Principal Exchange-Traded Funds NCSR/A Certified annual shareholder report (management investment company) (amended)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-23029

Principal Exchange-Traded Funds
(Exact name of registrant as specified in charter)


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

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


Registrant’s telephone number, including area code:		515-235-1719
Date of fiscal year end:	June 30, 2021
Date of reporting period:	June 30, 2021

EXPLANATORY NOTE

The Registrant is filing this amendment (the “Amendment”) to its Certified Shareholder Report on Form

N-CSR for the period ended June 30, 2021, originally filed with the United States Securities and Exchange Commission on August 26, 2021 (Accession Number 0001572661-21-000113) (the “Report”) to amend Item 1 (Report to Stockholders). The purpose of the amendment to Item 1 is to reflect a 2 for 1 stock split effective after the close of trading on August 30, 2021 for the Principal Active Income ETF (now known as the Principal Active High Yield ETF). The stock split has been reflected in the shares outstanding, NAV per share and other per share information on the accompanying Statements of Assets and Liabilities, Statement of Changes in Net Assets and Financial Highlights.

Other than as described above, this Amendment does not reflect events occurring after the filing of the Report or modify or update the disclosures contained therein.

ITEM 1 – REPORT TO STOCKHOLDERS


Table of Contents
Economic & Financial Market Review	1
Important Fund Information	2
Principal Active Income ETF (unaudited)	3
Principal Healthcare Innovators Index ETF (unaudited)	4
Principal International Multi-Factor ETF (unaudited)	5
Principal Investment Grade Corporate Active ETF (unaudited)	6
Principal Millennials Index ETF (unaudited)	7
Principal Quality ETF (unaudited)	8
Principal Spectrum Preferred Securities Active ETF (unaudited)	9
Principal Spectrum Tax-Advantaged Dividend Active ETF (unaudited)	10
Principal Ultra-Short Active Income ETF (unaudited)	11
Principal U.S. Mega-Cap ETF (unaudited)	12
Principal U.S. Small-Cap Multi-Factor ETF (unaudited)	13
Principal Value ETF (unaudited)	14
Statements of Assets and Liabilities	15
Statements of Operations	20
Statements of Changes in Net Assets	25
Notes to Financial Statements	40
Schedules of Investments	56
Financial Highlights (Includes Performance Information)	174
Report of Independent Registered Public Accounting Firm	189
Shareholder Expense Example	192
Supplemental Information	194

Not FDIC or NCUA insured

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

Economic & Financial Market Review

The major theme for the past twelve months is the global economic recovery from the COVID-19 related shocks. U.S. real GDP grew at an average quarter-over-quarter rate of 14.7% in the last three quarters after a 31.4% drop in 2Q 2020 and the growth rate is expected to remain strong in the coming quarters. Germany and Japan GDP also bottomed in 2Q 2020 and grew at three-quarter-average rates of 2.5% and 10.2% respectively. Except for China, emerging markets economic recovery have been generally slower than developed markets due to slow vaccination progress. Global manufacturing Purchasing Managers’ Index (PMI) improved to above 50 since July 2020 (a number above 50 means manufacturing activity is expanding and number below 50 indicates contraction), and the latest reading as of June 2021 is 57.1. 92% of the countries tracked showed PMIs higher than 50. GDP-weighted developed market PMI is 60.3, much higher than 51.6 of emerging market. The strong global recovery was helped by extraordinarily easy financial conditions. Central banks around the globe maintained low policy rates and ample liquidity throughout this crisis and the following recovery period.

Strong but desynchronized growth have created a demand-supply gap in global goods which pushed inflation higher during the last twelve months. Global inflation increased from 1.5% in June 2020 to 2.8% in May 2021. Considering low vaccination progress in a lot of export-oriented countries, supply bottlenecks could persist a little longer, adding upward pressure to the inflation. Commodity prices were initially fueled by investment growth in China and then boosted by expectations of infrastructure investments in U.S. During this period, copper recovered from 6008 to 9364 USD/MT (metric ton) and Nymex crude oil rose from 39.3 to 73.5 USD/Barrel.

As of June 2021, global earnings have almost recovered to pre-crisis levels. Compared to same time last year, MSCI All Country World Index (ACWI) trailing 12 months earnings per share (TTM EPS) grew by 27%. MSCI World ex U.S. Index experienced bigger losses in earnings (TTM EPS down -52% as of June 2020) but exhibited faster recovery with a 43% increase during the last twelve months. MSCI U.S. trailing 12 months EPS grew by 13% year-over-year (yoy), helped by strong recovery in small-cap and mid-cap companies. Technology stocks earnings were the most resilient, with only marginal decline as of June 2020 (NASDAQ TTM EPS -3% yoy) and decent growth during recovery phase (25% yoy as of June 2021). MSCI Emerging Markets (EM) trailing 12 months EPS increased by 48% compared to same time last year, boosted by strong earnings growth in China.

Global equities outperformed global fixed income over the last twelve months. In U.S. dollar (USD) terms, MSCI ACWI recorded 39% gains year-over-year while Bloomberg Barclays Global Aggregate Corporate index delivered 6% returns. Within equities, emerging markets slightly outperformed developed market by 2% and U.S. outperformed developed market ex U.S. by 8%. Within U.S., small and mid-cap outperformed large-cap and value outperformed growth. Bloomberg Barclays US treasury delivered 3% loss as U.S. 10-year treasury yield rising from 66 basis points (bps) to 147bps. U.S. Dollar Index (DXY) declined by 5% during this period, which helped the 1% rally of global government bonds. Commodity prices represented by S&P Goldman Sachs Commodity Index (GSCI) had a 57% increase over the last twelve months.

* Unless otherwise stated, data sources are Bloomberg, FactSet, and Principal Global Asset Allocation. Data as of June 30, 2021.

Important Fund Information

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

The line graph illustrates the growth of a hypothetical $10,000 investment.

Investment results shown represent historical performance and do not guarantee future results. Your investment’s returns and principal values will fluctuate with changes in interest rates and other market conditions so the value, when redeemed, may be worth more or less than original costs. Current performance may be lower or higher than the performance shown. You may get updated performance information by calling 1-800-787-1621 or online at

www.	PrincipalETFs.com.
*	Performance is based on net asset value (NAV) and assumes reinvestment of all dividends and capital gains. Performance does not

reflect the impact of federal, state, or municipal taxes. If it did, performance would be lower. Since inception returns less than one year are not annualized.

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

Principal Active Income ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* July 8, 2015 - June 30, 2021


Average Annual Total Returns* as of June 30, 2021
	1-Year		5-Year		Since Inception		Inception Date
Principal Active Income ETF	20.25	%	6.57	%	5.83	%	7/8/2015

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

The Principal Active Income ETF seeks to provide current income. The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, its assets in investment grade and non-investment grade (commonly known as “junk”) fixed income securities and in equity securities. The Fund’s advisor actively and tactically allocates the fund’s assets among fixed income securities and equity securities in an effort to take advantage of changing economic conditions that the advisor believes favors one asset class over another.

The portfolio's strategic and tactical allocation to North American high dividend equities was the largest positive contributor to performance for the period, as it outperformed the high yield benchmark. In addition, within equities, the portfolio's tactical underweight to REITs aided performance for the period. The double-digit positive returns for the REITs in the portfolio underperformed the high yield bond benchmark's larger double-digit positive returns. Lastly, security selection in high yield corporate bonds positively contributed to performance for the period. In particular, security selection in the electric and REITs sectors contributed, but was partially offset by security selection in the basic industry and transportation sectors.

The portfolio's strategic allocation to commercial mortgage-backed securities (CMBS) was the largest detractor to performance for the period. Despite CMBS' underperformance versus high yield bonds, the asset class can provide positive diversification benefits. In addition, the portfolio's tactical underweight to equities versus fixed income for most of the period detracted. Equities and fixed income both posted positive returns, but equities outperformed fixed income for the period. Lastly, the portfolio's strategic allocation to Preferred Stock hindered performance for the period. The portfolio's Preferred Stocks posted positive double-digit returns but underperformed the higher double-digit return by the high yield bond benchmark.

**The benchmark performance for Principal Active Income ETF is calculated from 6/30/2015 to 6/30/2021.

Principal Healthcare Innovators Index ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* August 19, 2016 - June 30, 2021


Average Annual Total Returns* as of June 30, 2021
	1-Year		Since Inception		Inception Date
Principal Healthcare Innovators Index ETF	37.51	%	20.16	%	08/19/2016

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

The Principal Healthcare Innovators Index ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq US Health Care Innovators Index (the “Index”). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the Index at the time of purchase. The Index uses a quantitative model designed to identify equity securities (emphasizing growth stock) in the Nasdaq US Benchmark Index (the "Parent Index") that are small and medium capitalization U.S. healthcare companies.

The Principal Healthcare Innovators Index ETF performed in line with the Nasdaq US Health Care Innovators Index. The chemicals industry outperformed within the Index. Pacific Biosciences of California, Intellia Therapeutics, and Surgery Partners outperformed within the Index while our positioning in Horizon Therapeutics, Zimmer Biomet Holdings, and Elanco Animal Health contributed to performance.

The healthcare technology industry underperformed during the period. Tricida, Assembly Biosciences, and Adverum Biotechnologies underperformed within the Index while our positioning in Exact Sciences, Apellis Pharmaceuticals, and Pacific Biosciences of California detracted from performance.

**The benchmark performance for the Principal Healthcare Innovators Index ETF is calculated from 8/31/2016 to 6/30/2021.

Principal International Multi-Factor ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* July 23, 2019 - June 30, 2021


Average Annual Total Returns* as of June 30, 2021
	1-Year		Since Inception		Inception Date
Principal International Multi-Factor	35.54	%	15.07	%	7/23/2019
ETF

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

The Principal International Multi-Factor ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq Developed Select Leaders Core Index (the "Index"). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the Index at the time of purchase. The Index uses a quantitative model designed to identify equity securities of companies in the Nasdaq Developed Market Ex-US Ex-Korea Large Mid Cap Index (the "Parent Index") that exhibit potential for high degrees of value, quality growth and strong momentum.

The Principal International Multi-Factor ETF performed in line with the Nasdaq Developed Select Leaders Core Index. Eleven sectors within the Index posted positive returns, led by consumer discretionary and industrials. AP Moller, Pandora, and Ashtead Group outperformed within the Index while our positioning in Roche Holding, Investor, and Novartis contributed to performance.

The healthcare and utilities sectors recorded the worst returns during the period. AGL Energy, Grenke, and Micro Focus International underperformed within the Index while our positioning in Mizuho Financial Group, Fast Retailing, and International Consolidated Airlines Group detracted from performance.

**The benchmark performance for Principal International Multi-Factor ETF is calculated from 7/31/2019 to 6/30/2021.

Principal Investment Grade Corporate Active ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* April 18, 2018 - June 30, 2021


Average Annual Total Returns* as of June 30, 2021
	1-Year		Since Inception		Inception Date
Principal Investment Grade	4.90	%	7.27	%	4/18/2018
Corporate Active ETF

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

The Principal Investment Grade Corporate Active ETF seeks to provide current income and, as a secondary objective, capital appreciation. The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in investment grade corporate bonds and other fixed income securities at the time of purchase. “Investment grade” securities are rated BBB- or higher by S&P Global Ratings (“S&P Global”) or Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”) or, if unrated, of comparable quality in the opinion of those selecting such investments.

Contributors included sector allocations to banking, metals and mining, REITs and wirelines. Detractors included sector allocations to consumer non-cyclicals, treasurys and utilities. An underweight position to midstream also detracted.

**The benchmark performance for the Principal Investment Grade Corporate Active ETF is calculated from 4/30/2018 to 6/30/2021.

Principal Millennials Index ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* August 19, 2016 - June 30, 2021


Average Annual Total Returns* as of June 30, 2021
	1-Year		Since Inception		Inception Date
Principal Millennials Index ETF	56.45	%	23.21	%	8/19/2016

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

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

The Principal Millennials Index ETF performed in line the Nasdaq Global Millennial Opportunity Index. All eight sectors within the Index posted positive returns, led by financials and consumer discretionary. Signet Jewelers, Roku, and Li Ning outperformed within the Index while our positioning in Apple, NVIDIA, and Spotify Technology contributed to performance.

The materials and consumer staples sectors recorded the worst returns during the period. IQIYI, Tal Education Group, and JOYY underperformed in the Index while our positioning in Alibaba, AfreecaTV, and Funko detracted from performance.

**The benchmark performance for the Principal Millennials Index ETF is calculated from 8/31/2016 to 6/30/2021.

Principal Quality ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* March 21, 2016 - June 30, 2021


Average Annual Total Returns* as of June 30, 2021
	1-Year		5-Year		Since Inception		Inception Date
Principal Quality ETF	34.83	%	16.85	%	16.83	%	3/21/2016

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

The Principal Quality ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq US Price Setters Index (the "Index"). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the Index at the time of purchase. The Index uses a quantitative model designed to identify equity securities of mid-to large-capitalization companies in the Nasdaq US Large Mid Cap Index (the “Parent Index”) that exhibit higher quality, growth potential, and pricing power. "Pricing power" refers to the extent to which a company can raise the prices of its products without reducing the demand for them.

The Principal Quality ETF performed in line with the Nasdaq US Price Setters Index. All ten sectors in the Index posted positive returns, led by communication services and consumer discretionary. Ubiquiti, Align Technology, and Waters Corporation outperformed within the Index while our positioning in eBay, Scotts Miracle-Gro Company, and Booz Allen Hamilton Holding Corporation contributed to performance.

The utilities and consumer staples recorded the worst returns during the period. Citrix Systems, Scotts Miracle-Gro Company, and Clorox underperformed in the index while our positioning in Sherwin-Williams, Waters Corporation, and Church & Dwight detracted from performance.

**The benchmark performance for the Principal Quality ETF is calculated from 3/31/2016 to 6/30/2021.

Principal Spectrum Preferred Securities Active ETF

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

Value of a $10,000 Investment* July 10, 2017 - June 30, 2021


Average Annual Total Returns* as of June 30, 2021
	1-Year		Since Inception		Inception Date
Principal Spectrum Preferred Securities Active	11.58	%	5.66	%	7/10/2017
ETF

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

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

The top returning sectors were MLPs (19.0%), Additional Tier1 - Non-Viability Type (13.4%), and Utility Hybrids (10.3%). Over the period US Treasury rates increased (10 year yield increased by 81 bps) but fixed income tightened to more than offset long-dated risk free yield increase. The ICE BofA US Investment Grade Institutional Capital Securities (CIPS) index tightened by 104 bps.

The detracting or bottom return sectors were Cash (-2.9%) and US Treasuries (0.6%).

**The benchmark performance for Principal Spectrum Preferred Securities Active ETF is calculated from 6/30/2017 to 6/30/2021.

Principal Spectrum Tax-Advantaged Dividend Active ETF

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

Value of a $10,000 Investment* June 16, 2020 - June 30, 2021


Average Annual Total Returns* as of June 30, 2021
	1-Year		Since Inception		Inception Date
Principal Spectrum Tax-Advantaged Dividend	13.42	%	12.61	%	6/16/2020
Active ETF

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

The Principal Spectrum Tax-Advantaged Dividend Active ETF seeks to provide current income. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying securities at the time of purchase. Such securities include, without limitation, preferred securities and capital securities of U.S. and non-U.S. issuers. The Fund invests significantly in securities that, at the time of issuance, are eligible to pay dividends that qualify for favorable U.S. federal income tax treatment, such as dividends treated as “qualified dividend income” (“QDI”) or qualified dividends from real estate investment trusts (“REITS”). However, the Fund also invests in securities that are not eligible for such treatment.

The top returning sectors were $1,000 par NYSE traded Preferred Stock (21.9%), $25 par Preferred Stock (19.0%), and Additional Tier1 - Non-Viability Type (17.2%). Over the period US Treasury rates increased (10 year yield increased by 81 bps) but fixed income tightened to more than offset long-dated risk free yield increase. The ICE BofA Merrill Lynch 7% Constrained DRD Eligible Preferred Securities Index tightened by 184 bps.

The detracting or bottom return sector was Cash (-0.6%) and the next weakest sector was $1,000 par Preferred Stock (11.8%).

**The benchmark performance for Principal Spectrum Tax-Advantaged Dividend Active ETF is calculated from 6/30/2020 to 6/30/2021.

Principal Ultra-Short Active Income ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* April 24, 2019 - June 30, 2021


Average Annual Total Returns* as of June 30, 2021
	1-Year		Since Inception		Inception Date
Principal Ultra-Short Active Income ETF	0.57	%	1.70	%	4/24/2019

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

The Principal Ultra-Short Active Income ETF seeks to provide current income. The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in investment-grade bonds and other debt securities. The Fund invests in fixed- and floating-rate securities. Under normal circumstances, the Fund maintains an average effective maturity of three years or less and an average portfolio duration of one year or less.

Contributors included sector allocations to banking, consumer non-cyclical, student loan asset backed securities (ABS), communications and electric utilities. Detractors included an underweight to treasurys as well sector allocations to finance companies, technology, basic industry and consumer cyclical.

**The benchmark performance for Principal Ultra-Short Active Income ETF is calculated from 4/30/2019 to 6/30/2021.

Principal U.S. Mega-Cap ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* October 11, 2017 - June 30, 2021

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

The Principal U.S. Mega-Cap ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq US Mega Cap Select Leaders Index (the “Index”). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities that compose the Index at the time of purchase. The Index uses a quantitative model designed to identify equity securities of companies in the Nasdaq US 500 Large Cap Index (the “Parent Index”) that have the largest market capitalizations, with higher weights given to less volatile securities.

The Principal U.S. Mega-Cap ETF performed in line with the Nasdaq US Mega Cap Select Leaders Index. Seven of the eight sectors within the Index posted positive returns, led by financials and consumer discretionary. NVIDIA, Bank of America, and Tesla outperformed within the Index while our positioning in Apple, Danaher, and PayPal contributed to performance.

The energy and consumer staples sectors posted the worst returns during the period. Organon, Chevron, and Exxon Mobil underperformed in the Index while our positioning in Pfizer, Merck, and Walmart detracted from performance.

**The benchmark performance for Principal U.S. Mega-Cap ETF is calculated from 9/30/2017 to 6/30/2021.

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

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* September 21, 2016 - June 30, 2021


Average Annual Total Returns* as of June 30, 2021
	1-Year		Since Inception		Inception Date
Principal U.S. Small-Cap Multi-Factor ETF	74.05	%	15.49	%	9/21/2016

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

The Principal U.S. Small-Cap Multi-Factor ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq US Small Cap Select Leaders Index (the "Index"). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the Index at the time of purchase. The Index uses a quantitative model designed to identify equity securities (including growth and value stock) of small-capitalization companies in the Nasdaq US Small Cap Index (the “Parent Index”) that exhibit potential for high degrees of value, quality growth, and strong momentum, while adjusting for liquidity and volatility.

The Principal U.S. Small-Cap Multi-Factor ETF performed in line with the Nasdaq US Small Cap Select Leaders Index. All eleven sectors within the Index posted positive returns, led by energy and consumer discretionary. Signet Jewelers, Surgery Partners, and Owens & Minor outperformed within the Index while our positioning in Aytu BioPharma, EyePoint Pharmaceuticals, and ACRES Commercial Realty contributed to performance.

The utilities and consumer staples recorded the worst returns during the period. Denbury Resources, GTT Communications, and Akebia Therapeutics underperformed within the Index while our positioning in Mallinckrodt, SmileDirectClub, and Realogy Holdings detracted from performance.

**The benchmark performance for Principal U.S. Small-Cap Multi-Factor ETF is calculated from 9/30/2016 to 6/30/2021.

Principal Value ETF

Investment Advisor: Principal Global Investors, LLC

Value of a $10,000 Investment* March 21, 2016 - June 30, 2021


Average Annual Total Returns* as of June 30, 2021
	1-Year		5-Year		Since Inception		Inception Date
Principal Value ETF	57.97	%	14.21	%	13.11	%	3/21/2016

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

The Principal Value ETF seeks to provide investment results that closely correspond, before expenses, to the performance of the Nasdaq US Shareholder Yield Index (the "Index). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that compose the Index at the time of purchase. The Index uses a quantitative model designed to identify equity securities (emphasizing value stock) of mid- to large-capitalization companies in the Nasdaq US Large Mid Cap Index (the “Parent Index”) that exhibit higher degrees of shareholder yield, in an effort to produce a value-based portfolio with a higher quality focus than is customary in traditional value approaches.

The Principal Value ETF performed in line with the Nasdaq US Shareholder Yield Index. All eleven sectors within the Index posted positive returns, led by financials and consumer discretionary. Kohl’s, Western Alliance, and Alliance Data Systems outperformed within the Index while our positioning in ADT, Broadcom, and State Street contributed to performance.

The utilities and healthcare sectors recorded the worst returns during the period. ViacomCBS, Thor Industries, and NewMarket underperformed in the Index while our positioning in Vornado Realty Trust, Kohl’s, and H&R Block detracted from performance.

**The benchmark performance for the Principal Value ETF is calculated from 3/31/2016 to 6/30/2021.


	Statements of Assets and Liabilities
	Principal Exchange-Traded Funds
	June 30, 2021

									Principal
						Principal			International
			Principal			Healthcare			Adaptive
			Active			Innovators			Multi-Factor
			Income ETF			Index ETF			ETF
Investment in securities — at cost		$	205,632,474		$	155,005,189		$	48,100,349
Investment in affiliated funds — at cost		$	3,145,675		$	6,534,128		$	—
Foreign currency — at cost		$	—		$	—		$	11,690
Assets
Investment in securities — at value		$	230,919,868	^(a)	$	176,241,895	^(a)	$	47,074,755
Investment in affiliated funds — at value			3,145,675			6,534,128			—
Foreign currency — at value			—			—			11,463
Receivables:
Dividends			174,123			5			37,536
Interest			1,439,328			—			—
Securities lending income			2,382			11,753			—
Fund shares sold			—			5,416			568,203
	Total Assets		235,681,376			182,793,197			47,691,957

Liabilities
Accrued management and investment advisory fees			93,089			56,290			5,219
Payables:
Investment securities purchased			—			5,417			568,701
Collateral obligation on securities loaned — at value			3,145,675			6,534,128			—
	Total Liabilities		3,238,764			6,595,835			573,920
Net Assets Applicable to Outstanding Shares		$	232,442,612		$	176,197,362		$	47,118,037

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	221,140,566		$	158,188,062		$	48,077,850
Total distributable earnings (accumulated loss)			11,302,046			18,009,300			(959,813	)
	Total Net Assets	$	232,442,612		$	176,197,362		$	47,118,037

Net Asset Value Per Share:
Net assets		$	232,442,612		$	176,197,362		$	47,118,037
Shares issued and outstanding			11,150,000	^(b)		2,900,001			1,900,001
Net asset value per share		$	20.85	^(b)	$	60.76		$	24.80

^(a)	Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements.
^(b)	Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see 'Subsequent Events' in Notes to Financial Statements.

See accompanying notes.


Statements of Assets and Liabilities
Principal Exchange-Traded Funds
June 30, 2021

					Principal
		Principal			Investment
		International			Grade			Principal
		Multi-Factor			Corporate			Millennials
		ETF ^(a)			Active ETF			Index ETF
Investment in securities — at cost	$	86,010,549		$	470,389,461		$	115,333,378
Investment in affiliated funds — at cost	$	1,088,545		$	2,138,163		$	4,595,808
Foreign currency — at cost	$	51,247		$	—		$	—
Assets
Investment in securities — at value	$	91,646,932	^(b)	$	478,709,840	^(b)	$	126,606,969	^(b)
Investment in affiliated funds — at value		1,088,545			2,138,163			4,595,808
Foreign currency — at value		51,009			—			—
Cash		—			222			—
Deposits with counterparty		—			454,750			—
Receivables:
Dividends		194,754			179			55,519
Interest		—			3,687,505			—
Securities lending income		—			327			1,766
Fund shares sold		6,177,478			31,218			830,807
Investment securities sold		—			7,311,259			—
Total Assets		99,158,718			492,333,463			132,090,869

Liabilities
Accrued management and investment advisory fees		17,272			74,344			43,147
Payables:
Investment securities purchased		6,358,524			8,799,331			1,052,618
Variation margin on financial derivative instruments		—			50,363			—
Collateral obligation on securities loaned — at value		1,088,545			2,138,163			4,595,808
Total Liabilities		7,464,341			11,062,201			5,691,573
Net Assets Applicable to Outstanding Shares	$	91,694,377		$	481,271,262		$	126,399,296

Net Assets Consist of:
Capital shares and additional paid-in-capital	$	84,706,738		$	473,145,472		$	117,973,983
Total distributable earnings (accumulated loss)		6,987,639			8,125,790			8,425,313
Total Net Assets	$	91,694,377		$	481,271,262		$	126,399,296

Net Asset Value Per Share:
Net assets	$	91,694,377		$	481,271,262		$	126,399,296
Sharesissued and outstanding		2,900,001			18,000,001			1,900,001
Net asset value per share	$	31.62		$	26.74		$	66.53

^(a)	Effective September 30, 2020, Principal International Multi-Factor Core Index ETF changed its name to Principal International Multi-Factor ETF.
^(b)	Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements.

See accompanying notes.


	Statements of Assets and Liabilities
	Principal Exchange-Traded Funds
	June 30, 2021


								Principal
					Principal			Spectrum
					Spectrum			Tax-
					Preferred			Advantaged
			Principal		Securities			Dividend
			Quality ETF ^(a)		Active ETF			Active ETF
Investment in securities — at cost		$	56,082,177	$	346,114,134		$	20,887,862
Investment in affiliated funds — at cost		$	—	$	10,355,640		$	—
Assets
Investment in securities — at value		$	58,457,177	$	359,706,036	^(b)	$	22,452,933
Investment in affiliated funds — at value			—		10,355,640			—
Cash			—		11,194			5,625
Receivables:
Dividends			34,322		102			16,157
Interest			—		3,310,062			183,829
Securities lending income			—		1,848			—
Fund shares sold			—		1,032,195			—
Investment securities sold			—		112,652			—
	Total Assets		58,491,499		374,529,729			22,658,544

Liabilities
Accrued management and investment advisory fees			5,872		159,354			11,113
Payables:
Investment securities purchased			—		681,601			—
Collateral obligation on securities loaned — at value			—		10,355,640			—
	Total Liabilities		5,872		11,196,595			11,113
Net Assets Applicable to Outstanding Shares		$	58,485,627	$	363,333,134		$	22,647,431

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	57,506,067	$	353,650,686		$	21,070,152
Total distributable earnings (accumulated loss)			979,560		9,682,448			1,577,279
	Total Net Assets	$	58,485,627	$	363,333,134		$	22,647,431

Net Asset Value Per Share:
Net assets		$	58,485,627	$	363,333,134		$	22,647,431
Shares issued and outstanding			1,100,001		17,600,005			1,050,001
Net asset value per share		$	53.17	$	20.64		$	21.57

^(a)	Effective September 30, 2020, Principal Price Setters Index ETF changed its name to Principal Quality ETF.
^(b)	Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements.

See accompanying notes.


	Statements of Assets and Liabilities
	Principal Exchange-Traded Funds
	June 30, 2021


						Principal U.S.
			Principal			Large-Cap
			Ultra-Short			Adaptive		Principal U.S.
			Active			Multi-Factor		Mega-Cap
			Income ETF			ETF		ETF ^(a)
Investment in securities — at cost		$	8,625,697		$	29,514,061	$	1,566,763,067
Assets
Investment in securities — at value		$	8,637,114		$	29,887,025	$	1,957,308,012
Receivables:
Dividends			19			11,128		944,945
Interest			21,496			—		—
Fund shares sold			—			—		1,983,854
Investment securities sold			—			—		1,979,907
Expensereimbursement from Advisor			—			—		47,193
	Total Assets		8,658,629			29,898,153		1,962,263,911

Liabilities
Accrued management and investment advisory fees			1,610			1,980		235,964
Fund shares redeemed			—			—		1,981,796
Payables:
Investment securities purchased			—			54,200		1,981,975
	Total Liabilities		1,610			56,180		4,199,735
Net Assets Applicable to Outstanding Shares		$	8,657,019		$	29,841,973	$	1,958,064,176

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	8,800,419		$	29,453,588	$	1,623,507,483
Total distributable earnings (accumulated loss)			(143,400	)		388,385		334,556,693
	Total Net Assets	$	8,657,019		$	29,841,973	$	1,958,064,176

Net Asset Value Per Share:
Net assets		$	8,657,019		$	29,841,973	$	1,958,064,176
Shares issued and outstanding			350,001			1,150,001		49,350,001
Net asset value per share		$	24.73		$	25.95	$	39.68

^(a)Effective September 30, 2020, Principal U.S. Mega-Cap Multi-Factor Index ETF changed its name to Principal U.S. Mega-Cap ETF.

See accompanying notes.


	Statements of Assets and Liabilities
	Principal Exchange-Traded Funds
	June 30, 2021

			Principal U.S.
			Small-Cap		Principal U.S.
			Adaptive		Small-Cap
			Multi-Factor		Multi-Factor			Principal
			ETF		ETF ^(a)			Value ETF ^(b)
Investment in securities — at cost		$	6,267,882	$	1,403,455,272		$	41,625,130
Investment in affiliated funds — at cost		$	—	$	16,551,960		$	—
Assets
Investment in securities — at value		$	6,399,546	$	1,627,063,403	^(c)	$	44,422,214
Investment in affiliated funds — at value			—		16,551,960			—
Cash			—		149,693			—
Receivables:
Dividends			4,158		1,468,183			81,439
Securities lending income			—		21,148			—
Fund shares sold			—		2,345,824			—
	Total Assets		6,403,704		1,647,600,211			44,503,653

Liabilities
Cash overdraft			—		—			95
Accrued management and investment advisory fees			1,006		506,572			5,222
Payables:
Investment securities purchased			—		2,538,380			—
Collateral obligation on securities loaned — at value			—		16,551,960			—
	Total Liabilities		1,006		19,596,912			5,317
Net Assets Applicable to Outstanding Shares		$	6,402,698	$	1,628,003,299		$	44,498,336

Net Assets Consist of:
Capital shares and additional paid-in-capital		$	6,262,759	$	1,485,773,411		$	43,548,481
Total distributable earnings (accumulated loss)			139,939		142,229,888			949,855
	Total Net Assets	$	6,402,698	$	1,628,003,299		$	44,498,336

Net Asset Value Per Share:
Net assets		$	6,402,698	$	1,628,003,299		$	44,498,336
Shares issued and outstanding			250,001		34,700,001			1,050,001
Net asset value per share		$	25.61	$	46.92		$	42.38

^(a)	Effective September 30, 2020, Principal U.S. Small-Cap Multi-Factor Index ETF changed its name to Principal U.S. Small-Cap Multi-Factor ETF.
^(b)	Effective September 30, 2020, Principal Shareholder Yield Index ETF changed its name to Principal Value ETF.
^(c)	Includes fair market value of securities loaned, see 'Securities Lending' in Notes to Financial Statements.

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2021


								Principal
					Principal			International
		Principal			Healthcare			Adaptive
		Active			Innovators			Multi-Factor
		Income ETF			Index ETF			ETF ^(a)
Net Investment Income (Loss)
Income:
Dividend	$	2,071,544		$	44,999		$	81,788
Withholding tax		(11,799	)		—			(8,928	)
Interest		8,214,195			—			—
Securities lending — net		80,561			163,588			—
Total Income		10,354,501			208,587			72,860

Expenses:
Management and investment advisory fees		1,155,328			581,097			5,548
Total Expenses		1,155,328			581,097			5,548
Net Investment Income (Loss)		9,199,173			(372,510	)		67,312

Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency:
Net realized gain (loss) from:								��
Investment transactions		(6,479,132	)		3,456,368			11,703
In-kind redemptions		—			25,523,383			—
Foreign currency transactions		33			—			2,209
Change in unrealized appreciation (depreciation) of:
Investments		42,205,344			6,955,733			(1,025,594	)
Foreign currency transactions		(283	)		—			(443	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency		35,725,962			35,935,484			(1,012,125	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	44,925,135		$	35,562,974		$	(944,813	)

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

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2021


					Principal
		Principal			Investment
		International			Grade			Principal
		Multi-Factor			Corporate			Millennials
		ETF ^(a)			Active ETF			Index ETF
Net Investment Income (Loss)
Income:
Dividend	$	1,889,250		$	1,835		$	674,465
Withholding tax		(208,433	)		—			(26,193	)
Interest		—			8,441,720			—
Securities lending — net		6,045			2,014			4,227
Total Income		1,686,862			8,445,569			652,499

Expenses:
Management and investment advisory fees		138,036			828,583			321,145
Total Expenses		138,036			828,583			321,145
Net Investment Income (Loss)		1,548,826			7,616,986			331,354

Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and Futures:
Net realized gain (loss) from:
Investment transactions		1,118,937			3,673,687			(1,422,495	)
In-kind redemptions		6,681,105			265,112			23,129,108
Foreign currency transactions		(6,364	)		—			5,695
Futures contracts		—			(43,401	)		—
Change in unrealized appreciation (depreciation) of:
Investments		6,229,277			408,820			7,402,982
Futures contracts		—			(4,831	)		—
Foreign currency transactions		(1,802	)		—			1,284
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency and
Futures		14,021,153			4,299,387			29,116,574
Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,569,979		$	11,916,373		$	29,447,928

(a) Effective September 30, 2020, Principal International Multi-Factor Core Index ETF changed its name to Principal International Multi-Factor ETF.

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2021


							Principal
				Principal			Spectrum
				Spectrum			Tax-
				Preferred			Advantaged
	Principal			Securities			Dividend
	Quality ETF ^(a)			Active ETF			Active ETF
Net Investment Income (Loss)
Income:
Dividend	$	426,595		$	1,585	$	170,250
Interest		—			9,439,611		882,366
Securities lending — net		33			20,230		—
Total Income		426,628			9,461,426		1,052,616

Expenses:
Management and investment advisory fees		46,473			1,304,780		132,920
Total Expenses		46,473			1,304,780		132,920
Net Investment Income (Loss)		380,155			8,156,646		919,696

Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investment transactions		(163,521	)		550,789		129,559
In-kind redemptions		7,581,780			—		—
Change in unrealized appreciation (depreciation) of:
Investments		1,633,115			13,134,839		1,712,911
Net Realized and Unrealized Gain (Loss) on Investments		9,051,374			13,685,628		1,842,470
Net Increase (Decrease) in Net Assets Resulting from Operations	$	9,431,529		$	21,842,274	$	2,762,166

(a) Effective September 30, 2020, Principal Price Setters Index ETF changed its name to Principal Quality ETF.

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2021


					Principal U.S.
		Principal			Large-Cap
		Ultra-Short			Adaptive			Principal U.S.
		Active			Multi-Factor			Mega-Cap
		Income ETF			ETF ^(a)			ETF ^(b)
Net Investment Income (Loss)
Income:
Dividend	$	125		$	17,480		$	30,899,239
Withholding tax		—			(2	)		—
Interest		111,252			—			—
Securities lending — net		11			—			—
Total Income		111,388			17,478			30,899,239

Expenses:
Management and investment advisory fees		22,368			2,167			2,589,968
Total Gross Expenses		22,368			2,167			2,589,968
Less: Reimbursement from Advisor		—			—			(517,994	)
Total Net Expenses		22,368			2,167			2,071,974
Net Investment Income (Loss)		89,020			15,311			28,827,265

Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investment transactions		13,955			110			16,308,960
In-kind redemptions		—			—			175,851,158
Change in unrealized appreciation (depreciation) of:
Investments		(32,874	)		372,964			284,619,935
Net Realized and Unrealized Gain (Loss) on Investments		(18,919	)		373,074			476,780,053
Net Increase (Decrease) in Net Assets Resulting from Operations	$	70,101		$	388,385		$	505,607,318

(a)	Period from May 19, 2021, date operations commenced, through June 30, 2021.
^(b)	Effective September 30, 2020, Principal U.S. Mega-Cap Multi-Factor Index ETF changed its name to Principal U.S. Mega-Cap ETF.

See accompanying notes.


Statements of Operations
Principal Exchange-Traded Funds
Year Ended June 30, 2021


		Principal U.S.
		Small-Cap			Principal U.S.
		Adaptive			Small-Cap
		Multi-Factor			Multi-Factor			Principal
		ETF ^(a)			ETF ^(b)			Value ETF ^(c)
Net Investment Income (Loss)
Income:
Dividend	$	8,296		$	15,943,409		$	862,934
Withholding tax		(18	)		(1,172	)		(216	)
Securities lending — net		—			927,281			807
Total Income		8,278			16,869,518			863,525

Expenses:
Management and investment advisory fees		1,298			3,591,467			37,250
Total Expenses		1,298			3,591,467			37,250
Net Investment Income (Loss)		6,980			13,278,051			826,275

Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from:
Investment transactions		1,295			(22,025,066	)		(235,456	)
In-kind redemptions		—			208,602,343			7,842,752
Change in unrealized appreciation (depreciation) of:
Investments		131,664			264,338,863			1,803,600
Net Realized and Unrealized Gain (Loss) on Investments		132,959			450,916,140			9,410,896
Net Increase (Decrease) in Net Assets Resulting from Operations	$	139,939		$	464,194,191		$	10,237,171

(a)	Period from May 19, 2021, date operations commenced, through June 30, 2021.
^(b)	Effective September 30, 2020, Principal U.S. Small-Cap Multi-Factor Index ETF changed its name to Principal U.S. Small-Cap Multi-Factor ETF.
(c)	Effective September 30, 2020, Principal Shareholder Yield Index ETF changed its name to Principal Value ETF.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal Active Income ETF
		Year ended			Year ended
		June 30, 2021			June 30, 2020
Operations
Net investment income (loss)	$	9,199,173		$	13,044,523
Net realized gain (loss) on investments and foreign currency		(6,479,099	)		(6,438,943	)
Change in unrealized appreciation (depreciation) of investments and foreign currency		42,205,061			(21,774,093	)
Net Increase (Decrease) in Net Assets Resulting from Operations		44,925,135			(15,168,513	)

Dividends to Shareholders
From net investment income and net realized gain on investments		(9,881,656	)		(13,270,230	)
Total Dividends		(9,881,656	)		(13,270,230	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		(72,696,915	)		82,015,573
Total Increase (Decrease) in Net Assets		(37,653,436	)		53,576,830

Net Assets
Beginning of year		270,096,048			216,519,218
End of year	$	232,442,612		$	270,096,048

Capital Share Transactions
Dollars:
Sold	$	2,059,299		$	83,568,006
Redeemed		(74,756,214	)		(1,552,433	)
Net Increase (Decrease)	$	(72,696,915	)	$	82,015,573
Shares: ^(a)
Sold		100,000			4,200,000
Redeemed		(3,900,000	)		(100,000	)
Net Increase (Decrease)		(3,800,000	)		4,100,000

(a) Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see 'Subsequent Events' in Notes to Financial Statements.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal Healthcare Innovators Index ETF
		Year ended		Year ended
		June 30, 2021		June 30, 2020
Operations
Net investment income (loss)	$	(372,510	)	$	(169,265	)
Net realized gain (loss) on investments		28,979,751			6,249,529
Change in unrealized appreciation (depreciation) of investments		6,955,733			10,242,069
Net Increase (Decrease) in Net Assets Resulting from Operations		35,562,974			16,322,333

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

Capital Share Transactions
Net increase (decrease) in capital share transactions		45,823,914			22,302,643
Total Increase (Decrease) in Net Assets		80,859,101			38,624,976

Net Assets
Beginning of year		95,338,261			56,713,285
End of year	$	176,197,362		$	95,338,261

Capital Share Transactions
Dollars:
Sold	$	111,095,936		$	43,226,695
Redeemed		(65,272,022	)		(20,924,052	)
Net Increase (Decrease)	$	45,823,914		$	22,302,643
Shares:
Sold		1,900,000			1,100,000
Redeemed		(1,150,000	)		(600,000	)
Net Increase (Decrease)		750,000			500,000

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal
		International
		Adaptive Multi-
		Factor ETF
		Period ended
		June 30, 2021 ^(a)
Operations
Net investment income (loss)	$	67,312
Net realized gain (loss) on investments and foreign currency		13,912
Change in unrealized appreciation (depreciation) of investments and foreign currency		(1,026,037	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(944,813	)


Capital Share Transactions
Net increase (decrease) in capital share transactions		48,062,850
Total Increase (Decrease) in Net Assets		47,118,037

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

Capital Share Transactions
Dollars:
Sold	$	48,062,850
Redeemed		—
Net Increase (Decrease)	$	48,062,850
Shares:
Sold		1,900,001
Redeemed		—
Net Increase (Decrease)		1,900,001

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

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal International Multi-Factor ETF ^(a)

		Year ended		Period ended
		June 30, 2021		June 30, 2020 ^(b)
Operations
Net investment income (loss)	$	1,548,826		$	378,838
Net realized gain (loss) on investments and foreign currency		7,793,678			(236,359	)
Change in unrealized appreciation (depreciation) of investments and foreign currency		6,227,475			(592,573	)
Net Increase (Decrease) in Net Assets Resulting from Operations		15,569,979			(450,094	)

Dividends to Shareholders
From net investment income and net realized gain on investments		(962,266	)		(286,121	)
Total Dividends		(962,266	)		(286,121	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		60,425,974			17,396,905
Total Increase (Decrease) in Net Assets		75,033,687			16,660,690

Net Assets
Beginning of period		16,660,690			—
End of period	$	91,694,377		$	16,660,690

Capital Share Transactions
Dollars:
Sold	$	93,957,653		$	19,968,892
Redeemed		(33,531,679	)		(2,571,987	)
Net Increase (Decrease)	$	60,425,974		$	17,396,905
Shares:
Sold		3,300,000			800,001
Redeemed		(1,100,000	)		(100,000	)
Net Increase (Decrease)		2,200,000			700,001

^(a)	Effective September 30, 2020, Principal International Multi-Factor Core Index ETF changed its name to Principal International Multi-Factor ETF.
^(b)	Period from July 23, 2019, date operations commenced, through June 30, 2020.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Investment Grade Corporate Active
				ETF
		Year ended			Year ended
		June 30, 2021			June 30, 2020
Operations
Net investment income (loss)	$	7,616,986		$	3,950,555
Net realized gain (loss) on investments and futures		3,895,398			5,659,953
Change in unrealized appreciation (depreciation) of investments and futures		403,989			872,812
Net Increase (Decrease) in Net Assets Resulting from Operations		11,916,373			10,483,320

Dividends to Shareholders
From net investment income and net realized gain on investments		(14,392,204	)		(8,211,758	)
Total Dividends		(14,392,204	)		(8,211,758	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		373,054,558			(12,119,128	)
Total Increase (Decrease) in Net Assets		370,578,727			(9,847,566	)

Net Assets
Beginning of year		110,692,535			120,540,101
End of year	$	481,271,262		$	110,692,535

Capital Share Transactions
Dollars:
Sold	$	383,550,803		$	3,894,368
Redeemed		(10,496,245	)		(16,013,496	)
Net Increase (Decrease)	$	373,054,558		$	(12,119,128	)
Shares:
Sold		14,250,000			150,000
Redeemed		(400,000	)		(600,000	)
Net Increase (Decrease)		13,850,000			(450,000	)

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Millennials Index ETF
		Year ended			Year ended
		June 30, 2021			June 30, 2020
Operations
Net investment income (loss)	$	331,354		$	192,829
Net realized gain (loss) on investments and foreign currency		21,712,308			(975,862	)
Change in unrealized appreciation (depreciation) of investments and foreign currency		7,404,266			3,510,428
Net Increase (Decrease) in Net Assets Resulting from Operations		29,447,928			2,727,395

Dividends to Shareholders
From net investment income and net realized gain on investments		(481,261	)		(175,301	)
Total Dividends		(481,261	)		(175,301	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		71,724,249			2,125,336
Total Increase (Decrease) in Net Assets		100,690,916			4,677,430

Net Assets
Beginning of year		25,708,380			21,030,950
End of year	$	126,399,296		$	25,708,380

Capital Share Transactions
Dollars:
Sold	$	147,097,949		$	2,125,336
Redeemed		(75,373,700	)		—
Net Increase (Decrease)	$	71,724,249		$	2,125,336
Shares:
Sold		2,550,000			50,000
Redeemed		(1,250,000	)		—
Net Increase (Decrease)		1,300,000			50,000

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Quality ETF ^(a)
		Year ended			Year ended
		June 30, 2021		June 30, 2020
Operations
Net investment income (loss)	$	380,155		$	269,166
Net realized gain (loss) on investments		7,418,259			612,248
Change in unrealized appreciation (depreciation) of investments		1,633,115			(392,815	)
Net Increase (Decrease) in Net Assets Resulting from Operations		9,431,529			488,599

Dividends to Shareholders
From net investment income and net realized gain on investments		(296,923	)		(260,900	)
Total Dividends		(296,923	)		(260,900	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		31,399,812			(3,062,580	)
Total Increase (Decrease) in Net Assets		40,534,418			(2,834,881	)

Net Assets
Beginning of year		17,951,209			20,786,090
End of year	$	58,485,627		$	17,951,209

Capital Share Transactions
Dollars:
Sold	$	83,793,358		$	25,326,160
Redeemed		(52,393,546	)		(28,388,740	)
Net Increase (Decrease)	$	31,399,812		$	(3,062,580	)
Shares:
Sold		1,700,000			650,000
Redeemed		(1,050,000	)		(750,000	)
Net Increase (Decrease)		650,000			(100,000	)

^(a)Effective September 30, 2020, Principal Price Setters Index ETF changed its name to Principal Quality ETF.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal Spectrum Preferred
		Securities Active ETF
	Year ended				Year ended
	June 30, 2021			June 30, 2020
Operations
Net investment income (loss)	$	8,156,646		$	4,190,654
Net realized gain (loss) on investments		550,789			(138,163	)
Change in unrealized appreciation (depreciation) of investments		13,134,839			225,581
Net Increase (Decrease) in Net Assets Resulting from Operations		21,842,274			4,278,072

Dividends to Shareholders
From net investment income and net realized gain on investments		(9,608,037	)		(4,757,405	)
Total Dividends		(9,608,037	)		(4,757,405	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		211,103,817			72,724,847
Total Increase (Decrease) in Net Assets		223,338,054			72,245,514

Net Assets
Beginning of year		139,995,080			67,749,566
End of year	$	363,333,134		$	139,995,080

Capital Share Transactions
Dollars:
Sold	$	211,103,817		$	87,341,857
Redeemed		—			(14,617,010	)
Net Increase (Decrease)	$	211,103,817		$	72,724,847
Shares:
Sold		10,350,000			4,500,000	^(a)
Redeemed		—			(750,000	)^(a)
Net Increase (Decrease)		10,350,000			3,750,000

^(a)Reflects a 5 to 1 stock split after the close of trading on July 22, 2020; see Notes to Financial Statements.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal Spectrum Tax-Advantaged
		Dividend Active ETF
		Year ended		Period ended
		June 30, 2021		June 30, 2020 ^(a)
Operations
Net investment income (loss)	$	919,696		$	33,207
Net realized gain (loss) on investments		129,559			62,208
Change in unrealized appreciation (depreciation) of investments		1,712,911			(147,840	)
Net Increase (Decrease) in Net Assets Resulting from Operations		2,762,166			(52,425	)

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

Capital Share Transactions
Net increase (decrease) in capital share transactions		1,000,132			20,000,020
Total Increase (Decrease) in Net Assets		2,699,836			19,947,595

Net Assets
Beginning of period		19,947,595			—
End of period	$	22,647,431		$	19,947,595

Capital Share Transactions
Dollars:
Sold	$	1,000,132		$	20,000,020
Redeemed		—			—
Net Increase (Decrease)	$	1,000,132		$	20,000,020
Shares:
Sold		50,000			1,000,001
Redeemed		—			—
Net Increase (Decrease)		50,000			1,000,001

^(a)Period from June 16, 2020, date operations commenced, through June 30, 2020.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal Ultra-Short Active
		Income ETF
		Year ended		Year ended
		June 30, 2021		June 30, 2020
Operations
Net investment income (loss)	$	89,020		$	273,078
Net realized gain (loss) on investments		13,955			13,894
Change in unrealized appreciation (depreciation) of investments		(32,874	)		26,421
Net Increase (Decrease) in Net Assets Resulting from Operations		70,101			313,393

Dividends to Shareholders
From net investment income and net realized gain on investments		(215,987	)		(346,501	)
Total Dividends		(215,987	)		(346,501	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		(3,706,573	)		—
Total Increase (Decrease) in Net Assets		(3,852,459	)		(33,108	)

Net Assets
Beginning of year		12,509,478			12,542,586
End of year	$	8,657,019		$	12,509,478

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

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal U.S. Large-
		Cap Adaptive Multi-
		Factor ETF
		Period ended
		June 30, 2021 ^(a)
Operations
Net investment income (loss)	$	15,311
Net realized gain (loss) on investments		110
Change in unrealized appreciation (depreciation) of investments		372,964
Net Increase (Decrease) in Net Assets Resulting from Operations		388,385


Capital Share Transactions
Net increase (decrease) in capital share transactions		29,453,588
Total Increase (Decrease) in Net Assets		29,841,973

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

Capital Share Transactions
Dollars:
Sold	$	29,453,588
Redeemed		—
Net Increase (Decrease)	$	29,453,588
Shares:
Sold		1,150,001
Redeemed		—
Net Increase (Decrease)		1,150,001

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

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds



		Principal U.S. Mega-Cap ETF ^(a)
		Year ended		Year ended
		June 30, 2021		June 30, 2020
Operations
Net investment income (loss)	$	28,827,265		$	29,796,945
Net realized gain (loss) on investments		192,160,118			37,623,191
Change in unrealized appreciation (depreciation) of investments		284,619,935			3,750,721
Net Increase (Decrease) in Net Assets Resulting from Operations		505,607,318			71,170,857

Dividends to Shareholders
From net investment income and net realized gain on investments		(27,303,682	)		(31,719,706	)
Total Dividends		(27,303,682	)		(31,719,706	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		(25,285,343	)		(153,346,324	)
Total Increase (Decrease) in Net Assets		453,018,293			(113,895,173	)

Net Assets
Beginning of year		1,505,045,883			1,618,941,056
End of year	$	1,958,064,176		$	1,505,045,883

Capital Share Transactions
Dollars:
Sold	$	526,851,840		$	413,860,349
Redeemed		(552,137,183	)		(567,206,673	)
Net Increase (Decrease)	$	(25,285,343	)	$	(153,346,324	)
Shares:
Sold		14,150,000			13,900,000
Redeemed		(14,900,000	)		(19,500,000	)
Net Increase (Decrease)		(750,000	)		(5,600,000	)

^(a)Effective September 30, 2020, Principal U.S. Mega-Cap Multi-Factor Index ETF changed its name to Principal U.S. Mega-Cap ETF.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal U.S. Small-
		Cap Adaptive Multi-
		Factor ETF
		Period ended
		June 30, 2021 ^(a)
Operations
Net investment income (loss)	$	6,980
Net realized gain (loss) on investments		1,295
Change in unrealized appreciation (depreciation) of investments		131,664
Net Increase (Decrease) in Net Assets Resulting from Operations		139,939


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

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

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

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

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds


		Principal U.S. Small-Cap Multi-Factor
				ETF ^(a)
		Year ended			Year ended
		June 30, 2021		June 30, 2020
Operations
Net investment income (loss)	$	13,278,051		$	5,411,731
Net realized gain (loss) on investments		186,577,277			(11,982,621	)
Change in unrealized appreciation (depreciation) of investments		264,338,863			(38,339,811	)
Net Increase (Decrease) in Net Assets Resulting from Operations		464,194,191			(44,910,701	)

Dividends to Shareholders
From net investment income and net realized gain on investments		(10,376,768	)		(4,965,930	)
Total Dividends		(10,376,768	)		(4,965,930	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		845,880,659			22,981,970
Total Increase (Decrease) in Net Assets		1,299,698,082			(26,894,661	)

Net Assets
Beginning of year		328,305,217			355,199,878
End of year	$	1,628,003,299		$	328,305,217

Capital Share Transactions
Dollars:
Sold	$	1,451,694,258		$	113,314,051
Redeemed		(605,813,599	)		(90,332,081	)
Net Increase (Decrease)	$	845,880,659		$	22,981,970
Shares:
Sold		36,050,000			3,650,000
Redeemed		(13,350,000	)		(2,950,000	)
Net Increase (Decrease)		22,700,000			700,000

^(a)Effective September 30, 2020, Principal U.S. Small-Cap Multi-Factor Index ETF changed its name to Principal U.S. Small-Cap Multi-Factor ETF.

See accompanying notes.


Statement of Changes in Net Assets
Principal Exchange-Traded Funds

		Principal Value ETF ^(a)
		Year ended		Year ended
		June 30, 2021		June 30, 2020
Operations
Net investment income (loss)	$	826,275		$	417,491
Net realized gain (loss) on investments		7,607,296			(430,875	)
Change in unrealized appreciation (depreciation) of investments		1,803,600			1,221,147
Net Increase (Decrease) in Net Assets Resulting from Operations		10,237,171			1,207,763

Dividends to Shareholders
From net investment income and net realized gain on investments		(700,888	)		(284,301	)
Total Dividends		(700,888	)		(284,301	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		3,055,086			16,588,925
Total Increase (Decrease) in Net Assets		12,591,369			17,512,387

Net Assets
Beginning of year		31,906,967			14,394,580
End of year	$	44,498,336		$	31,906,967

Capital Share Transactions
Dollars:
Sold	$	38,529,990		$	24,375,394
Redeemed		(35,474,904	)		(7,786,469	)
Net Increase (Decrease)	$	3,055,086		$	16,588,925
Shares:
Sold		950,000			950,000
Redeemed		(1,050,000	)		(250,000	)
Net Increase (Decrease)		(100,000	)		700,000

^(a)Effective September 30, 2020, Principal Shareholder Yield Index ETF changed its name to Principal Value ETF.

See accompanying notes.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

1. Organization

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

(collectively, the “Funds” and individually, a “Fund”). The Funds are “diversified”, and as such, the Funds' investments are required to meet certain diversification requirements under the 1940 Act. The shares of the Funds are referred to herein as “Shares”.

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

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

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


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

* Effective August 17, 2020, Principal Spectrum Preferred Securities Active ETF changed its primary listing exchange to NYSE Arca from Cboe BZX Exchange, Inc..

Principal International Multi-Factor ETF initial investment and commencement of operations was July 23, 2019. Principal Spectrum Tax-Advantaged Dividend Active ETF initial investment and commencement of operations was June 16, 2020. Principal U.S. Large-Cap Adaptive Multi-Factor ETF and Principal U.S. Small-Cap Adaptive Multi-Factor ETF initial investments and commencement of operations was May 19, 2021. Principal International Adaptive Multi-Factor ETF initial investment and commencement of operations was May 26, 2021.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

1. Organization (continued)

Effective July 22, 2020, Principal Spectrum Preferred Securities Active ETF issued a 5 to 1 stock split. The stock split has been retroactively reflected on the Statement of Changes in Net Assets and Financial Highlights.

Effective September 30, 2020, the following Funds changed their names as shown below:


Previous Name	New Name
Principal International Multi-Factor Core Index ETF	Principal International Multi-Factor ETF
Principal Price Setters Index ETF	Principal Quality ETF
Principal Shareholder Yield Index ETF	Principal Value ETF
Principal U.S. Mega-Cap Multi-Factor Index ETF	Principal U.S. Mega-Cap ETF
Principal U.S. Small-Cap Multi-Factor Index ETF	Principal U.S. Small-Cap Multi-Factor ETF

2. Significant Accounting Policies

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

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

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

To the extent the Funds invest in foreign securities listed on foreign exchanges which trade on days on which the Funds do not determine NAV, for example, weekends and other customary national U.S. holidays, the Fund’s NAV could be significantly affected on days when shares are not able to be issued or redeemed by APs.

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

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

2. Significant Accounting Policies (continued)

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

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

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

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

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

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

Management evaluates tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is “more likely than not” that each tax position would be sustained upon examination by a taxing authority based on the technical merits of their position. Tax positions not deemed to meet the “more likely than not” threshold would be recorded as a tax benefit or expense in the current year. During the year ended June 30, 2021, the Funds did not record any such tax benefit or expense in the accompanying financial statements. The statute of limitations remains open for the last three years, once a return is filed. No examinations are in progress at this time.

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

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

2. Significant Accounting Policies (continued)

Recent Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform. The guidance is applicable to contracts referencing London Inter-Bank Offered Rate (“LIBOR”) or another reference rate that is expected to be discontinued due to reference rate reform. The ASU is effective as of March 12, 2020 and generally can be applied through December 31, 2022. Management is evaluating the impact of the ASU over the period of time the ASU is effective.

3. Operating Policies

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

Because of the uncertainty regarding whether a conversion event will occur, it may be difficult to predict when, if at all, a contingent convertible security will be converted to equity, and a fund may suffer losses as a result. If the trigger level is breached, the issuer's decision to write down, write off or convert a contingent convertible security may result in the fund's complete loss on an investment in CoCos with no chance of recovery even if the issuer remains in existence.

Cross Trades. The Funds may engage in cross trades. A cross trade is a purchase or sale transaction between affiliated portfolios executed directly or through an intermediary. Mutual funds and other managed portfolios may be considered affiliated if they have a common investment advisor, so a fund may be considered affiliated with any portfolio for which the fund's sub-advisor acts as an investment advisor. Such transactions are permissible provided that the conditions of Rule 17a-7 under the 1940 Act are satisfied. For the year ended June 30, 2021, the Funds did not engage in cross trades.

Deposits with Counterparty. Cash pledged as collateral is reflected as an asset on the Statements of Assets and Liabilities as deposits with counterparty. There are a variety of security types which require varying levels of pledged collateral. Customer account agreements govern cleared derivatives transactions such as futures contracts. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. As of June 30, 2021, deposits with counterparty for Principal Investment Grade Corporate Active ETF were $454,750.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

3. Operating Policies (continued)

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

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

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

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

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

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

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

3. Operating Policies (continued)

Underlying Funds. Series of Principal Funds, Inc. and Principal Variable Contracts Funds, Inc., affiliates of the Advisor, may invest in certain of the Funds (the “underlying funds”).

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

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

As of June 30, 2021, Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. owned the following percentages, in aggregate, of the outstanding Shares of the underlying funds listed below:


	Total Percentage of
Fund	Outstanding Shares Owned
Principal Active Income ETF	85.15	%
Principal Investment Grade Corporate Active ETF	96.94
Principal U.S. Mega-Cap ETF	88.04
Principal U.S. Small-Cap Multi-Factor ETF	95.24

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

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

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

3. Operating Policies (continued)

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


	Asset Derivatives				Liability Derivatives
	June 30, 2021				June 30, 2021

	Statement of Assets and				Statement of Assets and
Derivatives not accounted for as hedging instruments	Liabilities Location		Fair Value		Liabilities Location		Fair Value
Principal Investment Grade Corporate Active ETF
Interest rate contracts	Receivables, Total				Payables, Total
	distributable earnings				distributable earnings
	(accumulated loss)	$	14,996	*	(accumulated loss)	$	(104,775	)*

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


			Net Realized Gain or			Net Change in Unrealized
			(Loss) on Derivatives			Appreciation
	Location of Gain or (Loss) on		Recognized in			(Depreciation) of
	Derivatives Recognized in		Statement of			Derivatives Recognized in
Derivatives not accounted for as hedging instruments	Statement of Operations		Operations			Statement of Operations
Principal Investment Grade Corporate Active ETF
Interest rate contracts	Net realized gain (loss) from
Futures contracts/Net change
in unrealized appreciation/
(depreciation) of Futures
	contracts	$	(43,401	)	$	(4,831	)

The following table includes a summary of the monthly average outstanding notional by derivative instrument type for the year ended June 30, 2021:


Contract Type	Derivative Type		Average Notional
Principal Investment Grade Corporate Active ETF
Interest rate contracts	Futures — Long	$	3,545,741
	Futures — Short		18,080,982

4. Fair Valuation

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

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

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

4. Fair Valuation (continued)

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

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

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

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

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

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

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

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

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

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

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

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

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

4. Fair Valuation (continued)

The following is a summary of the inputs used as of June 30, 2021 in valuing the Funds' securities carried at fair value:


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

Principal Active Income ETF
Common Stocks*	$	58,354,201	$	— $		— $	58,354,201
Preferred Stocks*		18,464,400		—		—	18,464,400
Bonds*		—		145,433,479		—	145,433,479
Investment Companies		11,813,463		—		—	11,813,463
Total investments in securities	$	88,632,064	$	145,433,479	$	— $	234,065,543

Principal Healthcare Innovators Index ETF
Common Stocks*	$	175,986,387	$	— $		— $	175,986,387
Investment Companies		6,789,636		—		—	6,789,636
Total investments in securities	$	182,776,023	$	— $		— $	182,776,023

Principal International Adaptive Multi-Factor ETF
Common Stocks*	$	46,780,738	$	— $		— $	46,780,738
Preferred Stocks*		163,339		—		—	163,339
Investment Companies		130,678		—		—	130,678
Total investments in securities	$	47,074,755	$	— $		— $	47,074,755

Principal International Multi-Factor ETF
Common Stocks*	$	89,892,467	$	— $		— $	89,892,467
Preferred Stocks*		1,090,308		—		—	1,090,308
Investment Companies		1,752,702		—		—	1,752,702
Total investments in securities	$	92,735,477	$	— $		— $	92,735,477

Principal Investment Grade Corporate Active ETF
Bonds*	$	— $		469,977,898	$	— $	469,977,898
Investment Companies		10,870,105		—		—	10,870,105
Total investments in securities	$	10,870,105	$	469,977,898	$	— $	480,848,003
Assets
Interest rate contracts
Futures	$	14,996	$	— $		— $	14,996
Liabilities
Interest rate contracts
Futures	$	(104,775	) $	— $		— $	(104,775	)

Principal Millennials Index ETF
Common Stocks*	$	126,087,993	$	— $		— $	126,087,993
Investment Companies		5,114,784		—		—	5,114,784
Total investments in securities	$	131,202,777	$	— $		— $	131,202,777

Principal Quality ETF
Common Stocks*	$	58,292,554	$	— $		— $	58,292,554
Investment Companies		164,623		—		—	164,623
Total investments in securities	$	58,457,177	$	— $		— $	58,457,177

Principal Spectrum Preferred Securities Active ETF
Bonds*	$	— $		352,900,703	$	— $	352,900,703
Investment Companies		17,160,973		—		—	17,160,973
Total investments in securities	$	17,160,973	$	352,900,703	$	— $	370,061,676


Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021



4. Fair Valuation (continued)

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

Principal Spectrum Tax-Advantaged Dividend Active ETF
Preferred Stocks*	$	3,099,462	$	— $		— $	3,099,462
Bonds*		—		19,092,475		—	19,092,475
Investment Companies		260,996		—		—	260,996
Total investments in securities	$	3,360,458	$	19,092,475	$	— $	22,452,933

Principal Ultra-Short Active Income ETF
Bonds*	$	— $		8,253,844	$	— $	8,253,844
Investment Companies		383,270		—		—	383,270
Total investments in securities	$	383,270	$	8,253,844	$	— $	8,637,114

Principal U.S. Large-Cap Adaptive Multi-Factor ETF
Common Stocks*	$	29,771,947	$	— $		— $	29,771,947
Investment Companies		115,078		—		—	115,078
Total investments in securities	$	29,887,025	$	— $		— $	29,887,025

Principal U.S. Mega-Cap ETF
Common Stocks*	$	1,953,147,984	$	— $		— $	1,953,147,984
Investment Companies		4,160,028		—		—	4,160,028
Total investments in securities	$	1,957,308,012	$	— $		— $	1,957,308,012

Principal U.S. Small-Cap Adaptive Multi-Factor ETF
Common Stocks*	$	6,383,377	$	— $		— $	6,383,377
Investment Companies		16,169		—		—	16,169
Total investments in securities	$	6,399,546	$	— $		— $	6,399,546

Principal U.S. Small-Cap Multi-Factor ETF
Common Stocks*	$	1,623,399,604	$	— $		— $	1,623,399,604
Investment Companies		20,215,759		—		—	20,215,759
Total investments in securities	$	1,643,615,363	$	— $		— $	1,643,615,363

Principal Value ETF
Common Stocks*	$	44,292,676	$	— $		— $	44,292,676
Investment Companies		129,538		—		—	129,538
Total investments in securities	$	44,422,214	$	— $		— $	44,422,214

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

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


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


Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

5. Management Agreement and Transactions with Affiliates (continued)

Fund	All Assets
Principal Active Income ETF	0.49	%
Principal International Adaptive Multi-Factor ETF	0.24
Principal International Multi-Factor ETF	0.25
Principal Investment Grade Corporate Active ETF	0.19	*
Principal Quality ETF	0.15
Principal Spectrum Preferred Securities Active ETF	0.55
Principal Spectrum Tax-Advantaged Dividend Active ETF	0.60
Principal Ultra-Short Active Income ETF	0.18
Principal U.S. Large-Cap Adaptive Multi-Factor ETF	0.15
Principal U.S. Mega-Cap ETF	0.15
Principal U.S. Small-Cap Adaptive Multi-Factor ETF	0.19
Principal U.S. Small-Cap Multi-Factor ETF	0.38
Principal Value ETF	0.15

* Prior to June 1, 2021, the management fee was 0.26%.

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

The limit is expressed as a percentage of average daily net assets attributable to each Fund on an annualized basis during the reporting period. The expenses borne by the Advisor are subject to reimbursement by the Fund through the fiscal year end, provided no reimbursement will be made if it would result in the Fund exceeding the total operating expense limit. Any amount outstanding at the end of the period are shown as an expense reimbursement from Advisor or expense reimbursement to Advisor on the Statements of Assets and Liabilities. The expense limit for Principal U.S. Mega-Cap ETF is 0.12% through October 31, 2021.

Affiliated Ownership. At June 30, 2021, Principal Financial Services, Inc., Principal Funds, Inc., and Principal Variable Contracts Funds, Inc. (each an affiliate of the Advisor) owned Shares as follows:


Fund	Shares
Principal Active Income ETF	9,494,200	^(a)
Principal International Adaptive Multi-Factor ETF	390,000
Principal International Multi-Factor ETF	556,897
Principal Investment Grade Corporate Active ETF	17,450,000
Principal Spectrum Tax-Advantaged Dividend Active ETF	995,521
Principal Ultra-Short Active Income ETF	199,681
Principal U.S. Large-Cap Adaptive Multi-Factor ETF	198,570
Principal U.S. Mega-Cap ETF	43,450,000
Principal U.S. Small-Cap Adaptive Multi-Factor ETF	200,964
Principal U.S. Small-Cap Multi-Factor ETF	33,050,000

^(a)Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see 'Subsequent Events' in Notes to Financial Statements.

Affiliated Brokerage Commissions. With respect to Principal Spectrum Tax-Advantaged Dividend Active ETF, $772 of brokerage commissions were paid to SAMI Brokerage LLC, a member of the Principal Financial Group. The other Funds did not pay brokerage commissions to any member of the Principal Financial Group during the year ended June 30, 2021.

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

6. Investment Transactions

For the period ended June 30, 2021, the cost of investment securities purchased and proceeds from investment securities sold (not including short-term investments and in-kind transactions) by the Funds were as follows:


		Non-U.S. Government					U.S. Government
Fund		Purchases			Sales		Purchases			Sales
Principal Active Income ETF	$	44,389,712	$		119,841,296	$	—		$	—
Principal Healthcare Innovators Index ETF		62,980,849			63,455,691		—			—
Principal International Adaptive Multi-Factor ETF		13,150,139			437,048		—			—
Principal International Multi-Factor ETF		39,916,031			36,699,260		—			—
Principal Investment Grade Corporate Active ETF		520,675,360			217,056,080		—			—
Principal Millennials Index ETF		42,936,777			38,551,515		—			—
Principal Quality ETF		13,783,531			13,756,534		—			—
Principal Spectrum Preferred Securities Active ETF		160,095,367			16,682,208		11,700,625			12,585,940
Principal Spectrum Tax-Advantaged Dividend Active ETF		3,152,242			3,225,572		200,000			214,500
Principal Ultra-Short Active Income ETF		9,433,042			8,972,027		203,406			306,078
Principal U.S. Large-Cap Adaptive Multi-Factor ETF		366,657			62,791		—			—
Principal U.S. Mega-Cap ETF		737,425,590			735,948,461		—			—
Principal U.S. Small-Cap Adaptive Multi-Factor ETF		219,371			13,518		—			—
Principal U.S. Small-Cap Multi-Factor ETF		870,695,172			865,314,761		—			—
Principal Value ETF		12,112,346			11,763,975		—			—

For the period ended June 30, 2021, in-kind transactions were as follows:

Fund					Purchases					Sales
Principal Healthcare Innovators Index ETF				$	107,800,468			$		62,425,496
Principal International Adaptive Multi-Factor ETF					35,269,100					—
Principal International Multi-Factor ETF					90,841,934					33,635,816
Principal Investment Grade Corporate Active ETF					71,142,148					5,126,785
Principal Millennials Index ETF					143,130,562					76,176,933
Principal Quality ETF					83,768,741					52,437,451
Principal Spectrum Preferred Securities Active ETF					61,985,661					—
Principal Spectrum Tax-Advantaged Dividend Active ETF					954,222					—
Principal U.S. Large-Cap Adaptive Multi-Factor ETF					29,095,403					—
Principal U.S. Mega-Cap ETF					527,295,322					552,831,173
Principal U.S. Small-Cap Adaptive Multi-Factor ETF					6,072,159					—
Principal U.S. Small-Cap Multi-Factor ETF					1,448,818,704					607,806,268
Principal Value ETF					36,756,920					33,956,456

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

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

7. Federal Tax Information

Distributions to Shareholders. The federal income tax character of distributions paid for the periods ended June 30, 2021, and June 30, 2020 was as follows:


		Ordinary Income				Long-Term Capital Gain*
		Period ended		Period ended		Period ended	Period ended
Fund		June 30, 2021		June 30, 2020		June 30, 2021	June 30, 2020
Principal Active Income ETF	$	9,881,656	$	13,270,230	$	— $	—
Principal Healthcare Innovators Index ETF		527,787		—		—	—
Principal International Adaptive Multi-Factor ETF		—		N/A		—	N/A
Principal International Multi-Factor ETF		962,266		286,121		—	—
Principal Investment Grade Corporate Active ETF		10,618,462		7,184,698		3,773,742	1,027,060
Principal Millennials Index ETF		481,261		175,301		—	—
Principal Quality ETF		296,923		260,900		—	—
Principal Spectrum Preferred Securities Active ETF		9,608,037		4,757,405		—	—
Principal Spectrum Tax-Advantaged Dividend Active ETF		1,062,462		—		—	—
Principal Ultra-Short Active Income ETF		215,987		346,501		—	—
Principal U.S. Large-Cap Adaptive Multi-Factor ETF		—		N/A		—	N/A
Principal U.S. Mega-Cap ETF		27,303,682		31,719,706		—	—
Principal U.S. Small-Cap Adaptive Multi-Factor ETF		—		N/A		—	N/A
Principal U.S. Small-Cap Multi-Factor ETF		10,376,768		4,965,930		—	—
Principal Value ETF		700,888		284,301		—	—

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

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

Distributable Earnings. As of June 30, 2021, the components of distributable earnings (accumulated loss) on a federal income tax basis were:


							Late Year
							Ordinary and
		Undistributed		Undistributed	Unrealized		Post Oct
		Ordinary		Long-Term	Appreciation/		Capital Loss		Capital Loss
Fund		Income		Capital Gains	(Depreciation)		Deferrals		Carryforward
Principal Active Income ETF	$	831,649	$	—	$24,849,782	$	—	$	(14,379,385)
Principal Healthcare Innovators Index ETF		861,124		—	19,384,511		(1,381,846)		(854,489)
Principal International Adaptive Multi-Factor ETF		75,711		—	(1,035,524)		—		—
Principal International Multi-Factor ETF		1,563,053		349,597	5,074,989		—		—
Principal Investment Grade Corporate Active ETF		1,067,183		65,131	6,993,476		—		—
Principal Millennials Index ETF		65,272		—	11,188,422		—		(2,828,381)
Principal Quality ETF		142,898		—	2,374,987		—		(1,538,325)
Principal Spectrum Preferred Securities Active ETF		1,381,160		—	10,176,459		—		(1,875,171)
Principal Spectrum Tax-Advantaged Dividend Active ETF		149,815		—	1,427,464		—		—
Principal Ultra-Short Active Income ETF		9,140		—	(26,912)		—		(125,628)
Principal U.S. Large-Cap Adaptive Multi-Factor ETF		15,441		247	372,697		—		—
Principal U.S. Mega-Cap ETF		8,465,068		—	389,916,580		—		(63,824,955)
Principal U.S. Small-Cap Adaptive Multi-Factor ETF		8,240		35	131,664		—		—
Principal U.S. Small-Cap Multi-Factor ETF		4,414,408		—	223,375,303		—		(85,559,823)
Principal Value ETF		340,273		—	2,791,996		—		(2,182,414)

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

7. Federal Tax Information (continued)

Capital Loss Carryforwards. For federal income tax purposes, capital loss carryforwards are losses that can be used to offset future capital gains of the Fund. As of June 30, 2021, the Funds had approximate net capital loss carryforwards as follows:


		No Expiration		No Expiration					Annual
Fund		Short-Term		Long-Term		Total	Limitations*
Principal Active Income ETF	$	5,508,508	$	8,870,877	$	14,379,385		$	1,874,152
Principal Healthcare Innovators Index ETF		—		854,489		854,489			—
Principal International Adaptive Multi-Factor ETF		—		—			—		—
Principal International Multi-Factor ETF		—		—			—		—
Principal Investment Grade Corporate Active ETF		—		—			—		—
Principal Millennials Index ETF		2,819,136		9,245		2,828,381			—
Principal Quality ETF		1,157,520		380,805		1,538,325			294,429
Principal Spectrum Preferred Securities Active ETF		957,946		917,225		1,875,171			—
Principal Spectrum Tax-Advantaged Dividend Active ETF		—		—			—		—
Principal Ultra-Short Active Income ETF		71,425		54,203		125,628			—
Principal U.S. Large-Cap Adaptive Multi-Factor ETF		—		—			—		—
Principal U.S. Mega-Cap ETF		57,299,653		6,525,302		63,824,955			—
Principal U.S. Small-Cap Adaptive Multi-Factor ETF		—		—			—		—
Principal U.S. Small-Cap Multi-Factor ETF		56,960,496		28,599,327		85,559,823			—
Principal Value ETF		869,689		1,312,725		2,182,414			230,798

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

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

For the year ended June 30, 2021, the Funds utilized capital loss carryforwards as follows:


Fund		Utilized
Principal Healthcare Innovators Index ETF	$	2,985,702
Principal Spectrum Tax-Advantaged Dividend Active ETF		5,892
Principal U.S. Mega-Cap ETF		16,646,055

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

For the taxable year ended June 30, 2021, the Funds intend to defer late-year capital and ordinary losses as follows:


Fund		Late Year Ordinary Loss		Post October Loss Capital Loss
Principal Healthcare Innovators Index ETF	$	—	$	(1,381,846	)

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

7. Federal Tax Information (continued)

Reclassification of Capital Accounts. The Funds may record reclassifications in their capital accounts. These reclassifications have no impact on the total net assets of the Funds. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Funds’ distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income and net realized gains on investments or from tax return of capital depending on the type of book and tax differences that exist. For the period ended June 30, 2021, the Funds recorded reclassifications as follows:


		Total
		Distributable Earnings
Fund		(Accumulated Loss)			Paid In Capital
Principal Active Income ETF	$	(268,856	)	$	268,856
Principal Healthcare Innovators Index ETF		(26,764,189	)		26,764,189
Principal International Adaptive Multi-Factor ETF		(15,000	)		15,000
Principal International Multi-Factor ETF		(6,677,500	)		6,677,500
Principal Investment Grade Corporate Active ETF		(1,023,845	)		1,023,845
Principal Millennials Index ETF		(22,957,641	)		22,957,641
Principal Quality ETF		(7,315,778	)		7,315,778
Principal Spectrum Preferred Securities Active ETF		(757,854	)		757,854
Principal Spectrum Tax-Advantaged Dividend Active ETF		—			—
Principal Ultra-Short Active Income ETF		(3,091	)		3,091
Principal U.S. Large-Cap Adaptive Multi-Factor ETF		—			—
Principal U.S. Mega-Cap ETF		(175,651,470	)		175,651,470
Principal U.S. Small-Cap Adaptive Multi-Factor ETF		—			—
Principal U.S. Small-Cap Multi-Factor ETF		(208,573,293	)		208,573,293
Principal Value ETF		(7,817,645	)		7,817,645

Federal Income Tax Basis. As of June 30, 2021, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by each Fund were as follows:


									Cost for
						Net Unrealized			Federal
		Unrealized		Unrealized		Appreciation			Income Tax
Fund		Appreciation		Depreciation		(Depreciation)			Purposes
Principal Active Income ETF	$	27,746,110	$	(2,896,082	) $	24,850,028		$	209,215,515
Principal Healthcare Innovators Index ETF		32,133,352		(12,748,841	)	19,384,511			163,391,512
Principal International Adaptive Multi-Factor ETF		284,101		(1,319,182	)	(1,035,081	)		48,109,836
Principal International Multi-Factor ETF		6,300,488		(1,224,018	)	5,076,470			87,659,007
Principal Investment Grade Corporate Active ETF		8,896,060		(1,902,584	)	6,993,476			473,764,748
Principal Millennials Index ETF		13,595,959		(2,407,370	)	11,188,589			120,014,188
Principal Quality ETF		2,915,066		(540,078	)	2,374,988			56,082,189
Principal Spectrum Preferred Securities Active ETF		11,030,241		(853,781	)	10,176,460			359,885,216
Principal Spectrum Tax-Advantaged Dividend Active ETF		1,430,511		(3,048	)	1,427,463			21,025,470
Principal Ultra-Short Active Income ETF		9,124		(36,036	)	(26,912	)		8,664,026
Principal U.S. Large-Cap Adaptive Multi-Factor ETF		666,512		(293,815	)	372,697			29,514,328
Principal U.S. Mega-Cap ETF		395,022,185		(5,105,605	)	389,916,580			1,567,391,432
Principal U.S. Small-Cap Adaptive Multi-Factor ETF		331,137		(199,473	)	131,664			6,267,882
Principal U.S. Small-Cap Multi-Factor ETF		250,054,123		(26,678,820	)	223,375,303			1,420,240,060
Principal Value ETF		3,225,909		(433,914	)	2,791,995			41,630,219

Notes to Financial Statements
Principal Exchange-Traded Funds
June 30, 2021

8. Subsequent Events

Management has evaluated events or transactions that have occurred through the date the financial statements were issued that would merit recognition or disclosure in the financial statements. Effective September 1, 2021, Principal Active Income ETF changed its name to Principal Active High Yield ETF, and its objective to seek to provide a high level of current income. In addition to the name change, the Trust's Board of Trustees authorized a 2 for 1 stock split effective after the close of trading on August 30, 2021. The stock split has been reflected in the shares outstanding, NAV per share and other per share information on the accompanying Statement of Assets and Liabilities, Statement of Changes in Net Assets and Financial Highlights. The stock split had no impact on the net assets or the total value of a shareholder's investment of Principal Active Income ETF. There were no additional items requiring adjustment of the financial statements or additional disclosure.


Schedule of Investments
Principal Active Income ETF
June 30, 2021

COMMON STOCKS — 25.11%	Shares Held		Value
Advertising — 0.79%
Interpublic Group of Cos Inc/The	56,880	$	1,848,031
Apparel — 0.06%
VF Corp	1,628		133,561
Auto Manufacturers — 0.40%
PACCAR Inc	10,436		931,413
Auto Parts & Equipment — 0.30%
Magna International Inc	7,456		690,724
Banks — 2.09%
Bank of Hawaii Corp	8,751		737,009
Columbia Banking System Inc	5,275		203,404
Cullen / Frost Bankers Inc	3,849		431,088
East West Bancorp Inc	17,922		1,284,828
JPMorgan Chase & Co	10,698		1,663,967
PacWest Bancorp	6,629		272,850
US Bancorp	3,604		205,320
Washington Trust Bancorp Inc	1,061		54,482
		$	4,852,948

Chemicals — 0.47%
Air Products & Chemicals Inc	3,758		1,081,101
Computers — 0.87%
Apple Inc	14,831		2,031,254
Diversified Financial Services — 1.50%
BlackRock Inc	1,968		1,721,941
KKR & Co Inc, Class A	29,740		1,761,798
		$	3,483,739

Electric — 1.60%
ALLETE Inc	14,108		987,278
Eversource Energy	10,176		816,522
WEC Energy Group Inc	10,002		889,678
Xcel Energy Inc	15,402		1,014,684
		$	3,708,162

Electronics — 0.48%
Honeywell International Inc	5,097		1,118,027
Food — 0.60%
Hormel Foods Corp	18,268		872,297
Tyson Foods Inc, Class A	7,170		528,859
		$	1,401,156

Hand/Machine Tools — 0.62%
Lincoln Electric Holdings Inc	6,497		855,720
Snap-on Inc	2,618		584,940
		$	1,440,660

Healthcare — Products — 1.81%
Abbott Laboratories	12,596		1,460,254
Medtronic PLC	12,989		1,612,324
Teleflex Inc	2,797		1,123,807
		$	4,196,385

Home Builders — 0.24%
LCI Industries	4,291		563,923
Insurance — 0.81%
Chubb Ltd	6,054		962,223

See accompanying notes.


Schedule of Investments
Principal Active Income ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value
Insurance (continued)
Fidelity National Financial Inc	20,926	$	909,444
		$	1,871,667

Leisure Time — 0.30%
Acushnet Holdings Corp	14,019		692,539
Machinery — Diversified — 0.93%
Deere & Co	2,940		1,036,967
Nordson Corp	5,143		1,128,940
		$	2,165,907

Media — 0.84%
Comcast Corp, Class A	34,394		1,961,146
Oil & Gas — 2.02%
Chevron Corp	6,517		682,591
EOG Resources Inc	9,595		800,607
Exxon Mobil Corp	3,325		209,741
Marathon Petroleum Corp	15,086		911,496
Whiting Petroleum Corp ^(a)	38,475		2,098,811
		$	4,703,246

Packaging & Containers — 0.47%
Packaging Corp of America	7,996		1,082,818
Pharmaceuticals — 1.00%
Johnson & Johnson	3,674		605,255
Merck & Co Inc	13,049		1,014,821
Pfizer Inc	17,889		700,533
		$	2,320,609

REITs — 1.56%
Alexandria Real Estate Equities Inc	6,763		1,230,460
Digital Realty Trust Inc	8,404		1,264,466
Medical Properties Trust Inc	56,809		1,141,861
		$	3,636,787

Retail — 2.56%
Costco Wholesale Corp	3,847		1,522,143
Home Depot Inc/The	4,851		1,546,935
Starbucks Corp	12,216		1,365,871
Tractor Supply Co	8,108		1,508,574
		$	5,943,523

Semiconductors — 1.53%
Applied Materials Inc	13,182		1,877,117
Microchip Technology Inc	11,216		1,679,484
		$	3,556,601

Software — 0.58%
Broadridge Financial Solutions Inc	3,922		633,521
SAP SE	5,103		716,767
		$	1,350,288

Telecommunications — 0.40%
BCE Inc	19,089		941,469
Toys, Games & Hobbies — 0.28%
Hasbro Inc	6,840		646,517
TOTAL COMMON STOCKS		$	58,354,201

See accompanying notes.


Schedule of Investments
Principal Active Income ETF
June 30, 2021

PREFERRED STOCKS — 7.94%	Shares Held		Value

Banks — 3.22%
Bank of America Corp; Series KK
5.38%, 06/25/2024 ^(b)(c)	30,000	$	838,200
Bank of America Corp; Series NN
4.38%, 09/01/2066 ^(b)	20,000		524,000
JPMorgan Chase & Co; Series LL
4.63%, 06/01/2026 ^(b),(c)	25,000		665,750
KeyCorp; Series F
5.65%, 12/15/2023 ^(b),(c)	40,000		1,108,800
Morgan Stanley; Series E
(3-month USD LIBOR + 4.32%),
7.13%, 10/15/2023 ^(b),(c),(d)	30,000		867,600
Morgan Stanley; Series I
(3-month USD LIBOR + 3.71%),
6.38%, 10/15/2024 ^(b),(d)	10,000		290,800
Truist Financial Corp; Series O
5.25%, 06/01/2025 ^(b),(c)	40,000		1,138,000
US Bancorp; Series L
3.75%, 01/15/2026 ^(b),(c)	40,000		998,800
Wells Fargo & Co; Series Y
5.63%, 06/15/2022 ^(b),(c)	20,000		529,600
Wells Fargo & Co; Series Z
4.75%, 03/15/2025 ^(b),(c)	20,000		523,000
		$	7,484,550

Electric — 1.33%
Alabama Power Co; Series A
5.00%, 10/01/2022 ^(b),(c)	40,000		1,075,200
Duke Energy Corp; Series A
5.75%, 06/15/2024 ^(b),(c)	35,000		1,005,550
Entergy Louisiana LLC
4.88%, 09/01/2066 ^(c)	20,000		510,200
Entergy Mississippi LLC
4.90%, 10/01/2066 ^(c)	20,000		507,600
		$	3,098,550

Gas — 0.49%
NiSource Inc
(5-year Treasury Constant Maturity Rate + 3.63%),
6.50%, 03/15/2024 ^(b),(c),(d)	40,000		1,146,400

Insurance — 0.95%
Allstate Corp/The; Series H
5.10%, 10/15/2024 ^(b),(c)	40,000		1,125,600
MetLife Inc; Series F
4.75%, 03/15/2025 ^(b)	40,000		1,079,600
		$	2,205,200

REITs — 1.95%
Kimco Realty Corp; Series L
5.13%, 08/16/2022 ^(b)	40,000		1,037,200
PS Business Parks Inc; Series W
5.20%, 10/20/2021 ^(b)	20,000		509,800
PS Business Parks Inc; Series Y
5.20%, 12/07/2022 ^(b)	20,000		534,200
Public Storage; Series E
4.90%, 10/14/2021 ^(b)	10,000		255,100
Public Storage; Series H
5.60%, 03/11/2024 ^(b),(c)	30,000		858,000
Public Storage; Series O
3.90%, 11/17/2025 ^(b)	10,000		262,200

See accompanying notes.


Schedule of Investments
Principal Active Income ETF
June 30, 2021

PREFERRED STOCKS (continued)		Shares Held		Value

REITs (continued)
Vornado Realty Trust; Series M
5.25%, 12/13/2022 ^(b)		40,000	$	1,073,200
			$	4,529,700
TOTAL PREFERRED STOCKS			$	18,464,400
		Principal
BONDS — 62.57%		Amount		Value

Apparel — 1.78%
Under Armour Inc
3.25%, 06/15/2026 ^(c)	$	4,000,000	$	4,144,320

Banks — 5.39%
Citigroup Inc
(5-year Treasury Constant Maturity Rate + 3.60%),
4.00%, 12/10/2025 ^(b),(d)		4,000,000		4,135,000
Goldman Sachs Group Inc/The
(5-year Treasury Constant Maturity Rate + 3.22%),
4.95%, 02/10/2025 ^(b),(d)		4,000,000		4,275,440
JPMorgan Chase & Co
(3-month USD LIBOR + 3.25%),
5.15%, 05/01/2023 ^(b),(d)		4,000,000		4,130,000
			$	12,540,440

Chemicals — 3.76%
HB Fuller Co
4.25%, 10/15/2028		4,500,000		4,650,885
Kraton Polymers LLC / Kraton Polymers Capital Corp
4.25%, 12/15/2025 ^(e)		4,000,000		4,080,000
			$	8,730,885

Electric — 5.68%
Emera Inc
(3-month USD LIBOR + 5.44%),
6.75%, 06/15/2076 ^(d)		3,000,000		3,513,750
GenOn Energy Inc
0.00%, 10/15/2049 ^(a),(f),(g)		3,100,000		—
PPL Capital Funding Inc
(3-month USD LIBOR + 2.67%),
2.81%, 03/30/2067 ^(d)		5,000,000		4,912,500
Talen Energy Supply LLC
4.60%, 12/15/2021		5,000,000		4,775,000
			$	13,201,250

Environmental Control — 2.67%
Covanta Holding Corp
5.88%, 07/01/2025		2,000,000		2,067,400
Waste Pro USA Inc
5.50%, 02/15/2026 ^(e)		4,000,000		4,129,000
			$	6,196,400

Food — 1.75%
Post Holdings Inc
4.63%, 04/15/2030 ^(e)		4,000,000		4,067,320

Healthcare — Products — 1.81%
Hologic Inc
4.63%, 02/01/2028 ^(e)		4,000,000		4,200,000

Healthcare — Services — 5.66%
Encompass Health Corp
4.75%, 02/01/2030		2,000,000		2,125,000
5.75%, 09/15/2025		2,000,000		2,057,500

See accompanying notes.


Schedule of Investments
Principal Active Income ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Healthcare — Services (continued)
HCA Inc
5.63%, 09/01/2028	$	4,000,000	$	4,740,000
MEDNAX Inc
6.25%, 01/15/2027 ^(e)		4,000,000		4,235,000
			$	13,157,500

Home Builders — 1.70%
PulteGroup Inc
6.38%, 05/15/2033		3,000,000		3,962,280

Insurance — 1.30%
MetLife Inc
9.25%, 04/08/2068 ^(e)		2,000,000		3,032,928

Iron & Steel — 0.94%
Allegheny Technologies Inc
7.88%, 08/15/2023		2,000,000		2,192,500

Lodging — 1.34%
Boyd Gaming Corp
4.75%, 12/01/2027		3,000,000		3,105,000

Media — 8.99%
Cable One Inc
4.00%, 11/15/2030 ^(e)		4,750,000		4,767,813
CCO Holdings LLC / CCO Holdings Capital Corp
5.13%, 05/01/2027 ^(e)		1,000,000		1,048,900
5.38%, 06/01/2029 ^(e)		2,000,000		2,186,200
CSC Holdings LLC
6.75%, 11/15/2021		3,000,000		3,059,100
DISH DBS Corp
5.13%, 06/01/2029 ^(e)		3,000,000		2,962,290
5.88%, 11/15/2024		2,000,000		2,147,500
Sirius XM Radio Inc
4.13%, 07/01/2030 ^(e)		1,500,000		1,513,320
5.00%, 08/01/2027 ^(e)		1,000,000		1,047,750
ViacomCBS Inc
(3-month USD LIBOR + 3.90%),
5.88%, 02/28/2057 ^(d)		1,000,000		1,017,700
(3-month USD LIBOR + 3.90%),
6.25%, 02/28/2057 ^(d)		1,000,000		1,145,080
			$	20,895,653

Mining — 1.47%
Hudbay Minerals Inc
4.50%, 04/01/2026 ^(e)		1,275,000		1,279,781
6.13%, 04/01/2029 ^(e)		2,000,000		2,130,000
			$	3,409,781

Office & Business Equipment — 1.30%
CDW LLC / CDW Finance Corp
4.25%, 04/01/2028		750,000		787,500
5.50%, 12/01/2024		2,000,000		2,229,460
			$	3,016,960

Oil & Gas — 1.25%
W&T Offshore Inc
9.75%, 11/01/2023 ^(e)		3,000,000		2,910,000

Packaging & Containers — 3.54%
Graphic Packaging International LLC
3.50%, 03/15/2028 ^(e)		5,000,000		5,037,500

See accompanying notes.


Schedule of Investments
Principal Active Income ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value
Packaging & Containers (continued)
Sealed Air Corp
4.00%, 12/01/2027 ^(e)	$	3,000,000	$	3,191,250
			$	8,228,750

Pharmaceuticals — 1.73%
HLF Financing Sarl LLC / Herbalife International Inc
4.88%, 06/01/2029 ^(e)		4,000,000		4,030,000
Pipelines — 5.40%
Buckeye Partners LP
3.95%, 12/01/2026		4,000,000		4,070,000
EnLink Midstream Partners LP
4.15%, 06/01/2025		4,000,000		4,189,360
4.85%, 07/15/2026		1,000,000		1,035,000
Transcanada Trust
(3-month USD LIBOR + 3.53%),
5.63%, 05/20/2075 ^(d)		3,000,000		3,247,500
			$	12,541,860

REITs — 1.45%
CBL & Associates LP
0.00%, 12/15/2026 ^(a),(g)		6,000,000		3,375,000
Telecommunications — 2.74%
CommScope Technologies LLC
5.00%, 03/15/2027 ^(c),(e)		4,000,000		4,095,000
Sprint Corp
7.88%, 09/15/2023		2,000,000		2,272,152
			$	6,367,152

Transportation — 0.92%
XPO Logistics Inc
6.25%, 05/01/2025 ^(e)		2,000,000		2,127,500
TOTAL BONDS			$	145,433,479
INVESTMENT COMPANIES — 5.08%		Shares Held		Value
Money Market Funds — 5.08%
Principal Government Money Market Fund — Institutional Class 0.00% ^{(a),(h),(i),(j)}		3,145,675	$	3,145,675
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(j)		8,667,788		8,667,788
TOTAL INVESTMENT COMPANIES			$	11,813,463
Total Investments			$	234,065,543
Other Assets and Liabilities — (0.70)%				(1,622,931	)
Total Net Assets — 100.00%			$	232,442,612

^(a)	Non-income producing security.
^(b)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end.
^(c)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $3,082,002 or 1.33% of net assets.
^(d)	Rate shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a variable or floating rate in the future.
^(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $62,071,552 or 26.70% of net assets.
^(f)	The value of these investments was determined using significant unobservable inputs, in good faith by the Advisor, under procedures established and periodically reviewed by the Board of Trustees.
^(g)	Security is defaulted.
^(h)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.

See accompanying notes.

Schedule of Investments
Principal Active Income ETF
June 30, 2021

⁽ⁱ⁾	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $3,145,675 or 1.35% of net assets.
^(j)	Current yield shown is as of period end.


Portfolio Summary (unaudited)
Sector					Percent
Financial					19.47	%
Consumer, Non-cyclical					14.36	%
Communications					13.77	%
Industrial					10.38	%
Utilities					9.10	%
Consumer, Cyclical					8.96	%
Energy					8.67	%
Basic Materials					6.63	%
Money Market Funds					5.08	%
Technology					4.28	%
Other Assets and Liabilities					(0.70	)%
TOTAL NET ASSETS					100.00	%

			June 30, 2020		Purchases			Sales		June 30, 2021
Affiliated Securities			Value		Cost			Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	2,918,957	$	41,021,991		$	40,795,273	$	3,145,675
		$	2,918,957	$	41,021,991		$	40,795,273	$	3,145,675

								Realized Gain
					Realized			from		Change in
					Gain/Loss on			Capital Gain		Unrealized
			Income ^(a)		Investments			Distributions		Gain/Loss
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	—	$	—		$	—	$	—
		$	—	$	—		$	—	$	—

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

See accompanying notes.


Schedule of Investments
Principal Healthcare Innovators Index ETF
June 30, 2021

COMMON STOCKS — 99.88%	Shares Held		Value

Biotechnology — 55.92%
9 Meters Biopharma Inc ^(a),(b)	49,881	$	54,869
Abeona Therapeutics Inc ^(a),(b)	22,746		35,484
ACADIA Pharmaceuticals Inc ^(a)	36,948		901,162
Acceleron Pharma Inc ^(a)	14,168		1,777,942
ADMA Biologics Inc ^(a)	21,827		34,923
Adverum Biotechnologies Inc ^(a)	22,503		78,760
Agenus Inc ^(a)	47,253		259,419
Akero Therapeutics Inc ^(a)	8,016		198,877
Albireo Pharma Inc ^(a)	4,412		155,214
Aldeyra Therapeutics Inc ^(a)	10,906		123,565
Allakos Inc ^(a)	12,305		1,050,478
Allogene Therapeutics Inc ^(a)	32,469		846,792
Alnylam Pharmaceuticals Inc ^(a)	27,305		4,628,744
Altimmune Inc ^(a),(b)	8,576		84,474
Amicus Therapeutics Inc ^(a)	60,155		579,894
AnaptysBio Inc ^(a)	6,318		163,826
Anavex Life Sciences Corp ^(a)	16,042		366,720
Apellis Pharmaceuticals Inc ^(a)	18,552		1,172,486
Applied Genetic Technologies Corp ^(a)	9,848		38,506
Applied Molecular Transport Inc ^(a),(b)	8,052		368,298
Arcturus Therapeutics Holdings Inc ^(a)	5,970		202,025
Arcus Biosciences Inc ^(a)	16,362		449,301
Arcutis Biotherapeutics Inc ^(a)	11,562		315,527
Ardelyx Inc ^(a)	20,834		157,922
Arena Pharmaceuticals Inc ^(a)	13,929		949,958
Arrowhead Pharmaceuticals Inc ^(a)	24,287		2,011,449
Assembly Biosciences Inc ^(a)	8,829		34,257
Atara Biotherapeutics Inc ^(a)	19,119		297,300
Atossa Therapeutics Inc ^(a)	2,422		15,307
AVEO Pharmaceuticals Inc ^(a)	7,648		50,400
Avid Bioservices Inc ^(a)	14,043		360,203
Avidity Biosciences Inc ^(a),(b)	8,663		214,063
Avrobio Inc ^(a)	9,569		85,068
Axsome Therapeutics Inc ^(a)	8,621		581,573
Beam Therapeutics Inc ^(a),(b)	13,381		1,722,268
BioCryst Pharmaceuticals Inc ^(a)	40,759		644,400
Biohaven Pharmaceutical Holding Co Ltd ^(a)	14,294		1,387,662
BioMarin Pharmaceutical Inc ^(a)	42,446		3,541,694
Black Diamond Therapeutics Inc ^(a),(b)	8,338		101,640
Bluebird Bio Inc ^(a)	15,500		495,690
Blueprint Medicines Corp ^(a)	13,582		1,194,673
BrainStorm Cell Therapeutics Inc ^(a)	8,247		31,339
Bridgebio Pharma Inc ^(a)	34,837		2,123,663
Cara Therapeutics Inc ^(a)	11,514		164,305
Cardiff Oncology Inc ^(a),(b)	8,554		56,884
CEL-SCI Corp ^(a),(b)	9,356		81,210
Celldex Therapeutics Inc ^(a)	9,134		305,441
ChemoCentryx Inc ^(a)	15,977		213,932
ChromaDex Corp ^(a),(b)	15,407		151,913
Constellation Pharmaceuticals Inc ^(a)	11,048		373,422
Cortexyme Inc ^(a),(b)	6,810		360,930
CRISPR Therapeutics AG ^(a)	17,629		2,853,959
Curis Inc ^(a),(b)	21,125		170,479
Cymabay Therapeutics Inc ^(a)	15,903		69,337
CytomX Therapeutics Inc ^(a)	14,956		94,671
Deciphera Pharmaceuticals Inc ^(a)	13,303		487,023
Denali Therapeutics Inc ^(a)	28,314		2,220,950
Dicerna Pharmaceuticals Inc ^(a)	17,619		657,541
Dynavax Technologies Corp ^(a),(b)	26,146		257,538
Editas Medicine Inc ^(a)	15,551		880,809
Epizyme Inc ^(a)	23,498		195,268
Esperion Therapeutics Inc ^(a),(b)	6,451		136,439
Evolus Inc ^(a)	7,791		98,556

See accompanying notes.


Schedule of Investments
Principal Healthcare Innovators Index ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Biotechnology (continued)
Exact Sciences Corp ^(a)	38,968	$	4,844,112
Fate Therapeutics Inc ^(a)	21,936		1,903,825
FibroGen Inc ^(a)	21,010		559,496
Forma Therapeutics Holdings Inc ^(a),(b)	10,330		257,114
Frequency Therapeutics Inc ^(a),(b)	7,788		77,568
Generation Bio Co ^(a)	12,585		338,536
Global Blood Therapeutics Inc ^(a)	14,349		502,502
Gossamer Bio Inc ^(a)	17,436		141,580
Greenwich Lifesciences Inc ^(a),(b)	2,775		124,708
Guardant Health Inc ^(a)	23,438		2,910,765
Halozyme Therapeutics Inc ^(a)	31,672		1,438,226
Homology Medicines Inc ^(a)	10,450		75,971
Humanigen Inc ^(a)	12,347		214,591
iBio Inc ^(a),(b)	49,864		75,295
Idera Pharmaceuticals Inc ^(a),(b)	9,753		11,704
IGM Biosciences Inc ^(a)	5,883		489,466
ImmunityBio Inc ^(a)	25,163		359,328
ImmunoGen Inc ^(a)	44,950		296,220
Immunovant Inc ^(a)	22,617		239,062
Infinity Pharmaceuticals Inc ^(a),(b)	20,463		61,184
Inmune Bio Inc ^(a),(b)	3,447		60,564
Inovio Pharmaceuticals Inc ^(a),(b)	47,726		442,420
Insmed Inc ^(a)	23,788		677,006
Intercept Pharmaceuticals Inc ^(a)	7,622		152,211
Intra-Cellular Therapies Inc ^(a)	18,680		762,518
Ionis Pharmaceuticals Inc ^(a)	33,001		1,316,410
Iovance Biotherapeutics Inc ^(a)	33,930		882,859
iTeos Therapeutics Inc ^(a)	8,090		207,508
Kadmon Holdings Inc ^(a),(b)	39,595		153,233
Karuna Therapeutics Inc ^(a)	6,237		710,956
Karyopharm Therapeutics Inc ^(a)	17,230		177,814
Kiniksa Pharmaceuticals Ltd, Class A ^(a)	7,370		102,664
Kodiak Sciences Inc ^(a)	11,883		1,105,119
Krystal Biotech Inc ^(a)	5,060		344,080
Lexicon Pharmaceuticals Inc ^(a)	33,325		152,962
Ligand Pharmaceuticals Inc ^(a)	3,835		503,114
MacroGenics Inc ^(a)	12,988		348,858
Mersana Therapeutics Inc ^(a)	15,939		216,452
Mirati Therapeutics Inc ^(a)	11,842		1,912,838
Mustang Bio Inc ^(a)	14,866		49,355
Myriad Genetics Inc ^(a)	17,363		530,961
Nektar Therapeutics ^(a)	42,058		721,715
NGM Biopharmaceuticals Inc ^(a)	16,999		335,220
Nkarta Inc ^(a)	7,525		238,467
Novavax Inc ^(a)	14,860		3,154,927
Omeros Corp ^(a),(b)	14,233		211,218
Oncternal Therapeutics Inc ^(a),(b)	11,377		54,041
Organogenesis Holdings Inc ^(a)	29,543		491,005
Ovid therapeutics Inc ^(a)	14,641		57,246
Pacific Biosciences of California Inc ^(a)	45,253		1,582,497
Precigen Inc ^(a),(b)	46,798		305,123
Precision BioSciences Inc ^(a)	12,114		151,667
Prothena Corp PLC ^(a)	9,231		474,566
Provention Bio Inc ^(a),(b)	14,630		123,331
PTC Therapeutics Inc ^(a)	16,234		686,211
Radius Health Inc ^(a)	10,826		197,466
REGENXBIO Inc ^(a)	9,767		379,448
Relay Therapeutics Inc ^(a)	20,774		760,121
Replimune Group Inc ^(a)	10,731		412,285
REVOLUTION Medicines Inc ^(a)	16,662		528,852
Rigel Pharmaceuticals Inc ^(a)	39,010		169,303
Rocket Pharmaceuticals Inc ^(a)	13,984		619,351
Rubius Therapeutics Inc ^(a)	18,741		457,468

See accompanying notes.


Schedule of Investments
Principal Healthcare Innovators Index ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Biotechnology (continued)
Sage Therapeutics Inc ^(a)	13,478	$	765,685
Sangamo Therapeutics Inc ^(a)	33,070		395,848
Scholar Rock Holding Corp ^(a)	7,766		224,437
Seagen Inc ^(a)	36,980		5,838,402
Seelos Therapeutics Inc ^(a)	17,873		47,185
Selecta Biosciences Inc ^(a)	24,939		104,245
Sesen Bio Inc ^(a)	38,687		178,734
Solid Biosciences Inc ^(a)	25,426		93,059
Sorrento Therapeutics Inc ^(a),(b)	64,711		627,050
SpringWorks Therapeutics Inc ^(a)	11,303		931,480
Stoke Therapeutics Inc ^(a)	8,365		281,566
Surface Oncology Inc ^(a)	9,391		70,057
Sutro Biopharma Inc ^(a)	10,384		193,039
Syndax Pharmaceuticals Inc ^(a)	10,893		187,033
TCR2 Therapeutics Inc ^(a)	8,772		143,949
TG Therapeutics Inc ^(a)	32,929		1,277,316
Theravance Biopharma Inc ^(a)	14,850		215,622
Translate Bio Inc ^(a)	17,158		472,531
TransMedics Group Inc ^(a)	6,319		209,664
Travere Therapeutics Inc ^(a)	13,298		194,018
Turning Point Therapeutics Inc ^(a)	11,121		867,660
Twist Bioscience Corp ^(a)	11,392		1,517,984
Tyme Technologies Inc ^(a)	39,344		49,573
Ultragenyx Pharmaceutical Inc ^(a)	15,666		1,493,753
UNITY Biotechnology Inc ^(a)	12,215		56,678
Vaxart Inc ^(a)	27,184		203,608
Veracyte Inc ^(a)	15,468		618,411
Verastem Inc ^(a)	39,194		159,520
Vericel Corp ^(a)	10,641		558,652
Viking Therapeutics Inc ^(a),(b)	17,114		102,513
Vir Biotechnology Inc ^(a)	29,947		1,415,894
VYNE Therapeutics Inc ^(a),(b)	11,849		41,590
Xencor Inc ^(a)	13,374		461,269
Y-mAbs Therapeutics Inc ^(a)	10,036		339,217
Zentalis Pharmaceuticals Inc ^(a)	9,376		498,803
ZIOPHARM Oncology Inc ^(a),(b)	49,469		130,598
		$	98,527,748

Chemicals — 0.19%
Codexis Inc ^(a)	14,675		332,536

Commercial Services — 1.53%
Multiplan Corp ^(a),(b)	156,922		1,493,897
Progyny Inc ^(a)	20,460		1,207,140
		$	2,701,037

Electronics — 0.06%
Fluidigm Corp ^(a),(b)	17,210		106,014

Healthcare — Products — 18.48%
10X Genomics Inc, Class A ^(a)	20,085		3,933,045
Accelerate Diagnostics Inc ^(a)	13,696		110,390
Adaptive Biotechnologies Corp ^(a)	32,622		1,332,935
Alphatec Holdings Inc ^(a)	22,282		341,360
Asensus Surgical Inc ^(a),(b)	53,695		170,213
AtriCure Inc ^(a)	10,521		834,631
Avanos Medical Inc ^(a)	11,095		403,525
AxoGen Inc ^(a)	9,404		203,220
Axonics Inc ^(a)	9,586		607,848
BioLife Solutions Inc ^(a)	7,557		336,362
Bionano Genomics Inc ^(a)	64,034		469,369
Cardiovascular Systems Inc ^(a)	9,279		395,749
CareDx Inc ^(a)	11,964		1,094,945
Castle Biosciences Inc ^(a)	5,643		413,801

See accompanying notes.


Schedule of Investments
Principal Healthcare Innovators Index ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Healthcare — Products (continued)
Cerus Corp ^(a)	38,835	$	229,515
ClearPoint Neuro Inc ^(a),(b)	4,772		91,098
Co-Diagnostics Inc ^(a),(b)	6,526		53,840
CryoLife Inc ^(a)	8,993		255,401
DermTech Inc ^(a)	6,638		275,942
Glaukos Corp ^(a)	10,570		896,653
Inogen Inc ^(a)	5,136		334,713
Inspire Medical Systems Inc ^(a)	6,536		1,263,147
Insulet Corp ^(a)	15,416		4,231,846
Intersect ENT Inc ^(a)	7,622		130,260
iRhythm Technologies Inc ^(a)	6,732		446,668
Lantheus Holdings Inc ^(a)	15,560		430,078
Merit Medical Systems Inc ^(a)	12,857		831,334
NanoString Technologies Inc ^(a)	10,173		659,109
Natera Inc ^(a)	20,237		2,297,507
Natus Medical Inc ^(a)	7,820		203,164
Nevro Corp ^(a)	8,112		1,344,889
OrthoPediatrics Corp ^(a)	4,538		286,711
Penumbra Inc ^(a)	8,515		2,333,621
Pulmonx Corp ^(a)	8,239		363,505
Quanterix Corp ^(a)	8,370		490,984
Shockwave Medical Inc ^(a)	8,166		1,549,335
SI-BONE Inc ^(a)	7,555		237,756
Sientra Inc ^(a)	13,222		105,247
Silk Road Medical Inc ^(a)	7,933		379,673
SmileDirectClub Inc ^(a),(b)	27,096		235,193
T2 Biosystems Inc ^(a),(b)	34,153		40,642
Tandem Diabetes Care Inc ^(a)	14,649		1,426,813
Varex Imaging Corp ^(a)	9,050		242,721
ViewRay Inc ^(a)	37,122		245,005
		$	32,559,763

Healthcare — Services — 6.63%
Accolade Inc ^(a)	13,515		734,000
Brookdale Senior Living Inc ^(a)	42,353		334,589
Clover Health Investments Corp ^(a),(b)	20,939		278,907
Community Health Systems Inc ^(a)	29,922		461,996
Invitae Corp ^(a),(b)	46,039		1,552,895
MEDNAX Inc ^(a)	19,766		595,945
ModivCare Inc ^(a)	3,276		557,149
Neuronetics Inc ^(a)	5,866		93,973
Ontrak Inc ^(a),(b)	4,084		132,648
OPKO Health Inc ^(a)	154,678		626,446
Personalis Inc ^(a)	10,087		255,201
Surgery Partners Inc ^(a)	13,819		920,622
Teladoc Health Inc ^(a)	28,258		4,699,023
Tivity Health Inc ^(a)	11,347		298,540
Vapotherm Inc ^(a),(b)	5,958		140,847
		$	11,682,781

Pharmaceuticals — 14.99%
AcelRx Pharmaceuticals Inc ^(a)	27,460		37,895
Aclaris Therapeutics Inc ^(a)	11,959		210,000
Adamis Pharmaceuticals Corp ^(a)	32,384		35,622
AdaptHealth Corp ^(a)	26,525		727,050
Aerie Pharmaceuticals Inc ^(a)	10,831		173,404
Agile Therapeutics Inc ^(a)	20,228		26,903
Agios Pharmaceuticals Inc ^(a)	16,068		885,507
Akebia Therapeutics Inc ^(a)	35,437		134,306
Alector Inc ^(a)	18,373		382,710
Alkermes PLC ^(a)	36,761		901,380
Amneal Pharmaceuticals Inc ^(a)	34,096		174,571
Aquestive Therapeutics Inc ^(a)	8,360		33,189

See accompanying notes.


Schedule of Investments
Principal Healthcare Innovators Index ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Pharmaceuticals (continued)
Arvinas Inc ^(a)	10,979	$	845,383
Athenex Inc ^(a)	21,545		99,538
Bioxcel Therapeutics Inc ^(a)	5,673		164,857
Cassava Sciences Inc ^(a),(b)	5,905		504,523
Chimerix Inc ^(a)	19,780		158,240
Clovis Oncology Inc ^(a),(b)	24,131		139,960
Corbus Pharmaceuticals Holdings Inc ^(a)	28,842		52,781
CorMedix Inc ^(a),(b)	7,418		50,887
Cytokinetics Inc ^(a)	16,416		324,873
Elanco Animal Health Inc ^(a)	110,152		3,821,173
Enanta Pharmaceuticals Inc ^(a)	4,657		204,955
Endo International PLC ^(a)	53,212		249,032
Evofem Biosciences Inc ^(a),(b)	19,186		21,680
Flexion Therapeutics Inc ^(a)	11,385		93,699
G1 Therapeutics Inc ^(a),(b)	9,687		212,533
Gritstone bio Inc ^(a)	11,301		103,178
Heat Biologics Inc ^(a)	5,866		39,478
Heron Therapeutics Inc ^(a)	21,099		327,456
Heska Corp ^(a)	2,405		552,501
Intellia Therapeutics Inc ^(a)	15,882		2,571,455
Jaguar Health Inc ^(a),(b)	25,544		40,359
Jounce Therapeutics Inc ^(a)	10,479		71,257
Kala Pharmaceuticals Inc ^(a),(b)	14,210		75,313
KalVista Pharmaceuticals Inc ^(a)	5,383		128,977
Kura Oncology Inc ^(a)	15,285		318,692
Lipocine Inc ^(a)	20,382		28,535
Madrigal Pharmaceuticals Inc ^(a)	3,699		360,320
MannKind Corp ^(a),(b)	57,055		310,950
Marinus Pharmaceuticals Inc ^(a),(b)	8,230		147,646
MediciNova Inc ^(a),(b)	11,238		47,761
Morphic Holding Inc ^(a)	8,318		477,370
Novan Inc ^(a),(b)	3,480		35,009
Ocugen Inc ^(a),(b)	43,419		348,655
Ocular Therapeutix Inc ^(a)	17,384		246,505
Odonate Therapeutics Inc ^(a)	8,912		31,103
Option Care Health Inc ^(a)	41,508		907,780
ORIC Pharmaceuticals Inc ^(a)	8,458		149,622
Owens & Minor Inc	16,969		718,298
Passage Bio Inc ^(a)	12,216		161,740
Perrigo Co PLC	31,988		1,466,650
PetIQ Inc ^(a)	5,837		225,308
Protagonist Therapeutics Inc ^(a)	9,931		445,703
Reata Pharmaceuticals Inc, Class A ^(a)	7,173		1,015,195
Revance Therapeutics Inc ^(a)	16,478		488,408
Rhythm Pharmaceuticals Inc ^(a)	11,364		222,507
Sarepta Therapeutics Inc ^(a)	18,496		1,437,879
Senseonics Holdings Inc ^(a),(b)	87,237		334,990
Seres Therapeutics Inc ^(a)	21,065		502,400
Spectrum Pharmaceuticals Inc ^(a)	33,684		126,315
Syros Pharmaceuticals Inc ^(a)	14,226		77,532
TFF Pharmaceuticals Inc ^(a)	5,342		51,337
TherapeuticsMD Inc ^(a)	89,531		106,542
Tonix Pharmaceuticals Holding Corp ^(a)	74,776		83,001
Trevena Inc ^(a),(b)	37,231		62,920
Tricida Inc ^(a)	11,599		50,108
uniQure NV ^(a)	10,269		316,285
Vaxcyte Inc ^(a)	11,762		264,763
Xeris Pharmaceuticals Inc ^(a),(b)	13,716		55,824
Zogenix Inc ^(a)	12,853		222,100
		$	26,422,378

Retail — 0.14%
OptimizeRx Corp ^(a)	3,880		240,172

See accompanying notes.


Schedule of Investments
Principal Healthcare Innovators Index ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value
Software — 1.94%
1Life Healthcare Inc ^(a)	32,062	$	1,059,970
Evolent Health Inc, Class A ^(a)	19,875		419,760
Health Catalyst Inc ^(a)	10,167		564,370
Hims & Hers Health Inc ^(a),(b)	42,241		460,004
Phreesia Inc ^(a)	10,195		624,954
Tabula Rasa HealthCare Inc ^(a)	5,698		284,900
		$	3,413,958
TOTAL COMMON STOCKS		$	175,986,387
INVESTMENT COMPANIES — 3.85%	Shares Held		Value
Money Market Funds — 3.85%
Principal Government Money Market Fund — Institutional Class 0.00% ^{(a),(c),(d),(e)}	6,534,128	$	6,534,128
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(e)	255,508		255,508
TOTAL INVESTMENT COMPANIES		$	6,789,636
Total Investments		$	182,776,023
Other Assets and Liabilities — (3.73)%			(6,578,661	)
Total Net Assets — 100.00%		$	176,197,362

^(a)	Non-income producing security.
^(b)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $6,381,980 or 3.62% of net assets.
^(c)	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $6,534,128 or 3.71% of net assets.
^(d)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.
^(e)	Current yield shown is as of period end.


Portfolio Summary (unaudited)
Sector					Percent
Consumer, Non-cyclical					97.56	%
Money Market Funds					3.85	%
Technology					1.94	%
Basic Materials					0.19	%
Consumer, Cyclical					0.13	%
Industrial					0.06	%
Other Assets and Liabilities					(3.73	)%
TOTAL NET ASSETS					100.00	%

			June 30, 2020		Purchases			Sales		June 30, 2021
Affiliated Securities			Value		Cost			Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	4,074,103	$	85,586,508		$	83,126,483	$	6,534,128
		$	4,074,103	$	85,586,508		$	83,126,483	$	6,534,128

								Realized Gain
					Realized			from		Change in
					Gain/Loss on			Capital Gain		Unrealized
			Income ^(a)		Investments			Distributions		Gain/Loss
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	—	$	—		$	—	$	—
		$	—	$	—		$	—	$	—

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

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS — 99.28%	Shares Held		Value

Advertising — 0.38%
Hakuhodo DY Holdings Inc	2,300	$	35,692
Publicis Groupe SA	1,273		81,420
WPP PLC	4,429		59,686
		$	176,798

Aerospace & Defense — 0.71%
Airbus SE ^(a)	572		73,549
BAE Systems PLC	9,784		70,649
CAE Inc ^(a)	1,519		46,786
Elbit Systems Ltd	323		41,810
MTU Aero Engines AG	113		27,990
Safran SA	360		49,910
Thales SA	247		25,199
		$	335,893

Agriculture — 0.83%
British American Tobacco PLC	5,053		195,715
Imperial Brands PLC	3,572		76,934
Japan Tobacco Inc	4,500		85,001
Swedish Match AB	4,179		35,637
		$	393,287

Airlines — 0.12%
Air Canada ^(a)	969		19,934
Deutsche Lufthansa AG ^(a)	1,578		17,757
Qantas Airways Ltd ^(a)	5,094		17,802
		$	55,493

Apparel — 1.80%
Burberry Group PLC ^(a)	893		25,521
Gildan Activewear Inc	646		23,837
Hermes International	89		129,646
Kering SA	107		93,507
LVMH Moet Hennessy Louis Vuitton SE	698		547,327
Puma SE	228		27,184
		$	847,022

Auto Manufacturers — 2.65%
Bayerische Motoren Werke AG	1,315		131,312
Daimler AG	1,672		149,288
Ferrari NV	227		46,835
Honda Motor Co Ltd	4,100		131,014
Porsche Automobil Holding SE	266		28,500
Renault SA ^(a)	1,141		46,115
Stellantis NV	2,509		49,249
Suzuki Motor Corp	1,600		67,704
Toyota Motor Corp	5,300		463,234
Volkswagen AG	151		49,561
Volvo AB, Class B	3,515		84,568
		$	1,247,380

Auto Parts & Equipment — 0.70%
Cie Generale des Etablissements Michelin SCA	552		88,035
Continental AG ^(a)	192		28,226
Faurecia SE	761		37,331
Magna International Inc	780		72,217
NGK Spark Plug Co Ltd	2,000		29,632
Toyoda Gosei Co Ltd	1,300		32,004
Valeo SA	1,369		41,183
		$	328,628

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Banks — 11.02%
ABN AMRO Bank NV ^(a),(b)	3,478	$	42,032
Australia & New Zealand Banking Group Ltd	5,816		122,782
Banco Bilbao Vizcaya Argentaria SA	16,662		103,289
Banco Santander SA	17,937		68,475
Bank Hapoalim BM ^(a)	4,284		34,376
Bank Leumi Le-Israel BM ^(a)	5,090		38,657
Bank of East Asia Ltd/The	7,800		14,486
Bank of Montreal	2,205		226,014
Bank of Nova Scotia/The	3,932		255,726
Banque Cantonale Vaudoise	230		20,657
Barclays PLC	39,824		94,268
BNP Paribas SA	2,260		141,681
BOC Hong Kong Holdings Ltd	18,500		62,784
CaixaBank SA	18,242		56,109
Canadian Imperial Bank of Commerce	1,159		131,935
Chiba Bank Ltd/The	5,700		34,325
Commerzbank AG ^(a)	7,354		52,163
Commonwealth Bank of Australia	2,375		177,882
Concordia Financial Group Ltd	9,600		35,170
Credit Agricole SA	4,104		57,491
Credit Suisse Group AG	7,068		74,037
Danske Bank A/S	2,887		50,800
DBS Group Holdings Ltd	7,100		157,396
Deutsche Bank AG ^(a)	5,873		76,506
DNB ASA	1,481		32,268
Erste Group Bank AG	1,425		52,279
FinecoBank Banca Fineco SpA ^(a)	3,382		58,950
Hang Seng Bank Ltd	1,900		37,954
HSBC Holdings PLC	3,649		21,064
ING Groep NV	8,666		114,471
Intesa Sanpaolo SpA	43,891		121,236
Israel Discount Bank Ltd, Class A ^(a)	4,690		22,327
KBC Group NV	419		31,946
Lloyds Banking Group PLC	81,870		52,877
Macquarie Group Ltd	515		60,417
Mediobanca Banca di Credito Finanziario SpA ^(a)	2,014		23,523
Mitsubishi UFJ Financial Group Inc	30,400		164,211
Mizrahi Tefahot Bank Ltd ^(a)	1,655		50,968
Mizuho Financial Group Inc	8,100		115,746
National Australia Bank Ltd	6,631		130,390
National Bank of Canada	1,635		122,361
Natixis SA	4,182		19,835
Natwest Group PLC	9,937		27,932
Nordea Bank Abp	8,304		92,432
Oversea-Chinese Banking Corp Ltd	10,600		94,199
Raiffeisen Bank International AG	932		21,108
Royal Bank of Canada	4,160		421,470
Shizuoka Bank Ltd/The	5,100		39,434
Skandinaviska Enskilda Banken AB, Class A	5,244		67,740
Societe Generale SA	1,256		37,024
Standard Chartered PLC	4,693		29,927
Sumitomo Mitsui Financial Group Inc	4,100		141,348
Sumitomo Mitsui Trust Holdings Inc	1,800		57,162
Svenska Handelsbanken AB, Class A	6,234		70,337
Swedbank AB, Class A	2,146		39,931
Toronto-Dominion Bank/The	3,876		271,626
UBS Group AG	12,867		196,916
UniCredit SpA	3,420		40,350
United Overseas Bank Ltd	2,300		44,163
Westpac Banking Corp	7,201		139,384
		$	5,194,347

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Beverages — 0.79%
Asahi Group Holdings Ltd	1,800	$	84,106
Carlsberg A/S, Class B	227		42,314
Coca-Cola HBC AG	1,272		45,995
Davide Campari-Milano NV	2,431		32,558
Diageo PLC	702		33,609
Endeavour Group Ltd ^(a)	3,420		16,133
Heineken Holding NV	343		34,550
Heineken NV	113		13,694
JDE Peet's NV ^(a)	665		24,129
Pernod Ricard SA	76		16,870
Remy Cointreau SA	132		27,250
		$	371,208

Biotechnology — 0.44%
Argenx SE ^(a)	94		28,433
CSL Ltd	552		118,061
Genmab A/S ^(a)	94		38,462
H Lundbeck A/S	626		19,914
		$	204,870

Chemicals — 3.05%
Air Liquide SA	591		103,477
Air Water Inc	1,900		29,211
Akzo Nobel NV	932		115,153
Arkema SA	437		54,823
BASF SE	876		69,012
Brenntag SE	1,006		93,544
Chr Hansen Holding A/S	341		30,776
Clariant AG	1,254		24,938
Covestro AG ^(b)	798		51,532
Croda International PLC	361		36,794
EMS-Chemie Holding AG	12		11,789
Evonik Industries AG	1,463		49,059
Givaudan SA	15		69,760
ICL Group Ltd	3,192		21,648
Johnson Matthey PLC	1,046		44,464
Koninklijke DSM NV	75		13,998
LANXESS AG	857		58,756
Mitsubishi Gas Chemical Co Inc	1,500		31,811
Mitsui Chemicals Inc	1,500		51,780
Nippon Sanso Holdings Corp	1,900		38,942
Nissan Chemical Corp	700		34,277
Novozymes A/S, Class B	515		38,818
Nutrien Ltd	1,501		90,949
Shin-Etsu Chemical Co Ltd	900		150,520
Solvay SA	190		24,151
Symrise AG	286		39,847
Yara International ASA	1,084		57,057
		$	1,436,886

Commercial Services — 2.52%
Adecco Group AG	838		56,932
Adyen NV ^(a),(b)	39		95,286
Afterpay Ltd ^(a)	341		30,220
Ashtead Group PLC	1,178		87,408
Atlantia SpA ^(a)	1,273		23,049
Brambles Ltd	4,142		35,536
Bureau Veritas SA ^(a)	247		7,814
Dai Nippon Printing Co Ltd	1,900		40,174
Experian PLC	1,481		57,076
Intertek Group PLC	417		31,899
Nexi SpA ^(a),(b)	1,178		25,855
Nihon M&A Center Inc	1,800		46,679

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Commercial Services (continued)
Persol Holdings Co Ltd	1,900	$	37,540
Randstad NV	646		49,407
Recruit Holdings Co Ltd	3,400		167,406
RELX PLC	2,735		72,602
Rentokil Initial PLC	4,903		33,573
Ritchie Bros Auctioneers Inc	341		20,216
Secom Co Ltd	900		68,406
Securitas AB, Class B	2,851		45,007
SGS SA	13		40,099
Sohgo Security Services Co Ltd	700		31,883
Toppan Printing Co Ltd	2,300		36,955
Transurban Group	1,177		12,561
Worldline SA ^(a),(b)	342		32,012
		$	1,185,595

Computers — 2.05%
Atos SE	323		19,648
Bechtle AG	208		38,636
Capgemini SE	645		123,899
CGI Inc ^(a)	857		77,701
Check Point Software Technologies Ltd ^(a)	515		59,807
Computershare Ltd	3,914		49,607
Fujitsu Ltd	700		131,059
Itochu Techno-Solutions Corp	1,100		34,061
Logitech International SA	800		96,925
NEC Corp	1,200		61,785
Nomura Research Institute Ltd	1,900		62,852
NTT Data Corp	3,700		57,717
Otsuka Corp	800		41,982
SCSK Corp	500		29,794
Teleperformance	192		77,929
		$	963,402

Construction Materials — 2.25%
Cie de Saint-Gobain	1,310		86,272
CRH PLC	1,901		95,800
Daikin Industries Ltd	600		111,742
Geberit AG	126		94,508
HeidelbergCement AG	590		50,609
Holcim Ltd	1,558		93,455
Investment AB Latour	1,311		43,015
James Hardie Industries PLC	1,634		55,475
Kingspan Group PLC	589		55,621
Lixil Corp	1,600		41,377
Nibe Industrier AB	5,378		56,569
Rinnai Corp	300		28,543
ROCKWOOL International A/S	88		42,841
Sika AG	379		123,910
Taiheiyo Cement Corp	1,400		30,711
Xinyi Glass Holdings Ltd	12,000		48,916
		$	1,059,364

Distribution/Wholesale — 1.60%
Bunzl PLC	2,507		82,849
Ferguson PLC	990		137,631
ITOCHU Corp	4,200		120,978
Mitsubishi Corp	4,300		117,201
Mitsui & Co Ltd	5,300		119,291
Sumitomo Corp	4,900		65,630
Toromont Industries Ltd	627		54,627
Toyota Tsusho Corp	1,200		56,708
		$	754,915

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Diversified Financial Services — 2.60%
Acom Co Ltd	7,600	$	33,110
Amundi SA ^(b)	553		48,753
ASX Ltd	571		33,277
Brookfield Asset Management Inc, Class A	1,350		68,872
Daiwa Securities Group Inc	9,400		51,622
Deutsche Boerse AG	305		53,235
EQT AB	1,369		49,685
Hargreaves Lansdown PLC	949		20,860
Hong Kong Exchanges & Clearing Ltd	2,300		137,094
IGM Financial Inc	1,901		67,109
Japan Exchange Group Inc	2,300		51,136
Julius Baer Group Ltd	874		57,036
London Stock Exchange Group PLC	381		42,005
Magellan Financial Group Ltd	531		21,448
Nomura Holdings Inc	13,300		67,976
Onex Corp	436		31,659
ORIX Corp	5,200		87,739
Partners Group Holding AG	61		92,398
Schroders PLC	1,006		48,887
Singapore Exchange Ltd	3,700		30,762
St James's Place PLC	2,622		53,571
Standard Life Aberdeen PLC	6,158		23,085
TMX Group Ltd	248		26,197
Tokyo Century Corp	475		25,525
		$	1,223,041

Electric — 3.35%
AGL Energy Ltd	4,067		25,010
Algonquin Power & Utilities Corp	1,937		28,861
Atco Ltd, Class I	1,292		45,818
AusNet Services Ltd	16,683		21,895
Canadian Utilities Ltd, Class A	227		6,299
Chubu Electric Power Co Inc	3,900		47,673
CLP Holdings Ltd	7,125		70,476
E.ON SE	4,144		47,929
EDP - Energias de Portugal SA	1,598		8,470
Electricite de France SA	1,693		23,126
Elia Group SA	228		24,061
Emera Inc	721		32,711
Endesa SA	2,032		49,297
Enel SpA	25,668		238,374
Engie SA	3,382		46,334
Fortis Inc	950		42,051
Fortum OYJ	3,118		85,996
HK Electric Investments & HK Electric Investments Ltd	8,500		8,616
Hydro One Ltd ^(b)	2,204		53,269
Iberdrola SA	13,490		164,437
Kyushu Electric Power Co Inc	3,900		30,015
Mercury NZ Ltd	3,990		18,603
National Grid PLC	1,310		16,686
Northland Power Inc	2,148		73,281
Origin Energy Ltd	6,899		23,334
Orsted A/S ^(b)	247		34,660
Power Assets Holdings Ltd	5,000		30,685
Red Electrica Corp SA	2,926		54,315
RWE AG	1,199		43,448
SSE PLC	2,165		44,938
Terna SPA	4,312		32,130
Tohoku Electric Power Co Inc	3,900		30,541
Uniper SE	836		30,789

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Electric (continued)
Verbund AG	495	$	45,576
		$	1,579,704

Electrical Components & Equipment — 0.84%
ABB Ltd	4,447		150,869
Brother Industries Ltd	1,900		37,916
Legrand SA	476		50,380
Prysmian SpA	1,425		51,079
Schneider Electric SE	666		104,779
		$	395,023

Electronics — 1.59%
Assa Abloy AB, Class B	3,023		91,063
Azbil Corp	900		37,306
Halma PLC	970		36,121
Hoya Corp	900		119,330
MINEBEA MITSUMI Inc	2,100		55,555
Murata Manufacturing Co Ltd	1,500		114,524
Nidec Corp	1,100		127,481
Sartorius AG	113		58,822
Shimadzu Corp	1,297		50,143
Venture Corp Ltd	1,900		27,143
Yokogawa Electric Corp	1,900		28,390
		$	745,878

Energy — Alternate Sources — 0.17%
Ballard Power Systems Inc ^(a)	949		17,210
Siemens Gamesa Renewable Energy SA ^(a)	610		20,369
Vestas Wind Systems A/S	1,139		44,461
		$	82,040

Engineering & Construction — 1.28%
ACS Actividades de Construccion y Servicios SA	722		19,340
ACS Actividades de Construccion y Servicios SA – Rights ^(a)	646		904
Bouygues SA	591		21,857
CK Infrastructure Holdings Ltd	8,000		47,706
Eiffage SA	228		23,196
HOCHTIEF AG	401		30,792
Infrastrutture Wireless Italiane SpA ^(b)	2,187		24,667
Kajima Corp	3,100		39,261
Keppel Corp Ltd	1,800		7,322
Lendlease Corp Ltd	2,263		19,449
Obayashi Corp	5,000		39,741
Shimizu Corp	5,300		40,646
Singapore Technologies Engineering Ltd	15,300		44,033
Skanska AB, Class B	2,659		70,529
Taisei Corp	1,400		45,871
Vinci SA	552		58,901
WSP Global Inc	572		66,770
		$	600,985

Entertainment — 0.69%
Aristocrat Leisure Ltd	2,033		65,697
Entain PLC ^(a)	2,298		55,487
Evolution Gaming Group AB ^(b)	436		68,899
Flutter Entertainment PLC ^(a)	192		34,764
Genting Singapore Ltd	9,500		5,899
La Francaise des Jeux SAEM ^(b)	780		45,856
Tabcorp Holdings Ltd	12,219		47,468
		$	324,070

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Environmental Control — 0.13%
GFL Environmental Inc	648	$	20,711
Kurita Water Industries Ltd	800		38,382
		$	59,093

Food — 5.98%
a2 Milk Co Ltd ^(a)	7,125		32,074
Ajinomoto Co Inc	2,500		64,899
Associated British Foods PLC	819		25,106
Barry Callebaut AG	14		32,532
Calbee Inc	1,300		29,980
Carrefour SA	1,826		35,910
Chocoladefabriken Lindt & Spruengli AG	1		9,949
Coles Group Ltd	3,248		41,628
Danone SA	1,634		115,030
Empire Co Ltd	1,541		48,607
Etablissements Franz Colruyt NV	760		42,499
George Weston Ltd	571		54,424
HelloFresh SE ^(a)	609		59,200
ICA Gruppen AB	987		45,936
J Sainsbury PLC	8,703		32,722
Jeronimo Martins SGPS SA	2,738		49,932
Kerry Group PLC, Class A	322		44,977
Kesko Oyj, Class B	2,488		91,897
Kobe Bussan Co Ltd	1,400		44,106
Koninklijke Ahold Delhaize NV	3,363		99,971
Loblaw Cos Ltd	1,009		62,098
MEIJI Holdings Co Ltd	700		41,901
Metro Inc	1,293		61,990
Nestle SA	7,183		894,488
NH Foods Ltd	950		36,941
Nisshin Seifun Group Inc	2,400		35,105
Nissin Foods Holdings Co Ltd	600		43,206
Orkla ASA	5,301		53,994
Saputo Inc	1,671		49,836
Seven & i Holdings Co Ltd	2,600		123,968
Tesco PLC	15,258		47,057
Toyo Suisan Kaisha Ltd	900		34,633
WH Group Ltd ^(b)	56,500		50,793
Wilmar International Ltd	19,000		63,583
Wm Morrison Supermarkets PLC	20,104		68,607
Woolworths Group Ltd	3,420		97,797
Yakult Honsha Co Ltd	900		50,956
		$	2,818,332

Forest Products & Paper — 0.71%
Mondi PLC	1,994		52,435
Oji Holdings Corp	7,200		41,348
Smurfit Kappa Group PLC	1,579		85,658
Stora Enso Oyj, Class R	3,020		55,093
Svenska Cellulosa AB SCA, Class B	1,788		29,302
UPM-Kymmene Oyj	266		10,062
West Fraser Timber Co Ltd	854		61,308
		$	335,206

Gas — 0.57%
Enagas SA	1,312		30,313
Hong Kong & China Gas Co Ltd	26,250		40,773
Naturgy Energy Group SA	1,807		46,453
Osaka Gas Co Ltd	2,500		46,559
Snam SpA	10,508		60,742
Tokyo Gas Co Ltd	2,400		45,302
		$	270,142

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Hand/Machine Tools — 0.39%
Makita Corp	1,100	$	51,784
Schindler Holding AG	207		62,034
Techtronic Industries Co Ltd	4,000		69,858
		$	183,676

Healthcare — Products — 1.02%
Alcon Inc	190		13,303
Ambu A/S	417		16,032
Carl Zeiss Meditec AG	116		22,413
Coloplast A/S, Class B	247		40,528
Demant A/S ^(a)	817		45,988
DiaSorin SpA	97		18,345
EssilorLuxottica SA	96		17,717
Fisher & Paykel Healthcare Corp Ltd	1,082		23,537
GN Store Nord A/S	552		48,218
Koninklijke Philips NV	306		15,163
QIAGEN NV ^(a)	647		31,270
Sartorius Stedim Biotech	113		53,448
Siemens Healthineers AG ^(b)	645		39,525
Sonova Holding AG	95		35,731
Straumann Holding AG	38		60,578
		$	481,796

Healthcare — Services — 1.00%
BioMerieux	152		17,663
Eurofins Scientific SE ^(a)	514		58,754
Fresenius Medical Care AG & Co KGaA	874		72,586
Fresenius SE & Co KGaA	1,557		81,224
Lonza Group AG	113		80,092
Orpea SA ^(a)	154		19,584
Ramsay Health Care Ltd	626		29,553
Ryman Healthcare Ltd	2,529		23,211
Sonic Healthcare Ltd	3,134		90,253
		$	472,920

Holding Companies — Diversified — 0.18%
CK Hutchison Holdings Ltd	6,000		46,752
Jardine Matheson Holdings Ltd	391		24,993
Swire Pacific Ltd, Class A	2,000		13,562
		$	85,307

Home Builders — 0.57%
Barratt Developments PLC	2,336		22,465
Berkeley Group Holdings PLC	379		24,090
Daiwa House Industry Co Ltd	2,300		69,044
Iida Group Holdings Co Ltd	1,600		41,190
Persimmon PLC	1,272		52,048
Sekisui House Ltd	3,000		61,528
		$	270,365

Home Furnishings — 1.16%
Electrolux AB, Series B	2,263		62,749
Panasonic Corp	7,700		89,098
Rational AG	20		18,118
SEB SA	363		65,597
Sony Group Corp	3,200		311,517
		$	547,079

Household Products — 1.54%
Beiersdorf AG	75		9,049
Essity AB, Class B	2,260		74,945
Kao Corp	1,600		98,438

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Household Products (continued)
L'Oreal SA	303	$	135,018
Unicharm Corp	1,700		68,401
Unilever PLC	5,813		340,180
		$	726,031

Household Products/Wares — 0.24%
Henkel AG & Co KGaA	325		29,924
Reckitt Benckiser Group PLC	949		83,977
		$	113,901

Insurance — 6.28%
Admiral Group PLC	1,750		76,109
Aegon NV	5,075		21,056
Ageas SA	1,235		68,534
AIA Group Ltd	30,400		377,832
Allianz SE	1,237		308,462
Assicurazioni Generali SpA	3,913		78,437
Aviva PLC	18,070		101,460
AXA SA	4,142		105,030
Baloise Holding AG	173		26,981
Brookfield Asset Management Reinsurance Partners Ltd ^(a)	9		476
CNP Assurances	3,324		56,560
Direct Line Insurance Group PLC	6,993		27,569
Fairfax Financial Holdings Ltd	114		49,992
Gjensidige Forsikring ASA	1,196		26,364
Great-West Lifeco Inc	2,698		80,139
Hannover Rueck SE	189		31,621
iA Financial Corp Inc	1,160		63,156
Intact Financial Corp	551		74,858
Japan Post Insurance Co Ltd	1,900		35,128
Legal & General Group PLC	18,166		64,732
M&G PLC	15,846		50,174
Manulife Financial Corp	6,747		132,806
Medibank Pvt Ltd	13,015		30,843
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	154		42,173
NN Group NV	1,313		61,933
Phoenix Group Holdings PLC	4,903		45,876
Power Corp of Canada	3,420		108,096
Prudential PLC	5,568		105,790
QBE Insurance Group Ltd	3,535		28,605
Sampo Oyj, Class A	1,655		76,063
SCOR SE ^(a)	646		20,544
Sompo Holdings Inc	1,700		62,831
Sun Life Financial Inc	2,526		130,253
Suncorp Group Ltd	3,174		26,446
Swiss Life Holding AG	132		64,142
Swiss Re AG	533		48,090
T&D Holdings Inc	3,800		49,118
Tryg A/S	2,244		55,087
Zurich Insurance Group AG	360		144,428
		$	2,957,794

Internet — 1.81%
Adevinta ASA ^(a)	1,121		21,482
Auto Trader Group PLC ^(a),(b)	3,685		32,287
Delivery Hero SE ^(a),(b)	208		27,475
Iliad SA	229		33,508
M3 Inc	1,100		80,330
Prosus NV	1,026		100,331
Scout24 AG ^(b)	94		7,927
SEEK Ltd	949		23,586
Shopify Inc, Class A ^(a)	268		391,940
Trend Micro Inc	900		47,149

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Internet (continued)
United Internet AG	496	$	20,279
Wix.com Ltd ^(a)	95		27,577
ZOZO Inc	1,100		37,378
		$	851,249

Investment Companies — 1.13%
Eurazeo SE	229		19,958
EXOR NV	284		22,751
Groupe Bruxelles Lambert SA	323		36,132
Industrivarden AB	1,179		45,848
Industrivarden AB, Class C	762		27,887
Investor AB, Class B	7,202		165,994
Kinnevik AB, Class B	952		38,111
L E Lundbergforetagen AB, Class B	113		7,291
Melrose Industries PLC	22,685		48,671
Sofina SA	75		32,353
Washington H Soul Pattinson & Co Ltd	1,787		45,204
Wendel SE	303		40,742
		$	530,942

Iron & Steel — 0.66%
ArcelorMittal SA	2,223		68,139
BlueScope Steel Ltd	1,386		22,826
Evraz PLC	6,858		56,161
Fortescue Metals Group Ltd	6,858		120,041
voestalpine AG	1,104		44,953
		$	312,120

Lodging — 0.18%
City Developments Ltd	3,900		21,143
Crown Resorts Ltd ^(a)	2,108		18,828
InterContinental Hotels Group PLC ^(a)	362		24,086
Whitbread PLC ^(a)	512		22,112
		$	86,169

Machinery — Construction & Mining — 0.87%
Epiroc AB	2,089		40,996
Epiroc AB, Class A	2,737		62,364
Hitachi Ltd	2,400		137,417
Mitsubishi Electric Corp	6,500		94,345
Sandvik AB	2,907		74,254
		$	409,376

Machinery — Diversified — 1.88%
Atlas Copco AB	781		41,066
Atlas Copco AB, Class A	1,008		61,718
CNH Industrial NV	3,818		63,041
FANUC Corp	500		120,595
GEA Group AG	1,520		61,568
Hexagon AB, Class B	6,117		90,632
Husqvarna AB	4,448		59,095
Keyence Corp	500		252,352
KION Group AG	210		22,381
Kone Oyj, Class B	588		47,969
Miura Co Ltd	700		30,339
Spirax-Sarco Engineering PLC	192		36,160
		$	886,916

Media — 0.97%
Bollore SA	8,131		43,579
Informa PLC ^(a)	3,362		23,328
Pearson PLC	4,274		49,071

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Media (continued)
Quebecor Inc, Class B	1,690	$	45,072
Schibsted ASA	456		18,992
Schibsted ASA, Class A	398		19,211
Shaw Communications Inc	2,888		83,663
Thomson Reuters Corp	401		39,831
Vivendi SE	2,529		84,955
Wolters Kluwer NV	495		49,726
		$	457,428

Metal Fabrication & Hardware — 0.14%
SKF AB, Class B	1,844		46,951
Tenaris SA	1,939		21,134
		$	68,085

Mining — 3.84%
Agnico Eagle Mines Ltd	420		25,398
Anglo American PLC	3,933		156,279
Antofagasta PLC	968		19,222
B2Gold Corp	8,303		34,830
Barrick Gold Corp	4,199		86,852
BHP Group Ltd	5,319		193,745
BHP Group PLC	6,405		188,719
Boliden AB	1,899		73,003
Cameco Corp	1,331		25,512
Evolution Mining Ltd	11,649		39,313
First Quantum Minerals Ltd	1,199		27,634
Franco-Nevada Corp	249		36,135
Fresnillo PLC	3,023		32,266
Glencore PLC	11,628		49,775
Kinross Gold Corp	6,535		41,437
Kirkland Lake Gold Ltd	1,273		49,057
Lundin Mining Corp	1,920		17,317
Newcrest Mining Ltd	2,774		52,592
Norsk Hydro ASA	7,259		46,319
Northern Star Resources Ltd	2,662		19,524
Pan American Silver Corp	629		17,963
Rio Tinto Ltd	1,370		130,114
Rio Tinto PLC	3,117		256,506
South32 Ltd	11,211		24,635
SSR Mining Inc	2,412		37,670
Sumitomo Metal Mining Co Ltd	1,300		50,610
Teck Resources Ltd, Class B	1,122		25,841
Wheaton Precious Metals Corp	705		31,075
Yamana Gold Inc	4,465		18,802
		$	1,808,145

Miscellaneous Manufacture — 0.76%
Alfa Laval AB	1,426		50,371
Alstom SA ^(a)	476		24,039
Knorr-Bremse AG	246		28,294
Siemens AG	1,465		232,114
Smiths Group PLC	1,082		23,798
		$	358,616

Oil & Gas — 1.19%
Canadian Natural Resources Ltd	1,462		53,073
Cenovus Energy Inc	3,250		31,095
DCC PLC	610		49,937
Equinor ASA	1,579		33,410
Imperial Oil Ltd	856		26,089
Lundin Energy AB	702		24,838
Neste OYJ	590		36,127

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Oil & Gas (continued)
Oil Search Ltd	7,297	$	20,850
OMV AG	894		50,851
Parkland Corp	685		22,137
Repsol SA	2,528		31,636
Royal Dutch Shell PLC, Class A	4,011		80,274
Royal Dutch Shell PLC, Class B	3,763		72,823
Santos Ltd	4,559		24,241
TotalEnergies SE	114		5,158
		$	562,539

Packaging & Containers — 0.16%
CCL Industries Inc, Class B	1,351		74,405

Pharmaceuticals — 7.15%
Alfresa Holdings Corp	1,900		28,373
Amplifon SpA	951		46,955
AstraZeneca PLC	1,902		228,453
Bausch Health Cos Inc ^(a)	1,653		48,513
Canopy Growth Corp ^(a)	781		18,889
Chugai Pharmaceutical Co Ltd	2,400		95,097
Daiichi Sankyo Co Ltd	4,200		90,525
Eisai Co Ltd	1,100		108,173
GlaxoSmithKline PLC	10,887		213,761
Grifols SA	1,921		52,026
Hikma Pharmaceuticals PLC	1,484		50,212
Ipsen SA	401		41,710
Medipal Holdings Corp	1,900		36,291
Merck KGaA	439		84,172
Nippon Shinyaku Co Ltd	500		39,651
Novartis AG	5,054		460,582
Novo Nordisk A/S, Class B	2,357		197,467
Ono Pharmaceutical Co Ltd	1,900		42,397
Orion Oyj, Class B	591		25,403
Otsuka Holdings Co Ltd	1,800		74,644
Recordati Industria Chimica e Farmaceutica SpA	493		28,177
Roche Holding AG	1,921		728,724
Sanofi	2,413		252,817
Santen Pharmaceutical Co Ltd	3,200		44,070
Shionogi & Co Ltd	1,300		67,765
Sumitomo Dainippon Pharma Co Ltd	2,375		49,768
Takeda Pharmaceutical Co Ltd	4,000		133,903
Teva Pharmaceutical Industries Ltd ^(a)	2,564		25,384
UCB SA	534		55,822
		$	3,369,724

Pipelines — 0.54%
AltaGas Ltd	3,590		75,357
APA Group	3,951		26,371
Enbridge Inc	647		25,904
Inter Pipeline Ltd	1,500		24,383
Keyera Corp	988		26,549
Koninklijke Vopak NV	133		6,040
TC Energy Corp	1,388		68,683
		$	253,287

Private Equity — 0.06%
3i Group PLC	1,712		27,779

Real Estate — 1.78%
Aroundtown SA	3,135		24,460
CapitaLand Ltd	2,000		5,518
CK Asset Holdings Ltd	7,000		48,324
Daito Trust Construction Co Ltd	400		43,746

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Real Estate (continued)
Deutsche Wohnen SE	173	$	10,581
ESR Cayman Ltd ^(a),(b)	6,600		22,271
Fastighets AB Balder, Class B ^(a)	723		45,366
FirstService Corp	287		49,225
Hang Lung Properties Ltd	3,000		7,287
Henderson Land Development Co Ltd	1,000		4,740
Hongkong Land Holdings Ltd	1,789		8,516
Hulic Co Ltd	3,200		36,005
LEG Immobilien SE	227		32,690
Mitsubishi Estate Co Ltd	4,500		72,769
Mitsui Fudosan Co Ltd	3,800		88,009
New World Development Co Ltd	1,000		5,197
Nomura Real Estate Holdings Inc	1,400		35,512
REA Group Ltd	343		43,480
Sino Land Co Ltd	4,000		6,306
Sumitomo Realty & Development Co Ltd	1,700		60,750
Sun Hung Kai Properties Ltd	3,000		44,705
Swire Properties Ltd	2,800		8,348
Swiss Prime Site AG	287		28,475
Tokyu Fudosan Holdings Corp	7,500		45,097
UOL Group Ltd	1,500		8,143
Vonovia SE	855		55,273
		$	840,793

REITs — 0.90%
Ascendas Real Estate Investment Trust	2,100		4,607
Canadian Apartment Properties REIT	570		26,725
CapitaLand Integrated Commercial Trust	3,900		6,062
Dexus	969		7,754
Goodman Group	5,492		87,193
GPT Group/The	6,213		22,831
Link REIT	4,400		42,644
Mapletree Commercial Trust	15,300		24,576
Mapletree Logistics Trust	17,100		26,069
Orix JREIT Inc	22		42,339
RioCan Real Estate Investment Trust	1,142		20,342
Scentre Group	12,008		24,675
Segro PLC	2,755		41,711
Stockland	6,556		22,912
Suntec Real Estate Investment Trust	4,000		4,343
Vicinity Centres	16,779		19,441
		$	424,224

Retail — 2.93%
Alimentation Couche-Tard Inc, Class B	2,680		98,479
Canadian Tire Corp Ltd, Class A	438		69,311
Cie Financiere Richemont SA	551		66,668
Cosmos Pharmaceutical Corp	200		29,344
Dollarama Inc	760		34,787
Fast Retailing Co Ltd	100		75,278
Hennes & Mauritz AB, Class B ^(a)	1,291		30,623
JD Sports Fashion PLC	5,224		66,410
Kingfisher PLC	14,878		75,017
Marui Group Co Ltd	2,100		39,469
McDonald's Holdings Co Japan Ltd	800		35,285
Moncler SpA	819		55,413
Next PLC ^(a)	248		26,951
Nitori Holdings Co Ltd	300		53,090
Pan Pacific International Holdings Corp	2,300		47,741
Pandora A/S	456		61,297
Restaurant Brands International Inc	609		39,239
Shimamura Co Ltd	300		28,786
Sundrug Co Ltd	900		28,597

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Retail (continued)
Swatch Group AG/The	855	$	83,012
Tsuruha Holdings Inc	300		34,862
USS Co Ltd	1,900		33,145
Welcia Holdings Co Ltd	1,200		39,210
Wesfarmers Ltd	2,908		128,888
Yamada Holdings Co Ltd	7,500		34,632
Zalando SE ^(a),(b)	532		64,312
		$	1,379,846

Semiconductors — 2.29%
ASM International NV	172		56,494
ASML Holding NV	1,063		730,306
Infineon Technologies AG	1,386		55,581
STMicroelectronics NV	1,806		65,540
Tokyo Electron Ltd	400		173,113
		$	1,081,034

Shipbuilding — 0.10%
Wartsila OYJ Abp	3,286		48,763

Software — 1.62%
BlackBerry Ltd ^(a)	2,318		28,330
Constellation Software Inc	58		87,843
Dassault Systemes SE	227		55,044
Koei Tecmo Holdings Co Ltd	700		34,151
Konami Holdings Corp	600		36,023
Nemetschek SE	267		20,427
Open Text Corp	722		36,665
Oracle Corp Japan	400		30,604
Sage Group PLC/The	6,328		59,892
SAP SE	1,387		195,448
TeamViewer AG ^(a),(b)	474		17,828
Temenos AG	153		24,573
TIS Inc	1,900		48,520
WiseTech Global Ltd	1,615		38,673
Xero Ltd ^(a)	476		48,941
		$	762,962

Telecommunications — 4.30%
BCE Inc	1,120		55,232
BT Group PLC ^(a)	14,992		40,233
Deutsche Telekom AG	7,849		165,775
Elisa OYJ	514		30,669
Hikari Tsushin Inc	200		35,123
HKT Trust & HKT Ltd	19,000		25,890
KDDI Corp	4,100		127,877
Koninklijke KPN NV	24,946		77,913
Nice Ltd ^(a)	152		37,122
Nippon Telegraph & Telephone Corp	4,100		106,823
Orange SA	6,668		76,022
PCCW Ltd	39,000		20,444
Proximus SADP	1,768		34,150
Rogers Communications Inc, Class B	1,425		75,756
SES SA	2,662		20,334
Singapore Telecommunications Ltd	19,200		32,697
Softbank Corp	9,400		122,984
SoftBank Group Corp	3,900		272,942
Spark New Zealand Ltd	9,122		30,606
Swisscom AG	73		41,674
Tele2 AB, Class B	3,742		50,983
Telecom Italia SpA/Milano	179,343		92,469
Telefonaktiebolaget LM Ericsson, Class B	10,165		127,756
Telefonica Deutschland Holding AG	9,253		24,412

See accompanying notes.


Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Telecommunications (continued)
Telefonica SA	7,827	$	36,576
Telenor ASA	3,384		57,028
Telia Co AB	1,901		8,436
Telstra Corp Ltd	12,976		36,590
TELUS Corp	2,643		59,274
TPG Telecom Ltd	8,112		38,083
Vodafone Group PLC	39,350		66,049
		$	2,027,922

Textiles — 0.07%
Teijin Ltd	2,300		35,050

Toys, Games & Hobbies — 0.37%
Nintendo Co Ltd	300		174,499

Transportation — 2.24%
AP Moller - Maersk A/S	31		86,110
AP Moller - Maersk A/S, Class B	35		100,598
Aurizon Holdings Ltd	9,730		27,145
Canadian National Railway Co	911		96,119
Canadian Pacific Railway Ltd	1,692		130,108
Deutsche Post AG	3,438		233,834
DSV PANALPINA A/S	534		124,533
Kuehne + Nagel International AG	210		71,857
MTR Corp Ltd	1,500		8,356
Poste Italiane SpA ^(b)	5,624		74,356
SG Holdings Co Ltd	1,900		49,820
Yamato Holdings Co Ltd	1,800		51,199
		$	1,054,035

Water — 0.14%
Severn Trent PLC	211		7,300
Suez SA	969		23,037
United Utilities Group PLC	571		7,697
Veolia Environnement SA	971		29,325
		$	67,359
TOTAL COMMON STOCKS		$	46,780,738
PREFERRED STOCKS — 0.35%	Shares Held		Value

Auto Manufacturers — 0.21%
Volkswagen AG
2.84%, 09/29/2023	400	$	100,172

Chemicals — 0.05%
Fuchs Petrolub SE
1.88%, 07/09/2021	476		23,152

Household Products/Wares — 0.09%
Henkel AG & Co KGaA
1.98%, 08/07/2022	379		40,015
TOTAL PREFERRED STOCKS		$	163,339
INVESTMENT COMPANIES — 0.28%	Shares Held		Value

Money Market Fund — 0.28%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(c)	130,678	$	130,678
TOTAL INVESTMENT COMPANIES		$	130,678
Total Investments		$	47,074,755
Other Assets and Liabilities — 0.09%			43,282

Total Net Assets — 100.00%		$	47,118,037

See accompanying notes.

Schedule of Investments
Principal International Adaptive Multi-Factor ETF
June 30, 2021

^(a)	Non-income producing security.
^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $859,595 or 1.82% of net assets.
^(c)	Current yield shown is as of period end.


Portfolio Summary (unaudited)

Location	Percent
Japan	21.29	%
Canada	12.28	%
United Kingdom	9.28	%
Switzerland	9.22	%
France	8.09	%
Germany	7.52	%
Australia	6.29	%
Sweden	4.48	%
Netherlands	4.26	%
Hong Kong	2.84	%
Italy	2.49	%
Denmark	2.37	%
Spain	1.56	%
Singapore	1.29	%
Finland	1.27	%
Ireland	1.02	%
Norway	0.78	%
Israel	0.76	%
Belgium	0.74	%
Austria	0.46	%
Luxembourg	0.41	%
United States	0.38	%
New Zealand	0.37	%
Portugal	0.12	%
Isle Of Man	0.12	%
Jordan	0.11	%
Mexico	0.07	%
Chile	0.04	%
Other Assets and Liabilities	0.09	%
TOTAL NET ASSETS	100.00	%

See accompanying notes.


Schedule of Investments
Principal International Multi-Factor ETF
June 30, 2021

COMMON STOCKS — 98.04%	Shares Held		Value

Advertising — 0.67%
Dentsu Group Inc	2,800	$	100,185
DKSH Holding AG	2,284		174,771
Publicis Groupe SA	1,802		115,255
Stroeer SE & Co KGaA	1,348		107,971
WPP PLC	8,721		117,525
		$	615,707

Aerospace & Defense — 0.62%
Airbus SE ^(a)	2,633		338,558
BAE Systems PLC	15,899		114,804
Rheinmetall AG	1,086		107,268
Safran SA	68		9,427
		$	570,057

Agriculture — 0.72%
British American Tobacco PLC	11,645		451,039
Imperial Brands PLC	5,382		115,918
Japan Tobacco Inc ^(b)	4,800		90,668
		$	657,625

Airlines — 0.05%
Singapore Airlines Ltd ^(a)	13,500		48,691

Apparel — 0.85%
adidas AG	181		67,369
Kering SA	30		26,217
LVMH Moet Hennessy Louis Vuitton SE	879		689,256
		$	782,842

Auto Manufacturers — 2.26%
Bayerische Motoren Werke AG	1,439		152,389
Daimler AG	3,633		324,380
Honda Motor Co Ltd	7,500		239,660
Porsche Automobil Holding SE	2,971		318,326
Toyota Motor Corp	9,400		821,585
Volvo AB, Class B ^(b)	9,060		217,975
		$	2,074,315

Auto Parts & Equipment — 1.18%
Aisin Corp	2,286		97,741
Brembo SpA	8,839		111,935
Bridgestone Corp	2,300		104,654
Cie Generale des Etablissements Michelin SCA	737		117,539
Denso Corp	2,400		163,730
Georg Fischer AG	134		198,846
NGK Insulators Ltd	5,000		83,892
Nokian Renkaat OYJ	3,042		122,820
Toyota Industries Corp	900		77,852
		$	1,079,009

Banks — 11.58%
Australia & New Zealand Banking Group Ltd	12,260		258,822
Banca Mediolanum SpA	11,660		113,427
Banco Bilbao Vizcaya Argentaria SA	60,885		377,432
Banco Santander SA	70,878		270,578
Bank Hapoalim BM ^(a)	3,657		29,344
Bank Leumi Le-Israel BM ^(a)	4,319		32,802
Bank of East Asia Ltd/The	32,800		60,917
Bank of Montreal	4,732		485,034
Bank of Nova Scotia/The	7,979		518,931
Bankinter SA	15,857		79,704
Barclays PLC	60,137		142,350
BNP Paribas SA	4,616		289,380

See accompanying notes.


Schedule of Investments
Principal International Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Banks (continued)
CaixaBank SA	35,573	$	109,417
Canadian Imperial Bank of Commerce	1,882		214,238
Commonwealth Bank of Australia	7,582		567,873
Credit Agricole SA	7,605		106,534
DBS Group Holdings Ltd	15,600		345,829
Deutsche Bank AG ^(a)	9,212		120,002
DNB ASA	1,627		35,449
Erste Group Bank AG	3,247		119,123
FinecoBank Banca Fineco SpA ^(a)	6,727		117,255
Hang Seng Bank Ltd	3,630		72,513
HSBC Holdings PLC	44,603		257,471
ING Groep NV	16,881		222,985
Intesa Sanpaolo SpA	74,910		206,917
Japan Post Bank Co Ltd	9,000		75,584
KBC Group NV	1,513		115,357
Lloyds Banking Group PLC	283,222		182,923
Macquarie Group Ltd	49		5,748
Mediobanca Banca di Credito Finanziario SpA ^(a)	9,928		115,955
Mitsubishi UFJ Financial Group Inc	90,600		489,393
Mizrahi Tefahot Bank Ltd ^(a)	1,268		39,049
Mizuho Financial Group Inc	22,610		323,087
National Australia Bank Ltd	14,190		279,028
National Bank of Canada	1,879		140,622
Natwest Group PLC	40,909		114,990
Nordea Bank Abp	6,816		75,869
Oversea-Chinese Banking Corp Ltd	37,300		331,475
Resona Holdings Inc	20,700		79,599
Royal Bank of Canada	7,966		807,075
Skandinaviska Enskilda Banken AB, Class A	5,506		71,124
Standard Chartered PLC	16,073		102,498
Sumitomo Mitsui Financial Group Inc	10,900		375,778
Sumitomo Mitsui Trust Holdings Inc	2,600		82,567
Svenska Handelsbanken AB, Class A	6,181		69,739
Swedbank AB, Class A	3,811		70,911
Toronto-Dominion Bank/The	10,431		730,995
UBS Group AG	27,968		428,022
United Overseas Bank Ltd	2,800		53,764
Westpac Banking Corp	15,767		305,189
		$	10,620,668

Beverages — 1.12%
Anheuser-Busch InBev SA	1,777		128,131
Asahi Group Holdings Ltd	2,300		107,469
Carlsberg A/S, Class B	882		164,410
Coca-Cola HBC AG	3,476		125,690
Diageo PLC	4,628		221,570
Endeavour Group Ltd ^(a)	5,320		25,096
Royal Unibrew A/S	1,293		164,696
Suntory Beverage & Food Ltd ^(b)	2,500		94,064
		$	1,031,126

Biotechnology — 0.45%
CSL Ltd	1,950		417,063

Chemicals — 3.24%
Air Liquide SA	2,034		356,129
Akzo Nobel NV	988		122,072
Arkema SA	909		114,036
Asahi Kasei Corp	7,800		85,692
BASF SE	3,709		292,200
Brenntag SE	1,288		119,767
Covestro AG ^(c)	1,635		105,582
Evonik Industries AG	3,111		104,321

See accompanying notes.


Schedule of Investments
Principal International Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Chemicals (continued)
ICL Group Ltd	5,647	$	38,297
Kansai Paint Co Ltd	3,200		81,545
LANXESS AG	1,491		102,223
Mitsubishi Gas Chemical Co Inc	3,400		72,104
Mitsui Chemicals Inc	2,800		96,656
Nippon Sanso Holdings Corp	4,800		98,381
Nissan Chemical Corp	1,900		93,037
Nitto Denko Corp	1,000		74,621
Novozymes A/S, Class B	1,175		88,566
Nutrien Ltd ^(b)	2,368		143,482
Shin-Etsu Chemical Co Ltd	1,300		217,418
Solvay SA	884		112,367
Sumitomo Chemical Co Ltd	17,000		90,130
Symrise AG	909		126,647
Tosoh Corp	4,800		82,783
Wacker Chemie AG	773		119,202
Yara International ASA	664		34,950
		$	2,972,208

Coal — 0.00%
Thungela Resources Ltd ^(a)	4		11

Commercial Services — 2.28%
Adecco Group AG	2,602		176,776
Adyen NV ^(a),(c)	112		273,643
Ashtead Group PLC	1,855		137,641
Brambles Ltd	10,682		91,645
Bureau Veritas SA ^(a)	3,870		122,431
GMO Payment Gateway Inc	600		78,149
Intertek Group PLC	1,431		109,467
Randstad NV	1,566		119,769
Recruit Holdings Co Ltd	3,700		182,177
RELX PLC	8,376		222,345
Ritchie Bros Auctioneers Inc	2,179		129,183
Securitas AB, Class B	3,948		62,324
SGS SA	61		188,159
Sohgo Security Services Co Ltd	2,100		95,648
Worley Ltd	10,773		96,627
		$	2,085,984

Computers — 1.66%
Avast PLC ^(c)	3,031		20,536
Bechtle AG	589		109,405
Capgemini SE	649		124,667
CGI Inc ^(a)	1,534		139,082
Computershare Ltd	7,516		95,259
Fujitsu Ltd	600		112,336
Itochu Techno-Solutions Corp	2,800		86,701
Logitech International SA	1,725		208,995
Netcompany Group A/S ^(c)	1,423		161,672
NTT Data Corp	5,700		88,916
Obic Co Ltd	500		93,209
Otsuka Corp	2,100		110,203
SCSK Corp	200		11,918
Softwareone Holding AG	6,794		160,442
		$	1,523,341

Construction Materials — 2.07%
AGC Inc	2,300		96,476
Boral Ltd ^(a)	20,584		113,462
Buzzi Unicem SpA	4,237		112,387
Cie de Saint-Gobain	1,863		122,691
CRH PLC	3,290		165,797

See accompanying notes.


Schedule of Investments
Principal International Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Construction Materials (continued)
Daikin Industries Ltd	1,100	$	204,861
Geberit AG	278		208,519
HeidelbergCement AG	1,215		104,219
Holcim Ltd	2,986		179,112
Lixil Corp	3,100		80,168
Nibe Industrier AB	8,660		91,092
Rinnai Corp	700		66,601
Sika AG	567		185,374
TOTO Ltd	1,700		87,988
Xinyi Glass Holdings Ltd	20,000		81,527
		$	1,900,274

Distribution/Wholesale — 2.03%
Bunzl PLC	3,454		114,144
Ferguson PLC	925		128,595
ITOCHU Corp	11,500		331,248
Jardine Cycle & Carriage Ltd	3,200		50,831
Marubeni Corp	10,700		93,049
Mitsubishi Corp	5,900		160,810
Mitsui & Co Ltd	15,200		342,118
Rexel SA	5,555		116,192
Seven Group Holdings Ltd	5,012		76,490
Sumitomo Corp	6,100		81,703
Toromont Industries Ltd	1,667		145,237
Toyota Tsusho Corp	2,300		108,691
Travis Perkins PLC ^(a)	4,648		108,596
		$	1,857,704

Diversified Financial Services — 3.08%
Acom Co Ltd	19,100		83,212
Amundi SA ^(c)	1,375		121,221
Brookfield Asset Management Inc, Class A	6,494		331,301
Daiwa Securities Group Inc	17,000		93,359
EQT AB	2,042		74,110
Euronext NV ^(c)	1,091		118,628
Hargreaves Lansdown PLC	5,210		114,519
Hong Kong Exchanges & Clearing Ltd	5,164		307,806
IGM Financial Inc	4,188		147,844
Julius Baer Group Ltd	2,741		178,872
Magellan Financial Group Ltd	2,503		101,102
Nomura Holdings Inc	16,800		85,864
Onex Corp	2,052		149,000
ORIX Corp	5,300		89,427
Partners Group Holding AG	142		215,091
SBI Holdings Inc	3,200		75,697
Schroders PLC	2,293		111,429
Singapore Exchange Ltd	7,600		63,187
St James's Place PLC	6,301		128,738
Standard Life Aberdeen PLC	27,692		103,810
TMX Group Ltd	1,228		129,715
		$	2,823,932

Electric — 2.11%
A2A SpA	60,487		123,650
AGL Energy Ltd	11,711		72,018
BKW AG	1,615		168,089
Chubu Electric Power Co Inc	6,600		80,677
CLP Holdings Ltd	7,006		69,299
Emera Inc	2,870		130,210
Endesa SA	4,161		100,948
Enel SpA	28,871		268,119
Fortum OYJ	4,126		113,797
Hera SpA	28,726		118,672

See accompanying notes.


Schedule of Investments
Principal International Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Electric (continued)
Hydro One Ltd ^(c)	5,478	$	132,398
Iberdrola SA	23,710		289,013
Kansai Electric Power Co Inc/The	8,200		78,203
Power Assets Holdings Ltd	12,500		76,713
Red Electrica Corp SA	6,216		115,387
		$	1,937,193

Electrical Components & Equipment — 1.42%
ABB Ltd	13,932		472,657
Brother Industries Ltd	3,700		73,837
Legrand SA	1,186		125,526
Prysmian SpA	3,389		121,479
Schneider Electric SE	2,290		360,275
Signify NV ^(c)	2,276		143,952
		$	1,297,726

Electronics — 1.46%
Assa Abloy AB, Class B	2,336		70,368
Electrocomponents PLC	8,087		115,112
Hirose Electric Co Ltd	500		73,136
Hoya Corp	1,700		225,402
Murata Manufacturing Co Ltd	2,900		221,412
Nidec Corp	2,300		266,551
Sartorius AG	292		151,999
Spectris PLC	2,415		108,171
Taiyo Yuden Co Ltd	2,100		103,776
		$	1,335,927

Energy — Alternate Sources — 0.00%
Vestas Wind Systems A/S	78		3,045

Engineering & Construction — 1.11%
Ackermans & van Haaren NV	691		116,676
ACS Actividades de Construccion y Servicios SA	3,325		89,064
ACS Actividades de Construccion y Servicios SA – Rights ^(a)	3,091		4,325
Auckland International Airport Ltd ^(a)	5,613		28,524
Bouygues SA	2,744		101,483
CK Infrastructure Holdings Ltd	12,500		74,540
HOCHTIEF AG	1,229		94,374
Kajima Corp	6,100		77,255
Obayashi Corp	9,400		74,713
Singapore Technologies Engineering Ltd	19,100		54,969
Taisei Corp	2,400		78,635
Vinci SA	592		63,170
WSP Global Inc	1,341		156,536
		$	1,014,264

Entertainment — 0.51%
Aristocrat Leisure Ltd	3,287		106,220
Entain PLC ^(a)	5,291		127,754
La Francaise des Jeux SAEM ^(c)	2,422		142,388
Tabcorp Holdings Ltd	24,147		93,805
		$	470,167

Environmental Control — 0.12%
Kurita Water Industries Ltd	2,200		105,549

Food — 4.70%
Ajinomoto Co Inc	4,600		119,415
Axfood AB	2,808		77,664
Coles Group Ltd	7,060		90,485
Danone SA	2,711		190,849
Emmi AG	173		177,441

See accompanying notes.


Schedule of Investments
Principal International Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Food (continued)
Empire Co Ltd	4,096	$	129,198
George Weston Ltd	1,444		137,632
HelloFresh SE ^(a)	1,477		143,576
J Sainsbury PLC	33,106		124,472
Jeronimo Martins SGPS SA	6,542		119,305
Kesko OYJ, Class B	3,598		132,896
Koninklijke Ahold Delhaize NV	3,955		117,569
Loblaw Cos Ltd	2,284		140,567
MEIJI Holdings Co Ltd	1,200		71,830
Metro Inc	2,796		134,048
Nestle SA	12,262		1,526,968
Nisshin Seifun Group Inc	5,300		77,524
Nissin Foods Holdings Co Ltd	1,200		86,412
Orkla ASA	3,534		35,996
Saputo Inc	4,244		126,574
Seven & i Holdings Co Ltd	3,400		162,112
Toyo Suisan Kaisha Ltd	2,300		88,505
Wilmar International Ltd	13,700		45,847
Woolworths Group Ltd	5,320		152,129
Yakult Honsha Co Ltd	1,800		101,913
		$	4,310,927

Forest Products & Paper — 0.45%
Mondi PLC	4,338		114,074
Nine Dragons Paper Holdings Ltd	50,000		64,140
Smurfit Kappa Group PLC	2,337		126,778
Stora Enso Oyj, Class R	5,902		107,669
		$	412,661

Gas — 0.50%
Enagas SA	5,070		117,139
Italgas SpA	16,960		110,848
Naturgy Energy Group SA	4,494		115,528
Snam SpA	19,857		114,784
		$	458,299

Hand/Machine Tools — 0.61%
Disco Corp	300		91,678
Fuji Electric Co Ltd	2,300		107,449
Makita Corp	2,200		103,569
Schindler Holding AG	597		182,600
Techtronic Industries Co Ltd	4,000		69,858
		$	555,154

Healthcare — Products — 1.03%
Alcon Inc	2,102		147,169
Coloplast A/S, Class B	903		148,166
ConvaTec Group PLC ^(c)	40,940		136,257
DiaSorin SpA	686		129,741
EssilorLuxottica SA	202		37,279
Getinge AB	2,419		91,242
Koninklijke Philips NV	829		41,079
Lifco AB, Class B	3,612		84,411
Sartorius Stedim Biotech	265		125,344
		$	940,688

Healthcare — Services — 0.55%
Eurofins Scientific SE ^(a)	1,149		131,338
Fresenius Medical Care AG & Co KGaA	1,500		124,575
Fresenius SE & Co KGaA	2,473		129,009
Lonza Group AG	6		4,252
NMC Health PLC ^(a),(d)	708		—

See accompanying notes.


Schedule of Investments
Principal International Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Healthcare — Services (continued)
PeptiDream Inc ^(a)	400	$	19,623
Sonic Healthcare Ltd	3,220		92,730
		$	501,527

Holding Companies — Diversified — 0.16%
CK Hutchison Holdings Ltd	10,000		77,921
Swire Pacific Ltd, Class A	10,500		71,201
		$	149,122

Home Builders — 0.73%
Barratt Developments PLC	10,749		103,370
Daiwa House Industry Co Ltd	3,000		90,058
Iida Group Holdings Co Ltd	3,500		90,103
Open House Co Ltd	2,200		103,371
Persimmon PLC	2,732		111,788
Sekisui Chemical Co Ltd	4,800		82,049
Sekisui House Ltd	4,200		86,140
		$	666,879

Home Furnishings — 1.25%
De' Longhi SpA	2,728		118,844
Electrolux AB, Series B	2,421		67,130
Howden Joinery Group PLC	11,577		130,774
Panasonic Corp	10,500		121,497
SEB SA	625		112,943
Sharp Corp	5,200		85,797
Sony Group Corp	5,200		506,215
		$	1,143,200

Household Products — 1.49%
Essity AB, Class B	2,128		70,568
Kao Corp	1,300		79,981
L'Oreal SA	1,053		469,222
Unicharm Corp	2,300		92,542
Unilever PLC	11,225		656,893
		$	1,369,206

Household Products/Wares — 0.28%
Reckitt Benckiser Group PLC	2,919		258,301

Insurance — 5.84%
Admiral Group PLC	2,590		112,641
Ageas SA	1,821		101,053
AIA Group Ltd	47,707		592,935
Allianz SE	2,323		579,271
ASR Nederland NV	2,456		94,909
Assicurazioni Generali SpA	5,502		110,288
Aviva PLC	19,667		110,426
AXA SA	8,970		227,455
Brookfield Asset Management Reinsurance Partners Ltd ^(a)	45		2,378
CNP Assurances	5,790		98,520
Direct Line Insurance Group PLC	25,626		101,028
Fairfax Financial Holdings Ltd	291		127,612
Gjensidige Forsikring ASA	1,478		32,581
Great-West Lifeco Inc	4,794		142,397
Hannover Rueck SE	602		100,720
iA Financial Corp Inc	2,345		127,673
Intact Financial Corp	1,044		141,836
Japan Post Holdings Co Ltd	9,600		78,661
Japan Post Insurance Co Ltd	4,000		73,955
Legal & General Group PLC	28,765		102,501
M&G PLC	38,710		122,570
Manulife Financial Corp	16,486		324,507

See accompanying notes.


Schedule of Investments
Principal International Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Insurance (continued)
Mapfre SA	52,859	$	111,723
Medibank Pvt Ltd	40,360		95,647
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	551		150,891
NN Group NV	2,252		106,225
Phoenix Group Holdings PLC	10,937		102,334
Power Corp of Canada ^(b)	4,853		153,389
Prudential PLC	2,343		44,516
Sompo Holdings Inc	2,400		88,702
Sun Life Financial Inc	2,528		130,356
Swiss Re AG	1,786		161,140
T&D Holdings Inc	6,600		85,311
Talanx AG ^(a)	2,596		106,137
Tokio Marine Holdings Inc	3,000		137,936
Tryg A/S	5,743		140,982
Zurich Insurance Group AG	585		234,695
		$	5,355,901

Internet — 1.15%
ASOS PLC ^(a)	1,451		99,555
CyberAgent Inc	1,642		35,251
Prosus NV	1,845		180,420
Rakuten Inc	4,800		54,181
Reply SpA	76		12,490
SEEK Ltd	3,963		98,494
Shopify Inc, Class A ^(a)	289		422,652
Trend Micro Inc	600		31,433
United Internet AG	457		18,684
ZOZO Inc	3,100		105,338
		$	1,058,498

Investment Companies — 0.62%
Aker ASA, Class A	453		33,409
Industrivarden AB, Class C	1,913		70,010
Investor AB, Class B	12,130		279,576
Kinnevik AB, Class B	2,342		93,756
Washington H Soul Pattinson & Co Ltd	3,581		90,584
		$	567,335

Iron & Steel — 0.49%
ArcelorMittal SA	3,813		116,875
Evraz PLC	13,890		113,747
Fortescue Metals Group Ltd	5,651		98,914
Mineral Resources Ltd	2,970		119,676
		$	449,212

Leisure Time — 0.21%
Shimano Inc	400		94,874
Yamaha Motor Co Ltd	3,600		97,862
		$	192,736

Machinery — Construction & Mining — 0.98%
Epiroc AB, Class A	3,174		72,321
Hitachi Ltd	8,100		463,784
Metso Outotec OYJ	9,876		114,716
Mitsubishi Electric Corp	8,900		129,180
Weir Group PLC/The ^(a)	4,518		115,683
		$	895,684

Machinery — Diversified — 2.63%
ANDRITZ AG	2,449		137,587
Atlas Copco AB, Class A	3,907		239,220
Bucher Industries AG	344		179,873

See accompanying notes.


Schedule of Investments
Principal International Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Machinery — Diversified (continued)
FANUC Corp	700	$	168,833
GEA Group AG	2,685		108,756
Hexagon AB, Class B	9,338		138,355
Husqvarna AB	4,660		61,911
IMI PLC	6,017		143,161
Interpump Group SpA	2,186		129,447
Keyence Corp	800		403,763
KION Group AG	1,114		118,725
Kone OYJ, Class B	1,979		161,446
Kubota Corp	3,900		78,881
Nabtesco Corp	1,902		71,906
Spirax-Sarco Engineering PLC	706		132,965
Valmet Oyj	3,026		131,970
		$	2,406,799

Media — 0.76%
Bollore SA	22,797		122,183
ITV PLC ^(a)	66,821		116,050
Pearson PLC	10,404		119,452
Telenet Group Holding NV	2,713		102,106
Vivendi SE ^(b)	3,355		112,702
Wolters Kluwer NV	1,264		126,977
		$	699,470

Metal Fabrication & Hardware — 0.45%
SFS Group AG	1,415		203,552
VAT Group AG ^(c)	626		208,114
		$	411,666

Mining — 3.03%
Anglo American PLC	609		24,199
Antofagasta PLC	4,752		94,362
Barrick Gold Corp	7,767		160,653
BHP Group Ltd	12,607		459,211
BHP Group PLC	7,589		223,605
Boliden AB	1,808		69,505
Evolution Mining Ltd	27,698		93,475
Fresnillo PLC	9,290		99,157
Glencore PLC	43,111		184,542
Kinross Gold Corp	19,161		121,495
Lundin Mining Corp	12,402		111,854
Newcrest Mining Ltd	4,625		87,684
Norsk Hydro ASA	5,412		34,533
Northern Star Resources Ltd	11,919		87,420
OZ Minerals Ltd	4,950		83,452
Polymetal International PLC	5,655		121,602
Rio Tinto Ltd	1,022		97,063
Rio Tinto PLC	6,551		539,098
Sumitomo Metal Mining Co Ltd	2,200		85,647
		$	2,778,557

Miscellaneous Manufacture — 1.20%
Aalberts NV	2,172		116,719
Alfa Laval AB	2,221		78,453
Indutrade AB	2,908		74,415
Knorr-Bremse AG	882		101,446
Siemens AG	3,196		506,374
Stadler Rail AG	3,680		161,797
Trelleborg AB, Class B	2,643		61,364
		$	1,100,568

See accompanying notes.


Schedule of Investments
Principal International Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Office & Business Equipment — 0.24%
FUJIFILM Holdings Corp	1,700	$	126,075
Seiko Epson Corp	5,500		96,737
		$	222,812

Oil & Gas — 1.88%
BP PLC	37,283		162,457
Canadian Natural Resources Ltd	4,386		159,221
ENEOS Holdings Inc	19,500		81,602
Idemitsu Kosan Co Ltd	3,300		79,697
Inpex Corp	13,100		97,753
OMV AG	2,169		123,373
Royal Dutch Shell PLC, Class A	23,567		471,660
Rubis SCA	2,326		103,399
TotalEnergies SE ^(b)	9,793		443,058
		$	1,722,220

Packaging & Containers — 0.62%
CCL Industries Inc, Class B	2,307		127,056
DS Smith PLC	19,692		113,836
Huhtamaki OYJ	2,432		115,206
SIG Combibloc Group AG	7,830		212,749
		$	568,847

Pharmaceuticals — 7.08%
AstraZeneca PLC	5,162		620,018
Bayer AG	1,173		71,227
Chugai Pharmaceutical Co Ltd	2,300		91,135
Daiichi Sankyo Co Ltd	2,700		58,195
Dechra Pharmaceuticals PLC	2,340		141,453
GlaxoSmithKline PLC	20,064		393,948
Hikma Pharmaceuticals PLC	3,529		119,405
Ipsen SA	1,283		133,450
Merck KGaA	1,741		333,812
Novartis AG	10,517		958,437
Novo Nordisk A/S, Class B	10,024		839,802
Ono Pharmaceutical Co Ltd	3,300		73,637
Orion OYJ, Class B	2,745		117,989
Otsuka Holdings Co Ltd	2,200		91,232
Recordati Industria Chimica e Farmaceutica SpA	2,048		117,050
Roche Holding AG	3,711		1,397,967
Sanofi	4,902		513,597
Shionogi & Co Ltd ^(b)	1,700		88,615
Sumitomo Dainippon Pharma Co Ltd	5,135		107,604
Takeda Pharmaceutical Co Ltd	6,600		220,941
		$	6,489,514

Pipelines — 0.76%
Enbridge Inc	8,696		348,163
Pembina Pipeline Corp	4,418		140,388
TC Energy Corp	4,150		205,357
		$	693,908

Real Estate — 1.75%
CapitaLand Ltd	19,600		54,076
Castellum AB	3,045		77,494
CK Asset Holdings Ltd	12,516		86,403
Daito Trust Construction Co Ltd	700		76,556
FirstService Corp	859		147,331
Henderson Land Development Co Ltd	17,000		80,574
Hongkong Land Holdings Ltd	10,500		49,980
Hopson Development Holdings Ltd	19,400		88,951
Hulic Co Ltd ^(b)	7,700		86,638

See accompanying notes.


Schedule of Investments
Principal International Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Real Estate (continued)
Kojamo OYJ	5,627	$	128,574
Mitsubishi Estate Co Ltd	5,200		84,088
Mitsui Fudosan Co Ltd	3,900		90,325
REA Group Ltd	797		101,031
Sumitomo Realty & Development Co Ltd	2,600		92,911
Sun Hung Kai Properties Ltd	4,500		67,057
TAG Immobilien AG	3,855		122,322
Wharf Holdings Ltd/The	28,000		106,745
Wharf Real Estate Investment Co Ltd	11,000		63,966
		$	1,605,022

REITs — 1.06%
Charter Hall Group	8,774		102,123
Dexus	11,592		92,759
GPT Group/The	24,566		90,274
Japan Metropolitan Fund Invest	86		93,203
Japan Real Estate Investment Corp	16		98,366
Klepierre SA	4,723		121,694
Mapletree Industrial Trust	26,600		55,981
Orix JREIT Inc	52		100,073
Stockland	25,684		89,760
Warehouses De Pauw CVA	3,332		127,220
		$	971,453

Retail — 3.49%
ABC-Mart Inc	1,800		103,209
Alimentation Couche-Tard Inc, Class B	10,107		371,389
B&M European Value Retail SA	15,213		120,625
Canadian Tire Corp Ltd, Class A	902		142,737
Cie Financiere Richemont SA	2,331		282,038
Cosmos Pharmaceutical Corp	500		73,361
Dollarama Inc	2,886		132,100
Domino's Pizza Enterprises Ltd	1,173		106,012
Fast Retailing Co Ltd	200		150,556
Fielmann AG ^(a)	1,377		107,682
Harvey Norman Holdings Ltd	19,721		81,048
JB Hi-Fi Ltd	2,185		82,882
Kingfisher PLC	25,223		127,178
Lawson Inc	2,000		92,533
Moncler SpA	1,919		129,837
Next PLC ^(a)	1,022		111,063
Nitori Holdings Co Ltd	400		70,786
Pan Pacific International Holdings Corp	3,500		72,650
Pandora A/S	1,262		169,642
Sundrug Co Ltd	2,500		79,436
USS Co Ltd	4,700		81,989
Welcia Holdings Co Ltd	2,600		84,954
Wesfarmers Ltd	4,917		217,931
Yamada Holdings Co Ltd	16,400		75,730
Zalando SE ^(a),(c)	1,120		135,394
		$	3,202,762

Semiconductors — 2.00%
Advantest Corp	900		81,093
ASML Holding NV	1,415		972,138
BE Semiconductor Industries NV	1,313		111,380
Infineon Technologies AG	1,174		47,080
Melexis NV	1,039		107,861
Renesas Electronics Corp ^(a)	8,200		88,647
Rohm Co Ltd	800		73,955
SUMCO Corp ^(b)	3,800		93,208

See accompanying notes.


Schedule of Investments
Principal International Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Semiconductors (continued)
Tokyo Electron Ltd	600	$	259,670
		$	1,835,032

Shipbuilding — 0.17%
Wartsila OYJ Abp	10,510		155,965

Software — 1.58%
Constellation Software Inc	94		142,366
Dassault Systemes SE	649		157,373
Justsystems Corp	100		5,887
Konami Holdings Corp	1,600		96,062
Lightspeed POS Inc ^(a)	377		31,553
Open Text Corp	1,078		54,744
Sage Group PLC/The	4,392		41,568
SAP SE	5,823		820,545
TeamViewer AG ^(a),(c)	684		25,727
Temenos AG	305		48,985
TIS Inc	900		22,983
		$	1,447,793

Telecommunications — 4.23%
BCE Inc	3,799		187,345
BT Group PLC ^(a)	51,864		139,182
Deutsche Telekom AG	17,566		371,004
Elisa OYJ	1,833		109,370
Hellenic Telecommunications Organization SA	6,475		108,640
Hikari Tsushin Inc	400		70,246
KDDI Corp	12,100		377,393
Koninklijke KPN NV	32,439		101,316
Nippon Telegraph & Telephone Corp	11,400		297,019
Orange SA	8,944		101,970
Proximus SADP	5,057		97,680
Softbank Corp	25,100		328,393
SoftBank Group Corp	6,300		440,906
Spark New Zealand Ltd	9,824		32,962
Swisscom AG	336		191,813
Telecom Italia SpA/Milano	203,546		101,104
Telefonaktiebolaget LM Ericsson, Class B	14,035		176,395
Telefonica Deutschland Holding AG	37,550		99,068
Telefonica SA	24,594		114,929
Telekom Austria AG	13,969		119,259
Telenor ASA	1,968		33,165
Telstra Corp Ltd	33,237		93,722
Vodafone Group PLC	110,225		185,012
		$	3,877,893

Toys, Games & Hobbies — 0.51%
Nintendo Co Ltd	800		465,331

Transportation — 2.97%
AP Moller - Maersk A/S, Class B	58		166,705
Aurizon Holdings Ltd	28,974		80,832
Canadian National Railway Co	2,628		277,280
Canadian Pacific Railway Ltd	5,102		392,322
Deutsche Post AG	8,482		576,900
DSV PANALPINA A/S	1,828		426,303
Kuehne + Nagel International AG	636		217,625
Mainfreight Ltd	633		34,048
Poste Italiane SpA ^(c)	8,661		114,508
SG Holdings Co Ltd	4,000		104,883
SITC International Holdings Co Ltd	22,000		91,946
TFI International Inc	1,704		155,568

See accompanying notes.


Schedule of Investments
Principal International Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value
Transportation (continued)
Yamato Holdings Co Ltd	3,100	$	88,177
		$	2,727,097
TOTAL COMMON STOCKS		$	89,892,467
PREFERRED STOCKS — 1.19%	Shares Held		Value
Auto Manufacturers — 0.69%
Volkswagen AG
2.84%, 09/29/2023	2,516	$	630,083
Chemicals — 0.12%
Fuchs Petrolub SE
1.88%, 07/09/2021	2,301		111,919
Household Products/Wares — 0.38%
Henkel AG & Co KGaA
1.98%, 08/07/2022	3,299		348,306
TOTAL PREFERRED STOCKS		$	1,090,308
INVESTMENT COMPANIES — 1.91%	Shares Held		Value
Money Market Funds — 1.91%
Principal Government Money Market Fund — Institutional Class 0.00 ^{(a),(e),(f),(g)}	1,088,545	$	1,088,545
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(g)	664,157		664,157
TOTAL INVESTMENT COMPANIES		$	1,752,702
Total Investments		$	92,735,477
Other Assets and Liabilities — (1.14)%			(1,041,100	)
Total Net Assets — 100.00%		$	91,694,377

^(a)	Non-income producing security.
^(b)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $1,023,397 or 1.12% of net assets.
^(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $1,840,020 or 2.01% of net assets.
^(d)	The value of these investments was determined using significant unobservable inputs, in good faith by the Advisor, under procedures established and periodically reviewed by the Board of Trustees.
^(e)	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $1,088,545 or 1.19% of net assets.
^(f)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.
^(g)	Current yield shown is as of period end.

See accompanying notes.


			Schedule of Investments
			Principal International Multi-Factor ETF
			June 30, 2021

Portfolio Summary (unaudited)
Location					Percent
Japan					20.90	%
Canada					11.21	%
Switzerland					10.85	%
United Kingdom					10.05	%
Germany					9.40	%
France					7.24	%
Australia					6.34	%
Netherlands					3.75	%
Sweden					2.85	%
Italy					2.83	%
Denmark					2.70	%
Hong Kong					2.46	%
Spain					2.07	%
United States					1.91	%
Finland					1.73	%
Singapore					1.21	%
Belgium					1.10	%
Austria					0.55	%
Ireland					0.32	%
Luxembourg					0.27	%
Norway					0.26	%
Israel					0.15	%
Isle Of Man					0.14	%
Cyprus					0.13	%
Jordan					0.13	%
Portugal					0.13	%
Greece					0.12	%
Mexico					0.11	%
New Zealand					0.10	%
Chile					0.10	%
Czech Republic					0.03	%
Other Assets and Liabilities					(1.14	)%
TOTAL NET ASSETS					100.00	%

			June 30, 2020		Purchases		Sales		June 30, 2021
Affiliated Securities			Value		Cost		Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	158,531	$	8,436,989	$	7,506,975	$	1,088,545
		$	158,531	$	8,436,989	$	7,506,975	$	1,088,545

							Realized Gain
					Realized		from		Change in
					Gain/Loss on		Capital Gain		Unrealized
			Income ^(a)		Investments		Distributions		Gain/Loss
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	—	$	— $		—	$	—
		$	—	$	— $		—	$	—

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

See accompanying notes.


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2021

		Principal
BONDS — 97.65%		Amount		Value

Advertising — 0.18%
Omnicom Group Inc
2.60%, 08/01/2031	$	850,000	$	864,115

Aerospace & Defense — 3.75%
Boeing Co/The
2.20%, 02/04/2026		5,260,000		5,310,276
2.70%, 02/01/2027		2,954,000		3,053,364
2.80%, 03/01/2024		353,000		368,203
3.25%, 02/01/2028		1,364,000		1,445,962
3.50%, 03/01/2039		403,000		403,856
4.88%, 05/01/2025		388,000		434,742
5.71%, 05/01/2040		2,006,000		2,583,493
L3Harris Technologies Inc
1.80%, 01/15/2031		3,511,000		3,404,600
Raytheon Technologies Corp
5.40%, 05/01/2035		787,000		1,038,518
			$	18,043,014

Agriculture — 2.71%
Altria Group Inc
2.35%, 05/06/2025		1,116,000		1,166,752
3.40%, 02/04/2041		989,000		942,954
5.80%, 02/14/2039		398,000		491,668
5.95%, 02/14/2049		120,000		153,447
BAT Capital Corp
2.26%, 03/25/2028		2,918,000		2,896,111
3.22%, 08/15/2024		2,801,000		2,975,109
3.56%, 08/15/2027		2,781,000		2,978,040
Philip Morris International Inc
0.88%, 05/01/2026		1,332,000		1,314,874
Reynolds American Inc
5.85%, 08/15/2045		95,000		116,323
			$	13,035,278

Airlines — 2.27%
Continental Airlines 2012-1 Class A Pass Through Trust
4.15%, 10/11/2025		807,525		857,788
Delta Air Lines Inc / SkyMiles IP Ltd
4.50%, 10/20/2025 ^(a)		3,432,331		3,688,454
4.75%, 10/20/2028 ^(a)		666,156		740,604
JetBlue 2019-1 Class AA Pass Through Trust
2.75%, 11/15/2033		265,747		272,899
Southwest Airlines Co
5.13%, 06/15/2027		1,339,000		1,575,295
5.25%, 05/04/2025		1,737,000		1,981,873
United Airlines 2014-2 Class A Pass Through Trust
3.75%, 03/03/2028		588,954		622,435
United Airlines 2016-2 Class A Pass Through Trust
3.10%, 04/07/2030		907,631		916,033
United Airlines 2019-2 Class AA Pass Through Trust
2.70%, 11/01/2033		247,965		248,518
			$	10,903,899

Auto Manufacturers — 1.41%
General Motors Co
5.00%, 10/01/2028		3,001,000		3,518,449
6.25%, 10/02/2043		1,150,000		1,587,567
General Motors Financial Co Inc
2.70%, 06/10/2031		1,690,000		1,696,075
			$	6,802,091

See accompanying notes.


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Banks — 20.75%
Australia & New Zealand Banking Group Ltd
(5-year Treasury Constant Maturity Rate + 1.70%),
2.57%, 11/25/2035 ^(a),(b)	$	1,022,000	$	992,750
Banco Santander SA
2.75%, 12/03/2030		1,800,000		1,783,112
Bank of America Corp
2.09%, 06/14/2029 ^(c)		2,532,000		2,552,488
2.68%, 06/19/2041 ^(c)		851,000		825,895
2.69%, 04/22/2032 ^(c)		597,000		614,190
2.83%, 10/24/2051 ^(c)		3,363,000		3,279,483
(3-month USD LIBOR + 1.19%),
2.88%, 10/22/2030 ^(b)		641,000		675,223
4.25%, 10/22/2026		4,773,000		5,389,497
Barclays PLC
4.84%, 05/09/2028		5,436,000		6,111,067
Citigroup Inc
1.12%, 01/28/2027 ^(c)		4,038,000		3,980,825
(3-month USD LIBOR + 1.15%),
3.52%, 10/27/2028 ^(b)		402,000		440,225
Commonwealth Bank of Australia
3.31%, 03/11/2041 ^(a)		1,173,000		1,194,281
Credit Agricole SA
2.81%, 01/11/2041 ^(a)		726,000		688,832
Credit Suisse Group AG
1.31%, 02/02/2027 ^(a),(c)		3,136,000		3,071,557
3.09%, 05/14/2032 ^(a),(c)		2,020,000		2,080,311
(5-year Treasury Constant Maturity Rate + 4.89%),
5.25%, 02/11/2027 ^(a),(b),(d)		3,964,000		4,191,930
First Republic Bank
4.63%, 02/13/2047		3,239,000		4,108,192
Goldman Sachs Group Inc/The
3.85%, 01/26/2027		2,525,000		2,782,330
HSBC Holdings PLC
1.59%, 05/24/2027 ^(c)		6,058,000		6,069,677
2.80%, 05/24/2032 ^(c)		1,062,000		1,089,877
JPMorgan Chase & Co
1.04%, 02/04/2027 ^(c)		6,767,000		6,655,768
3.11%, 04/22/2041 ^(c)		112,000		116,194
3.96%, 11/15/2048		562,000		659,498
5.50%, 10/15/2040		757,000		1,037,488
Macquarie Bank Ltd
(5-year Treasury Constant Maturity Rate + 1.70%),
3.05%, 03/03/2036 ^(a),(b)		1,329,000		1,320,740
Macquarie Group Ltd
1.63%, 09/23/2027 ^(a),(c)		1,700,000		1,687,091
2.69%, 06/23/2032 ^(a),(c)		1,464,000		1,467,828
Morgan Stanley
1.59%, 05/04/2027 ^(c)		1,504,000		1,514,641
2.80%, 01/25/2052 ^(c)		1,667,000		1,634,324
(3-month USD LIBOR + 1.34%),
3.59%, 07/22/2028 ^(b)		3,560,000		3,943,595
5.00%, 11/24/2025		1,777,000		2,048,661
National Australia Bank Ltd
2.33%, 08/21/2030 ^(a)		2,307,000		2,239,084
Natwest Group PLC
(5-year Treasury Constant Maturity Rate + 5.63%),
6.00%, 12/29/2025 ^(b),(d)		2,530,000		2,819,887
Santander UK Group Holdings PLC
(1-year Treasury Constant Maturity Rate + 1.25%),
1.53%, 08/21/2026 ^(b)		5,504,000		5,513,401

See accompanying notes.

100


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Banks (continued)
Standard Chartered PLC
(3-month USD LIBOR + 1.21%),
2.82%, 01/30/2026 ^(a),(b)	$	2,212,000	$	2,321,575
(5-year Treasury Constant Maturity Rate + 2.30%),
3.27%, 02/18/2036 ^(a),(b)		1,802,000		1,807,501
6.00%, 07/26/2025 ^(a),(c),(d)		1,544,000		1,692,687
Wells Fargo & Co
2.39%, 06/02/2028 ^(c)		4,644,000		4,816,271
3.07%, 04/30/2041 ^(c)		440,000		451,301
4.40%, 06/14/2046		343,000		413,457
4.90%, 11/17/2045		2,241,000		2,874,151
Westpac Banking Corp
(5-year Treasury Constant Maturity Rate + 2.00%),
4.11%, 07/24/2034 ^(b)		829,000		910,980
			$	99,867,865

Beverages — 1.74%
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc
3.65%, 02/01/2026		1,231,000		1,359,251
4.90%, 02/01/2046		1,578,000		1,997,354
Anheuser-Busch InBev Worldwide Inc
4.38%, 04/15/2038		3,271,000		3,910,711
4.60%, 04/15/2048		413,000		504,208
5.45%, 01/23/2039		348,000		458,967
Constellation Brands Inc
2.88%, 05/01/2030		147,000		154,152
			$	8,384,643

Biotechnology — 0.28%
Amgen Inc
2.20%, 02/21/2027		1,302,000		1,351,882

Building Materials — 1.28%
Martin Marietta Materials Inc
2.40%, 07/15/2031		1,825,000		1,826,448
2.50%, 03/15/2030		2,089,000		2,124,495
Masco Corp
1.50%, 02/15/2028		2,281,000		2,227,041
			$	6,177,984

Chemicals — 0.58%
DuPont de Nemours Inc
5.32%, 11/15/2038		1,077,000		1,424,341
International Flavors & Fragrances Inc
1.23%, 10/01/2025 ^(a)		601,000		597,769
1.83%, 10/15/2027 ^(a)		773,000		770,804
			$	2,792,914

Commercial Services — 1.06%
CoStar Group Inc
2.80%, 07/15/2030 ^(a)		5,019,000		5,098,604

Computers — 0.45%
Apple Inc
4.65%, 02/23/2046		430,000		570,578
Dell International LLC / EMC Corp
4.90%, 10/01/2026		1,158,000		1,336,429
8.35%, 07/15/2046		152,000		248,612
			$	2,155,619

See accompanying notes.

101


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Diversified Financial Services — 7.46%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.15%, 02/15/2024	$	5,836,000	$	6,125,642
Air Lease Corp
2.88%, 01/15/2026		1,170,000		1,229,241
3.38%, 07/01/2025		1,000		1,074
Ally Financial Inc
4.63%, 03/30/2025		869,000		972,982
5.75%, 11/20/2025		853,000		979,379
5.80%, 05/01/2025		702,000		815,781
8.00%, 11/01/2031		3,261,000		4,686,214
Aviation Capital Group LLC
1.95%, 01/30/2026 ^(a)		3,463,000		3,463,936
Avolon Holdings Funding Ltd
4.25%, 04/15/2026 ^(a)		2,400,000		2,600,822
4.38%, 05/01/2026 ^(a)		980,000		1,065,250
5.50%, 01/15/2026 ^(a)		900,000		1,020,837
Blackstone Holdings Finance Co LLC
2.80%, 09/30/2050 ^(a)		969,000		964,944
Brookfield Finance Inc
2.72%, 04/15/2031		1,324,000		1,362,968
3.45%, 04/15/2050		699,000		721,156
4.85%, 03/29/2029		1,339,000		1,576,625
GE Capital Funding LLC
4.40%, 05/15/2030		812,000		946,250
GE Capital International Funding Co Unlimited Co
4.42%, 11/15/2035		5,427,000		6,504,159
Synchrony Financial
3.95%, 12/01/2027		762,000		849,408
			$	35,886,668

Electric — 6.95%
American Electric Power Co Inc
1.00%, 11/01/2025		1,774,000		1,755,972
CMS Energy Corp
3.00%, 05/15/2026		1,719,000		1,838,219
Commonwealth Edison Co
3.13%, 03/15/2051		1,183,000		1,234,889
4.00%, 03/01/2049		1,752,000		2,099,967
Dominion Energy Inc
4.25%, 06/01/2028		505,000		579,748
DTE Energy Co
3.40%, 06/15/2029		1,500,000		1,637,161
Duke Energy Florida LLC
3.80%, 07/15/2028		959,000		1,086,763
Duke Energy Ohio Inc
4.30%, 02/01/2049 ^(e)		811,000		1,001,671
Entergy Corp
1.90%, 06/15/2028		933,000		931,641
Evergy Inc
2.90%, 09/15/2029		939,000		995,074
Georgia Power Co
3.25%, 03/15/2051		491,000		494,884
3.70%, 01/30/2050		120,000		130,320
MidAmerican Energy Co
3.15%, 04/15/2050		1,465,000		1,564,734
NextEra Energy Capital Holdings Inc
2.75%, 11/01/2029		1,857,000		1,961,038

See accompanying notes.

102


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Electric (continued)
NextEra Energy Capital Holdings Inc (continued)
3.50%, 04/01/2029	$	666,000	$	735,540
NRG Energy Inc
2.00%, 12/02/2025 ^(a)		940,000		953,511
2.45%, 12/02/2027 ^(a)		696,000		700,476
Pacific Gas and Electric Co
1.75%, 06/16/2022		1,061,000		1,060,415
Public Service Co of Colorado
4.05%, 09/15/2049		669,000		820,678
Southern California Edison Co
4.88%, 03/01/2049		1,114,000		1,318,064
Southern Co/The
1.75%, 03/15/2028		1,003,000		990,060
(3-month USD LIBOR + 3.63%),
5.50%, 03/15/2057 ^(b)		2,413,000		2,470,914
Southern Power Co
0.90%, 01/15/2026		1,463,000		1,435,552
Tampa Electric Co
3.63%, 06/15/2050		418,000		466,435
Tucson Electric Power Co
4.85%, 12/01/2048		460,000		591,590
Virginia Electric & Power Co
3.80%, 04/01/2028		1,307,000		1,475,416
4.60%, 12/01/2048		759,000		979,995
WEC Energy Group Inc
1.38%, 10/15/2027		1,186,000		1,158,379
Xcel Energy Inc
2.60%, 12/01/2029		949,000		986,029
			$	33,455,135

Environmental Control — 0.31%
Waste Management Inc
1.15%, 03/15/2028		1,518,000		1,470,774

Food — 1.14%
Hormel Foods Corp
1.70%, 06/03/2028		1,218,000		1,224,911
JBS USA LUX SA / JBS USA Finance Inc
3.75%, 12/01/2031 ^(a)		1,145,000		1,171,621
Mars Inc
2.38%, 07/16/2040 ^(a)		643,000		618,925
Sysco Corp
6.60%, 04/01/2050		1,592,000		2,472,955
			$	5,488,412

Gas — 1.29%
CenterPoint Energy Resources Corp
1.75%, 10/01/2030		2,140,000		2,051,623
NiSource Inc
0.95%, 08/15/2025		1,772,000		1,757,263
Piedmont Natural Gas Co Inc
3.50%, 06/01/2029		1,449,000		1,595,159
Southern California Gas Co
2.55%, 02/01/2030		793,000		819,097
			$	6,223,142

Healthcare — Products — 0.91%
Boston Scientific Corp
2.65%, 06/01/2030		4,206,000		4,350,305

See accompanying notes.

103


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Healthcare — Products (continued)
Medtronic Inc
4.63%, 03/15/2045	$	39,000	$	51,160
			$	4,401,465

Healthcare — Services — 0.52%
Centene Corp
3.38%, 02/15/2030		343,000		358,545
UnitedHealth Group Inc
2.75%, 05/15/2040		1,051,000		1,064,353
3.25%, 05/15/2051		995,000		1,061,433
			$	2,484,331

Home Builders — 0.79%
Lennar Corp
4.75%, 05/30/2025		3,370,000		3,778,613

Insurance — 6.29%
AIA Group Ltd
3.20%, 09/16/2040 ^(a)		1,378,000		1,421,263
American International Group Inc
4.50%, 07/16/2044		819,000		994,054
AmFam Holdings Inc
3.83%, 03/11/2051 ^(a)		617,000		662,368
Arch Capital Group Ltd
3.64%, 06/30/2050		1,008,000		1,084,343
Arthur J Gallagher & Co
2.50%, 05/20/2031		1,365,000		1,378,594
Athene Global Funding
1.45%, 01/08/2026 ^(a)		1,504,000		1,505,022
2.50%, 03/24/2028 ^(a)		2,587,000		2,651,579
2.55%, 11/19/2030 ^(a)		1,419,000		1,426,836
Athene Holding Ltd
4.13%, 01/12/2028		607,000		676,972
Equitable Financial Life Global Funding
1.80%, 03/08/2028 ^(a)		2,958,000		2,942,633
F&G Global Funding
1.75%, 06/30/2026 ^(a)		2,492,000		2,502,254
Markel Corp
3.35%, 09/17/2029		25,000		27,448
4.30%, 11/01/2047		1,591,000		1,863,581
Massachusetts Mutual Life Insurance Co
3.38%, 04/15/2050 ^(a)		238,000		248,433
New York Life Insurance Co
3.75%, 05/15/2050 ^(a)		1,420,000		1,585,684
Swiss Re Finance Luxembourg SA
(5-year Treasury Constant Maturity Rate + 3.58%),
5.00%, 04/02/2049 ^(a),(b)		1,000,000		1,137,250
Willis North America Inc
3.88%, 09/15/2049		1,674,000		1,880,486
XLIT Ltd
4.45%, 03/31/2025		3,388,000		3,801,139
5.50%, 03/31/2045		1,837,000		2,493,924
			$	30,283,863

Internet — 2.16%
Amazon.com Inc
2.10%, 05/12/2031		1,910,000		1,942,114
2.70%, 06/03/2060		576,000		551,692
3.10%, 05/12/2051		732,000		768,917
eBay Inc
3.65%, 05/10/2051		1,320,000		1,399,860

See accompanying notes.

104


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Internet (continued)
Expedia Group Inc
3.60%, 12/15/2023	$	961,000	$	1,021,316
3.80%, 02/15/2028		2,199,000		2,391,613
4.63%, 08/01/2027		1,171,000		1,323,400
Netflix Inc
4.88%, 04/15/2028		856,000		995,100
			$	10,394,012

Iron & Steel — 0.24%
Nucor Corp
2.70%, 06/01/2030		218,000		227,659
Vale Overseas Ltd
3.75%, 07/08/2030		848,000		902,866
			$	1,130,525

Media — 4.43%
Charter Communications Operating LLC / Charter Communications Operating
Capital
2.30%, 02/01/2032		1,705,000		1,639,224
3.70%, 04/01/2051		1,621,000		1,603,277
3.90%, 06/01/2052		1,512,000		1,539,528
4.80%, 03/01/2050		428,000		491,579
Comcast Corp
3.95%, 10/15/2025		1,141,000		1,278,468
3.97%, 11/01/2047		2,623,000		3,053,788
4.60%, 10/15/2038		773,000		958,058
Discovery Communications LLC
4.00%, 09/15/2055		731,000		773,695
Fox Corp
5.58%, 01/25/2049		601,000		811,283
Time Warner Cable LLC
5.50%, 09/01/2041		1,228,000		1,522,081
5.88%, 11/15/2040		1,559,000		2,016,643
ViacomCBS Inc
2.90%, 01/15/2027		4,391,000		4,662,113
5.25%, 04/01/2044		762,000		974,740
			$	21,324,477

Mining — 1.16%
Newmont Corp
2.25%, 10/01/2030		2,153,000		2,147,119
Teck Resources Ltd
3.90%, 07/15/2030 ^(e)		863,000		929,870
5.40%, 02/01/2043		2,058,000		2,507,448
			$	5,584,437

Miscellaneous Manufacture — 0.62%
General Electric Co
3.45%, 05/01/2027		2,164,000		2,378,818
Siemens Financieringsmaatschappij NV
1.20%, 03/11/2026 ^(a)		617,000		617,424
			$	2,996,242

Oil & Gas — 2.80%
BP Capital Markets America Inc
3.00%, 02/24/2050		687,000		663,646
3.59%, 04/14/2027		1,574,000		1,742,666
4.23%, 11/06/2028		25,000		28,990
Canadian Natural Resources Ltd
4.95%, 06/01/2047		383,000		476,035

See accompanying notes.

105


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Oil & Gas (continued)
Chevron Corp
2.00%, 05/11/2027	$	1,444,000	$	1,489,723
Devon Energy Corp
4.50%, 01/15/2030 ^(a)		1,548,000		1,701,867
Exxon Mobil Corp
2.44%, 08/16/2029		1,061,000		1,110,622
3.00%, 08/16/2039		1,095,000		1,123,516
Marathon Oil Corp
4.40%, 07/15/2027		1,652,000		1,871,078
6.60%, 10/01/2037		56,000		74,453
Occidental Petroleum Corp
3.20%, 08/15/2026		470,000		473,525
Pioneer Natural Resources Co
0.75%, 01/15/2024		1,019,000		1,018,064
Shell International Finance BV
3.13%, 11/07/2049		1,657,000		1,713,641
			$	13,487,826

Packaging & Containers — 0.75%
Berry Global Inc
0.95%, 02/15/2024 ^(a)		2,638,000		2,640,295
WRKCo Inc
3.00%, 06/15/2033		940,000		984,018
			$	3,624,313

Pharmaceuticals — 5.27%
AbbVie Inc
4.25%, 11/21/2049		2,132,000		2,555,233
Bayer US Finance II LLC
3.38%, 07/15/2024 ^(a)		303,000		322,841
4.38%, 12/15/2028 ^(a)		2,921,000		3,346,468
Becton Dickinson and Co
3.36%, 06/06/2024		328,000		351,416
3.70%, 06/06/2027		1,444,000		1,604,545
4.67%, 06/06/2047		995,000		1,239,574
4.69%, 12/15/2044		1,563,000		1,945,122
Bristol-Myers Squibb Co
4.13%, 06/15/2039		1,504,000		1,815,022
4.25%, 10/26/2049		428,000		540,059
Cigna Corp
4.38%, 10/15/2028		2,754,000		3,202,991
4.90%, 12/15/2048		50,000		64,392
CVS Health Corp
5.05%, 03/25/2048		4,978,000		6,465,803
Viatris Inc
2.30%, 06/22/2027 ^(a)		223,000		227,626
Zoetis Inc
3.90%, 08/20/2028		1,468,000		1,669,057
			$	25,350,149

Pipelines — 2.68%
Eastern Gas Transmission and Storage, Inc.
3.00%, 11/15/2029		222,000		233,907
Enbridge Inc
2.50%, 08/01/2033		1,564,000		1,564,148
Energy Transfer Operating LP
3.75%, 05/15/2030		2,997,000		3,255,605
5.15%, 03/15/2045		958,000		1,107,991
6.25%, 04/15/2049		373,000		489,468
Enterprise Products Operating LLC
4.20%, 01/31/2050		1,820,000		2,099,192

See accompanying notes.

106


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Pipelines (continued)
Kinder Morgan Inc
3.60%, 02/15/2051	$	994,000	$	1,011,715
MPLX LP
4.00%, 03/15/2028		70,000		78,201
5.20%, 03/01/2047		617,000		759,659
ONEOK Inc
4.45%, 09/01/2049		577,000		637,721
Sabine Pass Liquefaction LLC
5.00%, 03/15/2027		1,428,000		1,648,971
5.75%, 05/15/2024		9,000		10,100
			$	12,896,678

Private Equity — 0.30%
KKR Group Finance Co VIII LLC
3.50%, 08/25/2050 ^(a)		1,369,000		1,432,383

REITs — 3.53%
Alexandria Real Estate Equities Inc
4.70%, 07/01/2030		383,000		455,661
American Campus Communities Operating Partnership LP
3.88%, 01/30/2031		1,207,000		1,339,543
American Homes 4 Rent, Class A
3.38%, 07/15/2051		1,165,000		1,152,262
Crown Castle International Corp
2.90%, 04/01/2041		1,111,000		1,080,698
Healthcare Trust of America Holdings LP
3.10%, 02/15/2030		1,004,000		1,066,325
Prologis LP
3.00%, 04/15/2050		248,000		252,540
Regency Centers LP
3.70%, 06/15/2030		2,882,000		3,188,073
Simon Property Group LP
1.75%, 02/01/2028		1,216,000		1,209,497
Spirit Realty LP
3.20%, 01/15/2027 ^(e)		4,214,000		4,481,458
3.20%, 02/15/2031		758,000		789,980
VEREIT Operating Partnership LP
3.10%, 12/15/2029		1,846,000		1,970,603
			$	16,986,640

Retail — 0.14%
Home Depot Inc/The
3.30%, 04/15/2040		616,000		674,734

Semiconductors — 3.05%
Broadcom Inc
1.95%, 02/15/2028 ^(a)		671,000		670,713
3.15%, 11/15/2025		482,000		516,598
3.42%, 04/15/2033 ^(a)		2,502,000		2,627,511
KLA Corp
3.30%, 03/01/2050		645,000		682,494
Lam Research Corp
3.75%, 03/15/2026		1,023,000		1,145,549
4.00%, 03/15/2029		823,000		954,932
4.88%, 03/15/2049		45,000		60,685
Micron Technology Inc
4.19%, 02/15/2027		2,145,000		2,419,515
NVIDIA Corp
3.50%, 04/01/2040		2,084,000		2,363,826
3.50%, 04/01/2050		983,000		1,109,706
NXP BV / NXP Funding LLC / NXP USA Inc
2.70%, 05/01/2025 ^(a)		100,000		105,462
3.15%, 05/01/2027 ^(a)		1,056,000		1,129,632

See accompanying notes.

107


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Semiconductors (continued)
QUALCOMM Inc
4.30%, 05/20/2047	$	707,000	$	892,627
			$	14,679,250

Software — 3.04%
Activision Blizzard Inc
4.50%, 06/15/2047		1,200,000		1,498,591
Fidelity National Information Services Inc
1.65%, 03/01/2028		1,173,000		1,166,352
Fiserv Inc
4.40%, 07/01/2049		1,691,000		2,039,621
Oracle Corp
2.80%, 04/01/2027		1,777,000		1,884,392
4.00%, 07/15/2046		2,318,000		2,513,576
salesforce.com Inc
3.70%, 04/11/2028		1,429,000		1,627,869
VMware Inc
4.50%, 05/15/2025		3,496,000		3,904,351
			$	14,634,752

Telecommunications — 4.23%
AT&T Inc
3.50%, 06/01/2041		3,126,000		3,247,184
3.50%, 09/15/2053 ^(a)		4,195,000		4,214,593
3.55%, 09/15/2055 ^(a)		1,830,000		1,836,136
4.50%, 03/09/2048		973,000		1,147,510
T-Mobile USA Inc
2.05%, 02/15/2028		1,727,000		1,753,198
Verizon Communications Inc
2.65%, 11/20/2040		700,000		673,622
3.55%, 03/22/2051		5,851,000		6,251,014
3.70%, 03/22/2061		842,000		901,831
Vodafone Group PLC
(5-year Treasury Constant Maturity Rate + 2.45%),
3.25%, 06/04/2081 ^(b)		341,000		342,978
			$	20,368,066

Transportation — 0.53%
Burlington Northern Santa Fe LLC
4.38%, 09/01/2042		408,000		508,112
FedEx Corp
4.10%, 02/01/2045		1,806,000		2,062,207
			$	2,570,319

Water — 0.60%
American Water Capital Corp
2.30%, 06/01/2031		1,020,000		1,036,683
Essential Utilities Inc
2.40%, 05/01/2031		1,840,000		1,856,101
			$	2,892,784
TOTAL BONDS			$	469,977,898
INVESTMENT COMPANIES — 2.26%		Shares Held		Value

Money Market Funds — 2.26%
Principal Government Money Market Fund — Institutional Class 0.00% ^{(f),(g),(h),(i)}		2,138,163	$	2,138,163
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ⁽ⁱ⁾		8,731,942		8,731,942
TOTAL INVESTMENT COMPANIES			$	10,870,105

See accompanying notes.

108


Schedule of Investments
Principal Investment Grade Corporate Active ETF
June 30, 2021

		Value
Total Investments	$	480,848,003
Other Assets and Liabilities — 0.09%		423,259
Total Net Assets — 100.00%	$	481,271,262

^(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $85,168,997 or 17.70% of net assets.
^(b)	Rate shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a variable or floating rate in the future.
^(c)	Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. Rate shown is the rate in effect as of period end.
^(d)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end.
^(e)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $2,095,206 or 0.44% of net assets.
^(f)	Non-income producing security.
^(g)	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $2,138,163 or 0.44% of net assets.
^(h)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.
⁽ⁱ⁾	Current yield shown is as of period end.


Portfolio Summary (unaudited)
Sector		Percent
Financial		38.33		%
Consumer, Non-cyclical		13.63		%
Communications		11.00		%
Utilities			8.84	%
Industrial			7.25	%
Technology			6.54	%
Energy			5.48	%
Consumer, Cyclical			4.60	%
Money Market Funds			2.26	%
Basic Materials			1.98	%
Other Assets and Liabilities			0.09	%
TOTAL NET ASSETS		100.00		%

Futures Contracts

							Value and Unrealized
Description and Expiration Date	Type	Contracts	Notional Amount				Appreciation/(Depreciation)
U.S. 5 Year Notes; September 2021	Short	339	$		41,842,664	$	14,996
U.S. 10 Year Notes; September 2021	Short	102			13,515,000		(67,633	)
U.S. Long Bond CBT; September 2021	Short	8			1,286,000		(37,142	)
Total						$	(89,779	)

See accompanying notes.

109


			Schedule of Investments
			Principal Investment Grade Corporate Active ETF
			June 30, 2021

			June 30, 2020		Purchases		Sales		June 30, 2021
Affiliated Securities			Value		Cost		Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	600,345	$	13,108,660	$	11,570,842	$	2,138,163
		$	600,345	$	13,108,660	$	11,570,842	$	2,138,163

							Realized Gain
					Realized		from		Change in
					Gain/Loss on		Capital Gain		Unrealized
			Income ^(a)		Investments		Distributions		Gain/Loss
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	—	$	— $		—	$	—
		$	—	$	— $		—	$	—

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

See accompanying notes.

110


Schedule of Investments
Principal Millennials Index ETF
June 30, 2021

COMMON STOCKS — 99.75%	Shares Held		Value
Apparel — 3.11%
Carter's Inc	2,428	$	250,497
Columbia Sportswear Co	2,044		201,048
Deckers Outdoor Corp ^(a)	652		250,414
Fila Holdings Corp	8,498		439,181
Hanesbrands Inc	10,980		204,997
SMCP SA ^(a),(b)	44,676		323,939
Urban Outfitters Inc ^(a)	47,034		1,938,741
Yue Yuen Industrial Holdings Ltd ^(a)	129,000		318,666
		$	3,927,483

Beverages — 1.35%
Brown-Forman Corp, Class B	6,263		469,349
Constellation Brands Inc, Class A	1,893		442,754
Monster Beverage Corp ^(a)	4,743		433,273
Treasury Wine Estates Ltd	40,864		357,945
		$	1,703,321

Building Materials — 0.51%
Fortune Brands Home & Security Inc	2,255		224,621
Masco Corp	7,211		424,800
		$	649,421

Commercial Services — 3.48%
Adyen NV ^(a),(b)	1,043		2,548,297
China Yuhua Education Corp Ltd ^(b)	408,000		369,414
Global Payments Inc	2,144		402,086
GMO Payment Gateway Inc	2,500		325,622
PayPal Holdings Inc ^(a)	1,778		518,252
PROG Holdings, Inc.	4,989		240,121
		$	4,403,792

Computers — 0.38%
Apple Inc	3,537		484,427
Diversified Financial Services — 4.73%
Discover Financial Services	24,738		2,926,258
LexinFintech Holdings Ltd ADR ^(a)	173,878		2,130,005
Rocket Cos Inc, Class A	9,354		181,000
XP Inc, Class A ^(a)	17,103		744,836
		$	5,982,099

Electronics — 0.56%
Garmin Ltd	4,885		706,566
Engineering & Construction — 0.20%
HomeServe PLC	19,442		256,973
Entertainment — 2.28%
CTS Eventim AG & Co KGaA ^(a)	30,185		1,886,232
DraftKings Inc, Class A ^(a)	19,013		991,908
		$	2,878,140

Food — 2.32%
Albertsons Cos Inc, Class A ^(c)	11,325		222,650
Kroger Co/The	65,314		2,502,179
Sprouts Farmers Market Inc ^(a)	8,114		201,633
		$	2,926,462

Home Builders — 0.52%
DR Horton Inc	4,845		437,842
Toll Brothers Inc	3,807		220,083
		$	657,925

See accompanying notes.

111


Schedule of Investments
Principal Millennials Index ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Home Furnishings — 3.82%
Sleep Number Corp ^(a)	12,191	$	1,340,400
Sony Group Corp	33,400		3,251,461
Tempur Sealy International Inc	5,905		231,417
		$	4,823,278

Internet — 35.08%
AfreecaTV Co Ltd	37,838		3,998,332
Alibaba Group Holding Ltd ADR ^(a)	2,841		644,282
Alphabet Inc, Class C ^(a)	1,137		2,849,686
Amazon.com Inc ^(a)	141		485,063
ASOS PLC ^(a)	4,220		289,541
Baidu Inc ^(a)	2,960		603,544
eBay Inc	7,053		495,191
Expedia Group Inc ^(a)	6,774		1,108,972
Facebook Inc, Class A ^(a)	7,981		2,775,074
Farfetch Ltd, Class A ^(a)	32,808		1,652,211
IAC ^(a)	5,392		831,285
JOYY Inc	28,058		1,850,986
Kakao Corp	7,363		1,065,728
Kogan.com Ltd ^(c)	35,246		306,091
Momo Inc ADR	178,411		2,731,472
Naspers Ltd, Class N	9,778		2,052,962
NCSoft Corp	840		611,641
Netflix Inc ^(a)	828		437,358
Overstock.com Inc ^(a)	3,258		300,388
Pinduoduo Inc ADR ^(a)	17,468		2,218,785
Pinterest Inc, Class A ^(a)	21,002		1,658,108
Rakuten Inc	53,800		607,275
RealReal Inc/The ^(a)	9,544		188,589
Revolve Group Inc ^(a)	39,156		2,697,848
Roku Inc ^(a)	4,772		2,191,541
Shutterstock Inc	2,424		237,964
Snap Inc, Class A ^(a)	29,735		2,026,143
Temple & Webster Group Ltd ^(a)	46,476		376,082
Tencent Holdings Ltd	8,200		616,772
Tencent Music Entertainment Group ADR ^(a)	128,417		1,987,895
Trip.com Group Ltd ADR ^(a)	43,894		1,556,481
Vimeo Inc ^(a)	8,802		431,298
Wayfair Inc, Class A ^(a),(c)	5,557		1,754,401
Weibo Corp ^(a),(c)	6,384		335,926
ZOZO Inc	10,900		370,381
		$	44,345,296

Leisure Time — 1.57%
Camping World Holdings Inc, Class A	48,472		1,986,867

Media — 6.77%
Comcast Corp, Class A	7,980		455,019
Fox Corp, Class B	6,183		217,642
Sirius XM Holdings Inc ^(c)	70,919		463,810
ViacomCBS Inc, Class B	52,144		2,356,909
Vivendi SE ^(c)	106,469		3,576,539
Walt Disney Co/The ^(a)	8,426		1,481,038
		$	8,550,957

Real Estate — 0.60%
REA Group Ltd	5,968		756,528

REITs — 2.92%
American Homes 4 Rent, Class A	6,476		251,592
AvalonBay Communities Inc	2,341		488,543
Duke Realty Corp	10,302		487,800
EastGroup Properties Inc	1,508		247,991

See accompanying notes.

112


Schedule of Investments
Principal Millennials Index ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

REITs (continued)
Essex Property Trust Inc	1,588	$	476,416
Invitation Homes Inc	13,500		503,415
Prologis Inc	4,075		487,085
Segro PLC	49,802		754,013
		$	3,696,855

Retail — 16.48%
Academy Sports & Outdoors Inc ^(a)	8,002		330,003
At Home Group Inc ^(a)	7,524		277,184
Bed Bath & Beyond Inc ^(a)	40,005		1,331,767
Dick's Sporting Goods Inc	2,835		284,039
Domino's Pizza Inc	1,174		547,659
Foot Locker Inc	3,840		236,659
Hennes & Mauritz AB, Class B ^(a)	103,542		2,456,039
Hibbett Inc ^(a)	3,134		280,900
Home Depot Inc/The	7,699		2,455,134
Industria de Diseno Textil SA	70,764		2,492,919
JD Sports Fashion PLC	28,313		359,930
Kingfisher PLC	73,352		369,850
L Brands Inc	6,983		503,195
Li Ning Co Ltd	98,771		1,205,967
Lowe's Cos Inc	2,270		440,312
Lululemon Athletica Inc ^(a)	1,407		513,513
Mr Price Group Ltd	24,567		362,174
Pandora A/S	2,998		403,000
Pets at Home Group PLC	56,531		356,589
Qurate Retail Inc, Series A	18,362		240,359
Signet Jewelers Ltd ^(a)	30,256		2,444,382
Truworths International Ltd	99,429		401,615
Williams-Sonoma Inc	2,411		384,916
Zalando SE ^(a),(b)	17,795		2,151,188
		$	20,829,293

Semiconductors — 0.51%
Samsung Electronics Co Ltd	9,010		645,657

Software — 6.57%
Activision Blizzard Inc	25,278		2,412,532
Bilibili Inc ADR ^(a)	21,842		2,661,229
Electronic Arts Inc	3,190		458,818
Fiserv Inc ^(a)	3,628		387,797
Microsoft Corp	1,832		496,289
NetEase Inc ADR	6,239		719,045
Netmarble Corp ^(b)	2,843		338,287
Pearl Abyss Corp ^(a)	5,951		400,027
Take-Two Interactive Software Inc ^(a)	2,445		432,814
		$	8,306,838

Telecommunications — 1.77%
AT&T Inc	77,651		2,234,796

Textiles — 0.34%
Mohawk Industries Inc ^(a)	2,244		431,274

Toys, Games & Hobbies — 2.01%
Funko Inc, Class A ^(a)	89,603		1,906,752
Nintendo Co Ltd	1,100		639,831
		$	2,546,583

Transportation — 1.87%
Deutsche Post AG	11,735		798,152
FedEx Corp	1,519		453,163
United Parcel Service Inc, Class B	2,540		528,244
XPO Logistics Inc ^(a)	1,750		244,807

See accompanying notes.

113


Schedule of Investments
Principal Millennials Index ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value
Transportation (continued)
Yamato Holdings Co Ltd	11,700	$	332,796
		$	2,357,162
TOTAL COMMON STOCKS		$	126,087,993
INVESTMENT COMPANIES — 4.05%	Shares Held		Value
Money Market Funds — 4.05%
Principal Government Money Market Fund — Institutional Class 0.00% ^{(a),(d),(e),(f)}	4,595,808	$	4,595,808
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(f)	518,976		518,976
TOTAL INVESTMENT COMPANIES		$	5,114,784
Total Investments		$	131,202,777
Other Assets and Liabilities — (3.80)%			(4,803,481	)
Total Net Assets — 100.00%		$	126,399,296

^(a)	Non-income producing security.
^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $5,731,125 or 4.53% of net assets.
^(c)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $4,426,790 or 3.50% of net assets.
^(d)	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $4,595,808 or 3.64% of net assets.
^(e)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.
^(f)	Current yield shown is as of period end.


Portfolio Summary (unaudited)
Sector					Percent
Communications					43.62	%
Consumer, Cyclical					30.13	%
Financial					8.25	%
Technology					7.46	%
Consumer, Non-cyclical					7.15	%
Money Market Funds					4.05	%
Industrial					3.14	%
Other Assets and Liabilities					(3.80	)%
TOTAL NET ASSETS					100.00	%

			June 30, 2020		Purchases			Sales		June 30, 2021
Affiliated Securities			Value		Cost			Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	736,189	$	26,812,284		$	22,952,665	$	4,595,808
		$	736,189	$	26,812,284		$	22,952,665	$	4,595,808

								Realized Gain
					Realized			from		Change in
					Gain/Loss on			Capital Gain		Unrealized
			Income ^(a)		Investments			Distributions		Gain/Loss
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	—	$	—		$	—	$	—
		$	—	$	—		$	—	$	—

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

See accompanying notes.

114


Schedule of Investments
Principal Quality ETF
June 30, 2021

COMMON STOCKS — 99.67%	Shares Held		Value

Aerospace & Defense — 1.78%
Lockheed Martin Corp	1,562	$	590,983
Northrop Grumman Corp	1,240		450,653
		$	1,041,636

Agriculture — 0.99%
Altria Group Inc	8,293		395,410
Philip Morris International Inc	1,844		182,759
		$	578,169

Beverages — 2.47%
Brown-Forman Corp, Class B	5,051		378,522
Coca-Cola Co/The	3,163		171,150
Keurig Dr Pepper Inc	5,076		178,878
Monster Beverage Corp ^(a)	5,887		537,777
PepsiCo Inc	1,191		176,471
		$	1,442,798

Biotechnology — 2.45%
Amgen Inc	686		167,212
Bio-Rad Laboratories Inc, Class A ^(a)	262		168,804
Regeneron Pharmaceuticals Inc ^(a)	802		447,949
Seagen Inc ^(a)	1,028		162,301
Vertex Pharmaceuticals Inc ^(a)	2,422		488,348
		$	1,434,614

Chemicals — 2.41%
FMC Corp	3,556		384,759
RPM International Inc	4,530		401,720
Sherwin-Williams Co/The	2,281		621,459
		$	1,407,938

Commercial Services — 6.18%
Automatic Data Processing Inc	882		175,183
Booz Allen Hamilton Holding Corp	6,683		569,258
Gartner Inc ^(a)	862		208,776
MarketAxess Holdings Inc	927		429,748
Moody's Corp	1,881		681,618
PayPal Holdings Inc ^(a)	595		173,431
Rollins Inc	10,902		372,848
S&P Global Inc	1,098		450,674
Verisk Analytics Inc	3,153		550,892
		$	3,612,428

Computers — 3.27%
Accenture PLC, Class A	2,061		607,562
Apple Inc	4,260		583,450
EPAM Systems Inc ^(a)	412		210,515
Fortinet Inc ^(a)	2,142		510,203
		$	1,911,730

Distribution/Wholesale — 2.53%
Fastenal Co	11,131		578,812
LKQ Corp ^(a)	3,933		193,582
Pool Corp	1,541		706,795
		$	1,479,189

Diversified Financial Services — 3.51%
BlackRock Inc	523		457,609
Intercontinental Exchange Inc	1,405		166,774
Mastercard Inc, Class A	438		159,909
Nasdaq Inc	2,614		459,541
T Rowe Price Group Inc	3,240		641,423

See accompanying notes.

115


Schedule of Investments
Principal Quality ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Diversified Financial Services (continued)
Visa Inc, Class A	728	$	170,221
		$	2,055,477

Electric — 2.21%
CMS Energy Corp	6,684		394,891
Evergy Inc	2,891		174,703
Eversource Energy	1,951		156,548
Southern Co/The	2,733		165,374
WEC Energy Group Inc	4,482		398,674
		$	1,290,190

Electrical Components & Equipment — 0.63%
AMETEK Inc	1,315		175,553
Generac Holdings Inc ^(a)	467		193,875
		$	369,428

Electronics — 4.59%
Agilent Technologies Inc	2,963		437,961
Amphenol Corp, Class A	2,877		196,816
Garmin Ltd	2,917		421,915
Honeywell International Inc	767		168,241
Keysight Technologies Inc ^(a)	1,096		169,233
Mettler-Toledo International Inc ^(a)	462		640,027
Waters Corp ^(a)	1,887		652,166
		$	2,686,359

Engineering & Construction — 0.31%		��
Jacobs Engineering Group Inc	1,344		179,316

Environmental Control — 0.33%
Republic Services Inc	1,738		191,197

Food — 2.89%
Campbell Soup Co	3,406		155,279
General Mills Inc	9,390		572,133
Hershey Co/The	3,548		617,991
JM Smucker Co/The	1,384		179,325
McCormick & Co Inc	1,841		162,597
		$	1,687,325

Healthcare — Products — 8.96%
Abbott Laboratories	3,019		349,993
Bio-Techne Corp	430		193,612
Danaher Corp	2,351		630,914
Edwards Lifesciences Corp ^(a)	1,865		193,158
Hologic Inc ^(a)	5,017		334,734
IDEXX Laboratories Inc ^(a)	991		625,866
Masimo Corp ^(a)	617		149,592
PerkinElmer Inc	4,097		632,618
ResMed Inc	2,679		660,427
STERIS PLC	2,067		426,422
Thermo Fisher Scientific Inc	1,146		578,123
West Pharmaceutical Services Inc	1,291		463,598
		$	5,239,057

Healthcare — Services — 3.58%
Charles River Laboratories International Inc ^(a)	1,265		467,949
Humana Inc	411		181,958
Laboratory Corp of America Holdings ^(a)	1,510		416,533
Quest Diagnostics Inc	4,470		589,906
UnitedHealth Group Inc	1,090		436,480
		$	2,092,826

See accompanying notes.

116


Schedule of Investments
Principal Quality ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value
Home Builders — 0.63%
DR Horton Inc	2,018	$	182,367
Lennar Corp, Class A	1,867		185,486
		$	367,853

Household Products — 1.92%
Colgate-Palmolive Co	6,870		558,875
Procter & Gamble Co/The	4,182		564,277
		$	1,123,152

Household Products/Wares — 2.79%
Avery Dennison Corp	882		185,432
Church & Dwight Co Inc	6,560		559,043
Clorox Co/The	2,854		513,463
Kimberly-Clark Corp	2,815		376,591
		$	1,634,529

Housewares — 0.79%
Scotts Miracle-Gro Co/The	2,421		464,638
Insurance — 5.08%
Allstate Corp/The	1,452		189,399
Aon PLC	2,266		541,030
Arthur J Gallagher & Co	4,313		604,165
Brown & Brown Inc	7,878		418,637
Marsh & McLennan Cos Inc	4,482		630,528
Progressive Corp/The	6,010		590,242
		$	2,974,001

Internet — 2.69%
Alphabet Inc, Class A ^(a)	177		432,197
eBay Inc	9,155		642,773
Etsy Inc ^(a)	703		144,705
Netflix Inc ^(a)	672		354,957
		$	1,574,632

Machinery — Diversified — 1.70%
Graco Inc	5,214		394,700
IDEX Corp	793		174,499
Rockwell Automation Inc	1,489		425,884
		$	995,083

Media — 0.97%
FactSet Research Systems Inc	1,696		569,195
Miscellaneous Manufacture — 1.29%
3M Co	2,948		585,561
Illinois Tool Works Inc	767		171,471
		$	757,032

Pharmaceuticals — 3.95%
AbbVie Inc	1,439		162,089
Becton Dickinson and Co	1,497		364,055
Cigna Corp	1,723		408,472
Eli Lilly & Co	1,762		404,414
Johnson & Johnson	3,260		537,052
Zoetis Inc	2,329		434,033
		$	2,310,115

REITs — 2.64%
Alexandria Real Estate Equities Inc	969		176,300
American Tower Corp	1,672		451,674
Crown Castle International Corp	2,324		453,412

See accompanying notes.

117


Schedule of Investments
Principal Quality ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

REITs (continued)
Public Storage	1,543	$	463,965
		$	1,545,351

Retail — 8.98%
AutoZone Inc ^(a)	310		462,588
Costco Wholesale Corp	1,560		617,245
Dollar General Corp	2,733		591,394
Domino's Pizza Inc	444		207,122
Home Depot Inc/The	1,999		637,461
Lowe's Cos Inc	3,232		626,911
O'Reilly Automotive Inc ^(a)	1,157		655,105
Target Corp	2,814		680,256
Tractor Supply Co	3,250		604,695
Walmart Inc	1,190		167,814
		$	5,250,591

Semiconductors — 1.91%
KLA Corp	1,163		377,056
Monolithic Power Systems Inc	966		360,753
Teradyne Inc	2,811		376,562
		$	1,114,371

Software — 12.02%
Activision Blizzard Inc	3,780		360,763
Adobe Inc ^(a)	1,122		657,088
Akamai Technologies Inc ^(a)	1,642		191,457
Autodesk Inc ^(a)	565		164,924
Broadridge Financial Solutions Inc	3,625		585,546
Cerner Corp	7,473		584,090
Citrix Systems Inc	1,161		136,150
Fair Isaac Corp ^(a)	790		397,117
Intuit Inc	925		453,407
Jack Henry & Associates Inc	2,436		398,310
Microsoft Corp	2,221		601,669
Oracle Corp	8,007		623,265
Paychex Inc	3,972		426,196
PTC Inc ^(a)	1,133		160,048
Synopsys Inc ^(a)	2,107		581,090
Tyler Technologies Inc ^(a)	329		148,830
Veeva Systems Inc, Class A ^(a)	1,293		402,058
Zoom Video Communications Inc, Class A ^(a)	411		159,069
		$	7,031,077

Telecommunications — 0.73%
Cisco Systems Inc	8,047		426,491

Transportation — 1.53%
Expeditors International of Washington Inc	5,623		711,872
Old Dominion Freight Line Inc	716		181,721
		$	893,593

Water — 0.96%
American Water Works Co Inc	2,548		392,723
Essential Utilities Inc	3,686		168,450
		$	561,173
TOTAL COMMON STOCKS		$	58,292,554

See accompanying notes.

118

Schedule of Investments
Principal Quality ETF
June 30, 2021


INVESTMENT COMPANIES — 0.28%	Shares Held		Value
Money Market Fund — 0.28%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(b)	164,623	$	164,623
TOTAL INVESTMENT COMPANIES		$	164,623
Total Investments		$	58,457,177
Other Assets and Liabilities — 0.05%			28,450
Total Net Assets — 100.00%		$	58,485,627

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


Portfolio Summary (unaudited)
Sector					Percent
Consumer, Non-cyclical					36.17	%
Technology					17.20	%
Consumer, Cyclical					12.93	%
Industrial					12.16	%
Financial					11.24	%
Communications					4.39	%
Utilities					3.17	%
Basic Materials					2.41	%
Money Market Fund					0.28	%
Other Assets and Liabilities					0.05	%
TOTAL NET ASSETS					100.00	%


			June 30, 2020		Purchases				Sales		June 30, 2021
Affiliated Securities			Value		Cost				Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	—	$	52,718			$	52,718	$	—
		$	—	$	52,718			$	52,718	$	—

									Realized Gain
					Realized				from		Change in
					Gain/Loss on				Capital Gain		Unrealized
			Income ^(a)		Investments				Distributions		Gain/Loss
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	—		$		—	$	—	$	—
		$	—		$		—	$	—	$	—

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

See accompanying notes.

119


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
June 30, 2021

		Principal
BONDS — 97.13%		Amount		Value

Banks — 39.40%
Bank of America Corp
(3-month USD LIBOR + 3.90%),
6.10%, 03/17/2025 ^(a),(b)	$	7,667,000	$	8,609,044
(3-month USD LIBOR + 4.55%),
6.30%, 03/10/2026 ^(a),(b)		768,000		886,203
Bank of Montreal
(5-year Treasury Constant Maturity Rate + 2.98%),
4.80%, 08/25/2024 ^(a),(b),(c)		3,275,000		3,527,601
Bank of New York Mellon Corp/The
(5-year Treasury Constant Maturity Rate + 3.35%),
3.70%, 03/20/2026 ^(a),(b)		15,059,000		15,680,184
(5-year Treasury Constant Maturity Rate + 4.36%),
4.70%, 09/20/2025 ^(a),(b)		736,000		803,160
Bank of Nova Scotia/The
(5-year Treasury Constant Maturity Rate + 4.55%),
4.90%, 06/04/2025 ^(a),(b)		3,474,000		3,812,715
BNP Paribas SA
(3-month USD LIBOR + 1.29%),
7.20%, 06/25/2037 ^{(a),(b),(c),(d)}		2,300,000		2,455,250
Citigroup Inc
(5-year Treasury Constant Maturity Rate + 3.42%),
3.88%, 02/18/2026 ^(a),(b)		2,159,000		2,204,879
(5-year Treasury Constant Maturity Rate + 3.60%),
4.00%, 12/10/2025 ^(a),(b)		9,239,000		9,550,816
(3-month USD LIBOR + 3.91%),
5.95%, 05/15/2025 ^(a),(b)		3,830,000		4,191,743
Citizens Financial Group Inc
(5-year Treasury Constant Maturity Rate + 3.22%),
4.00%, 10/06/2026 ^(a),(b)		2,528,000		2,546,960
(5-year Treasury Constant Maturity Rate + 5.31%),
5.65%, 10/06/2025 ^(a),(b),(c)		3,057,000		3,377,985
(3-month USD LIBOR + 3.16%),
6.38%, 04/06/2024 ^(a),(b),(c)		2,818,000		2,994,125
Comerica Inc
(5-year Treasury Constant Maturity Rate + 5.29%),
5.63%, 07/01/2025 ^(a),(b)		605,000		670,038
Fifth Third Bancorp
(5-year Treasury Constant Maturity Rate + 4.22%),
4.50%, 09/30/2025 ^(a),(b)		995,000		1,079,575
Goldman Sachs Group Inc/The
(5-year Treasury Constant Maturity Rate + 2.97%),
3.80%, 05/10/2026 ^(a),(b)		1,352,000		1,376,066
(5-year Treasury Constant Maturity Rate + 3.62%),
5.50%, 08/10/2024 ^(a),(b),(c)		5,750,000		6,307,232
HSBC Capital Funding Dollar 1 LP
(3-month USD LIBOR + 4.98%),
10.18%, 06/30/2030 ^(a),(b)		5,553,000		9,192,658
Huntington Bancshares Inc
(7-year Treasury Constant Maturity Rate + 4.05%),
4.45%, 10/15/2027 ^(a),(b)		2,125,000		2,268,438
(10-year Treasury Constant Maturity Rate + 4.95%),
5.63%, 07/15/2030 ^(a),(b)		6,909,000		8,023,076
JPMorgan Chase & Co
(5-year Treasury Constant Maturity Rate + 2.85%),
3.65%, 06/01/2026 ^(a),(b)		7,140,000		7,149,996
(3-month USD LIBOR + 3.30%),
6.00%, 08/01/2023 ^(a),(b)		4,226,000		4,492,766
(3-month USD LIBOR + 3.78%),
6.75%, 02/01/2024 ^(a),(b)		4,978,000		5,519,855
KeyCorp
(3-month USD LIBOR + 3.61%),
5.00%, 09/15/2026 ^(a),(b)		1,154,000		1,284,864

See accompanying notes.

120


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Banks (continued)
Lloyds Bank PLC
(3-month USD LIBOR + 11.76%),
12.00%, 12/16/2024 ^{(a),(b),(c),(d)}	$	4,269,000	$	4,636,561
SVB Financial Group
(5-year Treasury Constant Maturity Rate + 3.20%),
4.00%, 05/15/2026 ^(a),(b)		2,252,000		2,292,086
(10-year Treasury Constant Maturity Rate + 3.06%),
4.10%, 02/15/2031 ^(a),(b)		512,000		519,357
Truist Financial Corp
(5-year Treasury Constant Maturity Rate + 3.00%),
4.80%, 09/01/2024 ^(a),(b)		7,667,000		8,050,350
(5-year Treasury Constant Maturity Rate + 4.61%),
4.95%, 09/01/2025 ^(a),(b)		1,600,000		1,757,600
Wells Fargo & Co
(5-year Treasury Constant Maturity Rate + 3.45%),
3.90%, 03/15/2026 ^(a),(b)		11,587,000		11,996,021
(3-month USD LIBOR + 3.99%),
5.88%, 06/15/2025 ^(a),(b)		5,266,000		5,897,446
			$	143,154,650

Diversified Financial Services — 7.52%
Ally Financial Inc
(5-year Treasury Constant Maturity Rate + 3.87%),
4.70%, 05/15/2026 ^(a),(b)		1,561,000		1,616,728
(7-year Treasury Constant Maturity Rate + 3.48%),
4.70%, 05/15/2028 ^(a),(b)		1,012,000		1,024,954
Capital One Financial Corp
(5-year Treasury Constant Maturity Rate + 3.16%),
3.95%, 09/01/2026 ^(a),(b)		4,048,000		4,134,020
Charles Schwab Corp/The
(5-year Treasury Constant Maturity Rate + 3.17%),
4.00%, 06/01/2026 ^(a),(b)		8,065,000		8,407,762
(5-year Treasury Constant Maturity Rate + 4.97%),
5.38%, 06/01/2025 ^(a),(b)		4,601,000		5,085,485
Discover Financial Services
(5-year Treasury Constant Maturity Rate + 5.78%),
6.13%, 06/23/2025 ^(a),(b)		6,292,000		7,060,882
			$	27,329,831

Electric — 11.70%
CMS Energy Corp
(5-year Treasury Constant Maturity Rate + 2.90%),
3.75%, 12/01/2050 ^(b)		3,331,000		3,388,626
(5-year Treasury Constant Maturity Rate + 4.12%),
4.75%, 06/01/2050 ^(b)		2,957,000		3,295,207
Dominion Energy Inc
(5-year Treasury Constant Maturity Rate + 2.99%),
4.65%, 12/15/2024 ^(a),(b)		13,679,000		14,533,937
Duke Energy Corp
(5-year Treasury Constant Maturity Rate + 3.39%),
4.88%, 09/16/2024 ^(a),(b)		9,298,000		9,879,125
Emera Inc
(3-month USD LIBOR + 5.44%),
6.75%, 06/15/2076 ^(b)		6,892,000		8,072,255
Southern Co/The
(5-year Treasury Constant Maturity Rate + 2.92%),
3.75%, 09/15/2051 ^(b)		512,000		515,277
(5-year Treasury Constant Maturity Rate + 3.73%),
4.00%, 01/15/2051 ^(b)		2,681,000		2,835,158
			$	42,519,585

See accompanying notes.

121


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Gas — 1.77%
NiSource Inc
(5-year Treasury Constant Maturity Rate + 2.84%),
5.65%, 06/15/2023 ^(a),(b)	$	6,027,000	$	6,426,289

Hand/Machine Tools — 1.12%
Stanley Black & Decker Inc
(5-year Treasury Constant Maturity Rate + 2.66%),
4.00%, 03/15/2060 ^(b)		3,830,000		4,075,120

Insurance — 25.53%
Allstate Corp/The
(3-month USD LIBOR + 2.94%),
5.75%, 08/15/2053 ^(b)		3,830,000		4,169,913
American International Group Inc
(3-month USD LIBOR + 2.87%),
5.75%, 04/01/2048 ^(b)		1,600,000		1,831,363
Argentum Netherlands BV for Swiss Re Ltd
(3-month USD LIBOR + 3.78%),
5.63%, 08/15/2052 ^(b)		5,600,000		6,411,686
Argentum Netherlands BV for Zurich Insurance Co Ltd
(5-year Treasury Constant Maturity Rate + 3.27%),
5.13%, 06/01/2048 ^(b)		4,000,000		4,595,000
AXA SA
(3-month USD LIBOR + 2.26%),
6.38%, 12/14/2036 ^(a),(b),(d)		5,091,000		7,076,490
Cloverie PLC for Zurich Insurance Co Ltd
(3-month USD LIBOR + 4.92%),
5.63%, 06/24/2046 ^(b)		5,600,000		6,482,112
Equitable Holdings Inc
(5-year Treasury Constant Maturity Rate + 4.74%),
4.95%, 09/15/2025 ^(a),(b)		3,172,000		3,449,550
M&G PLC
6.50%, 10/20/2048		2,200,000		2,607,550
Meiji Yasuda Life Insurance Co
(5-year Swap rate + 4.23%),
5.20%, 10/20/2045 ^(b),(d)		3,830,000		4,338,241
MetLife Inc
(5-year Treasury Constant Maturity Rate + 3.58%),
3.85%, 09/15/2025 ^(a),(b)		6,394,000		6,721,692
9.25%, 04/08/2068 ^(d)		5,593,000		8,481,584
Nippon Life Insurance Co
(5-year Treasury Constant Maturity Rate + 2.65%),
2.75%, 01/21/2051 ^(b),(d)		4,910,000		4,811,800
Prudential Financial Inc
(5-year Treasury Constant Maturity Rate + 3.04%),
3.70%, 10/01/2050 ^(b)		7,347,000		7,659,247
(3-month USD LIBOR + 3.92%),
5.63%, 06/15/2043 ^(b)		5,750,000		6,170,628
Sumitomo Life Insurance Co
(5-year Treasury Constant Maturity Rate + 2.75%),
3.38%, 04/15/2081 ^(b),(d)		4,163,000		4,289,972
(3-month USD LIBOR + 4.44%),
6.50%, 09/20/2073 ^(b),(d)		7,704,000		8,532,180
Voya Financial Inc
(5-year Treasury Constant Maturity Rate + 3.36%),
6.13%, 09/15/2023 ^(a),(b),(c)		3,830,000		4,136,400
Zurich Finance Ireland Designated Activity Co
(5-year Treasury Constant Maturity Rate + 2.78%),
3.00%, 04/19/2051 ^(b)		1,000,000		989,644
			$	92,755,052

See accompanying notes.

122


Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Oil & Gas — 1.55%
BP Capital Markets PLC
(5-year Treasury Constant Maturity Rate + 4.04%),
4.38%, 06/22/2025 ^(a),(b)	$	5,289,000	$	5,632,785

Pipelines — 6.07%
Enbridge Inc
(5-year Treasury Constant Maturity Rate + 5.31%),
5.75%, 07/15/2080 ^(b)		2,220,000		2,475,300
(3-month USD LIBOR + 3.89%),
6.00%, 01/15/2077 ^(b)		5,750,000		6,376,443
Enterprise Products Operating LLC
(3-month USD LIBOR + 3.03%),
5.25%, 08/16/2077 ^(b)		3,830,000		4,015,656
Transcanada Trust
(3-month USD LIBOR + 4.15%),
5.50%, 09/15/2079 ^(b)		8,428,000		9,186,520
			$	22,053,919

REITs — 0.96%
Scentre Group Trust 2
(5-year Treasury Constant Maturity Rate + 4.38%),
4.75%, 09/24/2080 ^(b),(d)		847,000		904,173
(5-year Treasury Constant Maturity Rate + 4.69%),
5.13%, 09/24/2080 ^(b),(d)		2,417,000		2,577,126
			$	3,481,299

Telecommunications — 1.51%
Vodafone Group PLC
(5-year Swap rate + 4.87%),
7.00%, 04/04/2079 ^(b)		4,516,000		5,472,173
TOTAL BONDS			$	352,900,703
INVESTMENT COMPANIES — 4.72%		Shares Held		Value

Money Market Funds — 4.72%
Principal Government Money Market Fund — Institutional Class 0.00% ^{(e),(f),(g),(h)}		10,355,640	$	10,355,640
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(h)		6,805,333		6,805,333
TOTAL INVESTMENT COMPANIES			$	17,160,973
Total Investments			$	370,061,676
Other Assets and Liabilities — (1.85%)				(6,728,542	)

Total Net Assets — 100.00%			$	363,333,134

^(a)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end.
^(b)	Rate shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a variable or floating rate in the future.
^(c)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $10,152,033 or 2.79% of net assets.
^(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $48,103,377 or 13.24% of net assets.
^(e)	Non-income producing security.
^(f)	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $10,355,640 or 2.85% of net assets.
^(g)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.
^(h)	Current yield shown is as of period end.

See accompanying notes.

123


			Schedule of Investments
Principal Spectrum Preferred Securities Active ETF
			June 30, 2021

Portfolio Summary (unaudited)
Sector					Percent
Financial					73.41	%
Utilities					13.47	%
Energy					7.62	%
Money Market Funds					4.72	%
Communications					1.51	%
Industrial					1.12	%
Other Assets and Liabilities					(1.85	)%
TOTAL NET ASSETS					100.00	%

			June 30, 2020		Purchases		Sales		June 30, 2021
Affiliated Securities			Value		Cost		Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	2,865,310	$	51,313,520	$	43,823,190	$	10,355,640
		$	2,865,310	$	51,313,520	$	43,823,190	$	10,355,640

							Realized Gain
					Realized		from		Change in
					Gain/Loss on		Capital Gain		Unrealized
			Income ^(a)		Investments		Distributions		Gain/Loss
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	—	$	— $		—	$	—
		$	—	$	— $		—	$	—

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

See accompanying notes.

124


Schedule of Investments
Principal Spectrum Tax-Advantaged Dividend Active ETF
June 30, 2021

PREFERRED STOCKS — 13.69%		Shares Held		Value

Banks — 5.33%
Associated Banc-Corp; Series F
5.63%, 09/15/2025 ^(a)		1,890	$	54,715
Bank of America Corp; Series NN
4.38%, 11/03/2025 ^(a)		4,000		104,800
Fulton Financial Corp; Series A
5.13%, 01/15/2026 ^(a)		8,400		225,372
JPMorgan Chase & Co; Series DD
5.75%, 12/01/2023 ^(a)		1,151		32,516
JPMorgan Chase & Co; Series EE
6.00%, 03/01/2024 ^(a)		1,500		43,245
Morgan Stanley; Series I
(3-month USD LIBOR + 3.71%),
6.38%, 10/15/2024 ^(a),(b)		15,550		452,194
Synovus Financial Corp; Series E
(5-year Treasury Constant Maturity Rate + 4.13%),
5.88%, 07/01/2024 ^(a),(b)		10,500		286,230
US Bancorp; Series B
(3-month USD LIBOR + 0.60%),
3.50%, 07/30/2021 ^(a),(b)		302		7,520
			$	1,206,592

Insurance — 4.11%
Allstate Corp/The; Series H
5.10%, 10/15/2024 ^(a)		10,500		295,470
American International Group Inc; Series A
5.85%, 03/15/2024 ^(a)		7,321		209,673
MetLife Inc; Series F
4.75%, 03/15/2024 ^(a)		15,750		425,093
			$	930,236

Telecommunications — 4.25%
AT&T Inc; Series A
5.00%, 12/12/2024 ^(a)		10,500		287,700
AT&T Inc; Series C
4.75%, 02/18/2025 ^(a)		25,383		674,934
			$	962,634
TOTAL PREFERRED STOCKS			$	3,099,462
		Principal
BONDS — 84.30%		Amount		Value

Banks — 69.48%
Bank of America Corp
(3-month USD LIBOR + 3.90%),
6.10%, 03/17/2025 ^(a),(b)	$	210,000	$	235,803
(3-month USD LIBOR + 4.55%),
6.30%, 03/10/2026 ^(a),(b)		525,000		605,803
Bank of New York Mellon Corp/The
(5-year Treasury Constant Maturity Rate + 3.35%),
3.70%, 03/20/2026 ^(a),(b)		210,000		218,662
(5-year Treasury Constant Maturity Rate + 4.36%),
4.70%, 09/20/2025 ^(a),(b)		525,000		572,906
Bank of Nova Scotia/The
(5-year Treasury Constant Maturity Rate + 4.55%),
4.90%, 06/04/2025 ^(a),(b)		525,000		576,187
Citigroup Inc
(5-year Treasury Constant Maturity Rate + 3.42%),
3.88%, 02/18/2026 ^(a),(b)		210,000		214,463
Citizens Financial Group Inc
(5-year Treasury Constant Maturity Rate + 5.31%),
5.65%, 10/06/2025 ^(a),(b)		525,000		580,125

See accompanying notes.

125


Schedule of Investments
Principal Spectrum Tax-Advantaged Dividend Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Banks (continued)
Comerica Inc
(5-year Treasury Constant Maturity Rate + 5.29%),
5.63%, 07/01/2025 ^(a),(b)	$	525,000	$	581,437
Credit Agricole SA
(5-year Swap rate + 4.90%),
7.88%, 01/23/2024 ^(a),(b),(c)		787,000		889,310
Credit Suisse Group AG
(5-year Treasury Constant Maturity Rate + 4.82%),
6.38%, 08/21/2026 ^{(a),(b),(c),(d)}		367,000		409,069
(5-year Swap rate + 5.11%),
7.13%, 07/29/2022 ^(a),(b),(c)		500,000		521,875
Fifth Third Bancorp
(5-year Treasury Constant Maturity Rate + 4.22%),
4.50%, 09/30/2025 ^(a),(b)		500,000		542,500
Goldman Sachs Group Inc/The
(5-year Treasury Constant Maturity Rate + 2.97%),
3.80%, 05/10/2026 ^(a),(b)		400,000		407,120
HSBC Holdings PLC
(5-year Swap rate + 4.37%),
6.38%, 03/30/2025 ^(a),(b),(c)		787,000		877,348
Huntington Bancshares Inc
(10-year Treasury Constant Maturity Rate + 4.95%),
5.63%, 07/15/2030 ^(a),(b)		525,000		609,656
ING Groep NV
(5-year Treasury Constant Maturity Rate + 4.34%),
5.75%, 11/16/2026 ^(a),(b),(c)		787,000		871,681
JPMorgan Chase & Co
(5-year Treasury Constant Maturity Rate + 2.85%),
3.65%, 06/01/2026 ^(a),(b)		100,000		100,140
Lloyds Banking Group PLC
(5-year Swap rate + 4.50%),
7.50%, 09/27/2025 ^(a),(b),(c)		787,000		920,790
M&T Bank Corp
(3-month USD LIBOR + 3.52%),
5.13%, 11/01/2026 ^(a),(b)		225,000		247,779
Natwest Group PLC
(5-year Swap rate + 5.72%),
8.00%, 08/10/2025 ^(a),(b),(c)		787,000		930,683
Nordea Bank Abp
(5-year Treasury Constant Maturity Rate + 4.11%),
6.63%, 03/26/2026 ^{(a),(b),(c),(d)}		787,000		902,595
Societe Generale SA
(5-year Swap rate + 4.98%),
7.88%, 12/18/2023 ^(a),(b),(c)		787,000		879,724
Standard Chartered PLC
(5-year Swap rate + 6.30%),
7.50%, 04/02/2022 ^(a),(b),(c)		787,000		819,842
SVB Financial Group
(5-year Treasury Constant Maturity Rate + 3.20%),
4.00%, 05/15/2026 ^(a),(b)		100,000		101,780
Truist Financial Corp
(5-year Treasury Constant Maturity Rate + 4.61%),
4.95%, 09/01/2025 ^(a),(b)		525,000		576,712
UBS Group AG
(5-year Swap rate + 4.34%),
7.00%, 01/31/2024 ^(a),(b),(c)		787,000		866,684
Wells Fargo & Co
(5-year Treasury Constant Maturity Rate + 3.45%),
3.90%, 03/15/2026 ^(a),(b)		300,000		310,590
(3-month USD LIBOR + 3.99%),
5.88%, 06/15/2025 ^(a),(b)		325,000		363,971
			$	15,735,235

See accompanying notes.

126


Schedule of Investments
Principal Spectrum Tax-Advantaged Dividend Active ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Diversified Financial Services — 7.46%
Ally Financial Inc
(5-year Treasury Constant Maturity Rate + 3.87%),
4.70%, 05/15/2026 ^(a),(b)	$	200,000	$	207,140
Charles Schwab Corp/The
(5-year Treasury Constant Maturity Rate + 3.17%),
4.00%, 06/01/2026 ^(a),(b)		300,000		312,750
(5-year Treasury Constant Maturity Rate + 4.97%),
5.38%, 06/01/2025 ^(a),(b)		525,000		580,282
Discover Financial Services
(5-year Treasury Constant Maturity Rate + 5.78%),
6.13%, 06/23/2025 ^(a),(b)		525,000		589,155
			$	1,689,327

Electric — 4.43%
Dominion Energy Inc
(5-year Treasury Constant Maturity Rate + 2.99%),
4.65%, 12/15/2024 ^(a),(b)		420,000		446,250
Duke Energy Corp
(5-year Treasury Constant Maturity Rate + 3.39%),
4.88%, 09/16/2024 ^(a),(b)		525,000		557,813
			$	1,004,063

Insurance — 2.93%
MetLife Inc
(5-year Treasury Constant Maturity Rate + 3.58%),
3.85%, 09/15/2025 ^(a),(b)		200,000		210,250
Voya Financial Inc
(5-year Treasury Constant Maturity Rate + 3.36%),
6.13%, 09/15/2023 ^(a),(b)		420,000		453,600
			$	663,850
TOTAL BONDS			$	19,092,475
INVESTMENT COMPANIES — 1.15%		Shares Held		Value

Money Market Fund — 1.15%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(e)		260,996	$	260,996
TOTAL INVESTMENT COMPANIES			$	260,996
Total Investments			$	22,452,933
Other Assets and Liabilities — 0.86%				194,498

Total Net Assets — 100.00%			$	22,647,431

^(a)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date. Date shown, if any, reflects the next call date or final legal maturity date. Rate shown is as of period end.
^(b)	Rate shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a variable or floating rate in the future.
^(c)	Security is a contingent convertible security, ("CoCo"). CoCo's are hybrid debt securities that may convert to equity or have their principal written down upon occurrence of certain "triggers". At the end of the period, the value of these securities totaled $8,889,601 or 39.25% of net assets.
^(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $1,311,664 or 5.79% of net assets.
^(e)	Current yield shown is as of period end.

See accompanying notes.

127

Schedule of Investments

Principal Spectrum Tax-Advantaged Dividend Active ETF

June 30, 2021


Portfolio Summary (unaudited)

Sector	Percent
Financial	89.31	%
Utilities	4.43	%
Communications	4.25	%
Money Market Fund	1.15	%
Other Assets and Liabilities	0.86	%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

128


Schedule of Investments
Principal Ultra-Short Active Income ETF
June 30, 2021

		Principal
BONDS — 95.34%		Amount		Value

Asset-Backed Securities — 19.25%
AmeriCredit Automobile Receivables Trust 2021-1
0.28%, 06/18/2024	$	250,000	$	250,113
CarMax Auto Owner Trust 2021-2
0.27%, 06/17/2024		200,000		200,066
CPS Auto Receivables Trust 2020-A
2.09%, 05/15/2023 ^(a)		7,296		7,301
CPS Auto Receivables Trust 2021-B
0.37%, 03/17/2025 ^(a)		90,915		90,936
GreatAmerica Leasing Receivables Funding LLC
0.27%, 06/15/2023 ^(a)		50,000		50,003
HPEFS Equipment Trust
0.27%, 03/20/2031 ^(a)		100,000		100,024
MMAF Equipment Finance LLC 2021-A
0.30%, 04/15/2024 ^(a)		100,000		99,974
Navient Private Education Loan Trust 2018-BA
1.69%, 05/15/2069 ^(a)		147,340		148,818
Santander Drive Auto Receivables Trust 2020-2
0.62%, 05/15/2023		10,054		10,056
Santander Drive Auto Receivables Trust 2020-3
0.46%, 09/15/2023		75,887		75,910
Santander Drive Auto Receivables Trust 2021-1
0.29%, 11/15/2023		42,030		42,046
SMB Private Education Loan Trust 2015-B
1.27%, 07/15/2027 ^(a),(c)		78,455		78,696
Volvo Financial Equipment Master Owner Trust 2018-A
0.59%, 07/17/2023 ^(a),(c)		325,000		325,061
Westlake Automobile Receivables Trust 2020-2A
0.93%, 02/15/2024 ^(a)		136,882		137,237
World Omni Auto Receivables Trust 2021-A
0.17%, 02/15/2024		50,000		50,002
			$	1,666,243

Banks — 29.38%
Bank of New York Mellon Corp/The
0.29%, 04/26/2024 ^(c)		250,000		250,476
Citigroup Inc
(3-month USD LIBOR + 1.43%),
1.57%, 09/01/2023 ^(b)		250,000		253,529
Fifth Third Bancorp
2.60%, 06/15/2022		279,000		284,780
Goldman Sachs Group Inc/The
0.58%, 11/17/2023 ^(c)		250,000		250,147
ING Bank NV
(3-month USD LIBOR + 0.88%),
1.04%, 08/15/2021 ^(a),(b)		200,000		200,203
Morgan Stanley
0.73%, 01/20/2023 ^(c)		200,000		200,568
MUFG Union Bank NA
0.76%, 12/09/2022 ^(c)		300,000		301,848
Toronto-Dominion Bank
0.26%, 01/06/2023 ^(c)		200,000		200,145
Truist Bank		��
2.45%, 08/01/2022		350,000		357,570
Wells Fargo & Co
(3-month USD LIBOR + 1.03%),
1.20%, 07/26/2021 ^(b)		244,000		244,172
			$	2,543,438

See accompanying notes.

129


Schedule of Investments
Principal Ultra-Short Active Income ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value

Biotechnology — 2.89%
Gilead Sciences Inc
0.75%, 09/29/2023	$	250,000	$	250,123

Chemicals — 2.36%
Westlake Chemical Corp
3.60%, 07/15/2022		200,000		204,641

Electric — 8.14%
Dominion Energy Inc
(3-month USD LIBOR + 0.53%),
0.65%, 09/15/2023 ^(b)		150,000		150,108
2.72%, 08/15/2021		250,000		250,715
DTE Energy Co
2.60%, 06/15/2022		200,000		204,320
Florida Power & Light Co
0.28%, 05/10/2023 ^(c)		100,000		99,943
			$	705,086

Electronics — 2.89%
Honeywell International Inc
0.48%, 08/19/2022		250,000		250,079

Food — 2.89%
Tyson Foods Inc
2.25%, 08/23/2021		250,000		250,297

Insurance — 6.28%
Metropolitan Life Global Funding I
0.90%, 06/08/2023 ^(a)		250,000		252,460
New York Life Global Funding
1.70%, 09/14/2021 ^(a)		290,000		290,900
			$	543,360

Miscellaneous Manufacture — 2.91%
Siemens Financieringsmaatschappij NV
0.48%, 03/11/2024 ^(a),(c)		250,000		251,763

Oil & Gas — 4.81%
Suncor Energy Inc
2.80%, 05/15/2023		400,000		416,008

Retail — 2.31%
McDonald's Corp
(3-month USD LIBOR + 0.43%),
0.61%, 10/28/2021 ^(b)		200,000		200,246

Software — 3.18%
Fidelity National Information Services Inc
0.38%, 03/01/2023		25,000		24,968
Oracle Corp
1.90%, 09/15/2021		250,000		250,492
			$	275,460

Telecommunications — 8.05%
AT&T Inc
2.63%, 12/01/2022		221,000		226,775
NTT Finance Corp
0.37%, 03/03/2023 ^(a)		200,000		200,034
Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III
LLC
3.36%, 03/20/2023 ^(a)		68,750		69,130

See accompanying notes.

130


Schedule of Investments
Principal Ultra-Short Active Income ETF
June 30, 2021

		Principal
BONDS (continued)		Amount		Value
Telecommunications (continued)
Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III
LLC (continued)
4.74%, 03/20/2025 ^(a)	$	187,500	$	201,161
			$	697,100
TOTAL BONDS			$	8,253,844
INVESTMENT COMPANIES — 4.43%		Shares Held		Value
Money Market Fund — 4.43%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(d)		383,270	$	383,270
TOTAL INVESTMENT COMPANIES			$	383,270
Total Investments			$	8,637,114
Other Assets and Liabilities — 0.23%				19,905
Total Net Assets — 100.00%			$	8,657,019

^(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $2,503,701 or 28.92% of net assets.
^(b)	Rate shown is as of period end. The rate may be a variable or floating rate or a fixed rate which may convert to a variable or floating rate in the future.
^(c)	Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. Rate shown is the rate in effect as of period end.
^(d)	Current yield shown is as of period end.


Portfolio Summary (unaudited)
Sector					Percent
Financial					35.66	%
Asset-Backed Securities					19.25	%
Utilities					8.14	%
Communications					8.05	%
Industrial					5.80	%
Consumer, Non-cyclical					5.78	%
Energy					4.81	%
Money Market Fund					4.43	%
Technology					3.18	%
Basic Materials					2.36	%
Consumer, Cyclical					2.31	%
Other Assets and Liabilities					0.23	%
TOTAL NET ASSETS					100.00	%

			June 30, 2020		Purchases			Sales		June 30, 2021
Affiliated Securities			Value		Cost			Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	11,413	$	252,922		$	264,335	$	—
		$	11,413	$	252,922		$	264,335	$	—

								Realized Gain
					Realized			from		Change in
					Gain/Loss on			Capital Gain		Unrealized
			Income ^(a)		Investments			Distributions		Gain/Loss
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	—	$	—		$	—	$	—
		$	—	$	—		$	—	$	—

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

See accompanying notes.

131


Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS — 99.76%	Shares Held		Value

Advertising — 0.22%
Interpublic Group of Cos Inc/The	1,357	$	44,089
Omnicom Group Inc	253		20,237
		$	64,326

Aerospace & Defense — 1.27%
Boeing Co/The ^(a)	207		49,589
General Dynamics Corp	321		60,432
Howmet Aerospace Inc ^(a)	644		22,199
L3Harris Technologies Inc	161		34,800
Lockheed Martin Corp	230		87,021
Northrop Grumman Corp	184		66,871
Teledyne Technologies Inc ^(a)	69		28,899
TransDigm Group Inc ^(a)	46		29,775
		$	379,586

Agriculture — 0.53%
Altria Group Inc	1,748		83,345
Archer-Daniels-Midland Co	966		58,539
Philip Morris International Inc	161		15,957
		$	157,841

Airlines — 0.36%
Alaska Air Group Inc ^(a)	299		18,033
American Airlines Group Inc ^(a)	1,012		21,465
Delta Air Lines Inc ^(a)	552		23,879
Southwest Airlines Co ^(a)	437		23,200
United Airlines Holdings Inc ^(a)	414		21,648
		$	108,225

Apparel — 0.50%
Hanesbrands Inc	943		17,606
NIKE Inc, Class B	138		21,320
PVH Corp ^(a)	345		37,118
Ralph Lauren Corp	161		18,967
Tapestry Inc ^(a)	460		20,001
Under Armour Inc, Class A ^(a)	828		17,512
Under Armour Inc, Class C ^(a)	966		17,939
		$	150,463

Auto Manufacturers — 2.21%
Cummins Inc	230		56,076
Ford Motor Co ^(a)	4,886		72,606
General Motors Co ^(a)	1,219		72,128
PACCAR Inc	322		28,739
Tesla Inc ^(a)	634		430,930
		$	660,479

Auto Parts & Equipment — 0.32%
Aptiv PLC ^(a)	368		57,898
BorgWarner Inc	782		37,958
		$	95,856

Banks — 5.88%
Bank of America Corp	4,946		203,923
Bank of New York Mellon Corp/The	552		28,279
Citigroup Inc	1,541		109,026
Citizens Financial Group Inc	506		23,210
Comerica Inc	552		39,380
Fifth Third Bancorp	644		24,620
First Republic Bank	299		55,964
Goldman Sachs Group Inc/The	392		148,776
Huntington Bancshares Inc	2,806		40,042

See accompanying notes.

132


Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Banks (continued)
JPMorgan Chase & Co	2,508	$	390,094
KeyCorp	2,116		43,695
M&T Bank Corp	138		20,053
Morgan Stanley	1,724		158,073
Northern Trust Corp	368		42,548
PNC Financial Services Group Inc/The	414		78,975
Regions Financial Corp	2,139		43,165
State Street Corp	299		24,602
SVB Financial Group ^(a)	123		68,441
Truist Financial Corp	1,842		102,231
US Bancorp	1,265		72,067
Zions Bancorp NA	713		37,689
		$	1,754,853

Beverages — 0.98%
Brown-Forman Corp, Class B	276		20,683
Coca-Cola Co/The	1,609		87,063
Constellation Brands Inc, Class A	232		54,262
Molson Coors Beverage Co, Class B ^(a)	368		19,758
Monster Beverage Corp ^(a)	276		25,213
PepsiCo Inc	575		85,198
		$	292,177

Biotechnology — 1.29%
Alexion Pharmaceuticals Inc ^(a)	138		25,352
Amgen Inc	460		112,125
Bio-Rad Laboratories Inc, Class A ^(a)	55		35,436
Biogen Inc ^(a)	100		34,627
Corteva Inc	1,058		46,922
Gilead Sciences Inc	161		11,087
Regeneron Pharmaceuticals Inc ^(a)	115		64,232
Vertex Pharmaceuticals Inc ^(a)	275		55,448
		$	385,229

Building Materials — 1.03%
Carrier Global Corp	1,173		57,008
Fortune Brands Home & Security Inc	552		54,985
Johnson Controls International PLC	1,055		72,405
Martin Marietta Materials Inc	115		40,458
Masco Corp	644		37,938
Vulcan Materials Co	252		43,865
		$	306,659

Chemicals — 2.21%
Air Products & Chemicals Inc	137		39,412
Albemarle Corp	138		23,247
Celanese Corp	276		41,842
CF Industries Holdings Inc	828		42,601
Dow Inc	920		58,218
DuPont de Nemours Inc	368		28,487
Eastman Chemical Co	368		42,964
Ecolab Inc	45		9,269
FMC Corp	231		24,994
International Flavors & Fragrances Inc	46		6,872
Linde PLC	416		120,266
LyondellBasell Industries NV, Class A	460		47,320
Mosaic Co/The	1,173		37,430
PPG Industries Inc	368		62,475
Sherwin-Williams Co/The	267		72,744
		$	658,141

See accompanying notes.

133


Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Commercial Services — 2.56%
Automatic Data Processing Inc	230	$	45,683
Cintas Corp	137		52,334
Equifax Inc	91		21,795
FleetCor Technologies Inc ^(a)	69		17,668
Gartner Inc ^(a)	206		49,893
IHS Markit Ltd	276		31,094
MarketAxess Holdings Inc	32		14,835
Moody's Corp	101		36,599
Nielsen Holdings PLC	1,518		37,449
PayPal Holdings Inc ^(a)	758		220,942
Quanta Services Inc	605		54,795
Robert Half International Inc	460		40,926
Rollins Inc	529		18,092
S&P Global Inc	122		50,075
United Rentals Inc ^(a)	148		47,214
Verisk Analytics Inc	138		24,111
		$	763,505

Computers — 8.12%
Accenture PLC, Class A	704		207,532
Apple Inc	12,973		1,776,782
Cognizant Technology Solutions Corp, Class A	713		49,382
DXC Technology Co ^(a)	1,196		46,572
Fortinet Inc ^(a)	229		54,546
Hewlett Packard Enterprise Co	1,403		20,456
HP Inc	1,610		48,606
International Business Machines Corp	437		64,060
Leidos Holdings Inc	415		41,956
NetApp Inc	552		45,165
Seagate Technology Holdings PLC	483		42,470
Western Digital Corp ^(a)	345		24,554
		$	2,422,081

Distribution/Wholesale — 0.68%
Copart Inc ^(a)	207		27,289
Fastenal Co	506		26,312
LKQ Corp ^(a)	1,242		61,131
Pool Corp	92		42,197
WW Grainger Inc	102		44,676
		$	201,605

Diversified Financial Services — 4.23%
American Express Co	298		49,239
Ameriprise Financial Inc	206		51,269
BlackRock Inc	123		107,621
Capital One Financial Corp	483		74,715
Cboe Global Markets Inc	230		27,382
Charles Schwab Corp/The	1,219		88,755
CME Group Inc	206		43,812
Discover Financial Services	483		57,134
Franklin Resources Inc	1,311		41,939
Intercontinental Exchange Inc	322		38,221
Invesco Ltd	1,472		39,347
Mastercard Inc, Class A	423		154,433
Nasdaq Inc	276		48,521
Raymond James Financial Inc	460		59,754
Synchrony Financial	1,104		53,566
T Rowe Price Group Inc	483		95,620
Visa Inc, Class A	898		209,970
Western Union Co/The	897		20,604
		$	1,261,902

See accompanying notes.

134


Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Electric — 1.77%
AES Corp/The	782	$	20,387
Alliant Energy Corp	368		20,520
Ameren Corp	276		22,091
American Electric Power Co Inc	345		29,184
CMS Energy Corp	345		20,383
Consolidated Edison Inc	69		4,949
Dominion Energy Inc	115		8,461
DTE Energy Co	345		44,712
Duke Energy Corp	92		9,082
Edison International	92		5,319
Entergy Corp	253		25,224
Evergy Inc	322		19,458
Eversource Energy	299		23,992
Exelon Corp	759		33,631
FirstEnergy Corp	575		21,396
NextEra Energy Inc	207		15,169
NRG Energy Inc	506		20,392
Pinnacle West Capital Corp	460		37,706
PPL Corp	184		5,146
Public Service Enterprise Group Inc	414		24,732
Sempra Energy	230		30,470
Southern Co/The	598		36,185
WEC Energy Group Inc	276		24,550
Xcel Energy Inc	391		25,759
		$	528,898

Electrical Components & Equipment — 0.66%
AMETEK Inc	391		52,198
Emerson Electric Co	968		93,160
Generac Holdings Inc ^(a)	124		51,479
		$	196,837

Electronics — 1.55%
Agilent Technologies Inc	437		64,593
Allegion PLC	299		41,651
Amphenol Corp, Class A	437		29,895
Fortive Corp	391		27,268
Garmin Ltd	343		49,612
Honeywell International Inc	322		70,631
Keysight Technologies Inc ^(a)	184		28,411
Mettler-Toledo International Inc ^(a)	41		56,799
TE Connectivity Ltd	207		27,988
Trimble Inc ^(a)	483		39,524
Waters Corp ^(a)	79		27,303
		$	463,675

Energy — Alternate Sources — 0.08%
Enphase Energy Inc ^(a)	138		25,341

Engineering & Construction — 0.22%
Jacobs Engineering Group Inc	483		64,442

Entertainment — 0.21%
Caesars Entertainment Inc ^(a)	230		23,863
Live Nation Entertainment Inc ^(a)	253		22,160
Penn National Gaming Inc ^(a)	230		17,593
		$	63,616

Environmental Control — 0.36%
Pentair PLC	690		46,568
Republic Services Inc	230		25,302
Waste Management Inc	253		35,448
		$	107,318

See accompanying notes.

135


Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Food — 1.50%
Campbell Soup Co	782	$	35,651
Conagra Brands Inc	1,150		41,837
General Mills Inc	920		56,056
Hershey Co/The	299		52,080
Hormel Foods Corp	115		5,491
JM Smucker Co/The	322		41,722
Kellogg Co	414		26,633
Kraft Heinz Co/The	713		29,076
Kroger Co/The	1,311		50,224
Lamb Weston Holdings Inc	184		14,841
McCormick & Co Inc	253		22,345
Mondelez International Inc, Class A	805		50,264
Tyson Foods Inc, Class A	276		20,358
		$	446,578

Forest Products & Paper — 0.17%
International Paper Co	805		49,355

Gas — 0.03%
Atmos Energy Corp	46		4,421
NiSource Inc	184		4,508
		$	8,929

Hand/Machine Tools — 0.42%
Snap-on Inc	246		54,964
Stanley Black & Decker Inc	345		70,721
		$	125,685

Healthcare — Products — 2.73%
Abbott Laboratories	735		85,209
ABIOMED Inc ^(a)	115		35,893
Align Technology Inc ^(a)	87		53,157
Baxter International Inc	345		27,772
Boston Scientific Corp ^(a)	207		8,851
Cooper Cos Inc/The	54		21,399
Danaher Corp	276		74,067
DENTSPLY SIRONA Inc	322		20,370
Edwards Lifesciences Corp ^(a)	368		38,114
Henry Schein Inc ^(a)	253		18,770
Hologic Inc ^(a)	529		35,295
IDEXX Laboratories Inc ^(a)	97		61,260
Intuitive Surgical Inc ^(a)	46		42,303
Medtronic PLC	138		17,130
PerkinElmer Inc	276		42,617
ResMed Inc	137		33,773
STERIS PLC	114		23,518
Stryker Corp	175		45,453
Teleflex Inc	52		20,893
Thermo Fisher Scientific Inc	161		81,220
West Pharmaceutical Services Inc	80		28,728
		$	815,792

Healthcare — Services — 2.63%
Anthem Inc	200		76,360
Catalent Inc ^(a)	345		37,302
Centene Corp ^(a)	759		55,354
DaVita Inc ^(a)	345		41,548
HCA Healthcare Inc	437		90,345
Humana Inc	147		65,080
IQVIA Holdings Inc ^(a)	38		9,208
Laboratory Corp of America Holdings ^(a)	184		50,757
Quest Diagnostics Inc	322		42,494
UnitedHealth Group Inc	697		279,107

See accompanying notes.

136


Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Healthcare — Services (continued)
Universal Health Services Inc, Class B	252	$	36,900
		$	784,455

Home Builders — 0.86%
DR Horton Inc	738		66,693
Lennar Corp, Class A	667		66,267
NVR Inc ^(a)	13		64,653
PulteGroup Inc	1,058		57,735
		$	255,348

Home Furnishings — 0.31%
Leggett & Platt Inc	736		38,132
Whirlpool Corp	253		55,159
		$	93,291

Household Products — 1.21%
Colgate-Palmolive Co	897		72,971
Estee Lauder Cos Inc/The, Class A	148		47,076
Procter & Gamble Co/The	1,794		242,064
		$	362,111

Household Products/Wares — 0.74%
Avery Dennison Corp	322		67,698
Church & Dwight Co Inc	542		46,189
Clorox Co/The	253		45,517
Kimberly-Clark Corp	460		61,539
		$	220,943

Housewares — 0.14%
Newell Brands Inc	1,472		40,436

Insurance — 4.37%
Aflac Inc	851		45,665
Allstate Corp/The	437		57,002
American International Group Inc	575		27,370
Aon PLC	276		65,898
Arthur J Gallagher & Co	529		74,102
Assurant Inc	161		25,145
Berkshire Hathaway Inc, Class B ^(a)	1,165		323,777
Chubb Ltd	437		69,457
Cincinnati Financial Corp	184		21,458
Everest Re Group Ltd	69		17,389
Globe Life Inc	322		30,670
Hartford Financial Services Group Inc/The	716		44,371
Lincoln National Corp	621		39,024
Loews Corp	736		40,222
Marsh & McLennan Cos Inc	552		77,655
MetLife Inc	920		55,062
Progressive Corp/The	689		67,667
Prudential Financial Inc	552		56,563
Travelers Cos Inc/The	367		54,944
Unum Group	1,288		36,579
Willis Towers Watson PLC	221		50,834
WR Berkley Corp	299		22,255
		$	1,303,109

Internet — 11.51%
Alphabet Inc, Class A ^(a)	248		605,564
Alphabet Inc, Class C ^(a)	237		593,998
Amazon.com Inc ^(a)	352		1,210,936
Booking Holdings Inc ^(a)	19		41,574
CDW Corp	368		64,271
eBay Inc	437		30,682

See accompanying notes.

137


Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Internet (continued)
Etsy Inc ^(a)	207	$	42,609
Expedia Group Inc ^(a)	138		22,592
F5 Networks Inc ^(a)	137		25,572
Facebook Inc, Class A ^(a)	1,978		687,770
Netflix Inc ^(a)	137		72,365
Twitter Inc ^(a)	460		31,653
VeriSign Inc ^(a)	23		5,237
		$	3,434,823

Iron & Steel — 0.19%
Nucor Corp	600		57,558

Leisure Time — 0.22%
Carnival Corp ^(a)	851		22,432
Norwegian Cruise Line Holdings Ltd ^(a)	690		20,293
Royal Caribbean Cruises Ltd ^(a)	253		21,576
		$	64,301

Lodging — 0.31%
Hilton Worldwide Holdings Inc ^(a)	207		24,968
Marriott International Inc, Class A ^(a)	184		25,120
MGM Resorts International	529		22,562
Wynn Resorts Ltd ^(a)	161		19,690
		$	92,340

Machinery — Construction & Mining — 0.15%
Caterpillar Inc	207		45,049

Machinery — Diversified — 1.04%
Deere & Co	361		127,328
Dover Corp	184		27,710
IDEX Corp	92		20,245
Ingersoll Rand Inc ^(a)	437		21,330
Otis Worldwide Corp	414		33,853
Rockwell Automation Inc	199		56,918
Westinghouse Air Brake Technologies Corp	230		18,929
Xylem Inc	46		5,518
		$	311,831

Media — 1.99%
Charter Communications Inc, Class A ^(a)	80		57,716
Comcast Corp, Class A	1,910		108,908
Discovery Inc ^(a)	1,196		34,660
Discovery Inc, Class A ^(a)	966		29,637
DISH Network Corp, Class A ^(a)	460		19,228
Fox Corp, Class A	920		34,160
Fox Corp, Class B	851		29,955
News Corp	1,449		35,283
News Corp, Class A	1,472		37,934
ViacomCBS Inc, Class B	1,611		72,817
Walt Disney Co/The ^(a)	760		133,585
		$	593,883

Mining — 0.20%
Freeport-McMoRan Inc	851		31,581
Newmont Corp	437		27,697
		$	59,278

Miscellaneous Manufacture — 1.52%
3M Co	506		100,507
AO Smith Corp	575		41,434
Eaton Corp PLC	297		44,009
General Electric Co	7,017		94,449

See accompanying notes.

138


Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Miscellaneous Manufacture (continued)
Illinois Tool Works Inc	46	$	10,284
Parker-Hannifin Corp	252		77,392
Textron Inc	690		47,451
Trane Technologies PLC	207		38,117
		$	453,643

Office & Business Equipment — 0.16%
Zebra Technologies Corp ^(a)	91		48,184

Oil & Gas — 0.98%
APA Corp	1,081		23,382
ConocoPhillips	690		42,021
Devon Energy Corp	966		28,197
Diamondback Energy Inc	276		25,914
EOG Resources Inc	391		32,625
Hess Corp	322		28,117
Marathon Oil Corp	1,863		25,374
Marathon Petroleum Corp	483		29,183
Occidental Petroleum Corp	920		28,768
Pioneer Natural Resources Co	184		29,904
		$	293,485

Oil & Gas Services — 0.43%
Baker Hughes Co	1,058		24,196
Halliburton Co	2,231		51,581
NOV Inc ^(a)	1,334		20,437
Schlumberger NV	1,035		33,130
		$	129,344

Packaging & Containers — 0.66%
Amcor PLC	3,680		42,173
Ball Corp	276		22,362
Packaging Corp of America	322		43,605
Sealed Air Corp	782		46,333
Westrock Co	782		41,618
		$	196,091

Pharmaceuticals — 3.05%
AbbVie Inc	1,333		150,149
AmerisourceBergen Corp	207		23,699
Becton Dickinson and Co	161		39,154
Bristol-Myers Squibb Co	230		15,369
Cardinal Health Inc	621		35,453
Cigna Corp	298		70,647
CVS Health Corp	1,218		101,630
Johnson & Johnson	1,473		242,662
McKesson Corp	161		30,790
Merck & Co Inc	1,059		82,358
Organon & Co ^(a)	94		2,844
Perrigo Co PLC	529		24,255
Pfizer Inc	552		21,616
Viatris Inc	1,541		22,021
Zoetis Inc	253		47,149
		$	909,796

Pipelines — 0.09%
ONEOK Inc	460		25,594

Real Estate — 0.16%
CBRE Group Inc, Class A ^(a)	575		49,295

REITs — 1.77%
Alexandria Real Estate Equities Inc	138		25,108
American Tower Corp	207		55,919

See accompanying notes.

139


Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

REITs (continued)
AvalonBay Communities Inc	25	$	5,217
Boston Properties Inc	345		39,534
Crown Castle International Corp	230		44,873
Digital Realty Trust Inc	46		6,921
Duke Realty Corp	115		5,445
Equinix Inc	14		11,236
Extra Space Storage Inc	161		26,375
Federal Realty Investment Trust	184		21,559
Iron Mountain Inc	897		37,961
Kimco Realty Corp	1,909		39,803
Mid-America Apartment Communities Inc	45		7,579
Prologis Inc	92		10,997
Public Storage	115		34,579
Realty Income Corp	345		23,025
Regency Centers Corp	322		20,631
SBA Communications Corp	23		7,330
Simon Property Group Inc	230		30,010
Ventas Inc	414		23,639
Welltower Inc	345		28,670
Weyerhaeuser Co	644		22,167
		$	528,578

Retail — 5.35%
Advance Auto Parts Inc	230		47,182
AutoZone Inc ^(a)	36		53,720
Best Buy Co Inc	575		66,113
CarMax Inc ^(a)	345		44,557
Chipotle Mexican Grill Inc ^(a)	25		38,758
Costco Wholesale Corp	345		136,506
Darden Restaurants Inc	161		23,504
Dollar General Corp	299		64,701
Dollar Tree Inc ^(a)	368		36,616
Domino's Pizza Inc	109		50,847
Gap Inc/The	575		19,349
Genuine Parts Co	416		52,612
Home Depot Inc/The	783		249,691
L Brands Inc	621		44,749
Lowe's Cos Inc	867		168,172
McDonald's Corp	84		19,403
O'Reilly Automotive Inc ^(a)	101		57,187
Starbucks Corp	138		15,430
Target Corp	667		161,241
Tractor Supply Co	368		68,470
Walgreens Boots Alliance Inc	483		25,411
Walmart Inc	1,037		146,238
Yum! Brands Inc	46		5,291
		$	1,595,748

Savings & Loans — 0.12%
People's United Financial Inc	2,139		36,663

Semiconductors — 5.32%
Advanced Micro Devices Inc ^(a)	437		41,047
Analog Devices Inc	230		39,597
Applied Materials Inc	690		98,256
Broadcom Inc	307		146,390
Intel Corp	2,530		142,034
IPG Photonics Corp ^(a)	92		19,391
KLA Corp	171		55,440
Lam Research Corp	120		78,084
Maxim Integrated Products Inc	322		33,926
Microchip Technology Inc	322		48,216
Micron Technology Inc ^(a)	483		41,045

See accompanying notes.

140


Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Semiconductors (continued)
Monolithic Power Systems Inc	101	$	37,719
NVIDIA Corp	510		408,051
NXP Semiconductors NV	161		33,121
Qorvo Inc ^(a)	115		22,500
QUALCOMM Inc	782		111,771
Skyworks Solutions Inc	138		26,462
Teradyne Inc	323		43,269
Texas Instruments Inc	714		137,302
Xilinx Inc	161		23,287
		$	1,586,908

Shipbuilding — 0.11%
Huntington Ingalls Industries Inc	161		33,931

Software — 8.68%
Activision Blizzard Inc	439		41,898
Adobe Inc ^(a)	143		83,747
Akamai Technologies Inc ^(a)	207		24,136
ANSYS Inc ^(a)	54		18,741
Broadridge Financial Solutions Inc	138		22,291
Cadence Design Systems Inc ^(a)	345		47,203
Cerner Corp	643		50,257
Citrix Systems Inc	276		32,367
Electronic Arts Inc	46		6,616
Fidelity National Information Services Inc	69		9,775
Fiserv Inc ^(a)	69		7,375
Intuit Inc	132		64,702
Jack Henry & Associates Inc	115		18,804
Microsoft Corp	6,201		1,679,851
MSCI Inc	46		24,522
Oracle Corp	1,520		118,317
Paychex Inc	276		29,615
Paycom Software Inc ^(a)	101		36,710
PTC Inc ^(a)	253		35,739
Roper Technologies Inc	70		32,914
salesforce.com Inc ^(a)	276		67,419
ServiceNow Inc ^(a)	79		43,414
Synopsys Inc ^(a)	206		56,813
Take-Two Interactive Software Inc ^(a)	92		16,286
Tyler Technologies Inc ^(a)	47		21,261
		$	2,590,773

Telecommunications — 1.54%
Arista Networks Inc ^(a)	55		19,927
AT&T Inc	3,059		88,038
Cisco Systems Inc	3,104		164,512
Corning Inc	575		23,518
Juniper Networks Inc	920		25,162
Lumen Technologies Inc	1,518		20,630
Motorola Solutions Inc	45		9,758
T-Mobile US Inc ^(a)	69		9,993
Verizon Communications Inc	1,748		97,940
		$	459,478

Textiles — 0.13%
Mohawk Industries Inc ^(a)	207		39,783

Toys, Games & Hobbies — 0.07%
Hasbro Inc	207		19,566

Transportation — 1.58%
CH Robinson Worldwide Inc	253		23,698
CSX Corp	276		8,854
Expeditors International of Washington Inc	391		49,501

See accompanying notes.

141


Schedule of Investments
Principal U.S. Large-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value
Transportation (continued)
FedEx Corp	358	$	106,802
JB Hunt Transport Services Inc	368		59,966
Kansas City Southern	147		41,655
Norfolk Southern Corp	161		42,731
Old Dominion Freight Line Inc	186		47,207
Union Pacific Corp	69		15,175
United Parcel Service Inc, Class B	368		76,533
		$	472,122

Water — 0.08%
American Water Works Co Inc	161		24,815
TOTAL COMMON STOCKS		$	29,771,947
INVESTMENT COMPANIES — 0.39%	Shares Held		Value
Money Market Fund — 0.39%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(b)	115,078	$	115,078
TOTAL INVESTMENT COMPANIES		$	115,078
Total Investments		$	29,887,025
Other Assets and Liabilities — (0.15)%			(45,052	)
Total Net Assets — 100.00%		$	29,841,973

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


Portfolio Summary (unaudited)

Sector	Percent
Technology	22.28	%
Consumer, Non-cyclical	17.22	%
Financial	16.53	%
Communications	15.25	%
Consumer, Cyclical	11.66	%
Industrial	10.58	%
Basic Materials	2.76	%
Utilities	1.89	%
Energy	1.59	%
Money Market Fund	0.39	%
Other Assets and Liabilities	(0.15	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

142


Schedule of Investments
Principal U.S. Mega-Cap ETF
June 30, 2021

COMMON STOCKS — 99.75%	Shares Held		Value
Apparel — 2.35%
NIKE Inc, Class B	297,378	$	45,941,927
Auto Manufacturers — 1.10%
Tesla Inc ^(a)	31,712		21,554,646
Banks — 5.46%
Bank of America Corp	1,017,830		41,965,131
JPMorgan Chase & Co	259,595		40,377,406
Wells Fargo & Co	541,793		24,537,805
		$	106,880,342

Beverages — 5.16%
Coca-Cola Co/The	749,729		40,567,836
PepsiCo Inc	408,265		60,492,625
		$	101,060,461

Commercial Services — 1.30%
PayPal Holdings Inc ^(a)	87,113		25,391,697
Computers — 8.02%
Accenture PLC, Class A	142,527		42,015,535
Apple Inc	839,142		114,928,888
		$	156,944,423

Diversified Financial Services — 4.30%
Mastercard Inc, Class A	110,993		40,522,435
Visa Inc, Class A	186,644		43,641,100
		$	84,163,535

Healthcare — Products — 6.57%
Abbott Laboratories	328,314		38,061,442
Danaher Corp	175,574		47,117,039
Thermo Fisher Scientific Inc	86,254		43,512,555
		$	128,691,036

Healthcare — Services — 2.16%
UnitedHealth Group Inc	105,823		42,375,762
Household Products — 2.94%
Procter & Gamble Co/The	426,412		57,535,771
Insurance — 3.21%
Berkshire Hathaway Inc, Class B ^(a)	226,049		62,823,538
Internet — 8.10%
Alphabet Inc, Class A ^(a)	19,158		46,779,813
Amazon.com Inc ^(a)	12,726		43,779,476
Facebook Inc, Class A ^(a)	134,174		46,653,642
Netflix Inc ^(a)	40,558		21,423,141
		$	158,636,072

Media — 4.05%
Comcast Corp, Class A	730,334		41,643,645
Walt Disney Co/The ^(a)	214,167		37,644,133
		$	79,287,778

Oil & Gas — 3.24%
Chevron Corp	377,118		39,499,339
Exxon Mobil Corp	378,970		23,905,428
		$	63,404,767

Pharmaceuticals — 12.67%
AbbVie Inc	363,818		40,980,460
Eli Lilly & Co	113,949		26,153,574

See accompanying notes.

143


Schedule of Investments
Principal U.S. Mega-Cap ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value
Pharmaceuticals (continued)
Johnson & Johnson	351,377	$	57,885,847
Merck & Co Inc	779,079		60,588,974
Pfizer Inc	1,593,959		62,419,434
		$	248,028,289

Retail — 7.23%
Home Depot Inc/The	128,943		41,118,633
McDonald's Corp	257,646		59,513,650
Walmart Inc	290,939		41,028,218
		$	141,660,501

Semiconductors — 5.73%
Broadcom Inc	45,635		21,760,593
Intel Corp	330,339		18,545,232
NVIDIA Corp	39,671		31,740,767
Texas Instruments Inc	209,102		40,210,315
		$	112,256,907

Software — 9.35%
Adobe Inc ^(a)	83,130		48,684,253
Microsoft Corp	167,008		45,242,467
Oracle Corp	561,297		43,691,359
salesforce.com Inc ^(a)	186,521		45,561,485
		$	183,179,564

Telecommunications — 6.81%
AT&T Inc	1,907,799		54,906,455
Cisco Systems Inc	764,229		40,504,137
Verizon Communications Inc	676,787		37,920,376
		$	133,330,968
TOTAL COMMON STOCKS		$	1,953,147,984
INVESTMENT COMPANIES — 0.21%	Shares Held		Value
Money Market Fund — 0.21%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(b)	4,160,028	$	4,160,028
TOTAL INVESTMENT COMPANIES		$	4,160,028
Total Investments		$	1,957,308,012
Other Assets and Liabilities — 0.04%			756,164
Total Net Assets — 100.00%		$	1,958,064,176

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


Portfolio Summary (unaudited)

Sector	Percent
Consumer, Non-cyclical	30.80	%
Technology	23.10	%
Communications	18.96	%
Financial	12.97	%
Consumer, Cyclical	10.68	%
Energy	3.24	%
Money Market Fund	0.21	%
Other Assets and Liabilities	0.04	%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

144


Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS — 99.70%	Shares Held		Value

Aerospace & Defense — 1.28%
AAR Corp ^(a)	319	$	12,361
Aerojet Rocketdyne Holdings Inc	482		23,276
AeroVironment Inc ^(a)	144		14,422
Barnes Group Inc	210		10,762
Moog Inc, Class A	100		8,406
National Presto Industries Inc	50		5,083
Park Aerospace Corp	95		1,416
Triumph Group Inc ^(a)	290		6,017
		$	81,743

Agriculture — 0.51%
Fresh Del Monte Produce Inc	240		7,891
Universal Corp	145		8,261
Vector Group Ltd	1,168		16,515
		$	32,667

Airlines — 0.43%
Allegiant Travel Co ^(a)	40		7,760
Hawaiian Holdings Inc ^(a)	225		5,483
SkyWest Inc ^(a)	336		14,472
		$	27,715

Apparel — 1.63%
Crocs Inc ^(a)	485		56,512
Fossil Group Inc ^(a)	750		10,710
Kontoor Brands Inc	291		16,416
Oxford Industries Inc	70		6,919
Unifi Inc ^(a)	150		3,654
Wolverine World Wide Inc	305		10,260
		$	104,471

Auto Manufacturers — 0.14%
Wabash National Corp	580		9,280

Auto Parts & Equipment — 1.56%
American Axle & Manufacturing Holdings Inc ^(a)	1,222		12,648
Cooper-Standard Holdings Inc ^(a)	140		4,060
Dorman Products Inc ^(a)	105		10,885
Gentherm Inc ^(a)	246		17,478
Goodyear Tire & Rubber Co/The ^(a)	421		7,220
Meritor Inc ^(a)	265		6,206
Methode Electronics Inc	356		17,519
Motorcar Parts of America Inc ^(a)	385		8,640
Standard Motor Products Inc	270		11,705
Titan International Inc ^(a)	405		3,434
		$	99,795

Banks — 10.00%
Allegiance Bancshares Inc	275		10,571
Ameris Bancorp	594		30,074
BancFirst Corp	160		9,989
BankUnited Inc	508		21,686
Banner Corp	115		6,234
Cadence BanCorp	375		7,830
Central Pacific Financial Corp	355		9,251
City Holding Co	176		13,242
Columbia Banking System Inc	195		7,519
Community Bank System Inc	180		13,617
Customers Bancorp Inc ^(a)	502		19,573
CVB Financial Corp	516		10,624
Dime Community Bancshares Inc	335		11,263
Eagle Bancorp Inc	253		14,188
FB Financial Corp	323		12,054

See accompanying notes.

145


Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Banks (continued)
First BanCorp	2,096	$	24,984
First Bancorp/Southern Pines	266		10,882
First Commonwealth Financial Corp	867		12,199
First Financial Bancorp	290		6,853
First Hawaiian Inc	340		9,636
First Midwest Bancorp Inc	340		6,742
Flagstar Bancorp Inc	555		23,460
Hanmi Financial Corp	450		8,577
Heritage Financial Corp	230		5,755
Hilltop Holdings Inc	749		27,264
HomeStreet Inc	282		11,489
Hope Bancorp Inc	954		13,528
Independent Bank Group Inc	353		26,313
Meta Financial Group Inc	416		21,062
National Bank Holdings Corp, Class A	175		6,604
NBT Bancorp Inc	404		14,532
OFG Bancorp	450		9,954
Old National Bancorp	1,147		20,199
Park National Corp	65		7,632
Preferred Bank	186		11,768
Renasant Corp	230		9,200
Seacoast Banking Corp of Florida	389		13,284
ServisFirst Bancshares Inc	326		22,161
Simmons First National Corp, Class A	750		22,005
Southside Bancshares Inc	175		6,690
Tompkins Financial Corp	160		12,410
Triumph Bancorp Inc ^(a)	159		11,806
TrustCo Bank Corp	297		10,211
United Community Banks Inc	523		16,741
Veritex Holdings Inc	385		13,633
Walker & Dunlop Inc	170		17,745
Westamerica BanCorp	125		7,254
		$	640,288

Beverages — 0.69%
Celsius Holdings Inc ^(a)	105		7,990
Coca-Cola Consolidated Inc	47		18,900
MGP Ingredients Inc	100		6,764
National Beverage Corp	219		10,343
		$	43,997

Biotechnology — 0.55%
Cara Therapeutics Inc ^(a)	70		999
Innoviva Inc ^(a)	1,003		13,450
Myriad Genetics Inc ^(a)	245		7,492
NeoGenomics Inc ^(a)	90		4,065
Vericel Corp ^(a)	140		7,350
Xencor Inc ^(a)	60		2,070
		$	35,426

Chemicals — 2.26%
AdvanSix Inc ^(a)	378		11,287
American Vanguard Corp	315		5,516
Balchem Corp	115		15,095
Ferro Corp ^(a)	115		2,480
GCP Applied Technologies Inc ^(a)	310		7,211
Hawkins Inc	320		10,480
HB Fuller Co	493		31,360
Innospec Inc	25		2,265
Koppers Holdings Inc ^(a)	438		14,169
Kraton Corp ^(a)	145		4,682
Quaker Chemical Corp	50		11,859

See accompanying notes.

146


Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Chemicals (continued)
Rayonier Advanced Materials Inc ^(a)	1,010	$	6,757
Rogers Corp ^(a)	15		3,012
Stepan Co	155		18,642
		$	144,815

Coal — 0.44%
CONSOL Energy Inc ^(a)	972		17,953
SunCoke Energy Inc	1,405		10,032
		$	27,985

Commercial Services — 4.58%
Aaron's Co Inc/The	215		6,878
ABM Industries Inc	445		19,736
Alarm.com Holdings Inc ^(a)	159		13,467
American Public Education Inc ^(a)	280		7,935
AMN Healthcare Services Inc ^(a)	307		29,773
CoreCivic Inc ^(a)	690		7,224
CorVel Corp ^(a)	107		14,370
Cross Country Healthcare Inc ^(a)	708		11,689
Deluxe Corp	160		7,643
EVERTEC Inc	261		11,393
Forrester Research Inc ^(a)	120		5,496
Green Dot Corp, Class A ^(a)	255		11,947
Heidrick & Struggles International Inc	40		1,782
Kelly Services Inc, Class A ^(a)	225		5,393
Korn Ferry	349		25,320
Medifast Inc	84		23,770
Monro Inc	140		8,891
Perdoceo Education Corp ^(a)	590		7,239
R1 RCM Inc ^(a)	828		18,415
Rent-A-Center Inc	512		27,172
Resources Connection Inc	700		10,052
Team Inc ^(a)	460		3,082
TrueBlue Inc ^(a)	305		8,574
Viad Corp ^(a)	120		5,982
		$	293,223

Computers — 1.74%
3D Systems Corp ^(a)	396		15,828
Diebold Nixdorf Inc ^(a)	380		4,879
ExlService Holdings Inc ^(a)	128		13,601
Insight Enterprises Inc ^(a)	332		33,203
Sykes Enterprises Inc ^(a)	362		19,440
TTEC Holdings Inc	154		15,876
Unisys Corp ^(a)	330		8,352
		$	111,179

Construction Materials — 3.27%
AAON Inc	155		9,701
American Woodmark Corp ^(a)	195		15,930
Apogee Enterprises Inc	447		18,206
Boise Cascade Co	419		24,449
Gibraltar Industries Inc ^(a)	226		17,246
Griffon Corp	420		10,765
Patrick Industries Inc	243		17,739
PGT Innovations Inc ^(a)	742		17,237
SPX Corp ^(a)	330		20,156
UFP Industries Inc	519		38,582
US Concrete Inc ^(a)	260		19,188
		$	209,199

See accompanying notes.

147


Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Distribution/Wholesale — 1.14%
Core-Mark Holding Co Inc	392	$	17,644
G-III Apparel Group Ltd ^(a)	402		13,210
Resideo Technologies Inc ^(a)	779		23,370
ScanSource Inc ^(a)	180		5,063
Veritiv Corp ^(a)	220		13,512
		$	72,799

Diversified Financial Services — 3.04%
B. Riley Financial Inc	278		20,989
Brightsphere Investment Group Inc	798		18,697
Encore Capital Group Inc ^(a)	306		14,501
Enova International Inc ^(a)	533		18,234
EZCORP Inc, Class A ^(a)	1,125		6,784
Greenhill & Co Inc	425		6,613
Mr Cooper Group Inc ^(a)	720		23,803
Piper Sandler Cos	136		17,620
PRA Group Inc ^(a)	424		16,311
StoneX Group Inc ^(a)	211		12,802
Virtus Investment Partners Inc	60		16,666
WisdomTree Investments Inc	730		4,526
World Acceptance Corp ^(a)	106		16,986
		$	194,532

Electric — 0.18%
Avista Corp	266		11,350

Electrical Components & Equipment — 0.48%
Encore Wire Corp	207		15,689
Insteel Industries Inc	315		10,127
Powell Industries Inc	165		5,107
		$	30,923

Electronics — 2.52%
Advanced Energy Industries Inc	199		22,429
Badger Meter Inc	118		11,578
Bel Fuse Inc, Class B	465		6,696
Benchmark Electronics Inc	250		7,115
Brady Corp, Class A	360		20,175
FARO Technologies Inc ^(a)	25		1,944
Knowles Corp ^(a)	105		2,073
Mesa Laboratories Inc	8		2,169
OSI Systems Inc ^(a)	158		16,059
Plexus Corp ^(a)	214		19,562
Sanmina Corp ^(a)	481		18,740
TTM Technologies Inc ^(a)	565		8,080
Vicor Corp ^(a)	95		10,045
Watts Water Technologies Inc, Class A	100		14,591
		$	161,256

Energy — Alternate Sources — 0.42%
FutureFuel Corp	105		1,008
Green Plains Inc ^(a)	215		7,228
Renewable Energy Group Inc ^(a)	295		18,391
		$	26,627

Engineering & Construction — 1.63%
Arcosa Inc	340		19,972
Comfort Systems USA Inc	369		29,073
Exponent Inc	170		15,166
Granite Construction Inc	369		15,325
MYR Group Inc ^(a)	273		24,821
		$	104,357

See accompanying notes.

148


Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Entertainment — 0.08%
Monarch Casino & Resort Inc ^(a)	75	$	4,963

Environmental Control — 0.13%
Harsco Corp ^(a)	330		6,739
US Ecology Inc ^(a)	45		1,688
		$	8,427

Food — 1.58%
B&G Foods Inc	564		18,499
Cal-Maine Foods Inc	215		7,785
Calavo Growers Inc	25		1,585
Chefs' Warehouse Inc/The ^(a)	155		4,934
J & J Snack Foods Corp	15		2,616
John B Sanfilippo & Son Inc	125		11,071
Seneca Foods Corp, Class A ^(a)	200		10,216
Simply Good Foods Co/The ^(a)	341		12,450
SpartanNash Co	480		9,269
United Natural Foods Inc ^(a)	615		22,743
		$	101,168

Forest Products & Paper — 0.62%
Clearwater Paper Corp ^(a)	265		7,677
Domtar Corp ^(a)	209		11,487
Glatfelter Corp	425		5,937
Neenah Inc	30		1,505
Schweitzer-Mauduit International Inc	318		12,841
		$	39,447

Gas — 0.43%
Chesapeake Utilities Corp	75		9,025
Northwest Natural Holding Co	145		7,615
South Jersey Industries Inc	428		11,098
		$	27,738

Hand/Machine Tools — 0.19%
Franklin Electric Co Inc	149		12,012

Healthcare — Products — 1.72%
AngioDynamics Inc ^(a)	205		5,562
Cardiovascular Systems Inc ^(a)	50		2,132
CONMED Corp	25		3,436
Cutera Inc ^(a)	150		7,354
Glaukos Corp ^(a)	124		10,519
Hanger Inc ^(a)	230		5,814
Integer Holdings Corp ^(a)	30		2,826
Lantheus Holdings Inc ^(a)	90		2,488
LeMaitre Vascular Inc	115		7,017
Luminex Corp	160		5,888
Meridian Bioscience Inc ^(a)	740		16,413
Merit Medical Systems Inc ^(a)	180		11,639
Natus Medical Inc ^(a)	60		1,559
Omnicell Inc ^(a)	140		21,203
Orthofix Medical Inc ^(a)	35		1,404
Surmodics Inc ^(a)	25		1,356
Zynex Inc ^(a)	220		3,417
		$	110,027

Healthcare — Services — 3.43%
Addus HomeCare Corp ^(a)	142		12,388
Community Health Systems Inc ^(a)	1,210		18,682
Ensign Group Inc/The	448		38,828
Fulgent Genetics Inc ^(a)	226		20,844
Magellan Health Inc ^(a)	110		10,362

See accompanying notes.

149


Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Healthcare — Services (continued)
MEDNAX Inc ^(a)	609	$	18,361
ModivCare Inc ^(a)	160		27,211
Pennant Group Inc/The ^(a)	245		10,021
RadNet Inc ^(a)	250		8,423
Select Medical Holdings Corp	877		37,062
Tivity Health Inc ^(a)	440		11,576
US Physical Therapy Inc	50		5,794
		$	219,552

Home Builders — 3.02%
Cavco Industries Inc ^(a)	65		14,442
Century Communities Inc	330		21,958
Installed Building Products Inc	130		15,907
LCI Industries	165		21,684
LGI Homes Inc ^(a)	185		29,959
M/I Homes Inc ^(a)	343		20,124
MDC Holdings Inc	484		24,491
Meritage Homes Corp ^(a)	320		30,106
Winnebago Industries Inc	220		14,951
		$	193,622

Home Furnishings — 1.17%
Daktronics Inc ^(a)	920		6,063
Ethan Allen Interiors Inc	335		9,246
iRobot Corp ^(a)	251		23,441
Sleep Number Corp ^(a)	236		25,948
Universal Electronics Inc ^(a)	205		9,942
		$	74,640

Household Products — 0.52%
Edgewell Personal Care Co	452		19,843
elf Beauty Inc ^(a)	426		11,561
Inter Parfums Inc	25		1,800
		$	33,204

Household Products/Wares — 0.86%
Central Garden & Pet Co ^(a)	193		10,215
Central Garden & Pet Co, Class A ^(a)	334		16,132
Quanex Building Products Corp	650		16,146
WD-40 Co	50		12,815
		$	55,308

Housewares — 0.18%
Tupperware Brands Corp ^(a)	480		11,400

Insurance — 2.16%
Ambac Financial Group Inc ^(a)	90		1,409
American Equity Investment Life Holding Co	547		17,679
AMERISAFE Inc	110		6,566
Employers Holdings Inc	333		14,252
HCI Group Inc	85		8,452
Horace Mann Educators Corp	389		14,556
James River Group Holdings Ltd	40		1,501
NMI Holdings Inc, Class A ^(a)	924		20,772
Safety Insurance Group Inc	163		12,760
SiriusPoint Ltd ^(a)	675		6,797
Stewart Information Services Corp	263		14,910
Trupanion Inc ^(a)	100		11,510
United Fire Group Inc	45		1,248
Universal Insurance Holdings Inc	430		5,968
		$	138,380

See accompanying notes.

150


Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Internet — 1.59%
Cogent Communications Holdings Inc	40	$	3,076
ePlus Inc ^(a)	144		12,483
HealthStream Inc ^(a)	245		6,845
Liquidity Services Inc ^(a)	235		5,981
Perficient Inc ^(a)	150		12,063
QuinStreet Inc ^(a)	656		12,189
Shutterstock Inc	153		15,020
Stamps.com Inc ^(a)	104		20,830
TechTarget Inc ^(a)	170		13,173
		$	101,660

Iron & Steel — 0.35%
Allegheny Technologies Inc ^(a)	370		7,715
Carpenter Technology Corp	369		14,841
		$	22,556

Leisure Time — 0.48%
Callaway Golf Co	285		9,613
Vista Outdoor Inc ^(a)	452		20,919
		$	30,532

Machinery — Construction & Mining — 0.29%
Astec Industries Inc	293		18,441

Machinery — Diversified — 2.01%
Alamo Group Inc	96		14,657
Albany International Corp, Class A	120		10,711
Applied Industrial Technologies Inc	258		23,494
Chart Industries Inc ^(a)	174		25,460
CIRCOR International Inc ^(a)	140		4,564
DXP Enterprises Inc ^(a)	310		10,323
Ichor Holdings Ltd ^(a)	210		11,298
Lindsay Corp	50		8,264
SPX FLOW Inc	176		11,482
Tennant Co	105		8,384
		$	128,637

Media — 1.10%
AMC Networks Inc, Class A ^(a)	373		24,917
EW Scripps Co/The Class A	793		16,169
Gannett Co Inc ^(a)	1,800		9,882
Meredith Corp ^(a)	400		17,376
Scholastic Corp	55		2,084
		$	70,428

Metal Fabrication & Hardware — 0.82%
AZZ Inc	274		14,188
Mueller Industries Inc	432		18,710
Olympic Steel Inc	312		9,169
TimkenSteel Corp ^(a)	760		10,754
		$	52,821

Mining — 0.50%
Arconic Corp ^(a)	315		11,220
Century Aluminum Co ^(a)	310		3,996
Kaiser Aluminum Corp	67		8,274
Livent Corp ^(a)	445		8,615
		$	32,105

Miscellaneous Manufacture — 2.96%
Enerpac Tool Group Corp	75		1,997
EnPro Industries Inc	108		10,492

See accompanying notes.

151


Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Miscellaneous Manufacture (continued)
ESCO Technologies Inc	100	$	9,381
Fabrinet ^(a)	251		24,063
Federal Signal Corp	464		18,667
Haynes International Inc	160		5,661
Hillenbrand Inc	699		30,812
John Bean Technologies Corp	80		11,410
Lydall Inc ^(a)	297		17,974
Materion Corp	30		2,260
Myers Industries Inc	520		10,920
Standex International Corp	130		12,338
Sturm Ruger & Co Inc	200		17,996
Trinseo SA	264		15,798
		$	189,769

Office & Business Equipment — 0.21%
Pitney Bowes Inc	1,556		13,646

Office Furnishings — 0.26%
HNI Corp	236		10,377
Interface Inc	415		6,349
		$	16,726

Oil & Gas — 1.89%
Bonanza Creek Energy Inc	327		15,392
Callon Petroleum Co ^(a)	185		10,673
Matador Resources Co	359		12,928
Nabors Industries Ltd ^(a)	117		13,366
Par Pacific Holdings Inc ^(a)	315		5,298
Patterson-UTI Energy Inc	875		8,697
PDC Energy Inc	292		13,371
Penn Virginia Corp ^(a)	681		16,078
Range Resources Corp ^(a)	896		15,017
SM Energy Co	405		9,975
		$	120,795

Oil & Gas Services — 1.37%
Archrock Inc	600		5,346
Bristow Group Inc ^(a)	386		9,886
Core Laboratories N.V.	205		7,985
DMC Global Inc ^(a)	95		5,340
Helix Energy Solutions Group Inc ^(a)	2,280		13,019
NOW Inc ^(a)	605		5,741
Oceaneering International Inc ^(a)	1,112		17,314
Oil States International Inc ^(a)	1,646		12,921
ProPetro Holding Corp ^(a)	515		4,717
US Silica Holdings Inc ^(a)	445		5,144
		$	87,413

Packaging & Containers — 0.51%
Matthews International Corp, Class A	190		6,832
O-I Glass Inc ^(a)	1,587		25,916
		$	32,748

Pharmaceuticals — 2.44%
Amphastar Pharmaceuticals Inc ^(a)	85		1,714
Coherus Biosciences Inc ^(a)	490		6,777
Collegium Pharmaceutical Inc ^(a)	519		12,269
Corcept Therapeutics Inc ^(a)	310		6,820
Covetrus Inc ^(a)	290		7,830
Eagle Pharmaceuticals Inc ^(a)	140		5,992
Enanta Pharmaceuticals Inc ^(a)	35		1,540
Endo International PLC ^(a)	1,070		5,008
Heska Corp ^(a)	50		11,487

See accompanying notes.

152


Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Pharmaceuticals (continued)
Lannett Co Inc ^(a)	860	$	4,016
Owens & Minor Inc	471		19,937
Pacira BioSciences Inc ^(a)	177		10,740
Phibro Animal Health Corp, Class A	415		11,985
Prestige Consumer Healthcare Inc ^(a)	403		20,996
Supernus Pharmaceuticals Inc ^(a)	410		12,624
USANA Health Sciences Inc ^(a)	139		14,238
Vanda Pharmaceuticals Inc ^(a)	100		2,151
		$	156,124

Real Estate — 0.68%
Marcus & Millichap Inc ^(a)	45		1,749
RE/MAX Holdings Inc, Class A	320		10,666
Realogy Holdings Corp ^(a)	933		16,999
St Joe Co/The	318		14,186
		$	43,600

REITs — 5.50%
Agree Realty Corp	218		15,367
American Assets Trust Inc	60		2,237
Apollo Commercial Real Estate Finance Inc	455		7,257
Armada Hoffler Properties Inc	395		5,250
ARMOUR Residential REIT Inc	130		1,485
Brandywine Realty Trust	831		11,393
Capstead Mortgage Corp	230		1,412
CareTrust REIT Inc	395		9,176
Centerspace	25		1,973
Chatham Lodging Trust ^(a)	340		4,376
Community Healthcare Trust Inc	135		6,407
DiamondRock Hospitality Co ^(a)	710		6,887
Diversified Healthcare Trust	1,310		5,476
Easterly Government Properties Inc	385		8,116
Essential Properties Realty Trust Inc	682		18,441
Four Corners Property Trust Inc	320		8,835
Franklin Street Properties Corp	885		4,655
GEO Group Inc/The	880		6,266
Getty Realty Corp	220		6,853
Global Net Lease Inc	110		2,035
Granite Point Mortgage Trust Inc	365		5,384
Hersha Hospitality Trust ^(a)	395		4,250
Independence Realty Trust Inc	125		2,279
Industrial Logistics Properties Trust	320		8,365
Innovative Industrial Properties Inc	145		27,698
iStar Inc	420		8,707
Kite Realty Group Trust	315		6,933
KKR Real Estate Finance Trust Inc	275		5,948
Lexington Realty Trust	255		3,047
LTC Properties Inc	190		7,294
Mack-Cali Realty Corp	120		2,058
National Storage Affiliates Trust	245		12,387
New York Mortgage Trust Inc	1,420		6,347
NexPoint Residential Trust Inc	35		1,924
Office Properties Income Trust	295		8,646
PennyMac Mortgage Investment Trust	873		18,385
Ready Capital Corp	340		5,396
Redwood Trust Inc	520		6,276
Retail Opportunity Investments Corp	826		14,587
Retail Properties of America Inc, Class A	675		7,729
RPT Realty	415		5,387
Safehold Inc	95		7,457
Saul Centers Inc	95		4,318
SITE Centers Corp	525		7,906
Summit Hotel Properties Inc ^(a)	530		4,945

See accompanying notes.

153


Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

REITs (continued)
Tanger Factory Outlet Centers Inc	370	$	6,974
Uniti Group Inc	240		2,542
Universal Health Realty Income Trust	90		5,540
Washington Real Estate Investment Trust	100		2,300
Xenia Hotels & Resorts Inc ^(a)	385		7,211
		$	352,117

Retail — 10.78%
Abercrombie & Fitch Co, Class A ^(a)	427		19,826
America's Car-Mart Inc ^(a)	115		16,298
Asbury Automotive Group Inc ^(a)	157		26,905
Barnes & Noble Education Inc ^(a)	510		3,677
Bed Bath & Beyond Inc ^(a)	738		24,568
Big Lots Inc	351		23,169
BJ's Restaurants Inc ^(a)	100		4,914
Bloomin' Brands Inc ^(a)	265		7,192
Boot Barn Holdings Inc ^(a)	201		16,894
Brinker International Inc ^(a)	282		17,442
Buckle Inc/The	409		20,348
Caleres Inc	471		12,854
Cheesecake Factory Inc/The ^(a)	135		7,314
Chico's FAS Inc ^(a)	1,370		9,015
Children's Place Inc/The ^(a)	70		6,514
Chuy's Holdings Inc ^(a)	110		4,099
Conn's Inc ^(a)	474		12,087
Dave & Buster's Entertainment Inc ^(a)	155		6,293
Designer Brands Inc ^(a)	300		4,965
Dine Brands Global Inc ^(a)	72		6,426
El Pollo Loco Holdings Inc ^(a)	550		10,059
Fiesta Restaurant Group Inc ^(a)	575		7,722
GameStop Corp, Class A ^(a)	331		70,880
Genesco Inc ^(a)	214		13,628
GMS Inc ^(a)	483		23,252
Group 1 Automotive Inc	160		24,709
Guess? Inc	411		10,850
Haverty Furniture Cos Inc	406		17,361
Hibbett Inc ^(a)	240		21,511
La-Z-Boy Inc	562		20,816
Lumber Liquidators Holdings Inc ^(a)	405		8,545
Macy's Inc ^(a)	792		15,016
MarineMax Inc ^(a)	323		15,743
Movado Group Inc	295		9,284
ODP Corp/The ^(a)	386		18,532
PC Connection Inc	140		6,478
PetMed Express Inc	290		9,236
PriceSmart Inc	199		18,111
Red Robin Gourmet Burgers Inc ^(a)	130		4,304
Ruth's Hospitality Group Inc ^(a)	195		4,491
Sally Beauty Holdings Inc ^(a)	1,152		25,425
Shake Shack Inc, Class A ^(a)	95		10,167
Shoe Carnival Inc	156		11,168
Signet Jewelers Ltd ^(a)	314		25,368
Sonic Automotive Inc, Class A	230		10,290
Vera Bradley Inc ^(a)	735		9,107
Zumiez Inc ^(a)	361		17,685
		$	690,538

Savings & Loans — 1.82%
Axos Financial Inc ^(a)	576		26,721
Banc of California Inc	275		4,823
Brookline Bancorp Inc	878		13,126
Capitol Federal Financial Inc	160		1,885
Investors Bancorp Inc	845		12,050

See accompanying notes.

154


Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Savings & Loans (continued)
Northfield Bancorp Inc	365	$	5,986
Northwest Bancshares Inc	590		8,047
Pacific Premier Bancorp Inc	500		21,145
Provident Financial Services Inc	345		7,897
WSFS Financial Corp	313		14,583
		$	116,263

Semiconductors — 2.79%
Arlo Technologies Inc ^(a)	680		4,604
Axcelis Technologies Inc ^(a)	130		5,255
Cohu Inc ^(a)	160		5,886
CTS Corp	412		15,310
Diodes Inc ^(a)	40		3,191
DSP Group Inc ^(a)	90		1,332
FormFactor Inc ^(a)	427		15,568
Kulicke & Soffa Industries Inc	403		24,664
MaxLinear Inc ^(a)	210		8,923
Onto Innovation Inc ^(a)	323		23,592
Photronics Inc ^(a)	955		12,615
Power Integrations Inc	200		16,412
Rambus Inc ^(a)	120		2,845
SMART Global Holdings Inc ^(a)	195		9,298
Ultra Clean Holdings Inc ^(a)	442		23,744
Veeco Instruments Inc ^(a)	240		5,770
		$	179,009

Software — 2.66%
Agilysys Inc ^(a)	105		5,971
Allscripts Healthcare Solutions Inc ^(a)	455		8,422
Bottomline Technologies de Inc ^(a)	45		1,669
Computer Programs & Systems Inc	195		6,480
CSG Systems International Inc	324		15,286
Digi International Inc ^(a)	495		9,954
Donnelley Financial Solutions Inc ^(a)	373		12,309
Ebix Inc	305		10,339
LivePerson Inc ^(a)	175		11,067
ManTech International Corp, Class A	217		18,779
MicroStrategy Inc, Class A ^(a)	20		13,290
NextGen Healthcare Inc ^(a)	305		5,060
Progress Software Corp	195		9,019
Simulations Plus Inc	70		3,844
SPS Commerce Inc ^(a)	228		22,766
Xperi Holding Corp	733		16,302
		$	170,557

Telecommunications — 0.96%
ADTRAN Inc	90		1,859
ATN International Inc	30		1,365
Cincinnati Bell Inc ^(a)	105		1,619
Consolidated Communications Holdings Inc ^(a)	1,354		11,902
Extreme Networks Inc ^(a)	565		6,305
InterDigital Inc	35		2,556
NETGEAR Inc ^(a)	510		19,543
Plantronics Inc ^(a)	150		6,259
Shenandoah Telecommunications Co	50		2,426
Spok Holdings Inc	115		1,106
Viavi Solutions Inc ^(a)	200		3,532
Vonage Holdings Corp ^(a)	215		3,098
		$	61,570

Textiles — 0.37%
UniFirst Corp	101		23,699

See accompanying notes.

155


Schedule of Investments
Principal U.S. Small-Cap Adaptive Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value
Transportation — 2.24%
ArcBest Corp	290	$	16,875
Atlas Air Worldwide Holdings Inc ^(a)	345		23,498
Dorian LPG Ltd ^(a)	350		4,942
Echo Global Logistics Inc ^(a)	546		16,784
Forward Air Corp	30		2,692
Heartland Express Inc	335		5,738
Hub Group Inc, Class A ^(a)	166		10,953
Marten Transport Ltd	385		6,349
Matson Inc	399		25,536
Saia Inc ^(a)	144		30,167
		$	143,534

Trucking & Leasing — 0.19%
Greenbrier Cos Inc/The	275		11,985
Water — 0.35%
American States Water Co	145		11,536
California Water Service Group	199		11,053
		$	22,589
TOTAL COMMON STOCKS		$	6,383,377
INVESTMENT COMPANIES — 0.25%	Shares Held		Value
Money Market Fund — 0.25%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(b)	16,169	$	16,169
TOTAL INVESTMENT COMPANIES		$	16,169
Total Investments		$	6,399,546
Other Assets and Liabilities — 0.05%			3,152
Total Net Assets — 100.00%		$	6,402,698

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


Portfolio Summary (unaudited)

Sector	Percent
Financial	23.20	%
Consumer, Cyclical	21.24	%
Industrial	18.52	%
Consumer, Non-cyclical	16.88	%
Technology	7.41	%
Energy	4.11	%
Basic Materials	3.73	%
Communications	3.65	%
Utilities	0.96	%
Money Market Fund	0.25	%
Other Assets and Liabilities	0.05	%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

156


Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
June 30, 2021

COMMON STOCKS — 99.72%	Shares Held		Value

Aerospace & Defense — 0.14%
Barnes Group Inc	45,253	$	2,319,216

Agriculture — 0.13%
Andersons Inc/The	13,494		411,972
Turning Point Brands Inc	16,682		763,535
Vector Group Ltd	69,972		989,404
		$	2,164,911

Airlines — 0.04%
Mesa Air Group Inc ^(a)	69,184		645,487

Apparel — 0.95%
Kontoor Brands Inc	51,908		2,928,130
Levi Strauss & Co, Class A	202,098		5,602,157
Oxford Industries Inc	10,919		1,079,234
Steven Madden Ltd	91,055		3,984,567
Wolverine World Wide Inc	56,768		1,909,675
		$	15,503,763

Auto Manufacturers — 0.08%
Wabash National Corp	79,603		1,273,648

Auto Parts & Equipment — 0.94%
Dana Inc	145,214		3,450,285
Gentherm Inc ^(a)	22,968		1,631,876
Goodyear Tire & Rubber Co/The ^(a)	397,397		6,815,358
Methode Electronics Inc	36,894		1,815,554
Standard Motor Products Inc	35,697		1,547,465
		$	15,260,538

Banks — 8.99%
1st Source Corp	22,586		1,049,346
Ameris Bancorp	110,382		5,588,641
Bancorp Inc/The ^(a)	94,597		2,176,677
BancorpSouth Bank	122,363		3,466,544
BankUnited Inc	140,365		5,992,182
Cathay General Bancorp	96,281		3,789,620
City Holding Co	22,698		1,707,798
Community Trust Bancorp Inc	22,859		923,046
Customers Bancorp Inc ^(a)	44,021		1,716,379
CVB Financial Corp	143,304		2,950,629
Dime Community Bancshares Inc	55,788		1,875,593
Eagle Bancorp Inc	33,478		1,877,446
Enterprise Financial Services Corp	31,946		1,481,975
FB Financial Corp	43,466		1,622,151
First Busey Corp	44,824		1,105,360
First Financial Bancorp	87,850		2,075,896
First Financial Corp	15,989		652,671
First Foundation Inc	44,446		1,000,480
First Merchants Corp	44,367		1,848,773
German American Bancorp Inc	15,497		576,488
Hanmi Financial Corp	42,873		817,159
Hilltop Holdings Inc	202,723		7,379,117
Home BancShares Inc	170,625		4,211,025
Hope Bancorp Inc	186,860		2,649,675
Horizon Bancorp Inc	32,214		561,490
Independent Bank Corp	26,751		580,764
Independent Bank Group Inc	55,598		4,113,140
Kearny Financial Corp	99,366		1,187,424
Lakeland Bancorp Inc	43,414		758,877
Lakeland Financial Corp	36,486		2,248,997
Merchants Bancorp	12,581		493,678
Meta Financial Group Inc	58,307		2,952,083
Metropolitan Bank Holding Corp ^(a)	13,688		824,291

See accompanying notes.

157


Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Banks (continued)
Midland States Bancorp Inc	21,511	$	565,094
Origin Bancorp Inc	13,684		581,023
Preferred Bank	20,608		1,303,868
Premier Financial Corp	31,196		886,278
Sandy Spring Bancorp Inc	43,346		1,912,859
ServisFirst Bancshares Inc	51,047		3,470,175
Silvergate Capital Corp, Class A ^(a)	75,545		8,560,759
Simmons First National Corp, Class A	151,455		4,443,690
Stock Yards Bancorp Inc	18,777		955,562
Texas Capital Bancshares Inc ^(a)	151,118		9,594,482
Tompkins Financial Corp	10,252		795,145
TriCo Bancshares	19,895		847,129
Triumph Bancorp Inc ^(a)	32,105		2,383,796
UMB Financial Corp	51,571		4,799,197
United Community Banks Inc	126,893		4,061,845
Valley National Bancorp	677,086		9,093,265
Veritex Holdings Inc	78,657		2,785,244
Washington Trust Bancorp Inc	19,888		1,021,249
Webster Financial Corp	144,995		7,734,033
Wintrust Financial Corp	109,243		8,262,048
		$	146,312,156

Beverages — 0.05%
MGP Ingredients Inc	11,510		778,536

Biotechnology — 2.38%
Agenus Inc ^(a)	411,860		2,261,111
Altimmune Inc ^(a),(b)	106,915		1,053,113
Avid Bioservices Inc ^(a)	62,869		1,612,590
Avidity Biosciences Inc ^(a)	39,569		977,750
Cara Therapeutics Inc ^(a)	56,757		809,922
Cardiff Oncology Inc ^(a),(b)	141,018		937,770
Celldex Therapeutics Inc ^(a)	74,731		2,499,005
Curis Inc ^(a),(b)	136,707		1,103,225
ImmunoGen Inc ^(a)	181,079		1,193,311
Innoviva Inc ^(a)	120,380		1,614,296
Intercept Pharmaceuticals Inc ^(a)	86,174		1,720,895
Lexicon Pharmaceuticals Inc ^(a)	165,957		761,743
Ligand Pharmaceuticals Inc ^(a)	47,567		6,240,315
Lineage Cell Therapeutics Inc ^(a),(b)	114,773		327,103
Myriad Genetics Inc ^(a)	88,249		2,698,654
Oncternal Therapeutics Inc ^(a),(b)	75,369		358,003
Organogenesis Holdings Inc ^(a)	42,242		702,062
Prothena Corp PLC ^(a)	17,197		884,098
Puma Biotechnology Inc ^(a)	44,894		412,127
Radius Health Inc ^(a)	44,697		815,273
Selecta Biosciences Inc ^(a)	137,914		576,480
Sesen Bio Inc ^(a)	448,671		2,072,860
Strongbridge Biopharma PLC ^(a)	93,756		278,455
Surface Oncology Inc ^(a)	152,090		1,134,591
Sutro Biopharma Inc ^(a)	57,425		1,067,531
TransMedics Group Inc ^(a)	32,726		1,085,849
Vericel Corp ^(a)	68,458		3,594,045
		$	38,792,177

Chemicals — 3.80%
AdvanSix Inc ^(a)	28,866		861,939
Cabot Corp	63,886		3,637,030
Chemours Co/The	221,106		7,694,489
Element Solutions Inc	380,385		8,893,401
HB Fuller Co	108,313		6,889,790
Ingevity Corp ^(a)	50,029		4,070,359
Koppers Holdings Inc ^(a)	25,601		828,192

See accompanying notes.

158


Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Chemicals (continued)
Minerals Technologies Inc	26,200	$	2,061,154
Sensient Technologies Corp	66,924		5,792,942
Valvoline Inc	410,531		13,325,836
W R Grace & Co	111,924		7,736,187
		$	61,791,319

Coal — 0.04%
SunCoke Energy Inc	91,243	��	651,475

Commercial Services — 4.39%
ABM Industries Inc	68,522		3,038,951
ASGN Inc ^(a)	44,825		4,344,887
CAI International Inc	27,584		1,544,704
Carriage Services Inc	20,767		767,756
Cass Information Systems Inc	21,274		866,916
CorVel Corp ^(a)	10,668		1,432,712
CRA International Inc	4,946		423,378
Deluxe Corp	52,968		2,530,281
EVERTEC Inc	119,171		5,201,814
Graham Holdings Co, Class B	4,902		3,107,378
H&R Block Inc	397,616		9,336,024
Hackett Group Inc/The	21,245		382,835
Herc Holdings Inc ^(a)	27,639		3,097,503
Insperity Inc	52,795		4,771,084
John Wiley & Sons Inc, Class A	58,262		3,506,207
Kforce Inc	28,352		1,784,191
Korn Ferry	62,840		4,559,042
Medifast Inc	11,600		3,282,568
Monro Inc	44,739		2,841,374
Progyny Inc ^(a)	82,574		4,871,866
Rent-A-Center Inc	69,730		3,700,571
Resources Connection Inc	44,373		637,196
Triton International Ltd	103,081		5,395,260
		$	71,424,498

Computers — 1.67%
Diebold Nixdorf Inc ^(a)	86,480		1,110,403
ExlService Holdings Inc ^(a)	41,607		4,421,160
Insight Enterprises Inc ^(a)	49,419		4,942,394
NCR Corp ^(a)	207,140		9,447,655
Rimini Street Inc ^(a)	36,448		224,520
Super Micro Computer Inc ^(a)	50,762		1,785,807
Sykes Enterprises Inc ^(a)	39,425		2,117,123
TTEC Holdings Inc	30,068		3,099,710
		$	27,148,772

Construction Materials — 1.64%
Apogee Enterprises Inc	38,739		1,577,839
Boise Cascade Co	44,365		2,588,698
Griffon Corp	42,489		1,088,993
Louisiana-Pacific Corp	192,985		11,635,066
Patrick Industries Inc	26,728		1,951,144
PGT Innovations Inc ^(a)	43,413		1,008,484
UFP Industries Inc	63,169		4,695,983
US Concrete Inc ^(a)	29,720		2,193,336
		$	26,739,543

Distribution/Wholesale — 1.34%
Avient Corp	86,242		4,239,657
Core-Mark Holding Co Inc	18,832		847,628
G-III Apparel Group Ltd ^(a)	60,615		1,991,809
H&E Equipment Services Inc	28,838		959,440
Resideo Technologies Inc ^(a)	138,686		4,160,580

See accompanying notes.

159


Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Distribution/Wholesale (continued)
Titan Machinery Inc ^(a)	31,478	$	973,930
Veritiv Corp ^(a)	18,753		1,151,809
WESCO International Inc ^(a)	72,721		7,477,173
		$	21,802,026

Diversified Financial Services — 4.10%
Alliance Data Systems Corp	95,568		9,957,230
B. Riley Financial Inc	45,602		3,442,951
Brightsphere Investment Group Inc	100,050		2,344,171
Cowen Inc, Class A	85,169		3,496,187
Diamond Hill Investment Group Inc	4,955		829,021
Enova International Inc ^(a)	70,558		2,413,789
Evercore Inc, Class A	81,293		11,443,616
Federated Hermes Inc	164,331		5,572,464
Moelis & Co, Class A	136,177		7,747,110
Mr Cooper Group Inc ^(a)	232,342		7,681,227
Navient Corp	434,084		8,390,844
Virtus Investment Partners Inc	12,466		3,462,681
		$	66,781,291

Electric — 1.96%
Avista Corp	95,874		4,090,944
Evoqua Water Technologies Corp ^(a)	311,214		10,512,809
Hawaiian Electric Industries Inc	149,392		6,316,294
IDACORP Inc	98,437		9,597,607
Spark Energy Inc, Class A ^(b)	41,242		467,272
Unitil Corp	17,940		950,282
		$	31,935,208

Electrical Components & Equipment — 0.98%
Acuity Brands Inc	63,806		11,933,636
Energizer Holdings Inc	71,933		3,091,681
Insteel Industries Inc	16,187		520,412
Powell Industries Inc	11,898		368,243
		$	15,913,972

Electronics — 3.15%
Advanced Energy Industries Inc	34,171		3,851,413
Atkore Inc ^(a)	67,055		4,760,905
Avnet Inc	189,927		7,612,274
Badger Meter Inc	48,122		4,721,731
Benchmark Electronics Inc	41,502		1,181,147
Comtech Telecommunications Corp	46,306		1,118,753
Fluidigm Corp ^(a),(b)	254,089		1,565,188
OSI Systems Inc ^(a)	34,416		3,498,042
Sanmina Corp ^(a)	76,613		2,984,843
SYNNEX Corp	58,646		7,140,737
Vishay Intertechnology Inc	197,456		4,452,633
Watts Water Technologies Inc, Class A	57,082		8,328,835
		$	51,216,501

Energy — Alternate Sources — 0.33%
Alto Ingredients Inc ^(a)	425,428		2,599,365
Green Plains Inc ^(a)	84,344		2,835,645
		$	5,435,010

Engineering & Construction — 0.84%
Arcosa Inc	37,478		2,201,458
Comfort Systems USA Inc	40,480		3,189,419
Construction Partners Inc, Class A ^(a)	64,387		2,021,752
Granite Construction Inc	52,767		2,191,414
MYR Group Inc ^(a)	20,647		1,877,225

See accompanying notes.

160


Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Engineering & Construction (continued)
Primoris Services Corp	77,177	$	2,271,319
		$	13,752,587

Entertainment — 0.09%
Bally's Corp ^(a)	27,031		1,462,647

Environmental Control — 0.08%
Energy Recovery Inc ^(a)	55,994		1,275,543

Food — 1.42%
B&G Foods Inc ^(b)	147,970		4,853,416
Hain Celestial Group Inc/The ^(a)	82,107		3,294,133
Hostess Brands Inc ^(a)	270,867		4,385,337
Ingles Markets Inc, Class A	14,145		824,229
Natural Grocers by Vitamin Cottage Inc	9,142		98,185
Seaboard Corp	133		514,541
Simply Good Foods Co/The ^(a)	67,769		2,474,246
SpartanNash Co	40,999		791,691
Sprouts Farmers Market Inc ^(a)	234,209		5,820,093
		$	23,055,871

Food Service — 0.22%
Healthcare Services Group Inc	111,589		3,522,865

Forest Products & Paper — 0.15%
Neenah Inc	20,543		1,030,642
Schweitzer-Mauduit International Inc	33,172		1,339,486
		$	2,370,128

Gas — 1.12%
Chesapeake Utilities Corp	19,981		2,404,314
South Jersey Industries Inc	271,073		7,028,923
Southwest Gas Holdings Inc	132,539		8,772,756
		$	18,205,993

Hand/Machine Tools — 0.23%
Franklin Electric Co Inc	46,828		3,775,273

Healthcare — Products — 3.49%
Accelerate Diagnostics Inc ^(a)	31,886		257,001
Accuray Inc ^(a)	97,044		438,639
AngioDynamics Inc ^(a)	41,931		1,137,588
Atrion Corp	1,647		1,022,672
Avanos Medical Inc ^(a)	42,241		1,536,305
AxoGen Inc ^(a)	32,214		696,145
Axonics Inc ^(a)	90,204		5,719,836
Castle Biosciences Inc ^(a)	26,760		1,962,311
ClearPoint Neuro Inc ^(a)	32,869		627,469
Co-Diagnostics Inc ^(a),(b)	135,613		1,118,807
CONMED Corp	58,071		7,980,697
Inogen Inc ^(a)	22,845		1,488,809
Invacare Corp ^(a)	42,150		340,150
LeMaitre Vascular Inc	18,980		1,158,160
Meridian Bioscience Inc ^(a)	59,799		1,326,342
Natus Medical Inc ^(a)	28,352		736,585
NuVasive Inc ^(a)	134,998		9,150,164
Orthofix Medical Inc ^(a)	18,274		732,970
Patterson Cos Inc	137,093		4,166,256
Quanterix Corp ^(a)	33,557		1,968,454
Shockwave Medical Inc ^(a)	35,906		6,812,445
SI-BONE Inc ^(a)	40,306		1,268,430
Sientra Inc ^(a)	70,560		561,658

See accompanying notes.

161


Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Healthcare — Products (continued)
Silk Road Medical Inc ^(a)	55,344	$	2,648,764
T2 Biosystems Inc ^(a),(b)	683,595		813,478
Varex Imaging Corp ^(a)	42,726		1,145,911
		$	56,816,046

Healthcare — Services — 1.78%
Brookdale Senior Living Inc ^(a)	161,793		1,278,165
Community Health Systems Inc ^(a)	134,906		2,082,949
Ensign Group Inc/The	41,086		3,560,924
MEDNAX Inc ^(a)	99,402		2,996,970
ModivCare Inc ^(a)	10,534		1,791,517
National HealthCare Corp	4,933		344,817
Neuronetics Inc ^(a)	36,902		591,170
OPKO Health Inc ^(a)	793,402		3,213,278
Pennant Group Inc/The ^(a)	15,136		619,062
Personalis Inc ^(a)	106,540		2,695,462
Select Medical Holdings Corp	72,860		3,079,064
Surgery Partners Inc ^(a)	39,829		2,653,408
Tivity Health Inc ^(a)	92,708		2,439,147
Triple-S Management Corp, Class B ^(a)	14,136		314,809
US Physical Therapy Inc	11,871		1,375,493
		$	29,036,235

Home Builders — 0.86%
Century Communities Inc	40,732		2,710,307
Forestar Group Inc ^(a)	38,918		813,776
Hovnanian Enterprises Inc, Class A ^(a)	4,784		508,491
LCI Industries	22,185		2,915,553
Taylor Morrison Home Corp, Class A ^(a)	118,265		3,124,561
TRI Pointe Homes Inc ^(a)	186,309		3,992,602
		$	14,065,290

Home Furnishings — 1.53%
Ethan Allen Interiors Inc	47,307		1,305,673
iRobot Corp ^(a)	63,016		5,885,064
Lovesac Co/The ^(a)	28,221		2,251,754
Sleep Number Corp ^(a)	45,370		4,988,431
Sonos Inc ^(a)	284,446		10,021,033
Universal Electronics Inc ^(a)	10,136		491,596
		$	24,943,551

Household Products — 0.20%
Edgewell Personal Care Co	75,678		3,322,264

Household Products/Wares — 0.45%
ACCO Brands Corp	51,340		443,064
Central Garden & Pet Co, Class A ^(a)	35,688		1,723,731
Quanex Building Products Corp	48,912		1,214,974
Spectrum Brands Holdings Inc	45,732		3,889,049
		$	7,270,818

Housewares — 0.13%
Tupperware Brands Corp ^(a)	89,621		2,128,499

Insurance — 2.51%
American National Group Inc	11,256		1,672,079
CNO Financial Group Inc	264,193		6,240,239
Enstar Group Ltd ^(a)	10,855		2,593,476
Hanover Insurance Group Inc/The	82,725		11,220,819
Mercury General Corp	108,159		7,024,927
Radian Group Inc	403,748		8,983,393
Stewart Information Services Corp	54,241		3,074,922
		$	40,809,855

See accompanying notes.

162


Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Internet — 1.36%
Cargurus Inc ^(a)	229,036	$	6,007,614
ChannelAdvisor Corp ^(a)	34,802		852,997
HealthStream Inc ^(a)	32,062		895,812
Perficient Inc ^(a)	57,011		4,584,825
Revolve Group Inc ^(a)	99,010		6,821,789
Shutterstock Inc	30,344		2,978,871
		$	22,141,908

Investment Companies — 0.04%
Altus Midstream Co, Class A	9,191		620,484

Iron & Steel — 0.34%
Commercial Metals Co	181,894		5,587,784

Leisure Time — 0.91%
Acushnet Holdings Corp	57,849		2,857,740
Camping World Holdings Inc, Class A	127,402		5,222,208
OneWater Marine Inc, Class A	9,366		393,653
Vista Outdoor Inc ^(a)	135,331		6,263,119
		$	14,736,720

Lodging — 0.02%
Full House Resorts Inc ^(a)	28,722		285,497

Machinery — Construction & Mining — 0.30%
Terex Corp	101,158		4,817,144

Machinery — Diversified — 2.25%
Albany International Corp, Class A	29,902		2,669,053
Altra Industrial Motion Corp	66,974		4,354,649
Applied Industrial Technologies Inc	33,808		3,078,556
Cactus Inc, Class A	52,690		1,934,777
Crane Co	75,923		7,013,008
Curtiss-Wright Corp	51,780		6,149,393
Ichor Holdings Ltd ^(a)	30,264		1,628,203
Kadant Inc	11,121		1,958,297
Lindsay Corp	17,796		2,941,323
Mueller Water Products Inc, Class A	235,345		3,393,675
Tennant Co	19,810		1,581,828
		$	36,702,762

Media — 1.32%
AMC Networks Inc, Class A ^(a)	83,578		5,583,010
Audacy Inc ^(a)	148,506		640,061
EW Scripps Co/The Class A	55,855		1,138,884
Gray Television Inc	103,202		2,414,927
Meredith Corp ^(a)	36,103		1,568,314
Sinclair Broadcast Group Inc, Class A	109,318		3,631,544
TEGNA Inc	280,811		5,268,014
WideOpenWest Inc ^(a)	61,537		1,274,431
		$	21,519,185

Metal Fabrication & Hardware — 1.07%
AZZ Inc	38,701		2,003,938
Helios Technologies Inc	21,925		1,711,246
Mueller Industries Inc	55,503		2,403,835
Valmont Industries Inc	37,092		8,755,567
Worthington Industries Inc	41,118		2,515,599
		$	17,390,185

Mining — 0.13%
Kaiser Aluminum Corp	16,649		2,055,985

See accompanying notes.

163


Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Miscellaneous Manufacture — 0.87%
EnPro Industries Inc	21,040	$	2,044,036
Federal Signal Corp	61,653		2,480,300
Hillenbrand Inc	82,034		3,616,059
Myers Industries Inc	32,681		686,301
Standex International Corp	13,301		1,262,398
Trinseo SA	68,671		4,109,273
		$	14,198,367

Office & Business Equipment — 0.72%
Pitney Bowes Inc	162,091		1,421,538
Xerox Holding Corp	441,525		10,371,422
		$	11,792,960

Office Furnishings — 0.21%
HNI Corp	51,749		2,275,403
Interface Inc	46,176		706,493
Kimball International Inc, Class B	37,384		491,600
		$	3,473,496

Oil & Gas — 2.61%
Bonanza Creek Energy Inc	28,556		1,344,131
Callon Petroleum Co ^(a)	143,680		8,288,899
Cimarex Energy Co	144,183		10,446,058
Matador Resources Co	177,104		6,377,515
Par Pacific Holdings Inc ^(a)	64,746		1,089,028
Patterson-UTI Energy Inc	222,088		2,207,555
PDC Energy Inc	99,970		4,577,626
Transocean Ltd ^(a)	1,818,779		8,220,881
		$	42,551,693

Oil & Gas Services — 0.82%
Archrock Inc	179,001		1,594,899
ChampionX Corp ^(a)	162,004		4,155,403
Core Laboratories N.V.	66,388		2,585,813
Helix Energy Solutions Group Inc ^(a)	225,828		1,289,478
Oceaneering International Inc ^(a)	104,036		1,619,841
ProPetro Holding Corp ^(a)	101,133		926,378
Solaris Oilfield Infrastructure Inc, Class A	45,883		446,900
TETRA Technologies Inc ^(a)	166,472		722,488
		$	13,341,200

Packaging & Containers — 0.78%
Greif Inc, Class A	40,282		2,439,075
Matthews International Corp, Class A	21,418		770,191
O-I Glass Inc ^(a)	237,193		3,873,362
Silgan Holdings Inc	134,224		5,570,296
		$	12,652,924

Pharmaceuticals — 6.19%
Aclaris Therapeutics Inc ^(a)	32,237		566,082
Adamas Pharmaceuticals Inc ^(a)	63,641		336,024
AdaptHealth Corp ^(a)	134,989		3,700,049
Agios Pharmaceuticals Inc ^(a)	93,366		5,145,400
Akebia Therapeutics Inc ^(a)	490,963		1,860,750
Alkermes PLC ^(a)	204,572		5,016,105
Amneal Pharmaceuticals Inc ^(a)	148,351		759,557
Anika Therapeutics Inc ^(a)	16,193		700,995
Arvinas Inc ^(a)	62,999		4,850,923
BioDelivery Sciences International Inc ^(a)	170,455		610,229
Cassava Sciences Inc ^(a),(b)	114,468		9,780,146
cbdMD Inc ^(a),(b)	70,613		204,778
Clovis Oncology Inc ^(a),(b)	614,705		3,565,289

See accompanying notes.

164


Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Pharmaceuticals (continued)
Coherus Biosciences Inc ^(a)	189,276	$	2,617,687
Collegium Pharmaceutical Inc ^(a)	70,307		1,662,058
Eagle Pharmaceuticals Inc ^(a)	20,183		863,832
Endo International PLC ^(a)	377,840		1,768,291
Heat Biologics Inc ^(a)	126,702		852,704
Heska Corp ^(a)	11,088		2,547,246
Intellia Therapeutics Inc ^(a)	84,660		13,707,301
Ironwood Pharmaceuticals Inc ^(a)	311,553		4,009,687
Jaguar Health Inc ^(a),(b)	1,166,386		1,842,890
Jounce Therapeutics Inc ^(a)	37,277		253,484
Lannett Co Inc ^(a)	60,426		282,189
MannKind Corp ^(a),(b)	309,543		1,687,009
Novan Inc ^(a),(b)	65,404		657,964
Ocular Therapeutix Inc ^(a)	115,560		1,638,641
Owens & Minor Inc	84,539		3,578,536
Pacira BioSciences Inc ^(a)	77,930		4,728,792
Paratek Pharmaceuticals Inc ^(a)	56,067		382,377
PetIQ Inc ^(a)	44,325		1,710,945
Phibro Animal Health Corp, Class A	28,312		817,651
Premier Inc, Class A	176,148		6,128,189
Prestige Consumer Healthcare Inc ^(a)	123,844		6,452,272
Supernus Pharmaceuticals Inc ^(a)	86,628		2,667,276
USANA Health Sciences Inc ^(a)	10,627		1,088,524
Vanda Pharmaceuticals Inc ^(a)	66,539		1,431,254
Voyager Therapeutics Inc ^(a)	74,554		307,908
		$	100,781,034

Pipelines — 0.47%
Antero Midstream Corp	742,788		7,717,567

Real Estate — 0.86%
Alexander & Baldwin Inc	103,827		1,902,111
Kennedy-Wilson Holdings Inc	173,957		3,456,525
RE/MAX Holdings Inc, Class A	21,353		711,695
Realogy Holdings Corp ^(a)	205,044		3,735,902
RMR Group Inc/The, Class A	14,972		578,518
St Joe Co/The	80,421		3,587,581
		$	13,972,332

REITs — 7.29%
Alexander's Inc	3,187		853,957
Ares Commercial Real Estate Corp	131,206		1,927,416
Brandywine Realty Trust	594,544		8,151,198
CareTrust REIT Inc	200,112		4,648,602
Corporate Office Properties Trust	349,420		9,780,266
CTO Realty Growth Inc	12,407		664,023
Essential Properties Realty Trust Inc	238,735		6,455,394
GEO Group Inc/The	823,142		5,860,771
Getty Realty Corp	77,812		2,423,844
Healthcare Realty Trust Inc	335,903		10,144,271
Industrial Logistics Properties Trust	117,537		3,072,417
KKR Real Estate Finance Trust Inc	151,296		3,272,532
LTC Properties Inc	91,958		3,530,268
Macerich Co/The	914,854		16,696,085
National Health Investors Inc	98,345		6,594,032
PotlatchDeltic Corp	127,903		6,798,044
Retail Value Inc	37,629		818,431
Sabra Health Care REIT Inc	577,812		10,516,178
Tanger Factory Outlet Centers Inc	619,394		11,675,577
UMH Properties Inc	55,468		1,210,312
Urban Edge Properties	189,329		3,616,184
		$	118,709,802

See accompanying notes.

165


Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Retail — 7.65%
American Eagle Outfitters Inc	366,057	$	13,738,119
Asbury Automotive Group Inc ^(a)	22,501		3,855,996
At Home Group Inc ^(a)	140,779		5,186,298
Bassett Furniture Industries Inc	7,424		180,774
Big 5 Sporting Goods Corp ^(b)	79,881		2,051,344
Big Lots Inc	98,749		6,518,421
BlueLinx Holdings Inc ^(a)	15,601		784,418
Buckle Inc/The	58,839		2,927,240
Caleres Inc	32,795		894,976
Chuy's Holdings Inc ^(a)	13,906		518,138
Citi Trends Inc ^(a)	19,200		1,670,400
Container Store Group Inc/The ^(a)	89,409		1,165,893
Dick's Sporting Goods Inc	140,631		14,089,820
Dillard's Inc, Class A	33,104		5,987,852
Duluth Holdings Inc, Class B ^(a)	22,087		456,097
Franchise Group Inc	22,339		787,897
GMS Inc ^(a)	44,554		2,144,830
Group 1 Automotive Inc	20,494		3,164,888
Haverty Furniture Cos Inc	24,744		1,058,053
Hibbett Inc ^(a)	46,782		4,193,071
Jack in the Box Inc	66,222		7,379,780
Kirkland's Inc ^(a),(b)	47,067		1,076,893
La-Z-Boy Inc	70,122		2,597,319
Lazydays Holdings Inc ^(a)	13,548		298,056
Lumber Liquidators Holdings Inc ^(a)	61,357		1,294,633
MarineMax Inc ^(a)	44,548		2,171,270
MSC Industrial Direct Co Inc, Class A	118,806		10,660,462
National Vision Holdings Inc ^(a)	110,739		5,662,085
Nu Skin Enterprises Inc, Class A	49,931		2,828,591
PC Connection Inc	12,101		559,913
PriceSmart Inc	26,820		2,440,888
Rush Enterprises Inc, Class A	35,923		1,553,311
Ruth's Hospitality Group Inc ^(a)	51,922		1,195,764
Sally Beauty Holdings Inc ^(a)	178,762		3,945,277
Signet Jewelers Ltd ^(a)	76,779		6,202,975
Sonic Automotive Inc, Class A	37,612		1,682,761
World Fuel Services Corp	51,945		1,648,215
		$	124,572,718

Savings & Loans — 2.06%
Axos Financial Inc ^(a)	83,674		3,881,637
Berkshire Hills Bancorp Inc	70,312		1,927,252
Flushing Financial Corp	39,604		848,714
Investors Bancorp Inc	729,452		10,401,985
Northfield Bancorp Inc	49,462		811,177
OceanFirst Financial Corp	81,869		1,706,150
Pacific Premier Bancorp Inc	128,169		5,420,267
Provident Financial Services Inc	89,550		2,049,799
WSFS Financial Corp	140,044		6,524,650
		$	33,571,631

Semiconductors — 1.63%
Amkor Technology Inc	172,264		4,077,489
CMC Material Inc	24,095		3,632,080
Cohu Inc ^(a)	83,894		3,086,460
CTS Corp	33,126		1,230,962
SMART Global Holdings Inc ^(a)	34,022		1,622,169
Synaptics Inc ^(a)	71,731		11,159,909
Veeco Instruments Inc ^(a)	71,540		1,719,822
		$	26,528,891

Software — 3.27%
Altair Engineering Inc, Class A ^(a)	42,696		2,944,743

See accompanying notes.

166


Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Software (continued)
American Software Inc, Class A	28,545	$	626,848
Apollo Medical Holdings Inc ^(a)	12,200		766,282
Blackbaud Inc ^(a)	69,542		5,324,831
BM Technologies Inc ^(a)	3,549		44,150
Castlight Health Inc, Class B ^(a)	110,182		289,779
Cerence Inc ^(a)	73,420		7,834,648
CommVault Systems Inc ^(a)	69,755		5,452,748
Computer Programs & Systems Inc	14,853		493,565
CSG Systems International Inc	57,747		2,724,503
Donnelley Financial Solutions Inc ^(a)	36,379		1,200,507
Ebix Inc	48,922		1,658,456
Evolent Health Inc, Class A ^(a)	83,061		1,754,248
Health Catalyst Inc ^(a)	96,056		5,332,069
Inovalon Holdings Inc, Class A ^(a)	82,848		2,823,460
NextGen Healthcare Inc ^(a)	57,677		956,861
Phreesia Inc ^(a)	61,770		3,786,501
Progress Software Corp	62,886		2,908,478
QAD Inc, Class A	8,157		709,822
Sciplay Corp, Class A ^(a)	81,286		1,377,798
Simulations Plus Inc	29,557		1,622,975
Xperi Holding Corp	119,216		2,651,364
		$	53,284,636

Telecommunications — 2.39%
Cambium Networks Corp ^(a)	27,286		1,319,278
Casa Systems Inc ^(a)	68,273		605,581
Clearfield Inc ^(a)	24,031		899,961
CommScope Holding Co Inc ^(a)	431,737		9,200,315
Consolidated Communications Holdings Inc ^(a)	60,869		535,039
EchoStar Corp, Class A ^(a)	150,061		3,644,982
IDT Corp, Class B ^(a)	15,852		585,890
InterDigital Inc	65,210		4,762,286
Loral Space & Communications Inc	25,394		986,557
NETGEAR Inc ^(a)	77,958		2,987,351
Ribbon Communications Inc ^(a)	107,026		814,468
Switch Inc, Class A	334,474		7,060,746
Telephone & Data Systems Inc	240,456		5,448,733
		$	38,851,187

Toys, Games & Hobbies — 0.15%
Funko Inc, Class A ^(a)	111,784		2,378,764

Transportation — 1.43%
ArcBest Corp	33,788		1,966,124
Atlas Air Worldwide Holdings Inc ^(a)	93,898		6,395,393
Daseke Inc ^(a)	49,349		319,782
Forward Air Corp	36,659		3,290,145
International Seaways Inc	26,467		507,637
Matson Inc	50,797		3,251,008
Ryder System Inc	96,247		7,154,039
US Xpress Enterprises Inc, Class A ^(a)	41,170		354,062
		$	23,238,190

Water — 0.38%
California Water Service Group	71,247		3,957,058
SJW Group	35,766		2,263,988
		$	6,221,046
TOTAL COMMON STOCKS		$	1,623,399,604

See accompanying notes.

167


Schedule of Investments
Principal U.S. Small-Cap Multi-Factor ETF
June 30, 2021

INVESTMENT COMPANIES — 1.24%	Shares Held		Value
Money Market Funds — 1.24%
Principal Government Money Market Fund — Institutional Class 0.00% ^{(a),(c),(d),(e)}	16,551,960	$	16,551,960
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(e)	3,663,799		3,663,799
TOTAL INVESTMENT COMPANIES		$	20,215,759
Total Investments		$	1,643,615,363
Other Assets and Liabilities — (0.96)%			(15,612,064	)
Total Net Assets — 100.00%		$	1,628,003,299

^(a)	Non-income producing security.
^(b)	Security or a portion of the security was on loan. At the end of the period, the value of these securities totaled $16,161,357 or 0.99% of net assets.
^(c)	Security or a portion of the security was received as collateral for securities lending. At the end of the period, the value of these securities totaled $16,551,960 or 1.02% of net assets.
^(d)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.00% or more of the outstanding voting shares of the security).
	Please see Affiliated Securities sub-schedule for transactional information.
^(e)	Current yield shown is as of period end.


Portfolio Summary (unaudited)
Sector					Percent
Financial					25.85	%
Consumer, Non-cyclical					20.48	%
Consumer, Cyclical					15.11	%
Industrial					13.76	%
Technology					7.30	%
Communications					5.07	%
Basic Materials					4.41	%
Energy					4.28	%
Utilities					3.46	%
Money Market Funds					1.24	%
Other Assets and Liabilities					(0.96	)%
TOTAL NET ASSETS					100.00	%

			June 30, 2020		Purchases			Sales		June 30, 2021
Affiliated Securities			Value		Cost			Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	13,835,298	$	211,907,367		$	209,190,705	$	16,551,960
		$	13,835,298	$	211,907,367		$	209,190,705	$	16,551,960

								Realized Gain
					Realized			from		Change in
					Gain/Loss on			Capital Gain		Unrealized
			Income ^(a)		Investments			Distributions		Gain/Loss
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	—	$	—		$	—	$	—
		$	—	$	—		$	—	$	—

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

See accompanying notes.

168


Schedule of Investments
Principal Value ETF
June 30, 2021

COMMON STOCKS — 99.54%	Shares Held		Value
Advertising — 1.75%
Interpublic Group of Cos Inc/The	24,011	$	780,117
Aerospace & Defense — 3.56%
General Dynamics Corp	2,573		484,393
L3Harris Technologies Inc	1,424		307,798
Lockheed Martin Corp	1,210		457,803
Northrop Grumman Corp	920		334,356
		$	1,584,350

Agriculture — 2.94%
Altria Group Inc	27,402		1,306,527
Banks — 5.33%
Citigroup Inc	7,280		515,060
First Horizon Corp	41,990		725,587
Regions Financial Corp	26,982		544,497
State Street Corp	7,115		585,422
		$	2,370,566

Biotechnology — 0.98%
Amgen Inc	1,786		435,337
Building Materials — 1.10%
Fortune Brands Home & Security Inc	1,944		193,642
Masco Corp	2,691		158,527
Vulcan Materials Co	794		138,211
		$	490,380

Chemicals — 3.23%
Celanese Corp	1,985		300,926
Dow Inc	12,298		778,218
NewMarket Corp	729		234,723
Sherwin-Williams Co/The	455		123,965
		$	1,437,832

Commercial Services — 3.81%
Automatic Data Processing Inc	1,718		341,229
Booz Allen Hamilton Holding Corp	2,658		226,408
ManpowerGroup Inc	3,828		455,188
Quanta Services Inc	624		56,516
Robert Half International Inc	4,036		359,083
Service Corp International	4,795		256,964
		$	1,695,388

Computers — 3.12%
Apple Inc	728		99,707
Cognizant Technology Solutions Corp, Class A	2,110		146,139
Genpact Ltd	3,364		152,826
HP Inc	14,576		440,049
NetApp Inc	6,712		549,176
		$	1,387,897

Construction Materials — 0.96%
Lennox International Inc	583		204,517
Owens Corning	2,258		221,058
		$	425,575

Distribution/Wholesale — 1.05%
Fastenal Co	8,965		466,180
Diversified Financial Services — 7.65%
Ameriprise Financial Inc	1,375		342,210
Cboe Global Markets Inc	2,443		290,839
Jefferies Financial Group Inc	12,144		415,325

See accompanying notes.

169


Schedule of Investments
Principal Value ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value

Diversified Financial Services (continued)
Raymond James Financial Inc	1,908	$	247,849
Santander Consumer USA Holdings Inc	17,477		634,765
Synchrony Financial	9,454		458,708
T Rowe Price Group Inc	2,156		426,823
Western Union Co/The	25,585		587,688
		$	3,404,207

Electric — 1.14%
NRG Energy Inc	12,581		507,014

Electrical Components & Equipment — 0.22%
AMETEK Inc	730		97,455

Electronics — 1.27%
Allegion PLC	1,461		203,517
Hubbell Inc	1,924		359,480
		$	562,997

Environmental Control — 0.16%
Tetra Tech Inc	590		72,004

Food — 1.76%
Kroger Co/The	9,589		367,355
Tyson Foods Inc, Class A	5,617		414,310
		$	781,665

Gas — 1.48%
UGI Corp	14,209		658,019

Hand/Machine Tools — 0.93%
Snap-on Inc	1,848		412,899

Healthcare — Services — 1.94%
Anthem Inc	564		215,335
Humana Inc	231		102,268
Quest Diagnostics Inc	2,316		305,643
UnitedHealth Group Inc	603		241,465
		$	864,711

Home Builders — 2.07%
DR Horton Inc	1,970		178,029
Lennar Corp, Class A	1,424		141,474
PulteGroup Inc	3,705		202,182
Thor Industries Inc	2,149		242,837
Toll Brothers Inc	2,735		158,110
		$	922,632

Home Furnishings — 1.00%
Whirlpool Corp	2,032		443,017

Household Products/Wares — 0.69%
Clorox Co/The	1,714		308,366

Housewares — 1.67%
Newell Brands Inc	27,057		743,256

Insurance — 15.49%
Aflac Inc	7,587		407,118
Alleghany Corp ^(a)	557		371,558
Allstate Corp/The	2,658		346,710
American Financial Group Inc	6,601		823,277
Assurant Inc	2,194		342,659
Essent Group Ltd	5,183		232,976
Fidelity National Financial Inc	13,054		567,327
First American Financial Corp	9,494		591,951
Hartford Financial Services Group Inc/The	7,528		466,510

See accompanying notes.

170


Schedule of Investments
Principal Value ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value
Insurance (continued)
Old Republic International Corp	31,906	$	794,778
Primerica Inc	1,217		186,371
Progressive Corp/The	4,497		441,650
Prudential Financial Inc	9,391		962,296
Travelers Cos Inc/The	2,383		356,759
		$	6,891,940

Internet — 0.93%
CDW Corp	1,070		186,876
eBay Inc	3,258		228,744
		$	415,620

Iron & Steel — 0.77%
Reliance Steel & Aluminum Co	2,279		343,901
Leisure Time — 1.46%
Brunswick Corp	2,116		210,796
Polaris Inc	3,193		437,313
		$	648,109

Machinery — Construction & Mining — 0.54%
Oshkosh Corp	1,945		242,425
Machinery — Diversified — 0.20%
AGCO Corp	695		90,614
Media — 1.87%
Fox Corp, Class A	6,838		253,895
Nexstar Media Group Inc, Class A	2,153		318,386
ViacomCBS Inc, Class B	5,780		261,256
		$	833,537

Mining — 0.66%
Newmont Corp	4,605		291,865
Miscellaneous Manufacture — 1.26%
AO Smith Corp	4,345		313,101
Carlisle Cos Inc	1,300		248,794
		$	561,895

Oil & Gas — 1.19%
EOG Resources Inc	6,359		530,595
Packaging & Containers — 1.10%
Sealed Air Corp	4,810		284,992
Silgan Holdings Inc	4,973		206,380
		$	491,372

Pharmaceuticals — 4.46%
Bristol-Myers Squibb Co	8,717		582,470
Cardinal Health Inc	12,697		724,872
CVS Health Corp	6,228		519,664
McKesson Corp	814		155,669
		$	1,982,675

Pipelines — 3.16%
Equitrans Midstream Corp	165,496		1,408,371
REITs — 3.40%
Essex Property Trust Inc	2,454		736,224
VICI Properties Inc	24,990		775,190
		$	1,511,414

See accompanying notes.

171


Schedule of Investments
Principal Value ETF
June 30, 2021

COMMON STOCKS (continued)	Shares Held		Value
Retail — 6.78%
Advance Auto Parts Inc	568	$	116,519
Best Buy Co Inc	3,171		364,602
Dollar General Corp	505		109,277
Home Depot Inc/The	1,258		401,164
Lowe's Cos Inc	1,267		245,760
Qurate Retail Inc, Series A	96,195		1,259,192
Tractor Supply Co	965		179,548
Williams-Sonoma Inc	2,128		339,735
		$	3,015,797

Semiconductors — 3.20%
Broadcom Inc	939		447,753
Entegris Inc	458		56,320
Intel Corp	6,263		351,605
KLA Corp	627		203,280
Texas Instruments Inc	1,901		365,562
		$	1,424,520

Shipbuilding — 0.96%
Huntington Ingalls Industries Inc	2,032		428,244
Software — 0.94%
Cerner Corp	2,023		158,117
Oracle Corp	3,320		258,429
		$	416,546

Telecommunications — 1.36%
Juniper Networks Inc	22,115		604,845
TOTAL COMMON STOCKS		$	44,292,676
INVESTMENT COMPANIES — 0.29%	Shares Held		Value
Money Market Fund — 0.29%
State Street Institutional U.S. Government Money Market Fund — Institutional
Class 0.03% ^(b)	129,538	$	129,538
TOTAL INVESTMENT COMPANIES		$	129,538
Total Investments		$	44,422,214
Other Assets and Liabilities — 0.17%			76,122
Total Net Assets — 100.00%		$	44,498,336

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


Portfolio Summary (unaudited)

Sector	Percent
Financial	31.86	%
Consumer, Non-cyclical	16.57	%
Consumer, Cyclical	14.02	%
Industrial	12.27	%
Technology	7.26	%
Communications	5.92	%
Basic Materials	4.66	%
Energy	4.36	%
Utilities	2.62	%
Money Market Fund	0.29	%
Other Assets and Liabilities	0.17	%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

172


			Schedule of Investments
			Principal Value ETF
			June 30, 2021

			June 30, 2020		Purchases		Sales		June 30, 2021
Affiliated Securities			Value		Cost		Proceeds		Value
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	982,112	$	6,674,868	$	7,656,980	$	—
		$	982,112	$	6,674,868	$	7,656,980	$	—

							Realized Gain
					Realized		from		Change in
					Gain/Loss on		Capital Gain		Unrealized
			Income ^(a)		Investments		Distributions		Gain/Loss
Principal Government Money
Market Fund — Institutional Class
0.00	%	$	—	$	—	$	—	$	—
		$	—	$	—	$	—	$	—

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

See accompanying notes.

173


Financial Highlights
Principal Exchange-Traded Funds



Principal Active Income ETF
For a share outstanding:
		Year ended			Year ended			Year ended			Year ended			Year ended
		June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017

Net asset value, beginning of year ^(e)	$	18.07		$	19.96		$	20.14		$	20.66		$	19.56

Investment Operations: ^(e)
Net investment income (loss) ^(a)		0.77			0.94			0.96			0.89			0.98
Net realized and change in unrealized gain (loss)		2.82			(1.86	)		(0.01	)		(0.25	)		1.11
Total from investment operations		3.59			(0.92	)		0.95			0.64			2.09

Dividends to Shareholders from: ^(e)
Net investment income		(0.81	)		(0.97	)		(0.96	)		(0.94	)		(0.99	)
Net realized gains		—			—			(0.17	)		(0.22	)		—
Total dividends to stockholders		(0.81	)		(0.97	)		(1.13	)		(1.16	)		(0.99	)

Net asset value, end of year ^(e)	$	20.85		$	18.07		$	19.96		$	20.14		$	20.66
Total return		20.25	%		(4.78	)%		4.95	%		3.10	%		10.92	%

Ratios/Supplemental Data:
Net assets, end of year (000s)	$	232,443		$	270,096		$	216,519		$	292,967		$	286,084
Ratio of expenses to average net assets		0.49	%		0.49	%		0.61	%		0.65	% ^(b)		0.77	% ^(b)
Ratio of gross expenses to average net assets		—% ^(c)			—% ^(c)			—% ^(c)			0.68	%		0.80	%
Ratio of net investment income (loss) to average net
assets		3.90	%		4.89	%		4.84	%		4.34	%		4.82	%
Portfolio turnover rate ^(d)		19.5	%		10.6	%		17.9	%		11.0	%		30.7	%

^(a)	Calculated on average shares outstanding during the year.
^(b)	Includes reimbursement from Advisor.
^(c)	Ratio is not applicable as there was no reimbursement from Advisor in the year.
^(d)	Portfolio turnover rate excludes in-kind transactions.
^(e)	Reflects a 2 to 1 stock split effective after the close of trading on August 30, 2021, see 'Subsequent Events' in Notes to Financial Statements.

See accompanying notes.

174


Financial Highlights
Principal Exchange-Traded Funds



Principal Healthcare Innovators Index ETF
For a share outstanding:
		Year ended			Year ended				Year ended			Year ended			Period ended
		June 30, 2021			June 30, 2020				June 30, 2019			June 30, 2018			June 30, 2017 ^(a)

Net asset value, beginning of period	$	44.34			$	34.37		$	34.74		$	28.56		$	25.00

Investment Operations:					��
Net investment income (loss) ^(b)		(0.15	)			(0.10	)		(0.13	)		(0.12	)		(0.08	)
Net realized and change in unrealized gain (loss)		16.79				10.07			(0.24	)		6.35			3.64
Total from investment operations		16.64				9.97			(0.37	)		6.23			3.56

Dividends to Shareholders from:
Net realized gains		(0.22	)			—			—			(0.05	)		—
Total dividends to stockholders		(0.22	)			—			—			(0.05	)		—

Net asset value, end of period	$	60.76			$	44.34		$	34.37		$	34.74		$	28.56
Total return		37.51	%			29.01	%		(1.05	)%		21.83	%		14.24	% ^(c)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	176,197		$	95,338			$	56,713		$	52,104		$	7,140
Ratio of expenses to average net assets		0.42	%			0.42	%		0.42	%		0.42	%		0.42	% ^(d)
Ratio of net investment income (loss) to average net assets		(0.27	)%			(0.29	)%		(0.39	)%		(0.38	)%		(0.32	)% ^(d)
Portfolio turnover rate ^(e)		45.8	%			36.1	%		34.5	%		33.6	%		18.2	% ^(d)

^(a)	Period from August 19, 2016, date operations commenced, through June 30, 2017.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

175


Financial Highlights
Principal Exchange-Traded Funds



Principal International Adaptive Multi-Factor ETF
For a share outstanding:
		Period ended
		June 30, 2021 ^(a)

Net asset value, beginning of period	$	25.00

Investment Operations:
Net investment income (loss) ^(b)		0.07
Net realized and change in unrealized gain (loss)		(0.27	)
Total from investment operations		(0.20	)

Net asset value, end of period	$	24.80
Total return ^(c)		(0.80	)%

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	47,118
Ratio of expenses to average net assets ^(d)		0.24	%
Ratio of net investment income (loss) to average net assets ^(d)		2.76	%
Portfolio turnover rate ^(e)		1.5	%

^(a)	Period from May 26, 2021, date operations commenced, through June 30, 2021.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

176


Financial Highlights
Principal Exchange-Traded Funds



Principal International Multi-Factor ETF ^(a)
For a share outstanding:
		Year ended			Period ended
		June 30, 2021			June 30, 2020 ^(b)

Net asset value, beginning of period	$	23.80		$	25.00

Investment Operations:
Net investment income (loss) ^(c)		0.80			0.54
Net realized and change in unrealized gain (loss)		7.57			(1.34	)
Total from investment operations		8.37			(0.80	)

Dividends to Shareholders from:
Net investment income		(0.55	)		(0.39	)
Net realized gains		—			(0.01	)
Total dividends to stockholders		(0.55	)		(0.40	)

Net asset value, end of period	$	31.62		$	23.80
Total return		35.54	%		(3.13	)% ^(d)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	91,694		$	16,661
Ratio of expenses to average net assets		0.25	%		0.25	% ^(e)
Ratio of net investment income (loss) to average net assets		2.78	%		2.39	% ^(e)
Portfolio turnover rate ^(f)		68.8	%		56.1	%

^(a)	Effective September 30, 2020, Principal International Multi-Factor Core Index ETF changed its name to Principal International Multi-Factor ETF.
^(b)	Period from July 23, 2019, date operations commenced, through June 30, 2020.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Total return amounts have not been annualized.
^(e)	Computed on an annualized basis.
^(f)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

177


Financial Highlights
Principal Exchange-Traded Funds



Principal Investment Grade Corporate Active ETF
For a share outstanding:
		Year ended			Year ended			Year ended			Period ended
		June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018 ^(a)

Net asset value, beginning of period	$	26.67		$	26.20		$	24.59		$	25.00

Investment Operations:
Net investment income (loss) ^(b)		0.62			0.88			0.95			0.19
Net realized and change in unrealized gain (loss)		0.69			1.39			1.66			(0.52	)
Total from investment operations		1.31			2.27			2.61			(0.33	)

Dividends to Shareholders from:
Net investment income		(0.79	)		(0.95	)		(0.98	)		(0.08	)
Net realized gains		(0.45	)		(0.85	)		(0.02	)		—
Total dividends to stockholders		(1.24	)		(1.80	)		(1.00	)		(0.08	)

Net asset value, end of period	$	26.74		$	26.67		$	26.20		$	24.59
Total return		4.90	%		8.98	%		10.95	%		(1.32	)% ^(c)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	481,271		$	110,693		$	120,540		$	228,710
Ratio of expenses to average net assets		0.25	%		0.26	%		0.26	%		0.26	% ^(d)
Ratio of net investment income (loss) to average net assets		2.30	%		3.37	%		3.86	%		3.83	% ^(d)
Portfolio turnover rate ^(e)		67.8	%		73.3	%		92.8	%		47.8	% ^(d)

^(a)	Period from April 18, 2018, date operations commenced, through June 30, 2018.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

178


Financial Highlights
Principal Exchange-Traded Funds



Principal Millennials Index ETF
For a share outstanding:
		Year ended			Year ended				Year ended			Year ended			Period ended
		June 30, 2021			June 30, 2020				June 30, 2019			June 30, 2018			June 30, 2017 ^(a)

Net asset value, beginning of period	$	42.85			$	38.24		$	36.76		$	28.92		$	25.00

Investment Operations:
Net investment income (loss) ^(b)		0.27				0.34			0.17			0.23			0.17
Net realized and change in unrealized gain (loss)		23.81				4.59			1.54			7.91			3.87
Total from investment operations		24.08				4.93			1.71			8.14			4.04

Dividends to Shareholders from:
Net investment income		(0.40	)			(0.32	)		(0.23	)		(0.23	)		(0.09	)
Net realized gains		—				—			—			(0.07	)		(0.03	)
Total dividends to stockholders		(0.40	)			(0.32	)		(0.23	)		(0.30	)		(0.12	)

Net asset value, end of period	$	66.53			$	42.85		$	38.24		$	36.76		$	28.92
Total return		56.45	%			12.96	%		4.70	%		28.31	%		16.23	% ^(c)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	126,399		$	25,708			$	21,031		$	20,217		$	7,230
Ratio of expenses to average net assets		0.45	%			0.45	%		0.45	%		0.45	%		0.45	% ^(d)
Ratio of expenses to average net assets excluding interest
expense		—% ^(e)				—% ^(e)			—% ^(e)			0.45	%		—% ^(e)
Ratio of net investment income (loss) to average net assets		0.46	%			0.88	%		0.47	%		0.66	%		0.71	% ^(d)
Portfolio turnover rate ^(f)		55.7	%			47.4	%		32.9	%		35.6	%		5.1	% ^(d)

^(a)	Period from August 19, 2016, date operations commenced, through June 30, 2017.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Ratio is not applicable as there was no interest expense in the period.
^(f)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

179


Financial Highlights
Principal Exchange-Traded Funds


Principal Quality ETF ^(a)
For a share outstanding:
		Year ended			Year ended			Year ended			Year ended			Year ended
		June 30, 2021		June 30, 2020			June 30, 2019				June 30, 2018			June 30, 2017

Net asset value, beginning of year	$	39.89		$	37.79		$	33.32		$	29.03		$	26.08

Investment Operations:
Net investment income (loss) ^(b)		0.57			0.51			0.46			0.39			0.34
Net realized and change in unrealized gain (loss)		13.22			1.00			4.48			4.20			3.06
Net realized gain due from reimbursement from Advisor		—			1.13	^(c)		—			—			—
Total from investment operations		13.79			2.64			4.94			4.59			3.40

Dividends to Shareholders from:
Net investment income		(0.51	)		(0.54	)		(0.47	)		(0.27	)		(0.39	)
Net realized gains		—			—			—			(0.03	)		(0.06	)
Total dividends to stockholders		(0.51	)		(0.54	)		(0.47	)		(0.30	)		(0.45	)

Net asset value, end of year	$	53.17		$	39.89		$	37.79		$	33.32		$	29.03
Total return		34.83	%		7.05% ^(c)			15.03	%		15.89	%		13.23	%

Ratios/Supplemental Data:
Net assets, end of year (000s)	$	58,486		$	17,951		$	20,786		$	21,655		$	7,257
Ratio of expenses to average net assets		0.15	%		0.29% ^(d)			0.29% ^(d)			0.29% ^(d)			0.40	%
Ratio of gross expenses to average net assets		—% ^(e)			0.34	%		0.40	%		0.40	%		—% ^(e)
Ratio of net investment income (loss) to average net assets		1.22	%		1.32	%		1.32	%		1.22	%		1.26	%
Portfolio turnover rate ^(f)		45.1	%		103.7	%		40.4	%		63.5	%		2.0	%

^(a)	Effective September 30, 2020, Principal Price Setters Index ETF changed its name to Principal Quality ETF.
^(b)	Calculated on average shares outstanding during the year.
^(c)	During 2020, the Fund experienced a significant one-time gain as the result of a payment by the Advisor due to an operational error by a third party. If such payment had not been recognized, the total return amounts expressed herein would have been lower by 3.04%.
^(d)	Includes reimbursement from Advisor.
^(e)	Ratio is not applicable as there was no reimbursement from Advisor in the year.
^(f)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

180


Financial Highlights
Principal Exchange-Traded Funds



Principal Spectrum Preferred Securities Active ETF
For a share outstanding:
		Year ended			Year ended			Year ended			Period ended
		June 30, 2021		June 30, 2020				June 30, 2019			June 30, 2018 ^(a)

Net asset value, beginning of period	$	19.31	^(b)	$	19.36	^(b)	$	18.89	^(b)	$	20.00	^(b)

Investment Operations:
Net investment income (loss) ^(c)		0.70			0.80	^(b)		0.68	^(b)		0.94	^(b)
Net realized and change in unrealized gain (loss)		1.86			0.08	^(b)		0.77	^(b)		(1.18	) ^(b)
Total from investment operations		2.56			0.88	^(b)		1.45	^(b)		(0.24	) ^(b)

Dividends to Shareholders from:
Net investment income		(1.23	)		(0.93	) ^(b)		(0.98	) ^(b)		(0.87	) ^(b)
Net realized gains		—			^—(b)			^—(b)			(0.00)	^(b),(d)
Total dividends to stockholders		(1.23	)		(0.93	) ^(b)		(0.98	) ^(b)		(0.87	) ^(b)

Net asset value, end of period	$	20.64		$	19.31	^(b)	$	19.36	^(b)	$	18.89	^(b)
Total return		11.58	%		4.60	%		7.99	%		(1.28	)% ^(e)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	363,333		$	139,995		$	67,750		$	51,949
Ratio of expenses to average net assets		0.55	%		0.55	%		0.55	%		0.55	% ^(f)
Ratio of net investment income (loss) to average net assets		3.43	%		4.10	%		3.65	%		4.93	% ^(f)
Portfolio turnover rate ^(g)		12.6	%		41.9	%		27.6	%		41.0	% ^(f)

^(a)	Period from July 7, 2017, date operations commenced, through June 30, 2018.
^(b)	Reflects a 5 to 1 stock split effective after the close of trading on July 22, 2020; see Notes to Financial Statements.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Reflects an amount rounding to less than one cent.
^(e)	Total return amounts have not been annualized.
^(f)	Computed on an annualized basis.
^(g)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

181


Financial Highlights
Principal Exchange-Traded Funds



Principal Spectrum Tax-Advantaged Dividend Active ETF
For a share outstanding:
		Year ended			Period ended
		June 30, 2021			June 30, 2020 ^(a)

Net asset value, beginning of period	$	19.95		$	20.00

Investment Operations:
Net investment income (loss) ^(b)		0.88			0.03
Net realized and change in unrealized gain (loss)		1.76			(0.08	)
Total from investment operations		2.64			(0.05	)

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

Net asset value, end of period	$	21.57		$	19.95
Total return		13.42	%		(0.26	)% ^(c)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	22,647		$	19,948
Ratio of expenses to average net assets		0.60	%		0.60	% ^(d)
Ratio of net investment income (loss) to average net assets		4.15	%		4.35	% ^(d)
Portfolio turnover rate		15.5	%		6.3	%

^(a)	Period from June 16, 2020, date operations commenced, through June 30, 2020.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.

See accompanying notes.

182


Financial Highlights
Principal Exchange-Traded Funds



Principal Ultra-Short Active Income ETF
For a share outstanding:
		Year ended			Year ended			Period ended
		June 30, 2021			June 30, 2020			June 30, 2019 ^(a)

Net asset value, beginning of period	$	25.02		$	25.09		$	25.00

Investment Operations:
Net investment income (loss) ^(b)		0.18			0.55			0.12
Net realized and change in unrealized gain (loss)		(0.04	)		0.07			0.04
Total from investment operations		0.14			0.62			0.16

Dividends to Shareholders from:
Net investment income		(0.43	)		(0.69	)		(0.07	)
Total dividends to stockholders		(0.43	)		(0.69	)		(0.07	)

Net asset value, end of period	$	24.73		$	25.02		$	25.09
Total return		0.57	%		2.54	%		0.62	% ^(c)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	8,657		$	12,509		$	12,543
Ratio of expenses to average net assets		0.18	%		0.18	%		0.18	% ^(d)
Ratio of net investment income (loss) to average net assets		0.72	%		2.19	%		2.51	% ^(d)
Portfolio turnover rate		88.1	%		32.7	%		0.0% ^(d),(e)

^(a)	Period from April 24, 2019, date operations commenced, through June 30, 2019.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

183


Financial Highlights
Principal Exchange-Traded Funds



Principal U.S. Large-Cap Adaptive Multi-Factor ETF
For a share outstanding:
		Period ended
		June 30, 2021 ^(a)

Net asset value, beginning of period	$	25.00

Investment Operations:
Net investment income (loss) ^(b)		0.03
Net realized and change in unrealized gain (loss)		0.92
Total from investment operations		0.95

Net asset value, end of period	$	25.95
Total return ^(c)		3.80	%

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	29,842
Ratio of expenses to average net assets ^(d)		0.15	%
Ratio of net investment income (loss) to average net assets ^(d)		0.99	%
Portfolio turnover rate ^(e)		0.4	%

^(a)	Period from May 19, 2021, date operations commenced, through June 30, 2021.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

184


Financial Highlights
Principal Exchange-Traded Funds



Principal U.S. Mega-Cap ETF ^(a)
For a share outstanding:
		Year ended			Year ended			Year ended			Period ended
		June 30, 2021			June 30, 2020			June 30, 2019			June 30, 2018 ^(b)

Net asset value, beginning of period	$	30.04		$	29.07		$	26.02		$	25.00

Investment Operations:
Net investment income (loss) ^(c)		0.59			0.60			0.63			0.38
Net realized and change in unrealized gain (loss)		9.60			1.00			3.04			0.80
Total from investment operations		10.19			1.60			3.67			1.18

Dividends to Shareholders from:
Net investment income		(0.55	)		(0.63	)		(0.62	)		(0.16	)
Total dividends to stockholders		(0.55	)		(0.63	)		(0.62	)		(0.16	)

Net asset value, end of period	$	39.68		$	30.04		$	29.07		$	26.02
Total return		34.25	%		5.62	%		14.32	%		4.73	% ^(d)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	1,958,064		$	1,505,046		$	1,618,941		$	1,666,525
Ratio of expenses to average net assets ^(e)		0.12	%		0.12	%		0.12	%		0.12	% ^(f)
Ratio of gross expenses to average net assets		0.15	%		0.15	%		0.15	%		0.15	% ^(f)
Ratio of net investment income (loss) to average net assets		1.67	%		2.05	%		2.30	%		2.02	% ^(f)
Portfolio turnover rate ^(g)		42.9	%		42.9	%		27.0	%		39.8	% ^(f)

^(a)	Effective September 30, 2020, Principal U.S. Mega-Cap Multi-Factor Index ETF changed its name to Principal U.S. Mega-Cap ETF.
^(b)	Period from October 11, 2017, date operations commenced, through June 30, 2018.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Total return amounts have not been annualized.
^(e)	Includes reimbursement from Advisor.
^(f)	Computed on an annualized basis.
^(g)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

185


Financial Highlights
Principal Exchange-Traded Funds



Principal U.S. Small-Cap Adaptive Multi-Factor ETF
For a share outstanding:
		Period ended
		June 30, 2021 ^(a)

Net asset value, beginning of period	$	25.00

Investment Operations:
Net investment income (loss) ^(b)		0.03
Net realized and change in unrealized gain (loss)		0.58
Total from investment operations		0.61

Net asset value, end of period	$	25.61
Total return ^(c)		2.44	%

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	6,403
Ratio of expenses to average net assets ^(d)		0.19	%
Ratio of net investment income (loss) to average net assets ^(d)		0.96	%
Portfolio turnover rate ^(e)		0.2	%

^(a)	Period from May 19, 2021, date operations commenced, through June 30, 2021.
^(b)	Calculated on average shares outstanding during the period.
^(c)	Total return amounts have not been annualized.
^(d)	Computed on an annualized basis.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

186


Financial Highlights
Principal Exchange-Traded Funds



Principal U.S. Small-Cap Multi-Factor ETF ^(a)
For a share outstanding:
		Year ended			Year ended				Year ended			Year ended			Period ended
	June 30, 2021				June 30, 2020				June 30, 2019			June 30, 2018			June 30, 2017 ^(b)

Net asset value, beginning of period	$	27.36			$	31.43		$	33.45		$	28.84		$	25.00

Investment Operations:
Net investment income (loss) ^(c)		0.54				0.45			0.40			0.29			0.26
Net realized and change in unrealized gain (loss)		19.51				(4.11	)		(2.03	)		4.64			3.75
Total from investment operations		20.05				(3.66	)		(1.63	)		4.93			4.01

Dividends to Shareholders from:
Net investment income		(0.49	)			(0.41	)		(0.39	)		(0.30	)		(0.17	)
Net realized gains		—				—			—			(0.02	)		—
Total dividends to stockholders		(0.49	)			(0.41	)		(0.39	)		(0.32	)		(0.17	)

Net asset value, end of period	$	46.92			$	27.36		$	31.43		$	33.45		$	28.84
Total return		74.05	%		(11.71		)%		(4.84	)%		17.14	%		16.08	% ^(d)

Ratios/Supplemental Data:
Net assets, end of period (000s)	$	1,628,003		$	328,305			$	355,200		$	351,176		$	275,466
Ratio of expenses to average net assets		0.38	%			0.38	%		0.38	%		0.38	%		0.38	% ^(e)
Ratio of net investment income (loss) to average net assets		1.39	%			1.54	%		1.27	%		0.94	%		1.21	% ^(e)
Portfolio turnover rate ^(f)		93.1	%			80.4	%		81.9	%		76.3	%		44.7	% ^(e)

^(a)	Effective September 30, 2020, Principal U.S. Small-Cap Multi-Factor Index ETF changed its name to Principal U.S. Small-Cap Multi-Factor ETF.
^(b)	Period from September 21, 2016, date operations commenced, through June 30, 2017.
^(c)	Calculated on average shares outstanding during the period.
^(d)	Total return amounts have not been annualized.
^(e)	Computed on an annualized basis.
^(f)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

187


Financial Highlights
Principal Exchange-Traded Funds



Principal Value ETF ^(a)
For a share outstanding:
	Year ended				Year ended			Year ended			Year ended			Year ended
	June 30, 2021				June 30, 2020			June 30, 2019			June 30, 2018			June 30, 2017

Net asset value, beginning of year	$	27.75		$	31.99		$	32.49		$	29.16		$	24.65

Investment Operations:
Net investment income (loss) ^(b)		1.16			0.87			0.71			0.61			0.54
Net realized and change in unrealized gain (loss)		14.52			(4.36	)		(0.51	)		3.21			4.67
Total from investment operations		15.68			(3.49	)		0.20			3.82			5.21

Dividends to Shareholders from:
Net investment income		(1.05	)		(0.75	)		(0.70	)		(0.47	)		(0.67	)
Net realized gains		—			—			—			(0.02	)		(0.03	)
Total dividends to stockholders		(1.05	)		(0.75	)		(0.70	)		(0.49	)		(0.70	)

Net asset value, end of year	$	42.38		$	27.75		$	31.99		$	32.49		$	29.16
Total return		57.97	%		(11.09	)%		0.68	%		13.17	%		21.42	%

Ratios/Supplemental Data:
Net assets, end of year (000s)	$	44,498		$	31,907		$	14,395		$	14,622		$	7,290
Ratio of expenses to average net assets		0.15	%		0.29	% ^(c)		0.29	% ^(c)		0.29	% ^(c)		0.40	%
Ratio of gross expenses to average net assets		—% ^(d)			0.32	%		0.40	%		0.40	%		—% ^(d)
Ratio of net investment income (loss) to average net assets		3.31	%		2.95	%		2.26	%		1.90	%		1.98	%
Portfolio turnover rate ^(e)		44.8	%		47.6	%		49.2	%		55.5	%		3.0	%

^(a)	Effective September 30, 2020, Principal Shareholder Yield Index ETF changed its name to Principal Value ETF.
^(b)	Calculated on average shares outstanding during the year.
^(c)	Includes reimbursement from Advisor.
^(d)	Ratio is not applicable as there was no reimbursement from Advisor in the year.
^(e)	Portfolio turnover rate excludes in-kind transactions.

See accompanying notes.

188

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Principal Exchange-Traded Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Principal Exchange-Traded Funds (the “Trust”) (comprising Principal Active Income ETF, Principal Healthcare Innovators Index ETF, Principal International Adaptive Multi-Factor ETF, Principal International Multi-Factor ETF (formerly Principal International Multi-Factor Core Index ETF), Principal Investment Grade Corporate Active ETF, Principal Millennials Index ETF, Principal Quality ETF (formerly Principal Price Setters Index ETF), Principal Spectrum Preferred Securities Active ETF, Principal Spectrum Tax-Advantaged Dividend Active ETF, Principal Ultra-Short Active Income ETF, Principal U.S. Large-Cap Adaptive Multi-Factor ETF, Principal U.S. Mega-Cap ETF (formerly Principal U.S. Mega-Cap Multi-Factor Index ETF), Principal U.S. Small-Cap Adaptive Multi-Factor Index ETF, Principal U.S. Small-Cap Multi-Factor ETF (formerly Principal U.S. Small-Cap Multi-Factor Index ETF), and Principal Value ETF (formerly Principal Shareholder Yield Index ETF) (collectively referred to as the “Funds”)), including the schedules of investments, as of June 30, 2021, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising the Principal Exchange-Traded Funds at June 30, 2021, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


	Statement of	Statements
Funds comprising the Trust	operations	of changes	Financial highlights
		in net assets
Principal Active Income ETF	For the year	For each of	For each of the five
Principal Quality ETF	ended June	the two	years in the period
Principal Value ETF	30, 2021	years in the	ended June 30, 2021
		period
		ended June
		30, 2021
Principal Healthcare Innovators Index ETF	For the year	For each of	For each of the four
Principal Millennials Index ETF	ended June	the two	years in the period
	30, 2021	years in the	ended June 30, 2021
		period	and the period from
		ended June	August 19, 2016 (date
		30, 2021	operations commenced)
			through June 30, 2017
Principal U.S. Small-Cap Multi-Factor ETF	For the year	For each of	For each of the four
	ended June	the two	years in the period
	30, 2021	years in the	ended June 30, 2021
		period	and the period from
		ended June	September 21, 2016
		30, 2021	(date operations
			commenced) through
			June 30, 2017

189


Funds comprising the Trust	Statement of	Statements	Financial highlights
	operations	of changes in
		net assets
Principal Spectrum Preferred Securities	For the year	For each of	For each of the three
Active ETF	ended June	the two years	years in the period
	30, 2021	in the period	ended June 30, 2021
		ended June	and the period from
		30, 2021	July 7, 2017 (date
			operations
			commenced) through
			June 30, 2018
Principal U.S. Mega-Cap ETF	For the year	For each of	For each of the three
	ended June	the two years	years in the period
	30, 2021	in the period	ended June 30, 2021
		ended June	and the period from
		30, 2021	October 11, 2017 (date
			operations
			commenced) through
			June 30, 2018
Principal Investment Grade Corporate	For the year	For each of	For each of the three
Active ETF	ended June	the two years	years in the period
	30, 2021	in the period	ended June 30, 2021
		ended June	and the period from
		30, 2021	April 18, 2018 (date
			operations
			commenced) through
			June 30, 2018
Principal Ultra-Short Active Income ETF	For the year	For each of	For each of the two
	ended June	the two years	years in the period
	30, 2021	in the period	ended June 30, 2021
		ended June	and the period from
		30, 2021	April 24, 2019 (date
			operations
			commenced) through
			June 30, 2019
Principal International Multi-Factor ETF	For the year	For the year ended June 30, 2021 and
	ended June	the period from July 23, 2019 (date
	30, 2021	operations commenced) through June
		30, 2020
Principal Spectrum Tax-Advantaged	For the year	For year ended June 30, 2021 and the
Dividend Active ETF	ended June	period from June 16, 2020 (date
	30, 2021	operations commenced) through June
		30, 2020
Principal U.S. Large-Cap Adaptive Multi-	For the period from May 19, 2021 (date operations
Factor ETF	commenced) through June 30, 2021
Principal U.S. Small-Cap Adaptive Multi-
Factor ETF
Principal International Adaptive Multi-	For the period from May 26, 2021 (date operations
Factor ETF	commenced) through June 30, 2021

190

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Principal investment companies since 1969.

Minneapolis, MN

August 20, 2021, except as to Note 8, as to which the date is October 8, 2021.

191

Shareholder Expense Example
Principal Exchange-Traded Funds
June 30, 2021 (unaudited)

As a shareholder of Principal Exchange-Traded Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Fund shares and (2) ongoing costs, including management fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Principal Exchange-Traded Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2021 through June 30, 2021, except as noted in the following table.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other fund.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as contingent deferred sales charges, redemption fees or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different fund. In addition, if these transaction costs were included, your costs would have been higher.


					Annualized			Expenses
		Beginning			Expense	Paid During
		Account		Ending	Ratio			Period
		Value		Account	January 1,	January 1,
		January 1,		Value	2021 to June	2021 to June
		2021		June 30, 2021	30, 2021	30, 2021			^(a)
Principal Active Income ETF
Actual Fund Return	$	1,000	$	1,064.20	0.49	%	$	2.46
Hypothetical 5% Annual Return		1,000		1,022.41	0.49			2.41

Principal Healthcare Innovators Index ETF
Actual Fund Return		1,000		1,036.40	0.42			2.07
Hypothetical 5% Annual Return		1,000		1,022.76	0.42			2.06

Principal International Adaptive Multi-Factor ETF ^(b)
Actual Fund Return		1,000		992.00	0.24			0.22
Hypothetical 5% Annual Return		1,000		1,004.57	0.24			1.14

Principal International Multi Factor ETF
Actual Fund Return		1,000		1,115.60	0.25			1.31
Hypothetical 5% Annual Return		1,000		1,023.55	0.25			1.25

192


Shareholder Expense Example
Principal Exchange-Traded Funds
June 30, 2021 (unaudited)


					Annualized			Expenses
		Beginning			Expense	Paid During
		Account		Ending	Ratio			Period
		Value		Account	January 1,	January 1,
		January 1,		Value	2021 to June	2021 to June
		2021		June 30, 2021	30, 2021	30, 2021			^(a)
Principal Investment Grade Corporate Active ETF
Actual Fund Return	$	1,000	$	988.60	0.24	%	$	1.18
Hypothetical 5% Annual Return		1,000		1,023.60	0.24			1.20

Principal Millennials Index ETF
Actual Fund Return		1,000		1,150.00	0.45			2.35
Hypothetical 5% Annual Return		1,000		1,022.61	0.45			2.21

Principal Quality ETF
Actual Fund Return		1,000		1,127.60	0.15			0.79
Hypothetical 5% Annual Return		1,000		1,024.05	0.15			0.75

Principal Spectrum Preferred Securities Active ETF
Actual Fund Return		1,000		1,019.60	0.55			2.70
Hypothetical 5% Annual Return		1,000		1,022.12	0.55			2.71

Principal Spectrum Tax-Advantaged Dividend Active ETF
Actual Fund Return		1,000		1,027.60	0.60			2.97
Hypothetical 5% Annual Return		1,000		1,021.87	0.60			2.96

Principal Ultra-Short Active Income ETF
Actual Fund Return		1,000		1,001.70	0.18			0.89
Hypothetical 5% Annual Return		1,000		1,023.90	0.18			0.90

Principal U.S. Large-Cap Adaptive Multi-Factor ETF ^(c)
Actual Fund Return		1,000		1,038.00	0.15			0.16
Hypothetical 5% Annual Return		1,000		1,005.59	0.15			0.70

Principal U.S. Mega-Cap ETF
Actual Fund Return		1,000		1,115.90	0.12			0.63
Hypothetical 5% Annual Return		1,000		1,024.20	0.12			0.60

Principal U.S. Small-Cap Adaptive Multi-Factor ETF ^(c)
Actual Fund Return		1,000		1,024.40	0.19			0.21
Hypothetical 5% Annual Return		1,000		1,005.55	0.19			0.90

Principal U.S. Small-Cap Multi-Factor ETF
Actual Fund Return		1,000		1,293.50	0.38			2.10
Hypothetical 5% Annual Return		1,000		1,022.96	0.38			1.86

Principal Value ETF
Actual Fund Return		1,000		1,254.50	0.15			0.84
Hypothetical 5% Annual Return		1,000		1,024.05	0.15			0.75

^(a)	Expenses are equal to a Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365.
^(b)	Period from May 26, 2021, date operations commenced, through June 30, 2021.
^(c)	Period from May 19, 2021, date operations commenced, through June 30, 2021.

193

TRUSTEES AND OFFICERS

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


The following Trustees are considered not to be “interested persons” as defined in the 1940 Act
			Other
Name,		Number of Portfolios	Directorships
Position Held with the Trust,	Principal Occupation(s)	in Fund Complex	Held by Trustee
Year of Birth	During past 5 years	Overseen by Trustee	During Past 5 Years

Elizabeth Ballantine	Principal, EBA Associates	126	Durango Herald, Inc;
Trustee since 2014			McClatchy Newspapers, Inc.
Chair, Nominating and Governance
Committee
1948

Leroy T. Barnes, Jr.	Retired.	126	McClatchy Newspapers, Inc.;
Trustee since 2014			Frontier Communications,
Member, Audit Committee			Inc.; formerly, Herbalife Ltd.
Member, Nominating and Governance
Committee
1951
	President, C.P. Damos	126	None
Craig Damos	Consulting LLC
Lead Independent Trustee since 2020
Trustee since 2014
Member, Nominating and Governance
Committee
Member, Executive Committee
1954

Fritz S. Hirsch	Interim CEO, MAM USA:	126	MAM USA
Trustee since 2014	February 2020 to October
Member, Operations Committee	2020
Chair, 15(c) Committee
1951

Victor Hymes	Founder and Managing Member	126	Formerly, Montgomery Street
Trustee since 2020	of Legato Capital Management,		Income Securities Inc.
Member, Audit Committee	LLC
1957

John D. Kenney	Formerly, Legg Mason Global	126	Formerly: Legg Mason
Trustee since 2020	Asset Management		Investment Management
Member, Operations Committee			Affiliates: Brandywine
Member, 15(c) Committee			Global; Clarion Partners;
1965			ClearBridge Investments;
			Entrust Global; Legg Mason
			Poland; Martin Currie
			Investment Management;
			Permal Group (merged
			into Entrust); QS Investors;
			RARE Infrastructure; Royce
			and Associates; and Western
			Asset Management

194


			Other
Name,		Number of Portfolios	Directorships
Position Held with the Trust,	Principal Occupation(s)	in Fund Complex	Held by Trustee
Year of Birth	During past 5 years	Overseen by Trustee	During Past 5 Years

Padelford (“Padel”) L. Lattimer	TBA Management Consulting	126	None
Trustee since 2020	LLC
Member, Operations Committee
Member, 15(c) Committee
1961

Karen (“Karrie”) McMillan	Founder/Owner, Tyche	126	None
Trustee since 2014	Consulting LLC Formerly,
Chair, Operations Committee	Managing Director, Patomak
1961	Global Partners, LLC.

Elizabeth A. Nickels	Retired	126	SpartanNash; formerly:
Trustee since 2015			Charlotte Russe; Follet
Chair, Audit Committee			Corporation; PetSmart;
Member, Nominating and Governance			Spectrum Health Systems
Committee
1962

Mary M. (“Meg”) VanDeWeghe	CEO and President, Forte	126	Helmerich & Payne;
Trustee since 2018	Consulting, Inc.		Formerly: B/E Aerospace;
Member, Audit Committee			Brown Advisory; Denbury
Member, 15(c) Committee			Resources Inc.; Nalco (and its
1959			successor Ecolab); and WP
			Carey

195


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

		Number of	Other
		Portfolios in	Directorships
Name,		Fund Complex	Held by Trustee
Position Held with the Trust,	Principal Occupation(s)	Overseen	During Past 5
Year of Birth	During past 5 years	by Trustee	Years
Timothy M. Dunbar	President-Principal Global Asset Management	126	None
Chair and Trustee since 2019	(“PGAM”), Principal Global Investors, LLC
Chair, Executive Committee	(“PGI”) (since 2018)
1957	Director, PGI (2018-2020)
	Division President, Principal Financial Services,
	Inc. (“PFSI) and Principal Life Insurance
	Company (“PLIC”) (2020–2021)
	Executive Vice President and Chief Investment
	Officer, PFSI and PLIC (2014-2018)
	Director, Post Advisory Group, LLC (“Post”)
	(2018-2020)
	Chair and Executive Vice President,
	RobustWealth, Inc. (2018-2020)

Patrick G. Halter	Chair, PGI (since 2018)	126	None
Trustee since 2017	Chief Executive Officer and President, PGI (since
Member, Executive Committee	2018)
1959	Chief Operating Officer, PGI (2017-2018)
	Senior Executive Director – Real Estate, PGI and
	PFSI (2014-2016)
	Director, PGI (2003-2018)
	Chair, CCIP, LLC (“CCIP”) since 2017
	Director, Origin Asset Management LLP (2018-
	2019)
	President, PGAM, PFSI, and PLIC (since 2020)
	Director, Post (since 2017)
	Chair, Principal Real Estate Investors, LLC
	(“Principal-REI”) (since 2004)
	President and Chief Executive Officer, PGI,
	Principal-REI
	(since 2018)
	Chief Executive Officer, Principal-REI (2005-
	2018)
	Chair, Spectrum Asset Management, Inc.

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

50392.

196

The following table presents officers of the Trust.


Name, Position Held with the Trust,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years

Kamal Bhatia	Director, PGI (since 2019)
President, Chief Executive Officer	President-Principal Funds, PGI (since 2019)
Des Moines, IA 50392	Principal Executive Officer, OPC Private Capital (2017-2019)
1972	Senior Vice President, OppenheimerFunds (2011-2019)
	Director, Principal Funds Distributor, Inc. (“PFD”) (since 2019)
	Senior Executive Director and Chief Operating Officer, PFSI and PLIC (since 2020)
President, PFSI and PLIC (2019-2020)
	Director, Post (since 2020)
	Director, Principal-REI (since 2020)
	Chair and Executive Vice President, (Principal Shareholder Services, Inc. (“PSS’)
	(since 2019)

Randy D. Bolin	Vice President and Associate General Counsel, PGI (since 2016)
Assistant Tax Counsel	Vice President and Associate General Counsel, PFSI (since 2013)
Des Moines, IA 50392	Vice President and Associate General Counsel, PLIC (since 2013)
1961

Beth Graff	Director – Fund Accounting (since 2016)
Vice President and Assistant Controller
Des Moines, IA 50392
1968

Gina L. Graham	Vice President and Treasurer, PGI (since 2016)
Treasurer	Vice President and Treasurer, PFD (since 2016)
Des Moines, IA 50392	Vice President and Treasurer, PFSI (since 2016)
1965	Vice President and Treasurer, PLIC (since 2016)
	Vice President and Treasurer, Principal - REI (since 2017)
	Vice President and Treasurer, Principal Securities, Inc. (“PSI”) (since 2016)
	Vice President and Treasurer, PSS (since 2016)
	Vice President and Treasurer, RobustWealth, Inc. (since 2018)

Megan Hoffmann	Director – Accounting, PLIC (since 2020)
Vice President and Controller	Assistant Director - Accounting (2017-2020)
Des Moines, IA 50392	Prior thereto, Senior Accounting Analyst, PLIC
1979

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


Diane K. Nelson	Chief Compliance Officer/AML Officer, PSS (since 2015)
AML Officer
Des Moines, IA 50392
1965


Tara Parks	Director - Accounting, PLIC (since 2019)
Vice President and Assistant Controller	Tax Manager – ALPS Fund Services (2011-2019)
Des Moines, IA 50392
1983

197


Name, Position Held with the Trust,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years

Sara L. Reece	Managing Director – Financial Analysis/Planning, PLIC (since 2021)
Vice President and Controller	Director - Accounting, PLIC (2015-2021)
Des Moines, IA 50392
1975


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

Britney L. Schnathorst	Counsel, PGI (since 2018)
Assistant Counsel and Assistant	Counsel, PLIC (since 2013)
Secretary
Des Moines, IA 50392
1981

Michael Scholten	Chief Financial Officer, PFD (since 2016)
Chief Financial Officer	Assistant Vice President and Actuary, PLIC (since 2021)
Des Moines, IA 50392	Chief Financial Officer – Funds/Platforms, PLIC (since 2015)
1979	Chief Financial Officer, PSS (since 2015)


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

John L. Sullivan	Counsel, PGI (since 2020)
Assistant Counsel and Assistant	Counsel, PLIC (since 2019)
Secretary	Prior thereto, Attorney in Private Practice
Des Moines, IA 50392
1970

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

Beth C. Wilson	Director and Secretary – Funds, PLIC (since 2007)
Vice President and Secretary
Des Moines, IA 50392
1956

198


Name, Position Held with the Trust,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years


Clint L. Woods	Of Counsel (2017-2018)
Counsel, Vice President and Assistant	Vice President (2016-2017)
Secretary	Counsel (2015-2017)
Des Moines, IA 50392	Vice President, Associate General Counsel and Secretary, PGI (since 2020)
1961	Vice President, Associate General Counsel, Governance Officer, and Assistant
	Corporate Secretary, PGI (2018-2020)
	Vice President, Associate General Counsel and Assistant
	Corporate Secretary, PFD (since 2019)
	Vice President, Associate General Counsel, Governance Officer and Assistant
	Corporate Secretary, PFSI (since 2015)
	Vice President, Associate General Counsel, Governance Officer and Assistant
	Corporate Secretary, PLIC (since 2015)
	Secretary, Post (since 2020)
	Vice President, Associate General Counsel, Governance Officer and Secretary,
	Principal-REI (since 2020)
	Vice President, Associate General Counsel, Governance Officer and Assistant
	Corporate Secretary, Principal-REI (2020)
	Vice President, Associate General Counsel and Assistant
	Corporate Secretary, PSI (since 2019)
	Vice President, Associate General Counsel and Assistant
	Corporate Secretary, PSS (since 2019)
	Vice President, Associate General Counsel and
	Assistant Secretary, RobustWealth, Inc. (since 2019)
Secretary, Spectrum (since 2020)

Jared A.Yepsen	Counsel, PGI (2017-2019)
Assistant Tax Counsel	Counsel, PLIC (since 2015)
Des Moines, IA 50392
1981

199

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

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

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

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

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

Additional information about the Trust is available in the Prospectuses and the Statements of Additional Information dated November 1, 2021 and restated April 28, 2021. These documents may be obtained free of charge by writing Principal Exchange-Traded Funds, c/o ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, CO 80203 or telephoning 1-800-787-1621. The prospectuses may be viewed at www.PrincipalETFs.com.

PROXY VOTING POLICIES

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

SCHEDULES OF INVESTMENTS

The Trust files complete schedules of investments with the Securities and Exchange Commission for the first and third quarters of each year as a part of Form N-PORT. The Trust’s Form N-PORT reports are available on the Commission’s website at www.sec.gov.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

The Board of Directors of Principal Funds, Inc. (the “Board”) met on March 9, 2021 to review the liquidity risk management program (the “Program”) applicable to all series of the Principal Exchange Traded Funds (each, a “Fund”), pursuant to Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). At the meeting, the committee designated by the Board to administer the Program, the Liquidity Risk Management Committee (the “Committee”), addressed the operation, adequacy and effectiveness of the Program, the operation of each Fund’s highly liquid investment minimum, where applicable, and any material changes made to the Program during the Reporting Period.

The Committee noted key factors it considered when assessing, managing and reviewing each Fund’s liquidity risk. Such factors included each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions , including (a) whether the Fund’s investment strategy is appropriate for an open-end fund, (b) the extent to which the strategy involves a relatively concentrated portfolio or large positions in particular issuers, and (c) the use of borrowings for investment purposes and use of leveraged derivatives and financial commitment obligations; short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions; holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources; and each Fund’s shareholder ownership concentration.

There were no material changes to the Program during the Reporting Period. The Committee concluded, based on the operation of the functions as described in the Report, that the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

200

BOARD CONSIDERATION OF INVESTMENT ADVISORY CONTRACTS

During the period covered by this report, the Board of Trustees of Principal Exchange-Traded Funds (“PETF”) approved: (1) a management agreement between PETF and Principal Global Investors, LLC (“PGI” or “Manager”) related to the addition of the PETF Principal International Adaptive Multi-Factor ETF, the Principal U.S. Large-Cap Adaptive Multi-Factor ETF, and the Principal U.S. Small-Cap Adaptive Multi-Factor; and (2) an amended management agreement between PETF and PGI related to the PETF Principal Active Income ETF.

Management Agreement for PETF Principal International Adaptive Multi-Factor ETF, Principal U.S. Large-Cap Adaptive Multi-Factor ETF, and the Principal U.S. Small-Cap Adaptive Multi-Factor ETF

On March 8, 2021, the Board considered, on behalf of the newly established Principal International Adaptive Multi-Factor ETF, Principal U.S. Large-Cap Adaptive Multi-Factor ETF, and the Principal U.S. Small-Cap Adaptive Multi-Factor ETF series of PETF (the “Fund”), the approval of a management agreement (the “Management Agreement”) between PETF, on behalf of each Fund, and Principal Global Investors, LLC (the “Manager”).

Based upon their review, the Board concluded that it was in the best interests of each Fund to approve the Management Agreement and, accordingly, recommended to the Board the approval of the Management Agreement. In reaching this conclusion, no single factor was determinative in the Board’s analysis, but rather the Board considered a variety of factors.

The Board considered, among other factors, that the Manager serves as the investment adviser to the existing series of PETF, that the Manager has had a long-term relationship with PETF, Principal Funds, Inc. and Principal Variable Contracts, Inc. (collectively with Principal Diversified Select Real Asset Fund, the “Principal Funds”), all of which are also overseen by the Trustees; and that the Manager has demonstrated a commitment to support the Principal Funds. The Board concluded that a long-term relationship with a capable and conscientious adviser is in the best interests of the Funds. The Board considered various factors, including the following, and made certain findings and conclusions with regard thereto, in approving the Management Agreement.

Nature, Quality and Extent of Services

The Board considered the nature, quality and extent of the services to be provided under the Management Agreement, including administrative services. The Board noted that, in connection with the 2020 annual renewal of the management agreements for the other Principal Funds, the Board had: (1) reviewed the services provided by the Manager to the other Principal Funds under their respective management agreements; (2) considered the experience and skills of senior management leading fund operations, the experience and skills of the personnel performing the functions under the management agreements and the resources made available to such personnel, the ability of the Manager to attract and retain high-quality personnel, and the organizational depth and stability of the Manager and concluded that appropriate resources were provided under the management agreements for the other Principal Funds; and (3) considered the compliance program established by the Manager for the Principal Funds and their respective series, as applicable, the

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quality of that program and the level of compliance attained by the Principal Funds. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services to be provided by the Manager to the Funds under the Management Agreement are expected to be satisfactory.

Investment Performance

Because the Funds are newly created series, the Board did not review the performance of the Funds as no track records were available.

Fees, Economies of Scale and Profitability.

The Board considered the proposed management fee rate for each Fund. The Board noted that the Manager proposed a unitary management fee for each Fund. The Board also received information from the Manager, based upon data supplied by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing the proposed unitary management fee rate for each Fund to the total expense ratios of funds in a peer group selected by Broadridge. For each Fund, the Board also considered whether there are economies of scale with respect to the services to be provided to that Fund under the Management Agreement. The Board concluded that, although the proposed management fee schedules for the Funds do not include breakpoints, the management fee schedules are appropriate at currently anticipated asset levels.

In addition, in evaluating the proposed management fees, the Board considered the Manager’s statements regarding the expected asset levels that will be required for the Funds to break even. On the basis of the information provided, the Board concluded that the proposed management fee rates were reasonable.

Other Benefits

The Board also considered the character and amount of other incidental benefits to be received by the Manager. The Board noted the Manager’s statement that it intends to use Fund commissions to buy Section 28(e) eligible products and services consistent with its use of commissions for the other equity portfolios it currently manages, as well as the Manager’s statement that there would be no known fall-out benefits to the Manager in connection with its management of the Funds outside the use of soft dollars. The Board concluded that, on the basis of the information provided, the incidental benefits to be received by the Manager were appropriate.

Overall Conclusions

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Management Agreement, including the fee rates payable thereunder, are fair and reasonable and that approval of the Management Agreement is in the best interests of each Fund.

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Amended Management Agreement for PETF Principal Active Income ETF

On June 14, 2021, the Board considered, on behalf of the PETF Principal Active High Yield ETF (formerly PETF Principal Active Income ETF) (the “Fund”) the approval of an amended management agreement (the “Management Agreement”) between PETF, for the Fund, and Principal Global Investors, LLC (the “Manager”) in connection with a proposal to amend the Fund’s unitary management fee schedule to reduce the unitary management fee rate payable at all asset levels.

The Board reviewed materials received from the Manager regarding the proposed change in the Fund’s unitary management fee schedule. The Board considered the Manager’s representation that the change in the Fund’s unitary management fee schedule would not reduce the quality or quantity of the services the Manager provides to the Fund and that the Manager’s obligations under the Management Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of the Management Agreement other than to the Fund’s unitary management fee schedule.

The Board considered that they had last approved the Management Agreement for the Fund during the annual contract renewal process that concluded at the Board of Trustees’ September 2020 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Manager under the Management Agreement and had concluded, based upon the information provided, that the terms of the Management Agreement were reasonable and that approval of the Management Agreement was in the best interests of the Fund. The Board also noted that the Manager was proposing the amended Management Agreement in connection with a proposal to change the Fund’s investment objective and name and concluded that the proposed terms of the amended Management Agreement were reasonable in light of those proposed changes.

Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Management Agreement and, accordingly, recommended to the Board of Trustees the approval of the amended Management Agreement.

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Federal Income Tax Information
Principal Exchange-Traded Funds
June 30, 2021 (unaudited)

Long-Term Capital Gain Dividends. Certain funds distributed long-term capital gain dividends during the fiscal year ended June 30, 2021.

Details of designated long-term capital gain dividends for federal income tax purposes are shown in the Notes to Financial Statements. To the extent necessary to distribute such capital gains, certain funds may also utilize, and hereby designate, earnings and profits distributed to shareholders on redemptions of shares as part of the Dividends Paid Deduction.

Foreign Taxes Paid. The following funds elect under the Internal Revenue Code Section ("IRC") 853 to pass through foreign taxes paid to their shareholders.

The funds designated the following for federal income tax purposes for distributions made during the fiscal year ended June 30, 2021:


	Foreign Taxes	Foreign
	Per Share	Source Income
Principal International Adaptive Multi-Factor ETF	0.0043	99.99	%
Principal International Multi-Factor ETF	0.0652	99.65	%

Dividends Received Deduction ("DRD"). For corporate shareholders, the funds designate the following as a percentage of taxable ordinary income distributions (dividend income and short-term gains, if any), or up to the maximum amount allowable, as DRD eligible for the calendar year ended December 31, 2020:


	DRD
Principal Active Income ETF	17.16	%
Principal Healthcare Innovators Index ETF	2.38	%
Principal International Adaptive Multi-Factor ETF	N/A
Principal International Multi-Factor ETF	0.00	%
Principal Investment Grade Corporate Active ETF	1.29	%
Principal Millennials Index ETF	52.49	%
Principal Quality ETF	98.38	%
Principal Spectrum Preferred Securities Active ETF	41.59	%
Principal Spectrum Tax-Advantaged Dividend Active ETF	42.14	%
Principal U.S. Large-Cap Adaptive Multi-Factor ETF	N/A
Principal U.S. Mega-Cap ETF	100.00	%
Principal U.S. Small-Cap Adaptive Multi-Factor ETF	N/A
Principal U.S. Small-Cap Multi-Factor ETF	95.34	%
Principal Ultra-Short Active Income ETF	0.00	%
Principal Value ETF	98.35	%

Qualified Dividend Income ("QDI"). Certain dividends paid by the funds may be subject to a maximum tax rate of 20%. The funds designate the following as a percentage of taxable ordinary income distributions (dividend income and short-term gains, if any), or up to the maximum amount allowable, as QDI eligible for the calendar year ended December 31, 2020:


	QDI
Principal Active Income ETF	18.54	%
Principal Healthcare Innovators Index ETF	2.38	%
Principal International Adaptive Multi-Factor ETF	N/A
Principal International Multi-Factor ETF	100.00	%
Principal Investment Grade Corporate Active ETF	3.51	%
Principal Millennials Index ETF	66.16	%
Principal Quality ETF	100.00	%
Principal Spectrum Preferred Securities Active ETF	56.69	%
Principal Spectrum Tax-Advantaged Dividend Active ETF	100.00	%
Principal U.S. Large-Cap Adaptive Multi-Factor ETF	N/A
Principal U.S. Mega-Cap ETF	100.00	%
Principal U.S. Small-Cap Adaptive Multi-Factor ETF	N/A
Principal U.S. Small-Cap Multi-Factor ETF	94.07	%
Principal Ultra-Short Active Income ETF	0.00	%
Principal Value ETF	100.00	%

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ITEM 2 – CODE OF ETHICS

(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.

(b)	Not applicable.
(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.

(e)	Not applicable.
(f)	The Registrant's Code of Ethics is attached as an Exhibit in response to Item 13(a)(1).

ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT

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

ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES

(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.

June 30, 2020 - $363,078 June 30, 2021 - $315,075

(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.

June 30, 2020 - $11,000 June 30, 2021 - $5,500

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.

June 30, 2020 - $144,679
June 30, 2021 - $145,603

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 Principal Funds
Policy on Auditor Independence

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 and any registered closed-end management investment company that is operated as an interval fund and managed by Principal Global Investors, LLC¹(the “Funds”) (the “Boards of the Funds”) effective for all engagements of the primary independent auditor.

1.	The primary independent auditor, its subsidiaries and affiliates shall not provide Prohibited
		to the Funds. For the purposes of this policy, Prohibited Services are:
		Services that are subject to audit procedure during a financial statement audit;
		Services where the auditor would act on behalf of management;
		Services where the auditor is an advocate to the client's position in an adversarial proceeding;
		Bookkeeping or other services related to the accounting records or financial statements of the Funds, its subsidiaries and affiliates;
		Financial information systems design and implementation;
		Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;
		Actuarial services;
		Internal audit functions or human resources;
		Broker or dealer, investment advisor, or investment banking services;
		Legal services and expert services unrelated to the audit;
		Tax planning services related to listed, confidential and aggressive transactions;
		Personal tax planning services to individuals in a financial reporting oversight role with regard to the Funds (other than members of the Boards of the Funds who are not also officers of the Funds), including the immediate family members of such individuals;
		Any other service that the Public Company Accounting Oversight Board (PCAOB) determines, by regulation, is impermissible.

¹The first such interval fund is the Principal Diversified Select Real Asset Fund; Management, subject to Board approval, may create others, each of which would be formed as a separate trust.

(A) All services the primary independent auditor, its subsidiaries and affiliates provide to the Funds, and (B) Audit services, including audits of annual financial statements, audits of acquired or divested businesses or review of regulatory filings, any independent auditor provides, shall be approved by the Committee in advance in accordance with the following procedure:

Each quarter, Management will present to the Committee for pre-approval, a detailed description of each particular service, excluding tax services, for which pre-approval is sought and a range of fees for such service. The Committee may delegate pre-approval authority to one or more of its members provided such delegated member(s) shall present a report of any services approved to the full Committee at its next regularly scheduled meeting. The Committee Chairperson shall have pre-approval 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 a written description of the nature and scope of all tax services not expressly prohibited, including the fee arrangements for such services, and the potential effects of such services on the audit firm’s independence.

In considering whether to pre-approve the primary independent auditor’s provision of non-audit services, the Committee will consider whether the services are compatible with the maintenance of such auditor's independence. The Committee 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.

3.	The provisions of this policy shall apply to all audit and non-audit services provided directly to the Funds. Additionally, the provisions of this policy shall apply to non-audit services provided to Principal Global Investors, LLC (“PGI”) or an affiliate of PGI that provides ongoing services to the Funds if the engagement relates directly to the operations and financial reporting of the Funds.
4.	Not less than annually, the primary independent auditor shall report to the Committee in writing all relationships that may reasonably be thought to bear on independence between the auditor and the Funds or persons in financial reporting oversight roles with respect to any services provided by the auditor, its subsidiaries or affiliates as of the date of the communication, pursuant to Rule 3526 of the PCAOB. The primary independent auditor shall discuss with the Committee the potential effects of such relationships on the independence of the auditor. In addition, the primary independent auditor shall affirm, in writing, that, as of the date of the communication, it is independent within the meaning of the federal securities laws and Rule 3520 of the PCAOB.
5.	The Committee shall ensure that the lead (or coordinating) audit partners, as well as the reviewing audit partner, of the Funds' primary independent auditor are rotated at least every five years and subject upon rotation to a five year "time out" period. All other audit partners of the primary independent auditor, excluding partners who simply consult with others on the audit engagement regarding technical issues, shall rotate after seven years and be subject upon rotation to a two year "time out" period.
6.	Neither the Funds nor PGI may hire or promote any former partner, principal, shareholder or professional employee (Former Employee) of the primary independent auditor into a financial reporting oversight role unless the Former Employee (1) has severed his/her economic interest in the independent audit firm, and (2) was not a member of the audit engagement team for the Funds during the one year period preceding the date that the audit procedures began for the fiscal period in which the Funds or PGI proposes to hire or promote the Former Employee. Neither the Funds nor PGI shall, without prior written consent of the primary independent auditor, hire or

	promote any Former Employee into a role not prohibited above if the Former Employee had provided any services to the Funds or PGI during the 12 months preceding the date of filing of the Funds' most recent annual report with the SEC. Upon termination of the primary independent auditor, the Funds or PGI shall not, without prior written consent of the former primary independent auditor, hire or promote any Former Employee for a period of up to 12 months from termination.
7.	For persons recently promoted or hired into a financial reporting oversight role (other than members of the Boards of the Funds who are not also officers of the Funds), any personal tax planning services pursuant to an engagement that was in progress before the hiring or promotion and provided by the primary independent auditor must be completed on or before 180 days after the hiring or promotion.
8.	The phrase "financial reporting oversight role" means a role in which a person is in a position to exercise influence over the contents of the financial statements or anyone who prepares them, such as a member of the board of directors or similar management or governing body, chief executive officer, president, chief operating officer, chief financial officer, counsel, controller, chief internal auditor, or any equivalent positions.

(Adopted by the Audit Committee of the Boards of the Funds on March 10, 2020).

(End of policy)

(e) (2) Pre-Approval Waivers. There were no services provided to 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.

June 30, 2020 - $155,679 June 30, 2021 - $151,103

(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.

ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS

(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 Leroy Barnes, Victor Hymes, Elizabeth Nickels, and Meg VanDeWeghe.

(b)	Not applicable.

ITEM 6 – SCHEDULE OF INVESTMENTS

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees.

ITEM 11 – CONTROLS AND PROCEDURES a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).

(b) There have been no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the 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 12 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13 – EXHIBITS

(a)(1) Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940 is attached hereto as Exhibit 99.906CERT.

SIGNATURES

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


(Registrant)		Principal Exchange-Traded Funds

By	/s/ Kamal Bhatia
Kamal Bhatia, President and CEO
Date	10/6/2021

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

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


Date	10/6/2021

By	/s/ Michael Scholten
	Michael Scholten, Chief Financial Officer
Date	10/6/2021

Principal Exchange-Traded Funds N-CSR/ACertified annual shareholder report (management investment company) (amended)