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YLD | Principal Active High Yield ETF

Quite often, high yield bond strategies employ a style bias (e.g., excluding CCC-rated credits*). While these strategies may perform well in the short run, they run the risk of underperformance over longer periods of time.

YLD utilizes the full opportunity set of the asset class, providing potentially attractive returns across all stages of the market cycle. Find out how actively-managed YLD could fit into your portfolio.

Past performance does not guarantee future results.

Monthly outperformance versus the index and the Morningstar category average

Trailing 1-year performance

Source: Morningstar, Bloomberg, Principal Asset Management. Data as of December 31, 2024. The Morningstar category is High Yield Bond.

Average annual total returns
1-year 5-year Since inception Inception date Expense ratio3 (net/gross)
Principal Active High Yield ETF – YLD
Net asset value (NAV) return		 6.70% 9.36% 5.09% 07/08/2015 0.39/0.39
Market price return 6.82% 9.53% 5.13% – –
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index1, 2 7.69% 7.27% – – –
High Yield Bond Category 6.72% 6.80% – – –

Source: State Street and Principal Global Investors as of March 31, 2025. Periods over one year are annualized.

1 The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index is an unmanaged Index comprised of fixed rate, non-investment grade debt securities that are dollar denominated. The index limits the maximum exposure to any one issuer to 2%.

2 Index performance information reflects no deduction fees, expenses, or taxes. Indices are unmanaged and individuals cannot invest directly in an index.

3 The net expense ratio reflects contractual expense limits, if any, which may lower net expenses and cause the gross and net expense ratios to differ. In such cases a date is listed through which expense limits are expected to apply; however, Principal Exchange-Traded Funds and the investment adviser may mutually agree to terminate the expense limits prior to the end of the period. Returns displayed are based on net total investment expense.

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. For the most recent month-end performance, visit the performance page.

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Disclosures

Carefully consider a fund’s objectives, risks, charges, and expenses. For a prospectus, or summary prospectus if available, containing this and other information, visit www.PrincipalAM.com or call sales support at 800-787-1621. Please read it carefully before investing.

*A CCC-rated bond is typically judged to be of poor standing and considered high risk, with a possibility of defaulting.

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.

Individual product risks:

Principal Active High Yield ETF:

Fixed income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Neither the principal bond investment options nor their yields are guaranteed by the U.S. government. Lower-rated securities are subject to additional credit and default risk. International and global investing involves greater risks such as currency fluctuations, political/social instability and differing accounting standards. Investing in derivates entails specific risks relating to liquidity, leverage and credit, which may reduce returns and/or increase volatility. Unlike typical ETFs, there are indices that the Principal Active High Yield ETF attempts to track or replicate. Thus, the ability of the Fund to achieve its objectives will depend on the effectiveness of the portfolio managers.

Principal U.S. Small Cap ETF Principal U.S. Mega-Cap ETF:

Equity investments involve greater risk, including heightened volatility, than fixed-income investments.

Small-cap stocks may have additional risks including greater price volatility.

Principal Spectrum Preferred Securities Active ETF:

Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Risks of preferred securities differ from risks inherent in other investments. In particular, in a bankruptcy preferred securities are senior to common stock but subordinate to other corporate debt.

Risks of preferred securities differ from risks inherent in other investments. In particular, in a bankruptcy preferred securities are senior to common stock but subordinate to other corporate debt.

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MM14376 | 04/2025 | 4255629-042026 | PRI001644