabilities	(0.05	)%
TOTAL NET ASSETS	100.00	%




See accompanying notes.	61


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
December 31, 2023 (unaudited)

		Principal
BONDS — 96.26%		Amount		Value

Banks — 48.92%
Bank of America Corp.
(5-year Treasury Constant Maturity Rate + 2.76%),
4.38%, 01/27/2027 ^(a),(b)	$	16,559,000	$	14,757,816
(5-year Treasury Constant Maturity Rate + 3.23%),
6.13%, 04/27/2027 ^(a),(b)		11,025,000		11,051,460
(3-month Term Secured Overnight Financing Rate + 3.97%),
6.25%, 09/05/2024 ^(a),(b)		4,200,000		4,161,315
Bank of Montreal
(5-year Treasury Constant Maturity Rate + 2.98%),
4.80%, 08/25/2024 ^(a),(b)		3,512,000		3,383,303
Bank of New York Mellon Corp.
(5-year Treasury Constant Maturity Rate + 3.35%),
3.70%, 03/20/2026 ^(a),(b)		16,671,000		15,615,894
(5-year Treasury Constant Maturity Rate + 2.63%),
3.75%, 12/20/2026 ^(a),(b)		7,185,000		6,210,225
(3-month Term Secured Overnight Financing Rate + 3.39%),
4.63%, 09/20/2026 ^(a),(b)		1,504,000		1,432,065
Bank of Nova Scotia
(5-year Treasury Constant Maturity Rate + 4.55%),
4.90%, 06/04/2025 ^(a),(b)		9,915,000		9,470,334
(5-year Treasury Constant Maturity Rate + 4.39%),
8.63%, 10/27/2082 ^(a)		18,569,000		19,291,464
Citigroup, Inc.
(5-year Treasury Constant Maturity Rate + 3.42%),
3.88%, 02/18/2026 ^(a),(b)		11,262,000		9,970,521
(5-year Treasury Constant Maturity Rate + 3.60%),
4.00%, 12/10/2025 ^(a),(b)		13,286,000		12,228,594
(5-year Treasury Constant Maturity Rate + 3.21%),
7.38%, 05/15/2028 ^(a),(b)		7,530,000		7,621,083
Citizens Financial Group, Inc.
(5-year Treasury Constant Maturity Rate + 3.22%),
4.00%, 10/06/2026 ^(a),(b)		7,104,000		5,614,244
(5-year Treasury Constant Maturity Rate + 5.31%),
5.65%, 10/06/2025 ^(a),(b)		16,405,000		15,562,890
Goldman Sachs Group, Inc.
(5-year Treasury Constant Maturity Rate + 2.92%),
3.65%, 08/10/2026 ^(a),(b)		2,261,000		2,004,986
(5-year Treasury Constant Maturity Rate + 2.97%),
3.80%, 05/10/2026 ^(a),(b)		1,268,000		1,129,199
(5-year Treasury Constant Maturity Rate + 2.95%),
4.13%, 11/10/2026 ^(a),(b)		8,563,000		7,625,786
(5-year Treasury Constant Maturity Rate + 3.62%),
5.50%, 08/10/2024 ^(a),(b)		8,268,000		8,152,451
HSBC Capital Funding Dollar 1 LP
(3-month USD LIBOR + 4.98%),
10.18%, Series 2; 06/30/2030 ^(a),(b)		6,049,000		7,663,587
Huntington Bancshares, Inc.
(7-year Treasury Constant Maturity Rate + 4.05%),
4.45%, 10/15/2027 ^(a),(b)		5,080,000		4,455,095
(10-year Treasury Constant Maturity Rate + 4.95%),
5.63%, 07/15/2030 ^(a),(b)		13,567,000		12,248,905
JPMorgan Chase & Co.
(5-year Treasury Constant Maturity Rate + 2.85%),
3.65%, 06/01/2026 ^(a),(b)		18,288,000		16,735,971
(3-month Term Secured Overnight Financing Rate + 4.04%),
6.75%, 02/01/2024 ^(a),(b)		9,791,000		9,771,159

See accompanying notes.


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Banks (continued)
KeyCorp Capital III
7.75%, 07/15/2029	$	9,000,000	$	8,786,710
M&T Bank Corp.
(5-year Treasury Constant Maturity Rate + 2.68%),
3.50%, 09/01/2026 ^(a),(b)		19,608,000		14,389,664
(5-year Treasury Constant Maturity Rate + 3.17%),
5.00%, 08/01/2024 ^(a),(b)		5,000,000		4,518,042
Northern Trust Corp.
(3-month Term Secured Overnight Financing Rate + 3.46%),
4.60%, Series D; 10/01/2026 ^(a),(b)		2,899,000		2,764,225
PNC Financial Services Group, Inc.
(5-year Treasury Constant Maturity Rate + 2.60%),
3.40%, 09/15/2026 ^(a),(b)		7,346,000		5,876,246
(5-year Treasury Constant Maturity Rate + 3.24%),
6.20%, 09/15/2027 ^(a),(b)		13,908,000		13,521,885
(7-year Treasury Constant Maturity Rate + 2.81%),
6.25%, 03/15/2030 ^(a),(b)		10,290,000		9,592,006
State Street Corp.
(3-month Term Secured Overnight Financing Rate + 2.80%),
8.19%, Series H; 03/15/2024 ^(b)		2,903,000		2,877,599
Toronto-Dominion Bank
(5-year Treasury Constant Maturity Rate + 4.08%),
8.13%, 10/31/2082 ^(a)		25,626,000		26,671,259
Truist Financial Corp.
(5-year Treasury Constant Maturity Rate + 3.00%),
4.80%, 09/01/2024 ^(a),(b)		10,894,000		10,015,326
(5-year Treasury Constant Maturity Rate + 4.61%),
4.95%, 09/01/2025 ^(a),(b)		11,697,000		11,192,717
(3-month Term Secured Overnight Financing Rate + 0.91%),
6.30%, 03/15/2028		1,250,000		1,138,286
(3-month Term Secured Overnight Financing Rate + 0.93%),
6.31%, 05/15/2027		4,800,000		4,509,913
(3-month Term Secured Overnight Financing Rate + 3.36%),
8.75%, 12/15/2024 ^(b),(c)		2,799,000		2,786,279
U.S. Bancorp
(5-year Treasury Constant Maturity Rate + 2.54%),
3.70%, 01/15/2027 ^(a),(b)		21,525,000		16,897,655
(3-month Term Secured Overnight Financing Rate + 3.18%),
5.30%, 04/15/2027 ^(a),(b)		5,296,000		4,750,671
Wells Fargo & Co.
(5-year Treasury Constant Maturity Rate + 3.45%),
3.90%, 03/15/2026 ^(a),(b)		30,418,000		28,104,912
(5-year Treasury Constant Maturity Rate + 3.61%),
7.63%, 09/15/2028 ^(a),(b)		9,710,000		10,188,810
			$	384,740,552

Diversified Financial Services — 11.40%
American Express Co.
(5-year Treasury Constant Maturity Rate + 2.85%),
3.55%, Series D; 09/15/2026 ^(a),(b)		25,267,000		21,661,399
Capital One Financial Corp.
(5-year Treasury Constant Maturity Rate + 3.16%),
3.95%, Series M; 09/01/2026 ^(a),(b)		18,516,000		14,839,441
Charles Schwab Corp.
(5-year Treasury Constant Maturity Rate + 3.17%),
4.00%, 06/01/2026 ^(a),(b)		22,331,000		19,684,312

See accompanying notes.


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Diversified Financial Services (continued)
Charles Schwab Corp. (continued)
(5-year Treasury Constant Maturity Rate + 3.26%),
5.00%, 06/01/2027 ^(a),(b)	$	1,500,000	$	1,354,150
(5-year Treasury Constant Maturity Rate + 4.97%),
5.38%, 06/01/2025 ^(a),(b)		6,008,000		5,924,607
Discover Financial Services
(5-year Treasury Constant Maturity Rate + 5.78%),
6.13%, Series D; 06/23/2025 ^(a),(b)		12,141,000		11,730,870
Voya Financial, Inc.
(5-year Treasury Constant Maturity Rate + 3.36%),
7.75%, Series A; 09/15/2028 ^(a),(b)		13,990,000		14,493,640
			$	89,688,419

Electric — 13.91%
Algonquin Power & Utilities Corp.
(5-year Treasury Constant Maturity Rate + 3.25%),
4.75%, 01/18/2082 ^(a)		1,750,000		1,478,750
American Electric Power Co., Inc.
(5-year Treasury Constant Maturity Rate + 2.68%),
3.88%, 02/15/2062 ^(a)		11,007,000		9,237,920
CMS Energy Corp.
(5-year Treasury Constant Maturity Rate + 4.12%),
4.75%, 06/01/2050 ^(a)		3,054,000		2,757,550
Dominion Energy, Inc.
(5-year Treasury Constant Maturity Rate + 3.20%),
4.35%, 01/15/2027 ^(a),(b)		13,601,000		12,060,216
(5-year Treasury Constant Maturity Rate + 2.99%),
4.65%, 12/15/2024 ^(a),(b)		12,234,000		11,626,306
(3-month USD LIBOR + 3.06%),
5.75%, 10/01/2054 ^(a)		4,000,000		3,928,656
Duke Energy Corp.
(5-year Treasury Constant Maturity Rate + 2.32%),
3.25%, 01/15/2082 ^(a)		13,234,000		10,233,103
(5-year Treasury Constant Maturity Rate + 3.39%),
4.88%, 09/16/2024 ^(a),(b)		21,341,000		21,012,040
Emera, Inc.
(3-month USD LIBOR + 5.44%),
6.75%, Series 16-A; 06/15/2076 ^(a)		4,386,000		4,294,856
NextEra Energy Capital Holdings, Inc.
(5-year Treasury Constant Maturity Rate + 2.55%),
3.80%, 03/15/2082 ^(a)		18,349,000		15,542,014
Southern Co.
(5-year Treasury Constant Maturity Rate + 3.73%),
4.00%, Series B; 01/15/2051 ^(a)		18,095,000		17,205,502
			$	109,376,913

Hand/Machine Tools — 0.30%
Stanley Black & Decker, Inc.
(5-year Treasury Constant Maturity Rate + 2.66%),
4.00%, 03/15/2060 ^(a)		2,816,000		2,341,694

Insurance — 14.30%
Allianz SE
(5-year Treasury Constant Maturity Rate + 3.23%),
6.35%, 09/06/2053 ^(d)		5,000,000		5,184,200

See accompanying notes.


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Insurance (continued)
Allstate Corp.
(3-month Term Secured Overnight Financing Rate + 3.20%),
8.58%, Series B; 08/15/2053	$	4,151,000	$	4,124,283
American International Group, Inc.
(3-month USD LIBOR + 2.87%),
5.75%, Series A-9; 04/01/2048 ^(a)		3,176,000		3,125,925
Argentum Netherlands BV for Swiss Re Ltd.
(3-month USD LIBOR + 3.78%),
5.63%, 08/15/2052 ^(a)		6,500,000		6,298,422
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		3,845,000
Cloverie PLC for Zurich Insurance Co. Ltd.
(3-month USD LIBOR + 4.92%),
5.63%, 06/24/2046 ^(a)		6,500,000		6,376,500
Corebridge Financial, Inc.
(5-year Treasury Constant Maturity Rate + 3.85%),
6.88%, 12/15/2052 ^(a)		7,921,000		7,894,118
Equitable Holdings, Inc.
(5-year Treasury Constant Maturity Rate + 4.74%),
4.95%, Series B; 09/15/2025 ^(a),(b)		4,373,000		4,161,211
Liberty Mutual Group, Inc.
(5-year Treasury Constant Maturity Rate + 3.32%),
4.13%, 12/15/2051 ^(a),(d)		12,182,000		10,207,300
Meiji Yasuda Life Insurance Co.
(5-year Swap rate + 4.23%),
5.20%, 10/20/2045 ^(a),(d)		3,210,000		3,158,135
MetLife, Inc.
(5-year Treasury Constant Maturity Rate + 3.58%),
3.85%, 09/15/2025 ^(a),(b)		12,418,000		11,754,858
9.25%, 04/08/2068 ^(d)		3,449,000		3,873,384
Nippon Life Insurance Co.
(5-year Treasury Constant Maturity Rate + 2.65%),
2.75%, 01/21/2051 ^(a),(d)		6,097,000		5,050,051
(5-year Treasury Constant Maturity Rate + 2.60%),
2.90%, 09/16/2051 ^(a),(d)		3,509,000		2,889,004
Prudential Financial, Inc.
(5-year Treasury Constant Maturity Rate + 3.04%),
3.70%, 10/01/2050 ^(a)		18,902,000		16,386,913
(5-year Treasury Constant Maturity Rate + 3.16%),
5.13%, 03/01/2052 ^(a)		5,597,000		5,260,120
Sumitomo Life Insurance Co.
(5-year Treasury Constant Maturity Rate + 2.75%),
3.38%, 04/15/2081 ^(a),(d)		4,140,000		3,533,778
Willow No. 2 Ireland PLC for Zurich Insurance Co. Ltd.
(3-month USD LIBOR + 3.18%),
4.25%, Reg S; 10/01/2045 ^(a)		3,000,000		2,877,511
Zurich Finance Ireland Designated Activity Co.
(5-year Treasury Constant Maturity Rate + 2.78%),
3.00%, 04/19/2051 ^(a)		8,000,000		6,478,000
			$	112,478,713

Oil & Gas — 1.46%
BP Capital Markets PLC
(5-year Treasury Constant Maturity Rate + 4.04%),
4.38%, 06/22/2025 ^(a),(b)		8,601,000		8,390,408

See accompanying notes.


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Oil & Gas (continued)
BP Capital Markets PLC (continued)
(5-year Treasury Constant Maturity Rate + 4.40%),
4.88%, 03/22/2030 ^(a),(b)	$	3,269,000	$	3,104,888
			$	11,495,296

Pipelines — 4.62%
Enbridge, Inc.
(5-year Treasury Constant Maturity Rate + 5.31%),
5.75%, 07/15/2080 ^(a)		2,485,000		2,292,413
(3-month Term Secured Overnight Financing Rate + 4.15%),
6.00%, 01/15/2077 ^(a)		4,882,000		4,634,407
(5-year Treasury Constant Maturity Rate + 4.42%),
7.63%, 01/15/2083 ^(a)		7,283,000		7,294,063
Enterprise Products Operating LLC
(3-month Term Secured Overnight Financing Rate + 3.29%),
5.25%, Series E; 08/16/2077 ^(a)		4,820,000		4,607,962
Transcanada Trust
(6-month Secured Overnight Financing Rate + 4.42%),
5.50%, 09/15/2079 ^(a)		5,233,000		4,463,648
(5-year Treasury Constant Maturity Rate + 3.99%),
5.60%, 03/07/2082 ^(a)		15,585,000		13,056,232
			$	36,348,725

REITs — 0.42%
Scentre Group Trust 2
(5-year Treasury Constant Maturity Rate + 4.38%),
4.75%, 09/24/2080 ^(a),(d)		1,410,000		1,318,559
(5-year Treasury Constant Maturity Rate + 4.69%),
5.13%, 09/24/2080 ^(a),(d)		2,249,000		2,002,378
			$	3,320,937

Sovereign — 0.08%
CoBank ACB
(5-year Treasury Constant Maturity Rate + 3.05%),
4.25%, Series J; 01/01/2027 ^(a),(b)		750,000		600,000

Telecommunications — 0.85%
Vodafone Group PLC
(5-year Treasury Constant Maturity Rate + 2.77%),
4.13%, 06/04/2081 ^(a)		993,000		852,496
(5-year Swap rate + 4.87%),
7.00%, 04/04/2079 ^(a)		5,618,000		5,792,181
			$	6,644,677
TOTAL BONDS			$	757,035,926
INVESTMENT COMPANIES — 2.52%		Shares Held		Value

Money Market Funds — 2.52%
Principal Government Money Market Fund — Class R-6 5.26% ^(e),(f),(g)		29,508	$	29,508
State Street Institutional U.S. Government Money Market Fund — Premier Class
5.32% ^(g)		19,780,944		19,780,944
TOTAL INVESTMENT COMPANIES			$	19,810,452
Total Investments			$	776,846,378
Other Assets and Liabilities — 1.22%				9,615,823

Total Net Assets — 100.00%			$	786,462,201




See accompanying notes.	66


			Schedule of Investments
		Principal Spectrum Preferred Securities Active ETF
			December 31, 2023 (unaudited)

^(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 $28,967 or
	0.00% 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 $37,216,789 or 4.73% 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 $29,508 or 0.00% of net assets.
^(g)	1-day yield shown as of period end.

	Portfolio Summary
Sector					Percent
Financial						75.05	%
Utilities						13.91	%
Energy						6.08	%
Money Market Funds						2.52	%
Communications						0.84	%
Industrial						0.30	%
Government						0.08	%
Other Assets and Liabilities						1.22	%
TOTAL NET ASSETS						100.00	%

			June 30, 2023		Purchases					Sales	December 31, 2023
Affiliated Securities			Value			Cost				Proceeds		Value
Principal Government Money
Market Fund — Class R-6 5.26%		$	3,970,623	$	34,200,303			$	38,141,418		$	29,508
		$	3,970,623	$	34,200,303			$	38,141,418		$	29,508

									Realized Gain
						Realized				from		Change in
					Gain/(Loss) on				Capital Gain			Unrealized
			Income ^(a)		Investments				Distributions			Gain/(Loss)
Principal Government Money
Market Fund — Class R-6 5.26%		$	—		$	—			$	—	$	—
		$	—		$	—			$	—	$	—

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




See accompanying notes.					67


Schedule of Investments
Principal Spectrum Tax-Advantaged Dividend Active ETF
December 31, 2023 (unaudited)

PREFERRED STOCKS — 10.18%		Shares Held		Value

Banks — 3.72%
Bank of America Corp.; Series NN
4.38% ,11/03/2025 ^(a)		4,380	$	85,147
Morgan Stanley; Series I
(3-month USD LIBOR + 3.71%),
6.38% ,10/15/2024 ^(a)		17,030		421,663
Morgan Stanley; Series P
6.50% ,10/15/2027 ^(a)		4,000		104,680
State Street Corp.; Series D
(3-month USD LIBOR + 3.11%),
5.90% ,03/15/2024 ^(a)		6,410		160,442
			$	771,932

Insurance — 3.84%
Allstate Corp.; Series H
5.10% ,10/15/2024 ^(a)		11,500		243,915
American International Group, Inc.; Series A
5.85% ,03/15/2024 ^(a)		8,019		200,315
MetLife, Inc.; Series F
4.75% ,03/15/2025 ^(a)		17,250		351,900
			$	796,130

Telecommunications — 2.62%
AT&T, Inc.; Series A
5.00% ,12/12/2024 ^(a)		11,381		238,887
AT&T, Inc.; Series C
4.75% ,02/18/2025 ^(a)		15,395		303,743
			$	542,630
TOTAL PREFERRED STOCKS			$	2,110,692
		Principal
BONDS — 86.43%		Amount		Value

Banks — 67.44%
Bank of America Corp.
(3-month Term Secured Overnight Financing Rate + 4.81%),
6.30%, Series DD; 03/10/2026 ^(a),(b)	$	575,000	$	576,439
Bank of New York Mellon Corp.
(5-year Treasury Constant Maturity Rate + 3.35%),
3.70%, 03/20/2026 ^(a),(b)		230,000		215,443
(5-year Treasury Constant Maturity Rate + 4.36%),
4.70%, 09/20/2025 ^(a),(b)		275,000		267,995
Bank of Nova Scotia
(5-year Treasury Constant Maturity Rate + 4.55%),
4.90%, 06/04/2025 ^(a),(b)		575,000		549,213
(5-year Treasury Constant Maturity Rate + 4.39%),
8.63%, 10/27/2082 ^(b)		300,000		311,672
BNP Paribas SA
(5-year Treasury Constant Maturity Rate + 4.90%),
7.75%, 08/16/2029 ^{(a),(b),(c),(d)}		200,000		204,154
Citigroup, Inc.
(5-year Treasury Constant Maturity Rate + 3.42%),
3.88%, Series X; 02/18/2026 ^(a),(b)		655,000		579,887
Citizens Financial Group, Inc.
(5-year Treasury Constant Maturity Rate + 5.31%),
5.65%, Series F; 10/06/2025 ^(a),(b)		575,000		545,484
Credit Agricole SA
(5-year Swap Rate + 4.90%),
7.88%, 01/23/2024 ^(a),(b),(d)		861,000		861,317

See accompanying notes.


Schedule of Investments
Principal Spectrum Tax-Advantaged Dividend Active ETF
December 31, 2023 (unaudited)

		Principal
BONDS (continued)		Amount		Value

Banks (continued)
Fifth Third Bancorp
(5-year Treasury Constant Maturity Rate + 4.22%),
4.50%, Series L; 09/30/2025 ^(a),(b)	$	548,000	$	508,302
Goldman Sachs Group, Inc.
(5-year Treasury Constant Maturity Rate + 2.92%),
3.65%, Series U; 08/10/2026 ^(a),(b)		585,000		518,760
HSBC Holdings PLC
(5-year Swap Rate + 4.37%),
6.38%, 03/30/2025 ^(a),(b),(d)		861,000		850,017
Huntington Bancshares, Inc.
(10-year Treasury Constant Maturity Rate + 4.95%),
5.63%, Series F; 07/15/2030 ^(a),(b)		575,000		519,136
ING Groep NV
(5-year Treasury Constant Maturity Rate + 4.34%),
5.75%, 11/16/2026 ^(a),(b),(d)		861,000		803,772
JPMorgan Chase & Co.
(5-year Treasury Constant Maturity Rate + 2.85%),
3.65%, Series KK; 06/01/2026 ^(a),(b)		110,000		100,665
Lloyds Banking Group PLC
(5-year Swap Rate + 4.50%),
7.50%, 09/27/2025 ^(a),(b),(d)		861,000		843,169
M&T Bank Corp.
(5-year Treasury Constant Maturity Rate + 2.68%),
3.50%, 09/01/2026 ^(a),(b)		300,000		220,160
(3-month USD LIBOR + 3.52%),
5.13%, 11/01/2026 ^(a),(b)		247,000		213,366
NatWest Group PLC
(5-year Swap Rate + 5.72%),
8.00%, 08/10/2025 ^(a),(b),(d)		861,000		863,712
Nordea Bank Abp
(5-year Treasury Constant Maturity Rate + 4.11%),
6.63%, 03/26/2026 ^{(a),(b),(c),(d)}		861,000		851,300
PNC Financial Services Group, Inc.
(5-year Treasury Constant Maturity Rate + 3.00%),
6.00%, 05/15/2027 ^(a),(b)		400,000		378,805
(5-year Treasury Constant Maturity Rate + 3.24%),
6.20%, 09/15/2027 ^(a),(b)		100,000		97,224
Toronto-Dominion Bank
(5-year Treasury Constant Maturity Rate + 4.08%),
8.13%, 10/31/2082 ^(b)		414,000		430,887
Truist Financial Corp.
(5-year Treasury Constant Maturity Rate + 3.00%),
4.80%, 09/01/2024 ^(a),(b)		400,000		367,737
(5-year Treasury Constant Maturity Rate + 4.61%),
4.95%, 09/01/2025 ^(a),(b)		575,000		550,210
U.S. Bancorp
(5-year Treasury Constant Maturity Rate + 2.54%),
3.70%, Series N; 01/15/2027 ^(a),(b)		209,000		164,070
UBS Group AG
(5-year Treasury Constant Maturity Rate + 4.75%),
9.25%, 11/13/2028 ^(a),(b),(c)		800,000		863,022
Wells Fargo & Co.
(5-year Treasury Constant Maturity Rate + 3.45%),
3.90%, 03/15/2026 ^(a),(b)		328,000		303,058
(5-year Treasury Constant Maturity Rate + 3.61%),
7.63%, 09/15/2028 ^(a),(b)		400,000		419,724
			$	13,978,700

See accompanying notes.


	Schedule of Investments
	Principal Spectrum Tax-Advantaged Dividend Active ETF
	December 31, 2023 (unaudited)

			Principal
BONDS (continued)			Amount		Value

Diversified Financial Services — 11.86%
American Express Co.
	(5-year Treasury Constant Maturity Rate + 2.85%),
	3.55%, Series D; 09/15/2026 ^(a),(b)	$	700,000	$	600,110
Capital One Financial Corp.
	(5-year Treasury Constant Maturity Rate + 3.16%),
	3.95%, Series M; 09/01/2026 ^(a),(b)		209,000		167,501
Charles Schwab Corp.
	(5-year Treasury Constant Maturity Rate + 3.17%),
	4.00%, 06/01/2026 ^(a),(b)		328,000		289,125
	(5-year Treasury Constant Maturity Rate + 4.97%),
	5.38%, 06/01/2025 ^(a),(b)		375,000		369,795
Discover Financial Services
	(5-year Treasury Constant Maturity Rate + 5.78%),
	6.13%, Series D; 06/23/2025 ^(a),(b)		575,000		555,576
Voya Financial, Inc.
	(5-year Treasury Constant Maturity Rate + 3.36%),
	7.75%, Series A; 09/15/2028 ^(a),(b)		460,000		476,560
				$	2,458,667

Electric — 6.12%
Dominion Energy, Inc.
	(5-year Treasury Constant Maturity Rate + 3.20%),
	4.35%, 01/15/2027 ^(a),(b)		300,000		266,015
	(5-year Treasury Constant Maturity Rate + 2.99%),
	4.65%, 12/15/2024 ^(a),(b)		460,000		437,150
Duke Energy Corp.
	(5-year Treasury Constant Maturity Rate + 3.39%),
	4.88%, 09/16/2024 ^(a),(b)		575,000		566,137
				$	1,269,302

Insurance — 1.01%
MetLife, Inc.
	(5-year Treasury Constant Maturity Rate + 3.58%),
	3.85%, Series G; 09/15/2025 ^(a),(b)		220,000		208,252
TOTAL BONDS				$	17,914,921
INVESTMENT COMPANIES — 2.74%			Shares Held		Value

Money Market Fund — 2.74%
State Street Institutional U.S. Government Money Market Fund — Premier Class
5.32% ^(e)			566,838	$	566,838
TOTAL INVESTMENT COMPANIES				$	566,838
Total Investments				$	20,592,451
Other Assets and Liabilities — 0.65%					135,708

Total Net Assets — 100.00%				$	20,728,159

^(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 variable or
	floating rate in the future.
^(c)	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 $1,918,476 or 9.26% of net assets.
^(d)	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 $5,277,441 or 25.46% of net assets.




See accompanying notes.		70


	Schedule of Investments
	Principal U.S. Mega-Cap ETF
	December 31, 2023 (unaudited)

COMMON STOCKS — 99.75%		Shares Held		Value
Auto Manufacturers — 2.87%
Tesla, Inc. ^(a)		235,393	$	58,490,453
Banks — 5.70%
Bank of America Corp.		1,299,384		43,750,259
JPMorgan Chase & Co.		276,294		46,997,609
Wells Fargo & Co.		517,140		25,453,631
			$	116,201,499

Beverages — 2.71%
Coca-Cola Co.		606,002		35,711,698
PepsiCo, Inc.		115,079		19,545,017
			$	55,256,715

Chemicals — 1.17%
Linde PLC		58,314		23,950,143
Computers — 10.62%
Accenture PLC, Class A		204,220		71,662,840
Apple, Inc.		752,480		144,874,975
			$	216,537,815

Diversified Financial Services — 6.22%
Mastercard, Inc., Class A		150,310		64,108,718
Visa, Inc., Class A		241,073		62,763,356
			$	126,872,074

Electric — 0.80%
NextEra Energy, Inc.		270,091		16,405,327
Environmental Control — 0.30%
Veralto Corp.		74,431		6,122,694
Healthcare — Products — 6.18%
Abbott Laboratories		347,604		38,260,772
Danaher Corp.		223,155		51,624,678
Thermo Fisher Scientific, Inc.		67,888		36,034,272
			$	125,919,722

Healthcare — Services — 3.00%
UnitedHealth Group, Inc.		116,290		61,223,196
Household Products — 1.79%
Procter & Gamble Co.		248,666		36,439,516
Insurance — 1.15%
Berkshire Hathaway, Inc., Class B ^(a)		65,678		23,424,715
Internet — 9.53%
Alphabet, Inc., Class A ^(a)		533,923		74,583,704
Amazon.com, Inc. ^(a)		363,081		55,166,527
Meta Platforms, Inc., Class A ^(a)		182,326		64,536,111
			$	194,286,342

Media — 2.16%
Comcast Corp., Class A		565,103		24,779,767
Walt Disney Co.		214,228		19,342,646
			$	44,122,413

Oil & Gas — 4.06%
Chevron Corp.		229,417		34,219,840

See accompanying notes.


		Schedule of Investments
		Principal U.S. Mega-Cap ETF
		December 31, 2023 (unaudited)

COMMON STOCKS (continued)			Shares Held		Value
Oil & Gas (continued)
Exxon Mobil Corp.			486,417	$	48,631,971
				$	82,851,811

Pharmaceuticals — 9.01%
AbbVie, Inc.			238,971		37,033,336
Eli Lilly & Co.			55,237		32,198,752
Johnson & Johnson			239,232		37,497,224
Merck & Co., Inc.			336,433		36,677,925
Pfizer, Inc.			1,403,310		40,401,295
				$	183,808,532

Retail — 7.94%
Costco Wholesale Corp.			111,149		73,367,232
Home Depot, Inc.			129,282		44,802,677
McDonald's Corp.			73,137		21,685,852
Walmart, Inc.			140,474		22,145,726
				$	162,001,487

Semiconductors — 8.67%
Broadcom, Inc.			61,335		68,465,194
NVIDIA Corp.			143,147		70,889,257
Texas Instruments, Inc.			219,267		37,376,253
				$	176,730,704

Software — 13.82%
Adobe, Inc. ^(a)			149,053		88,925,020
Microsoft Corp.			376,611		141,620,800
Salesforce, Inc. ^(a)			195,042		51,323,352
				$	281,869,172

Telecommunications — 2.05%
Cisco Systems, Inc.			827,677		41,814,242
TOTAL COMMON STOCKS				$	2,034,328,572
INVESTMENT COMPANIES — 0.38%			Shares Held		Value
Money Market Fund — 0.38%
State Street Institutional U.S. Government Money Market Fund — Premier Class
5.32% ^(b)			7,800,738	$	7,800,738
TOTAL INVESTMENT COMPANIES				$	7,800,738
Total Investments				$	2,042,129,310
Other Assets and Liabilities — (0.13)%					(2,734,292	)
Total Net Assets — 100.00%				$	2,039,395,018

^(a)	Non-income producing security.
^(b)	1-day yield shown as of period end.




See accompanying notes.		73


	Schedule of Investments
	Principal U.S. Small-Cap ETF
	December 31, 2023 (unaudited)

COMMON STOCKS — 99.77%		Shares Held		Value

Advertising — 0.02%
Stagwell, Inc. ^(a)		15,451	$	102,440

Aerospace & Defense — 0.25%
Barnes Group, Inc.		10,613		346,302
Moog, Inc., Class A		5,684		822,930
			$	1,169,232

Agriculture — 0.07%
Fresh Del Monte Produce, Inc.		6,200		162,750
Turning Point Brands, Inc.		6,566		172,817
			$	335,567

Apparel — 1.20%
Crocs, Inc. ^(a)		22,907		2,139,743
Ermenegildo Zegna NV		6,721		77,762
Kontoor Brands, Inc.		10,892		679,879
Oxford Industries, Inc.		3,835		383,500
Steven Madden Ltd.		19,920		836,640
Urban Outfitters, Inc. ^(a)		40,344		1,439,877
			$	5,557,401

Auto Manufacturers — 0.16%
Wabash National Corp.		29,640		759,377

Auto Parts & Equipment — 0.47%
Dorman Products, Inc. ^(a)		3,127		260,823
Fox Factory Holding Corp. ^(a)		4,464		301,231
Methode Electronics, Inc.		6,722		152,791
Shyft Group, Inc.		12,933		158,041
Standard Motor Products, Inc.		3,179		126,556
Visteon Corp. ^(a)		7,629		952,862
XPEL, Inc. ^(a)		4,418		237,909
			$	2,190,213

Banks — 5.23%
1st Source Corp.		3,629		199,414
Amalgamated Financial Corp.		12,451		335,430
Ameris Bancorp		27,717		1,470,387
Associated Banc-Corp.		134,595		2,878,987
Atlantic Union Bankshares Corp.		23,496		858,544
Bancorp, Inc. ^(a)		21,715		837,330
Bank of NT Butterfield & Son Ltd.		13,193		422,308
Cadence Bank		102,049		3,019,630
Central Pacific Financial Corp.		13,869		272,942
City Holding Co.		5,224		575,998
Enterprise Financial Services Corp.		11,051		493,427
First BanCorp		93,539		1,538,717
First BanCorp/Southern Pines NC		15,198		562,478
First Bancshares, Inc.		10,491		307,701
First Financial Bancorp		21,127		501,766
First Foundation, Inc.		26,511		256,626
Heartland Financial USA, Inc.		12,066		453,802
Hilltop Holdings, Inc.		26,646		938,206
International Bancshares Corp.		17,466		948,753
NBT Bancorp, Inc.		15,727		659,119
Pathward Financial, Inc.		18,115		958,827
Peoples Bancorp, Inc.		9,002		303,907
Preferred Bank		6,201		452,983

See accompanying notes.


	Schedule of Investments
	Principal U.S. Small-Cap ETF
	December 31, 2023 (unaudited)

COMMON STOCKS (continued)		Shares Held		Value

Banks (continued)
Premier Financial Corp.		10,232	$	246,591
Renasant Corp.		15,100		508,568
S&T Bancorp, Inc.		11,157		372,867
Tompkins Financial Corp.		2,817		169,668
Towne Bank		13,164		391,761
TriCo Bancshares		5,625		241,706
United Bankshares, Inc.		35,720		1,341,286
United Community Banks, Inc.		43,589		1,275,414
WesBanco, Inc.		11,045		346,482
			$	24,141,625

Beverages — 0.58%
Coca-Cola Consolidated, Inc.		1,464		1,359,178
Duckhorn Portfolio, Inc. ^(a)		16,666		164,160
MGP Ingredients, Inc.		4,873		480,088
Primo Water Corp.		32,265		485,588
Vita Coco Co., Inc. ^(a)		6,609		169,521
			$	2,658,535

Biotechnology — 2.97%
ACADIA Pharmaceuticals, Inc. ^(a)		62,161		1,946,261
ADMA Biologics, Inc. ^(a)		99,557		449,998
Amicus Therapeutics, Inc. ^(a)		97,275		1,380,332
Arcus Biosciences, Inc. ^(a)		42,315		808,217
Avid Bioservices, Inc. ^(a)		10,002		65,013
Bridgebio Pharma, Inc. ^(a)		13,064		527,394
Chinook Therapeutics, Inc. ^(a),(b)		9,658		3,863
Cytek Biosciences, Inc. ^(a)		33,169		302,501
Dynavax Technologies Corp. ^(a)		64,363		899,795
Emergent BioSolutions, Inc. ^(a)		32,539		78,094
Halozyme Therapeutics, Inc. ^(a)		69,124		2,554,823
Innoviva, Inc. ^(a)		28,421		455,873
iTeos Therapeutics, Inc. ^(a)		13,437		147,135
Ligand Pharmaceuticals, Inc. ^(a)		5,027		359,028
Mural Oncology PLC ^(a)		5,336		31,589
Prothena Corp. PLC ^(a)		19,547		710,338
REGENXBIO, Inc. ^(a)		18,493		331,949
Rigel Pharmaceuticals, Inc. ^(a)		77,334		112,134
Syndax Pharmaceuticals, Inc. ^(a)		38,245		826,474
Veracyte, Inc. ^(a)		32,540		895,175
Vir Biotechnology, Inc. ^(a)		42,717		429,733
Xencor, Inc. ^(a)		17,490		371,313
			$	13,687,032

Building Materials — 2.31%
AAON, Inc.		16,196		1,196,399
American Woodmark Corp. ^(a)		5,587		518,753
Apogee Enterprises, Inc.		5,457		291,458
Boise Cascade Co.		13,618		1,761,625
Gibraltar Industries, Inc. ^(a)		7,585		599,063
JELD-WEN Holding, Inc. ^(a)		24,674		465,845
Masonite International Corp. ^(a)		7,673		649,596
Modine Manufacturing Co. ^(a)		12,467		744,280
PGT Innovations, Inc. ^(a)		17,735		721,815
Summit Materials, Inc., Class A ^(a)		39,172		1,506,555
UFP Industries, Inc.		17,657		2,216,836
			$	10,672,225

See accompanying notes.


	Schedule of Investments
	Principal U.S. Small-Cap ETF
	December 31, 2023 (unaudited)

COMMON STOCKS (continued)		Shares Held		Value

Chemicals — 1.11%
AdvanSix, Inc.		7,591	$	227,426
American Vanguard Corp.		6,858		75,232
Balchem Corp.		6,078		904,103
Ingevity Corp. ^(a)		15,869		749,334
Innospec, Inc.		5,835		719,105
Intrepid Potash, Inc. ^(a)		11,653		278,390
Koppers Holdings, Inc.		5,452		279,252
Quaker Chemical Corp.		4,882		1,041,917
Tronox Holdings PLC		60,689		859,356
			$	5,134,115

Coal — 2.56%
Alpha Metallurgical Resources, Inc.		14,391		4,877,398
Arch Resources, Inc.		11,669		1,936,354
CONSOL Energy, Inc.		20,094		2,020,050
Ramaco Resources, Inc., Class A		23,089		396,669
Ramaco Resources, Inc., Class B		4,596		61,173
SunCoke Energy, Inc.		47,810		513,479
Warrior Met Coal, Inc.		32,985		2,011,095
			$	11,816,218

Commercial Services — 7.37%
Adtalem Global Education, Inc. ^(a)		6,070		357,826
Alarm.com Holdings, Inc. ^(a)		11,129		719,156
AMN Healthcare Services, Inc. ^(a)		34,718		2,599,684
Barrett Business Services, Inc.		3,206		371,255
Brink's Co.		9,529		838,076
Carriage Services, Inc.		2,991		74,805
Cass Information Systems, Inc.		3,705		166,910
CBIZ, Inc. ^(a)		10,739		672,154
Chegg, Inc. ^(a)		76,185		865,462
CorVel Corp. ^(a)		2,981		736,933
CRA International, Inc.		3,852		380,770
Cross Country Healthcare, Inc. ^(a)		32,702		740,373
Ennis, Inc.		6,579		144,146
EVERTEC, Inc.		23,528		963,236
First Advantage Corp.		16,098		266,744
GEO Group, Inc. ^(a)		135,982		1,472,685
Green Dot Corp., Class A ^(a)		20,496		202,910
Hackett Group, Inc.		11,019		250,903
Heidrick & Struggles International, Inc.		6,006		177,357
Herc Holdings, Inc.		19,500		2,903,355
Huron Consulting Group, Inc. ^(a)		6,654		684,031
I3 Verticals, Inc., Class A ^(a)		9,654		204,375
Insperity, Inc.		9,190		1,077,252
John Wiley & Sons, Inc., Class A		11,628		369,073
Kforce, Inc.		8,057		544,331
Korn Ferry		14,452		857,726
Matthews International Corp., Class A		6,587		241,414
Medifast, Inc.		8,597		577,890
Monro, Inc.		7,410		217,409
Payoneer Global, Inc. ^(a)		160,171		834,491
Perdoceo Education Corp.		11,440		200,886
Progyny, Inc. ^(a)		35,955		1,336,807
R1 RCM, Inc. ^(a)		89,380		944,747
Repay Holdings Corp. ^(a)		62,383		532,751
Resources Connection, Inc.		11,201		158,718
SP Plus Corp. ^(a)		5,009		256,711

See accompanying notes.


	Schedule of Investments
	Principal U.S. Small-Cap ETF
	December 31, 2023 (unaudited)

COMMON STOCKS (continued)		Shares Held		Value

Commercial Services (continued)
StoneCo Ltd., Class A ^(a)		305,371	$	5,505,839
Strategic Education, Inc.		3,018		278,773
Stride, Inc. ^(a)		12,723		755,364
Target Hospitality Corp. ^(a)		19,644		191,136
Transcat, Inc. ^(a)		3,130		342,203
TriNet Group, Inc. ^(a)		17,621		2,095,666
V2X, Inc. ^(a)		3,820		177,401
ZipRecruiter, Inc., Class A ^(a)		49,694		690,747
			$	33,980,481

Computers — 3.82%
ExlService Holdings, Inc. ^(a)		47,763		1,473,488
Insight Enterprises, Inc. ^(a)		11,039		1,956,000
Integral Ad Science Holding Corp. ^(a)		12,048		173,371
Maximus, Inc.		18,973		1,591,076
Mitek Systems, Inc. ^(a)		17,195		224,223
Parsons Corp. ^(a)		26,714		1,675,235
Qualys, Inc. ^(a)		14,088		2,765,193
Super Micro Computer, Inc. ^(a)		27,267		7,750,917
			$	17,609,503

Cosmetics & Personal Care — 1.17%
Edgewell Personal Care Co.		12,741		466,703
elf Beauty, Inc. ^(a)		29,089		4,198,706
Inter Parfums, Inc.		4,941		711,553
			$	5,376,962

Distribution/Wholesale — 0.47%
G-III Apparel Group Ltd. ^(a)		19,411		659,586
Rush Enterprises, Inc., Class A		15,468		778,040
ScanSource, Inc. ^(a)		6,190		245,186
Titan Machinery, Inc. ^(a)		16,891		487,812
			$	2,170,624

Diversified Financial Services — 5.09%
AssetMark Financial Holdings, Inc. ^(a)		6,147		184,103
BGC Group, Inc., Class A		101,483		732,707
Enact Holdings, Inc.		7,914		228,635
Enova International, Inc. ^(a)		16,079		890,133
EZCORP, Inc., Class A ^(a)		34,442		301,023
Federal Agricultural Mortgage Corp., Class C		4,634		886,114
Federated Hermes, Inc.		45,646		1,545,574
Houlihan Lokey, Inc.		26,428		3,168,982
International Money Express, Inc. ^(a)		20,238		447,057
LendingTree, Inc. ^(a)		16,037		486,242
Moelis & Co., Class A		44,064		2,473,312
Nelnet, Inc., Class A		2,605		229,813
PennyMac Financial Services, Inc.		24,110		2,130,601
Perella Weinberg Partners		19,910		243,499
Piper Sandler Cos.		7,414		1,296,486
PJT Partners, Inc., Class A		13,729		1,398,573
Radian Group, Inc.		89,350		2,550,943
StepStone Group, Inc., Class A		23,606		751,379
StoneX Group, Inc. ^(a)		11,880		877,100
Victory Capital Holdings, Inc., Class A		24,508		844,056
Virtus Investment Partners, Inc.		5,484		1,325,812

See accompanying notes.


Schedule of Investments
Principal U.S. Small-Cap ETF
December 31, 2023 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value

Diversified Financial Services (continued)
World Acceptance Corp. ^(a)	3,546	$	462,859
		$	23,455,003

Electric — 1.59%
ALLETE, Inc.	23,528		1,438,972
Otter Tail Corp.	13,634		1,158,481
PNM Resources, Inc.	49,752		2,069,683
Portland General Electric Co.	54,334		2,354,836
Unitil Corp.	5,489		288,557
		$	7,310,529

Electrical Components & Equipment — 1.08%
Belden, Inc.	12,609		974,045
Encore Wire Corp.	8,568		1,830,125
Energizer Holdings, Inc.	19,558		619,598
Insteel Industries, Inc.	5,601		214,462
Novanta, Inc. ^(a)	5,881		990,419
Powell Industries, Inc.	4,156		367,390
		$	4,996,039

Electronics — 2.66%
Advanced Energy Industries, Inc.	8,933		972,982
Allient, Inc.	3,472		104,889
Atkore, Inc. ^(a)	20,468		3,274,880
Badger Meter, Inc.	5,617		867,096
Benchmark Electronics, Inc.	11,599		320,596
Brady Corp., Class A	10,692		627,513
CTS Corp.	7,847		343,228
ESCO Technologies, Inc.	4,392		513,996
Knowles Corp. ^(a)	36,516		654,002
Mesa Laboratories, Inc.	2,186		229,027
Napco Security Technologies, Inc.	15,171		519,607
OSI Systems, Inc. ^(a)	4,833		623,699
Plexus Corp. ^(a)	7,859		849,794
Sanmina Corp. ^(a)	18,715		961,390
TTM Technologies, Inc. ^(a)	26,091		412,499
Vishay Intertechnology, Inc.	41,015		983,129
		$	12,258,327

Energy — Alternate Sources — 0.07%
Montauk Renewables, Inc. ^(a)	22,226		198,034
REX American Resources Corp. ^(a)	2,460		116,358
		$	314,392

Engineering & Construction — 2.16%
Arcosa, Inc.	9,446		780,617
Comfort Systems USA, Inc.	10,939		2,249,824
EMCOR Group, Inc.	13,450		2,897,533
Exponent, Inc.	8,666		762,955
Frontdoor, Inc. ^(a)	20,493		721,763
MYR Group, Inc. ^(a)	4,398		636,083
NV5 Global, Inc. ^(a)	6,207		689,722
Sterling Infrastructure, Inc. ^(a)	13,907		1,222,843
		$	9,961,340

Entertainment — 0.24%
Atlanta Braves Holdings, Inc., Class C ^(a)	5,138		203,362

See accompanying notes.


	Schedule of Investments
	Principal U.S. Small-Cap ETF
	December 31, 2023 (unaudited)

COMMON STOCKS (continued)		Shares Held		Value

Entertainment (continued)
Monarch Casino & Resort, Inc.		2,632	$	182,003
RCI Hospitality Holdings, Inc.		2,405		159,355
Red Rock Resorts, Inc., Class A		10,887		580,604
			$	1,125,324

Environmental Control — 0.05%
Energy Recovery, Inc. ^(a)		13,166		248,047

Food — 0.95%
Lancaster Colony Corp.		5,890		980,037
Simply Good Foods Co. ^(a)		19,605		776,358
Sprouts Farmers Market, Inc. ^(a)		47,378		2,279,355
Tootsie Roll Industries, Inc.		4,157		138,179
Weis Markets, Inc.		3,007		192,328
			$	4,366,257

Forest Products & Paper — 0.25%
Sylvamo Corp.		23,665		1,162,188

Gas — 0.31%
New Jersey Resources Corp.		32,060		1,429,235

Hand/Machine Tools — 0.34%
Franklin Electric Co., Inc.		7,437		718,786
Kennametal, Inc.		32,122		828,426
			$	1,547,212

Healthcare — Products — 3.85%
Alphatec Holdings, Inc. ^(a)		33,533		506,684
Avanos Medical, Inc. ^(a)		9,421		211,313
CONMED Corp.		13,579		1,487,036
Embecta Corp.		22,623		428,253
Haemonetics Corp. ^(a)		15,068		1,288,465
Integer Holdings Corp. ^(a)		10,376		1,028,054
Lantheus Holdings, Inc. ^(a)		32,276		2,001,112
LeMaitre Vascular, Inc.		3,137		178,056
LivaNova PLC ^(a)		24,108		1,247,348
Merit Medical Systems, Inc. ^(a)		10,989		834,725
Neogen Corp. ^(a)		80,167		1,612,158
OmniAb, Inc., Earnout Shares ^(a)		1,130		—
OmniAb, Inc., Earnout Shares ^(a)		1,130		—
Omnicell, Inc. ^(a)		17,475		657,584
OraSure Technologies, Inc. ^(a)		21,520		176,464
Orthofix Medical, Inc. ^(a)		14,663		197,657
Shockwave Medical, Inc. ^(a)		13,240		2,523,014
Silk Road Medical, Inc. ^(a)		24,280		297,916
STAAR Surgical Co. ^(a)		27,107		846,010
Tactile Systems Technology, Inc. ^(a)		6,632		94,838
TransMedics Group, Inc. ^(a)		14,251		1,124,831
UFP Technologies, Inc. ^(a)		3,134		539,173
Varex Imaging Corp. ^(a)		10,878		222,999
Zimvie, Inc. ^(a)		7,568		134,332
Zynex, Inc. ^(a),(c)		9,059		98,653
			$	17,736,675

Healthcare — Services — 2.23%
Addus HomeCare Corp. ^(a)		3,573		331,753
Agiliti, Inc. ^(a)		10,605		83,992
Apollo Medical Holdings, Inc. ^(a)		7,021		268,904

See accompanying notes.


	Schedule of Investments
	Principal U.S. Small-Cap ETF
	December 31, 2023 (unaudited)

COMMON STOCKS (continued)		Shares Held		Value

Healthcare — Services (continued)
Cano Health, Inc. ^(a),(c)		1,346	$	7,901
DocGo, Inc. ^(a)		23,718		132,584
Ensign Group, Inc.		10,167		1,140,839
Fulgent Genetics, Inc. ^(a)		8,728		252,326
HealthEquity, Inc. ^(a)		31,971		2,119,677
Medpace Holdings, Inc. ^(a)		14,361		4,402,077
ModivCare, Inc. ^(a)		4,851		213,396
Pediatrix Medical Group, Inc. ^(a)		29,268		272,192
RadNet, Inc. ^(a)		7,040		244,781
Select Medical Holdings Corp.		20,519		482,197
U.S. Physical Therapy, Inc.		3,458		322,078
			$	10,274,697

Home Builders — 2.87%
Beazer Homes USA, Inc. ^(a)		6,453		218,047
Cavco Industries, Inc. ^(a)		1,589		550,779
Century Communities, Inc.		7,437		677,808
Green Brick Partners, Inc. ^(a)		7,025		364,879
Hovnanian Enterprises, Inc., Class A ^(a)		2,040		317,465
Installed Building Products, Inc.		5,667		1,036,041
KB Home		34,835		2,175,794
LGI Homes, Inc. ^(a)		5,576		742,500
M/I Homes, Inc. ^(a)		7,191		990,488
MDC Holdings, Inc.		14,890		822,673
Meritage Homes Corp.		9,651		1,681,204
Skyline Champion Corp. ^(a)		9,521		707,029
Taylor Morrison Home Corp. ^(a)		21,174		1,129,633
Tri Pointe Homes, Inc. ^(a)		22,104		782,482
Winnebago Industries, Inc.		14,189		1,034,094
			$	13,230,916

Home Furnishings — 0.23%
Ethan Allen Interiors, Inc.		7,176		229,058
MillerKnoll, Inc.		27,539		734,741
Sleep Number Corp. ^(a)		8,023		118,981
			$	1,082,780

Household Products/Wares — 0.55%
ACCO Brands Corp.		33,138		201,479
Helen of Troy Ltd. ^(a)		12,075		1,458,781
WD-40 Co.		3,587		857,544
			$	2,517,804

Insurance — 4.10%
Ambac Financial Group, Inc. ^(a)		28,226		465,164
American Equity Investment Life Holding Co. ^(a)		49,013		2,734,925
CNO Financial Group, Inc.		65,147		1,817,601
Essent Group Ltd.		37,008		1,951,802
Jackson Financial, Inc., Class A		77,978		3,992,474
Kinsale Capital Group, Inc.		9,674		3,239,919
NMI Holdings, Inc., Class A ^(a)		25,170		747,046
Palomar Holdings, Inc. ^(a)		9,339		518,315
RLI Corp.		11,909		1,585,326
Selective Insurance Group, Inc.		17,460		1,736,921
Universal Insurance Holdings, Inc.		7,607		121,560
			$	18,911,053

See accompanying notes.


Schedule of Investments
Principal U.S. Small-Cap ETF
December 31, 2023 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value

Internet — 2.03%
1-800-Flowers.com, Inc., Class A ^(a)	9,214	$	99,327
Cargurus, Inc. ^(a)	50,612		1,222,786
Cars.com, Inc. ^(a)	17,227		326,796
Figs, Inc., Class A ^(a)	110,604		768,698
HealthStream, Inc.	3,981		107,606
Open Lending Corp., Class A ^(a)	40,980		348,740
Perficient, Inc. ^(a)	10,350		681,237
Q2 Holdings, Inc. ^(a)	24,114		1,046,789
QuinStreet, Inc. ^(a)	13,513		173,237
Revolve Group, Inc. ^(a)	30,587		507,132
Shutterstock, Inc.	21,900		1,057,332
Squarespace, Inc., Class A ^(a)	25,156		830,399
Yelp, Inc. ^(a)	26,659		1,262,037
Ziff Davis, Inc. ^(a)	14,142		950,201
		$	9,382,317

Iron & Steel — 0.71%
Commercial Metals Co.	59,772		2,990,991
Haynes International, Inc.	4,878		278,290
		$	3,269,281

Leisure Time — 0.18%
Acushnet Holdings Corp.	8,445		533,471
Malibu Boats, Inc., Class A ^(a)	2,975		163,089
MasterCraft Boat Holdings, Inc. ^(a)	5,453		123,456
		$	820,016

Machinery — Construction & Mining — 0.60%
Terex Corp.	48,356		2,778,536

Machinery — Diversified — 1.75%
Alamo Group, Inc.	2,847		598,411
Albany International Corp., Class A	8,345		819,646
Applied Industrial Technologies, Inc.	11,535		1,991,979
CSW Industrials, Inc.	4,050		840,010
GrafTech International Ltd.	82,486		180,644
Kadant, Inc.	3,562		998,464
Mueller Water Products, Inc., Class A	42,212		607,853
Tennant Co.	3,458		320,522
Thermon Group Holdings, Inc. ^(a)	9,868		321,401
Watts Water Technologies, Inc., Class A	6,573		1,369,419
		$	8,048,349

Media — 0.32%
AMC Networks, Inc., Class A ^(a)	10,736		201,729
Gray Television, Inc.	45,185		404,858
Liberty Latin America Ltd., Class C ^(a)	58,418		428,788
Sinclair, Inc. ^(c)	32,720		426,342
		$	1,461,717

Metal Fabrication & Hardware — 1.34%
Mueller Industries, Inc.	37,046		1,746,719
Olympic Steel, Inc.	6,872		458,362
Proto Labs, Inc. ^(a)	10,862		423,184
RBC Bearings, Inc. ^(a)	8,903		2,536,376
Ryerson Holding Corp.	14,440		500,779

See accompanying notes.


	Schedule of Investments
	Principal U.S. Small-Cap ETF
	December 31, 2023 (unaudited)

COMMON STOCKS (continued)		Shares Held		Value

Metal Fabrication & Hardware (continued)
Standex International Corp.		3,169	$	501,906
			$	6,167,326

Mining — 0.21%
Constellium SE ^(a)		47,576		949,617

Miscellaneous Manufacturers — 1.10%
Fabrinet ^(a)		9,875		1,879,509
Federal Signal Corp.		16,556		1,270,508
Hillenbrand, Inc.		16,698		798,999
Materion Corp.		6,205		807,457
Smith & Wesson Brands, Inc.		13,622		184,714
Sturm Ruger & Co., Inc.		2,965		134,759
			$	5,075,946

Office & Business Equipment — 0.27%
Xerox Holdings Corp.		67,686		1,240,684

Oil & Gas — 4.04%
Berry Corp.		19,081		134,140
California Resources Corp.		20,499		1,120,885
Callon Petroleum Co. ^(a)		36,730		1,190,052
Chord Energy Corp.		11,650		1,936,580
Civitas Resources, Inc.		14,627		1,000,194
Comstock Resources, Inc.		115,041		1,018,113
CVR Energy, Inc.		19,431		588,759
Magnolia Oil & Gas Corp., Class A		43,998		936,717
Matador Resources Co.		34,473		1,960,135
Par Pacific Holdings, Inc. ^(a)		18,454		671,172
PBF Energy, Inc., Class A		62,612		2,752,424
Permian Resources Corp.		177,237		2,410,423
Ring Energy, Inc. ^(a)		66,855		97,608
Sitio Royalties Corp., Class A		17,889		420,570
Talos Energy, Inc. ^(a)		42,067		598,613
Weatherford International PLC ^(a)		18,490		1,808,877
			$	18,645,262

Oil & Gas Services — 0.54%
Archrock, Inc.		21,488		330,915
Aris Water Solutions, Inc., Class A		19,672		165,048
ChampionX Corp.		42,574		1,243,587
Expro Group Holdings NV ^(a)		19,238		306,269
Helix Energy Solutions Group, Inc. ^(a)		41,983		431,585
			$	2,477,404

Packaging & Containers — 0.35%
Greif, Inc., Class A		10,850		711,651
O-I Glass, Inc. ^(a)		55,620		911,056
			$	1,622,707

Pharmaceuticals — 3.05%
AbCellera Biologics, Inc. ^(a),(c)		74,171		423,516
AdaptHealth Corp. ^(a)		43,720		318,719
Alector, Inc. ^(a)		27,549		219,841
Alkermes PLC ^(a)		51,776		1,436,266
Amphastar Pharmaceuticals, Inc. ^(a)		8,467		523,684
BellRing Brands, Inc. ^(a)		31,618		1,752,586
Catalyst Pharmaceuticals, Inc. ^(a)		57,039		958,826

See accompanying notes.


	Schedule of Investments
	Principal U.S. Small-Cap ETF
	December 31, 2023 (unaudited)

COMMON STOCKS (continued)		Shares Held		Value

Pharmaceuticals (continued)
Collegium Pharmaceutical, Inc. ^(a)		16,608	$	511,194
Corcept Therapeutics, Inc. ^(a)		31,475		1,022,308
Eagle Pharmaceuticals, Inc. ^(a)		6,494		33,964
Harmony Biosciences Holdings, Inc. ^(a)		27,508		888,508
Herbalife Ltd. ^(a)		56,918		868,569
Ironwood Pharmaceuticals, Inc. ^(a)		86,017		984,035
Option Care Health, Inc. ^(a)		41,738		1,406,153
Pacira BioSciences, Inc. ^(a)		21,527		726,321
PetIQ, Inc. ^(a)		11,184		220,884
Prestige Consumer Healthcare, Inc. ^(a)		11,204		685,909
Revance Therapeutics, Inc. ^(a)		13,927		122,418
Seres Therapeutics, Inc. ^(a),(c)		31,947		44,726
SIGA Technologies, Inc.		38,027		212,951
Supernus Pharmaceuticals, Inc. ^(a)		16,886		488,681
USANA Health Sciences, Inc. ^(a)		2,574		137,966
Vanda Pharmaceuticals, Inc. ^(a)		23,969		101,149
			$	14,089,174

Pipelines — 0.04%
Kinetik Holdings, Inc.		6,000		200,400

Real Estate — 0.76%
Cushman & Wakefield PLC ^(a)		177,344		1,915,315
Marcus & Millichap, Inc.		14,052		613,792
McGrath RentCorp		6,829		816,885
RE/MAX Holdings, Inc., Class A		11,628		155,001
			$	3,500,993

REITs — 5.43%
Agree Realty Corp.		42,075		2,648,621
American Assets Trust, Inc.		37,980		854,930
Broadstone Net Lease, Inc.		72,119		1,241,889
CareTrust REIT, Inc.		45,787		1,024,713
Community Healthcare Trust, Inc.		10,062		268,052
Easterly Government Properties, Inc.		71,380		959,347
Empire State Realty Trust, Inc., Class A		109,441		1,060,483
Essential Properties Realty Trust, Inc.		63,205		1,615,520
Four Corners Property Trust, Inc.		31,553		798,291
Getty Realty Corp.		23,137		676,063
Global Net Lease, Inc.		51,178		509,221
Industrial Logistics Properties Trust		89,737		421,764
Innovative Industrial Properties, Inc.		26,500		2,671,730
Office Properties Income Trust		47,773		349,698
Piedmont Office Realty Trust, Inc., Class A		127,202		904,406
PotlatchDeltic Corp.		35,481		1,742,117
STAG Industrial, Inc.		82,153		3,225,327
Tanger, Inc.		64,680		1,792,930
Terreno Realty Corp.		33,174		2,079,015
Universal Health Realty Income Trust		4,472		193,414
			$	25,037,531

Retail — 5.83%
Academy Sports & Outdoors, Inc.		30,129		1,988,514
Asbury Automotive Group, Inc. ^(a)		5,612		1,262,532
Bloomin' Brands, Inc.		36,327		1,022,605
BlueLinx Holdings, Inc. ^(a)		5,405		612,441
Buckle, Inc.		13,070		621,086
Chuy's Holdings, Inc. ^(a)		2,898		110,791

See accompanying notes.


Schedule of Investments
Principal U.S. Small-Cap ETF
December 31, 2023 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value

Retail (continued)
Denny's Corp. ^(a)	16,876	$	183,611
Destination XL Group, Inc. ^(a)	22,225		97,790
Dillard's, Inc., Class A ^(c)	3,973		1,603,701
FirstCash Holdings, Inc.	12,462		1,350,756
Foot Locker, Inc.	61,885		1,927,718
Genesco, Inc. ^(a)	5,587		196,718
GMS, Inc. ^(a)	11,629		958,578
Group 1 Automotive, Inc.	4,136		1,260,405
Haverty Furniture Cos., Inc.	3,855		136,853
Hibbett, Inc.	8,226		592,437
Jack in the Box, Inc.	8,643		705,528
La-Z-Boy, Inc.	8,882		327,923
MarineMax, Inc. ^(a)	13,898		540,632
Movado Group, Inc.	4,879		147,102
Murphy USA, Inc.	7,397		2,637,474
National Vision Holdings, Inc. ^(a)	21,514		450,288
OneWater Marine, Inc., Class A ^(a)	3,480		117,589
Patrick Industries, Inc.	4,392		440,737
PriceSmart, Inc.	3,842		291,147
Sally Beauty Holdings, Inc. ^(a)	31,956		424,376
Shoe Carnival, Inc.	9,495		286,844
Sonic Automotive, Inc., Class A	8,991		505,384
Texas Roadhouse, Inc.	20,118		2,459,023
Wingstop, Inc.	13,430		3,445,869
Winmark Corp.	413		172,448
		$	26,878,900

Savings & Loans — 0.34%
OceanFirst Financial Corp.	17,458		303,071
WaFd, Inc.	38,971		1,284,484
		$	1,587,555

Semiconductors — 3.75%
Amkor Technology, Inc.	52,048		1,731,637
Axcelis Technologies, Inc. ^(a)	21,951		2,846,825
Cohu, Inc. ^(a)	10,917		386,353
Diodes, Inc. ^(a)	9,599		772,912
Kulicke & Soffa Industries, Inc.	19,690		1,077,437
MACOM Technology Solutions Holdings, Inc. ^(a)	20,275		1,884,561
MaxLinear, Inc. ^(a)	22,925		544,927
Onto Innovation, Inc. ^(a)	9,729		1,487,564
Photronics, Inc. ^(a)	31,678		993,739
Power Integrations, Inc.	16,878		1,385,853
Rambus, Inc. ^(a)	39,088		2,667,756
Semtech Corp. ^(a)	61,784		1,353,687
Vishay Precision Group, Inc. ^(a)	4,457		151,850
		$	17,285,101

Software — 2.96%
8x8, Inc. ^(a)	53,337		201,614
ACI Worldwide, Inc. ^(a)	35,952		1,100,131
Adeia, Inc.	30,562		378,663
Agilysys, Inc. ^(a)	7,527		638,440
CommVault Systems, Inc. ^(a)	14,754		1,178,107
Computer Programs & Systems, Inc. ^(a)	3,389		37,957
Digi International, Inc. ^(a)	13,940		362,440
Donnelley Financial Solutions, Inc. ^(a)	14,114		880,290
EngageSmart, Inc. ^(a)	20,061		459,397

See accompanying notes.


	Schedule of Investments
	Principal U.S. Small-Cap ETF
	December 31, 2023 (unaudited)

COMMON STOCKS (continued)		Shares Held		Value

Software (continued)
Envestnet, Inc. ^(a)		21,514	$	1,065,373
Everbridge, Inc. ^(a)		19,470		473,316
Health Catalyst, Inc. ^(a)		26,106		241,742
Model N, Inc. ^(a)		19,626		528,528
N-able, Inc. ^(a)		15,240		201,930
PDF Solutions, Inc. ^(a)		7,062		226,973
PowerSchool Holdings, Inc., Class A ^(a)		33,554		790,532
Privia Health Group, Inc. ^(a)		29,739		684,889
Progress Software Corp.		16,377		889,271
PubMatic, Inc., Class A ^(a)		21,048		343,293
Sapiens International Corp. NV		7,843		226,976
Simulations Plus, Inc.		4,014		179,627
SPS Commerce, Inc. ^(a)		6,166		1,195,218
Verra Mobility Corp. ^(a)		59,776		1,376,641
			$	13,661,348

Telecommunications — 1.43%
A10 Networks, Inc.		27,726		365,151
CommScope Holding Co., Inc. ^(a)		118,879		335,239
EchoStar Corp., Class A ^(a)		11,894		197,084
Extreme Networks, Inc. ^(a)		53,646		946,316
IDT Corp., Class B ^(a)		3,711		126,508
InterDigital, Inc.		15,643		1,697,891
Iridium Communications, Inc.		32,750		1,347,990
U.S. Cellular Corp. ^(a)		15,709		652,552
Viavi Solutions, Inc. ^(a)		90,291		909,230
			$	6,577,961

Textiles — 0.16%
UniFirst Corp.		3,969		725,970

Transportation — 3.44%
Air Transport Services Group, Inc. ^(a)		23,693		417,234
ArcBest Corp.		11,594		1,393,715
Covenant Logistics Group, Inc.		4,709		216,802
Dorian LPG Ltd.		16,452		721,749
FLEX LNG Ltd.		9,570		278,104
Forward Air Corp.		7,720		485,357
Heartland Express, Inc.		10,913		155,619
Hub Group, Inc., Class A ^(a)		10,677		981,644
International Seaways, Inc.		17,467		794,399
Marten Transport Ltd.		13,045		273,684
Matson, Inc.		15,620		1,711,952
Safe Bulkers, Inc.		46,182		181,495
Saia, Inc. ^(a)		10,667		4,674,493
Scorpio Tankers, Inc.		36,129		2,196,643
Werner Enterprises, Inc.		27,484		1,164,497
World Kinect Corp.		9,599		218,665
			$	15,866,052

Water — 0.76%
American States Water Co.		12,209		981,848
Artesian Resources Corp., Class A		3,631		150,505
California Water Service Group		15,441		800,925
SJW Group		23,972		1,566,570
			$	3,499,848
TOTAL COMMON STOCKS			$	460,139,363

See accompanying notes.


			Schedule of Investments
			Principal U.S. Small-Cap ETF
			December 31, 2023 (unaudited)

INVESTMENT COMPANIES — 0.73%								Shares Held		Value

Money Market Funds — 0.73%
Principal Government Money Market Fund — Class R-6 5.26% ^(d),(e),(f)								1,495,118	$	1,495,118
State Street Institutional U.S. Government Money Market Fund — Premier Class
5.32% ^(f)								1,888,291		1,888,291
TOTAL INVESTMENT COMPANIES									$	3,383,409
Total Investments									$	463,522,772
Other Assets and Liabilities — (0.50)%										(2,300,326	)

Total Net Assets — 100.00%									$	461,222,446

^(a)	Non-income producing security.
^(b)	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.
^(c)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $1,441,188 or
	0.31% 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 $1,495,118 or 0.32% of net assets.
^(f)	1-day yield shown as of period end.

	Portfolio Summary
Sector				Percent
Consumer, Non-cyclical					22.77	%
Financial					20.95	%
Industrial					17.44	%
Consumer, Cyclical					11.83	%
Technology					10.80	%
Energy					7.25	%
Communications					3.80	%
Utilities					2.65	%
Basic Materials					2.28	%
Money Market Funds					0.73	%
Other Assets and Liabilities					(0.50	)%
TOTAL NET ASSETS					100.00	%

		June 30, 2023		Purchases				Sales	December 31, 2023
Affiliated Securities			Value		Cost			Proceeds		Value
Principal Government Money
Market Fund — Class R-6 5.26%		$	847,907	$	7,321,911		$	6,674,700	$	1,495,118
		$	847,907	$	7,321,911		$	6,674,700	$	1,495,118

					Realized Gain
					Realized			from		Change in
				Gain/(Loss) on			Capital Gain			Unrealized
			Income ^(a)	Investments			Distributions			Gain/(Loss)
Principal Government Money
Market Fund — Class R-6 5.26%		$	—	$	—		$	—	$	—
		$	—	$	—		$	—	$	—

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




See accompanying notes.				87


	Schedule of Investments
	Principal Value ETF
	December 31, 2023 (unaudited)

COMMON STOCKS — 99.64%		Shares Held		Value
Aerospace & Defense — 1.72%
L3Harris Technologies, Inc.		2,213	$	466,102
Lockheed Martin Corp.		1,124		509,442
			$	975,544

Agriculture — 1.42%
Altria Group, Inc.		10,872		438,577
Archer-Daniels-Midland Co.		5,093		367,816
			$	806,393

Apparel — 0.69%
Tapestry, Inc.		10,720		394,603
Auto Manufacturers — 0.86%
PACCAR, Inc.		5,004		488,641
Banks — 10.59%
Bank of America Corp.		21,633		728,383
Bank of New York Mellon Corp.		8,967		466,732
Citizens Financial Group, Inc.		12,575		416,736
Comerica, Inc.		7,187		401,106
Fifth Third Bancorp		14,103		486,412
KeyCorp		32,898		473,731
M&T Bank Corp.		2,899		397,395
Northern Trust Corp.		4,866		410,593
PNC Financial Services Group, Inc.		3,389		524,787
Regions Financial Corp.		19,048		369,150
State Street Corp.		5,432		420,763
Truist Financial Corp.		13,431		495,873
Zions Bancorp NA		9,741		427,338
			$	6,018,999

Building Materials — 1.50%
Johnson Controls International PLC		7,137		411,377
Masco Corp.		6,547		438,518
			$	849,895

Chemicals — 2.46%
CF Industries Holdings, Inc.		4,848		385,416
Linde PLC		1,658		680,957
Mosaic Co.		9,227		329,681
			$	1,396,054

Commercial Services — 1.60%
Automatic Data Processing, Inc.		2,032		473,395
Robert Half, Inc.		4,939		434,237
			$	907,632

Computers — 6.91%
Accenture PLC, Class A		2,088		732,700
Apple, Inc.		12,340		2,375,820
Cognizant Technology Solutions Corp., Class A		5,944		448,950
HP, Inc.		12,386		372,695
			$	3,930,165

Distribution/Wholesale — 0.72%
Pool Corp.		1,030		410,671

See accompanying notes.


Schedule of Investments
Principal Value ETF
December 31, 2023 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value

Diversified Financial Services — 4.71%
Ameriprise Financial, Inc.	1,205	$	457,695
Discover Financial Services	3,883		436,449
Franklin Resources, Inc.	13,479		401,540
Intercontinental Exchange, Inc.	3,990		512,436
Nasdaq, Inc.	7,649		444,713
Synchrony Financial	11,111		424,329
		$	2,677,162

Electronics — 0.76%
Allegion PLC	3,402		430,999

Environmental Control — 0.80%
Republic Services, Inc.	2,768		456,471

Food — 2.58%
Conagra Brands, Inc.	12,353		354,037
General Mills, Inc.	5,876		382,763
Hershey Co.	1,843		343,609
Kroger Co.	8,390		383,507
		$	1,463,916

Hand/Machine Tools — 0.72%
Snap-on, Inc.	1,424		411,308

Healthcare — Products — 1.76%
Abbott Laboratories	5,960		656,017
DENTSPLY SIRONA, Inc.	9,700		345,223
		$	1,001,240

Healthcare — Services — 0.70%
Quest Diagnostics, Inc.	2,864		394,888

Home Builders — 0.86%
PulteGroup, Inc.	4,724		487,611

Household Products/Wares — 0.74%
Avery Dennison Corp.	2,090		422,514

Insurance — 6.62%
Allstate Corp.	3,725		521,425
American International Group, Inc.	7,075		479,331
Chubb Ltd.	2,394		541,044
Cincinnati Financial Corp.	3,617		374,215
Hartford Financial Services Group, Inc.	5,399		433,972
Marsh & McLennan Cos., Inc.	2,602		493,001
MetLife, Inc.	6,664		440,690
Travelers Cos., Inc.	2,516		479,273
		$	3,762,951

Internet — 0.33%
Amazon.com, Inc. ^(a)	1,235		187,646

Iron & Steel — 0.79%
Steel Dynamics, Inc.	3,798		448,544

Machinery — Construction & Mining — 1.05%
Caterpillar, Inc.	2,020		597,253

Media — 2.20%
Comcast Corp., Class A	13,893		609,208
Fox Corp., Class A	10,930		324,293

See accompanying notes.


	Schedule of Investments
	Principal Value ETF
	December 31, 2023 (unaudited)

COMMON STOCKS (continued)		Shares Held		Value

Media (continued)
Fox Corp., Class B		11,435	$	316,178
			$	1,249,679

Miscellaneous Manufacturers — 1.62%
A O Smith Corp.		5,292		436,272
Parker-Hannifin Corp.		1,055		486,039
			$	922,311

Oil & Gas — 7.79%
APA Corp.		8,571		307,528
Chevron Corp.		4,795		715,222
Devon Energy Corp.		8,169		370,056
EQT Corp.		8,990		347,553
Exxon Mobil Corp.		9,107		910,518
Marathon Petroleum Corp.		3,032		449,828
Phillips 66		3,767		501,538
Pioneer Natural Resources Co.		1,872		420,975
Valero Energy Corp.		3,131		407,030
			$	4,430,248

Packaging & Containers — 1.53%
Packaging Corp. of America		2,509		408,741
Westrock Co.		11,142		462,616
			$	871,357

Pharmaceuticals — 3.46%
Bristol-Myers Squibb Co.		8,967		460,097
Cencora, Inc.		2,178		447,318
CVS Health Corp.		6,738		532,032
Pfizer, Inc.		18,258		525,648
			$	1,965,095

Pipelines — 0.74%
Williams Cos., Inc.		12,076		420,607

REITs — 8.38%
Alexandria Real Estate Equities, Inc.		3,215		407,566
Essex Property Trust, Inc.		1,578		391,249
Extra Space Storage, Inc.		3,088		495,099
Host Hotels & Resorts, Inc.		23,421		456,007
Invitation Homes, Inc.		11,348		387,080
Kimco Realty Corp.		18,803		400,692
Mid-America Apartment Communities, Inc.		2,695		362,370
Prologis, Inc.		4,270		569,191
Simon Property Group, Inc.		3,542		505,231
UDR, Inc.		9,635		368,924
VICI Properties, Inc.		13,259		422,697
			$	4,766,106

Retail — 4.52%
Best Buy Co., Inc.		4,875		381,615
Darden Restaurants, Inc.		2,442		401,221
Genuine Parts Co.		2,511		347,773
Home Depot, Inc.		2,564		888,554
Lowe's Cos., Inc.		2,485		553,037
			$	2,572,200

See accompanying notes.


		Schedule of Investments
		Principal Value ETF
		December 31, 2023 (unaudited)

COMMON STOCKS (continued)				Shares Held		Value

Semiconductors — 6.81%
Analog Devices, Inc.				2,708	$	537,700
Broadcom, Inc.				1,042		1,163,132
Microchip Technology, Inc.				5,255		473,896
QUALCOMM, Inc.				4,777		690,898
Skyworks Solutions, Inc.				3,629		407,972
Texas Instruments, Inc.				3,495		595,758
					$	3,869,356

Software — 5.27%
Fidelity National Information Services, Inc.				7,337		440,733
Microsoft Corp.				5,740		2,158,470
Paychex, Inc.				3,344		398,304
					$	2,997,507

Telecommunications — 0.66%
Corning, Inc.				12,363		376,453
Transportation — 5.77%
CH Robinson Worldwide, Inc.				3,999		345,474
CSX Corp.				14,812		513,532
Expeditors International of Washington, Inc.				3,337		424,466
FedEx Corp.				1,699		429,796
Norfolk Southern Corp.				2,020		477,488
Union Pacific Corp.				2,461		604,471
United Parcel Service, Inc., Class B				3,100		487,413
					$	3,282,640
TOTAL COMMON STOCKS					$	56,644,659
INVESTMENT COMPANIES — 0.52%				Shares Held		Value

Money Market Fund — 0.52%
State Street Institutional U.S. Government Money Market Fund — Premier Class
5.32% ^(b)				299,350	$	299,350
TOTAL INVESTMENT COMPANIES					$	299,350
Total Investments					$	56,944,009
Other Assets and Liabilities — (0.16)%						(93,130	)
Total Net Assets — 100.00%					$	56,850,879

^(a)	Non-income producing security.
^(b)	1-day yield shown as of period end.

	Portfolio Summary
Sector		Percent
Financial		30.31	%
Technology		18.99	%
Industrial		15.47	%
Consumer, Non-cyclical		12.25	%
Energy		8.53	%
Consumer, Cyclical		7.66	%
Basic Materials		3.24	%
Communications		3.19	%
Money Market Fund		0.52	%
Other Assets and Liabilities		(0.16	)%
TOTAL NET ASSETS		100.00	%




See accompanying notes.		91


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

Principal Active High Yield ETF
For a share outstanding:
		Period ended
		December 31,				Year ended			Year ended				Year ended			Year ended			Year ended
			2023	^(a)		June 30, 2023			June 30, 2022			June 30, 2021				June 30, 2020			June 30, 2019

Net asset value, beginning of period		$	18.28			$	17.71		$	20.85	^(b)	$	18.07	^(b)		$	19.96	^(b)	$	20.14	^(b)

Investment Operations:
Net investment income (loss) ^(c)			0.61				1.05			0.90			0.77	^(b)			0.94	^(b)		0.96	^(b)
Net realized and change in unrealized gain (loss)			0.69				0.70			(2.90	)		2.82	^(b)			(1.86	) ^(b)		(0.01	) ^(b)
Total from investment operations			1.30				1.75			(2.00	)		3.59	^(b)			(0.92	) ^(b)		0.95	^(b)

Dividends to Shareholders from:
Net investment income			(0.74	)			(1.18	)		(1.14	)		(0.81	) ^(b)			(0.97	) ^(b)		(0.96	) ^(b)
Net realized gains			—				—			—			^—(b)				^—(b)			(0.17	) ^(b)
Total dividends to stockholders			(0.74	)			(1.18	)		(1.14	)		(0.81	) ^(b)			(0.97	) ^(b)		(1.13	) ^(b)

Net asset value, end of period		$	18.84			$	18.28		$	17.71		$	20.85	^(b)		$	18.07	^(b)	$	19.96	^(b)
Total return			7.32% ^(d)				10.15	%		(10.65	)%		20.25	%			(4.78	)%		4.95	%

Ratios/Supplemental Data:
Net assets, end of period (000s)		$	149,785		$	105,094			$	218,775		$	232,443		$	270,096			$	216,519
Ratio of expenses to average net assets			0.39	% ^(e)			0.39	%		0.41	%		0.49	%			0.49	%		0.61	%
Ratio of net investment income (loss) to average
	net assets		6.71	% ^(e)			5.84	%		4.46	%		3.90	%			4.89	%		4.84	%
Portfolio turnover rate ^(f)			19.7	%			34.5	%		110.5	%		19.5	%			10.6	%		17.9	%

^(a)	Six months ended December 31, 2023.
^(b)	Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Total return amounts have not been annualized.
^(e)	Computed on an annualized basis.
^(f)	Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the
	Fund's Shares.






	See accompanying notes.
92


			Financial Highlights
			Principal Exchange-Traded Funds
			(unaudited)
Principal Focused Blue Chip ETF
For a share outstanding:
		Period ended
		December 31,
			2023^(a)

Net asset value, beginning of period		$	25.00

Investment Operations:
Net investment income (loss) ^(b)			0.09
Net realized and change in unrealized gain (loss)			3.44
Total from investment operations			3.53

Dividends to Shareholders from:
Net investment income			(0.05	)
Total dividends to stockholders			(0.05	)

Net asset value, end of period		$	28.48
Total return ^(c)			14.13	%

Ratios/Supplemental Data:
Net assets, end of period (000s)		$	30,758
Ratio of expenses to average net assets ^(d)			0.58	%
Ratio of net investment income (loss) to average
	net assets ^(d)		0.75	%
Portfolio turnover rate ^(e)			9.0	%

^(a)	Period from July 12, 2023, date operations commenced, through December 31, 2023.
^(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 the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the
	Fund's Shares.






	See accompanying notes.
			93


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

Principal Healthcare Innovators ETF
For a share outstanding:
		Period ended
		December 31,			Year ended			Year ended				Year ended			Year ended			Year ended
			2023^(a)		June 30, 2023			June 30, 2022				June 30, 2021			June 30, 2020			June 30, 2019

Net asset value, beginning of period		$	36.00		$	32.29		$	60.76			$	44.34		$	34.37		$	34.74

Investment Operations:
Net investment income (loss) ^(b)			(0.03	)		(0.07	)		(0.14	)			(0.15	)		(0.10	)		(0.13	)
Net realized and change in unrealized gain (loss)			0.40			3.78			(27.88	)			16.79			10.07			(0.24	)
Total from investment operations			0.37			3.71			(28.02	)			16.64			9.97			(0.37	)

Dividends to Shareholders from:
Net investment income			—			—			(0.45	)			—			—			—
Net realized gains			—			—			—				(0.22	)		—			—
Total dividends to stockholders			—			—			(0.45	)			(0.22	)		—			—

Net asset value, end of period		$	36.37		$	36.00		$	32.29			$	60.76		$	44.34		$	34.37
Total return			1.03	% ^(c)		11.49	%		(46.36	)%			37.51	%		29.01	%		(1.05	)%

Ratios/Supplemental Data:
Net assets, end of period (000s)		$	49,100		$	53,997		$	53,275		$	176,197			$	95,338		$	56,713
Ratio of expenses to average net assets			0.42	% ^(d)		0.42	%		0.42	%			0.42	%		0.42	%		0.42	%
Ratio of net investment income (loss) to average
	net assets		(0.18	)% ^(d)		(0.21	)%		(0.29	)%			(0.27	)%		(0.29	)%		(0.39	)%
Portfolio turnover rate ^(e)			8.4	%		56.6	%		46.2	%			45.8	%		36.1	%		34.5	%

^(a)	Six months ended December 31, 2023.
^(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 the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the
	Fund's Shares.






	See accompanying notes.
94


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

Principal Investment Grade Corporate Active ETF
For a share outstanding:
		Period ended
		December 31,			Year ended			Year ended				Year ended				Year ended			Year ended
			2023^(a)		June 30, 2023			June 30, 2022				June 30, 2021				June 30, 2020			June 30, 2019

Net asset value, beginning of period		$	20.51		$	21.84		$	26.74			$	26.67			$	26.20		$	24.59

Investment Operations:
Net investment income (loss) ^(b)			0.48			0.76			0.65				0.62				0.88			0.95
Net realized and change in unrealized gain (loss)			0.47			(0.60	)		(4.68	)			0.69				1.39			1.66
Total from investment operations			0.95			0.16			(4.03	)			1.31				2.27			2.61

Dividends to Shareholders from:
Net investment income			(0.55	)		(1.49	)		(0.80	)			(0.79	)			(0.95	)		(0.98	)
Net realized gains			—			—			(0.07	)			(0.45	)			(0.85	)		(0.02	)
Total dividends to stockholders			(0.55	)		(1.49	)		(0.87	)			(1.24	)			(1.80	)		(1.00	)

Net asset value, end of period		$	20.91		$	20.51		$	21.84			$	26.74			$	26.67		$	26.20
Total return			4.75	% ^(c)		0.87	%		(15.47	)%			4.90	%			8.98	%		10.95	%

Ratios/Supplemental Data:
Net assets, end of period (000s)		$	73,172		$	47,174		$	369,026		$	481,271			$	110,693			$	120,540
Ratio of expenses to average net assets			0.19	% ^(d)		0.19	%		0.19	%			0.25	%			0.26	%		0.26	%
Ratio of net investment income (loss) to average
	net assets		4.74	% ^(d)		3.52	%		2.58	%			2.30	%			3.37	%		3.86	%
Portfolio turnover rate ^(e)			77.2	%		61.0	%		46.9	%			67.8	%			73.3	%		92.8	%

^(a)	Six months ended December 31, 2023.
^(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 the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the
	Fund's Shares.






	See accompanying notes.
95


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

Principal Quality ETF
For a share outstanding:
		Period ended
		December 31,				Year ended		Year ended			Year ended			Year ended			Year ended
			2023^(a)		June 30, 2023			June 30, 2022			June 30, 2021			June 30, 2020			June 30, 2019

Net asset value, beginning of period		$	56.45		$	47.88		$	53.17		$	39.89		$	37.79		$	33.32

Investment Operations:
Net investment income (loss) ^(b)			0.28			0.60			0.61			0.57			0.51			0.46
Net realized and change in unrealized gain (loss)			4.75			8.71			(5.36	)		13.22			1.00			4.48
Net realized gain due from reimbursement from
	Advisor		—			—			—			—			1.13	^(c)		—
Total from investment operations			5.03			9.31			(4.75	)		13.79			2.64			4.94

Dividends to Shareholders from:
Net investment income			(0.39	)		(0.74	)		(0.54	)		(0.51	)		(0.54	)		(0.47	)
Total dividends to stockholders			(0.39	)		(0.74	)		(0.54	)		(0.51	)		(0.54	)		(0.47	)

Net asset value, end of period		$	61.09		$	56.45		$	47.88		$	53.17		$	39.89		$	37.79
Total return			8.94% ^(d)			19.69	%		(9.07	)%		34.83	%		7.05	% ^(c)		15.03	%

Ratios/Supplemental Data:
Net assets, end of period (000s)		$	41,539		$	36,696		$	45,489		$	58,486		$	17,951		$	20,786
Ratio of expenses to average net assets			0.15	% ^(e)		0.15	%		0.15	%		0.15	%		0.29	% ^(f)		0.29	% ^(f)
Ratio of gross expenses to average net assets			—% ^(g)			—% ^(g)			—% ^(g)			—% ^(g)			0.34	%		0.40	%
Ratio of net investment income (loss) to average
	net assets		0.97	% ^(e)		1.18	%		1.11	%		1.22	%		1.32	%		1.32	%
Portfolio turnover rate ^(h)			0.0	% ⁽ⁱ⁾		47.7	%		96.0	%		45.1	%		103.7	%		40.4	%

^(a)	Six months ended December 31, 2023.
^(b)	Calculated on average shares outstanding during the period.
^(c)	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%.
^(d)	Total return amounts have not been annualized.
^(e)	Computed on an annualized basis.
^(f)	Includes reimbursement from Advisor.
^(g)	Ratio is not applicable as there was no waiver during the period.
^(h)	Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the
	Fund's Shares.
⁽ⁱ⁾	Reflects an amount rounding to less than 0.0%.






	See accompanying notes.
96


			Financial Highlights
			Principal Exchange-Traded Funds
					(unaudited)
Principal Real Estate Active Opportunities ETF
For a share outstanding:
		Period ended
		December 31,			Period ended			Period ended
			2023^(a)		June 30, 2023			June 30, 2022 ^(b)

Net asset value, beginning of period		$	22.68		$	24.50		$	25.00

Investment Operations:
Net investment income (loss) ^(c)			0.39			0.54			0.10
Net realized and change in unrealized gain (loss)			1.48			(1.78	)		(0.60	)
Total from investment operations			1.87			(1.24	)		(0.50	)

Dividends to Shareholders from:
Net investment income			(0.46	)		(0.48	)		—
Net realized gains			—			(0.10	)		—
Total dividends to stockholders			(0.46	)		(0.58	)		—

Net asset value, end of period		$	24.09		$	22.68		$	24.50
Total return			8.44	% ^(d)		(5.03	)%		(2.01	)% ^(d)

Ratios/Supplemental Data:
Net assets, end of period (000s)		$	9,155		$	5,443		$	5,390
Ratio of expenses to average net assets			0.65	% ^(e)		0.65	%		0.65	% ^(e)
Ratio of net investment income (loss) to average
	net assets		3.51	% ^(e)		2.33	%		3.51	% ^(e)
Portfolio turnover rate ^(f)			16.0	%		17.6	%		16.2	%

^(a)	Six months ended December 31, 2023.
^(b)	Period from May 18, 2022, date operations commenced, through June 30, 2022.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Total return amounts have not been annualized.
^(e)	Computed on an annualized basis.
^(f)	Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the
	Fund's Shares.






	See accompanying notes.
						97


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

Principal Spectrum Preferred Securities Active ETF
For a share outstanding:
		Period ended
		December 31,				Year ended			Year ended				Year ended				Year ended		Year ended
			2023^(a)			June 30, 2023			June 30, 2022				June 30, 2021			June 30, 2020			June 30, 2019

Net asset value, beginning of period		$	16.87			$	17.20		$	20.64			$	19.31	^(b)	$	19.36	^(b)	$	18.89	^(b)

Investment Operations:
Net investment income (loss) ^(c)			0.39				0.72			0.64				0.70			0.80	^(b)		0.68	^(b)
Net realized and change in unrealized gain (loss)			0.66				(0.25	)		(3.27	)			1.86			0.08	^(b)		0.77	^(b)
Total from investment operations			1.05				0.47			(2.63	)			2.56			0.88	^(b)		1.45	^(b)

Dividends to Shareholders from:
Net investment income			(0.48	)			(0.80	)		(0.81	)			(1.23	)		(0.93	) ^(b)		(0.98	) ^(b)
Total dividends to stockholders			(0.48	)			(0.80	)		(0.81	)			(1.23	)		(0.93	) ^(b)		(0.98	) ^(b)

Net asset value, end of period		$	17.44			$	16.87		$	17.20			$	20.64		$	19.31	^(b)	$	19.36	^(b)
Total return			6.37	% ^(d)			2.68	%		(13.15	)%			11.58	%		4.60	%		7.99	%

Ratios/Supplemental Data:
Net assets, end of period (000s)		$	786,462		$	575,986			$	344,957		$	363,333			$	139,995		$	67,750
Ratio of expenses to average net assets			0.55	% ^(e)			0.55	%		0.55	%			0.55	%		0.55	%		0.55	%
Ratio of net investment income (loss) to average
	net assets		4.59	% ^(e)			4.21	%		3.24	%			3.43	%		4.10	%		3.65	%
Portfolio turnover rate ^(f)			3.3	%			16.7	%		9.2	%			12.6	%		41.9	%		27.6	%

^(a)	Six months ended December 31, 2023.
^(b)	Reflects a 5 to 1 stock split effective after the close of trading on July 22, 2020.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Total return amounts have not been annualized.
^(e)	Computed on an annualized basis.
^(f)	Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the
	Fund's Shares.






	See accompanying notes.
98


			Financial Highlights
			Principal Exchange-Traded Funds
					(unaudited)
Principal Spectrum Tax-Advantaged Dividend Active ETF
For a share outstanding:
		Period ended
		December 31,			Year ended			Year ended			Year ended			Period ended
			2023^(a)		June 30, 2023			June 30, 2022			June 30, 2021			June 30, 2020 ^(b)

Net asset value, beginning of period		$	17.46		$	18.34		$	21.57		$	19.95		$	20.00

Investment Operations:
Net investment income (loss) ^(c)			0.42			0.87			0.84			0.88			0.03
Net realized and change in unrealized gain (loss)			0.70			(0.75	)		(2.98	)		1.76			(0.08	)
Total from investment operations			1.12			0.12			(2.14	)		2.64			(0.05	)

Dividends to Shareholders from:
Net investment income			(0.56	)		(1.00	)		(1.00	)		(0.98	)		—
Net realized gains			—			—			(0.09	)		(0.04	)		—
Total dividends to stockholders			(0.56	)		(1.00	)		(1.09	)		(1.02	)		—

Net asset value, end of period		$	18.02		$	17.46		$	18.34		$	21.57		$	19.95
Total return			6.59	% ^(d)		0.65	%		(10.38	)%		13.42	%		(0.26	)% ^(d)

Ratios/Supplemental Data:
Net assets, end of period (000s)		$	20,728		$	20,081		$	21,088		$	22,647		$	19,948
Ratio of expenses to average net assets			0.60	% ^(e)		0.60	%		0.60	%		0.60	%		0.60	% ^(e)
Ratio of net investment income (loss) to average
	net assets		4.83	% ^(e)		4.81	%		4.09	%		4.15	%		4.35	% ^(e)
Portfolio turnover rate ^(f)			9.9	%		12.8	%		6.7	%		15.5	%		6.3	%

^(a)	Six months ended December 31, 2023.
^(b)	Period from June 16, 2020, date operations commenced, through June 30, 2020.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Total return amounts have not been annualized.
^(e)	Computed on an annualized basis.
^(f)	Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the
	Fund's Shares.






	See accompanying notes.
						99


			Financial Highlights
			Principal Exchange-Traded Funds
						(unaudited)
Principal U.S. Mega-Cap ETF
For a share outstanding:
		Period ended
		December 31,				Year ended				Year ended				Year ended				Year ended
			2023^(a)			June 30, 2023				June 30, 2022				June 30, 2021				June 30, 2020

Net asset value, beginning of period		$	43.70			$	36.61			$	39.68			$	30.04			$	29.07

Investment Operations:
Net investment income (loss) ^(b)			0.34				0.59				0.68				0.59				0.60
Net realized and change in unrealized gain (loss)			3.22				7.13				(3.05	)			9.60				1.00
Total from investment operations			3.56				7.72				(2.37	)			10.19				1.60

Dividends to Shareholders from:
Net investment income			(0.48	)			(0.63	)			(0.70	)			(0.55	)			(0.63	)
Total dividends to stockholders			(0.48	)			(0.63	)			(0.70	)			(0.55	)			(0.63	)

Net asset value, end of period		$	46.78			$	43.70			$	36.61			$	39.68			$	30.04
Total return			8.21	% ^(c)			21.39	%			(6.18	)%			34.25	%			5.62	%

Ratios/Supplemental Data:
Net assets, end of period (000s)		$	2,039,395		$	1,463,854			$	1,367,427			$	1,958,064			$	1,505,046
Ratio of expenses to average net assets ^(d)			0.12	% ^(e)			0.12	%			0.12	%			0.12	%			0.12	%
Ratio of gross expenses to average net assets			0.15	% ^(e)			0.15	%			0.15	%			0.15	%			0.15	%
Ratio of net investment income (loss) to average
	net assets		1.54	% ^(e)			1.53	%			1.65	%			1.67	%			2.05	%
Portfolio turnover rate ^(f)			0.2	%			28.8	%			41.1	%			42.9	%			42.9	%

^(a)	Six months ended December 31, 2023.
^(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 the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the
	Fund's Shares.






	See accompanying notes.
							100


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

Principal U.S. Small-Cap ETF
For a share outstanding:
		Period ended
		December 31,				Year ended			Year ended				Year ended				Year ended			Year ended
			2023	^(a)		June 30, 2023			June 30, 2022				June 30, 2021				June 30, 2020			June 30, 2019

Net asset value, beginning of period		$	42.38			$	38.04		$	46.92			$	27.36			$	31.43		$	33.45

Investment Operations:
Net investment income (loss) ^(b)			0.27				0.56			0.62				0.54				0.45			0.40
Net realized and change in unrealized gain (loss)			3.60				4.53			(8.90	)			19.51				(4.11	)		(2.03	)
Total from investment operations			3.87				5.09			(8.28	)			20.05				(3.66	)		(1.63	)

Dividends to Shareholders from:
Net investment income			(0.31	)			(0.75	)		(0.60	)			(0.49	)			(0.41	)		(0.39	)
Total dividends to stockholders			(0.31	)			(0.75	)		(0.60	)			(0.49	)			(0.41	)		(0.39	)

Net asset value, end of period		$	45.94			$	42.38		$	38.04			$	46.92			$	27.36		$	31.43
Total return			9.20	% ^(c)			13.59	%		(17.88	)%			74.05	%		(11.71		)%		(4.84	)%

Ratios/Supplemental Data:
Net assets, end of period (000s)		$	461,222		$	201,291			$	616,265		$	1,628,003			$	328,305			$	355,200
Ratio of expenses to average net assets			0.38	% ^(d)			0.38	%		0.38	%			0.38	%			0.38	%		0.38	%
Ratio of net investment income (loss) to average
	net assets		1.26	% ^(d)			1.39	%		1.37	%			1.39	%			1.54	%		1.27	%
Portfolio turnover rate ^(e)			2.3	%			74.1	%		70.6	%			93.1	%			80.4	%		81.9	%

^(a)	Six months ended December 31, 2023.
^(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 the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the
	Fund's Shares.






	See accompanying notes.
101


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

Principal Value ETF
For a share outstanding:
		Period ended
		December 31,			Year ended			Year ended			Year ended			Year ended			Year ended
			2023^(a)		June 30, 2023			June 30, 2022			June 30, 2021			June 30, 2020			June 30, 2019

Net asset value, beginning of period		$	41.49		$	38.90		$	42.38		$	27.75		$	31.99		$	32.49

Investment Operations:
Net investment income (loss) ^(b)			0.57			0.93			1.63			1.16			0.87			0.71
Net realized and change in unrealized gain (loss)			2.21			3.04			(3.89	)		14.52			(4.36	)		(0.51	)
Total from investment operations			2.78			3.97			(2.26	)		15.68			(3.49	)		0.20

Dividends to Shareholders from:
Net investment income			(0.87	)		(1.38	)		(1.22	)		(1.05	)		(0.75	)		(0.70	)
Total dividends to stockholders			(0.87	)		(1.38	)		(1.22	)		(1.05	)		(0.75	)		(0.70	)

Net asset value, end of period		$	43.40		$	41.49		$	38.90		$	42.38		$	27.75		$	31.99
Total return			6.87% ^(c)			10.45	%		(5.58	)%		57.97	%	(11.09		)%		0.68	%

Ratios/Supplemental Data:
Net assets, end of period (000s)		$	56,851		$	37,340		$	215,875		$	44,498		$	31,907		$	14,395
Ratio of expenses to average net assets			0.15% ^(d)			0.15	%		0.15	%		0.15	%		0.29% ^(e)			0.29% ^(e)
Ratio of gross expenses to average net assets			—% ^(f)			—% ^(f)			—% ^(f)			—% ^(f)			0.32	%		0.40	%
Ratio of net investment income (loss) to average
	net assets		2.78% ^(d)			2.31	%		3.83	%		3.31	%		2.95	%		2.26	%
Portfolio turnover rate ^(g)			58.6	%		1.8	%		298.2	%		44.8	%		47.6	%		49.2	%

^(a)	Six months ended December 31, 2023.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Includes reimbursement from Advisor.
^(f)	Ratio is not applicable as there was no waiver during the period.
^(g)	Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the
	Fund's Shares.






	See accompanying notes.
102


Shareholder Expense Example
		Principal Exchange-Traded Funds
		December 31, 2023 (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, July 1, 2023 through December 31, 2023, 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
				Ending	Expense			Paid During
		Beginning		Account	Ratio			Period
		Account		Value	July 1, 2023 to			July 1, 2023 to
		Value		December 31,	December 31,			December 31,
		July 1, 2023		2023	2023			2023	^(a)
Principal Active High Yield ETF
Actual Fund Return	$	1,000	$	1,073.20	0.39	%	$	2.03
Hypothetical 5% Annual Return	$	1,000	$	1,023.18	0.39	%	$	1.98

Principal Focused Blue Chip ETF ^(b)
Actual Fund Return	$	1,000	$	1,141.30	0.58	%	$	2.92
Hypothetical 5% Annual Return	$	1,000	$	1,020.77	0.58	%	$	2.95

Principal Healthcare Innovators ETF
Actual Fund Return	$	1,000	$	1,010.30	0.42	%	$	2.12
Hypothetical 5% Annual Return	$	1,000	$	1,023.03	0.42	%	$	2.14

Principal Investment Grade Corporate Active ETF
Actual Fund Return	$	1,000	$	1,047.50	0.19	%	$	0.98
Hypothetical 5% Annual Return	$	1,000	$	1,024.18	0.19	%	$	0.97




		103


Shareholder Expense Example
			Principal Exchange-Traded Funds
			December 31, 2023 (unaudited)

						Annualized		Expenses
					Ending	Expense		Paid During
			Beginning		Account	Ratio		Period
			Account		Value	July 1, 2023 to		July 1, 2023 to
			Value		December 31,	December 31,		December 31,
			July 1, 2023		2023	2023		2023^(a)
Principal Quality ETF
Actual Fund Return		$	1,000	$	1,089.40	0.15%	$	0.79
Hypothetical 5% Annual Return		$	1,000	$	1,024.38	0.15%	$	0.76

Principal Real Estate Active Opportunities ETF
Actual Fund Return		$	1,000	$	1,084.40	0.65%	$	3.41
Hypothetical 5% Annual Return		$	1,000	$	1,021.87	0.65%	$	3.30

Principal Spectrum Preferred Securities Active ETF
Actual Fund Return		$	1,000	$	1,063.70	0.55%	$	2.85
Hypothetical 5% Annual Return		$	1,000	$	1,022.37	0.55%	$	2.80

Principal Spectrum Tax-Advantaged Dividend Active ETF
Actual Fund Return		$	1,000	$	1,065.90	0.60%	$	3.12
Hypothetical 5% Annual Return		$	1,000	$	1,022.12	0.60%	$	3.05

Principal U.S. Mega-Cap ETF
Actual Fund Return		$	1,000	$	1,082.10	0.12%	$	0.63
Hypothetical 5% Annual Return		$	1,000	$	1,024.53	0.12%	$	0.61

Principal U.S. Small-Cap ETF
Actual Fund Return		$	1,000	$	1,092.00	0.38%	$	2.00
Hypothetical 5% Annual Return		$	1,000	$	1,023.23	0.38%	$	1.93

Principal Value ETF
Actual Fund Return		$	1,000	$	1,068.70	0.15%	$	0.78
Hypothetical 5% Annual Return		$	1,000	$	1,024.38	0.15%	$	0.76

^(a)	Expenses are equal to a Fund's annualized expense ratio multiplied by the average account value over the period,
	multiplied by 184/366.
^(b)	Period from July 12, 2023, date operations commenced, through December 31, 2023.

104


	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
December 2023 for which a portion is estimated to be in excess of the Fund’s current and accumulated net income. As of
December 2023, the estimated sources of these distributions were as follows:
December 2023

Fund	Net Income	Realized Gain		Capital Sources
Principal Focused Blue Chip ETF	99.65%	0.35	%	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.




	105

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 Boards of the following investment companies: Principal Funds, Inc., Principal Variable Contracts Funds, Inc., Principal Exchange-Traded Funds, and Principal 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 referred to as “Interested Board Members”. Board Members who are not Interested Board Members are referred to as “Independent Board Members”.

Each Board Member generally serves until the next annual meeting of shareholders 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. The Board elects officers to supervise the day-to-day operations of the Fund Complex. 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
Craig Damos	President, C.P. Damos Consulting LLC (consulting	126	None
Lead Independent Board Member since 2020	services)
Board Member since 2008
Member, Audit Committee
Member, Nominating and Governance
Committee
Member, Executive Committee
1954


Katharin S. Dyer	Founder and Chief Executive Officer, PivotWise	126	Liquidity Services, Inc. (2020-present)
Board Member since 2023	(consulting services) Global Partner, IBM
Member, Operations Committee	(technology company) from 2016-2018
Member, 15(c) Committee
1957

Frances P. Grieb	Retired	126	First Interstate BancSystems, Inc.
Board Member since 2023			(2022-present); Great Western Bancorp,
Member, Audit Committee			Inc. and Great Western Bank (2014-2022)
1960

Fritz S. Hirsch	Interim CEO, MAM USA (manufacturer of infant	126	MAM USA (2011-present)
Board Member since 2005	and juvenile products) from February 2020 to
Member, Nominating and Governance	October 2020
Committee
Member, 15(c) Committee
1951


Victor L Hymes	Founder, CEO, CIO, Legato Capital Management,	126	None
Board Member since 2020	LLC (investment management company)
Chair, Audit Committee
Member, Nominating and Governance
Committee
1957

Padelford L. Lattimer	Managing Partner, TBA Management Consulting	126	None
Board Member since 2020	LLC (management consulting and staffing company)
Chair, Operations Committee
Member, 15(c) Committee
1961

Karen McMillan	Founder/Owner, Tyche Consulting LLC (consulting	126	None
Board Member since 2014	services)
Member, Operations Committee	Managing Director, Patomak Global Partners, LLC
Chair, 15(c) Committee	(financial services consulting) from 2014-2021
Member, Nominating and Governance
Committee
1961

106


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		126	SpartanNash (2000-2022)
Board Member since 2015
Member, Audit Committee
Chair, Nominating and Governance Committee
1962


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
Kamal Bhatia		Principal Financial Group*		126	None
Chair and Board Member since 2023		Senior Executive Managing Director – Global Head
Chair, Executive Committee		of Investments – Principal Asset
Chief Executive Officer and President		Management since 2023
1972
		Senior Executive Director and Chief Operating
		Officer – Principal Asset Management (2019-2023)

		President – Principal Funds (2019-2020)

		OppenheimerFunds
		Senior Vice President (2011-2019)

Patrick G. Halter		Principal Financial Group*		126	None
Board Member since 2017		President and Chief Executive Officer – Principal
Member, Executive Committee		Asset Management since 2022
1959
		President – Principal Global Asset
		Management (2020-2022)

		Chief Executive Officer and President – Principal
		Global Investors, LLC (2018-2020)

Kenneth A. McCullum		Principal Financial Group*		126	None
Board Member since 2023		Executive Vice President and Chief Risk Officer
1964		since 2023

		Senior Vice President and Chief Risk Officer (2020-
		2023	)

		Vice President and Chief Actuary (2015-2020)


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	.




		107


FUND COMPLEX OFFICERS
Name,
Position Held with the Fund Complex,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
George Djurasovic	Principal Financial Group*
Vice President and General Counsel	Vice President and General Counsel – Principal
Des Moines, IA 50392	Asset Management since 2022
1971
	Artisan Partners Limited Partnership
	Global Chief Compliance Officer (2013-2022)
Calvin Eib	Principal Financial Group*
Assistant Tax Counsel	Counsel (2021)
Des Moines, IA 50392
1963

	Transamerica
	Tax Counsel (2016-2021)
Beth Graff	Principal Financial Group*
Vice President and Assistant Controller	Director – Fund Accounting since 2016
Des Moines, IA 50392
1968
Gina L. Graham	Principal Financial Group*
Treasurer	Vice President and Treasurer since 2016
Des Moines, IA 50392
1965
Megan Hoffmann	Principal Financial Group*
Vice President and Controller	Director – Accounting since 2020
Des Moines, IA 50392	Assistant Director – Accounting (2017-2020)
1979
Laura B. Latham	Principal Financial Group*
Counsel and Assistant Secretary	Assistant Counsel and Assistant Secretary – Fund
Des Moines, IA 50392	Complex (2018-2023)
1986	Counsel since 2018
Diane K. Nelson	Principal Financial Group*
AML Officer	Chief Compliance Officer/AML Officer since 2015
Des Moines, IA 50392
1965
Tara Parks	Principal Financial Group*
Vice President and Assistant Controller	Director – Accounting since 2019
Des Moines, IA 50392
1983
	ALPS Fund Services
	Tax Manager (2011-2019)
Deanna Y. Pellack	Principal Financial Group*
Counsel and Assistant Secretary	Assistant Counsel and Assistant Secretary – Fund
Des Moines, IA 50392	Complex (2022-2023)
1987	Counsel since 2022

	The Northern Trust Company
	Vice President (2019-2022)
	Second Vice President (2014-2019)
Sara L. Reece	Principal Financial Group*
Vice President and Chief Operating Officer	Vice President and Controller – Fund Complex
Des Moines, IA 50392	(2016-2021)
1975	Managing Director – Global Funds Ops since 2021
	Director - Accounting (2015-2021)

Teri R. Root	Principal Financial Group*



	108


Name,
Position Held with the Fund Complex,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Chief Compliance Officer	Chief Compliance Officer – Funds since 2018
Des Moines, IA 50392	Vice President since 2015
1979

Michael Scholten	Principal Financial Group*
Chief Financial Officer	Assistant Vice President and Actuary since 2021
Des Moines, IA 50392	Chief Financial Officer – Funds/Platforms (2015-
1979	2021	)
Adam U. Shaikh	Principal Financial Group*
Vice President and Assistant General Counsel,	Assistant Counsel – Fund Complex (2006-2023)
and Assistant Secretary	Assistant General Counsel since 2018
Des Moines, IA 50392
1972
John L. Sullivan	Principal Financial Group*
Counsel and Assistant Secretary	Assistant Counsel and Assistant Secretary – Fund
Des Moines, IA 50392	Complex (2019-2023)
1970	Assistant General Counsel since 2023
	Counsel (2019 – 2023)
	Prior thereto, Attorney in Private Practice
Dan L. Westholm	Principal Financial Group*
Assistant Treasurer	Assistant Vice President-Treasury since 2013
Des Moines, IA 50392
1966
Beth C. Wilson	Principal Financial Group*
Vice President and Secretary	Director and Secretary – Funds since 2007
Des Moines, IA 50392
1956
Jared A. Yepsen	Principal Financial Group*
Assistant Tax Counsel	Assistant General Counsel since 2023
Des Moines, IA 50392	Counsel (2015 – 2023)
1981

* The reference to Principal Financial Group includes positions held by the Interested Board Member / Fund Complex Officer, including as an
officer, employee, and/or director, with affiliates or subsidiaries of Principal Financial Group. The titles set forth here are each Interested Board
Member's / Fund Complex Officer’s title with Principal Workforce, LLC.

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 is responsible for 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 shareholders any action that requires shareholder approval; 3) amend the bylaws; or 4)
approve any merger or share exchange that does not require shareholder 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
be found at https://secure02.principal.com/publicvsupply/GetFile?fm=MM13013&ty=VOP&EXT=.VOP. 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
109

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 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 review and oversee the provision of administrative and distribution services to the Fund Complex, communications with the Fund Complex’s shareholders, and the Fund Complex’s operations.

Additional information about the Fund is available in the Prospectuses date November 1, 2022 and as supplemented and the Statement of Additional Information dated November 1, 2022 as amended and restated July 10, 2023, 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 1000, Denver, CO 80203 or telephoning 1-800-222-5852. The prospectus may be viewed at www.PrincipalAM.com/ETFprospectuses.

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 1-800-222-5852, 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.

110

BOARD CONSIDERATION OF INVESTMENT ADVISORY CONTRACTS

During the period covered by this report, the Board of Trustees of Principal Exchange-Traded Funds

(“PETF”) approved the annual review and renewal of the Management Agreement and various sub-advisory

agreements for all Funds; and (2) approval of an amended and restated sub-advisory agreement between

Principal Global Investors, LLC and Principal Real Estate Investors, LLC for the Principal Real Estate

Active Opportunities ETF and an amended and restated sub-advisory agreement between Principal Global

Investors, LLC and Spectrum Asset Management, Inc. for the Principal Spectrum Tax-Advantaged

Dividend Active ETF.

Annual Review and Renewal of Management Agreement and Sub-Advisory Agreements

At its September 13, 2023 meeting, the Board performed its annual review and renewal process relating to

the Management Agreement and the Sub-Advisory Agreement for all Funds.

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires the Board, including a

majority of the Directors who have no direct or indirect interest in the investment advisory agreements and

who are not “interested persons” of PETF, as defined in the 1940 Act (the “Independent Directors”),

annually to review and to consider the continuation of: (1) the Management Agreement between the

Principal Global Investors, LLC (the “Manager”) and PETF, on behalf of each of the fifteen (15) series of

PETF (each series is referred to as a “Fund”); and (2) the Sub-Advisory Agreement between the Manager

and each of Principal Real Estate Investors, LLC (“Principal-REI”) and Spectrum Asset Management Inc.

(“Spectrum”) (collectively, the “Sub-Advisors”). The Management Agreement and the Sub-Advisory

Agreements are collectively referred to as the “Advisory Agreements.”

The Board considered the factors and reached the conclusions described below relating to the continuation

of the Advisory Agreements. In evaluating the Advisory Agreements, the Board reviewed a broad range of

information requested for this purpose, including, among other information, information regarding

performance, investment advisory fees, total expenses, profitability from the Advisory Agreements to the

Manager and information about economies of scale and fall out benefits. The Board reviewed the materials

provided and concluded that it was provided all information reasonably necessary to evaluate the Advisory

Agreements. For the Principal Focused Blue Chip ETF, which began operations after the previous annual

evaluation of the Advisory Agreements in September 2022, the Board considered that the Fund had less

than a full year of operations and reviewed the information that they had considered in connection with the

initial approval of the Advisory Agreements for the Fund, as updated, along with such additional

information as the Board requested. The Board reviewed the materials provided and, with the assistance of

independent legal counsel, concluded that they were provided information reasonably necessary to evaluate

the Advisory Agreements.

Management Agreement

With respect to the Management Agreement for each Fund, the Board considered, among other factors,

that the Manager and its affiliates have demonstrated a long-term commitment to support the Funds. In

addition, the Board considered the following factors, and made certain findings and conclusions with

respect thereto, for each of the Funds. The Board concluded that a relationship with a capable and

conscientious adviser is in the best interests of each Fund.

Nature, Extent and Quality of Services

The Board considered the nature, quality and extent of the services provided under the Management

Agreement, including accounting and administrative services, as applicable. The Board considered the

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experience and skills of senior management leading Fund operations, the experience and skills of the

personnel performing the functions under the Management Agreement 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. The Board concluded that appropriate resources were provided under the

Management Agreement. The Board also considered that for certain Funds, during the periods reviewed,

the Manager had delegated day-to-day portfolio management responsibility to the Sub-Advisors. The Board

noted that the Manager’s process for the selection of sub-advisors emphasizes the selection of Principal-

affiliated sub-advisors that are determined to be qualified under the Manager’s due diligence process. Based

upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided

by the Manager to the Funds under the Management Agreement was satisfactory.

Investment Performance

The Board reviewed each Fund’s investment performance over longer-term periods, reviewing both the

investment return during the three-year period ended March 31, 2023 and the blended investment return

(50%/50%) of the three- and five-year periods ended March 31, 2023, and compared those returns to

various agreed-upon performance measures, including peer-group data based upon a broad-based, industry

category determined by Morningstar.

For Funds that did not have a three-year or five-year performance history, the Board reviewed performance

for a one-year or three-year period ended March 31, 2023, respectively, if available. The Board also

compared each Fund’s investment performance over the one-, three- and five-year periods ended March 31,

2023, as available, to one or more relevant benchmark indices. The Board noted that certain Funds had

commenced operations recently and, accordingly, no or limited performance information was considered.

The Board also considered whether investment results were consistent with a Fund’s investment objective(s)

and policies. For most Funds, the Board concluded that the Fund’s investment returns met acceptable levels

of investment performance. There were certain Funds that had not attained during the relevant period(s) a

level of investment performance considered satisfactory by the Board. For such Funds, the Board also

considered other factors, such as the longer-term performance of each such Fund, remedial efforts being

taken to improve performance and/or the Manager’s explanation for the performance of such Fund. The

Board considered the Manager’s due diligence process for evaluating the performance of all Funds for

which they received regular reporting and concluded that the Manager has in place an effective due diligence

process to monitor investment performance, and to encourage remedial action if necessary.

Fees and Expenses

The Board considered each Fund’s effective unitary management fee rate. For each Fund, the Board

received certain information from Broadridge including comparing the contractual and effective unitary

management fee rates and total expense ratio for the Fund’s commons shares to investment advisory fee rates

and expense ratios of funds in an appropriate Expense Group and Expense Universe provided by Broadridge.

In evaluating the effective management fee rates, the Board considered a variety of factors, including the

contractual and effective fee rates, comparison to fee rates of peer group funds and other funds and non-

fund accounts managed by the Manager, sub-advisory fee rates paid, services provided, investment

performance, total net expense ratios, profitability, the existence and sharing of economies of scale, fall-

out benefits and expense caps and fee waivers. The Board considered that certain Funds with similar

investment strategies and policies as certain mutual funds managed by the Manager have different

management fee schedules and noted the reasons cited by the Manager for the differing fee rates. In

reviewing the fee rates of other accounts managed by the Manager, the Board considered information

provided by the Manager regarding differences between the services provided to the Funds and the services

provided to such other accounts. For most Funds, effective net management fee rates were within the third

112

quartile or better when compared to the applicable Expense Group. For some Funds, although effective net

management fee rates were higher than the third quartile, total net expense ratios were within the third

quartile or better.

Considering all factors they deemed relevant, the Board concluded that the management fee payable by each

Fund was reasonable in light of the nature, quality and extent of the services provided by the Manager and

other relevant factors.

Profitability

The Board reviewed detailed information regarding revenues the Manager, received under the Management

Agreement and the estimated direct and indirect costs incurred in providing to each Fund the services

described in the Management Agreement for the year ended December 31, 2022. The Board also considered

the returns on revenue generated in connection with the payment of sub-advisory fees to affiliated Sub-

Advisors (Principal-REI and Spectrum) and the aggregated return on revenue to the Manager and its

affiliates for the year ended December 31, 2022. The Board concluded that the management fee for each

Fund was reasonable, taking into account the profitability information presented by the Manager.

Economies of Scale

The Board noted that the Funds pay a unitary fee and determined that no breakpoints are necessary at this

time, due, among other factors, to their current asset levels and taking into account levels of profitability to

the Manager.

Other Benefits to Manager

The Board also considered the character and amount of other indirect benefits received by the Manager and

its affiliates from their relationships with the Funds. The Board noted that the Manager uses Fund

commissions to buy Section 28(e)-eligible products and services. The Board concluded that, on the basis

of the information provided, the indirect benefits received by the Manager and its affiliates were

appropriate.

Special Circumstances

For certain Funds, in reaching the conclusion that the Management Agreement should be renewed, the

Board included within their considerations certain other actions taken by the Board.

With regard to PETF Principal Millennial Global Growth ETF, it was noted that the Board had approved

the liquidation of the Fund. The Board noted that the effective net management fee rate and the total net

expense ratio on the basis of common shares were in the first quartile (each was at the 1st percentile) in the

Expense Group and that the renewal of the Management Agreement would allow the Fund to operate until

its liquidation.

With regard to PETF Principal U.S. Large-Cap Adaptive Multi-Factor ETF, it was noted that the Board had

approved the liquidation of the Fund. The Board noted that the effective net management fee rate and the

total net expense ratio on the basis of common shares were in the first quartile (each was at the 1st

percentile) in the Expense Group and that the renewal of the Management Agreement would allow the Fund

to operate until its liquidation.

With regard to PETF Principal U.S. Small-Cap Adaptive Multi-Factor ETF, it was noted that the Board had

approved the liquidation of the Fund. The Board noted that the effective net management fee rate and the

113

total net expense ratio on the basis of common shares were in the first quartile (each was at the 1st

percentile) in the Expense Group and that the renewal of the Management Agreement would allow the Fund

to operate until its liquidation.

With regard to PETF Principal International Adaptive Multi-Factor ETF, it was noted that the Board had

approved the liquidation of the Fund. The Board noted that the effective net management fee rate and the

total net expense ratio on the basis of common shares were in the second quartile (each was at the 50th

percentile) in the Expense Group and that the renewal of the Management Agreement would allow the Fund

to operate until its liquidation.

Sub-Advisory Agreements

Nature, Quality and Extent of Services

The Board considered the nature, quality and extent of the services provided under each Sub-Advisory

Agreement. The Board considered the reputation, qualifications and background of the Sub-Advisor, the

investment approach of the Sub-Advisor, the experience and skills of investment personnel responsible for

the day-to-day management of each Fund and the resources made available to such personnel. The Board

also considered the Sub-Advisors’ compliance with investment policies and general legal compliance. Based

upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided

by the Sub-Advisors to the sub-advised Funds under the Sub-Advisory Agreements were satisfactory.

Investment Performance

As to each sub-advised Fund, the Manager had advised the Board that the investment services delivered by

each Sub-Advisor to the Fund were reasonable. Based upon all relevant factors, the Board concluded that

each Sub-Advisor is qualified and that either: (1) the investment performance of the Sub-Advisor met

acceptable levels of investment performance; or (2) although the Fund experienced underperformance from

the applicable Sub-Advisor, based upon that Fund’s particular circumstances or in light of remedial efforts

being taken to improve performance, as applicable, it was in the best interests of the Fund to continue to

closely monitor performance and to renew the Sub-Advisory Agreement. In each case involving

underperformance, the Board concluded that the Manager was providing effective monitoring.

Fees, Economies of Scale and Profitability

For each sub-advised Fund, the Board considered the sub-advisory fee rates, noting that the Manager

compensates each Sub-Advisor from its own management fee, so that shareholders pay only the

management fee. For each sub-advised Fund, the Board received certain information from Broadridge

comparing each such Fund’s sub-advisory fee rate at current asset levels and at theoretical asset levels to sub-

advisory fee rates of sub-advised funds in the Expense Group and, if available, the Expense Universe.

The Board considered whether there are economies of scale with respect to the sub-advisory services

provided to each sub-advised Fund and, if so, whether the sub-advisory fees reflect such economies of scale

through breakpoints in fees or whether the sub-advisory fee schedule is otherwise appropriate at current

asset levels. The Board considered the profitability of the affiliated Sub-Advisors in conjunction with their

review of the profitability of the Manager. On the basis of the information provided, the Board concluded

that the sub-advisory fees were reasonable.

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*Other Benefits to Sub-Advisors*

The Board also considered the character and amount of other indirect benefits received by each Sub-Advisor
when evaluating the sub-advisory fees. The Board considered as a part of this analysis each Sub-Advisor’s
brokerage practices, soft dollar practices and use of research payment accounts. The Board concluded that,
on the basis of the information provided, the sub-advisory fees were reasonable.

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 rate payable thereunder, continue to
be fair and reasonable and that the continuation of each Advisory Agreement, with the actions
proposed by the Manager, is in the best interests of each Fund.

Approval of Amended Sub-Advisory Agreements for the Principal Real Estate Active
Opportunities ETF, Principal Spectrum Preferred Securities Active ETF, and the Principal
Spectrum Tax-Advantaged Dividend Active ETF

On December 12, 2023, the Board met to consider:

•	For Principal Real Estate Active Opportunities ETF (a “Fund”), the approval of an amended
	and restated sub-advisory agreement (a “Sub-Advisory Agreement”) between Principal Global
	Investors, LLC (the “Manager”) and Principal Real Estate Investors, LLC (a “Sub-Advisor”)
	in connection with a proposal to make non-material changes to certain non-financial terms of
	the Sub-Advisory Agreement; and

•	For Principal Spectrum Preferred Securities Active ETF and Principal Spectrum Tax-
	Advantaged Dividend Active ETF (each a “Fund”), the approval of an amended and restated
	sub-advisory agreement (a “Sub-Advisory Agreement”) between the Manager and Spectrum
	Asset Management, Inc. (a “Sub-Advisor”) in connection with a proposal to make non-material
	changes to certain non-financial terms of the Sub-Advisory Agreement.

The Board reviewed materials received from the Manager regarding the proposed amendments to the
Funds’ respective Sub-Advisory Agreements and noted that because the proposed amendments related only
to non-financial terms of the Sub-Advisory Agreements and because sub-advisory fees were paid by the
Manager, the amendments would not change the management fee rates paid by the Funds. The Board noted
the Manager's statement that the amendments were intended to update certain language in the Sub-Advisory
Agreements to conform to the current sub-advisory agreement template. The Board considered the
Manager’s representation that the amendments would not reduce the quality or quantity of the services each
Sub-Advisor provides to the applicable Fund(s) and that each Sub-Advisor’s obligations under the
applicable Sub-Advisory Agreement would remain the same in all material respects.

The Board considered that they had last approved each Sub-Advisory Agreement for each applicable Fund
during the annual contract renewal process that concluded at the Board’s September 2023 meeting. They
noted that during the annual contract renewal process, they had considered the nature, quality and extent of
the services provided by each Sub-Advisor under the applicable Sub-Advisory Agreement and had
concluded, based upon the information provided, that the terms of each Sub-Advisory Agreement were
reasonable and that approval of each Sub-Advisory Agreement was in the best interests of the applicable
Fund.




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Table of Contents



Financial Statements	1
Notes to Financial Statements	20
Schedules of Investments	35
Financial Highlights (Includes performance information)	92
Shareholder Expense Example	103
Supplemental Information	105