(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

YLD

Principal Active High Yield ETF

Principal U.S. Listing Exchange: NYSE Arca

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal Active High Yield ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Active High Yield ETF	$40	0.39%

Management's Discussion of Fund Performance

The Fund seeks to provide a high level of current income. The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in below-investment grade (commonly known as "junk" or “high yield”) fixed income securities, such as bonds and bank loans. It invests in U.S. treasury securities, investment grade bank loans (also known as senior floating rate interests), and preferred securities. The Fund's investments outperformed the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index ("Index") in the year ending June 30, 2026. The outperformance was driven by positive contribution from issuer selection more than offsetting negative contribution from sector allocation. By issuer, the top contributors included overweight positions in Consolidated Energy Finance SA, Viasat Inc, Park River Holdings Inc, and iHeartCommunications Inc, as well as an underweight position in CSC Holdings LLC. The top detractors included overweight positions in Vibrantz Technologies Inc, LABL Inc, Mercer International Inc, Kronos Acquisition Holdings Inc, and McAfee Corp. Sector allocation provided a modest negative contribution to overall performance as underweight allocations to the insurance and technology sectors were more than offset by underweight allocations to the communications and energy sectors. By quality, the outperformance was driven by positive security selection within BB rated and B rated securities, as well as an underweight allocation to CC rated securities.

How did the Fund perform over the last 10 years?

Table Summary
	Principal Active High Yield ETF $17,425	Bloomberg US Aggregate Index $11,656	Bloomberg US Corporate High Yield 2% Issuer Capped Index $17,582
06/16	$10,000	$10,000	$10,000
09/16	$10,489	$10,046	$10,555
12/16	$10,589	$9,747	$10,740
03/17	$10,869	$9,827	$11,030
06/17	$11,158	$9,969	$11,269
09/17	$11,352	$10,053	$11,492
12/17	$11,475	$10,092	$11,546
03/18	$11,169	$9,945	$11,447
06/18	$11,382	$9,929	$11,564
09/18	$11,681	$9,931	$11,842
12/18	$11,081	$10,093	$11,305
03/19	$11,788	$10,390	$12,126
06/19	$12,020	$10,710	$12,429
09/19	$12,211	$10,953	$12,595
12/19	$12,647	$10,973	$12,924
03/20	$10,086	$11,319	$11,285
06/20	$11,400	$11,646	$12,428
09/20	$12,048	$11,718	$12,998
12/20	$12,846	$11,797	$13,835
03/21	$13,288	$11,399	$13,953
06/21	$13,734	$11,607	$14,335
09/21	$13,888	$11,614	$14,463
12/21	$14,063	$11,615	$14,563
03/22	$13,580	$10,926	$13,861
06/22	$12,263	$10,413	$12,497
09/22	$12,170	$9,918	$12,417
12/22	$12,827	$10,104	$12,934
03/23	$13,305	$10,403	$13,396
06/23	$13,537	$10,315	$13,630
09/23	$13,542	$9,982	$13,693
12/23	$14,481	$10,662	$14,673
03/24	$14,882	$10,580	$14,889
06/24	$15,056	$10,587	$15,052
09/24	$15,706	$11,137	$15,848
12/24	$15,811	$10,796	$15,875
03/25	$15,897	$11,096	$16,035
06/25	$16,460	$11,230	$16,600
09/25	$16,803	$11,458	$17,021
12/25	$16,843	$11,584	$17,244
03/26	$17,009	$11,578	$17,159
06/26	$17,425	$11,656	$17,582

Average Annual Total Returns

Table Summary
Name	1-Year	5-Years	10-Years
Principal Active High Yield ETF	6.06%	4.85%	5.71%
Bloomberg US Aggregate Index	3.79%	0.08%	1.54%
Bloomberg US Corporate High Yield 2% Issuer Capped Index	5.91%	4.17%	5.80%

Past performance is not a good predictor of the Fund's future performance. The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The table and graph above do not reflect the impact of taxes. If they did, performance would be lower. Visit www.PrincipalAM.com/ETF for more recent performance information.

The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The Bloomberg US Corporate High Yield 2% Issuer Capped Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

Net Assets$572,846,721
Total Number of Portfolio Holdings150
Portfolio Turnover Rate42.7%
Total Advisory Fees Paid$1,760,842

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	91.50%
Investment Companies	7.09%
Senior Floating Rate Interests	4.36%
U.S. Government & Government Agency Obligations	0.30%
Common Stocks	0.02%
Preferred Stocks	0.01%
Other Assets and Liabilities	(3.28)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	18.09%
Consumer, Non-cyclical	15.87%
Communications	15.83%
Consumer, Cyclical	12.76%
Energy	10.46%
Industrial	10.00%
Money Market Funds	7.09%
Basic Materials	5.70%
Utilities	4.59%
Technology	2.59%
Government	0.30%
Other Assets and Liabilities	(3.28)%
Total Net Assets	100.00%

Material Fund Changes

There were no material changes to the Fund for the period July 1, 2025 to June 30, 2026. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/ETFprospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-center for more information.

Householding

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder reports will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at 1-800-222-5852. Householding will be stopped within 30 days after we receive your request.

ETF3AR-0

LCAP

Principal Capital Appreciation Select ETF

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal Capital Appreciation Select ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Capital Appreciation Select ETF	$32	0.29%

Management's Discussion of Fund Performance

The Fund seeks to provide long-term growth of capital. The Fund invests primarily in equity securities of U.S. companies with any market capitalization, but it has a greater exposure to large market capitalization companies than small or medium market capitalization companies. Although there is no restriction on the size of the companies in which the Fund invests, most of the Fund's investments typically include companies with a market capitalization range over $10 billion. Lam Research Corporation (LRCX) contributed to relative performance as the company beat expectations multiple times in the year which was driven by a continued recovery in NAND memory and sustained demand out of China. The company also raised guidance for their wafer fabrication equipment (WFE) outlook to $140 which helped boost the stock. Western Digital Corporation (WDC) benefited from continued margin expansion as customers increasingly adopted high-density drives and new HAMR data storage technologies. GE Vernova Inc. (GEV) aided results as its backlog continued to grow and diversify, reaching 100 gigawatts of contracted gas power capacity across 90 customers in 24 countries. An underweight to Micron Technology, Inc. (MU) detracted from relative performance. Republic Services, Inc. (RSG) is the second largest regulated waste company in North America by market capitalization and revenue. The Fund values RSG’s minimal exposure to recycling and focus on scaling its environmental and hazardous waste assets. RSG detracted from relative results despite growing free cash flow as the company anticipates a 1% revenue decline in 2026 from organic volume decreases. Not owning Intel Corporation (INTC) detracted from relative results as shares rallied over the past year.

How did the Fund perform since inception?

Table Summary
	Principal Capital Appreciation Select ETF $13,286	Russell 1000 Index $13,149
03/25	$10,000	$10,000
03/25	$9,859	$9,698
06/25	$10,726	$10,775
09/25	$11,601	$11,637
12/25	$11,833	$11,918
03/26	$11,613	$11,419
06/26	$13,286	$13,149

Average Annual Total Returns

Table Summary
Name	1-Year	Since Inception March 25, 2025
Principal Capital Appreciation Select ETF	23.86%	25.16%
Russell 1000 Index	22.02%	24.14%

Fund Statistics

Net Assets$1,825,391,998
Total Number of Portfolio Holdings55
Portfolio Turnover Rate43.4%
Total Advisory Fees Paid$449,956

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	98.35%
Investment Companies	2.23%
Other Assets and Liabilities	(0.58)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Technology	34.11%
Communications	14.89%
Financial	14.56%
Consumer, Non-cyclical	11.98%
Industrial	9.18%
Consumer, Cyclical	7.64%
Energy	2.98%
Money Market Funds	2.23%
Utilities	1.92%
Basic Materials	1.09%
Other Assets and Liabilities	(0.58)%
Total Net Assets	100.00%

Material Fund Changes

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF36AR-0

UUPP

Principal CLO ETF

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal CLO ETF (the "Fund") for the period of May 20, 2026 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal CLO ETF	$2^{Footnote Reference*}	0.19%^{Footnote Reference†}

Footnote	Description
Footnote^*	Expenses are for the period from May 20, 2026, date operations commenced, through June 30, 2026. Expenses for the full reporting period would be higher.
Footnote^†	Computed on an annualized basis.

Fund Statistics

Net Assets$15,108,924
Total Number of Portfolio Holdings29
Portfolio Turnover Rate0.0%
Total Advisory Fees Paid$2,857

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	94.21%
U.S. Government & Government Agency Obligations	4.29%
Investment Companies	0.55%
Other Assets and Liabilities	0.95%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Asset Backed Securities	94.21%
Government	4.29%
Money Market Funds	0.55%
Other Assets and Liabilities	0.95%
Total Net Assets	100.00%

Material Fund Changes

There were no material changes to the Fund for the period May 20, 2026 to June 30, 2026. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF42AR-0

BCHP

Principal Focused Blue Chip ETF

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal Focused Blue Chip ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Focused Blue Chip ETF	$58	0.58%

Management's Discussion of Fund Performance

The Fund seeks long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies with large market capitalizations that, in the opinion of Principal Global Investors, LLC (“PGI”), the Fund’s investment advisor, display characteristics of a “blue chip” company. Over the year, lack of exposure to consumer staples, utilities, and materials contributed to relative performance versus the Russell 1000 Growth Index (“Index"). Amphenol was a top contributor, serving as a critical supplier to the electronics ecosystem by providing cables, sensors, and antennas used in applications ranging from mobile devices to AI data centers. Global hotel company Hilton also contributed to performance, supported by continued execution and the addition of hundreds of properties to its portfolio over the past year. Company selection in information technology and financials detracted from performance. In technology, Microsoft was the largest detractor as the company navigated a period of elevated capital expenditures tied to the rollout of AI Copilot across its platform. A lower allocation to technology hardware businesses also detracted from performance relative to the Index, particularly given continued investor enthusiasm for AI-related infrastructure. Netflix detracted following two unsuccessful acquisition bids and the announcement that its founder is stepping down from the Board. Commercial real estate data and analytics company CoStar also detracted from performance, as it continued to navigate a period of elevated investment in its homes.com business.

How did the Fund perform since inception?

Table Summary
	Principal Focused Blue Chip ETF $14,630	Russell 1000 Index $17,354	Russell 1000 Growth Index $18,331
07/23	$10,000	$10,000	$10,000
09/23	$9,800	$9,614	$9,642
12/23	$11,418	$10,764	$11,007
03/24	$12,520	$11,872	$12,264
06/24	$12,885	$12,296	$13,286
09/24	$13,246	$13,044	$13,710
12/24	$13,780	$13,402	$14,679
03/25	$13,048	$12,800	$13,216
06/25	$14,817	$14,222	$15,574
09/25	$15,234	$15,359	$17,210
12/25	$15,181	$15,729	$17,404
03/26	$13,266	$15,072	$15,702
06/26	$14,630	$17,354	$18,331

Average Annual Total Returns

Table Summary
Name	1-Year	Since Inception July 12, 2023
Principal Focused Blue Chip ETF	-1.28%	13.66%
Russell 1000 Index	22.02%	20.40%
Russell 1000 Growth Index	17.71%	22.64%

The Russell 1000 Index is the Fund's primary broad-based securities market index. The Russell 1000 Growth Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

Net Assets$218,233,379
Total Number of Portfolio Holdings23
Portfolio Turnover Rate54.2%
Total Advisory Fees Paid$1,073,391

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	99.98%
Investment Companies	0.01%
Other Assets and Liabilities	0.01%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Communications	30.93%
Technology	28.45%
Financial	21.71%
Industrial	11.94%
Consumer, Non-cyclical	5.28%
Consumer, Cyclical	1.67%
Money Market Funds	0.01%
Other Assets and Liabilities	0.01%
Total Net Assets	100.00%

Material Fund Changes

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF34AR-0

RIZE

Principal Inflation Protection ETF

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal Inflation Protection ETF (the "Fund") for the period of May 20, 2026 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Inflation Protection ETF	$2^{Footnote Reference*}	0.19%^{Footnote Reference†}

Footnote	Description
Footnote^*	Expenses are for the period from May 20, 2026, date operations commenced, through June 30, 2026. Expenses for the full reporting period would be higher.
Footnote^†	Computed on an annualized basis.

Fund Statistics

Net Assets$11,235,922
Total Number of Portfolio Holdings26
Portfolio Turnover Rate0.0%
Total Advisory Fees Paid$2,036

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	99.33%
Investment Companies	0.42%
Other Assets and Liabilities	0.25%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Government	99.33%
Money Market Funds	0.42%
Other Assets and Liabilities	0.25%
Total Net Assets	100.00%

Material Fund Changes

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF43AR-0

PIEQ

Principal International Equity ETF

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal International Equity ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal International Equity ETF	$54	0.48%

Management's Discussion of Fund Performance

The Fund seeks long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities. The Fund invests primarily in foreign equity securities, including emerging market securities. It invests in equity securities of small, medium, and large market capitalization companies. For the year ending June 30, 2026, the Fund's investments underperformed the benchmark, the MSCI ACWI ex USA Index (“Index”). Stock selection contributed positively in South Korea and the Netherlands, as well as within the information technology sector. These gains were more than offset by weaker results in the United Kingdom and Japan and by unfavorable stock selection within the communication services sector. Overweight positions in information technology companies Samsung Electronics and ASML Holding, European financial institutions Erste Group Bank and AIB Group, and Canadian energy producer Suncor Energy were among the most significant contributors to performance during the year. Conversely, performance was negatively impacted by overweight positions in Japanese video game company Nintendo, South Korean semiconductor manufacturer SK Hynix, and UK-based gaming and betting operator Entain plc. Portfolio construction remains primarily driven by bottom-up stock selection, with a focus on identifying company-specific opportunities that we believe can generate attractive long-term risk-adjusted returns.

How did the Fund perform since inception?

Table Summary
	Principal International Equity ETF $14,543	MSCI ACWI Ex USA Index $14,460
11/24	$10,000	$10,000
12/24	$9,686	$9,608
03/25	$10,535	$10,111
06/25	$11,692	$11,327
09/25	$12,673	$12,108
12/25	$13,351	$12,720
03/26	$13,768	$12,630
06/26	$14,543	$14,460

Average Annual Total Returns

Table Summary
Name	1-Year	Since Inception November 5, 2024
Principal International Equity ETF	24.36%	25.10%
MSCI ACWI Ex USA Index	27.66%	25.06%

Fund Statistics

Net Assets$1,329,397,871
Total Number of Portfolio Holdings36
Portfolio Turnover Rate68.8%
Total Advisory Fees Paid$5,485,721

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	97.88%
Investment Companies	2.47%
Other Assets and Liabilities	(0.35)%
Total Net Assets	100.00%

Geographic Allocation

Table Summary
Top Locations	Percent of Net Assets
United Kingdom	13.34%
Japan	9.27%
Netherlands	8.77%
South Korea - Republic of Korea	8.00%
Canada	7.32%
Taiwan	6.96%
Ireland	5.83%
France	5.74%
Germany	5.71%
Cayman Islands	4.84%
Hong Kong	4.30%
Luxembourg	4.10%
Austria	3.42%
Greece	2.47%
Italy	2.23%
United States	2.14%
Isle of Man	1.74%
Brazil	1.70%
Other Locations^{Footnote Reference*}	2.47%
Other Assets and Liabilities	(0.35%)
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies.

Material Fund Changes

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF35AR-0

IG

Principal Investment Grade Corporate ETF

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal Investment Grade Corporate ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Investment Grade Corporate ETF	$19	0.19%

Management's Discussion of Fund Performance

The Fund seeks to provide current income and, as a secondary objective, capital appreciation. The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in investment-grade corporate bonds and other fixed income securities. "Investment grade" securities are rated BBB- or higher by S&P Global Ratings ("S&P Global") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). During the 12 months ending June 30, 2026, the Fund’s investments outperformed the Bloomberg U.S. Corporate Investment Grade Index (“Index”). Outperformance was driven by favorable security selection, particularly within the banking, technology, capital goods, consumer non-cyclical and energy sectors. This was offset in part by security selection in the transportation and real estate investment trusts (“REITs”) sectors. Moreover, sector allocation slightly detracted from relative performance as an overweight allocation to financials and an underweight to industrials was a drag on performance. Conversely, an overweight allocation to utilities contributed positively to relative performance. Finally, duration and yield curve positioning had a negative impact, with the Fund’s duration position slightly longer than that of the Index, on average. To that end, the Fund utilized derivatives to manage overall duration and key rate exposure relative to the Index.

How did the Fund perform since inception?

Table Summary
	Principal Investment Grade Corporate ETF $12,490	Bloomberg US Aggregate Index $11,765	Bloomberg US Corporate Investment Grade Index $12,646
04/18	$10,000	$10,000	$10,000
06/18	$9,887	$10,023	$9,927
09/18	$10,012	$10,024	$10,024
12/18	$9,906	$10,188	$10,006
03/19	$10,477	$10,488	$10,520
06/19	$10,954	$10,811	$10,991
09/19	$11,308	$11,057	$11,326
12/19	$11,447	$11,077	$11,460
03/20	$10,865	$11,425	$11,044
06/20	$11,971	$11,756	$12,036
09/20	$12,194	$11,829	$12,221
12/20	$12,676	$11,908	$12,593
03/21	$12,048	$11,506	$12,008
06/21	$12,532	$11,717	$12,434
09/21	$12,517	$11,723	$12,434
12/21	$12,558	$11,724	$12,462
03/22	$11,556	$11,029	$11,504
06/22	$10,597	$10,511	$10,669
09/22	$10,036	$10,011	$10,130
12/22	$10,436	$10,199	$10,498
03/23	$10,796	$10,501	$10,866
06/23	$10,699	$10,412	$10,835
09/23	$10,352	$10,076	$10,500
12/23	$11,213	$10,763	$11,392
03/24	$11,136	$10,679	$11,347
06/24	$11,163	$10,686	$11,337
09/24	$11,830	$11,242	$11,999
12/24	$11,439	$10,897	$11,634
03/25	$11,727	$11,201	$11,903
06/25	$11,949	$11,336	$12,120
09/25	$12,272	$11,566	$12,434
12/25	$12,359	$11,693	$12,539
03/26	$12,303	$11,688	$12,471
06/26	$12,490	$11,765	$12,646

Average Annual Total Returns

Table Summary
Name	1-Year	5-Years	Since Inception April 18, 2018
Principal Investment Grade Corporate ETF	4.66%	-0.07%	2.73%
Bloomberg US Aggregate Index	3.79%	0.08%	2.00%
Bloomberg US Corporate Investment Grade Index	4.34%	0.34%	2.90%

The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The Bloomberg US Corporate Investment Grade Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

Net Assets$199,134,077
Total Number of Portfolio Holdings251
Portfolio Turnover Rate80.5%
Total Advisory Fees Paid$282,510

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	97.68%
Investment Companies	2.54%
Other Assets and Liabilities^{Footnote Reference*}	(0.22)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	40.68%
Consumer, Non-cyclical	12.42%
Utilities	11.18%
Technology	9.68%
Industrial	7.04%
Consumer, Cyclical	5.08%
Energy	4.79%
Communications	4.68%
Money Market Funds	2.54%
Basic Materials	2.13%
Other Assets and Liabilities^{Footnote Reference*}	(0.22)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Material Fund Changes

This is a summary of certain changes of the Fund since June 30, 2025. For more complete information, you may review the Fund's most recent prospectus, which we expect to be effective by November 1 or upon request at www.PrincipalAM.com/ETFprospectuses.

Effective 04/21/2026, Investment Grade Corporate Active ETF changed its name to Investment Grade Corporate ETF. Additionally on that date, the Fund changed its primary listing exchange for shares from NYSE Arca to Cboe BZX.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF17AR-0

DWWN

Principal Long Duration ETF

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal Long Duration ETF (the "Fund") for the period of May 20, 2026 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Long Duration ETF	$2^{Footnote Reference*}	0.19%^{Footnote Reference†}

Footnote	Description
Footnote^*	Expenses are for the period from May 20, 2026, date operations commenced, through June 30, 2026. Expenses for the full reporting period would be higher.
Footnote^†	Computed on an annualized basis.

Fund Statistics

Net Assets$11,839,417
Total Number of Portfolio Holdings58
Portfolio Turnover Rate1.9%
Total Advisory Fees Paid$2,092

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	99.86%
Investment Companies	0.10%
Other Assets and Liabilities	0.04%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Government	99.86%
Money Market Funds	0.10%
Other Assets and Liabilities	0.04%
Total Net Assets	100.00%

Material Fund Changes

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF41AR-0

PSET

Principal Quality ETF

Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal Quality ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Quality ETF	$15	0.15%

Management's Discussion of Fund Performance

The Fund seeks long-term growth of capital. Under normal circumstances, the Fund primarily invests in equity securities. For security selection and portfolio construction, Principal Global Investors, LLC (“PGI”) uses a proprietary quantitative model designed to identify equity securities in the S&P 500 Growth Index ("Index") that exhibit growth characteristics, including higher quality, growth potential, and pricing power. The Fund’s investments underperformed the Index over the year. Seven of the eleven sectors in the Index posted positive returns, led by industrials and information technology. Utilities and materials lagged during the year. Sandisk Corp., Micron Technology Inc., and Applied Materials Inc. outperformed within the Index, while Intuit Inc., Fiserv Inc., and Boston Scientific Corp. underperformed. High beta and high momentum stocks outperformed during the year, while high quality stocks underperformed. The Fund’s positioning in Applied Materials Inc., Palo Alto Networks Inc., and NetApp Inc. contributed to performance. Positioning in Intuit Inc., Salesforce Inc., and Boston Scientific Corp. detracted from performance. The Fund’s factor exposure to investment quality contributed to performance, while exposure to low momentum, low beta, and smaller size detracted from performance. Underweight allocations to consumer staples and utilities, along with stock selection within energy, contributed to performance. Selection in information technology, healthcare, and financials detracted.

How did the Fund perform over the last 10 years?

Table Summary
	Principal Quality ETF $32,536	S&P 500 Index $42,271	S&P 500 Growth Index $47,382
06/16	$10,000	$10,000	$10,000
09/16	$10,067	$10,385	$10,433
12/16	$10,123	$10,782	$10,437
03/17	$10,770	$11,436	$11,281
06/17	$11,322	$11,790	$11,729
09/17	$11,762	$12,318	$12,301
12/17	$12,592	$13,136	$13,086
03/18	$12,812	$13,037	$13,294
06/18	$13,121	$13,484	$13,943
09/18	$13,872	$14,524	$15,187
12/18	$12,407	$12,560	$12,904
03/19	$14,240	$14,275	$14,775
06/19	$15,080	$14,889	$15,390
09/19	$15,357	$15,142	$15,442
12/19	$16,600	$16,515	$16,664
03/20	$13,397	$13,279	$14,201
06/20	$15,774	$16,006	$17,872
09/20	$17,316	$17,436	$19,923
12/20	$19,298	$19,554	$21,994
03/21	$20,037	$20,761	$22,415
06/21	$21,789	$22,536	$25,043
09/21	$22,114	$22,667	$25,466
12/21	$24,966	$25,167	$28,821
03/22	$22,945	$24,009	$26,292
06/22	$19,752	$20,144	$20,770
09/22	$18,601	$19,160	$19,921
12/22	$20,869	$20,609	$20,149
03/23	$22,016	$22,154	$22,012
06/23	$23,682	$24,091	$24,264
09/23	$22,967	$23,302	$23,564
12/23	$25,894	$26,026	$25,861
03/24	$28,669	$28,774	$29,109
06/24	$28,922	$30,006	$31,846
09/24	$30,199	$31,773	$32,976
12/24	$30,469	$32,538	$34,950
03/25	$28,102	$31,148	$31,934
06/25	$31,392	$34,556	$37,918
09/25	$32,500	$37,364	$41,569
12/25	$32,688	$38,356	$42,427
03/26	$29,805	$36,694	$38,926
06/26	$32,536	$42,271	$47,382

Average Annual Total Returns

Table Summary
Name	1-Year	5-Years	10-Years
Principal Quality ETF	3.68%	8.36%	12.52%
S&P 500 Index	22.32%	13.41%	15.51%
S&P 500 Growth Index	24.96%	13.60%	16.83%

The S&P 500 Index is the Fund's primary broad-based securities market index. The S&P 500 Growth Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

Net Assets$28,804,361
Total Number of Portfolio Holdings73
Portfolio Turnover Rate67.8%
Total Advisory Fees Paid$60,045

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	99.72%
Investment Companies	0.21%
Other Assets and Liabilities	0.07%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Technology	31.42%
Industrial	20.19%
Financial	13.88%
Consumer, Non-cyclical	12.97%
Communications	12.09%
Consumer, Cyclical	4.34%
Basic Materials	3.66%
Energy	1.17%
Money Market Funds	0.21%
Other Assets and Liabilities	0.07%
Total Net Assets	100.00%

Material Fund Changes

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF6AR-0

BYRE

Principal Real Estate Active Opportunities ETF

Principal U.S. Listing Exchange: NYSE Arca

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal Real Estate Active Opportunities ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Real Estate Active Opportunities ETF	$63	0.60%

Management's Discussion of Fund Performance

The Fund seeks total return and income. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of companies principally engaged in the real estate industry. It invests primarily in equity securities, including those of small companies. U.S. real estate securities navigated a volatile macro environment defined by shifting rate expectations, geopolitical shocks, and a powerful artificial intelligence-driven equity rally. U.S. senior housing stocks were the key contributor to performance with these stocks demonstrating continued strong earnings growth and guidance upgrades supported by firming occupancy, improving pricing power, and accretive acquisitions. Data center selection also contributed, particularly, a network dense colocation operator which outperformed strongly. Performance was partially offset by the position in towers which lagged on concerns of weak earnings outlook and slowing carrier capital expenditure.

How did the Fund perform since inception?

Table Summary
	Principal Real Estate Active Opportunities ETF $12,075	Russell 3000 Index $20,028	FTSE NAREIT All Equity REIT Index $12,409
05/22	$10,000	$10,000	$10,000
06/22	$9,799	$9,657	$9,734
09/22	$8,894	$9,226	$8,679
12/22	$9,108	$9,888	$9,038
03/23	$9,382	$10,598	$9,196
06/23	$9,306	$11,487	$9,307
09/23	$8,687	$11,113	$8,531
12/23	$10,092	$12,455	$10,065
03/24	$9,889	$13,703	$9,933
06/24	$9,855	$14,143	$9,844
09/24	$11,416	$15,024	$11,497
12/24	$10,518	$15,420	$10,560
03/25	$10,945	$14,692	$10,851
06/25	$10,973	$16,307	$10,750
09/25	$10,979	$17,640	$11,037
12/25	$10,759	$18,064	$10,800
03/26	$11,012	$17,349	$11,206
06/26	$12,075	$20,028	$12,409

Average Annual Total Returns

Table Summary
Name	1-Year	Since Inception May 18, 2022
Principal Real Estate Active Opportunities ETF	10.04%	4.69%
Russell 3000 Index	22.82%	18.37%
FTSE NAREIT All Equity REIT Index	15.43%	5.38%

The Russell 3000 Index is the Fund's primary broad-based securities market index. The FTSE NAREIT All Equity REIT Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

Net Assets$25,611,549
Total Number of Portfolio Holdings52
Portfolio Turnover Rate53.1%
Total Advisory Fees Paid$127,478

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	98.76%
Investment Companies	0.93%
Other Assets and Liabilities	0.31%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	98.76%
Money Market Funds	0.93%
Other Assets and Liabilities	0.31%
Total Net Assets	100.00%

Material Fund Changes

Effective 11/01/2025, the Fund's Objectives, Principal Investment Strategies and Risks were updated. Additionally on that date, the Fund changed from a non-transparent ETF to a fully transparent ETF.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF31AR-0

WDE

Principal Securitized Debt ETF

Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal Securitized Debt ETF (the "Fund") for the period of May 20, 2026 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Securitized Debt ETF	$2^{Footnote Reference*}	0.19%^{Footnote Reference†}

Footnote	Description
Footnote^*	Expenses are for the period from May 20, 2026, date operations commenced, through June 30, 2026. Expenses for the full reporting period would be higher.
Footnote^†	Computed on an annualized basis.

Fund Statistics

Net Assets$20,223,307
Total Number of Portfolio Holdings41
Portfolio Turnover Rate11.4%
Total Advisory Fees Paid$3,805

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	67.03%
U.S. Government & Government Agency Obligations	39.09%
Investment Companies	2.41%
Other Assets and Liabilities	(8.53)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Mortgage Securities	67.67%
Asset Backed Securities	23.09%
Government	10.34%
Utilities	5.02%
Money Market Funds	2.41%
Other Assets and Liabilities	(8.53)%
Total Net Assets	100.00%

Material Fund Changes

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF40AR-0

PQDI

Principal Spectrum Preferred and Income ETF

Principal U.S. Listing Exchange: NYSE Arca

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal Spectrum Preferred and Income ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Spectrum Preferred and Income ETF	$62	0.60%

Management's Discussion of Fund Performance

The Fund seeks to provide current income. Under normal circumstances, the Fund invests at least 80% of its net assets in preferred securities and other income-producing securities. The preferred securities in which the Fund invests include, but are not limited to, preferred stock, certain depositary receipts, and various types of junior subordinated debt. The Fund invests significantly in securities that, at the time of issuance, are eligible to pay dividends that qualify for favorable U.S. federal income tax treatment, such as dividends treated as “qualified dividend income” (“QDI”). The Fund also invests in derivative instruments for hedging and income generation purposes. During the 12 months ending June 30, 2026, the 5-year U.S. Treasury note yield rose 49 basis points (“bps”) to a yield-to-worst (“YTW”) of 4.28%. Bond investor anxieties rose from fears of another trade war, uncertainty increased over the ongoing annual fiscal deficit, and a war with Iran spiked oil prices and reignited inflation fears. Despite rising U.S. Treasury yields, both the average price of the Fund’s investments and the YTW of the Fund’s investments increased. Credit spreads within the portfolio tightened to an option adjusted spread of +191 bps. Within the Fund’s benchmark, the ICE BofA 7% Constrained DRD Eligible Preferred Securities Index (“Index”), security average price declined, YTW rose, and credit spreads tightened to an option adjusted spread of +118 bps. The Fund was overweight in contingent convertible capital securities (“CoCos”) and overweight in limited recourse capital notes of Canadian banks which contributed to the excess return of the Fund compared to the Index. The Fund was underweight in $1000 par U.S. bank preferred securities and underweight in $25 par preferred stock which detracted from the performance of the Fund compared to the Index. The Fund’s income outpaced the Index for the year. Overall, the rising rate market conditions detracted from the Fund’s performance compared to the Index and tighter spreads contributed to the Fund’s performance compared to the Index.

How did the Fund perform since inception?

Table Summary
	Principal Spectrum Preferred and Income ETF $13,310	Bloomberg Global Aggregate Index $9,504	ICE BofA 7% Constrained DRD Eligible Preferred Securities Index $11,922
06/20	$10,000	$10,000	$10,000
06/20	$10,065	$10,011	$10,000
09/20	$10,470	$10,278	$10,522
12/20	$11,048	$10,615	$10,992
03/21	$11,030	$10,142	$10,898
06/21	$11,343	$10,275	$11,260
09/21	$11,417	$10,184	$11,283
12/21	$11,387	$10,116	$11,238
03/22	$10,875	$9,492	$10,475
06/22	$10,235	$8,708	$9,627
09/22	$10,020	$8,103	$9,565
12/22	$10,296	$8,472	$9,666
03/23	$10,050	$8,727	$9,634
06/23	$10,235	$8,593	$9,625
09/23	$10,357	$8,285	$9,597
12/23	$10,934	$8,956	$10,236
03/24	$11,335	$8,770	$10,746
06/24	$11,529	$8,673	$10,807
09/24	$12,019	$9,278	$11,397
12/24	$12,029	$8,805	$11,188
03/25	$12,160	$9,037	$11,243
06/25	$12,492	$9,445	$11,410
09/25	$12,860	$9,501	$11,796
12/25	$13,042	$9,524	$11,823
03/26	$12,953	$9,422	$11,689
06/26	$13,310	$9,504	$11,922

Average Annual Total Returns

Table Summary
Name	1-Year	5-Years	Since Inception June 16, 2020
Principal Spectrum Preferred and Income ETF	6.76%	3.27%	4.82%
Bloomberg Global Aggregate Index	0.62%	-1.55%	-0.84%
ICE BofA 7% Constrained DRD Eligible Preferred Securities Index	4.49%	1.15%	2.95%

The Bloomberg Global Aggregate Index is the Fund's primary broad-based securities market index. The ICE BofA 7% Constrained DRD Eligible Preferred Securities Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

Net Assets$69,972,478
Total Number of Portfolio Holdings102
Portfolio Turnover Rate41.1%
Total Advisory Fees Paid$387,619

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	83.93%
Preferred Stocks	14.73%
Investment Companies	0.85%
Other Assets and Liabilities	0.49%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	95.82%
Communications	1.17%
Government	1.08%
Money Market Funds	0.85%
Energy	0.59%
Other Assets and Liabilities	0.49%
Total Net Assets	100.00%

Material Fund Changes

Effective 11/01/2025, Spectrum Tax-Advantaged Dividend Active ETF changed its name to Spectrum Preferred and Income ETF.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF26AR-0

PREF

Principal Spectrum Preferred Securities Active ETF

Principal U.S. Listing Exchange: NYSE Arca

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal Spectrum Preferred Securities Active ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Spectrum Preferred Securities Active ETF	$57	0.55%

Management's Discussion of Fund Performance

The Fund seeks to provide current income. Under normal circumstances, the Fund invests at least 80% of its net assets in preferred securities. Examples of preferred securities include preferred stock, certain depositary receipts, and various types of junior subordinated debt (such debt generally includes the contractual ability to defer payment of interest without accelerating an immediate default event). It concentrates its investments (invests more than 25% of its net assets) in securities in one or more industries within the financial services sector. During the 12 months ending June 30, 2026, the 5-year U.S. Treasury note yield rose 49 basis points (“bps”) to a yield-to-worst (“YTW”) of 4.28%. Bond investor anxieties rose from fears of another trade war, uncertainty increased over the ongoing annual fiscal deficit, and a war with Iran spiked oil prices and reignited inflation fears. Despite rising U.S. Treasury yields, both the average price of the Fund’s investments and the YTW of the Fund’s investments increased. Credit spreads within the portfolio tightened to an option adjusted spread of +169 bps. The Fund’s benchmark, the ICE BofA U.S. Investment Grade Institutional Capital Securities Index (“Index”), also experienced an increase in security average price and YTW, along with tightening credit spreads, although to a lesser extent than the Fund. The Fund was overweight in $1000 par U.S. bank preferred securities and overweight in limited recourse capital notes of Canadian banks which contributed to the excess return of the Fund compared to the Index. The Fund was underweight in corporate hybrids and underweight in insurance hybrids which detracted from the Fund’s performance compared to the Index. The Fund’s income lagged the Index for the year, but this was more than offset by the Fund’s lower duration and better spread performance. Overall, the rising rate market conditions detracted from the Fund’s performance compared to the Index and tighter spreads contributed to the Fund’s performance compared to the Index.

How did the Fund perform since inception?

Table Summary
	Principal Spectrum Preferred Securities Active ETF $14,503	Bloomberg Global Aggregate Index $10,682	ICE BofA US Investment Grade Institutional Capital Securities Index $15,374
07/17	$10,000	$10,000	$10,000
09/17	$10,228	$10,241	$10,163
12/17	$10,267	$10,351	$10,224
03/18	$10,062	$10,492	$10,036
06/18	$9,936	$10,200	$9,989
09/18	$10,054	$10,106	$10,163
12/18	$9,706	$10,227	$9,763
03/19	$10,358	$10,452	$10,495
06/19	$10,726	$10,797	$10,926
09/19	$11,098	$10,874	$11,262
12/19	$11,393	$10,927	$11,576
03/20	$9,992	$10,891	$10,468
06/20	$11,200	$11,253	$11,485
09/20	$11,730	$11,552	$11,988
12/20	$12,248	$11,932	$12,528
03/21	$12,151	$11,399	$12,441
06/21	$12,480	$11,549	$12,784
09/21	$12,624	$11,447	$12,906
12/21	$12,502	$11,370	$12,836
03/22	$11,787	$10,669	$12,175
06/22	$10,832	$9,788	$11,266
09/22	$10,649	$9,108	$11,159
12/22	$11,028	$9,522	$11,529
03/23	$11,039	$9,809	$11,656
06/23	$11,141	$9,659	$11,893
09/23	$11,215	$9,312	$11,935
12/23	$11,838	$10,067	$12,643
03/24	$12,370	$9,857	$13,106
06/24	$12,565	$9,748	$13,281
09/24	$13,125	$10,429	$13,911
12/24	$13,189	$9,897	$13,876
03/25	$13,360	$10,158	$14,099
06/25	$13,712	$10,616	$14,463
09/25	$14,004	$10,680	$14,880
12/25	$14,196	$10,705	$15,075
03/26	$14,131	$10,590	$15,029
06/26	$14,503	$10,682	$15,374

Average Annual Total Returns

Table Summary
Name	1-Year	5-Years	Since Inception July 10, 2017
Principal Spectrum Preferred Securities Active ETF	6.03%	3.12%	4.24%
Bloomberg Global Aggregate Index	0.62%	-1.55%	0.74%
ICE BofA US Investment Grade Institutional Capital Securities Index	6.29%	3.76%	4.91%

The Bloomberg Global Aggregate Index is the Fund's primary broad-based securities market index. The ICE BofA US Investment Grade Institutional Capital Securities Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

Net Assets$1,771,145,456
Total Number of Portfolio Holdings161
Portfolio Turnover Rate34.1%
Total Advisory Fees Paid$7,769,753

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	98.24%
Investment Companies	2.17%
Other Assets and Liabilities	(0.41)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	67.48%
Utilities	16.69%
Energy	11.12%
Communications	2.17%
Money Market Funds	2.17%
Government	0.78%
Other Assets and Liabilities	(0.41)%
Total Net Assets	100.00%

Material Fund Changes

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF11AR-0

USMC

Principal U.S. Mega-Cap ETF

Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal U.S. Mega-Cap ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal U.S. Mega-Cap ETF	$13	0.12%

Management's Discussion of Fund Performance

The Fund seeks long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. companies with very large ("mega") market capitalizations. For this Fund, companies with mega capitalizations are those with market capitalizations in the top 50th percentile of the S&P 500 Index ("Index") at time of purchase. The Fund’s investments underperformed the Index over the year. All eleven sectors in the Index posted positive returns, led by information technology and energy. Financials and consumer staples lagged during the year. Sandisk Corp., Western Digital Corp., and Micron Technology Inc. outperformed within the Index, while Trade Desk Inc., Fiserv Inc., and Gartner Inc. underperformed. High beta and high momentum stocks outperformed during the year, while high quality stocks underperformed. The Fund’s positioning in Micron Technology Inc., Johnson & Johnson, and Exxon Mobil Corp. contributed to performance. Positioning in Netflix Inc., Mastercard Inc., and Costco Wholesale Corp. detracted from performance. The Fund’s factor exposure to size and high momentum contributed to performance, while exposure to high quality and low beta detracted from performance.

How did the Fund perform since inception?

Table Summary
	Principal U.S. Mega-Cap ETF $33,896	S&P 500 Index $33,813
10/17	$10,000	$10,000
12/17	$10,495	$10,508
03/18	$10,224	$10,428
06/18	$10,480	$10,786
09/18	$11,457	$11,618
12/18	$10,313	$10,047
03/19	$11,522	$11,418
06/19	$11,973	$11,910
09/19	$12,174	$12,112
12/19	$13,124	$13,211
03/20	$10,856	$10,622
06/20	$12,647	$12,804
09/20	$13,899	$13,947
12/20	$15,218	$15,641
03/21	$15,734	$16,607
06/21	$16,987	$18,027
09/21	$17,327	$18,132
12/21	$19,241	$20,131
03/22	$18,537	$19,206
06/22	$15,923	$16,113
09/22	$14,757	$15,326
12/22	$15,895	$16,485
03/23	$17,546	$17,721
06/23	$19,319	$19,270
09/23	$19,023	$18,640
12/23	$20,915	$20,819
03/24	$22,973	$23,017
06/24	$24,341	$24,003
09/24	$25,645	$25,415
12/24	$27,156	$26,028
03/25	$25,685	$24,916
06/25	$28,368	$27,642
09/25	$30,976	$29,888
12/25	$31,229	$30,682
03/26	$29,341	$29,352
06/26	$33,896	$33,813

Average Annual Total Returns

Table Summary
Name	1-Year	5-Years	Since Inception October 11, 2017
Principal U.S. Mega-Cap ETF	19.51%	14.82%	15.03%
S&P 500 Index	22.32%	13.41%	15.00%

Fund Statistics

Net Assets$3,567,445,934
Total Number of Portfolio Holdings27
Portfolio Turnover Rate23.9%
Total Advisory Fees Paid$3,934,896

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	99.75%
Investment Companies	0.24%
Other Assets and Liabilities	0.01%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Technology	31.99%
Financial	19.42%
Communications	15.89%
Consumer, Non-cyclical	11.85%
Consumer, Cyclical	10.07%
Industrial	6.58%
Energy	3.95%
Money Market Funds	0.24%
Other Assets and Liabilities	0.01%
Total Net Assets	100.00%

Material Fund Changes

Effective November 1, 2025, the Fund's management fees were changed. The management fee was reduced from 0.15% to 0.12%. Additionally on that date, the Fund's contractual expense limit of 0.12% expired.

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF16AR-0

PSC

Principal U.S. Small-Cap ETF

Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal U.S. Small-Cap ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal U.S. Small-Cap ETF	$44	0.38%

Management's Discussion of Fund Performance

The Fund seeks long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. companies with small market capitalizations. For this Fund, companies with small market capitalizations are those with market capitalizations within the range of companies comprising the Russell 2000 Index ("Index"). The Fund’s investments underperformed the Index over the year. All eleven sectors within the Index posted positive returns, led by information technology and healthcare, while consumer staples and utilities lagged. Erasca Inc., Terns Pharmaceuticals Inc., and Bloom Energy Corp. outperformed within the Index, while Trinseo PLC, zSpace Inc., and Sleep Number Corp. underperformed. High beta and high momentum stocks outperformed during the year, while high quality stocks underperformed. The Fund’s positioning in TTM Technologies Inc., Argan Inc., and DigitalOcean Holdings Inc. contributed to performance. Positioning in Dave Inc., Root Inc., and American Eagle Outfitters Inc. detracted from performance. The Fund’s factor exposure to high momentum and earnings yield contributed to performance. Exposure towards high quality and low beta, along with exposure away from book yield, detracted from performance. Stock selection within industrials, energy, and real estate contributed to performance, while selection in healthcare, information technology, and financials detracted.

How did the Fund perform since inception?

Table Summary
	Principal U.S. Small-Cap ETF $31,446	Russell 3000 Index $39,091	Russell 2000 Index $27,710
09/16	$10,000	$10,000	$10,000
09/16	$10,050	$10,034	$10,061
12/16	$11,074	$10,457	$10,950
03/17	$11,377	$11,057	$11,220
06/17	$11,606	$11,390	$11,496
09/17	$12,160	$11,911	$12,148
12/17	$12,562	$12,666	$12,554
03/18	$12,612	$12,584	$12,543
06/18	$13,599	$13,074	$13,515
09/18	$14,310	$14,005	$13,999
12/18	$11,387	$12,002	$11,171
03/19	$12,785	$13,688	$12,800
06/19	$12,941	$14,248	$13,068
09/19	$12,646	$14,414	$12,754
12/19	$13,558	$15,725	$14,022
03/20	$8,962	$12,439	$9,729
06/20	$11,423	$15,178	$12,202
09/20	$11,755	$16,576	$12,804
12/20	$15,370	$19,010	$16,821
03/21	$18,648	$20,216	$18,957
06/21	$19,886	$21,882	$19,771
09/21	$19,348	$21,860	$18,909
12/21	$20,347	$23,888	$19,314
03/22	$19,037	$22,627	$17,860
06/22	$16,342	$18,848	$14,789
09/22	$15,874	$18,006	$14,466
12/22	$17,100	$19,300	$15,367
03/23	$17,535	$20,685	$15,788
06/23	$18,562	$22,420	$16,609
09/23	$17,949	$21,691	$15,758
12/23	$20,268	$24,309	$17,968
03/24	$21,858	$26,745	$18,899
06/24	$21,265	$27,605	$18,280
09/24	$23,009	$29,325	$19,975
12/24	$22,782	$30,097	$20,041
03/25	$21,578	$28,676	$18,142
06/25	$23,731	$31,827	$19,684
09/25	$25,426	$34,430	$22,123
12/25	$25,840	$35,257	$22,608
03/26	$25,659	$33,862	$22,809
06/26	$31,446	$39,091	$27,710

Average Annual Total Returns

Table Summary
Name	1-Year	5-Years	Since Inception September 21, 2016
Principal U.S. Small-Cap ETF	32.54%	9.58%	12.43%
Russell 3000 Index	22.82%	12.31%	14.97%
Russell 2000 Index	40.78%	6.98%	10.99%

The Russell 3000 Index is the Fund's primary broad-based securities market index. The Russell 2000 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

Net Assets$2,354,504,387
Total Number of Portfolio Holdings509
Portfolio Turnover Rate59.6%
Total Advisory Fees Paid$5,725,027

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	99.65%
Investment Companies	0.39%
Other Assets and Liabilities	(0.04)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Consumer, Non-cyclical	20.87%
Industrial	20.71%
Financial	20.67%
Technology	12.59%
Consumer, Cyclical	8.53%
Communications	5.38%
Energy	4.83%
Basic Materials	3.47%
Utilities	2.52%
Money Market Funds	0.39%
Government	0.08%
Other Assets and Liabilities	(0.04)%
Total Net Assets	100.00%

Material Fund Changes

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF9AR-0

PY

Principal Value ETF

Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC

Annual Shareholder Report

June 30, 2026

This annual shareholder report contains important information about Principal Value ETF (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at www.PrincipalAM.com/ETFprospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Principal Value ETF	$16	0.15%

Management's Discussion of Fund Performance

The Fund seeks long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of value companies. For this Fund, value companies are those (i) with market capitalizations within the range of companies comprising the S&P 500 Index and (ii) included within the S&P 500 Value Index ("Index"). Principal Global Investors, LLC ("PGI") uses a proprietary quantitative model designed to identify equity securities of mid- to large-capitalization companies in the S&P 500 Index that exhibit higher degrees of shareholder yield (meaning how much money a company distributes to shareholders through dividends and share repurchases). The Fund’s investments underperformed the Index over the year. Ten of the eleven sectors in the Index posted positive returns, led by information technology and energy. Communication services and consumer discretionary lagged during the year. Western Digital Corp., Seagate Technology Holdings PLC, and Intel Corp. outperformed within the Index, while Charter Communications Inc., CoStar Group Inc., and Intuit Inc. underperformed. High beta and high momentum stocks outperformed during the year, while high quality stocks underperformed. The Fund’s positioning in Caterpillar Inc., Dell Technologies Inc., and Invesco Ltd. contributed to performance. Positioning in Intuit Corp., Accenture PLC, and Salesforce Inc. detracted from performance. The Fund’s factor exposure to value oriented factors contributed to performance, while exposure to smaller size, lower momentum, and higher quality detracted from performance. Stock selection within consumer discretionary, financials, and healthcare contributed to performance. Selection in information technology, consumer staples, and industrials detracted from performance.

How did the Fund perform over the last 10 years?

Table Summary
	Principal Value ETF $28,241	S&P 500 Index $42,271	S&P 500 Value Index $24,402
06/16	$10,000	$10,000	$10,000
09/16	$10,488	$10,385	$10,227
12/16	$11,472	$10,782	$10,906
03/17	$11,895	$11,436	$11,198
06/17	$12,129	$11,790	$11,298
09/17	$12,674	$12,318	$11,618
12/17	$13,636	$13,136	$12,277
03/18	$13,484	$13,037	$11,766
06/18	$13,737	$13,484	$11,855
09/18	$14,316	$14,524	$12,468
12/18	$11,958	$12,560	$10,890
03/19	$13,291	$14,275	$12,140
06/19	$13,833	$14,889	$12,548
09/19	$14,031	$15,142	$12,821
12/19	$15,107	$16,515	$14,007
03/20	$10,060	$13,279	$10,383
06/20	$12,318	$16,006	$11,660
09/20	$12,611	$17,436	$12,137
12/20	$15,495	$19,554	$13,804
03/21	$18,459	$20,761	$15,204
06/21	$18,789	$22,536	$15,880
09/21	$19,273	$22,667	$15,660
12/21	$20,877	$25,167	$16,869
03/22	$20,672	$24,009	$16,752
06/22	$18,288	$20,144	$14,780
09/22	$17,527	$19,160	$13,839
12/22	$19,822	$20,609	$15,628
03/23	$19,618	$22,154	$16,350
06/23	$20,266	$24,091	$17,348
09/23	$19,341	$23,302	$16,558
12/23	$21,634	$26,026	$18,718
03/24	$23,380	$28,774	$20,107
06/24	$23,076	$30,006	$19,574
09/24	$25,289	$31,773	$21,225
12/24	$25,275	$32,538	$20,547
03/25	$25,047	$31,148	$20,502
06/25	$25,391	$34,556	$21,007
09/25	$27,078	$37,364	$22,201
12/25	$27,232	$38,356	$22,800
03/26	$26,866	$36,694	$22,699
06/26	$28,241	$42,271	$24,402

Average Annual Total Returns

Table Summary
Name	1-Year	5-Years	10-Years
Principal Value ETF	11.32%	7.77%	10.94%
S&P 500 Index	22.32%	13.41%	15.51%
S&P 500 Value Index	16.16%	8.97%	9.33%

The S&P 500 Index is the Fund's primary broad-based securities market index. The S&P 500 Value Index is included as an additional index for the Fund as it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives.

Fund Statistics

Net Assets$221,514,977
Total Number of Portfolio Holdings99
Portfolio Turnover Rate95.4%
Total Advisory Fees Paid$257,790

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	99.51%
Investment Companies	0.35%
Other Assets and Liabilities	0.14%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Consumer, Non-cyclical	22.42%
Technology	20.90%
Financial	17.15%
Communications	11.13%
Consumer, Cyclical	10.48%
Industrial	9.00%
Energy	5.25%
Utilities	1.82%
Basic Materials	1.36%
Money Market Funds	0.35%
Other Assets and Liabilities	0.14%
Total Net Assets	100.00%

Material Fund Changes

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Additional Information

Householding

ETF5AR-0

(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(c) The Registrant has not amended, as described in Item 2(c) of Form N-CSR, its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(f) The Registrant's Code of Ethics is attached as an Exhibit in response to Item 19(a)(1).

The Registrant's Board has determined that Frances Grieb, a member of the Registrant's Audit Committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item.

(a) Audit Fees. Ernst & Young is the principal accountant for the registrant. As such, Ernst & Young has audited the financial statements of the registrant and reviewed regulatory filings that include those financial statements. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional services.

(b) Audit-Related Fees. Ernst & Young provided audit-related services to the registrant that are not included in response to item 4(a). Those services related to the review of Form N-1A. Ernst & Young has billed the following amounts for those services.

Ernst & Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(c) Tax Fees. Ernst & Young reviews the federal income tax returns and federal excise tax returns of the registrant. In connection with this review, Ernst & Young reviews the calculation of the registrant’s dividend distributions that are included as deductions on the tax returns. Ernst & Young also provides services to identify passive foreign investment companies. Ernst & Young also provides services to understand and comply with tax laws in certain foreign countries. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional tax services.

Ernst & Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) All Other Fees. Ernst & Young has not billed the registrant for other products or services during the last two fiscal years.

Ernst & Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(e) (1) Audit Committee Pre-Approval Policy. The audit committee of the registrant has adopted the following pre-approval policy:

The purpose of this policy is to ensure the independence of the Principal Funds' primary independent auditor. This policy is established by the Audit Committee (the "Committee") of the Boards of Directors of Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. and the Boards of Trustees of Principal Exchange-Traded Funds (the “Funds”) (the “Boards of the Funds”) effective for all engagements of the primary independent auditor.

Each quarter, Management will present to the Committee for pre-approval and pre-concurrence a detailed description of each particular service, excluding tax services, for which pre-approval and pre-concurrence is sought, and the corresponding range of fees for such service. The Committee may delegate pre-approval and pre-concurrence authority to one or more of its members provided such delegated member(s) shall present a report of any services so pre-approved and pre-concurred to the full Committee at its next regularly scheduled meeting. The Committee Chairperson is presently so appointed pursuant to this policy, and shall have pre-approval and pre-concurrence authority for changes to any range of fees applicable to services the Committee previously approved and for new services and the range of fees for such services that arise between regularly scheduled Committee meetings.

Similarly, the primary independent auditor will present to the Committee for pre- approval and pre-concurrence a written description of the nature and scope of all tax services not expressly prohibited, including the fee arrangements for such services. For all non-audit services, including tax services, the primary independent auditor will perform an assessment of the potential effects of such services on the audit firm’s independence and provide the Committee in writing its conclusion that the threat created by the level of non-audit services is deemed to be at an acceptable level.

In considering whether to grant pre-approval and pre-concurrence with respect to the primary independent auditor’s provision of non-audit services, the Committee (or the delegated member(s), as applicable) will consider whether the services are compatible with the maintenance of such auditor's independence. The Committee (or the delegated member(s), as applicable) will also consider whether the primary independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Funds' business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Funds' ability to manage or control risk or improve audit quality.

(e) (2) Pre-Approval Waivers. There were no services, or 0%, provided by the registrant by Ernst & Young that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Substantially all work in connection with the audit of the registrant’s financial statements was performed by full-time employees of Ernst & Young.

(g) The aggregate non-audit fees Ernst & Young billed to the registrant, the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant for each of registrant's last two fiscal years were as follows.

(h) The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) The registrant has not been identified by the Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position of authority in that jurisdiction.

(a) The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the audit committee are Craig Damos, Frances Grieb, Victor Hymes, and Sharmila Chatterjee.

Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this form.

ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Principal

Exchange-Traded

Funds

Annual

Financial

Statements

and

Additional

Information

June

30,

2026

Table

Contents

Not

FDIC

NCUA

insured

May

lose

value

•

Not

deposit

•

bank

credit

union

guarantee

Not

insured

any

Federal

government

agency

Financial

Statements

(N-CSR

Item

Notes

Financial

Statements

Schedules

Investments

Financial

Highlights

(Includes

performance

information)

Report

Independent

Registered

Public

Accounting

Firm

Unaudited

Supplemental

Information

100

Changes

and

Disagreements

with

Accountants

(N-CSR

Item

102

Proxy

Disclosures

(N-CSR

Item

103

Remuneration

Paid

Directors,

Officers

and

Others

(N-CSR

Item

10)

104

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contracts

(N-CSR

Item

11)

105

See

accompanying

notes.

Statements

Assets

and

Liabilities

Principal

Exchange-Traded

Funds

June

30,

2026

Principal

Active

High

Yield

ETF

Principal

Capital

Appreciation

Select

ETF

Principal

CLO

ETF

Investment

securities

cost

............................................

569,690,038‌

1,766,879,989‌

14,973,930‌

Investment

affiliated

funds

cost

........................................

20,836,840‌

—‌

Assets

–

Investment

securities

value

............................................

570,821,408‌

(a)

1,836,010,471‌

14,965,540‌

Investment

affiliated

funds

value

........................................

20,836,840‌

—‌

Cash

.................................................................

626,557‌

20,678‌

—‌

Receivables:

Dividends

and

interest

.................................................

11,041,572‌

370,195‌

145,739‌

Securities

lending

income

...............................................

18,174‌

—‌

Investment

securities

sold

...............................................

2,065,963‌

1,293,916‌

—‌

Total

Assets

605,410,514‌

1,837,695,260‌

15,111,279‌

Liabilities

Accrued

management

and

investment

advisory

fees

...............................

180,079‌

89,386‌

2,355‌

Payables:

–

Investment

securities

purchased

..........................................

11,546,874‌

10,886,738‌

—‌

Fund

redeemed

.................................................

—‌

1,327,138‌

—‌

Collateral

obligation

securities

loaned

value

................................

20,836,840‌

—‌

Total

Liabilities

32,563,793‌

12,303,262‌

2,355‌

Net

Assets

Applicable

Outstanding

..................................

572,846,721‌

1,825,391,998‌

15,108,924‌

.00‌

Net

Assets

Consist

of:

Capital

and

additional

paid-in-capital

.....................................

593,970,207‌

1,757,579,115‌

15,041,203‌

Total

distributable

earnings

(accumulated

loss)

...................................

(

21,123,486‌

)

67,812,883‌

67,721‌

Total

Net

Assets

572,846,721‌

1,825,391,998‌

15,108,924‌

Net

Asset

Value

Per

Net

assets

.............................................................

572,846,721‌

1,825,391,998‌

15,108,924‌

issued

and

outstanding

..............................................

30,150,000‌

55,020,001‌

600,001‌

Net

asset

value

per

...................................................

.00‌

.18‌

(a)

Includes

fair

market

value

securities

loaned,

see

'Securities

Lending'

Notes

Financial

Statements.

See

accompanying

notes.

Statements

Assets

and

Liabilities

Principal

Exchange-Traded

Funds

June

30,

2026

Principal

Focused

Blue

Chip

ETF

Principal

Inflation

Protection

ETF

Principal

International

Equity

ETF

Investment

securities

cost

............................................

207,337,634‌

11,358,108‌

1,130,579,209‌

Foreign

currency

cost

.................................................

—‌

456,498‌

Assets

–

Investment

securities

value

............................................

218,204,106‌

11,208,391‌

1,334,104,473‌

Foreign

currency

value

.................................................

—‌

455,027‌

Cash

.................................................................

43,638‌

—‌

Receivables:

Dividends

and

interest

.................................................

22,807‌

33,381‌

1,228,762‌

Securities

lending

income

...............................................

98‌

—‌

27,521‌

Investment

securities

sold

...............................................

1,694,481‌

109,935‌

445,738‌

Total

Assets

219,965,130‌

11,351,707‌

1,336,261,521‌

Liabilities

Accrued

management

and

investment

advisory

fees

...............................

105,037‌

1,691‌

530,240‌

Payables:

–

Investment

securities

purchased

..........................................

1,626,714‌

114,094‌

6,333,410‌

Total

Liabilities

1,731,751‌

115,785‌

6,863,650‌

Net

Assets

Applicable

Outstanding

..................................

218,233,379‌

11,235,922‌

1,329,397,871‌

.00‌

Net

Assets

Consist

of:

Capital

and

additional

paid-in-capital

.....................................

209,110,030‌

11,255,701‌

1,107,197,286‌

Total

distributable

earnings

(accumulated

loss)

...................................

9,123,349‌

(

19,779‌

)

222,200,585‌

Total

Net

Assets

218,233,379‌

11,235,922‌

1,329,397,871‌

Net

Asset

Value

Per

Net

assets

.............................................................

218,233,379‌

11,235,922‌

1,329,397,871‌

issued

and

outstanding

..............................................

6,040,001‌

450,001‌

37,260,001‌

Net

asset

value

per

...................................................

.13‌

.97‌

.68‌

See

accompanying

notes.

Statements

Assets

and

Liabilities

Principal

Exchange-Traded

Funds

June

30,

2026

Principal

Investment

Grade

Corporate

ETF

(a)

Principal

Long

Duration

ETF

Principal

Quality

ETF

Investment

securities

cost

............................................

200,177,098‌

11,386,008‌

27,050,645‌

Investment

affiliated

funds

cost

........................................

209,000‌

—‌

Assets

–

Investment

securities

value

............................................

199,354,641‌

(b)

11,834,355‌

28,784,494‌

Investment

affiliated

funds

value

........................................

209,000‌

—‌

Cash

.................................................................

8‌

—‌

656‌

Deposits

with

counterparty

.................................................

177,036‌

—‌

Receivables:

Dividends

and

interest

.................................................

2,647,538‌

76‌

22,731‌

Securities

lending

income

...............................................

119‌

—‌

Investment

securities

sold

...............................................

557,896‌

30,151‌

—‌

Variation

margin

futures

.............................................

36,297‌

—‌

Total

Assets

202,982,535‌

11,864,582‌

28,807,881‌

Liabilities

Accrued

management

and

investment

advisory

fees

...............................

28,897‌

1,740‌

3,520‌

Payables:

–

Investment

securities

purchased

..........................................

3,610,561‌

23,425‌

—‌

Collateral

obligation

securities

loaned

value

................................

209,000‌

—‌

Total

Liabilities

3,848,458‌

25,165‌

3,520‌

Net

Assets

Applicable

Outstanding

..................................

199,134,077‌

11,839,417‌

28,804,361‌

.00‌

Net

Assets

Consist

of:

Capital

and

additional

paid-in-capital

.....................................

219,276,619‌

11,325,038‌

39,932,925‌

Total

distributable

earnings

(accumulated

loss)

...................................

(

20,142,542‌

)

514,379‌

(

11,128,564‌

)

Total

Net

Assets

199,134,077‌

11,839,417‌

28,804,361‌

Net

Asset

Value

Per

Net

assets

.............................................................

199,134,077‌

11,839,417‌

28,804,361‌

issued

and

outstanding

..............................................

9,650,001‌

450,001‌

380,001‌

Net

asset

value

per

...................................................

.64‌

.31‌

.80‌

(a)

Effective

April

21,

2026,

Principal

Investment

Grade

Corporate

Active

ETF

changed

its

name

Principal

Investment

Grade

Corporate

ETF.

(b)

Includes

fair

market

value

securities

loaned,

see

'Securities

Lending'

Notes

Financial

Statements.

See

accompanying

notes.

Statements

Assets

and

Liabilities

Principal

Exchange-Traded

Funds

June

30,

2026

Principal

Real

Estate

Active

Opportunities

ETF

Principal

Securitized

Debt

ETF

Principal

Spectrum

Preferred

and

Income

ETF

(a)

Investment

securities

cost

............................................

22,616,205‌

21,918,590‌

68,703,391‌

Foreign

currency

cost

.................................................

3‌

—‌

Assets

–

Investment

securities

value

............................................

25,532,817‌

21,948,022‌

69,629,765‌

Foreign

currency

value

.................................................

3‌

—‌

Cash

.................................................................

—‌

7,564‌

2‌

Receivables:

Dividends

and

interest

.................................................

96,220‌

129,747‌

671,056‌

Investment

securities

sold

...............................................

105,166‌

—‌

210,053‌

Total

Assets

25,734,206‌

22,085,333‌

70,510,876‌

Liabilities

Accrued

management

and

investment

advisory

fees

...............................

12,629‌

3,145‌

34,170‌

Payables:

–

Investment

securities

purchased

..........................................

110,028‌

1,858,881‌

504,228‌

Total

Liabilities

122,657‌

1,862,026‌

538,398‌

Net

Assets

Applicable

Outstanding

..................................

25,611,549‌

20,223,307‌

69,972,478‌

.00‌

Net

Assets

Consist

of:

Capital

and

additional

paid-in-capital

.....................................

22,972,241‌

20,056,177‌

69,352,131‌

Total

distributable

earnings

(accumulated

loss)

...................................

2,639,308‌

167,130‌

620,347‌

Total

Net

Assets

25,611,549‌

20,223,307‌

69,972,478‌

Net

Asset

Value

Per

Net

assets

.............................................................

25,611,549‌

20,223,307‌

69,972,478‌

issued

and

outstanding

..............................................

940,001‌

800,001‌

3,600,001‌

Net

asset

value

per

...................................................

.25‌

.28‌

.44‌

(a)

Effective

November

2025,

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

changed

its

name

Principal

Spectrum

Preferred

and

Income

ETF.

See

accompanying

notes.

Statements

Assets

and

Liabilities

Principal

Exchange-Traded

Funds

June

30,

2026

Principal

Spectrum

Preferred

Securities

Active

ETF

Principal

U.S.

Mega-Cap

ETF

Principal

U.S.

Small-Cap

ETF

Investment

securities

cost

............................................

1,710,548,292‌

2,777,895,560‌

1,948,736,384‌

Investment

affiliated

funds

cost

........................................

32,168,635‌

—‌

2,751,999‌

Assets

–

Investment

securities

value

............................................

1,746,282,618‌

(a)

3,567,228,454‌

2,352,624,037‌

(a)

Investment

affiliated

funds

value

........................................

32,168,635‌

—‌

2,751,999‌

Cash

.................................................................

43‌

286,553‌

—‌

Receivables:

Dividends

and

interest

.................................................

21,272,771‌

44,226‌

1,206,180‌

Securities

lending

income

...............................................

12,332‌

—‌

5,034‌

Investment

securities

sold

...............................................

8,074,534‌

—‌

1,265,243‌

Fund

sold

.....................................................

—‌

75,587,226‌

26,627,944‌

Total

Assets

1,807,810,933‌

3,643,146,459‌

2,384,480,437‌

Liabilities

Accrued

management

and

investment

advisory

fees

...............................

791,112‌

340,348‌

690,277‌

Payables:

–

Investment

securities

purchased

..........................................

3,705,730‌

75,360,177‌

26,533,774‌

Collateral

obligation

securities

loaned

value

................................

32,168,635‌

—‌

2,751,999‌

Total

Liabilities

36,665,477‌

75,700,525‌

29,976,050‌

Net

Assets

Applicable

Outstanding

..................................

1,771,145,456‌

3,567,445,934‌

2,354,504,387‌

.00‌

Net

Assets

Consist

of:

Capital

and

additional

paid-in-capital

.....................................

1,726,256,222‌

2,973,675,995‌

2,177,270,758‌

Total

distributable

earnings

(accumulated

loss)

...................................

44,889,234‌

593,769,939‌

177,233,629‌

Total

Net

Assets

1,771,145,456‌

3,567,445,934‌

2,354,504,387‌

Net

Asset

Value

Per

Net

assets

.............................................................

1,771,145,456‌

3,567,445,934‌

2,354,504,387‌

issued

and

outstanding

..............................................

93,000,005‌

48,140,001‌

33,600,001‌

Net

asset

value

per

...................................................

.04‌

.11‌

.07‌

(a)

Includes

fair

market

value

securities

loaned,

see

'Securities

Lending'

Notes

Financial

Statements.

See

accompanying

notes.

Statements

Assets

and

Liabilities

Principal

Exchange-Traded

Funds

June

30,

2026

Principal

Value

ETF

Investment

securities

cost

.................................................................................

215,409,151‌

Assets

–

Investment

securities

value

.................................................................................

221,194,844‌

Receivables:

Dividends

and

interest

......................................................................................

340,646‌

Securities

lending

income

....................................................................................

50‌

Federal

income

tax

refund

...................................................................................

1,535‌

Fund

sold

..........................................................................................

1,077,921‌

Total

Assets

222,614,996‌

Liabilities

Accrued

management

and

investment

advisory

fees

....................................................................

27,149‌

Payables:

–

Investment

securities

purchased

...............................................................................

1,072,870‌

Total

Liabilities

1,100,019‌

Net

Assets

Applicable

Outstanding

.......................................................................

221,514,977‌

.00‌

Net

Assets

Consist

of:

Capital

and

additional

paid-in-capital

..........................................................................

267,707,936‌

Total

distributable

earnings

(accumulated

loss)

........................................................................

(

46,192,959‌

)

Total

Net

Assets

221,514,977‌

Net

Asset

Value

Per

Net

assets

..................................................................................................

221,514,977‌

issued

and

outstanding

...................................................................................

4,110,001‌

Net

asset

value

per

........................................................................................

.90‌

See

accompanying

notes.

Statements

Operations

Principal

Exchange-Traded

Funds

Year

Ended

June

30,

2026

–

Principal

Active

High

Yield

ETF

Principal

Capital

Appreciation

Select

ETF

Principal

CLO

ETF

(a)

Net

Investment

Income

(Loss)

Income:

Dividends

...........................................................

448,723‌

1,740,357‌

1,689‌

Withholding

tax

.......................................................

—‌

(

16,054‌

)

—‌

Interest

............................................................

33,356,974‌

14‌

77,429‌

Securities

lending

net

..................................................

314,782‌

60‌

—‌

Total

Income

34,120,479‌

1,724,377‌

79,118‌

Expenses:

Management

and

investment

advisory

fees

...................................

1,760,842‌

449,956‌

2,857‌

Total

Expenses

1,760,842‌

449,956‌

2,857‌

Net

Investment

Income

(Loss)

32,359,637‌

1,274,421‌

76,261‌

Net

Realized

and

Unrealized

Gain

(Loss)

investments

Net

realized

gain

(loss)

from:

Investment

transactions

.................................................

(

4,922,031‌

)

(

2,209,315‌

)

(

150‌

)

In-kind

redemptions

....................................................

—‌

3,134,453‌

—‌

Net

change

unrealized

appreciation

(depreciation)

of:

Investments

.........................................................

(

768,319‌

)

67,422,942‌

(

8,390‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

investments

(

5,690,350‌

)

68,348,080‌

(

8,540‌

)

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

26,669,287‌

69,622,501‌

67,721‌

(a)

Period

from

May

20,

2026,

date

operations

commenced,

through

June

30,

2026.

See

accompanying

notes.

Statements

Operations

Principal

Exchange-Traded

Funds

Year

Ended

June

30,

2026

–

Principal

Focused

Blue

Chip

ETF

Principal

Inflation

Protection

ETF

(a)

Principal

International

Equity

ETF

Net

Investment

Income

(Loss)

Income:

Dividends

...........................................................

792,014‌

374‌

28,366,545‌

Withholding

tax

.......................................................

(

16,415‌

)

—‌

(

2,508,406‌

)

Interest

............................................................

48‌

133,050‌

882‌

Securities

lending

net

..................................................

1,210‌

—‌

48,030‌

Total

Income

776,857‌

133,424‌

25,907,051‌

Expenses:

Management

and

investment

advisory

fees

...................................

1,073,391‌

2,036‌

5,485,721‌

Total

Expenses

1,073,391‌

2,036‌

5,485,721‌

Net

Investment

Income

(Loss)

(

296,534‌

)

131,388‌

20,421,330‌

Net

Realized

and

Unrealized

Gain

(Loss)

investments

and

foreign

currencies

Net

realized

gain

(loss)

from:

Investment

transactions

.................................................

(

1,527,772‌

)

(

1,450‌

)

19,938,426‌

In-kind

redemptions

....................................................

3,865,558‌

—‌

43,735,967‌

Foreign

currency

transactions

.............................................

—‌

(

841,642‌

)

Net

change

unrealized

appreciation

(depreciation)

of:

Investments

.........................................................

(

4,940,780‌

)

(

149,717‌

)

148,437,768‌

Translation

assets

and

liabilities

foreign

currencies

..........................

—‌

(

3,139‌

)

Net

Realized

and

Unrealized

Gain

(Loss)

investments

and

foreign

currencies

(

2,602,994‌

)

(

151,167‌

)

211,267,380‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

(

2,899,528‌

)

(

19,779‌

)

231,688,710‌

(a)

Period

from

May

20,

2026,

date

operations

commenced,

through

June

30,

2026.

See

accompanying

notes.

Statements

Operations

Principal

Exchange-Traded

Funds

Year

Ended

June

30,

2026

–

Principal

Investment

Grade

Corporate

ETF

(a)

Principal

Long

Duration

ETF

(b)

Principal

Quality

ETF

Net

Investment

Income

(Loss)

Income:

Dividends

...........................................................

90,467‌

220‌

315,602‌

Interest

............................................................

7,757,484‌

60,968‌

—‌

Securities

lending

net

..................................................

3,766‌

—‌

Total

Income

7,851,717‌

61,188‌

315,602‌

Expenses:

Management

and

investment

advisory

fees

...................................

282,510‌

2,092‌

60,045‌

Total

Expenses

282,510‌

2,092‌

60,045‌

Net

Investment

Income

(Loss)

7,569,207‌

59,096‌

255,557‌

Net

Realized

and

Unrealized

Gain

(Loss)

investments

and

futures

Net

realized

gain

(loss)

from:

Investment

transactions

.................................................

347,187‌

6,936‌

(

1,406,110‌

)

In-kind

redemptions

....................................................

—‌

9,651,515‌

Futures

contracts

......................................................

21,788‌

—‌

Net

change

unrealized

appreciation

(depreciation)

of:

Investments

.........................................................

(

1,813,559‌

)

448,347‌

(

6,581,682‌

)

Futures

contracts

......................................................

42,686‌

—‌

Net

Realized

and

Unrealized

Gain

(Loss)

investments

and

futures

(

1,401,898‌

)

455,283‌

1,663,723‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

6,167,309‌

514,379‌

1,919,280‌

(a)

Effective

April

21,

2026,

Principal

Investment

Grade

Corporate

Active

ETF

changed

its

name

Principal

Investment

Grade

Corporate

ETF.

(b)

Period

from

May

20,

2026,

date

operations

commenced,

through

June

30,

2026.

See

accompanying

notes.

Statements

Operations

Principal

Exchange-Traded

Funds

Year

Ended

June

30,

2026

–

Principal

Real

Estate

Active

Opportunities

ETF

Principal

Securitized

Debt

ETF

(a)

Principal

Spectrum

Preferred

and

Income

ETF

(b)

Net

Investment

Income

(Loss)

Income:

Dividends

...........................................................

759,682‌

7,701‌

584,279‌

Withholding

tax

.......................................................

(

13,126‌

)

—‌

Interest

............................................................

72‌

127,403‌

3,456,531‌

Total

Income

746,628‌

135,104‌

4,040,810‌

Expenses:

Management

and

investment

advisory

fees

...................................

127,478‌

3,805‌

387,619‌

Total

Expenses

127,478‌

3,805‌

387,619‌

Net

Investment

Income

(Loss)

619,150‌

131,299‌

3,653,191‌

Net

Realized

and

Unrealized

Gain

(Loss)

investments

and

foreign

currencies

Net

realized

gain

(loss)

from:

Investment

transactions

.................................................

(

403,109‌

)

6,399‌

964,076‌

Foreign

currency

transactions

.............................................

(

325‌

)

—‌

Net

change

unrealized

appreciation

(depreciation)

of:

Investments

.........................................................

2,135,917‌

29,432‌

(

505,780‌

)

Translation

assets

and

liabilities

foreign

currencies

..........................

(

66‌

)

—‌

Net

Realized

and

Unrealized

Gain

(Loss)

investments

and

foreign

currencies

1,732,417‌

35,831‌

458,296‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

2,351,567‌

167,130‌

4,111,487‌

(a)

Period

from

May

20,

2026,

date

operations

commenced,

through

June

30,

2026.

(b)

Effective

November

2025,

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

changed

its

name

Principal

Spectrum

Preferred

and

Income

ETF.

See

accompanying

notes.

Statements

Operations

Principal

Exchange-Traded

Funds

Year

Ended

June

30,

2026

–

Principal

Spectrum

Preferred

Securities

Active

ETF

Principal

U.S.

Mega-Cap

ETF

Principal

U.S.

Small-Cap

ETF

Net

Investment

Income

(Loss)

Income:

Dividends

...........................................................

437,219‌

30,246,916‌

15,468,096‌

Withholding

tax

.......................................................

—‌

(

40,184‌

)

Interest

............................................................

80,026,555‌

2,257‌

3,306‌

Securities

lending

net

..................................................

105,185‌

—‌

74,146‌

Total

Income

80,568,959‌

30,249,173‌

15,505,364‌

Expenses:

Management

and

investment

advisory

fees

...................................

7,769,753‌

4,280,531‌

5,725,027‌

Total

Gross

Expenses

7,769,753‌

4,280,531‌

5,725,027‌

Less:

Reimbursement

from

Advisor

............................................

—‌

345,635‌

—‌

Total

Net

Expenses

7,769,753‌

3,934,896‌

5,725,027‌

Net

Investment

Income

(Loss)

72,799,206‌

26,314,277‌

9,780,337‌

Net

Realized

and

Unrealized

Gain

(Loss)

investments

Net

realized

gain

(loss)

from:

Investment

transactions

.................................................

29,763,299‌

(

57,208,767‌

)

(

43,049,129‌

)

In-kind

redemptions

....................................................

—‌

416,417,546‌

157,064,733‌

Net

change

unrealized

appreciation

(depreciation)

of:

Investments

.........................................................

(

20,577,435‌

)

204,758,763‌

355,554,818‌

Net

Realized

and

Unrealized

Gain

(Loss)

investments

9,185,864‌

563,967,542‌

469,570,422‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

81,985,070‌

590,281,819‌

479,350,759‌

See

accompanying

notes.

Statements

Operations

Principal

Exchange-Traded

Funds

Year

Ended

June

30,

2026

–

Principal

Value

ETF

Net

Investment

Income

(Loss)

Income:

Dividends

................................................................................................

3,678,170‌

Interest

.................................................................................................

417‌

Securities

lending

net

.......................................................................................

206‌

Total

Income

3,678,793‌

Expenses:

Management

and

investment

advisory

fees

........................................................................

257,790‌

Total

Expenses

257,790‌

Net

Investment

Income

(Loss)

3,421,003‌

Net

Realized

and

Unrealized

Gain

(Loss)

investments

Net

realized

gain

(loss)

from:

Investment

transactions

......................................................................................

(

12,340,347‌

)

In-kind

redemptions

.........................................................................................

23,886,348‌

Net

change

unrealized

appreciation

(depreciation)

of:

Investments

..............................................................................................

3,476,108‌

Net

Realized

and

Unrealized

Gain

(Loss)

investments

15,022,109‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

18,443,112‌

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Active

High

Yield

ETF

Year

Ended

June

30,

2026

Year

Ended

June

30,

2025

Operations

Net

investment

income

(loss)

......................................................................

32,359,637‌

19,284,182‌

Net

realized

gain

(loss)

investments

................................................................

(

4,922,031‌

)

522,286‌

Net

change

unrealized

appreciation

(depreciation)

investments

...........................................

(

768,319‌

)

1,721,026‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

26,669,287‌

21,527,494‌

Dividends

and

Distributions

Shareholders

From

net

investment

income

and

net

realized

gain

investments

............................................

(

32,042,312‌

)

(

19,176,083‌

)

Total

Dividends

and

Distributions

(

32,042,312‌

)

(

19,176,083‌

)

Capital

Transactions

Net

increase

(decrease)

capital

transactions

......................................................

260,499,265‌

102,377,816‌

Total

Increase

(Decrease)

Net

Assets

255,126,240‌

104,729,227‌

Net

Assets

Beginning

period

.............................................................................

317,720,481‌

212,991,254‌

End

period

..................................................................................

572,846,721‌

317,720,481‌

Capital

Transactions:

Dollars:

Sold

.....................................................................................

260,499,265‌

129,705,187‌

Redeemed

.................................................................................

—‌

(

27,327,371‌

)

Net

Increase

(Decrease)

260,499,265‌

102,377,816‌

Sold

.....................................................................................

13,650,000‌

6,750,000‌

Redeemed

.................................................................................

—‌

(

1,450,000‌

)

Net

Increase

(Decrease)

13,650,000‌

5,300,000‌

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Capital

Appreciation

Select

ETF

Year

Ended

June

30,

2026

Period

Ended

June

30,

2025

(a)

Operations

Net

investment

income

(loss)

......................................................................

1,274,421‌

33,154‌

Net

realized

gain

(loss)

investments

................................................................

925,138‌

(

233,160‌

)

Net

change

unrealized

appreciation

(depreciation)

investments

...........................................

67,422,942‌

1,707,540‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

69,622,501‌

1,507,534‌

Dividends

and

Distributions

Shareholders

From

net

investment

income

and

net

realized

gain

investments

............................................

(

195,644‌

)

—‌

Total

Dividends

and

Distributions

(

195,644‌

)

—‌

Capital

Transactions

Net

increase

(decrease)

capital

transactions

......................................................

1,732,903,198‌

21,554,409‌

Total

Increase

(Decrease)

Net

Assets

1,802,330,055‌

23,061,943‌

Net

Assets

Beginning

period

.............................................................................

23,061,943‌

—‌

End

period

..................................................................................

1,825,391,998‌

23,061,943‌

Capital

Transactions:

Dollars:

Sold

.....................................................................................

1,746,540,944‌

21,554,409‌

Redeemed

.................................................................................

(

13,637,746‌

)

—‌

Net

Increase

(Decrease)

1,732,903,198‌

21,554,409‌

Sold

.....................................................................................

54,600,000‌

860,001‌

Redeemed

.................................................................................

(

440,000‌

)

—‌

Net

Increase

(Decrease)

54,160,000‌

860,001‌

(a)

Period

from

March

25,

2025,

date

operations

commenced,

through

June

30,

2025.

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

CLO

ETF

Period

Ended

June

30,

2026

(a)

Operations

Net

investment

income

(loss)

.......................................................................................

76,261‌

Net

realized

gain

(loss)

investments

.................................................................................

(

150‌

)

Net

change

unrealized

appreciation

(depreciation)

investments

............................................................

(

8,390‌

)

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

67,721‌

Capital

Transactions

Net

increase

(decrease)

capital

transactions

.......................................................................

15,041,203‌

Total

Increase

(Decrease)

Net

Assets

15,108,924‌

Net

Assets

Beginning

period

..............................................................................................

—‌

End

period

...................................................................................................

15,108,924‌

Capital

Transactions:

Dollars:

Sold

......................................................................................................

15,041,203‌

Redeemed

..................................................................................................

—‌

Net

Increase

(Decrease)

15,041,203‌

Sold

......................................................................................................

600,001‌

Redeemed

..................................................................................................

—‌

Net

Increase

(Decrease)

600,001‌

(a)

Period

from

May

20,

2026,

date

operations

commenced,

through

June

30,

2026.

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Focused

Blue

Chip

ETF

Year

Ended

June

30,

2026

Year

Ended

June

30,

2025

Operations

Net

investment

income

(loss)

......................................................................

(

296,534‌

)

11,340‌

Net

realized

gain

(loss)

investments

................................................................

2,337,786‌

5,406,398‌

Net

change

unrealized

appreciation

(depreciation)

investments

...........................................

(

4,940,780‌

)

9,336,784‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

(

2,899,528‌

)

14,754,522‌

Dividends

and

Distributions

Shareholders

From

net

investment

income

and

net

realized

gain

investments

............................................

—‌

(

905,324‌

)

Total

Dividends

and

Distributions

—‌

(

905,324‌

)

Capital

Transactions

Net

increase

(decrease)

capital

transactions

......................................................

86,444,266‌

73,295,454‌

Total

Increase

(Decrease)

Net

Assets

83,544,738‌

87,144,652‌

Net

Assets

Beginning

period

.............................................................................

134,688,641‌

47,543,989‌

End

period

..................................................................................

218,233,379‌

134,688,641‌

Capital

Transactions:

Dollars:

Sold

.....................................................................................

104,191,244‌

91,525,843‌

Redeemed

.................................................................................

(

17,746,978‌

)

(

18,230,389‌

)

Net

Increase

(Decrease)

86,444,266‌

73,295,454‌

Sold

.....................................................................................

2,840,000‌

2,740,000‌

Redeemed

.................................................................................

(

480,000‌

)

(

540,000‌

)

Net

Increase

(Decrease)

2,360,000‌

2,200,000‌

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Inflation

Protection

ETF

Period

Ended

June

30,

2026

(a)

Operations

Net

investment

income

(loss)

.......................................................................................

131,388‌

Net

realized

gain

(loss)

investments

.................................................................................

(

1,450‌

)

Net

change

unrealized

appreciation

(depreciation)

investments

............................................................

(

149,717‌

)

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

(

19,779‌

)

Capital

Transactions

Net

increase

(decrease)

capital

transactions

.......................................................................

11,255,701‌

Total

Increase

(Decrease)

Net

Assets

11,235,922‌

Net

Assets

Beginning

period

..............................................................................................

—‌

End

period

...................................................................................................

11,235,922‌

Capital

Transactions:

Dollars:

Sold

......................................................................................................

11,255,701‌

Redeemed

..................................................................................................

—‌

Net

Increase

(Decrease)

11,255,701‌

Sold

......................................................................................................

450,001‌

Redeemed

..................................................................................................

—‌

Net

Increase

(Decrease)

450,001‌

(a)

Period

from

May

20,

2026,

date

operations

commenced,

through

June

30,

2026.

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

International

Equity

ETF

Year

Ended

June

30,

2026

Period

Ended

June

30,

2025

(a)

Operations

Net

investment

income

(loss)

......................................................................

20,421,330‌

11,683,286‌

Net

realized

gain

(loss)

investments

and

foreign

currencies

...............................................

62,832,751‌

64,041‌

Net

change

unrealized

appreciation

(depreciation)

investments

and

foreign

currencies

..........................

148,434,629‌

55,098,930‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

231,688,710‌

66,846,257‌

Dividends

and

Distributions

Shareholders

From

net

investment

income

and

net

realized

gain

investments

............................................

(

15,199,961‌

)

(

40,001‌

)

Total

Dividends

and

Distributions

(

15,199,961‌

)

(

40,001‌

)

Capital

Transactions

Net

increase

(decrease)

capital

transactions

......................................................

342,347,399‌

703,755,467‌

Total

Increase

(Decrease)

Net

Assets

558,836,148‌

770,561,723‌

Net

Assets

Beginning

period

.............................................................................

770,561,723‌

—‌

End

period

..................................................................................

1,329,397,871‌

770,561,723‌

Capital

Transactions:

Dollars:

Sold

.....................................................................................

579,970,132‌

752,854,776‌

Redeemed

.................................................................................

(

237,622,733‌

)

(

49,099,309‌

)

Net

Increase

(Decrease)

342,347,399‌

703,755,467‌

Sold

.....................................................................................

17,480,000‌

28,300,001‌

Redeemed

.................................................................................

(

6,740,000‌

)

(

1,780,000‌

)

Net

Increase

(Decrease)

10,740,000‌

26,520,001‌

(a)

Period

from

November

2024,

date

operations

commenced,

through

June

30,

2025.

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Investment

Grade

Corporate

ETF

(a)

Year

Ended

June

30,

2026

Year

Ended

June

30,

2025

Operations

Net

investment

income

(loss)

......................................................................

7,569,207‌

4,710,550‌

Net

realized

gain

(loss)

investments

and

futures

.......................................................

368,975‌

(

757,679‌

)

Net

change

unrealized

appreciation

(depreciation)

investments

and

futures

..................................

(

1,770,873‌

)

2,073,532‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

6,167,309‌

6,026,403‌

Dividends

and

Distributions

Shareholders

From

net

investment

income

and

net

realized

gain

investments

............................................

(

7,332,976‌

)

(

4,685,959‌

)

Total

Dividends

and

Distributions

(

7,332,976‌

)

(

4,685,959‌

)

Capital

Transactions

Net

increase

(decrease)

capital

transactions

......................................................

94,574,549‌

23,758,900‌

Total

Increase

(Decrease)

Net

Assets

93,408,882‌

25,099,344‌

Net

Assets

Beginning

period

.............................................................................

105,725,195‌

80,625,851‌

End

period

..................................................................................

199,134,077‌

105,725,195‌

Capital

Transactions:

Dollars:

Sold

.....................................................................................

94,574,549‌

23,758,900‌

Redeemed

.................................................................................

—‌

Net

Increase

(Decrease)

94,574,549‌

23,758,900‌

Sold

.....................................................................................

4,550,000‌

1,150,000‌

Redeemed

.................................................................................

—‌

Net

Increase

(Decrease)

4,550,000‌

1,150,000‌

(a)

Effective

April

21,

2026,

Principal

Investment

Grade

Corporate

Active

ETF

changed

its

name

Principal

Investment

Grade

Corporate

ETF.

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Long

Duration

ETF

Period

Ended

June

30,

2026

(a)

Operations

Net

investment

income

(loss)

.......................................................................................

59,096‌

Net

realized

gain

(loss)

investments

.................................................................................

6,936‌

Net

change

unrealized

appreciation

(depreciation)

investments

............................................................

448,347‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

514,379‌

Capital

Transactions

Net

increase

(decrease)

capital

transactions

.......................................................................

11,325,038‌

Total

Increase

(Decrease)

Net

Assets

11,839,417‌

Net

Assets

Beginning

period

..............................................................................................

—‌

End

period

...................................................................................................

11,839,417‌

Capital

Transactions:

Dollars:

Sold

......................................................................................................

11,325,038‌

Redeemed

..................................................................................................

—‌

Net

Increase

(Decrease)

11,325,038‌

Sold

......................................................................................................

450,001‌

Redeemed

..................................................................................................

—‌

Net

Increase

(Decrease)

450,001‌

(a)

Period

from

May

20,

2026,

date

operations

commenced,

through

June

30,

2026.

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Quality

ETF

Year

Ended

June

30,

2026

Year

Ended

June

30,

2025

Operations

Net

investment

income

(loss)

......................................................................

255,557‌

360,544‌

Net

realized

gain

(loss)

investments

................................................................

8,245,405‌

(

762,711‌

)

Net

change

unrealized

appreciation

(depreciation)

investments

...........................................

(

6,581,682‌

)

2,295,336‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

1,919,280‌

1,893,169‌

Dividends

and

Distributions

Shareholders

From

net

investment

income

and

net

realized

gain

investments

............................................

(

262,927‌

)

(

379,406‌

)

Total

Dividends

and

Distributions

(

262,927‌

)

(

379,406‌

)

Capital

Transactions

Net

increase

(decrease)

capital

transactions

......................................................

(

27,301,470‌

)

(

285,627‌

)

Total

Increase

(Decrease)

Net

Assets

(

25,645,117‌

)

1,228,136‌

Net

Assets

Beginning

period

.............................................................................

54,449,478‌

53,221,342‌

End

period

..................................................................................

28,804,361‌

54,449,478‌

Capital

Transactions:

Dollars:

Sold

.....................................................................................

23,705,252‌

11,419,023‌

Redeemed

.................................................................................

(

51,006,722‌

)

(

11,704,650‌

)

Net

Increase

(Decrease)

(

27,301,470‌

)

(

285,627‌

)

Sold

.....................................................................................

320,000‌

160,000‌

Redeemed

.................................................................................

(

680,000‌

)

(

200,000‌

)

Net

Increase

(Decrease)

(

360,000‌

)

(

40,000‌

)

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Real

Estate

Active

Opportunities

ETF

Year

Ended

June

30,

2026

Year

Ended

June

30,

2025

Operations

Net

investment

income

(loss)

......................................................................

619,150‌

330,434‌

Net

realized

gain

(loss)

investments

and

foreign

currencies

...............................................

(

403,434‌

)

115,322‌

Net

change

unrealized

appreciation

(depreciation)

investments

and

foreign

currencies

..........................

2,135,851‌

732,250‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

2,351,567‌

1,178,006‌

Dividends

and

Distributions

Shareholders

From

net

investment

income

and

net

realized

gain

investments

............................................

(

525,447‌

)

(

288,248‌

)

Total

Dividends

and

Distributions

(

525,447‌

)

(

288,248‌

)

Capital

Transactions

Net

increase

(decrease)

capital

transactions

......................................................

8,529,175‌

4,071,250‌

Total

Increase

(Decrease)

Net

Assets

10,355,295‌

4,961,008‌

Net

Assets

Beginning

period

.............................................................................

15,256,254‌

10,295,246‌

End

period

..................................................................................

25,611,549‌

15,256,254‌

Capital

Transactions:

Dollars:

Sold

.....................................................................................

8,529,175‌

4,071,250‌

Redeemed

.................................................................................

—‌

Net

Increase

(Decrease)

8,529,175‌

4,071,250‌

Sold

.....................................................................................

340,000‌

160,000‌

Redeemed

.................................................................................

—‌

Net

Increase

(Decrease)

340,000‌

160,000‌

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Securitized

Debt

ETF

Period

Ended

June

30,

2026

(a)

Operations

Net

investment

income

(loss)

.......................................................................................

131,299‌

Net

realized

gain

(loss)

investments

.................................................................................

6,399‌

Net

change

unrealized

appreciation

(depreciation)

investments

............................................................

29,432‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

167,130‌

Capital

Transactions

Net

increase

(decrease)

capital

transactions

.......................................................................

20,056,177‌

Total

Increase

(Decrease)

Net

Assets

20,223,307‌

Net

Assets

Beginning

period

..............................................................................................

—‌

End

period

...................................................................................................

20,223,307‌

Capital

Transactions:

Dollars:

Sold

......................................................................................................

20,056,177‌

Redeemed

..................................................................................................

—‌

Net

Increase

(Decrease)

20,056,177‌

Sold

......................................................................................................

800,001‌

Redeemed

..................................................................................................

—‌

Net

Increase

(Decrease)

800,001‌

(a)

Period

from

May

20,

2026,

date

operations

commenced,

through

June

30,

2026.

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Spectrum

Preferred

and

Income

ETF

(a)

Year

Ended

June

30,

2026

Year

Ended

June

30,

2025

Operations

Net

investment

income

(loss)

......................................................................

3,653,191‌

1,940,418‌

Net

realized

gain

(loss)

investments

................................................................

964,076‌

225,829‌

Net

change

unrealized

appreciation

(depreciation)

investments

...........................................

(

505,780‌

)

1,582,942‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

4,111,487‌

3,749,189‌

Dividends

and

Distributions

Shareholders

From

net

investment

income

and

net

realized

gain

investments

............................................

(

3,507,271‌

)

(

1,910,572‌

)

Total

Dividends

and

Distributions

(

3,507,271‌

)

(

1,910,572‌

)

Capital

Transactions

Net

increase

(decrease)

capital

transactions

......................................................

11,704,518‌

31,594,002‌

Total

Increase

(Decrease)

Net

Assets

12,308,734‌

33,432,619‌

Net

Assets

Beginning

period

.............................................................................

57,663,744‌

24,231,125‌

End

period

..................................................................................

69,972,478‌

57,663,744‌

Capital

Transactions:

Dollars:

Sold

.....................................................................................

11,704,518‌

33,491,070‌

Redeemed

.................................................................................

—‌

(

1,897,068‌

)

Net

Increase

(Decrease)

11,704,518‌

31,594,002‌

Sold

.....................................................................................

600,000‌

1,800,000‌

Redeemed

.................................................................................

—‌

(

100,000‌

)

Net

Increase

(Decrease)

600,000‌

1,700,000‌

(a)

Effective

November

2025,

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

changed

its

name

Principal

Spectrum

Preferred

and

Income

ETF.

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Spectrum

Preferred

Securities

Active

ETF

Year

Ended

June

30,

2026

Year

Ended

June

30,

2025

Operations

Net

investment

income

(loss)

......................................................................

72,799,206‌

48,983,920‌

Net

realized

gain

(loss)

investments

................................................................

29,763,299‌

2,149,941‌

Net

change

unrealized

appreciation

(depreciation)

investments

...........................................

(

20,577,435‌

)

36,299,761‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

81,985,070‌

87,433,622‌

Dividends

and

Distributions

Shareholders

From

net

investment

income

and

net

realized

gain

investments

............................................

(

72,110,913‌

)

(

49,134,939‌

)

Total

Dividends

and

Distributions

(

72,110,913‌

)

(

49,134,939‌

)

Capital

Transactions

Net

increase

(decrease)

capital

transactions

......................................................

534,116,097‌

284,004,376‌

Total

Increase

(Decrease)

Net

Assets

543,990,254‌

322,303,059‌

Net

Assets

Beginning

period

.............................................................................

1,227,155,202‌

904,852,143‌

End

period

..................................................................................

1,771,145,456‌

1,227,155,202‌

Capital

Transactions:

Dollars:

Sold

.....................................................................................

534,116,097‌

284,004,376‌

Redeemed

.................................................................................

—‌

Net

Increase

(Decrease)

534,116,097‌

284,004,376‌

Sold

.....................................................................................

28,100,000‌

15,250,000‌

Redeemed

.................................................................................

—‌

Net

Increase

(Decrease)

28,100,000‌

15,250,000‌

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

U.S.

Mega-Cap

ETF

Year

Ended

June

30,

2026

Year

Ended

June

30,

2025

Operations

Net

investment

income

(loss)

......................................................................

26,314,277‌

26,827,027‌

Net

realized

gain

(loss)

investments

................................................................

359,208,779‌

405,429,209‌

Net

change

unrealized

appreciation

(depreciation)

investments

...........................................

204,758,763‌

(

14,990,238‌

)

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

590,281,819‌

417,265,998‌

Dividends

and

Distributions

Shareholders

From

net

investment

income

and

net

realized

gain

investments

............................................

(

27,208,024‌

)

(

26,421,098‌

)

Total

Dividends

and

Distributions

(

27,208,024‌

)

(

26,421,098‌

)

Capital

Transactions

Net

increase

(decrease)

capital

transactions

......................................................

(

255,730,014‌

)

428,557,607‌

Total

Increase

(Decrease)

Net

Assets

307,343,781‌

819,402,507‌

Net

Assets

Beginning

period

.............................................................................

3,260,102,153‌

2,440,699,646‌

End

period

..................................................................................

3,567,445,934‌

3,260,102,153‌

Capital

Transactions:

Dollars:

Sold

.....................................................................................

799,071,629‌

1,691,332,653‌

Redeemed

.................................................................................

(

1,054,801,643‌

)

(

1,262,775,046‌

)

Net

Increase

(Decrease)

(

255,730,014‌

)

428,557,607‌

Sold

.....................................................................................

11,660,000‌

28,820,000‌

Redeemed

.................................................................................

(

15,660,000‌

)

(

21,780,000‌

)

Net

Increase

(Decrease)

(

4,000,000‌

)

7,040,000‌

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

U.S.

Small-Cap

ETF

Year

Ended

June

30,

2026

Year

Ended

June

30,

2025

Operations

Net

investment

income

(loss)

......................................................................

9,780,337‌

5,621,427‌

Net

realized

gain

(loss)

investments

................................................................

114,015,604‌

65,497,439‌

Net

change

unrealized

appreciation

(depreciation)

investments

...........................................

355,554,818‌

5,155,357‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

479,350,759‌

76,274,223‌

Dividends

and

Distributions

Shareholders

From

net

investment

income

and

net

realized

gain

investments

............................................

(

8,533,077‌

)

(

5,264,469‌

)

Total

Dividends

and

Distributions

(

8,533,077‌

)

(

5,264,469‌

)

Capital

Transactions

Net

increase

(decrease)

capital

transactions

......................................................

1,131,036,797‌

98,812,247‌

Total

Increase

(Decrease)

Net

Assets

1,601,854,479‌

169,822,001‌

Net

Assets

Beginning

period

.............................................................................

752,649,908‌

582,827,907‌

End

period

..................................................................................

2,354,504,387‌

752,649,908‌

Capital

Transactions:

Dollars:

Sold

.....................................................................................

1,724,816,695‌

485,491,558‌

Redeemed

.................................................................................

(

593,779,898‌

)

(

386,679,311‌

)

Net

Increase

(Decrease)

1,131,036,797‌

98,812,247‌

Sold

.....................................................................................

29,300,000‌

9,540,000‌

Redeemed

.................................................................................

(

9,840,000‌

)

(

7,500,000‌

)

Net

Increase

(Decrease)

19,460,000‌

2,040,000‌

See

accompanying

notes.

Statement

Changes

Net

Assets

Principal

Exchange-Traded

Funds

Principal

Value

ETF

Year

Ended

June

30,

2026

Year

Ended

June

30,

2025

Operations

Net

investment

income

(loss)

......................................................................

3,421,003‌

3,531,326‌

Net

realized

gain

(loss)

investments

................................................................

11,546,001‌

2,542,323‌

Net

change

unrealized

appreciation

(depreciation)

investments

...........................................

3,476,108‌

(

4,658,666‌

)

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

18,443,112‌

1,414,983‌

Dividends

and

Distributions

Shareholders

From

net

investment

income

and

net

realized

gain

investments

............................................

(

3,920,158‌

)

(

2,354,544‌

)

Total

Dividends

and

Distributions

(

3,920,158‌

)

(

2,354,544‌

)

Capital

Transactions

Net

increase

(decrease)

capital

transactions

......................................................

(

17,283,433‌

)

156,729,373‌

Total

Increase

(Decrease)

Net

Assets

(

2,760,479‌

)

155,789,812‌

Net

Assets

Beginning

period

.............................................................................

224,275,456‌

68,485,644‌

End

period

..................................................................................

221,514,977‌

224,275,456‌

Capital

Transactions:

Dollars:

Sold

.....................................................................................

225,809,380‌

282,797,223‌

Redeemed

.................................................................................

(

243,092,813‌

)

(

126,067,850‌

)

Net

Increase

(Decrease)

(

17,283,433‌

)

156,729,373‌

Sold

.....................................................................................

4,300,000‌

5,640,000‌

Redeemed

.................................................................................

(

4,720,000‌

)

(

2,600,000‌

)

Net

Increase

(Decrease)

(

420,000‌

)

3,040,000‌

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

Organization

The

Principal

Exchange-Traded

Funds

(the

“Trust”)

statutory

trust

organized

under

the

laws

the

State

Delaware

2013

and

authorized

have

multiple

series

portfolios.

The

Trust

open-end

management

investment

company,

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”).

The

Trust

currently

consists

of sixteen

series,

Principal

Active

High

Yield

ETF,

Principal

Capital

Appreciation

Select

ETF,

Principal

CLO

ETF,

Principal

Focused

Blue

Chip

ETF,

Principal

Inflation

Protection

ETF,

Principal

International

Equity

ETF,

Principal

Investment

Grade

Corporate

ETF,

Principal

Long

Duration

ETF,

Principal

Quality

ETF,

Principal

Real

Estate

Active

Opportunities

ETF,

Principal

Securitized

Debt

ETF,

Principal

Spectrum

Preferred

and

Income

ETF,

Principal

Spectrum

Preferred

Securities

Active

ETF,

Principal

U.S.

Mega-Cap

ETF,

Principal

U.S.

Small-Cap

ETF

and

Principal

Value

ETF

(collectively,

the

“Funds”

and

individually,

“Fund”).

The

the

Funds

are

referred

herein

“Shares”.

Each

the

Funds

investment

company

and

applies

specialized

accounting

and

reporting

under

Accounting

Standards

Codification

(“ASC”)

Topic

946,

Financial

Services

Investment

Companies.

The

Funds

have

not

provided

financial

support

and

are

not

contractually

required

provide

financial

support

any

investee.

The

Trust

issues

and

redeems

net

asset

value

(“NAV”)

only

with

Authorized

Participants

(“APs”)

and

only

aggregations

20,000

with

the

exception

Principal

Active

High

Yield

ETF,

Principal

Investment

Grade

Corporate

ETF,

Principal

Spectrum

Preferred

and

Income

ETF

and

Principal

Spectrum

Preferred

Securities

Active

ETF

which

are

issued

and

redeemed

aggregations

50,000

(each

“Creation

Unit”

multiples

thereof

“Creation

Unit

Aggregations”),

which

subject

change.

The

Trust

issues

and

redeems

Creation

Unit

Aggregations

exchange

for

portfolio

securities

and/or

cash,

plus

fixed

and/or

variable

transaction

fee.

trade

exchanges

market

prices

that

may

below,

at,

above

NAV.

each

Fund

are

listed

national

securities

exchange

listed

below:

Principal

International

Equity

ETF

initial

investment

and

commencement

operations

was

November

2024.

Principal

Capital

Appreciation

Select

ETF

initial

investment

and

commencement

operations

was

March

25,

2025.

Effective

June

2025,

Principal

Focused

Blue

Chip

ETF

changed

from

semi-transparent

fund

fully

transparent

fund.

Effective

November

2025,

Principal

Real

Estate

Active

Opportunities

ETF

changed

from

non-transparent

fund

fully

transparent

fund.

Effective

November

2025,

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

changed

its

name

Principal

Spectrum

Preferred

and

Income

ETF.

Effective

April

21,

2026,

Principal

Investment

Grade

Corporate

Active

ETF

changed

its

name

Principal

Investment

Grade

Corporate

ETF

and

changed

the

primary

listing

exchange

from

NYSE

Arca

Cboe

BZX

Exchange,

Inc.

Principal

CLO

ETF,

Principal

Inflation

Protection

ETF,

Principal

Long

Duration

ETF

and

Principal

Securitized

Debt

ETF

initial

investment

and

commencement

operations

was

May

20,

2026.

Fund

Exchange

Principal

Active

High

Yield

ETF

NYSE

Arca

Principal

Capital

Appreciation

Select

ETF

Cboe

BZX

Exchange,

Inc.

Principal

CLO

ETF

Cboe

BZX

Exchange,

Inc.

Principal

Focused

Blue

Chip

ETF

Cboe

BZX

Exchange,

Inc.

Principal

Inflation

Protection

ETF

Cboe

BZX

Exchange,

Inc.

Principal

International

Equity

ETF

Cboe

BZX

Exchange,

Inc.

Principal

Investment

Grade

Corporate

ETF

Cboe

BZX

Exchange,

Inc.

Principal

Long

Duration

ETF

Cboe

BZX

Exchange,

Inc.

Principal

Quality

ETF

The

Nasdaq

Stock

Market

LLC

Principal

Real

Estate

Active

Opportunities

ETF

NYSE

Arca

Principal

Securitized

Debt

ETF

Cboe

BZX

Exchange,

Inc.

Principal

Spectrum

Preferred

and

Income

ETF

NYSE

Arca

Principal

Spectrum

Preferred

Securities

Active

ETF

NYSE

Arca

Principal

U.S.

Mega-Cap

ETF

The

Nasdaq

Stock

Market

LLC

Principal

U.S.

Small-Cap

ETF

The

Nasdaq

Stock

Market

LLC

Principal

Value

ETF

The

Nasdaq

Stock

Market

LLC

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

Significant

Accounting

Policies

The

preparation

financial

statements

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

(“U.S.

GAAP”)

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

the

Funds:

Security

Valuation.

The

Funds

may

invest

series

Principal

Funds,

Inc.

(an

affiliate

Principal

Global

Investors,

LLC

(the

“Advisor”))

and

other

investment

funds,

which

may

include

money

market

funds

and

other

registered

open-end

investment

companies.

Investments

registered

open-end

investment

companies

are

valued

the

respective

fund’s

closing

NAV

per

the

day

valuation.

The

Funds

value

securities

for

which

market

quotations

are

readily

available

fair

value,

which

determined

using

the

last

reported

sale

price.

sales

are

reported,

regularly

the

case

for

some

securities

traded

over-the-counter

(“OTC”),

securities

are

valued

using

the

last

reported

bid

price

evaluated

bid

price

provided

pricing

service.

Pricing

services

use

modeling

techniques

that

incorporate

security

characteristics

such

current

quotations

broker/dealers,

coupon,

maturity,

quality,

type

issue,

trading

characteristics,

other

yield

and

risk

factors

and

other

market

conditions

determine

evaluated

bid

price.

When

reliable

market

quotations

are

not

considered

readily

available,

which

may

the

case,

for

example,

with

respect

restricted

securities,

certain

debt

securities,

preferred

stocks,

and

foreign

securities,

the

investments

are

valued

their

fair

value

determined

good

faith

the Advisor

under

procedures

established

and

periodically

reviewed

the

Board

Trustees.

The

value

foreign

securities

used

computing

the

NAV

per

generally

determined

the

foreign

exchange

where

the

security

principally

traded.

Significant

events

that

occur

after

the

applicable

foreign

market

exchange

but

prior

the

calculation

the

Fund’s

NAV

are

reflected

the

Fund’s

NAV

and

these

securities

are

valued

fair

value.

Many

factors,

provided

independent

pricing

services,

are

reviewed

the

course

making

good

faith

determination

security’s

fair

value

including,

but

not

limited

to,

price

movements

American

Depository

Receipts

(“ADRs”),

futures

contracts,

industry

indices,

general

indices,

and

foreign

currencies.

the

extent

the

Funds

invest

foreign

securities

listed

foreign

exchanges

which

trade

days

which

the

Funds

not

determine

NAV,

for

example,

weekends

and

other

customary

national

U.S.

holidays,

the

Fund’s

NAV

could

significantly

affected

days

when

are

not

able

issued

redeemed

APs.

Certain

securities

issued

companies

emerging

market

countries

may

have

than

one

quoted

valuation

any

given

point

time,

sometimes

referred

“local”

price

and

“premium”

price.

The

premium

price

often

negotiated

price,

which

may

not

consistently

represent

price

which

specific

transaction

can

effected.

the

policy

the

Funds

value

such

securities

prices

which

expected

those

may

sold,

and

the

Advisor,

any

sub-advisor,

authorized

make

such

determinations

subject

such

oversight

the

Board

Trustees,

may

occasionally

necessary.

Currency

Translation.

Foreign

holdings

are

translated

U.S.

dollars

using

the

exchange

rate

the

daily

the

New

York

Stock

Exchange.

The

identified

cost

the

Funds’

holdings

translated

approximate

rates

prevailing

when

acquired.

Income

and

expense

amounts

are

translated

approximate

rates

prevailing

when

received

paid,

with

daily

accruals

such

amounts

reported

approximate

rates

prevailing

the

date

valuation.

Since

the

carrying

amount

the

foreign

securities

determined

based

the

exchange

rate

and

market

values

the

period,

not

practicable

isolate

that

portion

the

results

operations

arising

result

changes

the

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

the

market

prices

securities

during

the

period.

Net

realized

foreign

exchange

gains

losses

arise

from

sales

foreign

currencies,

currency

gains

losses

realized

between

trade

and

settlement

dates

security

transactions,

and

the

difference

between

the

amount

dividends,

interest

income,

interest

expense,

and

foreign

withholding

taxes

recorded

the

books

and

the

U.S.

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

appreciation

(depreciation)

translation

assets

and

liabilities

foreign

currencies

arise

from

changes

the

exchange

rate

relating

assets

and

liabilities,

other

than

investments

securities,

purchased

and

held

non-U.S.

denominated

currencies.

The

following

Funds

held

securities

denominated

foreign

currencies

that

exceeded

net

assets

the

respective

Fund

June

30,

2026:

Principal

International

Equity

ETF

British

Pound

Sterling

.08‌

Canadian

Dollar

.32‌

Euro

.11‌

Hong

Kong

Dollar

.11‌

Japanese

Yen

.27‌

South

Korean

Won

.00‌

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

Income

and

Investment

Transactions.

The

Funds

record

investment

transactions

trade

date

basis.

Trade

date

for

senior

floating

rate

interests

purchased

the

primary

market

considered

the

date

which

the

loan

allocations

are

determined.

Trade

date

for

senior

floating

rate

interests

purchased

the

secondary

market

the

date

which

the

transaction

entered

into.

The

identified

cost

basis

has

been

used

determining

the

net

realized

gain

loss

from

investment

transactions

and

unrealized

appreciation

depreciation

investments.

The

Funds

record

dividend

income

the

ex-dividend

date,

except

dividend

income

from

foreign

securities

whereby

the

ex-dividend

date

has

passed;

such

dividends

are

recorded

soon

the

Funds

are

informed

the

ex-dividend

date.

Interest

income

recognized

accrual

basis.

Payment

kind

(“PIK”)

income

computed

the

value

the

securities

received

the

contractual

rate

specified

each

loan

agreement.

Discounts

and

premiums

securities

are

accreted/amortized,

respectively,

the

level

yield

method

over

the

expected

lives

the

respective

securities.

Callable

debt

securities

purchased

premium

are

amortized

the

earliest

call

date

and

the

callable

amount,

other

than

par.

Distributions

from

Real

Estate

Investment

Trusts

(“REITs”) may

characterized

ordinary

income,

capital

gain,

return

capital

the

Funds.

The

proper

characterization

REIT

distributions

generally

not

known

until

after

the

end

each

calendar

year.

such,

estimates

are

used

reporting

the

character

income

and

distributions

for

financial

statement

purposes.

Principal

Real

Estate

Active

Opportunities

ETF

receives

substantial

distributions

from

holdings

REITs.

Capital

Transactions.

Capital

are

issued

and

redeemed

the

Funds

only

Creation

Unit

Creation

Unit

Aggregations.

Except

when

aggregated

into

least

Creation

Unit,

are

not

redeemable.

The

consideration

for

the

purchase

Creation

Unit

Creation

Unit

Aggregations

Fund

generally

consists

basket

cash

and/or

securities

that

the

Fund

specifies

each

business

day.

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

Creation

Unit

Aggregations,

APs

are

subject

standard

creation

and

redemption

transaction

fees.

Expenses.

For

all

Funds,

unitary

management

and

investment

advisory

fee

charged.

The

Advisor

covers

all

operating

expenses

including

Trustee

expenses

and

Chief

Compliance

Officer’s

compensation through

the

management

and

investment

advisory

fee

with

the

exception

12b-

fees,

brokerage

commissions

and

other

expenses

connected

the

execution

portfolio

transactions,

interest

expense,

taxes,

acquired

fund

fees

and

expenses,

litigation

expenses,

and

tax

reclaim

recovery

expenses and

other

extraordinary

expenses,

applicable.

Dividends

and

Distributions to

Shareholders.

Dividends

and

distributions

shareholders

the

Funds

are

recorded

the

ex-dividend

date.

Dividends

and

distributions

shareholders

from

net

investment

income

and

net

realized

gain

from

investments

and

foreign

currency

transactions

are

determined

accordance

with

federal

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

differences

are

primarily

due

differing

treatments

for

amortization

premiums

and

discounts,

net

operating

losses,

foreign

currency

transactions,

options

and

futures

contracts,

certain

defaulted

securities,

sales

passive

foreign

investment

companies,

losses

deferred

due

wash

sales,

tax

straddles,

mortgage-backed

securities,

paydowns,

certain

preferred

securities,

swap

agreements,

short

sales,

partnership

investments,

redemptions-in-kind,

REITs,

utilization

earnings

and

profits

distributed

shareholders

redemption

Shares,

and

the

limitations

imposed

Sections

381-384

the

Internal

Revenue

Code

(“IRC”).

Permanent

book

and

tax

basis

differences

are

reclassified

within

the

capital

accounts

based

federal

tax-basis

treatment;

temporary

differences

not

require

reclassification.

the

extent

dividends

and

distributions

exceed

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes,

they

are

reported

return

capital

distributions.

Federal

Income

Taxes.

provision

for

federal

income

taxes

considered

necessary

because

the

Funds

each

intend

qualify

“regulated

investment

company”

under

the

IRC

and

they

intend

distribute

each

year

substantially

all

their

net

investment

income

and

realized

capital

gains

shareholders.

Management

evaluates

tax

positions

taken

expected

taken

the

course

preparing

the

Funds’

tax

returns

determine

whether

“more

likely

than

not”

that

each

tax

position

would

sustained

upon

examination

taxing

authority

based

the

technical

merits

their

position.

Tax

positions

not

deemed

meet

the

“more

likely

than

not”

threshold

would

recorded

tax

benefit

expense

the

current

year.

The

Funds

recognize

interest

and

penalties,

any,

unrecognized

tax

positions

tax

expense

the

Statements

Operations.

During

the

year ended

June

30,

2026,

the

Funds

did

not

record

any

such

tax

benefit

expense

the

accompanying

financial

statements.

The

statute

limitations

remains

open

for

the

last

three

years,

once

return

filed.

examinations

are

progress

this

time.

Significant

Accounting

Policies

(continued)

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

Foreign

Taxes.

Certain

Funds

are

subject

foreign

income

taxes

imposed

certain

countries

which

they

invest.

Foreign

income

taxes

are

accrued

the

Funds

reduction

income.

These

amounts

are

shown

withholding

tax

the

Statements

Operations.

consideration

decisions

rendered

European

courts,

certain

the

Funds

may

file

for

additional

tax

reclaims

for

taxes

withheld

prior

years.

Due

the

uncertainty

regarding

collectability

and

timing

these

reclaims,

among

other

factors,

corresponding

receivable

will

only

recognized

when

the

tax

position

meets

the

"more

likely

than

not"

threshold.

Any

accrued

foreign

tax

reclaims

receivables

are

included

dividends

and

interest

receivables

the

Statements

Assets

and

Liabilities.

Any

foreign

tax

reclaims

income

included

dividend

income

the

Statements

Operations.

Gains

realized

upon

the

disposition

certain

foreign

securities

held

certain

Funds

may

subject

capital

gains

tax,

payable

prior

the

repatriation

sale

proceeds.

The

tax

computed

certain

net

realized

gains

and,

any,

shown

the

Statements

Operations.

Realized

losses

excess

gains

may

carried

forward

offset

future

gains.

addition,

the

Funds

accrue

estimated

tax

liability

for

future

gains

certain

foreign

securities.

Any

foreign

tax

refund

receivables

and

any

accrued

foreign

tax

liabilities

are

shown

the

Statements

Assets

and

Liabilities.

Recent

Accounting

Pronouncements.

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740);

Improvements

Income

Tax

Disclosures,

which

enhances

the

transparency

and

decision

usefulness

income

tax

disclosures

primarily

rate

reconciliation,

disaggregation

income

taxes

paid,

and

other

income

tax-related

disclosures.

The

ASU

effective

for

annual

periods

beginning

after

December

15,

2024.

January

2025,

the

Funds

have

adopted

the

ASU.

There

was

impact

the

Funds’

financial

statements.

Tracking

Basket

Structure.

Prior

November

2025,

Principal

Real

Estate

Active

Opportunities

ETF

operated

pursuant

exemptive

order

from

the

Securities

and

Exchange

Commission

(“SEC”)

and

did

not

publicly

disclose

its

complete

portfolio

holdings

each

business

day.

Instead,

the

Fund

published

each

business

day

its

website

“Tracking

Basket”

which was

designed

closely

track

the

daily

performance

the

Fund

but was

not

the

Fund’s

actual

portfolio.

The

Fund’s

Tracking

Basket

structure

may

have

affected

the

price

which

the

Fund

trade

the

secondary

market.

Although

the

Tracking

Basket was

intended

provide

investors

with

enough

information

allow

for

effective

arbitrage

mechanism

that

would

keep

the

market

price

the

Fund

the

Fund’s

NAV,

there was

risk

that

market

price

would

vary

significantly

from

NAV.

Operating

Policies

Contingent

Convertible

Securities

(“CoCos”).

footnoted

the

Schedules

Investments,

certain

the

Funds

invest

CoCos.

CoCos

are

hybrid

debt

securities

that

may

convert

into

equity

have

their

principal

written

down

upon

the

occurrence

certain

“triggers”.

Although

contingent

convertible

security’s

equity

conversion

and

principal

write-down

features

are

tailored

the

particular

issuing

banking

institution

and

its

regulatory

requirements,

triggers

are

generally

linked

regulatory

capital

thresholds

regulatory

actions

calling

into

question

such

institution’s

continued

viability

going-concern.

CoCos

may

have

stated

maturity

and

fully

discretionary

coupons,

which

means

coupon

payments

can

canceled

the

issuing

banking

institution’s

discretion

the

request

the

relevant

regulatory

authority

without

causing

default.

provide

the

appropriate

regulatory

capital

treatment,

CoCos

are

usually

issued

the

form

subordinated

debt

instruments

that

rank

junior

the

claims

holders

senior

obligations

the

event

the

issuer’s

liquidation.

CoCos

are

converted

into

equity

securities

due

trigger

event,

holders

will

further

subordinated.

The

future

value

CoCos

unpredictable

and

influenced

many

factors

including,

without

limitation:

the

creditworthiness

the

issuer

and/or

fluctuations

such

issuer’s

applicable

capital

ratios;

supply

and

demand

for

CoCos;

general

market

conditions

and

available

liquidity;

and

economic,

financial

and

political

events

that

affect

the

issuer,

its

particular

market

the

financial

markets

general.

Due

these

features,

CoCos

may

have

substantially

greater

risk

than

other

securities

times

financial

stress.

Because

the

uncertainty

regarding

whether

conversion

event

will

occur,

may

difficult

predict

when,

all,

contingent

convertible

security

will

converted

equity,

and

fund

may

suffer

losses

result.

the

trigger

level

breached,

the

issuer’s

decision

write

down,

write

off

convert

contingent

convertible

security

may

result

the

fund’s

complete

loss

investment

CoCos

with

chance

recovery

even

the

issuer

remains

existence.

Cross

Trades.

The

Funds

may

engage

cross

trades.

cross

trade

purchase

sale

transaction

between

affiliated

portfolios

executed

directly

through

intermediary.

Mutual

funds

and

other

managed

portfolios

may

considered

affiliated

they

have

common

investment

advisor,

fund

may

considered

affiliated

with

any

portfolio

for

which

the

fund’s

sub-advisor

acts

investment

advisor.

Such

transactions

are

permissible

provided

that

the

conditions

Rule

17a-7

under

the

1940

Act

are

satisfied.

For

the

year

ended

June

30,

2026,

none

the

Funds

had

cross

trades.

Significant

Accounting

Policies

(continued)

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

Deposits

with

Counterparty.

Cash

pledged

collateral

reflected

asset

the

Statements

Assets

and

Liabilities

deposits

with

counterparty.

There

are

variety

security

types

which

require

varying

levels

pledged

collateral.

Customer

account

agreements

govern

cleared

derivatives

transactions

such

futures

contracts.

Such

transactions

require

posting

initial

margin

determined

each

relevant

clearing

agency

which

segregated

account

futures

commission

merchant

(“FCM”)

registered

with

the

Commodity

Futures

Trading

Commission.

June

30,

2026,

deposits

with

counterparty

for Principal

Investment

Grade

Corporate

ETF was $177,036.

Futures

Contracts.

The

Funds

are

subject

equity

price

risk,

interest

rate

risk,

and

foreign

currency

exchange

rate

risk

the

normal

course

pursuing

its

investment

objectives.

The

Funds

may

enter

into

futures

contracts

hedge

against

changes

in,

gain

exposure

to,

change

the

value

equities,

interest

rates

and

foreign

currencies.

Initial

margin

deposits

are

made

cash

deposits

segregation

specific

securities

may

required

the

exchange

which

the

transaction

was

conducted.

Pursuant

the

contracts,

typically

Fund

agrees

receive

from

pay

the

broker,

amount

cash

equal

the

daily

fluctuation

the

value

the

contract.

Such

receipts

payments

are

known

“variation

margin”

and

are

recorded

the

Funds

variation

margin

receivable

payable

financial

derivative

instruments.

For

those

contracts

where

daily

variation

margin

payments

are

not

received

from

paid

the

broker,

the

cumulative

unrealized

gains

losses

are

included

variation

margin

receivable

payable

financial

derivative

instruments.

Futures

contracts

are

marked

market

daily

the

closing

settlement

price

the

absence

such

price,

the

most

recent

quoted

bid

price.

there

are

quotations

available,

the

security

valued

the

last

available

closing

settlement

price.

During

the

period

the

futures

contracts

are

open,

daily

changes

the

fair

value

the

contracts

are

recognized

unrealized

gains

losses.

These

unrealized

gains

losses

are

included

component

net

unrealized

appreciation

(depreciation)

investments

the

Statements

Assets

and

Liabilities.

When

the

contracts

are

closed,

the

Funds

recognize

realized

gain

loss

equal

the

difference

between

the

proceeds

from,

cost

of,

the

closing

transaction

and

the

Fund’s

cost

basis

the

contract.

There

minimal

counterparty

credit

risk

the

Funds

because

futures

are

exchange

traded

and

the

exchange’s

clearinghouse,

counterparty

all

exchange

traded

futures,

guarantees

the

futures

against

default.

Long

equity

futures

contracts

are

used

obtain

market

exposure

for

the

cash

balances

that

are

maintained

certain

the

Funds

and

the

notional

values

the

futures

contracts

will

vary

accordance

with

changing

cash

balances.

Long

and

short

U.S.

Treasury

futures

contracts

are

used

obtain

interest

rate

exposure

order

manage

duration

certain

the

Funds.

The

notional

values

the

futures

contracts

will

vary

accordance

with

the

changing

duration.

Illiquid

Securities.

Illiquid

securities

generally

cannot

sold

disposed

the

ordinary

course

business

(within

seven

calendar

days)

approximately

the

value

which

each

the

Funds

has

valued

the

investments.

This

may

have

adverse

effect

each

the

Funds’

ability

dispose

particular

illiquid

securities

fair

value

and

may

limit

each

the

Funds’

ability

obtain

accurate

market

quotations

for

purposes

valuing

the

securities.

Indemnification.

normal

course

business,

the

Funds

enter

into

contracts

that

contain

variety

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

unknown

this

would

involve

potential

future

claims

against

the

Funds

that

have

not

yet

occurred.

Based

management’s

experience,

the

risk

loss

would

remote.

Operating

Segments.

operating

segment

defined

ASC

Topic

280,

Segment

Reporting,

component

public

entity

that

engages

business

activities

from

which

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

the

public

entity’s

chief

operating

decision

maker

(“CODM”)

make

decisions

about

resources

allocated

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available.

Committees

and

working

groups

within

Management

under

the

direction

the

President

act

the

Funds’

CODM.

Each

the

Funds

represents

single

operating

segment.

The

CODM

monitors

the

operating

results

the

Funds

whole

and

the

Funds’

strategic

asset

allocation

ensure

compliance

with

the

defined

investment

strategy

executed

the

Funds’

portfolio

managers

team.

The

types

investments

from

which

the

Funds

generate

their

returns

are

reflected

the

Schedules

Investments.

The

financial

information

provided

and

reviewed

the

CODM

consistent

with

that

presented

the

Statements

Operations

and

Financial

Highlights.

The

measures

shown

within

these

statements

including

net

investment

income

(loss),

total

return,

and

ratio

expenses

average

net

assets

are

used

the

CODM

assess

the

segments’

performance

versus

the

Funds’

comparative

benchmarks

and

investment

objectives,

and

make

resource

allocation

decisions

for

the

Funds’

single

segment.

Segment

assets

are

reported

the

Statements

Assets

and

Liabilities

total

assets.

Restricted

Securities.

Certain

the

Funds

may

invest

securities

that

are

subject

legal

contractual

restrictions

resale.

These

securities

generally

may

resold

transactions

exempt

from

registration

the

public

the

securities

are

registered.

Disposal

these

securities

may

involve

time-consuming

negotiations

and

expense,

and

prompt

sale

acceptable

price

may

difficult.

Operating

Policies

(continued)

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

Securities

Lending.

footnoted

the

Schedules

Investments,

certain

the

Funds

may

lend

portfolio

securities

approved

brokerage

firms

earn

additional

income.

The

Funds

receive

collateral,

the

form

cash,

against

the

loaned

securities.

During

the

period

the

loan,

the

borrower

must

maintain

collateral

amount

not

less

than

102%

the

market

value

the

domestic

and

foreign

fixed

income

loaned

securities

and

105%

the

market

value

the

foreign

equity

loaned

securities.

The

market

value

the

loaned

securities

determined

the

business

the

Funds

and

any

additional

required

collateral

delivered

the

Funds

the

business

day.

The

transactions

are

accounted

for

secured

borrowings

and

the

remaining

contractual

maturity

overnight

and

continuous

for

all

securities.

The

cash

collateral

received

usually

invested

SEC-registered

money

market

mutual

fund

and

the

Funds

could

realize

loss

such

investments.

Further,

the

Funds

could

experience

delay

recovering

their

securities

and

possible

loss

income

value

the

borrower

fails

return

them.

Securities

lending

income,

net

fees,

shown

the

Statements

Operations.

Senior

Floating

Rate

Interests.

The

Fund

may

invest

senior

floating

rate

interests

(bank

loans).

Senior

floating

rate

interests

hold

the

most

senior

position

the

capital

structure

business

entity

(the

“Borrower”),

are

typically

secured

specific

collateral

and

have

claim

the

assets

and/or

stock

the

Borrower

that

senior

that

held

subordinated

debtholders

and

stockholders

the

Borrower.

Senior

floating

rate

interests

are

typically

structured

and

administered

financial

institution

that

acts

the

agent

the

lenders

participating

the

senior

floating

rate

interest.

Borrowers

senior

floating

rate

interests

are

typically

rated

below

investment

grade,

which

means

they

are

likely

default

than

investment-grade

loans.

default

could

lead

non-payment

income

which

would

result

reduction

income

the

Fund

and

there

can

assurance

that

the

liquidation

any

collateral

would

satisfy

the

Borrower’s

obligation

the

event

non-payment

scheduled

interest

principal

payments,

that

such

collateral

could

readily

liquidated.

Senior

floating

rate

interests

pay

interest

rates

which

are

periodically

reset

reference

base

lending

rate

plus

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

designated

U.S.

bank, Secured

Overnight

Financing

Rate

(“SOFR”),

similar

reference

rate.

Senior

floating

rate

interests

generally

are

subject

mandatory

and/or

optional

prepayment.

Because

these

mandatory

prepayment

conditions

and

because

there

may

significant

economic

incentives

for

the

Borrower

repay,

prepayments

senior

floating

rate

interests

may

occur.

result,

the

actual

remaining

maturity

senior

floating

rate

interests

may

substantially

less

than

stated

maturities

shown

the

Schedule

Investments.

connection

with

the

senior

floating

rate

interests,

the

Fund

may

also

enter

into

unfunded

loan

commitments.

All

portion

the

loan

commitments

may

unfunded.

The

Fund

obligated

fund

these

commitments

the

Borrower’s

discretion.

Therefore,

the

Fund

must

have

funds

sufficient

cover

its

contractual

obligation.

Unfunded

loan

commitments

are

marked

market

daily

and

the

unrealized

gain

loss

shown

separate

line

item

called

unrealized

gain

loss

unfunded

commitments

the

Statements

Assets

and

Liabilities

and

included

the

net

change

unrealized

appreciation/(depreciation)

investments

the

Statements

Operations,

applicable.

year

end,

the

unfunded

loan

commitments

are

categorized

Level

within

the

disclosure

hierarchy.

June

30,

2026,

there

were

unfunded

loan

commitments.

Underlying

Funds.

underlying

fund

may

experience

relatively

large

redemptions

purchases

the

investee

fund

periodically

reallocates

rebalances

its

assets.

These

transactions

may

accelerate

the

realization

taxable

income

sales

portfolio

securities

result

gains

and

could

increase

transaction

costs.

The

Advisor

the

advisor

Principal

Funds,

Inc.,

Principal

Variable

Contracts

Funds,

Inc.

(affiliates

the

Advisor)

and

other

asset

allocation

programs.

The

Advisor

committed

minimizing

the

potential

impact

underlying

fund

risk

the

extent

consistent

with

pursuing

the

investment

objectives

the

investee

funds

which

manages.

Each

may

face

conflicts

interest

fulfilling

its

responsibilities

all

such

funds.

June

30,

2026,

series

Principal

Funds,

Inc.

and

Principal

Variable

Contracts

Funds,

Inc.

owned

the

following

percentages,

aggregate,

the

outstanding

the

Funds

listed

below:

Fund

Total

Percentage

Outstanding

Owned

Principal

Active

High

Yield

ETF

.28‌

Principal

Capital

Appreciation

Select

ETF

.95‌

Principal

International

Equity

ETF

.96‌

Principal

Spectrum

Preferred

Securities

Active

ETF

.03‌

Principal

U.S.

Mega-Cap

ETF

.56‌

Principal

U.S.

Small-Cap

ETF

.43‌

Principal

Value

ETF

.04‌

Operating

Policies

(continued)

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

U.S.

Government

Agencies

Government-Sponsored

Enterprises.

Certain

the

Funds

may

invest

U.S.

Government

agencies

government-sponsored

enterprises.

U.S.

Government

securities

are

obligations

of,

and

certain

cases,

guaranteed

by,

the

U.S.

Government

its

agencies.

The

U.S.

Government

does

not

guarantee

the

NAV

the

Funds’

Shares.

Some

U.S.

Government

securities

such

treasury

bills,

notes

and

bonds,

and

securities

guaranteed

the

Government

National

Mortgage

Association

(“GNMA”)

are

supported

the

full

faith

and

credit

the

U.S.

Government.

Other

securities,

such

those

the

Federal

Home

Loan

Bank,

are

supported

the

right

the

issuer

borrow

from

the

U.S.

Department

the

Treasury.

Still

other

securities,

such

those

the

Federal

National

Mortgage

Association

(“FNMA”),

are

supported

the

discretionary

authority

the

U.S.

Government

purchase

the

agency’s

obligations.

Government

guarantors

(those

not

backed

the

full

faith

and

credit

the

U.S.

Government)

include

FNMA

and

Federal

Home

Loan

Mortgage

Corporation

(“FHLMC”).

FNMA

government

sponsored

corporation,

the

common

stock

which

owned

entirely

private

stockholders.

FNMA

purchases

conventional

residential

mortgages

from

list

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

FNMA

are

guaranteed

the

timely

payment

principal

and

interest

FNMA,

but

are

not

backed

the

full

faith

and

credit

the

U.S.

Government.

FHLMC

issues

participation

certificates,

which

are

pass-through

securities,

each

representing

undivided

interest

pool

residential

mortgages.

FHLMC

guarantees

the

timely

payment

interest

and

ultimate

collection

principal,

but

participation

certificates

are

not

backed

the

full

faith

and

credit

the

U.S.

Government.

Derivatives.

The

following

tables

provide

information

about

where

the

Statements

Assets

and

Liabilities

and

Statements

Operations

information

about

derivatives

can

found:

The

following

table

includes

summary

the

monthly

average

outstanding

notional

derivative

instrument

type

(for

the

month

ends

that

such

instruments

were

held) for

the year

ended

June

30,

2026:

Fair

Valuation

Fair

value

defined

the

price

that

the

Funds

would

receive

upon

selling

security

transferring

liability

timely

transaction

independent

buyer

the

principal

most

advantageous

market

the

security

the

measurement

date.

determining

fair

value,

the

Funds

may

use

one

the

following

approaches:

market,

income

and/or

cost.

hierarchy

for

inputs

used

measuring

fair

value

that

maximizes

the

use

observable

inputs

and

minimizes

the

use

unobservable

inputs

requiring

that

the

most

observable

inputs

used

when

available.

Observable

inputs

are

inputs

that

reflect

the

assumptions

market

participants

would

use

pricing

the

asset

liability

developed

based

market

data

obtained

from

sources

independent

the

Funds.

Unobservable

inputs

are

inputs

that

reflect

the

Fund’s

own

estimates

about

the

estimates

market

participants

would

use

pricing

the

asset

liability

developed

based

the

best

information

available

the

circumstances.

Asset

Derivatives

June

30,

2026

Liability

Derivatives

June

30,

2026

Derivatives

not

accounted

for

hedging

instruments

Statement

Assets

and

Liabilities

Location

Fair

Value

Statement

Assets

and

Liabilities

Location

Fair

Value

Principal

Investment

Grade

Corporate

ETF

Interest

Rate

Contracts

Receivables,

Total

distributable

earnings

(accumulated

loss)

85,319‌

Payables,

Total

distributable

earnings

(accumulated

loss)

68,930‌

Includes

cumulative

unrealized

appreciation

(depreciation)

exchange

cleared

swaps

and/or

futures

contracts

shown

the

Schedules

Investments.

Only

the

portion

the

unrealized

appreciation

(depreciation)

not

yet

cash

settled

shown

the

Statements

Assets

and

Liabilities

variation

margin.

Derivatives

not

accounted

for

hedging

instruments

Location

Gain

(Loss)

Derivatives

Recognized

Statement

Operations

Net

Realized

Gain

(Loss)

Derivatives

Recognized

Statement

Operations

Net

Change

Unrealized

Appreciation

(Depreciation)

Derivatives

Recognized

Statement

Operations

Principal

Investment

Grade

Corporate

ETF

Interest

Rate

Contracts

Futures

contracts

21,788‌

42,686‌

Contract

Type

Derivative

Type

Average

Notional

Principal

Investment

Grade

Corporate

ETF

Interest

Rate

Contracts

Futures

—

Long

7,879,103‌

Futures

—

Short

11,330,577‌

Operating

Policies

(continued)

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

The

three-tier

hierarchy

inputs

summarized

the

three

broad

levels

listed

below.

Level

—

Quoted

prices

are

available

active

markets

for

identical

securities

the

reporting

date.

Investments

which

are

generally

included

this

category

include

listed

equities

and

exchange-traded

derivatives.

Level

—

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

this

category

include

certain

corporate

bonds,

senior

floating

rate

interests,

OTC

derivatives,

exchange

cleared

derivatives, mortgage

backed

securities

and

municipal

bonds.

Level

—

Significant

unobservable

inputs

(including

the

Funds’

assumptions

determining

the

fair

value

investments).

Investments

which

are

generally

included

this

category

include

certain

corporate

bonds

and

certain

common

stocks.

The

availability

observable

inputs

can

vary

from

security

and

affected

wide

variety

factors,

including,

for

example,

the

type

security,

whether

the

security

new

and

not

yet

established

the

market

place,

and

other

characteristics

particular

the

transaction.

the

extent

that

valuation

based

models

inputs

that

are

less

observable

unobservable

the

market,

the

determination

fair

value

requires

judgment.

Accordingly,

the

degree

judgment

exercised

the

Funds

determining

fair

value

greatest

for

instruments

categorized

Level

certain

cases,

the

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

level

the

fair

value

hierarchy

within

which

the

fair

value

measurement

its

entirety

falls

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

Fair

value

market

based

measure

considered

from

the

perspective

market

participant

who

holds

the

asset

rather

than

entity

specific

measure.

Therefore,

even

when

market

assumptions

are

not

readily

available,

the

Funds’

own

assumptions

are

set

reflect

those

that

market

participants

would

use

pricing

the

asset

liability

the

measurement

date.

The

Funds

use

prices

and

inputs

that

are

current

the

measurement

date,

the

extent

available.

Investments

which

are

included

the

Level

category

may

valued

using

quoted

prices

from

brokers

and

dealers

participating

the

market

for

these

investments.

These

investments

are

classified

Level

investments

due

the

lack

market

transparency

and

market

corroboration

support

these

quoted

prices.

Valuation

models

may

used

the

pricing

source

for

other

investments

classified

Level

Valuation

models

rely

one

significant

unobservable

inputs

such

prepayment

rates,

probability

default,

loss

severity

the

event

default.

Significant

increases

any

those

inputs

isolation

would

result

significantly

lower

fair

value

measurement.

The

fair

values

these

entities

are

dependent

economic,

political

and

other

considerations.

The

values

the

underlying

investee

entities

may

affected

significant

changes

the

economic

conditions,

changes

government

policies,

and

other

factors

(e.g.,

natural

disasters,

pandemics,

accidents,

conflicts,

etc.).

The

inputs

methodology

used

for

valuing

securities

are

not

necessarily

indication

the

risk

associated

with

investing

those

instruments.

During

the

period

there

were

significant

purchases,

sales,

transfers

into

out

Level

The

following

summary

the

inputs

used

June

30,

2026,

valuing

the

Funds’

securities

carried

fair

value:

Fund

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Active

High

Yield

ETF

Common

Stocks

—‌

138,286‌

—‌

138,286‌

Investment

Companies

40,603,860‌

—‌

40,603,860‌

Preferred

Stocks

—‌

61,746‌

—‌

61,746‌

Bonds

—‌

524,159,462‌

—‌

524,159,462‌

Senior

Floating

Rate

Interests

—‌

24,963,830‌

—‌

24,963,830‌

U.S.

Government

Agency

Obligations

—‌

1,731,064‌

—‌

1,731,064‌

Total

Investments

Securities

40,603,860‌

551,054,388‌

—‌

591,658,248‌

Principal

Capital

Appreciation

Select

ETF

Common

Stocks

1,795,338,803‌

—‌

1,795,338,803‌

Fair

Valuation

(continued)

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

Fund

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Capital

Appreciation

Select

ETF

(continued)

Investment

Companies

40,671,668‌

—‌

40,671,668‌

Total

Investments

Securities

1,836,010,471‌

—‌

1,836,010,471‌

Principal

CLO

ETF

Investment

Companies

82,442‌

—‌

82,442‌

Bonds

—‌

14,233,938‌

—‌

14,233,938‌

U.S.

Government

Agency

Obligations

—‌

649,160‌

—‌

649,160‌

Total

Investments

Securities

82,442‌

14,883,098‌

—‌

14,965,540‌

Principal

Focused

Blue

Chip

ETF

Common

Stocks

218,175,834‌

—‌

218,175,834‌

Investment

Companies

28,272‌

—‌

28,272‌

Total

Investments

Securities

218,204,106‌

—‌

218,204,106‌

Principal

Inflation

Protection

ETF

Investment

Companies

47,541‌

—‌

47,541‌

U.S.

Government

Agency

Obligations

—‌

11,160,850‌

—‌

11,160,850‌

Total

Investments

Securities

47,541‌

11,160,850‌

—‌

11,208,391‌

Principal

International

Equity

ETF

Common

Stocks

1,301,309,936‌

—‌

1,301,309,936‌

Investment

Companies

32,794,537‌

—‌

32,794,537‌

Total

Investments

Securities

1,334,104,473‌

—‌

1,334,104,473‌

Principal

Investment

Grade

Corporate

ETF

Investment

Companies

5,048,741‌

—‌

5,048,741‌

Bonds

—‌

194,514,900‌

—‌

194,514,900‌

Total

Investments

Securities

5,048,741‌

194,514,900‌

—‌

199,563,641‌

Derivative

Assets

Interest

Rate

Contracts

Futures

85,319‌

—‌

85,319‌

Derivative

Liabilities

Interest

Rate

Contracts

Futures

(

68,930‌

)

—‌

(

68,930‌

)

Principal

Long

Duration

ETF

Investment

Companies

12,356‌

—‌

12,356‌

U.S.

Government

Agency

Obligations

—‌

11,821,999‌

—‌

11,821,999‌

Total

Investments

Securities

12,356‌

11,821,999‌

—‌

11,834,355‌

Principal

Quality

ETF

Common

Stocks

28,724,516‌

—‌

28,724,516‌

Investment

Companies

59,978‌

—‌

59,978‌

Total

Investments

Securities

28,784,494‌

—‌

28,784,494‌

Principal

Real

Estate

Active

Opportunities

ETF

Common

Stocks

25,295,253‌

—‌

25,295,253‌

Investment

Companies

237,564‌

—‌

237,564‌

Total

Investments

Securities

25,532,817‌

—‌

25,532,817‌

Principal

Securitized

Debt

ETF

Investment

Companies

487,326‌

—‌

487,326‌

Bonds

—‌

13,555,301‌

—‌

13,555,301‌

U.S.

Government

Agency

Obligations

—‌

7,905,395‌

—‌

7,905,395‌

Total

Investments

Securities

487,326‌

21,460,696‌

—‌

21,948,022‌

Principal

Spectrum

Preferred

and

Income

ETF

Investment

Companies

594,798‌

—‌

594,798‌

Preferred

Stocks

10,308,282‌

—‌

10,308,282‌

Bonds

—‌

58,726,685‌

—‌

58,726,685‌

Total

Investments

Securities

10,903,080‌

58,726,685‌

—‌

69,629,765‌

Principal

Spectrum

Preferred

Securities

Active

ETF

Investment

Companies

38,432,161‌

—‌

38,432,161‌

Bonds

—‌

1,740,019,092‌

—‌

1,740,019,092‌

Total

Investments

Securities

38,432,161‌

1,740,019,092‌

—‌

1,778,451,253‌

Principal

U.S.

Mega-Cap

ETF

Common

Stocks

3,558,634,058‌

—‌

3,558,634,058‌

Fair

Valuation

(continued)

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

Management

Agreement

and

Transactions

with

Affiliates

Management

Services.

The

Funds

have

agreed

pay

management

and

investment

advisory

fees

the

Advisor

computed

annual

percentage

rate

each

the

Funds’

average

daily

net

assets.

portion

the

management

fee

paid

the

Advisor

the

sub-advisor

the

Funds,

which

also

affiliate

the

Advisor.

The

management

fee

schedule

for

the

Funds

follows:

The

Advisor

has

contractually

agreed

limit

the

expenses

(excluding

interest

expense,

expenses

fund

investments,

acquired

fund

fees

and

expenses,

tax

reclaim

recovery

expenses,

and

other

extraordinary

expenses)

for

Principal

U.S.

Mega-Cap

ETF.

The

reductions

and

reimbursements

are

amounts

that

maintain

total

operating

expenses

below

certain

limits.

The

limit

expressed

percentage

average

daily

net

assets

attributable

each

Fund

annualized

basis

during

the

reporting

period.

The

expenses

borne

the

Advisor

are

subject

reimbursement

the

Fund

through

the

fiscal

year

end,

provided

reimbursement

will

made

would

result

the

Fund

exceeding

the

total

operating

expense

limit.

Any

amount

outstanding

the

end

the

period is

shown

expense

reimbursement

from

Advisor

expense

reimbursement

Advisor

the

Statements

Assets

and

Liabilities.

The

expense

limit

for

Principal

U.S.

Mega-Cap

ETF

was

0.12%

through

October

31,

2025.

Effective

November

2025,

the

expense

limit

expired.

other

Funds

had

expense

limitation

agreements

place

during

the

year.

Fund

Level

Quoted

Prices

Level

Other

Significant

Observable

Inputs

Level

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

U.S.

Mega-Cap

ETF

(continued)

Investment

Companies

8,594,396‌

—‌

8,594,396‌

Total

Investments

Securities

3,567,228,454‌

—‌

3,567,228,454‌

Principal

U.S.

Small-Cap

ETF

Common

Stocks

Basic

Materials

81,649,906‌

—‌

81,649,906‌

Communications

126,612,586‌

—‌

126,612,586‌

Consumer,

Cyclical

200,954,344‌

—‌

200,954,344‌

Consumer,

Non-cyclical

491,286,459‌

—‌

491,286,459‌

Energy

113,467,219‌

—‌

113,467,219‌

Financial

486,655,641‌

—‌

486,655,641‌

Government

1,929,052‌

—‌

1,929,052‌

Industrial

487,506,471‌

—‌

487,506,471‌

Technology

296,581,272‌

—‌

296,581,272‌

Utilities

59,501,556‌

—‌

59,501,556‌

Investment

Companies

9,231,530‌

—‌

9,231,530‌

Total

Investments

Securities

2,355,376,036‌

—‌

2,355,376,036‌

Principal

Value

ETF

Common

Stocks

220,409,516‌

—‌

220,409,516‌

Investment

Companies

785,328‌

—‌

785,328‌

Total

Investments

Securities

221,194,844‌

—‌

221,194,844‌

For

additional

detail

regarding

sector

and/or

sub-industry

classifications,

please

see

the

Schedules

Investments.

Exchange

cleared

swaps

and/or

futures

are

presented

the

unrealized

appreciation

(depreciation)

the

instrument.

Fund

All

Assets

Principal

Active

High

Yield

ETF

0.39‌%

Principal

Capital

Appreciation

Select

ETF

0.29‌

Principal

CLO

ETF

0.19‌

Principal

Focused

Blue

Chip

ETF

0.58‌

Principal

Inflation

Protection

ETF

0.19‌

Principal

International

Equity

ETF

0.48‌

Principal

Investment

Grade

Corporate

ETF

0.19‌

Principal

Long

Duration

ETF

0.19‌

Principal

Quality

ETF

0.15‌

Principal

Real

Estate

Active

Opportunities

ETF

0.60‌

Principal

Securitized

Debt

ETF

0.19‌

Principal

Spectrum

Preferred

and

Income

ETF

0.60‌

Principal

Spectrum

Preferred

Securities

Active

ETF

0.55‌

Principal

U.S.

Mega-Cap

ETF

0.12‌

Principal

U.S.

Small-Cap

ETF

0.38‌

Principal

Value

ETF

0.15‌

Prior

November

2025,

the

management

fee

was

0.15%.

Fair

Valuation

(continued)

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

Affiliated

Ownership.

June

30,

2026,

Principal

Financial

Services,

Inc.

(an

affiliate

the

Advisor)

owned

the

Funds

follows:

Affiliated

Brokerage

Commissions.

There

were

Funds

that

paid

brokerage

commissions

any

member

the

Principal

Financial

Group

during

the

year ended

June

30,

2026.

Investment

Transactions

For

the

period

ended

June

30,

2026,

the

cost

investment

securities

purchased

and

proceeds

from

investment

securities

sold

(not

including

short-

term

investments

and

in-kind

transactions)

the

Funds

were

follows:

For

the

period

ended

June

30,

2026,

in-kind

transactions

were

follows:

Unsettled

in-kind

purchases

and

sales

the

end

the

period

are

included

investment

securities

purchased

and

investment

securities

sold,

respectively,

the

Statements

Assets

and

Liabilities.

Fund

Principal

CLO

ETF

597,606‌

Principal

Inflation

Protection

ETF

399,361‌

Principal

Long

Duration

ETF

398,565‌

Principal

Real

Estate

Active

Opportunities

ETF

199,204‌

Principal

Securitized

Debt

ETF

796,812‌

Principal

Spectrum

Preferred

and

Income

ETF

2,067,332‌

Non-U.S.

Government

U.S.

Government

Fund

Purchases

Sales

Purchases

Sales

Principal

Active

High

Yield

ETF

246,622,638‌

172,162,678‌

—‌

14,197,840‌

Principal

Capital

Appreciation

Select

ETF

134,191,522‌

115,758,228‌

—‌

Principal

CLO

ETF

14,242,314‌

—‌

Principal

Focused

Blue

Chip

ETF

101,191,855‌

100,606,424‌

—‌

Principal

Inflation

Protection

ETF

—‌

9,198,158‌

—‌

Principal

International

Equity

ETF

1,095,657,106‌

766,849,247‌

—‌

Principal

Investment

Grade

Corporate

ETF

124,740,357‌

118,314,095‌

—‌

Principal

Long

Duration

ETF

—‌

11,514,488‌

208,701‌

Principal

Quality

ETF

27,008,631‌

26,421,926‌

—‌

Principal

Real

Estate

Active

Opportunities

ETF

12,171,195‌

11,148,572‌

—‌

Principal

Securitized

Debt

ETF

11,910,781‌

—‌

2,066,520‌

1,378,723‌

Principal

Spectrum

Preferred

and

Income

ETF

26,919,305‌

26,225,430‌

750,000‌

—‌

Principal

Spectrum

Preferred

Securities

Active

ETF

495,601,835‌

476,962,311‌

10,307,115‌

2,692,800‌

Principal

U.S.

Mega-Cap

ETF

784,153,829‌

786,446,877‌

—‌

Principal

U.S.

Small-Cap

ETF

911,966,508‌

900,843,875‌

—‌

Principal

Value

ETF

163,626,124‌

163,630,602‌

—‌

Fund

Purchases

Sales

Principal

Active

High

Yield

ETF

214,996,729‌

—‌

Principal

Capital

Appreciation

Select

ETF

1,698,392,048‌

12,744,352‌

Principal

Focused

Blue

Chip

ETF

100,238,649‌

14,134,971‌

Principal

International

Equity

ETF

192,146,862‌

184,765,972‌

Principal

Investment

Grade

Corporate

ETF

89,265,841‌

—‌

Principal

Quality

ETF

23,625,508‌

51,071,153‌

Principal

Real

Estate

Active

Opportunities

ETF

7,823,555‌

—‌

Principal

Spectrum

Preferred

and

Income

ETF

10,548,055‌

—‌

Principal

Spectrum

Preferred

Securities

Active

ETF

517,287,284‌

—‌

Principal

U.S.

Mega-Cap

ETF

770,878,107‌

1,021,838,377‌

Principal

U.S.

Small-Cap

ETF

1,712,664,560‌

582,486,521‌

Principal

Value

ETF

224,707,218‌

242,001,751‌

Management

Agreement

and

Transactions

with

Affiliates

(continued)

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

Federal

Tax

Information

Distributions

Shareholders.

The

federal

income

tax

character

distributions

paid

for

the

periods

ended

June

30,

2026,

and June

30,

2025 was

follows:

Certain

Funds

may

also

utilize

earnings

and

profits

distributed

shareholders

redemptions

part

the

dividends

paid

deduction.

For

U.S.

federal

income

tax

purposes,

short-term

capital

gain

distributions

are

considered

ordinary

income

distributions.

Distributable

Earnings.

June

30,

2026,

the

components

distributable

earnings

(accumulated

loss)

federal

income

tax

basis

were:

Ordinary

Income

Long-Term

Capital

Gain

Section

1250

Gain

Fund

Period

ended

June

30,

2026

Period

ended

June

30,

2025

Period

ended

June

30,

2026

Period

ended

June

30,

2025

Period

ended

June

30,

2026

Period

ended

June

30,

2025

Principal

Active

High

Yield

ETF

32,042,312‌

19,176,083‌

—‌

Principal

Capital

Appreciation

Select

ETF

195,644‌

—‌

Principal

CLO

ETF

—‌

N/A‌

—‌

N/A‌

—‌

N/A‌

Principal

Focused

Blue

Chip

ETF

—‌

622,084‌

—‌

283,240‌

—‌

Principal

Inflation

Protection

ETF

—‌

N/A‌

—‌

N/A‌

—‌

N/A‌

Principal

International

Equity

ETF

15,199,961‌

40,001‌

—‌

Principal

Investment

Grade

Corporate

ETF

7,332,976‌

4,685,959‌

—‌

Principal

Long

Duration

ETF

—‌

N/A‌

—‌

N/A‌

—‌

N/A‌

Principal

Quality

ETF

262,927‌

379,406‌

—‌

Principal

Real

Estate

Active

Opportunities

ETF

525,447‌

288,248‌

—‌

Principal

Securitized

Debt

ETF

—‌

N/A‌

—‌

N/A‌

—‌

N/A‌

Principal

Spectrum

Preferred

and

Income

ETF

3,507,271‌

1,910,572‌

—‌

Principal

Spectrum

Preferred

Securities

Active

ETF

72,110,913‌

49,134,939‌

—‌

Principal

U.S.

Mega-Cap

ETF

27,208,024‌

26,421,098‌

—‌

Principal

U.S.

Small-Cap

ETF

8,533,077‌

5,264,469‌

—‌

Principal

Value

ETF

3,920,158‌

2,354,544‌

—‌

The

Funds

designate

these

distributions

long-term

capital

gain

dividends

per

IRC

Sec.

852(b)(3)(C)

the

20-percent

group

(which

may

taxed

20-percent

rate,

15-percent

rate

0-percent

rate,

depending

the

shareholder’s

taxable

income).

Unrecaptured

Section

1250

gains

are

gains

from

the

sale

depreciable

property

that

are

subject

maximum

tax

rate

25%.

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation/

(Depreciation)

Late

Year

Ordinary

and

Post

October

Capital

Loss

Deferrals

Capital

Loss

Carryforward

Other

Temporary

Differences

Principal

Active

High

Yield

ETF

3,738,975‌

—‌

(

599,997‌

)

—‌

(

24,262,464‌

)

—‌

Principal

Capital

Appreciation

Select

ETF

1,111,931‌

—‌

68,105,995‌

—‌

(

1,405,043‌

)

—‌

Principal

CLO

ETF

76,261‌

—‌

(

8,390‌

)

—‌

(

150‌

)

—‌

Principal

Focused

Blue

Chip

ETF

—‌

10,687,740‌

(

164,172‌

)

(

1,400,219‌

)

—‌

Principal

Inflation

Protection

ETF

138,874‌

—‌

(

158,653‌

)

—‌

Principal

International

Equity

ETF

16,405,207‌

4,596,360‌

201,199,018‌

—‌

Principal

Investment

Grade

Corporate

ETF

817,675‌

—‌

(

957,002‌

)

—‌

(

20,003,215‌

)

—‌

Principal

Long

Duration

ETF

66,032‌

—‌

448,347‌

—‌

Principal

Quality

ETF

58,488‌

—‌

1,732,725‌

—‌

(

12,919,777‌

)

—‌

Principal

Real

Estate

Active

Opportunities

ETF

195,715‌

—‌

2,856,872‌

—‌

(

413,279‌

)

—‌

Principal

Securitized

Debt

ETF

137,761‌

—‌

29,369‌

—‌

Principal

Spectrum

Preferred

and

Income

ETF

329,360‌

—‌

978,774‌

—‌

(

687,787‌

)

—‌

Principal

Spectrum

Preferred

Securities

Active

ETF

7,218,882‌

4,297,797‌

33,372,555‌

—‌

Principal

U.S.

Mega-Cap

ETF

6,725,729‌

—‌

788,325,928‌

—‌

(

201,281,718‌

)

—‌

Principal

U.S.

Small-Cap

ETF

2,748,380‌

—‌

403,225,732‌

—‌

(

228,740,483‌

)

—‌

Principal

Value

ETF

1,071,670‌

—‌

5,692,097‌

—‌

(

52,956,726‌

)

—‌

Represents

book-to-tax

accounting

differences.

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

Capital

Loss

Carryforwards.

For

federal

income

tax

purposes,

capital

loss

carryforwards

are

losses

that

can

used

offset

future

capital

gains

the

Fund.

June

30,

2026,

the

Funds

had

approximate

net

capital

loss

carryforwards

follows:

All

these

capital

losses

were

generated

taxable

years

beginning

after

the

enactment

date

the

Regulated

Investment

Company

Modernization

Act

2010

December

22,

2010,

and

will

carried

forward

with

expiration

and

with

the

character

the

loss

retained.

For

the

year

ended

June

30,

2026,

the

Funds

utilized

capital

loss

carryforwards

follows:

Late-Year

Losses.

regulated

investment

company

may

elect

treat

any

portion

its

qualified

late-year

loss

arising

the

first

day

the

taxable

year.

Qualified

late-year

losses

are

certain

capital

and

ordinary

losses

which

occur

during

the

portion

the

Fund’s

taxable

year

subsequent

October

and

December

31,

respectively.

For

the

taxable

year

ended

June

30,

2026,

the

Funds

intend

defer

late-year

capital

and

ordinary

losses

follows:

Fund

Expiration

Short-Term

Expiration

Long-Term

Total

Annual

Limitations

Principal

Active

High

Yield

ETF

9,122,944‌

15,139,520‌

24,262,464‌

—‌

Principal

Capital

Appreciation

Select

ETF

1,405,043‌

—‌

1,405,043‌

—‌

Principal

CLO

ETF

150‌

—‌

150‌

—‌

Principal

Focused

Blue

Chip

ETF

1,400,219‌

—‌

1,400,219‌

—‌

Principal

Investment

Grade

Corporate

ETF

6,961,994‌

13,041,221‌

20,003,215‌

473,238‌

Principal

Quality

ETF

11,157,740‌

1,762,037‌

12,919,777‌

—‌

Principal

Real

Estate

Active

Opportunities

ETF

330,267‌

83,012‌

413,279‌

—‌

Principal

Spectrum

Preferred

and

Income

ETF

141,382‌

546,405‌

687,787‌

—‌

Principal

U.S.

Mega-Cap

ETF

173,154,117‌

28,127,601‌

201,281,718‌

—‌

Principal

U.S.

Small-Cap

ETF

195,080,217‌

33,660,266‌

228,740,483‌

27,170,662‌

Principal

Value

ETF

49,827,066‌

3,129,660‌

52,956,726‌

4,231,348‌

accordance

with

IRC

Sections

381-384,

portion

certain

Funds’

losses

have

been

subjected

annual

limitation.

Fund

Short-Term

Utilized

Long-Term

Utilized

Principal

International

Equity

ETF

5,672,509‌

—‌

Principal

Investment

Grade

Corporate

ETF

161,785‌

192,549‌

Principal

Quality

ETF

—‌

88,313‌

Principal

Spectrum

Preferred

and

Income

ETF

219,740‌

437,482‌

Principal

Spectrum

Preferred

Securities

Active

ETF

4,749,858‌

17,470,963‌

Fund

Late

Year

Ordinary

Loss

Post

October

Capital

Loss

Principal

Focused

Blue

Chip

ETF

164,172‌

—‌

Federal

Tax

Information

(continued)

Notes

Financial

Statements

Principal

Exchange-Traded

Funds

June

30,

2026

Reclassification

Capital

Accounts.

The

Funds

may

record

reclassifications

their

capital

accounts.

These

reclassifications

have

impact

the

total

net

assets

the

Funds.

The

reclassifications

are

result

permanent

differences

between

U.S.

GAAP

and

tax

accounting.

Adjustments

are

made

reflect

the

impact

these

items

have

current

and

future

distributions

shareholders.

Therefore,

the

source

the

Funds’

distributions

may

shown

the

accompanying

Statement

Changes

Net

Assets

from

net

investment

income

and

net

realized

gains

investments

from

tax

return

capital

depending

the

type

book

and

tax

differences

that

exist.

For

the

period

ended

June

30,

2026,

the

Funds

recorded

reclassifications

follows:

Federal

Income

Tax

Basis.

June

30,

2026,

the

net

federal

income

tax

unrealized

appreciation

(depreciation)

and

federal

tax

cost

investments

held

each

Fund

were

follows:

Subsequent

Events

August

11,

2026,

the

Board

Trustees

approved

plan

liquidation

and

termination

for

Principal

Quality

ETF.

Pursuant

the

plan,

Principal

Quality

ETF

will

liquidate

about

October

26,

2026.

There

were

additional

items requiring

adjustment

the

financial

statements

additional

disclosure.

Fund

Total

Distributable

Earnings

(Accumulated

Loss)

Paid

Capital

Principal

Active

High

Yield

ETF

(

261‌

)

261‌

Principal

Capital

Appreciation

Select

ETF

(

3,121,508‌

)

3,121,508‌

Principal

Focused

Blue

Chip

ETF

(

3,747,715‌

)

3,747,715‌

Principal

International

Equity

ETF

(

55,041,942‌

)

55,041,942‌

Principal

Investment

Grade

Corporate

ETF

(

2‌

)

2‌

Principal

Quality

ETF

(

9,651,358‌

)

9,651,358‌

Principal

Spectrum

Preferred

and

Income

ETF

(

883‌

)

883‌

Principal

Spectrum

Preferred

Securities

Active

ETF

(

56,795‌

)

56,795‌

Principal

U.S.

Mega-Cap

ETF

(

415,963,857‌

)

415,963,857‌

Principal

U.S.

Small-Cap

ETF

(

157,134,957‌

)

157,134,957‌

Principal

Value

ETF

(

23,871,566‌

)

23,871,566‌

Fund

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Cost

for

Federal

Income

Tax

Purposes

Principal

Active

High

Yield

ETF

5,618,986‌

(

6,218,983‌

)

(

599,997‌

)

592,258,245‌

Principal

Capital

Appreciation

Select

ETF

81,062,099‌

(

12,956,104‌

)

68,105,995‌

1,767,904,476‌

Principal

CLO

ETF

641‌

(

9,031‌

)

(

8,390‌

)

14,973,930‌

Principal

Focused

Blue

Chip

ETF

20,657,458‌

(

9,969,718‌

)

10,687,740‌

207,516,366‌

Principal

Inflation

Protection

ETF

—‌

(

158,653‌

)

(

158,653‌

)

11,367,044‌

Principal

International

Equity

ETF

269,229,210‌

(

68,030,192‌

)

201,199,018‌

1,132,905,455‌

Principal

Investment

Grade

Corporate

ETF

438,748‌

(

1,395,750‌

)

(

957,002‌

)

200,520,643‌

Principal

Long

Duration

ETF

448,347‌

—‌

448,347‌

11,386,008‌

Principal

Quality

ETF

4,570,997‌

(

2,838,272‌

)

1,732,725‌

27,051,769‌

Principal

Real

Estate

Active

Opportunities

ETF

3,857,854‌

(

1,000,982‌

)

2,856,872‌

22,675,945‌

Principal

Securitized

Debt

ETF

63,273‌

(

33,904‌

)

29,369‌

21,918,653‌

Principal

Spectrum

Preferred

and

Income

ETF

1,518,617‌

(

539,843‌

)

978,774‌

68,650,991‌

Principal

Spectrum

Preferred

Securities

Active

ETF

37,501,525‌

(

4,128,970‌

)

33,372,555‌

1,745,078,698‌

Principal

U.S.

Mega-Cap

ETF

850,039,130‌

(

61,713,202‌

)

788,325,928‌

2,778,902,526‌

Principal

U.S.

Small-Cap

ETF

513,012,848‌

(

109,787,116‌

)

403,225,732‌

1,952,150,304‌

Principal

Value

ETF

18,127,248‌

(

12,435,151‌

)

5,692,097‌

215,502,747‌

Federal

Tax

Information

(continued)

Schedule

Investments

Principal

Active

High

Yield

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

.02

Held

Value

Commercial

Services

Supplies

.02

—

Labels

Buyer

LLC

(a)

1,487‌

136,556‌

Labels

Buyer

LLC

Warrants

(a)

692‌

1,730‌

TOTAL

COMMON

STOCKS

138,286‌

INVESTMENT

COMPANIES

.09

Held

Value

Money

Market

Funds

.09

—

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

(b),(c),(d)

20,836,840‌

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(b)

19,767,020‌

TOTAL

INVESTMENT

COMPANIES

40,603,860‌

PREFERRED

STOCKS

.01

Held

Value

Commercial

Services

Supplies

.01

—

Labels

Buyer

LLC

0.00%

753‌

61,746‌

TOTAL

PREFERRED

STOCKS

61,746‌

BONDS

.50

Principal

Amount

Value

Aerospace

Defense

.99

—

TransDigm,

Inc.

6.75%,

01/31/2034

(e)

5,512,000‌

5,653,708‌

Airlines

.51

Grupo

Aeromexico

SAB

8.63%,

11/15/2031

(e),(f)

2,866,000‌

2,937,650‌

Banks

.82

Barclays

PLC

7.63%,

03/15/2035

(g),(h),(i)

(USD

Swap

Rate

Year

3.69%)

2,905,000‌

3,036,507‌

8.00%,

03/15/2029

(h),(i)

(5-year

Treasury

Constant

Maturity

Rate

5.43%)

4,840,000‌

5,083,452‌

UBS

Group

7.00%,

02/10/2030

(e),(g),(h),(i)

(USD

Swap

Rate

Year

3.08%)

7,911,000‌

8,048,485‌

16,168,444‌

Building

Materials

.95

Ameritex

Holdco

Intermediate

LLC

7.63%,

08/15/2033

(e)

8,161,000‌

8,527,086‌

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(e)

8,342,000‌

8,359,160‌

16,886,246‌

Chemicals

.90

Advancion

Sciences,

Inc.

9.25%,

PIK

10.00%,

11/01/2026

(e),(j)

2,925,388‌

2,332,997‌

Consolidated

Energy

Finance

5.63%,

10/15/2028

(e)

2,573,000‌

2,470,080‌

12.00%,

02/15/2031

(e)

2,290,000‌

2,369,783‌

Olympus

Water

U.S.

Holding

Corp.

6.25%,

10/01/2029

(e)

8,970,000‌

8,843,293‌

6.75%,

08/01/2032

(e)

635,000‌

620,445‌

16,636,598‌

Commercial

Services

.88

EquipmentShare.com,

Inc.

8.00%,

03/15/2033

(e),(f)

8,103,000‌

8,295,318‌

8.63%,

05/15/2032

(e)

112,000‌

116,506‌

Garda

World

Security

Corp.

6.00%,

06/01/2029

(e)

4,037,000‌

3,976,990‌

8.38%,

11/15/2032

(e)

4,865,000‌

4,977,158‌

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.

6.75%,

08/15/2032

(e)

4,842,000‌

4,851,257‌

22,217,229‌

Computers

.41

McAfee

Corp.

7.38%,

02/15/2030

(e)

3,463,000‌

2,942,657‌

NCR

Atleos

Corp.

9.50%,

04/01/2029

(e)

4,821,000‌

5,140,570‌

8,083,227‌

BONDS

(continued)

Principal

Amount

Value

Distribution

Wholesale

.95

Veritiv

Operating

Co.

10.50%,

11/30/2030

(e)

5,325,000‌

5,446,058‌

Diversified

Financial

Services

.32

Credit

Acceptance

Corp.

9.25%,

12/15/2028

(e)

6,245,000‌

6,503,406‌

Freedom

Mortgage

Holdings

LLC

7.88%,

04/01/2033

(e)

1,203,000‌

1,173,190‌

9.13%,

05/15/2031

(e)

8,281,000‌

8,561,726‌

Global

Aircraft

Leasing

Co.

Ltd.

8.75%,

09/01/2027

(e)

8,275,000‌

8,410,271‌

Jane

Street

Group/JSG

Finance,

Inc.

6.75%,

05/01/2033

(e)

5,954,000‌

6,122,895‌

OneMain

Finance

Corp.

3.50%,

01/15/2027

596,000‌

590,885‌

4.00%,

09/15/2030

7,662,000‌

7,082,302‌

6.63%,

01/15/2028

1,176,000‌

1,193,219‌

Rfna

7.88%,

02/15/2030

(e)

1,923,000‌

1,937,407‌

TrueNoord

Capital

DAC

8.75%,

03/01/2030

(e)

5,864,000‌

6,079,180‌

47,654,481‌

Electric

.59

California

Buyer

Ltd./Atlantica

Sustainable

Infrastructure

PLC

6.38%,

02/15/2032

(e)

8,532,000‌

8,553,074‌

GenOn

Energy,

Inc.

0.00%,

10/15/2020

(a),(k),(l)

3,100,000‌

—‌

NRG

Energy,

Inc.

5.75%,

01/15/2034

(e)

4,234,000‌

4,200,939‌

6.00%,

01/15/2036

(e)

4,234,000‌

4,220,765‌

Vistra

Corp.

7.00%,

12/15/2026

(e),(h),(i)

(5-year

Treasury

Constant

Maturity

Rate

5.74%)

3,481,000‌

3,508,580‌

VoltaGrid

LLC

7.38%,

11/01/2030

(e)

5,610,000‌

5,824,139‌

26,307,497‌

Entertainment

.69

Caesars

Entertainment,

Inc.

6.50%,

02/15/2032

(e)

7,069,000‌

6,895,604‌

Cinemark

USA,

Inc.

5.25%,

07/15/2028

(e)

3,189,000‌

3,183,500‌

7.00%,

08/01/2032

(e)

2,385,000‌

2,460,500‌

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

6.25%,

03/15/2033

(e)

2,860,000‌

2,870,713‌

15,410,317‌

Food

.83

B&G

Foods,

Inc.

8.00%,

09/15/2028

(e)

5,925,000‌

5,930,415‌

11.00%,

06/15/2031

(e)

1,156,000‌

1,067,371‌

Chobani

LLC/Chobani

Finance

Corp.,

Inc.

7.63%,

07/01/2029

(e)

7,051,000‌

7,270,822‌

Fiesta

Purchaser,

Inc.

7.88%,

03/01/2031

(e)

2,334,000‌

2,354,261‌

9.63%,

09/15/2032

(e)

1,647,000‌

1,613,322‌

Viking

Baked

Goods

Acquisition

Corp.

8.63%,

11/01/2031

(e),(m)

3,680,000‌

3,719,766‌

21,955,957‌

Forest

Products

Paper

.28

Mercer

International,

Inc.

5.13%,

02/01/2029

1,355,000‌

731,917‌

12.88%,

10/01/2028

(e)

1,601,000‌

880,550‌

1,612,467‌

Healthcare

Services

.45

Acadia

Healthcare

Co.,

Inc.

5.00%,

04/15/2029

(e)

2,707,500‌

2,665,255‌

Concentra

Health

Services,

Inc.

6.88%,

07/15/2032

(e)

6,125,000‌

6,340,203‌

Schedule

Investments

Principal

Active

High

Yield

ETF

June

30,

2026

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Healthcare

Services

(continued)

Global

Medical

Response,

Inc.

7.38%,

10/01/2032

(e)

453,000‌

469,424‌

LifePoint

Health,

Inc.

8.38%,

02/15/2032

(e)

4,373,000‌

4,551,646‌

14,026,528‌

Home

Builders

.77

Adams

Homes,

Inc.

9.25%,

10/15/2028

(e)

5,395,000‌

5,573,575‌

Hovnanian

Enterprises,

Inc.

8.38%,

10/01/2033

(e)

4,419,000‌

4,540,425‌

10,114,000‌

Household

Products

Wares

.50

Kronos

Acquisition

Holdings,

Inc.

8.25%,

06/30/2031

(e)

4,132,000‌

2,865,335‌

Insurance

.96

Asurion

LLC/Asurion

Co-Issuer,

Inc.

8.00%,

12/31/2032

(e)

3,428,000‌

3,453,904‌

8.38%,

02/01/2034

(e)

2,237,000‌

2,070,744‌

5,524,648‌

Investment

Companies

.94

Sustainable

Infrastructure

Capital,

Inc.

7.13%,

11/15/2056

(i)

(5-year

Treasury

Constant

Maturity

Rate

3.48%)

2,323,000‌

2,358,219‌

8.00%,

06/01/2056

(i)

(5-year

Treasury

Constant

Maturity

Rate

4.30%)

4,881,000‌

5,170,726‌

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.

4.38%,

02/01/2029

9,677,000‌

8,265,055‌

10.00%,

11/15/2029

(e)

1,079,000‌

1,064,127‌

16,858,127‌

Lodging

.63

Wynn

Macau

Ltd.

5.63%,

08/26/2028

(e)

3,617,000‌

3,593,692‌

Machinery

Construction,

Mining

.92

Solaris

Energy

Infrastructure

LLC

6.38%,

05/15/2031

(e)

5,235,000‌

5,293,408‌

Machinery

Diversified

.19

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(e)

6,567,000‌

6,801,258‌

Media

.08

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

4.50%,

05/01/2032

1,617,000‌

1,427,276‌

4.50%,

06/01/2033

(e),(f)

3,195,000‌

2,771,918‌

7.00%,

02/01/2033

(e),(f)

2,863,000‌

2,807,704‌

Directv

Financing

LLC

8.88%,

02/01/2030

(e)

1,191,000‌

1,210,674‌

Directv

Financing

LLC/Directv

Financing

Co-Obligor,

Inc.

5.88%,

08/15/2027

(e)

274,000‌

273,601‌

9.25%,

06/01/2032

(e)

1,885,000‌

1,915,247‌

10.00%,

02/15/2031

(e)

4,817,000‌

4,998,625‌

Discovery

Communications

LLC

3.63%,

05/15/2030

450,000‌

418,499‌

4.13%,

05/15/2029

2,518,000‌

2,492,820‌

5.00%,

09/20/2037

554,000‌

434,890‌

Discovery

Global

Holdings,

Inc.

5.05%,

03/15/2042

4,222,000‌

3,092,910‌

DISH

DBS

Corp.

5.25%,

12/01/2026

(e)

185,000‌

183,032‌

DISH

Network

Corp.

11.75%,

11/15/2027

(e)

5,038,000‌

5,176,807‌

EchoStar

Corp.

10.75%,

11/30/2029

5,266,189‌

5,690,747‌

iHeartCommunications,

Inc.

4.75%,

01/15/2028

(e)

1,587,000‌

1,519,414‌

BONDS

(continued)

Principal

Amount

Value

Media

(continued)

iHeartCommunications,

Inc.

(continued)

7.75%,

08/15/2030

(e)

1,645,578‌

1,534,995‌

Paramount

Global

4.20%,

05/19/2032

1,150,000‌

997,867‌

4.85%,

07/01/2042

320,000‌

216,405‌

5.85%,

09/01/2043

1,265,000‌

947,161‌

Sinclair

Television

Group,

Inc.

8.13%,

02/15/2033

(e)

7,895,000‌

8,109,476‌

Virgin

Media

Secured

Finance

PLC

5.50%,

05/15/2029

(e)

6,085,000‌

5,775,597‌

51,995,665‌

Metal

Fabricate

Hardware

.13

TMS

International

Corp.

6.25%,

04/15/2029

(e)

6,477,000‌

6,481,307‌

Mining

.45

First

Quantum

Minerals

Ltd.

8.00%,

03/01/2033

(e)

7,376,000‌

7,711,635‌

Trekor

Metals

Ltd.

8.25%,

05/01/2030

(e)

6,067,000‌

6,331,630‌

14,043,265‌

Oil

Gas

.69

Aethon

United

LP/Aethon

United

Finance

Corp.

7.50%,

10/01/2029

(e)

3,815,000‌

3,967,623‌

Comstock

Resources,

Inc.

6.75%,

03/01/2029

(e)

3,490,000‌

3,436,548‌

Matador

Resources

Co.

6.25%,

04/15/2033

(e)

11,285,000‌

11,243,902‌

Noble

Finance

LLC

6.25%,

06/15/2034

(e)

5,613,000‌

5,501,084‌

Sunoco

5.88%,

03/15/2034

(e)

8,554,000‌

8,436,715‌

32,585,872‌

Packaging

Containers

.34

Mauser

Packaging

Solutions

Holding

Co.

7.88%,

04/15/2030

(e)

2,472,000‌

2,527,175‌

9.25%,

04/15/2030

(e)

3,233,000‌

3,180,632‌

Multi-Color

Corp.

8.50%,

05/11/2033

(e)

2,264,881‌

1,986,644‌

7,694,451‌

Pharmaceuticals

.92

1261229

Ltd.

10.00%,

04/15/2032

(e)

3,190,000‌

3,230,947‌

Accendra

Health,

Inc.

9.00%,

06/15/2032

(e)

1,200,000‌

1,117,008‌

Endo

Finance

Holdings

8.50%,

04/15/2031

(e)

3,503,000‌

3,682,388‌

Jazz

Securities

DAC

4.38%,

01/15/2029

(e)

8,879,000‌

8,697,614‌

16,727,957‌

Pipelines

.77

Energy

Transfer

6.50%,

02/15/2056

(i)

(5-year

Treasury

Constant

Maturity

Rate

2.68%)

11,490,000‌

11,586,079‌

Harvest

Midstream

6.75%,

05/15/2034

(e)

4,443,000‌

4,506,333‌

Venture

Global

LNG,

Inc.

8.38%,

06/01/2031

(e)

559,000‌

581,879‌

9.00%,

09/30/2029

(e),(h),(i)

(5-year

Treasury

Constant

Maturity

Rate

5.44%)

2,882,000‌

2,813,740‌

9.50%,

02/01/2029

(e)

7,258,000‌

7,812,156‌

27,300,187‌

REITs

.62

Arbor

Realty

SR,

Inc.

7.88%,

07/15/2030

(e),(f)

7,682,000‌

7,230,496‌

8.50%,

12/15/2028

(e),(f)

676,000‌

666,843‌

Schedule

Investments

Principal

Active

High

Yield

ETF

June

30,

2026

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

REITs

(continued)

Holdco/EF

Cayman

Holdings/Ellington

Financial

REIT

Cayman/TRS/EF

Cayman

Non-MTM

7.38%,

09/30/2030

(e)

78,000‌

77,626‌

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./

CSL

Capital

LLC

6.00%,

01/15/2030

(e)

7,173,000‌

7,006,738‌

14,981,703‌

Retail

.16

Carvana

Co.

9.00%,

06/01/2030

(e)

7,921,000‌

8,188,928‌

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.

4.63%,

01/15/2029

(e)

3,491,000‌

3,394,632‌

6.75%,

01/15/2030

(e)

1,803,000‌

1,768,204‌

Michaels

Cos.,

Inc.

8.50%,

03/15/2033

(e)

3,508,000‌

3,474,655‌

11.00%,

03/15/2034

(e),(f)

2,333,000‌

2,284,287‌

Park

River

Holdings,

Inc.

8.00%,

03/15/2031

(e)

4,239,000‌

4,275,998‌

8.75%,

12/31/2030

(e)

1,996,053‌

1,933,983‌

Specialty

Building

Products

Holdings

LLC/

SBP

Finance

Corp.

7.75%,

10/15/2029

(e)

4,848,000‌

4,459,938‌

Victra

Holdings

LLC/Victra

Finance

Corp.

8.75%,

09/15/2029

(e),(f)

5,341,000‌

5,509,097‌

35,289,722‌

Software

.49

OAK-Eagle

Acquireco,

Inc.

7.25%,

07/01/2033

(e)

2,674,000‌

2,797,302‌

Telecommunications

.92

Altice

France

9.50%,

11/01/2029

(e)

5,378,125‌

5,459,421‌

Digicel

International

Finance

Ltd./Difl

U.S.

LLC

8.63%,

08/01/2032

(e)

7,025,000‌

7,232,589‌

Level

Financing,

Inc.

7.50%,

02/15/2037

(e)

4,632,000‌

4,754,187‌

8.50%,

01/15/2036

(e)

2,125,668‌

2,282,615‌

RNO

Property

Owner

LLC

6.50%,

05/01/2031

(e)

2,220,000‌

2,216,796‌

Uniti

Group

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital

LLC

8.63%,

06/15/2032

(e)

1,345,000‌

1,403,125‌

Uniti

Services

LLC

7.50%,

10/15/2033

(e)

602,000‌

633,531‌

Viasat,

Inc.

6.50%,

07/15/2028

(e)

2,260,000‌

2,254,359‌

7.50%,

05/30/2031

(e)

5,622,000‌

5,677,437‌

Zayo

Group

Holdings,

Inc.

9.25%,

03/09/2030

(e)

153,406‌

153,214‌

13.75%,

09/09/2030

(e)

1,863,290‌

1,840,427‌

33,907,701‌

Transportation

.45

Navios

Maritime

Partners

7.75%,

11/07/2030

(e)

2,800,000‌

2,868,543‌

Watco

Cos.

LLC/Watco

Finance

Corp.

7.13%,

08/01/2032

(e)

5,297,000‌

5,438,912‌

8,307,455‌

TOTAL

BONDS

524,159,462‌

SENIOR

FLOATING

RATE

INTERESTS

.36

Principal

Amount

Value

Computers

.48

–

—

McAfee

LLC,

2024

USD

1st

Lien

Term

Loan

6.64%,

03/01/2029

(CME

Term

Secured

Overnight

Financing

Rate

Month

3.64%)

3,087,164‌

2,732,141‌

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

Value

Distribution

Wholesale

.05

Veritiv

Corp.,

Term

Loan

7.73%,

12/02/2030

(CME

Term

Secured

Overnight

Financing

Rate

Month

3.73%)

300,414‌

283,476‌

Food

.46

Fiesta

Purchaser,

Inc.,

2025

Repriced

Term

Loan

6.39%,

02/12/2031

(CME

Term

Secured

Overnight

Financing

Rate

Month

3.64%)

2,700,227‌

2,645,763‌

Forest

Products

Paper

.07

Spectrum

Group

Buyer,

Inc.,

2022

Term

Loan

10.16%,

05/19/2028

(CME

Term

Secured

Overnight

Financing

Rate

Month

3.66%)

410,817‌

385,481‌

Healthcare

Services

.43

LifePoint

Health,

Inc.,

2024

1st

Lien

Term

Loan

7.42%,

05/19/2031

(CME

Term

Secured

Overnight

Financing

Rate

Month

3.67%)

2,491,657‌

2,451,167‌

Household

Products

Wares

.18

Kronos

Acquisition

Holdings,

Inc.,

2024

Term

Loan

7.73%,

07/08/2031

(CME

Term

Secured

Overnight

Financing

Rate

Month

3.73%)

1,511,363‌

1,039,379‌

Insurance

.43

Asurion

LLC,

2021

2nd

Lien

Term

Loan

9.03%,

01/20/2029

(CME

Term

Secured

Overnight

Financing

Rate

Month

3.66%)

2,490,454‌

2,458,078‌

Media

.22

iHeartCommunications,

Inc.,

2024

Term

Loan

9.53%,

05/01/2029

(CME

Term

Secured

Overnight

Financing

Rate

Month

3.64%)

1,344,525‌

1,280,499‌

Pharmaceuticals

.22

Bausch

Health

Cos.,

Inc.,

2025

Term

Loan

9.89%,

10/08/2030

(CME

Term

Secured

Overnight

Financing

Rate

Month

3.64%)

3,830,653‌

3,710,333‌

Owens

Minor,

Inc.,

2022

Term

Loan

0.00%,

03/29/2029

(n)

3,485,000‌

3,273,948‌

6,984,281‌

Software

.21

Electronic

Arts,

Inc.,

USD

Term

Loan

0.00%,

03/24/2033

(n)

1,177,000‌

1,179,531‌

Telecommunications

.61

Zayo

Group

Holdings,

Inc.,

2025

USD

Term

Loan

6.76%,

03/11/2030

(CME

Term

Secured

Overnight

Financing

Rate

Month

3.64%)

3,525,586‌

3,524,034‌

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

24,963,830‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

.30

Principal

Amount

Value

U.S.

Treasury

Notes

.30

–

3.88%,

04/30/2030

1,750,000‌

1,731,064‌

TOTAL

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

1,731,064‌

Total

Investments

103.28%

591,658,248‌

Other

Assets

and

Liabilities

(3.28%)

(

18,811,527‌

)

TOTAL

NET

ASSETS

100.00%

572,846,721‌

(a)

Non-income

producing

security.

(b)

1-day

yield

shown

period

end.

Schedule

Investments

Principal

Active

High

Yield

ETF

June

30,

2026

See

accompanying

notes.

(c)

Affiliated

Security.

Security

either

affiliate

(and

registered

under

the

Investment

Company

Act

1940)

affiliate

defined

the

Investment

Company

Act

1940

(controls

5.00%

the

outstanding

voting

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(d)

Security

portion

the

security

was

received

collateral

for

securities

lending.

the

end

the

period,

the

value

these

securities

totaled

$20,836,840

3.64%

net

assets.

(e)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933.

These

securities

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers.

the

end

the

period,

the

value

these

securities

totaled

$463,342,526

80.88%

net

assets.

(f)

Security

portion

the

security

was

loan.

the

end

the

period,

the

value

these

securities

totaled

$20,444,533

3.57%

net

assets.

(g)

Security

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

equity

have

their

principal

written

down

upon

occurrence

certain

"triggers".

the

end

the

period,

the

value

these

securities

totaled

$11,084,992

1.94%

net

assets.

(h)

Perpetual

security.

Perpetual

securities

pay

indefinite

stream

interest,

but

they

may

called

the

issuer

earlier

date.

Date

shown,

any,

reflects

the

call

date

final

legal

maturity

date.

Rate

shown

period

end.

(i)

Rate

shown

period

end.

The

rate

may

variable

floating

rate

fixed

rate

which

may

convert

variable

floating

rate

the

future.

(j)

Payment

kind;

the

issuer

has

the

option

paying

additional

securities

lieu

cash.

(k)

Security

defaulted.

(l)

The

value

these

investments

was

determined

using

significant

unobservable

inputs,

good

faith

the

Advisor,

under

procedures

established

and

periodically

reviewed

the

Board

Trustees.

(m)

Securities

purchased

when-issued

basis.

(n)

This

Senior

Floating

Rate

Interest

will

settle

after

June

30,

2026,

which

time

the

interest

rate

will

determined.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

June

30,

2026

Value

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

14,446,840‌

193,126,450‌

186,736,450‌

20,836,840‌

14,446,840‌

193,126,450‌

186,736,450‌

20,836,840‌

Income

(a)

Realized

Gain/(Loss)

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

Investments

Principal

Capital

Appreciation

Select

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

.35

Held

Value

Aerospace

Defense

.98

—

Boeing

Co.

(a)

82,486‌

17,855,744‌

Auto

Manufacturers

.58

Tesla,

Inc.

(a)

68,595‌

28,851,057‌

Banks

.09

Bank

America

Corp.

407,115‌

23,197,413‌

JPMorgan

Chase

Co.

157,020‌

51,397,356‌

74,594,769‌

Beverages

.68

Coca-Cola

Co.

377,011‌

30,639,684‌

Chemicals

.09

Linde

PLC

38,462‌

19,959,470‌

Computers

.89

Apple,

Inc.

382,276‌

110,615,384‌

Lumentum

Holdings,

Inc.

(a)

12,736‌

10,928,252‌

Western

Digital

Corp.

63,767‌

40,729,258‌

162,272,894‌

Diversified

Financial

Services

.45

American

Express

Co.

115,347‌

39,016,123‌

Ameriprise

Financial,

Inc.

46,701‌

21,424,551‌

Nasdaq,

Inc.

19,832‌

1,563,158‌

Visa,

Inc.,

Class

162,419‌

55,724,334‌

117,728,166‌

Electric

.30

NRG

Energy,

Inc.

162,367‌

23,715,324‌

Electrical

Components

Equipment

.97

Eaton

Corp.

PLC

41,370‌

17,628,584‌

Environmental

Control

.99

Republic

Services,

Inc.

170,567‌

36,344,416‌

Gas

.62

Atmos

Energy

Corp.

65,969‌

11,364,480‌

Healthcare

Products

.43

Thermo

Fisher

Scientific,

Inc.

52,065‌

26,103,308‌

Healthcare

Services

.02

HCA

Healthcare,

Inc.

33,081‌

12,897,951‌

UnitedHealth

Group,

Inc.

57,749‌

24,002,217‌

36,900,168‌

Insurance

.11

Berkshire

Hathaway,

Inc.,

Class

(a)

35,844‌

17,935,979‌

Chubb

Ltd.

60,439‌

20,593,985‌

38,529,964‌

Internet

.29

Alphabet,

Inc.,

Class

275,017‌

98,282,825‌

Amazon.com,

Inc.

(a)

285,903‌

68,142,121‌

Meta

Platforms,

Inc.,

Class

52,410‌

29,522,029‌

Palo

Alto

Networks,

Inc.

(a)

98,797‌

33,691,753‌

Reddit,

Inc.,

Class

(a)

74,189‌

12,877,727‌

242,516,455‌

Machinery

Construction

Mining

.63

Bloom

Energy

Corp.,

Class

(a)

38,464‌

11,643,053‌

Vernova,

Inc.

46,555‌

54,695,607‌

66,338,660‌

Media

.64

Nexstar

Media

Group,

Inc.

65,813‌

11,753,544‌

Miscellaneous

Manufacturers

.61

Parker-Hannifin

Corp.

30,066‌

29,408,156‌

Oil

Gas

.98

Exxon

Mobil

Corp.

145,827‌

19,937,467‌

Marathon

Petroleum

Corp.

134,952‌

34,503,178‌

54,440,645‌

Pharmaceuticals

.85

AbbVie,

Inc.

57,851‌

14,557,626‌

Eli

Lilly

Co.

38,376‌

46,029,326‌

McKesson

Corp.

49,293‌

37,245,791‌

Novartis

AG,

ADR

173,313‌

27,161,613‌

124,994,356‌

REITs

.91

Terreno

Realty

Corp.

252,997‌

16,386,616‌

COMMON

STOCKS

(continued)

Held

Value

REITs

(continued)

Ventas,

Inc.

209,046‌

18,563,285‌

34,949,901‌

Retail

.06

Casey's

General

Stores,

Inc.

5,706‌

4,535,072‌

Costco

Wholesale

Corp.

27,590‌

25,809,617‌

Dick's

Sporting

Goods,

Inc.

98,934‌

22,439,220‌

O'Reilly

Automotive,

Inc.

(a)

211,773‌

19,502,176‌

TJX

Cos.,

Inc.

253,094‌

38,343,741‌

110,629,826‌

Semiconductors

.62

Advanced

Micro

Devices,

Inc.

(a)

46,894‌

27,241,194‌

Broadcom,

Inc.

162,473‌

61,374,176‌

Lam

Research

Corp.

148,404‌

64,307,905‌

Micron

Technology,

Inc.

30,169‌

34,823,775‌

NVIDIA

Corp.

654,727‌

131,004,325‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

44,212‌

21,114,325‌

339,865,700‌

Software

.60

Microsoft

Corp.

189,613‌

70,729,441‌

ServiceNow,

Inc.

(a)

219,978‌

21,839,416‌

Twilio,

Inc.,

Class

(a)

134,965‌

27,847,329‌

120,416,186‌

Telecommunications

.96

T-Mobile

U.S.,

Inc.

104,557‌

17,537,346‌

TOTAL

COMMON

STOCKS

1,795,338,803‌

INVESTMENT

COMPANIES

.23

Held

Value

Money

Market

Funds

.23

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(b)

40,671,668‌

TOTAL

INVESTMENT

COMPANIES

40,671,668‌

Total

Investments

100.58%

1,836,010,471‌

Other

Assets

and

Liabilities

(0.58%)

(

10,618,473‌

)

TOTAL

NET

ASSETS

100.00%

1,825,391,998‌

(a)

Non-income

producing

security.

(b)

1-day

yield

shown

period

end.

Schedule

Investments

Principal

Capital

Appreciation

Select

ETF

June

30,

2026

See

accompanying

notes.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

June

30,

2026

Value

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

—‌

989,733‌

—‌

989,733‌

—‌

Income

(a)

Realized

Gain/(Loss)

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

Investments

Principal

CLO

ETF

June

30,

2026

See

accompanying

notes.

INVESTMENT

COMPANIES

.55

Held

Value

Money

Market

Funds

.55

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(a)

82,442‌

TOTAL

INVESTMENT

COMPANIES

82,442‌

BONDS

.21

Principal

Amount

Value

Asset-Backed

Securities

.21

—

Abry

Liquid

Credit

CLO

Ltd.

Class

4.90%,

04/20/2039

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.23%)

580,000‌

579,275‌

Anchorage

Capital

CLO

Ltd.

Class

A1R3

4.96%,

10/27/2038

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.29%)

650,000‌

650,773‌

Apidos

CLO

XLVI

Ltd.

Class

A2R

5.07%,

10/24/2038

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.40%)

700,000‌

701,054‌

ARES

LVII

CLO

Ltd.

Class

A1R2

4.90%,

10/25/2038

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.23%)

700,000‌

700,838‌

BlueMountain

CLO

XXVIII

Ltd.

Class

A1R

5.07%,

03/31/2038

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.40%)

250,000‌

250,415‌

Brant

Point

CLO

Ltd.

Class

5.05%,

07/25/2038

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.38%)

500,000‌

501,324‌

Brant

Point

CLO

Ltd.

Class

A1R

4.85%,

01/20/2039

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.22%)

700,000‌

700,865‌

Brant

Point

CLO

Ltd.

Class

5.18%,

10/20/2037

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.50%)

700,000‌

700,081‌

Capital

Four

U.S.

CLO

III

Ltd.

Class

A2R

5.09%,

04/21/2038

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.42%)

700,000‌

698,228‌

CarVal

CLO

X-C

Ltd.

Class

5.14%,

07/20/2037

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.46%)

250,000‌

250,064‌

Elmwood

CLO

Ltd.

Class

ARR

4.79%,

04/20/2037

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.11%)

700,000‌

700,357‌

Empower

CLO

Ltd.

Class

A1R

4.93%,

04/25/2037

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.28%)

500,000‌

501,027‌

GoldenTree

Loan

Management

U.S.

CLO

Ltd.

Class

AJR

5.11%,

10/20/2038

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.43%)

500,000‌

500,738‌

Golub

Capital

Partners

CLO

Ltd.

Class

5.04%,

10/25/2037

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.37%)

394,857‌

395,589‌

KKR

CLO

Ltd.

Class

4.85%,

04/20/2038

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.17%)

700,000‌

699,808‌

BONDS

(continued)

Principal

Amount

Value

Asset-Backed

Securities

(continued)

Madison

Park

Funding

Ltd.

Class

A1R

5.04%,

07/18/2037

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.36%)

370,000‌

370,068‌

Madison

Park

Funding

LXXVII

Ltd.

Class

4.91%,

04/20/2039

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.20%)

500,000‌

500,142‌

Madison

Park

Funding

XXXVIII

Ltd.

Class

A2R

5.13%,

10/17/2038

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.45%)

700,000‌

700,638‌

Magnetite

XXXIV

Ltd.

Class

A1R

4.81%,

01/15/2038

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.14%)

500,000‌

499,866‌

Point

Roche

Park

CLO

Ltd.

Class

4.85%,

01/20/2039

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.17%)

260,000‌

260,061‌

RIN

LLC

Class

A1R

5.01%,

10/14/2036

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.34%)

700,000‌

698,950‌

Silver

Point

CLO

Ltd.

Class

4.98%,

10/15/2038

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.31%)

250,000‌

250,121‌

Sycamore

Tree

CLO

Ltd.

Class

4.88%,

04/20/2038

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.20%)

290,000‌

290,581‌

TCW

CLO

Ltd.

Class

4.87%,

04/20/2038

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.19%)

600,000‌

599,559‌

Venture

CLO

Ltd.

Class

A1RR

4.95%,

04/20/2036

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.28%)

700,000‌

Wellfleet

CLO

Ltd.

Class

A1R

4.82%,

07/15/2034

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.15%)

500,000‌

500,026‌

Woodmont

Trust

Class

A1R

5.07%,

10/25/2032

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.40%)

333,725‌

333,490‌

TOTAL

BONDS

14,233,938‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

.29

Principal

Amount

Value

U.S.

Treasury

Bills

.29

–

3.44%,

07/14/2026

(c)

650,000‌

649,160‌

TOTAL

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

649,160‌

Total

Investments

99.05%

14,965,540‌

Other

Assets

and

Liabilities

0.95%

143,384‌

TOTAL

NET

ASSETS

100.00%

15,108,924‌

(a)

1-day

yield

shown

period

end.

(b)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933.

These

securities

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers.

the

end

the

period,

the

value

these

securities

totaled

$14,233,938

94.21%

net

assets.

(c)

Rate

represents

the

current

yield

maturity

which

may

zero

when

nearing

maturity

date.

Schedule

Investments

Principal

Focused

Blue

Chip

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

.98

Held

Value

Aerospace

Defense

.47

—

General

Electric

Co.

10,536‌

3,937,620‌

HEICO

Corp.,

Class

23,910‌

6,166,628‌

TransDigm

Group,

Inc.

7,930‌

10,563,077‌

20,667,325‌

Commercial

Services

.06

Moody's

Corp.

9,907‌

4,487,078‌

Diversified

Financial

Services

.81

Mastercard,

Inc.,

Class

20,912‌

10,740,403‌

Visa,

Inc.,

Class

31,108‌

10,672,844‌

21,413,247‌

Electronics

.47

Amphenol

Corp.,

Class

30,512‌

5,379,876‌

Healthcare

Products

.22

Danaher

Corp.

36,941‌

7,036,522‌

Internet

.93

Alphabet,

Inc.,

Class

57,785‌

20,417,174‌

Amazon.com,

Inc.

(a)

105,116‌

25,053,347‌

DoorDash,

Inc.,

Class

(a)

13,107‌

2,418,635‌

Meta

Platforms,

Inc.,

Class

17,521‌

9,869,404‌

Netflix,

Inc.

(a)

88,759‌

6,337,393‌

Uber

Technologies,

Inc.

(a)

47,234‌

3,408,405‌

67,504,358‌

Lodging

.67

Hilton

Worldwide

Holdings,

Inc.

10,992‌

3,632,416‌

Private

Equity

.90

Brookfield

Corp.

442,068‌

18,827,676‌

KKR

Co.,

Inc.

77,688‌

7,130,205‌

25,957,881‌

Semiconductors

.22

Broadcom,

Inc.

26,667‌

10,073,459‌

NVIDIA

Corp.

104,790‌

20,967,431‌

31,040,890‌

Software

.23

Cadence

Design

Systems,

Inc.

(a)

27,528‌

10,331,809‌

Microsoft

Corp.

51,750‌

19,303,785‌

Veeva

Systems,

Inc.,

Class

(a)

8,005‌

1,420,647‌

31,056,241‌

TOTAL

COMMON

STOCKS

218,175,834‌

INVESTMENT

COMPANIES

.01

Held

Value

Money

Market

Funds

.01

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(b)

28,272‌

TOTAL

INVESTMENT

COMPANIES

28,272‌

Total

Investments

99.99%

218,204,106‌

Other

Assets

and

Liabilities

0.01%

29,273‌

TOTAL

NET

ASSETS

100.00%

218,233,379‌

(a)

Non-income

producing

security.

(b)

1-day

yield

shown

period

end.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

June

30,

2026

Value

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

—‌

5,233,640‌

—‌

5,233,640‌

—‌

Income

(a)

Realized

Gain/(Loss)

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

Investments

Principal

Inflation

Protection

ETF

June

30,

2026

See

accompanying

notes.

INVESTMENT

COMPANIES

.42

Held

Value

Money

Market

Funds

.42

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(a)

47,541‌

TOTAL

INVESTMENT

COMPANIES

47,541‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

.33

Principal

Amount

Value

U.S.

Treasury

Inflation-Indexed

Obligations

.33

–

0.13%,

07/15/2026

429,176‌

429,918‌

0.13%,

10/15/2026

483,689‌

481,084‌

0.13%,

04/15/2027

511,715‌

501,721‌

0.13%,

01/15/2030

446,433‌

419,192‌

0.13%,

07/15/2030

489,538‌

457,352‌

0.13%,

01/15/2031

507,735‌

468,913‌

0.25%,

07/15/2029

395,668‌

377,342‌

0.38%,

01/15/2027

388,664‌

383,562‌

0.38%,

07/15/2027

436,881‌

429,571‌

0.50%,

01/15/2028

574,976‌

560,237‌

0.75%,

07/15/2028

387,283‌

378,641‌

0.88%,

01/15/2029

334,902‌

325,776‌

1.13%,

10/15/2030

748,257‌

726,515‌

1.25%,

04/15/2028

688,163‌

676,976‌

1.25%,

04/15/2031

410,616‌

397,812‌

1.63%,

10/15/2027

641,735‌

638,530‌

1.63%,

10/15/2029

628,494‌

624,056‌

1.63%,

04/15/2030

732,095‌

723,154‌

1.75%,

01/15/2028

182,755‌

181,474‌

2.13%,

04/15/2029

607,067‌

608,717‌

2.38%,

01/15/2027

196,456‌

195,957‌

2.38%,

10/15/2028

573,910‌

580,019‌

2.50%,

01/15/2029

170,573‌

172,705‌

3.63%,

04/15/2028

189,374‌

194,113‌

3.88%,

04/15/2029

216,694‌

227,513‌

TOTAL

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

11,160,850‌

Total

Investments

99.75%

11,208,391‌

Other

Assets

and

Liabilities

0.25%

27,531‌

TOTAL

NET

ASSETS

100.00%

11,235,922‌

(a)

1-day

yield

shown

period

end.

Schedule

Investments

Principal

International

Equity

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

.88

Held

Value

Aerospace

Defense

.55

—

BAE

Systems

PLC

1,385,358‌

33,885,492‌

Agriculture

.97

British

American

Tobacco

PLC

849,720‌

52,714,984‌

Apparel

.83

Samsonite

Group

(a)

6,323,100‌

10,980,781‌

Auto

Manufacturers

.09

Daimler

Truck

Holding

852,053‌

41,084,049‌

Banks

.10

AIB

Group

PLC

4,265,196‌

50,074,313‌

BNP

Paribas

252,103‌

29,421,719‌

Erste

Group

Bank

340,375‌

45,541,647‌

National

Bank

Greece

1,907,766‌

32,882,483‌

UniCredit

SpA

330,914‌

29,590,286‌

187,510,448‌

Biotechnology

.96

Argenx

(b)

28,114‌

26,064,646‌

Distribution

Wholesale

.07

Rexel

934,878‌

40,815,597‌

Electronics

.99

Hoya

Corp.

166,000‌

26,493,435‌

Engineering

Construction

.28

Obayashi

Corp.

1,512,900‌

30,305,454‌

Entertainment

.74

Entain

PLC

3,123,122‌

23,157,497‌

Healthcare

Services

.06

ICON

PLC

(b)

157,527‌

27,364,015‌

Insurance

.72

AIA

Group

Ltd.

3,572,200‌

32,543,487‌

Hannover

Rueck

125,683‌

34,809,945‌

Sompo

Holdings,

Inc.

1,266,600‌

48,593,443‌

115,946,875‌

Internet

.11

Alibaba

Group

Holding

Ltd.

3,603,700‌

42,663,514‌

Spotify

Technology

(b)

94,806‌

43,528,279‌

Trip.com

Group

Ltd.

(b)

543,750‌

21,603,435‌

107,795,228‌

Iron

Steel

.70

Vale

SA,

ADR

1,504,771‌

22,631,756‌

Lodging

.85

Galaxy

Entertainment

Group

Ltd.

6,560,000‌

24,607,789‌

Machinery

Construction

Mining

.35

Komatsu

Ltd.

464,000‌

17,927,046‌

Mining

.15

Teck

Resources

Ltd.,

Class

926,494‌

55,181,349‌

Oil

Gas

.50

Shell

PLC

454,909‌

17,698,133‌

Suncor

Energy,

Inc.

784,126‌

42,184,956‌

59,883,089‌

Pharmaceuticals

.05

AstraZeneca

PLC

216,526‌

40,496,737‌

Pipelines

.46

Gaztransport

Technigaz

29,003‌

6,160,508‌

Retail

.14

Yum

China

Holdings,

Inc.

698,500‌

28,464,219‌

Semiconductors

.77

ASML

Holding

45,980‌

90,436,750‌

Samsung

Electronics

Co.

Ltd.

493,456‌

106,379,852‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

193,776‌

92,541,604‌

289,358,206‌

Software

.50

Sage

Group

PLC

1,842,309‌

19,940,842‌

Telecommunications

.94

Zegona

Communications

PLC

593,827‌

12,539,894‌

TOTAL

COMMON

STOCKS

1,301,309,936‌

INVESTMENT

COMPANIES

.47

Held

Value

Money

Market

Funds

.47

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(c)

32,794,537‌

TOTAL

INVESTMENT

COMPANIES

32,794,537‌

Total

Investments

100.35%

1,334,104,473‌

Other

Assets

and

Liabilities

(0.35%)

(

4,706,602‌

)

TOTAL

NET

ASSETS

100.00%

1,329,397,871‌

(a)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933.

These

securities

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers.

the

end

the

period,

the

value

these

securities

totaled

$10,980,781

0.83%

net

assets.

(b)

Non-income

producing

security.

(c)

1-day

yield

shown

period

end.

Schedule

Investments

Principal

International

Equity

ETF

June

30,

2026

See

accompanying

notes.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

June

30,

2026

Value

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

—‌

94,931,535‌

—‌

94,931,535‌

—‌

Income

(a)

Realized

Gain/(Loss)

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

Investments

Principal

Investment

Grade

Corporate

ETF

June

30,

2026

See

accompanying

notes.

INVESTMENT

COMPANIES

.54

Held

Value

Money

Market

Funds

.54

—

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

(a),(b),(c)

209,000‌

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(a)

4,839,741‌

TOTAL

INVESTMENT

COMPANIES

5,048,741‌

BONDS

.68

Principal

Amount

Value

Aerospace

Defense

.10

—

Boeing

Co.

5.15%,

05/01/2030

436,000‌

441,315‌

5.81%,

05/01/2050

2,547,000‌

2,516,349‌

7.01%,

05/01/2064

444,000‌

504,936‌

Honeywell

Aerospace,

Inc.

4.60%,

03/16/2033

(d)

799,000‌

784,214‌

4.95%,

03/16/2036

(d)

554,000‌

545,541‌

5.62%,

03/16/2046

(d)

331,000‌

329,593‌

5.73%,

03/16/2056

(d)

549,000‌

548,974‌

Northrop

Grumman

Corp.

4.03%,

10/15/2047

248,000‌

197,513‌

4.95%,

03/15/2053

376,000‌

336,628‌

5.20%,

06/01/2054

706,000‌

658,799‌

5.25%,

07/15/2035

346,000‌

351,630‌

RTX

Corp.

3.03%,

03/15/2052

1,320,000‌

851,798‌

4.63%,

11/16/2048

152,000‌

131,842‌

5.38%,

02/27/2053

320,000‌

306,419‌

6.10%,

03/15/2034

981,000‌

1,052,568‌

6.40%,

03/15/2054

231,000‌

253,560‌

Spirit

AeroSystems,

Inc.

4.60%,

06/15/2028

349,000‌

347,680‌

10,159,359‌

Agriculture

.39

BAT

Capital

Corp.

4.54%,

08/15/2047

960,000‌

791,394‌

4.63%,

03/22/2033

965,000‌

943,949‌

4.76%,

09/06/2049

1,334,000‌

1,122,131‌

5.83%,

02/20/2031

554,000‌

577,086‌

Philip

Morris

International,

Inc.

4.63%,

10/29/2035

710,000‌

683,559‌

4.88%,

04/29/2036

647,000‌

633,398‌

4,751,517‌

Airlines

.26

Mileage

Plan

Ltd.

5.02%,

10/20/2029

(d)

1,378,000‌

1,365,751‌

5.31%,

10/20/2031

(d)

1,482,000‌

1,465,979‌

Delta

Air

Lines,

Inc./SkyMiles

Ltd.

4.75%,

10/20/2028

(d)

2,227,872‌

2,225,951‌

United

Airlines

Holdings,

Inc.

5.38%,

03/01/2031

368,000‌

365,357‌

United

Airlines

Pass-Through

Trust

Class

5.88%,

08/15/2038

1,066,611‌

1,069,921‌

6,492,959‌

Auto

Manufacturers

.82

Ford

Motor

Credit

Co.

LLC

5.80%,

03/08/2029

965,000‌

973,450‌

General

Motors

Financial

Co.,

Inc.

5.10%,

09/15/2031

602,000‌

603,143‌

Hyundai

Capital

America

4.50%,

09/18/2030

(d)

812,000‌

797,421‌

5.00%,

04/07/2031

(d)

569,000‌

568,163‌

5.25%,

06/21/2033

(d)

680,000‌

677,205‌

3,619,382‌

Banks

.69

Banco

Bilbao

Vizcaya

Argentaria

4.97%,

05/08/2031

600,000‌

599,039‌

Bank

America

Corp.

2.69%,

04/22/2032

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.32%)

5,240,000‌

4,746,471‌

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Bank

Ireland

Group

PLC

5.00%,

11/12/2032

(d),(e)

(6-month

Secured

Overnight

Financing

Rate

1.16%)

219,000‌

218,851‌

Barclays

PLC

5.59%,

06/26/2037

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.51%)

775,000‌

773,895‌

CaixaBank

4.82%,

04/22/2032

(d),(e)

Day

USD

Secured

Overnight

Financing

Rate

1.21%)

269,000‌

266,806‌

5.40%,

04/22/2037

(d),(e)

Day

USD

Secured

Overnight

Financing

Rate

1.53%)

428,000‌

423,763‌

5.58%,

07/03/2036

(d),(e)

Day

USD

Secured

Overnight

Financing

Rate

1.79%)

792,000‌

799,688‌

Cooperatieve

Rabobank

4.99%,

05/27/2031

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.92%)

436,000‌

438,589‌

Danske

Bank

4.61%,

10/02/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.10%)

597,000‌

593,727‌

5.02%,

03/04/2031

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.93%)

910,000‌

913,601‌

Deutsche

Bank

4.73%,

02/06/2032

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.14%)

1,537,000‌

1,514,808‌

4.95%,

08/04/2031

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.30%)

1,801,000‌

1,794,678‌

5.06%,

04/14/2032

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.41%)

736,000‌

734,188‌

5.30%,

05/09/2031

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.72%)

604,000‌

610,316‌

5.71%,

02/08/2028

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.59%)

244,000‌

245,732‌

Goldman

Sachs

Group,

Inc.

4.52%,

01/21/2032

(e)

Day

USD

Secured

Overnight

Financing

Rate

0.96%)

1,000,000‌

981,128‌

4.94%,

10/21/2036

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.33%)

960,000‌

932,215‌

5.02%,

10/23/2035

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.42%)

791,000‌

776,973‌

5.07%,

01/21/2037

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.19%)

1,995,000‌

1,947,821‌

5.43%,

06/03/2037

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.31%)

552,000‌

553,896‌

5.56%,

11/19/2045

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.58%)

603,000‌

585,996‌

HSBC

Holdings

PLC

5.13%,

11/06/2036

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.43%)

820,000‌

807,062‌

Schedule

Investments

Principal

Investment

Grade

Corporate

ETF

June

30,

2026

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

HSBC

Holdings

PLC

(continued)

5.24%,

05/13/2031

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.57%)

533,000‌

538,835‌

5.60%,

05/17/2028

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.06%)

2,114,000‌

2,132,318‌

Huntington

Bancshares,

Inc.

4.62%,

01/28/2032

(e)

Day

USD

Secured

Overnight

Financing

Rate

0.99%)

207,000‌

203,566‌

5.61%,

01/28/2041

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.35%)

723,000‌

708,833‌

5.71%,

02/02/2035

(e)

(6-month

Secured

Overnight

Financing

Rate

1.87%)

2,858,000‌

2,923,939‌

JPMorgan

Chase

Co.

4.90%,

01/22/2037

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.07%)

307,000‌

298,951‌

5.58%,

07/23/2036

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.64%)

1,353,000‌

1,373,556‌

Keybank

National

Association

5.00%,

01/26/2033

2,138,000‌

2,116,006‌

KeyCorp

5.31%,

01/28/2037

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.37%)

399,000‌

393,154‌

6.40%,

03/06/2035

(e)

(6-month

Secured

Overnight

Financing

Rate

2.42%)

342,000‌

364,008‌

Mitsubishi

UFJ

Financial

Group,

Inc.

4.85%,

04/21/2032

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.92%)

657,000‌

653,893‌

Morgan

Stanley

4.49%,

01/16/2032

(e)

Day

USD

Secured

Overnight

Financing

Rate

0.95%)

586,000‌

574,609‌

4.81%,

04/16/2032

(e)

(6-month

Secured

Overnight

Financing

Rate

1.18%)

955,000‌

947,576‌

5.32%,

07/19/2035

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.56%)

5,213,000‌

5,238,101‌

Morgan

Stanley

Private

Bank

4.73%,

07/18/2031

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.08%)

1,784,000‌

1,775,952‌

Pinnacle

Financial

Partners,

Inc.

5.60%,

05/19/2032

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.70%)

642,000‌

644,053‌

PNC

Financial

Services

Group,

Inc.

5.37%,

07/21/2036

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.42%)

533,000‌

537,919‌

5.42%,

01/25/2041

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.17%)

1,038,000‌

1,019,774‌

5.58%,

01/29/2036

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.39%)

544,000‌

557,684‌

5.68%,

01/22/2035

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.90%)

2,865,000‌

2,952,400‌

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

PNC

Financial

Services

Group,

Inc.

(continued)

6.88%,

10/20/2034

(e)

Day

USD

Secured

Overnight

Financing

Rate

2.28%)

382,000‌

421,738‌

Societe

Generale

5.37%,

05/27/2032

(d),(e)

Day

USD

Secured

Overnight

Financing

Rate

1.28%)

1,378,000‌

1,386,061‌

5.40%,

08/08/2034

(d),(e),(f)

Day

USD

Secured

Overnight

Financing

Rate

1.51%)

1,040,000‌

1,033,139‌

Texas

Capital

Bancshares,

Inc.

5.30%,

02/27/2032

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.94%)

697,000‌

689,790‌

Truist

Financial

Corp.

4.60%,

01/27/2032

(e)

Day

USD

Secured

Overnight

Financing

Rate

0.97%)

793,000‌

782,043‌

4.68%,

04/23/2032

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.09%)

885,000‌

873,550‌

5.28%,

04/23/2037

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.41%)

1,124,000‌

1,113,124‌

U.S.

Bancorp

2.49%,

11/03/2036

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.95%)

655,000‌

570,199‌

5.68%,

01/23/2035

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.86%)

1,538,000‌

1,587,976‌

5.72%,

05/20/2041

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.25%)

1,681,000‌

1,686,371‌

UBS

Group

5.43%,

02/08/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.52%)

629,000‌

637,926‌

Westpac

Banking

Corp.

4.11%,

07/24/2034

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.00%)

945,000‌

921,595‌

Zions

Bancorp

4.70%,

08/18/2028

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.16%)

215,000‌

214,640‌

59,132,522‌

Biotechnology

.31

Amgen,

Inc.

5.60%,

03/02/2043

408,000‌

405,543‌

Gilead

Sciences,

Inc.

5.50%,

11/15/2054

214,000‌

209,119‌

614,662‌

Chemicals

.60

Industries,

Inc.

5.30%,

11/26/2035

925,000‌

921,720‌

International

Flavors

Fragrances,

Inc.

3.47%,

12/01/2050

(d)

398,000‌

276,220‌

1,197,940‌

Computers

.36

Hewlett

Packard

Enterprise

Co.

4.55%,

10/15/2029

1,363,000‌

1,354,964‌

5.00%,

10/15/2034

1,344,000‌

1,316,743‌

5.25%,

04/01/2033

922,000‌

924,855‌

5.60%,

10/15/2054

425,000‌

393,990‌

6.35%,

10/15/2045

358,000‌

368,963‌

Schedule

Investments

Principal

Investment

Grade

Corporate

ETF

June

30,

2026

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Computers

(continued)

International

Business

Machines

Corp.

5.70%,

02/10/2055

346,000‌

331,258‌

4,690,773‌

Diversified

Financial

Services

.79

Aercap

Funding

DAC

4.88%,

07/07/2031

(f)

1,225,000‌

1,218,668‌

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

3.85%,

10/29/2041

790‌

636‌

6.95%,

03/10/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.72%)

403,000‌

417,182‌

Aircastle

Ltd./Aircastle

Ireland

DAC

5.75%,

10/01/2031

(d)

1,376,000‌

1,407,530‌

Atlas

Warehouse

Lending

Co.

4.95%,

11/15/2030

(d)

1,479,000‌

1,458,268‌

5.25%,

01/15/2033

(d)

334,000‌

328,996‌

Avolon

Holdings

Funding

Ltd.

4.85%,

04/01/2033

(d)

634,000‌

613,703‌

Blackstone

Holdings

Finance

Co.

LLC

2.85%,

08/05/2051

(d)

342‌

208‌

Charles

Schwab

Corp.

4.91%,

11/14/2036

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.23%)

1,200,000‌

1,170,909‌

5.49%,

05/21/2037

(e)

Day

USD

Secured

Overnight

Financing

Rate

1.28%)

771,000‌

781,401‌

5.85%,

05/19/2034

(e)

Day

USD

Secured

Overnight

Financing

Rate

2.50%)

447,000‌

467,080‌

Citadel

Finance

LLC

4.75%,

02/14/2029

(d)

642,000‌

631,938‌

5.90%,

02/10/2030

(d)

1,695,000‌

1,709,159‌

Citadel

Securities

Global

Holdings

LLC

5.13%,

01/27/2032

(d)

572,000‌

565,154‌

5.50%,

06/18/2030

(d)

974,000‌

986,444‌

6.20%,

06/18/2035

(d)

1,297,000‌

1,325,413‌

Equitable

America

Global

Funding

4.95%,

06/09/2030

(d)

371,000‌

371,549‌

Jane

Street

Group/JSG

Finance,

Inc.

6.13%,

11/01/2032

(d)

622,000‌

622,129‌

6.75%,

05/01/2033

(d)

1,396,000‌

1,435,600‌

15,511,967‌

Electric

.37

AES

Corp.

5.75%,

07/15/2033

180,000‌

181,075‌

5.80%,

03/15/2032

706,000‌

715,417‌

Alliant

Energy

Finance

LLC

5.95%,

03/30/2029

(d)

353,000‌

362,946‌

Berkshire

Hathaway

Energy

Co.

4.60%,

05/01/2053

792,000‌

660,361‌

Black

Hills

Corp.

4.55%,

01/31/2031

534,000‌

525,925‌

CMS

Energy

Corp.

6.50%,

06/01/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.96%)

1,555,000‌

1,592,591‌

Dominion

Energy,

Inc.

5.35%,

06/15/2036

507,000‌

507,589‌

6.15%,

12/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.87%)

701,000‌

703,128‌

Duke

Energy

Florida

LLC

6.20%,

11/15/2053

398,000‌

420,463‌

Evergy

Missouri

West,

Inc.

5.25%,

12/15/2035

(d)

508,000‌

504,825‌

Exelon

Corp.

5.60%,

03/15/2053

373,000‌

357,033‌

BONDS

(continued)

Principal

Amount

Value

Electric

(continued)

Indianapolis

Power

Light

Co.

5.70%,

04/01/2054

(d)

526,000‌

516,237‌

Interstate

Power

Light

Co.

5.60%,

06/29/2035

1,779,000‌

1,827,317‌

Louisville

Gas

Electric

Co.

5.85%,

08/15/2055

246,000‌

247,486‌

NextEra

Energy

Capital

Holdings,

Inc.

5.45%,

03/15/2035

362,000‌

367,492‌

6.38%,

08/15/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.05%)

945,000‌

962,434‌

6.70%,

09/01/2054

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.36%)

1,338,000‌

1,370,370‌

NRG

Energy,

Inc.

5.41%,

10/15/2035

(d)

371,000‌

364,647‌

Pacific

Gas

Electric

Co.

5.05%,

11/15/2031

418,000‌

417,606‌

6.00%,

05/01/2056

454,000‌

434,354‌

6.30%,

08/15/2056

701,000‌

698,173‌

Public

Service

Co.

Colorado

5.25%,

04/01/2053

357,000‌

328,482‌

Puget

Sound

Energy,

Inc.

5.60%,

09/15/2055

346,000‌

336,315‌

Southern

Power

Co.

4.90%,

10/01/2035

727,000‌

705,320‌

WEC

Energy

Group,

Inc.

5.63%,

05/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.91%)

780,000‌

775,289‌

Xcel

Energy,

Inc.

5.45%,

08/15/2033

2,128,000‌

2,166,063‌

5.75%,

12/03/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.17%)

609,000‌

601,852‌

18,650,790‌

Environmental

Control

.29

Waste

Connections,

Inc.

4.80%,

07/15/2036

594,000‌

578,014‌

Food

.59

JBS

NV/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Co.

Holdings

4.38%,

02/02/2052

1,184,400‌

893,670‌

5.63%,

03/10/2037

(d)

1,177,000‌

1,172,092‌

5.75%,

04/01/2033

214,000‌

219,707‌

5.95%,

04/20/2035

713,000‌

735,216‌

6.25%,

03/01/2056

1,193,000‌

1,168,596‌

6.38%,

02/25/2055

926,000‌

927,543‌

6.40%,

05/10/2057

(d)

551,000‌

549,663‌

Mars,

Inc.

5.20%,

03/01/2035

(d)

1,965,000‌

1,972,813‌

5.70%,

05/01/2055

(d)

1,517,000‌

1,494,498‌

Sysco

Corp.

3.15%,

12/14/2051

736‌

469‌

9,134,267‌

Gas

.63

Boston

Gas

Co.

5.84%,

01/10/2035

(d)

386,000‌

401,956‌

NiSource,

Inc.

6.95%,

11/30/2054

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.45%)

1,196,000‌

1,236,678‌

Southern

California

Gas

Co.

6.00%,

06/15/2055

955,000‌

967,965‌

Southern

Co.

Gas

Capital

Corp.

6.05%,

09/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.82%)

632,000‌

632,829‌

3,239,428‌

Schedule

Investments

Principal

Investment

Grade

Corporate

ETF

June

30,

2026

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Healthcare

Products

.46

Abbott

Laboratories

4.30%,

03/15/2033

895,000‌

868,114‌

4.65%,

03/15/2036

584,000‌

567,021‌

5.50%,

03/15/2056

890,000‌

871,628‌

VSP

Optical

Group,

Inc.

5.65%,

06/01/2036

(d)

597,000‌

599,819‌

2,906,582‌

Healthcare

Services

.50

HCA,

Inc.

5.30%,

05/15/2036

642,000‌

637,706‌

UnitedHealth

Group,

Inc.

5.75%,

07/15/2064

366,000‌

357,507‌

995,213‌

Insurance

.83

Allianz

6.55%,

10/30/2033

(d),(e),(g),(h),(i)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.32%)

400,000‌

405,576‌

American

International

Group,

Inc.

5.45%,

05/07/2035

406,000‌

414,064‌

Aon

North

America,

Inc.

5.75%,

03/01/2054

1,005,000‌

985,973‌

Arch

Capital

Group

Ltd.

5.95%,

06/15/2056

781,000‌

788,112‌

Athene

Global

Funding

5.13%,

06/01/2029

(d)

408,000‌

408,776‌

Corebridge

Financial,

Inc.

5.75%,

01/15/2034

377,000‌

387,252‌

Markel

Group,

Inc.

6.00%,

05/16/2054

350,000‌

350,237‌

MetLife,

Inc.

5.00%,

07/15/2052

228,000‌

205,157‌

5.85%,

03/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.82%)

712,000‌

702,493‌

Northwestern

Mutual

Life

Insurance

Co.

6.17%,

05/29/2055

(d)

416,000‌

428,001‌

Willis

North

America,

Inc.

4.55%,

03/15/2031

570,000‌

559,640‌

5,635,281‌

Internet

.27

Amazon.com,

Inc.

5.80%,

03/13/2056

365,000‌

362,671‌

Beignet

Investor

LLC

6.58%,

05/30/2049

(d)

1,614,000‌

1,646,527‌

Meta

Platforms,

Inc.

4.45%,

08/15/2052

1,322,000‌

1,018,725‌

5.25%,

05/15/2036

542,000‌

538,174‌

6.30%,

05/15/2056

965,000‌

960,579‌

4,526,676‌

Investment

Companies

.37

Sustainable

Infrastructure

Capital,

Inc.

5.95%,

07/15/2033

(d)

400,000‌

401,703‌

8.00%,

06/01/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.30%)

325,000‌

344,291‌

745,994‌

Iron

Steel

.35

ArcelorMittal

5.38%,

05/19/2036

701,000‌

694,912‌

Media

.57

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

3.90%,

06/01/2052

805,000‌

513,159‌

Space

Exploration

Technologies

Corp.

5.35%,

07/15/2031

(d)

615,000‌

613,398‌

1,126,557‌

BONDS

(continued)

Principal

Amount

Value

Mining

.18

Anglo

American

Capital

PLC

5.25%,

03/19/2036

(d)

624,000‌

617,503‌

Glencore

Funding

LLC

4.90%,

07/01/2031

(d)

925,000‌

925,176‌

5.51%,

04/01/2036

(d)

800,000‌

804,705‌

2,347,384‌

Oil

Gas

.22

Diamondback

Energy,

Inc.

5.75%,

04/18/2054

449,000‌

436,514‌

Oil

Gas

Services

.51

Baker

Hughes

Holdings

LLC/Baker

Hughes

Co-Obligor,

Inc.

5.85%,

06/15/2056

1,027,000‌

1,014,546‌

Packaging

Containers

.37

Packaging

Corp.

America

5.20%,

08/15/2035

1,107,000‌

1,108,797‌

5.70%,

12/01/2033

387,000‌

402,811‌

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

1,208,000‌

1,225,958‌

2,737,566‌

Pharmaceuticals

.17

AbbVie,

Inc.

4.25%,

11/21/2049

552,000‌

450,620‌

4.75%,

03/15/2036

712,000‌

696,582‌

5.50%,

03/15/2064

621,000‌

597,234‌

5.55%,

03/15/2056

451,000‌

443,702‌

CVS

Health

Corp.

5.45%,

09/15/2035

631,000‌

639,163‌

Eli

Lilly

Co.

5.60%,

05/20/2056

537,000‌

539,339‌

Novartis

Capital

Corp.

5.70%,

03/18/2056

624,000‌

635,863‌

Zoetis,

Inc.

4.70%,

02/01/2043

313,000‌

279,916‌

5.00%,

08/17/2035

2,052,000‌

2,026,679‌

6,309,098‌

Pipelines

.06

Cheniere

Energy,

Inc.

5.65%,

04/15/2034

958,000‌

983,158‌

Midstream,

Inc.

4.13%,

06/15/2029

(d)

2,086,000‌

2,044,318‌

Energy

Transfer

5.15%,

03/15/2045

609,000‌

543,237‌

5.95%,

05/15/2054

813,000‌

778,159‌

NGPL

PipeCo

LLC

5.60%,

08/15/2036

(d)

1,000,000‌

994,482‌

ONEOK,

Inc.

4.75%,

10/15/2031

1,136,000‌

1,122,908‌

5.70%,

11/01/2054

814,000‌

755,642‌

Rio

Grande

LNG

LLC

6.15%,

06/30/2041

(d),(f)

700,000‌

700,187‌

Transcontinental

Gas

Pipe

Line

Co.

LLC

5.75%,

03/15/2056

174,000‌

171,488‌

8,093,579‌

REITs

.00

Realty

Income

Corp.

3.10%,

12/15/2029

70‌

67‌

Semiconductors

.53

Broadcom,

Inc.

3.42%,

04/15/2033

596,000‌

543,305‌

4.35%,

02/15/2030

771,000‌

763,287‌

4.55%,

02/15/2032

378,000‌

372,902‌

4.60%,

01/15/2033

1,182,000‌

1,159,473‌

4.90%,

02/15/2038

1,411,000‌

1,363,043‌

5.15%,

11/15/2031

562,000‌

571,853‌

5.20%,

07/15/2035

955,000‌

958,210‌

Intel

Corp.

4.75%,

03/25/2050

922,000‌

766,037‌

5.30%,

05/15/2036

746,000‌

742,268‌

Schedule

Investments

Principal

Investment

Grade

Corporate

ETF

June

30,

2026

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Semiconductors

(continued)

Marvell

Technology,

Inc.

2.95%,

04/15/2031

758,000‌

696,733‌

5.30%,

04/15/2036

1,532,000‌

1,524,230‌

5.45%,

07/15/2035

548,000‌

555,546‌

5.95%,

09/15/2033

956,000‌

1,003,934‌

11,020,821‌

Software

.79

Oracle

Corp.

3.95%,

03/25/2051

1,350,000‌

863,706‌

4.00%,

07/15/2046

748,000‌

504,529‌

4.90%,

02/06/2033

214,000‌

202,898‌

5.20%,

09/26/2035

579,000‌

542,064‌

5.38%,

09/27/2054

381,000‌

298,806‌

5.55%,

02/06/2053

229,000‌

184,462‌

Synopsys,

Inc.

5.15%,

04/01/2035

551,000‌

547,851‌

5.70%,

04/01/2055

433,000‌

419,918‌

3,564,234‌

Telecommunications

.84

AT&T,

Inc.

3.50%,

09/15/2053

1,167,000‌

757,591‌

3.55%,

09/15/2055

550,000‌

354,169‌

Beacon

Point

LLC

6.13%,

11/30/2042

(d)

458,000‌

461,934‌

T-Mobile

USA,

Inc.

3.40%,

10/15/2052

980,000‌

642,443‌

4.63%,

01/15/2033

624,000‌

609,856‌

5.88%,

11/15/2055

309,000‌

300,889‌

Verizon

Communications,

Inc.

5.88%,

11/30/2055

557,000‌

540,389‌

3,667,271‌

Transportation

.28

Burlington

Northern

Santa

LLC

5.55%,

03/15/2056

570,000‌

558,232‌

Water

.18

Essential

Utilities,

Inc.

5.13%,

03/15/2036

366,000‌

360,793‌

TOTAL

BONDS

194,514,900‌

Total

Investments

100.22%

199,563,641‌

Other

Assets

and

Liabilities

(0.22%)

(

429,564‌

)

TOTAL

NET

ASSETS

100.00%

199,134,077‌

(a)

1-day

yield

shown

period

end.

(b)

Affiliated

Security.

Security

either

affiliate

(and

registered

under

the

Investment

Company

Act

1940)

affiliate

defined

the

Investment

Company

Act

1940

(controls

5.00%

the

outstanding

voting

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(c)

Security

portion

the

security

was

received

collateral

for

securities

lending.

the

end

the

period,

the

value

these

securities

totaled

$209,000

0.10%

net

assets.

(d)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933.

These

securities

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers.

the

end

the

period,

the

value

these

securities

totaled

$46,145,036

23.17%

net

assets.

(e)

Rate

shown

period

end.

The

rate

may

variable

floating

rate

fixed

rate

which

may

convert

variable

floating

rate

the

future.

(f)

Securities

purchased

when-issued

basis.

(g)

Security

portion

the

security

was

loan.

the

end

the

period,

the

value

these

securities

totaled

$204,905

0.10%

net

assets.

(h)

Security

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

equity

have

their

principal

written

down

upon

occurrence

certain

"triggers".

the

end

the

period,

the

value

these

securities

totaled

$405,576

0.20%

net

assets.

(i)

Perpetual

security.

Perpetual

securities

pay

indefinite

stream

interest,

but

they

may

called

the

issuer

earlier

date.

Date

shown,

any,

reflects

the

call

date

final

legal

maturity

date.

Rate

shown

period

end.

Schedule

Investments

Principal

Investment

Grade

Corporate

ETF

June

30,

2026

See

accompanying

notes.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

June

30,

2026

Value

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

562,295‌

27,847,898‌

28,201,193‌

209,000‌

562,295‌

27,847,898‌

28,201,193‌

209,000‌

Income

(a)

Realized

Gain/(Loss)

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Futures

Contracts

Description

and

Expiration

Date

Type

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/(Depreciation)

Chicago

Board

Trade

Year

U.S.

Treasury

Notes;

September

2026

Long

21‌

4,328,789‌

(

5,253‌

)

Chicago

Board

Trade

Year

U.S.

Treasury

Notes;

September

2026

Long

23‌

2,462,078‌

2,486‌

Chicago

Board

Trade

Year

U.S.

Treasury

Notes;

September

2026

Short

89‌

9,780,265‌

(

24,751‌

)

Chicago

Board

Trade

U.S.

Long

Bonds;

September

2026

Long

36‌

4,086,000‌

70,234‌

Ultra

Year

U.S.

Treasury

Notes;

September

2026

Short

56‌

6,298,250‌

(

38,926‌

)

Ultra

U.S.

Treasury

Bonds;

September

2026

Long

9‌

1,045,406‌

12,599‌

Total

16,389‌

Schedule

Investments

Principal

Long

Duration

ETF

June

30,

2026

See

accompanying

notes.

INVESTMENT

COMPANIES

.10

Held

Value

Money

Market

Funds

.10

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(a)

12,356‌

TOTAL

INVESTMENT

COMPANIES

12,356‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

.86

Principal

Amount

Value

U.S.

Treasury

STRIPS

Coupon

.78

–

0.00%,

08/15/2046

299,000‌

106,150‌

0.00%,

02/15/2047

427,000‌

147,686‌

0.00%,

08/15/2047

461,000‌

155,745‌

0.00%,

02/15/2048

894,000‌

294,287‌

0.00%,

11/15/2048

384,000‌

121,768‌

0.00%,

02/15/2049

652,000‌

203,949‌

0.00%,

05/15/2049

729,000‌

225,382‌

0.00%,

11/15/2049

330,000‌

99,550‌

0.00%,

02/15/2050

314,000‌

93,559‌

0.00%,

08/15/2050

698,000‌

202,556‌

0.00%,

02/15/2051

327,000‌

92,526‌

0.00%,

05/15/2051

328,000‌

91,674‌

0.00%,

11/15/2051

353,000‌

96,398‌

0.00%,

05/15/2052

383,000‌

101,991‌

0.00%,

11/15/2052

730,000‌

189,487‌

0.00%,

05/15/2053

308,000‌

78,462‌

0.00%,

08/15/2053

201,000‌

50,656‌

0.00%,

02/15/2054

436,000‌

107,606‌

2,459,432‌

U.S.

Treasury

STRIPS

Principal

.08

test

0.00%,

08/15/2046

283,000‌

102,798‌

0.00%,

11/15/2046

163,000‌

58,430‌

0.00%,

02/15/2047

639,000‌

225,605‌

0.00%,

05/15/2047

342,000‌

119,327‌

0.00%,

08/15/2047

525,000‌

180,732‌

0.00%,

11/15/2047

568,000‌

193,069‌

0.00%,

02/15/2048

579,000‌

194,072‌

0.00%,

05/15/2048

441,000‌

145,994‌

0.00%,

08/15/2048

786,000‌

256,785‌

0.00%,

11/15/2048

665,000‌

214,728‌

0.00%,

02/15/2049

958,000‌

305,150‌

0.00%,

05/15/2049

989,000‌

310,963‌

0.00%,

08/15/2049

406,000‌

126,033‌

0.00%,

11/15/2049

454,000‌

139,130‌

0.00%,

02/15/2050

568,000‌

171,987‌

0.00%,

05/15/2050

472,000‌

141,564‌

0.00%,

08/15/2050

641,000‌

189,677‌

0.00%,

11/15/2050

1,476,000‌

430,701‌

0.00%,

02/15/2051

1,127,000‌

324,610‌

0.00%,

05/15/2051

1,545,000‌

439,708‌

0.00%,

08/15/2051

1,104,000‌

310,287‌

0.00%,

11/15/2051

980,000‌

272,328‌

0.00%,

02/15/2052

1,335,000‌

366,783‌

0.00%,

05/15/2052

871,000‌

236,461‌

0.00%,

08/15/2052

857,000‌

230,106‌

0.00%,

11/15/2052

480,000‌

127,578‌

0.00%,

02/15/2053

1,615,000‌

424,674‌

0.00%,

05/15/2053

1,339,000‌

348,150‌

0.00%,

08/15/2053

823,000‌

211,945‌

0.00%,

11/15/2053

647,000‌

165,183‌

0.00%,

02/15/2054

1,235,000‌

311,523‌

0.00%,

05/15/2054

1,109,000‌

277,768‌

0.00%,

08/15/2054

1,278,000‌

316,258‌

0.00%,

11/15/2054

1,430,000‌

349,884‌

0.00%,

02/15/2055

1,231,000‌

298,250‌

0.00%,

05/15/2055

898,000‌

215,855‌

0.00%,

08/15/2055

885,000‌

210,364‌

0.00%,

11/15/2055

969,000‌

227,975‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

Value

U.S.

Treasury

STRIPS

Principal

(continued)

0.00%,

02/15/2056

814,000‌

190,132‌

9,362,567‌

TOTAL

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

11,821,999‌

Total

Investments

99.96%

11,834,355‌

Other

Assets

and

Liabilities

0.04%

5,062‌

TOTAL

NET

ASSETS

100.00%

11,839,417‌

(a)

1-day

yield

shown

period

end.

Schedule

Investments

Principal

Quality

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

.72

Held

Value

Aerospace

Defense

.21

—

General

Electric

Co.

1,454‌

543,403‌

Howmet

Aerospace,

Inc.

1,415‌

380,437‌

923,840‌

Apparel

.04

Deckers

Outdoor

Corp.

(a)

3,008‌

298,664‌

Auto

Manufacturers

.01

Cummins,

Inc.

635‌

452,889‌

Tesla,

Inc.

(a)

302‌

127,021‌

579,910‌

Banks

.60

Huntington

Bancshares,

Inc.

19,749‌

350,150‌

Northern

Trust

Corp.

2,300‌

399,832‌

749,982‌

Beverages

.13

Brown-Forman

Corp.,

Class

12,208‌

325,343‌

Building

Materials

.85

Carrier

Global

Corp.

5,627‌

412,740‌

Trane

Technologies

PLC

829‌

407,172‌

819,912‌

Chemicals

.66

Ecolab,

Inc.

1,206‌

336,004‌

PPG

Industries,

Inc.

2,976‌

360,959‌

Sherwin-Williams

Co.

1,038‌

357,404‌

1,054,367‌

Commercial

Services

.15

Cintas

Corp.

1,667‌

283,523‌

Corpay,

Inc.

(a)

1,007‌

335,603‌

619,126‌

Computers

.81

Apple,

Inc.

5,467‌

1,581,931‌

Leidos

Holdings,

Inc.

1,782‌

183,493‌

NetApp,

Inc.

3,125‌

483,625‌

2,249,049‌

Diversified

Financial

Services

.67

Cboe

Global

Markets,

Inc.

1,067‌

258,929‌

Intercontinental

Exchange,

Inc.

2,116‌

260,501‌

Mastercard,

Inc.,

Class

977‌

501,787‌

Nasdaq,

Inc.

3,678‌

289,900‌

Visa,

Inc.,

Class

1,774‌

608,641‌

1,919,758‌

Electrical

Components

Equipment

.83

AMETEK,

Inc.

1,491‌

360,733‌

Eaton

Corp.

PLC

1,067‌

454,670‌

815,403‌

Electronics

.50

Allegion

PLC

2,079‌

292,079‌

Garmin

Ltd.

1,337‌

317,591‌

Hubbell,

Inc.

673‌

352,113‌

Mettler-Toledo

International,

Inc.

(a)

262‌

334,708‌

1,296,491‌

Environmental

Control

.99

Pentair

PLC

3,400‌

260,644‌

Republic

Services,

Inc.

1,421‌

302,787‌

Veralto

Corp.

3,365‌

298,408‌

861,839‌

Healthcare

Products

.81

Agilent

Technologies,

Inc.

2,797‌

371,526‌

Boston

Scientific

Corp.

(a)

5,002‌

213,485‌

Danaher

Corp.

1,868‌

355,817‌

HealthCare

Technologies,

Inc.

4,342‌

277,932‌

Intuitive

Surgical,

Inc.

(a)

794‌

315,758‌

STERIS

PLC

1,376‌

289,744‌

Stryker

Corp.

1,004‌

316,099‌

Waters

Corp.

(a)

1,058‌

396,792‌

2,537,153‌

Healthcare

Services

.88

HCA

Healthcare,

Inc.

652‌

254,208‌

Insurance

.61

Berkshire

Hathaway,

Inc.,

Class

(a)

47‌

23,518‌

COMMON

STOCKS

(continued)

Held

Value

Insurance

(continued)

Globe

Life,

Inc.

2,193‌

391,845‌

Marsh

McLennan

Cos.,

Inc.

1,908‌

318,007‌

W.R.

Berkley

Corp.

4,523‌

319,007‌

Willis

Towers

Watson

PLC

1,056‌

276,007‌

1,328,384‌

Internet

.12

Alphabet,

Inc.,

Class

1,105‌

394,894‌

Alphabet,

Inc.,

Class

2,520‌

890,391‌

Amazon.com,

Inc.

(a)

2,717‌

647,570‌

GoDaddy,

Inc.,

Class

(a)

3,324‌

282,141‌

Meta

Platforms,

Inc.,

Class

399‌

224,753‌

Palo

Alto

Networks,

Inc.

(a)

2,235‌

762,180‌

3,201,929‌

Machinery

Diversified

.20

Nordson

Corp.

1,149‌

346,642‌

Media

.97

Comcast

Corp.,

Class

11,335‌

278,274‌

Miscellaneous

Manufacturers

.32

Parker-Hannifin

Corp.

389‌

380,489‌

Oil

Gas

Services

.17

SLB

Ltd.

7,245‌

336,820‌

Retail

.29

TJX

Cos.,

Inc.

2,455‌

371,932‌

Semiconductors

.65

Applied

Materials,

Inc.

1,323‌

956,529‌

Broadcom,

Inc.

1,009‌

381,150‌

Monolithic

Power

Systems,

Inc.

322‌

445,120‌

NVIDIA

Corp.

9,306‌

1,862,037‌

3,644,836‌

Software

.96

Autodesk,

Inc.

(a)

1,276‌

248,080‌

Broadridge

Financial

Solutions,

Inc.

1,610‌

220,490‌

Cadence

Design

Systems,

Inc.

(a)

1,162‌

436,122‌

Intuit,

Inc.

768‌

200,448‌

Jack

Henry

Associates,

Inc.

1,816‌

250,136‌

Microsoft

Corp.

2,547‌

950,082‌

Roper

Technologies,

Inc.

883‌

298,798‌

Salesforce,

Inc.

1,970‌

308,620‌

Tyler

Technologies,

Inc.

(a)

838‌

245,081‌

3,157,857‌

Transportation

.29

FedEx

Corp.

958‌

299,979‌

Fedex

Freight

Holding

Co.,

Inc.

(a)

479‌

72,329‌

372,308‌

TOTAL

COMMON

STOCKS

28,724,516‌

INVESTMENT

COMPANIES

.21

Held

Value

Money

Market

Funds

.21

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(b)

59,978‌

TOTAL

INVESTMENT

COMPANIES

59,978‌

Total

Investments

99.93%

28,784,494‌

Other

Assets

and

Liabilities

0.07%

19,867‌

TOTAL

NET

ASSETS

100.00%

28,804,361‌

(a)

Non-income

producing

security.

(b)

1-day

yield

shown

period

end.

Schedule

Investments

Principal

Real

Estate

Active

Opportunities

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

.76

Held

Value

Private

Equity

.31

—

Centuria

Capital

Group

60,435‌

80,755‌

Real

Estate

.72

CTP

(a)

7,948‌

144,939‌

Hang

Lung

Properties

Ltd.

92,000‌

80,822‌

Henderson

Land

Development

Co.

Ltd.

34,000‌

107,512‌

Hongkong

Land

Holdings

Ltd.

15,200‌

108,224‌

441,497‌

REITs

.73

American

Healthcare

REIT,

Inc.

9,780‌

510,027‌

American

Homes

Rent,

Class

26,230‌

879,230‌

American

Tower

Corp.

9,595‌

1,569,454‌

Blackstone

Digital

Infrastructure

Trust,

Inc.

(b)

6,612‌

143,018‌

Brandywine

Realty

Trust

29,942‌

94,916‌

Broadstone

Net

Lease,

Inc.

13,931‌

287,954‌

Centuria

Capital

Group

(b)

22,129‌

29,570‌

Centurion

Accommodation

REIT

153,300‌

125,602‌

COPT

Defense

Properties

7,207‌

262,263‌

Cousins

Properties,

Inc.

13,054‌

391,359‌

Crown

Castle,

Inc.

15,479‌

1,172,225‌

Digital

Realty

Trust,

Inc.

3,635‌

652,773‌

Dream

Industrial

Real

Estate

Investment

Trust

9,400‌

92,724‌

EastGroup

Properties,

Inc.

3,736‌

756,652‌

Equinix,

Inc.

2,014‌

2,099,373‌

Equity

Residential

12,758‌

866,651‌

Extra

Space

Storage,

Inc.

6,645‌

965,519‌

FrontView

REIT,

Inc.

12,112‌

245,026‌

Gaming

Leisure

Properties,

Inc.

22,436‌

999,075‌

Residential

Real

Estate

Investment

Trust

(a)

36,964‌

353,745‌

Goodman

Group

10,190‌

219,624‌

Healthpeak

Properties,

Inc.

32,146‌

687,924‌

Iron

Mountain,

Inc.

8,352‌

1,054,941‌

Keppel

REIT

38,100‌

65,966‌

Kilroy

Realty

Corp.

6,397‌

239,696‌

Macerich

Co.

10,089‌

254,142‌

Mercialys

19,880‌

266,218‌

National

Health

Investors,

Inc.

4,134‌

315,259‌

National

Healthcare

Properties,

Inc.

(b)

10,425‌

152,726‌

Nexus

Industrial

REIT

30,720‌

175,233‌

Prologis,

Inc.

8,277‌

1,121,285‌

Regency

Centers

Corp.

5,608‌

447,182‌

Rexford

Industrial

Realty,

Inc.

16,209‌

543,002‌

Ryman

Hospitality

Properties,

Inc.

4,195‌

539,267‌

Sabra

Health

Care

REIT,

Inc.

58,119‌

1,133,902‌

Saul

Centers,

Inc.

8,260‌

308,841‌

Sekisui

House

Reit,

Inc.

135‌

63,600‌

Green

Realty

Corp.

5,466‌

282,975‌

Smartstop

Self

Storage

REIT,

Inc.

10,677‌

347,003‌

Stockland

22,603‌

63,849‌

Stoneweg

Europe

Stapled

Trust

104,900‌

183,384‌

Boustead

REIT

(b)

547,800‌

338,736‌

Unibail-Rodamco-Westfield

(b)

900‌

105,353‌

Ventas,

Inc.

12,908‌

1,146,230‌

Warehouses

Pauw

CVA

6,338‌

159,754‌

Welltower,

Inc.

9,075‌

2,059,753‌

24,773,001‌

TOTAL

COMMON

STOCKS

25,295,253‌

INVESTMENT

COMPANIES

.93

Held

Value

Money

Market

Funds

.93

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(c)

237,564‌

TOTAL

INVESTMENT

COMPANIES

237,564‌

Total

Investments

99.69%

25,532,817‌

Other

Assets

and

Liabilities

0.31%

78,732‌

TOTAL

NET

ASSETS

100.00%

25,611,549‌

(a)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933.

These

securities

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers.

the

end

the

period,

the

value

these

securities

totaled

$498,684

1.95%

net

assets.

(b)

Non-income

producing

security.

(c)

1-day

yield

shown

period

end.

Schedule

Investments

Principal

Securitized

Debt

ETF

June

30,

2026

See

accompanying

notes.

INVESTMENT

COMPANIES

.41

Held

Value

Money

Market

Funds

.41

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(a)

487,326‌

TOTAL

INVESTMENT

COMPANIES

487,326‌

BONDS

.03

Principal

Amount

Value

Asset-Backed

Securities

.09

—

Enterprise

Fleet

Financing

LLC

Class

4.11%,

12/20/2029

(b)

1,000,000‌

989,543‌

GLS

Auto

Select

Receivables

Issuer

Trust

Class

4.05%,

02/17/2032

(b)

947,296‌

942,461‌

GreatAmerica

Leasing

Receivables

Funding

LLC

Class

4.49%,

04/16/2029

(b)

1,000,000‌

1,000,632‌

Honda

Auto

Receivables

Owner

Trust

Class

5.17%,

05/15/2030

1,000,000‌

1,007,841‌

Volkswagen

Auto

Lease

Trust

Class

4.01%,

01/22/2029

732,000‌

729,527‌

4,670,004‌

Electric

.02

PG&E

Recovery

Funding

LLC

5.26%,

01/15/2040

1,000,000‌

1,015,399‌

Mortgage-Backed

Securities

.92

Bank

Class

0.92%,

06/15/2036

(c)

9,000,000‌

505,390‌

Bank

Class

0.25%,

09/15/2060

65,570,000‌

135,238‌

0.71%,

06/15/2064

18,100,000‌

494,885‌

BBCMS

Mortgage

Trust

Class

4.90%,

11/15/2057

494,555‌

494,603‌

BFLD

Commercial

Mortgage

Trust

Class

4.83%,

10/10/2042

(b)

750,000‌

741,605‌

Commercial

Mortgage

Trust

Class

5.36%,

07/13/2058

(b)

500,000‌

485,948‌

CONE

Commercial

Mortgage

Trust

Class

5.75%,

05/15/2043

(b)

1,000,000‌

996,218‌

GGP

Commercial

Mortgage

Trust

Class

5.12%,

07/05/2043

(b)

1,000,000‌

1,003,380‌

Mortgage

Securities

Trust

Class

1.24%,

05/12/2053

(d)

19,376,352‌

688,343‌

Morgan

Stanley

Capital

Trust

Class

3.90%,

03/15/2049

793,887‌

788,322‌

MSWF

Commercial

Mortgage

Trust

Class

5.75%,

05/15/2056

1,000,000‌

1,040,291‌

NYC

Commercial

Mortgage

Trust

Class

5.21%,

02/05/2041

(b)

500,000‌

495,675‌

7,869,898‌

TOTAL

BONDS

13,555,301‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

.09

Principal

Amount

Value

Federal

Home

Loan

Mortgage

Corp.

.78

–

2.00%,

05/01/2051

469,872‌

378,359‌

4.00%,

07/01/2055

401,985‌

379,092‌

5.00%,

04/01/2040

244,866‌

247,463‌

5.00%,

08/01/2053

98,818‌

97,602‌

5.00%,

01/01/2056

228,126‌

224,954‌

5.50%,

04/01/2056

244,333‌

246,296‌

1,573,766‌

Federal

National

Mortgage

Association

.53

test

2.00%,

11/01/2051

474,119‌

380,690‌

2.50%,

01/01/2052

362,835‌

304,986‌

2.50%,

02/01/2052

422,670‌

355,281‌

4.50%,

10/01/2052

254,238‌

246,087‌

5.00%,

01/01/2056

226,735‌

224,664‌

5.50%,

04/01/2053

247,131‌

251,517‌

6.00%,

09/01/2054

356,253‌

366,226‌

2,129,451‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(continued)

Principal

Amount

Value

Government

National

Mortgage

Association

.70

test

2.00%,

04/20/2052

306,333‌

251,263‌

2.50%,

09/20/2051

293,318‌

250,849‌

4.50%,

11/20/2054

262,515‌

252,909‌

5.00%,

07/20/2056

(e)

510,000‌

502,759‌

5.50%,

07/20/2056

(e)

500,000‌

502,457‌

1,760,237‌

U.S.

Treasury

Bills

.41

test

3.44%,

07/14/2026

(f)

1,500,000‌

1,498,062‌

U.S.

Treasury

Notes

.93

test

3.88%,

03/31/2031

600,000‌

591,469‌

Uniform

Mortgage-Backed

Security

.74

test

5.00%,

07/01/2056

(e)

180,000‌

176,851‌

5.50%,

07/01/2056

(e)

175,000‌

175,559‌

352,410‌

TOTAL

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

7,905,395‌

Total

Investments

108.53%

21,948,022‌

Other

Assets

and

Liabilities

(8.53%)

(

1,724,715‌

)

TOTAL

NET

ASSETS

100.00%

20,223,307‌

(a)

1-day

yield

shown

period

end.

(b)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933.

These

securities

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers.

the

end

the

period,

the

value

these

securities

totaled

$6,655,462

32.91%

net

assets.

(c)

Securities

purchased

when-issued

basis.

(d)

Interest

only.

(e)

Security

was

purchased

"to-be-announced"

("TBA")

transaction.

(f)

Rate

represents

the

current

yield

maturity

which

may

zero

when

nearing

maturity

date.

Schedule

Investments

Principal

Spectrum

Preferred

and

Income

ETF

June

30,

2026

See

accompanying

notes.

INVESTMENT

COMPANIES

.85

Held

Value

Money

Market

Funds

.85

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(a)

594,798‌

TOTAL

INVESTMENT

COMPANIES

594,798‌

PREFERRED

STOCKS

.73

Held

Value

Banks

.04

—

Bank

America

Corp.,

Series

4.38%,

07/30/2026

(b)

5,380‌

95,710‌

Bank

America

Corp.,

Series

4.25%,

11/17/2026

(b)

29,540‌

505,725‌

Citizens

Financial

Group,

Inc.,

Series

6.50%,

10/06/2030

(b)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.63%)

21,106‌

523,007‌

Fifth

Third

Bancorp

6.88%,

10/01/2030

(b)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.13%)

5,000‌

129,500‌

First

Horizon

Corp.,

Series

6.75%,

04/10/2031

(b)

20,900‌

522,082‌

Huntington

Bancshares,

Inc.,

Series

6.88%,

04/15/2028

(b)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.70%)

11,456‌

287,202‌

KeyCorp,

Series

6.13%,

12/15/2026

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

4.15%)

44,172‌

1,098,999‌

KeyCorp,

Series

6.20%,

12/15/2027

(b)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.13%)

13,963‌

348,237‌

M&T

Bank

Corp.,

Series

5.63%,

12/15/2026

(b)

(CME

Term

Secured

Overnight

Financing

Rate

Month

4.28%)

4,699‌

117,381‌

M&T

Bank

Corp.,

Series

7.50%,

06/15/2029

(b)

2,723‌

70,798‌

M&T

Bank

Corp.,

Series

6.35%,

12/15/2030

(b)

12,000‌

293,880‌

Morgan

Stanley,

Series

6.38%,

10/15/2026

(b)

17,030‌

424,388‌

Morgan

Stanley,

Series

5.85%,

04/15/2027

(b)

40,000‌

942,400‌

Morgan

Stanley,

Series

6.50%,

10/15/2027

(b)

4,000‌

100,760‌

Morgan

Stanley,

Series

6.63%,

10/15/2029

(b)

12,000‌

304,800‌

Regions

Financial

Corp.

6.95%,

09/15/2029

(b)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.77%)

29,350‌

740,500‌

Regions

Financial

Corp.,

Series

4.45%,

09/15/2026

(b)

5,700‌

91,827‌

UMB

Financial

Corp.

7.75%,

07/15/2030

(b)

(5-year

Treasury

Constant

Maturity

Rate

3.74%)

11,400‌

300,618‌

Wintrust

Financial

Corp.,

Series

7.88%,

07/15/2030

(b)

(5-year

Treasury

Constant

Maturity

Rate

3.88%)

5,000‌

130,950‌

7,028,764‌

Diversified

Financial

Services

.95

Capital

One

Financial

Corp.,

Series

5.00%,

09/01/2026

(b)

442‌

8,080‌

Capital

One

Financial

Corp.,

Series

4.80%,

09/01/2026

(b)

33,425‌

585,272‌

Capital

One

Financial

Corp.,

Series

4.38%,

09/01/2026

(b)

4,109‌

65,374‌

PREFERRED

STOCKS

(continued)

Held

Value

Diversified

Financial

Services

(continued)

Capital

One

Financial

Corp.,

Series

4.25%,

09/01/2026

(b)

284‌

4,433‌

663,159‌

Insurance

.57

Allstate

Corp.,

Series

5.10%,

10/15/2026

(b)

20,318‌

403,922‌

Arch

Capital

Group

Ltd.,

Series

4.55%,

07/29/2026

(b)

27,799‌

453,124‌

Axis

Capital

Holdings

Ltd.,

Series

5.50%,

07/30/2026

(b)

9,972‌

187,573‌

Equitable

Holdings,

Inc.,

Series

5.25%,

09/15/2026

(b)

1,438‌

27,667‌

Equitable

Holdings,

Inc.,

Series

4.30%,

07/29/2026

(b)

19,550‌

318,665‌

MetLife,

Inc.,

Series

4.75%,

09/15/2026

(b)

17,250‌

321,540‌

RenaissanceRe

Holdings

Ltd.,

Series

5.75%,

07/30/2026

(b)

2,000‌

41,020‌

RenaissanceRe

Holdings

Ltd.,

Series

4.20%,

07/29/2026

(b)

2,982‌

44,730‌

1,798,241‌

Telecommunications

.17

AT&T,

Inc.,

Series

5.00%,

07/30/2026

(b)

11,381‌

215,215‌

AT&T,

Inc.,

Series

4.75%,

07/30/2026

(b)

33,795‌

602,903‌

818,118‌

TOTAL

PREFERRED

STOCKS

10,308,282‌

BONDS

.93

Principal

Amount

Value

Banks

.42

—

Banco

Bilbao

Vizcaya

Argentaria

7.13%,

05/08/2033

(b),(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.99%)

500,000‌

506,400‌

9.38%,

03/19/2029

(b),(c),(d)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

5.10%)

800,000‌

873,627‌

Banco

Santander

7.25%,

12/03/2035

(b),(c),(d)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.84%)

300,000‌

304,940‌

8.00%,

02/01/2034

(b),(c),(d)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.91%)

1,000,000‌

1,079,025‌

Bank

America

Corp.

6.25%,

07/26/2030

(b),(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.35%)

621,000‌

628,461‌

6.63%,

05/01/2030

(b),(c),(d)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.68%)

1,600,000‌

1,649,566‌

Bank

Montreal

6.88%,

11/26/2085

(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.98%)

200,000‌

203,367‌

7.30%,

11/26/2084

(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.01%)

1,600,000‌

1,673,434‌

Bank

New

York

Mellon

Corp.

5.63%,

03/20/2031

(b),(c),(d)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.03%)

700,000‌

698,662‌

Bank

Nova

Scotia

6.88%,

10/27/2085

(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.73%)

1,475,000‌

1,492,460‌

8.63%,

10/27/2082

(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.38%)

924,000‌

961,258‌

Schedule

Investments

Principal

Spectrum

Preferred

and

Income

ETF

June

30,

2026

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Barclays

PLC

7.63%,

03/15/2035

(b),(c),(d)

(USD

Swap

Rate

Year

3.69%)

900,000‌

940,742‌

9.63%,

12/15/2029

(b),(c),(d)

(USD

Swap

Rate

Year

5.78%)

219,000‌

242,845‌

BNP

Paribas

4.63%,

02/25/2031

(b),(c),(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.34%)

400,000‌

368,251‌

7.20%,

04/17/2036

(b),(c),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.94%)

200,000‌

201,254‌

7.45%,

06/27/2035

(b),(c),(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.13%)

236,000‌

243,498‌

8.00%,

08/22/2031

(b),(c),(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.73%)

1,000,000‌

1,073,048‌

Canadian

Imperial

Bank

Commerce

6.50%,

07/28/2086

(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.73%)

325,000‌

325,731‌

7.00%,

10/28/2085

(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.00%)

1,000,000‌

1,025,259‌

Citigroup,

Inc.

6.88%,

08/15/2030

(b),(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.89%)

900,000‌

921,706‌

7.00%,

08/15/2034

(b),(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.76%)

2,300,000‌

2,399,167‌

Credit

Agricole

6.70%,

09/23/2034

(b),(c),(d),(e)

(USD

Swap

Rate

Year

3.60%)

500,000‌

501,267‌

7.13%,

09/23/2035

(b),(c),(d),(e)

(USD

Swap

Rate

Year

3.58%)

1,600,000‌

1,648,398‌

Deutsche

Bank

8.13%,

04/30/2030

(b),(c),(d)

(USD

Swap

Rate

Year

4.36%)

400,000‌

422,492‌

Goldman

Sachs

Group,

Inc.

6.13%,

11/10/2034

(b),(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.40%)

1,618,000‌

1,621,757‌

7.50%,

05/10/2029

(b),(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.81%)

400,000‌

419,577‌

HSBC

Holdings

PLC

6.75%,

11/18/2032

(b),(c),(d)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.51%)

400,000‌

402,684‌

6.95%,

03/11/2034

(b),(c),(d)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.19%)

1,430,000‌

1,481,703‌

7.00%,

09/24/2035

(b),(c),(d)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.80%)

200,000‌

205,139‌

Huntington

Bancshares,

Inc.

5.63%,

07/15/2030

(b),(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.95%)

500,000‌

503,169‌

6.25%,

10/15/2030

(b),(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.65%)

700,000‌

707,140‌

ING

Groep

6.50%,

11/16/2033

(b),(c),(d)

(USD

Swap

Rate

Year

2.85%)

200,000‌

195,856‌

7.00%,

11/16/2032

(b),(c),(d)

(USD

Swap

Rate

Year

3.59%)

2,369,000‌

2,437,677‌

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

JPMorgan

Chase

Co.

6.10%,

07/01/2031

(b),(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.08%)

900,000‌

911,394‌

6.88%,

06/01/2029

(b),(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.74%)

1,445,000‌

1,513,727‌

Lloyds

Banking

Group

PLC

6.63%,

09/27/2035

(b),(c),(d)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.68%)

200,000‌

199,217‌

6.75%,

09/27/2031

(b),(c),(d)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.15%)

1,250,000‌

1,284,694‌

NatWest

Group

PLC

7.30%,

11/19/2034

(b),(c),(d)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.94%)

1,400,000‌

1,457,677‌

Nordea

Bank

Abp

6.30%,

09/25/2031

(b),(c),(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.66%)

400,000‌

402,326‌

6.75%,

11/10/2033

(b),(c),(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.72%)

1,900,000‌

1,919,444‌

PNC

Financial

Services

Group,

Inc.

6.25%,

03/15/2030

(b),(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.81%)

1,587,000‌

1,622,304‌

Royal

Bank

Canada

6.35%,

11/24/2084

(c)

(5-year

Treasury

Constant

Maturity

Rate

2.26%)

400,000‌

386,186‌

6.50%,

11/24/2085

(c)

(5-year

Treasury

Constant

Maturity

Rate

2.46%)

1,150,000‌

1,137,608‌

6.75%,

08/24/2085

(c)

(5-year

Treasury

Constant

Maturity

Rate

2.82%)

1,017,000‌

1,034,462‌

7.50%,

05/02/2084

(c)

(5-year

Treasury

Constant

Maturity

Rate

2.89%)

600,000‌

626,024‌

Societe

Generale

8.50%,

03/25/2034

(b),(c),(d),(e)

(5-year

Treasury

Constant

Maturity

Rate

4.15%)

541,000‌

595,318‌

Standard

Chartered

PLC

7.00%,

06/08/2033

(b),(c),(d),(e)

(5-year

Treasury

Constant

Maturity

Rate

2.67%)

200,000‌

201,483‌

7.00%,

11/14/2035

(b),(c),(d),(e)

(5-year

Treasury

Constant

Maturity

Rate

2.87%)

500,000‌

505,089‌

7.88%,

03/08/2030

(b),(c),(d),(e)

(5-year

Treasury

Constant

Maturity

Rate

3.57%)

700,000‌

737,986‌

State

Street

Corp.

6.70%,

03/15/2029

(b),(c)

(5-year

Treasury

Constant

Maturity

Rate

2.61%)

2,300,000‌

2,378,660‌

Toronto-Dominion

Bank

6.35%,

10/31/2085

(c)

(5-year

Treasury

Constant

Maturity

Rate

2.72%)

1,200,000‌

1,207,556‌

8.13%,

10/31/2082

(c)

(5-year

Treasury

Constant

Maturity

Rate

4.07%)

1,051,000‌

1,086,547‌

Schedule

Investments

Principal

Spectrum

Preferred

and

Income

ETF

June

30,

2026

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Truist

Financial

Corp.

6.25%,

06/15/2031

(b),(c)

(5-year

Treasury

Constant

Maturity

Rate

2.13%)

300,000‌

300,074‌

6.67%,

09/01/2026

(b),(c)

(5-year

Treasury

Constant

Maturity

Rate

3.00%)

1,591,000‌

1,589,784‌

UBS

Group

4.38%,

02/10/2031

(b),(c),(d),(e)

(5-year

Treasury

Constant

Maturity

Rate

3.31%)

300,000‌

275,379‌

6.60%,

08/05/2030

(b),(c),(d),(e)

(USD

Swap

Rate

Year

3.12%)

700,000‌

706,127‌

7.00%,

02/05/2035

(b),(c),(d),(e)

(USD

Swap

Rate

Year

3.30%)

1,245,000‌

1,250,010‌

9.25%,

11/13/2028

(b),(c),(e)

(5-year

Treasury

Constant

Maturity

Rate

4.75%)

400,000‌

430,541‌

Wells

Fargo

Co.

6.85%,

09/15/2029

(b),(c)

(5-year

Treasury

Constant

Maturity

Rate

2.77%)

200,000‌

207,846‌

7.63%,

09/15/2028

(b),(c)

(5-year

Treasury

Constant

Maturity

Rate

3.61%)

797,000‌

838,538‌

Wells

Fargo

Co.

Class

6.13%,

06/15/2031

(b),(c)

(5-year

Treasury

Constant

Maturity

Rate

2.34%)

300,000‌

303,551‌

53,469,112‌

Diversified

Financial

Services

.78

Charles

Schwab

Corp.

6.10%,

06/01/2031

(b),(c)

(5-year

Treasury

Constant

Maturity

Rate

2.25%)

700,000‌

700,154‌

Nomura

Holdings,

Inc.

7.00%,

07/15/2030

(b),(c),(d)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.08%)

600,000‌

615,307‌

Voya

Financial,

Inc.

7.76%,

09/15/2028

(b),(c)

(5-year

Treasury

Constant

Maturity

Rate

3.36%)

607,000‌

629,549‌

1,945,010‌

Insurance

.06

Allianz

6.50%,

10/30/2034

(b),(c),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.23%)

1,200,000‌

1,205,442‌

Corebridge

Financial,

Inc.

6.88%,

12/01/2030

(b),(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.18%)

900,000‌

936,531‌

2,141,973‌

Oil

Gas

.59

Capital

Markets

PLC

6.45%,

12/01/2033

(b),(c),(d)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.15%)

400,000‌

415,239‌

Sovereign

.08

CoBank

ACB

6.75%,

07/01/2031

(b),(c)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.62%)

750,000‌

755,351‌

TOTAL

BONDS

58,726,685‌

Total

Investments

99.51%

69,629,765‌

Other

Assets

and

Liabilities

0.49%

342,713‌

TOTAL

NET

ASSETS

100.00%

69,972,478‌

(a)

1-day

yield

shown

period

end.

(b)

Perpetual

security.

Perpetual

securities

pay

indefinite

stream

interest,

but

they

may

called

the

issuer

earlier

date.

Date

shown,

any,

reflects

the

call

date

final

legal

maturity

date.

Rate

shown

period

end.

(c)

Rate

shown

period

end.

The

rate

may

variable

floating

rate

fixed

rate

which

may

convert

variable

floating

rate

the

future.

(d)

Security

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

equity

have

their

principal

written

down

upon

occurrence

certain

"triggers".

the

end

the

period,

the

value

these

securities

totaled

$25,334,716

36.21%

net

assets.

(e)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933.

These

securities

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers.

the

end

the

period,

the

value

these

securities

totaled

$12,264,861

17.53%

net

assets.

Schedule

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

June

30,

2026

See

accompanying

notes.

INVESTMENT

COMPANIES

.17

Held

Value

Money

Market

Funds

.17

—

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

(a),(b),(c)

32,168,635‌

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(a)

6,263,526‌

TOTAL

INVESTMENT

COMPANIES

38,432,161‌

BONDS

.24

Principal

Amount

Value

Banks

.58

—

Bank

America

Corp.

6.13%,

04/27/2027

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.23%)

4,358,000‌

4,396,730‌

6.25%,

07/26/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.35%)

47,795,000‌

48,369,209‌

6.63%,

05/01/2030

(d),(e),(f)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.68%)

27,228,000‌

28,071,496‌

Bank

Montreal

6.71%,

08/25/2026

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.98%)

4,362,000‌

4,341,791‌

6.88%,

11/26/2085

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.98%)

14,750,000‌

14,998,346‌

7.30%,

11/26/2084

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.01%)

22,250,000‌

23,271,186‌

7.70%,

05/26/2084

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.45%)

8,660,000‌

9,058,802‌

Bank

New

York

Mellon

Corp.

3.75%,

12/20/2026

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.63%)

4,946,000‌

4,911,384‌

5.63%,

03/20/2031

(d),(e),(f)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.03%)

11,450,000‌

11,428,121‌

Bank

Nova

Scotia

6.88%,

10/27/2085

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.73%)

21,850,000‌

22,108,639‌

7.35%,

04/27/2085

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.90%)

6,350,000‌

6,579,330‌

8.00%,

01/27/2084

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.02%)

4,756,000‌

5,017,475‌

8.63%,

10/27/2082

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.38%)

31,228,000‌

32,487,207‌

Canadian

Imperial

Bank

Commerce

6.50%,

07/28/2086

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.73%)

400,000‌

400,900‌

6.95%,

01/28/2085

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.83%)

20,846,000‌

21,241,928‌

7.00%,

10/28/2085

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.00%)

12,690,000‌

13,010,537‌

Citigroup,

Inc.

6.50%,

05/15/2031

(d),(e),(f)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.75%)

100,000‌

101,161‌

6.63%,

02/15/2031

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.00%)

8,375,000‌

8,532,425‌

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Citigroup,

Inc.

(continued)

6.75%,

02/15/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.57%)

19,578,000‌

19,851,289‌

6.88%,

08/15/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.89%)

1,100,000‌

1,126,530‌

6.95%,

02/15/2030

(d),(e),(f)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.73%)

8,250,000‌

8,439,956‌

7.00%,

08/15/2034

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.76%)

15,680,000‌

16,356,059‌

7.13%,

08/15/2029

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.69%)

2,000,000‌

2,046,169‌

7.38%,

05/15/2028

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.20%)

11,302,000‌

11,626,458‌

Citizens

Financial

Group,

Inc.

4.00%,

10/06/2026

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.22%)

48,000‌

47,655‌

Goldman

Sachs

Group,

Inc.

6.13%,

11/10/2034

(d),(e),(g)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.40%)

19,776,000‌

19,821,920‌

6.85%,

02/10/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.46%)

10,940,000‌

11,248,494‌

7.50%,

05/10/2029

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.81%)

20,104,000‌

21,087,930‌

Huntington

Bancshares,

Inc.

4.45%,

10/15/2027

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.05%)

3,169,000‌

3,121,407‌

5.63%,

07/15/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.95%)

19,603,000‌

19,727,238‌

6.25%,

10/15/2030

(d),(e),(g)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.65%)

24,698,000‌

24,949,919‌

JPMorgan

Chase

Co.

6.10%,

07/01/2031

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.08%)

24,720,000‌

25,032,958‌

6.50%,

04/01/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.15%)

34,006,000‌

34,822,518‌

6.88%,

06/01/2029

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.74%)

9,327,000‌

9,770,611‌

KeyCorp

Capital

4.69%,

07/01/2028

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.00%)

7,704,000‌

7,591,107‌

KeyCorp

Capital

III

7.75%,

07/15/2029

9,010,000‌

9,451,083‌

M&T

Bank

Corp.

3.50%,

09/01/2026

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.68%)

29,722,000‌

29,497,854‌

Northern

Trust

Corp.

4.60%,

10/01/2026

(d),(e)

(CME

Term

Secured

Overnight

Financing

Rate

Month

3.46%)

2,940,000‌

2,932,406‌

Schedule

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

June

30,

2026

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

PNC

Financial

Services

Group,

Inc.

3.40%,

09/15/2026

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.60%)

3,718,000‌

3,703,549‌

6.20%,

09/15/2027

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.24%)

11,903,000‌

12,068,821‌

6.25%,

03/15/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.81%)

31,927,000‌

32,637,248‌

Royal

Bank

Canada

6.35%,

11/24/2084

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.26%)

14,244,000‌

13,752,093‌

6.50%,

11/24/2085

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.46%)

22,450,000‌

22,208,081‌

6.50%,

05/24/2086

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.45%)

8,100,000‌

8,057,002‌

6.75%,

08/24/2085

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.82%)

8,850,000‌

9,001,955‌

7.50%,

05/02/2084

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.89%)

13,100,000‌

13,668,186‌

State

Street

Corp.

6.45%,

09/15/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.14%)

14,020,000‌

14,292,380‌

6.70%,

03/15/2029

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.61%)

9,088,000‌

9,398,810‌

6.70%,

09/15/2029

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.63%)

11,150,000‌

11,555,131‌

Toronto-Dominion

Bank

7.25%,

07/31/2084

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.98%)

12,660,000‌

13,137,345‌

8.13%,

10/31/2082

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.07%)

35,515,000‌

36,716,189‌

Truist

Financial

Corp.

4.58%,

05/15/2027

(CME

Term

Secured

Overnight

Financing

Rate

Month

0.93%)

4,800,000‌

4,770,887‌

5.10%,

03/01/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.35%)

6,128,000‌

6,118,300‌

6.25%,

06/15/2031

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.13%)

26,800,000‌

26,806,646‌

6.67%,

09/01/2026

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.00%)

11,521,400‌

11,512,592‌

U.S.

Bancorp

3.70%,

01/15/2027

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.54%)

16,800,000‌

16,638,992‌

5.30%,

04/15/2027

(d),(e)

(CME

Term

Secured

Overnight

Financing

Rate

Month

3.18%)

4,796,000‌

4,796,691‌

Wells

Fargo

Co.

6.85%,

09/15/2029

(d),(e),(g)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.77%)

27,247,000‌

28,315,927‌

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Wells

Fargo

Co.

(continued)

7.63%,

09/15/2028

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.61%)

15,230,000‌

16,023,757‌

Wells

Fargo

Co.

Class

6.13%,

06/15/2031

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.34%)

25,756,000‌

26,060,899‌

878,117,709‌

Diversified

Financial

Services

.87

Charles

Schwab

Corp.

4.00%,

12/01/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.08%)

22,000,000‌

20,643,455‌

5.00%,

06/01/2027

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.26%)

2,000,000‌

1,998,385‌

6.10%,

06/01/2031

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.25%)

29,750,000‌

29,756,544‌

Voya

Financial,

Inc.

7.76%,

09/15/2028

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.36%)

15,593,000‌

16,172,249‌

68,570,633‌

Electric

.11

Algonquin

Power

Utilities

Corp.

4.75%,

01/18/2082

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.25%)

7,744,000‌

7,668,752‌

Alliant

Energy

Corp.

5.75%,

04/01/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.08%)

12,400,000‌

12,259,568‌

American

Electric

Power

Co.,

Inc.

3.88%,

02/15/2062

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.68%)

2,242,000‌

2,217,388‌

5.80%,

03/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.13%)

1,650,000‌

1,640,941‌

6.05%,

03/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.94%)

18,800,000‌

18,694,254‌

6.95%,

12/15/2054

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.68%)

5,197,000‌

5,550,381‌

7.05%,

12/15/2054

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.75%)

6,460,000‌

6,717,586‌

CenterPoint

Energy,

Inc.

5.95%,

04/01/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.22%)

600,000‌

599,719‌

6.70%,

05/15/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.59%)

5,800,000‌

5,967,794‌

6.85%,

02/15/2055

(e),(g)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.95%)

400,000‌

420,409‌

7.00%,

02/15/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.25%)

1,462,000‌

1,514,382‌

CMS

Energy

Corp.

3.75%,

12/01/2050

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.90%)

3,000,000‌

2,783,266‌

Schedule

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

June

30,

2026

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Electric

(continued)

CMS

Energy

Corp.

(continued)

4.75%,

06/01/2050

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.12%)

3,390,000‌

3,321,855‌

Dominion

Energy,

Inc.

6.15%,

12/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.87%)

1,500,000‌

1,504,554‌

6.20%,

02/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.01%)

15,820,000‌

15,869,960‌

6.63%,

05/15/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.21%)

20,312,000‌

20,948,537‌

6.88%,

02/01/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.39%)

9,267,000‌

9,575,693‌

7.00%,

06/01/2054

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.51%)

1,500,000‌

1,588,191‌

DTE

Energy

Co.

6.20%,

07/01/2058

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.81%)

5,106,000‌

5,148,850‌

Duke

Energy

Corp.

3.25%,

01/15/2082

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.32%)

2,285,000‌

2,251,957‌

6.45%,

09/01/2054

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.59%)

6,239,000‌

6,478,602‌

Electricite

France

9.13%,

03/15/2033

(d),(e),(f),(h)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

5.41%)

22,550,000‌

26,186,706‌

Emera

U.S.

Finance

LLC

6.85%,

10/01/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.65%)

4,042,000‌

4,123,054‌

Entergy

Corp.

6.10%,

06/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.01%)

8,052,000‌

8,068,547‌

EUSHI

Finance,

Inc.

6.25%,

04/01/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.51%)

1,550,000‌

1,541,940‌

7.63%,

12/15/2054

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.14%)

3,491,000‌

3,626,042‌

Evergy,

Inc.

6.65%,

06/01/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.56%)

4,836,000‌

4,944,225‌

Eversource

Energy

6.10%,

08/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.52%)

4,837,000‌

4,827,567‌

6.35%,

08/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.33%)

2,850,000‌

2,852,263‌

Exelon

Corp.

6.50%,

03/15/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.98%)

8,966,000‌

9,202,631‌

NextEra

Energy

Capital

Holdings,

Inc.

3.80%,

03/15/2082

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.55%)

18,599,000‌

18,345,213‌

BONDS

(continued)

Principal

Amount

Value

Electric

(continued)

NextEra

Energy

Capital

Holdings,

Inc.

(continued)

6.20%,

10/01/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.77%)

1,100,000‌

1,098,937‌

6.50%,

08/15/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.98%)

1,050,000‌

1,077,757‌

6.63%,

10/01/2066

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.69%)

1,500,000‌

1,523,095‌

6.70%,

09/01/2054

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.36%)

7,754,000‌

7,941,592‌

Sempra

6.40%,

10/01/2054

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.63%)

19,850,000‌

19,956,337‌

6.55%,

04/01/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.14%)

7,675,000‌

7,737,267‌

Southern

Co.

6.00%,

04/01/2058

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.99%)

800,000‌

801,918‌

6.38%,

03/15/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.07%)

2,350,000‌

2,411,687‌

WEC

Energy

Group,

Inc.

5.63%,

05/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.91%)

6,260,000‌

6,222,188‌

Xcel

Energy,

Inc.

5.75%,

12/03/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.17%)

2,500,000‌

2,470,656‌

267,682,261‌

Gas

.58

AltaGas

Ltd.

7.20%,

10/15/2054

(e),(h)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.57%)

8,770,000‌

9,194,503‌

NiSource,

Inc.

5.75%,

07/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.04%)

2,800,000‌

2,795,945‌

6.95%,

11/30/2054

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.45%)

7,357,000‌

7,607,226‌

Southern

Co.

Gas

Capital

Corp.

6.05%,

09/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.82%)

1,400,000‌

1,401,837‌

Spire,

Inc.

6.45%,

06/01/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.33%)

6,850,000‌

6,895,744‌

27,895,255‌

Insurance

.03

Allianz

6.35%,

09/06/2053

(e),(h)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.23%)

5,000,000‌

5,220,410‌

Corebridge

Financial,

Inc.

6.38%,

09/15/2054

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.65%)

7,578,000‌

7,523,085‌

Schedule

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

June

30,

2026

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Insurance

(continued)

Corebridge

Financial,

Inc.

(continued)

6.88%,

12/01/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.18%)

9,240,000‌

9,615,052‌

6.88%,

12/15/2052

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.85%)

7,053,000‌

7,155,196‌

Dai-ichi

Life

Insurance

Co.

Ltd.

6.20%,

01/16/2035

(d),(e),(h)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.52%)

13,800,000‌

14,063,166‌

Equitable

Holdings,

Inc.

6.70%,

03/28/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.39%)

1,591,000‌

1,634,647‌

Liberty

Mutual

Group,

Inc.

4.13%,

12/15/2051

(e),(h)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.32%)

8,452,000‌

8,392,069‌

Meiji

Yasuda

Life

Insurance

Co.

5.80%,

09/11/2054

(e),(h)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.03%)

8,041,000‌

7,986,415‌

6.10%,

06/11/2055

(e),(h)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.91%)

20,800,000‌

21,003,611‌

MetLife,

Inc.

5.85%,

03/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.82%)

43,000,000‌

42,425,864‌

9.25%,

04/08/2068

(h)

20,435,000‌

23,803,853‌

Nippon

Life

Insurance

Co.

2.75%,

01/21/2051

(e),(h)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.65%)

13,694,000‌

12,256,075‌

2.90%,

09/16/2051

(e),(h)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.60%)

5,852,000‌

5,166,693‌

6.50%,

04/30/2055

(e),(g)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.19%)

8,098,000‌

8,491,449‌

Prudential

Financial,

Inc.

3.70%,

10/01/2050

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.04%)

28,387,000‌

26,312,538‌

5.13%,

03/01/2052

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.16%)

14,280,000‌

13,997,604‌

6.25%,

06/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.78%)

200,000‌

200,442‌

Reinsurance

Group

America,

Inc.

6.38%,

09/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.34%)

371,000‌

367,982‌

6.65%,

09/15/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.39%)

13,007,000‌

13,150,545‌

Sumitomo

Life

Insurance

Co.

3.38%,

04/15/2081

(e),(h)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.75%)

4,740,000‌

4,333,008‌

5.88%,

09/10/2055

(e),(h)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.65%)

10,892,000‌

10,837,431‌

Swiss

Subordinated

Finance

PLC

5.70%,

04/05/2035

(e),(h)

(CME

Term

Secured

Overnight

Financing

Rate

Month

1.81%)

1,000,000‌

1,009,853‌

BONDS

(continued)

Principal

Amount

Value

Insurance

(continued)

Swiss

Subordinated

Finance

PLC

(continued)

6.19%,

04/01/2046

(e),(h)

(CME

Term

Secured

Overnight

Financing

Rate

Month

2.13%)

3,600,000‌

3,604,642‌

248,551,630‌

Oil

Gas

.52

Capital

Markets

PLC

4.88%,

03/22/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.40%)

6,384,000‌

6,310,678‌

6.13%,

03/18/2035

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.92%)

21,113,000‌

21,488,854‌

6.45%,

12/01/2033

(d),(e),(f)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.15%)

11,300,000‌

11,730,507‌

Phillips

Co.

5.88%,

03/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.28%)

13,079,000‌

12,980,518‌

6.20%,

03/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.17%)

9,793,000‌

9,835,810‌

62,346,367‌

Pipelines

.60

Enbridge,

Inc.

5.75%,

07/15/2080

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

5.31%)

13,524,000‌

13,604,414‌

7.63%,

01/15/2083

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.42%)

8,766,000‌

9,489,300‌

8.50%,

01/15/2084

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.43%)

36,411,000‌

41,624,946‌

Energy

Transfer

6.50%,

02/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.68%)

2,750,000‌

2,772,996‌

6.75%,

02/15/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.48%)

20,950,000‌

21,401,137‌

Enterprise

Products

Operating

LLC

5.25%,

08/16/2077

(e)

(CME

Term

Secured

Overnight

Financing

Rate

Month

3.29%)

6,733,000‌

6,706,730‌

TransCanada

PipeLines

Ltd.

6.13%,

10/17/2056

(e),(g)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.25%)

5,900,000‌

5,965,408‌

6.38%,

10/17/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.12%)

8,251,000‌

8,346,802‌

7.00%,

06/01/2065

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.61%)

3,950,000‌

4,088,325‌

Transcanada

Trust

5.50%,

09/15/2079

(e)

(CME

Term

Secured

Overnight

Financing

Rate

Month

4.42%)

4,033,000‌

4,011,992‌

5.60%,

03/07/2082

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.99%)

16,712,000‌

16,530,320‌

134,542,370‌

Schedule

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

June

30,

2026

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Sovereign

.78

CoBank

ACB

6.45%,

10/01/2027

(d),(e),(f)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.49%)

2,286,000‌

2,291,715‌

6.75%,

07/01/2031

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.62%)

1,900,000‌

1,913,555‌

Farm

Credit

Bank

Texas

7.00%,

09/15/2030

(d),(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.01%)

9,482,000‌

9,671,640‌

13,876,910‌

Telecommunications

.17

TELUS

Corp.

6.38%,

06/09/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.69%)

500,000‌

498,711‌

6.63%,

10/15/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.77%)

3,828,000‌

3,881,305‌

6.63%,

06/09/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.52%)

7,945,000‌

7,925,055‌

7.00%,

10/15/2055

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.71%)

5,566,000‌

5,755,177‌

Verizon

Communications,

Inc.

6.05%,

05/14/2058

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.81%)

6,151,000‌

6,207,811‌

6.20%,

05/14/2056

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.04%)

6,000,000‌

6,065,898‌

Vodafone

Group

PLC

5.13%,

06/04/2081

(e)

(U.S.

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.07%)

10,364,000‌

8,102,000‌

38,435,957‌

TOTAL

BONDS

1,740,019,092‌

Total

Investments

100.41%

1,778,451,253‌

Other

Assets

and

Liabilities

(0.41%)

(

7,305,797‌

)

TOTAL

NET

ASSETS

100.00%

1,771,145,456‌

(a)

1-day

yield

shown

period

end.

(b)

Affiliated

Security.

Security

either

affiliate

(and

registered

under

the

Investment

Company

Act

1940)

affiliate

defined

the

Investment

Company

Act

1940

(controls

5.00%

the

outstanding

voting

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(c)

Security

portion

the

security

was

received

collateral

for

securities

lending.

the

end

the

period,

the

value

these

securities

totaled

$32,168,635

1.82%

net

assets.

(d)

Perpetual

security.

Perpetual

securities

pay

indefinite

stream

interest,

but

they

may

called

the

issuer

earlier

date.

Date

shown,

any,

reflects

the

call

date

final

legal

maturity

date.

Rate

shown

period

end.

(e)

Rate

shown

period

end.

The

rate

may

variable

floating

rate

fixed

rate

which

may

convert

variable

floating

rate

the

future.

(f)

Security

contingent

convertible

security,

("CoCo").

CoCo's

are

hybrid

debt

securities

that

may

convert

equity

have

their

principal

written

down

upon

occurrence

certain

"triggers".

the

end

the

period,

the

value

these

securities

totaled

$88,249,662

4.98%

net

assets.

(g)

Security

portion

the

security

was

loan.

the

end

the

period,

the

value

these

securities

totaled

$31,395,341

1.77%

net

assets.

(h)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933.

These

securities

may

resold

transactions

exempt

from

registration,

normally

qualified

institutional

buyers.

the

end

the

period,

the

value

these

securities

totaled

$153,058,435

8.64%

net

assets.

Schedule

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

June

30,

2026

See

accompanying

notes.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

June

30,

2026

Value

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

5,650,835‌

260,865,148‌

234,347,348‌

32,168,635‌

5,650,835‌

260,865,148‌

234,347,348‌

32,168,635‌

Income

(a)

Realized

Gain/(Loss)

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

Investments

Principal

U.S.

Mega-Cap

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

.75

Held

Value

Aerospace

Defense

.41

—

General

Electric

Co.

325,832‌

121,773,193‌

Auto

Manufacturers

.32

Tesla,

Inc.

(a)

196,387‌

82,600,372‌

Banks

.98

Bank

America

Corp.

2,238,358‌

127,541,639‌

JPMorgan

Chase

Co.

479,645‌

157,002,198‌

284,543,837‌

Computers

.63

Apple,

Inc.

817,270‌

236,485,247‌

Cosmetics

Personal

Care

.74

Procter

Gamble

Co.

667,071‌

97,819,292‌

Diversified

Financial

Services

.34

Mastercard,

Inc.,

Class

278,545‌

143,060,712‌

Visa,

Inc.,

Class

449,959‌

154,376,433‌

297,437,145‌

Insurance

.10

Berkshire

Hathaway,

Inc.,

Class

(a)

220,917‌

110,544,658‌

Internet

.89

Alphabet,

Inc.,

Class

578,586‌

206,769,279‌

Amazon.com,

Inc.

(a)

538,049‌

128,238,598‌

Meta

Platforms,

Inc.,

Class

222,192‌

125,158,532‌

Netflix,

Inc.

(a)

1,496,775‌

106,869,735‌

567,036,144‌

Machinery

Construction

Mining

.17

Caterpillar,

Inc.

106,361‌

113,263,829‌

Oil

Gas

.95

Chevron

Corp.

423,166‌

70,143,996‌

Exxon

Mobil

Corp.

518,169‌

70,844,066‌

140,988,062‌

Pharmaceuticals

.11

AbbVie,

Inc.

480,641‌

120,948,501‌

Eli

Lilly

Co.

75,095‌

90,071,196‌

Johnson

449,029‌

114,039,895‌

325,059,592‌

Retail

.75

Costco

Wholesale

Corp.

142,483‌

133,288,572‌

Home

Depot,

Inc.

207,540‌

73,195,207‌

Walmart,

Inc.

617,683‌

69,958,777‌

276,442,556‌

Semiconductors

.06

Broadcom,

Inc.

450,749‌

170,270,435‌

Micron

Technology,

Inc.

270,430‌

312,154,644‌

NVIDIA

Corp.

1,343,810‌

268,882,943‌

751,308,022‌

Software

.30

Microsoft

Corp.

411,056‌

153,332,109‌

TOTAL

COMMON

STOCKS

3,558,634,058‌

INVESTMENT

COMPANIES

.24

Held

Value

Money

Market

Funds

.24

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(b)

8,594,396‌

TOTAL

INVESTMENT

COMPANIES

8,594,396‌

Total

Investments

99.99%

3,567,228,454‌

Other

Assets

and

Liabilities

0.01%

217,480‌

TOTAL

NET

ASSETS

100.00%

3,567,445,934‌

(a)

Non-income

producing

security.

(b)

1-day

yield

shown

period

end.

Schedule

Investments

Principal

U.S.

Small-Cap

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

.65

Held

Value

Aerospace

Defense

.89

—

Astronics

Corp.

(a)

83,494‌

6,784,722‌

Ducommun,

Inc.

(a)

17,459‌

3,233,581‌

Moog,

Inc.,

Class

25,696‌

10,890,993‌

20,909,296‌

Agriculture

.16

Andersons,

Inc.

20,360‌

1,392,624‌

Del

Monte

Corp.

17,750‌

495,402‌

Turning

Point

Brands,

Inc.

21,453‌

1,819,429‌

3,707,455‌

Auto

Manufacturers

.20

Blue

Bird

Corp.

(a)

59,048‌

4,662,430‌

Auto

Parts

Equipment

.00

Adient

PLC

(a)

73,812‌

1,356,665‌

Cooper-Standard

Holdings,

Inc.

(a)

6,502‌

175,879‌

Dana,

Inc.

110,273‌

3,000,528‌

Dauch

Corp.

(a)

277,112‌

1,501,947‌

Dorman

Products,

Inc.

(a)

15,091‌

2,059,167‌

Douglas

Dynamics,

Inc.

28,234‌

1,523,224‌

Garrett

Motion,

Inc.

164,726‌

5,968,023‌

Gentherm,

Inc.

(a)

17,457‌

595,458‌

Phinia,

Inc.

27,840‌

2,293,181‌

Standard

Motor

Products,

Inc.

11,007‌

428,943‌

Strattec

Security

Corp.

(a)

4,044‌

329,384‌

Visteon

Corp.

34,762‌

3,448,738‌

XPEL,

Inc.

(a)

17,460‌

866,016‌

23,547,153‌

Banks

.20

1st

Source

Corp.

24,759‌

2,019,839‌

Alerus

Financial

Corp.

31,532‌

980,645‌

Amalgamated

Financial

Corp.

36,539‌

1,677,140‌

Amerant

Bancorp,

Inc.

57,733‌

1,473,346‌

Ameris

Bancorp

116,484‌

10,513,846‌

Atlantic

Union

Bankshares

Corp.

289,856‌

12,263,807‌

Bancorp,

Inc.

(a)

161,211‌

10,098,257‌

Bank

First

Corp.

14,378‌

2,132,976‌

Bank

Butterfield

Son

Ltd.

38,202‌

2,273,019‌

Banner

Corp.

54,981‌

3,652,938‌

Burke

Herbert

Financial

Services

Corp.

17,441‌

1,253,310‌

Business

First

Bancshares,

Inc.

30,723‌

944,118‌

Byline

Bancorp,

Inc.

49,040‌

1,846,846‌

California

BanCorp

48,414‌

1,008,948‌

Central

Pacific

Financial

Corp.

37,210‌

1,421,422‌

Community

West

Bancshares

35,273‌

947,433‌

Customers

Bancorp,

Inc.

(a)

95,765‌

7,575,012‌

Esquire

Financial

Holdings,

Inc.

17,470‌

2,080,852‌

First

BanCorp

293,462‌

7,650,554‌

First

BanCorp/Southern

Pines

52,714‌

3,370,006‌

First

Financial

Corp.

14,385‌

1,113,974‌

First

Merchants

Corp.

73,588‌

3,215,060‌

First

Mid

Bancshares,

Inc.

25,649‌

1,233,460‌

Fulton

Financial

Corp.

443,637‌

10,731,579‌

Great

Southern

Bancorp,

Inc.

14,601‌

1,144,864‌

Hancock

Whitney

Corp.

197,098‌

14,727,163‌

Hanmi

Financial

Corp.

70,004‌

2,268,130‌

Hilltop

Holdings,

Inc.

90,710‌

3,517,734‌

Metropolitan

Bank

Holding

Corp.

22,856‌

2,257,259‌

Midland

States

Bancorp,

Inc.

43,536‌

1,355,711‌

Bancorp,

Inc.

58,375‌

1,233,464‌

Nicolet

Bankshares,

Inc.

29,536‌

4,884,959‌

Northrim

BanCorp,

Inc.

47,745‌

1,324,446‌

OFG

Bancorp

69,522‌

3,411,445‌

Old

Second

Bancorp,

Inc.

79,267‌

1,848,506‌

Orrstown

Financial

Services,

Inc.

62,702‌

2,560,123‌

Pathward

Financial,

Inc.

49,368‌

4,297,978‌

Preferred

Bank

24,235‌

2,575,211‌

QCR

Holdings,

Inc.

22,129‌

2,154,258‌

Red

River

Bancshares,

Inc.

8,818‌

804,907‌

Shore

Bancshares,

Inc.

46,930‌

1,077,044‌

SmartFinancial,

Inc.

18,897‌

886,647‌

Texas

Capital

Bancshares,

Inc.

103,424‌

10,679,562‌

COMMON

STOCKS

(continued)

Held

Value

Banks

(continued)

Trustmark

Corp.

70,687‌

3,252,309‌

United

Community

Banks,

Inc.

201,777‌

7,080,355‌

Univest

Financial

Corp.

38,248‌

1,673,350‌

Washington

Trust

Bancorp,

Inc.

25,355‌

924,950‌

Westamerica

BanCorp

34,221‌

2,007,746‌

169,426,508‌

Beverages

.17

MGP

Ingredients,

Inc.

20,424‌

357,828‌

Vita

Coco

Co.,

Inc.

(a)

54,819‌

3,625,729‌

3,983,557‌

Biotechnology

.62

ACADIA

Pharmaceuticals,

Inc.

(a)

169,604‌

4,290,981‌

ADMA

Biologics,

Inc.

(a)

246,799‌

2,065,708‌

ANI

Pharmaceuticals,

Inc.

(a)

44,831‌

3,711,110‌

Arcutis

Biotherapeutics,

Inc.

(a)

174,911‌

4,586,166‌

Arrowhead

Pharmaceuticals,

Inc.

(a)

130,858‌

10,666,236‌

Aurinia

Pharmaceuticals,

Inc.

(a)

124,468‌

2,112,222‌

BioCryst

Pharmaceuticals,

Inc.

(a)

450,982‌

4,509,820‌

Bridgebio

Pharma,

Inc.

(a)

190,858‌

14,215,104‌

Esperion

Therapeutics,

Inc.

(a)

445,950‌

1,409,202‌

Innoviva,

Inc.

(a)

77,623‌

1,762,818‌

Keros

Therapeutics,

Inc.

(a)

63,383‌

678,198‌

Krystal

Biotech,

Inc.

(a)

25,449‌

9,458,630‌

Monte

Rosa

Therapeutics,

Inc.

(a)

43,339‌

1,048,804‌

Niagen

Bioscience,

Inc.

(a)

78,822‌

251,442‌

PTC

Therapeutics,

Inc.

(a)

136,828‌

11,161,060‌

Rigel

Pharmaceuticals,

Inc.

(a)

51,561‌

2,017,066‌

Stoke

Therapeutics,

Inc.

(a)

65,668‌

2,148,657‌

Theravance

Biopharma,

Inc.

(a)

54,024‌

918,408‌

Veracyte,

Inc.

(a)

102,167‌

6,000,268‌

Zymeworks,

Inc.

(a)

81,392‌

2,127,587‌

85,139,487‌

Building

Materials

.87

Gibraltar

Industries,

Inc.

(a)

46,052‌

2,076,945‌

NWPX

Infrastructure,

Inc.

(a)

14,014‌

2,101,259‌

SPX

Technologies,

Inc.

(a)

50,403‌

12,357,304‌

Tecnoglass,

Inc.

50,876‌

2,381,506‌

Titan

America

(a)

82,646‌

1,542,174‌

20,459,188‌

Chemicals

.68

Balchem

Corp.

24,094‌

4,070,681‌

Cabot

Corp.

65,995‌

5,993,666‌

Hawkins,

Inc.

22,842‌

3,245,848‌

Fuller

Co.

55,158‌

3,215,160‌

Ingevity

Corp.

(a)

43,142‌

3,221,413‌

Koppers

Holdings,

Inc.

43,794‌

1,966,351‌

Minerals

Technologies,

Inc.

30,446‌

2,252,091‌

Oil-Dri

Corp.

America

4,855‌

496,230‌

Orion

206,648‌

1,370,076‌

Perimeter

Solutions,

Inc.

(a)

149,066‌

5,314,203‌

Quaker

Chemical

Corp.

18,159‌

2,884,920‌

Sensient

Technologies

Corp.

43,976‌

5,421,801‌

39,452,440‌

Commercial

Services

.76

Alarm.com

Holdings,

Inc.

(a)

61,423‌

2,869,683‌

American

Public

Education,

Inc.

(a)

17,938‌

963,271‌

AMN

Healthcare

Services,

Inc.

(a)

80,124‌

2,593,614‌

Barrett

Business

Services,

Inc.

37,962‌

1,348,410‌

Brink's

Co.

34,145‌

3,226,361‌

Carriage

Services,

Inc.

6,879‌

263,741‌

Cimpress

PLC

(a)

26,890‌

2,734,713‌

Coursera,

Inc.

(a)

348,280‌

1,964,299‌

Covista,

Inc.

(a)

45,339‌

5,651,960‌

CRA

International,

Inc.

23,142‌

3,293,107‌

EVERTEC,

Inc.

124,596‌

3,461,277‌

Graham

Holdings

Co.,

Class

1,620‌

1,849,100‌

Healthcare

Services

Group,

Inc.

(a)

97,704‌

2,399,610‌

Huron

Consulting

Group,

Inc.

(a)

33,583‌

3,027,843‌

ICF

International,

Inc.

27,395‌

1,996,000‌

Kforce,

Inc.

45,054‌

2,113,934‌

Schedule

Investments

Principal

U.S.

Small-Cap

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

(continued)

Held

Value

Commercial

Services

(continued)

Korn

Ferry

83,782‌

5,578,205‌

Laureate

Education,

Inc.

(a)

80,317‌

2,917,113‌

Legalzoom.com,

Inc.

(a)

485,799‌

2,977,948‌

NPK

International,

Inc.

(a)

109,499‌

1,742,129‌

Perdoceo

Education

Corp.

42,136‌

1,348,352‌

PROG

Holdings,

Inc.

109,312‌

5,095,032‌

Progyny,

Inc.

(a)

184,890‌

5,330,379‌

Sezzle,

Inc.

(a)

178,304‌

30,602,315‌

Strategic

Education,

Inc.

15,677‌

1,201,172‌

Stride,

Inc.

(a)

82,590‌

7,122,562‌

TriNet

Group,

Inc.

86,783‌

4,294,891‌

Upbound

Group,

Inc.

54,379‌

1,153,922‌

Willdan

Group,

Inc.

(a)

38,149‌

3,017,586‌

112,138,529‌

Computers

.35

Diebold

Nixdorf,

Inc.

(a)

27,322‌

2,322,916‌

Everforth,

Inc.

(a)

85,741‌

1,532,192‌

Maximus,

Inc.

114,152‌

6,136,812‌

Mitek

Systems,

Inc.

(a)

89,693‌

1,805,520‌

NetScout

Systems,

Inc.

(a)

74,106‌

3,227,316‌

OneSpan,

Inc.

124,544‌

1,787,206‌

Qualys,

Inc.

(a)

65,983‌

9,072,003‌

Rapid7,

Inc.

(a)

257,332‌

2,084,389‌

V2X,

Inc.

(a)

52,184‌

3,890,839‌

31,859,193‌

Cosmetics

Personal

Care

.16

Interparfums,

Inc.

17,489‌

1,956,320‌

Prestige

Consumer

Healthcare,

Inc.

(a)

39,675‌

1,875,437‌

3,831,757‌

Distribution

Wholesale

.29

G-III

Apparel

Group

Ltd.

34,856‌

1,174,996‌

Gold.com,

Inc.

31,655‌

1,317,164‌

Rush

Enterprises,

Inc.,

Class

60,812‌

4,438,364‌

6,930,524‌

Diversified

Financial

Services

.61

Acadian

Asset

Management,

Inc.

58,308‌

4,170,188‌

Bread

Financial

Holdings,

Inc.

200,422‌

21,715,724‌

Enact

Holdings,

Inc.

68,161‌

3,115,639‌

Enova

International,

Inc.

(a)

74,565‌

17,950,032‌

International

Money

Express,

Inc.

(a)

52,173‌

753,900‌

Marex

Group

PLC

150,738‌

9,187,481‌

NerdWallet,

Inc.,

Class

(a)

300,898‌

2,783,307‌

Pagseguro

Digital

Ltd.,

Class

1,085,704‌

9,825,621‌

PJT

Partners,

Inc.,

Class

77,302‌

11,667,964‌

Resolute

Holdings

Management,

Inc.

(a),(b)

14,846‌

2,145,692‌

StoneX

Group,

Inc.

(a)

106,913‌

12,669,191‌

WisdomTree,

Inc.

740,514‌

12,544,307‌

108,529,046‌

Electric

.19

Avista

Corp.

104,564‌

4,277,713‌

Black

Hills

Corp.

166,977‌

12,423,089‌

Hawaiian

Electric

Industries,

Inc.

(a)

504,156‌

6,821,231‌

Northwestern

Energy

Group,

Inc.

97,362‌

6,973,066‌

Ormat

Technologies,

Inc.

98,087‌

10,681,674‌

Otter

Tail

Corp.

30,713‌

2,763,556‌

Portland

General

Electric

Co.

148,773‌

7,710,905‌

51,651,234‌

Electrical

Components

Equipment

.14

AZZ,

Inc.

23,211‌

3,598,865‌

Belden,

Inc.

27,482‌

3,295,367‌

Energizer

Holdings,

Inc.

95,662‌

2,050,993‌

EnerSys

60,185‌

14,072,457‌

Graham

Corp.

(a)

17,127‌

2,120,151‌

Novanta,

Inc.

(a)

45,804‌

7,431,241‌

Powell

Industries,

Inc.

61,985‌

17,750,025‌

50,319,099‌

Electronics

.44

Advanced

Energy

Industries,

Inc.

39,066‌

14,566,539‌

Allient,

Inc.

25,253‌

2,599,291‌

COMMON

STOCKS

(continued)

Held

Value

Electronics

(continued)

Atmus

Filtration

Technologies,

Inc.

83,338‌

4,249,405‌

Badger

Meter,

Inc.

41,250‌

6,120,675‌

Bel

Fuse,

Inc.,

Class

16,243‌

5,409,569‌

Benchmark

Electronics,

Inc.

36,952‌

3,646,054‌

ESCO

Technologies,

Inc.

25,205‌

8,822,758‌

Kimball

Electronics,

Inc.

(a)

49,908‌

1,277,645‌

Mesa

Laboratories,

Inc.

11,660‌

1,160,753‌

Napco

Security

Technologies,

Inc.

55,438‌

2,105,535‌

OSI

Systems,

Inc.

(a)

29,791‌

6,515,292‌

Plexus

Corp.

(a)

25,252‌

7,592,519‌

Sanmina

Corp.

(a)

59,314‌

15,011,188‌

TTM

Technologies,

Inc.

(a)

129,260‌

24,174,205‌

Vicor

Corp.

(a)

65,089‌

24,719,500‌

127,970,928‌

Energy

Alternate

Sources

.87

Nextpower,

Inc.,

Class

(a)

124,511‌

14,834,241‌

REX

American

Resources

Corp.

(a)

27,561‌

1,244,379‌

Shoals

Technologies

Group,

Inc.,

Class

(a)

436,275‌

4,319,122‌

20,397,742‌

Engineering

Construction

.55

Argan,

Inc.

30,400‌

24,275,920‌

Bowman

Consulting

Group

Ltd.

(a)

30,383‌

887,184‌

Dycom

Industries,

Inc.

(a)

33,611‌

16,993,385‌

Exponent,

Inc.

69,245‌

4,068,836‌

Frontdoor,

Inc.

(a)

47,078‌

3,652,782‌

Granite

Construction,

Inc.

83,219‌

13,155,259‌

IES

Holdings,

Inc.

(a)

14,854‌

10,912,640‌

MYR

Group,

Inc.

(a)

29,159‌

14,591,163‌

Primoris

Services

Corp.

86,222‌

8,546,325‌

Sterling

Infrastructure,

Inc.

(a)

32,863‌

27,583,888‌

Tutor

Perini

Corp.

73,401‌

6,090,081‌

130,757,463‌

Entertainment

.06

IMAX

Corp.

(a)

210,956‌

8,408,706‌

Madison

Square

Garden

Entertainment

Corp.

(a)

53,672‌

4,341,528‌

Monarch

Casino

Resort,

Inc.

7,420‌

976,546‌

Red

Rock

Resorts,

Inc.,

Class

55,337‌

3,600,226‌

Rush

Street

Interactive,

Inc.

(a)

158,423‌

4,711,500‌

Super

Group

SGHC

Ltd.

220,007‌

2,981,095‌

25,019,601‌

Environmental

Control

.22

CECO

Environmental

Corp.

(a)

35,201‌

3,194,139‌

Energy

Recovery,

Inc.

(a)

70,577‌

636,604‌

Onterris,

Inc.

(a)

71,291‌

1,440,791‌

5,271,534‌

Food

.79

Cal-Maine

Foods,

Inc.

100,118‌

8,065,506‌

Chefs'

Warehouse,

Inc.

(a)

30,370‌

2,918,557‌

J&J

Snack

Foods

Corp.

20,165‌

1,481,119‌

John

Sanfilippo

Son,

Inc.

3,988‌

342,928‌

Marzetti

Co.

12,777‌

1,458,622‌

Mission

Produce,

Inc.

(a)

36,301‌

427,989‌

Seneca

Foods

Corp.,

Class

(a)

3,980‌

692,281‌

Tootsie

Roll

Industries,

Inc.

8,842‌

349,701‌

United

Natural

Foods,

Inc.

(a)

61,796‌

2,822,224‌

18,558,927‌

Gas

.29

Northwest

Natural

Holding

Co.

40,204‌

1,972,408‌

Spire,

Inc.

62,669‌

4,893,822‌

6,866,230‌

Hand

Machine

Tools

.23

Cadre

Holdings,

Inc.

40,367‌

1,150,863‌

Franklin

Electric

Co.,

Inc.

40,164‌

4,305,179‌

5,456,042‌

Healthcare

Products

.85

10X

Genomics,

Inc.,

Class

(a)

249,576‌

9,568,744‌

Adaptive

Biotechnologies

Corp.

(a)

196,315‌

4,210,957‌

Alphatec

Holdings,

Inc.

(a)

309,238‌

2,674,909‌

Artivion,

Inc.

(a)

44,852‌

1,007,824‌

AtriCure,

Inc.

(a)

66,033‌

1,847,603‌

Schedule

Investments

Principal

U.S.

Small-Cap

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

(continued)

Held

Value

Healthcare

Products

(continued)

Avanos

Medical,

Inc.

(a)

65,822‌

1,637,651‌

Axogen,

Inc.

(a)

84,411‌

3,898,944‌

CareDx,

Inc.

(a)

70,965‌

2,022,503‌

Castle

Biosciences,

Inc.

(a)

50,392‌

1,201,849‌

CONMED

Corp.

65,393‌

2,140,313‌

Embecta

Corp.

112,580‌

367,011‌

GRAIL,

Inc.

(a)

41,664‌

2,844,401‌

Guardant

Health,

Inc.

(a)

137,113‌

20,571,063‌

Haemonetics

Corp.

(a)

111,434‌

8,357,550‌

ICU

Medical,

Inc.

(a)

24,690‌

3,619,554‌

Integer

Holdings

Corp.

(a)

56,122‌

5,244,601‌

iRadimed

Corp.

9,952‌

951,013‌

IRhythm

Holdings,

Inc.

(a)

57,200‌

6,803,940‌

Lantheus

Holdings,

Inc.

(a)

83,656‌

9,280,797‌

LeMaitre

Vascular,

Inc.

17,144‌

1,645,138‌

LivaNova

PLC

(a)

57,565‌

4,733,570‌

Merit

Medical

Systems,

Inc.

(a)

61,998‌

4,298,941‌

MiMedx

Group,

Inc.

(a)

156,738‌

603,441‌

OmniAb,

Inc.,

Earnout

(a)

1,130‌

—‌

OmniAb,

Inc.,

Earnout

(a)

1,130‌

—‌

Omnicell,

Inc.

(a)

69,023‌

2,865,835‌

SI-BONE,

Inc.

(a)

73,181‌

1,194,314‌

Tactile

Systems

Technology,

Inc.

(a)

41,879‌

1,247,157‌

TransMedics

Group,

Inc.

(a)

71,941‌

4,778,321‌

UFP

Technologies,

Inc.

(a)

15,737‌

4,172,351‌

Varex

Imaging

Corp.

(a)

49,836‌

519,790‌

114,310,085‌

Healthcare

Services

.49

Addus

HomeCare

Corp.

(a)

20,318‌

2,041,349‌

Alignment

Healthcare,

Inc.

(a)

262,517‌

6,250,530‌

Astrana

Health,

Inc.

(a)

59,956‌

2,782,558‌

Aveanna

Healthcare

Holdings,

Inc.

(a)

146,554‌

1,255,968‌

BrightSpring

Health

Services,

Inc.

(a)

175,404‌

12,232,675‌

Brookdale

Senior

Living,

Inc.

(a)

283,579‌

4,562,786‌

Concentra

Group

Holdings

Parent,

Inc.

86,954‌

2,586,882‌

CorVel

Corp.

(a)

29,593‌

1,850,154‌

Ensign

Group,

Inc.

30,938‌

4,959,361‌

GeneDx

Holdings

Corp.

(a)

67,640‌

4,643,486‌

HealthEquity,

Inc.

(a)

121,185‌

10,945,429‌

LifeStance

Health

Group,

Inc.

(a)

204,702‌

2,192,358‌

National

HealthCare

Corp.

7,289‌

1,540,603‌

Option

Care

Health,

Inc.

(a)

159,716‌

3,349,245‌

PACS

Group,

Inc.

(a)

103,957‌

4,432,727‌

Pediatrix

Medical

Group,

Inc.

(a)

73,721‌

1,867,353‌

Pennant

Group,

Inc.

(a)

31,201‌

1,152,877‌

Privia

Health

Group,

Inc.

(a)

82,243‌

2,116,112‌

Strata

Critical

Medical,

Inc.

(a)

136,436‌

719,018‌

Surgery

Partners,

Inc.

(a)

149,253‌

2,507,450‌

Teladoc

Health,

Inc.

(a)

801,324‌

6,795,228‌

U.S.

Physical

Therapy,

Inc.

20,620‌

1,416,182‌

82,200,331‌

Home

Builders

.92

Cavco

Industries,

Inc.

(a)

17,090‌

10,499,754‌

Forestar

Group,

Inc.

(a)

29,140‌

922,281‌

Green

Brick

Partners,

Inc.

(a)

16,316‌

1,305,933‌

Installed

Building

Products,

Inc.

19,498‌

4,481,420‌

LCI

Industries

19,461‌

2,060,531‌

M/I

Homes,

Inc.

(a)

15,495‌

2,491,441‌

21,761,360‌

Home

Furnishings

.04

Arhaus,

Inc.

114,967‌

968,022‌

Household

Products

Wares

.18

Quanex

Building

Products

Corp.

92,324‌

1,719,073‌

WD-40

Co.

9,863‌

2,403,021‌

4,122,094‌

Housewares

.03

Central

Garden

Pet

Co.,

Class

(a)

18,462‌

715,772‌

Insurance

.43

CNO

Financial

Group,

Inc.

166,296‌

8,477,770‌

Essent

Group

Ltd.

159,637‌

10,261,466‌

COMMON

STOCKS

(continued)

Held

Value

Insurance

(continued)

Goosehead

Insurance,

Inc.,

Class

(a)

106,790‌

5,179,315‌

Hamilton

Insurance

Group

Ltd.,

Class

111,419‌

3,781,561‌

Horace

Mann

Educators

Corp.

65,250‌

3,370,163‌

Mercury

General

Corp.

55,060‌

5,870,497‌

NMI

Holdings,

Inc.

(a)

113,893‌

4,679,864‌

Selective

Insurance

Group,

Inc.

128,988‌

12,513,126‌

United

Fire

Group,

Inc.

27,594‌

1,447,029‌

Universal

Insurance

Holdings,

Inc.

40,106‌

1,658,784‌

57,239,575‌

Internet

.60

Bumble,

Inc.,

Class

(a)

658,672‌

2,107,750‌

Cargurus,

Inc.

(a)

197,005‌

6,715,900‌

ePlus,

Inc.

28,776‌

2,395,027‌

EverQuote,

Inc.,

Class

(a)

147,344‌

3,505,314‌

Figs,

Inc.,

Class

(a)

229,741‌

2,350,250‌

HealthStream,

Inc.

39,905‌

1,087,411‌

Hims

Hers

Health,

Inc.

(a)

887,379‌

30,765,430‌

Magnite,

Inc.

(a)

489,812‌

9,296,632‌

MediaAlpha,

Inc.,

Class

(a)

146,556‌

1,842,209‌

OptimizeRx

Corp.

(a)

68,139‌

389,755‌

QuinStreet,

Inc.

(a)

141,654‌

2,075,231‌

Revolve

Group,

Inc.

(a)

97,473‌

2,231,157‌

Shutterstock,

Inc.

(b)

43,628‌

608,611‌

Sprinklr,

Inc.,

Class

(a)

407,050‌

2,100,378‌

Upwork,

Inc.

(a)

520,633‌

4,352,492‌

Yelp,

Inc.

(a)

264,012‌

6,473,574‌

Ziff

Davis,

Inc.

(a)

123,707‌

6,478,536‌

84,775,657‌

Leisure

Time

.48

Acushnet

Holdings

Corp.

24,548‌

2,909,674‌

OneSpaWorld

Holdings

Ltd.

44,429‌

1,254,675‌

Patrick

Industries,

Inc.

21,428‌

1,923,806‌

Polaris,

Inc.

74,641‌

5,108,430‌

11,196,585‌

Machinery

Construction

Mining

.57

Astec

Industries,

Inc.

27,855‌

1,704,448‌

Terex

Corp.

161,572‌

11,696,197‌

13,400,645‌

Machinery

Diversified

.78

Alamo

Group,

Inc.

14,107‌

2,320,461‌

Cactus,

Inc.,

Class

95,013‌

4,867,516‌

Chart

Industries,

Inc.

(a)

69,349‌

14,489,780‌

Columbus

McKinnon

Corp.

60,040‌

908,405‌

Gorman-Rupp

Co.

14,564‌

1,336,101‌

Lindsay

Corp.

16,330‌

2,021,654‌

Watts

Water

Technologies,

Inc.,

Class

24,011‌

9,399,106‌

Zurn

Elkay

Water

Solutions

Corp.,

Class

129,336‌

6,535,348‌

41,878,371‌

Media

.33

AMC

Global

Media,

Inc.,

Class

(a)

86,062‌

858,899‌

Cable

One,

Inc.

(a)

19,697‌

1,046,108‌

Gray

Media,

Inc.

224,851‌

892,658‌

Scholastic

Corp.

68,931‌

3,170,826‌

USA

TODAY

Co.,

Inc.

(a)

215,552‌

1,842,970‌

7,811,461‌

Metal

Fabrication

Hardware

.19

Janus

International

Group,

Inc.

(a)

225,673‌

1,252,485‌

Proto

Labs,

Inc.

(a)

20,135‌

1,641,204‌

Worthington

Steel,

Inc.

47,144‌

1,583,096‌

4,476,785‌

Mining

.79

Arcosa,

Inc.

29,812‌

4,331,386‌

Caledonia

Mining

Corp.

PLC

50,755‌

969,421‌

Coeur

Mining,

Inc.

641,160‌

10,463,731‌

Hecla

Mining

Co.

636,159‌

9,815,933‌

Idaho

Strategic

Resources,

Inc.

(a)

56,907‌

1,863,704‌

Kaiser

Aluminum

Corp.

26,341‌

5,153,090‌

SSR

Mining,

Inc.

(a)

263,273‌

7,445,360‌

Schedule

Investments

Principal

U.S.

Small-Cap

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

(continued)

Held

Value

Mining

(continued)

U.S.

Lime

Minerals,

Inc.

20,587‌

2,154,841‌

42,197,466‌

Miscellaneous

Manufacturers

.38

Fabrinet

(a)

29,169‌

16,395,312‌

Federal

Signal

Corp.

53,628‌

6,890,662‌

Materion

Corp.

21,821‌

6,489,347‌

Myers

Industries,

Inc.

73,762‌

2,604,536‌

32,379,857‌

Multi-National

.08

Bladex,

Inc.

31,382‌

1,929,052‌

Office

Furnishings

.22

HNI

Corp.

81,962‌

3,312,084‌

Interface,

Inc.

53,995‌

1,935,181‌

5,247,265‌

Oil

Gas

.88

CNX

Resources

Corp.

(a)

282,049‌

9,569,923‌

Noble

Corp.

PLC

187,747‌

7,002,963‌

Par

Pacific

Holdings,

Inc.

(a)

141,752‌

7,949,452‌

Patterson-UTI

Energy,

Inc.

1,231,156‌

11,302,012‌

PrimeEnergy

Resources

Corp.

(a)

7,250‌

1,209,952‌

Riley

Exploration

Permian,

Inc.

26,130‌

861,245‌

Talos

Energy,

Inc.

(a)

247,213‌

3,191,520‌

Valaris

Ltd.

(a)

42,989‌

3,121,001‌

44,208,068‌

Oil

Gas

Services

.02

Core

Laboratories,

Inc.

49,395‌

575,452‌

Expro

Group

Holdings

(a)

114,385‌

1,689,466‌

Flotek

Industries,

Inc.

(a),(b)

86,745‌

2,040,242‌

Forum

Energy

Technologies,

Inc.

(a)

16,468‌

827,188‌

Helix

Energy

Solutions

Group,

Inc.

(a)

195,486‌

1,708,548‌

Innovex

International,

Inc.

(a)

47,568‌

1,179,686‌

Kodiak

Gas

Services,

Inc.

157,502‌

11,833,125‌

Liberty

Energy,

Inc.

385,343‌

10,092,133‌

National

Energy

Services

Reunited

Corp.

(a)

105,703‌

3,163,691‌

Natural

Gas

Services

Group,

Inc.

13,242‌

571,260‌

Oceaneering

International,

Inc.

(a)

106,375‌

4,310,315‌

Oil

States

International,

Inc.

(a)

89,968‌

720,644‌

TETRA

Technologies,

Inc.

(a)

249,630‌

2,828,308‌

Tidewater,

Inc.

(a)

90,425‌

6,025,018‌

47,565,076‌

Packaging

Containers

.33

Ardagh

Metal

Packaging

303,924‌

1,440,600‌

Greif,

Inc.,

Class

38,455‌

2,864,513‌

TriMas

Corp.

78,225‌

3,522,471‌

7,827,584‌

Pharmaceuticals

.69

AdaptHealth

Corp.

(a)

116,068‌

1,209,429‌

Alkermes

PLC

(a)

170,851‌

8,951,738‌

Amneal

Pharmaceuticals,

Inc.

(a)

156,868‌

2,715,385‌

Amphastar

Pharmaceuticals,

Inc.

(a)

40,199‌

811,216‌

Catalyst

Pharmaceuticals,

Inc.

(a)

120,716‌

3,794,104‌

Collegium

Pharmaceutical,

Inc.

(a)

47,025‌

1,702,305‌

CorMedix,

Inc.

(a),(b)

189,375‌

1,486,594‌

Guardian

Pharmacy

Services,

Inc.,

Class

(a)

31,335‌

1,311,996‌

Harmony

Biosciences

Holdings,

Inc.

(a)

69,573‌

2,533,153‌

Harrow,

Inc.

(a)

53,895‌

2,288,921‌

Herbalife

Ltd.

(a)

126,481‌

1,663,225‌

Indivior

Pharmaceuticals,

Inc.

(a)

177,080‌

7,265,592‌

MannKind

Corp.

(a)

358,983‌

1,529,268‌

Mirum

Pharmaceuticals,

Inc.

(a)

61,061‌

7,148,411‌

Pacira

BioSciences,

Inc.

(a)

90,699‌

2,301,034‌

Phibro

Animal

Health

Corp.,

Class

23,548‌

739,407‌

Protagonist

Therapeutics,

Inc.

(a)

89,666‌

10,991,258‌

Supernus

Pharmaceuticals,

Inc.

(a)

67,811‌

3,153,890‌

Xeris

Biopharma

Holdings,

Inc.

(a)

214,307‌

1,697,311‌

63,294,237‌

Pipelines

.06

Excelerate

Energy,

Inc.,

Class

34,123‌

1,296,333‌

Private

Equity

.08

Patria

Investments

Ltd.,

Class

171,057‌

1,878,206‌

COMMON

STOCKS

(continued)

Held

Value

Real

Estate

.03

Compass,

Inc.,

Class

(a)

1,382,986‌

17,052,217‌

Cushman

Wakefield

Ltd.

(a)

326,878‌

4,376,897‌

RMR

Group,

Inc.,

Class

43,940‌

902,088‌

St.

Joe

Co.

30,621‌

1,917,793‌

24,248,995‌

REITs

.19

American

Assets

Trust,

Inc.

74,512‌

1,839,701‌

American

Healthcare

REIT,

Inc.

277,138‌

14,452,747‌

Broadstone

Net

Lease,

Inc.

250,686‌

5,181,680‌

CareTrust

REIT,

Inc.

243,520‌

9,826,032‌

CBL

Associates

Properties,

Inc.

29,785‌

1,581,286‌

Community

Healthcare

Trust,

Inc.

43,813‌

800,902‌

COPT

Defense

Properties

161,587‌

5,880,151‌

Curbline

Properties

Corp.

99,600‌

3,027,840‌

DiamondRock

Hospitality

Co.

370,892‌

4,517,465‌

Easterly

Government

Properties,

Inc.

72,216‌

1,800,345‌

Farmland

Partners,

Inc.

92,955‌

899,804‌

Getty

Realty

Corp.

58,977‌

1,967,473‌

Innovative

Industrial

Properties,

Inc.

51,823‌

3,211,989‌

InvenTrust

Properties

Corp.

75,947‌

2,688,524‌

Kite

Realty

Group

Trust

255,861‌

7,261,335‌

LXP

Industrial

Trust

93,383‌

5,031,476‌

National

Health

Investors,

Inc.

31,341‌

2,390,065‌

NETSTREIT

Corp.

167,553‌

3,540,395‌

Outfront

Media,

Inc.

193,175‌

6,328,413‌

Postal

Realty

Trust,

Inc.,

Class

46,997‌

1,158,006‌

RLJ

Lodging

Trust

265,050‌

3,140,842‌

Safehold,

Inc.

71,195‌

1,117,761‌

Summit

Hotel

Properties,

Inc.

170,637‌

1,196,165‌

Terreno

Realty

Corp.

103,687‌

6,715,807‌

Universal

Health

Realty

Income

Trust

16,631‌

729,436‌

Xenia

Hotels

Resorts,

Inc.

120,598‌

2,455,375‌

98,741,015‌

Retail

.01

American

Eagle

Outfitters,

Inc.

515,587‌

8,868,096‌

Boot

Barn

Holdings,

Inc.

(a)

55,111‌

9,053,084‌

Brinker

International,

Inc.

(a)

89,144‌

14,976,192‌

Buckle,

Inc.

46,472‌

1,961,118‌

Build-A-Bear

Workshop,

Inc.

34,149‌

1,045,301‌

Cheesecake

Factory,

Inc.

93,117‌

7,406,526‌

Designer

Brands,

Inc.,

Class

20,837‌

121,480‌

Dine

Brands

Global,

Inc.

40,988‌

1,471,469‌

FirstCash

Holdings,

Inc.

53,409‌

11,553,435‌

National

Vision

Holdings,

Inc.

(a)

97,543‌

1,854,293‌

PriceSmart,

Inc.

13,447‌

2,626,737‌

Sally

Beauty

Holdings,

Inc.

(a)

136,731‌

1,933,376‌

Signet

Jewelers

Ltd.

75,596‌

6,516,375‌

Sonic

Automotive,

Inc.,

Class

15,498‌

1,314,075‌

Urban

Outfitters,

Inc.

(a)

143,318‌

10,155,514‌

Victoria's

Secret

Co.

(a)

156,744‌

13,084,989‌

Zumiez,

Inc.

(a)

20,537‌

365,559‌

94,307,619‌

Savings

Loans

.13

Axos

Financial,

Inc.

(a)

87,390‌

8,510,912‌

Provident

Financial

Services,

Inc.

216,918‌

5,127,942‌

WaFd,

Inc.

153,169‌

5,877,095‌

WSFS

Financial

Corp.

92,224‌

7,076,347‌

26,592,296‌

Semiconductors

.80

ACM

Research,

Inc.,

Class

(a)

92,199‌

11,699,131‌

Axcelis

Technologies,

Inc.

(a)

67,826‌

12,849,636‌

Credo

Technology

Group

Holding

Ltd.

(a)

119,200‌

32,416,440‌

Kulicke

Soffa

Industries,

Inc.

65,309‌

8,735,732‌

Photronics,

Inc.

(a)

51,857‌

1,686,908‌

Rambus,

Inc.

(a)

140,907‌

18,703,995‌

SkyWater

Technology,

Inc.

(a)

99,048‌

3,448,851‌

89,540,693‌

Software

.44

ACI

Worldwide,

Inc.

(a)

101,877‌

5,123,394‌

Bandwidth,

Inc.,

Class

(a)

43,708‌

2,766,716‌

Schedule

Investments

Principal

U.S.

Small-Cap

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

(continued)

Held

Value

Software

(continued)

BlackLine,

Inc.

(a)

127,738‌

3,585,606‌

Box,

Inc.,

Class

(a)

347,501‌

9,222,677‌

Clear

Secure,

Inc.,

Class

176,290‌

9,824,642‌

Commerce.com,

Inc.

(a)

395,433‌

1,170,482‌

Consensus

Cloud

Solutions,

Inc.

(a)

39,972‌

1,524,932‌

Daily

Journal

Corp.

(a)

9,375‌

5,636,156‌

Digi

International,

Inc.

(a)

43,181‌

3,236,416‌

DigitalOcean

Holdings,

Inc.

(a)

178,540‌

28,036,136‌

Five9,

Inc.

(a)

282,368‌

6,020,086‌

Freshworks,

Inc.,

Class

(a)

838,998‌

8,490,660‌

GigaCloud

Technology,

Inc.,

Class

(a)

49,828‌

1,574,565‌

IBEX

Holdings

Ltd.

(a)

30,769‌

934,455‌

Innodata,

Inc.

(a)

103,199‌

7,799,780‌

Life360,

Inc.

(a),(b)

91,691‌

5,076,014‌

LiveRamp

Holdings,

Inc.

(a)

100,394‌

3,778,830‌

N-able,

Inc.

(a)

272,379‌

999,631‌

Nutex

Health,

Inc.

(a),(b)

11,166‌

1,908,158‌

Pagaya

Technologies

Ltd.,

Class

(a)

417,710‌

7,623,207‌

PagerDuty,

Inc.

(a)

421,656‌

4,068,980‌

Phreesia,

Inc.

(a)

175,032‌

1,801,079‌

Planet

Labs

PBC

(a)

599,274‌

19,853,948‌

Red

Violet,

Inc.

(a)

30,377‌

1,935,622‌

SPS

Commerce,

Inc.

(a)

89,671‌

5,126,491‌

Talkspace,

Inc.

(a)

192,646‌

1,001,759‌

VTEX,

Class

(a)

354,401‌

1,417,604‌

Waystar

Holding

Corp.

(a)

288,950‌

5,932,143‌

Yext,

Inc.

(a)

269,798‌

1,259,957‌

Zeta

Global

Holdings

Corp.,

Class

(a)

937,564‌

18,451,260‌

175,181,386‌

Telecommunications

.45

A10

Networks,

Inc.

94,433‌

3,528,017‌

Calix,

Inc.

(a)

109,198‌

4,075,269‌

Clearfield,

Inc.

(a)

34,994‌

1,392,411‌

Frequency

Electronics,

Inc.

(a)

26,880‌

1,783,488‌

Harmonic,

Inc.

(a)

167,980‌

2,743,114‌

IDT

Corp.,

Class

27,993‌

1,628,073‌

InterDigital,

Inc.

27,590‌

7,811,557‌

Preformed

Line

Products

Co.

12,977‌

5,327,837‌

Vistance

Networks,

Inc.

(a)

448,803‌

5,735,702‌

34,025,468‌

Textiles

.28

UniFirst

Corp.

24,949‌

6,598,013‌

Transportation

.12

Costamare,

Inc.

89,269‌

1,251,551‌

DHT

Holdings,

Inc.

269,777‌

4,459,414‌

International

Seaways,

Inc.

62,931‌

4,819,885‌

Navigator

Holdings

Ltd.

36,492‌

679,846‌

Scorpio

Tankers,

Inc.

114,302‌

7,916,557‌

Teekay

Corp.

Ltd.

63,438‌

634,380‌

Teekay

Tankers

Ltd.,

Class

49,954‌

3,240,516‌

World

Kinect

Corp.

103,143‌

3,397,530‌

26,399,679‌

Water

.04

Middlesex

Water

Co.

17,523‌

984,092‌

TOTAL

COMMON

STOCKS

2,346,144,506‌

INVESTMENT

COMPANIES

.39

Held

Value

Money

Market

Funds

.39

—

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

(c),(d),(e)

2,751,999‌

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(c)

6,479,532‌

6,479,531‌

TOTAL

INVESTMENT

COMPANIES

9,231,530‌

Total

Investments

100.04%

2,355,376,036‌

Other

Assets

and

Liabilities

(0.04%)

(

871,649‌

)

TOTAL

NET

ASSETS

100.00%

2,354,504,387‌

(a)

Non-income

producing

security.

(b)

Security

portion

the

security

was

loan.

the

end

the

period,

the

value

these

securities

totaled

$2,761,011

0.12%

net

assets.

(c)

1-day

yield

shown

period

end.

(d)

Affiliated

Security.

Security

either

affiliate

(and

registered

under

the

Investment

Company

Act

1940)

affiliate

defined

the

Investment

Company

Act

1940

(controls

5.00%

the

outstanding

voting

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e)

Security

portion

the

security

was

received

collateral

for

securities

lending.

the

end

the

period,

the

value

these

securities

totaled

$2,751,999

0.12%

net

assets.

Schedule

Investments

Principal

U.S.

Small-Cap

ETF

June

30,

2026

See

accompanying

notes.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

June

30,

2026

Value

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

4,091,677‌

402,118,611‌

403,458,289‌

2,751,999‌

4,091,677‌

402,118,611‌

403,458,289‌

2,751,999‌

Income

(a)

Realized

Gain/(Loss)

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

Investments

Principal

Value

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

.51

Held

Value

Advertising

.84

—

Omnicom

Group,

Inc.

25,538‌

1,859,933‌

Aerospace

Defense

.65

General

Dynamics

Corp.

5,811‌

2,058,489‌

Northrop

Grumman

Corp.

3,149‌

1,603,817‌

3,662,306‌

Agriculture

.40

Altria

Group,

Inc.

35,696‌

2,568,327‌

Archer-Daniels-Midland

Co.

7,008‌

535,411‌

3,103,738‌

Auto

Manufacturers

.65

Cummins,

Inc.

2,701‌

1,926,380‌

Ford

Motor

Co.

152,320‌

2,117,248‌

Tesla,

Inc.

(a)

4,328‌

1,820,357‌

5,863,985‌

Banks

.87

Bank

America

Corp.

84,659‌

4,823,870‌

Citigroup,

Inc.

3,537‌

495,038‌

JPMorgan

Chase

Co.

1,466‌

479,866‌

Wells

Fargo

Co.

6,622‌

547,242‌

6,346,016‌

Beverages

.45

Coca-Cola

Co.

37,901‌

3,080,214‌

Molson

Coors

Beverage

Co.,

Class

41,401‌

1,612,983‌

PepsiCo,

Inc.

21,703‌

2,938,586‌

7,631,783‌

Building

Materials

.96

Trane

Technologies

PLC

4,309‌

2,116,408‌

Chemicals

.36

Linde

PLC

968‌

502,334‌

Sherwin-Williams

Co.

7,316‌

2,519,045‌

3,021,379‌

Commercial

Services

.67

Automatic

Data

Processing,

Inc.

10,854‌

2,430,753‌

PayPal

Holdings,

Inc.

29,349‌

1,267,290‌

3,698,043‌

Computers

.22

Accenture

PLC,

Class

14,588‌

1,815,331‌

Apple,

Inc.

62,290‌

18,024,234‌

Cognizant

Technology

Solutions

Corp.,

Class

38,425‌

1,488,200‌

Dell

Technologies,

Inc.,

Class

9,160‌

3,952,174‌

HP,

Inc.

81,362‌

1,785,082‌

27,065,021‌

Cosmetics

Personal

Care

.48

Colgate-Palmolive

Co.

12,443‌

1,140,774‌

Procter

Gamble

Co.

29,699‌

4,355,062‌

5,495,836‌

Diversified

Financial

Services

.23

Ameriprise

Financial,

Inc.

3,190‌

1,463,444‌

Capital

One

Financial

Corp.

13,706‌

2,749,698‌

Cboe

Global

Markets,

Inc.

4,906‌

1,190,539‌

Charles

Schwab

Corp.

31,186‌

2,877,532‌

Invesco

Ltd.

63,799‌

1,683,656‌

Mastercard,

Inc.,

Class

5,435‌

2,791,416‌

Synchrony

Financial

25,617‌

1,948,173‌

Visa,

Inc.,

Class

3,825‌

1,312,319‌

16,016,777‌

Electric

.82

Edison

International

26,639‌

1,983,273‌

NextEra

Energy,

Inc.

23,267‌

2,042,145‌

4,025,418‌

Electrical

Components

Equipment

.98

AMETEK,

Inc.

8,957‌

2,167,057‌

Electronics

.59

Allegion

PLC

5,626‌

790,397‌

Keysight

Technologies,

Inc.

(a)

6,009‌

2,103,571‌

Connectivity

PLC

3,084‌

621,765‌

3,515,733‌

COMMON

STOCKS

(continued)

Held

Value

Food

.83

Kraft

Heinz

Co.

78,007‌

1,842,525‌

Healthcare

Products

.73

ResMed,

Inc.

8,617‌

1,679,281‌

Stryker

Corp.

6,871‌

2,163,266‌

3,842,547‌

Healthcare

Services

.18

Cigna

Group

7,766‌

2,140,931‌

DaVita,

Inc.

(a)

8,455‌

1,881,068‌

Elevance

Health,

Inc.

5,936‌

2,295,629‌

IQVIA

Holdings,

Inc.

(a)

2,585‌

499,474‌

UnitedHealth

Group,

Inc.

11,223‌

4,664,616‌

11,481,718‌

Insurance

.96

Allstate

Corp.

9,529‌

2,267,330‌

Assurant,

Inc.

6,816‌

1,830,300‌

Chubb

Ltd.

7,936‌

2,704,113‌

Cincinnati

Financial

Corp.

4,925‌

911,815‌

Progressive

Corp.

10,184‌

2,224,695‌

Prudential

Financial,

Inc.

8,286‌

894,308‌

Travelers

Cos.,

Inc.

7,209‌

2,379,835‌

13,212,396‌

Internet

.06

Airbnb,

Inc.,

Class

(a)

14,050‌

2,010,555‌

Amazon.com,

Inc.

(a)

29,303‌

6,984,077‌

8,994,632‌

Machinery

Diversified

.87

Nordson

Corp.

6,365‌

1,920,257‌

Media

.58

Comcast

Corp.,

Class

94,792‌

2,327,144‌

FactSet

Research

Systems,

Inc.

7,990‌

1,838,339‌

Walt

Disney

Co.

16,136‌

1,553,090‌

5,718,573‌

Miscellaneous

Manufacturers

.88

A.O.

Smith

Corp.

30,102‌

1,887,997‌

Parker-Hannifin

Corp.

2,323‌

2,272,173‌

4,160,170‌

Oil

Gas

.04

APA

Corp.

44,743‌

1,457,280‌

Chevron

Corp.

5,823‌

965,220‌

Exxon

Mobil

Corp.

21,944‌

3,000,184‌

Marathon

Petroleum

Corp.

4,769‌

1,219,290‌

Valero

Energy

Corp.

8,873‌

2,310,884‌

8,952,858‌

Oil

Gas

Services

.21

Baker

Hughes

Co.

13,661‌

758,185‌

SLB

Ltd.

41,534‌

1,930,916‌

2,689,101‌

Pharmaceuticals

.68

Bristol-Myers

Squibb

Co.

44,863‌

2,585,006‌

Johnson

14,963‌

3,800,153‌

Merck

Co.,

Inc.

34,095‌

4,381,208‌

Zoetis,

Inc.

25,308‌

1,818,633‌

12,585,000‌

REITs

.09

Federal

Realty

Investment

Trust

3,861‌

476,602‌

Host

Hotels

Resorts,

Inc.

81,520‌

1,932,839‌

2,409,441‌

Retail

.83

Best

Buy

Co.,

Inc.

29,688‌

2,252,726‌

Costco

Wholesale

Corp.

1,847‌

1,727,813‌

Domino's

Pizza,

Inc.

5,660‌

1,675,586‌

Home

Depot,

Inc.

11,565‌

4,078,744‌

Lululemon

Athletica,

Inc.

(a)

3,667‌

418,698‌

Ross

Stores,

Inc.

8,992‌

1,913,947‌

Walmart,

Inc.

46,531‌

5,270,101‌

17,337,615‌

Semiconductors

.48

Analog

Devices,

Inc.

5,322‌

2,113,739‌

Intel

Corp.

(a)

30,338‌

4,236,095‌

QUALCOMM,

Inc.

11,574‌

2,138,759‌

Schedule

Investments

Principal

Value

ETF

June

30,

2026

See

accompanying

notes.

COMMON

STOCKS

(continued)

Held

Value

Semiconductors

(continued)

Texas

Instruments,

Inc.

4,803‌

1,431,630‌

9,920,223‌

Software

.20

Adobe,

Inc.

(a)

9,879‌

2,025,393‌

Broadridge

Financial

Solutions,

Inc.

12,143‌

1,662,984‌

Fiserv,

Inc.

(a)

33,731‌

1,654,505‌

Intuit,

Inc.

5,109‌

1,333,449‌

Salesforce,

Inc.

16,814‌

2,634,081‌

9,310,412‌

Telecommunications

.65

Cisco

Systems,

Inc.

28,403‌

3,336,216‌

T-Mobile

U.S.,

Inc.

10,986‌

1,842,682‌

Verizon

Communications,

Inc.

68,403‌

2,896,183‌

8,075,081‌

Transportation

.07

FedEx

Corp.

6,092‌

1,907,588‌

Fedex

Freight

Holding

Co.,

Inc.

(a)

3,046‌

459,946‌

2,367,534‌

TOTAL

COMMON

STOCKS

220,409,516‌

INVESTMENT

COMPANIES

.35

Held

Value

Money

Market

Funds

.35

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.60%

(b)

785,328‌

TOTAL

INVESTMENT

COMPANIES

785,328‌

Total

Investments

99.86%

221,194,844‌

Other

Assets

and

Liabilities

0.14%

320,133‌

TOTAL

NET

ASSETS

100.00%

221,514,977‌

(a)

Non-income

producing

security.

(b)

1-day

yield

shown

period

end.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

June

30,

2026

Value

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

—‌

8,257,962‌

—‌

8,257,962‌

—‌

Income

(a)

Realized

Gain/(Loss)

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

Government

Money

Market

Fund,

Class

R-6

3.56%

—‌

(a)

Amount

excludes

earnings

from

securities

lending

collateral.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Active

High

Yield

ETF

For

outstanding:

Year

ended

June

30,

2026

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Net

asset

value,

beginning

period

.26‌

.02‌

.28‌

.71‌

.85‌

(a)

Investment

Operations:

Net

investment

income

(loss)

(b)

.36‌

.39‌

.30‌

.05‌

.90‌

Net

realized

and

change

unrealized

gain

(loss)

investments

(

.24‌

)

.24‌

.73‌

.70‌

(

.90‌

)

Total

from

investment

operations

.12‌

.63‌

.03‌

.75‌

(

.00‌

)

Dividends

Shareholders

from:

Net

investment

income

(

.38‌

)

(

.39‌

)

(

.29‌

)

(

.18‌

)

(

.14‌

)

Total

dividends

shareholders

(

.38‌

)

(

.39‌

)

(

.29‌

)

(

.18‌

)

(

.14‌

)

Net

asset

value,

end

period

.00‌

.26‌

.02‌

.28‌

.71‌

Total

return

.06‌

.92‌

.50‌

.15‌

(

.65‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

572,847‌

317,720‌

212,991‌

105,094‌

218,775‌

Ratio

expenses

average

net

assets

.39‌

.41‌

Ratio

net

investment

income

(loss)

average

net

assets

.15‌

.27‌

.99‌

.84‌

.46‌

Portfolio

turnover

rate

(c)

.7‌

.8‌

.2‌

.5‌

110

.5‌

(a)

Reflects

stock

split

effective

after

the

trading

August

30,

2021.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Capital

Appreciation

Select

ETF

For

outstanding:

Year

ended

June

30,

2026

Period

ended

June

30,

2025

(a)

Net

asset

value,

beginning

period

.82‌

.00‌

Investment

Operations:

Net

investment

income

(loss)

(b)

.24‌

.05‌

Net

realized

and

change

unrealized

gain

(loss)

investments

.15‌

.77‌

Total

from

investment

operations

.39‌

.82‌

Dividends

Shareholders

from:

Net

investment

income

(

.03‌

)

—‌

Total

dividends

shareholders

(

.03‌

)

—‌

Net

asset

value,

end

period

.18‌

.82‌

Total

return

.86‌

.26‌

(c)

(

.00‌

)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

1,825,392‌

23,062‌

Ratio

expenses

average

net

assets

.29‌

(d)

Ratio

net

investment

income

(loss)

average

net

assets

.79‌

.78‌

(d)

Portfolio

turnover

rate

(e)

.4‌

.7‌

(a)

Period

from

March

25,

2025,

date

operations

commenced,

through

June

30,

2025.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Total

return

amounts

have

not

been

annualized.

(d)

Computed

annualized

basis.

(e)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

CLO

ETF

For

outstanding:

Period

ended

June

30,

2026

(a)

Net

asset

value,

beginning

period

.00‌

Investment

Operations:

Net

investment

income

(loss)

(b)

.13‌

Net

realized

and

change

unrealized

gain

(loss)

investments

.05‌

Total

from

investment

operations

.18‌

Net

asset

value,

end

period

.18‌

Total

return

.73‌

(c)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

15,109‌

Ratio

expenses

average

net

assets

.19‌

(d)

Ratio

net

investment

income

(loss)

average

net

assets

.07‌

(d)

Portfolio

turnover

rate

(e)

0.0‌

(a)

Period

from

May

20,

2026,

date

operations

commenced,

through

June

30,

2026.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Total

return

amounts

have

not

been

annualized.

(d)

Computed

annualized

basis.

(e)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Focused

Blue

Chip

ETF

For

outstanding:

Year

ended

June

30,

2026

Year

ended

June

30,

2025

Period

ended

June

30,

2024

(a)

Net

asset

value,

beginning

period

.60‌

.12‌

.00‌

Investment

Operations:

Net

investment

income

(loss)

(b)

(

.06‌

)

.00‌

(c)

.05‌

Net

realized

and

change

unrealized

gain

(loss)

investments

(

.41‌

)

.83‌

.12‌

Total

from

investment

operations

(

.47‌

)

.83‌

.17‌

Dividends

Shareholders

from:

Net

investment

income

—‌

(

.01‌

)

(

.05‌

)

Net

realized

gains

—‌

(

.34‌

)

—‌

Total

dividends

shareholders

—‌

(

.35‌

)

(

.05‌

)

Net

asset

value,

end

period

.13‌

.60‌

.12‌

Total

return

(

.28‌

)

.10‌

.75‌

(d)

(

.00‌

)

(

.00‌

)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

218,233‌

134,689‌

47,544‌

Ratio

expenses

average

net

assets

.58‌

(e)

Ratio

net

investment

income

(loss)

average

net

assets

(

.16‌

)

.01‌

.19‌

(e)

Portfolio

turnover

rate

(f)

.2‌

.7‌

.4‌

(a)

Period

from

July

12,

2023,

date

operations

commenced,

through

June

30,

2024.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Reflects

amount

rounding

less

than

+/-

$0.01

per

unit

+/-

0.01%.

(d)

Total

return

amounts

have

not

been

annualized.

(e)

Computed

annualized

basis.

(f)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Inflation

Protection

ETF

For

outstanding:

Period

ended

June

30,

2026

(a)

Net

asset

value,

beginning

period

.00‌

Investment

Operations:

Net

investment

income

(loss)

(b)

.32‌

Net

realized

and

change

unrealized

gain

(loss)

investments

(

.35‌

)

Total

from

investment

operations

(

.03‌

)

Net

asset

value,

end

period

.97‌

Total

return

(

.13‌

)

(c)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

11,236‌

Ratio

expenses

average

net

assets

.19‌

(d)

Ratio

net

investment

income

(loss)

average

net

assets

.26‌

(d)

Portfolio

turnover

rate

(e)

0.0‌

(a)

Period

from

May

20,

2026,

date

operations

commenced,

through

June

30,

2026.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Total

return

amounts

have

not

been

annualized.

(d)

Computed

annualized

basis.

(e)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

International

Equity

ETF

For

outstanding:

Year

ended

June

30,

2026

Period

ended

June

30,

2025

(a)

Net

asset

value,

beginning

period

.06‌

.00‌

Investment

Operations:

Net

investment

income

(loss)

(b)

.59‌

.82‌

Net

realized

and

change

unrealized

gain

(loss)

investments

.45‌

.26‌

Total

from

investment

operations

.04‌

.08‌

Dividends

Shareholders

from:

Net

investment

income

(

.42‌

)

(

.02‌

)

Total

dividends

shareholders

(

.42‌

)

(

.02‌

)

Net

asset

value,

end

period

.68‌

.06‌

Total

return

.36‌

.33‌

(c)

(

.00‌

)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

1,329,398‌

770,562‌

Ratio

expenses

average

net

assets

.48‌

(d)

Ratio

net

investment

income

(loss)

average

net

assets

.79‌

.66‌

(d)

Portfolio

turnover

rate

(e)

.8‌

.4‌

(a)

Period

from

November

2024,

date

operations

commenced,

through

June

30,

2025.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Total

return

amounts

have

not

been

annualized.

(d)

Computed

annualized

basis.

(e)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Investment

Grade

Corporate

ETF

(a)

For

outstanding:

Year

ended

June

30,

2026

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Net

asset

value,

beginning

period

.73‌

.41‌

.51‌

.84‌

.74‌

Investment

Operations:

Net

investment

income

(loss)

(b)

.05‌

.06‌

.00‌

.76‌

.65‌

Net

realized

and

change

unrealized

gain

(loss)

investments

(

.09‌

)

.32‌

(

.12‌

)

(

.60‌

)

(

.68‌

)

Total

from

investment

operations

.96‌

.38‌

.88‌

.16‌

(

.03‌

)

Dividends

Shareholders

from:

Net

investment

income

(

.05‌

)

(

.06‌

)

(

.98‌

)

(

.49‌

)

(

.80‌

)

Net

realized

gains

—‌

(

.07‌

)

Total

dividends

shareholders

(

.05‌

)

(

.06‌

)

(

.98‌

)

(

.49‌

)

(

.87‌

)

Net

asset

value,

end

period

.64‌

.73‌

.41‌

.51‌

.84‌

Total

return

.66‌

.91‌

.45‌

.87‌

(

.47‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

199,134‌

105,725‌

80,626‌

47,174‌

369,026‌

Ratio

expenses

average

net

assets

.19‌

Ratio

net

investment

income

(loss)

average

net

assets

.07‌

.13‌

.93‌

.52‌

.58‌

Portfolio

turnover

rate

(c)

.5‌

102

.6‌

123

.0‌

.9‌

(a)

Effective

April

21,

2026,

Principal

Investment

Grade

Corporate

Active

ETF

changed

its

name

Principal

Investment

Grade

Corporate

ETF.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Long

Duration

ETF

For

outstanding:

Period

ended

June

30,

2026

(a)

Net

asset

value,

beginning

period

.00‌

Investment

Operations:

Net

investment

income

(loss)

(b)

.14‌

Net

realized

and

change

unrealized

gain

(loss)

investments

.17‌

Total

from

investment

operations

.31‌

Net

asset

value,

end

period

.31‌

Total

return

.24‌

(c)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

11,839‌

Ratio

expenses

average

net

assets

.19‌

(d)

Ratio

net

investment

income

(loss)

average

net

assets

.37‌

(d)

Portfolio

turnover

rate

(e)

.9‌

(a)

Period

from

May

20,

2026,

date

operations

commenced,

through

June

30,

2026.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Total

return

amounts

have

not

been

annualized.

(d)

Computed

annualized

basis.

(e)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Quality

ETF

For

outstanding:

Year

ended

June

30,

2026

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Net

asset

value,

beginning

period

.58‌

.23‌

.45‌

.88‌

.17‌

Investment

Operations:

Net

investment

income

(loss)

(a)

.48‌

.45‌

.54‌

.60‌

.61‌

Net

realized

and

change

unrealized

gain

(loss)

investments

.21‌

.36‌

.77‌

.71‌

(

.36‌

)

Total

from

investment

operations

.69‌

.81‌

.31‌

(

.75‌

)

Dividends

Shareholders

from:

Net

investment

income

(

.47‌

)

(

.46‌

)

(

.53‌

)

(

.74‌

)

(

.54‌

)

Total

dividends

shareholders

(

.47‌

)

(

.46‌

)

(

.53‌

)

(

.74‌

)

(

.54‌

)

Net

asset

value,

end

period

.80‌

.58‌

.23‌

.45‌

.88‌

Total

return

.68‌

.57‌

.96‌

.69‌

(

.07‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

28,804‌

54,449‌

53,221‌

36,696‌

45,489‌

Ratio

expenses

average

net

assets

.15‌

Ratio

net

investment

income

(loss)

average

net

assets

.64‌

.65‌

.87‌

.18‌

.11‌

Portfolio

turnover

rate

(b)

.8‌

.3‌

.1‌

.7‌

.0‌

(a)

Calculated

based

average

outstanding

during

the

period.

(b)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Real

Estate

Active

Opportunities

ETF

For

outstanding:

Year

ended

June

30,

2026

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Period

ended

June

30,

2022

(a)

Net

asset

value,

beginning

period

.43‌

.40‌

.68‌

.50‌

.00‌

Investment

Operations:

Net

investment

income

(loss)

(b)

.75‌

.66‌

.59‌

.54‌

.10‌

Net

realized

and

change

unrealized

gain

(loss)

investments

.74‌

.97‌

.72‌

(

.78‌

)

(

.60‌

)

Total

from

investment

operations

.49‌

.63‌

.31‌

(

.24‌

)

(

.50‌

)

Dividends

Shareholders

from:

Net

investment

income

(

.67‌

)

(

.60‌

)

(

.59‌

)

(

.48‌

)

—‌

Net

realized

gains

—‌

(

.10‌

)

—‌

Total

dividends

shareholders

(

.67‌

)

(

.60‌

)

(

.59‌

)

(

.58‌

)

—‌

Net

asset

value,

end

period

.25‌

.43‌

.40‌

.68‌

.50‌

Total

return

.04‌

.34‌

.90‌

(

.03‌

)

(

.01‌

)

(c)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

25,612‌

15,256‌

10,295‌

5,443‌

5,390‌

Ratio

expenses

average

net

assets

.60‌

.61‌

.65‌

(d)

Ratio

net

investment

income

(loss)

average

net

assets

.91‌

.63‌

.61‌

.33‌

.51‌

(d)

Portfolio

turnover

rate

(e)

.1‌

.0‌

.6‌

.2‌

(a)

Period

from

May

18,

2022,

date

operations

commenced,

through

June

30,

2022.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Total

return

amounts

have

not

been

annualized.

(d)

Computed

annualized

basis.

(e)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Securitized

Debt

ETF

For

outstanding:

Period

ended

June

30,

2026

(a)

Net

asset

value,

beginning

period

.00‌

Investment

Operations:

Net

investment

income

(loss)

(b)

.17‌

Net

realized

and

change

unrealized

gain

(loss)

investments

.11‌

Total

from

investment

operations

.28‌

Net

asset

value,

end

period

.28‌

Total

return

.11‌

(c)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

20,223‌

Ratio

expenses

average

net

assets

.19‌

(d)

Ratio

net

investment

income

(loss)

average

net

assets

.56‌

(d)

Portfolio

turnover

rate

(e)

.4‌

(a)

Period

from

May

20,

2026,

date

operations

commenced,

through

June

30,

2026.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Total

return

amounts

have

not

been

annualized.

(d)

Computed

annualized

basis.

(e)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Spectrum

Preferred

and

Income

ETF

(a)

For

outstanding:

Year

ended

June

30,

2026

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Net

asset

value,

beginning

period

.22‌

.64‌

.46‌

.34‌

.57‌

Investment

Operations:

Net

investment

income

(loss)

(b)

.10‌

.93‌

.86‌

.87‌

.84‌

Net

realized

and

change

unrealized

gain

(loss)

investments

.18‌

.60‌

.26‌

(

.75‌

)

(

.98‌

)

Total

from

investment

operations

.28‌

.53‌

.12‌

(

.14‌

)

Dividends

Shareholders

from:

Net

investment

income

(

.06‌

)

(

.95‌

)

(

.94‌

)

(

.00‌

)

(

.00‌

)

Net

realized

gains

—‌

(

.09‌

)

Total

dividends

shareholders

(

.06‌

)

(

.95‌

)

(

.94‌

)

(

.00‌

)

(

.09‌

)

Net

asset

value,

end

period

.44‌

.22‌

.64‌

.46‌

.34‌

Total

return

.76‌

.42‌

.52‌

.65‌

(

.38‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

69,972‌

57,664‌

24,231‌

20,081‌

21,088‌

Ratio

expenses

average

net

assets

.60‌

Ratio

net

investment

income

(loss)

average

net

assets

.65‌

.91‌

.80‌

.81‌

.09‌

Portfolio

turnover

rate

(c)

.1‌

.6‌

.3‌

.8‌

.7‌

(a)

Effective

November

2025,

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF

changed

its

name

Principal

Spectrum

Preferred

and

Income

ETF.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Spectrum

Preferred

Securities

Active

ETF

For

outstanding:

Year

ended

June

30,

2026

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Net

asset

value,

beginning

period

.91‌

.22‌

.87‌

.20‌

.64‌

Investment

Operations:

Net

investment

income

(loss)

(a)

.98‌

.87‌

.80‌

.72‌

.64‌

Net

realized

and

change

unrealized

gain

(loss)

investments

.13‌

.70‌

.39‌

(

.25‌

)

(

.27‌

)

Total

from

investment

operations

.11‌

.57‌

.19‌

.47‌

(

.63‌

)

Dividends

Shareholders

from:

Net

investment

income

(

.98‌

)

(

.88‌

)

(

.84‌

)

(

.80‌

)

(

.81‌

)

Total

dividends

shareholders

(

.98‌

)

(

.88‌

)

(

.84‌

)

(

.80‌

)

(

.81‌

)

Net

asset

value,

end

period

.04‌

.91‌

.22‌

.87‌

.20‌

Total

return

.03‌

.77‌

.40‌

.68‌

(

.15‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

1,771,145‌

1,227,155‌

904,852‌

575,986‌

344,957‌

Ratio

expenses

average

net

assets

.55‌

Ratio

net

investment

income

(loss)

average

net

assets

.14‌

.66‌

.60‌

.21‌

.24‌

Portfolio

turnover

rate

(b)

.1‌

.3‌

.6‌

.7‌

.2‌

(a)

Calculated

based

average

outstanding

during

the

period.

(b)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

U.S.

Mega-Cap

ETF

For

outstanding:

Year

ended

June

30,

2026

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Net

asset

value,

beginning

period

.53‌

.12‌

.70‌

.61‌

.68‌

Investment

Operations:

Net

investment

income

(loss)

(a)

.54‌

.60‌

.66‌

.59‌

.68‌

Net

realized

and

change

unrealized

gain

(loss)

investments

.59‌

.41‌

.39‌

.13‌

(

.05‌

)

Total

from

investment

operations

.13‌

.01‌

.05‌

.72‌

(

.37‌

)

Dividends

Shareholders

from:

Net

investment

income

(

.55‌

)

(

.60‌

)

(

.63‌

)

(

.63‌

)

(

.70‌

)

Total

dividends

shareholders

(

.55‌

)

(

.60‌

)

(

.63‌

)

(

.63‌

)

(

.70‌

)

Net

asset

value,

end

period

.11‌

.53‌

.12‌

.70‌

.61‌

Total

return

.51‌

.77‌

.59‌

.39‌

(

.18‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

3,567,446‌

3,260,102‌

2,440,700‌

1,463,854‌

1,367,427‌

Ratio

expenses

average

net

assets

(b)

.12‌

Ratio

gross

expenses

average

net

assets

.13‌

.15‌

Ratio

net

investment

income

(loss)

average

net

assets

.80‌

.03‌

.38‌

.53‌

.65‌

Portfolio

turnover

rate

(c)

.9‌

.5‌

.8‌

.1‌

(a)

Calculated

based

average

outstanding

during

the

period.

(b)

Includes

reimbursement

from

Advisor.

(c)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

U.S.

Small-Cap

ETF

For

outstanding:

Year

ended

June

30,

2026

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Net

asset

value,

beginning

period

.23‌

.17‌

.38‌

.04‌

.92‌

Investment

Operations:

Net

investment

income

(loss)

(a)

.39‌

.41‌

.45‌

.56‌

.62‌

Net

realized

and

change

unrealized

gain

(loss)

investments

.83‌

.05‌

.75‌

.53‌

(

.90‌

)

Total

from

investment

operations

.22‌

.46‌

.20‌

.09‌

(

.28‌

)

Dividends

Shareholders

from:

Net

investment

income

(

.38‌

)

(

.40‌

)

(

.41‌

)

(

.75‌

)

(

.60‌

)

Total

dividends

shareholders

(

.38‌

)

(

.40‌

)

(

.41‌

)

(

.75‌

)

(

.60‌

)

Net

asset

value,

end

period

.07‌

.23‌

.17‌

.38‌

.04‌

Total

return

.54‌

.41‌

.74‌

.59‌

(

.88‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

2,354,504‌

752,650‌

582,828‌

201,291‌

616,265‌

Ratio

expenses

average

net

assets

.38‌

Ratio

net

investment

income

(loss)

average

net

assets

.65‌

.81‌

.99‌

.39‌

.37‌

Portfolio

turnover

rate

(b)

.6‌

.3‌

.0‌

.1‌

.6‌

(a)

Calculated

based

average

outstanding

during

the

period.

(b)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

See

accompanying

notes.

Financial

Highlights

Principal

Exchange-Traded

Funds

Principal

Value

ETF

For

outstanding:

Year

ended

June

30,

2026

Year

ended

June

30,

2025

Year

ended

June

30,

2024

Year

ended

June

30,

2023

Year

ended

June

30,

2022

Net

asset

value,

beginning

period

.51‌

.96‌

.49‌

.90‌

.38‌

Investment

Operations:

Net

investment

income

(loss)

(a)

.04‌

.15‌

.12‌

.93‌

.63‌

Net

realized

and

change

unrealized

gain

(loss)

investments

.50‌

.39‌

.51‌

.04‌

(

.89‌

)

Total

from

investment

operations

.54‌

.63‌

.97‌

(

.26‌

)

Dividends

Shareholders

from:

Net

investment

income

(

.15‌

)

(

.99‌

)

(

.16‌

)

(

.38‌

)

(

.22‌

)

Total

dividends

shareholders

(

.15‌

)

(

.99‌

)

(

.16‌

)

(

.38‌

)

(

.22‌

)

Net

asset

value,

end

period

.90‌

.51‌

.96‌

.49‌

.90‌

Total

return

.32‌

.95‌

.92‌

.45‌

(

.58‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

(

.00‌

)

Ratios/Supplemental

Data:

Net

assets,

end

of period

(000s)

221,515‌

224,275‌

68,486‌

37,340‌

215,875‌

Ratio

expenses

average

net

assets

.15‌

Ratio

net

investment

income

(loss)

average

net

assets

.99‌

.38‌

.61‌

.31‌

.83‌

Portfolio

turnover

rate

(b)

.4‌

.0‌

.8‌

298

.2‌

(a)

Calculated

based

average

outstanding

during

the

period.

(b)

Portfolio

turnover

rate

excludes

the

value

portfolio

securities

received

delivered

result

in-kind

creations

redemptions

the

Fund’s

Shares,

any.

Report

Independent

Registered

Public

Accounting

Firm

the

Shareholders

and

the

Board

Trustees

Principal

Exchange-Traded

Funds

Opinion

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities

Principal

Exchange-Traded

Funds

(the

“Trust”)

(comprising

Principal

Active

High

Yield

ETF,

Principal

Capital

Appreciation

Select

ETF,

Principal

CLO

ETF,

Principal

Focused

Blue

Chip

ETF,

Principal

Inflation

Protection

ETF,

Principal

International

Equity

ETF,

Principal

Investment

Grade

Corporate

ETF

(formerly

Principal

Investment

Grade

Corporate

Active

ETF),

Principal

Long

Duration

ETF,

Principal

Quality

ETF,

Principal

Real

Estate

Active

Opportunities

ETF,

Principal

Securitized

Debt

ETF,

Principal

Spectrum

Preferred

and

Income

ETF

(formerly

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF),

Principal

Spectrum

Preferred

Securities

Active

ETF,

Principal

U.S.

Mega-Cap

ETF,

Principal

U.S.

Small-Cap

ETF,

and

Principal

Value

ETF,

(collectively

referred

the

“Funds”)),

including

the

schedules

investments,

June

30,

2026,

and

the

statements

operations

and

changes

net

assets,

and

the

financial

highlights

for

each

the

periods

indicated

the

table

below

and

the

notes

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

each

the

Funds

comprising

the

Principal

Exchange-Traded

Funds

June

30,

2026,

the

results

their

operations,

changes

net

assets

and

financial

highlights

for

each

the

periods

indicated

the

table

below,

conformity

with

U.S.

generally

accepted

accounting

principles.

Funds

comprising

the

Trust

Statement

operations

Statements

changes

net

assets

Financial

highlights

Principal

Active

High

Yield

ETF

Principal

Investment

Grade

Corporate

ETF

(formerly

Principal

Investment

Grade

Corporate

Active

ETF)

Principal

Quality

ETF

Principal

Spectrum

Preferred

and

Income

ETF

(formerly

Principal

Spectrum

Tax-Advantaged

Dividend

Active

ETF)

Principal

Spectrum

Preferred

Securities

Active

ETF

Principal

U.S.

Mega-Cap

ETF

Principal

U.S.

Small-Cap

ETF

Principal

Value

ETF

For

the

year

ended

June

30,

2026

For

each

the

two

years

the

period

ended

June

30,

2026

For

each

the

five

years

the

period

ended

June

30,

2026

Principal

Real

Estate

Active

Opportunities

ETF

For

the

year

ended

June

30,

2026

For

each

the

two

years

the

period

ended

June

30,

2026

For

each

the

four

years

the

period

ended

June

30,

2026

and

the

period

from

May

18,

2022,

date

operations

commenced,

through

June

30,

2022

Principal

Focused

Blue

Chip

ETF

For

the

year

ended

June

30,

2026

For

each

the

two

years

the

period

ended

June

30,

2026

For

each

the

two

years

the

period

ended

June

30,

2026

and

the

period

from

July

12,

2023,

date

operations

commenced,

through

June

30,

2024

Principal

Capital

Appreciation

Select

ETF

For

the

year

ended

June

30,

2026

For

the

year

ended

June

30,

2026

and

the

period

from

March

25,

2025,

date

operations

commenced,

through

June

30,

2025

Principal

International

Equity

ETF

For

the

year

ended

June

30,

2026

For

the

year

ended

June

30,

2026

and

the

period

from

November

2024,

date

operations

commenced,

through

June

30,

2025

Principal

CLO

ETF

Principal

Inflation

Protection

ETF

Principal

Long

Duration

ETF

Principal

Securitized

Debt

ETF

For

the

period

from

May

20,

2026,

date

operations

commenced,

through

June

30,

2026

Basis

for

Opinion

These

financial

statements

are

the

responsibility

the

Trust’s

management.

Our

responsibility

express

opinion

each

the

Funds’

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

independent

with

respect

the

Trust

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

The

Trust

not

required

have,

nor

were

engaged

perform,

audit

the

Trust’s

internal

control

over

financial

reporting.

part

our

audits,

are

required

obtain

understanding

internal

control

over

financial

reporting

but

not

for

the

purpose

expressing

opinion

the

effectiveness

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

express

such

opinion.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

June

30,

2026,

correspondence

with

the

custodian,

brokers,

and

agent

banks;

when

replies

were

not

received

from

brokers

and

agent

banks,

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

believe

that

our

audits

provide

reasonable

basis

for

our

opinion.

have

served

the

auditor

one

Principal

investment

companies

since

1969.

Minneapolis,

August

21,

2026

100

Federal

Income

Tax

Information

Principal

Exchange-Traded

Funds

June

30,

2026

(unaudited)

Long-Term

Capital

Gain

Dividends.

Certain

funds

distributed

long-term

capital

gain

dividends

during

the

fiscal

year

ended

June

30,

2026.

Details

designated

long-term

capital

gain

dividends

for

federal

income

tax

purposes

are

shown

the

Notes

Financial

Statements.

the

extent

necessary

distribute

such

capital

gains,

certain

funds

may

also

utilize,

and

hereby

designate,

earnings

and

profits

distributed

shareholders

redemptions

part

the

Dividends

Paid

Deduction.

Foreign

Taxes

Paid.

The

following

funds

elect

under

the

Internal

Revenue

Code

Section

(“IRC”)

853

pass

through

foreign

taxes

paid

their

shareholders.

The

funds

designated

the

following

for

federal

income

tax

purposes

for

distributions

made

during

the

fiscal

year

ended

June

30,

2026:

Dividends

Received

Deduction

(“DRD”).

For

corporate

shareholders,

the

funds

designate

the

following

percentage

taxable

ordinary

income

distributions*

the

maximum

amount

allowable,

DRD

eligible

for

the

calendar

year

ended

December

31,

2025:

For

purposes

calculating

DRD,

“ordinary

income

distributions”

includes

ordinary

dividend

income

distribution,

short-term

capital

gains

distribution,

and

the

foreign

tax

paid.

Qualified

Dividend

Income

(“QDI”).

Certain

dividends

paid

the

funds

may

subject

maximum

tax

rate

20%.

The

funds

designate

the

following

percentage

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

any),

the

maximum

amount

allowable,

QDI

eligible

for

the

calendar

year

ended

December

31,

2025:

Foreign

Taxes

Per

Foreign

Source

Income

Principal

International

Equity

ETF

0.0

549‌

6.87‌

DRD

Principal

Active

High

Yield

ETF

.50‌

Principal

Capital

Appreciation

Select

ETF

100

.00‌

Principal

CLO

ETF

N/A‌

Principal

Focused

Blue

Chip

ETF

.00‌

Principal

Inflation

Protection

ETF

N/A‌

Principal

International

Equity

ETF

.00‌

Principal

Investment

Grade

Corporate

ETF

.00‌

Principal

Long

Duration

ETF

N/A‌

Principal

Quality

ETF

100

.00‌

Principal

Real

Estate

Active

Opportunities

ETF

.48‌

Principal

Securitized

Debt

ETF

N/A‌

Principal

Spectrum

Preferred

and

Income

ETF

.62‌

Principal

Spectrum

Preferred

Securities

Active

ETF

.60‌

Principal

U.S.

Mega-Cap

ETF

100

.00‌

Principal

U.S.

Small-Cap

ETF

.65‌

Principal

Value

ETF

.07‌

QDI

Principal

Active

High

Yield

ETF

.88‌

Principal

Capital

Appreciation

Select

ETF

100

.00‌

Principal

CLO

ETF

N/A‌

Principal

Focused

Blue

Chip

ETF

.00‌

Principal

Inflation

Protection

ETF

N/A‌

Principal

International

Equity

ETF

.43‌

Principal

Investment

Grade

Corporate

ETF

.00‌

Principal

Long

Duration

ETF

N/A‌

Principal

Quality

ETF

100

.00‌

Principal

Real

Estate

Active

Opportunities

ETF

.51‌

Principal

Securitized

Debt

ETF

N/A‌

Principal

Spectrum

Preferred

and

Income

ETF

100

.00‌

Principal

Spectrum

Preferred

Securities

Active

ETF

.12‌

Principal

U.S.

Mega-Cap

ETF

100

.00‌

Principal

U.S.

Small-Cap

ETF

100

.00‌

Principal

Value

ETF

.73‌

101

Federal

Income

Tax

Information

Principal

Exchange-Traded

Funds

June

30,

2026

(unaudited)

Section

163(j)

Interest

Dividends.

The

funds

below

intend

pass

through

Section

163(j)

Interest

Dividends

defined

Proposed

Treasury

Regulation

§1.163(j)-1(b).

The

funds

designate

the

following

percentage

taxable

ordinary

income

distributions

(dividend

income

and

short-term

gains,

any),

the

maximum

amount

allowable,

163(j)

eligible

for

the

calendar

year

ended

December

31,

2025:

early

2026,

applicable,

shareholders

record

received

the

above

information

DRD,

QDI,

and

Section

163(j)

for

the

distribution

paid

them

the

funds

during

the

calendar

year

2025

via

Form

1099.

The

funds

will

notify

shareholders

early

2027

amounts

paid

them

the

funds,

any,

during

the

calendar

year

2026.

This

information

given

meet

certain

requirements

the

Internal

Revenue

Code

and

should

not

used

shareholders

for

preparing

their

income

tax

returns.

For

tax

return

preparation

purposes,

please

refer

the

information

supplied

with

the

1099-DIV

form

you

will

receive

from

the

fund’s

transfer

agent.

The

latest

tax

reporting

supplement

available

Principal’s

Tax

Center

website.

Website:

https:

//w

.principalfunds.com/individual-investor/

customer-support/tax-center

Please

consult

your

tax

advisor

you

have

any

questions.

163(j)

Interest

Dividends

Principal

Active

High

Yield

ETF

.44‌

Principal

Capital

Appreciation

Select

ETF

.00‌

Principal

CLO

ETF

N/A‌

Principal

Focused

Blue

Chip

ETF

.00‌

Principal

Inflation

Protection

ETF

N/A‌

Principal

International

Equity

ETF

.00‌

Principal

Investment

Grade

Corporate

ETF

.46‌

Principal

Long

Duration

ETF

N/A‌

Principal

Quality

ETF

.00‌

Principal

Real

Estate

Active

Opportunities

ETF

.00‌

Principal

Securitized

Debt

ETF

N/A‌

Principal

Spectrum

Preferred

and

Income

ETF

.11‌

Principal

Spectrum

Preferred

Securities

Active

ETF

.22‌

Principal

U.S.

Mega-Cap

ETF

.00‌

Principal

U.S.

Small-Cap

ETF

.00‌

Principal

Value

ETF

.00‌

102

Changes

and

Disagreements

with

Accountants

(N-CSR

Item

Principal

Exchange-Traded

Funds

June

30,

2026

During

the

two

most

recent

fiscal

years

any

subsequent

interim

period,

there

have

been

changes

disagreements

with

Accountants.

103

Proxy

Disclosures

(N-CSR

Item

Principal

Exchange-Traded

Funds

June

30,

2026

During

the

period

covered

this

report,

the

following

matters

were

submitted

through

the

solicitation

proxies

otherwise.

Special

Meeting

Shareholders

–

June

25,

2026

Approval

change

the

sub-classification

under

the

Investment

Company

Act

1940,

amended,

from

“diversified”

“non-diversified”

and

change

the

fundamental

investment

restriction

Principal

Capital

Appreciation

Select

ETF.

Voted

For

2,209,994

Against

246,818

Abstained/Withheld

301,369

104

Remuneration

Paid

Directors,

Officers

and

Others

(N-CSR

Item

10)

Principal

Exchange-Traded

Funds

June

30,

2026

The

Principal

Exchange-Traded

Funds

(the

“Funds”)

not

pay

any

remuneration

its

officers

any

Board

Members

who

serve

Interested

Board

Members.

The

Board

annually

considers

proposal

reimburse

the

Manager

for

certain

expenses,

including

portion

the

compensation

the

Chief

Compliance

Officer

(“CCO”).

the

proposal

adopted,

these

amounts

are

allocated

across

all

Funds

and

other

PGI

sponsored

registered

investment

companies

for

which

the

CCO

serves

the

Chief

Compliance

Officer.

Trustee

expenses

and

Chief

Compliance

Officer’s

compensation

are

included

the

financial

statements

part

the

unitary

fee

structure.

105

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contracts

(N-CSR

Item

11)

Principal

Exchange-Traded

Funds

June

30,

2026

During

the

period

covered

this

report,

the

Board

Trustees

Principal

Exchange-Traded

Funds

(“PETF”)

(1)

approved

amended

Management

Agreement

between

Principal

Global

Investors,

LLC

(“PGI”

the

“Manager”)

and

PETF

with

respect

the

addition

the

Principal

Securitized

Debt

ETF,

Principal

Long

Duration

ETF,

Principal

CLO

ETF

and

Principal

Inflation

Protection

ETF;

and

(2)

approved

amended

sub-advisory

agreement

between

PGI

and

Spectrum

Asset

Management,

Inc.

(“Spectrum”)

with

regard

the

Principal

Spectrum

Preferred

Securities

Active

ETF.

Approval

Amended

Management

Agreement

for

Principal

Securitized

Debt

ETF,

Principal

Long

Duration

ETF,

Principal

CLO

ETF

and

Principal

Inflation

Protection

ETF

December 9,

2025,

the

Board

Trustees

Principal

Exchange-Traded

Funds

(the

“Board”),

including

majority

the

Trustees

who

have

direct

indirect

interest

the

investment

advisory

agreements

and

who

are

not

“interested

persons”

PETF,

defined

the

Investment

Company

Act

1940

(the

“Independent

Board

Members”),

met

consider

for

the

newly

established

Principal

Securitized

Debt

ETF,

Principal

Long

Duration

ETF,

Principal

CLO

ETF

and

Principal

Inflation

Protection

ETF

(each

“Fund”

and

together

the

“Funds”)

the

approval

management

agreement

(the

“Management

Agreement”)

between

PETF,

behalf

each

Fund,

and

PGI.

part

their

review

process,

the

Independent

Board

Members

were

represented

independent

legal

counsel

and

the

Board

reviewed

materials

received

from

PGI.

Based

upon

their

review,

the

Independent

Board

Members

concluded

that

was

the

best

interests

each

Fund

approve

the

Management

Agreement

and,

accordingly,

recommended

the

Board

Trustees

the

approval

the

Management

Agreement.

reaching

this

conclusion,

single

factor

was

determinative

the

Independent

Board

Members’

analysis,

but

rather

the

Independent

Board

Members

considered

variety

factors.

The

Board

considered,

among

other

factors,

that

PGI

serves

the

investment

advisor

the

existing

series

PETF;

that

PGI

has

had

long-term

relationship

with

PETF,

Principal

Funds,

Inc.

and

Principal

Variable

Contracts

Funds,

Inc.

(collectively,

the

“Principal

Funds”),

all

which

are

also

overseen

the

Board;

and

that

PGI

has

demonstrated

long-term

commitment

support

the

Principal

Funds.

The

Board

concluded

that

long-term

relationship

with

capable

and

conscientious

advisor

the

best

interests

each

Fund.

The

Board

considered

various

factors,

including

the

following,

and

made

certain

findings

and

conclusions

with

regard

thereto,

approving

the

Management

Agreement.

Nature,

Quality

and

Extent

Services.

The

Board

considered

the

nature,

quality

and

extent

the

services

provided

under

the

Management

Agreement,

including

administrative

services.

The

Board

noted

that,

connection

with

the

2025

annual

renewal

the

management

agreements

for

the

other

Principal

Funds,

the

Board

had:

(1) reviewed

the

services

provided

PGI

the

other

Principal

Funds

under

their

respective

management

agreements;

(2) considered

the

experience

and

skills

senior

management

leading

fund

operations,

the

experience

and

skills

the

personnel

performing

the

functions

under

the

management

agreements

and

the

resources

made

available

such

personnel,

the

ability

PGI

attract

and

retain

high-quality

personnel,

and

the

organizational

depth

and

stability

PGI

and

concluded

that

appropriate

resources

were

provided

under

the

management

agreements

for

the

other

Principal

Funds;

and

(3) considered

the

compliance

program

established

PGI

for

the

Principal

Funds

and

their

respective

series,

the

quality

that

program

and

the

level

compliance

attained

the

Principal

Funds.

Based

upon

all

relevant

factors,

the

Board

concluded

that

the

nature,

quality

and

extent

the

services

provided

PGI

each

Fund

under

the

Management

Agreement

are

expected

satisfactory.

Investment

Performance.

The

Board

considered

the

experience

and

skills

the

proposed

portfolio

managers

for

each

Fund

and

determined

that

the

portfolio

managers

are

qualified.

Because

each

Fund

newly

created

series,

the

Board

did

not

review

the

performance

the

Funds

track

record

was

available.

Fees,

Economies

Scale

and

Profitability

The

Board

considered

the

proposed

management

fee

rate

for

each

Fund.

The

Board

noted

that

the

Manager

proposed

unitary

management

fee

for

each

Fund.

The

Board

also

received

information

from

the

Manager,

based

upon

data

supplied

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

independent

provider

investment

company

data,

comparing

the

proposed

unitary

management

fee

rate

for

each

Fund

the

fee

rates

and

total

expense

ratios

funds

peer

group

selected

Broadridge.

The

Board

also

considered

whether

there

are

economies

scale

with

respect

the

services

provided

each

Fund

under

the

Management

Agreement.

The

Board

concluded

that,

although

the

proposed

management

fee

schedule

for

each

Fund

does

not

include

breakpoints,

the

proposed

management

fee

rate

for

each

Fund

appropriate

currently

anticipated

asset

levels.

addition,

evaluating

the

proposed

management

fee

rate

for

each

Fund,

the

Independent

Trustees

considered

PGI’s

statement

regarding

106

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contracts

(N-CSR

Item

11)

Principal

Exchange-Traded

Funds

June

30,

2026

the

forecasted

time

and

asset

thresholds

for

the

Funds

achieve

scale

and

break

even

based

PGI’s

sales

projections.

the

basis

the

information

provided,

the

Board

concluded

that

the

proposed

management

fee

rate

for

each

Fund

was

reasonable.

Other

Benefits.

The

Board

also

considered

the

character

and

amount

other

incidental

benefits

received

PGI.

The

Board

noted

PGI’s

statement

that

does

not

intend

use

soft

dollars

and

that

there

would

other

known

fall-out

benefits

PGI

connection

with

its

management

the

Funds.

Overall

Conclusions

Based

upon

all

the

information

considered

and

the

conclusions

reached,

the

Board,

including

majority

the

Independent

Board

Members,

determined

that

the

terms

the

Management

Agreement,

including

the

fee

rate

payable

each

Fund

thereunder,

are

fair

and

reasonable

and

that

approval

the

Management

Agreement

the

best

interests

each

Fund.

Approval

Amended

Sub-Advisory

Agreement

for

Principal

Spectrum

Preferred

Securities

Active

ETF

March

10,

2026,

the

Board,

including

majority

the

Independent

Board

Members,

met

consider

for

PETF

Principal

Spectrum

Preferred

Securities

Active

ETF

(the

“Fund”)

the

approval

amended

sub-advisory

agreement

(the

“Sub-Advisory

Agreement”)

between

PGI

and

Spectrum

Asset

Management,

Inc.

(the

“Sub-Advisor”)

connection

with

proposal

amend

the

sub-advisory

fee

schedule

increase

the

effective

sub-advisory

fee

rate

payable

all

asset

levels.

part

their

review

process,

the

Independent

Board

Members

were

represented

independent

legal

counsel

and

the

Board

reviewed

materials

received

from

PGI

regarding

the

proposed

amendment

the

Sub-Advisory

Agreement

and

noted

that

because

the

sub-advisory

fee

was

paid

PGI,

the

amendment

would

not

change

the

management

fee

rate

paid

the

Fund.

The

Board

considered

PGI’s

representation

that

the

amendment

would

not

reduce

the

quality

quantity

the

services

the

Sub-Advisor

provides

the

Fund

and

that

the

Sub-Advisor’s

obligations

under

the

Sub-Advisory

Agreement

would

remain

the

same

all

material

respects.

The

Board

also

considered

that

PGI

was

not

proposing

any

material

changes

the

terms

the

Sub-Advisory

Agreement

other

than

the

sub-advisory

fee

schedule.

The

Board

considered

that

they

had

last

approved

the

Sub-Advisory

Agreement

during

the

annual

contract

renewal

process

that

concluded

the

Board’s

September

2025

meeting.

They

noted

that

during

the

annual

contract

renewal

process,

they

had

considered

the

nature,

quality

and

extent

the

services

provided

the

Sub-Advisor

under

the

Sub-Advisory

Agreement

and

had

concluded,

based

upon

the

information

provided,

that

the

terms

the

Sub-Advisory

Agreement

were

reasonable

and

that

approval

the

Sub-Advisory

Agreement

was

the

best

interests

the

Fund.

Based

upon

all

the

information

considered,

the

Board,

including

majority

the

Independent

Board

Members,

concluded

that

was

the

best

interests

the

Fund

approve

the

amended

Sub-Advisory

Agreement

and,

accordingly,

approved

the

amended

Sub-Advisory

Agreement.

Principal

Financial

Group

Des

Moines,

Iowa

50392-0001,

www.PrincipalAM.com

ALPS

Distributors,

Inc.

the

distributor

the

Principal

ETFs.

ALPS

Distributors,

Inc.

and

the

Principal

Funds

are

not

affiliated.

Principal

Financial

Group

and

Principal

and

the

logomark

design

are

registered

trademarks

Principal

Financial

Services,

Inc.,

Principal

Financial

Group

company,

the

United

States

and

are

trademarks

and

services

marks

Principal

Financial

Services,

Inc.,

various

countries

around

the

world.

2026

Principal

Financial

Group

Services,

Inc.

ETF4AR-11

6/2026

4610870

ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

There were no changes or disagreements with Accountants. Changes in and disagreements with Accountants would be included as part of the Financial Statements filed under Item 7 of this form.

Proxy Disclosures are included as part of the Financial Statements filed under Item 7 of this form.

ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

Remuneration paid to Directors, Officers, and Others of Open-End Management Investment Companies is included as part of the Financial Statements filed under Item 7 of this form.

ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

Statement Regarding Basis for Approval of Investment Advisory Contracts is included as part of the Financial Statements filed under Item 7 of this form.

ITEM 12 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

ITEM 14 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

(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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

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.

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.

(Registrant)	Principal Exchange-Traded Funds

By	/s/ Kamal Bhatia
	Kamal Bhatia, Director, President, and Chief Executive Officer (Principal Executive Officer)

Date	8/12/2026