1
Schedule
of
Investments
Principal
Active
High
Yield
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
BONDS
-
87
.07
%
Principal
Amount
Value
Aerospace
&
Defense
-
1
.34
%
—
—
Bombardier,
Inc.
7.25%,
07/01/2031
(a)
$
290,000
$
290,590
7.50%,
02/01/2029
(a)
820,000
844,382
8.75%,
11/15/2030
(a)
1,072,000
1,144,656
$
2,279,628
Airlines
-
0
.05
%
United
Airlines
Pass-Through
Trust
,
Series
2016-
1
,
Class
B
3.65%,
07/07/2027
86,529
82,325
Auto
Parts
&
Equipment
-
2
.05
%
Dana,
Inc.
4.25%,
09/01/2030
1,735,000
1,533,113
Phinia,
Inc.
6.75%,
04/15/2029
(a)
115,000
116,109
Tenneco,
Inc.
8.00%,
11/17/2028
(a)
2,010,000
1,834,001
$
3,483,223
Banks
-
2
.90
%
Barclays
PLC
(5-year
Treasury
Constant
Maturity
Rate
+
5.43%),
8.00%,
03/15/2029
(b),(c)
2,416,000
2,411,021
JPMorgan
Chase
&
Co.
,
Series
HH
(3-month
Term
Secured
Overnight
Financing
Rate
+
3.13%),
4.60%,
02/01/2025
(b),(c)
2,556,000
2,512,838
$
4,923,859
Building
Materials
-
2
.89
%
AmeriTex
HoldCo
Intermediate
LLC
10.25%,
10/15/2028
(a)
2,283,000
2,451,157
Smyrna
Ready
Mix
Concrete
LLC
6.00%,
11/01/2028
(a)
2,518,000
2,460,985
$
4,912,142
Chemicals
-
4
.47
%
Consolidated
Energy
Finance
SA
5.63%,
10/15/2028
(a)
1,625,000
1,363,764
12.00%,
02/15/2031
(a)
815,000
851,153
Kobe
U.S.
Midco
2,
Inc.
9.25%,
PIK
10.00%,
11/01/2026
(a),(d)
2,218,650
1,891,399
Olympus
Water
U.S.
Holding
Corp.
6.25%,
10/01/2029
(a),(e)
2,730,000
2,498,760
Tronox,
Inc.
4.63%,
03/15/2029
(a)
1,107,000
992,908
$
7,597,984
Commercial
Services
-
3
.36
%
Albion
Financing
1
SARL/Aggreko
Holdings,
Inc.
6.13%,
10/15/2026
(a)
1,394,000
1,381,263
Garda
World
Security
Corp.
6.00%,
06/01/2029
(a)
1,116,000
998,869
9.50%,
11/01/2027
(a)
1,449,000
1,452,486
WASH
Multifamily
Acquisition,
Inc.
5.75%,
04/15/2026
(a)
1,921,000
1,877,532
$
5,710,150
Computers
-
2
.62
%
McAfee
Corp.
7.38%,
02/15/2030
(a)
575,000
527,302
NCR
Atleos
Corp.
9.50%,
04/01/2029
(a)
1,505,000
1,609,761
Seagate
HDD
Cayman
5.75%,
12/01/2034
880,000
860,834
9.63%,
12/01/2032
1,284,119
1,462,994
$
4,460,891
Distribution
&
Wholesale
-
0
.97
%
Verde
Purchaser
LLC
10.50%,
11/30/2030
(a)
1,566,000
1,648,823
BONDS
(continued)
Principal
Amount
Value
Diversified
Financial
Services
-
7
.39
%
AerCap
Holdings
NV
(5-year
Treasury
Constant
Maturity
Rate
+
4.54%),
5.88%,
10/10/2079
(c)
$
2,410,000
$
2,392,726
Credit
Acceptance
Corp.
9.25%,
12/15/2028
(a)
2,313,000
2,487,819
Global
Aircraft
Leasing
Co.
Ltd.
6.50%,
PIK
7.25%,
09/15/2024
(a),(d)
2,544,562
2,420,205
Macquarie
Airfinance
Holdings
Ltd.
8.13%,
03/30/2029
(a)
1,295,000
1,369,620
8.38%,
05/01/2028
(a)
1,363,000
1,444,734
OneMain
Finance
Corp.
3.50%,
01/15/2027
180,000
167,094
4.00%,
09/15/2030
2,254,000
1,929,077
6.63%,
01/15/2028
344,000
345,105
$
12,556,380
Electric
-
4
.23
%
Clearway
Energy
Operating
LLC
3.75%,
02/15/2031
(a)
2,611,000
2,240,995
GenOn
Energy,
Inc.
0.00%,
10/15/2020
(f),(g),(h)
3,100,000
—
NextEra
Energy
Operating
Partners
LP
7.25%,
01/15/2029
(a)
785,000
803,183
NRG
Energy,
Inc.
3.63%,
02/15/2031
(a)
1,339,000
1,155,500
3.88%,
02/15/2032
(a)
161,000
137,967
(5-year
Treasury
Constant
Maturity
Rate
+
5.92%),
10.25%,
03/15/2028
(a),(b),(c)
327,000
350,776
Vistra
Corp.
(5-year
Treasury
Constant
Maturity
Rate
+
5.74%),
7.00%,
12/15/2026
(a),(b),(c)
997,000
987,175
Vistra
Operations
Co.
LLC
4.38%,
05/01/2029
(a)
1,641,000
1,520,197
$
7,195,793
Electronics
-
0
.85
%
Sensata
Technologies,
Inc.
3.75%,
02/15/2031
(a)
1,664,000
1,439,363
Entertainment
-
7
.71
%
Boyne
USA,
Inc.
4.75%,
05/15/2029
(a)
1,980,000
1,835,405
Caesars
Entertainment,
Inc.
6.50%,
02/15/2032
(a)
2,387,000
2,408,020
CCM
Merger,
Inc.
6.38%,
05/01/2026
(a)
2,243,000
2,240,920
Churchill
Downs,
Inc.
5.75%,
04/01/2030
(a)
2,431,000
2,346,648
Cinemark
USA,
Inc.
5.25%,
07/15/2028
(a),(e)
1,931,000
1,827,987
Lions
Gate
Capital
Holdings
LLC
5.50%,
04/15/2029
(a)
1,959,000
1,498,707
Wynn
Resorts
Finance
LLC/Wynn
Resorts
Capital
Corp.
7.13%,
02/15/2031
(a)
912,000
943,825
$
13,101,512
Food
-
2
.65
%
Chobani
LLC/Chobani
Finance
Corp.,
Inc.
7.63%,
07/01/2029
(a)
2,059,000
2,087,312
Fiesta
Purchaser,
Inc.
7.88%,
03/01/2031
(a)
390,000
402,753
Pilgrim's
Pride
Corp.
3.50%,
03/01/2032
2,073,000
1,756,909
4.25%,
04/15/2031
277,000
249,699
$
4,496,673
Forest
Products
&
Paper
-
0
.44
%
Mercer
International,
Inc.
5.13%,
02/01/2029
774,000
680,325
2
Schedule
of
Investments
Principal
Active
High
Yield
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
BONDS
(continued)
Principal
Amount
Value
Forest
Products
&
Paper
(continued)
Mercer
International,
Inc.
(continued)
12.88%,
10/01/2028
(a)
$
55,000
$
60,088
$
740,413
Healthcare
-
Services
-
2
.55
%
Acadia
Healthcare
Co.,
Inc.
5.00%,
04/15/2029
(a)
2,516,000
2,390,697
Tenet
Healthcare
Corp.
6.13%,
06/15/2030
1,943,000
1,938,543
$
4,329,240
Home
Builders
-
2
.24
%
Adams
Homes,
Inc.
9.25%,
10/15/2028
(a)
1,541,000
1,598,721
Forestar
Group,
Inc.
3.85%,
05/15/2026
(a)
362,000
345,707
5.00%,
03/01/2028
(a)
1,929,000
1,854,748
$
3,799,176
Household
Products
&
Wares
-
0
.99
%
Kronos
Acquisition
Holdings,
Inc./KIK
Custom
Products,
Inc.
5.00%,
12/31/2026
(a)
540,000
529,341
7.00%,
12/31/2027
(a)
1,170,000
1,162,232
$
1,691,573
Insurance
-
1
.16
%
Acrisure
LLC/Acrisure
Finance,
Inc.
6.00%,
08/01/2029
(a)
2,146,000
1,968,051
Investment
Companies
-
2
.52
%
Compass
Group
Diversified
Holdings
LLC
5.25%,
04/15/2029
(a)
2,147,000
2,039,934
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
4.38%,
02/01/2029
2,640,000
2,250,845
$
4,290,779
Iron
&
Steel
-
1
.02
%
TMS
International
Corp.
6.25%,
04/15/2029
(a)
1,901,000
1,735,120
Lodging
-
0
.48
%
Wynn
Macau
Ltd.
5.63%,
08/26/2028
(a)
868,000
822,713
Machinery
-
Diversified
-
1
.27
%
Maxim
Crane
Works
Holdings
Capital
LLC
11.50%,
09/01/2028
(a)
1,991,000
2,158,642
Media
-
3
.94
%
CSC
Holdings
LLC
4.50%,
11/15/2031
(a)
1,199,000
848,852
Directv
Financing
LLC
8.88%,
02/01/2030
(a)
128,000
127,691
Directv
Financing
LLC/Directv
Financing
Co.-
Obligor,
Inc.
5.88%,
08/15/2027
(a)
2,230,000
2,109,661
DISH
DBS
Corp.
5.13%,
06/01/2029
278,000
115,950
5.25%,
12/01/2026
(a)
13,284
10,460
7.38%,
07/01/2028
1,166,000
561,344
DISH
Network
Corp.
11.75%,
11/15/2027
(a)
1,640,000
1,674,327
Scripps
Escrow
II,
Inc.
5.38%,
01/15/2031
(a)
704,000
433,148
Sunrise
HoldCo
IV
BV
5.50%,
01/15/2028
(a)
844,000
810,338
$
6,691,771
Mining
-
1
.38
%
Taseko
Mines
Ltd.
7.00%,
02/15/2026
(a)
2,331,000
2,340,536
Oil
&
Gas
-
5
.25
%
Aethon
United
BR
LP/Aethon
United
Finance
Corp.
8.25%,
02/15/2026
(a)
1,904,000
1,925,970
Civitas
Resources,
Inc.
8.63%,
11/01/2030
(a)
1,499,000
1,609,592
BONDS
(continued)
Principal
Amount
Value
Oil
&
Gas
(continued)
Comstock
Resources,
Inc.
5.88%,
01/15/2030
(a)
$
2,325,000
$
2,105,539
Diamond
Foreign
Asset
Co./Diamond
Finance
LLC
8.50%,
10/01/2030
(a)
1,566,000
1,652,769
Vital
Energy,
Inc.
9.75%,
10/15/2030
1,483,000
1,621,732
$
8,915,602
Oil
&
Gas
Services
-
1
.33
%
Archrock
Partners
LP/Archrock
Partners
Finance
Corp.
6.25%,
04/01/2028
(a)
1,643,000
1,625,646
Kodiak
Gas
Services
LLC
7.25%,
02/15/2029
(a)
630,000
641,710
$
2,267,356
Packaging
&
Containers
-
1
.40
%
Clydesdale
Acquisition
Holdings,
Inc.
6.63%,
04/15/2029
(a)
203,000
202,837
8.75%,
04/15/2030
(a)
725,000
712,341
LABL,
Inc.
5.88%,
11/01/2028
(a)
404,000
371,520
8.25%,
11/01/2029
(a),(e)
673,000
574,315
9.50%,
11/01/2028
(a)
518,000
523,985
$
2,384,998
Pharmaceuticals
-
3
.78
%
AdaptHealth
LLC
5.13%,
03/01/2030
(a)
2,064,000
1,800,089
BellRing
Brands,
Inc.
7.00%,
03/15/2030
(a)
1,581,000
1,628,575
Jazz
Securities
DAC
4.38%,
01/15/2029
(a)
2,273,000
2,117,385
Owens
&
Minor,
Inc.
4.50%,
03/31/2029
(a),(e)
955,000
874,479
$
6,420,528
Pipelines
-
4
.86
%
DT
Midstream,
Inc.
4.13%,
06/15/2029
(a)
1,796,000
1,651,120
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
8.25%,
01/15/2029
1,607,000
1,649,740
Hess
Midstream
Operations
LP
4.25%,
02/15/2030
(a)
2,208,000
2,028,948
NGL
Energy
Operating
LLC/NGL
Energy
Finance
Corp.
8.13%,
02/15/2029
(a)
350,000
358,464
8.38%,
02/15/2032
(a)
930,000
953,349
Venture
Global
LNG,
Inc.
8.38%,
06/01/2031
(a)
143,000
147,471
9.50%,
02/01/2029
(a)
1,365,000
1,471,283
$
8,260,375
REITs
-
2
.80
%
CBL
&
Associates
LP
0.00%,
12/15/2026
(f),(g),(h)
6,000,000
—
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC
3.38%,
06/15/2026
(a)
1,175,000
1,106,738
3.75%,
09/15/2030
(a)
550,000
461,944
8.00%,
06/15/2027
(a)
364,000
379,543
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
4.75%,
06/15/2029
(a)
3,091,000
2,809,809
$
4,758,034
Retail
-
3
.28
%
Bath
&
Body
Works,
Inc.
5.25%,
02/01/2028
344,000
336,895
6.63%,
10/01/2030
(a)
567,000
579,190
6.75%,
07/01/2036
297,000
299,974
9.38%,
07/01/2025
(a)
30,000
31,302
3
Schedule
of
Investments
Principal
Active
High
Yield
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
BONDS
(continued)
Principal
Amount
Value
Retail
(continued)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
4.63%,
01/15/2029
(a)
$
995,000
$
912,391
6.75%,
01/15/2030
(a)
731,000
656,374
LSF9
Atlantis
Holdings
LLC/Victra
Finance
Corp.
7.75%,
02/15/2026
(a)
2,062,000
2,043,414
Park
River
Holdings,
Inc.
5.63%,
02/01/2029
(a)
840,000
714,197
$
5,573,737
Software
-
0
.96
%
Cloud
Software
Group,
Inc.
6.50%,
03/31/2029
(a)
1,715,000
1,627,469
Telecommunications
-
0
.96
%
Frontier
Communications
Holdings
LLC
8.63%,
03/15/2031
(a)
1,305,000
1,332,834
Level
3
Financing,
Inc.
10.50%,
05/15/2030
(a)
295,000
301,638
$
1,634,472
Transportation
-
0
.98
%
Watco
Cos.
LLC/Watco
Finance
Corp.
6.50%,
06/15/2027
(a)
1,681,000
1,661,522
TOTAL
BONDS
a
$
147,960,853
SENIOR
FLOATING
RATE
INTERESTS
-
5
.63
%
Principal
Amount
Value
Airlines
-
2
.30
%
–
—
American
Airlines,
Inc.,
Series
2021
Term
Loan
(3-month
Term
Secured
Overnight
Financing
Rate
+
4.75%),
10.33%,
04/20/2028
$
1,151,750
$
1,194,780
United
Airlines,
Inc.,
Series
2024
Term
Loan
B
(3-month
Term
Secured
Overnight
Financing
Rate
+
2.75%),
8.08%,
02/15/2031
1,147,273
1,147,089
WestJet
Loyalty
LP,
Series
Term
Loan
B
(3-month
Term
Secured
Overnight
Financing
Rate
+
3.75%),
9.06%,
02/14/2031
1,560,000
1,558,705
$
3,900,574
Auto
Parts
&
Equipment
-
0
.13
%
Tenneco,
Inc.,
Series
2022
Term
Loan
B
(3-month
Term
Secured
Overnight
Financing
Rate
+
5.00%),
10.42%-10.45%,
11/17/2028
225,000
211,349
Food
-
1
.21
%
Fiesta
Purchaser,
Inc.,
Series
2024
Term
Loan
B
(3-month
Term
Secured
Overnight
Financing
Rate
+
4.00%),
9.32%,
02/12/2031
2,055,000
2,057,281
Forest
Products
&
Paper
-
0
.65
%
Spectrum
Group
Buyer,
Inc.,
Series
2022
Term
Loan
B
(3-month
Term
Secured
Overnight
Financing
Rate
+
6.50%),
11.81%,
05/19/2028
1,359,456
1,107,956
Healthcare
-
Services
-
0
.81
%
Star
Parent,
Inc.,
Series
Term
Loan
B
(3-month
Term
Secured
Overnight
Financing
Rate
+
4.00%),
9.31%,
09/27/2030
1,385,000
1,375,651
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
Value
Mining
-
0
.53
%
Arsenal
AIC
Parent
LLC
(1-month
Term
Secured
Overnight
Financing
Rate
+
4.50%),
9.83%,
08/18/2030
$
902,738
$
904,769
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
a
$
9,557,580
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
0
.90
%
Principal
Amount
Value
U.S.
Treasury
-
0
.90
%
–
–
3.50%,
04/30/2028
$
1,583,200
$
1,535,766
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
a
$
1,535,766
INVESTMENT
COMPANIES
-
8
.25
%
Shares
Held
Value
Money
Market
Funds
-
8
.25
%
-
—
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
(i),(j),(k)
3,552,910
$
3,552,910
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
5.26%
(i)
10,471,192
10,471,192
TOTAL
INVESTMENT
COMPANIES
a
$
14,024,102
Total
Investments
$
173,078,301
Other
Assets
and
Liabilities
-
(1.85%)
(
3,145,350
)
TOTAL
NET
ASSETS
-
100.00%
$
169,932,951
(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
$122,801,770
or
72.26%
of
net
assets.
(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)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(d)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(e)
Security
or
a
portion
of
the
security
was
on
loan.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$3,490,041
or
2.05%
of
net
assets.
(f)
Security
is
defaulted.
(g)
Non-income
producing
security.
(h)
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.
(i)
1-day
yield
shown
as
of
period
end.
(j)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(k)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$3,552,910
or
2.09%
of
net
assets.
Portfolio
Summary
Sector
Percent
Consumer,
Cyclical
19.21%
Financial
16.77%
Consumer,
Non-cyclical
15.35%
Energy
11.44%
Industrial
8.73%
Basic
Materials
8.49%
Money
Market
Funds
8.25%
Communications
4.90%
Utilities
4.23%
Technology
3.58%
Government
0.90%
Other
Assets
and
Liabilities
(1.85)%
TOTAL
NET
ASSETS
100.00%
4
Schedule
of
Investments
Principal
Active
High
Yield
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
Affiliated
Securities
June
30,
2023
Value
Purchases
Cost
Sales
Proceeds
March
31,
2024
Value
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
$
3,219,013
$
20,679,700
$
20,345,803
$
3,552,910
$
3,219,013
$
20,679,700
$
20,345,803
$
3,552,910
a
a
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/(Loss)
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
5
Schedule
of
Investments
Principal
Focused
Blue
Chip
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
COMMON
STOCKS
-
99
.92
%
Shares
Held
Value
Aerospace
&
Defense
-
4
.71
%
-
—
TransDigm
Group,
Inc.
1,456
$
1,793,210
Commercial
Services
-
5
.31
%
CoStar
Group,
Inc.
(a)
13,779
1,331,051
Moody's
Corp.
1,761
692,126
$
2,023,177
Distribution
&
Wholesale
-
2
.25
%
Copart,
Inc.
(a)
14,773
855,652
Diversified
Financial
Services
-
13
.90
%
Charles
Schwab
Corp.
12,260
886,888
Mastercard,
Inc.,
Class
A
5,702
2,745,912
Visa,
Inc.,
Class
A
5,956
1,662,201
$
5,295,001
Healthcare
-
Products
-
4
.43
%
Danaher
Corp.
6,765
1,689,356
Insurance
-
4
.70
%
Progressive
Corp.
8,667
1,792,509
Internet
-
24
.43
%
Alphabet,
Inc.,
Class
C
(a)
27,780
4,229,783
Amazon.com,
Inc.
(a)
25,000
4,509,500
Netflix,
Inc.
(a)
933
566,639
$
9,305,922
Lodging
-
2
.90
%
Hilton
Worldwide
Holdings,
Inc.
5,184
1,105,799
Pharmaceuticals
-
1
.42
%
Zoetis,
Inc.
3,205
542,318
Private
Equity
-
4
.60
%
Brookfield
Corp.,
Class
A
41,821
1,751,045
REITs
-
2
.82
%
American
Tower
Corp.
5,437
1,074,297
Retail
-
2
.27
%
O'Reilly
Automotive,
Inc.
(a)
766
864,722
COMMON
STOCKS
(continued)
Shares
Held
Value
Software
-
23
.34
%
Adobe,
Inc.
(a)
2,555
$
1,289,253
Intuit,
Inc.
2,060
1,339,000
Microsoft
Corp.
12,526
5,269,938
Roper
Technologies,
Inc.
1,776
996,052
$
8,894,243
Transportation
-
2
.84
%
Union
Pacific
Corp.
4,394
1,080,616
TOTAL
COMMON
STOCKS
a
$
38,067,867
INVESTMENT
COMPANIES
-
0
.01
%
Shares
Held
Value
Money
Market
Funds
-
0
.01
%
-
—
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
5.26%
(b)
5,611
$
5,611
TOTAL
INVESTMENT
COMPANIES
a
$
5,611
Total
Investments
$
38,073,478
Other
Assets
and
Liabilities
-
0.07%
25,219
TOTAL
NET
ASSETS
-
100.00%
$
38,098,697
(a)
Non-income
producing
security.
(b)
1-day
yield
shown
as
of
period
end.
Portfolio
Summary
Sector
Percent
Financial
26.02%
Communications
24.43%
Technology
23.34%
Consumer,
Non-cyclical
11.16%
Industrial
7.55%
Consumer,
Cyclical
7.42%
Money
Market
Funds
0.01%
Other
Assets
and
Liabilities
0.07%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
June
30,
2023
Value
Purchases
Cost
Sales
Proceeds
March
31,
2024
Value
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
$
—
$
142,950
$
142,950
$
—
$
—
$
142,950
$
142,950
$
—
a
a
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/(Loss)
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
6
Schedule
of
Investments
Principal
Healthcare
Innovators
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
COMMON
STOCKS
-
99
.79
%
Shares
Held
Value
Biotechnology
-
62
.58
%
-
—
2seventy
bio,
Inc.
(a)
8,462
$
45,272
4D
Molecular
Therapeutics,
Inc.
(a)
4,739
150,985
Aadi
Bioscience,
Inc.
(a)
5,352
12,524
ACADIA
Pharmaceuticals,
Inc.
(a)
18,537
342,749
Adicet
Bio,
Inc.
(a)
8,568
20,135
ADMA
Biologics,
Inc.
(a)
30,964
204,362
Aerovate
Therapeutics,
Inc.
(a)
3,989
117,955
Agenus,
Inc.
(a)
44,794
25,981
Akero
Therapeutics,
Inc.
(a)
5,494
138,778
Allogene
Therapeutics,
Inc.
(a)
19,685
87,992
Allovir,
Inc.
(a)
14,327
10,815
Alnylam
Pharmaceuticals,
Inc.
(a)
7,218
1,078,730
Amicus
Therapeutics,
Inc.
(a)
32,450
382,261
AnaptysBio,
Inc.
(a)
4,135
93,120
Anavex
Life
Sciences
Corp.
(a)
11,574
58,912
ANI
Pharmaceuticals,
Inc.
(a)
2,530
174,899
Apellis
Pharmaceuticals,
Inc.
(a)
12,457
732,222
Arbutus
Biopharma
Corp.
(a)
25,400
65,532
Arcellx,
Inc.
(a)
5,747
399,704
Arcturus
Therapeutics
Holdings,
Inc.
(a)
3,773
127,414
Arcus
Biosciences,
Inc.
(a)
9,072
171,279
Arcutis
Biotherapeutics,
Inc.
(a)
8,492
84,156
Arrowhead
Pharmaceuticals,
Inc.
(a)
12,354
353,324
Atara
Biotherapeutics,
Inc.
(a)
16,865
11,704
Atea
Pharmaceuticals,
Inc.
(a)
16,386
66,199
Aurinia
Pharmaceuticals,
Inc.
(a)
17,062
85,481
Avidity
Biosciences,
Inc.
(a)
9,136
233,151
Axsome
Therapeutics,
Inc.
(a)
4,982
397,564
Beam
Therapeutics,
Inc.
(a)
8,533
281,930
BioCryst
Pharmaceuticals,
Inc.
(a)
23,519
119,477
Biohaven
Ltd.
(a)
9,084
496,804
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
3,146
1,088,107
Bluebird
Bio,
Inc.
(a),(b)
17,159
21,964
Blueprint
Medicines
Corp.
(a)
6,906
655,103
Bridgebio
Pharma,
Inc.
(a)
19,301
596,787
C4
Therapeutics,
Inc.
(a),(b)
13,238
108,155
Cara
Therapeutics,
Inc.
(a)
9,986
9,087
Caribou
Biosciences,
Inc.
(a)
12,418
63,829
Cassava
Sciences,
Inc.
(a),(b)
5,556
112,731
Celldex
Therapeutics,
Inc.
(a)
5,733
240,614
Cerevel
Therapeutics
Holdings,
Inc.
(a)
17,604
744,121
Chinook
Therapeutics,
Inc.
(a),(c)
9,493
3,797
Cogent
Biosciences,
Inc.
(a)
9,477
63,685
Crinetics
Pharmaceuticals,
Inc.
(a)
7,203
337,172
Cullinan
Oncology,
Inc.
(a)
6,456
110,010
Cytokinetics,
Inc.
(a)
10,792
756,627
Day
One
Biopharmaceuticals,
Inc.
(a)
9,741
160,921
Deciphera
Pharmaceuticals,
Inc.
(a)
9,858
155,066
Denali
Therapeutics,
Inc.
(a)
15,561
319,312
Design
Therapeutics,
Inc.
(a)
9,227
37,185
Dyne
Therapeutics,
Inc.
(a)
8,308
235,864
Edgewise
Therapeutics,
Inc.
(a)
10,183
185,738
Editas
Medicine,
Inc.
(a)
10,552
78,296
Emergent
BioSolutions,
Inc.
(a)
7,870
19,911
Erasca,
Inc.
(a)
25,478
52,485
Esperion
Therapeutics,
Inc.
(a)
29,151
78,125
Evolus,
Inc.
(a)
8,774
122,836
Fate
Therapeutics,
Inc.
(a)
14,375
105,513
FibroGen,
Inc.
(a)
11,293
26,539
Geron
Corp.
(a)
63,900
210,870
Gossamer
Bio,
Inc.
(a)
29,935
35,323
Ideaya
Biosciences,
Inc.
(a)
6,906
303,035
IGM
Biosciences,
Inc.
(a),(b)
5,265
50,807
Illumina,
Inc.
(a)
6,635
911,118
ImmunityBio,
Inc.
(a),(b)
56,126
301,397
Immunovant,
Inc.
(a)
15,532
501,839
Inhibrx,
Inc.
(a)
5,871
205,250
Inovio
Pharmaceuticals,
Inc.
(a)
4,938
68,539
Insmed,
Inc.
(a)
15,931
432,208
Intellia
Therapeutics,
Inc.
(a)
10,055
276,613
COMMON
STOCKS
(continued)
Shares
Held
Value
Biotechnology
(continued)
Intra-Cellular
Therapies,
Inc.
(a)
10,537
$
729,160
Ionis
Pharmaceuticals,
Inc.
(a)
15,890
688,832
Iovance
Biotherapeutics,
Inc.
(a)
28,431
421,347
Karyopharm
Therapeutics,
Inc.
(a)
17,929
27,073
Keros
Therapeutics,
Inc.
(a)
3,612
239,114
Kezar
Life
Sciences,
Inc.
(a)
14,867
13,404
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(a)
5,889
116,190
Kodiak
Sciences,
Inc.
(a)
10,735
56,466
Krystal
Biotech,
Inc.
(a)
3,053
543,220
Kymera
Therapeutics,
Inc.
(a)
6,617
266,003
Ligand
Pharmaceuticals,
Inc.
(a)
2,155
157,531
Liquidia
Corp.
(a)
10,675
157,456
MacroGenics,
Inc.
(a)
10,366
152,588
Mersana
Therapeutics,
Inc.
(a)
17,670
79,162
Mineralys
Therapeutics,
Inc.
(a)
6,002
77,486
Mural
Oncology
PLC
(a)
1,661
8,122
Myriad
Genetics,
Inc.
(a)
9,799
208,915
Nektar
Therapeutics
(a)
50,456
47,136
NGM
Biopharmaceuticals,
Inc.
(a)
15,170
24,120
Nkarta,
Inc.
(a)
10,734
116,035
Novavax,
Inc.
(a),(b)
11,877
56,772
Nurix
Therapeutics,
Inc.
(a)
7,517
110,500
Nuvalent,
Inc.,
Class
A
(a)
6,208
466,159
Phathom
Pharmaceuticals,
Inc.
(a)
6,953
73,841
Praxis
Precision
Medicines,
Inc.
(a)
1,970
120,209
Precigen,
Inc.
(a)
46,946
68,072
Prime
Medicine,
Inc.
(a)
12,314
86,198
Prothena
Corp.
PLC
(a)
6,064
150,205
PTC
Therapeutics,
Inc.
(a)
8,315
241,883
RAPT
Therapeutics,
Inc.
(a)
4,826
43,338
Recursion
Pharmaceuticals,
Inc.,
Class
A
(a),(b)
24,092
240,197
REGENXBIO,
Inc.
(a)
5,998
126,378
Relay
Therapeutics,
Inc.
(a)
14,959
124,160
Replimune
Group,
Inc.
(a)
7,347
60,025
REVOLUTION
Medicines,
Inc.
(a)
12,205
393,367
Rigel
Pharmaceuticals,
Inc.
(a)
39,688
58,738
Rocket
Pharmaceuticals,
Inc.
(a)
9,854
265,467
Sage
Therapeutics,
Inc.
(a)
6,896
129,231
Sana
Biotechnology,
Inc.
(a)
25,357
253,570
Sangamo
Therapeutics,
Inc.
(a)
35,597
23,857
Sarepta
Therapeutics,
Inc.
(a)
9,547
1,235,955
Scilex
Holding
Co.
(a)
10,078
16,024
Seer,
Inc.
(a)
11,819
22,456
SpringWorks
Therapeutics,
Inc.
(a)
7,738
380,864
Stoke
Therapeutics,
Inc.
(a)
7,250
97,875
Sutro
Biopharma,
Inc.
(a)
11,598
65,529
Syndax
Pharmaceuticals,
Inc.
(a)
8,505
202,419
TG
Therapeutics,
Inc.
(a)
16,730
254,463
Theravance
Biopharma,
Inc.
(a),(b)
9,160
82,165
Travere
Therapeutics,
Inc.
(a)
8,996
69,359
Ultragenyx
Pharmaceutical,
Inc.
(a)
8,080
377,255
Ventyx
Biosciences,
Inc.
(a)
6,888
37,884
Vera
Therapeutics,
Inc.
(a)
8,499
366,477
Veracyte,
Inc.
(a)
8,802
195,052
Vericel
Corp.
(a)
5,885
306,138
Verve
Therapeutics,
Inc.
(a)
8,128
107,940
Vir
Biotechnology,
Inc.
(a)
15,192
153,895
Viridian
Therapeutics,
Inc.
(a)
5,445
95,342
Xencor,
Inc.
(a)
7,290
161,328
Zentalis
Pharmaceuticals,
Inc.
(a)
7,566
119,240
$
27,927,177
Chemicals
-
0
.10
%
Codexis,
Inc.
(a)
12,992
45,342
Healthcare
-
Products
-
22
.57
%
10X
Genomics,
Inc.,
Class
A
(a)
10,803
405,437
Adaptive
Biotechnologies
Corp.
(a)
18,281
58,682
Alphatec
Holdings,
Inc.
(a)
13,592
187,434
AngioDynamics,
Inc.
(a)
6,975
40,943
Artivion,
Inc.
(a)
6,071
128,462
AtriCure,
Inc.
(a)
5,574
169,561
7
Schedule
of
Investments
Principal
Healthcare
Innovators
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
COMMON
STOCKS
(continued)
Shares
Held
Value
Healthcare
-
Products
(continued)
Axogen,
Inc.
(a)
7,442
$
60,057
Axonics,
Inc.
(a)
5,743
396,095
Azenta,
Inc.
(a)
7,950
479,226
BioLife
Solutions,
Inc.
(a)
5,874
108,963
Bionano
Genomics,
Inc.
(a)
5,950
6,604
Butterfly
Network,
Inc.
(a),(b)
27,115
29,284
CareDx,
Inc.
(a)
8,739
92,546
Cerus
Corp.
(a)
28,590
54,035
Cutera,
Inc.
(a)
2,703
3,973
Exact
Sciences
Corp.
(a)
19,311
1,333,618
Glaukos
Corp.
(a)
5,616
529,533
ICU
Medical,
Inc.
(a)
2,694
289,120
Inari
Medical,
Inc.
(a)
6,151
295,125
Inogen,
Inc.
(a)
4,514
36,428
Inotiv,
Inc.
(a),(b)
7,469
81,711
Inspire
Medical
Systems,
Inc.
(a)
3,180
683,032
iRhythm
Technologies,
Inc.
(a)
3,397
394,052
MaxCyte,
Inc.
(a)
16,156
67,694
MiMedx
Group,
Inc.
(a)
19,157
147,509
Natera,
Inc.
(a)
12,505
1,143,707
Nevro
Corp.
(a)
4,571
66,005
Novocure
Ltd.
(a)
11,615
181,542
OmniAb,
Inc.
(a)
19,080
103,414
OmniAb,
Inc.,
Earnout
Shares
(a)
977
—
OmniAb,
Inc.,
Earnout
Shares
(a)
977
—
Orthofix
Medical,
Inc.
(a)
5,038
73,152
OrthoPediatrics
Corp.
(a)
2,978
86,838
Pacific
Biosciences
of
California,
Inc.
(a)
28,630
107,363
Paragon
28,
Inc.
(a)
10,476
129,379
PROCEPT
BioRobotics
Corp.
(a)
5,486
271,118
Pulmonx
Corp.
(a)
5,731
53,126
Quanterix
Corp.
(a)
5,998
141,313
Quantum-Si,
Inc.
(a),(b)
29,252
57,626
RxSight,
Inc.
(a)
5,073
261,665
SI-BONE,
Inc.
(a)
4,868
79,689
Silk
Road
Medical,
Inc.
(a)
4,561
83,558
Surmodics,
Inc.
(a)
2,596
76,167
Tactile
Systems
Technology,
Inc.
(a)
3,758
61,067
Tandem
Diabetes
Care,
Inc.
(a)
7,836
277,473
TransMedics
Group,
Inc.
(a)
3,715
274,687
Treace
Medical
Concepts,
Inc.
(a)
7,217
94,182
Twist
Bioscience
Corp.
(a)
7,957
273,005
Zimvie,
Inc.
(a)
5,925
97,703
$
10,072,903
Healthcare
-
Services
-
0
.21
%
Nano-X
Imaging
Ltd.
(a),(b)
9,581
93,606
Pharmaceuticals
-
14
.05
%
AbCellera
Biologics,
Inc.
(a),(b)
34,204
154,944
Aclaris
Therapeutics,
Inc.
(a)
8,922
11,063
Agios
Pharmaceuticals,
Inc.
(a)
7,034
205,674
Alector,
Inc.
(a)
12,786
76,972
Alkermes
PLC
(a)
18,350
496,734
Amneal
Pharmaceuticals,
Inc.
(a)
32,292
195,690
Amylyx
Pharmaceuticals,
Inc.
(a)
7,836
22,254
Anika
Therapeutics,
Inc.
(a)
2,482
63,043
Arvinas,
Inc.
(a)
6,582
271,705
Bioxcel
Therapeutics,
Inc.
(a)
3,777
10,651
Coherus
Biosciences,
Inc.
(a)
10,390
24,832
Collegium
Pharmaceutical,
Inc.
(a)
4,762
184,861
Elanco
Animal
Health,
Inc.
(a)
54,828
892,600
Enanta
Pharmaceuticals,
Inc.
(a)
2,938
51,297
COMMON
STOCKS
(continued)
Shares
Held
Value
Pharmaceuticals
(continued)
Fulcrum
Therapeutics,
Inc.
(a)
16,233
$
153,239
Heron
Therapeutics,
Inc.
(a)
22,233
61,585
KalVista
Pharmaceuticals,
Inc.
(a)
6,622
78,537
Kura
Oncology,
Inc.
(a)
9,668
206,218
Lyell
Immunopharma,
Inc.
(a)
37,936
84,597
Madrigal
Pharmaceuticals,
Inc.
(a)
2,013
537,552
MannKind
Corp.
(a)
34,089
154,423
Mirum
Pharmaceuticals,
Inc.
(a)
4,999
125,575
Morphic
Holding,
Inc.
(a)
4,786
168,467
Ocugen,
Inc.
(a),(b)
59,354
97,341
Ocular
Therapeutix,
Inc.
(a)
12,337
112,267
Perrigo
Co.
PLC
15,067
485,007
PMV
Pharmaceuticals,
Inc.
(a)
9,331
15,863
Protagonist
Therapeutics,
Inc.
(a)
7,074
204,651
Revance
Therapeutics,
Inc.
(a)
9,117
44,856
Senseonics
Holdings,
Inc.
(a)
92,985
49,384
Seres
Therapeutics,
Inc.
(a)
14,929
11,557
SIGA
Technologies,
Inc.
12,178
104,244
Vaxcyte,
Inc.
(a)
10,328
705,506
Xeris
Biopharma
Holdings,
Inc.
(a)
25,454
56,253
Y-mAbs
Therapeutics,
Inc.
(a)
9,130
148,454
$
6,267,896
Software
-
0
.03
%
Outset
Medical,
Inc.
(a)
5,920
13,142
Transportation
-
0
.25
%
CryoPort,
Inc.
(a)
6,307
111,634
TOTAL
COMMON
STOCKS
a
$
44,531,700
INVESTMENT
COMPANIES
-
2
.72
%
Shares
Held
Value
Money
Market
Funds
-
2
.72
%
-
—
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
(d),(e),(f)
1,121,063
$
1,121,063
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
5.26%
(d)
91,027
91,027
TOTAL
INVESTMENT
COMPANIES
a
$
1,212,090
Total
Investments
$
45,743,790
Other
Assets
and
Liabilities
-
(2.51%)
(
1,119,149
)
TOTAL
NET
ASSETS
-
100.00%
$
44,624,641
(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
$1,020,394
or
2.29%
of
net
assets.
(c)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Advisor,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Trustees.
(d)
1-day
yield
shown
as
of
period
end.
(e)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(f)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,121,063
or
2.51%
of
net
assets.
Portfolio
Summary
Sector
Percent
Consumer,
Non-cyclical
99.41%
Money
Market
Funds
2.72%
Industrial
0.25%
Basic
Materials
0.10%
Technology
0.03%
Other
Assets
and
Liabilities
(2.51)%
TOTAL
NET
ASSETS
100.00%
8
Schedule
of
Investments
Principal
Healthcare
Innovators
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
Affiliated
Securities
June
30,
2023
Value
Purchases
Cost
Sales
Proceeds
March
31,
2024
Value
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
$
1,429,219
$
13,490,886
$
13,799,042
$
1,121,063
$
1,429,219
$
13,490,886
$
13,799,042
$
1,121,063
a
a
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/(Loss)
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
9
Schedule
of
Investments
Principal
Investment
Grade
Corporate
Active
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
BONDS
-
98
.65
%
Principal
Amount
Value
Aerospace
&
Defense
-
4
.75
%
—
—
BAE
Systems
PLC
5.00%,
03/26/2027
(a)
$
340,000
$
339,309
Boeing
Co.
2.20%,
02/04/2026
500,000
468,099
3.25%,
02/01/2028
654,000
601,699
5.71%,
05/01/2040
571,000
546,528
L3Harris
Technologies,
Inc.
5.05%,
06/01/2029
150,000
149,521
Lockheed
Martin
Corp.
5.70%,
11/15/2054
284,000
302,668
RTX
Corp.
4.13%,
11/16/2028
1,088,000
1,052,404
6.10%,
03/15/2034
203,000
216,963
$
3,677,191
Agriculture
-
0
.46
%
BAT
Capital
Corp.
5.83%,
02/20/2031
200,000
201,716
6.00%,
02/20/2034
155,000
156,945
$
358,661
Airlines
-
1
.28
%
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
4.75%,
10/20/2028
(a)
1,011,262
989,072
Auto
Manufacturers
-
2
.46
%
Cummins,
Inc.
5.45%,
02/20/2054
150,000
153,354
Ford
Motor
Credit
Co.
LLC
5.80%,
03/08/2029
375,000
376,492
Hyundai
Capital
America
5.25%,
01/08/2027
(a)
320,000
319,713
5.40%,
01/08/2031
(a)
254,000
255,009
6.50%,
01/16/2029
(a)
521,000
546,588
Toyota
Motor
Credit
Corp.
4.80%,
01/05/2034
258,000
253,815
$
1,904,971
Banks
-
22
.25
%
AIB
Group
PLC
(6-month
Secured
Overnight
Financing
Rate
+
1.91%),
5.87%,
03/28/2035
(a),(b)
425,000
426,191
Bank
of
America
Corp.
(6-month
Secured
Overnight
Financing
Rate
+
1.65%),
5.47%,
01/23/2035
(b)
2,677,000
2,694,449
Bank
of
New
York
Mellon
Corp.
,
Series
J
(6-month
Secured
Overnight
Financing
Rate
+
1.61%),
4.97%,
04/26/2034
(b)
714,000
700,900
BNP
Paribas
SA
(6-month
Secured
Overnight
Financing
Rate
+
1.59%),
5.50%,
05/20/2030
(a),(b)
390,000
390,852
Citigroup,
Inc.
(6-month
Secured
Overnight
Financing
Rate
+
1.54%),
5.61%,
09/29/2026
(b)
1,223,000
1,224,949
Deutsche
Bank
AG
(6-month
Secured
Overnight
Financing
Rate
+
1.59%),
5.71%,
02/08/2028
(b)
305,000
304,557
HSBC
Holdings
PLC
(6-month
Secured
Overnight
Financing
Rate
+
1.46%),
5.55%,
03/04/2030
(b)
420,000
422,510
JPMorgan
Chase
&
Co.
(6-month
Secured
Overnight
Financing
Rate
+
1.62%),
5.34%,
01/23/2035
(b)
177,000
177,692
BONDS
(continued)
Principal
Amount
Value
Banks
(continued)
JPMorgan
Chase
&
Co.
(continued)
(6-month
Secured
Overnight
Financing
Rate
+
1.81%),
6.25%,
10/23/2034
(b)
$
2,635,000
$
2,815,214
Mizuho
Financial
Group,
Inc.
(1-year
Treasury
Constant
Maturity
Rate
+
1.12%),
5.38%,
05/26/2030
(b)
250,000
251,136
Morgan
Stanley
(6-month
Secured
Overnight
Financing
Rate
+
1.73%),
5.47%,
01/18/2035
(b)
2,516,000
2,538,489
PNC
Financial
Services
Group,
Inc.
(6-month
Secured
Overnight
Financing
Rate
+
1.90%),
5.68%,
01/22/2035
(b)
846,000
853,706
(6-month
Secured
Overnight
Financing
Rate
+
2.28%),
6.88%,
10/20/2034
(b)
146,000
159,874
Royal
Bank
of
Canada
4.95%,
02/01/2029
248,000
248,593
Truist
Financial
Corp.
(6-month
Secured
Overnight
Financing
Rate
+
1.62%),
5.44%,
01/24/2030
(b)
152,000
151,823
(6-month
Secured
Overnight
Financing
Rate
+
1.92%),
5.71%,
01/24/2035
(b)
177,000
177,764
(6-month
Secured
Overnight
Financing
Rate
+
1.63%),
5.90%,
10/28/2026
(b)
340,000
341,687
(6-month
Secured
Overnight
Financing
Rate
+
2.45%),
7.16%,
10/30/2029
(b)
350,000
373,240
UBS
Group
AG
(1-year
Treasury
Constant
Maturity
Rate
+
1.75%),
4.75%,
05/12/2028
(a),(b)
1,228,000
1,203,267
(1-year
Treasury
Constant
Maturity
Rate
+
1.77%),
5.70%,
02/08/2035
(a),(b)
205,000
206,037
Wells
Fargo
&
Co.
(6-month
Secured
Overnight
Financing
Rate
+
2.10%),
2.39%,
06/02/2028
(b)
1,722,000
1,576,154
$
17,239,084
Beverages
-
2
.70
%
Anheuser-Busch
InBev
Worldwide,
Inc.
3.50%,
06/01/2030
759,000
706,989
4.38%,
04/15/2038
822,000
763,933
Constellation
Brands,
Inc.
4.75%,
05/09/2032
632,000
617,409
$
2,088,331
Biotechnology
-
0
.85
%
Amgen,
Inc.
5.60%,
03/02/2043
648,000
659,291
Chemicals
-
0
.23
%
International
Flavors
&
Fragrances,
Inc.
1.83%,
10/15/2027
(a)
200,000
177,343
Commercial
Services
-
1
.10
%
CoStar
Group,
Inc.
2.80%,
07/15/2030
(a)
1,001,000
853,317
Computers
-
0
.72
%
Apple,
Inc.
3.95%,
08/08/2052
657,000
553,733
Diversified
Financial
Services
-
1
.43
%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
3.00%,
10/29/2028
501,000
453,315
10
Schedule
of
Investments
Principal
Investment
Grade
Corporate
Active
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
BONDS
(continued)
Principal
Amount
Value
Diversified
Financial
Services
(continued)
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(continued)
3.85%,
10/29/2041
$
790
$
626
Blackstone
Holdings
Finance
Co.
LLC
2.85%,
08/05/2051
(a)
562,342
352,164
Lseg
U.S.
Fin
Corp.
5.30%,
03/28/2034
(a)
300,000
301,892
$
1,107,997
Electric
-
9
.43
%
Alliant
Energy
Finance
LLC
5.95%,
03/30/2029
(a)
117,000
120,502
Commonwealth
Edison
Co.
4.00%,
03/01/2049
564,000
449,644
Consolidated
Edison
Co.
of
New
York,
Inc.
5.90%,
11/15/2053
126,000
134,475
Duke
Energy
Carolinas
LLC
3.75%,
06/01/2045
564,000
439,497
Duke
Energy
Florida
LLC
6.20%,
11/15/2053
162,000
178,603
Entergy
Louisiana
LLC
4.95%,
01/15/2045
564,000
519,779
FirstEnergy
Corp.
,
Series
C
5.10%,
07/15/2047
424,000
372,212
Florida
Power
&
Light
Co.
3.95%,
03/01/2048
424,000
347,562
Indianapolis
Power
&
Light
Co.
5.70%,
04/01/2054
(a)
205,000
205,543
ITC
Holdings
Corp.
3.65%,
06/15/2024
596,000
592,959
Kentucky
Utilities
Co.
4.38%,
10/01/2045
615,000
528,727
MidAmerican
Energy
Co.
4.40%,
10/15/2044
564,000
490,939
Monongahela
Power
Co.
3.55%,
05/15/2027
(a)
440,000
418,511
National
Rural
Utilities
Cooperative
Finance
Corp.
5.00%,
02/07/2031
265,000
263,111
Northern
States
Power
Co.
5.10%,
05/15/2053
307,000
295,764
NRG
Energy,
Inc.
2.00%,
12/02/2025
(a)
570,000
534,964
Pacific
Gas
&
Electric
Co.
2.95%,
03/01/2026
1,084,000
1,034,906
5.55%,
05/15/2029
375,000
378,274
$
7,305,972
Engineering
&
Construction
-
0
.24
%
CIMIC
Finance
USA
Pty.
Ltd.
7.00%,
03/25/2034
(a),(c)
180,000
184,824
Entertainment
-
1
.26
%
Warnermedia
Holdings,
Inc.
4.28%,
03/15/2032
1,090,000
973,630
Environmental
Control
-
1
.51
%
Waste
Connections,
Inc.
4.20%,
01/15/2033
793,000
745,355
Waste
Management,
Inc.
4.63%,
02/15/2030
424,000
421,990
$
1,167,345
Food
-
0
.91
%
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
4.38%,
02/02/2052
482,400
350,319
Mars,
Inc.
2.38%,
07/16/2040
(a)
503,000
350,618
Sysco
Corp.
3.15%,
12/14/2051
736
504
$
701,441
BONDS
(continued)
Principal
Amount
Value
Gas
-
1
.77
%
NiSource,
Inc.
0.95%,
08/15/2025
$
1,377,000
$
1,295,836
5.25%,
03/30/2028
78,000
78,536
$
1,374,372
Healthcare
-
Products
-
1
.31
%
Boston
Scientific
Corp.
2.65%,
06/01/2030
1,151,000
1,013,741
Healthcare
-
Services
-
3
.37
%
Centene
Corp.
2.45%,
07/15/2028
1,233,000
1,093,318
HCA,
Inc.
5.45%,
04/01/2031
275,000
276,434
6.00%,
04/01/2054
324,000
328,854
UnitedHealth
Group,
Inc.
2.75%,
05/15/2040
580,000
426,792
5.38%,
04/15/2054
255,000
259,348
5.88%,
02/15/2053
212,000
229,364
$
2,614,110
Insurance
-
6
.19
%
AIA
Group
Ltd.
5.38%,
04/05/2034
(a)
200,000
199,802
Aon
North
America,
Inc.
5.45%,
03/01/2034
175,000
177,020
5.75%,
03/01/2054
250,000
256,301
Arthur
J
Gallagher
&
Co.
2.40%,
11/09/2031
709,000
581,313
6.75%,
02/15/2054
637,000
723,208
Athene
Holding
Ltd.
6.25%,
04/01/2054
325,000
329,837
Chubb
INA
Holdings,
Inc.
3.35%,
05/03/2026
579,000
559,304
Corebridge
Financial,
Inc.
5.75%,
01/15/2034
450,000
459,084
Everest
Reinsurance
Holdings,
Inc.
3.13%,
10/15/2052
509,000
329,222
MetLife,
Inc.
5.00%,
07/15/2052
281,000
264,538
New
York
Life
Insurance
Co.
3.75%,
05/15/2050
(a)
440,000
338,247
SiriusPoint
Ltd.
7.00%,
04/05/2029
175,000
174,975
Swiss
RE
Subordinated
Finance
PLC
(3-month
Term
Secured
Overnight
Financing
Rate
+
1.81%),
5.70%,
04/05/2035
(a),(b)
400,000
399,334
$
4,792,185
Internet
-
1
.00
%
Netflix,
Inc.
5.88%,
11/15/2028
747,000
776,527
Media
-
1
.32
%
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
4.80%,
03/01/2050
370,000
273,878
Comcast
Corp.
3.97%,
11/01/2047
652,000
524,077
Paramount
Global
4.20%,
05/19/2032
274,000
227,626
$
1,025,581
Mining
-
1
.87
%
Glencore
Funding
LLC
5.37%,
04/04/2029
(a)
875,000
876,735
6.13%,
10/06/2028
(a)
556,000
574,553
$
1,451,288
Oil
&
Gas
-
1
.94
%
BP
Capital
Markets
America,
Inc.
4.70%,
04/10/2029
254,000
253,363
Marathon
Oil
Corp.
4.40%,
07/15/2027
500,000
485,871
5.70%,
04/01/2034
175,000
174,991
11
Schedule
of
Investments
Principal
Investment
Grade
Corporate
Active
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
BONDS
(continued)
Principal
Amount
Value
Oil
&
Gas
(continued)
Marathon
Oil
Corp.
(continued)
6.60%,
10/01/2037
$
255,000
$
268,281
Occidental
Petroleum
Corp.
6.60%,
03/15/2046
300,000
323,318
$
1,505,824
Packaging
&
Containers
-
0
.95
%
Packaging
Corp.
of
America
5.70%,
12/01/2033
521,000
538,097
Smurfit
Kappa
Treasury
ULC
5.20%,
01/15/2030
(a)
200,000
199,605
$
737,702
Pharmaceuticals
-
6
.90
%
AbbVie,
Inc.
3.20%,
11/21/2029
582,000
536,311
4.05%,
11/21/2039
862,000
767,524
4.95%,
03/15/2031
770,000
775,495
5.40%,
03/15/2054
115,000
118,369
Becton
Dickinson
&
Co.
3.70%,
06/06/2027
1,510,000
1,450,718
Bristol-Myers
Squibb
Co.
4.13%,
06/15/2039
424,000
375,723
Pfizer
Investment
Enterprises
Pte.
Ltd.
5.11%,
05/19/2043
295,000
288,467
Zoetis,
Inc.
3.90%,
08/20/2028
1,074,000
1,033,404
$
5,346,011
Pipelines
-
5
.39
%
Cheniere
Energy,
Inc.
5.65%,
04/15/2034
(a)
170,000
171,214
Energy
Transfer
LP
3.75%,
05/15/2030
729,000
671,922
5.15%,
03/15/2045
497,000
451,591
5.95%,
05/15/2054
140,000
139,712
Enterprise
Products
Operating
LLC
3.13%,
07/31/2029
1,166,000
1,075,519
Kinder
Morgan,
Inc.
5.40%,
02/01/2034
600,000
597,593
MPLX
LP
4.88%,
12/01/2024
571,000
567,907
Sabine
Pass
Liquefaction
LLC
5.00%,
03/15/2027
502,000
500,532
$
4,175,990
REITs
-
2
.73
%
Crown
Castle,
Inc.
5.80%,
03/01/2034
521,000
532,959
Invitation
Homes
Operating
Partnership
LP
2.00%,
08/15/2031
428,000
340,085
Kimco
Realty
OP
LLC
3.20%,
04/01/2032
798,000
687,655
Realty
Income
Corp.
3.10%,
12/15/2029
70
63
3.20%,
02/15/2031
624,000
553,075
$
2,113,837
Semiconductors
-
2
.10
%
Broadcom,
Inc.
4.11%,
09/15/2028
511,000
493,703
Intel
Corp.
5.00%,
02/21/2031
185,000
185,189
5.15%,
02/21/2034
175,000
175,399
BONDS
(continued)
Principal
Amount
Value
Semiconductors
(continued)
Marvell
Technology,
Inc.
5.95%,
09/15/2033
$
315,000
$
326,439
Micron
Technology,
Inc.
5.30%,
01/15/2031
193,000
194,116
6.75%,
11/01/2029
234,000
251,167
$
1,626,013
Software
-
4
.84
%
Fiserv,
Inc.
4.40%,
07/01/2049
469,000
397,895
Intuit,
Inc.
5.50%,
09/15/2053
244,000
253,288
Oracle
Corp.
2.80%,
04/01/2027
424,000
397,647
4.00%,
07/15/2046
424,000
334,014
6.15%,
11/09/2029
219,000
230,812
Take-Two
Interactive
Software,
Inc.
4.00%,
04/14/2032
654,000
604,103
4.95%,
03/28/2028
254,000
253,024
VMware
LLC
4.65%,
05/15/2027
1,299,000
1,276,942
$
3,747,725
Telecommunications
-
4
.09
%
AT&T,
Inc.
3.50%,
09/15/2053
1,741,000
1,228,314
T-Mobile
USA,
Inc.
3.38%,
04/15/2029
1,381,000
1,277,191
3.50%,
04/15/2031
500,000
451,539
6.00%,
06/15/2054
201,000
214,838
$
3,171,882
Transportation
-
0
.46
%
Norfolk
Southern
Corp.
5.35%,
08/01/2054
360,000
357,383
Water
-
0
.84
%
Essential
Utilities,
Inc.
2.40%,
05/01/2031
784,000
649,405
TOTAL
BONDS
a
$
76,421,779
INVESTMENT
COMPANIES
-
1
.34
%
Shares
Held
Value
Money
Market
Funds
-
1
.34
%
-
—
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
(d),(e),(f)
141,750
$
141,750
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
5.26%
(d)
899,401
899,401
TOTAL
INVESTMENT
COMPANIES
a
$
1,041,151
Total
Investments
$
77,462,930
Other
Assets
and
Liabilities
-
0.01%
6,877
TOTAL
NET
ASSETS
-
100.00%
$
77,469,807
(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
$10,935,206
or
14.12%
of
net
assets.
(b)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(c)
Security
or
a
portion
of
the
security
was
on
loan.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$138,481
or
0.18%
of
net
assets.
(d)
1-day
yield
shown
as
of
period
end.
(e)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(f)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$141,750
or
0.18%
of
net
assets.
12
Schedule
of
Investments
Principal
Investment
Grade
Corporate
Active
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
Portfolio
Summary
Sector
Percent
Financial
32.60%
Consumer,
Non-cyclical
17.60%
Utilities
12.04%
Industrial
7.91%
Technology
7.66%
Energy
7.33%
Communications
6.41%
Consumer,
Cyclical
5.00%
Basic
Materials
2.10%
Money
Market
Funds
1.34%
Other
Assets
and
Liabilities
0.01%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
June
30,
2023
Value
Purchases
Cost
Sales
Proceeds
March
31,
2024
Value
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
$
384,880
$
7,213,745
$
7,456,875
$
141,750
$
384,880
$
7,213,745
$
7,456,875
$
141,750
a
a
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/(Loss)
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
U.S.
5
Year
Note
CBT;
June
2024
Short
5
$
535,078
$
615
U.S.
10
Year
Note
CBT;
June
2024
Short
21
2,326,734
(
6,795
)
U.S.
10
Year
Ultra
Note
CBT;
June
2024
Short
24
2,750,625
1,794
U.S.
Long
Bond
CBT;
June
2024
Long
16
1,927,000
13,995
U.S.
Ultra
Bond
CBT;
June
2024
Long
17
2,193,000
16,458
Total
$
26,067
13
Schedule
of
Investments
Principal
Quality
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
COMMON
STOCKS
-
99
.76
%
Shares
Held
Value
Auto
Parts
&
Equipment
-
1
.08
%
-
—
Aptiv
PLC
(a)
6,609
$
526,407
Building
Materials
-
3
.41
%
Martin
Marietta
Materials,
Inc.
892
547,634
Trane
Technologies
PLC
1,923
577,285
Vulcan
Materials
Co.
1,969
537,379
$
1,662,298
Chemicals
-
2
.27
%
Ecolab,
Inc.
2,426
560,164
PPG
Industries,
Inc.
3,788
548,881
$
1,109,045
Commercial
Services
-
4
.53
%
Corpay,
Inc.
(a)
1,724
531,923
Gartner,
Inc.
(a)
1,129
538,160
Global
Payments,
Inc.
4,032
538,917
PayPal
Holdings,
Inc.
(a)
8,930
598,221
$
2,207,221
Computers
-
9
.25
%
Accenture
PLC,
Class
A
1,993
690,794
Apple,
Inc.
12,094
2,073,879
Hewlett
Packard
Enterprise
Co.
30,493
540,641
International
Business
Machines
Corp.
3,583
684,210
NetApp,
Inc.
4,982
522,960
$
4,512,484
Distribution
&
Wholesale
-
2
.27
%
Copart,
Inc.
(a)
9,630
557,769
WW
Grainger,
Inc.
539
548,325
$
1,106,094
Diversified
Financial
Services
-
1
.04
%
Cboe
Global
Markets,
Inc.
2,766
508,197
Electrical
Components
&
Equipment
-
1
.10
%
AMETEK,
Inc.
2,936
536,994
Electronics
-
3
.29
%
Allegion
PLC
3,827
515,535
Jabil,
Inc.
4,090
547,856
Keysight
Technologies,
Inc.
(a)
3,443
538,416
$
1,601,807
Environmental
Control
-
1
.11
%
Republic
Services,
Inc.
2,836
542,924
Food
-
1
.09
%
Sysco
Corp.
6,567
533,109
Hand
&
Machine
Tools
-
1
.06
%
Snap-on,
Inc.
1,739
515,127
Healthcare
-
Products
-
7
.39
%
Agilent
Technologies,
Inc.
3,621
526,892
Boston
Scientific
Corp.
(a)
8,962
613,807
Edwards
Lifesciences
Corp.
(a)
5,939
567,531
Stryker
Corp.
1,756
628,420
Thermo
Fisher
Scientific,
Inc.
1,269
737,555
West
Pharmaceutical
Services,
Inc.
1,336
528,669
$
3,602,874
Healthcare
-
Services
-
1
.10
%
IQVIA
Holdings,
Inc.
(a)
2,128
538,150
Home
Builders
-
2
.34
%
DR
Horton,
Inc.
3,541
582,672
PulteGroup,
Inc.
4,626
557,988
$
1,140,660
Household
Products
&
Wares
-
2
.19
%
Church
&
Dwight
Co.,
Inc.
4,933
514,561
Kimberly-Clark
Corp.
4,280
553,618
$
1,068,179
Insurance
-
0
.23
%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
264
111,017
COMMON
STOCKS
(continued)
Shares
Held
Value
Internet
-
9
.15
%
Alphabet,
Inc.,
Class
A
(a)
1,494
$
225,490
Alphabet,
Inc.,
Class
C
(a)
5,543
843,977
Amazon.com,
Inc.
(a)
6,005
1,083,182
CDW
Corp.
2,130
544,811
F5,
Inc.
(a)
2,653
502,982
Meta
Platforms,
Inc.,
Class
A
981
476,354
Netflix,
Inc.
(a)
1,296
787,100
$
4,463,896
Machinery
-
Diversified
-
4
.30
%
Dover
Corp.
2,925
518,281
IDEX
Corp.
2,110
514,882
Nordson
Corp.
1,909
524,097
Rockwell
Automation,
Inc.
1,857
541,000
$
2,098,260
Media
-
0
.99
%
FactSet
Research
Systems,
Inc.
1,063
483,017
Miscellaneous
Manufacturers
-
3
.56
%
A
O
Smith
Corp.
5,720
511,711
Eaton
Corp.
PLC
2,091
653,814
Illinois
Tool
Works,
Inc.
2,124
569,933
$
1,735,458
Oil
&
Gas
Services
-
1
.21
%
Schlumberger
Ltd.
10,778
590,742
Pharmaceuticals
-
1
.15
%
Zoetis,
Inc.
3,325
562,623
Retail
-
3
.43
%
Chipotle
Mexican
Grill,
Inc.
(a)
207
601,701
O'Reilly
Automotive,
Inc.
(a)
503
567,827
Ulta
Beauty,
Inc.
(a)
961
502,488
$
1,672,016
Semiconductors
-
13
.89
%
Advanced
Micro
Devices,
Inc.
(a)
4,363
787,478
Applied
Materials,
Inc.
3,375
696,026
Broadcom,
Inc.
884
1,171,662
KLA
Corp.
868
606,359
Microchip
Technology,
Inc.
6,086
545,975
Monolithic
Power
Systems,
Inc.
761
515,517
NVIDIA
Corp.
1,929
1,742,967
QUALCOMM,
Inc.
4,170
705,981
$
6,771,965
Software
-
16
.11
%
Broadridge
Financial
Solutions,
Inc.
2,559
524,237
Cadence
Design
Systems,
Inc.
(a)
1,946
605,751
Fiserv,
Inc.
(a)
3,915
625,695
Intuit,
Inc.
1,088
707,200
Microsoft
Corp.
9,426
3,965,707
Salesforce,
Inc.
2,747
827,341
Synopsys,
Inc.
(a)
1,053
601,790
$
7,857,721
Telecommunications
-
1
.22
%
Arista
Networks,
Inc.
(a)
2,046
593,299
TOTAL
COMMON
STOCKS
a
$
48,651,584
INVESTMENT
COMPANIES
-
0
.19
%
Shares
Held
Value
Money
Market
Funds
-
0
.19
%
-
—
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
5.26%
(b)
94,330
$
94,330
TOTAL
INVESTMENT
COMPANIES
a
$
94,330
Total
Investments
$
48,745,914
Other
Assets
and
Liabilities
-
0.05%
24,340
TOTAL
NET
ASSETS
-
100.00%
$
48,770,254
(a)
Non-income
producing
security.
(b)
1-day
yield
shown
as
of
period
end.
14
Schedule
of
Investments
Principal
Quality
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
Portfolio
Summary
Sector
Percent
Technology
39.25%
Industrial
17.83%
Consumer,
Non-cyclical
17.45%
Communications
11.36%
Consumer,
Cyclical
9.12%
Basic
Materials
2.27%
Financial
1.27%
Energy
1.21%
Money
Market
Funds
0.19%
Other
Assets
and
Liabilities
0.05%
TOTAL
NET
ASSETS
100.00%
15
Schedule
of
Investments
Principal
Real
Estate
Active
Opportunities
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
COMMON
STOCKS
-
98
.21
%
Shares
Held
Value
Entertainment
-
1
.86
%
-
—
Marriott
Vacations
Worldwide
Corp.
1,628
$
175,384
REITs
-
96
.35
%
Alexandria
Real
Estate
Equities,
Inc.
2,431
313,380
American
Healthcare
REIT,
Inc.
13,517
199,376
American
Homes
4
Rent,
Class
A
12,056
443,420
American
Tower
Corp.
3,266
645,329
Americold
Realty
Trust,
Inc.
15,240
379,781
Crown
Castle,
Inc.
2,514
266,057
DiamondRock
Hospitality
Co.
20,501
197,015
Digital
Realty
Trust,
Inc.
2,452
353,186
Equinix,
Inc.
602
496,849
Extra
Space
Storage,
Inc.
4,515
663,705
Gaming
&
Leisure
Properties,
Inc.
8,890
409,562
Invitation
Homes,
Inc.
18,087
644,078
National
Health
Investors,
Inc.
5,018
315,281
Rexford
Industrial
Realty,
Inc.
12,023
604,757
Sabra
Health
Care
REIT,
Inc.
26,064
384,965
SBA
Communications
Corp.
1,820
394,394
Sun
Communities,
Inc.
3,694
474,974
Terreno
Realty
Corp.
6,363
422,503
COMMON
STOCKS
(continued)
Shares
Held
Value
REITs
(continued)
Ventas,
Inc.
15,293
$
665,857
VICI
Properties,
Inc.
13,237
394,330
Welltower,
Inc.
4,586
428,516
$
9,097,315
TOTAL
COMMON
STOCKS
a
$
9,272,699
INVESTMENT
COMPANIES
-
1
.23
%
Shares
Held
Value
Money
Market
Funds
-
1
.23
%
-
—
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
5.26%
(a)
115,696
$
115,696
TOTAL
INVESTMENT
COMPANIES
a
$
115,696
Total
Investments
$
9,388,395
Other
Assets
and
Liabilities
-
0.56%
53,285
TOTAL
NET
ASSETS
-
100.00%
$
9,441,680
(a)
1-day
yield
shown
as
of
period
end.
Portfolio
Summary
Sector
Percent
Financial
96.35%
Consumer,
Cyclical
1.86%
Money
Market
Funds
1.23%
Other
Assets
and
Liabilities
0.56%
TOTAL
NET
ASSETS
100.00%
16
Schedule
of
Investments
Principal
Spectrum
Preferred
Securities
Active
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
BONDS
-
98
.56
%
Principal
Amount
Value
Banks
-
50
.20
%
—
—
Bank
of
America
Corp.
,
Series
RR
(5-year
Treasury
Constant
Maturity
Rate
+
2.76%),
4.38%,
01/27/2027
(a),(b)
$
16,559,000
$
15,523,111
Bank
of
America
Corp.
,
Series
TT
(5-year
Treasury
Constant
Maturity
Rate
+
3.23%),
6.13%,
04/27/2027
(a),(b)
12,025,000
12,057,840
Bank
of
America
Corp.
,
Series
X
(3-month
Term
Secured
Overnight
Financing
Rate
+
3.97%),
6.25%,
09/05/2024
(a),(b)
3,711,000
3,715,223
Bank
of
Montreal
(5-year
Treasury
Constant
Maturity
Rate
+
2.98%),
4.80%,
08/25/2024
(a),(b)
4,112,000
4,018,334
(5-year
Treasury
Constant
Maturity
Rate
+
3.45%),
7.70%,
05/26/2084
(b)
800,000
809,401
Bank
of
New
York
Mellon
Corp.
,
Series
F
(3-month
Term
Secured
Overnight
Financing
Rate
+
3.39%),
4.63%,
09/20/2026
(a),(b)
1,504,000
1,420,459
Bank
of
New
York
Mellon
Corp.
,
Series
G
(5-year
Treasury
Constant
Maturity
Rate
+
4.36%),
4.70%,
09/20/2025
(a),(b)
7,900,000
7,751,743
Bank
of
New
York
Mellon
Corp.
,
Series
H
(5-year
Treasury
Constant
Maturity
Rate
+
3.35%),
3.70%,
03/20/2026
(a),(b)
16,671,000
15,724,746
Bank
of
New
York
Mellon
Corp.
,
Series
I
(5-year
Treasury
Constant
Maturity
Rate
+
2.63%),
3.75%,
12/20/2026
(a),(b)
10,185,000
9,335,572
Bank
of
Nova
Scotia
(5-year
Treasury
Constant
Maturity
Rate
+
4.55%),
4.90%,
06/04/2025
(a),(b)
9,915,000
9,756,588
(5-year
Treasury
Constant
Maturity
Rate
+
4.38%),
8.63%,
10/27/2082
(b)
18,569,000
19,334,061
Citigroup,
Inc.
,
Series
V
(6-month
Secured
Overnight
Financing
Rate
+
3.23%),
4.70%,
01/30/2025
(a),(b)
3,000,000
2,926,477
Citigroup,
Inc.
,
Series
W
(5-year
Treasury
Constant
Maturity
Rate
+
3.60%),
4.00%,
12/10/2025
(a),(b)
15,226,000
14,597,871
Citigroup,
Inc.
,
Series
X
(5-year
Treasury
Constant
Maturity
Rate
+
3.42%),
3.88%,
02/18/2026
(a),(b)
11,262,000
10,628,771
Citigroup,
Inc.
,
Series
Z
(5-year
Treasury
Constant
Maturity
Rate
+
3.20%),
7.38%,
05/15/2028
(a),(b)
7,530,000
7,829,408
Citizens
Financial
Group,
Inc.
,
Series
F
(5-year
Treasury
Constant
Maturity
Rate
+
5.31%),
5.65%,
10/06/2025
(a),(b)
16,405,000
16,029,179
Citizens
Financial
Group,
Inc.
,
Series
G
(5-year
Treasury
Constant
Maturity
Rate
+
3.22%),
4.00%,
10/06/2026
(a),(b)
7,104,000
6,115,861
BONDS
(continued)
Principal
Amount
Value
Banks
(continued)
Goldman
Sachs
Group,
Inc.
,
Series
Q
(5-year
Treasury
Constant
Maturity
Rate
+
3.62%),
5.50%,
08/10/2024
(a),(b)
$
8,268,000
$
8,197,274
Goldman
Sachs
Group,
Inc.
,
Series
T
(5-year
Treasury
Constant
Maturity
Rate
+
2.97%),
3.80%,
05/10/2026
(a),(b)
1,268,000
1,181,056
Goldman
Sachs
Group,
Inc.
,
Series
U
(5-year
Treasury
Constant
Maturity
Rate
+
2.92%),
3.65%,
08/10/2026
(a),(b)
2,261,000
2,065,112
Goldman
Sachs
Group,
Inc.
,
Series
V
(5-year
Treasury
Constant
Maturity
Rate
+
2.95%),
4.13%,
11/10/2026
(a),(b)
8,563,000
7,947,997
HSBC
Capital
Funding
Dollar
1
LP
,
Series
2
(3-month
USD
LIBOR
+
4.98%),
10.18%,
06/30/2030
(a),(b)
6,049,000
7,592,130
Huntington
Bancshares,
Inc.
,
Series
F
(10-year
Treasury
Constant
Maturity
Rate
+
4.95%),
5.63%,
07/15/2030
(a),(b)
13,567,000
12,340,230
Huntington
Bancshares,
Inc.
,
Series
G
(7-year
Treasury
Constant
Maturity
Rate
+
4.05%),
4.45%,
10/15/2027
(a),(b)
5,080,000
4,603,481
JPMorgan
Chase
&
Co.
(5-year
Treasury
Constant
Maturity
Rate
+
2.74%),
6.88%,
06/01/2029
(a),(b)
4,400,000
4,552,998
JPMorgan
Chase
&
Co.
,
Series
KK
(5-year
Treasury
Constant
Maturity
Rate
+
2.85%),
3.65%,
06/01/2026
(a),(b)
18,288,000
17,368,794
JPMorgan
Chase
&
Co.
,
Series
S
(3-month
Term
Secured
Overnight
Financing
Rate
+
4.04%),
9.35%,
05/01/2024
(a)
9,791,000
9,802,132
KeyCorp
Capital
I
(3-month
Term
Secured
Overnight
Financing
Rate
+
1.00%),
6.30%,
07/01/2028
7,704,000
6,847,186
KeyCorp
Capital
III
7.75%,
07/15/2029
9,000,000
9,017,964
M&T
Bank
Corp.
,
Series
G
(5-year
Treasury
Constant
Maturity
Rate
+
3.17%),
5.00%,
08/01/2024
(a),(b)
5,000,000
4,805,382
M&T
Bank
Corp.
,
Series
I
(5-year
Treasury
Constant
Maturity
Rate
+
2.68%),
3.50%,
09/01/2026
(a),(b)
19,608,000
15,039,550
Northern
Trust
Corp.
,
Series
D
(3-month
Term
Secured
Overnight
Financing
Rate
+
3.46%),
4.60%,
10/01/2026
(a),(b)
2,899,000
2,782,339
PNC
Financial
Services
Group,
Inc.
,
Series
T
(5-year
Treasury
Constant
Maturity
Rate
+
2.60%),
3.40%,
09/15/2026
(a),(b)
7,346,000
6,420,696
PNC
Financial
Services
Group,
Inc.
,
Series
U
(5-year
Treasury
Constant
Maturity
Rate
+
3.00%),
6.00%,
05/15/2027
(a),(b)
1,800,000
1,759,587
PNC
Financial
Services
Group,
Inc.
,
Series
V
(5-year
Treasury
Constant
Maturity
Rate
+
3.24%),
6.20%,
09/15/2027
(a),(b)
13,908,000
13,871,788
17
Schedule
of
Investments
Principal
Spectrum
Preferred
Securities
Active
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
BONDS
(continued)
Principal
Amount
Value
Banks
(continued)
PNC
Financial
Services
Group,
Inc.
,
Series
W
(7-year
Treasury
Constant
Maturity
Rate
+
2.81%),
6.25%,
03/15/2030
(a),(b)
$
10,290,000
$
9,972,784
State
Street
Corp.
,
Series
I
(5-year
Treasury
Constant
Maturity
Rate
+
2.61%),
6.70%,
03/15/2029
(a),(b)
2,028,000
2,057,856
Toronto-Dominion
Bank
(5-year
Treasury
Constant
Maturity
Rate
+
4.07%),
8.13%,
10/31/2082
(b)
25,626,000
26,877,907
Truist
Financial
Corp.
(3-month
Term
Secured
Overnight
Financing
Rate
+
0.91%),
6.24%,
03/15/2028
1,250,000
1,179,007
Truist
Financial
Corp.
,
Series
A
(3-month
Term
Secured
Overnight
Financing
Rate
+
0.93%),
6.24%,
05/15/2027
4,800,000
4,562,399
Truist
Financial
Corp.
,
Series
L
(3-month
Term
Secured
Overnight
Financing
Rate
+
3.36%),
8.69%,
12/15/2024
(a),(c)
2,799,000
2,817,899
Truist
Financial
Corp.
,
Series
N
(5-year
Treasury
Constant
Maturity
Rate
+
3.00%),
4.80%,
09/01/2024
(a),(b)
10,894,000
10,544,463
Truist
Financial
Corp.
,
Series
P
(5-year
Treasury
Constant
Maturity
Rate
+
4.61%),
4.95%,
09/01/2025
(a),(b)
11,697,000
11,475,734
U.S.
Bancorp
,
Series
J
(3-month
Term
Secured
Overnight
Financing
Rate
+
3.18%),
5.30%,
04/15/2027
(a),(b),(c)
5,296,000
5,070,422
U.S.
Bancorp
,
Series
N
(5-year
Treasury
Constant
Maturity
Rate
+
2.54%),
3.70%,
01/15/2027
(a),(b)
21,525,000
18,668,851
Wells
Fargo
&
Co.
(5-year
Treasury
Constant
Maturity
Rate
+
3.61%),
7.63%,
09/15/2028
(a),(b)
9,710,000
10,377,155
Wells
Fargo
&
Co.
,
Series
BB
(5-year
Treasury
Constant
Maturity
Rate
+
3.45%),
3.90%,
03/15/2026
(a),(b)
31,418,000
29,891,911
$
427,266,729
Diversified
Financial
Services
-
12
.89
%
American
Express
Co.
,
Series
D
(5-year
Treasury
Constant
Maturity
Rate
+
2.85%),
3.55%,
09/15/2026
(a),(b)
33,567,000
31,069,840
Capital
One
Financial
Corp.
,
Series
M
(5-year
Treasury
Constant
Maturity
Rate
+
3.16%),
3.95%,
09/01/2026
(a),(b)
18,516,000
16,447,309
Charles
Schwab
Corp.
,
Series
G
(5-year
Treasury
Constant
Maturity
Rate
+
4.97%),
5.38%,
06/01/2025
(a),(b)
8,938,000
8,876,141
Charles
Schwab
Corp.
,
Series
I
(5-year
Treasury
Constant
Maturity
Rate
+
3.17%),
4.00%,
06/01/2026
(a),(b)
22,331,000
20,892,294
BONDS
(continued)
Principal
Amount
Value
Diversified
Financial
Services
(continued)
Charles
Schwab
Corp.
,
Series
K
(5-year
Treasury
Constant
Maturity
Rate
+
3.26%),
5.00%,
06/01/2027
(a),(b)
$
1,500,000
$
1,434,090
Discover
Financial
Services
,
Series
D
(5-year
Treasury
Constant
Maturity
Rate
+
5.78%),
6.13%,
06/23/2025
(a),(b)
16,441,000
16,474,934
Voya
Financial,
Inc.
,
Series
A
(5-year
Treasury
Constant
Maturity
Rate
+
3.36%),
7.76%,
09/15/2028
(a),(b)
13,990,000
14,506,875
$
109,701,483
Electric
-
13
.97
%
American
Electric
Power
Co.,
Inc.
(5-year
Treasury
Constant
Maturity
Rate
+
2.68%),
3.88%,
02/15/2062
(b)
11,007,000
9,891,371
CMS
Energy
Corp.
(5-year
Treasury
Constant
Maturity
Rate
+
4.12%),
4.75%,
06/01/2050
(b)
3,054,000
2,812,761
Dominion
Energy,
Inc.
(3-month
USD
LIBOR
+
3.06%),
5.75%,
10/01/2054
(b)
3,500,000
3,478,262
Dominion
Energy,
Inc.
,
Series
B
(5-year
Treasury
Constant
Maturity
Rate
+
2.99%),
4.65%,
12/15/2024
(a),(b)
14,234,000
13,932,582
Dominion
Energy,
Inc.
,
Series
C
(5-year
Treasury
Constant
Maturity
Rate
+
3.20%),
4.35%,
01/15/2027
(a),(b)
14,701,000
13,762,581
Duke
Energy
Corp.
(5-year
Treasury
Constant
Maturity
Rate
+
2.32%),
3.25%,
01/15/2082
(b)
13,234,000
11,760,207
(5-year
Treasury
Constant
Maturity
Rate
+
3.39%),
4.88%,
09/16/2024
(a),(b)
21,041,000
20,857,544
Emera,
Inc.
,
Series
16-A
(3-month
USD
LIBOR
+
5.44%),
6.75%,
06/15/2076
(b)
4,386,000
4,331,719
NextEra
Energy
Capital
Holdings,
Inc.
(5-year
Treasury
Constant
Maturity
Rate
+
2.55%),
3.80%,
03/15/2082
(b)
18,349,000
16,646,791
(5-year
Treasury
Constant
Maturity
Rate
+
2.36%),
6.70%,
09/01/2054
(b)
4,000,000
4,019,959
Southern
Co.
,
Series
B
(5-year
Treasury
Constant
Maturity
Rate
+
3.73%),
4.00%,
01/15/2051
(b)
18,095,000
17,395,853
$
118,889,630
Hand
&
Machine
Tools
-
0
.24
%
Stanley
Black
&
Decker,
Inc.
(5-year
Treasury
Constant
Maturity
Rate
+
2.66%),
4.00%,
03/15/2060
(b)
2,316,000
2,039,810
Insurance
-
13
.55
%
Allianz
SE
(5-year
Treasury
Constant
Maturity
Rate
+
3.23%),
6.35%,
09/06/2053
(b),(d)
5,000,000
5,248,405
Allstate
Corp.
,
Series
B
(3-month
Term
Secured
Overnight
Financing
Rate
+
3.20%),
8.51%,
08/15/2053
4,151,000
4,152,229
18
Schedule
of
Investments
Principal
Spectrum
Preferred
Securities
Active
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
BONDS
(continued)
Principal
Amount
Value
Insurance
(continued)
American
International
Group,
Inc.
,
Series
A-9
(3-month
USD
LIBOR
+
2.87%),
5.75%,
04/01/2048
(b)
$
3,176,000
$
3,118,290
Argentum
Netherlands
BV
for
Swiss
Re
Ltd.
(3-month
USD
LIBOR
+
3.78%),
5.63%,
08/15/2052
(b)
6,500,000
6,401,200
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
3,905,000
Cloverie
PLC
for
Zurich
Insurance
Co.
Ltd.
(3-month
USD
LIBOR
+
4.92%),
5.63%,
06/24/2046
(b)
6,500,000
6,467,500
Corebridge
Financial,
Inc.
(5-year
Treasury
Constant
Maturity
Rate
+
3.85%),
6.88%,
12/15/2052
(b)
7,921,000
7,930,494
Equitable
Holdings,
Inc.
,
Series
B
(5-year
Treasury
Constant
Maturity
Rate
+
4.74%),
4.95%,
09/15/2025
(a),(b)
4,373,000
4,273,686
Liberty
Mutual
Group,
Inc.
(5-year
Treasury
Constant
Maturity
Rate
+
3.32%),
4.13%,
12/15/2051
(b),(d)
12,182,000
10,997,322
Meiji
Yasuda
Life
Insurance
Co.
(5-year
Swap
rate
+
4.23%),
5.20%,
10/20/2045
(b),(d)
1,210,000
1,194,876
MetLife,
Inc.
6.40%,
12/15/2066
2,700,000
2,764,700
9.25%,
04/08/2068
(d)
3,449,000
4,042,470
MetLife,
Inc.
,
Series
G
(5-year
Treasury
Constant
Maturity
Rate
+
3.58%),
3.85%,
09/15/2025
(a),(b)
12,418,000
11,936,225
Nippon
Life
Insurance
Co.
(5-year
Treasury
Constant
Maturity
Rate
+
2.65%),
2.75%,
01/21/2051
(b),(d)
6,097,000
5,074,810
(5-year
Treasury
Constant
Maturity
Rate
+
2.60%),
2.90%,
09/16/2051
(b),(d)
3,509,000
2,918,239
Prudential
Financial,
Inc.
(5-year
Treasury
Constant
Maturity
Rate
+
3.04%),
3.70%,
10/01/2050
(b)
18,902,000
16,522,119
(5-year
Treasury
Constant
Maturity
Rate
+
3.16%),
5.13%,
03/01/2052
(b)
5,597,000
5,246,313
Sumitomo
Life
Insurance
Co.
(5-year
Treasury
Constant
Maturity
Rate
+
2.75%),
3.38%,
04/15/2081
(b),(d)
4,140,000
3,582,354
Willow
No.
2
Ireland
PLC
for
Zurich
Insurance
Co.
Ltd.
(3-month
USD
LIBOR
+
3.18%),
4.25%,
10/01/2045
(b)
3,000,000
2,906,400
Zurich
Finance
Ireland
Designated
Activity
Co.
(5-year
Treasury
Constant
Maturity
Rate
+
2.78%),
3.00%,
04/19/2051
(b)
8,000,000
6,610,336
$
115,292,968
Oil
&
Gas
-
1
.74
%
BP
Capital
Markets
PLC
(5-year
Treasury
Constant
Maturity
Rate
+
4.04%),
4.38%,
06/22/2025
(a),(b)
1,780,000
1,744,556
BONDS
(continued)
Principal
Amount
Value
Oil
&
Gas
(continued)
BP
Capital
Markets
PLC
(continued)
(5-year
Treasury
Constant
Maturity
Rate
+
4.40%),
4.88%,
03/22/2030
(a),(b)
$
3,269,000
$
3,118,693
(5-year
Treasury
Constant
Maturity
Rate
+
2.15%),
6.45%,
12/01/2033
(a),(b)
9,600,000
9,941,654
$
14,804,903
Pipelines
-
4
.72
%
Enbridge,
Inc.
(5-year
Treasury
Constant
Maturity
Rate
+
4.42%),
7.63%,
01/15/2083
(b)
7,283,000
7,474,201
(5-year
Treasury
Constant
Maturity
Rate
+
4.43%),
8.50%,
01/15/2084
(b)
600,000
651,921
Enbridge,
Inc.
,
Series
16-A
(3-month
Term
Secured
Overnight
Financing
Rate
+
4.15%),
6.00%,
01/15/2077
(b)
6,182,000
6,042,498
Enbridge,
Inc.
,
Series
20-A
(5-year
Treasury
Constant
Maturity
Rate
+
5.31%),
5.75%,
07/15/2080
(b)
2,485,000
2,351,799
Enterprise
Products
Operating
LLC
,
Series
E
(3-month
Term
Secured
Overnight
Financing
Rate
+
3.29%),
5.25%,
08/16/2077
(b)
4,820,000
4,573,727
Transcanada
Trust
(6-month
Secured
Overnight
Financing
Rate
+
4.42%),
5.50%,
09/15/2079
(b)
5,233,000
4,811,525
(5-year
Treasury
Constant
Maturity
Rate
+
3.99%),
5.60%,
03/07/2082
(b)
15,585,000
14,227,582
$
40,133,253
REITs
-
0
.40
%
Scentre
Group
Trust
2
(5-year
Treasury
Constant
Maturity
Rate
+
4.38%),
4.75%,
09/24/2080
(b),(d)
1,410,000
1,353,467
(5-year
Treasury
Constant
Maturity
Rate
+
4.69%),
5.13%,
09/24/2080
(b),(d)
2,249,000
2,078,445
$
3,431,912
Sovereign
-
0
.08
%
CoBank
ACB
,
Series
J
(5-year
Treasury
Constant
Maturity
Rate
+
3.05%),
4.25%,
01/01/2027
(a),(b)
750,000
640,615
Telecommunications
-
0
.77
%
Vodafone
Group
PLC
(5-year
Treasury
Constant
Maturity
Rate
+
2.77%),
4.13%,
06/04/2081
(b)
993,000
855,295
(5-year
Swap
rate
+
4.87%),
7.00%,
04/04/2079
(b)
5,562,000
5,737,147
$
6,592,442
TOTAL
BONDS
a
$
838,793,745
INVESTMENT
COMPANIES
-
0
.69
%
Shares
Held
Value
Money
Market
Funds
-
0
.69
%
-
—
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
(e),(f),(g)
1,066,240
$
1,066,240
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
5.26%
(e)
4,820,543
4,820,543
TOTAL
INVESTMENT
COMPANIES
a
$
5,886,783
Total
Investments
$
844,680,528
Other
Assets
and
Liabilities
-
0.75%
6,430,066
TOTAL
NET
ASSETS
-
100.00%
$
851,110,594
19
Schedule
of
Investments
Principal
Spectrum
Preferred
Securities
Active
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
(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
$1,048,149
or
0.12%
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
$36,490,388
or
4.29%
of
net
assets.
(e)
1-day
yield
shown
as
of
period
end.
(f)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(g)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,066,240
or
0.13%
of
net
assets.
Portfolio
Summary
Sector
Percent
Financial
77.04%
Utilities
13.97%
Energy
6.46%
Communications
0.77%
Money
Market
Funds
0.69%
Industrial
0.24%
Government
0.08%
Other
Assets
and
Liabilities
0.75%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
June
30,
2023
Value
Purchases
Cost
Sales
Proceeds
March
31,
2024
Value
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
$
3,970,623
$
52,945,988
$
55,850,371
$
1,066,240
$
3,970,623
$
52,945,988
$
55,850,371
$
1,066,240
a
a
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/(Loss)
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
20
Schedule
of
Investments
Principal
Spectrum
Tax-Advantaged
Dividend
Active
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
PREFERRED
STOCKS
-
7
.46
%
Shares
Held
Value
Banks
-
2
.57
%
—
Bank
of
America
Corp.,
Series
NN
4.38%,
11/03/2025
(a)
4,380
$
90,359
Morgan
Stanley,
Series
I
(3-month
USD
LIBOR
+
3.71%),
6.38%,
10/15/2024
(a)
17,030
424,047
Morgan
Stanley,
Series
P
6.50%,
10/15/2027
(a)
4,000
105,240
$
619,646
Insurance
-
2
.60
%
Allstate
Corp.,
Series
H
5.10%,
10/15/2024
(a)
11,500
258,060
MetLife,
Inc.,
Series
F
4.75%,
03/15/2025
(a)
17,250
367,425
$
625,485
Telecommunications
-
2
.29
%
AT&T,
Inc.,
Series
A
5.00%,
12/12/2024
(a)
11,381
243,098
AT&T,
Inc.,
Series
C
4.75%,
02/18/2025
(a)
15,395
309,594
$
552,692
TOTAL
PREFERRED
STOCKS
a
$
1,797,823
BONDS
-
90
.36
%
Principal
Amount
Value
Banks
-
69
.61
%
—
—
Bank
of
America
Corp.
,
Series
DD
(3-month
Term
Secured
Overnight
Financing
Rate
+
4.81%),
6.30%,
03/10/2026
(a),(b)
$
575,000
$
575,517
Bank
of
Montreal
(5-year
Treasury
Constant
Maturity
Rate
+
2.98%),
4.80%,
08/25/2024
(a),(b)
400,000
390,889
Bank
of
New
York
Mellon
Corp.
,
Series
G
(5-year
Treasury
Constant
Maturity
Rate
+
4.36%),
4.70%,
09/20/2025
(a),(b)
275,000
269,839
Bank
of
New
York
Mellon
Corp.
,
Series
H
(5-year
Treasury
Constant
Maturity
Rate
+
3.35%),
3.70%,
03/20/2026
(a),(b)
230,000
216,945
Bank
of
New
York
Mellon
Corp.
,
Series
I
(5-year
Treasury
Constant
Maturity
Rate
+
2.63%),
3.75%,
12/20/2026
(a),(b)
100,000
91,660
Bank
of
Nova
Scotia
(5-year
Treasury
Constant
Maturity
Rate
+
4.55%),
4.90%,
06/04/2025
(a),(b)
625,000
615,015
(5-year
Treasury
Constant
Maturity
Rate
+
4.38%),
8.63%,
10/27/2082
(b)
300,000
312,360
BNP
Paribas
SA
(5-year
Treasury
Constant
Maturity
Rate
+
4.90%),
7.75%,
08/16/2029
(a),(b),(c),(d)
200,000
204,737
Citigroup,
Inc.
,
Series
X
(5-year
Treasury
Constant
Maturity
Rate
+
3.42%),
3.88%,
02/18/2026
(a),(b)
1,055,000
995,681
Citizens
Financial
Group,
Inc.
,
Series
F
(5-year
Treasury
Constant
Maturity
Rate
+
5.31%),
5.65%,
10/06/2025
(a),(b)
575,000
561,827
Fifth
Third
Bancorp
,
Series
L
(5-year
Treasury
Constant
Maturity
Rate
+
4.22%),
4.50%,
09/30/2025
(a),(b)
548,000
527,826
BONDS
(continued)
Principal
Amount
Value
Banks
(continued)
Goldman
Sachs
Group,
Inc.
,
Series
U
(5-year
Treasury
Constant
Maturity
Rate
+
2.92%),
3.65%,
08/10/2026
(a),(b)
$
585,000
$
534,317
HSBC
Holdings
PLC
(5-year
Swap
Rate
+
4.37%),
6.38%,
03/30/2025
(a),(b),(d)
861,000
854,905
Huntington
Bancshares,
Inc.
,
Series
F
(10-year
Treasury
Constant
Maturity
Rate
+
4.95%),
5.63%,
07/15/2030
(a),(b)
575,000
523,007
ING
Groep
NV
(5-year
Treasury
Constant
Maturity
Rate
+
4.34%),
5.75%,
11/16/2026
(a),(b),(d)
861,000
819,712
JPMorgan
Chase
&
Co.
(5-year
Treasury
Constant
Maturity
Rate
+
2.74%),
6.88%,
06/01/2029
(a),(b)
600,000
620,863
JPMorgan
Chase
&
Co.
,
Series
KK
(5-year
Treasury
Constant
Maturity
Rate
+
2.85%),
3.65%,
06/01/2026
(a),(b)
110,000
104,471
Lloyds
Banking
Group
PLC
(5-year
Swap
Rate
+
4.50%),
7.50%,
09/27/2025
(a),(b),(d)
861,000
857,558
M&T
Bank
Corp.
,
Series
F
(3-month
USD
LIBOR
+
3.78%),
5.13%,
11/01/2026
(a),(b)
247,000
218,647
M&T
Bank
Corp.
,
Series
I
(5-year
Treasury
Constant
Maturity
Rate
+
2.68%),
3.50%,
09/01/2026
(a),(b)
300,000
230,103
NatWest
Group
PLC
(5-year
Swap
rate
+
5.72%),
8.00%,
08/10/2025
(a),(b),(d)
861,000
865,673
Nordea
Bank
Abp
(5-year
Treasury
Constant
Maturity
Rate
+
4.11%),
6.63%,
03/26/2026
(a),(b),(c),(d)
861,000
852,315
PNC
Financial
Services
Group,
Inc.
,
Series
T
(5-year
Treasury
Constant
Maturity
Rate
+
2.60%),
3.40%,
09/15/2026
(a),(b)
400,000
349,616
PNC
Financial
Services
Group,
Inc.
,
Series
U
(5-year
Treasury
Constant
Maturity
Rate
+
3.00%),
6.00%,
05/15/2027
(a),(b)
600,000
586,529
PNC
Financial
Services
Group,
Inc.
,
Series
V
(5-year
Treasury
Constant
Maturity
Rate
+
3.24%),
6.20%,
09/15/2027
(a),(b)
100,000
99,739
State
Street
Corp.
,
Series
I
(5-year
Treasury
Constant
Maturity
Rate
+
2.61%),
6.70%,
03/15/2029
(a),(b)
800,000
811,778
Toronto-Dominion
Bank
(5-year
Treasury
Constant
Maturity
Rate
+
4.07%),
8.13%,
10/31/2082
(b)
414,000
434,225
Truist
Financial
Corp.
,
Series
N
(5-year
Treasury
Constant
Maturity
Rate
+
3.00%),
4.80%,
09/01/2024
(a),(b)
400,000
387,166
Truist
Financial
Corp.
,
Series
P
(5-year
Treasury
Constant
Maturity
Rate
+
4.61%),
4.95%,
09/01/2025
(a),(b)
575,000
564,123
21
Schedule
of
Investments
Principal
Spectrum
Tax-Advantaged
Dividend
Active
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
BONDS
(continued)
Principal
Amount
Value
Banks
(continued)
U.S.
Bancorp
,
Series
N
(5-year
Treasury
Constant
Maturity
Rate
+
2.54%),
3.70%,
01/15/2027
(a),(b)
$
809,000
$
701,654
UBS
Group
AG
(5-year
Treasury
Constant
Maturity
Rate
+
4.75%),
9.25%,
11/13/2028
(a),(b),(c)
800,000
866,780
Wells
Fargo
&
Co.
(5-year
Treasury
Constant
Maturity
Rate
+
3.61%),
7.63%,
09/15/2028
(a),(b)
400,000
427,483
Wells
Fargo
&
Co.
,
Series
BB
(5-year
Treasury
Constant
Maturity
Rate
+
3.45%),
3.90%,
03/15/2026
(a),(b)
328,000
312,068
$
16,785,028
Diversified
Financial
Services
-
11
.20
%
American
Express
Co.
,
Series
D
(5-year
Treasury
Constant
Maturity
Rate
+
2.85%),
3.55%,
09/15/2026
(a),(b)
845,000
782,138
Capital
One
Financial
Corp.
,
Series
M
(5-year
Treasury
Constant
Maturity
Rate
+
3.16%),
3.95%,
09/01/2026
(a),(b)
209,000
185,649
Charles
Schwab
Corp.
,
Series
G
(5-year
Treasury
Constant
Maturity
Rate
+
4.97%),
5.38%,
06/01/2025
(a),(b)
375,000
372,405
Charles
Schwab
Corp.
,
Series
I
(5-year
Treasury
Constant
Maturity
Rate
+
3.17%),
4.00%,
06/01/2026
(a),(b)
328,000
306,868
Discover
Financial
Services
,
Series
D
(5-year
Treasury
Constant
Maturity
Rate
+
5.78%),
6.13%,
06/23/2025
(a),(b)
575,000
576,187
Voya
Financial,
Inc.
,
Series
A
(5-year
Treasury
Constant
Maturity
Rate
+
3.36%),
7.76%,
09/15/2028
(a),(b)
460,000
476,995
$
2,700,242
Electric
-
6
.95
%
Dominion
Energy,
Inc.
,
Series
B
(5-year
Treasury
Constant
Maturity
Rate
+
2.99%),
4.65%,
12/15/2024
(a),(b)
460,000
450,259
BONDS
(continued)
Principal
Amount
Value
Electric
(continued)
Dominion
Energy,
Inc.
,
Series
C
(5-year
Treasury
Constant
Maturity
Rate
+
3.20%),
4.35%,
01/15/2027
(a),(b)
$
700,000
$
655,316
Duke
Energy
Corp.
(5-year
Treasury
Constant
Maturity
Rate
+
3.39%),
4.88%,
09/16/2024
(a),(b)
575,000
569,987
$
1,675,562
Insurance
-
0
.88
%
MetLife,
Inc.
,
Series
G
(5-year
Treasury
Constant
Maturity
Rate
+
3.58%),
3.85%,
09/15/2025
(a),(b)
220,000
211,465
Oil
&
Gas
-
1
.72
%
BP
Capital
Markets
PLC
(5-year
Treasury
Constant
Maturity
Rate
+
2.15%),
6.45%,
12/01/2033
(a),(b)
400,000
414,235
TOTAL
BONDS
a
$
21,786,532
INVESTMENT
COMPANIES
-
1
.16
%
Shares
Held
Value
Money
Market
Funds
-
1
.16
%
-
—
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
5.26%
(e)
280,874
$
280,874
TOTAL
INVESTMENT
COMPANIES
a
$
280,874
Total
Investments
$
23,865,229
Other
Assets
and
Liabilities
-
1.02%
246,034
TOTAL
NET
ASSETS
-
100.00%
$
24,111,263
(a)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(b)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(c)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,923,832
or
7.98%
of
net
assets.
(d)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$4,454,900
or
18.48%
of
net
assets.
(e)
1-day
yield
shown
as
of
period
end.
Portfolio
Summary
Sector
Percent
Financial
86.86%
Utilities
6.95%
Communications
2.29%
Energy
1.72%
Money
Market
Funds
1.16%
Other
Assets
and
Liabilities
1.02%
TOTAL
NET
ASSETS
100.00%
22
Schedule
of
Investments
Principal
U.S.
Mega-Cap
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
COMMON
STOCKS
-
99
.69
%
Shares
Held
Value
Auto
Manufacturers
-
1
.85
%
-
—
Tesla,
Inc.
(a)
238,957
$
42,006,251
Banks
-
6
.02
%
Bank
of
America
Corp.
1,319,052
50,018,452
JPMorgan
Chase
&
Co.
281,723
56,429,117
Wells
Fargo
&
Co.
524,961
30,426,739
$
136,874,308
Beverages
-
2
.55
%
Coca-Cola
Co.
615,176
37,636,468
PepsiCo,
Inc.
116,828
20,446,068
$
58,082,536
Chemicals
-
1
.21
%
Linde
PLC
59,205
27,490,066
Computers
-
8
.93
%
Accenture
PLC,
Class
A
207,322
71,859,878
Apple,
Inc.
765,743
131,309,610
$
203,169,488
Cosmetics
&
Personal
Care
-
1
.80
%
Procter
&
Gamble
Co.
252,428
40,956,443
Diversified
Financial
Services
-
6
.23
%
Mastercard,
Inc.,
Class
A
152,587
73,481,321
Visa,
Inc.,
Class
A
244,736
68,300,923
$
141,782,244
Electric
-
0
.77
%
NextEra
Energy,
Inc.
274,183
17,523,036
Environmental
Control
-
0
.30
%
Veralto
Corp.
75,553
6,698,529
Healthcare
-
Products
-
6
.01
%
Abbott
Laboratories
352,851
40,105,045
Danaher
Corp.
226,521
56,566,824
Thermo
Fisher
Scientific,
Inc.
68,911
40,051,762
$
136,723,631
Healthcare
-
Services
-
2
.58
%
UnitedHealth
Group,
Inc.
118,631
58,686,756
Insurance
-
1
.23
%
Berkshire
Hathaway,
Inc.,
Class
B
(a)
66,668
28,035,227
Internet
-
10
.51
%
Alphabet,
Inc.,
Class
A
(a)
544,511
82,183,045
Amazon.com,
Inc.
(a)
370,170
66,771,265
Meta
Platforms,
Inc.,
Class
A
185,815
90,228,048
$
239,182,358
Media
-
2
.26
%
Comcast
Corp.,
Class
A
573,650
24,867,728
Walt
Disney
Co.
217,462
26,608,650
$
51,476,378
Oil
&
Gas
-
4
.14
%
Chevron
Corp.
232,882
36,734,807
Exxon
Mobil
Corp.
493,776
57,396,522
$
94,131,329
COMMON
STOCKS
(continued)
Shares
Held
Value
Pharmaceuticals
-
9
.28
%
AbbVie,
Inc.
242,601
$
44,177,642
Eli
Lilly
&
Co.
56,559
44,000,640
Johnson
&
Johnson
242,862
38,418,340
Merck
&
Co.,
Inc.
341,515
45,062,904
Pfizer,
Inc.
1,424,562
39,531,595
$
211,191,121
Retail
-
7
.94
%
Costco
Wholesale
Corp.
113,355
83,047,274
Home
Depot,
Inc.
131,958
50,619,089
McDonald's
Corp.
74,259
20,937,325
Walmart,
Inc.
430,815
25,922,138
$
180,525,826
Semiconductors
-
11
.14
%
Broadcom,
Inc.
62,558
82,914,999
NVIDIA
Corp.
145,876
131,807,718
Texas
Instruments,
Inc.
222,600
38,779,146
$
253,501,863
Software
-
13
.10
%
Adobe,
Inc.
(a)
151,975
76,686,585
Microsoft
Corp.
383,836
161,487,482
Salesforce,
Inc.
198,929
59,913,436
$
298,087,503
Telecommunications
-
1
.84
%
Cisco
Systems,
Inc.
840,217
41,935,230
TOTAL
COMMON
STOCKS
a
$
2,268,060,123
INVESTMENT
COMPANIES
-
0
.25
%
Shares
Held
Value
Money
Market
Funds
-
0
.25
%
-
—
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
5.26%
(b)
5,662,432
$
5,662,432
TOTAL
INVESTMENT
COMPANIES
a
$
5,662,432
Total
Investments
$
2,273,722,555
Other
Assets
and
Liabilities
-
0.06%
1,396,913
TOTAL
NET
ASSETS
-
100.00%
$
2,275,119,468
(a)
Non-income
producing
security.
(b)
1-day
yield
shown
as
of
period
end.
Portfolio
Summary
Sector
Percent
Technology
33.17%
Consumer,
Non-cyclical
22.22%
Communications
14.61%
Financial
13.48%
Consumer,
Cyclical
9.79%
Energy
4.14%
Basic
Materials
1.21%
Utilities
0.77%
Industrial
0.30%
Money
Market
Funds
0.25%
Other
Assets
and
Liabilities
0.06%
TOTAL
NET
ASSETS
100.00%
23
Schedule
of
Investments
Principal
U.S.
Small-Cap
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
COMMON
STOCKS
-
99
.54
%
Shares
Held
Value
Advertising
-
0
.03
%
-
—
Advantage
Solutions,
Inc.
(a)
32,826
$
142,137
Aerospace
&
Defense
-
0
.46
%
Leonardo
DRS,
Inc.
(a)
48,609
1,073,773
Moog,
Inc.,
Class
A
8,330
1,329,884
$
2,403,657
Agriculture
-
0
.29
%
Andersons,
Inc.
6,509
373,421
Dole
PLC
20,208
241,082
Fresh
Del
Monte
Produce,
Inc.
8,917
231,040
Turning
Point
Brands,
Inc.
5,460
159,978
Universal
Corp.
5,249
271,478
Vital
Farms,
Inc.
(a)
10,944
254,448
$
1,531,447
Apparel
-
0
.50
%
Kontoor
Brands,
Inc.
17,216
1,037,264
Oxford
Industries,
Inc.
6,287
706,659
Steven
Madden
Ltd.
21,189
895,871
$
2,639,794
Auto
Manufacturers
-
0
.36
%
Blue
Bird
Corp.
(a)
20,307
778,570
REV
Group,
Inc.
11,775
260,110
Wabash
National
Corp.
27,857
834,039
$
1,872,719
Auto
Parts
&
Equipment
-
0
.45
%
Fox
Factory
Holding
Corp.
(a)
13,852
721,273
Standard
Motor
Products,
Inc.
4,575
153,491
Visteon
Corp.
(a)
9,847
1,158,106
XPEL,
Inc.
(a)
5,637
304,511
$
2,337,381
Banks
-
7
.33
%
Amalgamated
Financial
Corp.
13,881
333,144
Ameris
Bancorp
34,922
1,689,526
Bancorp,
Inc.
(a)
35,344
1,182,610
Bank
of
NT
Butterfield
&
Son
Ltd.
19,777
632,666
Byline
Bancorp,
Inc.
11,867
257,751
Cadence
Bank
133,128
3,860,712
Central
Pacific
Financial
Corp.
16,192
319,792
City
Holding
Co.
6,702
698,482
ConnectOne
Bancorp,
Inc.
15,344
299,208
Customers
Bancorp,
Inc.
(a)
30,446
1,615,465
CVB
Financial
Corp.
85,645
1,527,907
Eagle
Bancorp,
Inc.
22,794
535,431
Enterprise
Financial
Services
Corp.
13,761
558,146
FB
Financial
Corp.
14,025
528,181
First
BanCorp
107,996
1,894,250
First
Merchants
Corp.
21,282
742,742
Fulton
Financial
Corp.
98,288
1,561,796
Heartland
Financial
USA,
Inc.
18,426
647,674
Heritage
Financial
Corp.
19,120
370,737
Independent
Bank
Corp.
23,039
1,198,489
Independent
Bank
Corp.
9,402
238,341
International
Bancshares
Corp.
20,023
1,124,091
Live
Oak
Bancshares,
Inc.
18,783
779,682
Mercantile
Bank
Corp.
5,914
227,630
Merchants
Bancorp
11,735
506,717
Metropolitan
Bank
Holding
Corp.
(a)
10,938
421,113
Nicolet
Bankshares,
Inc.
4,133
355,397
OFG
Bancorp
20,052
738,114
Old
National
Bancorp
183,355
3,192,211
Old
Second
Bancorp,
Inc.
21,502
297,588
Peoples
Bancorp,
Inc.
12,874
381,199
Preferred
Bank
8,254
633,660
Premier
Financial
Corp.
14,487
294,086
QCR
Holdings,
Inc.
5,097
309,592
S&T
Bancorp,
Inc.
15,539
498,491
SouthState
Corp.
36,893
3,137,012
TriCo
Bancshares
9,456
347,792
Triumph
Financial,
Inc.
(a)
13,946
1,106,197
UMB
Financial
Corp.
21,719
1,889,336
Veritex
Holdings,
Inc.
34,170
700,143
COMMON
STOCKS
(continued)
Shares
Held
Value
Banks
(continued)
Westamerica
BanCorp
14,772
$
722,055
$
38,355,156
Beverages
-
0
.34
%
Coca-Cola
Consolidated,
Inc.
1,378
1,166,353
Vita
Coco
Co.,
Inc.
(a)
25,935
633,592
$
1,799,945
Biotechnology
-
3
.83
%
ACADIA
Pharmaceuticals,
Inc.
(a)
49,771
920,266
ADMA
Biologics,
Inc.
(a)
78,396
517,414
Amicus
Therapeutics,
Inc.
(a)
166,607
1,962,631
ANI
Pharmaceuticals,
Inc.
(a)
6,702
463,309
Arcellx,
Inc.
(a)
25,933
1,803,640
Arcturus
Therapeutics
Holdings,
Inc.
(a)
11,040
372,821
Ardelyx,
Inc.
(a)
93,354
681,484
Bridgebio
Pharma,
Inc.
(a)
90,495
2,798,105
Chinook
Therapeutics,
Inc.
(a),(b)
9,658
3,863
Dynavax
Technologies
Corp.
(a)
94,662
1,174,755
Evolus,
Inc.
(a)
20,372
285,208
EyePoint
Pharmaceuticals,
Inc.
(a)
1,023
21,145
Halozyme
Therapeutics,
Inc.
(a)
66,952
2,723,607
Innoviva,
Inc.
(a)
30,905
470,992
Intra-Cellular
Therapies,
Inc.
(a)
40,043
2,770,976
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(a)
18,597
366,919
Ligand
Pharmaceuticals,
Inc.
(a)
4,767
348,468
Liquidia
Corp.
(a)
19,390
286,003
MacroGenics,
Inc.
(a)
19,505
287,114
Organogenesis
Holdings,
Inc.
(a)
26,937
76,501
Veracyte,
Inc.
(a)
30,543
676,833
Vericel
Corp.
(a)
16,263
846,001
Zymeworks,
Inc.
(a)
19,589
206,076
$
20,064,131
Building
Materials
-
3
.79
%
AAON,
Inc.
22,661
1,996,434
American
Woodmark
Corp.
(a)
6,427
653,369
Apogee
Enterprises,
Inc.
8,036
475,731
Boise
Cascade
Co.
14,111
2,164,204
Gibraltar
Industries,
Inc.
(a)
10,210
822,211
Griffon
Corp.
26,509
1,944,170
JELD-WEN
Holding,
Inc.
(a)
25,976
551,471
LSI
Industries,
Inc.
9,862
149,113
Masonite
International
Corp.
(a)
15,781
2,074,412
Masterbrand,
Inc.
(a)
44,511
834,136
Modine
Manufacturing
Co.
(a)
20,720
1,972,337
Simpson
Manufacturing
Co.,
Inc.
12,939
2,654,824
Summit
Materials,
Inc.,
Class
A
(a)
32,108
1,431,054
UFP
Industries,
Inc.
16,981
2,088,833
$
19,812,299
Chemicals
-
1
.32
%
AdvanSix,
Inc.
7,250
207,350
Balchem
Corp.
4,547
704,557
Cabot
Corp.
13,492
1,243,962
Hawkins,
Inc.
4,591
352,589
HB
Fuller
Co.
14,027
1,118,513
Ingevity
Corp.
(a)
10,017
477,811
Innospec,
Inc.
3,555
458,382
Koppers
Holdings,
Inc.
6,313
348,288
Orion
SA
16,742
393,772
Quaker
Chemical
Corp.
3,937
808,069
Rogers
Corp.
(a)
6,588
781,930
$
6,895,223
Coal
-
2
.00
%
Alpha
Metallurgical
Resources,
Inc.
7,862
2,603,659
Arch
Resources,
Inc.
13,612
2,188,674
CONSOL
Energy,
Inc.
13,316
1,115,348
Hallador
Energy
Co.
(a)
10,704
57,052
Peabody
Energy
Corp.
74,618
1,810,233
Ramaco
Resources,
Inc.,
Class
A
52,111
877,549
SunCoke
Energy,
Inc.
23,130
260,675
Warrior
Met
Coal,
Inc.
25,802
1,566,181
$
10,479,371
24
Schedule
of
Investments
Principal
U.S.
Small-Cap
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
COMMON
STOCKS
(continued)
Shares
Held
Value
Commercial
Services
-
5
.41
%
Adtalem
Global
Education,
Inc.
(a)
18,703
$
961,334
Alarm.com
Holdings,
Inc.
(a)
12,716
921,529
AMN
Healthcare
Services,
Inc.
(a)
26,080
1,630,261
API
Group
Corp.
(a)
72,675
2,853,947
Barrett
Business
Services,
Inc.
2,188
277,263
Brink's
Co.
15,005
1,386,162
CBIZ,
Inc.
(a)
13,011
1,021,364
CorVel
Corp.
(a)
1,685
443,088
CRA
International,
Inc.
1,959
293,027
Cross
Country
Healthcare,
Inc.
(a)
17,785
332,935
EVERTEC,
Inc.
25,482
1,016,732
First
Advantage
Corp.
18,104
293,647
Huron
Consulting
Group,
Inc.
(a)
6,370
615,469
ICF
International,
Inc.
6,436
969,455
Insperity,
Inc.
14,433
1,582,001
Kforce,
Inc.
7,253
511,482
LiveRamp
Holdings,
Inc.
(a)
24,569
847,631
Medifast,
Inc.
8,020
307,326
National
Research
Corp.
3,643
144,299
Payoneer
Global,
Inc.
(a)
221,716
1,077,540
Perdoceo
Education
Corp.
15,833
278,027
PROG
Holdings,
Inc.
33,235
1,144,613
Progyny,
Inc.
(a)
35,206
1,343,109
StoneCo
Ltd.,
Class
A
(a)
189,743
3,151,631
Stride,
Inc.
(a)
23,504
1,481,927
Target
Hospitality
Corp.
(a)
22,460
244,140
Transcat,
Inc.
(a)
2,687
299,412
TriNet
Group,
Inc.
15,232
2,018,088
Upbound
Group,
Inc.
14,451
508,820
ZipRecruiter,
Inc.,
Class
A
(a)
32,589
374,448
$
28,330,707
Computers
-
4
.32
%
ASGN,
Inc.
(a)
17,803
1,865,042
Corsair
Gaming,
Inc.
(a)
36,388
449,028
Cricut,
Inc.,
Class
A
24,432
116,296
ExlService
Holdings,
Inc.
(a)
51,666
1,642,979
Grid
Dynamics
Holdings,
Inc.
(a)
29,558
363,268
Insight
Enterprises,
Inc.
(a)
9,090
1,686,377
Integral
Ad
Science
Holding
Corp.
(a)
46,855
467,144
Mitek
Systems,
Inc.
(a)
33,664
474,663
Parsons
Corp.
(a)
35,016
2,904,577
Qualys,
Inc.
(a)
15,098
2,519,403
Rapid7,
Inc.
(a)
30,619
1,501,556
Super
Micro
Computer,
Inc.
(a)
6,005
6,065,230
Varonis
Systems,
Inc.
(a)
54,247
2,558,831
$
22,614,394
Cosmetics
&
Personal
Care
-
0
.88
%
elf
Beauty,
Inc.
(a)
20,615
4,041,159
Inter
Parfums,
Inc.
3,912
549,675
$
4,590,834
Distribution
&
Wholesale
-
0
.52
%
G-III
Apparel
Group
Ltd.
(a)
23,433
679,792
Hudson
Technologies,
Inc.
(a)
20,925
230,384
Rush
Enterprises,
Inc.,
Class
A
22,414
1,199,597
ScanSource,
Inc.
(a)
13,549
596,698
$
2,706,471
Diversified
Financial
Services
-
3
.19
%
AssetMark
Financial
Holdings,
Inc.
(a)
9,690
343,123
Enact
Holdings,
Inc.
24,647
768,493
Enova
International,
Inc.
(a)
22,136
1,390,805
Federal
Agricultural
Mortgage
Corp.,
Class
C
4,420
870,210
Hamilton
Lane,
Inc.,
Class
A
14,812
1,670,201
Mr.
Cooper
Group,
Inc.
(a)
37,984
2,960,853
Pagseguro
Digital
Ltd.,
Class
A
(a)
259,774
3,709,573
PJT
Partners,
Inc.,
Class
A
20,596
1,941,379
Victory
Capital
Holdings,
Inc.,
Class
A
36,112
1,532,232
Virtus
Investment
Partners,
Inc.
3,772
935,380
World
Acceptance
Corp.
(a)
4,084
592,098
$
16,714,347
COMMON
STOCKS
(continued)
Shares
Held
Value
Electric
-
1
.45
%
ALLETE,
Inc.
31,467
$
1,876,692
Black
Hills
Corp.
45,306
2,473,708
Genie
Energy
Ltd.,
Class
B
26,948
406,376
MGE
Energy,
Inc.
15,916
1,252,907
Otter
Tail
Corp.
18,163
1,569,283
$
7,578,966
Electrical
Components
&
Equipment
-
1
.45
%
Belden,
Inc.
12,741
1,179,944
Encore
Wire
Corp.
9,881
2,596,529
Energizer
Holdings,
Inc.
15,350
451,904
EnerSys
15,495
1,463,658
Insteel
Industries,
Inc.
7,315
279,579
Novanta,
Inc.
(a)
7,192
1,256,946
Powell
Industries,
Inc.
2,438
346,927
$
7,575,487
Electronics
-
2
.47
%
Atkore,
Inc.
23,539
4,480,884
Badger
Meter,
Inc.
7,399
1,197,232
Bel
Fuse,
Inc.,
Class
B
6,616
399,011
CTS
Corp.
12,746
596,385
ESCO
Technologies,
Inc.
5,904
632,023
Kimball
Electronics,
Inc.
(a)
14,050
304,183
Mesa
Laboratories,
Inc.
3,008
330,068
Napco
Security
Technologies,
Inc.
16,806
674,929
NVE
Corp.
4,258
383,986
OSI
Systems,
Inc.
(a)
5,334
761,802
Plexus
Corp.
(a)
7,373
699,108
Sanmina
Corp.
(a)
17,742
1,103,198
Vishay
Intertechnology,
Inc.
60,165
1,364,542
$
12,927,351
Energy
-
Alternate
Sources
-
0
.04
%
Montauk
Renewables,
Inc.
(a)
14,829
61,689
REX
American
Resources
Corp.
(a)
2,554
149,945
$
211,634
Engineering
&
Construction
-
2
.53
%
Arcosa,
Inc.
15,562
1,336,153
Comfort
Systems
USA,
Inc.
15,067
4,786,937
Construction
Partners,
Inc.,
Class
A
(a)
16,014
899,186
Frontdoor,
Inc.
(a)
26,551
865,032
IES
Holdings,
Inc.
(a)
3,046
370,515
Limbach
Holdings,
Inc.
(a)
9,178
380,153
MYR
Group,
Inc.
(a)
6,529
1,154,001
Primoris
Services
Corp.
23,197
987,496
Sterling
Infrastructure,
Inc.
(a)
22,072
2,434,762
$
13,214,235
Entertainment
-
0
.31
%
Accel
Entertainment,
Inc.
(a)
11,246
132,590
IMAX
Corp.
(a)
47,801
772,942
Lions
Gate
Entertainment
Corp.,
Class
B
(a)
54,195
504,555
Monarch
Casino
&
Resort,
Inc.
2,949
221,146
$
1,631,233
Environmental
Control
-
0
.06
%
CECO
Environmental
Corp.
(a)
13,040
300,181
Food
-
0
.97
%
Cal-Maine
Foods,
Inc.
19,639
1,155,755
John
B
Sanfilippo
&
Son,
Inc.
1,991
210,887
Lancaster
Colony
Corp.
3,254
675,628
Simply
Good
Foods
Co.
(a)
20,162
686,113
Sprouts
Farmers
Market,
Inc.
(a)
35,998
2,321,151
$
5,049,534
Forest
Products
&
Paper
-
0
.14
%
Sylvamo
Corp.
11,701
722,420
Gas
-
0
.87
%
Chesapeake
Utilities
Corp.
16,511
1,771,630
ONE
Gas,
Inc.
43,209
2,788,277
$
4,559,907
Hand
&
Machine
Tools
-
0
.26
%
Cadre
Holdings,
Inc.
10,478
379,304
Franklin
Electric
Co.,
Inc.
9,051
966,737
$
1,346,041
25
Schedule
of
Investments
Principal
U.S.
Small-Cap
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
COMMON
STOCKS
(continued)
Shares
Held
Value
Healthcare
-
Products
-
5
.28
%
Artivion,
Inc.
(a)
11,756
$
248,757
Atrion
Corp.
419
194,227
Avanos
Medical,
Inc.
(a)
15,819
314,956
Axonics,
Inc.
(a)
27,017
1,863,362
CONMED
Corp.
25,183
2,016,655
Haemonetics
Corp.
(a)
17,954
1,532,374
Inari
Medical,
Inc.
(a)
35,822
1,718,740
Inmode
Ltd.
(a)
75,351
1,628,335
Integer
Holdings
Corp.
(a)
10,527
1,228,290
Lantheus
Holdings,
Inc.
(a)
50,012
3,112,747
LeMaitre
Vascular,
Inc.
4,577
303,730
LivaNova
PLC
(a)
27,040
1,512,618
Merit
Medical
Systems,
Inc.
(a)
25,286
1,915,415
MiMedx
Group,
Inc.
(a)
33,572
258,504
Neogen
Corp.
(a)
109,691
1,730,924
OmniAb,
Inc.,
Earnout
Shares
(a)
1,130
—
OmniAb,
Inc.,
Earnout
Shares
(a)
1,130
—
Omnicell,
Inc.
(a)
27,657
808,414
OraSure
Technologies,
Inc.
(a)
38,638
237,624
Patterson
Cos.,
Inc.
49,477
1,368,039
Quanterix
Corp.
(a)
16,795
395,690
RxSight,
Inc.
(a)
19,256
993,224
Semler
Scientific,
Inc.
(a)
2,713
79,247
STAAR
Surgical
Co.
(a)
48,270
1,847,776
Tactile
Systems
Technology,
Inc.
(a)
14,744
239,590
Twist
Bioscience
Corp.
(a)
25,096
861,044
UFP
Technologies,
Inc.
(a)
2,955
745,251
Varex
Imaging
Corp.
(a)
15,830
286,523
Zynex,
Inc.
(a),(c)
15,228
188,370
$
27,630,426
Healthcare
-
Services
-
1
.71
%
Accolade,
Inc.
(a)
15,547
162,933
Addus
HomeCare
Corp.
(a)
3,993
412,637
Astrana
Health,
Inc.
(a)
8,815
370,142
Ensign
Group,
Inc.
12,453
1,549,402
HealthEquity,
Inc.
(a)
36,717
2,997,209
LifeStance
Health
Group,
Inc.
(a),(c)
53,086
327,541
National
HealthCare
Corp.
5,255
496,650
Pediatrix
Medical
Group,
Inc.
(a)
36,184
362,925
Pennant
Group,
Inc.
(a)
6,203
121,765
RadNet,
Inc.
(a)
19,046
926,778
Select
Medical
Holdings
Corp.
26,316
793,427
U.S.
Physical
Therapy,
Inc.
3,641
410,960
$
8,932,369
Home
Builders
-
3
.84
%
Beazer
Homes
USA,
Inc.
(a)
15,367
504,038
Cavco
Industries,
Inc.
(a)
2,551
1,018,002
Century
Communities,
Inc.
6,840
660,060
Dream
Finders
Homes,
Inc.,
Class
A
(a)
13,115
573,519
Forestar
Group,
Inc.
(a)
10,558
424,326
Green
Brick
Partners,
Inc.
(a)
11,079
667,288
Hovnanian
Enterprises,
Inc.,
Class
A
(a)
2,415
379,010
Installed
Building
Products,
Inc.
7,576
1,960,139
KB
Home
41,663
2,953,073
Landsea
Homes
Corp.
(a)
6,919
100,533
LCI
Industries
8,155
1,003,554
M/I
Homes,
Inc.
(a)
11,661
1,589,278
MDC
Holdings,
Inc.
13,566
853,437
Meritage
Homes
Corp.
11,914
2,090,430
Skyline
Champion
Corp.
(a)
10,528
894,985
Taylor
Morrison
Home
Corp.
(a)
31,280
1,944,678
Tri
Pointe
Homes,
Inc.
(a)
26,285
1,016,178
Winnebago
Industries,
Inc.
19,417
1,436,858
$
20,069,386
Home
Furnishings
-
0
.17
%
Daktronics,
Inc.
(a)
64,556
642,978
Ethan
Allen
Interiors,
Inc.
7,437
257,097
$
900,075
Household
Products
&
Wares
-
0
.53
%
Central
Garden
&
Pet
Co.
(a)
3,580
153,332
COMMON
STOCKS
(continued)
Shares
Held
Value
Household
Products
&
Wares
(continued)
Central
Garden
&
Pet
Co.,
Class
A
(a)
8,596
$
317,364
Helen
of
Troy
Ltd.
(a)
8,800
1,014,112
Quanex
Building
Products
Corp.
8,252
317,124
WD-40
Co.
3,787
959,285
$
2,761,217
Insurance
-
3
.60
%
American
Equity
Investment
Life
Holding
Co.
(a)
46,181
2,596,296
Essent
Group
Ltd.
37,879
2,254,179
Goosehead
Insurance,
Inc.,
Class
A
(a)
17,890
1,191,832
HCI
Group,
Inc.
9,800
1,137,584
Jackson
Financial,
Inc.,
Class
A
59,503
3,935,528
NMI
Holdings,
Inc.,
Class
A
(a)
39,249
1,269,313
Palomar
Holdings,
Inc.
(a)
13,037
1,092,892
Selective
Insurance
Group,
Inc.
25,974
2,835,581
SiriusPoint
Ltd.
(a)
47,019
597,611
Skyward
Specialty
Insurance
Group,
Inc.
(a)
41,121
1,538,337
Universal
Insurance
Holdings,
Inc.
19,602
398,313
$
18,847,466
Internet
-
2
.05
%
Cargurus,
Inc.
(a)
43,544
1,004,996
ePlus,
Inc.
(a)
8,454
663,977
HealthStream,
Inc.
4,267
113,758
Opendoor
Technologies,
Inc.
(a)
549,164
1,663,967
Perficient,
Inc.
(a)
9,911
557,890
Q2
Holdings,
Inc.
(a)
29,933
1,573,279
Shutterstock,
Inc.
25,673
1,176,080
Solo
Brands,
Inc.,
Class
A
(a)
17,265
37,465
Sprinklr,
Inc.,
Class
A
(a)
75,454
925,821
Squarespace,
Inc.,
Class
A
(a)
32,526
1,185,247
TechTarget,
Inc.
(a)
8,684
287,267
Yelp,
Inc.
(a)
39,483
1,555,630
$
10,745,377
Iron
&
Steel
-
0
.85
%
Carpenter
Technology
Corp.
25,386
1,813,068
Commercial
Metals
Co.
45,009
2,645,179
$
4,458,247
Leisure
Time
-
0
.25
%
Acushnet
Holdings
Corp.
10,533
694,651
Malibu
Boats,
Inc.,
Class
A
(a)
6,741
291,751
MasterCraft
Boat
Holdings,
Inc.
(a)
4,306
102,138
Xponential
Fitness,
Inc.,
Class
A
(a)
13,784
227,988
$
1,316,528
Machinery
-
Construction
&
Mining
-
0
.50
%
Terex
Corp.
40,955
2,637,502
Machinery
-
Diversified
-
1
.55
%
Alamo
Group,
Inc.
3,203
731,341
Applied
Industrial
Technologies,
Inc.
11,964
2,363,488
CSW
Industrials,
Inc.
4,435
1,040,451
DXP
Enterprises,
Inc.
(a)
3,869
207,881
Kadant,
Inc.
4,396
1,442,328
Tennant
Co.
6,824
829,867
Watts
Water
Technologies,
Inc.,
Class
A
6,946
1,476,372
$
8,091,728
Media
-
0
.57
%
AMC
Networks,
Inc.,
Class
A
(a)
21,168
256,768
Gray
Television,
Inc.
46,598
294,499
Liberty
Latin
America
Ltd.,
Class
A
(a)
16,541
115,291
Liberty
Latin
America
Ltd.,
Class
C
(a)
46,293
323,588
Sinclair,
Inc.
16,537
222,753
TEGNA,
Inc.
119,708
1,788,438
$
3,001,337
Metal
Fabrication
&
Hardware
-
0
.74
%
Mueller
Industries,
Inc.
36,760
1,982,467
Olympic
Steel,
Inc.
3,082
218,452
Ryerson
Holding
Corp.
9,388
314,498
Standex
International
Corp.
3,496
637,041
Worthington
Enterprises,
Inc.
11,857
737,861
$
3,890,319
Mining
-
0
.14
%
Constellium
SE
(a)
24,507
541,850
26
Schedule
of
Investments
Principal
U.S.
Small-Cap
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
COMMON
STOCKS
(continued)
Shares
Held
Value
Mining
(continued)
U.S.
Lime
&
Minerals,
Inc.
556
$
165,766
$
707,616
Miscellaneous
Manufacturers
-
0
.72
%
Fabrinet
(a)
10,292
1,945,394
Federal
Signal
Corp.
16,135
1,369,377
Materion
Corp.
3,624
477,462
$
3,792,233
Multi-National
-
0
.07
%
Banco
Latinoamericano
de
Comercio
Exterior
SA
12,510
370,546
Oil
&
Gas
-
4
.43
%
California
Resources
Corp.
15,723
866,337
Chord
Energy
Corp.
14,019
2,498,747
CNX
Resources
Corp.
(a)
82,739
1,962,569
CVR
Energy,
Inc.
22,174
790,725
Evolution
Petroleum
Corp.
11,339
69,621
Granite
Ridge
Resources,
Inc.
19,138
124,397
Gulfport
Energy
Corp.
(a)
4,743
759,449
Matador
Resources
Co.
37,538
2,506,412
Par
Pacific
Holdings,
Inc.
(a)
20,589
763,028
PBF
Energy,
Inc.,
Class
A
57,443
3,306,994
Permian
Resources
Corp.
251,394
4,439,618
SM
Energy
Co.
38,998
1,944,050
Vitesse
Energy,
Inc.
7,583
179,945
Weatherford
International
PLC
(a)
25,828
2,981,068
$
23,192,960
Oil
&
Gas
Services
-
1
.17
%
ChampionX
Corp.
48,738
1,749,207
Helix
Energy
Solutions
Group,
Inc.
(a)
57,064
618,574
Liberty
Energy,
Inc.
74,132
1,536,015
Newpark
Resources,
Inc.
(a)
25,528
184,312
Tidewater,
Inc.
(a)
21,982
2,022,344
$
6,110,452
Packaging
&
Containers
-
0
.13
%
Greif,
Inc.,
Class
A
6,689
461,875
Pactiv
Evergreen,
Inc.
14,556
208,442
$
670,317
Pharmaceuticals
-
2
.88
%
Alkermes
PLC
(a)
90,592
2,452,325
Amneal
Pharmaceuticals,
Inc.
(a)
63,700
386,022
Amphastar
Pharmaceuticals,
Inc.
(a)
23,772
1,043,829
BellRing
Brands,
Inc.
(a)
37,362
2,205,479
Catalyst
Pharmaceuticals,
Inc.
(a)
67,399
1,074,340
Collegium
Pharmaceutical,
Inc.
(a)
16,021
621,935
Corcept
Therapeutics,
Inc.
(a)
54,623
1,375,953
Harmony
Biosciences
Holdings,
Inc.
(a)
21,178
711,157
Ironwood
Pharmaceuticals,
Inc.
(a)
90,215
785,773
Option
Care
Health,
Inc.
(a)
71,421
2,395,460
Pacira
BioSciences,
Inc.
(a)
23,634
690,586
PetIQ,
Inc.
(a)
13,509
246,945
Phibro
Animal
Health
Corp.,
Class
A
9,183
118,736
Prestige
Consumer
Healthcare,
Inc.
(a)
11,650
845,324
Xeris
Biopharma
Holdings,
Inc.
(a)
46,296
102,314
$
15,056,178
Real
Estate
-
0
.28
%
McGrath
RentCorp
5,836
719,987
RMR
Group,
Inc.,
Class
A
4,887
117,288
St.
Joe
Co.
10,596
614,250
$
1,451,525
REITs
-
5
.45
%
Acadia
Realty
Trust
49,721
845,754
Alexander's,
Inc.
634
137,667
American
Assets
Trust,
Inc.
21,551
472,182
Apple
Hospitality
REIT,
Inc.
138,771
2,273,069
Armada
Hoffler
Properties,
Inc.
20,051
208,530
Broadstone
Net
Lease,
Inc.
66,276
1,038,545
CareTrust
REIT,
Inc.
81,547
1,987,300
CBL
&
Associates
Properties,
Inc.
4,784
109,601
Centerspace
4,316
246,616
DiamondRock
Hospitality
Co.
105,058
1,009,607
COMMON
STOCKS
(continued)
Shares
Held
Value
REITs
(continued)
Empire
State
Realty
Trust,
Inc.,
Class
A
71,333
$
722,603
Essential
Properties
Realty
Trust,
Inc.
79,703
2,124,882
Four
Corners
Property
Trust,
Inc.
36,122
883,905
Franklin
BSP
Realty
Trust,
Inc.
30,118
402,377
Global
Medical
REIT,
Inc.
21,070
184,363
Hudson
Pacific
Properties,
Inc.
144,594
932,631
Innovative
Industrial
Properties,
Inc.
15,504
1,605,284
Kite
Realty
Group
Trust
116,053
2,516,029
KKR
Real
Estate
Finance
Trust,
Inc.
43,899
441,624
NexPoint
Residential
Trust,
Inc.
8,326
268,014
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
60,929
428,331
Ryman
Hospitality
Properties,
Inc.
25,210
2,914,528
Service
Properties
Trust
49,741
337,244
SITE
Centers
Corp.
130,950
1,918,418
Tanger,
Inc.
48,477
1,431,526
Terreno
Realty
Corp.
33,169
2,202,422
Uniti
Group,
Inc.
94,462
557,326
Universal
Health
Realty
Income
Trust
2,995
109,947
Whitestone
REIT
18,052
226,553
$
28,536,878
Retail
-
5
.92
%
Academy
Sports
&
Outdoors,
Inc.
49,937
3,372,745
Beacon
Roofing
Supply,
Inc.
(a)
39,572
3,878,847
Bloomin'
Brands,
Inc.
43,211
1,239,291
BlueLinx
Holdings,
Inc.
(a)
4,525
589,336
Boot
Barn
Holdings,
Inc.
(a)
32,250
3,068,588
Buckle,
Inc.
18,685
752,445
Build-A-Bear
Workshop,
Inc.
10,990
328,271
Carrols
Restaurant
Group,
Inc.
28,233
268,496
Chuy's
Holdings,
Inc.
(a)
4,282
144,432
Dillard's,
Inc.,
Class
A
(c)
3,813
1,798,363
FirstCash
Holdings,
Inc.
18,286
2,332,196
GMS,
Inc.
(a)
15,469
1,505,752
Group
1
Automotive,
Inc.
5,050
1,475,762
Guess?,
Inc.
33,850
1,065,260
Hibbett,
Inc.
8,310
638,291
Jack
in
the
Box,
Inc.
13,616
932,424
La-Z-Boy,
Inc.
12,874
484,320
Patrick
Industries,
Inc.
4,334
517,783
PC
Connection,
Inc.
6,422
423,402
PriceSmart,
Inc.
4,891
410,844
Shoe
Carnival,
Inc.
7,329
268,535
Signet
Jewelers
Ltd.
24,032
2,404,882
Urban
Outfitters,
Inc.
(a)
60,112
2,610,063
Vera
Bradley,
Inc.
(a)
11,864
80,675
Winmark
Corp.
1,118
404,381
$
30,995,384
Savings
&
Loans
-
0
.32
%
OceanFirst
Financial
Corp.
26,268
431,058
WSFS
Financial
Corp.
26,997
1,218,644
$
1,649,702
Semiconductors
-
3
.19
%
ACM
Research,
Inc.,
Class
A
(a)
57,499
1,675,521
Amkor
Technology,
Inc.
40,594
1,308,751
Axcelis
Technologies,
Inc.
(a)
26,338
2,937,214
Diodes,
Inc.
(a)
19,377
1,366,079
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
21,230
2,030,437
Onto
Innovation,
Inc.
(a)
14,781
2,676,543
Photronics,
Inc.
(a)
26,219
742,522
Rambus,
Inc.
(a)
50,327
3,110,712
Veeco
Instruments,
Inc.
(a)
23,420
823,681
$
16,671,460
Software
-
4
.13
%
8x8,
Inc.
(a)
148,921
402,087
ACI
Worldwide,
Inc.
(a)
35,434
1,176,763
Adeia,
Inc.
37,774
412,492
Agilysys,
Inc.
(a)
10,237
862,570
Altair
Engineering,
Inc.,
Class
A
(a)
16,975
1,462,396
AvePoint,
Inc.
(a)
60,723
480,926
Blackbaud,
Inc.
(a)
11,307
838,301
27
Schedule
of
Investments
Principal
U.S.
Small-Cap
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
COMMON
STOCKS
(continued)
Shares
Held
Value
Software
(continued)
Box,
Inc.,
Class
A
(a)
65,221
$
1,847,059
CommVault
Systems,
Inc.
(a)
11,139
1,129,829
Definitive
Healthcare
Corp.
(a)
30,239
244,029
Digi
International,
Inc.
(a)
16,449
525,217
DigitalOcean
Holdings,
Inc.
(a)
42,420
1,619,596
Donnelley
Financial
Solutions,
Inc.
(a)
13,945
864,729
Enfusion,
Inc.,
Class
A
(a)
43,595
403,254
Everbridge,
Inc.
(a)
25,438
886,005
Health
Catalyst,
Inc.
(a)
20,545
154,704
Immersion
Corp.
47,556
355,719
N-able,
Inc.
(a)
33,937
443,557
PowerSchool
Holdings,
Inc.,
Class
A
(a)
30,301
645,108
Privia
Health
Group,
Inc.
(a)
40,687
797,058
Progress
Software
Corp.
16,074
856,905
PubMatic,
Inc.,
Class
A
(a)
21,430
508,320
Sapiens
International
Corp.
NV
13,310
428,050
Simulations
Plus,
Inc.
4,910
202,046
SPS
Commerce,
Inc.
(a)
7,163
1,324,439
Verra
Mobility
Corp.
(a)
70,051
1,749,173
Vimeo,
Inc.
(a)
57,105
233,559
Weave
Communications,
Inc.
(a)
28,190
323,621
Yext,
Inc.
(a)
69,270
417,698
$
21,595,210
Telecommunications
-
0
.77
%
Extreme
Networks,
Inc.
(a)
111,695
1,288,960
Globalstar,
Inc.
(a)
320,594
471,273
IDT
Corp.,
Class
B
4,721
178,501
InterDigital,
Inc.
17,211
1,832,283
Preformed
Line
Products
Co.
1,044
134,332
Spok
Holdings,
Inc.
8,616
137,425
$
4,042,774
Toys,
Games
&
Hobbies
-
0
.03
%
JAKKS
Pacific,
Inc.
(a)
5,774
142,618
Transportation
-
2
.48
%
ArcBest
Corp.
15,719
2,239,957
Ardmore
Shipping
Corp.
18,120
297,530
Costamare,
Inc.
34,683
393,652
Covenant
Logistics
Group,
Inc.
2,988
138,524
DHT
Holdings,
Inc.
59,535
684,652
Dorian
LPG
Ltd.
37,181
1,429,981
Forward
Air
Corp.
34,689
1,079,175
International
Seaways,
Inc.
15,264
812,045
Matson,
Inc.
16,217
1,822,791
Nordic
American
Tankers
Ltd.
94,909
372,043
Overseas
Shipholding
Group,
Inc.,
Class
A
11,128
71,219
Pangaea
Logistics
Solutions
Ltd.
18,277
127,391
Safe
Bulkers,
Inc.
51,098
253,446
Scorpio
Tankers,
Inc.
30,418
2,176,408
COMMON
STOCKS
(continued)
Shares
Held
Value
Transportation
(continued)
Teekay
Corp.
(a)
14,913
$
108,567
Teekay
Tankers
Ltd.,
Class
A
11,186
653,374
World
Kinect
Corp.
12,688
335,598
$
12,996,353
Water
-
0
.22
%
Consolidated
Water
Co.
Ltd.
13,496
395,568
SJW
Group
12,989
735,047
$
1,130,615
TOTAL
COMMON
STOCKS
a
$
520,801,800
INVESTMENT
COMPANIES
-
0
.58
%
Shares
Held
Value
Money
Market
Funds
-
0
.58
%
-
—
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
(d),(e),(f)
875,775
$
875,775
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
5.26%
(d)
2,145,163
2,145,163
TOTAL
INVESTMENT
COMPANIES
a
$
3,020,938
Total
Investments
$
523,822,738
Other
Assets
and
Liabilities
-
(0.12%)
(
633,525
)
TOTAL
NET
ASSETS
-
100.00%
$
523,189,213
(a)
Non-income
producing
security.
(b)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Advisor,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Trustees.
(c)
Security
or
a
portion
of
the
security
was
on
loan.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$869,890
or
0.17%
of
net
assets.
(d)
1-day
yield
shown
as
of
period
end.
(e)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940)
or
an
affiliate
as
defined
by
the
Investment
Company
Act
of
1940
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(f)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$875,775
or
0.17%
of
net
assets.
Portfolio
Summary
Sector
Percent
Consumer,
Non-cyclical
22.12%
Financial
20.17%
Industrial
17.14%
Consumer,
Cyclical
12.35%
Technology
11.64%
Energy
7.64%
Communications
3.42%
Utilities
2.54%
Basic
Materials
2.45%
Money
Market
Funds
0.58%
Government
0.07%
Other
Assets
and
Liabilities
(0.12)%
TOTAL
NET
ASSETS
100.00%
Affiliated
Securities
June
30,
2023
Value
Purchases
Cost
Sales
Proceeds
March
31,
2024
Value
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
$
847,907
$
10,941,271
$
10,913,403
$
875,775
$
847,907
$
10,941,271
$
10,913,403
$
875,775
a
a
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/(Loss)
Principal
Government
Money
Market
Fund,
Class
R-6
5.22%
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
28
Schedule
of
Investments
Principal
Value
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
COMMON
STOCKS
-
99
.46
%
Shares
Held
Value
Aerospace
&
Defense
-
1
.61
%
-
—
L3Harris
Technologies,
Inc.
2,179
$
464,345
Lockheed
Martin
Corp.
1,125
511,729
$
976,074
Agriculture
-
1
.29
%
Altria
Group,
Inc.
10,706
466,996
Archer-Daniels-Midland
Co.
5,015
314,992
$
781,988
Apparel
-
0
.83
%
Tapestry,
Inc.
10,556
501,199
Auto
Manufacturers
-
1
.01
%
PACCAR,
Inc.
4,928
610,530
Banks
-
10
.44
%
Bank
of
America
Corp.
21,529
816,380
Bank
of
New
York
Mellon
Corp.
8,830
508,785
Citizens
Financial
Group,
Inc.
12,383
449,379
Comerica,
Inc.
7,077
389,164
Fifth
Third
Bancorp
13,888
516,772
KeyCorp
32,396
512,181
M&T
Bank
Corp.
2,910
423,230
Northern
Trust
Corp.
4,792
426,105
PNC
Financial
Services
Group,
Inc.
3,337
539,259
Regions
Financial
Corp.
18,757
394,647
State
Street
Corp.
5,349
413,585
Truist
Financial
Corp.
13,226
515,549
Zions
Bancorp
NA
9,592
416,293
$
6,321,329
Building
Materials
-
1
.60
%
Johnson
Controls
International
PLC
7,028
459,069
Masco
Corp.
6,447
508,539
$
967,608
Chemicals
-
2
.41
%
CF
Industries
Holdings,
Inc.
4,774
397,244
Linde
PLC
1,651
766,592
Mosaic
Co.
9,086
294,932
$
1,458,768
Commercial
Services
-
1
.46
%
Automatic
Data
Processing,
Inc.
2,001
499,730
Robert
Half,
Inc.
4,864
385,618
$
885,348
Computers
-
5
.97
%
Accenture
PLC,
Class
A
2,079
720,602
Apple,
Inc.
12,218
2,095,143
Cognizant
Technology
Solutions
Corp.,
Class
A
5,853
428,967
HP,
Inc.
12,197
368,593
$
3,613,305
Distribution
&
Wholesale
-
0
.68
%
Pool
Corp.
1,014
409,149
Diversified
Financial
Services
-
4
.77
%
Ameriprise
Financial,
Inc.
1,187
520,428
Discover
Financial
Services
3,824
501,288
Franklin
Resources,
Inc.
13,273
373,104
Intercontinental
Exchange,
Inc.
3,988
548,071
Nasdaq,
Inc.
7,532
475,269
Synchrony
Financial
10,941
471,776
$
2,889,936
Electronics
-
0
.74
%
Allegion
PLC
3,350
451,278
Environmental
Control
-
0
.86
%
Republic
Services,
Inc.
2,726
521,865
Food
-
2
.63
%
Conagra
Brands,
Inc.
12,164
360,541
General
Mills,
Inc.
5,786
404,846
Hershey
Co.
1,815
353,018
Kroger
Co.
8,262
472,008
$
1,590,413
Hand
&
Machine
Tools
-
0
.69
%
Snap-on,
Inc.
1,402
415,300
Healthcare
-
Products
-
1
.64
%
Abbott
Laboratories
5,936
674,686
COMMON
STOCKS
(continued)
Shares
Held
Value
Healthcare
-
Products
(continued)
Dentsply
Sirona,
Inc.
9,552
$
317,031
$
991,717
Healthcare
-
Services
-
0
.62
%
Quest
Diagnostics,
Inc.
2,820
375,370
Home
Builders
-
0
.93
%
PulteGroup,
Inc.
4,652
561,124
Household
Products
&
Wares
-
0
.76
%
Avery
Dennison
Corp.
2,058
459,449
Insurance
-
7
.24
%
Allstate
Corp.
3,668
634,601
American
International
Group,
Inc.
6,967
544,610
Chubb
Ltd.
2,389
619,062
Cincinnati
Financial
Corp.
3,562
442,293
Hartford
Financial
Services
Group,
Inc.
5,317
547,917
Marsh
&
McLennan
Cos.,
Inc.
2,604
536,372
MetLife,
Inc.
6,562
486,310
Travelers
Cos.,
Inc.
2,478
570,287
$
4,381,452
Internet
-
0
.36
%
Amazon.com,
Inc.
(a)
1,216
219,342
Iron
&
Steel
-
0
.92
%
Steel
Dynamics,
Inc.
3,740
554,380
Machinery
-
Construction
&
Mining
-
1
.22
%
Caterpillar,
Inc.
2,014
737,990
Media
-
2
.08
%
Comcast
Corp.,
Class
A
13,845
600,181
Fox
Corp.,
Class
A
10,763
336,559
Fox
Corp.,
Class
B
11,260
322,261
$
1,259,001
Miscellaneous
Manufacturers
-
1
.74
%
A
O
Smith
Corp.
5,211
466,176
Parker-Hannifin
Corp.
1,055
586,359
$
1,052,535
Oil
&
Gas
-
8
.36
%
APA
Corp.
8,440
290,167
Chevron
Corp.
4,776
753,366
Devon
Energy
Corp.
8,044
403,648
EQT
Corp.
8,853
328,181
Exxon
Mobil
Corp.
9,049
1,051,856
Marathon
Petroleum
Corp.
3,033
611,150
Phillips
66
3,770
615,792
Pioneer
Natural
Resources
Co.
1,843
483,787
Valero
Energy
Corp.
3,083
526,237
$
5,064,184
Packaging
&
Containers
-
1
.68
%
Packaging
Corp.
of
America
2,516
477,487
Westrock
Co.
10,972
542,565
$
1,020,052
Pharmaceuticals
-
3
.35
%
Bristol-Myers
Squibb
Co.
8,830
478,851
Cencora,
Inc.
2,145
521,213
CVS
Health
Corp.
6,635
529,208
Pfizer,
Inc.
17,979
498,917
$
2,028,189
Pipelines
-
0
.76
%
Williams
Cos.,
Inc.
11,892
463,431
REITs
-
7
.71
%
Alexandria
Real
Estate
Equities,
Inc.
3,166
408,129
Essex
Property
Trust,
Inc.
1,554
380,435
Extra
Space
Storage,
Inc.
3,041
447,027
Host
Hotels
&
Resorts,
Inc.
23,063
476,943
Invitation
Homes,
Inc.
11,175
397,942
Kimco
Realty
Corp.
18,516
363,099
Mid-America
Apartment
Communities,
Inc.
2,654
349,213
Prologis,
Inc.
4,269
555,909
Simon
Property
Group,
Inc.
3,488
545,837
UDR,
Inc.
9,488
354,946
VICI
Properties,
Inc.
13,057
388,968
$
4,668,448
29
Schedule
of
Investments
Principal
Value
ETF
March
31,
2024
(unaudited)
See
accompanying
notes.
COMMON
STOCKS
(continued)
Shares
Held
Value
Retail
-
4
.60
%
Best
Buy
Co.,
Inc.
4,801
$
393,826
Darden
Restaurants,
Inc.
2,405
401,996
Genuine
Parts
Co.
2,473
383,142
Home
Depot,
Inc.
2,548
977,413
Lowe's
Cos.,
Inc.
2,481
631,985
$
2,788,362
Semiconductors
-
6
.89
%
Analog
Devices,
Inc.
2,710
536,011
Broadcom,
Inc.
1,035
1,371,800
Microchip
Technology,
Inc.
5,175
464,249
QUALCOMM,
Inc.
4,757
805,360
Skyworks
Solutions,
Inc.
3,574
387,136
Texas
Instruments,
Inc.
3,492
608,341
$
4,172,897
Software
-
5
.52
%
Fidelity
National
Information
Services,
Inc.
7,225
535,951
Microsoft
Corp.
5,684
2,391,372
Paychex,
Inc.
3,358
412,362
$
3,339,685
Telecommunications
-
0
.66
%
Corning,
Inc.
12,174
401,255
Transportation
-
5
.43
%
CH
Robinson
Worldwide,
Inc.
3,938
299,839
CSX
Corp.
14,586
540,703
Expeditors
International
of
Washington,
Inc.
3,286
399,479
FedEx
Corp.
1,673
484,735
Norfolk
Southern
Corp.
1,989
506,937
COMMON
STOCKS
(continued)
Shares
Held
Value
Transportation
(continued)
Union
Pacific
Corp.
2,460
$
604,988
United
Parcel
Service,
Inc.,
Class
B
3,053
453,767
$
3,290,448
TOTAL
COMMON
STOCKS
a
$
60,223,401
INVESTMENT
COMPANIES
-
0
.32
%
Shares
Held
Value
Money
Market
Funds
-
0
.32
%
-
—
State
Street
Institutional
U.S.
Government
Money
Market
Fund,
Premier
Class
5.26%
(b)
195,970
$
195,970
TOTAL
INVESTMENT
COMPANIES
a
$
195,970
Total
Investments
$
60,419,371
Other
Assets
and
Liabilities
-
0.22%
131,630
TOTAL
NET
ASSETS
-
100.00%
$
60,551,001
(a)
Non-income
producing
security.
(b)
1-day
yield
shown
as
of
period
end.
Portfolio
Summary
Sector
Percent
Financial
30.16%
Technology
18.38%
Industrial
15.57%
Consumer,
Non-cyclical
11.75%
Energy
9.12%
Consumer,
Cyclical
8.05%
Basic
Materials
3.33%
Communications
3.10%
Money
Market
Funds
0.32%
Other
Assets
and
Liabilities
0.22%
TOTAL
NET
ASSETS
100.00%
30
Principal
Exchange-Traded
Funds
March
31,
2024
(unaudited)
1.
Security
The
Funds
may
invest
in
series
of
Principal
Funds,
Inc.
and
other
investment
funds,
which
may
include
money
market
funds
and
other
registered
open-end
investment
companies.
Investments
in
registered
open-end
investment
companies
are
valued
at
the
respective
fund’s
closing
net
asset
value
(“NAV”)
per
share
on
the
day
of
valuation.
The
Funds
value
securities
for
which
market
quotations
are
readily
available
at
fair
value,
which
is
determined
using
the
last
reported
sale
price.
If
no
sales
are
reported,
as
is
regularly
the
case
for
some
securities
traded
over-the-counter
(“OTC”),
securities
are
valued
using
the
last
reported
bid
price
or
an
evaluated
bid
price
provided
by
a
pricing
service.
Pricing
services
use
modeling
techniques
that
incorporate
security
characteristics
such
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
other
yield
and
risk
factors
and
other
market
conditions
to
determine
an
evaluated
bid
price.
When
reliable
market
quotations
are
not
considered
to
be
readily
available,
which
may
be
the
case,
for
example,
with
respect
to
restricted
securities,
certain
debt
securities,
preferred
stocks,
and
foreign
securities,
the
investments
are
valued
at
their
fair
value
as
determined
in
good
faith
by
the
Principal
Global
Investors,
LLC
(“the
Advisor”)
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Trustees.
The
value
of
foreign
securities
used
in
computing
the
NAV
per
share
is
generally
determined
as
of
the
close
of
the
foreign
exchange
where
the
security
is
principally
traded.
Events
that
occur
after
the
close
of
the
applicable
foreign
market
or
exchange
but
prior
to
the
calculation
of
the
Fund’s
NAV
are
reflected
in
the
Fund’s
NAV
and
these
securities
are
valued
at
fair
value.
Many
factors,
provided
by
independent
pricing
services,
are
reviewed
in
the
course
of
making
a
good
faith
determination
of
a
security’s
fair
value
including,
but
not
limited
to,
price
movements
in
American
Depository
Receipts
(“ADRs”),
futures
contracts,
industry
indices,
general
indices,
and
foreign
currencies.
To
the
extent
the
Funds
invest
in
foreign
securities
listed
on
foreign
exchanges
which
trade
on
days
on
which
the
Funds
do
not
determine
NAV,
for
example,
weekends
and
other
customary
national
U.S.
holidays,
the
Fund’s
NAV
could
be
significantly
affected
on
days
when
shares
are
not
able
to
be
issued
or
redeemed
by
Authorized
Participants
(“APs”).
Certain
securities
issued
by
companies
in
emerging
market
countries
may
have
more
than
one
quoted
valuation
at
any
given
point
in
time,
sometimes
referred
to
as
a
“local”
price
and
a
“premium”
price.
The
premium
price
is
often
a
negotiated
price,
which
may
not
consistently
represent
a
price
at
which
a
specific
transaction
can
be
effected.
It
is
the
policy
of
the
Funds
to
value
such
securities
at
prices
at
which
it
is
expected
those
shares
may
be
sold,
and
the
Advisor,
or
any
sub-advisor,
is
authorized
to
make
such
determinations
subject
to
such
oversight
by
the
Board
of
Trustees,
as
may
occasionally
be
necessary.
2.
Fair
Valuation
Fair
value
is
defined
as
the
price
that
the
Funds
would
receive
upon
selling
a
security
or
transferring
a
liability
in
a
timely
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
of
the
security
at
the
measurement
date.
In
determining
fair
value,
the
Funds
may
use
one
or
more
of
the
following
approaches:
market,
income
and/or
cost.
A
hierarchy
for
inputs
is
used
in
measuring
fair
value
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
requiring
that
the
most
observable
inputs
be
used
when
available.
Observable
inputs
are
inputs
that
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
market
data
obtained
from
sources
independent
of
the
Funds.
Unobservable
inputs
are
inputs
that
reflect
the
Fund’s
own
estimates
about
the
estimates
market
participants
would
use
in
pricing
the
asset
or
liability
developed
based
on
the
best
information
available
in
the
circumstances.
The
three-tier
hierarchy
of
inputs
is
summarized
in
the
three
broad
levels
listed
below.
Level
1
—
Quoted
prices
are
available
in
active
markets
for
identical
securities
as
of
the
reporting
date.
Investments
which
are
generally
included
in
this
category
include
listed
equities
and
listed
derivatives.
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
for
similar
investments,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Investments
which
are
generally
included
in
this
category
include
certain
corporate
bonds,
senior
floating
rate
interests,
OTC
derivatives,
mortgage-
backed
securities
and
municipal
bonds.
Level
3
—
Significant
unobservable
inputs
(including
the
Funds’
assumptions
in
determining
the
fair
value
of
investments).
Investments
which
are
generally
included
in
this
category
include
certain
corporate
bonds
and
certain
common
stocks.
31
Principal
Exchange-Traded
Funds
March
31,
2024
(unaudited)
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
market
place,
and
other
characteristics
particular
to
the
transaction.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
by
the
Funds
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Fair
value
is
a
market
based
measure
considered
from
the
perspective
of
a
market
participant
who
holds
the
asset
rather
than
an
entity
specific
measure.
Therefore,
even
when
market
assumptions
are
not
readily
available,
the
Funds’
own
assumptions
are
set
to
reflect
those
that
market
participants
would
use
in
pricing
the
asset
or
liability
at
the
measurement
date.
The
Funds
use
prices
and
inputs
that
are
current
as
of
the
measurement
date,
to
the
extent
available.
Investments
which
are
included
in
the
Level
3
category
may
be
valued
using
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
these
investments.
These
investments
are
classified
as
Level
3
investments
due
to
the
lack
of
market
transparency
and
market
corroboration
to
support
these
quoted
prices.
Valuation
models
may
be
used
as
the
pricing
source
for
other
investments
classified
as
Level
3.
Valuation
models
rely
on
one
or
more
significant
unobservable
inputs
such
as
prepayment
rates,
probability
of
default,
or
loss
severity
in
the
event
of
default.
Significant
increases
in
any
of
those
inputs
in
isolation
would
result
in
a
significantly
lower
fair
value
measurement.
The
fair
values
of
these
entities
are
dependent
on
economic,
political
and
other
considerations.
The
values
of
the
underlying
investee
entities
may
be
affected
by
significant
changes
in
the
economic
conditions,
changes
in
government
policies,
and
other
factors
(e.g.,
natural
disasters,
pandemics,
accidents,
conflicts,
etc.).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
instruments.
During
the
period
there
were
no
significant
purchases,
sales,
or
transfers
into
or
out
of
Level
3.
The
following
is
a
summary
of
the
inputs
used
as
of
March
31,
2024,
in
valuing
the
Funds’
securities
carried
at
fair
value:
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Principal
Active
High
Yield
ETF
Bonds
*
$
—
$
147,960,853
$
—
$
147,960,853
Senior
Floating
Rate
Interests
*
—
9,557,580
—
9,557,580
U.S.
Government
&
Government
Agency
Obligations
*
—
1,535,766
—
1,535,766
Investment
Companies
*
14,024,102
—
—
14,024,102
Total
investments
in
securities
$
14,024,102
$
159,054,199
$
—
$
173,078,301
Principal
Focused
Blue
Chip
ETF
Common
Stocks
*
38,067,867
—
—
38,067,867
Investment
Companies
*
5,611
—
—
5,611
Total
investments
in
securities
$
38,073,478
$
—
$
—
$
38,073,478
Principal
Healthcare
Innovators
ETF
Common
Stocks
*
Basic
Materials
45,342
—
—
45,342
Consumer,
Non-cyclical
44,357,785
—
3,797
44,361,582
Industrial
111,634
—
—
111,634
Technology
13,142
—
—
13,142
Investment
Companies
*
1,212,090
—
—
1,212,090
Total
investments
in
securities
$
45,739,993
$
—
$
3,797
$
45,743,790
Principal
Investment
Grade
Corporate
Active
ETF
Bonds
*
—
76,421,779
—
76,421,779
Investment
Companies
*
1,041,151
—
—
1,041,151
Total
investments
in
securities
$
1,041,151
$
76,421,779
$
—
$
77,462,930
2.
Fair
Valuation
(continued)
32
Principal
Exchange-Traded
Funds
March
31,
2024
(unaudited)
The
Funds’
Schedules
of
Investments
for
the
period
ended
March
31,
2024 has
not
been
audited.
This
report
is
provided
for
the
general
information
of
the
Funds’
shareholders.
For
more
information
regarding
the
Funds
and
their
holdings,
please
see
the
Funds’
prospectus.
Fund
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Totals
(Level
1,2,3)
Principal
Investment
Grade
Corporate
Active
ETF
(continued)
Derivatives
Assets
Interest
Rate
Contracts
Futures
$
32,862
$
—
$
—
$
32,862
Derivatives
Liabilities
Interest
Rate
Contracts
Futures
(
6,795
)
—
—
(
6,795
)
Principal
Quality
ETF
Common
Stocks
*
48,651,584
—
—
48,651,584
Investment
Companies
*
94,330
—
—
94,330
Total
investments
in
securities
$
48,745,914
$
—
$
—
$
48,745,914
Principal
Real
Estate
Active
Opportunities
ETF
Common
Stocks
*
9,272,699
—
—
9,272,699
Investment
Companies
*
115,696
—
—
115,696
Total
investments
in
securities
$
9,388,395
$
—
$
—
$
9,388,395
Principal
Spectrum
Preferred
Securities
Active
ETF
Bonds
*
—
838,793,745
—
838,793,745
Investment
Companies
*
5,886,783
—
—
5,886,783
Total
investments
in
securities
$
5,886,783
$
838,793,745
$
—
$
844,680,528
Principal
Spectrum
Tax-Advantaged
Dividend
Active
ETF
Preferred
Stocks
*
1,797,823
—
—
1,797,823
Bonds
*
—
21,786,532
—
21,786,532
Investment
Companies
*
280,874
—
—
280,874
Total
investments
in
securities
$
2,078,697
$
21,786,532
$
—
$
23,865,229
Principal
U.S.
Mega-Cap
ETF
Common
Stocks
*
2,268,060,123
—
—
2,268,060,123
Investment
Companies
*
5,662,432
—
—
5,662,432
Total
investments
in
securities
$
2,273,722,555
$
—
$
—
$
2,273,722,555
Principal
U.S.
Small-Cap
ETF
Common
Stocks
*
Basic
Materials
12,783,506
—
—
12,783,506
Communications
17,931,625
—
—
17,931,625
Consumer,
Cyclical
64,611,589
—
—
64,611,589
Consumer,
Non-cyclical
115,742,925
—
3,863
115,746,788
Energy
39,994,417
—
—
39,994,417
Financial
105,555,074
—
—
105,555,074
Government
370,546
—
—
370,546
Industrial
89,657,703
—
—
89,657,703
Technology
60,881,064
—
—
60,881,064
Utilities
13,269,488
—
—
13,269,488
Investment
Companies
*
3,020,938
—
—
3,020,938
Total
investments
in
securities
$
523,818,875
$
—
$
3,863
$
523,822,738
Principal
Value
ETF
Common
Stocks
*
60,223,401
—
—
60,223,401
Investment
Companies
*
195,970
—
—
195,970
Total
investments
in
securities
$
60,419,371
$
—
$
—
$
60,419,371
*
For
additional
detail
regarding
sector
and/or
sub-industry
classifications,
please
see
the
Schedules
of
Investments.
2.
Fair
Valuation
(continued)