PIEQ

Principal International Equity ETF

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Prospectus
Enhanced fact sheet

    Principal International Equity ETF

    Highlights

    Concentrated, core, all-weather profile

    • Reflects our conviction that excess returns are generated over time by investing in companies where free cash flow power is underestimated by the market
    • A focus on uncorrelated idea generation and deep fundamental analysis
    • Growth and value both simultaneously essential for value creation

    Fund details

    as of 12/24/2024 unless indicated otherwise
    Fund ticker
    PIEQ
    Benchmark
    MSCI ACWI Ex-U.S. NTR Index
    NAV
    $24.24
    NAV change
    $0.02
    Premium/Discount to NAV
    0.58%
    Median bid ask spread
    as of 12/24/2024
    0.32%
    Price
    $24.38
    Price change
    -$0.06
    Daily volume
    6,197
    Total fund assets
    $39.7M
    Shares outstanding
    1,640,001
    Dividend frequency
    Annually
    Inception date
    11/05/2024
    Morningstar category
    Foreign Large Blend
    Investment approach
    The investment seeks long-term growth of capital. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The fund invests primarily in foreign equity securities, including emerging market securities, such as China. It invests in equity securities of small, medium, and large market capitalization companies.

    Performance & expenses

    As of 11/30/2024
    Name 1 month 3 month YTD 1-year 3-year 5-year 10-year Since inception Overall
    Net asset value (NAV) return — — — — — — — -1.25% —
    Market price return — — — — — — — -0.96% —
    Benchmark performance
    MSCI ACWI Ex-U.S. NTR Index
    		 — — — — — — — — —
    Morningstar category average
    Foreign Large Blend
    		 -0.03% -3.61% 7.70% 13.13% 3.17% 5.77% 4.86% — —
    Morningstar percentile rankings — — — — — — — — —
    # of funds in category 699 698 693 688 640 606 410 — 640
    Morningstar rating — — — — — — — — —
    Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted.
    Returns shown for periods of less than one year are not annualized.
    Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.
    The market price used to disclose the daily price and calculate daily premiums and discounts is the official closing price of the Fund, or if it more accurately reflects the market value of the Fund share at the time as of which the Fund’s NAV is calculated, the price that is the midpoint between the national best bid and national best offer as of that time. For the purpose of calculating Market Price Return, a market price prior to 02/01/2021 is defined as the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated, while a market price on or after 02/01/2021 is defined as the official close price as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

    Holdings

    Top 10

    as of 12/26/2024
    % of Assets
    % of Assets
    1. DEUTSCHE TELEKOM AG REG COMMON STOCK
    4.83%
    2. UNILEVER PLC COMMON STOCK GBP.00031111
    4.55%
    3. SAMSONITE INTERNATIONAL SA COMMON STOCK USD.01
    4.19%
    4. AIB GROUP PLC COMMON STOCK EUR.625
    4.07%
    5. ASML HOLDING NV COMMON STOCK EUR.09
    3.99%
    6. TAIWAN SEMICONDUCTOR SP ADR ADR
    3.87%
    7. NINTENDO CO LTD COMMON STOCK
    3.63%
    8. TENCENT HOLDINGS LTD UNS ADR ADR HKD.00002
    3.63%
    9. SANOFI COMMON STOCK EUR2.0
    3.56%
    10. HANNOVER RUECK SE COMMON STOCK
    3.52%
    Portfolio Holdings
    Basket
    The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
    May not reflect current holdings or allocations.
    Includes, but is not limited to, unsettled activity from creation/redemption transactions and portfolio security trades and accrued interest.

    Portfolio characteristics

    # of holdings
    as of 11/30/2024
    31
    Active share
    as of 11/30/2024
    89.03%
    Weighted avg mark cap
    as of 11/30/2024
    121,619.93
    May not reflect current holdings or allocations.

    Portfolio management

    Paul Blankenhagen, CFA
    32 years of experience
    George P. Maris, CFA
    26 years of experience

    Literature

    Investment materials

    Portfolio holdings

    Disclosures
    Principal Funds are distributed by Principal Funds Distributor, Inc. ALPS Distributors, Inc. is the distributor of the Principal ETFs. ALPS Distributors, Inc. and the Principal Funds are not affiliated.
    Asset allocation and diversification do not ensure a profit or protect against a loss. Investing in ETFs involves risk, including possible loss of principal. ETFs are subject to risk similar to those of stocks, including those regarding short-selling and margin account maintenance. Investor shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Ordinary brokerage commissions apply.
    The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.
    NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE
    International investing involves greater risks such as currency fluctuations, political/social instability, and differing accounting standards.
    Risk is magnified in emerging markets, which may lack established legal, political, business, or social structures to support securities markets.
    Small- and mid-cap stocks may have additional risks including greater price volatility.
    Morningstar percentile rankings are based on total returns and do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.
    Performance assumes reinvestment of all dividends and capital gains.
    Includes, but is not limited to, unsettled activity from creation/redemption transactions and portfolio security trades and accrued interest.
    To obtain a prospectus, download or call Customer Service at 1.800.222.5852. Carefully consider a fund’s objectives, risks, charges, and expenses. The prospectus, or summary prospectus if available, contains this and other information. Please read it carefully before investing.
    The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 27 Emerging Markets (EM) countries*. With 2,352 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.
    © 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
    The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.
    The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
    The Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts.
    The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating.