Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23029

Principal Exchange-Traded Funds

(Exact name of registrant as specified in charter)


801 Grand Avenue, Des Moines, IA	50309
(Address of principal executive offices)	(Zip code)

Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309 (Name and address of agent for service)


Registrant’s telephone number, including area code:		515-248-0156
Date of fiscal year end:	June 30, 2020
Date of reporting period:	December 31, 2019

ITEM 1 – REPORT TO STOCKHOLDERS

Table of Contents


Financial Statements	1
Notes to Financial Statements	29
Schedules of Investments	40
Financial Highlights (Includes performance information)	88
Shareholder Expense Example	104
Supplemental Information	106

Not FDIC or NCUA insured

May lose value • Not a deposit • No bank or credit union guarantee Not insured by any Federal government agency


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)


		Principal							Principal
		Active Global				Principal			Contrarian
		Dividend				Active Income			Value Index
		Income ETF				ETF			ETF
Investment in securities — at cost		$	693,336,601		$	273,189,706		$	5,313,537

Investment in affiliated Funds — at cost		$	14,138,696		$	3,226,410		$	—

Assets
Investment in securities — at value		$	806,621,344	^(a)	$	287,001,831	^(a)	$	5,713,504
Investment in affiliated Funds — at value			14,138,696			3,226,410			—
Receivables:
Dividends			2,945,514			271,320			8,959
Interest			—			2,831,205			—
Securities lending income — affiliated			3,762			4,048			6
Investment securities sold			—			—			20,165
	Total Assets		823,709,316			293,334,814			5,742,634

Liabilities
Accrued management and investment advisory fees			403,421			122,847			1,436
Accrued income distribution			6,520,022			1,299,005			28,000
Collateral obligation on securities loaned — at value			14,138,696			3,226,410			—
	Total Liabilities		21,062,139			4,648,262			29,436
Net Assets Applicable to Outstanding Shares		$	802,647,177		$	288,686,552		$	5,713,198

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	700,760,630		$	276,528,695		$	5,503,936
Total distributable earnings (accumulated loss)			101,886,547			12,157,857			209,262
	Total Net Assets	$	802,647,177		$	288,686,552		$	5,713,198

Net Asset Value Per Share:
Net assets		$	802,647,177		$	288,686,552		$	5,713,198
Shares issued and outstanding			26,900,001			7,075,000			200,001
Net asset value per share		$	29.84		$	40.80		$	28.57

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

See accompanying notes.


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)


						Principal			Principal
			Principal			International			Investment
			Healthcare			Multi-Factor			Grade
			Innovators			Core Index			Corporate
			Index ETF			ETF			Active ETF
Investment in securities — at cost		$	51,850,829		$	17,494,987		$	111,358,020

Investment in affiliated Funds — at cost		$	2,620,731		$	86,198		$	—

Assets
Investment in securities — at value		$	59,797,430	^(a)	$	18,637,280	^(a)	$	119,318,064
Investment in affiliated Funds — at value			2,620,731			86,198			—
Receivables:
Dividends			152			21,145			2,718
Interest			—			—			1,167,237
Securities lending income — affiliated			12,049			48			63
Investment securities sold			—			22,045			324,676
	Total Assets		62,430,362			18,766,716			120,812,758

Liabilities
Cash overdraft			—			10,548			5,288
Accrued management and investment advisory fees			21,776			4,014			27,890
Accrued income distribution			—			88,000			395,004
Collateral obligation on securities loaned — at value			2,620,731			86,198			—
	Total Liabilities		2,642,507			188,760			428,182
Net Assets Applicable to Outstanding Shares		$	59,787,855		$	18,577,956		$	120,384,576

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	52,226,141		$	17,396,905		$	112,159,589
Total distributable earnings (accumulated loss)			7,561,714			1,181,051			8,224,987
	Total Net Assets	$	59,787,855		$	18,577,956		$	120,384,576

Net Asset Value Per Share:
Net assets		$	59,787,855		$	18,577,956		$	120,384,576
Shares issued and outstanding			1,550,001			700,001			4,650,001
Net asset value per share		$	38.57		$	26.54		$	25.89

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

See accompanying notes.


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)


			Principal			Principal Price		Principal
			Millennials			Setters Index		Shareholder
			Index ETF			ETF		Yield Index ETF
Investment in securities — at cost		$	20,658,399		$	17,720,075	$	10,018,652

Investment in affiliated Funds — at cost		$	729,339		$	—	$	—

Assets
Investment in securities — at value		$	22,789,007	^(a)	$	18,529,034	$	10,286,360
Investment in affiliated Funds — at value			729,339			—		—
Receivables:
Dividends			6,377			15,469		14,453
Securities lending income — affiliated			981			—		—
Investment securities sold			108,433			32,487		46,792
	Total Assets		23,634,137			18,576,990		10,347,605

Liabilities
Cash overdraft			10,636			—		—
Accrued management and investment advisory fees			8,780			4,458		2,598
Accrued income distribution			129,001			55,000		61,000
Collateral obligation on securities loaned — at value			729,339			—		—
	Total Liabilities		877,756			59,458		63,598
Net Assets Applicable to Outstanding Shares		$	22,756,381		$	18,517,532	$	10,284,007

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	21,166,757		$	16,615,937	$	10,401,948
Total distributable earnings (accumulated loss)			1,589,624			1,901,595		(117,941	)
	Total Net Assets	$	22,756,381		$	18,517,532	$	10,284,007

Net Asset Value Per Share:
Net assets		$	22,756,381		$	18,517,532	$	10,284,007
Shares issued and outstanding			550,001			450,001		300,001
Net asset value per share		$	41.38		$	41.15	$	34.28

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

See accompanying notes.


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)


			Principal
			Spectrum			Principal			Principal
			Preferred			Sustainable			Ultra-Short
			Securities			Momentum			Active
		Active ETF				Index ETF			Income ETF
Investment in securities — at cost		$	95,946,578		$	5,288,037		$	12,412,699

Investment in affiliated Funds — at cost		$	1,324,550		$	15,291		$	—

Assets
Investment in securities — at value		$	99,377,495	^(a)	$	5,819,468	^(a)	$	12,430,075
Investment in affiliated Funds — at value			1,324,550			15,291			—
Receivables:
Dividends			2,429			8,797			477
Interest			1,266,092			—			82,672
Securities lending income — affiliated			806			21			4
Investment securities sold			—			19,541			—
	Total Assets		101,971,372			5,863,118			12,513,228

Liabilities
Accrued management and investment advisory fees			47,556			1,464			1,967
Accrued income distribution			425,000			26,000			30,000
Collateral obligation on securities loaned — at value			1,324,550			15,291			—
	Total Liabilities		1,797,106			42,755			31,967
Net Assets Applicable to Outstanding Shares		$	100,174,266		$	5,820,363		$	12,481,261

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	98,441,081		$	5,482,551		$	12,503,901
Total distributable earnings (accumulated loss)			1,733,185			337,812			(22,640	)
	Total Net Assets	$	100,174,266		$	5,820,363		$	12,481,261

Net Asset Value Per Share:
Net assets		$	100,174,266		$	5,820,363		$	12,481,261
Shares issued and outstanding			1,000,001			200,001			500,001
Net asset value per share		$	100.17		$	29.10		$	24.96

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

See accompanying notes.


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)


		Principal U.S.			Principal U.S.		Principal U.S.
		Large-Cap			Mega-Cap		Small-Cap
		Multi-Factor			Multi-Factor		Multi-Factor
		Core Index ETF			Index ETF		Index ETF
Investment in securities — at cost		$	6,193,369	$	1,320,610,261	$	382,652,155

Investment in affiliated Funds — at cost		$	—	$	—	$	8,267,847

Assets
Investment in securities — at value		$	6,622,452	$	1,483,548,618	$	395,708,479	^(a)
Investment in affiliated Funds — at value			—		—		8,267,847
Receivables:
Dividends			6,635		1,351,910		633,495
Securities lending income — affiliated			—		—		24,530
Investment securities sold			22,796		7,172,558		1,226,130
Expense reimbursement from Advisor			—		39,113		—
	Total Assets		6,651,883		1,492,112,199		405,860,481

Liabilities
Accrued management and investment advisory fees			859		195,564		130,737
Accrued income distribution			28,000		7,542,004		1,821,006
Collateral obligation on securities loaned — at value			—		—		8,267,847
	Total Liabilities		28,859		7,737,568		10,219,590
Net Assets Applicable to Outstanding Shares		$	6,623,024	$	1,484,374,631	$	395,640,891

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	6,256,168	$	1,305,421,852	$	417,265,434
Total distributable earnings (accumulated loss)			366,856		178,952,779		(21,624,543	)
	Total Net Assets	$	6,623,024	$	1,484,374,631	$	395,640,891

Net Asset Value Per Share:
Net assets		$	6,623,024	$	1,484,374,631	$	395,640,891
Shares issued and outstanding			250,001		47,400,001		12,150,001
Net asset value per share		$	26.49	$	31.32	$	32.56

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

See accompanying notes.


Statement of Assets and Liabilities
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)


			Principal U.S.
			Small-MidCap
			Multi-Factor
			Core Index
			ETF
Investment in securities — at cost		$	9,922,135

Investment in affiliated Fund — at cost		$	75,573

Assets
Investment in securities — at value		$	10,536,698	^(a)
Investment in affiliated Fund — at value			75,573
Receivables:
Dividends			16,579
Securities lending income — affiliated			250
Investment securities sold			37,123
	Total Assets		10,666,223

Liabilities
Accrued management and investment advisory fees			1,827
Accrued income distribution			51,001
Collateral obligation on securities loaned — at value			75,573
	Total Liabilities		128,401
Net Assets Applicable to Outstanding Shares		$	10,537,822

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	10,008,112
Total distributable earnings (accumulated loss)			529,710
	Total Net Assets	$	10,537,822

Net Asset Value Per Share:
Net assets		$	10,537,822
Shares issued and outstanding			400,001
Net asset value per share		$	26.34

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

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Six Months Ended December 31, 2019 (unaudited)


		Principal						Principal
		Active Global			Principal			Contrarian
		Dividend			Active Income			Value Index
		Income ETF			ETF			ETF
Net Investment Income (Loss)
Income:
Dividend	$	10,653,596		$	1,475,152		$	57,822
Withholding tax		(766,994	)		(8,269	)		—
Interest		—			5,475,120			—
Securities lending — net		8,625			11,748			10
Total Income		9,895,227			6,953,751			57,832
Expenses:
Management and investment advisory fees		2,169,113			648,499			7,893
Interest expense		232			—			—
Total Expenses		2,169,345			648,499			7,893
Net Investment Income		7,725,882			6,305,252			49,939
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency:
Net realized gain (loss) from:
Investment transactions		(3,752,780	)		(867,603	)		27,489
Foreign currency transactions		(17,983	)		355			—
Change in unrealized appreciation (depreciation) of:
Investments		73,075,330			8,956,193			348,962
Foreign currency transactions		(2,048	)		(13	)		—
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency:		69,302,519			8,088,932			376,451
Net Increase in Net Assets Resulting from Operations	$	77,028,401		$	14,394,184		$	426,390

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Six Months Ended December 31, 2019 (unaudited)


					Principal			Principal
		Principal			International			Investment
		Healthcare			Multi-Factor			Grade
		Innovators			Core Index			Corporate
		Index ETF			ETF ^(a)			Active ETF
Net Investment Income (Loss)
Income:
Dividend	$	1,406		$	187,745		$	21,500
Withholding tax		—			(16,213	)		(394	)
Interest		—			—			2,234,956
Securities lending — net		18,597			124			161
Total Income		20,003			171,656			2,256,223
Expenses:
Management and investment advisory fees		116,047			19,259			160,810
Total Expenses		116,047			19,259			160,810
Net Investment Income (Loss)		(96,044	)		152,397			2,095,413
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency:
Net realized gain (loss) from:
Investment transactions		(1,055,749	)		(124,019	)		1,996,592
In-kind redemptions		3,776,617			206,358			—
Foreign currency transactions		—			(3,609	)		—
Change in unrealized appreciation (depreciation) of:
Investments		3,907,697			1,142,293			1,006,245
Foreign currency transactions		—			251			—
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency:		6,628,565			1,221,274			3,002,837
Net Increase in Net Assets Resulting from Operations	$	6,532,521		$	1,373,671		$	5,098,250

^(a)	Period from July 23, 2019, date operations commenced, through December 31, 2019.

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Six Months Ended December 31, 2019 (unaudited)


		Principal			Principal Price			Principal
		Millennials			Setters Index			Shareholder
		Index ETF			ETF			Yield Index ETF
Net Investment Income (Loss)
Income:
Dividend	$	182,886		$	181,093		$	161,977
Withholding tax		(3,374	)		—			(64	)
Securities lending — net		3,149			—			—
Total Income		182,661			181,093			161,913
Expenses:
Management and investment advisory fees		48,711			44,297			23,630
Total Gross Expenses		48,711			44,297			23,630
Less: Reimbursement from Advisor		—			(9,980	)		(5,030	)
Total Net Expenses		48,711			34,317			18,600
Net Investment Income		133,950			146,776			143,313
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency:
Net realized gain (loss) from:
Investment transactions		(18,757	)		29,901			11,851
In-kind redemptions		—			1,684,870			535,406
Foreign currency transactions		(688	)		—			—
Change in unrealized appreciation (depreciation) of:
Investments		1,771,896			(325,741	)		495,371
Foreign currency transactions		(69	)		—			—
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency:		1,752,382			1,389,030			1,042,628
Net Increase in Net Assets Resulting from Operations	$	1,886,332		$	1,535,806		$	1,185,941

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Six Months Ended December 31, 2019 (unaudited)


		Principal
		Spectrum		Principal			Principal
		Preferred		Sustainable			Ultra-Short
		Securities		Momentum			Active
		Active ETF		Index ETF			Income ETF
Net Investment Income (Loss)
Income:
Dividend	$	14,130	$	61,908		$	3,056
Withholding tax		—		(33	)		—
Interest		1,962,828		—			160,405
Securities lending — net		2,002		30			59
Total Income		1,978,960		61,905			163,520
Expenses:
Management and investment advisory fees		237,841		8,308			11,387
Total Expenses		237,841		8,308			11,387
Net Investment Income		1,741,119		53,597			152,133
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain from:
Investment transactions		217,196		9,169			4,836
Change in unrealized appreciation (depreciation) of:
Investments		3,199,435		125,949			(494	)
Net Realized and Unrealized Gain (Loss) on Investments		3,416,631		135,118			4,342
Net Increase in Net Assets Resulting from Operations	$	5,157,750	$	188,715		$	156,475

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Six Months Ended December 31, 2019 (unaudited)


	Principal U.S.				Principal U.S.			Principal U.S.
	Large-Cap				Mega-Cap			Small-Cap
	Multi-Factor				Multi-Factor			Multi-Factor
	Core Index ETF ^(a)				Index ETF			Index ETF
Net Investment Income (Loss)
Income:
Dividend	$	53,567		$	16,555,730		$	3,985,732
Withholding tax		—			—			(6,295	)
Securities lending — net		—			—			35,562
Total Income		53,567			16,555,730			4,014,999
Expenses:
Management and investment advisory fees		4,140			1,120,209			716,805
Total Gross Expenses		4,140			1,120,209			716,805
Less: Reimbursement from Advisor		—			(224,042	)		—
Total Net Expenses		4,140			896,167			716,805
Net Investment Income		49,427			15,659,563			3,298,194
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investment transactions		(115,370	)		(16,871,819	)		(19,079,182	)
In-kind redemptions		53,516			75,197,694			17,956,027
Change in unrealized appreciation (depreciation) of:
Investments		429,083			60,764,068			15,447,245
Net Realized and Unrealized Gain (Loss) on Investments		367,229			119,089,943			14,324,090
Net Increase in Net Assets Resulting from Operations	$	416,656		$	134,749,506		$	17,622,284

^(a)	Period from July 23, 2019, date operations commenced, through December 31, 2019.

See accompanying notes.


Statement of Operations
Principal Exchange-Traded Funds
Six Months Ended December 31, 2019 (unaudited)


		Principal U.S.
		Small-MidCap
		Multi-Factor
		Core Index
		ETF ^(a)
Net Investment Income (Loss)
Income:
Dividend	$	98,373
Withholding tax		(47	)
Securities lending — net		407
Total Income		98,733
Expenses:
Management and investment advisory fees		8,882
Total Expenses		8,882
Net Investment Income		89,851
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investment transactions		(296,304	)
In-kind redemptions		207,400
Change in unrealized appreciation (depreciation) of:
Investments		614,563
Net Realized and Unrealized Gain (Loss) on Investments		525,659
Net Increase in Net Assets Resulting from Operations	$	615,510

^(a)	Period from July 23, 2019, date operations commenced, through December 31, 2019.

See accompanying notes.


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


		Principal Active Global Dividend
		Income ETF
		Period ended			Year ended
		December 31, 2019			June 30, 2019
Operations
Net investment income	$	7,725,882		$	17,193,973
Net realized gain (loss) on investments and foreign currency		(3,770,763	)		1,254,462
Change in unrealized appreciation (depreciation) of investments and foreign currency		73,073,282			8,596,041
Net Increase in Net Assets Resulting from Operations		77,028,401			27,044,476
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(17,845,157	)		(25,157,071	)
Total Dividends and Distributions		(17,845,157	)		(25,157,071	)
Capital Share Transactions
Net increase in capital share transactions		26,275,282			9,866,044
Total Increase in Net Assets		85,458,526			11,753,449
Net Assets
Beginning of period		717,188,651			705,435,202
End of period	$	802,647,177		$	717,188,651

Capital Share Transactions
Dollars:
Sold	$	26,275,282		$	19,614,987
Redeemed		—			(9,748,943	)
Net Increase	$	26,275,282		$	9,866,044
Shares:
Sold		950,000			700,000
Redeemed		—			(350,000	)
Net Increase		950,000			350,000

See accompanying notes.


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


		Principal Active Income ETF
		Period ended			Year ended
		December 31, 2019			June 30, 2019
Operations
Net investment income	$	6,305,252		$	13,956,407
Net realized gain (loss) on investments and foreign currency		(867,248	)		820,496
Change in unrealized appreciation (depreciation) of investments and foreign currency		8,956,180			(1,252,222	)
Net Increase in Net Assets Resulting from Operations		14,394,184			13,524,681
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(7,500,415	)		(16,682,129	)
Total Dividends and Distributions		(7,500,415	)		(16,682,129	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		65,273,565			(73,290,077	)
Total Increase (Decrease) in Net Assets		72,167,334			(76,447,525	)
Net Assets
Beginning of period		216,519,218			292,966,743
End of period	$	288,686,552		$	216,519,218

Capital Share Transactions
Dollars:
Sold	$	65,273,565		$	19,735,184
Redeemed		—			(93,025,261	)
Net Increase (Decrease)	$	65,273,565		$	(73,290,077	)
Shares:
Sold		1,650,000			500,000
Redeemed		—			(2,350,000	)
Net Increase (Decrease)		1,650,000			(1,850,000	)

See accompanying notes.


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


		Principal Contrarian Value Index ETF
		Period ended			Year ended
		December 31, 2019			June 30, 2019
Operations
Net investment income	$	49,939		$	62,766
Net realized gain on investments		27,489			31,247
Change in unrealized appreciation (depreciation) of investments		348,962			72,388
Net Increase in Net Assets Resulting from Operations		426,390			166,401
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(68,700	)		(59,096	)
Total Dividends and Distributions		(68,700	)		(59,096	)
Capital Share Transactions
Net increase in capital share transactions		—			1,330,160
Total Increase in Net Assets		357,690			1,437,465
Net Assets
Beginning of period		5,355,508			3,918,043
End of period	$	5,713,198		$	5,355,508

Capital Share Transactions
Dollars:
Sold	$	—		$	2,617,157
Redeemed		—			(1,286,997	)
Net Increase	$	—		$	1,330,160
Shares:
Sold		—			100,000
Redeemed		—			(50,000	)
Net Increase		—			50,000

See accompanying notes.


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


		Principal Healthcare Innovators
		Index ETF
		Period ended			Year ended
		December 31, 2019			June 30, 2019
Operations
Net investment loss	$	(96,044	)	$	(206,535	)
Net realized gain on investments		2,720,868			437,096
Change in unrealized appreciation (depreciation) of investments		3,907,697			(313,182	)
Net Increase (Decrease) in Net Assets Resulting from Operations		6,532,521			(82,621	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		(3,457,951	)		4,692,133
Total Increase in Net Assets		3,074,570			4,609,512
Net Assets
Beginning of period		56,713,285			52,103,773
End of period	$	59,787,855		$	56,713,285

Capital Share Transactions
Dollars:
Sold	$	9,831,161		$	17,629,984
Redeemed		(13,289,112	)		(12,937,851	)
Net Increase (Decrease)	$	(3,457,951	)	$	4,692,133
Shares:
Sold		300,000			550,000
Redeemed		(400,000	)		(400,000	)
Net Increase (Decrease)		(100,000	)		150,000

See accompanying notes.


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


		Principal International
		Multi-Factor
		Core Index ETF
		Period ended
		December 31, 2019 ^(a)
Operations
Net investment income	$	152,397
Net realized gain on investments and foreign currency		78,730
Change in unrealized appreciation (depreciation) of investments and foreign currency		1,142,544
Net Increase in Net Assets Resulting from Operations		1,373,671
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(192,620	)
Total Dividends and Distributions		(192,620	)
Capital Share Transactions
Net increase in capital share transactions		17,396,905
Total Increase in Net Assets		18,577,956
Net Assets
Beginning of period		—
End of period	$	18,577,956

Capital Share Transactions
Dollars:
Sold	$	19,968,892
Redeemed		(2,571,987	)
Net Increase	$	17,396,905
Shares:
Sold		800,001
Redeemed		(100,000	)
Net Increase		700,001

^(a)	Period from July 23, 2019, date operations commenced, through December 31, 2019.

See accompanying notes.


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


		Principal Investment Grade Corporate
		Active ETF
		Period ended			Year ended
		December 31, 2019			June 30, 2019
Operations
Net investment income	$	2,095,413		$	8,348,813
Net realized gain on investments		1,996,592			3,807,776
Change in unrealized appreciation (depreciation) of investments		1,006,245			8,074,319
Net Increase in Net Assets Resulting from Operations		5,098,250			20,230,908
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(6,584,951	)		(9,092,787	)
Total Dividends and Distributions		(6,584,951	)		(9,092,787	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		1,331,176			(119,307,966	)
Total Decrease in Net Assets		(155,525	)		(108,169,845	)
Net Assets
Beginning of period		120,540,101			228,709,946
End of period	$	120,384,576		$	120,540,101

Capital Share Transactions
Dollars:
Sold	$	1,331,176		$	—
Redeemed		—			(119,307,966	)
Net Increase (Decrease)	$	1,331,176		$	(119,307,966	)
Shares:
Sold		50,000			—
Redeemed		—			(4,700,000	)
Net Increase (Decrease)		50,000			(4,700,000	)

See accompanying notes.


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


		Principal Millennials Index ETF
		Period ended			Year ended
		December 31, 2019			June 30, 2019
Operations
Net investment income	$	133,950		$	89,134
Net realized gain (loss) on investments and foreign currency		(19,445	)		1,610,100
Change in unrealized appreciation (depreciation) of investments and foreign currency		1,771,827			(1,332,880	)
Net Increase in Net Assets Resulting from Operations		1,886,332			366,354
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(160,901	)		(117,278	)
Total Dividends and Distributions		(160,901	)		(117,278	)
Capital Share Transactions
Net increase in capital share transactions		—			564,845
Total Increase in Net Assets		1,725,431			813,921
Net Assets
Beginning of period		21,030,950			20,217,029
End of period	$	22,756,381		$	21,030,950

Capital Share Transactions
Dollars:
Sold	$	—		$	11,237,019
Redeemed		—			(10,672,174	)
Net Increase	$	—		$	564,845
Shares:
Sold		—			300,000
Redeemed		—			(300,000	)
Net Increase		—			—

See accompanying notes.


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


		Principal Price Setters Index ETF
		Period ended			Year ended
		December 31, 2019			June 30, 2019
Operations
Net investment income	$	146,776		$	244,715
Net realized gain on investments		1,714,771			1,295,164
Change in unrealized appreciation (depreciation) of investments		(325,741	)		904,053
Net Increase in Net Assets Resulting from Operations		1,535,806			2,443,932
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(199,700	)		(256,124	)
Total Dividends and Distributions		(199,700	)		(256,124	)
Capital Share Transactions
Net decrease in capital share transactions		(3,604,664	)		(3,056,520	)
Total Decrease in Net Assets		(2,268,558	)		(868,712	)
Net Assets
Beginning of period		20,786,090			21,654,802
End of period	$	18,517,532		$	20,786,090

Capital Share Transactions
Dollars:
Sold	$	21,106,747		$	15,750,833
Redeemed		(24,711,411	)		(18,807,353	)
Net Decrease	$	(3,604,664	)	$	(3,056,520	)
Shares:
Sold		550,000			450,000
Redeemed		(650,000	)		(550,000	)
Net Decrease		(100,000	)		(100,000	)

See accompanying notes.


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


		Principal Shareholder Yield Index ETF
		Period ended			Year ended
		December 31, 2019			June 30, 2019
Operations
Net investment income	$	143,313		$	314,148
Net realized gain (loss) on investments		547,257			(454,901	)
Change in unrealized appreciation (depreciation) of investments		495,371			44,142
Net Increase (Decrease) in Net Assets Resulting from Operations		1,185,941			(96,611	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(222,600	)		(303,638	)
Total Dividends and Distributions		(222,600	)		(303,638	)
Capital Share Transactions
Net increase (decrease) in capital share transactions		(5,073,914	)		172,725
Total Decrease in Net Assets		(4,110,573	)		(227,524	)
Net Assets
Beginning of period		14,394,580			14,622,104
End of period	$	10,284,007		$	14,394,580

Capital Share Transactions
Dollars:
Sold	$	1,522,441		$	6,273,624
Redeemed		(6,596,355	)		(6,100,899	)
Net Increase (Decrease)	$	(5,073,914	)	$	172,725
Shares:
Sold		50,000			200,000
Redeemed		(200,000	)		(200,000	)
Net Decrease		(150,000	)		—

See accompanying notes.


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


		Principal Spectrum Preferred Securities
		Active ETF
		Period ended			Year ended
		December 31, 2019			June 30, 2019
Operations
Net investment income	$	1,741,119		$	1,964,634
Net realized gain (loss) on investments		217,196			(347,758	)
Change in unrealized appreciation (depreciation) of investments		3,199,435			2,730,862
Net Increase in Net Assets Resulting from Operations		5,157,750			4,347,738
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(2,366,702	)		(2,777,398	)
Total Dividends and Distributions		(2,366,702	)		(2,777,398	)
Capital Share Transactions
Net increase in capital share transactions		29,633,652			14,230,056
Total Increase in Net Assets		32,424,700			15,800,396
Net Assets
Beginning of period		67,749,566			51,949,170
End of period	$	100,174,266		$	67,749,566

Capital Share Transactions
Dollars:
Sold	$	44,250,661		$	14,230,056
Redeemed		(14,617,009	)		—
Net Increase	$	29,633,652		$	14,230,056
Shares:
Sold		450,000			150,000
Redeemed		(150,000	)		—
Net Increase		300,000			150,000

See accompanying notes.


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


		Principal Sustainable Momentum
		Index ETF
		Period ended			Year ended
		December 31, 2019			June 30, 2019
Operations
Net investment income	$	53,597		$	62,333
Net realized gain (loss) on investments		9,169			(134,921	)
Change in unrealized appreciation (depreciation) of investments		125,949			220,129
Net Increase in Net Assets Resulting from Operations		188,715			147,541
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(69,200	)		(49,407	)
Total Dividends and Distributions		(69,200	)		(49,407	)
Capital Share Transactions
Net increase in capital share transactions		—			—
Total Increase in Net Assets		119,515			98,134
Net Assets
Beginning of period		5,700,848			5,602,714
End of period	$	5,820,363		$	5,700,848

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

See accompanying notes.


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


		Principal Ultra-Short Active
		Income ETF
		Period ended		Period ended
		December 31, 2019		June 30, 2019 ^(a)
Operations
Net investment income	$	152,133		$	51,912
Net realized gain on investments		4,836			3
Change in unrealized appreciation (depreciation) of investments		(494	)		17,870
Net Increase in Net Assets Resulting from Operations		156,475			69,785
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(217,800	)		(31,100	)
Total Dividends and Distributions		(217,800	)		(31,100	)
Capital Share Transactions
Net increase in capital share transactions		—			12,503,901
Total Increase (Decrease) in Net Assets		(61,325	)		12,542,586
Net Assets
Beginning of period		12,542,586			—
End of period	$	12,481,261		$	12,542,586

Capital Share Transactions
Dollars:
Sold	$	—		$	12,503,901
Redeemed		—			—
Net Increase	$	—		$	12,503,901
Shares:
Sold		—			500,001
Redeemed		—			—
Net Increase		—			500,001

^(a)	Period from April 24, 2019, date operations commenced, through June 30, 2019.

See accompanying notes.


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


		Principal U.S.
		Large-Cap
		Multi-Factor
		Core Index ETF
		Period ended
		December 31, 2019 ^(a)
Operations
Net investment income	$	49,427
Net realized loss on investments		(61,854	)
Change in unrealized appreciation (depreciation) of investments		429,083
Net Increase in Net Assets Resulting from Operations		416,656
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(49,800	)
Total Dividends and Distributions		(49,800	)
Capital Share Transactions
Net increase in capital share transactions		6,256,168
Total Increase in Net Assets		6,623,024
Net Assets
Beginning of period		—
End of period	$	6,623,024

Capital Share Transactions
Dollars:
Sold	$	7,509,615
Redeemed		(1,253,447	)
Net Increase	$	6,256,168
Shares:
Sold		300,001
Redeemed		(50,000	)
Net Increase		250,001

^(a)	Period from July 23, 2019, date operations commenced, through December 31, 2019.

See accompanying notes.


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


		Principal U.S. Mega-Cap Multi-Factor
		Index ETF
		Period ended		Year ended
		December 31, 2019		June 30, 2019
Operations
Net investment income	$	15,659,563		$	36,755,038
Net realized gain on investments		58,325,875			81,166,626
Change in unrealized appreciation (depreciation) of investments		60,764,068			108,677,962
Net Increase in Net Assets Resulting from Operations		134,749,506			226,599,626
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(24,672,586	)		(36,383,987	)
Total Dividends and Distributions		(24,672,586	)		(36,383,987	)
Capital Share Transactions
Net decrease in capital share transactions		(244,643,345	)		(237,799,859	)
Total Decrease in Net Assets		(134,566,425	)		(47,584,220	)
Net Assets
Beginning of period		1,618,941,056			1,666,525,276
End of period	$	1,484,374,631		$	1,618,941,056

Capital Share Transactions
Dollars:
Sold	$	262,816,399		$	419,368,978
Redeemed		(507,459,744	)		(657,168,837	)
Net Decrease	$	(244,643,345	)	$	(237,799,859	)
Shares:
Sold		8,850,000			14,950,000
Redeemed		(17,150,000	)		(23,300,000	)
Net Decrease		(8,300,000	)		(8,350,000	)

See accompanying notes.


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


		Principal U.S. Small-Cap Multi-Factor
		Index ETF
		Period ended		Year ended
		December 31, 2019		June 30, 2019
Operations
Net investment income	$	3,298,194		$	4,433,970
Net realized gain (loss) on investments		(1,123,155	)		19,174,249
Change in unrealized appreciation (depreciation) of investments		15,447,245			(40,968,590	)
Net Increase (Decrease) in Net Assets Resulting from Operations		17,622,284			(17,360,371	)
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(4,011,121	)		(4,270,986	)
Total Dividends and Distributions		(4,011,121	)		(4,270,986	)
Capital Share Transactions
Net increase in capital share transactions		26,829,850			25,655,605
Total Increase in Net Assets		40,441,013			4,024,248
Net Assets
Beginning of period		355,199,878			351,175,630
End of period	$	395,640,891		$	355,199,878

Capital Share Transactions
Dollars:
Sold	$	112,253,326		$	226,644,303
Redeemed		(85,423,476	)		(200,988,698	)
Net Increase	$	26,829,850		$	25,655,605
Shares:
Sold		3,600,000			7,150,000
Redeemed		(2,750,000	)		(6,350,000	)
Net Increase		850,000			800,000

See accompanying notes.


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


		Principal U.S.
		Small-MidCap
		Multi-Factor
		Core Index ETF
		Period ended
		December 31, 2019 ^(a)
Operations
Net investment income	$	89,851
Net realized loss on investments		(88,904	)
Change in unrealized appreciation (depreciation) of investments		614,563
Net Increase in Net Assets Resulting from Operations		615,510
Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(85,800	)
Total Dividends and Distributions		(85,800	)
Capital Share Transactions
Net increase in capital share transactions		10,008,112
Total Increase in Net Assets		10,537,822
Net Assets
Beginning of period		—
End of period	$	10,537,822

Capital Share Transactions
Dollars:
Sold	$	11,258,339
Redeemed		(1,250,227	)
Net Increase	$	10,008,112
Shares:
Sold		450,001
Redeemed		(50,000	)
Net Increase		400,001

^(a)	Period from July 23, 2019, date operations commenced, through December 31, 2019.

See accompanying notes.

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2019 (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 sixteen series, Principal Active Global Dividend Income ETF, Principal Active Income ETF, Principal Contrarian Value Index ETF, Principal Healthcare Innovators Index ETF, Principal International Multi-Factor Core Index ETF, Principal Investment Grade Corporate Active ETF, Principal Millennials Index ETF, Principal Price Setters Index ETF, Principal Shareholder Yield Index ETF, Principal Spectrum Preferred Securities Active ETF, Principal Sustainable Momentum Index ETF, Principal Ultra-Short Active Income ETF, Principal U.S. Large-Cap Multi-Factor Core Index ETF, Principal U.S. Mega-Cap Multi-Factor Index ETF, Principal U.S. Small-Cap Multi-Factor Index ETF, and Principal U.S. Small-MidCap Multi-Factor Core Index ETF, (collectively, the “Funds” and individually, a “Fund”). The Funds are “diversified”, and as such, the Funds’ investments are required to meet certain diversification requirements under the 1940 Act. 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 (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 Global Dividend Income ETF	Cboe BZX Exchange, Inc.
Principal Active Income ETF	NYSE Arca
Principal Contrarian Value Index ETF	The Nasdaq Stock Market LLC
Principal Healthcare Innovators Index ETF	The Nasdaq Stock Market LLC
Principal International Multi-Factor Core Index ETF	The Nasdaq Stock Market LLC
Principal Investment Grade Corporate Active ETF	NYSE Arca
Principal Millennials Index ETF	The Nasdaq Stock Market LLC
Principal Price Setters Index ETF	The Nasdaq Stock Market LLC
Principal Shareholder Yield Index ETF	The Nasdaq Stock Market LLC
Principal Spectrum Preferred Securities Active ETF	Cboe BZX Exchange, Inc.
Principal Sustainable Momentum Index ETF	The Nasdaq Stock Market LLC
Principal Ultra-Short Active Income ETF	NYSE Arca
Principal U.S. Large-Cap Multi-Factor Core Index ETF	The Nasdaq Stock Market LLC
Principal U.S. Mega-Cap Multi-Factor Index ETF	The Nasdaq Stock Market LLC
Principal U.S. Small-Cap Multi Factor Index ETF	The Nasdaq Stock Market LLC
Principal U.S. Small-MidCap Multi-Factor Core Index ETF	The Nasdaq Stock Market LLC

Principal Investment Grade Corporate Active ETF initial investment and commencement of operations was April 18, 2018. Principal Ultra-Short Active Income ETF initial investment and commencement of operations was April 24, 2019. Principal International Multi-Factor Core Index ETF, Principal U.S. Large-Cap Multi-Factor Core Index ETF and Principal U.S. Small-MidCap Multi-Factor Core Index ETF initial investment and commencement of operations was July 23, 2019.

2. Significant Accounting Policies

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

Security Valuation. The Funds value securities for which market quotations are readily available at fair value, which is determined using the last reported sale price. If no sales are reported, as is regularly the case for some securities traded over-the-counter, securities are valued using the last reported bid price or an evaluated bid price provided by a pricing service.

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)

2. Significant Accounting Policies (continued)

Pricing services use modeling techniques that incorporate security characteristics, market conditions and dealer-supplied valuations 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 Principal Global Investors, LLC (“the Advisor”) under procedures established and periodically reviewed by the Trust’s Board of Trustees. The Funds invest in other publicly traded investment funds. Other publicly traded investment funds are valued at the respective fund’s NAV.

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. Significant 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 as determined in good faith by the Advisor under procedures established and periodically reviewed by the Trust’s Board of Trustees.

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 able to be issued or redeemed by APs.

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

Income and Investment Transactions. The Funds record investment transactions on a trade date basis. The identified cost basis has been used in determining the net realized gain or loss from investment transactions and unrealized appreciation or depreciation of investments. The Funds record dividend income on the ex-dividend date, except dividend income from foreign securities whereby the ex-dividend date has passed; such dividends are recorded as soon as the Funds are informed of the ex-dividend date. Interest income is recognized on an accrual basis. Discounts and premiums on securities are accreted/amortized, respectively, on the level yield method over the expected lives of the respective securities. Callable debt securities purchased at a premium are amortized to the earliest call date.

Capital Share Transactions. Capital shares are issued and redeemed by the Funds only in a Creation Unit or Creation Unit Aggregations. Except when aggregated, 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.

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 foreign currency transactions, losses deferred due to wash sales, tax straddles, mortgage-backed securities, certain preferred securities, redemptions-in-kind, real estate investment trust’s (“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”). 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.

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)

2. Significant Accounting Policies (continued)

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

Management evaluates tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more likely than not” that each tax position would be sustained upon examination by a taxing authority based on the technical merits of their position. Tax positions not deemed to meet the “more likely than not” threshold would be recorded as a tax benefit or expense in the current year. During the period ended December 31, 2019, 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.

Securities Lending. To earn additional income, certain of the Funds may lend portfolio securities to approved brokerage firms. The Funds receive collateral, in the form of cash, against the loaned securities. During the period of the loan, the borrower must maintain collateral in an amount not less than 102% of the market value of the domestic and foreign fixed income loaned securities and 105% of the market value of the foreign equity loaned securities. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The cash collateral received is usually invested in a SEC-registered money market mutual fund and the Funds could realize a loss on such investments. Further, the Funds could experience a delay in recovering its 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. As of December 31, 2019, the Funds had securities on loan as follows:


Fund		Market Value		Collateral Value
Principal Active Global Dividend Income ETF	$	13,554,364	$	14,138,696
Principal Active Income ETF		3,157,049		3,226,410
Principal Healthcare Innovators Index ETF		2,546,973		2,620,731
Principal International Multi-Factor Core Index ETF		81,823		86,198
Principal Millennials Index ETF		703,222		729,339
Principal Spectrum Preferred Securities Active ETF		1,297,393		1,324,550
Principal Sustainable Momentum Index ETF		15,571		15,291
Principal U.S. Small-Cap Multi Factor Index ETF		8,005,533		8,267,847
Principal U.S. Small-MidCap Multi-Factor Core Index ETF		71,665		75,573

Recent Accounting Pronouncements. In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-08, Premium Amortization on Purchased Callable Debt Securities, which amends the accounting standards to shorten the amortization period of certain purchased callable debt securities to the earliest call date. The ASU is effective for annual and interim periods beginning after December 15, 2018. As of June 30, 2019, the Funds have adopted the amendments and a retrospective beginning of period adjustment was made to the Statements of Assets and Liabilities for the applicable Funds. The impact to the financial statements is immaterial.

In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which amends and eliminates certain disclosure requirements for fair value as part of its framework project. The ASU is effective for annual and interim periods beginning after December 15, 2019. The early adoption of the removal or modification of disclosures and delay of adoption of the additional disclosures is permitted. The Funds adopted the removal and modification of applicable disclosures during the period ended December 31, 2018 and will adopt the additional disclosures on the effective date of the ASU.

3. Operating Policies

Indemnifications. 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, 2019 (unaudited)

3. Operating Policies (continued)

Restricted Securities. 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.

Underlying Funds. Series of Principal Funds, Inc. and Principal Variable Contracts Funds, Inc., affiliates of the Advisor, may invest in certain of the Funds (the “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., and the underlying funds. The Advisor is committed to minimizing the potential impact of underlying fund risk on underlying funds to the extent consistent with pursuing the investment objectives of the investee funds which it manages. Each may face conflicts of interest in fulfilling its responsibilities to all such funds.

As of December 31, 2019, Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. owned the following percentages, in the aggregate, of the outstanding Shares of the underlying funds listed below:


	Total Percentage of
Fund	Outstanding Shares Owned
Principal Active Global Dividend Income ETF	99.07	%
Principal Active Income ETF	86.18	%
Principal Healthcare Innovators Index ETF	0.75	%
Principal International Multi-Factor Core Index ETF	2.71	%
Principal Investment Grade Corporate Active ETF	97.85	%
Principal Millennials Index ETF	3.08	%
Principal Price Setters Index ETF	1.27	%
Principal Shareholder Yield Index ETF	5.87	%
Principal Sustainable Momentum Index ETF	7.34	%
Principal U.S. Mega-Cap Multi-Factor Index ETF	94.69	%
Principal U.S. Small-Cap Multi Factor Index ETF	95.87	%

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 the 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.

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

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)

4. Fair Valuation (continued)

determining fair value, the Funds may use one or more of the following techniques: 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 upon selling a security or transferring a liability in a timely transaction.

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. The type of securities included in Level 1 includes 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, 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 mortgage-backed securities.

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.

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 indicative 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, accidents, conflicts, etc.).

Fair value of these investments is determined in good faith by the Advisor under procedures established and periodically reviewed by the Trust’s Board of Trustees. The Advisor has established a valuation committee (“Valuation Committee”) of senior officers and employees, with the responsibility of overseeing the pricing and valuation of all securities, including securities where market quotations are not readily available. The Valuation Committee meets at least monthly and reports directly to the Trust’s Board of Trustees. A pricing group (the “Pricing Group”) who reports to the Valuation Committee relies on the established

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)

4. Fair Valuation (continued)

pricing policies to determine fair valuation. Included in the pricing policies is an overview of the approved valuation approaches established for each asset class. The Pricing Group will consider all appropriate information when determining fair valuation.

The Pricing Group relies on externally provided valuation inputs to determine the value of Level 3 securities. Security values are updated as new information becomes available. Valuation data and changes in valuation amounts are reviewed on a daily basis based on specified criteria for the security, asset class, and other factors. In addition, valuation data is periodically compared to actual transactions executed by the Funds (i.e., purchases/sales) and differences between transaction prices and prior period valuation data are investigated based on specific tolerances.

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, 2019 in valuing the Funds’ securities carried at value:


				Level 2 —
				Other		Level 3 —
		Level 1 —		Significant		Significant
		Quoted		Observable		Unobservable		Totals
Fund		Prices		Inputs		Inputs		(Level 1,2,3)
Principal Active Global Dividend Income ETF
Common Stocks*	$	794,776,129	$	—	$	—	$	794,776,129
Investment Companies		25,983,911		—		—		25,983,911
Total investments in securities	$	820,760,040	$	—	$	—	$	820,760,040
Principal Active Income ETF
Common Stocks*	$	57,951,615	$	—	$	—	$	57,951,615
Preferred Stocks*		19,671,010		—		—		19,671,010
Bonds*		—		201,389,994		—		201,389,994
Investment Companies		11,215,622		—		—		11,215,622
Total investments in securities	$	88,838,247	$	201,389,994	$	—	$	290,228,241
Principal Contrarian Value Index ETF
Common Stocks*	$	5,694,144	$	—	$	—	$	5,694,144
Investment Companies		19,360		—		—		19,360
Total investments in securities	$	5,713,504	$	—	$	—	$	5,713,504
Principal Healthcare Innovators Index ETF
Common Stocks*	$	59,681,729	$	—	$	—	$	59,681,729
Investment Companies		2,736,432		—		—		2,736,432
Total investments in securities	$	62,418,161	$	—	$	—	$	62,418,161
Principal International Multi-Factor Core Index ETF
Common Stocks*	$	18,352,456	$	—	$	—	$	18,352,456
Preferred Stocks*		167,861		—		—		167,861
Investment Companies		203,161		—		—		203,161
Total investments in securities	$	18,723,478	$	—	$	—	$	18,723,478
Principal Investment Grade Corporate Active ETF
Bonds*	$	—	$	118,443,644	$	—	$	118,443,644
Investment Companies		874,420		—		—		874,420
Total investments in securities	$	874,420	$	118,443,644	$	—	$	119,318,064
Principal Millennials Index ETF
Common Stocks*	$	22,712,986	$	—	$	—	$	22,712,986
Investment Companies		805,360		—		—		805,360
Total investments in securities	$	23,518,346	$	—	$	—	$	23,518,346
Principal Price Setters Index ETF
Common Stocks*	$	18,468,937	$	—	$	—	$	18,468,937
Investment Companies		60,097		—		—		60,097
Total investments in securities	$	18,529,034	$	—	$	—	$	18,529,034


Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)


4. Fair Valuation (continued)

					Level 2 —
					Other		Level 3 —
			Level 1 —		Significant		Significant
			Quoted		Observable		Unobservable		Totals
Fund			Prices		Inputs		Inputs		(Level 1,2,3)
Principal Shareholder Yield Index ETF
Common Stocks*		$	10,250,516	$	—	$	—	$	10,250,516
Investment Companies			35,844		—		—		35,844
Total investments in securities		$	10,286,360	$	—	$	—	$	10,286,360
Principal Spectrum Preferred Securities Active ETF
Bonds*		$	—	$	97,937,088	$	—	$	97,937,088
Investment Companies			2,764,957		—		—		2,764,957
Total investments in securities		$	2,764,957	$	97,937,088	$	—	$	100,702,045
Principal Sustainable Momentum Index ETF
Common Stocks*		$	5,800,935	$	—	$	—	$	5,800,935
Investment Companies			33,824		—		—		33,824
Total investments in securities		$	5,834,759	$	—	$	—	$	5,834,759
Principal Ultra-Short Active Income ETF
Bonds*		$	—	$	12,100,810	$	—	$	12,100,810
Investment Companies			329,265		—		—		329,265
Total investments in securities		$	329,265	$	12,100,810	$	—	$	12,430,075
Principal U.S. Large-Cap Multi-Factor Core Index ETF
Common Stocks*		$	6,603,860	$	—	$	—	$	6,603,860
Investment Companies			18,592		—		—		18,592
Total investments in securities		$	6,622,452	$	—	$	—	$	6,622,452
Principal U.S. Mega-Cap Multi-Factor Index ETF
Common Stocks*	$	1,480,304,319		$	—	$	—	$	1,480,304,319
Investment Companies			3,244,299		—		—		3,244,299
Total investments in securities	$	1,483,548,618		$	—	$	—	$	1,483,548,618
Principal U.S. Small-Cap Multi-Factor Index ETF
Common Stocks*		$	394,307,105	$	—	$	—	$	394,307,105
Investment Companies			9,669,221		—		—		9,669,221
Total investments in securities		$	403,976,326	$	—	$	—	$	403,976,326
Principal U.S. Small-MidCap Multi-Factor Core Index ETF
Common Stocks*		$	10,501,546	$	—	$	—	$	10,501,546
Investment Companies			110,725		—		—		110,725
Total investments in securities		$	10,612,271	$	—	$	—	$	10,612,271

*	For additional detail regarding sector classifications, please see the Schedules of Investments.
5.	Management Agreement and Transactions with Affiliates

Management Services. The Funds have agreed to pay investment advisory and management 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 the 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 Index ETF	0.42	%	0.40	%	0.38	%	0.37	%
Principal Millennials Index ETF	0.45	%	0.43	%	0.41	%	0.40	%
Principal Price Setters Index ETF^	0.29	%	0.27	%	0.25	%	0.24	%
Principal Shareholder Yield Index ETF^	0.29	%	0.27	%	0.25	%	0.24	%

^ Prior to November 1, 2019, the management fee was 0.40%, 0.38%, 0.36% and 0.35% respectively.


Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)

5. Management Agreement and Transactions with Affiliates (continued)

Fund	All Assets
Principal Active Global Dividend Income ETF	0.58	%
Principal Active Income ETF	0.49	%
Principal Contrarian Value Index ETF	0.29	%
Principal International Multi-Factor Core Index ETF	0.25	%
Principal Investment Grade Corporate Active ETF	0.26	%
Principal Spectrum Preferred Securities Active ETF	0.55	%
Principal Sustainable Momentum Index ETF	0.29	%
Principal Ultra-Short Active Income ETF	0.18	%
Principal U.S. Large-Cap Multi-Factor Core Index ETF	0.15	%
Principal U.S. Mega-Cap Multi-Factor Index ETF	0.15	%
Principal U.S. Small-Cap Multi-Factor Index ETF	0.38	%
Principal U.S. Small-MidCap Multi-Factor Core Index ETF	0.20	%

The Advisor has contractually agreed to limit the expenses (excluding interest expense, expenses related to fund investments, acquired fund fees and 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 limits are 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 Funds though the fiscal year end, provided no reimbursement will be made it would result in the Funds exceeding the total operating expense limits. Any amounts 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 limits are as follows:


Fund	Expense Limit		Expiration Date
Principal Price Setters Index ETF	0.29	%	Expired October 31, 2019
Principal Shareholder Yield Index ETF	0.29	%	Expired October 31, 2019
Principal U.S. Mega-Cap Multi-Factor Index ETF	0.12	%	Expiring October 31, 2020

Affiliated Ownership. At December 31, 2019, Principal Financial Services, Inc., Principal Funds, Inc., and Principal Variable Contracts Funds, Inc. (each an affiliate of the Advisor) owned Shares as follows:


Fund	Shares
Principal Active Global Dividend Income ETF	26,650,000
Principal Active Income ETF	6,097,100
Principal Contrarian Value Index ETF	119,905
Principal Healthcare Innovators Index ETF	11,668
Principal International Multi-Factor Core Index ETF	615,897
Principal Investment Grade Corporate Active ETF	4,550,000
Principal Millennials Index ETF	216,940
Principal Price Setters Index ETF	5,716
Principal Shareholder Yield Index ETF	117,617
Principal Spectrum Preferred Securities Active ETF	199,004
Principal Sustainable Momentum Index ETF	134,595
Principal Ultra-Short Active Income ETF	399,681
Principal U.S. Large-Cap Multi-Factor Core Index ETF	199,921
Principal U.S. Mega-Cap Multi-Factor Index ETF	44,883,999
Principal U.S. Small-Cap Multi-Factor Index ETF	397,090
Principal U.S. Small-MidCap Multi-Factor Core Index ETF	11,648,179

6. Investment Transactions

For the period ended December 31, 2019, 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 Global Dividend Income ETF	$	47,786,854	$	53,771,510	$	—	$	—
Principal Active Income ETF		75,852,479		14,027,961		—		—
Principal Contrarian Value Index ETF		213,755		230,111		—		—
Principal Healthcare Innovators Index ETF		9,460,086		10,852,601		—		—


		Notes to Financial Statements
		Principal Exchange-Traded Funds
		December 31, 2019 (unaudited)

6. Investment Transactions (continued)

		Non-U.S. Government				U.S. Government
Fund		Purchases		Sales		Purchases		Sales
Principal International Multi-Factor Core Index ETF	$	4,925,066	$	4,242,539	$	—	$	—
Principal Investment Grade Corporate Active ETF		29,711,682		31,646,834		—		—
Principal Millennials Index ETF		578,419		684,244		—		—
Principal Price Setters Index ETF		539,599		563,258		—		—
Principal Shareholder Yield Index ETF		218,904		275,454		—		—
Principal Spectrum Preferred Securities Active ETF		58,563,065		29,273,688		—		—
Principal Sustainable Momentum Index ETF		182,007		196,843		—		—
Principal Ultra-Short Active Income ETF		2,134,407		759,420		—		—
Principal U.S. Large-Cap Multi- Factor Core Index ETF		1,527,911		2,134,818		—		—
Principal U.S. Mega-Cap Multi- Factor Index ETF		284,474,046		290,717,752		—		—
Principal U.S. Small-Cap Multi- Factor Index ETF		135,487,956		136,619,963		—		—
Principal U.S. Small-MidCap Multi-Factor Core Index ETF		3,895,870		3,112,845		—		—


For the period ended December 31, 2019, in-kind transactions were as follows:

Fund		Purchases				Sales
Principal Active Global Dividend Income ETF	$	24,575,103			$			—
Principal Healthcare Innovators Index ETF		9,831,070				12,042,422
Principal International Multi-Factor Core Index ETF		19,184,029				2,571,138
Principal Price Setters Index ETF		21,091,448				24,714,830
Principal Shareholder Yield Index ETF		1,523,450				6,597,829
Principal U.S. Large-Cap Multi-Factor Core Index ETF		7,498,589				655,050
Principal U.S. Mega-Cap Multi-Factor Index ETF		258,355,184				503,359,110
Principal U.S. Small-Cap Multi-Factor Index ETF		112,242,598				84,471,999
Principal U.S. Small-MidCap Multi-Factor Core Index ETF		11,244,526				2,051,182

7. Federal Tax Information

Distributions to Shareholders. The federal income tax character of distributions paid to shareholders for the periods ended June 30, 2019, and December 31, 2019 was as follows:


		Ordinary Income				Long-Term Capital Gain*
		Period ended		Year ended		Period ended		Year ended
Fund		December 31, 2019		June 30, 2019		December 31, 2019		June 30, 2019
Principal Active Global Dividend Income ETF	$	17,845,157	$	20,184,875	$	—	$	4,972,196
Principal Active Income ETF		7,500,415		14,143,301		—		2,538,828
Principal Contrarian Value Index ETF		68,700		59,096		—		—
Principal International Multi- Factor Core Index ETF		192,620		N/A		—		N/A
Principal Investment Grade Corporate Active ETF		5,557,891		9,092,787		1,027,060		—
Principal Millennials Index ETF		160,901		117,278		—		—
Principal Price Setters Index ETF		199,700		256,124		—		—
Principal Shareholder Yield Index ETF		222,600		303,638		—		—
Principal Spectrum Preferred Securities Active ETF		2,366,702		2,777,398		—		—
Principal Sustainable Momentum Index ETF		69,200		49,407		—		—
Principal Ultra-Short Active Income ETF		217,800		31,100		—		—
Principal U.S. Large-Cap Multi- Factor Core Index ETF		49,800		N/A		—		N/A
Principal U.S. Mega-Cap Multi- Factor Index ETF		24,672,586		36,383,987		—		—
Principal U.S. Small-Cap Multi- Factor Index ETF		4,011,121		4,270,986		—		—
Principal U.S. Small-MidCap Multi-Factor Core Index ETF		85,800		N/A		—		N/A

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

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

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)

7. Federal Tax Information (continued)

Distributable Earnings. As of June 30, 2019, the components of distributable earnings on a federal income tax basis were:


									Late Year
									Ordinary and
		Undistributed	Undistributed			Unrealized			Post Oct			Other
		Ordinary	Long-Term			Appreciation/			Capital Loss			Temporary			Capital Loss
Fund		Income	Capital Gains			(Depreciation)			Deferrals			Differences^			Carryforward
Principal Active Global Dividend Income ETF	$	8,057,210	$	—	$	37,679,063		$	(3,032,970	)	$	—		$	—
Principal Active Income ETF		951,601		—		4,385,808			—			(37,500	)		(35,821	)
Principal Contrarian Value Index ETF		19,329		—		49,643			—			—			(217,400	)
Principal Healthcare Innovators Index ETF		—		—		3,947,602			(106,869	)		—			(2,811,540	)
Principal Investment Grade Corporate Active ETF		2,399,182	504,106			6,808,400			—			—			—
Principal Millennials Index ETF		24,563		—		340,507			—			—			(500,877	)
Principal Price Setters Index ETF		51,400		—		1,133,674			—			—			(619,585	)
Principal Shareholder Yield Index ETF		81,991		—		(230,825	)		—			—			(932,448	)
Principal Spectrum Preferred Securities Active ETF		332,450		—		(590,512	)		—			—			(799,801	)
Principal Sustainable Momentum Index ETF		21,628		—		405,338			—			—			(208,669	)
Principal Ultra-Short Active Income ETF		30,861		—		7,859			—			—			(35	)
Principal U.S. Mega-Cap Multi-Factor Index ETF		8,864,246		—		101,546,902			—			—			(41,535,289	)
Principal U.S. Small-Cap Multi-Factor Index ETF		835,018		—		(2,500,904	)		—			—			(33,569,820	)

^ Represents book-to-tax accounting differences related to defaulted securities.

Capital Loss Carryforwards. As of June 30, 2019, the following Funds had net realized capital loss carryforwards, for U.S. federal income tax purposes, available to be used to offset future realized capital gains:


	No Expiration			No Expiration				Annual
Fund	Short-Term			Long-Term		Total		Limitations*
Principal Active Income ETF	$	—	$	35,821	$	35,821	$	—
Principal Contrarian Value Index ETF		182,012		35,388		217,400		117,286
Principal Healthcare Innovators Index ETF		900,289		1,911,251		2,811,540		—
Principal Millennials Index ETF		236,004		264,873		500,877		—
Principal Price Setters Index ETF		619,585		—		619,585		—
Principal Shareholder Yield Index ETF		685,160		247,288		932,448		—
Principal Spectrum Preferred Securities Active ETF		264,826		534,975		799,801		—
Principal Sustainable Momentum Index ETF		208,669		—		208,669		—
Principal Ultra-Short Active Income ETF		35		—		35		—
Principal U.S. Mega-Cap Multi-Factor Index ETF		41,535,289		—		41,535,289		72,515
Principal U.S. Small-Cap Multi-Factor Index ETF		28,831,514		4,738,306		33,569,820		—

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

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, 2019, the Funds had late-year capital and ordinary losses as follows:


Fund		Late Year Ordinary Loss			Post October Loss Capital Loss
Principal Active Global Dividend Income ETF	$	—		$	(3,032,970	)
Principal Healthcare Innovators Index ETF		(106,869	)		—

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

Notes to Financial Statements
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)

7. Federal Tax Information (continued)

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 year ended June 30, 2019, the Funds recorded reclassifications as follows:


		Total
		Distributable Earnings
Fund		(Accumulated Loss)			Paid In Capital
Principal Active Global Dividend Income ETF	$	(1,304,290	)	$	1,304,290
Principal Active Income ETF		(394,662	)		394,662
Principal Contrarian Value Index ETF		(180,601	)		180,601
Principal Healthcare Innovators Index ETF		(2,326,735	)		2,326,735
Principal Investment Grade Corporate Active ETF		(1,071,429	)		1,071,429
Principal Millennials Index ETF		(1,868,439	)		1,868,439
Principal Price Setters Index ETF		(1,717,571	)		1,717,571
Principal Shareholder Yield Index ETF		(459,422	)		459,422
Principal Spectrum Preferred Securities Active ETF		(49,805	)		49,805
Principal Sustainable Momentum Index ETF		(361	)		361
Principal U.S. Mega-Cap Multi-Factor Index ETF		(100,677,100	)		100,677,100
Principal U.S. Small-Cap Multi-Factor Index ETF		(42,367,027	)		42,367,027

Federal Income Tax Basis. As of December 31, 2019, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by each Fund were as follows:


							Net		Cost for
							Unrealized		Federal
		Unrealized		Unrealized			Appreciation		Income Tax
Fund		Appreciation		Depreciation			(Depreciation)		Purposes
Principal Active Global Dividend Income ETF	$	154,369,467	$	(41,084,724	)	$	113,284,743	$	707,475,297
Principal Active Income ETF		22,224,204		(8,412,079	)		13,812,125		276,416,116
Principal Contrarian Value Index ETF		631,236		(231,269	)		399,967		5,313,537
Principal Healthcare Innovators Index ETF		15,316,447		(7,369,846	)		7,946,601		54,471,560
Principal International Multi-Factor Core Index ETF		1,411,380		(269,087	)		1,142,293		17,581,185
Principal Investment Grade Corporate Active ETF		8,048,552		(88,508	)		7,960,044		111,358,020
Principal Millennials Index ETF		3,442,604		(1,311,996	)		2,130,608		21,387,738
Principal Price Setters Index ETF		1,201,942		(392,983	)		808,959		17,720,075
Principal Shareholder Yield Index ETF		935,227		(667,519	)		267,708		10,018,652
Principal Spectrum Preferred Securities Active ETF		3,687,483		(256,566	)		3,430,917		97,271,128
Principal Sustainable Momentum Index ETF		811,308		(279,877	)		531,431		5,303,328
Principal Ultra-Short Active Income ETF		37,855		(20,479	)		17,376		12,412,699
Principal U.S. Large-Cap Multi- Factor Core Index ETF		521,274		(92,191	)		429,083		6,193,369
Principal U.S. Mega-Cap Multi- Factor Index ETF		178,413,554		(15,475,197	)		162,938,357		1,320,610,261
Principal U.S. Small-Cap Multi- Factor Index ETF		37,475,691		(24,419,367	)		13,056,324		390,920,002
Principal U.S. Small-MidCap Multi- Factor Core Index ETF		865,514		(250,951	)		614,563		9,997,708

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 Global Dividend Income ETF

December 31, 2019 (unaudited)


COMMON STOCKS — 99.02%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held			Value
Aerospace & Defense — 0.85%				Media — 2.45%
Boeing Co/The	20,862	$	6,796,005	Walt Disney Co/The	136,219		$	19,701,354

Airlines — 0.31%				Metal Fabrication & Hardware — 1.26%
Alaska Air Group Inc	37,272		2,525,178	Norma Group SE	236,881			10,096,957

Apparel — 2.02%				Multi-National — 1.90%
LVMH Moet Hennessy Louis Vuitton SE	34,814		16,174,867	Banco Latinoamericano de Comercio Exterior

Auto Manufacturers — 2.52%				SA, Class E	713,207			15,248,366
PACCAR Inc	255,477		20,208,231	Oil & Gas — 4.85%
Auto Parts & Equipment — 3.43%				Chevron Corp	118,189			14,242,956
Autoliv Inc	83,171		7,020,464	Royal Dutch Shell PLC, Class B	532,774			15,804,428
				Vermilion Energy Inc ^(a)	540,914			8,843,406
Bridgestone Corp ^(a)	251,100		9,405,706
Magna International Inc	201,863		11,068,227				$	38,890,790
		$	27,494,397	Oil & Gas Services — 0.97%
Banks — 9.39%				Core Laboratories NV	206,589			7,782,208
Banco Bilbao Vizcaya Argentaria SA	1,581,097		8,837,433	Packaging & Containers — 0.69%
ING Groep NV	738,172		8,849,744	Packaging Corp of America	49,450			5,537,905
JPMorgan Chase & Co	200,158		27,902,025
Nordea Bank Abp	941,354		7,602,109	Pharmaceuticals — 7.21%
PacWest Bancorp	578,440		22,136,899	Novo Nordisk A/S, Class B	267,811			15,543,599
				Pfizer Inc	467,548			18,318,530
		$	75,328,210	Roche Holding AG	74,032			24,019,475
Beverages — 4.23%							$	57,881,604
Ambev SA ADR	4,328,414		20,170,409
Diageo PLC	325,705		13,807,878	Real Estate — 1.31%
				Daito Trust Construction Co Ltd	84,500			10,483,273
		$	33,978,287
				REITs — 1.69%
Biotechnology — 1.58%				Keppel DC REIT	8,771,400			13,565,197
CSL Ltd	65,711		12,716,036
				Retail — 1.53%
Chemicals — 2.09%				Nordstrom Inc	98,870			4,046,749
Givaudan SA	3,090		9,677,402	Tiffany & Co	61,747			8,252,487
Petronas Chemicals Group Bhd	3,944,900		7,088,379
							$	12,299,236
		$	16,765,781
				Semiconductors — 6.81%
Commercial Services — 2.93%				Lam Research Corp	32,401			9,474,052
Experian PLC	296,667		10,028,468	Microchip Technology Inc	98,486			10,313,454
Ritchie Bros Auctioneers Inc	313,878		13,481,060	Taiwan Semiconductor Manufacturing Co Ltd
		$	23,509,528	ADR	600,805			34,906,771
Computers — 4.11%							$	54,694,277
Apple Inc	112,389		33,003,030	Software — 6.84%
Construction Materials — 1.54%				Broadridge Financial Solutions Inc	117,126			14,469,746
James Hardie Industries PLC	629,860		12,318,658	Microsoft Corp	181,865			28,680,110
				SAP SE	87,052			11,748,794
Diversified Financial Services — 1.77%
Deutsche Boerse AG	90,338		14,201,698				$	54,898,650

Electric — 0.98%				Telecommunications — 3.28%
CLP Holdings Ltd	752,000		7,903,802	BCE Inc	331,442			15,355,243
				Telenor ASA	612,818			10,990,420
Electronics — 1.37%							$	26,345,663
TE Connectivity Ltd	114,980		11,019,683
				Toys, Games & Hobbies — 2.52%
Food — 2.72%				Hasbro Inc	191,212			20,193,899
BIM Birlesik Magazalar AS	1,668,489		13,086,518
Danone SA	105,378		8,735,165	Transportation — 1.99%
				Union Pacific Corp	88,468			15,994,130
		$	21,821,683
Gas — 2.15%				TOTAL COMMON STOCKS		$	794,776,129
Rubis SCA	281,604		17,294,167	INVESTMENT COMPANIES — 3.24%	Shares Held			Value
Healthcare — Products — 2.25%				Money Market Funds — 3.24%
Coloplast A/S, Class B	145,786		18,084,699	Principal Government Money Market Fund
				1.41% ^(b),(c),(d)	14,138,696			14,138,696
Household Products/Wares — 1.54%
Avery Dennison Corp	32,277		4,222,477	State Street Institutional U.S. Government
				Money Market Fund 1.53% ^(d)	11,845,215			11,845,215
Reckitt Benckiser Group PLC	100,041		8,121,801

		$	12,344,278	TOTAL INVESTMENT COMPANIES			$	25,983,911
Insurance — 4.04%				Total Investments		$	820,760,040
Beazley PLC	1,366,096		10,060,990	Other Assets and Liabilities — (2.26)%		$	(18,112,863		)
Chubb Ltd	64,185		9,991,037
Swiss Re AG	110,319		12,390,654	TOTAL NET ASSETS — 100.00%		$	802,647,177

		$	32,442,681	^(a)Security or a portion of the security was on loan at the end of the period.
Internet — 1.90%
Rightmove PLC	1,814,885		15,231,721

See accompanying notes.

Schedule of Investments
Principal Active Global Dividend Income ETF
December 31, 2019 (unaudited)


^(b)Security or a portion of the security was pledged as collateral for securities
lending. At the end of the period, the value of these securities totaled
$14,138,696 or 1.76% of net assets.
^(c)Affiliated Security. Security is either an affiliate (and registered under the
Investment Company Act of 1940) or an affiliate as defined by the
Investment Company Act of 1940 (controls 5.0% or more of the
outstanding voting shares of the security). Please see affiliated
sub-schedule for transactional information.
^(d)Current yield shown is as of period end.

Portfolio Summary (unaudited)
Location	Percent
United States	38.88	%
Switzerland	8.36	%
Canada	6.07	%
United Kingdom	5.88	%
France	5.26	%
Germany	4.49	%
Taiwan	4.35	%
Denmark	4.19	%
Netherlands	4.04	%
Ireland	2.78	%
Brazil	2.51	%
Japan	2.48	%
Panama	1.90	%
Singapore	1.69	%
Turkey	1.63	%
Australia	1.58	%
Norway	1.37	%
Spain	1.10	%
Hong Kong	0.99	%
Finland	0.95	%
Malaysia	0.88	%
Sweden	0.88	%
Other Assets and Liabilities	(2.26	)%
TOTAL NET ASSETS	100.00	%

				June 30, 2019		Purchases			Sales			December 31, 2019
Affiliated Securities				Value		Cost			Proceeds			Value
Principal Government Money
Market Fund 1.41%			$	—	$	64,975,357		$	50,836,661		$	14,138,696
			$	—	$	64,975,357		$	50,836,661		$	14,138,696


									Realized
						Realized			Gain from			Change in
						Gain/Loss on			Capital Gain			Unrealized
				Income ^(a)		Investments			Distributions			Gain/Loss
Principal Government Money
Market Fund 1.41%			$	—		$	—		$	—		$	—
			$	—		$	—		$	—		$	—

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

See accompanying notes.

Schedule of Investments Principal Active Income ETF December 31, 2019 (unaudited)


COMMON STOCKS — 20.07%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Aerospace & Defense — 0.23%				Oil & Gas (continued)
Boeing Co/The	2,034	$	662,596	Occidental Petroleum Corp	16,017	$	660,061

Airlines — 0.33%						$	4,841,709
Delta Air Lines Inc	16,459		962,522	Packaging & Containers — 0.31%
Apparel — 0.46%				Packaging Corp of America	8,055		902,079
VF Corp	13,270		1,322,488	Pharmaceuticals — 1.21%
Auto Manufacturers — 0.22%				Johnson & Johnson	6,108		890,974
PACCAR Inc	7,873		622,754	Merck & Co Inc	14,093		1,281,759
				Pfizer Inc	33,490		1,312,138
Auto Parts & Equipment — 0.38%
						$	3,484,871
Magna International Inc	19,902		1,091,426
				Pipelines — 0.65%
Banks — 3.69%				EnLink Midstream LLC ^(a)	97,068		595,027
Bank of Hawaii Corp	6,537		622,061	Plains GP Holdings LP, Class A ^(a)	26,628		504,600
Columbia Banking System Inc	26,335		1,071,440	Targa Resources Corp	19,049		777,771
Cullen / Frost Bankers Inc	10,739		1,050,059
East West Bancorp Inc	31,010		1,510,187			$	1,877,398
JPMorgan Chase & Co	12,650		1,763,410	Real Estate — 0.28%
PacWest Bancorp	38,475		1,472,438	Newmark Group Inc, Class A	59,771		804,219
Truist Financial Corp	18,413		1,037,020
US Bancorp	19,178		1,137,064	REITs — 1.70%
Washington Trust Bancorp Inc	18,337		986,347	Alexandria Real Estate Equities Inc	6,989		1,129,283
				Annaly Capital Management Inc	31,889		300,394
		$	10,650,026	Digital Realty Trust Inc	11,593		1,388,146
Chemicals — 0.28%				EPR Properties	7,121		503,027
DuPont de Nemours Inc	12,476		800,959	Medical Properties Trust Inc	75,828		1,600,729

Computers — 0.46%						$	4,921,579
Apple Inc	4,567		1,341,100	Retail — 0.50%
Diversified Financial Services — 0.98%				Starbucks Corp	9,937		873,661
BGC Partners Inc, Class A	192,157		1,141,412	Tiffany & Co	4,282		572,289
BlackRock Inc	2,458		1,235,637			$	1,445,950
KKR & Co Inc, Class A	15,082		439,942	Semiconductors — 0.62%
		$	2,816,991	Applied Materials Inc	10,335		630,849
Electric — 1.34%				Microchip Technology Inc	11,171		1,169,827
ALLETE Inc	12,756		1,035,405			$	1,800,676
Eversource Energy	10,455		889,407	Software — 0.34%
WEC Energy Group Inc	10,354		954,949	Broadridge Financial Solutions Inc	4,405		544,194
Xcel Energy Inc	15,481		982,889	SAP SE	3,214		430,644
		$	3,862,650			$	974,838
Food — 0.79%				Telecommunications — 0.45%
Hormel Foods Corp	25,013		1,128,336	BCE Inc	28,032		1,299,283
Tyson Foods Inc, Class A	12,786		1,164,038
				Toys, Games & Hobbies — 0.38%
		$	2,292,374	Hasbro Inc	10,488		1,107,638
Hand/Machine Tools — 0.15%
Snap-on Inc	2,618		443,489	TOTAL COMMON STOCKS		$	57,951,615
Healthcare — Products — 0.96%				PREFERRED STOCKS — 6.81%	Shares Held		Value
Abbott Laboratories	15,259		1,325,397	Banks — 2.41%
Medtronic PLC	12,797		1,451,819	Bank of America Corp; Series KK
				5.38%, 06/25/2024 ^(b)	30,000		798,000
		$	2,777,216
				Bank of America Corp; Series EE
Healthcare — Services — 0.23%				6.00%, 04/25/2021 ^(b)	10,000		264,000
HCA Healthcare Inc	4,543		671,501	Bank of America Corp; Series Y
Home Builders — 0.29%				6.50%, 01/27/2020 ^(b)	20,000		499,600
LCI Industries	7,800		835,614	Goldman Sachs Group Inc/The; Series N
				6.30%, 05/10/2021 ^(b),(c)	40,000		1,066,800
Leisure Time — 0.27%				JPMorgan Chase & Co; Series BB
Acushnet Holdings Corp	23,882		776,165	6.15%, 09/01/2020 ^(b)	25,000		643,500
Machinery — Diversified — 0.39%				KeyCorp; Series F
Deere & Co	6,509		1,127,749	5.65%, 12/15/2023 ^(b)	50,000		1,340,000
				Morgan Stanley; Series I
Media — 0.50%				(3-month USD LIBOR + 3.71%),
Comcast Corp, Class A	13,023		585,644	6.38%, 10/15/2024 ^(b),(d)	10,000		281,700
Walt Disney Co/The	5,864		848,111	Morgan Stanley; Series E
		$	1,433,755	(3-month USD LIBOR + 4.32%),
				7.13%, 10/15/2023 ^(b),(d)	35,000		1,001,350
Oil & Gas — 1.68%
Chevron Corp	8,975		1,081,577	Wells Fargo & Co; Series Y
				5.63%, 06/15/2022 ^(b)	40,000		1,067,600
Exxon Mobil Corp	10,937		763,184
HollyFrontier Corp	23,061		1,169,423			$	6,962,550
Marathon Petroleum Corp	19,377		1,167,464

See accompanying notes.

Schedule of Investments Principal Active Income ETF December 31, 2019 (unaudited)


							Principal
PREFERRED STOCKS (continued)		Shares Held		Value	BONDS (continued)		Amount		Value
Electric — 1.40%					Electric — 4.86%
Alabama Power Co; Series A					Emera Inc
5.00%, 10/01/2022 ^(b),(c)		50,000	$	1,354,000	(3-month USD LIBOR + 5.44%),
Duke Energy Corp; Series A					6.75%, 06/15/2076 ^(d)	$	3,000,000	$	3,390,000
5.75%, 06/15/2024 ^(b)		35,000		969,850	GenOn Energy Inc
Entergy Louisiana LLC					0.00%, 10/15/2020 ^{(a),(f),(g),(h)}		3,100,000		—
4.88%, 09/01/2066		25,000		647,750	PPL Capital Funding Inc
Entergy Mississippi LLC					(3-month USD LIBOR + 2.67%),
4.90%, 10/01/2066 ^(c)		25,000		662,500	4.63%, 03/30/2067 ^(d)		6,000,000		5,728,497
NextEra Energy Capital Holdings Inc; Series I					Talen Energy Supply LLC
5.13%, 11/15/2072 ^(c)		16,000		408,960	4.60%, 12/15/2021		5,000,000		4,925,000
				4,043,060				$	14,043,497
Gas — 0.44%					Entertainment — 1.26%
NiSource Inc					AMC Entertainment Holdings Inc
(5-year Treasury Constant Maturity					6.13%, 05/15/2027 ^(c)		4,000,000		3,650,000
Rate + 3.63%),					Environmental Control — 4.69%
6.50%, 03/15/2024 ^(b),(c),(d)		45,000		1,254,600
					Advanced Disposal Services Inc
Insurance — 0.54%					5.63%, 11/15/2024 ^(e)		3,000,000		3,120,000
Allstate Corp/The; Series H					Covanta Holding Corp
5.10%, 10/15/2024 ^(b)		60,000		1,568,400	5.88%, 03/01/2024		3,000,000		3,086,250
					5.88%, 07/01/2025		2,000,000		2,110,000
REITs — 2.02%					Waste Pro USA Inc
Kimco Realty Corp; Series L					5.50%, 02/15/2026 ^(e)		5,000,000		5,212,500
5.13%, 08/16/2022 ^(b),(c)		40,000		1,029,600
PS Business Parks Inc; Series W								$	13,528,750
5.20%, 10/20/2021 ^(b)		20,000		515,600	Healthcare — Products — 1.84%
PS Business Parks Inc; Series Y					Hologic Inc
5.20%, 12/07/2022 ^(b)		40,000		1,027,200	4.63%, 02/01/2028 ^(e)		5,000,000		5,300,000
Public Storage; Series I					Healthcare — Services — 6.77%
4.88%, 09/12/2024 ^(b),(c)		15,000		386,250
					Encompass Health Corp
Public Storage; Series E					4.75%, 02/01/2030		2,000,000		2,075,000
4.90%, 10/14/2021 ^(b)		15,000		382,200
					5.75%, 09/15/2025		3,000,000		3,142,500
Public Storage; Series H					HCA Inc
5.60%, 03/11/2024 ^(b)		35,000		969,150
					5.63%, 09/01/2028		5,000,000		5,698,000
Vornado Realty Trust; Series M					MEDNAX Inc
5.25%, 12/13/2022 ^(b)		60,000		1,532,400	6.25%, 01/15/2027 ^(e)		5,000,000		5,125,000
			$	5,842,400	Surgery Center Holdings Inc
					6.75%, 07/01/2025 ^(e)		3,500,000		3,500,000
TOTAL PREFERRED STOCKS			$	19,671,010				$	19,540,500
		Principal			Home Builders — 1.21%
BONDS — 69.76%		Amount		Value	PulteGroup Inc
Auto Parts & Equipment — 1.18%					6.38%, 05/15/2033		3,000,000		3,502,500
Titan International Inc					Insurance — 1.53%
6.50%, 11/30/2023	$	4,000,000		3,420,000	MetLife Inc
					9.25%, 04/08/2038 ^(e)		3,000,000		4,417,500
Banks — 3.24%
Goldman Sachs Group Inc/The					Iron & Steel — 0.78%
(5-year Treasury Constant Maturity					Allegheny Technologies Inc
Rate + 3.22%),					7.88%, 08/15/2023		2,000,000		2,241,660
4.95%, 02/10/2025 ^(b),(d)		4,000,000		4,144,000
JPMorgan Chase & Co					Lodging — 0.74%
(3-month USD LIBOR + 3.25%),					Boyd Gaming Corp
5.15%, 05/01/2023 ^(b),(d)		5,000,000		5,225,000	6.00%, 08/15/2026		2,000,000		2,145,000
			$	9,369,000	Media — 6.29%
					CCO Holdings LLC / CCO Holdings Capital Corp
Chemicals — 3.59%					5.13%, 05/01/2027 ^(e)		1,000,000		1,055,000
Kraton Polymers LLC / Kraton Polymers Capital					5.38%, 06/01/2029 ^(e)		2,000,000		2,140,000
Corp					5.75%, 01/15/2024		300,000		305,250
7.00%, 04/15/2025 ^(e)		5,000,000		5,150,000
					CSC Holdings LLC
OCI NV					6.75%, 11/15/2021		3,000,000		3,228,750
5.25%, 11/01/2024 ^(e)		1,000,000		1,037,500
					DISH DBS Corp
6.63%, 04/15/2023 ^(e)		4,000,000		4,170,000
					5.88%, 11/15/2024		4,000,000		4,087,500
			$	10,357,500	Sirius XM Radio Inc
					5.00%, 08/01/2027 ^(e)		1,000,000		1,055,000
Commercial Services — 0.21%					5.38%, 04/15/2025 ^(e)		4,000,000		4,133,120
Avis Budget Car Rental LLC / Avis Budget
					ViacomCBS Inc
Finance Inc					(3-month USD LIBOR + 3.90%),
5.50%, 04/01/2023		593,000		603,378	5.88%, 02/28/2057 ^(d)		1,000,000		1,040,000
Diversified Financial Services — 1.24%					(3-month USD LIBOR + 3.90%),
Jefferies Group LLC					6.25%, 02/28/2057 ^(d)		1,000,000		1,109,000
6.25%, 01/15/2036		3,000,000		3,584,195				$	18,153,620

See accompanying notes.

Schedule of Investments Principal Active Income ETF December 31, 2019 (unaudited)


			Principal					Principal
BONDS (continued)			Amount		Value	BONDS (continued)		Amount		Value
Mining — 1.06%						Pipelines — 5.46%
Freeport-McMoRan Inc						Buckeye Partners LP
3.88%, 03/15/2023		$	3,000,000	$	3,054,690	3.95%, 12/01/2026	$	6,000,000	$	5,796,159
						EnLink Midstream Partners LP
Mortgage Backed Securities — 5.53%
						4.15%, 06/01/2025		5,000,000		4,700,000
Citigroup Commercial Mortgage Trust 2015-GC29
4.14%, 04/10/2048 ⁽ⁱ⁾			750,000		780,744	NGPL PipeCo LLC
						4.88%, 08/15/2027 ^(e)		2,000,000		2,125,875
COMM 2015-CCRE22 Mortgage Trust
4.13%, 03/10/2048 ⁽ⁱ⁾			500,000		522,346	Transcanada Trust
						(3-month USD LIBOR + 3.53%),
GS Mortgage Securities Trust 2013-GC13						5.63%, 05/20/2075 ^(d)		3,000,000		3,127,500
4.08%, 07/10/2046 ^(e),(i)			500,000		513,575
GS Mortgage Securities Trust 2013-GCJ12								$		15,749,534
4.18%, 06/10/2046 ⁽ⁱ⁾			2,000,000		2,033,616	REITs — 1.25%
GS Mortgage Securities Trust 2014-GC20						CBL & Associates LP
4.97%, 04/10/2047 ⁽ⁱ⁾			2,000,000		2,060,985	5.95%, 12/15/2026		6,000,000		3,600,000
GS Mortgage Securities Trust 2014-GC24
4.53%, 09/10/2047 ⁽ⁱ⁾			500,000		472,481	Storage/Warehousing — 1.80%
GS Mortgage Securities Trust 2015-GC32						Mobile Mini Inc
4.41%, 07/10/2048 ⁽ⁱ⁾			1,241,000		1,307,946	5.88%, 07/01/2024		5,000,000		5,200,000
JP Morgan Chase Commercial Mortgage						Telecommunications — 4.25%
Securities Trust 2012-LC9						CommScope Technologies LLC
4.42%, 12/15/2047 ^(e),(i)			1,750,000		1,718,728	5.00%, 03/15/2027 ^(e)		6,250,000		5,875,000
Wells Fargo Commercial Mortgage Trust						Sprint Corp
2013-L	C12					7.88%, 09/15/2023		3,000,000		3,309,990
4.28%, 07/15/2046 ⁽ⁱ⁾			1,000,000		1,016,053	T-Mobile USA Inc
Wells Fargo Commercial Mortgage Trust						6.38%, 03/01/2025		3,000,000		3,099,990
2014-L	C16						$	12,284,980
4.46%, 08/15/2050			1,000,000		1,006,743
Wells Fargo Commercial Mortgage Trust						Transportation — 1.06%
2015	-SG1					XPO Logistics Inc
4.47%, 09/15/2048 ^(h)			1,600,000		1,639,687	6.50%, 06/15/2022 ^(e)		3,000,000		3,057,000
Wells Fargo Commercial Mortgage Trust
2016	-C35					TOTAL BONDS	$	201,389,994
4.18%, 07/15/2048 ^(h)			1,000,000		1,024,662	INVESTMENT COMPANIES — 3.89%		Shares Held		Value
WFRBS Commercial Mortgage Trust 2013-C14						Money Market Funds — 3.89%
3.98%, 06/15/2046 ^(e),(h)			500,000		476,149	Principal Government Money Market Fund
WFRBS Commercial Mortgage Trust 2014-C22						1.41% ^(j),(k),(l)		3,226,410		3,226,410
3.76%, 09/15/2057 ^(h)			1,000,000		968,977
						State Street Institutional U.S. Government
3.90%, 09/15/2057 ^(e),(h)			500,000		412,436	Money Market Fund 1.53% ^(l)		7,989,212		7,989,212
				$	15,955,128
Office & Business Equipment — 1.04%						TOTAL INVESTMENT COMPANIES		$		11,215,622
CDW LLC / CDW Finance Corp						Total Investments	$	290,228,241
4.25%, 04/01/2028			750,000		786,562	Other Assets and Liabilities — (0.53)%		$		(1,541,689	)
5.50%, 12/01/2024			2,000,000		2,220,000	TOTAL NET ASSETS — 100.00%	$	288,686,552
				$	3,006,562
						^(a)Non-income producing security
Oil & Gas — 4.92%
Gulfport Energy Corp						^(b)Perpetual security. Perpetual securities pay an indefinite stream of interest,
6.38%, 01/15/2026			6,000,000		3,720,000	but they may be called by the issuer at an earlier date. Date shown, if any,
Nabors Industries Inc						reflects the next call date or final legal maturity date. Rate shown is as of
5.50%, 01/15/2023 ^(c)			2,000,000		1,920,000
						period end.
Rowan Cos Inc
						^(c)Security or a portion of the security was on loan at the end of the period.
4.75%, 01/15/2024			3,000,000		1,890,000
						^(d)Rate shown is as of period end. The rate may be a variable or floating rate
4.88%, 06/01/2022			2,000,000		1,460,000
W&T Offshore Inc						or a fixed rate which may convert to a variable or floating rate in the future.
9.75%, 11/01/2023 ^(e)			3,000,000		2,861,250	^(e)Security exempt from registration under Rule 144A of the Securities Act of
Whiting Petroleum Corp						1933. These securities may be resold in transactions exempt from
5.75%, 03/15/2021			2,500,000		2,365,000	registration, normally to qualified institutional buyers. At the end of the
				$	14,216,250	period, the value of these securities totaled $73,864,383 or 25.59% of net
Packaging & Containers — 2.12%						assets.
Reynolds Group Issuer Inc / Reynolds Group						^(f)Security is defaulted.
Issuer LLC / Reynolds Group Issuer						^(g)Fair value of the investment is determined in good faith by the Advisor
(Luxembourg) S.A.						under procedures established and periodically reviewed by the Board of
5.13%, 07/15/2023 ^(e)			3,000,000		3,071,250
						Directors. As of December 31, 2019, the fair value of the security totaled $0
Sealed Air Corp
4.00%, 12/01/2027 ^(e)			3,000,000		3,037,500	or 0.00% of net assets.
						^(h)The value of these investments was determined using significant
				$	6,108,750
						unobservable inputs.
Pharmaceuticals — 1.84%						⁽ⁱ⁾Certain variable rate securities are not based on a published reference rate
HLF Financing Sarl LLC / Herbalife International
Inc						and spread but are determined by the issuer or agent and are based on
7.25%, 08/15/2026 ^(e)			5,000,000		5,300,000	current market conditions. These securities do not indicate a reference rate

See accompanying notes.

Schedule of Investments
Principal Active Income ETF
December 31, 2019 (unaudited)


and spread in their description. Rate shown is the rate in effect as of period
end.
^(j)Security or a portion of the security was pledged as collateral for securities
lending. At the end of the period, the value of these securities totaled
$3,226,410 or 1.12% of net assets.
^(k)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 5.0% or more of the
outstanding voting shares of the security). Please see affiliated
sub-schedule for transactional information.
^(l)Current yield shown is as of period end.

Portfolio Summary (unaudited)
Sector	Percent
Financial	18.73	%
Consumer, Non-cyclical	13.85	%
Energy	13.14	%
Communications	11.49	%
Industrial	9.10	%
Consumer, Cyclical	9.03	%
Utilities	7.60	%
Basic Materials	5.70	%
Mortgage Securities	5.53	%
Investment Companies	3.89	%
Technology	2.47	%
Other Assets and Liabilities	(0.53	)%
TOTAL NET ASSETS	100.00	%

				June 30, 2019		Purchases			Sales			December 31, 2019
Affiliated Securities				Value		Cost			Proceeds			Value
Principal Government Money
Market Fund 1.41%			$	—	$	11,275,399		$	8,048,989		$	3,226,410
			$	—	$	11,275,399		$	8,048,989		$	3,226,410

									Realized
						Realized			Gain from			Change in
						Gain/Loss on			Capital Gain			Unrealized
				Income ^(a)		Investments			Distributions			Gain/Loss
Principal Government Money
Market Fund 1.41%			$	—		$	—		$	—		$	—
			$	—		$	—		$	—		$	—

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

See accompanying notes.

Schedule of Investments Principal Contrarian Value Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS — 99.67%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 0.16%				Biotechnology (continued)
Interpublic Group of Cos Inc/The	390	$	9,009	Bluebird Bio Inc ^(a)	138	$	12,110
Aerospace & Defense — 0.85%				Gilead Sciences Inc	148		9,617
				Ultragenyx Pharmaceutical Inc ^(a)	140		5,979
Barnes Group Inc	369		22,863
United Technologies Corp	173		25,909			$	87,131
		$	48,772	Chemicals — 3.79%
Agriculture — 1.19%				Air Products & Chemicals Inc	52		12,220
Archer-Daniels-Midland Co	738		34,206	Cabot Corp	664		31,553
Bunge Ltd	590		33,955	CF Industries Holdings Inc	224		10,694
				Eastman Chemical Co	377		29,881
		$	68,161	FMC Corp	275		27,451
Airlines — 2.02%				Huntsman Corp	1,264		30,538
Alaska Air Group Inc	507		34,349	International Flavors & Fragrances Inc	171		22,062
Delta Air Lines Inc	437		25,556	LyondellBasell Industries NV, Class A	107		10,109
JetBlue Airways Corp ^(a)	1,861		34,838	Mosaic Co/The	980		21,207
Southwest Airlines Co	381		20,566	Olin Corp	1,215		20,959
		$	115,309			$	216,674
Apparel — 1.44%				Commercial Services — 2.67%
Columbia Sportswear Co	87		8,717	ASGN Inc ^(a)	149		10,575
PVH Corp	269		28,285	CoreLogic Inc ^(a)	581		25,395
Ralph Lauren Corp	174		20,396	ManpowerGroup Inc	372		36,121
Tapestry Inc	612		16,506	Quanta Services Inc	872		35,499
Under Armour Inc, Class C ^(a)	446		8,554	ServiceMaster Global Holdings Inc ^(a)	480		18,557
				United Rentals Inc ^(a)	158		26,350
		$	82,458
Auto Manufacturers — 0.89%						$	152,497
Cummins Inc	140		25,054	Computers — 3.36%
PACCAR Inc	329		26,024	CACI International Inc, Class A ^(a)	171		42,748
		$	51,078	Cognizant Technology Solutions Corp, Class A	127		7,877
				DXC Technology Co	465		17,480
Auto Parts & Equipment — 1.01%				Genpact Ltd	287		12,103
BorgWarner Inc	767		33,272	Hewlett Packard Enterprise Co	1,914		30,356
Goodyear Tire & Rubber Co/The	1,560		24,266	Leidos Holdings Inc	335		32,793
		$	57,538	MAXIMUS Inc	129		9,596
Banks — 8.86%				Perspecta Inc	1,482		39,184
Associated Banc-Corp	988		21,776			$	192,137
Bank of America Corp	538		18,948	Construction Materials — 3.00%
Bank of New York Mellon Corp/The	127		6,392	Eagle Materials Inc	406		36,808
BankUnited Inc	429		15,684	Fortune Brands Home & Security Inc	460		30,057
BOK Financial Corp	74		6,468	Johnson Controls International PLC	880		35,825
CIT Group Inc	447		20,397
				Owens Corning	627		40,830
Citizens Financial Group Inc	621		25,219
				Vulcan Materials Co	194		27,934
Fifth Third Bancorp	568		17,460
First Citizens BancShares Inc, Class A	16		8,515			$	171,454
First Hawaiian Inc	247		7,126	Distribution/Wholesale — 0.71%
First Horizon National Corp	1,468		24,310	LKQ Corp ^(a)	1,130		40,341
FNB Corp	1,875		23,812
Hancock Whitney Corp	527		23,125	Diversified Financial Services — 1.63%
Home BancShares Inc	803		15,787	Alliance Data Systems Corp	52		5,834
Huntington Bancshares Inc	463		6,982	Ally Financial Inc	860		26,282
IBERIABANK Corp	292		21,850	Jefferies Financial Group Inc	1,652		35,303
PacWest Bancorp	560		21,431	KKR & Co Inc, Class A	300		8,751
Pinnacle Financial Partners Inc	391		25,024	Synchrony Financial	474		17,069
PNC Financial Services Group Inc/The	124		19,794			$	93,239
Prosperity Bancshares Inc	213		15,313
Regions Financial Corp	1,400		24,024	Electrical Components & Equipment — 1.19%
Signature Bank	49		6,694	Acuity Brands Inc	164		22,632
Synovus Financial Corp	168		6,586	AMETEK Inc	119		11,869
TCF Financial Corp	502		23,494	Hubbell Inc	81		11,973
Truist Financial Corp	131		7,378	Littelfuse Inc	113		21,617
Umpqua Holdings Corp	1,264		22,373			$	68,091
United Bankshares Inc	408		15,773	Electronics — 4.43%
Valley National Bancorp	2,174		24,892	Arrow Electronics Inc ^(a)	394		33,388
Wells Fargo & Co	134		7,209	Avnet Inc	720		30,557
Wintrust Financial Corp	91		6,452	FLIR Systems Inc	175		9,112
Zions Bancorp NA	307		15,939	Fortive Corp	110		8,403
		$	506,227	Garmin Ltd	254		24,780
Beverages — 0.42%				Gentex Corp	1,064		30,835
Constellation Brands Inc, Class A	127		24,098	Jabil Inc	1,092		45,132
				PerkinElmer Inc	97		9,419
Biotechnology — 1.53%				TE Connectivity Ltd	260		24,918
Alexion Pharmaceuticals Inc ^(a)	156		16,871	Trimble Inc ^(a)	241		10,047
Bio-Rad Laboratories Inc, Class A ^(a)	115		42,554

See accompanying notes.

Schedule of Investments Principal Contrarian Value Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Electronics (continued)				Insurance (continued)
Woodward Inc	224	$	26,531	Chubb Ltd	53	$	8,250
				Enstar Group Ltd ^(a)	88		18,204
		$	253,122
				Hartford Financial Services Group Inc/The	135		8,204
Engineering & Construction — 2.13%				Loews Corp	491		25,773
EMCOR Group Inc	433		37,368	Old Republic International Corp	342		7,650
Jacobs Engineering Group Inc	421		37,818	Prudential Financial Inc	240		22,498
MasTec Inc ^(a)	723		46,388	Reinsurance Group of America Inc	107		17,447
		$	121,574	RenaissanceRe Holdings Ltd	48		9,409
Entertainment — 0.70%						$	227,673
Cinemark Holdings Inc	238		8,057	Internet — 0.45%
Liberty Media Corp-Liberty Braves, Series C ^(a)	328		9,689	Snap Inc, Class A ^(a)	960		15,677
Madison Square Garden Co/The, Class A ^(a)	75		22,064	Twitter Inc ^(a)	306		9,807
		$	39,810			$	25,484
Environmental Control — 0.43%				Iron & Steel — 0.39%
Republic Services Inc	271		24,290	Allegheny Technologies Inc ^(a)	1,079		22,292

Food — 2.53%				Leisure Time — 1.06%
Flowers Foods Inc	467		10,153	Brunswick Corp	405		24,292
General Mills Inc	201		10,765	Carnival Corp	535		27,194
Ingredion Inc	231		21,471	Harley-Davidson Inc	242		9,000
Kroger Co/The	736		21,337			$	60,486
Performance Food Group Co ^(a)	564		29,035
Pilgrim’s Pride Corp ^(a)	1,588		51,951	Lodging — 0.35%
				Boyd Gaming Corp	302		9,042
		$	144,712	Wyndham Hotels & Resorts Inc	174		10,929
Forest Products & Paper — 0.55%						$	19,971
International Paper Co	679		31,268
				Machinery — Construction & Mining — 0.67%
Hand/Machine Tools — 2.17%				Oshkosh Corp	403		38,144
Colfax Corp ^(a)	1,174		42,710
				Machinery — Diversified — 3.28%
Regal Beloit Corp	375		32,104
				AGCO Corp	458		35,381
Snap-on Inc	134		22,700	Crane Co	251		21,681
Stanley Black & Decker Inc	161		26,684	Curtiss-Wright Corp	176		24,797
		$	124,198	Dover Corp	101		11,641
Healthcare — Products — 2.94%				Flowserve Corp	479		23,840
				Gardner Denver Holdings Inc ^(a)	808		29,637
Cooper Cos Inc/The	32		10,281
				Middleby Corp/The ^(a)	73		7,995
Danaher Corp	168		25,785
DENTSPLY SIRONA Inc	749		42,386	Roper Technologies Inc	28		9,918
Globus Medical Inc, Class A ^(a)	196		11,541	Westinghouse Air Brake Technologies Corp	292		22,718
Henry Schein Inc ^(a)	161		10,742			$	187,608
ICU Medical Inc ^(a)	36		6,736
				Media — 1.16%
Integra LifeSciences Holdings Corp ^(a)	386		22,496	Altice USA Inc, Class A ^(a)	433		11,838
Medtronic PLC	236		26,774	New York Times Co/The Class A	273		8,783
Thermo Fisher Scientific Inc	35		11,370	News Corp, Class A	2,386		33,738
		$	168,111	Walt Disney Co/The	81		11,715
Healthcare — Services — 3.49%						$	66,074
Anthem Inc	72		21,746	Metal Fabrication & Hardware — 0.89%
Catalent Inc ^(a)	502		28,263	RBC Bearings Inc ^(a)	68		10,767
Centene Corp ^(a)	516		32,441	Timken Co/The	716		40,318
IQVIA Holdings Inc ^(a)	66		10,198
						$	51,085
Laboratory Corp of America Holdings ^(a)	146		24,699
Quest Diagnostics Inc	358		38,231	Mining — 1.23%
Teladoc Health Inc ^(a)	142		11,888	Newmont Goldcorp Corp	932		40,496
Universal Health Services Inc, Class B	223		31,991	Royal Gold Inc	244		29,829
		$	199,457			$	70,325
Home Builders — 1.52%				Miscellaneous Manufacture — 2.63%
DR Horton Inc	798		42,094	Carlisle Cos Inc	173		27,998
PulteGroup Inc	1,157		44,892	Eaton Corp PLC	392		37,130
				Hexcel Corp	132		9,677
		$	86,986	Ingersoll-Rand PLC	90		11,963
Home Furnishings — 0.79%				ITT Inc	369		27,273
Dolby Laboratories Inc, Class A	329		22,635	Parker-Hannifin Corp	52		10,703
Whirlpool Corp	151		22,277	Textron Inc	573		25,556
		$	44,912			$	150,300
Insurance — 3.99%				Office & Business Equipment — 0.66%
Alleghany Corp ^(a)	24		19,190	Xerox Holding Corp ^(a)	1,014		37,386
American International Group Inc	539		27,667	Oil & Gas — 0.63%
American National Insurance Co	156		18,358	Continental Resources Inc	486		16,670
Arch Capital Group Ltd ^(a)	204		8,749
				EOG Resources Inc	229		19,181
AXA Equitable Holdings Inc	809		20,047
Axis Capital Holdings Ltd	273		16,227			$	35,851

See accompanying notes.

Schedule of Investments Principal Contrarian Value Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Oil & Gas Services — 1.82%				Semiconductors (continued)
Baker Hughes Co	1,181	$	30,269	Microchip Technology Inc	109	$	11,414
Halliburton Co	707		17,300	Silicon Laboratories Inc ^(a)	116		13,454
National Oilwell Varco Inc	1,108		27,755	Skyworks Solutions Inc	261		31,550
Schlumberger Ltd	708		28,462			$	230,048
		$	103,786	Software — 1.48%
Packaging & Containers — 1.15%				Activision Blizzard Inc	224		13,310
Graphic Packaging Holding Co	2,567		42,740	Akamai Technologies Inc ^(a)	136		11,748
Sonoco Products Co	376		23,207	Ceridian HCM Holding Inc ^(a)	195		13,236
		$	65,947	Cerner Corp	169		12,403
				Fidelity National Information Services Inc	87		12,101
Pharmaceuticals — 1.98%				SS&C Technologies Holdings Inc	146		8,964
Becton Dickinson and Co	86		23,389	Synopsys Inc ^(a)	93		12,946
Cardinal Health Inc	578		29,235
Jazz Pharmaceuticals PLC ^(a)	154		22,989			$	84,708
Madrigal Pharmaceuticals Inc ^(a)	68		6,196	Telecommunications — 2.60%
McKesson Corp	168		23,238	AT&T Inc	1,007		39,354
Pfizer Inc	207		8,110	Ciena Corp ^(a)	495		21,132
		$	113,157	Corning Inc	895		26,053
				Juniper Networks Inc	1,158		28,521
Pipelines — 0.19%				T-Mobile US Inc ^(a)	430		33,721
ONEOK Inc	142		10,745
						$	148,781
REITs — 4.62%
				Transportation — 3.09%
American Homes 4 Rent, Class A	708		18,557
				Kansas City Southern	288		44,110
Apple Hospitality REIT Inc	1,394		22,652	Kirby Corp ^(a)	418		37,424
Blackstone Mortgage Trust Inc, Class A	453		16,861
				Knight-Swift Transportation Holdings Inc	930		33,331
Cousins Properties Inc	175		7,210
				Norfolk Southern Corp	119		23,101
Diversified Healthcare Trust	515		4,347
				Old Dominion Freight Line Inc	61		11,577
Equity Commonwealth	527		17,301
				Ryder System Inc	501		27,209
Hudson Pacific Properties Inc	200		7,530
Invitation Homes Inc	290		8,691			$	176,752
Kimco Realty Corp	880		18,225
Medical Properties Trust Inc	366		7,726	TOTAL COMMON STOCKS		$	5,694,144
RLJ Lodging Trust	1,230		21,796	INVESTMENT COMPANIES — 0.34%	Shares Held		Value
Sabra Health Care REIT Inc	1,286		27,443
SL Green Realty Corp	173		15,895	Money Market Fund — 0.34%
Spirit Realty Capital Inc	400		19,672	State Street Institutional U.S. Government Money
Starwood Property Trust Inc	298		7,408	Market Fund 1.53% ^(b)	19,360		19,360
Sunstone Hotel Investors Inc	443		6,167
VEREIT Inc	1,937		17,898	TOTAL INVESTMENT COMPANIES		$	19,360
VICI Properties Inc	734		18,754	Total Investments		$	5,713,504
		$	264,133	Other Assets and Liabilities — (0.01)%		$	(306	)
Retail — 3.89%				TOTAL NET ASSETS — 100.00%		$	5,713,198
Advance Auto Parts Inc	56		8,969
American Eagle Outfitters Inc	1,049		15,420	^(a)Non-income producing security.
CarMax Inc ^(a)	152		13,326	^(b)Current yield shown is as of period end.
Casey’s General Stores Inc	71		11,288
Dollar Tree Inc ^(a)	222		20,879
				Portfolio Summary (unaudited)
Foot Locker Inc	366		14,270
Gap Inc/The	853		15,081	Sector			Percent
Kohl’s Corp	462		23,539	Industrial			26.08	%
MSC Industrial Direct Co Inc, Class A	107		8,396	Financial			19.98	%
Target Corp	129		16,539	Consumer, Non-cyclical			16.76	%
Tiffany & Co	100		13,365	Consumer, Cyclical			14.37	%
Urban Outfitters Inc ^(a)	705		19,578	Technology			9.53	%
Walgreens Boots Alliance Inc	304		17,924	Basic Materials			5.96	%
Walmart Inc	96		11,409	Communications			4.36	%
Williams-Sonoma Inc	163		11,971	Energy			2.63	%
		$	221,954	Investment Companies			0.34	%
				Other Assets and Liabilities			(0.01	)%
Savings & Loans — 1.03%
Investors Bancorp Inc	1,246		14,846	TOTAL NET ASSETS			100.00	%
New York Community Bancorp Inc	1,836		22,069
People’s United Financial Inc	1,295		21,885
		$	58,800
Semiconductors — 4.03%
Analog Devices Inc	201		23,887
AVX Corp	1,711		35,024
Entegris Inc	268		13,424
Intel Corp	404		24,179
IPG Photonics Corp ^(a)	138		19,999
Lam Research Corp	54		15,790
Marvell Technology Group Ltd	1,556		41,327

See accompanying notes.


Schedule of Investments
Principal Contrarian Value Index ETF
December 31, 2019 (unaudited)

	June 30, 2019			Purchases		Sales	December 31, 2019
Affiliated Securities		Value		Cost		Proceeds	Value
Principal Government Money
Market Fund 1.41%	$	—	$	96,021	$	96,021	$	—
	$	—	$	96,021	$	96,021	$	—

						Realized
				Realized		Gain from	Change in
				Gain/Loss on		Capital Gain	Unrealized Gain/
		Income ^(a)		Investments		Distributions	Loss
Principal Government Money
Market Fund 1.41%	$	—	$	—	$	—	$	—
	$	—	$	—	$	—	$	—
^(a)Amount excludes earnings from securities lending collateral.

See accompanying notes.

Schedule of Investments Principal Healthcare Innovators Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS — 99.82%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Biotechnology — 53.31%				Biotechnology (continued)
ACADIA Pharmaceuticals Inc ^(a)	21,257	$	909,374	Sangamo Therapeutics Inc ^(a)	16,886	$	141,336
Acceleron Pharma Inc ^(a)	7,713		408,943	Seattle Genetics Inc ^(a)	16,902		1,931,223
Acorda Therapeutics Inc ^(a)	7,023		14,327	Solid Biosciences Inc ^(a),(b)	6,715		29,882
Adverum Biotechnologies Inc ^(a)	9,409		108,392	Sorrento Therapeutics Inc ^(a),(b)	19,120		64,626
Agenus Inc ^(a)	20,044		81,579	Stemline Therapeutics Inc ^(a)	7,146		75,962
Allakos Inc ^(a),(b)	7,124		679,345	Stoke Therapeutics Inc ^(a)	4,776		135,256
Allogene Therapeutics Inc ^(a),(b)	17,913		465,380	Theravance Biopharma Inc ^(a)	8,267		214,033
Alnylam Pharmaceuticals Inc ^(a)	16,362		1,884,412	Twist Bioscience Corp ^(a)	4,753		99,813
AMAG Pharmaceuticals Inc ^(a),(b)	4,948		60,217	Ultragenyx Pharmaceutical Inc ^(a)	8,421		359,661
Amicus Therapeutics Inc ^(a)	37,169		362,026	Veracyte Inc ^(a)	7,072		197,450
AnaptysBio Inc ^(a)	3,949		64,171	Vericel Corp ^(a)	6,443		112,108
Apellis Pharmaceuticals Inc ^(a)	9,298		284,705	Viking Therapeutics Inc ^(a)	10,541		84,539
Arena Pharmaceuticals Inc ^(a)	7,273		330,340	Xencor Inc ^(a)	8,266		284,268
ArQule Inc ^(a)	17,555		350,398	ZIOPHARM Oncology Inc ^(a),(b)	25,920		122,342
Arrowhead Pharmaceuticals Inc ^(a)	14,022		889,415
						$	31,875,215
Assembly Biosciences Inc ^(a)	3,753		76,786
Atara Biotherapeutics Inc ^(a)	7,847		129,240	Chemicals — 0.08%
Audentes Therapeutics Inc ^(a)	6,634		396,979	Amyris Inc ^(a),(b)	14,771		45,642
Avrobio Inc ^(a)	4,622		93,041	Commercial Services — 0.35%
BioCryst Pharmaceuticals Inc ^(a)	16,121		55,617	R1 RCM Inc ^(a)	16,371		212,496
Biohaven Pharmaceutical Holding Co Ltd ^(a)	7,614		414,506
BioMarin Pharmaceutical Inc ^(a)	21,417		1,810,807	Electronics — 0.06%
Bluebird Bio Inc ^(a)	8,133		713,671	Fluidigm Corp ^(a)	10,131		35,256
Blueprint Medicines Corp ^(a)	7,228		579,035	Healthcare — Products — 12.67%
Cara Therapeutics Inc ^(a),(b)	6,776		109,161	Accelerate Diagnostics Inc ^(a),(b)	7,958		134,490
CEL-SCI Corp ^(a),(b)	5,081		46,491	AtriCure Inc ^(a)	5,661		184,039
ChemoCentryx Inc ^(a)	8,503		336,294	Avanos Medical Inc ^(a)	6,965		234,720
CRISPR Therapeutics AG ^(a)	8,044		489,920	Avantor Inc ^(a)	83,702		1,519,191
Cymabay Therapeutics Inc ^(a)	10,028		19,655	AxoGen Inc ^(a)	5,730		102,510
CytomX Therapeutics Inc ^(a)	6,629		55,087	Axonics Modulation Technologies Inc ^(a)	4,164		115,384
Deciphera Pharmaceuticals Inc ^(a)	7,157		445,452	CareDx Inc ^(a)	6,187		133,454
Denali Therapeutics Inc ^(a)	13,991		243,723	Cerus Corp ^(a)	20,484		86,442
Dicerna Pharmaceuticals Inc ^(a)	9,979		219,837	CryoLife Inc ^(a)	5,473		148,264
Dynavax Technologies Corp ^(a),(b)	12,230		69,956	Cutera Inc ^(a)	2,068		74,055
Editas Medicine Inc ^(a)	7,228		214,021	Glaukos Corp ^(a)	5,377		292,885
Eidos Therapeutics Inc ^(a),(b)	5,384		308,988	Inspire Medical Systems Inc ^(a)	3,491		259,067
Emergent BioSolutions Inc ^(a)	7,593		409,642	Intersect ENT Inc ^(a)	4,594		114,391
Epizyme Inc ^(a)	13,289		326,909	Invacare Corp	4,915		44,333
Esperion Therapeutics Inc ^(a)	3,966		236,493	iRhythm Technologies Inc ^(a)	3,628		247,031
Evolus Inc ^(a),(b)	4,003		48,717	NanoString Technologies Inc ^(a)	5,174		143,941
Exact Sciences Corp ^(a)	15,973		1,477,183	Natus Medical Inc ^(a)	4,973		164,059
Fate Therapeutics Inc ^(a)	9,545		186,796	Nevro Corp ^(a)	4,546		534,337
FibroGen Inc ^(a)	12,789		548,520	Novocure Ltd ^(a)	14,445		1,217,280
GlycoMimetics Inc ^(a)	6,305		33,353	OPKO Health Inc ^(a)	89,862		132,097
Gossamer Bio Inc ^(a)	9,623		150,407	Quanterix Corp ^(a)	4,076		96,316
Guardant Health Inc ^(a)	13,678		1,068,799	Shockwave Medical Inc ^(a)	4,091		179,677
Halozyme Therapeutics Inc ^(a)	21,358		378,677	Sientra Inc ^(a)	7,195		64,323
Homology Medicines Inc ^(a)	6,418		132,853	Silk Road Medical Inc ^(a)	4,490		181,306
ImmunoGen Inc ^(a)	21,879		111,692	Soliton Inc ^(a),(b)	2,349		25,792
Immunomedics Inc ^(a)	28,246		597,685	Tandem Diabetes Care Inc ^(a)	8,631		514,494
Insmed Inc ^(a)	13,022		310,965	ViewRay Inc ^(a)	14,376		60,667
Intercept Pharmaceuticals Inc ^(a)	4,773		591,470	Wright Medical Group NV ^(a)	18,639		568,117
Intrexon Corp ^(a)	23,659		129,651
Ionis Pharmaceuticals Inc ^(a)	20,672		1,248,796			$	7,572,662
Iovance Biotherapeutics Inc ^(a)	18,221		504,357	Healthcare — Services — 6.18%
Karyopharm Therapeutics Inc ^(a)	9,038		173,258	Brookdale Senior Living Inc ^(a)	27,079		196,864
Krystal Biotech Inc ^(a)	2,525		139,835	Community Health Systems Inc ^(a)	17,232		49,973
Ligand Pharmaceuticals Inc ^(a)	2,775		289,405	Invitae Corp ^(a)	13,894		224,110
MacroGenics Inc ^(a)	7,137		77,651	MEDNAX Inc ^(a)	12,293		341,622
Medicines Co/The ^(a),(b)	11,676		991,759	Natera Inc ^(a)	10,321		347,715
Mirati Therapeutics Inc ^(a)	5,783		745,197	Personalis Inc ^(a)	4,544		49,530
Moderna Inc ^(a)	48,401		946,724	Surgery Partners Inc ^(a)	7,222		113,060
Nektar Therapeutics ^(a)	25,789		556,656	Syneos Health Inc ^(a)	15,225		905,507
Omeros Corp ^(a),(b)	7,194		101,363	Teladoc Health Inc ^(a)	10,600		887,432
PTC Therapeutics Inc ^(a)	8,606		413,346	Tenet Healthcare Corp ^(a)	15,224		578,969
Puma Biotechnology Inc ^(a)	5,678		49,683
						$	3,694,782
Radius Health Inc ^(a)	6,733		135,737
REGENXBIO Inc ^(a)	5,372		220,091	Pharmaceuticals — 27.17%
				AcelRx Pharmaceuticals Inc ^(a),(b)	11,595		24,465
Retrophin Inc ^(a)	6,270		89,034
				Adamas Pharmaceuticals Inc ^(a)	4,054		15,365
Rigel Pharmaceuticals Inc ^(a)	24,466		52,357
				Aerie Pharmaceuticals Inc ^(a),(b)	6,706		162,084
Rocket Pharmaceuticals Inc ^(a)	7,349		167,263
				Agios Pharmaceuticals Inc ^(a)	8,576		409,504
Rubius Therapeutics Inc ^(a)	11,627		110,457
				Aimmune Therapeutics Inc ^(a)	9,148		306,184
Sage Therapeutics Inc ^(a)	7,600		548,644
				Akebia Therapeutics Inc ^(a)	17,351		109,658

See accompanying notes.

Schedule of Investments Principal Healthcare Innovators Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)					Shares Held			Value
Pharmaceuticals (continued)				Pharmaceuticals (continued)
Akorn Inc ^(a)	18,414	$	27,621	Turning Point Therapeutics Inc ^(a)						5,231	$	325,839
Alector Inc ^(a)	10,048		173,127	uniQure NV ^(a)						5,526		395,993
Alkermes PLC ^(a)	23,119		471,628	Vanda Pharmaceuticals Inc ^(a)						7,776		127,604
Amneal Pharmaceuticals Inc ^(a)	18,706		90,163	Voyager Therapeutics Inc ^(a)						5,392		75,218
Arvinas Holding Co LLC ^(a)	4,922		202,245	Zogenix Inc ^(a)						6,210		323,727
Assertio Therapeutics Inc ^(a)	9,463		11,829	Zynerba Pharmaceuticals Inc ^(a),(b)						3,386		20,451
Athenex Inc ^(a),(b)	11,283		172,291
											$	16,245,676
Axsome Therapeutics Inc ^(a)	5,024		519,281
Catalyst Pharmaceuticals Inc ^(a)	15,025		56,344
Chiasma Inc ^(a)	6,100		30,256	TOTAL COMMON STOCKS							$	59,681,729
Clovis Oncology Inc ^(a),(b)	7,979		83,181	INVESTMENT COMPANIES — 4.58%					Shares Held			Value
Coherus Biosciences Inc ^(a)	10,184		183,363
				Money Market Funds — 4.58%
Collegium Pharmaceutical Inc ^(a)	4,886		100,554	Principal Government Money Market Fund
Corbus Pharmaceuticals Holdings Inc ^(a),(b)	9,437		51,526	1.41% ^(c),(d),(e)					2,620,731			2,620,731
CorMedix Inc ^(a),(b)	3,478		25,320
				State Street Institutional U.S. Government
Cytokinetics Inc ^(a)	8,566		90,885
				Money Market Fund 1.53% ^(e)						115,701		115,701
Dermira Inc ^(a)	7,941		120,386
DexCom Inc ^(a)	9,672		2,115,653
				TOTAL INVESTMENT COMPANIES							$	2,736,432
Enanta Pharmaceuticals Inc ^(a)	2,873		177,494
Endo International PLC ^(a)	33,048		154,995	Total Investments							$	62,418,161
Flexion Therapeutics Inc ^(a)	5,562		115,133	Other Assets and Liabilities — (4.40)%							$	(2,630,306	)
G1 Therapeutics Inc ^(a)	5,477		144,757	TOTAL NET ASSETS — 100.00%							$	59,787,855
Global Blood Therapeutics Inc ^(a)	8,831		701,976
Heron Therapeutics Inc ^(a)	11,652		273,822	^(a)Non-income producing security.
Heska Corp ^(a)	1,138		109,180
				^(b)Security or a portion of the security was on loan at the end of the period.
Horizon Therapeutics PLC ^(a)	27,431		993,002
				^(c)Security or a portion of the security was pledged as collateral for securities
Intellia Therapeutics Inc ^(a)	7,134		104,656
Intra-Cellular Therapies Inc ^(a)	8,054		276,333	lending. At the end of the period, the value of these securities totaled
Ironwood Pharmaceuticals Inc ^(a)	22,845		304,067	$2,620,731 or 4.38% of net assets.
Kura Oncology Inc ^(a)	6,601		90,764	^(d)Affiliated Security. Security is either an affiliate (and registered under the
La Jolla Pharmaceutical Co ^(a),(b)	3,960		15,563	Investment Company Act of 1940) or an affiliate as defined by the
Madrigal Pharmaceuticals Inc ^(a)	2,252		205,180	Investment Company Act of 1940 (controls 5.0% or more of the
MannKind Corp ^(a),(b)	27,679		35,706
				outstanding voting shares of the security). Please see affiliated
Momenta Pharmaceuticals Inc ^(a)	14,409		284,290
Mylan NV ^(a)	72,977		1,466,838	sub-schedule for transactional information.
MyoKardia Inc ^(a)	6,787		494,671	^(e)Current yield shown is as of period end.
Owens & Minor Inc	9,191		47,517
Portola Pharmaceuticals Inc ^(a)	11,322		270,369	Portfolio Summary (unaudited)
Principia Biopharma Inc ^(a)	3,499		191,675
				Sector								Percent
Reata Pharmaceuticals Inc, Class A ^(a)	3,602		736,357
Revance Therapeutics Inc ^(a)	6,438		104,489	Consumer, Non-cyclical								99.68	%
Rhythm Pharmaceuticals Inc ^(a)	5,038		115,672	Investment Companies								4.58	%
Sarepta Therapeutics Inc ^(a)	10,938		1,411,440	Basic Materials								0.08	%
Senseonics Holdings Inc ^(a),(b)	29,658		27,167	Industrial								0.06	%
Spectrum Pharmaceuticals Inc ^(a)	16,474		59,965	Other Assets and Liabilities								(4.40	)%
TG Therapeutics Inc ^(a),(b)	13,832		153,535	TOTAL NET ASSETS								100.00	%
TherapeuticsMD Inc ^(a),(b)	35,212		85,213
Tricida Inc ^(a)	7,210		272,105

				June 30, 2019		Purchases			Sales	December 31, 2019
Affiliated Securities				Value			Cost	Proceeds				Value
Principal Government Money
Market Fund 1.41%				$	—	$	7,522,900	$	4,902,169	$		2,620,731
				$	—	$	7,522,900	$	4,902,169	$		2,620,731


								Realized
							Realized	Gain from		Change in
						Gain/Loss on		Capital Gain		Unrealized
				Income ^(a)		Investments		Distributions		Gain/Loss
Principal Government Money
Market Fund 1.41%				$	—	$	—	$	—	$		—
				$	—	$	—	$	—	$		—

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

See accompanying notes.

Schedule of Investments

Principal International Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS — 98.79%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 0.45%				Banks (continued)
Dentsu Inc	500	$	17,372	Credit Suisse Group AG ^(b)	2,387	$	32,322
Publicis Groupe SA	415		18,788	DBS Group Holdings Ltd	1,800		34,636
Stroeer SE & Co KGaA	268		21,659	DNB ASA	418		7,808
WPP PLC	1,884		26,615	Erste Group Bank AG ^(b)	618		23,264
		$	84,434	HSBC Holdings PLC	17,373		136,210
				ING Groep NV	3,976		47,667
Aerospace & Defense — 1.01%				Intesa Sanpaolo SpA	15,976		42,086
Airbus SE	346		50,640	Lloyds Banking Group PLC	66,156		54,769
BAE Systems PLC	3,365		25,175	Mediobanca Banca di Credito Finanziario SpA	1,871		20,597
CAE Inc	899		23,802	Mitsubishi UFJ Financial Group Inc	13,700		74,795
MTU Aero Engines AG	77		21,990	Mizrahi Tefahot Bank Ltd	287		7,646
Rheinmetall AG	162		18,608	Mizuho Financial Group Inc	2,800		4,337
Safran SA	309		47,710	National Australia Bank Ltd	1,130		19,531
		$	187,925	National Bank of Canada	459		25,478
Agriculture — 0.60%				Oversea-Chinese Banking Corp Ltd	3,800		31,023
British American Tobacco PLC	1,943		83,169	Royal Bank of Canada	1,843		145,831
Japan Tobacco Inc	1,300		29,104	Shinsei Bank Ltd	1,100		16,957
				Skandinaviska Enskilda Banken AB, Class A	1,139		10,711
		$	112,273	Societe Generale SA	746		25,953
Airlines — 0.38%				Sumitomo Mitsui Financial Group Inc	1,300		48,313
International Consolidated Airlines Group SA	4,038		33,430	Svenska Handelsbanken AB, Class A	1,118		12,044
Japan Airlines Co Ltd	500		15,632	Swedbank AB, Class A	728		10,839
Qantas Airways Ltd	4,338		21,644	Toronto-Dominion Bank/The	2,388		133,932
				UBS Group AG ^(b)	612		7,731
		$	70,706
				United Overseas Bank Ltd	1,500		29,455
Apparel — 2.09%				Westpac Banking Corp	3,522		59,886
adidas AG	270		87,769
Gildan Activewear Inc	644		19,039			$	1,631,953
Hermes International	30		22,418	Beverages — 1.92%
Kering SA	76		49,888	Anheuser-Busch InBev SA	1,075		87,676
LVMH Moet Hennessy Louis Vuitton SE	351		163,078	Asahi Group Holdings Ltd	300		13,758
Moncler SpA	573		25,754	Carlsberg A/S, Class B	108		16,111
Puma SE	264		20,240	Coca-Cola HBC AG ^(b)	722		24,531
		$	388,186	Diageo PLC	2,111		89,493
				Heineken Holding NV	205		19,868
Auto Manufacturers — 2.04%				Heineken NV	189		20,123
Bayerische Motoren Werke AG	290		23,792	Pernod Ricard SA	175		31,290
Daimler AG	85		4,707	Remy Cointreau SA	154		18,915
Hino Motors Ltd	1,900		20,319	Royal Unibrew A/S	193		17,672
Honda Motor Co Ltd	1,700		48,487	Treasury Wine Estates Ltd	1,469		16,741
Isuzu Motors Ltd	1,400		16,737
Peugeot SA	819		19,568			$	356,178
Toyota Motor Corp	3,000		212,986	Biotechnology — 0.65%
Volvo AB, Class B	1,967		32,950	CSL Ltd	457		88,436
				Genmab A/S ^(b)	65		14,455
		$	379,546
				H Lundbeck A/S	480		18,330
Auto Parts & Equipment — 1.10%
Bridgestone Corp ^(a)	400		14,983			$	121,221
Cie Plastic Omnium SA	745		20,808	Chemicals — 2.63%
Continental AG	159		20,557	Air Liquide SA	454		64,268
Faurecia SE	431		23,220	BASF SE	863		65,197
Hella GmbH & Co KGaA	457		25,293	Brenntag AG	422		22,948
Magna International Inc	428		23,468	Covestro AG ^(c)	413		19,202
NGK Insulators Ltd	1,100		19,276	Croda International PLC	395		26,789
Nokian Renkaat OYJ	724		20,814	EMS-Chemie Holding AG	66		43,407
Stanley Electric Co Ltd	600		17,560	JSR Corp	1,000		18,517
Toyota Industries Corp	300		17,477	Kansai Paint Co Ltd	700		17,246
		$	203,456	Koninklijke DSM NV	170		22,139
				Nippon Paint Holdings Co Ltd	300		15,572
Banks — 8.78%				Novozymes A/S, Class B	258		12,625
Australia & New Zealand Banking Group Ltd	1,014		17,526	Nutrien Ltd	563		26,954
Banca Mediolanum SpA	2,720		27,017	Shin-Etsu Chemical Co Ltd	700		77,696
Banco Bilbao Vizcaya Argentaria SA	6,156		34,409	Showa Denko KK	600		16,009
Banco Santander SA	7,128		29,823	Symrise AG	210		22,095
Bank Leumi Le-Israel BM	1,001		7,287	Taiyo Nippon Sanso Corp	800		17,877
Bank of Montreal	626		48,516
Bank of Nova Scotia/The	1,809		102,183			$	488,541
Bankinter SA	3,235		23,703	Commercial Services — 2.97%
Barclays PLC	12,754		30,348	Adecco Group AG	713		45,102
BNP Paribas SA	1,162		68,859	Adyen NV ^(b),(c)	31		25,419
Canadian Imperial Bank of Commerce	437		36,365	Amadeus IT Group SA	399		32,582
Chiba Bank Ltd/The	3,100		18,060	Ashtead Group PLC	847		27,084
Commonwealth Bank of Australia	1,777		99,636	Atlantia SpA	845		19,705
Credit Agricole SA	1,683		24,400	Bureau Veritas SA	848		22,125
				Edenred	426		22,029

See accompanying notes.

Schedule of Investments

Principal International Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Commercial Services (continued)				Diversified Financial Services (continued)
Experian PLC	850	$	28,733	Schroders PLC	624	$	27,557
GMO Payment Gateway Inc	200		13,768	Singapore Exchange Ltd	1,500		9,881
Intertek Group PLC	350		27,130	TMX Group Ltd	265		22,948
IWG PLC	4,691		27,061			$	444,559
Nihon M&A Center Inc	600		20,791
Persol Holdings Co Ltd	900		16,989	Electric — 3.18%
Randstad NV	416		25,403	A2A SpA	11,131		20,876
Recruit Holdings Co Ltd	1,600		60,360	ACEA SpA	1,023		21,160
RELX PLC	1,714		43,262	AGL Energy Ltd	1,424		20,515
Rentokil Initial PLC	4,100		24,602	Algonquin Power & Utilities Corp	1,668		23,596
Secom Co Ltd	200		17,996	Canadian Utilities Ltd, Class A	775		23,377
Sohgo Security Services Co Ltd	300		16,345	Contact Energy Ltd	904		4,339
Transurban Group	1,858		19,440	EDP—Energias de Portugal SA	5,262		22,807
Wirecard AG	128		15,435	Elia System Operator SA	250		22,182
				Emera Inc	520		22,341
		$	551,361	Endesa SA	776		20,708
Computers — 1.45%				Enel SpA	12,222		96,953
Atos SE	290		24,176	Engie SA	1,819		29,381
Avast PLC ^(c)	534		3,203	Fortis Inc	540		22,406
Bechtle AG	201		28,228	Hera SpA	4,977		21,773
CGI Inc ^(b)	289		24,185	Iberdrola SA	8,708		89,668
Fujitsu Ltd	200		18,904	Mercury NZ Ltd	1,541		5,239
Itochu Techno-Solutions Corp	600		16,980	Origin Energy Ltd	3,424		20,304
Logitech International SA	972		46,029	Power Assets Holdings Ltd	1,500		10,972
Nihon Unisys Ltd	500		15,761	Red Electrica Corp SA	1,006		20,227
Nomura Research Institute Ltd	800		17,214	SSE PLC	1,540		29,344
NTT Data Corp	1,200		16,202	Terna Rete Elettrica Nazionale SpA	3,180		21,238
Obic Co Ltd	100		13,584	Uniper SE	623		20,622
Otsuka Corp	400		16,106			$	590,028
SCSK Corp	100		5,218
Teleperformance	94		22,923	Electrical Components & Equipment — 0.53%
				Brother Industries Ltd	900		18,811
		$	268,713	Legrand SA	286		23,303
Construction Materials — 2.07%				Schneider Electric SE	555		56,963
AGC Inc	500		18,085			$	99,077
Belimo Holding AG	7		52,728
Buzzi Unicem SpA	891		22,437	Electronics — 1.36%
CRH PLC ^(b)	779		31,168	ABB Ltd	1,893		45,711
Daikin Industries Ltd	300		42,658	Halma PLC	973		27,272
Geberit AG	83		46,586	Hitachi High-Technologies Corp	300		21,370
HeidelbergCement AG	283		20,621	Hoya Corp	800		76,941
Kingspan Group PLC	418		25,530	Kyocera Corp	300		20,653
LafargeHolcim Ltd ^(b)	801		44,445	MINEBEA MITSUMI Inc	1,000		20,956
Nibe Industrier AB, Class B	826		14,322	Omron Corp	300		17,726
Sika AG	280		52,612	TDK Corp	200		22,806
Xinyi Glass Holdings Ltd	10,000		13,244			$	253,435
		$	384,436	Engineering & Construction — 2.25%
Distribution/Wholesale — 1.36%				Acciona SA	193		20,307
Bunzl PLC	903		24,700	ACS Actividades de Construccion y Servicios SA	511		20,434
				Aena SME SA ^(c)	112		21,420
Ferguson PLC	323		29,307
ITOCHU Corp	3,100		72,311	Alten SA	179		22,588
Marubeni Corp	2,400		17,905	Auckland International Airport Ltd	844		4,972
Mitsubishi Corp	1,600		42,704	Bouygues SA	510		21,670
Mitsui & Co Ltd	1,800		32,238	CK Infrastructure Holdings Ltd	1,500		10,674
Sumitomo Corp	1,000		14,946	Eiffage SA	197		22,540
Toyota Tsusho Corp	500		17,763	Fraport AG Frankfurt Airport Services Worldwide	241		20,486
				HOCHTIEF AG	179		22,829
		$	251,874	HomeServe PLC	1,617		27,073
Diversified Financial Services — 2.39%				Infrastrutture Wireless Italiane SpA ^(c)	1,969		19,281
Amundi SA ^(c)	293		22,973	Obayashi Corp	1,600		17,921
Ashmore Group PLC	3,791		26,012	Shimizu Corp	1,700		17,461
ASX Ltd	337		18,543	Signature Aviation PLC	6,503		27,323
BOC Aviation Ltd ^(c)	1,000		10,170	Skanska AB, Class B	517		11,685
CI Financial Corp	1,565		26,165	Sydney Airport	3,398		20,650
Deutsche Boerse AG	131		20,594	Vinci SA	557		61,854
Euronext NV ^(c)	250		20,373	WSP Global Inc ^(a)	391		26,699
Hong Kong Exchanges & Clearing Ltd	1,164		37,793			$	417,867
IGM Financial Inc	804		23,082
Julius Baer Group Ltd ^(b)	890		45,916	Entertainment — 0.85%
				Evolution Gaming Group AB ^(c)	533		16,047
London Stock Exchange Group PLC	262		26,896
Magellan Financial Group Ltd	530		21,181	Flutter Entertainment PLC	252		30,790
Mitsubishi UFJ Lease & Finance Co Ltd	2,700		17,544	Genting Singapore Ltd	14,600		9,987
ORIX Corp	1,100		18,334	OPAP SA	1,987		25,832
Partners Group Holding AG	53		48,597	Oriental Land Co Ltd	300		41,084

See accompanying notes.

Schedule of Investments

Principal International Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Entertainment (continued)				Healthcare — Services — 0.93%
Tabcorp Holdings Ltd	5,626	$	17,885	BioMerieux	247	$	21,985
Toho Co Ltd	400		16,732	Eurofins Scientific SE ^(a)	44		24,391
		$	158,357	Fresenius Medical Care AG & Co KGaA	304		22,492
				Fresenius SE & Co KGaA	437		24,597
Environmental Control — 0.12%				NMC Health PLC ^(a)	708		16,571
Waste Connections Inc	249		22,617	Orpea	167		21,411
Food — 4.45%				Ramsay Health Care Ltd	421		21,428
AAK AB	540		10,262	Sonic Healthcare Ltd	973		19,631
Ajinomoto Co Inc	800		13,363			$	172,506
Axfood AB	493		10,969
Calbee Inc	500		16,359	Holding Companies — Diversified — 0.08%
Chocoladefabriken Lindt & Spruengli AG	5		38,825	CK Hutchison Holdings Ltd	1,500		14,303
Coles Group Ltd	1,772		18,454	Home Builders — 0.98%
Danone SA	654		54,212	Barratt Developments PLC	2,960		29,273
Empire Co Ltd	844		19,798	Bellway PLC	573		28,895
Glanbia PLC	1,644		18,920	Berkeley Group Holdings PLC	459		29,542
ICA Gruppen AB	227		10,596	Daiwa House Industry Co Ltd	500		15,600
Jeronimo Martins SGPS SA	1,211		19,921	Persimmon PLC	884		31,557
Kerry Group PLC, Class A	175		21,809	Sekisui House Ltd	800		17,181
Kobe Bussan Co Ltd	300		10,354	Taylor Wimpey PLC	11,877		30,426
Koninklijke Ahold Delhaize NV	2,461		61,546
Loblaw Cos Ltd	401		20,690			$	182,474
MEIJI Holdings Co Ltd	200		13,584	Home Furnishings — 1.03%
Metro Inc	519		21,419	Hoshizaki Corp	200		17,928
Mowi ASA	319		8,292	Howden Joinery Group PLC	3,423		30,497
Nestle SA	2,793		302,387	Panasonic Corp	1,900		18,002
Orkla ASA	810		8,208	Rational AG	28		22,519
Salmar ASA	168		8,598	SEB SA	135		20,049
Seven & i Holdings Co Ltd	800		29,473	Sony Corp	1,200		81,738
Tate & Lyle PLC	2,606		26,241
Tesco PLC	9,055		30,609			$	190,733
Woolworths Group Ltd	1,239		31,440	Household Products — 2.00%
		$	826,329	Beiersdorf AG	173		20,696
				Essity AB, Class B	359		11,568
Food Service — 0.19%				Kao Corp	500		41,531
Compass Group PLC	1,401		35,074	L’Oreal SA	249		73,736
Forest Products & Paper — 0.43%				Shiseido Co Ltd	400		28,648
Mondi PLC	1,231		28,902	Unicharm Corp	500		17,026
Smurfit Kappa Group PLC	687		26,401	Unilever NV	1,460		83,898
UPM-Kymmene Oyj	691		23,958	Unilever PLC	1,643		94,681
		$	79,261			$	371,784
Gas — 0.46%				Household Products/Wares — 0.11%
China Gas Holdings Ltd	2,800		10,492	Reckitt Benckiser Group PLC	261		21,189
Enagas SA	882		22,498
Hong Kong & China Gas Co Ltd	6,000		11,719	Insurance — 5.24%
Italgas SpA	3,165		19,327	Ageas	368		21,745
National Grid PLC	58		726	AIA Group Ltd	7,507		78,805
Snam SpA	4,045		21,262	Allianz SE	534		130,819
				Assicurazioni Generali SpA	1,054		21,748
		$	86,024	Aviva PLC	4,804		26,643
Hand/Machine Tools — 0.50%				AXA SA	566		15,942
Amada Holdings Co Ltd	1,500		17,256	Dai-ichi Life Holdings Inc	1,100		18,390
Fuji Electric Co Ltd	500		15,393	Great-West Lifeco Inc	951		24,358
Schindler Holding AG	184		46,808	Grupo Catalana Occidente SA	643		22,467
Techtronic Industries Co Ltd	1,586		12,935	Hannover Rueck SE	121		23,385
		$	92,392	iA Financial Corp Inc	502		27,575
				Insurance Australia Group Ltd	3,454		18,567
Healthcare — Products — 2.05%				Intact Financial Corp	227		24,547
Asahi Intecc Co Ltd	600		17,671	Manulife Financial Corp	3,782		76,773
Cochlear Ltd	131		20,659	Medibank Pvt Ltd	8,026		17,798
Coloplast A/S, Class B	132		16,374	MS&AD Insurance Group Holdings Inc	500		16,617
ConvaTec Group PLC ^(c)	10,948		28,779
				Muenchener Rueckversicherungs-Gesellschaft AG
DiaSorin SpA	176		22,782
EssilorLuxottica SA	303		46,155	in Muenchen	132		38,941
Fisher & Paykel Healthcare Corp Ltd	446		6,665	Power Corp of Canada	991		25,528
				Power Financial Corp ^(a)	985		26,503
Koninklijke Philips NV	835		40,762
Lifco AB, Class B	222		13,557	Prudential PLC	344		6,603
Sartorius Stedim Biotech	146		24,189	Sampo OYJ, Class A	514		22,434
Smith & Nephew PLC	979		23,764	Sompo Holdings Inc	400		15,830
Sonova Holding AG	170		38,908	Sony Financial Holdings Inc	700		16,931
Straumann Holding AG	50		49,101	Sun Life Financial Inc	511		23,300
Sysmex Corp	200		13,711	Swiss Life Holding AG	86		43,169
Terumo Corp	500		17,878	Swiss Re AG	306		34,369
				T&D Holdings Inc	1,500		19,258
		$	380,955

See accompanying notes.

Schedule of Investments

Principal International Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Insurance (continued)				Mining — 1.96%
Tokio Marine Holdings Inc	700	$	39,421	BHP Group Ltd	4,296	$	117,333
Topdanmark A/S	330		16,267	BHP Group PLC	3,690		86,846
Unipol Gruppo SpA	3,836		21,996	Evolution Mining Ltd	6,024		16,064
Zurich Insurance Group AG	137		56,213	Kirkland Lake Gold Ltd	510		22,480
		$	972,942	Newcrest Mining Ltd	785		16,664
				Polymetal International PLC	1,683		26,640
Internet — 1.08%				Rio Tinto Ltd	294		20,714
Auto Trader Group PLC ^(c)	3,761		29,622
				Rio Tinto PLC	957		57,082
Kakaku.com Inc	600		15,423
M3 Inc	700		21,292			$	363,823
MonotaRO Co Ltd	600		16,141	Miscellaneous Manufacture — 0.43%
Rakuten Inc ^(b)	1,600		13,768	Aalberts NV	516		23,157
Rightmove PLC	3,484		29,240	Siemens AG	430		56,211
Scout24 AG ^(c)	102		6,745
						$	79,368
Shopify Inc, Class A ^(b)	90		35,784
Trend Micro Inc ^(b)	100		5,154	Office & Business Equipment — 0.10%
Z Holdings Corp	3,500		14,850	FUJIFILM Holdings Corp	400		19,254
ZOZO Inc	700		13,445	Oil & Gas — 3.98%
		$	201,464	Aker BP ASA	275		9,021
				BP PLC	13,601		84,963
Investment Companies — 0.30%				Canadian Natural Resources Ltd	1,084		35,061
EXOR NV	305		23,633	DCC PLC	270		23,404
L E Lundbergforetagen AB, Class B	278		12,199	Eni SpA	2,496		38,766
Sofina SA	92		19,876	Equinor ASA	387		7,736
		$	55,708	Imperial Oil Ltd	877		23,199
Iron & Steel — 0.24%				Inpex Corp	1,700		17,781
Evraz PLC	4,102		21,951	Oil Search Ltd	3,728		18,967
Fortescue Metals Group Ltd	3,101		23,263	OMV AG	381		21,403
				Royal Dutch Shell PLC, Class A	7,898		233,819
		$	45,214	Santos Ltd	3,530		20,263
Leisure Time — 0.12%				Suncor Energy Inc	1,524		49,949
CTS Eventim AG & Co KGaA	363		22,822	TOTAL SA	2,456		135,541
Lodging — 0.42%				Woodside Petroleum Ltd	843		20,338
City Developments Ltd	1,300		10,584			$	740,211
InterContinental Hotels Group PLC	378		26,076	Packaging & Containers — 0.13%
Melco International Development Ltd	5,000		14,052	Huhtamaki OYJ	512		23,765
NagaCorp Ltd	8,000		13,963
Sands China Ltd	2,436		13,021	Pharmaceuticals — 7.99%
				Alfresa Holdings Corp	700		14,354
		$	77,696	Amplifon SpA	833		23,957
Machinery — Construction & Mining — 0.63%				Astellas Pharma Inc	1,100		18,931
Epiroc AB, Class A	966		11,794	AstraZeneca PLC	1,190		119,907
Hitachi Construction Machinery Co Ltd	700		21,163	Bayer AG	377		30,790
Hitachi Ltd	900		38,318	Chugai Pharmaceutical Co Ltd	200		18,554
Komatsu Ltd	700		17,021	Daiichi Sankyo Co Ltd	600		39,914
Mitsubishi Heavy Industries Ltd	400		15,638	Galapagos NV ^(b)	46		9,623
Sandvik AB	672		13,104	GlaxoSmithKline PLC	6,186		145,771
		$	117,038	Grifols SA	446		15,724
				Hikma Pharmaceuticals PLC	872		22,997
Machinery — Diversified — 2.02%				Ipsen SA	215		19,052
ANDRITZ AG	500		21,537	Kobayashi Pharmaceutical Co Ltd	200		17,063
Atlas Copco AB, Class A	2,003		79,895	Medipal Holdings Corp	700		15,546
FANUC Corp	200		37,421	Merck KGaA	95		11,226
Hexagon AB, Class B	308		17,264	Nippon Shinyaku Co Ltd	200		17,431
Keyence Corp	200		70,848	Novartis AG	2,874		272,908
KION Group AG	388		26,792	Novo Nordisk A/S, Class B	2,211		128,325
Kone OYJ, Class B	469		30,660	Ono Pharmaceutical Co Ltd	900		20,724
Metso OYJ	547		21,585	Roche Holding AG	964		312,767
Spirax-Sarco Engineering PLC	245		28,850	Sanofi	1,049		105,453
Sumitomo Heavy Industries Ltd	500		14,403	Santen Pharmaceutical Co Ltd	900		17,279
Toromont Industries Ltd	473		25,713	Shionogi & Co Ltd	300		18,684
		$	374,968	Sino Biopharmaceutical Ltd	9,000		12,589
Media — 0.52%				Suzuken Co Ltd/Aichi Japan	300		12,328
Informa PLC	2,251		25,553	Takeda Pharmaceutical Co Ltd	500		19,935
Quebecor Inc, Class B	1,006		25,674	UCB SA	281		22,348
Thomson Reuters Corp	342		24,464			$	1,484,180
Wolters Kluwer NV	280		20,421	Pipelines — 0.95%
		$	96,112	APA Group	2,381		18,546
Metal Fabrication & Hardware — 0.37%				Enbridge Inc	1,919		76,299
SKF AB, Class B	634		12,820	TC Energy Corp	1,533		81,647
VAT Group AG ^(b),(c)	325		54,922			$	176,492

See accompanying notes.

Schedule of Investments

Principal International Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Private Equity — 0.79%				Retail (continued)
3i Group PLC	1,644	$	23,910	Marui Group Co Ltd	800	$	19,644
Brookfield Asset Management Inc, Class A	1,640		94,759	Matsumotokiyoshi Holdings Co Ltd	400		15,591
Intermediate Capital Group PLC	1,318		28,108	Next PLC	310		28,818
		$	146,777	Nitori Holdings Co Ltd	100		15,853
				Pan Pacific International Holdings Corp	1,000		16,667
Real Estate — 2.08%				Pandora A/S	397		17,270
Azrieli Group Ltd	91		6,654	Restaurant Brands International Inc	321		20,463
CapitaLand Ltd	3,600		10,038	Tsuruha Holdings Inc	100		12,903
Castellum AB	489		11,486	USS Co Ltd	800		15,212
CK Asset Holdings Ltd	1,516		10,944	Welcia Holdings Co Ltd	300		19,189
Daito Trust Construction Co Ltd	100		12,406	Wesfarmers Ltd	1,114		32,364
Fastighets AB Balder, Class B ^(b)	277		12,811
Henderson Land Development Co Ltd	2,000		9,817			$	640,932
Hulic Co Ltd	1,500		18,168	Semiconductors — 1.72%
Hysan Development Co Ltd	3,000		11,762	Advantest Corp	400		22,677
Kerry Properties Ltd	3,500		11,117	ASM International NV	222		24,939
LEG Immobilien AG	179		21,193	ASM Pacific Technology Ltd	900		12,485
Mitsubishi Estate Co Ltd	1,400		26,923	ASML Holding NV	489		144,642
Mitsui Fudosan Co Ltd	600		14,755	STMicroelectronics NV	1,056		28,393
Nomura Real Estate Holdings Inc	700		16,879	SUMCO Corp	1,200		20,167
PSP Swiss Property AG	311		42,932	Tokyo Electron Ltd	300		66,058
REA Group Ltd	252		18,321			$	319,361
Shimao Property Holdings Ltd	4,000		15,502
Sumitomo Realty & Development Co Ltd	400		14,033	Shipbuilding — 0.06%
Swiss Prime Site AG ^(b)	419		48,446	Yangzijiang Shipbuilding Holdings Ltd	13,400		11,159
Tokyu Fudosan Holdings Corp	2,500		17,371	Software — 1.32%
Vonovia SE	403		21,698	CompuGroup Medical SE	30		2,145
Wharf Real Estate Investment Co Ltd	2,000		12,204	Constellation Software Inc	23		22,338
		$	385,460	Dassault Systemes SE	149		24,493
				Konami Holdings Corp	300		12,383
REITs — 2.59%
				Micro Focus International PLC	335		4,721
Advance Residence Investment Corp	5		15,830
				Nemetschek SE	58		3,826
Allied Properties Real Estate Investment Trust	565		22,656
				Open Text Corp	251		11,060
British Land Co PLC/The	3,280		27,754
				SAP SE	1,006		135,773
Canadian Apartment Properties REIT	555		22,657	Temenos AG ^(b)	58		9,181
CapitaLand Commercial Trust ^(b)	6,200		9,174
				TIS Inc	100		5,918
CapitaLand Mall Trust	4,900		8,962
				WiseTech Global Ltd	786		12,890
Champion REIT	17,000		11,236
Daiwa Office Investment Corp	2		15,351			$	244,728
Goodman Group	1,924		18,052	Telecommunications — 3.38%
GPT Group/The	4,430		17,409	BCE Inc	1,597		73,987
Inmobiliaria Colonial Socimi SA	1,693		21,573	Deutsche Telekom AG	3,282		53,638
Japan Hotel REIT Investment Corp	21		15,694	Elisa OYJ	396		21,877
Japan Prime Realty Investment Corp	3		13,156	Eutelsat Communications SA	1,098		17,846
Klepierre SA	602		22,858	Hellenic Telecommunications Organization SA	1,483		23,721
Land Securities Group PLC	2,240		29,374	Hikari Tsushin Inc	100		25,245
Link REIT	1,000		10,587	KDDI Corp	2,900		86,822
Mapletree Commercial Trust	5,600		9,951	Nice Ltd ^(b)	48		7,445
Mapletree Logistics Trust	7,900		10,220	Nippon Telegraph & Telephone Corp	2,600		65,972
Merlin Properties Socimi SA	1,463		20,989	NTT DOCOMO Inc	1,200		33,552
Mirvac Group	8,918		19,901	Proximus SADP	688		19,695
Nippon Building Fund Inc	2		14,634	Singapore Telecommunications Ltd	4,200		10,368
Nippon Prologis REIT Inc ^(b)	6		15,263	Softbank Corp	1,200		16,119
Nomura Real Estate Master Fund Inc	9		15,373	SoftBank Group Corp	600		26,263
Segro PLC	2,366		28,118	Swisscom AG	80		42,372
UNITE Group PLC/The	1,757		29,324	Telekom Austria AG ^(b)	2,810		22,946
United Urban Investment Corp	8		14,991	Telenor ASA	367		6,582
Warehouses De Pauw CVA	111		20,195	TELUS Corp	642		24,858
		$	481,282	Vodafone Group PLC	25,353		49,286
Retail — 3.45%						$	628,594
ABC-Mart Inc	300		20,542	Toys, Games & Hobbies — 0.32%
Alimentation Couche-Tard Inc, Class B	2,229		70,738	Bandai Namco Holdings Inc	300		18,308
Bosideng International Holdings Ltd	28,000		10,097	Nintendo Co Ltd	100		40,468
Canadian Tire Corp Ltd, Class A	204		21,955
Cie Financiere Richemont SA	563		44,247			$	58,776
Cosmos Pharmaceutical Corp	100		20,763	Transportation — 3.04%
Dollarama Inc	638		21,928	Aurizon Holdings Ltd	4,625		16,975
Fast Retailing Co Ltd	100		59,822	Canadian National Railway Co	976		88,291
Fielmann AG	277		22,371	Canadian Pacific Railway Ltd	282		71,888
Hennes & Mauritz AB, Class B	540		10,982	Central Japan Railway Co	200		40,495
Industria de Diseno Textil SA	2,214		78,104	ComfortDelGro Corp Ltd	5,400		9,556
JD Sports Fashion PLC	2,553		28,318	Deutsche Post AG	899		34,296
Lawson Inc	300		17,091	DSV PANALPINA A/S	167		19,247

See accompanying notes.

Schedule of Investments

Principal International Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held			Value		^(d)Security or a portion of the security was pledged as collateral for securities
Transportation (continued)						lending. At the end of the period, the value of these securities totaled
East Japan Railway Co	400		$	36,291		$86,198 or 0.46% of net assets.
Hankyu Hanshin Holdings Inc	400			17,229		^(e)Affiliated Security. Security is either an affiliate (and registered under the
Keihan Holdings Co Ltd	400			19,511
Keikyu Corp	800			15,536		Investment Company Act of 1940) or an affiliate as defined by the
Keisei Electric Railway Co Ltd	400			15,609		Investment Company Act of 1940 (controls 5.0% or more of the
Kintetsu Group Holdings Co Ltd	300			16,345		outstanding voting shares of the security). Please see affiliated
Kyushu Railway Co	500			16,796		sub-schedule for transactional information.
MTR Corp Ltd	2,000			11,819		^(f)Current yield shown is as of period end.
Nagoya Railroad Co Ltd	500			15,600
Odakyu Electric Railway Co Ltd	700			16,435
Poste Italiane SpA ^(c)	1,797			20,399		Portfolio Summary (unaudited)
Seibu Holdings Inc	900			14,868		Location							Percent
SG Holdings Co Ltd	700			15,848		Japan							21.21	%
Tobu Railway Co Ltd	500			18,200		United Kingdom							12.60	%
Tokyu Corp	900			16,724		Canada							11.08	%
West Japan Railway Co	200			17,378		Switzerland							10.92	%
			$	565,336		France							8.64	%
Water — 0.17%						Germany							7.66	%
Pennon Group PLC	2,319			31,485		Australia							5.84	%
						Netherlands							4.06	%
TOTAL COMMON STOCKS		$	18,352,456			Italy							2.96	%
						Spain							2.66	%
PREFERRED STOCKS — 0.90%	Shares Held			Value		Hong Kong							1.91	%
Auto Manufacturers — 0.66%						Sweden							1.87	%
Porsche Automobil Holding SE						Denmark							1.49	%
3.24%, 03/24/2021	314			23,471		United States							1.22	%
Volkswagen AG 2.84%, 09/29/2023	507			100,228		Belgium							1.20	%
			$	123,699		Ireland							1.11	%
						Singapore							1.10	%
Household Products/Wares — 0.24%						Finland							0.89	%
Henkel AG & Co KGaA 1.98%, 08/07/2022	427			44,162		Austria							0.48	%
						Norway							0.30	%
TOTAL PREFERRED STOCKS			$	167,861		Greece							0.27	%
INVESTMENT COMPANIES — 1.09%	Shares Held			Value		Portugal							0.23	%
Money Market Funds — 1.09%						Israel							0.16	%
Principal Government Money Market Fund						Cyprus							0.14	%
1.41% ^(d),(e),(f)	86,198			86,198		Luxembourg							0.13	%
State Street Institutional U.S. Government						Jordan							0.12	%
Money Market Fund 1.53% ^(f)	116,963			116,963		Russia							0.12	%
						New Zealand							0.11	%
TOTAL INVESTMENT COMPANIES			$	203,161		United Arab Emirates							0.09	%
						Cambodia							0.08	%
Total Investments		$	18,723,478			Macau							0.07	%
Other Assets and Liabilities — (0.78)%			$	(145,522	)	China							0.06	%
TOTAL NET ASSETS — 100.00%		$	18,577,956			Other Assets and Liabilities							(0.78	)%
						TOTAL NET ASSETS							100.00	%
^(a)Security or a portion of the security was on loan at the end of the period.
^(b)Non-income producing security
^(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 $298,555 or 1.61% of net
assets.

						June 30, 2019		Purchases			Sales	December 31, 2019
Affiliated Securities						Value			Cost	Proceeds			Value
Principal Government Money
Market Fund 1.41%						$	—	$	260,076	$	173,878	$	86,198
						$	—	$	260,076	$	173,878	$	86,198


											Realized
									Realized	Gain from			Change in
								Gain/Loss on		Capital Gain			Unrealized
						Income ^(a)		Investments		Distributions			Gain/Loss
Principal Government Money
Market Fund 1.41%						$	—	$	—	$	—	$	—
						$	—	$	—	$	—	$	—

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

See accompanying notes.

Schedule of Investments

Principal Investment Grade Corporate Active ETF

December 31, 2019 (unaudited)


		Principal						Principal
BONDS — 98.39%		Amount		Value	BONDS (continued)			Amount		Value
Aerospace & Defense — 4.73%					Banks (continued)
Boeing Co/The					First Republic Bank
2.70%, 02/01/2027	$	770,000	$	780,710	2.50%, 06/06/2022		$	250,000	$	252,464
2.80%, 03/01/2024		300,000		306,858	4.63%, 02/13/2047			735,000		838,844
3.50%, 03/01/2039		350,000		361,390	Goldman Sachs Group Inc/The
3.63%, 03/01/2048		210,000		216,924	(3-month USD LIBOR + 1.05%),
3.75%, 02/01/2050		405,000		430,725	2.91%, 06/05/2023 ^(a)			1,195,000		1,214,702
3.90%, 05/01/2049		415,000		450,542	3.63%, 02/20/2024			1,230,000		1,291,191
Lockheed Martin Corp					3.85%, 01/26/2027			1,060,000		1,128,421
3.35%, 09/15/2021		280,000		287,015	5.75%, 01/24/2022			470,000		504,552
4.09%, 09/15/2052		220,000		258,146	HSBC Holdings PLC
United Technologies Corp					(3-month USD LIBOR + 1.14%),
3.10%, 06/01/2022		320,000		328,333	2.63%, 11/07/2025 ^(a)			565,000		567,254
3.65%, 08/16/2023		190,000		200,337	(3-month USD LIBOR + 1.21%),
3.95%, 08/16/2025		435,000		474,401	3.80%, 03/11/2025 ^(a)			250,000		262,452
4.13%, 11/16/2028		405,000		455,663	JPMorgan Chase & Co
4.50%, 06/01/2042		740,000		887,202	4.35%, 08/15/2021			500,000		519,260
4.63%, 11/16/2048		200,000		250,636	5.50%, 10/15/2040			980,000		1,318,612
			$	5,688,882	Morgan Stanley
					5.00%, 11/24/2025			265,000		298,497
Agriculture — 2.32%					(3-month USD LIBOR + 3.81%),
Altria Group Inc					5.55%, 07/15/2020 ^(a),(b)			975,000		994,344
4.00%, 01/31/2024		450,000		477,502	5.75%, 01/25/2021			1,050,000		1,090,499
5.80%, 02/14/2039		95,000		111,769	Royal Bank of Scotland Group PLC
5.95%, 02/14/2049		355,000		430,426	5.13%, 05/28/2024			1,250,000		1,354,379
BAT Capital Corp					Santander UK PLC
3.22%, 08/15/2024		880,000		900,133	5.00%, 11/07/2023 ^(c)			335,000		360,213
3.22%, 09/06/2026		440,000		443,374	Skandinaviska Enskilda Banken AB
4.54%, 08/15/2047		315,000		316,803	(5-year Swap rate + 3.85%),
Reynolds American Inc					5.75%, 05/13/2020 ^(a),(b)			3,000,000		3,019,200
5.85%, 08/15/2045		95,000		109,031	Svenska Handelsbanken AB
			$	2,789,038	3.90%, 11/20/2023			355,000		380,271
Airlines — 2.60%					Synchrony Bank
American Airlines 2013-2 Class A Pass Through					3.00%, 06/15/2022			1,661,000		1,693,582
Trust					Truist Bank
4.95%, 07/15/2024		734,982		766,192	4.05%, 11/03/2025			10,000		10,987
Continental Airlines 2012-1 Class A Pass Through					UBS AG
					4.50%, 06/26/2048 ^(c)			235,000		294,444
Trust
4.15%, 10/11/2025		761,688		800,335	US Bancorp
JetBlue 2019-1 Class AA Pass Through Trust					3.00%, 07/30/2029			300,000		309,892
2.75%, 11/15/2033		230,000		232,897	Wells Fargo & Co
United Airlines 2014-2 Class A Pass Through Trust					3.75%, 01/24/2024			770,000		814,141
3.75%, 03/03/2028		580,201		611,394	4.40%, 06/14/2046			355,000		404,919
United Airlines 2019-2 Class AA Pass Through					Westpac Banking Corp
					(5-year Treasury Constant Maturity Rate +
Trust
2.70%, 11/01/2033		205,000		205,798	2.00	%),
					4.11%, 07/24/2034 ^(a)			220,000		230,636
US Airways 2013-1 Class A Pass Through Trust
3.95%, 05/15/2027		489,270		514,636	Zions Bancorp NA
					3.50%, 08/27/2021			1,100,000		1,125,766
			$	3,131,252
									$	24,408,749
Auto Manufacturers — 0.82%
General Motors Financial Co Inc					Beverages — 3.83%
3.95%, 04/13/2024		950,000		993,182	Anheuser-Busch Cos LLC / Anheuser-Busch
					InBev Worldwide Inc
Banks — 20.28%					3.65%, 02/01/2026			325,000		346,633
Bank of America Corp					4.90%, 02/01/2046			385,000		456,657
(3-month USD LIBOR + 0.01%),					Anheuser-Busch InBev Finance Inc
2.88%, 10/22/2030 ^(a)		670,000		675,886	3.70%, 02/01/2024			235,000		249,193
(3-month USD LIBOR + 1.18%),					Anheuser-Busch InBev Worldwide Inc
3.19%, 07/23/2030 ^(a)		465,000		481,082	4.15%, 01/23/2025			400,000		435,947
(3-month USD LIBOR + 0.97%),					4.60%, 04/15/2048			585,000		669,476
3.46%, 03/15/2025 ^(a)		15,000		15,664	5.45%, 01/23/2039			295,000		371,237
(3-month USD LIBOR + 1.21%),					Constellation Brands Inc
3.97%, 02/07/2030 ^(a)		1,220,000		1,339,399	2.65%, 11/07/2022			315,000		319,434
4.10%, 07/24/2023		445,000		474,679	3.70%, 12/06/2026			330,000		350,435
4.20%, 08/26/2024		225,000		241,608	4.40%, 11/15/2025			525,000		573,708
4.25%, 10/22/2026		310,000		338,151	Keurig Dr Pepper Inc
(3-month USD LIBOR + 1.31%),					3.55%, 05/25/2021			815,000		832,408
4.27%, 07/23/2029 ^(a)		350,000		389,030
									$	4,605,128
Citigroup Inc
(3-month USD LIBOR + 1.15%),					Biotechnology — 0.42%
3.52%, 10/27/2028 ^(a)		165,000		173,728	Gilead Sciences Inc
					2.55%, 09/01/2020			500,000		502,131

See accompanying notes.

Schedule of Investments

Principal Investment Grade Corporate Active ETF

December 31, 2019 (unaudited)


		Principal					Principal
BONDS (continued)		Amount		Value	BONDS (continued)		Amount		Value
Chemicals — 0.54%					Electric (continued)
DuPont de Nemours Inc					Southern California Edison Co
5.32%, 11/15/2038	$	425,000	$	507,310	4.20%, 03/01/2029	$	600,000	$	664,281
5.42%, 11/15/2048		120,000		148,066	4.88%, 03/01/2049		515,000		610,980
			$	655,376	Southern Co/The
					(3-month USD LIBOR + 3.63%),
Commercial Services — 0.74%					5.50%, 03/15/2057 ^(a)		715,000		749,378
Global Payments Inc					Tucson Electric Power Co
2.65%, 02/15/2025		230,000		231,047	4.85%, 12/01/2048		150,000		183,101
PayPal Holdings Inc					Virginia Electric & Power Co
2.20%, 09/26/2022		345,000		346,962	3.80%, 04/01/2028		595,000		647,471
2.65%, 10/01/2026		310,000		314,354	4.60%, 12/01/2048		55,000		67,439
			$	892,363	Xcel Energy Inc
Computers — 2.00%					2.60%, 12/01/2029		390,000		386,528
Apple Inc								$	10,559,212
2.20%, 09/11/2029		355,000		348,335	Environmental Control — 1.24%
3.35%, 02/09/2027		415,000		442,052	Republic Services Inc
4.65%, 02/23/2046		850,000		1,066,540	2.50%, 08/15/2024		195,000		197,233
Dell International LLC / EMC Corp					Waste Connections Inc
4.90%, 10/01/2026 ^(c)		305,000		335,866
					4.25%, 12/01/2028		340,000		379,169
8.35%, 07/15/2046 ^(c)		155,000		213,580
					Waste Management Inc
			$	2,406,373	3.20%, 06/15/2026		875,000		916,722
Diversified Financial Services — 3.03%								$	1,493,124
Blackstone Holdings Finance Co LLC					Food — 0.77%
2.50%, 01/10/2030 ^(c)		140,000		138,304
					Kraft Heinz Foods Co
3.50%, 09/10/2049 ^(c)		250,000		246,543	4.63%, 10/01/2039 ^(c)		340,000		354,484
Brookfield Finance Inc					McCormick & Co Inc
4.00%, 04/01/2024		450,000		482,659	3.15%, 08/15/2024		550,000		571,155
4.70%, 09/20/2047		90,000		103,519
4.85%, 03/29/2029		280,000		320,632				$	925,639
GE Capital International Funding Co Unlimited Co					Gas — 0.86%
4.42%, 11/15/2035		280,000		299,525	Dominion Energy Gas Holdings LLC
Nuveen Finance LLC					2.50%, 11/15/2024		225,000		226,054
4.13%, 11/01/2024 ^(c)		1,770,000		1,923,540	3.00%, 11/15/2029		170,000		169,428
Nuveen LLC					Piedmont Natural Gas Co Inc
4.00%, 11/01/2028 ^(c)		115,000		128,072	3.50%, 06/01/2029		600,000		641,675
			$	3,642,794				$	1,037,157
Electric — 8.77%					Healthcare — Products — 2.29%
Alabama Power Co					Abbott Laboratories
3.45%, 10/01/2049		255,000		261,632	3.75%, 11/30/2026		390,000		426,134
CMS Energy Corp					4.90%, 11/30/2046		760,000		998,837
3.00%, 05/15/2026		335,000		344,308	Boston Scientific Corp
Commonwealth Edison Co					4.00%, 03/01/2029		370,000		409,492
4.00%, 03/01/2049		540,000		611,520	4.70%, 03/01/2049		535,000		651,059
Dominion Energy Inc					Medtronic Inc
4.25%, 06/01/2028		690,000		763,457	3.50%, 03/15/2025		212,000		227,261
DTE Electric Co					4.63%, 03/15/2045		39,000		49,123
3.95%, 03/01/2049		165,000		188,858				$	2,761,906
DTE Energy Co
3.40%, 06/15/2029		625,000		644,416	Healthcare — Services — 0.36%
Duke Energy Florida LLC					Centene Corp
					4.63%, 12/15/2029 ^(c)		245,000		257,581
3.80%, 07/15/2028		390,000		427,240
Duke Energy Ohio Inc					UnitedHealth Group Inc
4.30%, 02/01/2049		165,000		192,397	3.50%, 08/15/2039		170,000		178,532
Evergy Inc								$	436,113
2.90%, 09/15/2029		330,000		328,450	Insurance — 6.16%
Exelon Corp					AIA Group Ltd
3.50%, 06/01/2022		1,135,000		1,165,697	3.20%, 03/11/2025 ^(c)		910,000		933,760
MidAmerican Energy Co					American International Group Inc
3.15%, 04/15/2050		270,000		266,710	3.90%, 04/01/2026		600,000		644,488
4.25%, 07/15/2049		40,000		48,021	4.50%, 07/16/2044		920,000		1,061,247
NextEra Energy Capital Holding Inc					Arch Capital Finance LLC
3.50%, 04/01/2029		710,000		755,837	5.03%, 12/15/2046		395,000		493,999
NextEra Energy Capital Holdings Inc					Markel Corp
2.75%, 11/01/2029		380,000		382,027	3.35%, 09/17/2029		100,000		102,449
Northern States Power Co					4.30%, 11/01/2047		350,000		365,794
2.90%, 03/01/2050		200,000		191,072	PartnerRe Finance B LLC
NSTAR Electric Co					3.70%, 07/02/2029		365,000		379,431
3.25%, 05/15/2029		305,000		322,077	Swiss Re Finance Luxembourg SA
Public Service Co of Colorado					(5-year Treasury Constant Maturity Rate + 3.58),
4.05%, 09/15/2049		310,000		356,315	5.00%, 04/02/2049 ^(a),(c)		400,000		445,500

See accompanying notes.

Schedule of Investments

Principal Investment Grade Corporate Active ETF

December 31, 2019 (unaudited)


		Principal					Principal
BONDS (continued)		Amount		Value	BONDS (continued)		Amount		Value
Insurance (continued)					Oil & Gas (continued)
XLIT Ltd					Shell International Finance BV
4.45%, 03/31/2025	$	1,780,000	$	1,939,504	3.13%, 11/07/2049	$	100,000	$	98,779
5.50%, 03/31/2045		825,000		1,049,487	Total Capital International SA
			$	7,415,659	2.83%, 01/10/2030		535,000		549,964
					3.46%, 07/12/2049		55,000		57,869
Iron & Steel — 0.28%
Steel Dynamics Inc								$	5,162,070
2.80%, 12/15/2024		95,000		95,609	Pharmaceuticals — 8.54%
3.45%, 04/15/2030		135,000		136,604	AbbVie Inc
Vale Overseas Ltd					2.30%, 11/21/2022 ^(c)		170,000		170,859
6.88%, 11/21/2036		80,000		104,000	2.60%, 11/21/2024 ^(c)		290,000		292,347
			$	336,213	2.95%, 11/21/2026 ^(c)		300,000		305,449
					4.05%, 11/21/2039 ^(c)		180,000		189,190
Machinery — Construction & Mining — 0.23%
Caterpillar Inc					Bayer US Finance II LLC
					3.88%, 12/15/2023 ^(c)		400,000		419,912
3.25%, 09/19/2049		280,000		281,157
					Becton Dickinson and Co
Media — 4.60%					3.36%, 06/06/2024		475,000		494,732
Charter Communications Operating LLC / Charter					3.70%, 06/06/2027		235,000		250,087
Communications Operating Capital					4.69%, 12/15/2044		454,000		531,320
3.58%, 07/23/2020		730,000		734,652	Bristol-Myers Squibb Co
4.80%, 03/01/2050		375,000		395,439	2.60%, 05/16/2022 ^(c)		360,000		365,997
Comcast Corp					2.88%, 08/15/2020 ^(c)		530,000		532,970
2.65%, 02/01/2030		135,000		135,578	2.90%, 07/26/2024 ^(c)		365,000		376,898
3.38%, 02/15/2025		1,025,000		1,081,635	3.40%, 07/26/2029 ^(c)		35,000		37,458
3.95%, 10/15/2025		485,000		529,335	4.13%, 06/15/2039 ^(c)		495,000		571,352
4.60%, 10/15/2038		670,000		798,819	4.25%, 10/26/2049 ^(c)		565,000		670,811
4.70%, 10/15/2048		265,000		327,213	Cigna Corp
Fox Corp					3.40%, 09/17/2021		1,030,000		1,054,371
5.48%, 01/25/2039 ^(c)		305,000		373,196
					4.38%, 10/15/2028		210,000		232,656
NBCUniversal Media LLC					4.90%, 12/15/2048		50,000		59,725
4.45%, 01/15/2043		510,000		594,796	CVS Health Corp
ViacomCBS Inc					2.63%, 08/15/2024		145,000		146,237
4.38%, 03/15/2043		75,000		79,520	3.00%, 08/15/2026		115,000		117,329
5.25%, 04/01/2044		415,000		481,583	3.70%, 03/09/2023		1,325,000		1,381,095
			$	5,531,766	4.30%, 03/25/2028		270,000		294,959
Mining — 0.84%					5.05%, 03/25/2048		195,000		231,080
BHP Billiton Finance USA Ltd					Zoetis Inc
(5-year Swap rate + 5.09%),					3.90%, 08/20/2028		1,195,000		1,296,741
6.75%, 10/19/2075 ^(a),(c)		500,000		587,085	4.45%, 08/20/2048		225,000		261,792
Teck Resources Ltd								$	10,285,367
5.40%, 02/01/2043		400,000		422,945
					Pipelines — 5.26%
			$	1,010,030	Energy Transfer Operating LP
Miscellaneous Manufacture — 1.24%					5.15%, 03/15/2045		100,000		105,284
General Electric Co					5.25%, 04/15/2029		195,000		219,123
5.30%, 02/11/2021		1,000,000		1,031,729	6.25%, 04/15/2049		425,000		512,895
5.88%, 01/14/2038		185,000		224,879	Enterprise Products Operating LLC
Parker-Hannifin Corp					3.13%, 07/31/2029		345,000		355,006
2.70%, 06/14/2024		130,000		132,815	4.20%, 01/31/2050		585,000		627,957
4.00%, 06/14/2049		95,000		102,751	Kinder Morgan Energy Partners LP
			$	1,492,174	4.70%, 11/01/2042		360,000		384,630
					MPLX LP
Oil & Gas — 4.29%					4.00%, 03/15/2028		120,000		124,293
BP Capital Markets America Inc					4.88%, 12/01/2024		265,000		288,106
3.41%, 02/11/2026		480,000		511,440	5.50%, 02/15/2049		460,000		522,599
4.23%, 11/06/2028		210,000		237,521	Sabine Pass Liquefaction LLC
Canadian Natural Resources Ltd					5.00%, 03/15/2027		575,000		632,954
4.95%, 06/01/2047		140,000		170,246	5.63%, 03/01/2025		180,000		202,735
Continental Resources Inc
					5.75%, 05/15/2024		1,620,000		1,807,431
3.80%, 06/01/2024		765,000		791,230
4.90%, 06/01/2044		110,000		116,793	Western Midstream Operating LP
Exxon Mobil Corp					5.50%, 08/15/2048		190,000		167,128
2.02%, 08/16/2024		200,000		200,724	Williams Cos Inc/The
2.44%, 08/16/2029		325,000		328,165	5.75%, 06/24/2044		325,000		385,172
3.00%, 08/16/2039		100,000		100,267				$	6,335,313
3.10%, 08/16/2049		90,000		89,858	REITs — 3.07%
Marathon Oil Corp					Alexandria Real Estate Equities Inc
4.40%, 07/15/2027		390,000		424,167	3.45%, 04/30/2025		920,000		966,739
6.60%, 10/01/2037		600,000		765,539	4.70%, 07/01/2030		570,000		657,074
Occidental Petroleum Corp					American Tower Corp
2.90%, 08/15/2024		165,000		167,696	3.80%, 08/15/2029		225,000		240,554
3.20%, 08/15/2026		150,000		151,802
					Camden Property Trust
3.50%, 08/15/2029		230,000		234,800
4.40%, 08/15/2049		160,000		165,210	3.15%, 07/01/2029		55,000		57,291

See accompanying notes.

Schedule of Investments

Principal Investment Grade Corporate Active ETF

December 31, 2019 (unaudited)


		Principal									Principal
BONDS (continued)		Amount		Value	BONDS (continued)						Amount			Value
REITs (continued)					Transportation — 0.10%
CyrusOne LP / CyrusOne Finance Corp					Burlington Northern Santa Fe LLC
2.90%, 11/15/2024	$	270,000	$	271,037	4.15%, 12/15/2048					$	105,000		$	120,996
Essex Portfolio LP
3.00%, 01/15/2030		335,000		339,052	TOTAL BONDS								$	118,443,644
4.00%, 03/01/2029		260,000		282,539	INVESTMENT COMPANIES — 0.72%						Shares Held			Value
Healthcare Trust of America Holdings LP
3.10%, 02/15/2030		345,000		342,637	Money Market Fund — 0.72%
Mid-America Apartments LP					State Street Institutional U.S. Government
					Money Market Fund 1.53% ^(d)						874,420			874,420
3.95%, 03/15/2029		205,000		223,725
VEREIT Operating Partnership LP
3.10%, 12/15/2029		325,000		319,380	TOTAL INVESTMENT COMPANIES								$	874,420
			$	3,700,028	Total Investments								$	119,318,064
					Other Assets and Liabilities — 0.89%								$	1,066,512
Retail — 0.33%
Walmart Inc					TOTAL NET ASSETS — 100.00%								$	120,384,576
2.85%, 07/08/2024		335,000		347,578
					^(a)Rate shown is as of period end. The rate may be a variable or floating rate
4.05%, 06/29/2048		45,000		53,340
					or a fixed rate which may convert to a variable or floating rate in the
			$	400,918
					future.
Semiconductors — 0.74%					^(b)Perpetual security. Perpetual securities pay an indefinite stream of interest,
Lam Research Corp
4.88%, 03/15/2049		45,000		56,354	but they may be called by the issuer at an earlier date. Date shown, if any,
Texas Instruments Inc					reflects the next call date or final legal maturity date. Rate shown is as of
2.25%, 09/04/2029		210,000		207,356	period end.
Xilinx Inc					^(c)Security exempt from registration under Rule 144A of the Securities Act
2.95%, 06/01/2024		605,000		621,859	of 1933. These securities may be resold in transactions exempt from
			$	885,569	registration, normally to qualified institutional buyers. At the end of the
Software — 1.30%					period, the value of these securities totaled $10,525,411 or 8.74% of net
Fiserv Inc					assets.
3.50%, 07/01/2029		335,000		352,111	^(d)Current yield shown is as of period end.
3.80%, 10/01/2023		485,000		512,328
Microsoft Corp
3.70%, 08/08/2046		615,000		695,414	Portfolio Summary (unaudited)
			$	1,559,853	Sector									Percent
Telecommunications — 5.81%					Financial									32.54	%
AT&T Inc					Consumer, Non-cyclical									19.27	%
3.60%, 07/15/2025		1,030,000		1,090,310	Communications									10.41	%
4.05%, 12/15/2023		750,000		803,689	Utilities									9.63	%
4.75%, 05/15/2046		675,000		763,926	Energy									9.55	%
5.35%, 09/01/2040		290,000		350,020	Industrial									7.54	%
5.38%, 10/15/2041		725,000		862,705	Technology									4.03	%
Rogers Communications Inc					Consumer, Cyclical									3.76	%
3.70%, 11/15/2049		210,000		211,996	Basic Materials									1.66	%
4.35%, 05/01/2049		470,000		526,208	Investment Companies									0.72	%
TELUS Corp					Other Assets and Liabilities									0.89	%
4.30%, 06/15/2049		410,000		452,053	TOTAL NET ASSETS									100.00	%
Verizon Communications Inc
3.88%, 02/08/2029		755,000		832,851
5.25%, 03/16/2037		630,000		791,235
Vodafone Group PLC
4.88%, 06/19/2049		270,000		313,119
			$	6,998,112


					June 30, 2019		Purchases				Sales	December 31, 2019
Affiliated Securities					Value			Cost	Proceeds					Value
Principal Government Money
Market Fund 1.41%					$	—	$	1,255,685	$		1,255,685	$		—
					$	—	$	1,255,685	$		1,255,685	$		—


									Realized
								Realized	Gain from					Change in
							Gain/Loss on		Capital Gain					Unrealized
					Income ^(a)		Investments		Distributions					Gain/Loss
Principal Government Money
Market Fund 1.41%					$	—	$	—	$		—	$		—
					$	—	$	—	$		—	$		—

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

See accompanying notes.

Schedule of Investments Principal Millennials Index ETF December 31, 2019 (unaudited)


COMMON STOCKS — 99.81%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Apparel — 8.39%				Internet — 25.75%
adidas AG	2,518	$	818,523	Alibaba Group Holding Ltd ADR ^(a)	2,236	$	474,256
boohoo Group PLC ^(a)	32,569		128,517	Alphabet Inc, Class C ^(a)	377		504,056
Capri Holdings Ltd ^(a)	10,029		382,606	Amazon.com Inc ^(a)	65		120,110
Carter’s Inc	553		60,465	ASOS PLC ^(a)	7,333		327,629
Columbia Sportswear Co	535		53,602	Baozun Inc ADR ^(a),(c)	1,930		63,922
Deckers Outdoor Corp ^(a)	379		63,998	Booking Holdings Inc ^(a)	253		519,594
Gildan Activewear Inc	2,175		64,301	eBay Inc	3,119		112,627
Hanesbrands Inc	3,116		46,273	Facebook Inc, Class A ^(a)	2,649		543,707
NIKE Inc, Class B	1,375		139,301	IAC/InterActiveCorp ^(a)	2,101		523,380
Tapestry Inc	3,560		96,013	JOYY Inc ^(a)	3,635		191,892
Under Armour Inc, Class C ^(a)	2,952		56,619	Match Group Inc ^(a),(c)	5,847		480,097
		$	1,910,218	Naspers Ltd, Class N	1,764		288,516
				Netflix Inc ^(a)	1,238		400,580
Beverages — 3.62%				Rightmove PLC	12,075		101,341
Brown-Forman Corp, Class B	2,162		146,151	SINA Corp ^(a)	1,304		52,069
Constellation Brands Inc, Class A	660		125,235	Snap Inc, Class A ^(a)	20,013		326,812
Davide Campari-Milano SpA	31,107		284,027	Tencent Holdings Ltd	3,445		166,054
Diageo PLC	3,867		163,937	Trip.com Group Ltd ADR ^(a)	9,333		313,029
Molson Coors Brewing Co, Class B	1,940		104,566	TripAdvisor Inc	1,217		36,972
		$	823,916	Twitter Inc ^(a)	3,470		111,213
				Yandex NV, Class A ^(a)	4,632		201,446
Chemicals — 0.85%
Givaudan SA	62		194,174			$	5,859,302

Commercial Services — 12.89%				Leisure Time — 1.58%
Adyen NV ^(a),(b)	202		165,632	Planet Fitness Inc, Class A ^(a)	4,813		359,435
Bright Horizons Family Solutions Inc ^(a)	2,604		391,355
				Media — 3.83%
Care.com Inc ^(a)	11,237		168,892	AMC Networks Inc, Class A ^(a)	982		38,789
China Yuhua Education Corp Ltd ^(b)	196,000		132,557
				Comcast Corp, Class A	2,897		130,278
Global Payments Inc	836		152,620	MSG Networks Inc, Class A ^(a)	2,562		44,579
GMO Payment Gateway Inc	1,100		75,726	ViacomCBS Inc, Class B	2,434		102,155
New Oriental Education & Technology Group Inc				Vivendi SA	14,063		407,297
ADR ^(a)	5,098		618,132
				Walt Disney Co/The	1,028		148,679
PayPal Holdings Inc ^(a)	4,251		459,831
TAL Education Group ADR ^(a)	12,729		613,538			$	871,777
Wirecard AG	1,280		154,346	Real Estate — 0.48%
		$	2,932,629	REA Group Ltd	1,512		109,924
Computers — 1.27%				REITs — 1.06%
Apple Inc	609		178,833	AvalonBay Communities Inc	577		120,997
International Business Machines Corp	820		109,913	Essex Property Trust Inc	400		120,344
		$	288,746			$	241,341
Construction Materials — 0.97%				Retail — 19.89%
Fortune Brands Home & Security Inc	1,215		79,388	American Eagle Outfitters Inc	2,513		36,941
Masco Corp	2,945		141,331	At Home Group Inc ^(a),(c)	3,119		17,154
				Chipotle Mexican Grill Inc ^(a)	414		346,564
		$	220,719	Dick’s Sporting Goods Inc	1,574		77,897
Diversified Financial Services — 5.39%				Domino’s Pizza Inc	443		130,145
Discover Financial Services	6,205		526,308	Fast Retailing Co Ltd	900		538,401
LexinFintech Holdings Ltd ADR ^(a)	43,737		607,507	Foot Locker Inc	919		35,832
Pagseguro Digital Ltd, Class A ^(a)	2,688		91,822	Hennes & Mauritz AB, Class B	24,412		496,458
		$	1,225,637	Home Depot Inc/The	2,301		502,492
				Industria de Diseno Textil SA	13,979		493,144
Electronics — 2.02%				Li Ning Co Ltd	51,000		152,824
Garmin Ltd	4,725		460,971	Lowe’s Cos Inc	1,058		126,706
Entertainment — 0.55%				Lululemon Athletica Inc ^(a)	2,695		624,351
Madison Square Garden Co/The, Class A ^(a)	190		55,896	Qurate Retail Inc, Series A ^(a)	3,486		29,387
SeaWorld Entertainment Inc ^(a)	2,163		68,589	Starbucks Corp	1,536		135,045
				Urban Outfitters Inc ^(a)	11,161		309,941
		$	124,485
				Williams-Sonoma Inc	1,028		75,496
Food — 2.45%				Zalando SE ^(a),(b)	7,837		397,167
Kroger Co/The	4,705		136,398
Sprouts Farmers Market Inc ^(a)	2,587		50,058			$	4,525,945
Takeaway.com NV ^(a),(b),(c)	4,024		371,028	Semiconductors — 0.67%
				NVIDIA Corp	644		151,533
		$	557,484
Home Builders — 0.27%				Software — 5.33%
Toll Brothers Inc	1,539		60,806	Activision Blizzard Inc	2,507		148,966
				Bilibili Inc ADR ^(a)	16,137		300,471
Home Furnishings — 1.78%				Cornerstone OnDemand Inc ^(a)	1,017		59,545
Sleep Number Corp ^(a)	1,185		58,349	Microsoft Corp	981		154,704
Sony Corp	3,800		258,836	Momo Inc ADR	12,004		402,134
Tempur Sealy International Inc ^(a)	1,004		87,408	Take-Two Interactive Software Inc ^(a)	1,209		148,018
		$	404,593			$	1,213,838

See accompanying notes.

Schedule of Investments
Principal Millennials Index ETF
December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value
Toys, Games & Hobbies — 0.77%
Funko Inc, Class A ^(a)	10,228	$	175,513

TOTAL COMMON STOCKS		$	22,712,986
INVESTMENT COMPANIES — 3.54%	Shares Held		Value
Money Market Funds — 3.54%
Principal Government Money Market Fund
1.41% ^(d),(e),(f)	729,339		729,339
State Street Institutional U.S. Government
Money Market Fund 1.53% ^(f)	76,021		76,021

TOTAL INVESTMENT COMPANIES		$	805,360
Total Investments		$	23,518,346
Other Assets and Liabilities — (3.35)%		$	(761,965	)
TOTAL NET ASSETS — 100.00%		$	22,756,381

^(a)Non-income producing security.
^(b)Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the end of the
period, the value of these securities totaled $1,066,384 or 4.69% of net
assets.
^(c)Security or a portion of the security was on loan at the end of the period.
^(d)Security or a portion of the security was pledged as collateral for securities
lending. At the end of the period, the value of these securities totaled
$729,339 or 3.20% 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 5.0% or more of the
outstanding voting shares of the security). Please see affiliated
sub-schedule for transactional information.
^(f)Current yield shown is as of period end.

Portfolio Summary (unaudited)
Sector			Percent
Consumer, Cyclical			33.23	%
Communications			31.35	%
Consumer, Non-cyclical			18.96	%
Financial			6.93	%
Technology			5.50	%
Investment Companies			3.54	%
Industrial			2.99	%
Basic Materials			0.85	%
Other Assets and Liabilities			(3.35	)%
TOTAL NET ASSETS			100.00	%

						June 30, 2019		Purchases			Sales			December 31,2019
Affiliated Securities						Value		Cost			Proceeds			Value
Principal Government Money
Market Fund 1.41%					$	—	$	2,490,336		$	1,760,997		$	729,339
					$	—	$	2,490,336		$	1,760,997		$	729,339

											Realized
								Realized			Gain from			Change in
								Gain/Loss on			Capital Gain			Unrealized
						Income ^(a)		Investments			Distributions			Gain/Loss
Principal Government Money
Market Fund 1.41%					$	—		$	—		$	—	$	—
					$	—		$	—		$	—	$	—

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

See accompanying notes.

Schedule of Investments Principal Price Setters Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS — 99.74%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 0.28%				Diversified Financial Services (continued)
Omnicom Group Inc	633	$	51,286	TD Ameritrade Holding Corp	2,011	$	99,947
Aerospace & Defense — 1.11%				Visa Inc, Class A	1,099		206,502
Lockheed Martin Corp	529		205,982			$	1,722,292

Auto Manufacturers — 0.72%				Electric — 0.99%
Cummins Inc	745		133,325	AES Corp	6,586		131,061
				DTE Energy Co	396		51,429
Banks — 6.32%
Comerica Inc	1,322		94,854			$	182,490
Huntington Bancshares Inc	3,296		49,704	Electrical Components & Equipment — 1.11%
JPMorgan Chase & Co	1,560		217,464	AMETEK Inc	2,057		205,165
KeyCorp	2,689		54,425	Electronics — 5.84%
M&T Bank Corp	944		160,244	Allegion PLC	1,806		224,919
Northern Trust Corp	524		55,670	Amphenol Corp, Class A	1,735		187,779
PNC Financial Services Group Inc/The	383		61,138	Garmin Ltd	1,368		133,462
SVB Financial Group ^(a)	457		114,725
				Honeywell International Inc	311		55,047
Truist Financial Corp	2,215		124,749	Mettler-Toledo International Inc ^(a)	240		190,387
US Bancorp	3,168		187,831	TE Connectivity Ltd	1,375		131,780
Zions Bancorp NA	957		49,687	Waters Corp ^(a)	673		157,247
		$	1,170,491			$	1,080,621
Beverages — 2.44%				Environmental Control — 0.58%
Brown-Forman Corp, Class B	988		66,789	Republic Services Inc	605		54,226
Coca-Cola Co/The	2,522		139,593	Waste Management Inc	473		53,903
Constellation Brands Inc, Class A	283		53,699
PepsiCo Inc	1,408		192,431			$	108,129
		$	452,512	Food — 3.38%
				Hershey Co/The	1,469		215,914
Biotechnology — 1.33%				McCormick & Co Inc	1,203		204,185
Amgen Inc	604		145,606	Sysco Corp	2,404		205,638
Biogen Inc ^(a)	146		43,323
Vertex Pharmaceuticals Inc ^(a)	259		56,708			$	625,737
		$	245,637	Hand/Machine Tools — 0.28%
				Snap-on Inc	306		51,836
Chemicals — 1.76%
Air Products & Chemicals Inc	270		63,447	Healthcare — Products — 5.41%
Celanese Corp	1,104		135,925	Align Technology Inc ^(a)	438		122,220
FMC Corp	1,261		125,873	Baxter International Inc	664		55,524
				IDEXX Laboratories Inc ^(a)	541		141,271
		$	325,245
				Intuitive Surgical Inc ^(a)	89		52,612
Commercial Services — 6.30%				Medtronic PLC	1,264		143,401
Automatic Data Processing Inc	1,060		180,730	ResMed Inc	1,586		245,782
Cintas Corp	554		149,070	Stryker Corp	862		180,968
FleetCor Technologies Inc ^(a)	489		140,695	Thermo Fisher Scientific Inc	186		60,426
MarketAxess Holdings Inc	467		177,044
Moody’s Corp	940		223,166			$	1,002,204
Rollins Inc	2,901		96,197	Healthcare — Services — 1.06%
S&P Global Inc	239		65,259	UnitedHealth Group Inc	670		196,967
Verisk Analytics Inc	894		133,510	Household Products — 1.76%
		$	1,165,671	Colgate-Palmolive Co	721		49,633
Computers — 2.24%				Estee Lauder Cos Inc/The, Class A	1,035		213,769
Accenture PLC, Class A	1,008		212,255	Procter & Gamble Co/The	503		62,825
Cognizant Technology Solutions Corp, Class A	2,301		142,708			$	326,227
Fortinet Inc ^(a)	552		58,931
				Household Products/Wares — 1.20%
		$	413,894	Avery Dennison Corp	452		59,131
Construction Materials — 0.26%				Church & Dwight Co Inc	722		50,785
Lennox International Inc	195		47,574	Clorox Co/The	728		111,777

Distribution/Wholesale — 1.03%						$	221,693
Fastenal Co	5,186		191,623	Insurance — 2.00%
				Arthur J Gallagher & Co	597		56,852
Diversified Financial Services — 9.30%				Brown & Brown Inc	3,859		152,353
Alliance Data Systems Corp	277		31,079	Progressive Corp/The	2,237		161,937
American Express Co	1,519		189,100
Capital One Financial Corp	1,948		200,469			$	371,142
Cboe Global Markets Inc	499		59,880	Internet — 2.51%
Charles Schwab Corp/The	1,035		49,225	Booking Holdings Inc ^(a)	96		197,158
Credit Acceptance Corp ^(a)	259		114,563	CDW Corp	1,210		172,837
Discover Financial Services	669		56,745	F5 Networks Inc ^(a)	685		95,660
E*TRADE Financial Corp	972		44,100			$	465,655
Mastercard Inc, Class A	728		217,373
Raymond James Financial Inc	1,374		122,918	Iron & Steel — 0.57%
SEI Investments Co	2,150		140,782	Nucor Corp	1,871		105,300
Synchrony Financial	1,459		52,539
T Rowe Price Group Inc	1,125		137,070

See accompanying notes.

Schedule of Investments Principal Price Setters Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Machinery — Diversified — 4.62%				Software (continued)
Graco Inc	3,473	$	180,596	Paycom Software Inc ^(a)	266	$	70,426
IDEX Corp	1,131		194,532	Veeva Systems Inc, Class A ^(a)	1,379		193,970
Rockwell Automation Inc	914		185,240			$	2,034,489
Roper Technologies Inc	352		124,689
Xylem Inc	2,168		170,817	Transportation — 1.96%
				CH Robinson Worldwide Inc	1,273		99,549
		$	855,874	Expeditors International of Washington Inc	1,534		119,683
Media — 1.22%				Old Dominion Freight Line Inc	761		144,422
FactSet Research Systems Inc	691		185,395			$	363,654
ViacomCBS Inc, Class B	944		39,620
		$	225,015	TOTAL COMMON STOCKS		$	18,468,937
Miscellaneous Manufacture — 2.68%				INVESTMENT COMPANIES — 0.32%	Shares Held		Value
3M Co	555		97,913	Money Market Fund — 0.32%
Illinois Tool Works Inc	1,132		203,341	State Street Institutional U.S. Government
Ingersoll-Rand PLC	456		60,611	Money Market Fund 1.53% ^(b)	60,097		60,097
Parker-Hannifin Corp	652		134,195
		$	496,060	TOTAL INVESTMENT COMPANIES		$	60,097
Oil & Gas — 0.18%				Total Investments		$	18,529,034
Cabot Oil & Gas Corp	1,935		33,688	Other Assets and Liabilities — (0.06)%		$	(11,502	)
Pharmaceuticals — 4.89%				TOTAL NET ASSETS — 100.00%		$	18,517,532
AbbVie Inc	618		54,718
Bristol-Myers Squibb Co	3,157		202,648	^(a)Non-income producing security.
Eli Lilly & Co	898		118,024	^(b)Current yield shown is as of period end.
Johnson & Johnson	1,193		174,023
Merck & Co Inc	1,409		128,149	Portfolio Summary (unaudited)
Zoetis Inc	1,724		228,171
				Sector			Percent
		$	905,733
				Consumer, Non-cyclical			27.77	%
Pipelines — 0.30%				Financial			19.61	%
ONEOK Inc	740		55,996	Technology			19.05	%
REITs — 1.99%				Industrial			18.44	%
Alexandria Real Estate Equities Inc	366		59,138	Consumer, Cyclical			7.07	%
Extra Space Storage Inc	499		52,704	Communications			4.01	%
Public Storage	773		164,618	Basic Materials			2.32	%
Realty Income Corp	708		52,130	Utilities			0.99	%
Simon Property Group Inc	262		39,028	Energy			0.48	%
				Investment Companies			0.32	%
		$	367,618
				Other Assets and Liabilities			(0.06	)%
Retail — 5.31%
Burlington Stores Inc ^(a)	676		154,148	TOTAL NET ASSETS			100.00	%
Dollar General Corp	968		150,989
Home Depot Inc/The	884		193,048
O’Reilly Automotive Inc ^(a)	307		134,546
Ross Stores Inc	1,726		200,941
TJX Cos Inc/The	928		56,664
Ulta Salon Cosmetics & Fragrance Inc ^(a)	368		93,155
		$	983,491
Semiconductors — 5.82%
Analog Devices Inc	1,071		127,278
Broadcom Inc	595		188,032
Intel Corp	2,142		128,199
KLA Corp	993		176,923
Lam Research Corp	275		80,410
Maxim Integrated Products Inc	2,073		127,510
Micron Technology Inc ^(a)	1,166		62,707
Texas Instruments Inc	469		60,168
Xilinx Inc	1,303		127,394
		$	1,078,621
Software — 10.99%
Activision Blizzard Inc	1,131		67,204
Adobe Inc ^(a)	434		143,138
ANSYS Inc ^(a)	917		236,045
Broadridge Financial Solutions Inc	473		58,435
Cadence Design Systems Inc ^(a)	831		57,638
Citrix Systems Inc	1,070		118,663
Fiserv Inc ^(a)	1,349		155,985
Intuit Inc	659		172,612
Jack Henry & Associates Inc	851		123,965
Microsoft Corp	1,453		229,138
MSCI Inc	880		227,198
Paychex Inc	2,117		180,072

See accompanying notes.

Schedule of Investments Principal Shareholder Yield Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS — 99.67%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Aerospace & Defense — 1.00%				Computers (continued)
Boeing Co/The	207	$	67,432	MAXIMUS Inc	1,281	$	95,293
Spirit AeroSystems Holdings Inc, Class A	488		35,566	Seagate Technology PLC	1,054		62,713
		$	102,998			$	335,666
Agriculture — 0.45%				Construction Materials — 2.35%
Altria Group Inc	920		45,917	Fortune Brands Home & Security Inc	1,922		125,583
				Masco Corp	2,411		115,704
Airlines — 1.41%
Delta Air Lines Inc	992		58,012			$	241,287
Southwest Airlines Co	1,614		87,124	Diversified Financial Services — 11.67%
		$	145,136	Affiliated Managers Group Inc	440		37,286
				Alliance Data Systems Corp	518		58,120
Apparel — 1.36%
				Ally Financial Inc	1,815		55,466
Carter’s Inc	929		101,577
				Ameriprise Financial Inc	688		114,607
Hanesbrands Inc	2,593		38,506
				Capital One Financial Corp	588		60,511
		$	140,083	Discover Financial Services	1,264		107,212
Auto Manufacturers — 1.60%				E*TRADE Financial Corp	1,846		83,753
Cummins Inc	593		106,123	Evercore Inc, Class A	995		74,386
PACCAR Inc	745		58,930	Franklin Resources Inc	2,811		73,030
				Intercontinental Exchange Inc	636		58,862
		$	165,053	Lazard Ltd, Class A	2,416		96,543
Auto Parts & Equipment — 2.20%				Nasdaq Inc	537		57,513
Allison Transmission Holdings Inc	969		46,822	Santander Consumer USA Holdings Inc	4,405		102,945
BorgWarner Inc	2,229		96,694	SEI Investments Co	932		61,027
Lear Corp	603		82,732	Synchrony Financial	2,776		99,964
		$	226,248	T Rowe Price Group Inc	481		58,605
Banks — 15.98%						$	1,199,830
Associated Banc-Corp	3,883		85,581	Electrical Components & Equipment — 1.20%
Bank of America Corp	3,113		109,640	AMETEK Inc	618		61,639
Bank of New York Mellon Corp/The	918		46,203	Hubbell Inc	416		61,493
Bank OZK	2,758		84,133			$	123,132
Citigroup Inc	1,415		113,044
Citizens Financial Group Inc	2,450		99,495	Electronics — 3.39%
Comerica Inc	1,038		74,477	Allegion PLC	545		67,874
Fifth Third Bancorp	1,783		54,810	Gentex Corp	2,411		69,871
Home BancShares Inc	4,643		91,281	Honeywell International Inc	593		104,961
Huntington Bancshares Inc	6,279		94,687	TE Connectivity Ltd	1,103		105,712
KeyCorp	5,125		103,730			$	348,418
M&T Bank Corp	279		47,360
				Hand/Machine Tools — 0.94%
PacWest Bancorp	2,205		84,385
				Snap-on Inc	572		96,897
PNC Financial Services Group Inc/The	389		62,096
Popular Inc	855		50,231	Healthcare — Services — 0.51%
Regions Financial Corp	5,517		94,672	HCA Healthcare Inc	354		52,325
Synovus Financial Corp	1,215		47,628
				Home Builders — 1.67%
Truist Financial Corp	964		54,293
				PulteGroup Inc	1,817		70,499
US Bancorp	951		56,385
				Toll Brothers Inc	2,570		101,541
Wells Fargo & Co	1,813		97,539
Zions Bancorp NA	1,770		91,898			$	172,040
		$	1,643,568	Home Furnishings — 0.92%
				Whirlpool Corp	639		94,272
Beverages — 0.53%
Constellation Brands Inc, Class A	286		54,268	Insurance — 5.93%
				Allstate Corp/The	959		107,840
Biotechnology — 1.13%
				American Financial Group Inc	509		55,812
Amgen Inc	481		115,955
				First American Financial Corp	968		56,454
Chemicals — 2.80%				Lincoln National Corp	1,447		85,387
Celanese Corp	884		108,838	Primerica Inc	731		95,439
Chemours Co/The	1,268		22,938	Progressive Corp/The	661		47,850
LyondellBasell Industries NV, Class A	564		53,287	Prudential Financial Inc	955		89,522
PolyOne Corp	1,476		54,302	Unum Group	2,439		71,121
Westlake Chemical Corp	689		48,333			$	609,425
		$	287,698	Internet — 1.75%
Coal — 0.26%				CDW Corp	965		137,840
Peabody Energy Corp	2,901		26,457	Expedia Group Inc	392		42,391

Commercial Services — 2.31%						$	180,231
H&R Block Inc	3,793		89,060
ManpowerGroup Inc	1,074		104,285	Iron & Steel — 0.80%
Robert Half International Inc	708		44,710	Steel Dynamics Inc	2,423		82,479
		$	238,055	Leisure Time — 0.47%
				Harley-Davidson Inc	1,300		48,347
Computers — 3.26%
Apple Inc	284		83,397	Lodging — 0.53%
HP Inc	4,587		94,263	Las Vegas Sands Corp	784		54,127

See accompanying notes.

Schedule of Investments Principal Shareholder Yield Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Machinery — Construction & Mining — 1.07%				Transportation (continued)
Oshkosh Corp	1,164	$	110,173	Union Pacific Corp	293	$	52,971

Machinery — Diversified — 0.54%						$	148,850
Rockwell Automation Inc	275		55,734
				TOTAL COMMON STOCKS		$	10,250,516
Media — 3.90%
Altice USA Inc, Class A ^(a)	2,254		61,624	INVESTMENT COMPANIES — 0.35%	Shares Held		Value
Cable One Inc	52		77,401	Money Market Fund — 0.35%
Comcast Corp, Class A	2,365		106,354	State Street Institutional U.S. Government
News Corp, Class A	3,702		52,346	Money Market Fund 1.53% ^(b)	35,844		35,844
ViacomCBS Inc, Class B	960		40,291
Walt Disney Co/The	435		62,914	TOTAL INVESTMENT COMPANIES		$	35,844
		$	400,930	Total Investments		$	10,286,360
Miscellaneous Manufacture — 2.21%				Other Assets and Liabilities — (0.02)%		$	(2,353	)
Eaton Corp PLC	615		58,253	TOTAL NET ASSETS — 100.00%		$	10,284,007
Illinois Tool Works Inc	629		112,987
Parker-Hannifin Corp	275		56,601	^(a)Non-income producing security.
		$	227,841	^(b)Current yield shown is as of period end.
Oil & Gas — 2.33%
Delek US Holdings Inc	1,363		45,701	Portfolio Summary (unaudited)
Marathon Petroleum Corp	1,477		88,989	Sector			Percent
Phillips 66	940		104,726	Financial			34.87	%
		$	239,416	Industrial			16.78	%
Packaging & Containers — 1.57%				Consumer, Cyclical			16.31	%
Packaging Corp of America	514		57,563	Technology			12.95	%
Westrock Co	2,422		103,928	Consumer, Non-cyclical			6.93	%
				Communications			5.65	%
		$	161,491	Basic Materials			3.60	%
Pharmaceuticals — 2.00%				Energy			2.58	%
AbbVie Inc	1,143		101,201	Investment Companies			0.35	%
McKesson Corp	380		52,561	Other Assets and Liabilities			(0.02	)%
Perrigo Co PLC	1,010		52,177	TOTAL NET ASSETS			100.00	%
		$	205,939
REITs — 0.46%
Apple Hospitality REIT Inc	2,924		47,515

Retail — 6.14%
Foot Locker Inc	810		31,582
Home Depot Inc/The	261		56,997
Kohl’s Corp	1,349		68,731
Lowe’s Cos Inc	870		104,191
Starbucks Corp	1,289		113,329
Tractor Supply Co	506		47,281
Walgreens Boots Alliance Inc	678		39,975
Williams-Sonoma Inc	1,557		114,346
Yum China Holdings Inc	1,156		55,500
		$	631,932
Savings & Loans — 0.83%
Investors Bancorp Inc	7,194		85,717

Semiconductors — 7.08%
Applied Materials Inc	2,364		144,298
Broadcom Inc	329		103,971
Entegris Inc	1,388		69,525
KLA Corp	425		75,722
Lam Research Corp	515		150,586
Skyworks Solutions Inc	602		72,770
Texas Instruments Inc	864		110,843
		$	727,715
Shipbuilding — 1.06%
Huntington Ingalls Industries Inc	436		109,384

Software — 2.61%
CDK Global Inc	831		45,439
Citrix Systems Inc	457		50,681
j2 Global Inc	578		54,164
MSCI Inc	266		68,676
Oracle Corp	925		49,007
		$	267,967
Transportation — 1.45%
Landstar System Inc	842		95,879

See accompanying notes.

Schedule of Investments

Principal Spectrum Preferred Securities Active ETF

December 31, 2019 (unaudited)


		Principal					Principal
BONDS — 97.77%		Amount		Value	BONDS (continued)		Amount		Value
Banks — 37.67%					Insurance (continued)
Bank of America Corp					American International Group Inc
(3-month USD LIBOR + 3.90%),					(3-month USD LIBOR + 2.87%),
6.10%, 03/17/2025 ^(a),(b)	$	4,000,000	$	4,455,200	5.75%, 04/01/2048 ^(b)	$	2,000,000	$	2,198,920
(3-month USD LIBOR + 4.55%),					Argentum Netherlands BV for Swiss Re Ltd
6.30%, 03/10/2026 ^(a),(b)		400,000		462,000	(3-month USD LIBOR + 3.78%),
Bank of New York Mellon Corp/The					5.63%, 08/15/2052 ^(b)		4,000,000		4,441,000
(3-month USD LIBOR + 3.42%),					AXA SA
4.95%, 06/20/2020 ^(a),(b)		1,500,000		1,515,000	(3-month USD LIBOR + 2.26%),
BNP Paribas SA					6.38%, 12/14/2036 ^(a),(b),(c)		3,000,000		3,625,650
(3-month USD LIBOR + 1.29%),					Cloverie PLC for Zurich Insurance Co Ltd
7.20%, 06/25/2037 ^(a),(b),(c)		3,000,000		3,330,000	(3-month USD LIBOR + 4.92%),
Citigroup Inc					5.63%, 06/24/2046 ^(b)		4,000,000		4,500,000
(3-month USD LIBOR + 3.91%),					Meiji Yasuda Life Insurance Co
5.95%, 05/15/2025 ^(a),(b)		2,000,000		2,182,500	(5-year Swap rate + 4.23%),
Citizens Financial Group Inc					5.20%, 10/20/2045 ^(b),(c)		2,000,000		2,217,500
(3-month USD LIBOR + 3.16%),					MetLife Inc
6.38%, 04/06/2024 ^(a),(b)		2,000,000		2,135,000	9.25%, 04/08/2038 ^(c)		2,850,000		4,196,625
Goldman Sachs Group Inc/The					Progressive Corp/The
(5-year Treasury Constant Maturity					(3-month USD LIBOR + 2.54%),
Rate + 3.62%),					5.38%, 03/15/2023 ^(a),(b)		750,000		788,220
5.50%, 08/10/2024 ^(a),(b),(d)		3,000,000		3,210,000	Prudential Financial Inc
HSBC Capital Funding Dollar 1 LP					(3-month USD LIBOR + 3.92%),
(3-month USD LIBOR + 4.98%),					5.63%, 06/15/2043 ^(b)		3,000,000		3,225,000
10.18%, 06/30/2030 ^(a),(b)		2,075,000		3,423,750	QBE Insurance Group Ltd
JPMorgan Chase & Co					(10-year Swap rate + 4.40%),
(3-month USD LIBOR + 3.78%),					5.88%, 06/17/2046 ^(b)		2,000,000		2,180,242
6.75%, 02/01/2024 ^(a),(b)		2,600,000		2,936,050	Sumitomo Life Insurance Co
KeyCorp					(3-month USD LIBOR + 4.44%),
(3-month USD LIBOR + 3.61%),					6.50%, 09/20/2073 ^(b),(c)		4,000,000		4,455,000
5.00%, 09/15/2026 ^(a),(b)		600,000		637,584	Voya Financial Inc
Lloyds Bank PLC					(5-year United States Treasury + 3.36%),
(3-month USD LIBOR + 11.76%),					6.13%, 09/15/2023 ^(a),(b)		2,000,000		2,150,000
12.00%, 12/16/2024 ^(a),(b),(c)		2,520,000		3,058,282
						$	36,128,297
Morgan Stanley
(3-month USD LIBOR + 3.81%),					Pipelines — 10.01%
5.55%, 07/15/2020 ^(a),(b)		2,000,000		2,039,680	Enbridge Inc
Truist Financial Corp					(3-month USD LIBOR + 3.89%),
					6.00%, 01/15/2077 ^(b)		3,000,000		3,176,400
(5-year Treasury Constant Maturity
Rate + 3.00%),					Enterprise Products Operating LLC
4.80%, 09/01/2024 ^(a),(b)		4,000,000		4,130,000	(3-month USD LIBOR + 3.03%),
					5.25%, 08/16/2077 ^(b)		2,000,000		2,023,960
US Bancorp
(3-month USD LIBOR + 2.91%),					Transcanada Trust
5.30%, 04/15/2027 ^(a),(b)		1,000,000		1,103,750	(3-month USD LIBOR + 4.15%),
					5.50%, 09/15/2079 ^(b)		4,600,000		4,827,700
Wells Fargo & Co
(3-month USD LIBOR + 3.99%),							$		10,028,060
5.88%, 06/15/2025 ^(a),(b)		2,800,000		3,115,000
					Telecommunications — 2.35%
			$	37,733,796	Vodafone Group PLC
Diversified Financial Services — 1.05%					(5-year Swap rate + 4.87%),
					7.00%, 04/04/2079 ^(b)		2,000,000		2,349,725
Charles Schwab Corp/The
(3-month USD LIBOR + 2.58%),
5.00%, 12/01/2027 ^(a),(b)		1,000,000		1,052,500	TOTAL BONDS	$	97,937,088
					INVESTMENT COMPANIES — 2.76%		Shares Held		Value
Electric — 10.63%
Dominion Energy Inc					Money Market Funds — 2.76%
(5-year Treasury Constant Maturity					Principal Government Money Market Fund
					1.41% ^(e),(f),(g)		1,324,550		1,324,550
Rate + 2.99%),
4.65%, 12/15/2024 ^(a),(b)		3,000,000		3,060,510	State Street Institutional U.S. Government
					Money Market Fund 1.53% ^(g)		1,440,407		1,440,407
Duke Energy Corp
(5-year Treasury Constant Maturity
Rate + 3.39%),					TOTAL INVESTMENT COMPANIES		$		2,764,957
4.88%, 09/16/2024 ^(a),(b)		4,000,000		4,194,200	Total Investments	$	100,702,045
Emera Inc					Other Assets and Liabilities — (0.53)%		$		(527,779	)
(3-month USD LIBOR + 5.44%),					TOTAL NET ASSETS — 100.00%	$	100,174,266
6.75%, 06/15/2076 ^(b)		3,000,000		3,390,000
			$	10,644,710	^(a)Perpetual security. Perpetual securities pay an indefinite stream of interest,
Insurance — 36.06%					but they may be called by the issuer at an earlier date. Date shown, if any,
Allstate Corp/The					reflects the next call date or final legal maturity date. Rate shown is as of
(3-month USD LIBOR + 2.94%),					period end.
5.75%, 08/15/2053 ^(b)		2,000,000		2,150,140

See accompanying notes.

Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
December 31, 2019 (unaudited)


^(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 $20,883,057 or 20.85% of net
assets.
^(d)Security or a portion of the security was on loan at the end of the period.
^(e)Security or a portion of the security was pledged as collateral for securities
lending. At the end of the period, the value of these securities totaled
$1,324,550 or 1.32% of net assets.
^(f)Affiliated Security. Security is either an affiliate (and registered under the
Investment Company Act of 1940) or an affiliate as defined by the
Investment Company Act of 1940 (controls 5.0% or more of the
outstanding voting shares of the security). Please see affiliated
sub-schedule for transactional information.
^(g)Current yield shown is as of period end.

Portfolio Summary (unaudited)
Sector	Percent
Financial	74.78	%
Utilities	10.63	%
Energy	10.01	%
Investment Companies	2.76	%
Communications	2.35	%
Other Assets and Liabilities	(0.53	)%
TOTAL NET ASSETS	100.00	%

				June 30, 2019		Purchases			Sales			December 31, 2019
Affiliated Securities				Value		Cost			Proceeds			Value
Principal Government Money
Market Fund 1.41%			$	—	$	5,615,130		$	4,290,580		$	1,324,550
			$	—	$	5,615,130		$	4,290,580		$	1,324,550

									Realized
						Realized			Gain from			Change in
						Gain/Loss on			Capital Gain			Unrealized Gain/
				Income ^(a)		Investments			Distributions			Loss
Principal Government Money
Market Fund 1.41%			$	—		$	—		$	—		$	—
			$	—		$	—		$	—		$	—

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

See accompanying notes.

Schedule of Investments Principal Sustainable Momentum Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS — 99.67%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Airlines — 0.72%				Gas (continued)
United Airlines Holdings Inc ^(a)	479	$	42,195	New Jersey Resources Corp	571	$	25,449
				ONE Gas Inc	504		47,159
Apparel — 0.83%				UGI Corp	753		34,006
Under Armour Inc, Class A ^(a)	2,250		48,600
						$	116,760
Auto Manufacturers — 0.55%
Ford Motor Co	3,437		31,964	Healthcare — Products — 0.82%
				Abbott Laboratories	550		47,773
Banks — 0.56%
Popular Inc	557		32,724	Healthcare — Services — 4.04%
				Acadia Healthcare Co Inc ^(a)	1,553		51,591
Beverages — 0.77%				HCA Healthcare Inc	208		30,744
Keurig Dr Pepper Inc	1,552		44,930	MEDNAX Inc ^(a)	1,203		33,431
				Molina Healthcare Inc ^(a)	224		30,395
Biotechnology — 1.96%				Tenet Healthcare Corp ^(a)	2,333		88,724
Alexion Pharmaceuticals Inc ^(a)	266		28,768
Ionis Pharmaceuticals Inc ^(a)	748		45,187			$	234,885
Regeneron Pharmaceuticals Inc ^(a)	107		40,176	Household Products — 1.70%
		$	114,131	Coty Inc, Class A	3,964		44,595
				Procter & Gamble Co/The	435		54,331
Chemicals — 2.81%
Ecolab Inc	254		49,019			$	98,926
Element Solutions Inc ^(a)	2,514		29,363	Household Products/Wares — 2.12%
Ingevity Corp ^(a)	312		27,263	Church & Dwight Co Inc	610		42,907
Mosaic Co/The	1,365		29,539	Clorox Co/The	261		40,074
WR Grace & Co	405		28,289	Spectrum Brands Holdings Inc	627		40,310
		$	163,473			$	123,291
Commercial Services — 1.06%				Housewares — 0.46%
Euronet Worldwide Inc ^(a)	391		61,606	Newell Brands Inc	1,398		26,870

Computers — 0.53%				Insurance — 1.45%
Zscaler Inc ^(a)	662		30,783	American National Insurance Co	293		34,480
Diversified Financial Services — 0.39%				Erie Indemnity Co, Class A	300		49,800
Franklin Resources Inc	878		22,810			$	84,280

Electric — 13.77%				Internet — 2.32%
AES Corp	2,761		54,944	Etsy Inc ^(a)	835		36,990
				Okta Inc ^(a)	626		72,222
Ameren Corp	615		47,232
American Electric Power Co Inc	536		50,657	TripAdvisor Inc	849		25,793
CMS Energy Corp	529		33,242			$	135,005
Duke Energy Corp	478		43,598	Leisure Time — 0.96%
Entergy Corp	465		55,707	Planet Fitness Inc, Class A ^(a)	745		55,637
Eversource Energy	617		52,488
Exelon Corp	883		40,256	Machinery — Diversified — 0.59%
FirstEnergy Corp	1,077		52,342	Flowserve Corp	685		34,092
Hawaiian Electric Industries Inc	1,090		51,077	Media — 3.14%
NRG Energy Inc	1,035		41,141	Cable One Inc	49		72,935
OGE Energy Corp	1,016		45,182	Discovery Inc, Class A ^(a)	1,614		52,843
Pinnacle West Capital Corp	460		41,368	DISH Network Corp, Class A ^(a)	1,605		56,929
Portland General Electric Co	882		49,207
Vistra Energy Corp	1,752		40,279			$	182,707
WEC Energy Group Inc	576		53,125	Miscellaneous Manufacture — 1.05%
Xcel Energy Inc	785		49,840	General Electric Co	5,489		61,257

		$	801,685	Oil & Gas — 2.58%
Electronics — 1.77%				Antero Resources Corp ^(a)	4,149		11,825
Garmin Ltd	513		50,048	Apache Corp	989		25,308
Keysight Technologies Inc ^(a)	515		52,855	EQT Corp	1,346		14,671
				Noble Energy Inc	2,121		52,686
		$	102,903	Range Resources Corp ^(b)	4,073		19,754
Entertainment — 0.81%				Transocean Ltd ^(a)	3,741		25,738
Liberty Media Corp-Liberty Braves, Series C ^(a)	1,598		47,205
						$	149,982
Environmental Control — 1.20%				Oil & Gas Services — 0.76%
Stericycle Inc ^(a)	1,093		69,744
				Schlumberger Ltd	1,103		44,341

Food — 5.16%				Packaging & Containers — 0.98%
Campbell Soup Co	796		39,338	Ball Corp	879		56,845
Hershey Co/The	374		54,971
Hormel Foods Corp	933		42,088	Pharmaceuticals — 6.47%
Lamb Weston Holdings Inc	546		46,972	Amneal Pharmaceuticals Inc ^(a)	1,880		9,062
Lancaster Colony Corp	225		36,023	Cardinal Health Inc	590		29,842
McCormick & Co Inc	288		48,882	CVS Health Corp	396		29,419
Post Holdings Inc ^(a)	293		31,966	DexCom Inc ^(a)	334		73,059
				Eli Lilly & Co	347		45,606
		$	300,240	McKesson Corp	238		32,920
Gas — 2.01%				Merck & Co Inc	526		47,840
National Fuel Gas Co	218		10,146	Mylan NV ^(a)	974		19,577

See accompanying notes.

Schedule of Investments Principal Sustainable Momentum Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)							Shares Held				Value
Pharmaceuticals (continued)				Telecommunications — 2.01%
Perrigo Co PLC	1,031	$	53,262	CenturyLink Inc									1,720	$	22,721
Pfizer Inc	921		36,085	Ciena Corp ^(a)									1,177		50,246
		$	376,672	Verizon Communications Inc									714		43,840
Pipelines — 0.94%													$		116,807
Kinder Morgan Inc	2,596		54,957	Toys, Games & Hobbies — 0.93%
				Mattel Inc ^(a),(b)									3,997		54,159
REITs — 16.15%
American Campus Communities Inc	635		29,864	TOTAL COMMON STOCKS								$	5,800,935
American Tower Corp	244		56,076
Apartment Investment & Management Co, Class A	874		45,142	INVESTMENT COMPANIES — 0.58%							Shares Held				Value
AvalonBay Communities Inc	221		46,344	Money Market Funds — 0.58%
Brixmor Property Group Inc	1,787		38,617	Principal Government Money Market Fund
EPR Properties	582		41,113	1.41% ^(c),(d),(e)									15,291		15,291
Equity Residential	607		49,118	State Street Institutional U.S. Government
Healthpeak Properties Inc	1,436		49,499	Money Market Fund 1.53% ^(e)									18,533		18,533
Kimco Realty Corp	2,735		56,642
Life Storage Inc	283		30,643	TOTAL INVESTMENT COMPANIES									$		33,824
Medical Properties Trust Inc	2,483		52,416
National Retail Properties Inc	827		44,344	Total Investments								$	5,834,759
Omega Healthcare Investors Inc	1,200		50,820	Other Assets and Liabilities — (0.25)%									$		(14,396	)
PS Business Parks Inc	293		48,307	TOTAL NET ASSETS — 100.00%								$	5,820,363
Realty Income Corp	636		46,829
Simon Property Group Inc	155		23,089	^(a)Non-income producing security.
UDR Inc	963		44,972
				^(b)Security or a portion of the security was on loan at the end of the period.
Ventas Inc	687		39,667
VEREIT Inc	5,605		51,790	^(c)Security or a portion of the security was pledged as collateral for securities
Welltower Inc	585		47,841	lending. At the end of the period, the value of these securities totaled
WP Carey Inc	589		47,144	$15,291 or 0.26% of net assets.
		$	940,277	^(d)Affiliated Security. Security is either an affiliate (and registered under the
Retail — 10.59%				Investment Company Act of 1940) or an affiliate as defined by the
Advance Auto Parts Inc	253		40,521	Investment Company Act of 1940 (controls 5.0% or more of the
AutoNation Inc ^(a)	728		35,403	outstanding voting shares of the security). Please see affiliated
AutoZone Inc ^(a)	48		57,183
				sub-schedule for transactional information.
Casey’s General Stores Inc	319		50,718	^(e)Current yield shown is as of period end.
Chipotle Mexican Grill Inc ^(a)	93		77,851
Dollar General Corp	241		37,591
Foot Locker Inc	756		29,477	Portfolio Summary (unaudited)
Genuine Parts Co	397		42,173	Sector											Percent
L Brands Inc	1,549		28,068
Macy’s Inc	1,370		23,290	Consumer, Non-cyclical											24.10	%
O’Reilly Automotive Inc ^(a)	116		50,838	Financial											18.56	%
Starbucks Corp	620		54,510	Consumer, Cyclical											15.85	%
Tractor Supply Co	477		44,571	Utilities											15.78	%
Yum! Brands Inc	436		43,918	Communications											7.47	%
				Industrial											5.58	%
		$	616,112	Technology											5.24	%
Semiconductors — 0.57%				Energy											4.28	%
Xilinx Inc	341		33,340	Basic Materials											2.81	%
				Investment Companies											0.58	%
Software — 4.14%				Other Assets and Liabilities											(0.25	)%
Coupa Software Inc ^(a)	636		93,015
Paycom Software Inc ^(a)	236		62,483	TOTAL NET ASSETS											100.00	%
Twilio Inc, Class A ^(a)	453		44,521
Workday Inc, Class A ^(a)	249		40,948
		$	240,967


				June 30, 2019			Purchases				Sales		December 31,2019
Affiliated Securities				Value			Cost			Proceeds			Value
Principal Government Money
Market Fund 1.41%				$	—	$	239,918		$	224,627			$		15,291
				$	—	$	239,918		$	224,627			$		15,291


										Realized
							Realized			Gain from			Change in
					Gain/Loss on					Capital Gain			Unrealized
				Income ^(a)			Investments			Distributions			Gain/Loss
Principal Government Money
Market Fund 1.41%				$	—		$	—		$	—		$		—
				$	—		$	—		$	—		$		—

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

See accompanying notes.

Schedule of Investments Principal Ultra-Short Active Income ETF

December 31, 2019 (unaudited)


			Principal					Principal
BONDS — 96.95%			Amount		Value	BONDS (continued)		Amount		Value
Aerospace & Defense — 1.85%						Diversified Financial Services — 4.15%
General Dynamics Corp						American Express Co
(3-month USD LIBOR + 0.38%),						(3-month USD LIBOR + 0.53%),
2.28%, 05/11/2021 ^(a)		$	230,000	$	230,678	2.43%, 05/17/2021 ^(a)	$	266,000	$	267,094
						USAA Capital Corp
Asset — Backed Securities — 18.41%						2.45%, 08/01/2020 ^(b)		250,000		250,894
AmeriCredit Automobile Receivables Trust 2019-3
2.17%, 01/18/2023			300,000		300,327				$	517,988
CCG Receivables Trust 2018-1						Electric — 11.23%
2.50%, 06/16/2025 ^(b)			140,385		140,701	Alabama Power Co
CPS Auto Receivables Trust 2019-A						3.38%, 10/01/2020		250,000		252,201
3.18%, 06/15/2022 ^(b)			204,030		204,772	Dominion Energy Inc
Ford Credit Auto Owner Trust 2015-2						2.58%, 07/01/2020		350,000		350,728
2.44%, 01/15/2027 ^(b)			400,000		400,853	LG&E & KU Energy LLC
Navient Private Education Loan Trust 2018-BA						3.75%, 11/15/2020		420,000		424,342
2.09%, 12/15/2059 ^(b),(c)			56,775		56,750	NextEra Energy Capital Holdings Inc
Santander Drive Auto Receivables Trust 2019-1						(3-month USD LIBOR + 0.48%),
2.91%, 01/18/2022			92,163		92,206	2.38%, 05/04/2021 ^(a)		374,000		374,513
SMB Private Education Loan Trust 2015-B
2.94%, 07/15/2027 ^(b),(c)			213,695		214,645				$	1,401,784
Verizon Owner Trust 2018-A						Insurance — 7.62%
3.23%, 04/20/2023			256,000		260,336	MassMutual Global Funding II
Volvo Financial Equipment Master Owner Trust						1.95%, 09/22/2020 ^(b)		250,000		250,106
2018	-A					2.00%, 04/15/2021 ^(b)		200,000		200,319
2.26%, 07/17/2023 ^(b),(c)			325,000		326,138	Metropolitan Life Global Funding I
Westlake Automobile Receivables Trust 2018-1A						2.05%, 06/12/2020 ^(b)		250,000		250,147
2.92%, 05/15/2023 ^(b)			300,000		300,795	New York Life Global Funding
						1.95%, 02/11/2020 ^(b)		250,000		249,999
				$	2,297,523
									$	950,571
Banks — 27.37%
Bank of America Corp						Media — 2.01%
5.63%, 07/01/2020			250,000		254,587	NBCUniversal Enterprise Inc
BNP Paribas SA						(3-month USD LIBOR + 0.40%),
2.38%, 05/21/2020			250,000		250,339	2.31%, 04/01/2021 ^(a),(b)		250,000		250,625
Capital One NA						Miscellaneous Manufacture — 3.74%
2.35%, 01/31/2020			250,000		250,050	Siemens Financieringsmaatschappij NV
Citibank NA						2.20%, 03/16/2020 ^(b)		467,000		467,155
(3-month USD LIBOR + 0.57%),
2.50%, 07/23/2021 ^(a)			250,000		251,067	Oil & Gas — 2.00%
Citigroup Inc						BP Capital Markets PLC
2.70%, 03/30/2021			200,000		201,878	2.32%, 02/13/2020		250,000		250,057
Credit Suisse AG						Pharmaceuticals — 4.04%
5.40%, 01/14/2020			334,000		334,313	AbbVie Inc
Fifth Third Bank						2.50%, 05/14/2020		250,000		250,376
(3-month USD LIBOR + 0.25%),						CVS Health Corp
2.19%, 10/30/2020 ^(a)			200,000		200,146
						3.35%, 03/09/2021		250,000		254,156
Goldman Sachs Group Inc/The
(3-month USD LIBOR + 1.20%),									$	504,532
3.09%, 09/15/2020 ^(a)			250,000		251,601	Pipelines — 2.01%
HSBC Holdings PLC						Enterprise Products Operating LLC
(3-month USD LIBOR + 1.66%),						5.25%, 01/31/2020		250,000		250,566
3.57%, 05/25/2021 ^(a)			250,000		254,292
ING Bank NV						Semiconductors — 1.60%
(3-month USD LIBOR + 0.88%),						Broadcom Corp / Broadcom Cayman Finance Ltd
2.79%, 08/15/2021 ^(a),(b)			200,000		202,055	2.38%, 01/15/2020		200,000		200,009
Morgan Stanley						Software — 2.41%
2.65%, 01/27/2020			200,000		200,066	VMware Inc
PNC Financial Services Group Inc/The						2.30%, 08/21/2020		300,000		300,424
5.13%, 02/08/2020			314,000		314,883
Truist Bank						Telecommunications — 3.18%
(3-month USD LIBOR + 0.50%),						Sprint Spectrum Co LLC / Sprint Spectrum Co II
2.44%, 10/26/2021 ^(a)			200,000		200,272	LLC / Sprint Spectrum Co III LLC
						3.36%, 03/20/2023 ^(b)		393,750		397,254
Wells Fargo & Co
2.60%, 07/22/2020			250,000		250,955	Transportation — 2.00%
				$	3,416,504	Ryder System Inc
						2.65%, 03/02/2020		250,000		250,055
Beverages — 1.32%
Keurig Dr Pepper Inc						TOTAL BONDS			$	12,100,810
2.00%, 01/15/2020			165,000		164,991

Biotechnology — 2.01%
Amgen Inc
2.13%, 05/01/2020			250,000		250,094

See accompanying notes.

Schedule of Investments
Principal Ultra-Short Active Income ETF
December 31, 2019 (unaudited)


INVESTMENT COMPANIES — 2.64%	Shares Held			Value
Money Market Fund — 2.64%
State Street Instigtutional U.S. Government
Money Market Fund 1.53% ^(d)	329,265		$	329,265

TOTAL INVESTMENT COMPANIES			$	329,265
Total Investments		$	12,430,075
Other Assets and Liabilities — 0.41%			$	51,186
TOTAL NET ASSETS — 100.00%		$	12,481,261

^(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)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 $4,163,208 or 33.36% of net
assets.
^(c)Certain variable rate securities are not based on a published reference rate
and spread but are determined by the issuer or agent and are based on
current market conditions. These securities do not indicate a reference rate
and spread in their description. Rate shown is the rate in effect as of period
end.
^(d)Current yield shown is as of period end.

Portfolio Summary (unaudited)
Sector				Percent
Financial				39.14	%
Asset Backed Securities				18.41	%
Utilities				11.23	%
Industrial				7.59	%
Consumer, Non-cyclical				7.37	%
Communications				5.19	%
Energy				4.01	%
Technology				4.01	%
Investment Companies				2.64	%
Other Assets and Liabilities				0.41	%
TOTAL NET ASSETS				100.00	%

							June 30, 2019		Purchases		Sales	December 31, 2019
Affiliated Securities							Value		Cost		Proceeds	Value
Principal Government Money
Market Fund 1.41%						$	—	$	154,588	$	154,588	$	—
						$	—	$	154,588	$	154,588	$	—

											Realized
									Realized		Gain from	Change in
									Gain/Loss on		Capital Gain	Unrealized Gain/
							Income ^(a)		Investments		Distributions	Loss
Principal Government Money
Market Fund 1.41%						$	—	$	—	$	—	$	—
						$	—	$	—	$	—	$	—

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

See accompanying notes.

Schedule of Investments

Principal U.S. Large-Cap Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS — 99.71%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 0.44%				Diversified Financial Services — 5.92%
Omnicom Group Inc	360	$	29,167	Ally Financial Inc	643	$	19,650
				American Express Co	188		23,404
Aerospace & Defense — 2.76%
				Ameriprise Financial Inc	151		25,154
Boeing Co/The	137		44,629
				Capital One Financial Corp	244		25,110
HEICO Corp	149		17,008
				Discover Financial Services	274		23,241
L3Harris Technologies Inc	331		65,495
				Intercontinental Exchange Inc	241		22,305
Lockheed Martin Corp	48		18,690
				Mastercard Inc, Class A	277		82,709
Northrop Grumman Corp	50		17,199
				Nasdaq Inc	223		23,883
United Technologies Corp	131		19,619
				Synchrony Financial	651		23,442
		$	182,640	T Rowe Price Group Inc	194		23,637
Agriculture — 0.52%				Visa Inc, Class A	530		99,587
Philip Morris International Inc	407		34,632			$	392,122
Airlines — 0.43%				Electric — 1.35%
Delta Air Lines Inc	490		28,655	American Electric Power Co Inc	160		15,122
				Evergy Inc	226		14,711
Apparel — 0.59%				Eversource Energy	176		14,972
NIKE Inc, Class B	388		39,308	NextEra Energy Inc	64		15,498
Auto Manufacturers — 0.64%				WEC Energy Group Inc	158		14,572
Cummins Inc	115		20,580	Xcel Energy Inc	231		14,666
PACCAR Inc	278		21,990			$	89,541
		$	42,570	Electrical Components & Equipment — 0.31%
Banks — 6.84%				AMETEK Inc	203		20,247
Bank of America Corp	2,145		75,547
				Electronics — 1.02%
Citigroup Inc	587		46,895
				Honeywell International Inc	261		46,197
Fifth Third Bancorp	811		24,930	Mettler-Toledo International Inc ^(a)	27		21,419
Huntington Bancshares Inc	1,556		23,465
JPMorgan Chase & Co	923		128,666			$	67,616
KeyCorp	1,244		25,179	Food — 1.76%
PNC Financial Services Group Inc/The	158		25,222	General Mills Inc	387		20,728
Truist Financial Corp	416		23,429	Hershey Co/The	138		20,283
US Bancorp	401		23,775	McCormick & Co Inc	136		23,083
Wells Fargo & Co	1,039		55,898	Mondelez International Inc, Class A	386		21,261
		$	453,006	Sysco Corp	364		31,137
Beverages — 2.12%						$	116,492
Brown-Forman Corp, Class B	340		22,984	Healthcare — Products — 4.49%
Coca-Cola Co/The	1,008		55,793	Abbott Laboratories	429		37,263
PepsiCo Inc	452		61,775	Baxter International Inc	300		25,086
		$	140,552	Cooper Cos Inc/The	90		28,916
				Edwards Lifesciences Corp ^(a)	122		28,461
Biotechnology — 0.56%				IDEXX Laboratories Inc ^(a)	99		25,852
Amgen Inc	153		36,884
				Medtronic PLC	327		37,098
Chemicals — 0.70%				ResMed Inc	194		30,064
Air Products & Chemicals Inc	51		11,985	Stryker Corp	121		25,403
Celanese Corp	92		11,327	Teleflex Inc	79		29,739
Ecolab Inc	57		11,000	Thermo Fisher Scientific Inc	90		29,238
LyondellBasell Industries NV, Class A	126		11,904			$	297,120
		$	46,216	Healthcare — Services — 1.79%
Commercial Services — 2.91%				Quest Diagnostics Inc	245		26,164
Automatic Data Processing Inc	116		19,778	UnitedHealth Group Inc	228		67,027
Cintas Corp	70		18,836	Universal Health Services Inc, Class B	176		25,249
CoStar Group Inc ^(a)	32		19,146
						$	118,440
FleetCor Technologies Inc ^(a)	65		18,702
Global Payments Inc	117		21,359	Home Builders — 0.65%
MarketAxess Holdings Inc	68		25,779	DR Horton Inc	405		21,364
Moody’s Corp	111		26,352	Lennar Corp, Class A	382		21,312
S&P Global Inc	91		24,848			$	42,676
Verisk Analytics Inc	118		17,622	Household Products — 1.84%
		$	192,422	Colgate-Palmolive Co	290		19,963
Computers — 7.18%				Estee Lauder Cos Inc/The, Class A	107		22,100
Accenture PLC, Class A	228		48,010	Procter & Gamble Co/The	640		79,936
Apple Inc	1,087		319,198			$	121,999
International Business Machines Corp	231		30,963	Household Products/Wares — 0.61%
Seagate Technology PLC	1,297		77,171	Church & Dwight Co Inc	283		19,906
		$	475,342	Kimberly-Clark Corp	150		20,633
Distribution/Wholesale — 0.80%						$	40,539
Copart Inc ^(a)	352		32,011
				Insurance — 2.84%
Fastenal Co	571		21,098	Arch Capital Group Ltd ^(a)	529		22,689
		$	53,109	Berkshire Hathaway Inc, Class B ^(a)	533		120,724
				Hartford Financial Services Group Inc/The	366		22,242

See accompanying notes.

Schedule of Investments

Principal U.S. Large-Cap Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Insurance (continued)				Semiconductors — 8.95%
WR Berkley Corp	320	$	22,112	Analog Devices Inc	619	$	73,562
		$	187,767	Applied Materials Inc	1,386		84,601
				Broadcom Inc	251		79,321
Internet — 10.41%				Intel Corp	1,135		67,930
Alphabet Inc, Class A ^(a)	169		226,357
				KLA Corp	434		77,326
Amazon.com Inc ^(a)	99		182,936
				Lam Research Corp	299		87,428
Booking Holdings Inc ^(a)	15		30,806
				QUALCOMM Inc	906		79,936
CDW Corp	566		80,847	Texas Instruments Inc	334		42,849
eBay Inc	724		26,144
Facebook Inc, Class A ^(a)	694		142,444			$	592,953
		$	689,534	Software — 8.65%
				Adobe Inc ^(a)	71		23,417
Machinery — Diversified — 0.57%				Akamai Technologies Inc ^(a)	47		4,060
IDEX Corp	114		19,608	ANSYS Inc ^(a)	23		5,920
Roper Technologies Inc	52		18,420	Cadence Design Systems Inc ^(a)	77		5,341
		$	38,028	Fiserv Inc ^(a)	180		20,813
Media — 2.11%				Intuit Inc	63		16,502
Comcast Corp, Class A	1,178		52,974	Microsoft Corp	2,042		322,023
Fox Corp, Class A	897		33,252	MSCI Inc	102		26,334
Walt Disney Co/The	371		53,658	Oracle Corp	554		29,351
				Paychex Inc	225		19,138
		$	139,884	Paycom Software Inc ^(a)	16		4,236
Miscellaneous Manufacture — 0.64%				salesforce.com Inc ^(a)	119		19,354
Illinois Tool Works Inc	119		21,376	Synopsys Inc ^(a)	39		5,429
Parker-Hannifin Corp	103		21,199	Veeva Systems Inc, Class A ^(a)	457		64,282
		$	42,575	VMware Inc, Class A ^(a)	45		6,831
Oil & Gas — 2.71%						$	573,031
Chevron Corp	382		46,035	Telecommunications — 2.90%
Exxon Mobil Corp	918		64,058	AT&T Inc	1,888		73,783
Marathon Petroleum Corp	378		22,774	Cisco Systems Inc	1,101		52,804
Occidental Petroleum Corp	517		21,306	Verizon Communications Inc	1,070		65,698
Phillips 66	224		24,956
						$	192,285
		$	179,129
				Water — 0.23%
Oil & Gas Services — 0.38%				American Water Works Co Inc	121		14,865
Baker Hughes Co	990		25,374

Pharmaceuticals — 4.23%				TOTAL COMMON STOCKS		$	6,603,860
Bristol-Myers Squibb Co	529		33,956	INVESTMENT COMPANIES — 0.28%	Shares Held		Value
Cardinal Health Inc	556		28,122	Money Market Fund — 0.28%
Johnson & Johnson	642		93,649	State Street Institutional U.S. Government Money
Merck & Co Inc	623		56,662	Market Fund 1.53% ^(b)	18,592		18,592
Pfizer Inc	1,020		39,964
Zoetis Inc	210		27,793	TOTAL INVESTMENT COMPANIES		$	18,592
		$	280,146	Total Investments		$	6,622,452
Pipelines — 0.71%				Other Assets and Liabilities — 0.01%		$	572
Kinder Morgan Inc	1,115		23,605	TOTAL NET ASSETS — 100.00%		$	6,623,024
ONEOK Inc	312		23,609
		$	47,214	^(a)Non-income producing security
Real Estate — 0.39%				^(b)Current yield shown is as of period end.
CBRE Group Inc, Class A ^(a)	419		25,680

REITs — 0.94%				Portfolio Summary (unaudited)
American Tower Corp	100		22,982	Sector			Percent
Extra Space Storage Inc	190		20,068	Technology			24.78	%
Public Storage	91		19,379
				Consumer, Non-cyclical			20.82	%
		$	62,429	Financial			16.93	%
Retail — 6.82%				Communications			15.87	%
AutoZone Inc ^(a)	26		30,974	Consumer, Cyclical			9.93	%
CarMax Inc ^(a)	321		28,142	Industrial			5.30	%
Chipotle Mexican Grill Inc ^(a)	34		28,462	Energy			3.80	%
Costco Wholesale Corp	115		33,801	Utilities			1.58	%
Dollar General Corp	182		28,388	Basic Materials			0.70	%
Home Depot Inc/The	322		70,318	Investment Companies			0.28	%
McDonald’s Corp	195		38,534	Other Assets and Liabilities			0.01	%
O’Reilly Automotive Inc ^(a)	71		31,117
				TOTAL NET ASSETS			100.00	%
Ross Stores Inc	257		29,920
Starbucks Corp	319		28,047
TJX Cos Inc/The	506		30,896
Walmart Inc	364		43,258
Yum China Holdings Inc	621		29,814
		$	451,671

See accompanying notes.

Schedule of Investments

Principal U.S. Mega-Cap Multi-Factor Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS — 99.72%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Aerospace & Defense — 2.87%				Retail — 8.14%
Boeing Co/The	36,917	$	12,026,082	Costco Wholesale Corp	96,632	$	28,402,077
United Technologies Corp	203,959		30,544,900	Home Depot Inc/The	119,970		26,199,049
		$	42,570,982	McDonald’s Corp	193,846		38,305,908
				Walmart Inc	234,577		27,877,131
Agriculture — 1.06%
Philip Morris International Inc	185,160		15,755,264			$	120,784,165
				Semiconductors — 3.12%
Apparel — 2.02%
				Intel Corp	540,409		32,343,479
NIKE Inc, Class B	296,458		30,034,160
				Texas Instruments Inc	108,638		13,937,169
Banks — 6.46%						$	46,280,648
Bank of America Corp	482,088		16,979,139
Citigroup Inc	203,536		16,260,491	Software — 10.37%
				Adobe Inc ^(a)	100,810		33,248,146
JPMorgan Chase & Co	236,623		32,985,246
Wells Fargo & Co	551,998		29,697,493	Microsoft Corp	401,474		63,312,450
				Oracle Corp	505,845		26,799,668
		$	95,922,369	salesforce.com Inc ^(a)	187,580		30,508,011
Beverages — 5.65%						$	153,868,275
Coca-Cola Co/The	764,639		42,322,769
PepsiCo Inc	303,617		41,495,335	Telecommunications — 5.71%
				AT&T Inc	735,758		28,753,423
		$	83,818,104	Cisco Systems Inc	284,171		13,628,841
Biotechnology — 1.18%				Verizon Communications Inc	689,644		42,344,141
Amgen Inc	72,679		17,520,727			$	84,726,405
Commercial Services — 0.99%
PayPal Holdings Inc ^(a)	135,678		14,676,289	TOTAL COMMON STOCKS		$	1,480,304,319

Computers — 8.48%				INVESTMENT COMPANIES — 0.22%	Shares Held		Value
Accenture PLC, Class A	144,759		30,481,903	Money Market Fund — 0.22%
Apple Inc	237,640		69,782,986	State Street Institutional U.S. Government
International Business Machines Corp	191,401		25,655,390	Money Market Fund 1.53% ^(b)	3,244,299		3,244,299
		$	125,920,279
				TOTAL INVESTMENT COMPANIES		$	3,244,299
Diversified Financial Services — 4.11%
Mastercard Inc, Class A	102,531		30,614,731	Total Investments		$	1,483,548,618
Visa Inc, Class A	161,876		30,416,501	Other Assets and Liabilities — 0.06%		$	826,013
		$	61,031,232	TOTAL NET ASSETS — 100.00%		$	1,484,374,631

Electronics — 1.96%				^(a)Non-income producing security.
Honeywell International Inc	164,549		29,125,173	^(b)Current yield shown is as of period end.
Healthcare — Products — 6.97%
Abbott Laboratories	332,752		28,902,839	Portfolio Summary (unaudited)
Medtronic PLC	383,247		43,479,372
Thermo Fisher Scientific Inc	95,600		31,057,572	Sector			Percent
		$	103,439,783	Consumer, Non-cyclical			28.43	%
				Technology			21.97	%
Healthcare — Services — 2.54%				Communications			16.00	%
UnitedHealth Group Inc	128,174		37,680,592	Financial			13.63	%
Household Products — 2.82%				Consumer, Cyclical			10.16	%
Procter & Gamble Co/The	334,669		41,800,158	Industrial			4.83	%
				Energy			4.70	%
Insurance — 3.05%				Investment Companies			0.22	%
Berkshire Hathaway Inc, Class B ^(a)	200,129		45,329,218	Other Assets and Liabilities			0.06	%
Internet — 6.34%				TOTAL NET ASSETS			100.00	%
Alphabet Inc, Class A ^(a)	11,512		15,419,057
Amazon.com Inc ^(a)	16,039		29,637,506
Facebook Inc, Class A ^(a)	156,372		32,095,353
Netflix Inc ^(a)	52,547		17,002,633
		$	94,154,549
Media — 3.95%
Comcast Corp, Class A	617,555		27,771,449
Walt Disney Co/The	213,664		30,902,224
		$	58,673,673
Oil & Gas — 4.70%
Chevron Corp	350,984		42,297,082
Exxon Mobil Corp	394,254		27,511,044
		$	69,808,126
Pharmaceuticals — 7.23%
Johnson & Johnson	321,785		46,938,778
Merck & Co Inc	330,764		30,082,986
Pfizer Inc	774,946		30,362,384
		$	107,384,148

See accompanying notes.

Schedule of Investments

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

December 31, 2019 (unaudited)


COMMON STOCKS — 99.66%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 0.03%				Banks (continued)
Fluent Inc ^(a)	6,408	$	16,020	Southside Bancshares Inc	10,989	$	408,131
National CineMedia Inc	13,320		97,103	Stock Yards Bancorp Inc	5,522		226,733
		$	113,123	TCF Financial Corp	67,669		3,166,909
				TriCo Bancshares	8,815		359,740
Aerospace & Defense — 0.45%				Trustmark Corp	28,526		984,432
Aerojet Rocketdyne Holdings Inc ^(a)	39,206		1,790,146
				United Community Banks Inc	32,809		1,013,142
Agriculture — 0.09%				Univest Financial Corp	11,327		303,337
Turning Point Brands Inc ^(b)	12,630		361,218	Veritex Holdings Inc	27,711		807,221
				Washington Trust Bancorp Inc	3,430		184,500
Airlines — 0.52%				WesBanco Inc	23,224		877,635
Allegiant Travel Co	11,868		2,065,507
						$	39,745,479
Apparel — 0.89%				Beverages — 0.67%
Levi Strauss & Co, Class A	45,897		885,353	Boston Beer Co Inc/The, Class A ^(a)	7,069		2,671,022
Oxford Industries Inc	7,690		579,980
Steven Madden Ltd	22,521		968,628	Biotechnology — 3.20%
Wolverine World Wide Inc	32,308		1,090,072	ACADIA Pharmaceuticals Inc ^(a)	27,977		1,196,856
				Acorda Therapeutics Inc ^(a)	42,897		87,510
		$	3,524,033	ANI Pharmaceuticals Inc ^(a)	10,089		622,189
Auto Parts & Equipment — 0.94%				Arrowhead Pharmaceuticals Inc ^(a)	57,780		3,664,985
Dana Inc	60,093		1,093,692	CEL-SCI Corp ^(a),(b)	16,269		148,861
Douglas Dynamics Inc	4,520		248,600	Denali Therapeutics Inc ^(a)	16,918		294,712
Goodyear Tire & Rubber Co/The	112,470		1,749,471	Epizyme Inc ^(a)	35,415		871,209
Methode Electronics Inc	12,122		477,001	Innoviva Inc ^(a)	39,554		560,085
Miller Industries Inc	2,998		111,316	Myriad Genetics Inc ^(a)	22,057		600,612
XPEL Inc ^(a)	1,459		21,374	NGM Biopharmaceuticals Inc ^(a),(b)	4,068		75,217
				PDL BioPharma Inc ^(a)	103,939		337,282
		$	3,701,454
				Radius Health Inc ^(a)	23,722		478,236
Banks — 10.05%				United Therapeutics Corp ^(a)	32,283		2,843,487
Allegiance Bancshares Inc ^(a)	9,836		369,834
				Veracyte Inc ^(a)	31,081		867,781
Associated Banc-Corp	108,420		2,389,577
Atlantic Capital Bancshares Inc ^(a)	12,544		230,182			$	12,649,022
Bancorp Inc/The ^(a)	15,443		200,296	Chemicals — 1.82%
Bank First Corp ^(b)	2,001		140,090	Balchem Corp	7,416		753,688
Bank of Hawaii Corp	23,941		2,278,226	Hawkins Inc	2,747		125,840
Bank of Marin Bancorp	4,032		181,642	Innospec Inc	12,585		1,301,792
Banner Corp	16,428		929,661	Koppers Holdings Inc ^(a)	4,433		169,429
Byline Bancorp Inc	10,317		201,904	Minerals Technologies Inc	13,353		769,533
Cadence BanCorp	98,556		1,786,820	PolyOne Corp	38,135		1,402,987
Cathay General Bancorp	39,017		1,484,597	PQ Group Holdings Inc ^(a)	6,384		109,677
Central Pacific Financial Corp	17,602		520,667	Sensient Technologies Corp	25,128		1,660,710
City Holding Co	7,875		645,356	Stepan Co	8,759		897,272
ConnectOne Bancorp Inc	12,069		310,415			$	7,190,928
Enterprise Financial Services Corp	10,596		510,833
FB Financial Corp	6,756		267,470	Coal — 0.71%
Financial Institutions Inc	3,644		116,972	Advanced Emissions Solutions Inc ^(b)	9,166		96,243
First BanCorp	130,629		1,383,361	Arch Coal Inc, Class A	16,655		1,194,830
First Commonwealth Financial Corp	33,592		487,420	Warrior Met Coal Inc	70,941		1,498,983
First Financial Corp	3,879		177,348			$	2,790,056
First Hawaiian Inc	79,294		2,287,632
				Commercial Services — 3.63%
First Merchants Corp	20,099		835,917	ABM Industries Inc	34,974		1,318,870
First of Long Island Corp/The	7,057		176,990	Barrett Business Services Inc	3,910		353,699
Flagstar Bancorp Inc	31,451		1,203,001	BG Staffing Inc	3,758		82,263
Great Southern Bancorp Inc	3,182		201,484	BrightView Holdings Inc ^(a)	6,389		107,782
Hanmi Financial Corp	14,693		293,787	Carriage Services Inc	2,163		55,373
Hilltop Holdings Inc	63,797		1,590,459	Cass Information Systems Inc	2,833		163,577
Home BancShares Inc	53,487		1,051,554	Cimpress PLC ^(a)	11,647		1,464,843
Hope Bancorp Inc	47,498		705,820	Collectors Universe Inc	2,181		50,272
Horizon Bancorp Inc	9,822		186,618	CorVel Corp ^(a)	8,177		714,343
Independent Bank Group Inc	22,348		1,238,973	CRA International Inc	4,359		237,435
Lakeland Bancorp Inc	19,936		346,488	EVERTEC Inc	26,434		899,813
Lakeland Financial Corp	8,356		408,859	Forrester Research Inc ^(a)	5,536		230,851
Live Oak Bancshares Inc	9,218		175,234	Hackett Group Inc/The	11,360		183,350
Mercantile Bank Corp	3,598		131,219	Healthcare Services Group Inc	39,412		958,500
Midland States Bancorp Inc	8,101		234,605	Heidrick & Struggles International Inc	8,910		289,575
NBT Bancorp Inc	12,394		502,701	HMS Holdings Corp ^(a)	38,602		1,142,619
Nicolet Bankshares Inc ^(a)	3,466		255,964
				ICF International Inc	12,871		1,179,241
Origin Bancorp Inc	10,564		399,742	K12 Inc ^(a)	8,641		175,844
Peoples Bancorp Inc	5,800		201,028	Kforce Inc	9,431		374,411
Preferred Bank	6,657		400,019	Medifast Inc ^(b)	12,816		1,404,377
S&T Bancorp Inc	14,158		570,426	Monro Inc	10,929		854,648
Sandy Spring Bancorp Inc	15,050		570,094	National Research Corp	4,940		325,744
ServisFirst Bancshares Inc	10,616		400,011	Rent-A-Center Inc	31,945		921,294
Simmons First National Corp, Class A	36,200		969,798	SP Plus Corp ^(a)	3,448		146,299
South State Corp	16,860		1,462,605

See accompanying notes.

Schedule of Investments

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

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Commercial Services (continued)				Energy — Alternate Sources — 1.24%
Vectrus Inc ^(a)	5,615	$	287,825	Enphase Energy Inc ^(a)	115,843	$	3,026,978
Viad Corp	6,375		430,312	Pattern Energy Group Inc, Class A	41,151		1,100,995
		$	14,353,160	TerraForm Power Inc, Class A	49,405		760,343
Computers — 0.99%						$	4,888,316
ExlService Holdings Inc ^(a)	14,153		983,067	Engineering & Construction — 1.62%
Insight Enterprises Inc ^(a)	21,361		1,501,465	Arcosa Inc	25,545		1,138,030
MTS Systems Corp	12,074		579,914	Comfort Systems USA Inc	16,862		840,571
TTEC Holdings Inc	7,596		300,953	Exponent Inc	26,925		1,858,094
Virtusa Corp ^(a)	12,293		557,242	Great Lakes Dredge & Dock Corp ^(a)	30,318		343,503
		$	3,922,641	TopBuild Corp ^(a)	21,816		2,248,793
Construction Materials — 1.72%						$	6,428,991
American Woodmark Corp ^(a)	6,244		652,560	Entertainment — 0.21%
Boise Cascade Co	18,318		669,157	AMC Entertainment Holdings Inc, Class A ^(b)	62,799		454,665
Builders FirstSource Inc ^(a)	66,393		1,687,046	Twin River Worldwide Holdings Inc	14,113		361,998
Gibraltar Industries Inc ^(a)	18,995		958,108
PGT Innovations Inc ^(a)	18,785		280,084			$	816,663
Simpson Manufacturing Co Inc	19,738		1,583,580	Food — 1.34%
Universal Forest Products Inc	20,427		974,368	B&G Foods Inc ^(b)	46,774		838,658
				Chefs’ Warehouse Inc/The ^(a)	7,799		297,220
		$	6,804,903
				J&J Snack Foods Corp	4,256		784,253
Distribution/Wholesale — 1.87%				John B Sanfilippo & Son Inc	3,857		352,067
Core-Mark Holding Co Inc	10,791		293,407	Simply Good Foods Co/The ^(a)	19,675		561,524
G-III Apparel Group Ltd ^(a)	16,570		555,095
				Sprouts Farmers Market Inc ^(a)	55,889		1,081,452
KAR Auction Services Inc	106,487		2,320,352	Tootsie Roll Industries Inc ^(b)	6,590		224,983
Resideo Technologies Inc ^(a)	72,178		861,084
				TreeHouse Foods Inc ^(a)	24,074		1,167,589
Systemax Inc	3,097		77,920
Triton International Ltd	30,029		1,207,166			$	5,307,746
WESCO International Inc ^(a)	34,784		2,065,822	Forest Products & Paper — 0.66%
		$	7,380,846	Domtar Corp	53,668		2,052,264
				Schweitzer-Mauduit International Inc	13,192		553,932
Diversified Financial Services — 6.06%
Aircastle Ltd	22,475		719,425			$	2,606,196
Artisan Partners Asset Management Inc, Class A	36,255		1,171,762	Gas — 0.15%
B. Riley Financial Inc	2,949		74,256	Chesapeake Utilities Corp	6,189		593,092
CBTX Inc	3,186		99,148
Cohen & Steers Inc	18,633		1,169,407	Hand/Machine Tools — 0.79%
Deluxe Corp	27,969		1,396,212	Franklin Electric Co Inc	13,573		778,004
Diamond Hill Investment Group Inc	2,560		359,578	Regal Beloit Corp	27,239		2,331,931
Encore Capital Group Inc ^(a)	20,261		716,429			$	3,109,935
Evercore Inc, Class A	32,660		2,441,662
Federal Agricultural Mortgage Corp, Class C	3,922		327,487	Healthcare — Products — 4.31%
				Accuray Inc ^(a)	32,814		92,536
Federated Investors Inc, Class B	72,166		2,351,890	Alphatec Holdings Inc ^(a)	20,782		147,448
Greenhill & Co Inc	13,961		238,454
Hamilton Lane Inc, Class A	17,364		1,034,894	Atrion Corp	1,976		1,484,964
				Cardiovascular Systems Inc ^(a)	17,171		834,339
Hannon Armstrong Sustainable Infrastructure
				Conformis Inc ^(a)	26,277		39,416
Capital Inc	33,277		1,070,854
Houlihan Lokey Inc	34,444		1,683,278	CONMED Corp	21,053		2,354,357
				Inspire Medical Systems Inc ^(a)	19,075		1,415,556
Legg Mason Inc	66,660		2,393,761
Navient Corp	147,696		2,020,481	Invacare Corp	6,331		57,106
				iRhythm Technologies Inc ^(a)	16,125		1,097,951
Tradeweb Markets Inc, Class A	45,084		2,089,643
				Lantheus Holdings Inc ^(a)	14,970		307,035
Virtu Financial Inc, Class A	75,475		1,206,845
Waddell & Reed Financial Inc, Class A	75,084		1,255,404	LeMaitre Vascular Inc	7,980		286,881
Westwood Holdings Group Inc	4,758		140,932	Luminex Corp	15,470		358,285
				Meridian Bioscience Inc	21,565		210,690
		$	23,961,802	Natus Medical Inc ^(a)	13,396		441,934
Electric — 0.63%				Nevro Corp ^(a)	15,756		1,851,960
NorthWestern Corp	34,845		2,497,341	NuVasive Inc ^(a)	29,765		2,302,025
				OPKO Health Inc ^(a)	158,675		233,252
Electrical Components & Equipment — 0.33%				OrthoPediatrics Corp ^(a)	4,831		227,009
Belden Inc	16,432		903,760
Encore Wire Corp	6,712		385,269	Patterson Cos Inc	89,385		1,830,605
				Quanterix Corp ^(a)	9,927		234,575
		$	1,289,029	Quidel Corp ^(a)	9,547		716,311
Electronics — 2.40%				Utah Medical Products Inc	1,116		120,416
Advanced Energy Industries Inc ^(a)	16,323		1,162,198	Varex Imaging Corp ^(a)	11,009		328,178
Atkore International Group Inc ^(a)	20,745		839,343	Zynex Inc ^(a),(b)	9,587		75,450
Badger Meter Inc	13,278		862,140			$	17,048,279
Brady Corp, Class A	25,888		1,482,347
Comtech Telecommunications Corp	7,322		259,858	Healthcare — Services — 3.80%
				Acadia Healthcare Co Inc ^(a)	44,870		1,490,581
Fluidigm Corp ^(a)	44,333		154,279
				Addus HomeCare Corp ^(a)	11,398		1,108,114
OSI Systems Inc ^(a)	25,335		2,552,248
SMART Global Holdings Inc ^(a)	16,375		621,267	Brookdale Senior Living Inc ^(a)	78,657		571,836
				Capital Senior Living Corp ^(a)	7,187		22,208
Watts Water Technologies Inc, Class A	15,819		1,578,103
				Catasys Inc ^(a),(b)	5,625		91,744
		$	9,511,783	Community Health Systems Inc ^(a)	44,321		128,531

See accompanying notes.

Schedule of Investments

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

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Healthcare — Services (continued)				Machinery — Diversified — 1.47%
Ensign Group Inc/The	21,716	$	985,255	Alamo Group Inc	4,480	$	562,464
Invitae Corp ^(a)	110,331		1,779,639	Albany International Corp, Class A	14,278		1,083,986
Joint Corp/The ^(a)	10,702		172,730	Applied Industrial Technologies Inc	20,202		1,347,271
MEDNAX Inc ^(a)	48,759		1,355,013	Cactus Inc, Class A	22,795		782,324
Medpace Holdings Inc ^(a)	18,366		1,543,846	CSW Industrials Inc	9,600		739,200
Natera Inc ^(a)	23,616		795,623	Ichor Holdings Ltd ^(a)	13,934		463,584
National HealthCare Corp	4,080		352,634	Kadant Inc	4,643		489,094
Personalis Inc ^(a)	12,891		140,512	Tennant Co	4,687		365,211
Select Medical Holdings Corp ^(a)	45,940		1,072,240
						$	5,833,134
Surgery Partners Inc ^(a)	12,904		202,012
Tenet Healthcare Corp ^(a)	52,541		1,998,134	Media — 0.93%
Triple-S Management Corp, Class B ^(a)	17,107		316,309	AMC Networks Inc, Class A ^(a)	20,425		806,787
US Physical Therapy Inc	8,044		919,831	Central European Media Enterprises Ltd,
				Class A ^(a)	13,801		62,519
		$	15,046,792	EW Scripps Co/The Class A	10,132		159,174
Home Builders — 1.89%				John Wiley & Sons Inc, Class A	10,461		507,568
Century Communities Inc ^(a)	12,391		338,894	Sinclair Broadcast Group Inc, Class A	36,733		1,224,678
Installed Building Products Inc ^(a)	12,260		844,346	TEGNA Inc	56,123		936,693
LGI Homes Inc ^(a)	8,585		606,530
						$	3,697,419
M/I Homes Inc ^(a)	11,544		454,256
MDC Holdings Inc	20,253		772,855	Metal Fabrication & Hardware — 1.48%
Meritage Homes Corp ^(a)	16,566		1,012,348	Advanced Drainage Systems Inc	36,419		1,414,514
Taylor Morrison Home Corp, Class A ^(a)	61,585		1,346,248	AZZ Inc	12,258		563,255
TRI Pointe Group Inc ^(a)	87,993		1,370,931	Mueller Industries Inc	18,357		582,835
Winnebago Industries Inc	13,474		713,853	Timken Co/The	47,403		2,669,263
				Tredegar Corp	7,368		164,675
		$	7,460,261	TriMas Corp ^(a)	14,949		469,548
Household Products — 0.31%						$	5,864,090
Edgewell Personal Care Co ^(a)	25,301		783,319
Inter Parfums Inc	5,926		430,879	Mining — 0.30%
				Kaiser Aluminum Corp	10,857		1,203,933
		$	1,214,198
Household Products/Wares — 0.62%				Miscellaneous Manufacture — 0.75%
ACCO Brands Corp	16,603		155,404	ESCO Technologies Inc	12,858		1,189,365
Spectrum Brands Holdings Inc	15,710		1,009,996	Federal Signal Corp	26,008		838,758
WD-40 Co	6,662		1,293,361	Hillenbrand Inc	20,455		681,356
				Standex International Corp	3,490		276,932
		$	2,458,761
						$	2,986,411
Insurance — 1.21%
AMERISAFE Inc	15,751		1,040,038	Office & Business Equipment — 0.10%
Hallmark Financial Services Inc ^(a)	7,598		133,497	Pitney Bowes Inc	98,096		395,327
James River Group Holdings Ltd	23,406		964,561	Office Furnishings — 0.58%
Kinsale Capital Group Inc	13,669		1,389,591	Herman Miller Inc	27,105		1,128,923
NMI Holdings Inc, Class A ^(a)	37,683		1,250,322	Interface Inc	11,150		184,979
		$	4,778,009	Kimball International Inc, Class B	6,923		143,098
				Knoll Inc	11,443		289,050
Internet — 1.35%				Steelcase Inc, Class A	27,784		568,461
Cogent Communications Holdings Inc	26,667		1,754,955
Endurance International Group Holdings Inc ^(a)	28,910		135,877			$	2,314,511
GlobalSCAPE Inc	7,000		68,810	Oil & Gas — 2.33%
HealthStream Inc ^(a)	19,080		518,976	Berry Petroleum Corp	23,636		222,888
NIC Inc	18,903		422,482	Bonanza Creek Energy Inc ^(a)	6,810		158,945
Perficient Inc ^(a)	18,344		845,108	Callon Petroleum Co ^(a)	364,514		1,760,603
Revolve Group Inc ^(a),(b)	22,125		406,215	Comstock Resources Inc ^(a),(b)	13,154		108,257
Shutterstock Inc ^(a)	16,116		691,054	Denbury Resources Inc ^(a)	241,618		340,681
TechTarget Inc ^(a)	5,078		132,536	Evolution Petroleum Corp	6,724		36,780
Zix Corp ^(a)	51,617		349,963	Falcon Minerals Corp	10,527		74,321
				Gulfport Energy Corp ^(a)	129,707		394,309
		$	5,325,976
				Mammoth Energy Services Inc	14,615		32,153
Investment Companies — 0.27%				Murphy USA Inc ^(a)	14,877		1,740,609
Ellington Financial Inc	58,491		1,072,140	Northern Oil and Gas Inc ^(a)	157,179		367,799
Iron & Steel — 0.19%				Par Pacific Holdings Inc ^(a)	24,957		580,001
Carpenter Technology Corp	15,206		756,955	PDC Energy Inc ^(a)	48,362		1,265,634
				SM Energy Co	78,679		884,352
Leisure Time — 0.42%				Southwestern Energy Co ^(a),(b)	523,855		1,267,729
Acushnet Holdings Corp	9,156		297,570
Lindblad Expeditions Holdings Inc ^(a)	6,221		101,713			$	9,235,061
YETI Holdings Inc ^(a),(b)	35,891		1,248,289	Oil & Gas Services — 0.67%
		$	1,647,572	Archrock Inc	38,576		387,303
				Core Laboratories NV	23,635		890,330
Lodging — 0.05%				ProPetro Holding Corp ^(a)	65,748		739,665
Marcus Corp/The	6,830		216,989	RPC Inc	77,144		404,235
Machinery — Construction & Mining — 0.27%				Solaris Oilfield Infrastructure Inc, Class A	16,568		231,952
SPX Corp ^(a)	20,986		1,067,768			$	2,653,485

See accompanying notes.

Schedule of Investments

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

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Packaging & Containers — 0.73%				Retail (continued)
Matthews International Corp, Class A	3,482	$	132,908	Chico’s FAS Inc	30,065	$	114,548
O-I Glass Inc	90,106		1,074,964	Dave & Buster’s Entertainment Inc	39,879		1,601,939
Silgan Holdings Inc	54,362		1,689,571	Denny’s Corp ^(a)	26,858		533,937
		$	2,897,443	Dick’s Sporting Goods Inc	60,671		3,002,608
				GMS Inc ^(a)	26,823		726,367
Pharmaceuticals — 2.80%				Group 1 Automotive Inc	5,637		563,700
Alector Inc ^(a)	14,896		256,658
				Haverty Furniture Cos Inc	4,240		85,478
Amneal Pharmaceuticals Inc ^(a)	56,083		270,320
				Jack in the Box Inc	13,475		1,051,454
Anika Therapeutics Inc ^(a)	6,650		344,803
				La-Z-Boy Inc	17,671		556,283
Assertio Therapeutics Inc ^(a)	41,670		52,088
				Lithia Motors Inc, Class A	7,184		1,056,048
BioDelivery Sciences International Inc ^(a)	41,042		259,385
				Office Depot Inc	89,032		243,948
BioSpecifics Technologies Corp ^(a)	4,278		243,589
				PC Connection Inc	2,533		125,789
Chimerix Inc ^(a)	15,550		31,567	PetIQ Inc ^(a)	23,179		580,634
Coherus Biosciences Inc ^(a)	36,203		651,835	PetMed Express Inc ^(b)	17,387		408,942
CorMedix Inc ^(a),(b)	16,032		116,713	RH ^(a)	15,081		3,219,793
Eagle Pharmaceuticals Inc ^(a)	9,914		595,633
				Ruth’s Hospitality Group Inc	12,289		267,470
Endo International PLC ^(a)	112,018		525,364	Sally Beauty Holdings Inc ^(a)	45,557		831,415
Harrow Health Inc ^(a)	9,559		74,369	Shake Shack Inc, Class A ^(a)	19,850		1,182,464
Lannett Co Inc ^(a),(b)	27,252		240,363	Shoe Carnival Inc ^(b)	5,405		201,498
Mallinckrodt PLC ^(a),(b)	185,525		647,482
				Sonic Automotive Inc, Class A	6,871		213,001
Owens & Minor Inc	21,766		112,530	Sportsman’s Warehouse Holdings Inc ^(a)	7,258		58,282
Pacira BioSciences Inc ^(a)	48,987		2,219,111	Tailored Brands Inc ^(b)	42,510		175,991
Premier Inc, Class A ^(a)	68,259		2,585,651
				Tilly’s Inc, Class A	5,246		64,264
Prestige Consumer Healthcare Inc ^(a)	27,387		1,109,173
				Wingstop Inc	16,559		1,427,883
Syros Pharmaceuticals Inc ^(a)	5,114		35,338
				World Fuel Services Corp	30,716		1,333,689
USANA Health Sciences Inc ^(a)	8,887		698,074	Zumiez Inc ^(a)	8,861		306,059
		$	11,070,046			$	26,903,372
Private Equity — 0.30%				Savings & Loans — 1.61%
Kennedy-Wilson Holdings Inc	43,364		967,017	Berkshire Hills Bancorp Inc	20,091		660,592
Victory Capital Holdings Inc, Class A	10,041		210,560	First Defiance Financial Corp	6,509		204,969
		$	1,177,577	Meridian Bancorp Inc	14,802		297,372
Real Estate — 1.13%				Northfield Bancorp Inc	17,041		289,015
Alexander & Baldwin Inc	28,832		604,319	Pacific Premier Bancorp Inc	34,394		1,121,417
Consolidated-Tomoka Land Co	3,069		185,122	Provident Financial Services Inc	28,219		695,598
Marcus & Millichap Inc ^(a)	17,012		633,697	Washington Federal Inc	56,315		2,063,945
McGrath RentCorp	9,897		757,516	WSFS Financial Corp	23,382		1,028,574
Realogy Holdings Corp ^(b)	112,886		1,092,737			$	6,361,482
RMR Group Inc/The, Class A	15,187		693,135	Semiconductors — 2.88%
Safehold Inc	12,348		497,624	Cabot Microelectronics Corp	14,733		2,126,267
		$	4,464,150	Cirrus Logic Inc ^(a)	37,610		3,099,440
				Diodes Inc ^(a)	32,444		1,828,868
REITs — 8.82%
				FormFactor Inc ^(a)	21,393		555,576
Apollo Commercial Real Estate Finance Inc	136,431		2,495,323
				Lattice Semiconductor Corp ^(a)	90,016		1,722,906
Apple Hospitality REIT Inc	157,695		2,562,544
Arbor Realty Trust Inc ^(b)	137,236		1,969,337	Power Integrations Inc	11,547		1,142,114
				Ultra Clean Holdings Inc ^(a)	19,883		466,654
Ares Commercial Real Estate Corp	31,009		491,183
CareTrust REIT Inc	111,206		2,294,180	Xperi Corp	25,446		470,751
Essential Properties Realty Trust Inc	114,031		2,829,109			$	11,412,576
Exantas Capital Corp	29,399		347,202	Software — 2.96%
Four Corners Property Trust Inc	69,596		1,961,911	American Software Inc, Class A	5,969		88,819
Gladstone Commercial Corp	22,396		489,577	Appfolio Inc, Class A ^(a)	14,821		1,629,569
Granite Point Mortgage Trust Inc	99,696		1,832,412	Bandwidth Inc, Class A ^(a)	18,319		1,173,332
iStar Inc	106,468		1,544,851	Computer Programs & Systems Inc	8,773		231,607
KKR Real Estate Finance Trust Inc	57,784		1,179,949	Covetrus Inc ^(a)	66,197		873,800
Ladder Capital Corp	103,887		1,874,121	CSG Systems International Inc	22,805		1,180,843
Lexington Realty Trust	226,281		2,403,104	Ebix Inc	18,465		616,916
LTC Properties Inc	31,053		1,390,243	Immersion Corp ^(a)	26,161		194,376
PennyMac Mortgage Investment Trust	117,587		2,621,014	Intelligent Systems Corp ^(a)	4,877		194,787
Tanger Factory Outlet Centers Inc ^(b)	168,845		2,487,087	Model N Inc ^(a)	22,767		798,439
TPG RE Finance Trust Inc	65,360		1,324,847	Pareteum Corp ^(a),(b)	302,151		132,131
Weingarten Realty Investors	89,699		2,802,197	Progress Software Corp	24,072		1,000,191
		$	34,900,191	SailPoint Technologies Holding Inc ^(a)	88,550		2,089,780
				Sciplay Corp, Class A ^(a)	17,299		212,605
Retail — 6.80%
America’s Car-Mart Inc ^(a)	3,796		416,269	Simulations Plus Inc	8,587		249,624
				SPS Commerce Inc ^(a)	18,833		1,043,725
Asbury Automotive Group Inc ^(a)	5,734		641,004
BJ’s Restaurants Inc	12,021		456,317			$	11,710,544
Bloomin’ Brands Inc	53,808		1,187,543	Telecommunications — 2.36%
BMC Stock Holdings Inc ^(a)	33,172		951,705
				Consolidated Communications Holdings Inc	63,894		247,909
Boot Barn Holdings Inc ^(a)	15,945		710,031	GTT Communications Inc ^(a),(b)	32,192		365,379
Brinker International Inc	35,338		1,484,196	InterDigital Inc	27,787		1,514,114
Cato Corp/The, Class A	4,038		70,261	Shenandoah Telecommunications Co	15,856		659,768
Cheesecake Factory Inc/The	27,086		1,052,562	Switch Inc, Class A	89,408		1,325,026

See accompanying notes.

Schedule of Investments

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

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value		^(a)Non-income producing security.
Telecommunications (continued)					^(b)Security or a portion of the security was on loan at the end of the period.
Telephone & Data Systems Inc	79,363	$	2,018,201		^(c)Security or a portion of the security was pledged as collateral for securities
United States Cellular Corp ^(a)	14,948		541,566
					lending. At the end of the period, the value of these securities totaled
Viavi Solutions Inc ^(a)	177,969		2,669,535
					$8,267,847 or 2.09% of net assets.
		$	9,341,498		^(d)Affiliated Security. Security is either an affiliate (and registered under the
Textiles — 0.67%					Investment Company Act of 1940) or an affiliate as defined by the
UniFirst Corp	13,192		2,664,520		Investment Company Act of 1940 (controls 5.0% or more of the
Transportation — 1.60%					outstanding voting shares of the security).
ArcBest Corp	13,463		371,579		Please see affiliated sub-schedule for transactional information.
Forward Air Corp	14,443		1,010,288		^(e)Current yield shown is as of period end.
Ryder System Inc	30,334		1,647,440
Saia Inc ^(a)	14,336		1,334,968
Universal Logistics Holdings Inc	3,414		64,729		Portfolio Summary (unaudited)
Werner Enterprises Inc	51,859		1,887,149		Sector							Percent
		$	6,316,153		Financial							29.43	%
Water — 0.69%					Consumer, Non-cyclical							20.77	%
American States Water Co	18,880		1,635,763		Consumer, Cyclical							14.84	%
California Water Service Group	19,825		1,022,177		Industrial							13.62	%
York Water Co/The	1,694		78,110		Technology							6.94	%
					Energy							4.95	%
		$	2,736,050		Communications							4.67	%
					Basic Materialsg							2.97	%
TOTAL COMMON STOCKS		$	394,307,105		Investment Companies							2.45	%
INVESTMENT COMPANIES — 2.45%	Shares Held		Value		Utilities							1.47	%
Money Market Funds — 2.45%					Other Assets and Liabilities							(2.11	)%
Principal Government Money Market					TOTAL NET ASSETS							100.00	%
Fund 1.41% ^(c),(d),(e)	8,267,847		8,267,847
State Street Institutional U.S. Government
Money Market Fund 1.53% ^(e)	1,401,374		1,401,374

TOTAL INVESTMENT COMPANIES		$	9,669,221
Total Investments		$	403,976,326
Other Assets and Liabilities — (2.11)%		$	(8,335,435	)
TOTAL NET ASSETS — 100.00%		$	395,640,891


					June 30, 2019			Purchases		Sales	December 31, 2019
Affiliated Securities					Value			Cost	Proceeds			Value
Principal Government Money
Market Fund 1.41%					$	—	$	23,834,196	$	15,566,349	$	8,267,847
					$	—	$	23,834,196	$	15,566,349	$	8,267,847


										Realized
								Realized	Gain from			Change in
							Gain/Loss on		Capital Gain			Unrealized
					Income ^(a)		Investments		Distributions			Gain/Loss
Principal Government Money
Market Fund 1.41%					$	—	$	—	$	—	$	—
					$	—	$	—	$	—	$	—

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

See accompanying notes.

Schedule of Investments

Principal U.S. Small-MidCap Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS — 99.66%	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Advertising — 0.01%				Banks (continued)
National CineMedia Inc	144	$	1,050	Signature Bank	338	$	46,174
				South State Corp	118		10,237
Aerospace & Defense — 1.17%
Aerojet Rocketdyne Holdings Inc ^(a)	301		13,744	Southside Bancshares Inc	77		2,860
				Stock Yards Bancorp Inc	39		1,601
Arconic Inc	1,884		57,971
Teledyne Technologies Inc ^(a)	149		51,634	Synovus Financial Corp	785		30,772
				TCF Financial Corp	694		32,479
		$	123,349	TriCo Bancshares	62		2,530
Agriculture — 0.03%				United Bankshares Inc	282		10,902
Turning Point Brands Inc ^(b)	116		3,318	United Community Banks Inc	230		7,102
				Univest Financial Corp	79		2,116
Apparel — 1.72%				Zions Bancorp NA	1,121		58,202
Carter’s Inc	251		27,444
Columbia Sportswear Co	152		15,229			$	612,061
Deckers Outdoor Corp ^(a)	185		31,239	Beverages — 0.69%
Hanesbrands Inc	1,777		26,388	Boston Beer Co Inc/The, Class A ^(a)	74		27,961
Levi Strauss & Co, Class A	421		8,121	Molson Coors Brewing Co, Class B	823		44,360
Skechers U.S.A. Inc, Class A ^(a)	666		28,765
						$	72,321
Steven Madden Ltd	207		8,903
Under Armour Inc, Class A ^(a)	1,626		35,122	Biotechnology — 0.94%
				ACADIA Pharmaceuticals Inc ^(a)	257		10,995
		$	181,211	Acorda Therapeutics Inc ^(a)	83		169
Auto Parts & Equipment — 0.71%				Adverum Biotechnologies Inc ^(a)	119		1,371
Allison Transmission Holdings Inc	646		31,215	ANI Pharmaceuticals Inc ^(a)	20		1,233
BorgWarner Inc	664		28,804	ArQule Inc ^(a)	254		5,070
Dana Inc	551		10,028	Arrowhead Pharmaceuticals Inc ^(a)	176		11,164
Methode Electronics Inc	93		3,660	Bio-Rad Laboratories Inc, Class A ^(a)	130		48,104
Miller Industries Inc	23		854	CEL-SCI Corp ^(a),(b)	84		769
XPEL Inc ^(a)	13		190	Eidos Therapeutics Inc ^(a),(b)	29		1,664
				Eiger BioPharmaceuticals Inc ^(a)	51		760
		$	74,751
				Karyopharm Therapeutics Inc ^(a)	120		2,300
Banks — 5.81%				PDL BioPharma Inc ^(a)	250		811
Associated Banc-Corp	759		16,728	Translate Bio Inc ^(a)	72		586
Atlantic Capital Bancshares Inc ^(a)	88		1,615	Ultragenyx Pharmaceutical Inc ^(a)	82		3,502
BancorpSouth Bank	299		9,392	United Therapeutics Corp ^(a)	90		7,927
Bank of Hawaii Corp	168		15,987	Veracyte Inc ^(a)	95		2,653
Bank OZK	476		14,520
Byline Bancorp Inc	72		1,409			$	99,078
Cathay General Bancorp	273		10,388	Chemicals — 2.57%
CenterState Bank Corp	397		9,917	Axalta Coating Systems Ltd ^(a)	1,174		35,690
Central Pacific Financial Corp	123		3,638	Balchem Corp	39		3,964
Comerica Inc	742		53,239	CF Industries Holdings Inc	976		46,594
East West Bancorp Inc	445		21,672	FMC Corp	466		46,516
Enterprise Financial Services Corp	74		3,568	Hawkins Inc	15		687
Financial Institutions Inc	25		803	Huntsman Corp	582		14,061
First Citizens BancShares Inc, Class A	35		18,627	Innospec Inc	67		6,930
First Foundation Inc	80		1,392	Koppers Holdings Inc ^(a)	24		917
First Hawaiian Inc	555		16,012	NewMarket Corp	51		24,813
First Horizon National Corp	2,484		41,135	PolyOne Corp	202		7,432
First Merchants Corp	141		5,864	RPM International Inc	412		31,625
First of Long Island Corp/The	49		1,229	Sensient Technologies Corp	130		8,592
Flagstar Bancorp Inc	220		8,415	Stepan Co	46		4,712
Fulton Financial Corp	637		11,103	Valvoline Inc	655		14,024
Glacier Bancorp Inc	256		11,773	WR Grace & Co	344		24,028
Great Southern Bancorp Inc	22		1,393			$	270,585
Hanmi Financial Corp	103		2,060
Hilltop Holdings Inc	437		10,894	Coal — 0.14%
Home BancShares Inc	374		7,353	Arch Coal Inc, Class A	88		6,313
Hope Bancorp Inc	332		4,934	Warrior Met Coal Inc	376		7,945
Horizon Bancorp Inc	69		1,311			$	14,258
IBERIABANK Corp	190		14,218	Commercial Services — 3.85%
Independent Bank Corp	73		1,653	Aaron’s Inc	257		14,677
International Bancshares Corp	161		6,934	AMERCO	33		12,402
Mercantile Bank Corp	25		912	Barrett Business Services Inc	30		2,714
Midland States Bancorp Inc	57		1,651	Booz Allen Hamilton Holding Corp	703		50,004
MidWestOne Financial Group Inc	15		543	Bright Horizons Family Solutions Inc ^(a)	155		23,295
Nicolet Bankshares Inc ^(a)	24		1,772
				Carriage Services Inc	23		589
Origin Bancorp Inc	74		2,800	Cimpress PLC ^(a)	89		11,194
PacWest Bancorp	526		20,130	Collectors Universe Inc	24		553
Pinnacle Financial Partners Inc	279		17,856	CorVel Corp ^(a)	75		6,552
Popular Inc	375		22,031	Euronet Worldwide Inc ^(a)	322		50,734
Preferred Bank	47		2,824	EVERTEC Inc	202		6,876
RBB Bancorp	29		614	Forrester Research Inc ^(a)	68		2,836
S&T Bancorp Inc	99		3,989	FTI Consulting Inc ^(a)	151		16,710
ServisFirst Bancshares Inc	74		2,788	Healthcare Services Group Inc	361		8,779

See accompanying notes.

Schedule of Investments

Principal U.S. Small-MidCap Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Commercial Services (continued)				Diversified Financial Services (continued)
Heidrick & Struggles International Inc	68	$	2,210	Houlihan Lokey Inc	242	$	11,827
Huron Consulting Group Inc ^(a)	57		3,917	Invesco Ltd	2,949		53,023
ICF International Inc	98		8,979	Lazard Ltd, Class A	451		18,022
Kforce Inc	72		2,858	Legg Mason Inc	459		16,483
Macquarie Infrastructure Corp	456		19,535	LPL Financial Holdings Inc	399		36,808
ManpowerGroup Inc	315		30,586	Mr Cooper Group Inc ^(a)	248		3,103
Monro Inc	118		9,228	OneMain Holdings Inc	242		10,200
Morningstar Inc	63		9,533	Santander Consumer USA Holdings Inc	857		20,028
National Research Corp	38		2,506	SEI Investments Co	409		26,781
Resources Connection Inc	144		2,351	Stifel Financial Corp	228		13,828
Robert Half International Inc	804		50,773	Waddell & Reed Financial Inc, Class A	525		8,778
Sabre Corp	1,039		23,315	Western Union Co/The	2,154		57,684
Service Corp International/US	491		22,601	Westwood Holdings Group Inc	33		977
SP Plus Corp ^(a)	37		1,570
						$	529,136
Vectrus Inc ^(a)	69		3,537
Viad Corp	69		4,657	Electric — 3.08%
				AES Corp	2,999		59,680
		$	406,071	Alliant Energy Corp	926		50,671
Computers — 3.04%				Black Hills Corp	388		30,474
Agilysys Inc ^(a)	148		3,761	Hawaiian Electric Industries Inc	399		18,697
CACI International Inc, Class A ^(a)	216		53,998	IDACORP Inc	443		47,312
Diebold Nixdorf Inc ^(a)	513		5,417	NorthWestern Corp	355		25,443
EPAM Systems Inc ^(a)	269		57,071	OGE Energy Corp	1,035		46,026
ForeScout Technologies Inc ^(a)	372		12,202	Pinnacle West Capital Corp	514		46,224
Genpact Ltd	871		36,730			$	324,527
Insight Enterprises Inc ^(a)	264		18,557
Leidos Holdings Inc	571		55,895	Electrical Components & Equipment — 0.98%
MAXIMUS Inc	172		12,795	Acuity Brands Inc	200		27,600
Perspecta Inc	767		20,279	Belden Inc	126		6,930
Science Applications International Corp	476		41,421	Encore Wire Corp	51		2,927
TTEC Holdings Inc	58		2,298	Generac Holdings Inc ^(a)	367		36,917
		$	320,424	Hubbell Inc	193		28,529
						$	102,903
Construction Materials — 2.43%
American Woodmark Corp ^(a)	57		5,957	Electronics — 3.26%
Armstrong World Industries Inc	265		24,902	Allegion PLC	481		59,904
Boise Cascade Co	131		4,785	Atkore International Group Inc ^(a)	159		6,433
Builders FirstSource Inc ^(a)	497		12,629	Avnet Inc	442		18,758
Eagle Materials Inc	269		24,388	Badger Meter Inc	102		6,623
Fortune Brands Home & Security Inc	498		32,539	Brady Corp, Class A	198		11,337
Louisiana-Pacific Corp	1,152		34,180	Comtech Telecommunications Corp	91		3,230
Masco Corp	1,197		57,444	FLIR Systems Inc	580		30,201
Owens Corning	790		51,445	Gentex Corp	811		23,503
Universal Forest Products Inc	156		7,441	Jabil Inc	538		22,235
				OSI Systems Inc ^(a)	198		19,946
		$	255,710
				SYNNEX Corp	226		29,109
Distribution/Wholesale — 0.79%				Tech Data Corp ^(a)	205		29,438
Core-Mark Holding Co Inc	117		3,181	Trimble Inc ^(a)	640		26,682
G-III Apparel Group Ltd ^(a)	152		5,092	Watts Water Technologies Inc, Class A	118		11,772
KAR Auction Services Inc	1,260		27,456	Woodward Inc	371		43,941
LKQ Corp ^(a)	866		30,916
Systemax Inc	38		956			$	343,112
WESCO International Inc ^(a)	266		15,798	Energy — Alternate Sources — 0.43%
				Enphase Energy Inc ^(a)	883		23,073
		$	83,399
				Green Plains Inc	182		2,808
Diversified Financial Services — 5.02%				Pattern Energy Group Inc, Class A	421		11,264
Affiliated Managers Group Inc	318		26,947	TerraForm Power Inc, Class A	505		7,772
Aircastle Ltd	172		5,506
Alliance Data Systems Corp	381		42,748			$	44,917
Artisan Partners Asset Management Inc, Class A	254		8,209	Engineering & Construction — 1.39%
B. Riley Financial Inc	23		579	AECOM ^(a)	663		28,595
Cboe Global Markets Inc	434		52,080	Arcosa Inc	190		8,465
CBTX Inc	22		685	EMCOR Group Inc	286		24,682
Cohen & Steers Inc	139		8,724	Exponent Inc	206		14,216
Credit Acceptance Corp ^(a)	65		28,751	frontdoor Inc ^(a)	146		6,923
Deluxe Corp	214		10,683	Great Lakes Dredge & Dock Corp ^(a)	232		2,629
Diamond Hill Investment Group Inc	16		2,247	KBR Inc	749		22,844
Eaton Vance Corp	449		20,964	MasTec Inc ^(a)	338		21,686
Encore Capital Group Inc ^(a)	142		5,021	TopBuild Corp ^(a)	164		16,905
Evercore Inc, Class A	265		19,811			$	146,945
Federal Agricultural Mortgage Corp, Class C	27		2,255
Greenhill & Co Inc	98		1,674	Entertainment — 0.15%
Hamilton Lane Inc, Class A	121		7,212	Cinemark Holdings Inc	470		15,909
Hannon Armstrong Sustainable Infrastructure				Environmental Control — 0.46%
Capital Inc	233		7,498	Clean Harbors Inc ^(a)	205		17,579

See accompanying notes.

Schedule of Investments

Principal U.S. Small-MidCap Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Environmental Control (continued)				Healthcare — Services (continued)
Tetra Tech Inc	357	$	30,759	Brookdale Senior Living Inc ^(a)	721	$	5,242
				Catalent Inc ^(a)	659		37,102
		$	48,338
				Catasys Inc ^(a),(b)	52		848
Food — 1.49%				Charles River Laboratories International Inc ^(a)	108		16,498
Chefs’ Warehouse Inc/The ^(a)	84		3,201
				Chemed Corp	119		52,272
Flowers Foods Inc	870		18,914	Community Health Systems Inc ^(a)	406		1,177
Ingredion Inc	322		29,930	DaVita Inc ^(a)	859		64,451
John B Sanfilippo & Son Inc	35		3,195	Encompass Health Corp	490		33,942
Performance Food Group Co ^(a)	401		20,643
				Ensign Group Inc/The	199		9,029
Pilgrim’s Pride Corp ^(a)	460		15,049	Invitae Corp ^(a)	192		3,097
Simply Good Foods Co/The ^(a)	213		6,079	Joint Corp/The ^(a)	98		1,582
Sprouts Farmers Market Inc ^(a)	605		11,707	LHC Group Inc ^(a)	201		27,690
TreeHouse Foods Inc ^(a)	221		10,718	MEDNAX Inc ^(a)	447		12,422
US Foods Holding Corp ^(a)	886		37,115	Medpace Holdings Inc ^(a)	58		4,875
		$	156,551	Natera Inc ^(a)	217		7,311
Food Service — 0.47%				National HealthCare Corp	37		3,198
				Syneos Health Inc ^(a)	129		7,672
Aramark	1,146		49,736
				Tenet Healthcare Corp ^(a)	483		18,368
Forest Products & Paper — 0.14%				US Physical Therapy Inc	74		8,462
Domtar Corp	279		10,669			$	339,099
PH Glatfelter Co	77		1,409
Schweitzer-Mauduit International Inc	70		2,939	Home Builders — 1.86%
				Century Communities Inc ^(a)	114		3,118
		$	15,017	Green Brick Partners Inc ^(a)	30		344
Gas — 0.34%				Installed Building Products Inc ^(a)	94		6,474
ONE Gas Inc	199		18,621	LGI Homes Inc ^(a)	79		5,581
Southwest Gas Holdings Inc	222		16,865	M/I Homes Inc ^(a)	106		4,171
		$	35,486	MDC Holdings Inc	186		7,098
				Meritage Homes Corp ^(a)	152		9,289
Hand/Machine Tools — 0.93%				NVR Inc ^(a)	13		49,509
Franklin Electric Co Inc	104		5,961	PulteGroup Inc	1,366		53,001
Lincoln Electric Holdings Inc	281		27,181	Taylor Morrison Home Corp, Class A ^(a)	565		12,351
MSA Safety Inc	101		12,763	Toll Brothers Inc	826		32,635
Snap-on Inc	307		52,006	TRI Pointe Group Inc ^(a)	807		12,573
		$	97,911			$	196,144
Healthcare — Products — 4.28%				Home Furnishings — 0.37%
Accuray Inc ^(a)	301		849
				Whirlpool Corp	265		39,095
Alphatec Holdings Inc ^(a)	191		1,355
Atrion Corp	18		13,527	Household Products/Wares — 0.51%
Avantor Inc ^(a)	793		14,393	Avery Dennison Corp	282		36,891
Bio-Techne Corp	83		18,219	Helen of Troy Ltd ^(a)	93		16,721
Bruker Corp	531		27,065			$	53,612
Cardiovascular Systems Inc ^(a)	157		7,629
Conformis Inc ^(a)	241		361	Housewares — 0.37%
CONMED Corp	190		21,248	Toro Co/The	490		39,038
Hanger Inc ^(a)	114		3,148	Insurance — 5.09%
Hill-Rom Holdings Inc	389		44,163	AMERISAFE Inc	119		7,858
Inspire Medical Systems Inc ^(a)	175		12,987	AXA Equitable Holdings Inc	1,752		43,415
Insulet Corp ^(a)	273		46,738	Brown & Brown Inc	1,080		42,638
Invacare Corp	58		523	Crawford & Co, Class A	48		551
iRadimed Corp ^(a)	20		468	Essent Group Ltd	376		19,548
Lantheus Holdings Inc ^(a)	137		2,810	Fidelity National Financial Inc	1,124		50,973
LeMaitre Vascular Inc	73		2,624	First American Financial Corp	727		42,399
Luminex Corp	93		2,154	Globe Life Inc	399		41,995
Masimo Corp ^(a)	274		43,308	Hanover Insurance Group Inc/The	368		50,294
Meridian Bioscience Inc	198		1,934	James River Group Holdings Ltd	164		6,758
Natus Medical Inc ^(a)	123		4,058	Kinsale Capital Group Inc	96		9,759
Nevro Corp ^(a)	145		17,043	Primerica Inc	201		26,243
Novocure Ltd ^(a)	139		11,713	Radian Group Inc	916		23,047
NuVasive Inc ^(a)	273		21,114	RenaissanceRe Holdings Ltd	253		49,593
OPKO Health Inc ^(a)	1,020		1,499	Safety Insurance Group Inc	42		3,886
OrthoPediatrics Corp ^(a)	44		2,068	Selective Insurance Group Inc	417		27,184
Patterson Cos Inc	822		16,835	Unum Group	1,192		34,759
Quanterix Corp ^(a)	42		992	Voya Financial Inc	917		55,919
Repligen Corp ^(a)	450		41,625
						$	536,819
Rockwell Medical Inc ^(a)	115		281
Tandem Diabetes Care Inc ^(a)	529		31,534	Internet — 0.35%
Utah Medical Products Inc	10		1,079	Cogent Communications Holdings Inc	105		6,910
West Pharmaceutical Services Inc	239		35,929	GlobalSCAPE Inc	31		305
				HealthStream Inc ^(a)	175		4,760
		$	451,273	Match Group Inc ^(a),(b)	114		9,360
Healthcare — Services — 3.22%				NIC Inc	154		3,442
Acadia Healthcare Co Inc ^(a)	411		13,653	Perficient Inc ^(a)	227		10,458
Addus HomeCare Corp ^(a)	105		10,208

See accompanying notes.

Schedule of Investments

Principal U.S. Small-MidCap Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Internet (continued)				Office & Business Equipment — 0.05%
Shutterstock Inc ^(a)	48	$	2,058	Pitney Bowes Inc	1,212	$	4,884

		$	37,293	Office Furnishings — 0.24%
Investment Companies — 0.09%				Herman Miller Inc	249		10,371
Ellington Financial Inc	409		7,497	HNI Corp	105		3,933
Oaktree Specialty Lending Corp	390		2,129	Interface Inc	102		1,692
		$	9,626	Kimball International Inc, Class B	64		1,323
				Knoll Inc	105		2,652
Iron & Steel — 0.62%				Steelcase Inc, Class A	255		5,218
Carpenter Technology Corp	81		4,032
Reliance Steel & Aluminum Co	265		31,737			$	25,189
Steel Dynamics Inc	858		29,206	Oil & Gas — 2.63%
		$	64,975	Berry Petroleum Corp	176		1,660
				Bonanza Creek Energy Inc ^(a)	51		1,190
Leisure Time — 0.58%				Cabot Oil & Gas Corp	2,841		49,462
Acushnet Holdings Corp	84		2,730	Cimarex Energy Co	423		22,203
Harley-Davidson Inc	661		24,582	Comstock Resources Inc ^(a)	98		807
Polaris Inc	219		22,272	CVR Energy Inc	240		9,703
YETI Holdings Inc ^(a)	329		11,443
				Devon Energy Corp	1,922		49,914
		$	61,027	EQT Corp	1,475		16,078
Lodging — 0.45%				Evolution Petroleum Corp	50		274
Choice Hotels International Inc	180		18,617	Falcon Minerals Corp	78		551
Marcus Corp/The	74		2,351	Gulfport Energy Corp ^(a)	964		2,931
Wyndham Hotels & Resorts Inc	418		26,255	Matador Resources Co ^(a)	564		10,135
				Murphy Oil Corp	629		16,857
		$	47,223	Murphy USA Inc ^(a)	158		18,486
Machinery — Construction & Mining — 0.08%				Noble Energy Inc	1,726		42,874
SPX Corp ^(a)	160		8,141	Northern Oil and Gas Inc ^(a)	1,168		2,733
				Par Pacific Holdings Inc ^(a)	185		4,299
Machinery — Diversified — 1.36%
				PDC Energy Inc ^(a)	359		9,395
AGCO Corp	302		23,330
				Southwestern Energy Co ^(a),(b)	3,893		9,421
Alamo Group Inc	34		4,269
				Whiting Petroleum Corp ^(a)	1,163		8,536
Cactus Inc, Class A	169		5,800
CSW Industrials Inc	51		3,927			$	277,509
Gardner Denver Holdings Inc ^(a)	848		31,105
				Oil & Gas Services — 0.41%
Graco Inc	379		19,708
Ichor Holdings Ltd ^(a)	172		5,722	Core Laboratories NV	176		6,630
Middleby Corp/The ^(a)	174		19,056	National Oilwell Varco Inc	1,190		29,810
				ProPetro Holding Corp ^(a)	489		5,501
Nordson Corp	113		18,401
Tennant Co	36		2,805	Solaris Oilfield Infrastructure Inc, Class A	123		1,722
Welbilt Inc ^(a)	574		8,960			$	43,663
		$	143,083	Packaging & Containers — 1.76%
				Crown Holdings Inc ^(a)	756		54,840
Media — 2.17%				Matthews International Corp, Class A	38		1,450
Altice USA Inc, Class A ^(a)	1,740		47,572	O-I Glass Inc	689		8,220
AMC Networks Inc, Class A ^(a)	221		8,729	Packaging Corp of America	461		51,627
Cable One Inc	30		44,654	Sealed Air Corp	769		30,629
Central European Media Enterprises Ltd, Class A ^(a)	149		675	Silgan Holdings Inc	407		12,650
DISH Network Corp, Class A ^(a)	1,013		35,931	Sonoco Products Co	415		25,614
Entravision Communications Corp, Class A	87		228
FactSet Research Systems Inc	177		47,489			$	185,030
Nexstar Media Group Inc, Class A	168		19,698	Pharmaceuticals — 2.52%
Sinclair Broadcast Group Inc, Class A	397		13,236	Alkermes PLC ^(a)	618		12,607
TEGNA Inc	607		10,131	Amneal Pharmaceuticals Inc ^(a)	514		2,477
				Anika Therapeutics Inc ^(a)	61		3,163
		$	228,343
				Assertio Therapeutics Inc ^(a)	382		478
Metal Fabrication & Hardware — 0.22%				Axsome Therapeutics Inc ^(a)	59		6,098
Advanced Drainage Systems Inc	278		10,798	BioDelivery Sciences International Inc ^(a)	376		2,376
AZZ Inc	94		4,319	BioSpecifics Technologies Corp ^(a)	13		740
Mueller Industries Inc	140		4,445	Chimerix Inc ^(a)	115		233
Park-Ohio Holdings Corp	13		437	Coherus Biosciences Inc ^(a)	141		2,539
TriMas Corp ^(a)	114		3,581
				CorMedix Inc ^(a),(b)	147		1,070
		$	23,580	Eagle Pharmaceuticals Inc ^(a)	91		5,467
Mining — 0.31%				Endo International PLC ^(a)	1,027		4,817
Royal Gold Inc	271		33,130	Harrow Health Inc ^(a)	88		685
				Horizon Therapeutics PLC ^(a)	899		32,544
Miscellaneous Manufacture — 1.54%				Jazz Pharmaceuticals PLC ^(a)	367		54,786
AptarGroup Inc	291		33,645	Lannett Co Inc ^(a),(b)	250		2,205
Carlisle Cos Inc	261		42,240	Mallinckrodt PLC ^(a),(b)	1,701		5,936
Donaldson Co Inc	276		15,903	Mylan NV ^(a)	2,526		50,773
Federal Signal Corp	199		6,418	Option Care Health Inc ^(a)	464		1,731
Hexcel Corp	394		28,884	Owens & Minor Inc	200		1,034
ITT Inc	310		22,912	Pacira BioSciences Inc ^(a)	450		20,385
John Bean Technologies Corp	104		11,717
				Perrigo Co PLC	715		36,937
		$	161,719	Premier Inc, Class A ^(a)	165		6,250

See accompanying notes.

Schedule of Investments

Principal U.S. Small-MidCap Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	COMMON STOCKS (continued)	Shares Held		Value
Pharmaceuticals (continued)				Retail (continued)
Prestige Consumer Healthcare Inc ^(a)	251	$	10,166	Denny’s Corp ^(a)	291	$	5,785
Syros Pharmaceuticals Inc ^(a)	53		366	Dick’s Sporting Goods Inc	656		32,465
				Dillard’s Inc, Class A ^(b)	94		6,907
		$	265,863
				Dunkin’ Brands Group Inc	397		29,989
Pipelines — 0.13%				FirstCash Inc	234		18,867
Equitrans Midstream Corp	1,057		14,122	Floor & Decor Holdings Inc, Class A ^(a)	213		10,823
Private Equity — 0.08%				Foot Locker Inc	795		30,997
Kennedy-Wilson Holdings Inc	303		6,757	GMS Inc ^(a)	205		5,551
Victory Capital Holdings Inc, Class A	70		1,468	Group 1 Automotive Inc	61		6,100
				Haverty Furniture Cos Inc	46		927
		$	8,225	Jack in the Box Inc	146		11,392
Real Estate — 0.20%				L Brands Inc	1,576		28,557
Alexander & Baldwin Inc	202		4,234	Lithia Motors Inc, Class A	78		11,466
Consolidated-Tomoka Land Co	21		1,266	Macy’s Inc	3,150		53,550
Marcus & Millichap Inc ^(a)	119		4,433	Nordstrom Inc	926		37,901
Realogy Holdings Corp ^(b)	790		7,647	Office Depot Inc	963		2,639
Safehold Inc	86		3,466	PC Connection Inc	31		1,540
		$	21,046	Penske Automotive Group Inc	129		6,478
				Qurate Retail Inc, Series A ^(a)	1,160		9,779
REITs — 10.93%				RH ^(a)	273		58,286
Americold Realty Trust	1,346		47,191	Shoe Carnival Inc ^(b)	58		2,162
Apartment Investment & Management Co,				Signet Jewelers Ltd	358		7,783
Class A	957		49,429	Sonic Automotive Inc, Class A	74		2,294
Apollo Commercial Real Estate Finance Inc	1,369		25,039	Tailored Brands Inc ^(b)	460		1,904
Apple Hospitality REIT Inc	1,326		21,547	Texas Roadhouse Inc	433		24,387
Arbor Realty Trust Inc	942		13,518	Wendy’s Co/The	1,138		25,275
Ares Commercial Real Estate Corp	217		3,437	Williams-Sonoma Inc	437		32,093
Blackstone Mortgage Trust Inc, Class A	1,393		51,847	Wingstop Inc	179		15,435
Brixmor Property Group Inc	2,460		53,161	World Fuel Services Corp	235		10,204
CorEnergy Infrastructure Trust Inc ^(b)	102		4,560
				Zumiez Inc ^(a)	96		3,316
CubeSmart	1,433		45,111
EPR Properties	479		33,837			$	667,504
Essential Properties Realty Trust Inc	941		23,346	Savings & Loans — 0.38%
Exantas Capital Corp	206		2,433	First Defiance Financial Corp	46		1,449
Gaming and Leisure Properties Inc	1,305		56,180	Meridian Bancorp Inc	104		2,089
Gladstone Commercial Corp	157		3,432	Northfield Bancorp Inc	119		2,018
Granite Point Mortgage Trust Inc	684		12,572	Pacific Premier Bancorp Inc	241		7,858
iStar Inc	745		10,810	Provident Financial Services Inc	197		4,856
Kimco Realty Corp	2,391		49,518	Washington Federal Inc	387		14,184
KKR Real Estate Finance Trust Inc	404		8,250	WSFS Financial Corp	164		7,214
Ladder Capital Corp	713		12,863			$	39,668
Lamar Advertising Co, Class A	299		26,689
Lexington Realty Trust	1,557		16,535	Semiconductors — 3.01%
Life Storage Inc	414		44,828	Cabot Microelectronics Corp	179		25,833
				Diodes Inc ^(a)	401		22,604
LTC Properties Inc	217		9,715
Medical Properties Trust Inc	2,552		53,873	Entegris Inc	1,061		53,146
				FormFactor Inc ^(a)	264		6,856
Omega Healthcare Investors Inc	1,194		50,566
				Lattice Semiconductor Corp ^(a)	1,090		20,863
PennyMac Mortgage Investment Trust	1,584		35,307
Piedmont Office Realty Trust Inc, Class A	660		14,678	MKS Instruments Inc	318		34,983
PS Business Parks Inc	99		16,322	Monolithic Power Systems Inc	262		46,641
QTS Realty Trust Inc, Class A	289		15,684	Power Integrations Inc	143		14,144
				Silicon Laboratories Inc ^(a)	245		28,415
Regency Centers Corp	719		45,362
Sabra Health Care REIT Inc	1,078		23,005	Teradyne Inc	846		57,689
Spirit Realty Capital Inc	1,043		51,295	Xperi Corp	315		5,828
Starwood Property Trust Inc	2,062		51,261			$	317,002
STORE Capital Corp	1,334		49,678	Software — 2.03%
Tanger Factory Outlet Centers Inc ^(b)	1,562		23,008
				ACI Worldwide Inc ^(a)	268		10,153
TPG RE Finance Trust Inc	457		9,263	Alteryx Inc, Class A ^(a)	120		12,008
VICI Properties Inc	2,204		56,312	American Software Inc, Class A	55		818
Weingarten Realty Investors	978		30,553	Bandwidth Inc, Class A ^(a)	49		3,139
		$	1,152,015	Black Knight Inc ^(a)	310		19,989
Retail — 6.33%				Blackbaud Inc	93		7,403
Asbury Automotive Group Inc ^(a)	62		6,931	CDK Global Inc	317		17,334
AutoNation Inc ^(a)	265		12,887	Ceridian HCM Holding Inc ^(a)	131		8,892
Bed Bath & Beyond Inc	1,359		23,511	Computer Programs & Systems Inc	33		871
				Covetrus Inc ^(a)	267		3,524
Big Lots Inc	364		10,454
BMC Stock Holdings Inc ^(a)	254		7,287	CSG Systems International Inc	82		4,246
Boot Barn Holdings Inc ^(a)	173		7,704	Digital Turbine Inc ^(a)	451		3,216
Buckle Inc/The ^(b)	141		3,813	Ebix Inc	51		1,704
				Immersion Corp ^(a)	86		639
Casey’s General Stores Inc	221		35,137
Cheesecake Factory Inc/The	293		11,386	j2 Global Inc	127		11,901
				Manhattan Associates Inc ^(a)	129		10,288
Cracker Barrel Old Country Store Inc	238		36,590
				MicroStrategy Inc, Class A ^(a)	19		2,710
Dave & Buster’s Entertainment Inc	422		16,952

See accompanying notes.

Schedule of Investments

Principal U.S. Small-MidCap Multi-Factor Core Index ETF

December 31, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value	INVESTMENT COMPANIES — 1.05%					Shares Held				Value
Software (continued)				Money Market Funds — 1.05%
MongoDB Inc ^(a)	87	$	11,450	Principal Government Money Market Fund
Pareteum Corp ^(a),(b)	6,826		2,985	1.41% ^(c),(d),(e)							75,573	$	75,573
Progress Software Corp	111		4,612	State Street Institutional U.S. Government
PROS Holdings Inc ^(a)	58		3,475	Money Market Fund 1.53% ^(e)							35,152		35,152
Sciplay Corp, Class A ^(a)	61		750
Simulations Plus Inc	36		1,047	TOTAL INVESTMENT COMPANIES							$		110,725
SPS Commerce Inc ^(a)	88		4,877
				Total Investments						$	10,612,271
Tyler Technologies Inc ^(a)	187		56,104
				Other Assets and Liabilities — (0.71)%							$		(74,449	)
Verint Systems Inc ^(a)	176		9,743
				TOTAL NET ASSETS — 100.00%						$	10,537,822
		$	213,878

Telecommunications — 2.64%				^(a)Non-income producing security.
Consolidated Communications Holdings Inc	1,443		5,599	^(b)Security or a portion of the security was on loan at the end of the period.
GTT Communications Inc ^(a),(b)	727		8,251
				^(c)Security or a portion of the security was pledged as collateral for securities
Juniper Networks Inc	2,018		49,703
LogMeIn Inc	448		38,412	lending. At the end of the period, the value of these securities totaled
Shenandoah Telecommunications Co	358		14,896	$75,573 or 0.72% of net assets.
Switch Inc, Class A	150		2,223	^(d)Affiliated Security. Security is either an affiliate (and registered under the
Ubiquiti Inc	415		78,427	Investment Company Act of 1940) or an affiliate as defined by the
ViaSat Inc ^(a)	663		48,528
				Investment Company Act of 1940 (controls 5.0% or more of the
Viavi Solutions Inc ^(a)	2,166		32,490
				outstanding voting shares of the security). Please see affiliated
		$	278,529	sub-schedule for transactional information.
Textiles — 0.20%				^(e)Current yield shown is as of period end.
UniFirst Corp	105		21,208

Transportation — 0.45%				Portfolio Summary (unaudited)
ArcBest Corp	103		2,843	Sector									Percent
Forward Air Corp	110		7,695
Ryder System Inc	227		12,328	Financial									27.60	%
Saia Inc ^(a)	110		10,243	Consumer, Non-cyclical									17.53	%
Universal Logistics Holdings Inc	26		493	Industrial									16.02	%
Werner Enterprises Inc	389		14,156	Consumer, Cyclical									14.25	%
				Technology									8.13	%
		$	47,758	Communications									5.17	%
Water — 0.16%				Energy									3.74	%
American States Water Co	189		16,375	Basic Materials									3.64	%
York Water Co/The	17		784	Utilities									3.58	%
		$	17,159	Investment Companies									1.05	%
				Other Assets and Liabilities									(0.71	)%
TOTAL COMMON STOCKS		$	10,501,546 TOTAL NET ASSETS										100.00	%


				June 30, 2019		Purchases			Sales		December 31, 2019
Affiliated Securities				Value			Cost	Proceeds			Value
Principal Government Money
Market Fund 1.41%				$	—	$	338,304	$	262,731		$		75,573
				$	—	$	338,304	$	262,731		$		75,573


								Realized
							Realized	Gain from			Change in
						Gain/Loss on		Capital Gain			Unrealized
				Income ^(a)		Investments		Distributions			Gain/Loss
Principal Government Money
Market Fund 1.41%				$	—	$	—	$	—		$		—
				$	—	$	—	$	—		$		—

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

See accompanying notes.


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

Principal Active Global Dividend Income ETF

For a share outstanding for the year ended June 30 (except as noted):

		Period ended		Year ended				Year ended			Period ended
	December 31, 2019 ^(a)			June 30, 2019				June 30, 2018			June 30, 2017 ^(b)
Net asset value, beginning of period	$	27.64		$	27.56		$	25.36		$	25.00
Investment Operations:
Net investment income ^(c)		0.29			0.67			0.69			0.17
Net realized and change in unrealized gain		2.59			0.39			2.15			0.19
Total from investment operations		2.88			1.06			2.84			0.36
Dividends and Distributions to Shareholders from:
Net investment income		(0.68	)		(0.68	)		(0.51	)		—
Net realized gains		—			(0.30	)		(0.13	)		—
Total dividends and distributions to stockholders		(0.68	)		(0.98	)		(0.64	)		—
Net asset value, end of period	$	29.84		$	27.64		$	27.56		$	25.36
Total return		10.57	% ^(d)		4.12	%		11.24	%		1.43% ^(d)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	802,647		$	717,189		$	705,435		$	428,567
Ratio of expenses to average net assets		0.58	% ^(e)		0.58	%		0.58	%		0.58% ^(e)
Ratio of expenses to average net assets excluding interest
expense		0.58	% ^(e)		0.58	%		—^(f)			—^(f)
Ratio of net investment income to average net assets		2.08	% ^(e)		2.49	%		2.51	%		4.56% ^(e)
Portfolio turnover rate ^(g)		12.9	% ^(e)		31.5	%		22.0	%		0.0% ^(e)

^(a)	Six months ended December 31, 2019.
^(b)	Period from May 9, 2017, date operations commenced, through June 30, 2017.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Total return amounts have not been annualized.
^(e)	Computed on an annualized basis.
^(f)	Ratio is not applicable as there was no interest expense in the period.
^(g)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)


Principal Active Income ETF

For a share outstanding for the year ended June 30 (except as noted):

	Period ended			Year ended			Year ended				Year ended			Period ended
	December 31, 2019 ^(a)			June 30, 2019			June 30, 2018				June 30, 2017			June 30, 2016 ^(b)
Net asset value, beginning of period	$	39.91		$	40.27		$	41.31		$	39.12		$	40.00

Investment Operations:
Net investment income ^(c)		0.96			1.91			1.78			1.95			2.13
Net realized and change in unrealized gain
(loss)		1.09			(0.01	)		(0.50	)		2.22			(1.39	)
Total from investment operations		2.05			1.90			1.28			4.17			0.74

Dividends and Distributions to
Shareholders from:
Net investment income		(1.16	)		(1.92	)		(1.87	)		(1.98	)		(1.62	)
Net realized gains		—			(0.34	)		(0.45	)		—			—
Total dividends and distributions to
stockholders		(1.16	)		(2.26	)		(2.32	)		(1.98	)		(1.62	)
Net asset value, end of period	$	40.80		$	39.91		$	40.27		$	41.31		$	39.12

Total return		5.25	% ^(d)		4.95	%		3.10	%		10.92	%		2.13	% ^(d)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	288,687		$	216,519		$	292,967		$	286,084		$	265,013
Ratio of expenses to average net assets		0.49	% ^(e)		0.61	%		0.65	% ^(f)		0.77	% ^(f)		0.85% ^(e),(f)
Ratio of gross expenses to average net
assets		—^(g)			—^(g)			0.68	%		0.80	%		1.34	% ^(e)
Ratio of net investment income to average
net assets		4.78	% ^(e)		4.84	%		4.34	%		4.82	%		5.99	% ^(e)
Portfolio turnover rate ^(h)		11.1	% ^(e)		17.9	%		11.0	%		30.7	%		34.3	% ^(e)

^(a)	Six months ended December 31, 2019.
^(b)	Period from July 8, 2015, date operations commenced, through June 30, 2016.
^(c)	Calculated on average shares outstanding during the period.
^(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 reimbursement from Advisor in the period.
^(h)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)


Principal Contrarian Value Index ETF

For a share outstanding for the year ended June 30 (except as noted):

	Period Ended				Year Ended			Period Ended
	December 31, 2019 ^(a)				June 30, 2019			June 30, 2018 ^(b)
Net asset value, beginning of period	$	26.78		$	26.12		$	25.00
Investment Operations:
Net investment income ^(c)		0.25			0.39			0.26
Net realized and change in unrealized gain		1.88			0.66			1.03
Total from investment operations		2.13			1.05			1.29
Dividends and Distributions to Shareholders from:
Net investment income		(0.34	)		(0.39	)		(0.17	)
Total dividends and distributions to stockholders		(0.34	)		(0.39	)		(0.17	)
Net asset value, end of period	$	28.57		$	26.78		$	26.12
Total return		8.03	% ^(d)		4.13	%		5.15	% ^(d)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	5,713		$	5,356		$	3,918
Ratio of expenses to average net assets		0.29	% ^(e)		0.29	%		0.29	% ^(e)
Ratio of net investment income to average net assets		1.84	% ^(e)		1.52	%		1.44	% ^(e)
Portfolio turnover rate ^(f)		7.9	% ^(e)		47.1	%		61.6	% ^(e)

^(a)	Six months ended December 31, 2019.
^(b)	Period from October 18, 2017, date operations commenced, through June 30, 2018.
^(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 in-kind transactions.

See accompanying notes.


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

Principal Healthcare Innovators Index ETF

For a share outstanding for the year ended June 30 (except as noted):

		Period ended		Year ended				Year ended			Period ended
	December 31, 2019 ^(a)			June 30, 2019				June 30, 2018			June 30, 2017 ^(b)
Net asset value, beginning of period	$	34.37		$	34.74		$	28.56		$	25.00
Investment Operations:
Net investment loss ^(c)		(0.06	)		(0.13	)		(0.12	)		(0.08	)
Net realized and change in unrealized gain (loss)		4.26			(0.24	)		6.35			3.64
Total from investment operations		4.20			(0.37	)		6.23			3.56
Dividends and Distributions to Shareholders from:
Net realized gains		—			—			(0.05	)		—
Total dividends and distributions to stockholders		—			—			(0.05	)		—
Net asset value, end of period	$	38.57		$	34.37		$	34.74		$	28.56
Total return		12.22	% ^(d)		(1.05	)%		21.83	%		14.24	% ^(d)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	59,788		$	56,713		$	52,104		$	7,140
Ratio of expenses to average net assets		0.42	% ^(e)		0.42	%		0.42	%		0.42	% ^(e)
Ratio of net investment loss to average net assets		(0.35	)% ^(e)		(0.39	)%		(0.38	)%		(0.32	)% ^(e)
Portfolio turnover rate ^(f)		34.3	% ^(e)		34.5	%		33.6	%		18.2	% ^(e)

^(a)	Six months ended December 31, 2019.
^(b)	Period from August 19, 2016, date operations commenced, through June 30, 2017.
^(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 in-kind transactions.

See accompanying notes.


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)


Principal International Multi-Factor Core Index ETF

For a share outstanding for the year ended June 30 (except as noted):

		Period ended
		December 31, 2019 ^(a)
Net asset value, beginning of period	$	25.00
Investment Operations:
Net investment income ^(b)		0.22
Net realized and change in unrealized gain		1.59
Total from investment operations		1.81
Dividends and Distributions to Shareholders from:
Net investment income		(0.26	)
Net realized gains		(0.01	)
Total dividends and distributions to stockholders		(0.27	)
Net asset value, end of period	$	26.54
Total return ^(c)		7.31	%
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	18,578
Ratio of expenses to average net assets ^(d)		0.25	%
Ratio of net investment income to average net assets ^(d)		1.99	%
Portfolio turnover rate ^(d),(e)		56.2	%

^(a)	Period from July 23, 2019, date operations commenced, through December 31, 2019.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amount has not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

Principal Investment Grade Corporate Active ETF

For a share outstanding for the year ended June 30 (except as noted):

		Period ended			Year ended			Period ended
	December 31, 2019 ^(a)				June 30, 2019			June 30, 2018 ^(b)
Net asset value, beginning of period	$	26.20		$	24.59		$	25.00
Investment Operations:
Net investment income ^(c)		0.45			0.95			0.19
Net realized and change in unrealized gain (loss)		0.66			1.66			(0.52	)
Total from investment operations		1.11			2.61			(0.33	)
Dividends and Distributions to Shareholders from:
Net investment income		(0.57	)		(0.98	)		(0.08	)
Net realized gains		(0.85	)		(0.02	)		—
Total dividends and distributions to stockholders		(1.42	)		(1.00	)		(0.08	)
Net asset value, end of period	$	25.89		$	26.20		$	24.59
Total return		4.26	% ^(d)		10.95	%		(1.32	)% ^(d)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	120,385		$	120,540		$	228,710
Ratio of expenses to average net assets		0.26	% ^(e)		0.26	%		0.26	% ^(e)
Ratio of net investment income to average net assets		3.41	% ^(e)		3.86	%		3.83	% ^(e)
Portfolio turnover rate ^(f)		49.5	% ^(e)		92.8	%		47.8	% ^(e)

^(a)	Six months ended December 31, 2019.
^(b)	Period from April 18, 2018, date operations commenced, through June 30, 2018.
^(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 in-kind transactions.

See accompanying notes.


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

Principal Millennials Index ETF

For a share outstanding for the year ended June 30 (except as noted):

		Period ended		Year ended				Year ended			Period ended
	December 31, 2019 ^(a)			June 30, 2019				June 30, 2018			June 30, 2017 ^(b)
Net asset value, beginning of period	$	38.24		$	36.76		$	28.92		$	25.00
Investment Operations:
Net investment income ^(c)		0.24			0.17			0.23			0.17
Net realized and change in unrealized gain		3.19			1.54			7.91			3.87
Total from investment operations		3.43			1.71			8.14			4.04
Dividends and Distributions to Shareholders from:
Net investment income		(0.29	)		(0.23	)		(0.23	)		(0.09	)
Net realized gains		—			—			(0.07	)		(0.03	)
Total dividends and distributions to stockholders		(0.29	)		(0.23	)		(0.30	)		(0.12	)
Net asset value, end of period	$	41.38		$	38.24		$	36.76		$	28.92
Total return		8.99	% ^(d)		4.70	%		28.31	%		16.23	% ^(d)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	22,756		$	21,031		$	20,217		$	7,230
Ratio of expenses to average net assets		0.45	% ^(e)		0.45	%		0.45	%		0.45	% ^(e)
Ratio of expenses to average net assets excluding interest
expense		—^(f)			—^(f)			0.45	%		—^(f)
Ratio of net investment income to average net assets		1.24	% ^(e)		0.47	%		0.66	%		0.71	% ^(e)
Portfolio turnover rate ^(g)		5.4	% ^(e)		32.9	% ^(h)		35.6	%		5.1	% ^(e)

^(a)	Six months ended December 31, 2019.
^(b)	Period from August 19, 2016, date operations commenced, through June 30, 2017.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Total return amounts have not been annualized.
^(e)	Computed on an annualized basis.
^(f)	Ratio is not applicable as there was no interest expense in the period.
^(g)	Portfolio turnover rate excludes in-kind transactions.
^(h)	The previously reported portfolio turnover rate of 82.2% was adjusted to correct an immaterial error related to in-kind activity.

See accompanying notes.


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)


Principal Price Setters Index ETF

For a share outstanding for the year ended June 30 (except as noted):

	Period ended				Year ended		Year ended				Year ended			Period ended
	December 31, 2019 ^(a)			June 30, 2019			June 30, 2018				June 30, 2017			June 30, 2016 ^(b)
Net asset value, beginning of period	$	37.79		$	33.32		$	29.03		$	26.08		$	25.00

Investment Operations:
Net investment income ^(c)		0.24			0.46			0.39			0.34			0.09
Net realized and change in unrealized
gain		3.52			4.48			4.20			3.06			0.99
Total from investment operations		3.76			4.94			4.59			3.40			1.08

Dividends and Distributions to
Shareholders from:
Net investment income		(0.40	)		(0.47	)		(0.27	)		(0.39	)		—
Net realized gains		—			—			(0.03	)		(0.06	)		—
Total dividends and distributions to
stockholders		(0.40	)		(0.47	)		(0.30	)		(0.45	)		—
Net asset value, end of period	$	41.15		$	37.79		$	33.32		$	29.03		$	26.08

Total return		10.02	% ^(d)		15.03	%		15.89	%		13.23	%		4.31% ^(d)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	18,518		$	20,786		$	21,655		$	7,257		$	6,519
Ratio of expenses to average net assets		0.29% ^(e),(f)			0.29	% ^(e)		0.29	% ^(e)		0.40	%		0.40% ^(f)
Ratio of gross expenses to average net
assets		0.38	% ^(f)		0.40	%		0.40	%		—^(g)			—^(g)
Ratio of net investment income to average
net assets		1.25	% ^(f)		1.32	%		1.22	%		1.26	%		1.32% ^(f)
Portfolio turnover rate ^(h)		5.0	% ^(f)		40.4	%		63.5	%		2.0	%		0.0% ^(f)

^(a)	Six months ended December 31, 2019.
^(b)	Period from March 21, 2016, date of operations commenced, through June 30, 2016.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Total return amounts have not been annualized.
^(e)	Includes reimbursement from Advisor.
^(f)	Computed on an annualized basis.
^(g)	Ratio is not applicable as there was no reimbursement from Advisor in the period.
^(h)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)


Principal Shareholder Yield Index ETF

For a share outstanding for the year ended June 30 (except as noted):

	Period ended				Year ended		Year ended				Year ended			Period ended
	December 31, 2019 ^(a)			June 30, 2019			June 30, 2018				June 30, 2017			June 30, 2016 ^(b)
Net asset value, beginning of period	$	31.99		$	32.49		$	29.16		$	24.65		$	25.00

Investment Operations:
Net investment income ^(c)		0.36			0.71			0.61			0.54			0.18
Net realized and change in unrealized gain
(loss)		2.54			(0.51	)		3.21			4.67			(0.53	)
Total from investment operations		2.90			0.20			3.82			5.21			(0.35	)

Dividends and Distributions to
Shareholders from:
Net investment income		(0.61	)		(0.70	)		(0.47	)		(0.67	)		—
Net realized gains		—			—			(0.02	)		(0.03	)		—
Total dividends and distributions to
stockholders		(0.61	)		(0.70	)		(0.49	)		(0.70	)		—
Net asset value, end of period	$	34.28		$	31.99		$	32.49		$	29.16		$	24.65

Total return		9.20	% ^(d)		0.68	%		13.17	%		21.42	%		(1.39	)% ^(d)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	10,284		$	14,395		$	14,622		$	7,290		$	6,163
Ratio of expenses to average net assets		0.29% ^(e),(f)			0.29	% ^(e)		0.29	% ^(e)		0.40	%		0.40	% ^(f)
Ratio of gross expenses to average net
assets		0.37	% ^(f)		0.40	%		0.40	%		—^(g)			—^(g)
Ratio of net investment income to average
net assets		2.25	% ^(f)		2.26	%		1.90	%		1.98	%		2.73	% ^(f)
Portfolio turnover rate ^(h)		3.5	% ^(f)		49.2	%		55.5	%		3.0	%		7.1	% ^(f)

^(a)	Six months ended December 31, 2019.
^(b)	Period from March 21, 2016, date of operations commenced, through June 30, 2016.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Total return amounts have not been annualized.
^(e)	Includes reimbursement from Advisor.
^(f)	Computed on an annualized basis.
^(g)	Ratio is not applicable as there was no reimbursement from Advisor in the period.
^(h)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

Principal Spectrum Preferred Securities Active ETF

For a share outstanding for the year ended June 30 (except as noted):

		Period ended			Year ended			Period ended
	December 31, 2019 ^(a)				June 30, 2019			June 30, 2018 ^(b)
Net asset value, beginning of period	$	96.78		$	94.45		$	100.00
Investment Operations:
Net investment income ^(c)		2.01			3.42			4.72
Net realized and change in unrealized gain (loss)		4.10			3.82			(5.91	)
Total from investment operations		6.11			7.24			(1.19	)
Dividends and Distributions to Shareholders from:
Net investment income		(2.72	)		(4.91	)		(4.34	)
Net realized gains		—			—			(0.02	)
Total dividends and distributions to stockholders		(2.72	)		(4.91	)		(4.36	)
Net asset value, end of period	$	100.17		$	96.78		$	94.45
Total return		6.39	% ^(d)		7.99	%		(1.28	)% ^(d)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	100,174		$	67,750		$	51,949
Ratio of expenses to average net assets		0.55	% ^(e)		0.55	%		0.55	% ^(e)
Ratio of net investment income to average net assets		4.05	% ^(e)		3.65	%		4.93	% ^(e)
Portfolio turnover rate ^(f)		69.4	% ^(e)		27.6	%		41.0	% ^(e)

^(a)	Six months ended December 31, 2019.
^(b)	Period from July 10, 2017, date operations commenced, through June 30, 2018.
^(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 in-kind transactions.

See accompanying notes.


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

Principal Sustainable Momentum Index ETF

For a share outstanding for the year ended June 30 (except as noted):

		Period ended			Year ended			Period ended
	December 31, 2019 ^(a)				June 30, 2019			June 30, 2018 ^(b)
Net asset value, beginning of period	$	28.50		$	28.01		$	25.00
Investment Operations:
Net investment income ^(c)		0.27			0.31			0.18
Net realized and change in unrealized gain		0.68			0.43			2.96
Total from investment operations		0.95			0.74			3.14
Dividends and Distributions to Shareholders from:
Net investment income		(0.35	)		(0.25	)		(0.13	)
Total dividends and distributions to stockholders		(0.35	)		(0.25	)		(0.13	)
Net asset value, end of period	$	29.10		$	28.50		$	28.01
Total return		3.34	% ^(d)		2.68	%		12.62	% ^(d)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	5,820		$	5,701		$	5,603
Ratio of expenses to average net assets		0.29	% ^(e)		0.29	%		0.29	% ^(e)
Ratio of net investment income to average net assets		1.88	% ^(e)		1.13	%		0.97	% ^(e)
Portfolio turnover rate ^(f)		6.4	% ^(e)		102.6	%		158.1	% ^(e)

^(a)	Six months ended December 31, 2019.
^(b)	Period from October 18, 2017, date operations commenced, through June 30, 2018.
^(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 in-kind transactions.

See accompanying notes.


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)


Principal Ultra-Short Active Income ETF

For a share outstanding for the year ended June 30 (except as noted):

		Period ended			Period ended
		December 31, 2019 ^(a)			June 30, 2019 ^(b)
Net asset value, beginning of period	$	25.09		$	25.00
Investment Operations:
Net investment income ^(c)		0.30			0.12
Net realized and change in unrealized gain		0.01			0.04
Total from investment operations		0.31			0.16
Dividends and Distributions to Shareholders from:
Net investment income		(0.44	)		(0.07	)
Total dividends and distributions to stockholders		(0.44	)		(0.07	)
Net asset value, end of period	$	24.96		$	25.09
Total Return ^(d)		1.26	%		0.62	%
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	12,481		$	12,543
Ratio of expenses to average net assets ^(e)		0.18	%		0.18	%
Ratio of net investment income to average net assets ^(e)		2.42	%		2.51	%
Portfolio turnover rate ^(e),(f)		19.7	%		0.0	%

^(a)	Six months ended December 31, 2019.
^(b)	Period from April 24, 2019, date operations commenced, through June 30, 2019.
^(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 in-kind transactions.

See accompanying notes.


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)


Principal U.S. Large-Cap Multi-Factor Core Index ETF

For a share outstanding for the year ended June 30 (except as noted):

		Period ended
		December 31, 2019 ^(a)
Net asset value, beginning of period	$	25.00
Investment Operations:
Net investment income ^(b)		0.20
Net realized and change in unrealized gain		1.49
Total from investment operations		1.69
Dividends and Distributions to Shareholders from:
Net investment income		(0.20	)
Total dividends and distributions to stockholders		(0.20	)
Net asset value, end of period	$	26.49
Total return ^(c)		6.79	%
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	6,623
Ratio of expenses to average net assets ^(d)		0.15	%
Ratio of net investment income to average net assets ^(d)		1.80	%
Portfolio turnover rate ^(d),(e)		55.3	%

^(a)	Period from July 23, 2019, date operations commenced, through December 31, 2019.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amount has not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

100


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)


Principal U.S. Mega-Cap Multi-Factor Index ETF

For a share outstanding for the year ended June 30 (except as noted):

		Period ended			Year ended			Period ended
	December 31, 2019 ^(a)				June 30, 2019			June 30, 2018 ^(b)
Net asset value, beginning of period	$	29.07		$	26.02		$	25.00
Investment Operations:
Net investment income ^(c)		0.31			0.63			0.38
Net realized and change in unrealized gain		2.43			3.04			0.80
Total from investment operations		2.74			3.67			1.18
Dividends and Distributions to Shareholders from:
Net investment income		(0.49	)		(0.62	)		(0.16	)
Total dividends and distributions to stockholders		(0.49	)		(0.62	)		(0.16	)
Net asset value, end of period	$	31.32		$	29.07		$	26.02
Total return		9.51	% ^(d)		14.32	%		4.73	% ^(d)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	1,484,375		$	1,618,941		$	1,666,525
Ratio of expenses to average net assets ^(e)		0.12	% ^(f)		0.12	%		0.12	% ^(f)
Ratio of gross expenses to average net assets		0.15	% ^(f)		0.15	%		0.15	% ^(f)
Ratio of net investment income to average net assets		2.11	% ^(f)		2.30	%		2.02	% ^(f)
Portfolio turnover rate ^(g)		38.0	% ^(f)		27.0	%		39.8	% ^(f)

^(a)	Six months ended December 31, 2019.
^(b)	Period from October 11, 2017, date operations commenced, through June 30, 2018.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Total return amounts have not been annualized.
^(e)	Includes reimbursement from Advisor.
^(f)	Computed on an annualized basis.
^(g)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

101


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)

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

For a share outstanding for the year ended June 30 (except as noted):

		Period ended		Year ended				Year ended			Period ended
	December 31, 2019 ^(a)			June 30, 2019				June 30, 2018			June 30, 2017 ^(b)
Net asset value, beginning of period	$	31.43		$	33.45		$	28.84		$	25.00
Investment Operations:
Net investment income ^(c)		0.28			0.40			0.29			0.26
Net realized and change in unrealized gain (loss)		1.19			(2.03	)		4.64			3.75
Total from investment operations		1.47			(1.63	)		4.93			4.01
Dividends and Distributions to Shareholders from:
Net investment income		(0.34	)		(0.39	)		(0.30	)		(0.17	)
Net realized gains		—			—			(0.02	)		—
Total dividends and distributions to stockholders		(0.34	)		(0.39	)		(0.32	)		(0.17	)
Net asset value, end of period	$	32.56		$	31.43		$	33.45		$	28.84
Total return		4.70	% ^(d)		(4.84	)%		17.14	%		16.08	% ^(d)
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	395,641		$	355,200		$	351,176		$	275,466
Ratio of expenses to average net assets		0.38	% ^(e)		0.38	%		0.38	%		0.38	% ^(e)
Ratio of net investment income to average net assets		1.76	% ^(e)		1.27	%		0.94	%		1.21	% ^(e)
Portfolio turnover rate ^(f)		72.6	% ^(e)		81.9	%		76.3	%		44.7	% ^(e)

^(a)	Six months ended December 31, 2019.
^(b)	Period from September 21, 2016, date operations commenced, through June 30, 2017.
^(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 in-kind transactions.

See accompanying notes.

102


Financial Highlights
Principal Exchange-Traded Funds
(unaudited)


Principal U.S. Small-MidCap Multi-Factor Core Index ETF

For a share outstanding for the year ended June 30 (except as noted):

		Period ended
		December 31, 2019 ^(a)
Net asset value, beginning of period	$	25.00
Investment Operations:
Net investment income ^(b)		0.22
Net realized and change in unrealized gain		1.33
Total from investment operations		1.55
Dividends and Distributions to Shareholders from:
Net investment income		(0.21	)
Total dividends and distributions to stockholders		(0.21	)
Net asset value, end of period	$	26.34
Total return ^(c)		6.27	%
Ratios/Supplemental Data:
Net assets, end of period (000s)	$	10,538
Ratio of expenses to average net assets ^(d)		0.20	%
Ratio of net investment income to average net assets ^(d)		2.04	%
Portfolio turnover rate ^(d),(e)		70.5	%

^(a)	Period from July 23, 2019, date operations commenced, through December 31, 2019.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amount has not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

103

Shareholder Expense Example
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)

As a shareholder of a Fund, 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 the Fund 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, 2019 through December 31, 2019, 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.


		Beginning		Ending	Annualized			Expenses Paid
		Account Value		Account Value	Expense Ratio			During Period
Principal Active Global Dividend Income ETF
Actual Fund Return	$	1,000	$	1,105.70	0.58	%	$	3.07
Hypothetical 5% Annual Return	$	1,000	$	1,022.22	0.58	%	$	2.95
Principal Active Income ETF
Actual Fund Return	$	1,000	$	1,052.50	0.49	%	$	2.53
Hypothetical 5% Annual Return	$	1,000	$	1,022.67	0.49	%	$	2.49
Principal Contrarian Value Index ETF
Actual Fund Return	$	1,000	$	1,080.30	0.29	%	$	1.52
Hypothetical 5% Annual Return	$	1,000	$	1,023.68	0.29	%	$	1.48
Principal Healthcare Innovators Index ETF
Actual Fund Return	$	1,000	$	1,122.20	0.42	%	$	2.24
Hypothetical 5% Annual Return	$	1,000	$	1,023.03	0.42	%	$	2.14
Principal International Multi-Factor Core Index ETF
Actual Fund Return	$	1,000	$	1,073.10	0.25	%	$	1.14
Hypothetical 5% Annual Return	$	1,000	$	1,020.89	0.25	%	$	1.11
Principal Investment Grade Corporate Active ETF
Actual Fund Return	$	1,000	$	1,042.60	0.26	%	$	1.33
Hypothetical 5% Annual Return	$	1,000	$	1,023.83	0.26	%	$	1.32
Principal Millennials Index ETF
Actual Fund Return	$	1,000	$	1,089.90	0.45	%	$	2.36
Hypothetical 5% Annual Return	$	1,000	$	1,022.87	0.45	%	$	2.26
Principal Price Setters Index ETF
Actual Fund Return	$	1,000	$	1,100.20	0.29	%	$	1.53
Hypothetical 5% Annual Return	$	1,000	$	1,023.68	0.29	%	$	1.48
Principal Shareholder Yield Index ETF
Actual Fund Return	$	1,000	$	1,092.00	0.29	%	$	1.52
Hypothetical 5% Annual Return	$	1,000	$	1,023.68	0.29	%	$	1.48

104


Shareholder Expense Example
Principal Exchange-Traded Funds
December 31, 2019 (unaudited)


		Beginning		Ending	Annualized			Expenses Paid
	Account Value			Account Value	Expense Ratio			During Period
Principal Spectrum Preferred Securities Active ETF
Actual Fund Return	$	1,000	$	1,063.90	0.55	%	$	2.85
Hypothetical 5% Annual Return	$	1,000	$	1,022.37	0.55	%	$	2.80
Principal Sustainable Momentum Index ETF
Actual Fund Return	$	1,000	$	1,033.40	0.29	%	$	1.48
Hypothetical 5% Annual Return	$	1,000	$	1,023.68	0.29	%	$	1.48
Principal Ultra-Short Active Income ETF
Actual Fund Return	$	1,000	$	1,012.60	0.18	%	$	0.91
Hypothetical 5% Annual Return	$	1,000	$	1,024.23	0.18	%	$	0.92
Principal U.S. Large-Cap Multi-Factor Core Index ETF
Actual Fund Return	$	1,000	$	1,067.90	0.15	%	$	0.68
Hypothetical 5% Annual Return	$	1,000	$	1,021.33	0.15	%	$	0.67
Principal U.S. Mega-Cap Multi-Factor Index ETF
Actual Fund Return	$	1,000	$	1,095.10	0.12	%	$	0.63
Hypothetical 5% Annual Return	$	1,000	$	1,024.53	0.12	%	$	0.61
Principal U.S. Small-Cap Multi-Factor Index ETF
Actual Fund Return	$	1,000	$	1,047.00	0.38	%	$	1.96
Hypothetical 5% Annual Return	$	1,000	$	1,023.23	0.38	%	$	1.93
Principal U.S. Small-MidCap Multi-Factor Core Index ETF
Actual Fund Return	$	1,000	$	1,062.70	0.20	%	$	0.91
Hypothetical 5% Annual Return	$	1,000	$	1,021.11	0.20	%	$	0.89

105

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 2019 for which a portion is estimated to be in excess of the fund’s current and accumulated net income. As of December 2019, the estimated sources of these distributions were as follows:


December 2019

Fund	Net Income		Realized Gain		Capital Sources
Principal Active Global Dividend Income ETF	55.60	%	0.00	%	44.40	%
Principal International Multi-Factor Core Index ETF	65.90		34.10		0.00
Principal U.S. Large-Cap Multi-Factor Core Index ETF	98.67		0.00		1.33
Principal U.S. Mega-Cap Multi-Factor Index ETF	98.03		1.97		0.00
Principal Ultra-Short Active Income ETF	98.19		0.00		1.81

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.

106

Trustees and Officers

Under Delaware law, a Board of Trustees oversees the Trust. The Trustees have financial or other relevant experience and meet several times during the year to review contracts, Trust activities and the quality of services provided to the Trust. Each trustee also has the same position with Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. which are also sponsored by Principal Life Insurance Company. Each trustee holds office for an indefinite term or until reaching age 72. Trustees considered to be “interested persons” as defined in the Investment Company Act of 1940, as shown below are considered to be interested because of an affiliation with the Manager and Principal Life Insurance Company.

The following Trustees are considered not to be “interested persons” as defined in the 1940 Act


		Number of
Name,		Portfolios in Fund	Other Directorships
Position Held with the Trust,	Principal Occupation(s)	Complex Overseen	Held by Trustee
Year of Birth	During past 5 years	by Trustee	During Past 5 Years
Elizabeth Ballantine	Principal, EBA Associates	127	Durango Herald, Inc;
Trustee since 2014			McClatchy
Member, Nominating and Governance			Newspapers, Inc.
Committee
1948

Leroy T. Barnes, Jr.	Retired.	127	McClatchy
Trustee since 2014			Newspapers, Inc.;
Member, Audit Committee			Frontier
Member, Nominating and Governance			Communications, Inc.;
Committee			formerly, Herbalife
1951			Ltd.

Craig Damos	President, C.P. Damos Consulting	127	None
Trustee since 2014	LLC
Member, 15(c) Committee
Member, Audit Committee
Member, Executive Committee
1954

Mark A. Grimmett	Formerly, Executive Vice President	127	None
Trustee since 2014	and CFO, Merle Norman Cosmetics,
Member, 15(c) Committee	Inc.
Member, Executive Committee
Member, Nominating and Governance
Committee
1960

Fritz S. Hirsch	Formerly, CEO, MAM USA	127	MAM USA
Trustee since 2014
Member, Nominating and Governance
Committee
Member, Operations Committee
Member, 15(c) Committee
1951

Tao Huang	Retired.	127	Armstrong World
Trustee since 2014			Industries, Inc. and
Member, 15(c) Committee			Equity Lifestyle
Member, Operations Committee			Properties, Inc.
1962

Karen (“Karrie”) McMillan	Managing Director, Patomak Global	127	None
Trustee since 2014	Partners, LLC.
Member, Operations Committee
1961

107


		Number of
Name,		Portfolios in Fund	Other Directorships
Position Held with the Trust,	Principal Occupation(s)	Complex Overseen	Held by Trustee
Year of Birth	During past 5 years	by Trustee	During Past 5 Years
Elizabeth A. Nickels	Retired	127	SpartanNash;
Trustee since 2015			formerly: Charlotte
Member, Audit Committee			Russe; Follet
1962			Corporation;
			PetSmart; Spectrum
			Health Systems

Mary M. (“Meg”) VanDeWeghe	CEO and President, Forte Consulting,	127	Denbury Resources
Trustee since 2018	Inc.		Inc. and
Member, Operations Committee			Helmerich & Payne;
1959			Formerly: Brown
			Advisory;
			B/E Aerospace;
			WP Carey;
			Nalco (and its
			successor Ecolab)

The following Trustees are considered to be “interested persons” as defined in the 1940 Act, because of an affiliation with the Manager and Principal Life.


		Number of
Name,		Portfolios in Fund	Other Directorships
Position Held with the Trust,	Principal Occupation(s)	Complex Overseen	Held by Trustee
Year of Birth	During past 5 years	by Trustee	During Past 5 Years
Timothy M. Dunbar	Director, PGI (since 2018)	127	None
Trustee since 2019	President-PGAM, PGI, PLIC, PFSI,
Chair Member, Executive Committee	and PFG (since 2018)
1957	Chair/Executive Vice President,
	RobustWealth, Inc. (since 2018)
	Director, Post (since 2018)
	Executive Vice President/Chief
	Investment Officer, PLIC, PFSI, and
	PFG (2014-2018)

Patrick Halter	Chief Executive Officer and President,	127	None
Trustee since 2017	PGI (since 2018)
Member, Executive Committee	Chief Operating Officer, PGI (2017-
1959	2018) Chair, PGI (since 2018)
	Director, PGI (2003-2018)
	Director, Finisterre (since 2018)
	Director, Origin (since 2018)
	Chair, Post (since 2017)
	Chief Executive Officer, Principal-REI
	(since 2005)
	Chair, Principal-REI (since 2004)
	Chair, Spectrum (since 2017)
	Director, CCIP (since 2017)

Correspondence intended for each Trustee who is other than an Interested Trustee may be sent to 655 9^thStreet, Des Moines, IA

50392.

108


The following table presents officers of the Trust.

Name,
Position Held with the Trust,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Randy L. Bergstrom	Counsel, PGI
Assistant Tax Counsel	Counsel, PLIC
Des Moines, IA 50392
1955

Jennifer A. Block	Vice President and Counsel (2017-2018)
Deputy Chief Compliance Officer	Assistant Counsel (2010-2017)
Des Moines, IA 50392	Assistant Secretary (2015-2018)
1973	Counsel, PGI (2017-2018)
	Counsel, PLIC (2009-2018)
	Counsel, PMC (2009-2017)

Kamal Bhatia	President — Principal Funds, PFG, PFSI, PLIC (since 2019)
President, Chief Executive Officer	Principal Executive Officer, OC Private Capital (2017-2019)
1972	Senior Vice President, OppenheimerFunds (2011-2019)

Tracy Bollin	Managing Director, PGI (since 2016)
Chief Financial Officer	Chief Financial Officer, PFA (2010-2015)
Des Moines, IA 50392	Senior Vice President, PFD (since 2015)
1970	Chief Financial Officer, PFD (2010-2016)
	Chief Operating Officer and Senior Vice President, PMC
	(2015-2017)
	Director, PMC (2014-2017)
	Chief Financial Officer, PMC (2010-2015)
	Chief Financial Officer, PSI (2010-2015)
	President, PSS (since 2015)
	Chief Financial Officer, PSS (2010-2015)

Gina L. Graham	Vice President/Treasurer, PGI (since 2016)
Treasurer	Vice President/Treasurer, PFA (since 2016)
Des Moines, IA 50392	Vice President/Treasurer, PFD (since 2016)
1965	Vice President/Treasurer, PLIC (since 2016)
	Vice President/Treasurer, PMC (2016-2017)
	Vice President/Treasurer, Principal-REI (since 2016)
	Vice President/Treasurer, PSI (since 2016)
	Vice President/Treasurer, PSS (since 2016)

Laura B. Latham	Counsel, PGI since 2018
Assistant Counsel and Assistant	Prior thereto, Attorney in Private Practice
Secretary
Des Moines, IA 50392
1986

Diane K. Nelson	Chief Compliance Officer/AML Officer, PSS (Since 2015)
AML Officer	Compliance Advisor, PMC (2013-2015)
Des Moines, 50392
1965

Sara L. Reece	Director — Accounting, PLIC since 2015
Vice President and Controller	Assistant Financial Controller, PLIC prior to 2015
Des Moines, IA 50392
1975

Teri R. Root	Interim Chief Compliance Officer (2018)
Chief Compliance Officer	Deputy Chief Compliance Officer (2015-2018)
Des Moines, IA 50392	Deputy Chief Compliance Officer, PGI (2017-2018)
1979	Vice President and Chief Compliance Officer, PMC
	(2015-2017)
	Vice President, PSS since 2015

109


Name,
Position Held with the Trust,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Britney L. Schnathorst	Counsel, PLIC since 2013
Assistant Counsel and Assistant Secretary
Des Moines, IA 50392
1981

Adam U. Shaikh	Assistant General Counsel, PGI since 2018
Assistant Counsel	Counsel, PGI (2017-2018)
Des Moines, IA 50392	Counsel, PLIC since 2006
1972	Counsel, PMC (2007-2013, 2014-2017)

John Sullivan	Counsel, PGI since 2019
Assistant Counsel and Assistant Secretary	Prior thereto, Attorney in Private Practice
Des Moines, IA 50392
1970

Dan L. Westholm	Assistant Vice President/Treasurer, PGI (since 2017)
Assistant Treasurer	Assistant Vice President/Treasury, PFA (since 2013)
Des Moines, IA 50392	Assistant Vice President/Treasury, PFD (since 2013)
1966	Assistant Vice President/Treasury, PLIC (since 2014)
	Assistant Vice President/Treasury, PMC (2013-2017)
	Assistant Vice President/Treasury, PSI (since 2013)
	Assistant Vice President/Treasury, PSS (since 2013)

Beth Wilson	Director and Secretary — Funds, PLIC
Vice President and Secretary
Des Moines, IA 50392
1956

Clint L. Woods	Of Counsel (2017-2018)
Counsel, Vice President and Assistant Secretary	Vice President (2016-2017) Counsel (2015-2017)
Des Moines, IA 50392	Vice President, PLIC since 2015
1961	Associate General Counsel, Governance Officer, and
	Assistant Corporate Secretary, PLIC since 2013

Jared A.Yepsen	Counsel, PGI since 2017
Assistant Tax Counsel	Counsel, PLIC since 2015
Des Moines, IA 50392	Senior Attorney, Transamerica Life Insurance Company
1981	(TLIC) (2013-2015)

The 15(c) Committee assists the Board in performing the annual review of the Trust’s advisory and sub-advisory agreements pursuant to Section 15(c) of the 1940 Act.

The Audit Committee selects the independent auditors for the Trust and oversees the activities of the independent auditors as well as the internal auditors. The committee also receives reports about accounting and financial matters affecting the Trust.

The Executive Committee is selected by the Board. It may exercise all the powers of the Board, with certain exceptions, when the Board is not in session. The Committee must report its actions to the Board.

The Nominating and Governance Committee selects and nominates all candidates who are not “interested persons” of the Trust for election to the Board. The committee also oversees the structure and efficiency of the Board of Trustees and the committees the Board establishes.

The Operations Committee oversees the provision of administrative and distribution services to the Trust, communications with the Trusts’ shareholders, and provides review and oversight of the Trusts’ operations.

Additional information about the Trust is available in the Prospectuses dated November 1, 2019 and the Statements of Additional Information dated November 1, 2019. These documents may be obtained free of charge by writing Principal Exchange-Traded Funds, c/o ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, CO 80203 or telephoning 1-800-787-1621. The prospectuses may be viewed at www.PrincipalETFs.com.

110

PROXY VOTING POLICIES

A description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities and the results of the proxy votes for the most recent twelve months ended June 30 may be obtained free of charge by telephoning 1-800-787-1621, or on the SEC website at www.sec.gov.

SCHEDULES OF INVESTMENTS

The Trust files complete schedules of investments with the Securities and Exchange Commission as of March 31 and September 30 of each year as a part of Form N-PORT. The Trust’s Form N-PORT can be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. or on the Commission’s website at www.sec.gov. Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-202-551-8090.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

On June 1, 2019, a Liquidity Risk Management Program (the “Program”) was adopted by the Trust. The Board is expected to review the operation and effectiveness of the Program in June 2020.

111

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 Agreements for all Funds and a Sub-advisory Agreement for the Principal Spectrum Preferred Securities Active ETF.

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

At its September 10, 2019 meeting, the Board performed its annual review and renewal process relating to the Management Agreement and the Subadvisory 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 sixteen (16) series of PETF (each series is referred to as a “Fund”); and (2) the Subadvisory Agreement between the Manager and Spectrum Asset Management Inc. (“Spectrum”) (the “Subadvisor”). The Management Agreement and the Subadvisory Agreement 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, advisory fees, total expenses, profitability from the Advisory Agreements to the Manager and information about economies of scale. The Board reviewed the materials provided and concluded that it was provided all 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, along with Principal Management Corporation (“PMC”), the previous investment adviser to the Funds that merged with and into the Manager on May 1, 2017, 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 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, during the periods reviewed, the Manager had delegated day-to-day portfolio management responsibility for the Principal Spectrum Preferred Securities Active ETF to Spectrum. The Board noted that the Manager’s process for the selection of subadvisors emphasizes the selection of Principal-affiliated subadvisors that are determined to be qualified under the Manager’s due diligence process, but that the Manager will select an unaffiliated subadvisor to manage all or a portion of a Fund’s investment portfolio when deemed necessary or appropriate based upon a consideration of the Fund’s investment mandate and available expertise and resources within the Principal organization. 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, 2019 and the blended investment return (50%/50%) of the three- and five-year periods ended March 31, 2019, 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, 2019, respectively, if available. The Board also compared each Fund’s investment performance over the one-, three- and five-year periods ended March 31, 2019, 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

112

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.

Investment Management Fees

The Board considered each Fund’s management fee rate. For each Fund, the Board received certain information from Broadridge including comparing unitary management fee rate 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 management fee rates, the Board considered a variety of factors, including the fee rates, breakpoints, comparison to fee rates of peer group funds and other funds and non-fund accounts managed by the Manager, subadvisory 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.

With regard to the Principal Price Setters Index ETF and the Principal Shareholder Yield Index ETF, the Board accepted management’s proposal to amend each Fund’s Management Agreement to reduce the unitary management fee and considered this fee reduction in concluding that the Management Agreement, as amended, should be renewed.

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, 2018. The Board also considered the returns on revenue generated in connection with the payment of subadvisory fees to Spectrum and the aggregated return on revenue to the Manager and its affiliates for the year ended December 31, 2018. 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 considered whether there are economies of scale with respect to the management of each Fund and whether the Funds benefit from any such economies of scale. The Board noted that the management fee schedules for the Principal Ultra-Short Active Income ETF, the Principal International Multi-Factor Core Index ETF, the Principal U.S Large-Cap Multi-Factor Core Index ETF, the Principal U.S. Mega-Cap Multi-Factor Index ETF, and the Principal U.S. Small-MidCap Multi-Factor Core Index ETF do not include breakpoints, but each such Fund has a relatively low management fee rate on all Fund assets. Considering all relevant factors, including the level of the fee, the Board determined that no breakpoints were necessary at this time.

The Board determined that no breakpoints are necessary at this time for the Principal Investment Grade Corporate Active ETF, the Principal Spectrum Preferred Securities Active ETF, the Principal Active Global Dividend Income ETF, the Principal Active Income ETF, the Principal Contrarian Value Index ETF, the Principal International Multi-Factor Index ETF, the Principal Price Setters Index ETF, the Principal Shareholder Yield Index ETF, the Principal Sustainable Momentum Index ETF, or the Principal U.S. SmallCap Index ETF due, among other factors, to their current asset levels and taking into account levels of profitability to the Manager.

Sub-advisory Agreement

Nature, Quality and Extent of Services

The Board considered the nature, quality and extent of the services provided under the Subadvisory Agreement with Spectrum with respect to the Principal Spectrum Preferred Securities Active ETF. The Board considered the reputation, qualifications and background of Spectrum, the investment approach of Spectrum, the experience and skills of investment personnel responsible for the day-to-day management of the Principal Spectrum Preferred Securities Active ETF and the resources made available to such

113

personnel. The Board also considered Spectrum’s 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 Spectrum to the Principal Spectrum Preferred Securities Active ETF Funds under the Subadvisory Agreement is satisfactory.

Investment Performance

The Manager had advised the Board that the investment services delivered by Spectrum was reasonable. Based upon all relevant factors, the Board concluded that Spectrum is qualified and that the investment performance of the Subadvisor met acceptable levels of investment performance

Subadvisory Fees, Economies of Scale and Profitability

The Board considered the subadvisory fee rates, noting that the Manager compensates Spectrum from its own management fee, so that shareholders pay only the management fee.

Other Benefits to the Manager and Subadvisers

The Board also considered the character and amount of other incidental benefits received by the Manager and its affiliates from their relationships with the Funds. The Board concluded that the management and subadvisory fees were reasonable in light of these fall-out benefits.

The Board also considered the character and amount of other incidental benefits received by Spectrum when evaluating the subadvisory fee. The Board concluded that taking into account these fall-out benefits, the subadvisory fee was 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.

114

ITEM 2 – CODE OF ETHICS

Not applicable to semi-annual reports.

ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable to semi-annual reports.

ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable to semi-annual reports.

ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6 – SCHEDULE OF INVESTMENTS

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

ITEM 7 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None

ITEM 11 – CONTROLS AND PROCEDURES

a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).

(b) There have been no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13 – EXHIBITS

(a)(1) Code of Ethics - Not applicable to semi-annual reports.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

Principal Exchange-Traded Funds

By /s/ Kamal Bhatia
Kamal Bhatia, President and CEO

Date 2/11/2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/ Kamal Bhatia
Kamal Bhatia, President and CEO

Date 2/11/2020

By /s/ Tracy W. Bollin
Tracy W. Bollin, Chief Financial Officer

Date 2/11/2020

Grafico Azioni Principal Active High Yi... (AMEX:YLD)
Storico
Da Dic 2024 a Gen 2025

Clicca qui per i Grafici di Principal Active High Yi...

Grafico Azioni Principal Active High Yi... (AMEX:YLD)
Storico
Da Gen 2024 a Gen 2025

YLD Principal Active High Yield ETF

Notizie Principal Exchange-traded Funds - YLD

La tua Cronologia

Più Attivi

Toplist

YLD Principal Active High Yield ETF

Notizie Principal Exchange-traded Funds - YLD

La tua Cronologia