# EDGAR Filing Document

**Accession Number:** 0001572661
**File Stem:** 0001410368-26-043488
**Filing Date:** 2026-5
**Character Count:** 173818
**Document Hash:** a53669f2b1ea17bb9f4b27ff8d50a3e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-043488.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001410368-26-043488

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Principal Exchange-Traded Funds
- **CENTRAL INDEX KEY:** 0001572661

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23029
- **FILM NUMBER:** 26971104

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 515-235-9328

**MAIL ADDRESS:**
- **STREET 1:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

## Series and Classes Contracts Data

### Principal International Equity ETF (Series ID: S000088641)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000254970 | Principal International Equity ETF | PIEQ            |

## Nport-Ex

Schedule

of

Investments

Principal

Active

High

Yield

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.16

%

Shares

Held

Value

Money

Market

Funds

-

.16

%

-

—

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

(a),(b),(c)

16,474,215

$

16,474,215

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.61%

(a) 13,864,469

13,864,469

TOTAL

INVESTMENT

COMPANIES

a

$

30,338,684

BONDS

-

.60

%

Principal

Amount

Value

Aerospace

&

Defense

-

.99

%

—

—

TransDigm,

Inc.

6.75%,

01/31/2034

(d) $

4,801,000

$

4,863,917

Airlines

-

.99

%

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

5.75%,

04/20/2029

(d) 2,540,366

2,526,471

Grupo

Aeromexico

SAB

de

CV

8.63%,

11/15/2031

(d),(e)

2,471,000

2,372,160

$

4,898,631

Banks

-

.78

%

Barclays

PLC

(USD

Swap

Rate

NY

Year

+

3.69%),

7.63%,

03/15/2035

(f),(g),(h)

2,510,000

2,534,348

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.43%),

8.00%,

03/15/2029

(f),(g)

4,208,000

4,354,265

UBS

Group

AG

(USD

Swap

Rate

NY

Year

+

3.08%),

7.00%,

02/10/2030

(d),(f),(g),(h)

6,884,000

6,817,730

$

13,706,343

Building

Materials

-

.53

%

AmeriTex

HoldCo

Intermediate

LLC

7.63%,

08/15/2033

(d) 5,126,000

5,291,298

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/2028

(d) 7,236,000

7,181,428

$

12,472,726

Chemicals

-

.08

%

Advancion

Sciences,

Inc.

9.25%,

PIK

10.00%,

11/01/2026

(d),(i)

2,786,084

2,263,693

Consolidated

Energy

Finance

SA

5.63%,

10/15/2028

(d),(e)

2,958,000

2,754,638

12.00%,

02/15/2031

(d) 2,290,000

2,255,650

Olympus

Water

U.S.

Holding

Corp.

6.25%,

10/01/2029

(d),(e)

7,785,000

7,357,152

6.75%,

08/01/2032

(d) 556,000

529,492

$

15,160,625

Commercial

Services

-

.65

%

EquipmentShare.com,

Inc.

8.00%,

03/15/2033

(d),(e)

6,125,000

6,323,882

8.63%,

05/15/2032

(d) 112,000

116,901

Garda

World

Security

Corp.

6.00%,

06/01/2029

(d) 3,484,000

3,316,156

8.38%,

11/15/2032

(d) 4,233,000

4,235,874

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.

6.75%,

08/15/2032

(d) 4,210,000

4,139,883

Veritiv

Operating

Co.

10.50%,

11/30/2030

(d) 4,614,000

4,795,090

$

22,927,786

Computers

-

.22

%

McAfee

Corp.

7.38%,

02/15/2030

(d),(e)

7,827,000

6,466,599

NCR

Atleos

Corp.

9.50%,

04/01/2029

(d) 4,189,000

4,484,083

$

10,950,682

Diversified

Financial

Services

-

.63

%

Credit

Acceptance

Corp.

9.25%,

12/15/2028

(d) 6,694,000

6,936,216

Freedom

Mortgage

Holdings

LLC

7.88%,

04/01/2033

(d) 1,045,000

979,764

9.13%,

05/15/2031

(d) 7,175,000

7,293,387

BONDS

(continued)

Principal

Amount

Value

Diversified

Financial

Services

(continued)

Global

Aircraft

Leasing

Co.

Ltd.

8.75%,

09/01/2027

(d) $

7,169,000

$

7,273,237

Jane

Street

Group/JSG

Finance,

Inc.

6.75%,

05/01/2033

(d) 5,670,000

5,752,601

OneMain

Finance

Corp.

3.50%,

01/15/2027

517,000

507,236

4.00%,

09/15/2030

6,635,000

5,991,956

6.63%,

01/15/2028

1,018,000

1,024,962

Rfna

LP

7.88%,

02/15/2030

(d) 1,686,000

1,611,298

TrueNoord

Capital

DAC

8.75%,

03/01/2030

(d) 5,074,000

5,180,940

$

42,551,597

Electric

-

.03

%

California

Buyer

Ltd./Atlantica

Sustainable

Infrastructure

PLC

6.38%,

02/15/2032

(d) 7,426,000

7,255,755

GenOn

Energy,

Inc.

0.00%,

10/15/2020

(j),(k),(l)

3,100,000

—

Lightning

Power

LLC

7.25%,

08/15/2032

(d) 6,856,000

7,126,659

NRG

Energy,

Inc.

5.75%,

01/15/2034

(d) 3,681,000

3,631,028

6.00%,

01/15/2036

(d) 3,681,000

3,647,529

Vistra

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.74%),

7.00%,

12/15/2026

(d),(f),(g)

3,007,000

3,010,855

VoltaGrid

LLC

7.38%,

11/01/2030

(d) 4,899,000

5,059,731

$

29,731,557

Entertainment

-

.60

%

Caesars

Entertainment,

Inc.

6.50%,

02/15/2032

(d) 6,121,000

6,049,740

Cinemark

USA,

Inc.

5.25%,

07/15/2028

(d) 5,211,000

5,166,449

7.00%,

08/01/2032

(d) 2,069,000

2,125,871

Discovery

Global

Holdings,

Inc.

5.05%,

03/15/2042

2,975,000

1,959,947

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

6.25%,

03/15/2033

(d) 2,465,000

2,439,363

$

17,741,370

Food

-

.00

%

B&G

Foods,

Inc.

8.00%,

09/15/2028

(d) 5,135,000

5,056,467

Chobani

LLC/Chobani

Finance

Corp.,

Inc.

7.63%,

07/01/2029

(d) 6,103,000

6,236,393

Fiesta

Purchaser,

Inc.

7.88%,

03/01/2031

(d) 2,018,000

2,054,451

9.63%,

09/15/2032

(d),(e)

1,410,000

1,436,044

$

14,783,355

Forest

Products

&

Paper

-

.34

%

Mercer

International,

Inc.

5.13%,

02/01/2029

1,574,000

818,480

12.88%,

10/01/2028

(d),(e)

1,364,000

861,115

$

1,679,595

Healthcare

-

Services

-

.31

%

Acadia

Healthcare

Co.,

Inc.

5.00%,

04/15/2029

(d) 4,502,000

4,383,192

Concentra

Health

Services,

Inc.

6.88%,

07/15/2032

(d) 5,335,000

5,515,665

Global

Medical

Response,

Inc.

7.38%,

10/01/2032

(d) 2,235,000

2,320,913

LifePoint

Health,

Inc.

8.38%,

02/15/2032

(d) 3,820,000

4,079,462

$

16,299,232

Schedule

of

Investments

Principal

Active

High

Yield

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Home

Builders

-

.76

%

Adams

Homes,

Inc.

9.25%,

10/15/2028

(d) $

4,684,000

$

4,837,396

K

Hovnanian

Enterprises,

Inc.

8.38%,

10/01/2033

(d) 3,866,000

3,823,058

$

8,660,454

Household

Products

&

Wares

-

.23

%

Kronos

Acquisition

Holdings,

Inc.

8.25%,

06/30/2031

(d),(e)

967,000

597,122

10.75%,

06/30/2032

(d),(e)

1,655,000

554,425

$

1,151,547

Insurance

-

.38

%

Asurion

LLC/Asurion

Co-Issuer,

Inc.

8.38%,

02/01/2034

(d) 1,921,000

1,865,027

Investment

Companies

-

.94

%

HA

Sustainable

Infrastructure

Capital,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.48%),

7.13%,

11/15/2056

(g) 2,007,000

1,997,424

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.30%),

8.00%,

06/01/2056

(g) 4,249,000

4,396,789

Icahn

Enterprises

LP/Icahn

Enterprises

Finance

Corp.

4.38%,

02/01/2029

8,413,000

7,179,321

10.00%,

11/15/2029

(d) 921,000

907,322

$

14,480,856

Lodging

-

.63

%

Wynn

Macau

Ltd.

5.63%,

08/26/2028

(d) 3,143,000

3,086,861

Machinery

-

Diversified

-

.20

%

Maxim

Crane

Works

Holdings

Capital

LLC

11.50%,

09/01/2028

(d) 5,698,000

5,937,436

Media

-

.57

%

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

4.50%,

06/01/2033

(d) 2,800,000

2,437,746

7.00%,

02/01/2033

(d) 2,468,000

2,474,797

Directv

Financing

LLC

8.88%,

02/01/2030

(d) 1,033,000

1,028,186

Directv

Financing

LLC/Directv

Financing

Co-Obligor,

Inc.

5.88%,

08/15/2027

(d) 1,657,000

1,655,254

10.00%,

02/15/2031

(d) 4,185,000

4,272,170

Discovery

Communications

LLC

4.13%,

05/15/2029

2,658,000

2,559,244

DISH

DBS

Corp.

0.00%,

12/01/2026

(d),(k)

185,000

183,413

DISH

Network

Corp.

0.00%,

11/15/2027

(d),(k)

4,406,000

4,539,260

iHeartCommunications,

Inc.

4.75%,

01/15/2028

(d) 1,350,000

1,214,263

7.75%,

08/15/2030

(d) 1,429,987

1,138,486

Sinclair

Television

Group,

Inc.

8.13%,

02/15/2033

(d) 5,841,000

5,937,756

$

27,440,575

Metal

Fabricate

&

Hardware

-

.10

%

TMS

International

Corp.

6.25%,

04/15/2029

(d) 5,608,000

5,411,720

Mining

-

.71

%

First

Quantum

Minerals

Ltd.

8.00%,

03/01/2033

(d) 6,428,000

6,700,245

Taseko

Mines

Ltd.

8.25%,

05/01/2030

(d) 6,404,000

6,676,554

$

13,376,799

Oil

&

Gas

-

.60

%

Aethon

United

BR

LP/Aethon

United

Finance

Corp.

7.50%,

10/01/2029

(d) 3,341,000

3,484,546

BONDS

(continued)

Principal

Amount

Value

Oil

&

Gas

(continued)

Matador

Resources

Co.

6.25%,

04/15/2033

(d) $

9,784,000

$

9,793,197

Northern

Oil

&

Gas,

Inc.

7.88%,

10/15/2033

(d) 3,080,000

3,186,731

Sunoco

LP

5.88%,

03/15/2034

(d) 6,256,000

6,186,896

$

22,651,370

Packaging

&

Containers

-

.39

%

Clydesdale

Acquisition

Holdings,

Inc.

6.75%,

04/15/2032

(d) 2,716,000

2,569,726

8.75%,

04/15/2030

(d) 2,069,000

1,930,530

LABL,

Inc.

0.00%,

11/01/2028

(d),(j),(k)

1,346,000

646,080

0.00%,

11/01/2028

(d),(j),(k)

1,799,000

863,520

0.00%,

10/01/2031

(d),(j),(k)

1,344,000

645,120

10.39%,

11/30/2026

324,079

323,269

Mauser

Packaging

Solutions

Holding

Co.

7.88%,

04/15/2030

(d) 2,156,000

2,156,000

9.25%,

04/15/2030

(d) 2,838,000

2,636,978

$

11,771,223

Pharmaceuticals

-

.36

%

1261229

BC

Ltd.

10.00%,

04/15/2032

(d) 2,995,000

3,066,413

Endo

Finance

Holdings

LP

8.50%,

04/15/2031

(d) 5,704,000

5,972,510

Jazz

Securities

DAC

4.38%,

01/15/2029

(d) 7,694,000

7,503,803

$

16,542,726

Pipelines

-

.99

%

Energy

Transfer

LP

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

6.50%,

02/15/2056

(g) 9,989,000

9,868,921

Venture

Global

LNG,

Inc.

8.38%,

06/01/2031

(d) 480,000

499,188

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.44%),

9.00%,

09/30/2029

(d),(f),(g)

2,487,000

2,477,167

9.50%,

02/01/2029

(d) 6,310,000

6,822,967

$

19,668,243

REITs

-

.84

%

Arbor

Realty

SR,

Inc.

7.88%,

07/15/2030

(d) 6,655,000

6,154,070

8.50%,

12/15/2028

(d) 597,000

586,721

EF

Holdco/EF

Cayman

Holdings/Ellington

Financial

REIT

Cayman/TRS/EF

Cayman

Non-MTM

7.38%,

09/30/2030

(d) 6,587,000

6,343,130

Uniti

Group

LP/Uniti

Fiber

Holdings,

Inc./

CSL

Capital

LLC

6.00%,

01/15/2030

(d) 6,225,000

5,855,090

$

18,939,011

Retail

-

.94

%

Carvana

Co.

11.00%,

06/01/2030

(d) 6,894,000

7,171,504

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.

4.63%,

01/15/2029

(d) 3,017,000

2,883,429

6.75%,

01/15/2030

(d) 1,566,000

1,462,726

Michaels

Cos.,

Inc.

8.50%,

03/15/2033

(d) 2,232,000

2,172,839

11.00%,

03/15/2034

(d) 2,017,000

1,878,235

Park

River

Holdings,

Inc.

8.00%,

03/15/2031

(d) 3,686,000

3,668,979

8.75%,

12/31/2030

(d) 1,734,563

1,597,590

Specialty

Building

Products

Holdings

LLC/

SBP

Finance

Corp.

7.75%,

10/15/2029

(d) 4,216,000

3,660,293

Schedule

of

Investments

Principal

Active

High

Yield

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Retail

(continued)

Victra

Holdings

LLC/Victra

Finance

Corp.

8.75%,

09/15/2029

(d),(e)

$

4,630,000

$

4,805,283

$

29,300,878

Semiconductors

-

.42

%

Kioxia

Holdings

Corp.

6.25%,

07/24/2030

(d) 948,000

963,290

6.63%,

07/24/2033

(d) 5,890,000

6,053,889

$

7,017,179

Software

-

.50

%

OAK-Eagle

Acquireco,

Inc.

7.25%,

07/01/2033

(d),(m)

2,378,000

2,463,833

Telecommunications

-

.61

%

Altice

France

SA

9.50%,

11/01/2029

(d) 4,673,524

4,722,320

Digicel

International

Finance

Ltd./Difl

U.S.

LLC

8.63%,

08/01/2032

(d) 6,077,000

6,181,713

EchoStar

Corp.

0.00%,

11/30/2029

(k) 4,576,282

4,943,532

Level

Financing,

Inc.

8.50%,

01/15/2036

(d) 3,253,360

3,394,594

Uniti

Group

LP/Uniti

Group

Finance

2019,

Inc./CSL

Capital

LLC

8.63%,

06/15/2032

(d),(e)

1,187,000

1,208,943

Uniti

Services

LLC

7.50%,

10/15/2033

(d) 523,000

543,738

Viasat,

Inc.

6.50%,

07/15/2028

(d) 1,589,000

1,570,081

7.50%,

05/30/2031

(d),(e)

4,911,000

4,853,090

Zayo

Group

Holdings,

Inc.

9.25%,

03/09/2030

(d) 251,572

250,098

$

27,668,109

Transportation

-

.28

%

Navios

Maritime

Partners

LP

7.75%,

11/07/2030

(d) 1,600,000

1,600,146

Watco

Cos.

LLC/Watco

Finance

Corp.

7.13%,

08/01/2032

(d) 4,586,000

4,709,891

$

6,310,037

TOTAL

BONDS

a

$

451,511,300

SENIOR

FLOATING

RATE

INTERESTS

-

.89

%

Principal

Amount

Value

Airlines

-

.38

%

–

—

American

Airlines,

Inc.,

2025

Term

Loan

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.67%),

5.92%,

04/20/2028

$

1,902,312

$

1,881,805

Commercial

Services

-

.06

%

Veritiv

Corp.,

Term

Loan

B

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.70%),

7.70%,

12/02/2030

301,178

292,143

Food

-

.53

%

Fiesta

Purchaser,

Inc.,

2025

Repriced

Term

Loan

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.67%),

6.42%,

02/12/2031

2,707,045

2,635,985

Forest

Products

&

Paper

-

.08

%

Spectrum

Group

Buyer,

Inc.,

2022

Term

Loan

B

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.67%),

10.17%,

05/19/2028

413,454

386,286

Healthcare

-

Services

-

.51

%

LifePoint

Health,

Inc.,

2024

1st

Lien

Term

Loan

B

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.67%),

7.42%,

05/19/2031

2,504,337

2,503,711

SENIOR

FLOATING

RATE

INTERESTS

(continued)

Principal

Amount

Value

Household

Products

&

Wares

-

.13

%

Kronos

Acquisition

Holdings,

Inc.,

2024

Term

Loan

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.70%),

7.70%,

07/08/2031

$

1,049,025

$

634,954

Insurance

-

.50

%

Asurion

LLC,

2021

2nd

Lien

Term

Loan

B4

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.67%),

9.03%,

01/20/2029

2,490,454

2,471,775

Media

-

.24

%

iHeartCommunications,

Inc.,

2024

Term

Loan

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.67%),

9.56%,

05/01/2029

1,347,938

1,177,545

Pharmaceuticals

-

.94

%

Bausch

Health

Cos.,

Inc.,

2025

Term

Loan

B

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.67%),

9.92%,

10/08/2030

3,840,327

3,700,577

Endo

Luxembourg

Finance

Co.

I

SARL,

2024

1st

Lien

Term

Loan

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.67%),

7.42%,

04/23/2031

950,525

944,584

$

4,645,161

Software

-

.24

%

Electronic

Arts,

Inc.,

USD

Term

Loan

B

0.00%,

03/24/2033

(n) 1,177,000

1,169,644

Telecommunications

-

.28

%

Zayo

Group

Holdings,

Inc.,

2025

USD

Term

Loan

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.67%),

6.78%,

03/11/2030

1,391,154

1,363,804

TOTAL

SENIOR

FLOATING

RATE

INTERESTS

a

$

19,162,813

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

-

.35

%

Principal

Amount

Value

U.S.

Treasury

Notes

-

.35

%

–

–

3.88%,

04/30/2030

$

1,750,000

$

1,748,086

TOTAL

U.S.

GOVERNMENT

&

GOVERNMENT

AGENCY

OBLIGATIONS

a

$

1,748,086

Total

Investments

102.00%

$

502,760,883

Other

Assets

and

Liabilities

-

(2.00%)

(9,869,264)

TOTAL

NET

ASSETS

-

100.00%

$

492,891,619

(a) 1-day

yield

shown

as

of

period

end.

(b) 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.

(c) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$16,474,215

or

3.34%

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

$403,051,606

or

81.77%

of

net

assets.

(e) Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$16,206,092

or

3.29%

of

net

assets.

(f) 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.

(g) 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.

Schedule

of

Investments

Principal

Active

High

Yield

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

(h) 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

$9,352,078

or

1.90%

of

net

assets.

(i) Payment

in

kind;

the

issuer

has

the

option

of

paying

additional

securities

in

lieu

of

cash.

(j) Security

is

defaulted.

(k) Non-income

producing

security.

(l) 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.

(m) Securities

purchased

on

a

when-issued

basis.

(n) This

Senior

Floating

Rate

Interest

will

settle

after

March

31,

2026,

at

which

time

the

interest

rate

will

be

determined.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

March

31,

2026

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

14,446,840

$

135,473,163

$

133,445,788

$

16,474,215

$

14,446,840

$

135,473,163

$

133,445,788

$

16,474,215

a

a

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

Capital

Appreciation

Select

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

.93

%

Shares

Held

Value

Aerospace

&

Defense

-

.18

%

-

—

Boeing

Co.

(a) 13,694

$

2,725,517

Auto

Manufacturers

-

.38

%

Tesla,

Inc.

(a) 8,618

3,203,741

Banks

-

.60

%

Bank

of

America

Corp.

41,505

2,023,369

JPMorgan

Chase

&

Co.

21,438

6,306,202

$

8,329,571

Chemicals

-

.19

%

Linde

PLC

5,534

2,743,536

Computers

-

.55

%

Apple,

Inc.

54,232

13,763,539

Lumentum

Holdings,

Inc.

(a) 2,417

1,698,571

Western

Digital

Corp.

7,400

2,001,626

$

17,463,736

Cosmetics

&

Personal

Care

-

.75

%

Procter

&

Gamble

Co.

11,973

1,729,380

Diversified

Financial

Services

-

.02

%

American

Express

Co.

8,104

2,451,298

Ameriprise

Financial,

Inc.

5,602

2,489,529

Nasdaq,

Inc.

35,398

3,004,936

Visa,

Inc.,

Class

A

19,798

5,983,747

$

13,929,510

Electric

-

.88

%

Constellation

Energy

Corp.

6,658

1,859,246

NRG

Energy,

Inc.

17,054

2,492,272

$

4,351,518

Electrical

Components

&

Equipment

-

.30

%

Eaton

Corp.

PLC

8,421

3,011,939

Environmental

Control

-

.16

%

Republic

Services,

Inc.

22,828

4,999,789

Gas

-

.12

%

Atmos

Energy

Corp.

14,090

2,602,705

Healthcare

-

Products

-

.00

%

Thermo

Fisher

Scientific,

Inc.

9,418

4,629,230

Healthcare

-

Services

-

.99

%

HCA

Healthcare,

Inc.

4,857

2,298,527

Insurance

-

.18

%

Berkshire

Hathaway,

Inc.,

Class

B

(a) 5,722

2,741,983

Progressive

Corp.

11,647

2,308,901

$

5,050,884

Internet

-

.60

%

Alphabet,

Inc.,

Class

A

39,817

11,449,776

Amazon.com,

Inc.

(a) 37,125

7,732,024

Meta

Platforms,

Inc.,

Class

A

7,476

4,277,244

Palo

Alto

Networks,

Inc.

(a) 24,816

3,978,501

Reddit,

Inc.,

Class

A

(a) 12,706

1,710,863

$

29,148,408

Machinery

-

Construction

&

Mining

-

.22

%

BWX

Technologies,

Inc.

6,006

1,228,167

GE

Vernova,

Inc.

4,472

3,903,609

$

5,131,776

Media

-

.48

%

Nexstar

Media

Group,

Inc.

6,083

1,099,989

Mining

-

.73

%

Freeport-McMoRan,

Inc.

20,612

1,211,573

MP

Materials

Corp.

(a) 9,884

477,002

$

1,688,575

Miscellaneous

Manufacturers

-

.01

%

Parker-Hannifin

Corp.

5,202

4,657,038

Oil

&

Gas

-

.01

%

Exxon

Mobil

Corp.

42,966

7,289,611

Marathon

Petroleum

Corp.

27,120

6,622,162

$

13,911,773

Pharmaceuticals

-

.30

%

AbbVie,

Inc.

14,364

3,124,026

Eli

Lilly

&

Co.

3,946

3,629,412

McKesson

Corp.

7,271

6,292,033

COMMON

STOCKS

(continued)

Shares

Held

Value

Pharmaceuticals

(continued)

Novartis

AG,

ADR

25,137

$

3,839,677

$

16,885,148

REITs

-

.73

%

Terreno

Realty

Corp.

36,613

2,248,771

Ventas,

Inc.

21,595

1,766,039

$

4,014,810

Retail

-

.07

%

Casey's

General

Stores,

Inc.

10,763

7,833,957

Costco

Wholesale

Corp.

3,732

3,718,677

Dick's

Sporting

Goods,

Inc.

12,109

2,401,093

O'Reilly

Automotive,

Inc.

(a) 37,699

3,479,995

TJX

Cos.,

Inc.

36,710

5,862,587

$

23,296,309

Semiconductors

-

.17

%

Broadcom,

Inc.

18,376

5,687,556

Lam

Research

Corp.

17,143

3,662,773

NVIDIA

Corp.

94,431

16,468,767

Teradyne,

Inc.

7,913

2,345,888

$

28,164,984

Software

-

.38

%

Microsoft

Corp.

28,596

10,585,381

Twilio,

Inc.,

Class

A

(a) 14,899

1,874,592

$

12,459,973

Telecommunications

-

.93

%

Motorola

Solutions,

Inc.

9,541

4,140,508

T-Mobile

U.S.,

Inc.

23,633

4,963,639

$

9,104,147

TOTAL

COMMON

STOCKS

a

$

226,632,513

INVESTMENT

COMPANIES

-

.66

%

Shares

Held

Value

Money

Market

Funds

-

.66

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.61%

(b) 6,155,952

$

6,155,952

TOTAL

INVESTMENT

COMPANIES

a

$

6,155,952

Total

Investments

100.59%

$

232,788,465

Other

Assets

and

Liabilities

-

(0.59%)

(1,356,273)

TOTAL

NET

ASSETS

-

100.00%

$

231,432,192

(a) Non-income

producing

security.

(b) 1-day

yield

shown

as

of

period

end.

Schedule

of

Investments

Principal

Capital

Appreciation

Select

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

March

31,

2026

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

—

$

989,733

$

989,733

$

—

$

—

$

989,733

$

989,733

$

—

a

a

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

Focused

Blue

Chip

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

.01

%

Shares

Held

Value

Aerospace

&

Defense

-

.93

%

-

—

HEICO

Corp.,

Class

A

10,868

$

2,294,126

TransDigm

Group,

Inc.

7,833

9,078,134

$

11,372,260

Commercial

Services

-

.15

%

Moody's

Corp.

5,072

2,212,660

Diversified

Financial

Services

-

.73

%

Mastercard,

Inc.,

Class

A

18,699

9,343,142

Visa,

Inc.,

Class

A

30,857

9,326,220

$

18,669,362

Healthcare

-

Products

-

.36

%

Danaher

Corp.

33,982

6,442,987

Internet

-

.52

%

Airbnb,

Inc.,

Class

A

(a) 32,039

4,045,885

Alphabet,

Inc.,

Class

C

32,025

9,186,691

Amazon.com,

Inc.

(a) 138,589

28,863,931

Meta

Platforms,

Inc.,

Class

A

15,398

8,809,658

Netflix,

Inc.

(a) 79,360

7,630,464

$

58,536,629

Lodging

-

.30

%

Hilton

Worldwide

Holdings,

Inc.

14,530

4,418,282

Private

Equity

-

.47

%

Brookfield

Corp.

481,479

19,485,455

KKR

&

Co.,

Inc.

47,949

4,435,283

$

23,920,738

Real

Estate

-

.23

%

CoStar

Group,

Inc.

(a) 58,357

2,354,121

Retail

-

.89

%

O'Reilly

Automotive,

Inc.

(a) 39,245

3,622,706

Semiconductors

-

.67

%

Broadcom,

Inc.

27,423

8,487,693

NVIDIA

Corp.

101,667

17,730,725

$

26,218,418

Software

-

.76

%

Cadence

Design

Systems,

Inc.

(a) 29,558

8,213,282

Microsoft

Corp.

69,853

25,857,485

$

34,070,767

TOTAL

COMMON

STOCKS

a

$

191,838,930

INVESTMENT

COMPANIES

-

.02

%

Shares

Held

Value

Money

Market

Funds

-

.02

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.61%

(b) 31,936

$

31,936

TOTAL

INVESTMENT

COMPANIES

a

$

31,936

Total

Investments

100.03%

$

191,870,866

Other

Assets

and

Liabilities

-

(0.03%)

(51,413)

TOTAL

NET

ASSETS

-

100.00%

$

191,819,453

(a) Non-income

producing

security.

(b) 1-day

yield

shown

as

of

period

end.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

March

31,

2026

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

—

$

5,233,640

$

5,233,640

$

—

$

—

$

5,233,640

$

5,233,640

$

—

a

a

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

International

Equity

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

.93

%

Shares

Held

Value

Aerospace

&

Defense

-

.39

%

-

—

BAE

Systems

PLC

1,390,318

$

40,484,962

CSG

NV

(a) 51,128

1,379,308

$

41,864,270

Apparel

-

.12

%

PRADA

SpA

3,075,000

14,478,524

Samsonite

Group

SA

(b) 6,323,100

11,741,103

$

26,219,627

Auto

Manufacturers

-

.02

%

Daimler

Truck

Holding

AG

777,089

37,248,291

Banks

-

.78

%

AIB

Group

PLC

4,279,548

44,592,846

Erste

Group

Bank

AG

341,511

36,513,040

HDFC

Bank

Ltd.,

ADR

937,738

23,330,921

National

Bank

of

Greece

SA

1,869,401

28,597,494

$

133,034,301

Building

Materials

-

.90

%

CRH

PLC

227,626

23,446,067

Cosmetics

&

Personal

Care

-

.29

%

Haleon

PLC

10,693,315

52,906,443

Distribution

&

Wholesale

-

.92

%

Rexel

SA

938,230

36,090,608

Electronics

-

.26

%

Hoya

Corp.

166,800

27,904,225

Engineering

&

Construction

-

.91

%

Obayashi

Corp.

1,519,300

35,956,591

Entertainment

-

.88

%

Entain

PLC

3,133,562

23,267,947

Healthcare

-

Products

-

.60

%

Smith

&

Nephew

PLC

1,260,094

19,764,153

Healthcare

-

Services

-

.35

%

ICON

PLC

(a) 150,894

16,697,930

Insurance

-

.91

%

AIA

Group

Ltd.

3,403,000

36,824,026

Hannover

Rueck

SE

125,891

38,967,883

Sompo

Holdings,

Inc.

1,230,400

46,609,526

$

122,401,435

Internet

-

.03

%

Spotify

Technology

SA

(a) 42,411

20,565,518

Tencent

Holdings

Ltd.

552,373

34,095,359

Tencent

Holdings

Ltd.,

ADR

128,512

8,124,529

Trip.com

Group

Ltd.

(a) 494,100

23,995,470

$

86,780,876

Lodging

-

.08

%

Galaxy

Entertainment

Group

Ltd.

5,739,000

25,616,615

Mining

-

.69

%

Teck

Resources

Ltd.,

Class

B

878,922

45,554,077

Oil

&

Gas

-

.55

%

ARC

Resources

Ltd.

827,784

17,226,904

Suncor

Energy,

Inc.

961,310

63,582,872

$

80,809,776

Pharmaceuticals

-

.36

%

AstraZeneca

PLC

213,437

41,500,030

Pipelines

-

.02

%

Gaztransport

Et

Technigaz

SA

53,346

12,529,309

Retail

-

.27

%

Yum

China

Holdings,

Inc.

821,650

40,384,623

Semiconductors

-

.87

%

ASML

Holding

NV

44,098

57,046,388

Samsung

Electronics

Co.

Ltd.

600,537

65,556,613

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

180,606

61,035,798

$

183,638,799

Software

-

.08

%

Nice

Ltd.,

ADR

(a) 233,058

25,696,975

Telecommunications

-

.61

%

Deutsche

Telekom

AG

1,206,260

44,546,476

Toys,Games

&

Hobbies

-

.04

%

Nintendo

Co.

Ltd.

456,000

25,212,816

TOTAL

COMMON

STOCKS

a

$

1,209,072,260

INVESTMENT

COMPANIES

-

.69

%

Shares

Held

Value

Money

Market

Funds

-

.69

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.61%

(c) 20,816,567

$

20,816,567

TOTAL

INVESTMENT

COMPANIES

a

$

20,816,567

Total

Investments

99.62%

$

1,229,888,827

Other

Assets

and

Liabilities

-

0.38%

4,745,221

TOTAL

NET

ASSETS

-

100.00%

$

1,234,634,048

(a) Non-income

producing

security.

(b) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$11,741,103

or

0.95%

of

net

assets.

(c) 1-day

yield

shown

as

of

period

end.

Schedule

of

Investments

Principal

International

Equity

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

March

31,

2026

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

—

$

94,931,535

$

94,931,535

$

—

$

—

$

94,931,535

$

94,931,535

$

—

a

a

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.06

%

Shares

Held

Value

Money

Market

Funds

-

.06

%

-

—

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

(a),(b),(c)

1,590,065

$

1,590,065

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.61%

(a) 3,443,422

3,443,422

TOTAL

INVESTMENT

COMPANIES

a

$

5,033,487

BONDS

-

.41

%

Principal

Amount

Value

Aerospace

&

Defense

-

.89

%

—

—

Boeing

Co.

5.15%,

05/01/2030

$

370,000

$

376,194

5.81%,

05/01/2050

2,118,000

2,047,526

7.01%,

05/01/2064

378,000

417,887

Honeywell

Aerospace,

Inc.

4.60%,

03/16/2033

(d) 385,000

380,583

4.95%,

03/16/2036

(d) 455,000

451,452

5.62%,

03/16/2046

(d) 265,000

261,150

5.73%,

03/16/2056

(d) 450,000

444,803

Northrop

Grumman

Corp.

4.03%,

10/15/2047

215,000

169,234

4.95%,

03/15/2053

310,000

274,574

5.20%,

06/01/2054

(e) 574,000

528,889

5.25%,

07/15/2035

280,000

285,324

RTX

Corp.

3.03%,

03/15/2052

1,089,000

691,401

4.63%,

11/16/2048

119,000

101,311

5.38%,

02/27/2053

254,000

238,533

6.10%,

03/15/2034

816,000

878,708

6.40%,

03/15/2054

198,000

213,506

Spirit

AeroSystems,

Inc.

4.60%,

06/15/2028

283,000

283,077

$

8,044,152

Agriculture

-

.05

%

BAT

Capital

Corp.

4.54%,

08/15/2047

795,000

645,486

4.63%,

03/22/2033

800,000

782,869

4.76%,

09/06/2049

1,103,000

914,552

5.83%,

02/20/2031

455,000

476,148

Philip

Morris

International,

Inc.

4.63%,

10/29/2035

578,000

556,019

$

3,375,074

Airlines

-

.02

%

AS

Mileage

Plan

IP

Ltd.

5.02%,

10/20/2029

(d) 1,147,000

1,135,405

5.31%,

10/20/2031

(d) 614,000

600,616

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.75%,

10/20/2028

(d) 2,031,636

2,028,701

United

Airlines

Holdings,

Inc.

5.38%,

03/01/2031

302,000

295,754

United

Airlines

Pass-Through

Trust

,

Class

A

5.88%,

08/15/2038

880,541

904,715

$

4,965,191

Auto

Manufacturers

-

.21

%

Ford

Motor

Credit

Co.

LLC

5.80%,

03/08/2029

800,000

809,023

6.05%,

03/05/2031

354,000

357,132

6.13%,

03/08/2034

459,000

454,569

Hyundai

Capital

America

4.50%,

09/18/2030

(d) 680,000

668,658

5.00%,

04/07/2031

(d),(f)

470,000

470,298

5.30%,

06/24/2029

(d) 458,000

465,176

6.50%,

01/16/2029

(d) 391,000

408,205

$

3,633,061

Banks

-

.59

%

AIB

Group

PLC

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.65%),

5.32%,

05/15/2031

(d),(g)

800,000

814,384

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.91%),

5.87%,

03/28/2035

(d),(g)

935,000

966,193

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Bank

of

America

Corp.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.32%),

2.69%,

04/22/2032

(g) $

4,349,000

$

3,941,144

Barclays

PLC

(180

Day

Average

Secured

Overnight

Financing

Rate

+

0.93%),

4.22%,

05/24/2030

(g) 730,000

718,680

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.14%),

4.52%,

02/24/2032

(g) 540,000

528,170

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.91%),

5.34%,

09/10/2035

(g) 674,000

667,934

CaixaBank

SA

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.79%),

5.58%,

07/03/2036

(d),(g)

660,000

663,755

Citigroup,

Inc.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.94%),

3.79%,

03/17/2033

(g) 1,748,000

1,639,719

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.49%),

5.17%,

09/11/2036

(g) 353,000

349,926

Cooperatieve

Rabobank

UA

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%),

4.99%,

05/27/2031

(d),(g)

370,000

373,564

Danske

Bank

AS

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%),

4.61%,

10/02/2030

(d),(g)

498,000

496,529

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.93%),

5.02%,

03/04/2031

(d),(g)

745,000

749,825

Deutsche

Bank

AG

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.14%),

4.73%,

02/06/2032

(g) 1,273,000

1,253,621

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.30%),

4.95%,

08/04/2031

(g) 1,504,000

1,498,335

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.72%),

5.30%,

05/09/2031

(g) 505,000

510,212

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.59%),

5.71%,

02/08/2028

(g) 645,000

650,395

Goldman

Sachs

Group,

Inc.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

0.96%),

4.52%,

01/21/2032

(g) 835,000

822,343

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.33%),

4.94%,

10/21/2036

(g) 795,000

769,891

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.42%),

5.02%,

10/23/2035

(g) 659,000

646,811

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.19%),

5.07%,

01/21/2037

(g) 1,665,000

1,627,824

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.18%),

5.39%,

02/02/2041

(g) 1,635,000

1,579,656

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.58%),

5.56%,

11/19/2045

(g) 504,000

484,865

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Goldman

Sachs

Group,

Inc.

(continued)

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.70%),

5.73%,

01/28/2056

(g) $

520,000

$

507,692

HSBC

Holdings

PLC

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.43%),

5.13%,

11/06/2036

(g) 688,000

672,970

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.57%),

5.24%,

05/13/2031

(g) 434,000

440,113

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.06%),

5.60%,

05/17/2028

(g) 1,751,000

1,770,670

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.96%),

5.74%,

09/10/2036

(e),(g)

348,000

348,386

Huntington

Bancshares,

Inc.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

0.99%),

4.62%,

01/28/2032

(g) 174,000

171,461

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.35%),

5.61%,

01/28/2041

(g) 591,000

576,758

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.87%),

5.71%,

02/02/2035

(g) 2,363,000

2,411,241

JPMorgan

Chase

&

Co.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.07%),

4.90%,

01/22/2037

(g) 547,000

535,245

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.64%),

5.58%,

07/23/2036

(g) 1,630,000

1,650,711

Keybank

National

Association

5.00%,

01/26/2033

1,775,000

1,749,433

KeyCorp

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.37%),

5.31%,

01/28/2037

(g) 333,000

326,125

(180

Day

Average

Secured

Overnight

Financing

Rate

+

2.42%),

6.40%,

03/06/2035

(g) 276,000

292,627

Morgan

Stanley

(180

Day

Average

Secured

Overnight

Financing

Rate

+

0.95%),

4.49%,

01/16/2032

(g) 487,000

478,813

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.20%),

4.71%,

03/12/2032

(g) 500,000

496,633

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.51%),

5.19%,

04/17/2031

(g) 708,000

718,544

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%),

5.31%,

01/18/2041

(g) 1,034,000

998,144

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.56%),

5.32%,

07/19/2035

(g) 4,322,000

4,336,990

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.71%),

5.52%,

11/19/2055

(g) 361,000

342,769

Morgan

Stanley

Private

Bank

NA

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.08%),

4.73%,

07/18/2031

(g) 607,000

605,120

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

NatWest

Group

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%),

5.12%,

05/23/2031

(g) $

320,000

$

323,189

PNC

Financial

Services

Group,

Inc.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.42%),

5.37%,

07/21/2036

(g) 434,000

435,895

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%),

5.42%,

01/25/2041

(g) 873,000

855,233

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.39%),

5.58%,

01/29/2036

(g) 445,000

454,303

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.90%),

5.68%,

01/22/2035

(g) 2,370,000

2,438,037

(180

Day

Average

Secured

Overnight

Financing

Rate

+

2.28%),

6.88%,

10/20/2034

(g) 316,000

349,107

Texas

Capital

Bancshares,

Inc.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.94%),

5.30%,

02/27/2032

(g) 565,000

557,065

Truist

Financial

Corp.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

0.97%),

4.60%,

01/27/2032

(g) 661,000

653,956

U.S.

Bancorp

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%),

2.49%,

11/03/2036

(g) 1,754,000

1,516,403

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.10%),

5.03%,

01/26/2037

(g) 435,000

428,601

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.86%),

5.68%,

01/23/2035

(g) 1,274,000

1,315,863

UBS

Group

AG

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.52%),

5.43%,

02/08/2030

(d),(g)

530,000

541,438

Westpac

Banking

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%),

4.11%,

07/24/2034

(g) 780,000

760,530

Zions

Bancorp

NA

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.16%),

4.70%,

08/18/2028

(g) 182,000

180,380

$

51,994,221

Biotechnology

-

.20

%

Amgen,

Inc.

5.60%,

03/02/2043

342,000

337,088

Chemicals

-

.70

%

CF

Industries,

Inc.

5.30%,

11/26/2035

760,000

756,932

International

Flavors

&

Fragrances,

Inc.

1.83%,

10/15/2027

(d) 172,000

164,973

3.47%,

12/01/2050

(d) 332,000

222,782

$

1,144,687

Computers

-

.59

%

Hewlett

Packard

Enterprise

Co.

4.50%,

03/23/2028

430,000

430,026

4.55%,

10/15/2029

1,132,000

1,126,375

5.00%,

10/15/2034

1,113,000

1,077,369

5.25%,

04/01/2033

480,000

477,151

5.60%,

10/15/2054

993,000

886,416

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Computers

(continued)

International

Business

Machines

Corp.

5.70%,

02/10/2055

$

280,000

$

264,394

$

4,261,731

Diversified

Financial

Services

-

.20

%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

3.85%,

10/29/2041

790

630

4.13%,

02/28/2029

830,000

818,772

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%),

6.95%,

03/10/2055

(g) 337,000

344,912

Affiliated

Managers

Group,

Inc.

5.50%,

02/15/2036

269,000

265,150

Aircastle

Ltd./Aircastle

Ireland

DAC

5.75%,

10/01/2031

(d) 1,145,000

1,172,386

Atlas

Warehouse

Lending

Co.

LP

4.95%,

11/15/2030

(d) 790,000

774,927

5.25%,

01/15/2033

(d) 268,000

259,550

Avolon

Holdings

Funding

Ltd.

4.85%,

04/01/2033

(d) 535,000

512,511

Blackstone

Holdings

Finance

Co.

LLC

2.85%,

08/05/2051

(d) 342

Charles

Schwab

Corp.

(180

Day

Average

Secured

Overnight

Financing

Rate

+

1.23%),

4.91%,

11/14/2036

(g) 1,002,000

973,958

(180

Day

Average

Secured

Overnight

Financing

Rate

+

2.50%),

5.85%,

05/19/2034

(g) 381,000

400,152

Citadel

Finance

LLC

4.75%,

02/14/2029

(d) 576,000

564,356

5.90%,

02/10/2030

(d) 1,497,000

1,504,252

Citadel

Securities

Global

Holdings

LLC

5.13%,

01/27/2032

(d) 250,000

248,016

5.50%,

06/18/2030

(d) 1,348,000

1,369,468

6.20%,

06/18/2035

(d) 594,000

607,704

Equitable

America

Global

Funding

4.95%,

06/09/2030

(d) 305,000

304,669

Jane

Street

Group/JSG

Finance,

Inc.

6.13%,

11/01/2032

(d) 532,000

526,089

6.75%,

05/01/2033

(d) 1,186,000

1,203,278

$

11,850,982

Electric

-

.99

%

Alliant

Energy

Finance

LLC

5.95%,

03/30/2029

(d) 287,000

297,695

Berkshire

Hathaway

Energy

Co.

4.60%,

05/01/2053

660,000

539,287

Black

Hills

Corp.

4.55%,

01/31/2031

435,000

430,327

CMS

Energy

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.96%),

6.50%,

06/01/2055

(g) 1,291,000

1,314,283

Commonwealth

Edison

Co.

4.00%,

03/01/2049

1,244,000

950,459

Duke

Energy

Carolinas

LLC

3.75%,

06/01/2045

1,244,000

953,896

Duke

Energy

Florida

LLC

6.20%,

11/15/2053

332,000

347,655

Evergy

Missouri

West,

Inc.

5.25%,

12/15/2035

(d) 409,000

403,468

Exelon

Corp.

5.60%,

03/15/2053

307,000

289,154

Indianapolis

Power

&

Light

Co.

5.70%,

04/01/2054

(d) 427,000

414,445

Interstate

Power

&

Light

Co.

5.60%,

06/29/2035

1,482,000

1,518,308

Louisville

Gas

&

Electric

Co.

5.85%,

08/15/2055

213,000

211,366

BONDS

(continued)

Principal

Amount

Value

Electric

(continued)

NextEra

Energy

Capital

Holdings,

Inc.

5.45%,

03/15/2035

$

482,000

$

490,037

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.05%),

6.38%,

08/15/2055

(g) 780,000

794,626

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%),

6.70%,

09/01/2054

(g) 1,107,000

1,130,627

NRG

Energy,

Inc.

5.41%,

10/15/2035

(d) 305,000

299,182

Pacific

Gas

&

Electric

Co.

6.00%,

05/01/2056

388,000

368,226

Public

Service

Co.

of

Colorado

5.25%,

04/01/2053

291,000

263,333

Puget

Sound

Energy,

Inc.

5.60%,

09/15/2055

280,000

271,073

Southern

Power

Co.

4.90%,

10/01/2035

595,000

575,423

WEC

Energy

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.91%),

5.63%,

05/15/2056

(g) 648,000

634,930

Xcel

Energy,

Inc.

5.45%,

08/15/2033

1,765,000

1,801,592

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%),

5.75%,

12/03/2056

(g) 510,000

497,851

$

14,797,243

Environmental

Control

-

.29

%

Waste

Connections,

Inc.

4.80%,

07/15/2036

495,000

484,977

Food

-

.66

%

JBS

NV/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Co.

Holdings

4.38%,

02/02/2052

986,400

750,898

5.50%,

01/15/2036

104,000

104,048

5.63%,

03/10/2037

(d),(f)

785,000

787,457

5.95%,

04/20/2035

637,000

661,247

6.25%,

03/01/2056

995,000

975,399

6.38%,

02/25/2055

761,000

758,370

6.40%,

05/10/2057

(d),(f)

485,000

484,103

6.75%,

03/15/2034

245,000

269,463

Mars,

Inc.

5.20%,

03/01/2035

(d) 1,635,000

1,650,566

5.70%,

05/01/2055

(d) 1,253,000

1,221,766

Sysco

Corp.

3.15%,

12/14/2051

736

$

7,663,771

Gas

-

.31

%

Boston

Gas

Co.

5.84%,

01/10/2035

(d) 320,000

334,841

NiSource,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%),

6.95%,

11/30/2054

(g) 998,000

1,026,243

Southern

California

Gas

Co.

6.00%,

06/15/2055

790,000

790,693

$

2,151,777

Healthcare

-

Products

-

.15

%

Abbott

Laboratories

4.30%,

03/15/2033

730,000

714,419

4.65%,

03/15/2036

485,000

474,261

5.50%,

03/15/2056

725,000

710,882

$

1,899,562

Healthcare

-

Services

-

.17

%

UnitedHealth

Group,

Inc.

5.75%,

07/15/2064

300,000

285,664

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Insurance

-

.71

%

Allianz

SE

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.32%),

6.55%,

10/30/2033

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

$

400,000

$

400,746

American

International

Group,

Inc.

5.45%,

05/07/2035

340,000

346,792

Aon

North

America,

Inc.

5.75%,

03/01/2054

840,000

809,364

Corebridge

Financial,

Inc.

5.75%,

01/15/2034

311,000

318,986

Markel

Group,

Inc.

6.00%,

05/16/2054

284,000

276,419

MetLife,

Inc.

5.00%,

07/15/2052

195,000

172,317

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.82%),

5.85%,

03/15/2056

(g) 580,000

569,265

Nippon

Life

Insurance

Co.

5.05%,

04/02/2033

(d),(f)

365,000

365,448

Northwestern

Mutual

Life

Insurance

Co.

6.17%,

05/29/2055

(d) 350,000

359,509

Protective

Life

Corp.

4.70%,

01/15/2031

(d) 384,000

380,300

Willis

North

America,

Inc.

4.55%,

03/15/2031

471,000

464,090

$

4,463,236

Internet

-

.91

%

Amazon.com,

Inc.

4.88%,

03/13/2036

485,000

480,580

5.80%,

03/13/2056

415,000

414,666

Beignet

Investor

LLC

6.58%,

05/30/2049

(d) 1,350,000

1,388,011

Meta

Platforms,

Inc.

4.45%,

08/15/2052

1,091,000

858,248

$

3,141,505

Investment

Companies

-

.16

%

HA

Sustainable

Infrastructure

Capital,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.30%),

8.00%,

06/01/2056

(g) 259,000

268,008

Media

-

.81

%

Charter

Communications

Operating

LLC/

Charter

Communications

Operating

Capital

3.90%,

06/01/2052

673,000

428,425

Comcast

Corp.

5.35%,

05/15/2053

426,000

376,652

Paramount

Global

4.20%,

05/19/2032

614,000

526,366

$

1,331,443

Mining

-

.19

%

Anglo

American

Capital

PLC

5.25%,

03/19/2036

(d) 525,000

513,335

Glencore

Funding

LLC

4.90%,

07/01/2031

(d),(f)

760,000

759,580

5.19%,

04/01/2030

(d) 669,000

678,277

$

1,951,192

Oil

&

Gas

-

.75

%

ConocoPhillips

Co.

5.50%,

01/15/2055

340,000

324,801

Diamondback

Energy,

Inc.

5.75%,

04/18/2054

961,000

908,859

$

1,233,660

Oil

&

Gas

Services

-

.35

%

Baker

Hughes

Holdings

LLC/Baker

Hughes

Co-Obligor,

Inc.

5.85%,

06/15/2056

585,000

572,447

Packaging

&

Containers

-

.37

%

Packaging

Corp.

of

America

5.20%,

08/15/2035

909,000

901,725

BONDS

(continued)

Principal

Amount

Value

Packaging

&

Containers

(continued)

Packaging

Corp.

of

America

(continued)

5.70%,

12/01/2033

$

321,000

$

333,041

Smurfit

Kappa

Treasury

ULC

5.20%,

01/15/2030

1,010,000

1,028,538

$

2,263,304

Pharmaceuticals

-

.56

%

AbbVie,

Inc.

4.25%,

11/21/2049

453,000

367,715

4.75%,

03/15/2036

580,000

569,049

5.50%,

03/15/2064

628,000

598,851

5.55%,

03/15/2056

385,000

376,533

CVS

Health

Corp.

5.45%,

09/15/2035

532,000

534,069

Novartis

Capital

Corp.

5.70%,

03/18/2056

525,000

528,745

Zoetis,

Inc.

5.00%,

08/17/2035

1,256,000

1,245,777

$

4,220,739

Pipelines

-

.54

%

Cheniere

Energy,

Inc.

5.65%,

04/15/2034

793,000

816,415

DT

Midstream,

Inc.

4.13%,

06/15/2029

(d) 1,723,000

1,686,749

Eastern

Energy

Gas

Holdings

LLC

5.65%,

10/15/2054

161,000

151,641

Energy

Transfer

LP

5.15%,

03/15/2045

510,000

443,911

5.95%,

05/15/2054

(e) 681,000

638,558

Kinder

Morgan,

Inc.

5.40%,

02/01/2034

385,000

393,749

ONEOK,

Inc.

4.75%,

10/15/2031

938,000

928,036

5.70%,

11/01/2054

682,000

622,206

Transcontinental

Gas

Pipe

Line

Co.

LLC

5.75%,

03/15/2056

(d) 152,000

148,373

$

5,829,638

REITs

-

.91

%

American

Homes

Rent

LP

2.38%,

07/15/2031

780,000

686,373

4.25%,

02/15/2028

159,000

158,120

5.50%,

07/15/2034

650,000

650,228

Realty

Income

Corp.

3.10%,

12/15/2029

$

1,494,788

Semiconductors

-

.99

%

Broadcom,

Inc.

3.42%,

04/15/2033

497,000

454,469

4.35%,

02/15/2030

639,000

636,734

4.55%,

02/15/2032

312,000

309,287

4.60%,

01/15/2033

984,000

969,015

4.90%,

02/15/2038

1,180,000

1,138,909

5.15%,

11/15/2031

463,000

474,958

5.20%,

07/15/2035

790,000

796,161

Intel

Corp.

4.75%,

03/25/2050

757,000

612,497

Marvell

Technology,

Inc.

2.95%,

04/15/2031

626,000

574,501

5.45%,

07/15/2035

449,000

456,233

5.95%,

09/15/2033

791,000

837,100

Micron

Technology,

Inc.

5.80%,

01/15/2035

2,440,000

2,597,959

$

9,857,823

Shipbuilding

-

.19

%

Huntington

Ingalls

Industries,

Inc.

5.75%,

01/15/2035

298,000

308,192

Software

-

.72

%

Fidelity

National

Information

Services,

Inc.

4.45%,

03/10/2028

820,000

817,704

4.80%,

03/10/2031

335,000

332,371

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Software

(continued)

Oracle

Corp.

3.95%,

03/25/2051

$

1,119,000

$

709,061

4.00%,

07/15/2046

616,000

414,832

4.90%,

02/06/2033

181,000

171,532

5.20%,

09/26/2035

480,000

450,237

5.38%,

09/27/2054

315,000

243,660

5.55%,

02/06/2053

196,000

156,381

5.95%,

09/26/2055

444,000

373,524

Synopsys,

Inc.

5.15%,

04/01/2035

452,000

452,864

5.70%,

04/01/2055

367,000

350,883

$

4,473,049

Telecommunications

-

.77

%

AT&T,

Inc.

3.50%,

09/15/2053

969,000

635,409

3.55%,

09/15/2055

451,000

293,313

T-Mobile

USA,

Inc.

3.40%,

10/15/2052

815,000

533,725

4.63%,

01/15/2033

525,000

515,421

5.88%,

11/15/2055

499,000

486,603

Verizon

Communications,

Inc.

5.88%,

11/30/2055

458,000

445,484

$

2,909,955

Transportation

-

.28

%

Burlington

Northern

Santa

Fe

LLC

5.55%,

03/15/2056

471,000

456,655

Water

-

.18

%

Essential

Utilities,

Inc.

5.13%,

03/15/2036

300,000

295,810

TOTAL

BONDS

a

$

161,960,625

Total

Investments

101.47%

$

166,994,112

Other

Assets

and

Liabilities

-

(1.47%)

(2,426,702)

TOTAL

NET

ASSETS

-

100.00%

$

164,567,410

(a) 1-day

yield

shown

as

of

period

end.

(b) 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.

(c) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,590,065

or

0.97%

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

$33,929,749

or

20.62%

of

net

assets.

(e) Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$1,566,138

or

0.95%

of

net

assets.

(f) Securities

purchased

on

a

when-issued

basis.

(g) 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.

(h) 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.

(i) 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

$400,746

or

0.24%

of

net

assets.

Schedule

of

Investments

Principal

Investment

Grade

Corporate

Active

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

March

31,

2026

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

562,295

$

22,009,470

$

20,981,700

$

1,590,065

$

562,295

$

22,009,470

$

20,981,700

$

1,590,065

a

a

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(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.

Year

Treasury

Notes;

June

2026

Long

$

4,356,352

$

(1,026)

U.S.

Year

Treasury

Notes;

June

2026

Long

1,514,516

3,035

U.S.

Year

Treasury

Notes;

June

2026

Short

5,330,250

77,632

U.S.

Year

Ultra

Treasury

Notes;

June

2026

Short

4,881,172

95,784

U.S.

Long

Bonds;

June

2026

Long

1,024,874

(5,644)

Total

$

169,781

Schedule

of

Investments

Principal

Quality

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

.73

%

Shares

Held

Value

Aerospace

&

Defense

-

.79

%

-

—

General

Electric

Co.

1,606

$

455,735

Howmet

Aerospace,

Inc.

1,565

360,670

$

816,405

Apparel

-

.14

%

Deckers

Outdoor

Corp.

(a) 3,324

332,699

Auto

Manufacturers

-

.71

%

Cummins,

Inc.

701

377,152

Tesla,

Inc.

(a) 334

124,165

$

501,317

Banks

-

.38

%

Huntington

Bancshares,

Inc.

21,827

341,592

Northern

Trust

Corp.

2,542

354,787

$

696,379

Beverages

-

.22

%

Brown-Forman

Corp.,

Class

B

13,492

356,728

Building

Materials

-

.50

%

Carrier

Global

Corp.

6,219

350,192

Trane

Technologies

PLC

917

382,150

$

732,342

Chemicals

-

.67

%

Ecolab,

Inc.

1,332

354,339

PPG

Industries,

Inc.

3,290

351,635

Sherwin-Williams

Co.

1,148

367,991

$

1,073,965

Commercial

Services

-

.17

%

Cintas

Corp.

1,843

311,725

Corpay,

Inc.

(a) 1,113

323,872

$

635,597

Computers

-

.50

%

Apple,

Inc.

6,043

1,533,653

Leidos

Holdings,

Inc.

1,970

306,374

NetApp,

Inc.

3,455

353,758

$

2,193,785

Diversified

Financial

Services

-

.44

%

Cboe

Global

Markets,

Inc.

1,179

331,381

Intercontinental

Exchange,

Inc.

2,338

367,721

Mastercard,

Inc.,

Class

A

1,082

540,632

Nasdaq,

Inc.

4,066

345,163

Visa,

Inc.,

Class

A

1,960

592,390

$

2,177,287

Electrical

Components

&

Equipment

-

.65

%

AMETEK,

Inc.

1,647

353,051

Eaton

Corp.

PLC

1,179

421,693

$

774,744

Electronics

-

.82

%

Allegion

PLC

2,297

333,731

Garmin

Ltd.

1,477

342,679

Hubbell,

Inc.

746

366,092

Mettler-Toledo

International,

Inc.

(a) 290

365,748

$

1,408,250

Environmental

Control

-

.42

%

Pentair

PLC

3,758

327,359

Republic

Services,

Inc.

1,571

344,081

Veralto

Corp.

3,719

328,834

$

1,000,274

Healthcare

-

Products

-

.87

%

Agilent

Technologies,

Inc.

3,091

352,312

Boston

Scientific

Corp.

(a) 5,528

346,882

Danaher

Corp.

2,064

391,334

GE

HealthCare

Technologies,

Inc.

4,798

341,522

Intuitive

Surgical,

Inc.

(a) 878

404,749

STERIS

PLC

1,520

336,118

Stryker

Corp.

1,110

364,735

Waters

Corp.

(a) 1,170

348,426

$

2,886,078

Healthcare

-

Services

-

.17

%

HCA

Healthcare,

Inc.

720

340,733

Insurance

-

.79

%

Berkshire

Hathaway,

Inc.,

Class

B

(a) 54

25,877

COMMON

STOCKS

(continued)

Shares

Held

Value

Insurance

(continued)

Globe

Life,

Inc.

2,423

$

337,209

Marsh

&

McLennan

Cos.,

Inc.

2,108

365,632

W.R.

Berkley

Corp.

4,999

331,334

Willis

Towers

Watson

PLC

1,168

339,538

$

1,399,590

Internet

-

.33

%

Alphabet,

Inc.,

Class

A

1,221

351,111

Alphabet,

Inc.,

Class

C

2,786

799,192

Amazon.com,

Inc.

(a) 3,003

625,435

GoDaddy,

Inc.,

Class

A

(a) 3,674

303,729

Meta

Platforms,

Inc.,

Class

A

254,026

Palo

Alto

Networks,

Inc.

(a) 2,471

396,151

$

2,729,644

Machinery

-

Diversified

-

.15

%

Nordson

Corp.

1,269

337,630

Media

-

.23

%

Comcast

Corp.,

Class

A

12,529

359,708

Miscellaneous

Manufacturers

-

.33

%

Parker-Hannifin

Corp.

387,639

Oil

&

Gas

Services

-

.41

%

SLB

Ltd.

8,007

411,480

Retail

-

.48

%

TJX

Cos.,

Inc.

2,713

433,266

Semiconductors

-

.35

%

Applied

Materials,

Inc.

1,463

500,039

Broadcom,

Inc.

1,115

345,104

Monolithic

Power

Systems,

Inc.

389,232

NVIDIA

Corp.

10,286

1,793,878

$

3,028,253

Software

-

.92

%

Autodesk,

Inc.

(a) 1,410

337,554

Broadridge

Financial

Solutions,

Inc.

1,780

289,215

Cadence

Design

Systems,

Inc.

(a) 1,284

356,785

Intuit,

Inc.

851

367,955

Jack

Henry

&

Associates,

Inc.

2,008

317,344

Microsoft

Corp.

2,815

1,042,029

Roper

Technologies,

Inc.

977

345,721

Salesforce,

Inc.

2,178

406,567

Tyler

Technologies,

Inc.

(a) 926

317,044

$

3,780,214

Transportation

-

.29

%

FedEx

Corp.

1,058

376,838

TOTAL

COMMON

STOCKS

a

$

29,170,845

INVESTMENT

COMPANIES

-

.21

%

Shares

Held

Value

Money

Market

Funds

-

.21

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.61%

(b) 60,083

$

60,083

TOTAL

INVESTMENT

COMPANIES

a

$

60,083

Total

Investments

99.94%

$

29,230,928

Other

Assets

and

Liabilities

-

0.06%

16,891

TOTAL

NET

ASSETS

-

100.00%

$

29,247,819

(a) Non-income

producing

security.

(b) 1-day

yield

shown

as

of

period

end.

Schedule

of

Investments

Principal

Real

Estate

Active

Opportunities

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

.32

%

Shares

Held

Value

Private

Equity

-

.28

%

-

—

Centuria

Capital

Group

60,435

$

66,090

Real

Estate

-

.04

%

CTP

NV

(a) 7,948

132,289

Hang

Lung

Properties

Ltd.

92,000

102,428

Henderson

Land

Development

Co.

Ltd.

34,000

125,399

Hongkong

Land

Holdings

Ltd.

15,200

118,104

$

478,220

REITs

-

.00

%

American

Healthcare

REIT,

Inc.

4,226

199,298

American

Homes

Rent,

Class

A

14,569

406,767

American

Tower

Corp.

9,127

1,575,138

Brandywine

Realty

Trust

29,942

81,143

Broadstone

Net

Lease,

Inc.

16,931

309,329

Centurion

Accommodation

REIT

153,300

131,158

COPT

Defense

Properties

7,207

220,534

Cousins

Properties,

Inc.

13,054

294,629

Crown

Castle,

Inc.

13,166

1,070,527

Digital

Realty

Trust,

Inc.

3,023

544,775

Dream

Industrial

Real

Estate

Investment

Trust

9,400

83,587

EastGroup

Properties,

Inc.

3,736

691,496

Equinix,

Inc.

2,014

1,974,203

Equity

Residential

12,758

754,636

Extra

Space

Storage,

Inc.

7,345

963,150

FrontView

REIT,

Inc.

12,112

187,373

Gaming

&

Leisure

Properties,

Inc.

22,436

995,485

GO

Residential

Real

Estate

Investment

Trust

(a) 36,964

362,986

Goodman

Group

10,190

179,561

Healthpeak

Properties,

Inc.

41,741

685,805

Invitation

Homes,

Inc.

31,965

794,330

Iron

Mountain,

Inc.

9,952

1,016,497

Keppel

DC

REIT

38,100

64,601

Kilroy

Realty

Corp.

6,397

180,459

Mercialys

SA

19,880

267,008

National

Health

Investors,

Inc.

4,134

334,275

Nexus

Industrial

REIT

30,720

162,754

Prologis,

Inc.

8,540

1,128,817

Regency

Centers

Corp.

6,808

515,093

Rexford

Industrial

Realty,

Inc.

16,209

530,521

Ryman

Hospitality

Properties,

Inc.

4,195

387,073

Sabra

Health

Care

REIT,

Inc.

67,300

1,294,179

Saul

Centers,

Inc.

4,260

138,791

Sekisui

House

Reit,

Inc.

76,217

Smartstop

Self

Storage

REIT,

Inc.

8,809

266,737

Stockland

22,603

67,214

Stoneweg

Europe

Stapled

Trust

104,900

178,236

UI

Boustead

REIT

(b) 547,800

342,988

Unibail-Rodamco-Westfield

(b) 900

98,721

Ventas,

Inc.

12,908

1,055,616

Warehouses

De

Pauw

CVA

6,338

163,511

Welltower,

Inc.

9,075

1,794,218

$

22,569,436

TOTAL

COMMON

STOCKS

a

$

23,113,746

INVESTMENT

COMPANIES

-

.53

%

Shares

Held

Value

Money

Market

Funds

-

.53

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.61%

(c) 360,625

$

360,625

TOTAL

INVESTMENT

COMPANIES

a

$

360,625

Total

Investments

99.85%

$

23,474,371

Other

Assets

and

Liabilities

-

0.15%

36,060

TOTAL

NET

ASSETS

-

100.00%

$

23,510,431

(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

$495,275

or

2.11%

of

net

assets.

(b) Non-income

producing

security.

(c) 1-day

yield

shown

as

of

period

end.

Schedule

of

Investments

Principal

Spectrum

Preferred

and

Income

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.84

%

Shares

Held

Value

Money

Market

Funds

-

.84

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.61%

(a) 560,080

$

560,080

TOTAL

INVESTMENT

COMPANIES

a

$

560,080

PREFERRED

STOCKS

-

.80

%

Shares

Held

Value

Banks

-

.72

%

—

Bank

of

America

Corp.,

Series

NN

4.38%,

04/30/2026

(b) 5,380

$

94,473

Bank

of

America

Corp.,

Series

QQ

4.25%,

11/17/2026

(b) 29,540

502,180

Citizens

Financial

Group,

Inc.,

Series

I

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%),

6.50%,

10/06/2030

(b) 21,106

524,695

Fifth

Third

Bancorp

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%),

6.88%,

10/01/2030

(b) 3,500

91,210

First

Horizon

Corp.,

Series

H

6.75%,

04/10/2031

(b) 10,900

269,775

Huntington

Bancshares,

Inc.,

Series

J

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.70%),

6.88%,

04/15/2028

(b) 11,456

281,932

KeyCorp,

Series

E

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%),

6.13%,

12/15/2026

(b) 44,172

1,091,049

KeyCorp,

Series

H

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%),

6.20%,

12/15/2027

(b) 13,963

331,342

M&T

Bank

Corp.,

Series

H

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.28%),

5.63%,

12/15/2026

(b) 4,699

115,877

M&T

Bank

Corp.,

Series

K

6.35%,

12/15/2030

(b) 12,000

300,960

Morgan

Stanley,

Series

I

6.38%,

07/15/2026

(b) 17,030

418,257

Morgan

Stanley,

Series

K

5.85%,

04/15/2027

(b) 40,000

934,800

Morgan

Stanley,

Series

P

6.50%,

10/15/2027

(b) 4,000

99,480

Morgan

Stanley,

Series

Q

6.63%,

10/15/2029

(b) 12,000

302,880

Regions

Financial

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%),

6.95%,

09/15/2029

(b) 29,350

730,815

UMB

Financial

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.74%),

7.75%,

07/15/2030

(b) 11,400

290,814

Wintrust

Financial

Corp.,

Series

F

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.88%),

7.88%,

07/15/2030

(b) 5,000

128,850

$

6,509,389

Diversified

Financial

Services

-

.77

%

Capital

One

Financial

Corp.,

Series

J

4.80%,

06/01/2026

(b) 28,900

515,287

Insurance

-

.55

%

Allstate

Corp.,

Series

H

5.10%,

07/15/2026

(b) 20,318

401,687

Arch

Capital

Group

Ltd.,

Series

G

4.55%,

06/11/2026

(b) 27,799

456,737

Axis

Capital

Holdings

Ltd.,

Series

E

5.50%,

04/30/2026

(b) 9,972

193,457

Equitable

Holdings,

Inc.,

Series

A

5.25%,

06/15/2026

(b) 1,438

27,912

PREFERRED

STOCKS

(continued)

Shares

Held

Value

Insurance

(continued)

Equitable

Holdings,

Inc.,

Series

C

4.30%,

04/29/2026

(b) 19,550

$

312,018

MetLife,

Inc.,

Series

F

4.75%,

06/15/2026

(b) 17,250

316,710

$

1,708,521

Telecommunications

-

.76

%

AT&T,

Inc.,

Series

A

5.00%,

04/30/2026

(b) 11,381

223,523

AT&T,

Inc.,

Series

C

4.75%,

04/30/2026

(b) 15,395

283,268

$

506,791

TOTAL

PREFERRED

STOCKS

a

$

9,239,988

BONDS

-

.64

%

Principal

Amount

Value

Banks

-

.93

%

—

—

Banco

Bilbao

Vizcaya

Argentaria

SA

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.10%),

9.38%,

03/19/2029

(b),(c),(d)

$

800,000

$

864,305

Banco

Santander

SA

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.91%),

8.00%,

02/01/2034

(b),(c),(d)

1,000,000

1,054,538

Bank

of

America

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%),

6.25%,

07/26/2030

(b),(c)

600,000

603,614

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

6.63%,

05/01/2030

(b),(c),(d)

1,600,000

1,640,392

Bank

of

Montreal

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%),

6.88%,

11/26/2085

(c) 200,000

201,832

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%),

7.30%,

11/26/2084

(c) 1,600,000

1,637,599

Bank

of

New

York

Mellon

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.03%),

5.63%,

03/20/2031

(b),(c),(d)

700,000

685,517

Bank

of

Nova

Scotia

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%),

6.88%,

10/27/2085

(c) 725,000

712,209

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%),

8.63%,

10/27/2082

(c) 1,400,000

1,455,132

Barclays

PLC

(USD

Swap

Rate

NY

Year

+

3.69%),

7.63%,

03/15/2035

(b),(c),(d)

900,000

908,731

(USD

Swap

Rate

NY

Year

+

5.78%),

9.63%,

12/15/2029

(b),(c),(d)

219,000

238,875

BNP

Paribas

SA

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.34%),

4.63%,

02/25/2031

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

400,000

355,950

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%),

7.45%,

06/27/2035

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

200,000

200,757

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.90%),

7.75%,

08/16/2029

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

200,000

206,298

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.73%),

8.00%,

08/22/2031

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

1,000,000

1,041,842

Canadian

Imperial

Bank

of

Commerce

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%),

6.50%,

07/28/2086

(c) 325,000

317,679

Schedule

of

Investments

Principal

Spectrum

Preferred

and

Income

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Canadian

Imperial

Bank

of

Commerce

(continued)

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%),

7.00%,

10/28/2085

(c) $

1,000,000

$

1,010,599

Citigroup,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%),

6.88%,

08/15/2030

(b),(c)

900,000

906,352

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%),

7.00%,

08/15/2034

(b),(c)

2,200,000

2,264,201

Citizens

Financial

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.22%),

4.00%,

10/06/2026

(b),(c)

435,000

428,319

Credit

Agricole

SA

(USD

Swap

Rate

NY

Year

+

3.60%),

6.70%,

09/23/2034

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

500,000

492,409

(USD

Swap

Rate

NY

Year

+

3.58%),

7.13%,

09/23/2035

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

1,600,000

1,615,142

Deutsche

Bank

AG

(USD

Swap

Rate

NY

Year

+

4.36%),

8.13%,

04/30/2030

(b),(c),(d)

400,000

411,780

Goldman

Sachs

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%),

6.13%,

11/10/2034

(b),(c)

1,600,000

1,591,675

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%),

7.50%,

05/10/2029

(b),(c)

400,000

419,056

HSBC

Holdings

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.19%),

6.95%,

03/11/2034

(b),(c),(d)

1,430,000

1,433,656

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.80%),

7.00%,

09/24/2035

(b),(c),(d)

200,000

198,017

Huntington

Bancshares,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%),

5.63%,

07/15/2030

(b),(c)

1,018,000

1,027,269

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%),

6.25%,

10/15/2030

(b),(c)

700,000

689,710

ING

Groep

NV

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.86%),

4.25%,

05/16/2031

(b),(c),(d)

200,000

173,229

(USD

Swap

Rate

NY

Year

+

2.85%),

6.50%,

11/16/2033

(b),(c)

200,000

188,792

(USD

Swap

Rate

NY

Year

+

3.59%),

7.00%,

11/16/2032

(b),(c),(d)

2,369,000

2,365,547

JPMorgan

Chase

&

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%),

6.88%,

06/01/2029

(b),(c)

1,400,000

1,452,500

Lloyds

Banking

Group

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

6.63%,

09/27/2035

(b),(c),(d)

200,000

190,958

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.15%),

6.75%,

09/27/2031

(b),(c),(d)

1,250,000

1,243,298

M&T

Bank

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

3.50%,

09/01/2026

(b),(c)

550,000

532,465

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

NatWest

Group

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.94%),

7.30%,

11/19/2034

(b),(c),(d)

$

1,400,000

$

1,422,075

Nordea

Bank

Abp

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.66%),

6.30%,

09/25/2031

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

400,000

398,019

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%),

6.75%,

11/10/2033

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

1,900,000

1,894,595

PNC

Financial

Services

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%),

6.00%,

05/15/2027

(b),(c)

1,077,000

1,076,430

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%),

6.20%,

09/15/2027

(b),(c)

100,000

100,222

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%),

6.25%,

03/15/2030

(b),(c)

1,459,000

1,471,801

Royal

Bank

of

Canada

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%),

6.35%,

11/24/2084

(c) 400,000

381,600

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%),

6.50%,

11/24/2085

(c) 1,150,000

1,111,630

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.82%),

6.75%,

08/24/2085

(c) 1,017,000

1,020,722

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%),

7.50%,

05/02/2084

(c) 600,000

614,427

Societe

Generale

SA

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.15%),

8.50%,

03/25/2034

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

541,000

578,354

Standard

Chartered

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.87%),

7.00%,

11/14/2035

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

500,000

490,509

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.57%),

7.88%,

03/08/2030

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

700,000

727,010

State

Street

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%),

6.70%,

03/15/2029

(b),(c)

2,300,000

2,337,035

Toronto-Dominion

Bank

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%),

6.35%,

10/31/2085

(c) 1,000,000

983,884

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%),

8.13%,

10/31/2082

(c) 1,251,000

1,290,614

Truist

Financial

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%),

6.67%,

09/01/2026

(b),(c)

1,200,000

1,197,886

UBS

Group

AG

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.31%),

4.38%,

02/10/2031

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

300,000

264,660

(USD

Swap

Rate

NY

Year

+

3.12%),

6.60%,

08/05/2030

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

700,000

683,224

(USD

Swap

Rate

NY

Year

+

3.30%),

7.00%,

02/05/2035

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

1,200,000

1,166,493

Schedule

of

Investments

Principal

Spectrum

Preferred

and

Income

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

UBS

Group

AG

(continued)

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.75%),

9.25%,

11/13/2028

(b),(c),(e)

$

900,000

$

959,243

Wells

Fargo

&

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.34%),

6.13%,

06/15/2031

(b),(c)

300,000

301,129

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%),

6.85%,

09/15/2029

(b),(c)

200,000

207,321

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.61%),

7.63%,

09/15/2028

(b),(c)

700,000

735,338

$

52,174,465

Diversified

Financial

Services

-

.80

%

Nomura

Holdings,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%),

7.00%,

07/15/2030

(b),(c),(d)

600,000

604,058

Voya

Financial,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.36%),

7.76%,

09/15/2028

(b),(c)

578,000

599,382

$

1,203,440

Electric

-

.35

%

Dominion

Energy,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.20%),

4.35%,

01/15/2027

(b),(c)

1,600,000

1,574,712

Insurance

-

.37

%

Corebridge

Financial,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.18%),

6.88%,

12/01/2030

(b),(c)

900,000

917,079

Oil

&

Gas

-

.62

%

BP

Capital

Markets

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%),

6.45%,

12/01/2033

(b),(c)

400,000

415,934

Pipelines

-

.57

%

Enbridge,

Inc.

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.15%),

6.00%,

01/15/2077

(c) 383,000

383,090

TOTAL

BONDS

a

$

56,668,720

Total

Investments

99.28%

$

66,468,788

Other

Assets

and

Liabilities

-

0.72%

479,559

TOTAL

NET

ASSETS

-

100.00%

$

66,948,347

(a) 1-day

yield

shown

as

of

period

end.

(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) 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

$23,550,238

or

35.18%

of

net

assets.

(e) Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$11,074,505

or

16.54%

of

net

assets.

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

INVESTMENT

COMPANIES

-

.58

%

Shares

Held

Value

Money

Market

Funds

-

.58

%

-

—

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

(a),(b),(c)

44,924,780

$

44,924,780

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.61%

(a) 6,787,198

6,787,198

TOTAL

INVESTMENT

COMPANIES

a

$

51,711,978

BONDS

-

.13

%

Principal

Amount

Value

Banks

-

.54

%

—

—

Bank

of

America

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%),

6.13%,

04/27/2027

(d),(e)

$

4,358,000

$

4,366,011

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.35%),

6.25%,

07/26/2030

(d),(e)

36,795,000

37,016,616

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

6.63%,

05/01/2030

(d),(e),(f)

26,728,000

27,402,749

Bank

of

Montreal

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%),

6.71%,

08/25/2026

(d),(e)

4,362,000

4,333,050

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%),

6.88%,

11/26/2085

(e) 13,200,000

13,320,935

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.01%),

7.30%,

11/26/2084

(e) 21,200,000

21,698,179

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.45%),

7.70%,

05/26/2084

(e) 6,160,000

6,326,043

Bank

of

New

York

Mellon

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%),

3.75%,

12/20/2026

(d),(e)

13,746,000

13,437,231

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.03%),

5.63%,

03/20/2031

(d),(e),(f),(g)

4,350,000

4,259,998

Bank

of

Nova

Scotia

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%),

6.88%,

10/27/2085

(e) 8,550,000

8,399,156

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%),

7.35%,

04/27/2085

(e) 6,350,000

6,411,906

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.02%),

8.00%,

01/27/2084

(e) 4,756,000

4,979,461

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.39%),

8.63%,

10/27/2082

(e) 35,728,000

37,134,969

Canadian

Imperial

Bank

of

Commerce

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%),

6.50%,

07/28/2086

(e) 400,000

390,989

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.83%),

6.95%,

01/28/2085

(e) 17,846,000

17,805,272

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%),

7.00%,

10/28/2085

(e) 12,690,000

12,824,501

Citigroup,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%),

6.50%,

05/15/2031

(d),(e),(f)

100,000

99,757

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%),

6.63%,

02/15/2031

(d),(e)

8,375,000

8,381,283

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Citigroup,

Inc.

(continued)

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.57%),

6.75%,

02/15/2030

(d),(e)

$

15,578,000

$

15,570,984

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%),

6.88%,

08/15/2030

(d),(e)

1,100,000

1,107,764

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.73%),

6.95%,

02/15/2030

(d),(e),(f)

8,250,000

8,311,265

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.76%),

7.00%,

08/15/2034

(d),(e),(g)

15,680,000

16,137,574

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.69%),

7.13%,

08/15/2029

(d),(e)

2,000,000

2,019,664

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.21%),

7.38%,

05/15/2028

(d),(e)

11,302,000

11,677,351

Citizens

Financial

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.22%),

4.00%,

10/06/2026

(d),(e)

8,448,000

8,318,246

Goldman

Sachs

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.40%),

6.13%,

11/10/2034

(d),(e),(g)

19,176,000

19,076,230

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%),

6.85%,

02/10/2030

(d),(e)

4,405,000

4,490,074

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%),

7.50%,

05/10/2029

(d),(e)

19,334,000

20,255,072

Huntington

Bancshares,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.05%),

4.45%,

10/15/2027

(d),(e)

3,169,000

3,114,264

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.95%),

5.63%,

07/15/2030

(d),(e)

20,103,000

20,286,038

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%),

6.25%,

10/15/2030

(d),(e)

24,688,000

24,325,101

JPMorgan

Chase

&

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%),

6.50%,

04/01/2030

(d),(e)

34,006,000

34,894,747

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.74%),

6.88%,

06/01/2029

(d),(e),(g)

9,327,000

9,676,762

KeyCorp

Capital

I

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.00%),

4.66%,

07/01/2028

7,704,000

7,567,629

KeyCorp

Capital

III

7.75%,

07/15/2029

9,010,000

9,422,898

M&T

Bank

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

3.50%,

09/01/2026

(d),(e)

20,172,000

19,528,892

Northern

Trust

Corp.

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.46%),

4.60%,

10/01/2026

(d),(e)

2,899,000

2,876,994

PNC

Financial

Services

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.60%),

3.40%,

09/15/2026

(d),(e)

3,718,000

3,659,229

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

PNC

Financial

Services

Group,

Inc.

(continued)

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%),

6.00%,

05/15/2027

(d),(e)

$

6,069,000

$

6,065,788

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.24%),

6.20%,

09/15/2027

(d),(e)

15,003,000

15,036,307

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.81%),

6.25%,

03/15/2030

(d),(e)

29,160,000

29,415,850

Royal

Bank

of

Canada

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%),

6.35%,

11/24/2084

(e) 14,244,000

13,588,767

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%),

6.50%,

11/24/2085

(e) 19,850,000

19,187,707

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%),

6.50%,

05/24/2086

(e) 3,100,000

3,021,837

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.82%),

6.75%,

08/24/2085

(e) 8,850,000

8,882,391

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%),

7.50%,

05/02/2084

(e) 13,100,000

13,414,990

State

Street

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%),

6.45%,

09/15/2030

(d),(e),(g)

7,020,000

7,122,464

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%),

6.70%,

03/15/2029

(d),(e)

9,088,000

9,234,335

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%),

6.70%,

09/15/2029

(d),(e),(g)

11,150,000

11,456,993

Toronto-Dominion

Bank

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.98%),

7.25%,

07/31/2084

(e) 12,660,000

12,878,005

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.08%),

8.13%,

10/31/2082

(e) 35,515,000

36,639,618

Truist

Financial

Corp.

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

0.93%),

4.58%,

05/15/2027

4,800,000

4,745,357

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.35%),

5.10%,

03/01/2030

(d),(e),(g)

6,128,000

6,116,891

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%),

6.67%,

09/01/2026

(d),(e)

11,521,400

11,501,108

U.S.

Bancorp

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.54%),

3.70%,

01/15/2027

(d),(e)

16,800,000

16,467,818

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.18%),

5.30%,

04/15/2027

(d),(e)

4,796,000

4,768,970

Wells

Fargo

&

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.34%),

6.13%,

06/15/2031

(d),(e)

20,000,000

20,075,274

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%),

6.85%,

09/15/2029

(d),(e),(g)

21,247,000

22,024,746

BONDS

(continued)

Principal

Amount

Value

Banks

(continued)

Wells

Fargo

&

Co.

(continued)

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.61%),

7.63%,

09/15/2028

(d),(e)

$

15,230,000

$

15,998,856

$

758,548,956

Diversified

Financial

Services

-

.14

%

American

Express

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%),

3.55%,

09/15/2026

(d),(e)

8,621,000

8,523,292

Capital

One

Financial

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%),

3.95%,

09/01/2026

(d),(e),(g)

14,580,000

14,369,462

Charles

Schwab

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.17%),

4.00%,

06/01/2026

(d),(e)

3,815,000

3,789,047

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.08%),

4.00%,

12/01/2030

(d),(e)

2,000,000

1,850,074

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.26%),

5.00%,

06/01/2027

(d),(e)

1,500,000

1,483,500

Voya

Financial,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.36%),

7.76%,

09/15/2028

(d),(e)

14,793,000

15,340,237

$

45,355,612

Electric

-

.41

%

Algonquin

Power

&

Utilities

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.25%),

4.75%,

01/18/2082

(e) 7,744,000

7,531,672

Alliant

Energy

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.08%),

5.75%,

04/01/2056

(e) 11,000,000

10,694,813

American

Electric

Power

Co.,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

3.88%,

02/15/2062

(e) 14,842,000

14,540,428

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.13%),

5.80%,

03/15/2056

(e) 1,350,000

1,333,550

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.94%),

6.05%,

03/15/2056

(e) 6,000,000

5,946,449

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

6.95%,

12/15/2054

(e) 5,147,000

5,455,058

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%),

7.05%,

12/15/2054

(e),(g)

3,460,000

3,571,477

CenterPoint

Energy,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.22%),

5.95%,

04/01/2056

(e) 100,000

99,111

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%),

6.70%,

05/15/2055

(e) 4,800,000

4,853,717

CMS

Energy

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.90%),

3.75%,

12/01/2050

(e) 3,000,000

2,736,789

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.12%),

4.75%,

06/01/2050

(e) 3,390,000

3,287,720

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Electric

(continued)

Dominion

Energy,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.20%),

4.35%,

01/15/2027

(d),(e)

$

2,105,000

$

2,071,730

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.01%),

6.20%,

02/15/2056

(e) 11,820,000

11,716,035

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.21%),

6.63%,

05/15/2055

(e) 9,347,000

9,490,084

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%),

6.88%,

02/01/2055

(e) 8,967,000

9,228,572

Duke

Energy

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.32%),

3.25%,

01/15/2082

(e) 2,285,000

2,194,817

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.59%),

6.45%,

09/01/2054

(e) 5,239,000

5,410,012

Electricite

de

France

SA

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.41%),

9.13%,

03/15/2033

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

13,550,000

15,691,049

Emera

U.S.

Finance

LLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%),

6.85%,

10/01/2056

(e) 3,400,000

3,404,111

Emera,

Inc.

(3

Month

USD

LIBOR

+

5.44%),

6.75%,

06/15/2076

(e) 2,050,000

2,052,931

Entergy

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.01%),

6.10%,

06/15/2056

(e) 5,516,000

5,443,921

EUSHI

Finance,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.51%),

6.25%,

04/01/2056

(e) 1,550,000

1,521,559

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.14%),

7.63%,

12/15/2054

(e) 3,491,000

3,603,305

Evergy,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.56%),

6.65%,

06/01/2055

(e) 4,836,000

4,868,611

Eversource

Energy

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.33%),

6.35%,

08/15/2056

(e) 1,800,000

1,775,621

Exelon

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.98%),

6.50%,

03/15/2055

(e) 6,116,000

6,235,644

NextEra

Energy

Capital

Holdings,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.55%),

3.80%,

03/15/2082

(e) 18,549,000

17,902,960

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.36%),

6.70%,

09/01/2054

(e) 7,754,000

7,919,494

Sempra

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%),

6.40%,

10/01/2054

(e) 9,800,000

9,769,368

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.14%),

6.55%,

04/01/2055

(e) 6,475,000

6,446,070

BONDS

(continued)

Principal

Amount

Value

Electric

(continued)

Southern

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.07%),

6.38%,

03/15/2055

(e) $

2,000,000

$

2,057,090

WEC

Energy

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.91%),

5.63%,

05/15/2056

(e) 2,400,000

2,351,592

Xcel

Energy,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%),

5.75%,

12/03/2056

(e) 2,500,000

2,440,445

$

193,645,805

Gas

-

.46

%

AltaGas

Ltd.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.57%),

7.20%,

10/15/2054

(e),(h)

8,370,000

8,486,988

NiSource,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.04%),

5.75%,

07/15/2056

(e) 800,000

787,828

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%),

6.95%,

11/30/2054

(e) 6,207,000

6,382,652

Spire,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.33%),

6.45%,

06/01/2056

(e) 5,350,000

5,336,071

$

20,993,539

Insurance

-

.61

%

Allianz

SE

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.23%),

6.35%,

09/06/2053

(e),(h)

5,000,000

5,205,590

Argentum

Netherlands

BV

for

Swiss

Re

Ltd.

(3

Month

USD

LIBOR

+

3.78%),

5.63%,

08/15/2052

(e) 6,500,000

6,508,558

Corebridge

Financial,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%),

6.38%,

09/15/2054

(e) 4,700,000

4,619,312

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.18%),

6.88%,

12/01/2030

(d),(e)

9,190,000

9,364,398

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.85%),

6.88%,

12/15/2052

(e) 7,053,000

7,106,393

Dai-ichi

Life

Insurance

Co.

Ltd.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.52%),

6.20%,

01/16/2035

(d),(e),(h)

13,700,000

13,781,529

Equitable

Holdings,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%),

6.70%,

03/28/2055

(e) 1,591,000

1,605,623

Liberty

Mutual

Group,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.32%),

4.13%,

12/15/2051

(e),(h)

15,452,000

15,095,156

Meiji

Yasuda

Life

Insurance

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.03%),

5.80%,

09/11/2054

(e),(h)

7,041,000

6,959,065

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.91%),

6.10%,

06/11/2055

(e),(h)

17,800,000

17,816,251

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

BONDS

(continued)

Principal

Amount

Value

Insurance

(continued)

MetLife,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.82%),

5.85%,

03/15/2056

(e) $

42,800,000

$

42,007,853

9.25%,

04/08/2068

(h) 10,435,000

12,234,265

Nippon

Life

Insurance

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%),

2.75%,

01/21/2051

(e),(h)

13,694,000

12,058,764

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.60%),

2.90%,

09/16/2051

(e),(h)

4,704,000

4,118,026

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.19%),

6.50%,

04/30/2055

(e) 8,098,000

8,349,653

Prudential

Financial,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.04%),

3.70%,

10/01/2050

(e) 21,487,000

19,519,545

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.16%),

5.13%,

03/01/2052

(e) 6,197,000

5,929,755

Reinsurance

Group

of

America,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.34%),

6.38%,

09/15/2056

(e) 371,000

358,609

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%),

6.65%,

09/15/2055

(e) 11,007,000

10,958,001

Sumitomo

Life

Insurance

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%),

3.38%,

04/15/2081

(e),(h)

4,740,000

4,324,787

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%),

5.88%,

09/10/2055

(e),(g),(h)

5,892,000

5,764,903

Swiss

RE

Subordinated

Finance

PLC

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

1.81%),

5.70%,

04/05/2035

(e),(h)

1,000,000

1,009,365

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

2.13%),

6.19%,

04/01/2046

(e),(h)

3,600,000

3,573,836

Zurich

Finance

Ireland

Designated

Activity

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.78%),

3.00%,

04/19/2051

(e) 8,000,000

7,149,060

$

225,418,297

Oil

&

Gas

-

.05

%

BP

Capital

Markets

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.40%),

4.88%,

03/22/2030

(d),(e)

6,384,000

6,302,374

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.92%),

6.13%,

03/18/2035

(d),(e)

10,113,000

10,200,346

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.15%),

6.45%,

12/01/2033

(d),(e)

9,600,000

9,982,406

Phillips

Co.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.28%),

5.88%,

03/15/2056

(e) 9,100,000

8,961,299

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%),

6.20%,

03/15/2056

(e) 8,650,000

8,611,138

$

44,057,563

BONDS

(continued)

Principal

Amount

Value

Pipelines

-

.40

%

Enbridge,

Inc.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%),

5.75%,

07/15/2080

(e) $

3,524,000

$

3,517,044

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.42%),

7.63%,

01/15/2083

(e) 8,766,000

9,450,064

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.43%),

8.50%,

01/15/2084

(e) 23,661,000

26,620,447

Energy

Transfer

LP

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

6.50%,

02/15/2056

(e) 2,750,000

2,716,942

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.48%),

6.75%,

02/15/2056

(e) 20,950,000

20,835,749

Enterprise

Products

Operating

LLC

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

3.29%),

5.25%,

08/16/2077

(e) 3,733,000

3,699,715

TransCanada

PipeLines

Ltd.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.61%),

7.00%,

06/01/2065

(e) 3,850,000

3,908,374

Transcanada

Trust

(CME

Term

Secured

Overnight

Financing

Rate

Month

+

4.42%),

5.50%,

09/15/2079

(e) 5,233,000

5,187,590

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.99%),

5.60%,

03/07/2082

(e) 16,712,000

16,384,408

$

92,320,333

REITs

-

.19

%

Scentre

Group

Trust

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.69%),

5.13%,

09/24/2080

(e),(h)

2,775,000

2,753,382

Sovereign

-

.82

%

CoBank

ACB

6.45%,

10/01/2027

(d),(e),(f)

2,286,000

2,295,867

Farm

Credit

Bank

of

Texas

7.00%,

09/15/2030

(d),(e)

9,311,000

9,540,339

$

11,836,206

Telecommunications

-

.51

%

TELUS

Corp.

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.69%),

6.38%,

06/09/2056

(e) 500,000

494,994

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%),

6.63%,

10/15/2055

(e) 3,828,000

3,829,401

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.52%),

6.63%,

06/09/2056

(e) 3,845,000

3,747,949

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.71%),

7.00%,

10/15/2055

(e) 5,566,000

5,682,045

Vodafone

Group

PLC

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.07%),

5.13%,

06/04/2081

(e) 10,364,000

8,055,482

$

21,809,871

TOTAL

BONDS

a

$

1,416,739,564

Total

Investments

101.71%

$

1,468,451,542

Other

Assets

and

Liabilities

-

(1.71%)

(24,700,743)

TOTAL

NET

ASSETS

-

100.00%

$

1,443,750,799

(a) 1-day

yield

shown

as

of

period

end.

Schedule

of

Investments

Principal

Spectrum

Preferred

Securities

Active

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

(b) 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.

(c) Security

or

a

portion

of

the

security

was

received

as

collateral

for

securities

lending.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$44,924,780

or

3.11%

of

net

assets.

(d) Perpetual

security.

Perpetual

securities

pay

an

indefinite

stream

of

interest,

but

they

may

be

called

by

the

issuer

at

an

earlier

date.

Date

shown,

if

any,

reflects

the

next

call

date

or

final

legal

maturity

date.

Rate

shown

is

as

of

period

end.

(e) 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.

(f) 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

$58,060,685

or

4.02%

of

net

assets.

(g) Security

or

a

portion

of

the

security

was

on

loan.

At

the

end

of

the

period,

the

value

of

these

securities

totaled

$44,092,576

or

3.05%

of

net

assets.

(h) 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

$128,872,956

or

8.93%

of

net

assets.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

March

31,

2026

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

5,650,835

$

218,604,068

$

179,330,123

$

44,924,780

$

5,650,835

$

218,604,068

$

179,330,123

$

44,924,780

a

a

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

U.S.

Mega-Cap

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

.72

%

Shares

Held

Value

Aerospace

&

Defense

-

.99

%

-

—

General

Electric

Co.

303,962

$

86,255,297

Auto

Manufacturers

-

.36

%

Tesla,

Inc.

(a) 183,103

68,068,540

Banks

-

.08

%

Bank

of

America

Corp.

2,087,698

101,775,278

JPMorgan

Chase

&

Co.

447,407

131,609,243

$

233,384,521

Computers

-

.70

%

Apple,

Inc.

762,190

193,436,200

Cosmetics

&

Personal

Care

-

.11

%

Procter

&

Gamble

Co.

622,197

89,870,135

Diversified

Financial

Services

-

.88

%

Mastercard,

Inc.,

Class

A

259,753

129,788,184

Visa,

Inc.,

Class

A

419,665

126,839,549

$

256,627,733

Insurance

-

.42

%

Berkshire

Hathaway,

Inc.,

Class

B

(a) 206,013

98,721,430

Internet

-

.74

%

Alphabet,

Inc.,

Class

A

539,706

155,197,857

Amazon.com,

Inc.

(a) 501,761

104,501,764

Meta

Platforms,

Inc.,

Class

A

207,288

118,595,683

Netflix,

Inc.

(a) 1,396,011

134,226,458

$

512,521,762

Machinery

-

Construction

&

Mining

-

.43

%

Caterpillar,

Inc.

99,233

70,302,611

Oil

&

Gas

-

.66

%

Chevron

Corp.

394,654

81,653,912

Exxon

Mobil

Corp.

483,339

82,003,295

$

163,657,207

Pharmaceuticals

-

.15

%

AbbVie,

Inc.

448,241

97,487,935

Eli

Lilly

&

Co.

70,073

64,451,043

Johnson

&

Johnson

418,735

102,355,584

$

264,294,562

Retail

-

.27

%

Costco

Wholesale

Corp.

132,925

132,450,458

Home

Depot,

Inc.

193,608

63,675,735

Walmart,

Inc.

576,049

71,591,369

$

267,717,562

Semiconductors

-

.02

%

Broadcom,

Inc.

420,455

130,135,027

Micron

Technology,

Inc.

252,286

85,232,302

NVIDIA

Corp.

1,253,414

218,595,402

$

433,962,731

Software

-

.91

%

Microsoft

Corp.

383,354

141,906,150

TOTAL

COMMON

STOCKS

a

$

2,880,726,441

INVESTMENT

COMPANIES

-

.28

%

Shares

Held

Value

Money

Market

Funds

-

.28

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.61%

(b) 8,054,582

$

8,054,582

TOTAL

INVESTMENT

COMPANIES

a

$

8,054,582

Total

Investments

100.00%

$

2,888,781,023

Other

Assets

and

Liabilities

-

0.00%

56,106

TOTAL

NET

ASSETS

-

100.00%

$

2,888,837,129

(a) Non-income

producing

security.

(b) 1-day

yield

shown

as

of

period

end.

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

.52

%

Shares

Held

Value

Aerospace

&

Defense

-

.77

%

-

—

Astronics

Corp.

(a) 74,306

$

4,958,439

Ducommun,

Inc.

(a) 16,109

1,965,298

Moog,

Inc.,

Class

A

23,051

6,745,645

$

13,669,382

Agriculture

-

.21

%

Andersons,

Inc.

18,740

1,345,157

Fresh

Del

Monte

Produce,

Inc.

16,265

654,829

Turning

Point

Brands,

Inc.

19,698

1,709,590

$

3,709,576

Airlines

-

.11

%

Sun

Country

Airlines

Holdings,

Inc.

(a) 114,090

1,884,767

Auto

Manufacturers

-

.17

%

Blue

Bird

Corp.

(a) 54,323

3,085,003

Auto

Parts

&

Equipment

-

.02

%

Adient

PLC

(a) 67,872

1,371,693

Cooper-Standard

Holdings,

Inc.

(a) 5,962

166,161

Dana,

Inc.

101,363

3,410,865

Dauch

Corp.

(a) 254,837

1,511,183

Dorman

Products,

Inc.

(a) 13,876

1,448,099

Douglas

Dynamics,

Inc.

25,939

1,091,773

Garrett

Motion,

Inc.

145,950

2,651,912

Gentherm,

Inc.

(a) 16,107

447,452

Phinia,

Inc.

25,545

1,748,300

Standard

Motor

Products,

Inc.

10,062

349,554

Strattec

Security

Corp.

(a) 3,774

295,655

Visteon

Corp.

31,927

2,908,869

XPEL,

Inc.

(a) 16,110

713,029

$

18,114,545

Banks

-

.67

%

1st

Source

Corp.

22,734

1,573,420

Alerus

Financial

Corp.

28,967

686,808

Amalgamated

Financial

Corp.

33,569

1,304,827

Amerant

Bancorp,

Inc.

53,143

1,171,272

Ameris

Bancorp

105,310

8,213,127

Atlantic

Union

Bankshares

Corp.

262,286

9,374,102

Bancorp,

Inc.

(a) 145,726

7,829,858

Bank

First

Corp.

13,163

1,777,795

Bank

of

NT

Butterfield

&

Son

Ltd.

35,097

1,841,891

Banner

Corp.

50,526

3,065,918

Burke

&

Herbert

Financial

Services

Corp.

16,091

1,002,308

Business

First

Bancshares,

Inc.

28,293

765,043

Byline

Bancorp,

Inc.

45,125

1,424,596

California

BanCorp

44,499

788,522

Central

Pacific

Financial

Corp.

34,240

1,094,310

Community

West

Bancshares

32,438

755,805

Customers

Bancorp,

Inc.

(a) 85,709

5,949,062

Esquire

Financial

Holdings,

Inc.

16,120

1,732,900

First

BanCorp

262,502

5,607,043

First

BanCorp/Southern

Pines

NC

48,529

2,734,609

First

Financial

Corp.

13,170

832,344

First

Merchants

Corp.

67,648

2,620,007

First

Mid

Bancshares,

Inc.

23,624

973,073

Fulton

Financial

Corp.

398,456

8,104,595

Great

Southern

Bancorp,

Inc.

13,386

845,058

Hancock

Whitney

Corp.

181,303

11,529,058

Hanmi

Financial

Corp.

64,334

1,695,844

Heritage

Commerce

Corp.

125,457

1,565,703

Hilltop

Holdings,

Inc.

83,420

2,988,104

Metropolitan

Bank

Holding

Corp.

20,966

1,746,258

Midland

States

Bancorp,

Inc.

40,026

892,980

NB

Bancorp,

Inc.

53,650

1,130,406

Nicolet

Bankshares,

Inc.

27,106

4,028,494

Northrim

BanCorp,

Inc.

43,965

1,005,919

OFG

Bancorp

63,987

2,588,914

Old

Second

Bancorp,

Inc.

72,922

1,470,108

Orrstown

Financial

Services,

Inc.

57,707

2,082,069

Pathward

Financial,

Inc.

45,453

4,055,771

Preferred

Bank

22,345

2,026,468

QCR

Holdings,

Inc.

20,374

1,740,958

Red

River

Bancshares,

Inc.

8,143

736,453

COMMON

STOCKS

(continued)

Shares

Held

Value

Banks

(continued)

Shore

Bancshares,

Inc.

43,150

$

806,042

SmartFinancial,

Inc.

17,412

680,461

Texas

Capital

Bancshares,

Inc.

(a) 93,523

8,873,462

Trustmark

Corp.

65,017

2,739,816

United

Community

Banks,

Inc.

180,400

5,680,796

Univest

Financial

Corp.

35,143

1,203,999

Washington

Trust

Bancorp,

Inc.

23,330

780,622

Westamerica

BanCorp

31,521

1,643,820

$

135,760,818

Beverages

-

.16

%

MGP

Ingredients,

Inc.

18,804

345,806

Vita

Coco

Co.,

Inc.

(a) 50,364

2,412,939

$

2,758,745

Biotechnology

-

.14

%

ACADIA

Pharmaceuticals,

Inc.

(a) 155,969

3,471,870

ADMA

Biologics,

Inc.

(a) 226,954

2,044,856

Amicus

Therapeutics,

Inc.

(a) 507,847

7,343,468

ANI

Pharmaceuticals,

Inc.

(a) 41,186

3,167,203

Arcutis

Biotherapeutics,

Inc.

(a) 160,871

3,790,121

Arrowhead

Pharmaceuticals,

Inc.

(a) 117,453

7,364,303

Aurinia

Pharmaceuticals,

Inc.

(a) 114,478

1,696,564

BioCryst

Pharmaceuticals,

Inc.

(a) 414,802

3,948,915

Bridgebio

Pharma,

Inc.

(a) 175,468

13,030,254

Esperion

Therapeutics,

Inc.

(a) 410,175

1,123,879

Innoviva,

Inc.

(a) 71,413

1,663,923

Keros

Therapeutics,

Inc.

(a) 58,253

643,113

Krystal

Biotech,

Inc.

(a) 22,775

5,883,238

Monte

Rosa

Therapeutics,

Inc.

(a) 39,829

655,187

Niagen

Bioscience,

Inc.

(a) 72,477

319,624

PTC

Therapeutics,

Inc.

(a) 122,937

8,375,698

Rigel

Pharmaceuticals,

Inc.

(a) 47,376

1,281,047

Stoke

Therapeutics,

Inc.

(a) 60,403

1,966,722

Theravance

Biopharma,

Inc.

(a) 49,704

806,696

Veracyte,

Inc.

(a) 90,197

2,905,245

Zymeworks,

Inc.

(a) 74,912

1,875,796

$

73,357,722

Building

Materials

-

.85

%

Gibraltar

Industries,

Inc.

(a) 42,407

1,690,767

NWPX

Infrastructure,

Inc.

(a) 12,934

1,007,041

SPX

Technologies,

Inc.

(a) 45,629

9,123,062

Tecnoglass,

Inc.

46,826

2,086,098

Titan

America

SA

(a) 76,031

1,138,945

$

15,045,913

Chemicals

-

.75

%

Balchem

Corp.

22,204

3,763,134

Cabot

Corp.

58,553

4,409,626

Hawkins,

Inc.

20,952

3,218,227

HB

Fuller

Co.

50,703

3,127,361

Ingevity

Corp.

(a) 39,632

2,822,987

Koppers

Holdings,

Inc.

40,284

1,558,185

Minerals

Technologies,

Inc.

28,016

1,986,895

Oil-Dri

Corp.

of

America

4,450

289,651

Orion

SA

190,043

1,235,280

Perimeter

Solutions,

Inc.

(a) 131,563

3,212,768

Quaker

Chemical

Corp.

16,674

2,071,411

Sensient

Technologies

Corp.

38,957

3,367,443

$

31,062,968

Commercial

Services

-

.41

%

Alarm.com

Holdings,

Inc.

(a) 56,428

2,437,125

American

Public

Education,

Inc.

(a) 16,453

935,847

AMN

Healthcare

Services,

Inc.

(a) 73,644

1,350,631

Barrett

Business

Services,

Inc.

34,857

1,017,127

Brink's

Co.

31,445

3,258,645

Carriage

Services,

Inc.

6,339

289,439

Cimpress

PLC

(a) 24,730

1,805,290

Coursera,

Inc.

(a) 321,107

1,868,843

Covista,

Inc.

(a) 40,244

4,638,121

CRA

International,

Inc.

21,252

3,440,274

EVERTEC,

Inc.

114,606

3,234,181

Graham

Holdings

Co.,

Class

B

1,485

1,570,031

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Commercial

Services

(continued)

Healthcare

Services

Group,

Inc.

(a) 89,874

$

1,667,163

Huron

Consulting

Group,

Inc.

(a) 30,883

3,937,274

ICF

International,

Inc.

25,235

1,647,593

Kforce,

Inc.

41,409

1,210,799

Korn

Ferry

74,297

4,676,996

Laureate

Education,

Inc.

(a) 73,837

2,572,481

Legalzoom.com,

Inc.

(a) 446,784

2,533,265

NPK

International,

Inc.

(a) 100,724

1,459,491

Perdoceo

Education

Corp.

38,761

1,442,297

PROG

Holdings,

Inc.

100,537

2,884,407

Progyny,

Inc.

(a) 163,159

2,770,440

Sezzle,

Inc.

(a) 163,994

10,379,180

Strategic

Education,

Inc.

14,462

1,199,767

Stride,

Inc.

(a) 73,983

6,523,081

TriNet

Group,

Inc.

79,763

2,905,766

Udemy,

Inc.

(a) 179,056

827,239

Upbound

Group,

Inc.

50,059

903,565

Willdan

Group,

Inc.

(a) 35,044

2,682,969

$

78,069,327

Computers

-

.45

%

ASGN,

Inc.

(a) 78,856

3,052,516

Diebold

Nixdorf,

Inc.

(a) 25,162

1,898,221

Maximus,

Inc.

102,187

6,550,187

Mitek

Systems,

Inc.

(a) 82,538

1,114,263

NetScout

Systems,

Inc.

(a) 68,166

2,166,997

OneSpan,

Inc.

114,554

1,206,254

Qualys,

Inc.

(a) 58,659

5,153,193

Rapid7,

Inc.

(a) 236,677

1,304,090

V2X,

Inc.

(a) 47,999

3,287,931

$

25,733,652

Cosmetics

&

Personal

Care

-

.21

%

Interparfums,

Inc.

16,139

1,466,067

Prestige

Consumer

Healthcare,

Inc.

(a) 36,435

2,159,502

$

3,625,569

Distribution

&

Wholesale

-

.33

%

G-III

Apparel

Group

Ltd.

32,021

886,982

Gold.com,

Inc.

29,090

1,165,927

Rush

Enterprises,

Inc.,

Class

A

55,952

3,698,987

$

5,751,896

Diversified

Financial

Services

-

.37

%

Acadian

Asset

Management,

Inc.

53,583

2,915,987

Bread

Financial

Holdings,

Inc.

182,294

13,651,998

Enact

Holdings,

Inc.

62,626

2,555,767

Enova

International,

Inc.

(a) 67,570

9,178,033

International

Money

Express,

Inc.

(a) 47,988

758,210

Marex

Group

PLC

135,033

6,019,771

NerdWallet,

Inc.,

Class

A

(a) 276,733

2,872,489

Pagseguro

Digital

Ltd.,

Class

A

983,327

9,852,937

PJT

Partners,

Inc.,

Class

A

70,020

9,783,194

Resolute

Holdings

Management,

Inc.

(a) 13,631

2,212,311

StoneX

Group,

Inc.

(a) 96,733

7,801,516

WisdomTree,

Inc.

(b) 670,767

9,766,368

$

77,368,581

Electric

-

.61

%

Avista

Corp.

96,194

3,861,227

Black

Hills

Corp.

151,306

10,502,149

Hawaiian

Electric

Industries,

Inc.

(a) 451,534

6,700,765

Northwestern

Energy

Group,

Inc.

87,076

5,741,791

Ormat

Technologies,

Inc.

88,761

9,934,131

Otter

Tail

Corp.

28,283

2,482,399

Portland

General

Electric

Co.

133,197

7,028,806

$

46,251,268

Electrical

Components

&

Equipment

-

.85

%

AZZ,

Inc.

21,321

2,667,897

Belden,

Inc.

25,322

2,907,725

Energizer

Holdings,

Inc.

87,967

1,444,418

EnerSys

54,472

9,462,876

Graham

Corp.

(a) 15,777

1,245,121

Novanta,

Inc.

(a) 40,823

4,821,604

COMMON

STOCKS

(continued)

Shares

Held

Value

Electrical

Components

&

Equipment

(continued)

Powell

Industries,

Inc.

18,734

$

10,136,593

$

32,686,234

Electronics

-

.38

%

Advanced

Energy

Industries,

Inc.

35,961

11,604,974

Allient,

Inc.

23,228

1,372,543

Atmus

Filtration

Technologies,

Inc.

76,588

4,347,901

Badger

Meter,

Inc.

36,464

5,555,291

Bel

Fuse,

Inc.,

Class

B

14,280

2,827,155

Benchmark

Electronics,

Inc.

33,982

1,905,031

ESCO

Technologies,

Inc.

22,598

6,358,399

Kimball

Electronics,

Inc.

(a) 45,858

1,086,376

Mesa

Laboratories,

Inc.

10,715

947,420

Napco

Security

Technologies,

Inc.

50,983

2,008,220

OSI

Systems,

Inc.

(a) 26,687

7,085,665

Plexus

Corp.

(a) 22,492

4,555,530

Sanmina

Corp.

(a) 53,452

6,929,517

TTM

Technologies,

Inc.

(a) 118,865

11,579,828

Vicor

Corp.

(a) 58,487

9,416,407

$

77,580,257

Energy

-

Alternate

Sources

-

.98

%

Nextpower,

Inc.,

Class

A

(a) 113,333

13,662,293

REX

American

Resources

Corp.

(a) 25,401

1,157,524

Shoals

Technologies

Group,

Inc.,

Class

A

(a) 385,974

2,539,709

$

17,359,526

Engineering

&

Construction

-

.99

%

Arcosa,

Inc.

27,382

2,906,326

Argan,

Inc.

27,675

15,073,189

Bowman

Consulting

Group

Ltd.

(a) 27,953

794,983

Dycom

Industries,

Inc.

(a) 30,477

10,326,217

Exponent,

Inc.

63,710

4,157,078

Frontdoor,

Inc.

(a) 43,298

2,288,732

Granite

Construction,

Inc.

75,218

9,017,134

Great

Lakes

Dredge

&

Dock

Corp.

(a) 81,569

1,386,673

IES

Holdings,

Inc.

(a) 13,326

6,349,439

MYR

Group,

Inc.

(a) 26,223

7,403,277

Primoris

Services

Corp.

79,337

11,348,365

Sterling

Infrastructure,

Inc.

(a) 30,163

12,284,485

Tutor

Perini

Corp.

65,513

5,056,948

$

88,392,846

Entertainment

-

.06

%

IMAX

Corp.

(a) 188,929

7,181,191

Madison

Square

Garden

Entertainment

Corp.

(a) 49,352

2,907,326

Monarch

Casino

&

Resort,

Inc.

6,880

657,728

Red

Rock

Resorts,

Inc.,

Class

A

50,882

2,715,064

Rush

Street

Interactive,

Inc.

(a) 145,733

3,169,693

Super

Group

SGHC

Ltd.

202,322

2,185,078

$

18,816,080

Environmental

Control

-

.23

%

CECO

Environmental

Corp.

(a) 32,366

1,928,366

Energy

Recovery,

Inc.

(a) 64,907

653,614

Montrose

Environmental

Group,

Inc.

(a) 65,621

1,436,444

$

4,018,424

Food

-

.91

%

Cal-Maine

Foods,

Inc.

89,640

7,095,006

Chefs'

Warehouse,

Inc.

(a) 27,940

1,661,033

J&J

Snack

Foods

Corp.

18,545

1,470,062

John

B

Sanfilippo

&

Son,

Inc.

3,718

294,949

Marzetti

Co.

11,697

1,618,046

Mission

Produce,

Inc.

(a),(b)

33,595

462,267

Seneca

Foods

Corp.,

Class

A

(a) 3,710

560,655

Tootsie

Roll

Industries,

Inc.

8,288

354,062

United

Natural

Foods,

Inc.

(a) 56,801

2,559,453

$

16,075,533

Gas

-

.40

%

Northwest

Natural

Holding

Co.

36,964

1,967,224

Spire,

Inc.

55,604

5,034,386

$

7,001,610

Hand

&

Machine

Tools

-

.26

%

Cadre

Holdings,

Inc.

37,127

1,139,057

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Hand

&

Machine

Tools

(continued)

Franklin

Electric

Co.,

Inc.

36,924

$

3,403,285

$

4,542,342

Healthcare

-

Products

-

.78

%

10X

Genomics,

Inc.,

Class

A

(a) 221,274

4,697,647

Adaptive

Biotechnologies

Corp.

(a) 180,520

2,505,618

Alphatec

Holdings,

Inc.

(a) 284,398

3,094,250

Artivion,

Inc.

(a) 41,207

1,509,000

AtriCure,

Inc.

(a) 60,768

1,733,711

Avanos

Medical,

Inc.

(a) 60,557

848,404

Axogen,

Inc.

(a) 77,661

2,572,909

CareDx,

Inc.

(a) 65,295

1,133,521

Castle

Biosciences,

Inc.

(a) 46,342

1,137,696

CONMED

Corp.

60,128

2,126,126

Embecta

Corp.

103,535

915,249

GRAIL,

Inc.

(a) 38,289

1,978,775

Guardant

Health,

Inc.

(a) 126,043

11,642,592

Haemonetics

Corp.

(a) 99,610

5,614,020

ICU

Medical,

Inc.

(a) 22,665

2,927,185

Integer

Holdings

Corp.

(a) 49,716

4,375,008

iRadimed

Corp.

9,142

880,009

IRhythm

Holdings,

Inc.

(a) 51,181

6,040,382

Lantheus

Holdings,

Inc.

(a) 74,792

5,672,973

LeMaitre

Vascular,

Inc.

15,794

1,724,231

LivaNova

PLC

(a) 52,975

3,367,091

Merit

Medical

Systems,

Inc.

(a) 57,003

3,929,217

MiMedx

Group,

Inc.

(a) 144,183

569,523

OmniAb,

Inc.,

Earnout

Shares

(a) 1,130

—

OmniAb,

Inc.,

Earnout

Shares

(a) 1,130

—

Omnicell,

Inc.

(a) 63,488

2,119,229

SI-BONE,

Inc.

(a) 67,241

849,254

Tactile

Systems

Technology,

Inc.

(a) 38,504

1,006,110

TransMedics

Group,

Inc.

(a) 64,376

6,399,618

UFP

Technologies,

Inc.

(a) 14,522

2,811,459

Varex

Imaging

Corp.

(a) 45,786

485,789

$

84,666,596

Healthcare

-

Services

-

.45

%

Addus

HomeCare

Corp.

(a) 18,698

1,751,068

Alignment

Healthcare,

Inc.

(a) 241,457

4,254,472

Astrana

Health,

Inc.

(a) 55,096

1,350,954

Aveanna

Healthcare

Holdings,

Inc.

(a) 134,809

868,170

BrightSpring

Health

Services,

Inc.

(a) 157,305

6,702,766

Brookdale

Senior

Living,

Inc.

(a) 260,764

3,567,252

Concentra

Group

Holdings

Parent,

Inc.

79,934

1,714,584

CorVel

Corp.

(a) 27,163

1,484,458

Ensign

Group,

Inc.

27,487

5,538,630

GeneDx

Holdings

Corp.

(a) 62,240

3,997,053

HealthEquity,

Inc.

(a) 109,587

9,158,186

LifeStance

Health

Group,

Inc.

(a) 188,232

1,199,038

National

HealthCare

Corp.

6,749

1,077,815

Option

Care

Health,

Inc.

(a) 146,891

3,954,306

PACS

Group,

Inc.

(a) 95,587

3,070,254

Pediatrix

Medical

Group,

Inc.

(a) 67,781

1,449,836

Pennant

Group,

Inc.

(a) 28,636

872,825

Privia

Health

Group,

Inc.

(a) 75,628

1,555,668

Strata

Critical

Medical,

Inc.

(a) 125,501

524,594

Surgery

Partners,

Inc.

(a) 137,238

1,635,877

Teladoc

Health,

Inc.

(a) 710,013

3,869,571

U.S.

Physical

Therapy,

Inc.

19,000

1,424,240

$

61,021,617

Home

Builders

-

.00

%

Cavco

Industries,

Inc.

(a) 15,358

7,437,726

Forestar

Group,

Inc.

(a) 26,845

656,092

Green

Brick

Partners,

Inc.

(a) 14,966

964,558

Installed

Building

Products,

Inc.

17,878

4,740,352

LCI

Industries

17,841

2,194,086

M/I

Homes,

Inc.

(a) 14,280

1,748,586

$

17,741,400

Home

Furnishings

-

.04

%

Arhaus,

Inc.

105,787

717,236

COMMON

STOCKS

(continued)

Shares

Held

Value

Household

Products

&

Wares

-

.19

%

Quanex

Building

Products

Corp.

84,899

$

1,525,635

Co.

9,053

1,846,269

$

3,371,904

Housewares

-

.03

%

Central

Garden

&

Pet

Co.,

Class

A

(a) 16,977

550,394

Insurance

-

.46

%

CNO

Financial

Group,

Inc.

148,853

6,111,904

Essent

Group

Ltd.

144,270

8,431,139

Goosehead

Insurance,

Inc.,

Class

A

(a) 98,150

4,187,079

Hamilton

Insurance

Group

Ltd.,

Class

B

102,509

3,057,843

Horace

Mann

Educators

Corp.

59,985

2,560,160

Mercury

General

Corp.

48,841

4,305,334

NMI

Holdings,

Inc.

(a) 104,713

3,927,785

Selective

Insurance

Group,

Inc.

116,621

8,792,057

United

Fire

Group,

Inc.

25,434

942,584

Universal

Insurance

Holdings,

Inc.

36,866

1,259,343

$

43,575,228

Internet

-

.47

%

Bumble,

Inc.,

Class

A

(a) 605,752

1,974,752

Cargurus,

Inc.

(a) 176,328

6,003,968

ePlus,

Inc.

26,481

1,992,695

EverQuote,

Inc.,

Class

A

(a) 135,464

2,088,855

Figs,

Inc.,

Class

A

(a) 211,246

3,120,104

HealthStream,

Inc.

36,665

759,332

Hims

&

Hers

Health,

Inc.

(a) 808,143

16,777,049

Magnite,

Inc.

(a) 435,692

5,176,021

MediaAlpha,

Inc.,

Class

A

(a) 134,811

1,253,742

OptimizeRx

Corp.

(a) 62,604

393,153

QuinStreet,

Inc.

(a) 130,314

1,565,071

Revolve

Group,

Inc.

(a) 89,643

2,026,828

Shutterstock,

Inc.

40,118

666,360

Sprinklr,

Inc.,

Class

A

(a) 374,380

2,246,280

Upwork,

Inc.

(a) 459,223

5,033,084

Yelp,

Inc.

(a) 236,307

5,846,235

Ziff

Davis,

Inc.

(a) 109,550

4,596,718

$

61,520,247

Leisure

Time

-

.50

%

Acushnet

Holdings

Corp.

22,523

2,105,450

OneSpaWorld

Holdings

Ltd.

40,919

939,091

Patrick

Industries,

Inc.

19,673

2,185,080

Polaris,

Inc.

66,090

3,601,905

$

8,831,526

Machinery

-

Construction

&

Mining

-

.56

%

Astec

Industries,

Inc.

25,560

1,376,150

Terex

Corp.

145,190

8,580,729

$

9,956,879

Machinery

-

Diversified

-

.04

%

Alamo

Group,

Inc.

13,027

2,149,064

Cactus,

Inc.,

Class

A

84,270

3,991,870

Chart

Industries,

Inc.

(a) 63,814

13,193,545

Columbus

McKinnon

Corp.

55,180

801,765

Gorman-Rupp

Co.

13,349

829,373

Lindsay

Corp.

14,980

1,783,669

Thermon

Group

Holdings,

Inc.

(a) 36,814

1,855,426

Watts

Water

Technologies,

Inc.,

Class

A

21,512

6,244,718

Zurn

Elkay

Water

Solutions

Corp.

115,617

5,184,266

$

36,033,696

Media

-

.39

%

AMC

Networks,

Inc.,

Class

A

(a) 79,177

537,612

Cable

One,

Inc.

(a) 18,077

1,648,803

Gray

Media,

Inc.

206,761

897,343

Scholastic

Corp.

63,396

2,476,248

USA

TODAY

Co.,

Inc.

(a) 198,272

1,397,817

$

6,957,823

Metal

Fabrication

&

Hardware

-

.19

%

Janus

International

Group,

Inc.

(a) 207,583

1,069,053

Proto

Labs,

Inc.

(a) 18,515

1,055,725

Worthington

Steel,

Inc.

43,364

1,316,097

$

3,440,875

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Mining

-

.08

%

Caledonia

Mining

Corp.

PLC

46,705

$

1,055,066

Coeur

Mining,

Inc.

(a) 589,590

11,066,604

Hecla

Mining

Co.

576,300

10,736,469

Idaho

Strategic

Resources,

Inc.

(a) 52,317

1,680,422

Kaiser

Aluminum

Corp.

23,233

2,799,809

SSR

Mining,

Inc.

(a) 235,781

6,931,961

U.S.

Lime

&

Minerals,

Inc.

18,967

2,477,280

$

36,747,611

Miscellaneous

Manufacturers

-

.31

%

Fabrinet

(a) 26,622

13,883,905

Federal

Signal

Corp.

47,663

5,154,277

Materion

Corp.

19,264

2,786,538

Myers

Industries,

Inc.

67,822

1,436,470

$

23,261,190

Multi-National

-

.08

%

Banco

Latinoamericano

de

Comercio

Exterior

SA

28,817

1,471,972

Office

Furnishings

-

.21

%

HNI

Corp.

75,347

2,515,836

Interface,

Inc.

49,675

1,237,901

$

3,753,737

Oil

&

Gas

-

.73

%

CNX

Resources

Corp.

(a) 259,369

9,998,675

Noble

Corp.

PLC

168,585

8,272,466

Par

Pacific

Holdings,

Inc.

(a) 127,218

7,968,936

Patterson-UTI

Energy,

Inc.

1,132,201

12,261,737

PrimeEnergy

Resources

Corp.

(a) 6,710

1,562,423

Riley

Exploration

Permian,

Inc.

23,970

873,706

Talos

Energy,

Inc.

(a) 227,368

3,583,320

Valaris

Ltd.

(a) 39,479

3,870,521

$

48,391,784

Oil

&

Gas

Services

-

.36

%

Core

Laboratories,

Inc.

45,480

763,609

Expro

Group

Holdings

NV

(a) 105,205

1,831,619

Flotek

Industries,

Inc.

(a) 79,725

1,352,933

Forum

Energy

Technologies,

Inc.

(a) 15,118

886,822

Helix

Energy

Solutions

Group,

Inc.

(a) 179,826

1,778,479

Innovex

International,

Inc.

(a) 43,788

1,067,989

Kodiak

Gas

Services,

Inc.

141,572

8,256,479

Liberty

Energy,

Inc.

354,428

10,207,526

National

Energy

Services

Reunited

Corp.

(a) 97,198

2,086,841

Natural

Gas

Services

Group,

Inc.

12,162

458,994

Oceaneering

International,

Inc.

(a) 97,870

3,471,449

Oil

States

International,

Inc.

(a) 82,678

962,372

TETRA

Technologies,

Inc.

(a) 229,515

1,955,468

Tidewater,

Inc.

(a) 80,981

6,765,963

$

41,846,543

Packaging

&

Containers

-

.34

%

Ardagh

Metal

Packaging

SA

279,489

1,131,930

Greif,

Inc.,

Class

A

35,350

2,370,925

TriMas

Corp.

71,880

2,583,367

$

6,086,222

Pharmaceuticals

-

.68

%

AdaptHealth

Corp.

(a) 106,753

1,270,361

Alkermes

PLC

(a) 152,004

5,374,861

Amneal

Pharmaceuticals,

Inc.

(a) 144,313

1,793,811

Amphastar

Pharmaceuticals,

Inc.

(a) 36,959

724,027

Catalyst

Pharmaceuticals,

Inc.

(a) 110,996

2,748,261

Collegium

Pharmaceutical,

Inc.

(a) 43,245

1,430,112

CorMedix,

Inc.

(a) 174,120

1,182,275

Guardian

Pharmacy

Services,

Inc.,

Class

A

(a) 28,770

1,083,478

Harmony

Biosciences

Holdings,

Inc.

(a) 64,038

1,793,704

Harrow,

Inc.

(a) 49,575

1,748,014

Herbalife

Ltd.

(a) 116,356

1,712,760

Indivior

Pharmaceuticals,

Inc.

(a) 157,647

4,805,081

MannKind

Corp.

(a) 330,093

808,728

Mirum

Pharmaceuticals,

Inc.

(a) 54,330

5,019,005

Pacira

BioSciences,

Inc.

(a) 83,409

1,885,043

Phibro

Animal

Health

Corp.,

Class

A

21,658

1,197,904

Protagonist

Therapeutics,

Inc.

(a) 80,509

8,485,649

COMMON

STOCKS

(continued)

Shares

Held

Value

Pharmaceuticals

(continued)

Supernus

Pharmaceuticals,

Inc.

(a) 62,411

$

3,226,025

Xeris

Biopharma

Holdings,

Inc.

(a) 197,027

1,142,757

$

47,431,856

Pipelines

-

.06

%

Excelerate

Energy,

Inc.,

Class

A

31,423

1,050,157

Private

Equity

-

.11

%

Patria

Investments

Ltd.,

Class

A

157,287

1,981,816

Real

Estate

-

.86

%

Compass,

Inc.,

Class

A

(a) 1,251,145

9,145,870

Cushman

&

Wakefield

Ltd.

(a) 300,553

3,684,780

RMR

Group,

Inc.,

Class

A

(b) 40,430

625,452

St.

Joe

Co.

28,191

1,770,395

$

15,226,497

REITs

-

.35

%

American

Assets

Trust,

Inc.

68,572

1,262,410

American

Healthcare

REIT,

Inc.

254,863

12,019,339

Broadstone

Net

Lease,

Inc.

222,033

4,056,543

CareTrust

REIT,

Inc.

218,728

8,016,381

CBL

&

Associates

Properties,

Inc.

27,355

1,051,253

Community

Healthcare

Trust,

Inc.

40,303

640,415

COPT

Defense

Properties

143,206

4,382,104

Curbline

Properties

Corp.

91,635

2,363,267

DiamondRock

Hospitality

Co.

341,057

3,195,704

Easterly

Government

Properties,

Inc.

66,411

1,423,188

Farmland

Partners,

Inc.

85,530

960,502

Getty

Realty

Corp.

54,252

1,725,214

Innovative

Industrial

Properties,

Inc.

47,638

2,389,522

InvenTrust

Properties

Corp.

69,872

2,128,301

Kite

Realty

Group

Trust

228,712

5,614,880

LXP

Industrial

Trust

82,574

3,819,873

National

Health

Investors,

Inc.

28,776

2,326,827

NETSTREIT

Corp.

154,053

2,900,818

Outfront

Media,

Inc.

171,746

4,551,269

Postal

Realty

Trust,

Inc.,

Class

A

43,217

802,107

RLJ

Lodging

Trust

243,720

1,808,402

Safehold,

Inc.

65,525

886,553

Summit

Hotel

Properties,

Inc.

156,867

693,352

Terreno

Realty

Corp.

92,684

5,692,651

Universal

Health

Realty

Income

Trust

15,281

618,422

Xenia

Hotels

&

Resorts,

Inc.

110,878

1,644,321

$

76,973,618

Retail

-

.10

%

American

Eagle

Outfitters,

Inc.

466,040

7,782,868

Boot

Barn

Holdings,

Inc.

(a) 49,460

7,238,966

Brinker

International,

Inc.

(a) 81,989

11,705,569

Buckle,

Inc.

42,692

2,149,969

Build-A-Bear

Workshop,

Inc.

31,449

1,177,765

Cheesecake

Factory,

Inc.

82,683

4,526,894

Designer

Brands,

Inc.,

Class

A

(b) 19,217

109,345

Dine

Brands

Global,

Inc.

37,748

990,507

FirstCash

Holdings,

Inc.

48,292

9,078,896

National

Vision

Holdings,

Inc.

(a) 89,713

2,323,567

PriceSmart,

Inc.

12,367

1,861,233

Sally

Beauty

Holdings,

Inc.

(a) 125,796

1,742,275

Signet

Jewelers

Ltd.

67,556

5,717,940

Sonic

Automotive,

Inc.,

Class

A

14,283

979,385

Urban

Outfitters,

Inc.

(a) 129,629

8,211,997

Victoria's

Secret

&

Co.

(a) 140,516

6,514,322

Zumiez,

Inc.

(a) 18,917

419,201

$

72,530,699

Savings

&

Loans

-

.15

%

Axos

Financial,

Inc.

(a) 78,398

6,670,886

Provident

Financial

Services,

Inc.

191,817

4,058,848

WaFd,

Inc.

135,817

4,264,654

WSFS

Financial

Corp.

82,408

5,394,427

$

20,388,815

Semiconductors

-

.59

%

ACM

Research,

Inc.,

Class

A

(a) 81,912

3,223,237

Axcelis

Technologies,

Inc.

(a) 60,899

5,668,479

Kulicke

&

Soffa

Industries,

Inc.

58,157

3,822,078

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Semiconductors

(continued)

Photronics,

Inc.

(a) 47,672

$

1,926,426

Rambus,

Inc.

(a) 128,381

11,044,617

SkyWater

Technology,

Inc.

(a) 91,083

2,496,585

$

28,181,422

Software

-

.13

%

ACI

Worldwide,

Inc.

(a) 93,642

3,840,258

Bandwidth,

Inc.,

Class

A

(a) 40,198

716,328

BlackLine,

Inc.

(a) 117,478

4,346,686

Box,

Inc.,

Class

A

(a) 311,643

7,367,241

Clear

Secure,

Inc.,

Class

A

158,286

7,662,625

Commerce.com,

Inc.

(a) 363,708

971,100

Consensus

Cloud

Solutions,

Inc.

(a) 36,732

872,018

CSG

Systems

International,

Inc.

55,473

4,434,512

Daily

Journal

Corp.

(a) 8,565

4,131,242

Digi

International,

Inc.

(a) 39,671

1,912,142

DigitalOcean

Holdings,

Inc.

(a) 163,020

13,983,856

Five9,

Inc.

(a) 251,084

3,808,944

Freshworks,

Inc.,

Class

A

(a) 750,381

6,025,559

GigaCloud

Technology,

Inc.,

Class

A

(a) 45,778

2,077,406

IBEX

Holdings

Ltd.

(a) 28,339

760,052

Innodata,

Inc.

(a) 92,412

3,568,952

Life360,

Inc.

(a),(b)

84,266

3,439,738

LiveRamp

Holdings,

Inc.

(a) 92,294

2,447,637

N-able,

Inc.

(a) 250,509

1,169,877

Nutex

Health,

Inc.

(a),(b)

10,221

971,404

Pagaya

Technologies

Ltd.,

Class

A

(a),(b)

370,857

4,320,484

PagerDuty,

Inc.

(a) 387,771

2,408,058

Phreesia,

Inc.

(a) 160,992

1,349,113

Planet

Labs

PBC

(a) 545,922

15,258,520

Red

Violet,

Inc.

(a) 27,947

966,966

SPS

Commerce,

Inc.

(a) 79,220

4,410,177

Talkspace,

Inc.

(a) 177,121

916,601

VTEX,

Class

A

(a) 325,916

1,303,664

Waystar

Holding

Corp.

(a) 258,587

6,234,533

Yext,

Inc.

(a) 248,063

952,562

Zeta

Global

Holdings

Corp.,

Class

A

(a) 853,016

13,580,015

$

126,208,270

Telecommunications

-

.24

%

A10

Networks,

Inc.

86,873

2,008,504

Calix,

Inc.

(a) 100,423

4,919,723

Clearfield,

Inc.

(a) 32,159

851,249

Credo

Technology

Group

Holding

Ltd.

(a) 108,778

10,210,991

Frequency

Electronics,

Inc.

(a) 24,720

1,094,107

Harmonic,

Inc.

(a) 154,480

1,387,230

IDT

Corp.,

Class

B

25,698

1,261,772

InterDigital,

Inc.

24,985

7,545,470

Preformed

Line

Products

Co.

11,438

3,096,838

Vistance

Networks,

Inc.

(a) 397,670

7,237,594

$

39,613,478

Textiles

-

.32

%

UniFirst

Corp.

22,260

5,600,393

Transportation

-

.38

%

Costamare,

Inc.

82,114

1,387,727

DHT

Holdings,

Inc.

238,637

4,359,898

International

Seaways,

Inc.

55,835

4,069,255

Navigator

Holdings

Ltd.

33,522

647,980

Scorpio

Tankers,

Inc.

102,606

7,660,564

Teekay

Corp.

Ltd.

58,308

711,941

Teekay

Tankers

Ltd.,

Class

A

45,904

3,365,681

World

Kinect

Corp.

94,908

2,189,527

$

24,392,573

Water

-

.05

%

Middlesex

Water

Co.

16,173

841,805

TOTAL

COMMON

STOCKS

a

$

1,762,088,463

INVESTMENT

COMPANIES

-

.74

%

Shares

Held

Value

Money

Market

Funds

-

.74

%

-

—

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

(c),(d),(e)

5,258,222

$

5,258,222

INVESTMENT

COMPANIES

(continued)

Shares

Held

Value

Money

Market

Funds

(continued)

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.61%

(c) 7,839,721

$

7,839,721

TOTAL

INVESTMENT

COMPANIES

a

$

13,097,943

Total

Investments

100.26%

$

1,775,186,406

Other

Assets

and

Liabilities

-

(0.26%)

(4,665,914)

TOTAL

NET

ASSETS

-

100.00%

$

1,770,520,492

(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

$5,416,911

or

0.31%

of

net

assets.

(c) 1-day

yield

shown

as

of

period

end.

(d) Affiliated

Security.

Security

is

either

an

affiliate

(and

registered

under

the

Investment

Company

Act

of

1940)

or

an

affiliate

as

defined

by

the

Investment

Company

Act

of

1940

(controls

5.00%

or

more

of

the

outstanding

voting

shares

of

the

security).

Please

see

Affiliated

Securities

sub-schedule

for

transactional

information.

(e) 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

$5,258,222

or

0.30%

of

net

assets.

Schedule

of

Investments

Principal

U.S.

Small-Cap

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

Affiliated

Securities

June

30,

2025

Value

Purchases

Cost

Sales

Proceeds

March

31,

2026

Value

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

4,091,677

$

266,217,717

$

265,051,172

$

5,258,222

$

4,091,677

$

266,217,717

$

265,051,172

$

5,258,222

a

a

Income

(a) Realized

Gain/(Loss)

on

Investments

Realized

Gain

from

Capital

Gain

Distributions

Change

in

Unrealized

Gain/(Loss)

Principal

Funds,

Inc

-

Government

Money

Market

Fund,

Class

3.55%

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

(a) Amount

excludes

earnings

from

securities

lending

collateral.

Schedule

of

Investments

Principal

Value

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

-

.43

%

Shares

Held

Value

Advertising

-

.76

%

-

—

Omnicom

Group,

Inc.

20,056

$

1,510,417

Aerospace

&

Defense

-

.55

%

General

Dynamics

Corp.

5,021

1,723,308

General

Electric

Co.

3,969

1,126,283

L3Harris

Technologies,

Inc.

5,478

1,890,732

Lockheed

Martin

Corp.

3,725

2,251,353

Northrop

Grumman

Corp.

2,969

2,025,570

$

9,017,246

Agriculture

-

.11

%

Altria

Group,

Inc.

34,942

2,305,823

Archer-Daniels-Midland

Co.

25,874

1,880,781

$

4,186,604

Auto

Manufacturers

-

.49

%

Cummins,

Inc.

3,130

1,684,003

Ford

Motor

Co.

152,758

1,762,827

Tesla,

Inc.

(a) 4,008

1,489,974

$

4,936,804

Banks

-

.88

%

Bank

of

America

Corp.

77,002

3,753,847

Bank

of

New

York

Mellon

Corp.

14,949

1,773,400

Fifth

Third

Bancorp

38,461

1,786,898

JPMorgan

Chase

&

Co.

1,389

408,588

Northern

Trust

Corp.

12,243

1,708,756

State

Street

Corp.

14,499

1,834,993

Wells

Fargo

&

Co.

5,001

398,130

$

11,664,612

Beverages

-

.47

%

Brown-Forman

Corp.,

Class

B

16,305

431,104

Molson

Coors

Beverage

Co.,

Class

B

33,572

1,445,610

PepsiCo,

Inc.

19,446

3,019,770

$

4,896,484

Biotechnology

-

.26

%

Amgen,

Inc.

1,567

551,349

Corteva,

Inc.

23,165

1,939,142

$

2,490,491

Chemicals

-

.43

%

CF

Industries

Holdings,

Inc.

3,473

450,934

Linde

PLC

830

411,481

$

862,415

Commercial

Services

-

.98

%

Automatic

Data

Processing,

Inc.

9,608

1,952,153

Computers

-

.58

%

Accenture

PLC,

Class

A

11,511

2,282,516

Apple,

Inc.

59,499

15,100,251

HP,

Inc.

84,205

1,617,578

$

19,000,345

Cosmetics

&

Personal

Care

-

.95

%

Procter

&

Gamble

Co.

26,799

3,870,848

Diversified

Financial

Services

-

.65

%

American

Express

Co.

5,203

1,573,803

ARES

Management

Corp.,

Class

A

9,308

1,015,503

Capital

One

Financial

Corp.

12,602

2,298,983

Invesco

Ltd.

66,958

1,626,410

Mastercard,

Inc.,

Class

A

4,773

2,384,877

Synchrony

Financial

25,160

1,711,383

Visa,

Inc.,

Class

A

1,952

589,973

$

11,200,932

Electric

-

.29

%

Edison

International

23,828

1,743,733

NextEra

Energy,

Inc.

30,169

2,802,097

$

4,545,830

Electrical

Components

&

Equipment

-

.92

%

AMETEK,

Inc.

8,476

1,816,915

Electronics

-

.81

%

Keysight

Technologies,

Inc.

(a) 6,789

1,917,010

TE

Connectivity

PLC

7,991

1,670,279

$

3,587,289

Food

-

.77

%

Kraft

Heinz

Co.

67,683

1,522,191

COMMON

STOCKS

(continued)

Shares

Held

Value

Healthcare

-

Products

-

.73

%

ResMed,

Inc.

6,443

$

1,446,325

Healthcare

-

Services

-

.63

%

Cigna

Group

7,477

1,994,490

UnitedHealth

Group,

Inc.

11,884

3,215,691

$

5,210,181

Home

Builders

-

.19

%

DR

Horton,

Inc.

2,731

374,748

Insurance

-

.72

%

Allstate

Corp.

9,003

1,866,682

Assurant,

Inc.

7,131

1,553,203

Chubb

Ltd.

7,256

2,364,948

Globe

Life,

Inc.

11,004

1,531,427

Hartford

Insurance

Group,

Inc.

12,868

1,740,139

Progressive

Corp.

1,978

392,119

Travelers

Cos.,

Inc.

6,504

1,897,087

$

11,345,605

Internet

-

.61

%

Airbnb,

Inc.,

Class

A

(a) 12,960

1,636,589

Amazon.com,

Inc.

(a) 26,478

5,514,573

$

7,151,162

Machinery

-

Diversified

-

.79

%

Nordson

Corp.

5,914

1,573,479

Media

-

.89

%

Comcast

Corp.,

Class

A

73,483

2,109,697

Walt

Disney

Co.

17,061

1,644,339

$

3,754,036

Miscellaneous

Manufacturers

-

.62

%

A.O.

Smith

Corp.

22,059

1,454,570

Illinois

Tool

Works,

Inc.

7,358

1,915,214

Parker-Hannifin

Corp.

2,038

1,824,499

$

5,194,283

Oil

&

Gas

-

.11

%

APA

Corp.

48,739

2,068,483

Chevron

Corp.

5,758

1,191,330

Exxon

Mobil

Corp.

34,157

5,795,077

Marathon

Petroleum

Corp.

4,387

1,071,218

$

10,126,108

Oil

&

Gas

Services

-

.00

%

Baker

Hughes

Co.

28,871

1,762,575

SLB

Ltd.

43,083

2,214,035

$

3,976,610

Pharmaceuticals

-

.69

%

AbbVie,

Inc.

1,748

380,172

Bristol-Myers

Squibb

Co.

39,895

2,419,632

Cardinal

Health,

Inc.

8,644

1,826,564

Cencora,

Inc.

4,177

1,312,163

Johnson

&

Johnson

13,493

3,298,229

McKesson

Corp.

2,536

2,194,553

Merck

&

Co.,

Inc.

31,162

3,748,477

Viatris,

Inc.

28,401

383,697

Zoetis,

Inc.

14,149

1,672,553

$

17,236,040

REITs

-

.99

%

Host

Hotels

&

Resorts,

Inc.

83,098

1,592,158

Realty

Income

Corp.

6,187

378,520

$

1,970,678

Retail

-

.29

%

Best

Buy

Co.,

Inc.

24,041

1,543,432

Costco

Wholesale

Corp.

1,733

1,726,813

Dollar

Tree,

Inc.

(a) 12,367

1,354,310

Home

Depot,

Inc.

3,061

1,006,733

Lululemon

Athletica,

Inc.

(a) 9,220

1,411,582

Ross

Stores,

Inc.

8,351

1,809,077

TJX

Cos.,

Inc.

13,117

2,094,785

Walmart,

Inc.

44,215

5,495,040

$

16,441,772

Semiconductors

-

.87

%

Analog

Devices,

Inc.

5,396

1,716,683

QUALCOMM,

Inc.

18,911

2,435,359

Schedule

of

Investments

Principal

Value

ETF

March

31,

2026

(unaudited)

See

accompanying

notes.

COMMON

STOCKS

(continued)

Shares

Held

Value

Semiconductors

(continued)

Skyworks

Solutions,

Inc.

28,614

$

1,532,280

$

5,684,322

Software

-

.03

%

Adobe,

Inc.

(a) 8,317

2,021,696

Fiserv,

Inc.

(a) 27,830

1,552,914

Intuit,

Inc.

4,029

1,742,059

Salesforce,

Inc.

14,309

2,671,061

$

7,987,730

Telecommunications

-

.33

%

AT&T,

Inc.

103,813

3,009,539

Cisco

Systems,

Inc.

32,747

2,540,840

Verizon

Communications,

Inc.

60,317

3,027,913

$

8,578,292

Transportation

-

.04

%

FedEx

Corp.

5,780

2,058,720

TOTAL

COMMON

STOCKS

a

$

197,171,667

INVESTMENT

COMPANIES

-

.45

%

Shares

Held

Value

Money

Market

Funds

-

.45

%

-

—

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Premier

Class

3.61%

(b) 899,449

$

899,449

TOTAL

INVESTMENT

COMPANIES

a

$

899,449

Total

Investments

99.88%

$

198,071,116

Other

Assets

and

Liabilities

-

0.12%

229,789

TOTAL

NET

ASSETS

-

100.00%

$

198,300,905

(a) Non-income

producing

security.

(b) 1-day

yield

shown

as

of

period

end.

Principal

Exchange-Traded

Funds

March

31,

2026

(unaudited)

1. Security

Valuation

The

Funds

may

invest

in

series

of

Principal

Funds,

Inc.

(an

affiliate

of

the

Advisor)

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

—

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

exchange-traded

derivatives.

Level

—

Other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.).

Investments

which

are

generally

included

in

this

category

include

certain

corporate

bonds,

senior

floating

rate

interests,

mortgage-

backed

securities,

municipal

bonds,

OTC

and

exchange

cleared

derivatives.

Level

—

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.

Principal

Exchange-Traded

Funds

March

31,

2026

(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

category

may

be

valued

using

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

these

investments.

These

investments

are

classified

as

Level

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,

2026,

in

valuing

the

Funds'

securities

carried

at

fair

value:

Fund

Level

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Active

High

Yield

ETF

Investment

Companies

\*

$

30,338,684

$

—

$

—

$

30,338,684

Bonds

\*

—

451,511,300

—

451,511,300

Senior

Floating

Rate

Interests

\*

—

19,162,813

—

19,162,813

U.S.

Government

&

Government

Agency

Obligations

\*

—

1,748,086

—

1,748,086

Total

Investments

in

Securities

$

30,338,684

$

472,422,199

$

—

$

502,760,883

Principal

Capital

Appreciation

Select

ETF

Common

Stocks

\*

226,632,513

—

—

226,632,513

Investment

Companies

\*

6,155,952

—

—

6,155,952

Total

Investments

in

Securities

$

232,788,465

$

—

$

—

$

232,788,465

Principal

Focused

Blue

Chip

ETF

Common

Stocks

\*

191,838,930

—

—

191,838,930

Investment

Companies

\*

31,936

—

—

31,936

Total

Investments

in

Securities

$

191,870,866

$

—

$

—

$

191,870,866

Principal

International

Equity

ETF

Common

Stocks

\*

1,209,072,260

—

—

1,209,072,260

Investment

Companies

\*

20,816,567

—

—

20,816,567

Total

Investments

in

Securities

$

1,229,888,827

$

—

$

—

$

1,229,888,827

Principal

Investment

Grade

Corporate

Active

ETF

Investment

Companies

\*

5,033,487

—

—

5,033,487

Bonds

\*

—

161,960,625

—

161,960,625

Total

Investments

in

Securities

$

5,033,487

$

161,960,625

$

—

$

166,994,112

2. Fair

Valuation

(continued)

Principal

Exchange-Traded

Funds

March

31,

2026

(unaudited)

The

Funds'

Schedules

of

Investments

for

the

period

ended

March

31,

2026 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

-

Quoted

Prices

Level

-

Other

Significant

Observable

Inputs

Level

-

Significant

Unobservable

Inputs

Totals

(Level

1,2,3)

Principal

Investment

Grade

Corporate

Active

ETF

(continued)

Derivative

Assets

Interest

Rate

Contracts

Futures

\*\*

$

176,451

$

—

$

—

$

176,451

Derivative

Liabilities

Interest

Rate

Contracts

Futures

\*\*

(6,670)

—

—

(6,670)

Principal

Quality

ETF

Common

Stocks

\*

29,170,845

—

—

29,170,845

Investment

Companies

\*

60,083

—

—

60,083

Total

Investments

in

Securities

$

29,230,928

$

—

$

—

$

29,230,928

Principal

Real

Estate

Active

Opportunities

ETF

Common

Stocks

\*

23,113,746

—

—

23,113,746

Investment

Companies

\*

360,625

—

—

360,625

Total

Investments

in

Securities

$

23,474,371

$

—

$

—

$

23,474,371

Principal

Spectrum

Preferred

and

Income

ETF

Investment

Companies

\*

560,080

—

—

560,080

Preferred

Stocks

\*

9,239,988

—

—

9,239,988

Bonds

\*

—

56,668,720

—

56,668,720

Total

Investments

in

Securities

$

9,800,068

$

56,668,720

$

—

$

66,468,788

Principal

Spectrum

Preferred

Securities

Active

ETF

Investment

Companies

\*

51,711,978

—

—

51,711,978

Bonds

\*

—

1,416,739,564

—

1,416,739,564

Total

Investments

in

Securities

$

51,711,978

$

1,416,739,564

$

—

$

1,468,451,542

Principal

U.S.

Mega-Cap

ETF

Common

Stocks

\*

2,880,726,441

—

—

2,880,726,441

Investment

Companies

\*

8,054,582

—

—

8,054,582

Total

Investments

in

Securities

$

2,888,781,023

$

—

$

—

$

2,888,781,023

Principal

U.S.

Small-Cap

ETF

Common

Stocks

Basic

Materials

67,810,579

—

—

67,810,579

Communications

108,091,548

—

—

108,091,548

Consumer,

Cyclical

157,377,676

—

—

157,377,676

Consumer,

Non-cyclical

374,088,445

—

—

374,088,445

Energy

108,648,010

—

—

108,648,010

Financial

371,275,373

—

—

371,275,373

Government

1,471,972

—

—

1,471,972

Industrial

339,106,833

—

—

339,106,833

Technology

180,123,344

—

—

180,123,344

Utilities

54,094,683

—

—

54,094,683

Investment

Companies

\*

13,097,943

—

—

13,097,943

Total

Investments

in

Securities

$

1,775,186,406

$

—

$

—

$

1,775,186,406

Principal

Value

ETF

Common

Stocks

\*

197,171,667

—

—

197,171,667

Investment

Companies

\*

899,449

—

—

899,449

Total

Investments

in

Securities

$

198,071,116

$

—

$

—

$

198,071,116

\*

For

additional

detail

regarding

sector

and/or

sub-industry

classifications,

please

see

the

Schedules

of

Investments.

\*\*

Exchange

cleared

swaps

and/or

futures

are

presented

at

the

unrealized

appreciation

(depreciation)

of

the

instrument.

2. Fair

Valuation

(continued)

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Principal Exchange-Traded Funds

- **b. Investment Company Act file number:** 811-23029

- **c. CIK number of Registrant:** 0001572661

- **d. LEI of Registrant:** 549300AG76V5U32HWF10

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 711 High Street

  - **City:** DES MOINES

  - **State:** IA

  - **Foreign country:** US

  - **Zip / Postal Code:** 50392

  - **Telephone number:** 515-235-1719

**Item A.2. Information about the Series.**

- **a. Name of Series:** Principal International Equity ETF

- **b. EDGAR series identifier (if any):** S000088641

- **c. LEI of Series:** 254900IUDNVVDBH14H30

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1236888421.73

**Total Liabilities:** $1583582.72

**Net Assets:** $1235304839.01

**Cash Not Reported:** $363419.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254970 | 5.55%                | 4.10%                | -7.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10870520.18             | $55030039.06                               |
| Month 2  | $16168007.34             | $35760054.59                               |
| Month 3  | $13089820.02             | $-120855624.98                             |

### Schedule of Portfolio Investments

| Name                                                       | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ARC Resources Ltd                                          | ARC Resources Ltd.                                           | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |    827784 | NS      | $17226904.46  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                                    | CRH PLC                                                      | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |    227626 | NS      | $23446067.01  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                                            | BAE Systems PLC                                              | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |   1390318 | NS      | $40484961.91  | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                                         | Smith & Nephew PLC                                           | CUSIP: 000000000<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |   1260094 | NS      | $19764152.80  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                            | AstraZeneca PLC                                              | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    213437 | NS      | $41500030.18  | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                              | HDFC Bank Ltd.                                               | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    937738 | NS      | $23330921.44  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannover Rueck SE                                          | Hannover Rueck SE                                            | CUSIP: 000000000<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |    125891 | NS      | $38967883.31  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                                        | Erste Group Bank AG                                          | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |    341511 | NS      | $36513039.72  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                                        | Deutsche Telekom AG                                          | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |   1212462 | NS      | $44775511.81  | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoya Corp                                                  | Hoya Corp.                                                   | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |    166800 | NS      | $27904224.82  | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Entertainment Group Ltd                             | Galaxy Entertainment Group Ltd.                              | CUSIP: 000000000<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |   5706000 | NS      | $25469315.92  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nice Ltd                                                   | Nice Ltd.                                                    | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |    233058 | NS      | $25696975.08  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd                                            | Nintendo Co. Ltd.                                            | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    456000 | NS      | $25212816.23  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Obayashi Corp                                              | Obayashi Corp.                                               | CUSIP: 000000000<br>LEI: 529900YT4O5S0LCXWD54 | Long             | EC               | CORP              | JP        |   1519300 | NS      | $35956591.16  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                                 | Samsung Electronics Co. Ltd.                                 | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    600537 | NS      | $65556613.06  | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Institutional US Government Money Market Fund | State Street Institutional U.S. Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  20816567 | NS      | $20816566.76  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                                          | Suncor Energy, Inc.                                          | CUSIP: 867224107<br>LEI: 894500XO86FKXQGPYV71 | Long             | EC               | CORP              | CA        |    961310 | NS      | $63582871.90  | 5.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                  | Taiwan Semiconductor Manufacturing Co. Ltd.                  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    180606 | NS      | $61035797.70  | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                                         | Teck Resources Ltd.                                          | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    876427 | NS      | $45424762.20  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                                       | Tencent Holdings Ltd.                                        | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    128512 | NS      | $8124528.64   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                            | ASML Holding NV                                              | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     44098 | NS      | $57046388.43  | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaztransport Et Technigaz SA                               | Gaztransport Et Technigaz SA                                 | CUSIP: 000000000<br>LEI: 969500BVOHVZUUFWDT54 | Long             | EC               | CORP              | FR        |     53346 | NS      | $12529309.13  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank of Greece SA                                 | National Bank of Greece SA                                   | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |   1869401 | NS      | $28597493.93  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Daimler Truck Holding AG                                   | Daimler Truck Holding AG                                     | CUSIP: 000000000<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |    777089 | NS      | $37248291.46  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexel SA                                                   | Rexel SA                                                     | CUSIP: 000000000<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |    938230 | NS      | $36090607.56  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| PRADA SpA                                                  | PRADA SpA                                                    | CUSIP: 000000000<br>LEI: 8156000FE0A2DC5B7852 | Long             | EC               | CORP              | IT        |   3075000 | NS      | $14478523.70  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsonite Group SA                                         | Samsonite Group SA                                           | CUSIP: 000000000<br>LEI: 549300UULS5HYFJSEL12 | Long             | EC               | CORP              | LU        |   6323100 | NS      | $11741102.89  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                              | AIA Group Ltd.                                               | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   3403000 | NS      | $36824025.66  | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Entain PLC                                                 | Entain PLC                                                   | CUSIP: 000000000<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | IM        |   3133562 | NS      | $23267946.79  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Sompo Holdings Inc                                         | Sompo Holdings, Inc.                                         | CUSIP: 000000000<br>LEI: 353800CWW4SRGEYEB512 | Long             | EC               | CORP              | JP        |   1230400 | NS      | $46609525.85  | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| AIB Group PLC                                              | AIB Group PLC                                                | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |   4279548 | NS      | $44592846.23  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                                       | Tencent Holdings Ltd.                                        | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    552373 | NS      | $34095359.38  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                                 | Haleon PLC                                                   | CUSIP: 000000000<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |  10693315 | NS      | $52906443.25  | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc                                     | Yum China Holdings, Inc.                                     | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |    821650 | NS      | $40384623.53  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd                                         | Trip.com Group Ltd.                                          | CUSIP: 000000000<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |    494100 | NS      | $23995470.08  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG NV                                                     | CSG NV                                                       | CUSIP: 000000000<br>LEI: 31570078IM9ILNPQUB16 | Long             | EC               | CORP              | NL        |     51128 | NS      | $1379307.88   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                                   | ICON PLC                                                     | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |    150894 | NS      | $16697930.04  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA                                      | Spotify Technology SA                                        | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |     42411 | NS      | $20565518.01  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-27

**Name of Applicant:** Principal Exchange-Traded Funds

**Signature:** Megan Hoffmann

**Name of Signer:** Megan Hoffmann

**Title:** Vice President and Treasurer